# EDGAR Filing Document

**Accession Number:** 0001567101
**File Stem:** 0001193125-25-197158
**Filing Date:** 2025-9
**Character Count:** 2256058
**Document Hash:** bb31bba33b85054ef0aac957a45dc979
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197158.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-197158

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bridge Builder Trust
- **CENTRAL INDEX KEY:** 0001567101

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22811
- **FILM NUMBER:** 251296621

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 1920
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 1920
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201

## Series and Classes Contracts Data

### Bridge Builder Core Bond Fund (Series ID: S000040853)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000126648 | Bridge Builder Core Bond Fund | BBTBX           |

### Bridge Builder Large Cap Growth Fund (Series ID: S000048334)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000152649 | Bridge Builder Large Cap Growth Fund | BBGLX           |

### Bridge Builder Large Cap Value Fund (Series ID: S000048335)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000152650 | Bridge Builder Large Cap Value Fund | BBVLX           |

### Bridge Builder Small/Mid Cap Growth Fund (Series ID: S000048336)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000152651 | Bridge Builder Small/Mid Cap Growth Fund | BBGSX           |

### Bridge Builder Small/Mid Cap Value Fund (Series ID: S000048337)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000152652 | Bridge Builder Small/Mid Cap Value Fund | BBVSX           |

### Bridge Builder International Equity Fund (Series ID: S000049700)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000157146 | Bridge Builder International Equity Fund | BBIEX           |

### Bridge Builder Core Plus Bond Fund (Series ID: S000049701)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000157147 | Bridge Builder Core Plus Bond Fund | BBCPX           |

### Bridge Builder Municipal Bond Fund (Series ID: S000050632)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000159840 | Bridge Builder Municipal Bond Fund | BBMUX           |

### Bridge Builder Tax Managed Large Cap Fund (Series ID: S000076294)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000235966 | Bridge Builder Tax Managed Large Cap Fund | BBTLX           |

### Bridge Builder Tax Managed Small/Mid Cap Fund (Series ID: S000076295)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000235967 | Bridge Builder Tax Managed Small/Mid Cap Fund | BBTSX           |

### Bridge Builder Tax Managed International Equity Fund (Series ID: S000076296)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000235968 | Bridge Builder Tax Managed International Equity Fund | BBTIX           |

### Bridge Builder Municipal High-Income Bond Fund (Series ID: S000079794)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000241161 | Bridge Builder Municipal High-Income Bond Fund | BBMHX           |

?xml version='1.0' encoding='ASCII'? N-CSR

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-22811

## Bridge Builder Trust

#### (Exact name of registrant as specified in charter)

#### Bridge Builder Trust

#### 12555 Manchester Road

#### St. Louis, MO, 63131

#### (Address of principal executive offices)

#### Evan S. Posner, Secretary

#### Bridge Builder Trust

#### c/o 12555 Manchester Road

#### St. Louis, MO 63131

#### (Name and address of Agent for service)

#### Registrant's telephone number, including area code: (314) 515-3289

#### Date of fiscal year end: June 30

#### Date of reporting period: June 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### ITEM 1. REPORT TO SHAREHOLDERS
The following is a copy of the Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act")(17 CFR 270.30e-1).

------

 <br> BRIDGE BUILDER CORE BOND FUND TICKER BBTBX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Core Bond Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Core Bond Fund | $12 | 0.12% |

---

How did the Fund perform during the Reporting Period?

The Fund returned 6.52% during the fiscal year ended June 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 6.08% for the same period.

Bond market volatility was elevated during the fiscal year, as an uncertain macroeconomic climate roiled markets. Despite the volatile environment, most bond sectors delivered gains for the period.

The U.S. Federal Reserve (the "Fed") lowered its target rate three times in 2024's second half amid cooling inflation and softer job market data, but U.S. fiscal policy uncertainty kept the Fed on hold in 2025's first half.

U.S. Treasuries generally underperformed other taxable sectors during the fiscal year, with the 30-year bond lagging other maturities. After initially falling, long-term bond yields surged higher in 2024's fourth quarter, driven by concerns about the impact of U.S. fiscal policy on inflation, economic growth, and the U.S. government's growing deficit levels. That, coupled with the Fed's rate cuts, resulted in a steeper U.S. Treasury yield curve at the end of the period.

Credit-sensitive sectors, such as high-yield corporates and emerging-markets debt, led other segments of the bond market with gains near or above 10% for the fiscal year. In March and April 2025, corporate credit spreads widened in response to rising recession fears prompted by the initial

announcement of substantial new U.S. trade tariffs, only to quickly recover when the policy's implementation was postponed.

U.S. dollar weakness relative to other currencies gave an added boost to local currency emerging-markets and non-dollar developed-markets debt.

Contributors to the Fund's outperformance included an underweight to treasury securities and security selection within the corporate and securitized sectors, particularly in the industrials and commercial mortgage-backed securities sub-sectors.

The Fund's interest rate positioning detracted from its relative returns.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund for the most recently completed 10 fiscal years. It compares the Fund's return to a hypothetical $10,000 investment in the Bloomberg U.S. Aggregate Bond Index, an index representing the overall United States investment-grade bond market.

![LOGO](g54930g79q71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | 10 Years |
| Bridge Builder Core Bond Fund | 6.52% | -0.03% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

#### The Fund's past performance is not a good predictor of the Fund's future performance.
Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER CORE BOND FUND TICKER BBTBX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $21706948 |
| Number of Portfolio Holdings\* | 5050 |
| Portfolio Turnover through the Reporting Period | 125% |
| Net Advisory Fee (000s) | $19883 |

---

Graphical Representation of Holdings\*

Security Type Allocation (% of Investments)

![LOGO](g54930g01t01.jpg)

Credit Quality Allocation (% of Investments)\*\*

![LOGO](g54930g00s02.jpg)

\* Amounts presented do not include derivative positions. 

&nbsp;&nbsp;&nbsp;&nbsp;† Amount less than 0.05%.

\*\* The Fund uses credit ratings provided by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Corporation ("S&P") and Fitch Ratings ("Fitch") and other nationally recognized securities rating organizations ("NRSROs"). If there are multiple ratings for a security, the highest rating is used. The graph displays credit ratings in the format used by S&P and the equivalent S&P credit rating is used for securities rated by Moody's and Fitch. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). These rating agencies are independent NRSROs and are widely used. The credit ratings shown reflect the NRSRO's opinion about the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Securities that are unrated are listed as such. Credit quality ratings are as of the date of this report and are subject to change. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000261 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER CORE PLUS BOND FUND TICKER BBCPX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Core Plus Bond Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611. This report describes changes to the Fund that occurred during the Reporting Period.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Core Plus Bond Fund | $16 | 0.15% |

---

How did the Fund perform during the Reporting Period?

The Fund returned 7.13% during the fiscal year ended June 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 6.08% for the same period.

Bond market volatility was elevated during the fiscal year, as an uncertain macroeconomic climate roiled markets. Despite the volatile environment, most bond sectors delivered gains for the period.

The U.S. Federal Reserve (the "Fed") lowered its target rate three times in 2024's second half amid cooling inflation and softer job market data, but U.S. fiscal policy uncertainty kept the Fed on hold in 2025's first half.

U.S. Treasuries generally underperformed other taxable sectors during the fiscal year, with the 30-year bond lagging other maturities. After initially falling, long-term bond yields surged higher in 2024's fourth quarter, driven by concerns about the impact of U.S. fiscal policy on inflation, economic growth, and the U.S. government's growing deficit levels. That, coupled with the Fed's rate cuts, resulted in a steeper U.S. Treasury yield curve at the end of the period.

Credit-sensitive sectors, such as high-yield corporates and emerging-markets debt, led other segments of the bond market with gains near or above 10% for the fiscal year. In

March and April 2025, corporate credit spreads widened in response to rising recession fears prompted by the initial announcement of substantial new U.S. trade tariffs, only to quickly recover when the policy's implementation was postponed.

U.S. dollar weakness relative to other currencies gave an added boost to local currency emerging-markets and non-dollar developed-markets debt.

Contributors to the Fund's outperformance included security selection within the corporate and securitized sectors, particularly in the industrials and agency mortgage-backed securities sub-sectors; yield curve positioning; an underweight to U.S. Treasuries; and non-dollar exposure.

The Fund's duration overweight detracted from its relative returns.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (July 13, 2015) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the Bloomberg U.S. Aggregate Bond Index, an index representing the overall United States investment-grade bond market.

![LOGO](g54930g96p13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | Since<br>Inception<br>(7/13/2015) |
| Bridge Builder Core Plus Bond Fund | 7.13% | 0.64% | 2.59% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.80% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER CORE PLUS BOND FUND TICKER BBCPX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $40851863 |
| Number of Portfolio Holdings\* | 5112 |
| Portfolio Turnover through the Reporting Period | 430% |
| Net Advisory Fee (000s) | $46693 |

---

Graphical Representation of Holdings\*

Security Type Allocation (% of Investments)

![LOGO](g54930g04t01.jpg)

Credit Quality Allocation (% of Investments)\*\*

![LOGO](g54930g67y19.jpg)

\* Amounts presented do not include derivative positions. 

&nbsp;&nbsp;&nbsp;&nbsp;† Amount less than 0.05%.

\*\* The Fund uses credit ratings provided by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Corporation ("S&P") and Fitch Ratings ("Fitch") and other nationally recognized securities rating organizations ("NRSROs"). If there are multiple ratings for a security, the highest rating is used. The graph displays credit ratings in the format used by S&P and the equivalent S&P credit rating is used for securities rated by Moody's and Fitch. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). These rating agencies are independent NRSROs and are widely used. The credit ratings shown reflect the NRSRO's opinion about the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Securities that are unrated are listed as such. Credit quality ratings are as of the date of this report and are subject to change. 

Material Fund Changes

The following is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's current Prospectus dated October 28, 2024, as supplemented, and the Fund's next prospectus which we expect to be available October 28, 2025, at www.bridgebuildermutualfunds.com/literature or by contacting us at 1-855-823-3611.

As approved by the Trustees of the Bridge Builder Trust, Dodge & Cox was added as a new sub-adviser to an allocated portion of the Fund. As a result, the Fund modified its principal investment strategies to reflect the addition of Dodge & Cox.

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000262 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER MUNICIPAL BOND FUND TICKER BBMUX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Municipal Bond Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611. This report describes changes to the Fund that occurred during the Reporting Period.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Municipal Bond Fund | $12 | 0.12% |

---

How did the fund perform during the Reporting Period?

The Fund returned 2.41% during the fiscal year ended June 30, 2025, underperforming its benchmark, the Bloomberg Municipal 1-15 Year Index, which returned 2.63% during the same period.

Bond market volatility was elevated during the fiscal year, as an uncertain macroeconomic climate roiled markets. Despite the volatile environment, most bond sectors delivered gains for the period.

The U.S. Federal Reserve (the "Fed") lowered its target rate three times in 2024's second half amid cooling inflation and softer job market data, but U.S. fiscal policy uncertainty kept the Fed on hold in 2025's first half.

U.S. Treasuries generally underperformed other taxable sectors during the fiscal year, with the 30-year bond lagging other maturities. After initially falling, long-term bond yields surged higher in 2024's fourth quarter, driven by concerns about the impact of U.S. fiscal policy on inflation, economic growth, and the U.S. government's growing deficit levels. That, coupled with the Fed's rate cuts, resulted in a steeper U.S. Treasury yield curve at the end of the period.

Municipal bonds experienced similar volatility, first rallying in 2024's third quarter in anticipation of the Fed's rate cuts before selling off in sympathy with rising Treasury yields in the fourth quarter. The announcement of substantial new U.S. trade tariffs drove municipal yields higher in March and April 2025, hitting long-term municipal bonds the hardest followed by high-yield municipal bonds.

Over the full period, high-quality short and intermediate municipal bonds proved to be the most resilient, while long-term municipal bonds lagged, experiencing modest losses.

The Fund's overweight to duration and yield curve positioning, specifically underweighting shorter maturity bonds in favor of longer maturity bonds, detracted from relative performance.

The Fund's security selection contributed positively, particularly within the housing, healthcare, and utility revenue bond sectors.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (September 14, 2015) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the Bloomberg Municipal Bond Index, an index representing the overall applicable tax-exempt bond market, and to the Bloomberg Municipal 1-15 Year Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g00a18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | Since<br>Inception<br>(9/14/2015) |
| Bridge Builder Municipal Bond Fund | 2.41% | 1.29% | 2.27% |
| Bloomberg Municipal Bond Index | 1.11% | 0.51% | 2.17% |
| Bloomberg Municipal 1-15 Year Index | 2.63% | 0.86% | 2.11% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER MUNICIPAL BOND FUND TICKER BBMUX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $17312517 |
| Number of Portfolio Holdings\* | 5413 |
| Portfolio Turnover through the Reporting Period | 37% |
| Net Advisory Fee (000s) | $16593 |

---

Graphical Representation of Holdings\*

Security Type Allocation (% of Investments)

![LOGO](g54930g08a49.jpg)

Credit Quality Allocation (% of Investments)\*\*

![LOGO](g54930g00s01.jpg)

State Allocation (% of Long-Term Investments)

![LOGO](g54930g08b51.jpg)

\* Amounts presented do not include derivative positions. 

\*\* The Fund uses credit ratings provided by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Corporation ("S&P") and Fitch Ratings ("Fitch") and other nationally recognized securities rating organizations ("NRSROs"). If there are multiple ratings for a security, the highest rating is used. The graph displays credit ratings in the format used by S&P and the equivalent S&P credit rating is used for securities rated by Moody's and Fitch. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). These rating agencies are independent NRSROs and are widely used. The credit ratings shown reflect the NRSRO's opinion about the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Securities that are unrated are listed as such. Credit quality ratings are as of the date of this report and are subject to change. 

Material Fund Changes

The following is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's current Prospectus dated October 28, 2024, as supplemented, and the Fund's next prospectus which we expect to be available October 28, 2025, at www.bridgebuildermutualfunds.com/literature or by contacting us at 1-855-823-3611.

As approved by the Trustees of the Bridge Builder Trust, Robert W. Baird & Co. Incorporated ("Baird") was added as a new sub-adviser to an allocated portion of the Fund. As a result, the Fund modified its principal investment strategies to reflect the addition of Baird.

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000263 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER MUNICIPAL HIGH-INCOME BOND FUND TICKER BBMHX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Municipal High-Income Bond Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Municipal High-Income Bond Fund | $16 | 0.16% |

---

How did the Fund perform during the Reporting Period?

The Fund returned 1.36% during the fiscal year ended June 30, 2025, outperforming its benchmark, the Bloomberg Municipal 65% Investment Grade/35% High Yield Index, which returned 1.34% during the same period.

Bond market volatility was elevated during the fiscal year, as an uncertain macroeconomic climate roiled markets. Despite the volatile environment, most bond sectors delivered gains for the period.

The U.S. Federal Reserve (the "Fed") lowered its target rate three times in 2024's second half amid cooling inflation and softer job market data, but U.S. fiscal policy uncertainty kept the Fed on hold in 2025's first half.

U.S. Treasuries generally underperformed other taxable sectors during the fiscal year, with the 30-year bond lagging other maturities. After initially falling, long-term bond yields surged higher in 2024's fourth quarter, driven by concerns about the impact of U.S. fiscal policy on inflation, economic growth, and the U.S. government's growing deficit levels. That, coupled with the Fed's rate cuts, resulted in a steeper U.S. Treasury yield curve at the end of the period.

Municipal bonds experienced similar volatility, first rallying in 2024's third quarter in anticipation of the Fed's rate cuts before selling off in sympathy with rising Treasury yields in the fourth quarter. The announcement of substantial new U.S. trade tariffs drove municipal yields higher in March and

April 2025, hitting long-term municipal bonds the hardest followed by high-yield municipal bonds.

Over the full period, high-quality short and intermediate municipal bonds proved to be the most resilient, while long-term municipal bonds lagged, experiencing modest losses. The Fund's security selection contributed positively, particularly within the healthcare and utility revenue bond sectors.

The Fund's interest rate positioning detracted from relative performance.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (April 13, 2023) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the Bloomberg Municipal Bond Index, an index representing the overall applicable tax-exempt bond market, and to the Bloomberg Municipal 65% High-Grade/35% High Yield Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g09t50.jpg)

---

| | | |
|:---|:---|:---|
| Average annual total returns: | 1 Year | Since<br>Inception<br>(4/13/2023) |
| Bridge Builder Municipal High-Income Bond Fund | 1.36% | 3.76% |
| Bloomberg Municipal Bond Index | 1.11% | 1.37% |
| Bloomberg Municipal 65% High-Grade/35% High-Yield Index | 1.34% | 2.53% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER MUNICIPAL HIGH-INCOME BOND FUND TICKER BBMHX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4242708 |
| Number of Portfolio Holdings\* | 3070 |
| Portfolio Turnover through the Reporting Period | 30% |
| Net Advisory Fee (000s) | $4994 |

---

Graphical Representation of Holdings\*

Security Type Allocation (% of Investments)

![LOGO](g54930g11t01.jpg)

Credit Quality Allocation (% of Investments)\*\*

![LOGO](g54930g01x94.jpg)

State Allocation (% of Long-Term Investments)

![LOGO](g54930g11t02.jpg)

\* Amounts presented do not include derivative positions. 

&nbsp;&nbsp;&nbsp;&nbsp;† Amount less than 0.05%.

\*\* The Fund uses credit ratings provided by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Corporation ("S&P") and Fitch Ratings ("Fitch") and other nationally recognized securities rating organizations ("NRSROs"). If there are multiple ratings for a security, the highest rating is used. The graph displays credit ratings in the format used by S&P and the equivalent S&P credit rating is used for securities rated by Moody's and Fitch. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). These rating agencies are independent NRSROs and are widely used. The credit ratings shown reflect the NRSRO's opinion about the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Securities that are unrated are listed as such. Credit quality ratings are as of the date of this report and are subject to change. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000264 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER LARGE CAP GROWTH FUND TICKER BBGLX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Large Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611. This report describes changes to the Fund that occurred during the Reporting Period.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
| Fund name | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Large Cap Growth Fund | $20 | 0.19% |

---

How did the fund perform during the Reporting Period?

The Fund returned 13.17% during the fiscal year ended June 30, 2025, underperforming its benchmark, the Russell 1000<sup>®</sup> Growth Index, which returned 17.22% during the same period.

Equity markets experienced heightened volatility during the fiscal year, as election optimism followed by tariff uncertainty created diverse quarterly performance over the fiscal year.

The Fund's underperformance occurred in Q4, 2024 and Q2, 2025 during the significant risk-on markets where higher beta names drove performance.

The Fund's underweight to higher beta names and stylistic headwind of having less exposure to growth companies than the index accounted for a majority of the Fund's underperformance.

From a sector perspective, the overweight position and stock selection within healthcare was a significant driver of the Fund's underperformance.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund for the most recently completed 10 fiscal years. It compares the Fund's return to a hypothetical $10,000 investment in the Russell 3000<sup>®</sup> Index, an index representing the overall United States equity market, and to the Russell 1000<sup>®</sup> Growth Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g12h52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | 10 Years |
| Bridge Builder Large Cap Growth Fund | 13.17% | 13.86% | 13.84% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Growth Index | 17.22% | 18.15% | 17.01% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER LARGE CAP GROWTH FUND TICKER BBGLX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $28211112 |
| Number of Portfolio Holdings\* | 394 |
| Portfolio Turnover through the Reporting Period | 44% |
| Net Advisory Fee (000s) | $45767 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g74c84.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g08g08.jpg)

\* Amounts presented do not include derivative positions. 

Material Fund Changes

The following is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's current Prospectus dated October 28, 2024, as supplemented, and the Fund's next prospectus which we expect to be available October 28, 2025, at www.bridgebuildermutualfunds.com/literature or by contacting us at 1-855-823-3611.

The Fund's classification under the Investment Company Act of 1940, as amended, changed from diversified to non-diversified and the Fund's related fundamental investment policy was eliminated. As a result, the Fund modified its principal investment strategies to reflect that the Fund is now non-diversified, and the Fund added non-diversification risk as a principal risk.

In addition, as approved by the Trustees of the Bridge Builder Trust, T. Rowe Price Associates, Inc. ("T. Rowe Price") was added as a new sub-adviser to an allocated portion of the Fund. As a result, the Fund modified its principal investment strategies to reflect the addition of T. Rowe Price.

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000265 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER LARGE CAP VALUE FUND TICKER BBVLX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Large Cap Value Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Large Cap Value Fund | $23 | 0.22% |

---

How did the fund perform during the Reporting Period?

The Fund returned 11.83% for the fiscal year ended June 30, 2025, underperforming its benchmark, the Russell 1000<sup>®</sup> Value Index, which returned 13.70% during the same period.

Equity markets experienced heightened volatility during the fiscal year, as election optimism followed by tariff uncertainty created diverse quarterly performance over the fiscal year.

The Fund lagged the index due to weaker stock selection during the fiscal year.

Stock selection was weakest within the healthcare, communication services and technology sectors.

Underperformance was partially offset by strong stock selection within the materials, utilities and consumer discretionary sectors during the year.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund for the most recently completed 10 fiscal years. It compares the Index Fund's return to a hypothetical $10,000 investment in the Russell 3000<sup>®</sup>Index, an index representing the overall United States equity market, and to the Russell 1000<sup>®</sup> Value Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g00a33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | 10 Years |
| Bridge Builder Large Cap Value Fund | 11.83% | 15.60% | 10.73% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER LARGE CAP VALUE FUND TICKER BBVLX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total net assets (000s) | $24195643 |
| Number of portfolio holdings\* | 963 |
| Portfolio Turnover through the Reporting Period | 29% |
| Net Advisory Fee (000s) | $47003 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g19k19.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g10x01.jpg)

\* Amounts presented do not include derivative positions. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000266 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER TAX MANAGED LARGE CAP FUND TICKER BBTLX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Tax Managed Large Cap Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Tax Managed Large Cap Fund | $25 | 0.23% |

---

How did the Fund perform during the Reporting Period?

The Fund returned 14.25% for the fiscal year ended June 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 15.16% during the same period.

Equity markets experienced heightened volatility during the fiscal year, as election optimism followed by tariff uncertainty created diverse quarterly performance over the fiscal year.

The degree of underperformance from stock selection within the healthcare sector contributed to overall Fund underperformance during the period.

Additionally, the Fund had weaker stock selection within the consumer discretionary and technology sectors.

The weaker stock selection in the previously mentioned sectors was partially offset with strong selection within the industrials and consumer staples sectors.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (June 1, 2022) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the Russell 3000<sup>®</sup> Index, an index representing the overall United States equity market, and to the S&P 500 Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g00a38.jpg)

---

| | | |
|:---|:---|:---|
| Average annual total returns: | 1 Year | Since<br>Inception<br>(6/1/2022) |
| Bridge Builder Tax Managed Large Cap Fund | 14.25% | 16.14% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.51% |
| S&P 500 Index | 15.16% | 16.15% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER TAX MANAGED LARGE CAP FUND TICKER BBTLX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $6560634 |
| Number of Portfolio Holdings\* | 382 |
| Portfolio Turnover through the Reporting Period | 31% |
| Net Advisory Fee (000s) | $11368 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g32t01.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g22x22.jpg)

\* Amounts presented do not include derivative positions. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000267 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER SMALL/MID CAP GROWTH FUND TICKER BBGSX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Small/Mid Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Small/Mid Cap Growth Fund | $36 | 0.34% |

---

How did the fund perform during the Reporting Period?

The Fund returned 9.30% during the fiscal year ended June 30, 2025, outperforming its benchmark, the Russell 2500<sup>®</sup> Growth Index which returned 8.81% for the same period.

The largest driver of relative outperformance came from being overweight strong performers in the entertainment industry which was one of the strongest performing industries.

Alternatively, energy was one of the weakest performing industries and the Fund's underweight and stock exposure in this industry also contributed to returns.

The Fund further benefitted from having a higher capitalization than the index, or a larger weight to mid cap stocks which outperformed small cap stocks.

Detracting from relative returns was the underweight in utilities, the strongest performing sector as well as individual stock exposure in consumer discretionary and health care. However, these detractors were not large enough to offset the positive contributors.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund for the most recently completed 10 fiscal years. It compares the Fund's return to a hypothetical $10,000 investment in the Russell 3000<sup>®</sup>Index, an index representing the overall United States equity market, and to the Russell 2500<sup>®</sup> Growth Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g96p43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | 10 Years |
| Bridge Builder Small/Mid Cap Growth Fund | 9.30% | 8.54% | 9.60% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2500<sup>®</sup> Growth Index | 8.81% | 7.50% | 8.53% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER SMALL/MID CAP GROWTH FUND TICKER BBGSX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $9398750 |
| Number of Portfolio Holdings\* | 1560 |
| Portfolio Turnover through the Reporting Period | 74% |
| Net Advisory Fee (000s) | $29087 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g23q68.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g67i97.jpg)

\* Amounts presented do not include derivative positions. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000268 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER SMALL/MID CAP VALUE FUND TICKER BBVSX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Small/Mid Cap Value Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Small/Mid Cap Value Fund | $39 | 0.37% |

---

How did the fund perform during the Reporting Period?

The Fund returned 9.29% during the fiscal year ended June 30, 2025, underperforming its benchmark, the Russell 2500<sup>®</sup> Value Index which returned 10.47% for the same period.

As mid cap stocks outperformed small cap stocks, having a higher capitalization than the index was a contributor to performance.

However, the Fund underperformed primarily because of sector exposures. The underweight to communication services and the overweight to industrials weighed on relative returns.

Individual exposures within energy and materials sectors were weak relative to the index, but were generally offset by stronger exposures in health care and industrials sectors.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund for the most recently completed 10 fiscal years. It compares the Fund's return to a hypothetical $10,000 investment in the Russell 3000<sup>®</sup>Index, an index representing the overall United States equity market, and to the Russell 2500<sup>®</sup> Value Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g21m51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | 10 Years |
| Bridge Builder Small/Mid Cap Value Fund | 9.29% | 14.51% | 8.01% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2500<sup>®</sup> Value Index | 10.47% | 13.96% | 7.73% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER SMALL/MID CAP VALUE FUND TICKER BBVSX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $8515515 |
| Number of Portfolio Holdings\* | 2358 |
| Portfolio Turnover through the Reporting Period | 58% |
| Net Advisory Fee (000s) | $30158 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g74w16.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g97b39.jpg)

\* Amounts presented do not include derivative positions. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000269 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER TAX MANAGED SMALL/MID CAP FUND TICKER BBTSX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Tax Managed Small/Mid Cap Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Tax Managed Small/Mid Cap Fund | $40 | 0.39% |

---

How did the Fund perform during the Reporting Period?

The Fund returned 5.64% for the fiscal year ended June 30, 2025, underperforming its benchmark, the Russell 2500<sup>®</sup> Index, which returned 9.91% during the same period.

Equity markets experienced heightened volatility during the fiscal year, as election optimism followed by tariff uncertainty created diverse quarterly performance over the fiscal year.

The Fund's slight growth bias versus the index was a headwind to performance over the trailing year.

Additionally, the Fund's higher quality bias toward profitable companies negatively impacted performance over the same period.

The financials sector was the largest sector-based headwind, predominately due to negative performance stemming from underweights to less profitable, higher beta companies.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (June 1, 2022) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the Russell 3000<sup>®</sup>Index, an index representing the overall United States equity market, and to the Russell 2500<sup>®</sup> Index, an index reflecting the market sectors in which the Fund invests for the same period.

![LOGO](g54930g00a53.jpg)

---

| | | |
|:---|:---|:---|
| Average annual total returns: | 1 Year | Since<br>Inception<br>(6/1/2022) |
| Bridge Builder Tax Managed Small/Mid Cap Fund | 5.64% | 8.00% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.51% |
| Russell 2500<sup>®</sup> Index | 9.91% | 7.69% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER TAX MANAGED SMALL/MID CAP FUND TICKER BBTSX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2334776 |
| Number of Portfolio Holdings\* | 1124 |
| Portfolio Turnover through the Reporting Period | 52% |
| Net Advisory Fee (000s) | $7366 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g35a01.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g24x24.jpg)

\* Amounts presented do not include derivative positions. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000270 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER INTERNATIONAL EQUITY FUND TICKER BBIEX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder International Equity Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder International Equity Fund | $38 | 0.34% |

---

How did the fund perform during the Reporting Period?

The Fund returned 20.61% during the fiscal year ended June 30, 2025, outperforming its benchmark, the MSCI EAFE Index which returned 17.73% for the same period.

International equity returns in a U.S. Dollar basis were boosted significantly over the past year from a depreciating Dollar.

There was strong stock selection coming from individual names in eight of the eleven sectors, especially within the consumer discretionary, consumer staples and materials sectors.

The underweight in health care, the weakest performing sector, was also a strong driver of relative performance.

However, the underweight in financials, the strongest performing sector, offset most of the benefits coming from the underweight in health care.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (July 6, 2015) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the MSCI EAFE Index, an index representing the international developed equity markets.

![LOGO](g54930g00a59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average annual total returns: | 1 Year | 5 Years | Since<br>Inception<br>(7/6/2015) |
| Bridge Builder International Equity Fund | 20.61% | 10.90% | 7.32% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.65% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER INTERNATIONAL EQUITY FUND TICKER BBIEX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $21403173 |
| Number of Portfolio Holdings\* | 878 |
| Portfolio Turnover through the Reporting Period | 30% |
| Net Advisory Fee (000s) | $62689 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g29a55.jpg)

Country Allocation (% of Long-Term Investments)

![LOGO](g54930g29b56.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g06g06.jpg)

\* Amounts presented do not include derivative positions. 

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000271 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

 <br> BRIDGE BUILDER TAX MANAGED INTERNATIONAL EQUITY FUND TICKER BBTIX

June 30, 2025

Annual Shareholder Report

This annual shareholder report contains important information about the Bridge Builder Tax Managed International Equity Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "Reporting Period"). You can find additional information about the Fund at www.bridgebuildermutualfunds.com/literature. You can also request this information by contacting us at 1-855-823-3611. This report describes changes to the Fund that occurred during the Reporting Period.

What were the Fund costs for the Reporting Period?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the Reporting Period.

---

| | | |
|:---|:---|:---|
|  | Cost of a<br>$10,000<br>investment | Cost paid as a% of a $10,000<br>investment |
| Bridge Builder Tax Managed International Equity Fund | $42 | 0.39% |

---

How did the Fund perform during the Reporting Period?

The Fund returned 14.30% during the fiscal year ended June 30, 2025, underperforming its benchmark, the MSCI EAFE Index which returned 17.73% for the same period.

International equity returns in a U.S. Dollar basis were boosted significantly over the past year from a depreciating Dollar.

Most of the underperformance came from having an underweight in communication services and financials, the two strongest performing sectors in the index.

There was weak stock selection in the industrials sector. This weakness was offset by the contribution of individual names in the consumer discretionary, materials, health care and information technology sectors.

Fund Performance

The following graph illustrates the change in value of a hypothetical $10,000 investment in the Fund from its inception (June 1, 2022) to June 30, 2025. It compares the Fund's return to a hypothetical $10,000 investment in the MSCI EAFE Index, an index representing the international developed equity markets.

![LOGO](g54930g00a64.jpg)

---

| | | |
|:---|:---|:---|
| Average annual total returns: | 1 Year | Since<br>Inception<br>(6/1/2022) |
| Bridge Builder Tax Managed International Equity Fund | 14.30% | 10.45% |
| MSCI EAFE Index | 17.73% | 12.20% |

---

Call 1-855-823-3611 or visit www.bridgebuildermutualfunds.com/literature for additional information.

The performance graph does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

---

| | |
|:---|:---|
| ![LOGO](g54930g02a62.jpg) | bridgebuildermutualfunds.com |

---

------

 <br> BRIDGE BUILDER TAX MANAGED INTERNATIONAL EQUITY FUND TICKER BBTIX

June 30, 2025

Key Fund Statistics:

---

| | |
|:---|:---|
| Total Net Assets (000s) | $2172378 |
| Number of Portfolio Holdings\* | 467 |
| Portfolio Turnover through the Reporting Period | 44% |
| Net Advisory Fee (000s) | $6585 |

---

Graphical Representation of Holdings\*

Sector Allocation (% of Investments)

![LOGO](g54930g37a37.jpg)

Country Allocation (% of Long-Term Investments)

![LOGO](g54930g57p71.jpg)

Top Ten Equity Holdings (% of Total Net Assets)

![LOGO](g54930g20x20.jpg)

\* Amounts presented do not include derivative positions. 

Material Fund Changes

The following is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's current prospectus dated October 28, 2024, and the Fund's next prospectus, which we expect to be available October 28, 2025. at www.bridgebuildermutualfunds.com/literature or by contacting us at 1-855-823-3611.

As approved by the Trustees of the Bridge Builder Trust, J.P. Morgan Investment Management Inc. ("JPMorgan") and Thompson, Siegel & Walmsley LLC ("TSW") were each added as new sub-advisers to an allocated portion of the Fund, and T. Rowe Price Associates, Inc. ("T. Rowe Price") was removed as a sub-adviser to an allocated portion of the Fund. As a result, the Fund modified its principal investment strategies to reflect the addition of JPMorgan and TSW and the removal of T. Rowe Price.

Availability of Additional Information

You can find additional information on the Fund's website, www.bridgebuildermutualfunds.com including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fund holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting information

Householding

To reduce expense, the Fund may mail only one copy of the prospectus, Statement of Additional Information and each annual & semi-annual Tailored Shareholder Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at 1-855-823-3611. You will begin receiving copies thirty days after your request is received.

---

| | | |
|:---|:---|:---|
| Bridge Builder Mutual Funds<br>BBT000272 | For additional information please scan the code for hosted material at<br>https://www.bridgebuildermutualfunds.com/literature/ | ![LOGO](g54930g02b63.jpg) |

---

------

#### ITEM 2. CODE OF ETHICS.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. The Registrant has not made any amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the Registrant's code of ethics is filed with this Form N-CSR under Item 19(a)(1).

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's board of trustees has determined that Timothy Jacoby is an "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) - (d) The Registrant has engaged its principal accountant to perform audit services, audit-related services, and tax services during the past two fiscal years. "Audit fees" refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related fees" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax fees" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "All Other Fees" refer to products and services provided by the principal accountant other than those reported under "Audit Fees", "Audit-Related Fees", and "Tax Fees". The following table details the aggregate fees billed or expected to be billed for the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
|  | FYE 6/30/2025 | FYE 6/30/2024 |
| (a) Audit Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938199 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $129936 | $121200 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impact the auditor's independence. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

The Audit Committee has delegated pre-approval authority to its Chair for engagements of less than $50,000. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chair is unavailable.

(e)(2) The percentage of services described in each of items (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X were as follows:

---

| | | |
|:---|:---|:---|
|  | FYE 6/30/2025 | FYE 6/30/2024 |
|  Audit-Related Fees | 0% | 0% |
|  Tax Fees | 0% | 0% |
|  All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the Registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate non-audit fees billed to the Registrant, the Registrant's investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser were $1,831,000 and $2,088,200, respectively.

(h) The Registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the Registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is

------

subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

#### ITEM 6. INVESTMENTS.
(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g54930g42n97.jpg)

## Annual Financial Statements

## June 30, 2025
*Bridge Builder Core Bond Fund* 

*Bridge Builder Core Plus Bond Fund* 

*Bridge Builder Municipal Bond Fund* 

*Bridge Builder Municipal High-Income Bond Fund* 

*Bridge Builder Large Cap Growth Fund* 

*Bridge Builder Large Cap Value Fund* 

*Bridge Builder Tax Managed Large Cap Fund* 

*Bridge Builder Small/Mid Cap Growth Fund* 

*Bridge Builder Small/Mid Cap Value Fund* 

*Bridge Builder Tax Managed Small/Mid Cap Fund* 

*Bridge Builder International Equity Fund* 

*Bridge Builder Tax Managed International Equity Fund* 

------

### **Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  **[Schedule of Investments](#fintoc54930_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Core Bond Fund](#fintoc54930_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Core Plus Bond Fund](#fintoc54930_3) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Municipal Bond Fund](#fintoc54930_4) | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Municipal High-Income Bond Fund](#fintoc54930_5) | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Large Cap Growth Fund](#fintoc54930_6) | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Large Cap Value Fund](#fintoc54930_7) | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Tax Managed Large Cap Fund](#fintoc54930_8) | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Small/Mid Cap Growth Fund](#fintoc54930_9) | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Small/Mid Cap Value Fund](#fintoc54930_10) | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Tax Managed Small/Mid Cap Fund](#fintoc54930_11) | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder International Equity Fund](#fintoc54930_12) | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bridge Builder Tax Managed International Equity Fund](#fintoc54930_13) | 534 |
|  **[Statements of Assets and Liabilities](#fintoc54930_14)** | 541 |
|  **[Statements of Operations](#fintoc54930_15)** | 544 |
|  **[Statements of Changes in Net Assets](#fintoc54930_16)** | 547 |
|  **[Financial Highlights](#fintoc54930_17)** | 554 |
|  **[Notes to Financial Statements](#fintoc54930_18)** | 556 |
|  **[Report of Independent Registered Public Accounting Firm](#fintoc54930_19)** | 594 |
|  **[Shareholder Proxy](#fintoc54930_20)** | 595 |
|  **[Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds](#fintoc54930_500)** | 596 |
|  **[Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds](#fintoc54930_501)** | 604 |
|  **[Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Core Plus Bond Fund](#fintoc54930_501a)** | 610 |
|  **[General Information](#fintoc54930_22)** | 613 |

---

------

### Bridge Builder Core Bond Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **BONDS & NOTES – 99.11%** |  |  |
| **Asset-Backed Obligations – 10.38%** |  |  |
|  Academic Loan Funding Trust 2013-1 |  |  |
|  5.22% (30-day Average SOFR + 0.91%), 12/26/2044, Series 2013-1A, Class A <sup>(1)(2)</sup> | $302 | $291 |
|  Accelerated 2021-1H LLC |  |  |
|  1.90%, 10/20/2040, Series 2021-1H, Class B <sup>(1)</sup> | 1225 | 1143 |
|  Affirm Asset Securitization Trust 2024-A |  |  |
|  5.61%, 02/15/2029, Series 2024-A, Class 1A <sup>(1)</sup> | 15600 | 15671 |
|  Affirm Master Trust |  |  |
|  4.67%, 07/15/2033, Series 2025-2A, Class A <sup>(1)</sup> | 12100 | 12140 |
|  4.99%, 02/15/2033, Series 2025-1A, Class A <sup>(1)</sup> | 11400 | 11488 |
|  Agl CLO 19 Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.30%, 1.30% Floor), 07/21/2038, Series 2022-19A, Class A1R <sup>(1)(2)</sup> | 25000 | 25000 |
|  American Express Credit Account Master Trust |  |  |
|  4.28%, 04/15/2030, Series 2025-2, Class A | 18583 | 18697 |
|  4.51%, 04/15/2032, Series 2025-3, Class A | 14032 | 14231 |
|  American Homes 4 Rent 2015-SFR2 Trust |  |  |
|  3.73%, 10/17/2052, Series 2015-SFR2, Class A <sup>(1)</sup> | 1589 | 1582 |
|  AmeriCredit Automobile Receivables Trust 2021-2 |  |  |
|  1.01%, 01/19/2027, Series 2021-2, Class C | 2409 | 2386 |
|  AmeriCredit Automobile Receivables Trust 2021-3 |  |  |
|  1.41%, 08/18/2027, Series 2021-3, Class C | 5100 | 5004 |
|  AmeriCredit Automobile Receivables Trust 2023-1 |  |  |
|  5.80%, 12/18/2028, Series 2023-1, Class C | 6800 | 6940 |
|  AMSR 2021-SFR1 Trust |  |  |
|  2.90%, 06/17/2038, Series 2021-SFR1, Class E2 <sup>(1)</sup> | 3950 | 3678 |
|  AMSR 2022-SFR3 Trust |  |  |
|  4.00%, 10/17/2039, Series 2022-SFR3, Class E1 <sup>(1)</sup> | 10000 | 9650 |
|  AMSR 2025-SFR1 Trust |  |  |
|  3.66%, 06/17/2042, Series 2025-SFR1, Class B <sup>(1)</sup> | 5080 | 4764 |
|  Anchorage Capital CLO 8 Ltd. |  |  |
|  5.74% (3 Month Term SOFR + 1.46%, 1.20% Floor), 10/27/2034, Series 2016-8A, Class AR2A <sup>(1)(2)</sup> | 15500 | 15529 |
|  Aqua Finance Issuer Trust 2025-A |  |  |
|  5.56%, 12/19/2050, Series 2025-A, Class B <sup>(1)</sup> | 7388 | 7471 |
|  Atlas Senior Loan Fund XXIII Ltd. |  |  |
|  5.80% (3 Month Term SOFR + 1.53%, 1.53% Floor), 07/20/2037, Series 2024-23A, Class A1 <sup>(1)(2)</sup> | 28975 | 29049 |
|  AutoNation Finance Trust 2025-1 |  |  |
|  4.72%, 04/10/2028, Series 2025-1A, Class A2 <sup>(1)</sup> | 6991 | 6998 |
|  Avis Budget Rental Car Funding AESOP LLC |  |  |
|  1.66%, 02/20/2028, Series 2021-2A, Class A <sup>(1)</sup> | 15358 | 14753 |
|  3.83%, 08/21/2028, Series 2022-1A, Class A <sup>(1)</sup> | 17300 | 17113 |
|  5.23%, 12/20/2030, Series 2024-3A, Class A <sup>(1)</sup> | 7600 | 7764 |
|  5.36%, 06/20/2030, Series 2024-1A, Class A <sup>(1)</sup> | 18682 | 19168 |
|  5.57%, 10/20/2028, Series 2024-2A, Class B <sup>(1)</sup> | 1400 | 1421 |
|  BA Credit Card Trust |  |  |
|  4.31%, 05/15/2030, Series 2025-A1, Class A | 12735 | 12821 |
|  Bastion Funding I LLC |  |  |
|  7.12%, 04/25/2038, Series 2023-1A, Class A2 <sup>(1)</sup> | 4460 | 4484 |
|  Battalion CLO X Ltd. |  |  |
|  5.71% (3 Month Term SOFR + 1.43%, 1.17% Floor), 01/25/2035, Series 2016-10A, Class A1R2 <sup>(1)(2)</sup> | 2000 | 2002 |
|  Bayview Financial Mortgage Pass-Through Trust 2007-B |  |  |
|  7.33%, 08/28/2047, Series 2007-B, Class 1A2 <sup>(3)</sup> | 81 | 72 |
|  Bear Stearns Asset Backed Securities Trust 2003-2 |  |  |
|  5.93% (1 Month Term SOFR + 1.61%, 1.50% Floor, 11.00% Cap), 03/25/2043, Series 2003-2, Class A3 <sup>(2)</sup> | 1310 | 1312 |
|  Bg Beta I Ltd. |  |  |
|  6.28%, 07/16/2054, Series 2024-1, Class B-1 <sup>(1)</sup> | 6107 | 6237 |
|  BMW Vehicle Lease Trust 2025-1 |  |  |
|  4.43%, 06/26/2028, Series 2025-1, Class A3 | 4373 | 4398 |
|  4.49%, 10/25/2028, Series 2025-1, Class A4 | 4731 | 4767 |

---

The accompanying notes are an integral part of these financial statements.

------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  BOF VII AL Funding Trust I |  |  |
|  6.29%, 07/26/2032, Series 2023-CAR3, Class A2 <sup>(1)</sup> | $4102 | $4170 |
|  6.63%, 07/26/2032, Series 2023-CAR3, Class B <sup>(1)</sup> | 1505 | 1530 |
|  Bridgecrest Lending Auto Securitization Trust 2024-1 |  |  |
|  5.65%, 04/16/2029, Series 2024-1, Class C | 5403 | 5437 |
|  Bridgecrest Lending Auto Securitization Trust 2025-2 |  |  |
|  5.62%, 03/17/2031, Series 2025-2, Class D | 13220 | 13374 |
|  BXG Receivables Note Trust 2022-A |  |  |
|  5.35%, 09/28/2037, Series 2022-A, Class C <sup>(1)</sup> | 4904 | 4817 |
|  Capital One Prime Auto Receivables Trust 2023-2 |  |  |
|  5.82%, 06/15/2028, Series 2023-2, Class A3 | 2388 | 2418 |
|  Carlyle Global Market Strategies CLO 2015-5 Ltd. |  |  |
|  5.37% (3 Month Term SOFR + 1.10%, 1.10% Floor), 01/20/2032, Series 2015-5A, Class A1R3 <sup>(1)(2)</sup> | 7180 | 7178 |
|  CarMax Auto Owner Trust 2021-3 |  |  |
|  1.25%, 05/17/2027, Series 2021-3, Class C | 3350 | 3314 |
|  CarMax Auto Owner Trust 2021-4 |  |  |
|  0.56%, 09/15/2026, Series 2021-4, Class A3 | 107 | 107 |
|  1.38%, 07/15/2027, Series 2021-4, Class C | 2850 | 2803 |
|  CarMax Auto Owner Trust 2022-1 |  |  |
|  1.47%, 12/15/2026, Series 2022-1, Class A3 | 812 | 808 |
|  2.20%, 11/15/2027, Series 2022-1, Class C | 4200 | 4121 |
|  2.47%, 07/17/2028, Series 2022-1, Class D | 2000 | 1963 |
|  CarMax Auto Owner Trust 2024-4 |  |  |
|  4.67%, 12/15/2027, Series 2024-4, Class A2A | 1652 | 1653 |
|  Carmax Auto Owner Trust 2025-2 |  |  |
|  5.16%, 01/15/2031, Series 2025-2, Class C | 1595 | 1618 |
|  Carvana Auto Receivables Trust 2021-P3 |  |  |
|  1.03%, 06/10/2027, Series 2021-P3, Class A4 | 2787 | 2743 |
|  Carvana Auto Receivables Trust 2023-N1 |  |  |
|  5.92%, 07/10/2029, Series 2023-N1, Class C <sup>(1)</sup> | 6625 | 6680 |
|  Carvana Auto Receivables Trust 2023-P3 |  |  |
|  5.82%, 08/10/2028, Series 2023-P3, Class A3 <sup>(1)</sup> | 2276 | 2292 |
|  Carvana Auto Receivables Trust 2024-P4 |  |  |
|  4.62%, 02/10/2028, Series 2024-P4, Class A2 | 2438 | 2438 |
|  Cascade MH Asset Trust 2024-MH1 |  |  |
|  5.70%, 11/25/2056, Series 2024-MH1, Class A1 <sup>(1)(4)</sup> | 7205 | 7361 |
|  CFIN 2022-RTL1 Issuer LLC |  |  |
|  4.75%, 02/16/2026, Series 2022-RTL1, Class AA <sup>(1)(3)</sup> | 1963 | 1950 |
|  Chase Funding Trust Series 2003-4 |  |  |
|  4.89%, 05/25/2033, Series 2003-4, Class 1A5 <sup>(3)</sup> | 49 | 48 |
|  Chase Funding Trust Series 2003-6 |  |  |
|  4.83%, 11/25/2034, Series 2003-6, Class 1A5 <sup>(3)</sup> | 61 | 60 |
|  4.83%, 11/25/2034, Series 2003-6, Class 1A7 <sup>(3)</sup> | 104 | 103 |
|  CIFC Funding 2020-III Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.39%, 1.39% Floor), 10/20/2034, Series 2020-3A, Class A1R <sup>(1)(2)</sup> | 19680 | 19711 |
|  Citibank Credit Card Issuance Trust |  |  |
|  4.30%, 06/21/2030, Series 2025-A1, Class A | 12744 | 12818 |
|  4.49%, 06/21/2032, Series 2025-A2, Class A | 6965 | 7015 |
|  Citizens Auto Receivables Trust 2024-1 |  |  |
|  5.11%, 04/17/2028, Series 2024-1, Class A3 <sup>(1)</sup> | 6193 | 6227 |
|  Continental Finance Credit Card ABS Master Trust |  |  |
|  6.19%, 10/15/2030, Series 2022-A, Class A <sup>(1)</sup> | 10045 | 10076 |
|  COOF Securitization Trust 2014-1 Ltd. |  |  |
|  3.29%, 06/25/2040, Series 2014-1, Class A <sup>(1)(4)</sup> | 113 | 8 |
|  CoreVest American Finance 2019-3 Trust |  |  |
|  2.71%, 10/15/2052, Series 2019-3, Class A <sup>(1)</sup> | 544 | 541 |
|  3.16%, 10/15/2052, Series 2019-3, Class B <sup>(1)</sup> | 2250 | 2136 |
|  3.27%, 10/15/2052, Series 2019-3, Class C <sup>(1)</sup> | 5862 | 5507 |

---

The accompanying notes are an integral part of these financial statements.

2.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  CoreVest American Finance 2020-3 Trust |  |  |
|  2.20%, 08/15/2053, Series 2020-3, Class B <sup>(1)</sup> | $6314 | $5660 |
|  Countrywide Asset-Backed Certificates |  |  |
|  5.12%, 02/25/2035, Series 2004-S1, Class A3 <sup>(3)</sup> | 5 | 5 |
|  CPS Auto Receivables Trust 2022-C |  |  |
|  5.28%, 04/15/2030, Series 2022-C, Class C <sup>(1)</sup> | 2877 | 2879 |
|  Credit Acceptance Auto Loan Trust 2022-3 |  |  |
|  8.45%, 02/15/2033, Series 2022-3A, Class C <sup>(1)</sup> | 9500 | 9651 |
|  Credit Acceptance Auto Loan Trust 2023-2 |  |  |
|  5.92%, 05/16/2033, Series 2023-2A, Class A <sup>(1)</sup> | 8803 | 8831 |
|  Credit Acceptance Auto Loan Trust 2023-3 |  |  |
|  6.39%, 08/15/2033, Series 2023-3A, Class A <sup>(1)</sup> | 5800 | 5851 |
|  Credit Acceptance Auto Loan Trust 2023-5 |  |  |
|  6.13%, 12/15/2033, Series 2023-5A, Class A <sup>(1)</sup> | 8875 | 8986 |
|  Credit Acceptance Auto Loan Trust 2024-1 |  |  |
|  6.71%, 07/17/2034, Series 2024-1A, Class C <sup>(1)</sup> | 9300 | 9589 |
|  Credit Acceptance Auto Loan Trust 2024-2 |  |  |
|  6.70%, 10/16/2034, Series 2024-2A, Class C <sup>(1)</sup> | 13334 | 13846 |
|  Credit Acceptance Auto Loan Trust 2024-3 |  |  |
|  4.85%, 11/15/2034, Series 2024-3A, Class B <sup>(1)</sup> | 6285 | 6300 |
|  Credit Acceptance Auto Loan Trust 2025-1 |  |  |
|  5.71%, 07/16/2035, Series 2025-1A, Class C <sup>(1)</sup> | 9400 | 9601 |
|  Crossroads Asset Trust 2025-A |  |  |
|  5.20%, 02/20/2032, Series 2025-A, Class B <sup>(1)</sup> | 2065 | 2083 |
|  5.51%, 02/20/2032, Series 2025-A, Class C <sup>(1)</sup> | 925 | 931 |
|  CWABS Asset-Backed Certificates Trust 2005-10 |  |  |
|  4.14%, 02/25/2036, Series 2005-10, Class AF6 <sup>(4)</sup> | 1 | 1 |
|  CWABS Asset-Backed Certificates Trust 2005-17 |  |  |
|  5.56%, 05/25/2036, Series 2005-17, Class 1AF5 <sup>(4)</sup> | 4 | 4 |
|  CWABS, Inc. Asset-Backed Certificates Series 2004-1 |  |  |
|  4.99% (1 Month Term SOFR + 0.67%, 0.56% Floor), 04/25/2034, Series 2004-1, Class 3A <sup>(2)</sup> | 1 | 1 |
|  5.18% (1 Month Term SOFR + 0.86%, 0.75% Floor), 03/25/2034, Series 2004-1, Class M1 <sup>(2)</sup> | 5 | 5 |
|  5.26% (1 Month Term SOFR + 0.94%, 0.83% Floor), 03/25/2034, Series 2004-1, Class M2 <sup>(2)(5)</sup> | 0 | 1 |
|  CWABS, Inc. Asset-Backed Certificates Trust 2004-6 |  |  |
|  5.21% (1 Month Term SOFR + 0.89%, 0.78% Floor), 11/25/2034, Series 2004-6, Class 2A5 <sup>(2)</sup> | 307 | 296 |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/25/2034, Series 2004-6, Class M1 <sup>(2)</sup> | 4 | 4 |
|  DataBank Issuer |  |  |
|  2.06%, 02/27/2051, Series 2021-1A, Class A2 <sup>(1)</sup> | 6150 | 6016 |
|  Delta Air Lines 2015-1 Class AA Pass-Through Trust |  |  |
|  3.63%, 07/30/2027 | 761 | 747 |
|  Discover Card Execution Note Trust |  |  |
|  4.93%, 06/15/2028, Series 2023-A2, Class A | 5403 | 5436 |
|  Diversified Abs Phase VI LLC |  |  |
|  7.50%, 11/28/2039, Series VI, Class A | 4176 | 4140 |
|  DP Lion Holdco LLC |  |  |
|  8.24%, 11/30/2043, Series 2023-1A, Class A | 3273 | 3364 |
|  DT Auto Owner Trust 2023-2 |  |  |
|  5.79%, 02/15/2029, Series 2023-2A, Class C <sup>(1)</sup> | 8785 | 8826 |
|  DT Auto Owner Trust 2023-3 |  |  |
|  6.29%, 08/16/2027, Series 2023-3A, Class A <sup>(1)</sup> | 116 | 116 |
|  Elmwood CLO 39 Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.14%, 1.14% Floor), 04/17/2038, Series 2025-2A, Class A1 <sup>(1)(2)</sup> | 21000 | 20988 |
|  Elmwood CLO 40 Ltd. |  |  |
|  5.52% (3 Month Term SOFR + 1.24%, 1.24% Floor), 03/22/2038, Series 2025-3A, Class A <sup>(1)(2)</sup> | 17000 | 17018 |
|  Elmwood CLO II Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.35% Floor), 10/20/2037, Series 2019-2A, Class A1RR <sup>(1)(2)</sup> | 31250 | 31358 |
|  Enterprise Fleet Financing 2023-2 LLC |  |  |
|  5.56%, 04/22/2030, Series 2023-2, Class A2 <sup>(1)</sup> | 5117 | 5147 |

---

The accompanying notes are an integral part of these financial statements.

3.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  Enterprise Fleet Financing 2025-2 LLC |  |  |
|  4.41%, 06/20/2029, Series 2025-2, Class A3 <sup>(1)</sup> | $7124 | $7159 |
|  Exeter Automobile Receivables Trust 2022-2 |  |  |
|  4.56%, 07/17/2028, Series 2022-2A, Class D | 11635 | 11595 |
|  Exeter Automobile Receivables Trust 2022-4 |  |  |
|  5.98%, 12/15/2028, Series 2022-4A, Class D | 6264 | 6301 |
|  Exeter Automobile Receivables Trust 2023-3 |  |  |
|  6.21%, 06/15/2028, Series 2023-3A, Class C | 5400 | 5437 |
|  Exeter Automobile Receivables Trust 2023-4 |  |  |
|  6.95%, 12/17/2029, Series 2023-4A, Class D | 4820 | 4964 |
|  Exeter Automobile Receivables Trust 2024-2 |  |  |
|  5.92%, 02/15/2030, Series 2024-2A, Class D | 10080 | 10271 |
|  Exeter Automobile Receivables Trust 2024-5 |  |  |
|  5.06%, 02/18/2031, Series 2024-5A, Class D | 3876 | 3878 |
|  Exeter Automobile Receivables Trust 2025-2 |  |  |
|  5.89%, 07/15/2031, Series 2025-2A, Class D | 16900 | 17349 |
|  First National Master Note Trust |  |  |
|  5.77%, 09/15/2029, Series 2023-2, Class A | 9800 | 9968 |
|  FirstKey Homes 2020-SFR2 Trust |  |  |
|  1.27%, 10/19/2037, Series 2020-SFR2, Class A <sup>(1)</sup> | 17127 | 16910 |
|  2.67%, 10/19/2037, Series 2020-SFR2, Class E <sup>(1)</sup> | 7948 | 7858 |
|  FirstKey Homes 2021-SFR1 Trust |  |  |
|  1.54%, 08/17/2038, Series 2021-SFR1, Class A <sup>(1)</sup> | 11533 | 11145 |
|  2.19%, 08/17/2038, Series 2021-SFR1, Class D <sup>(1)</sup> | 7500 | 7231 |
|  FirstKey Homes 2022-SFR1 Trust |  |  |
|  4.15%, 05/19/2039, Series 2022-SFR1, Class A <sup>(1)</sup> | 10637 | 10567 |
|  5.20%, 05/19/2039, Series 2022-SFR1, Class D <sup>(1)</sup> | 4935 | 4938 |
|  FirstKey Homes 2022-SFR2 Trust |  |  |
|  4.25%, 07/17/2039, Series 2022-SFR2, Class A <sup>(1)</sup> | 12203 | 12144 |
|  Flagship Credit Auto Trust 2022-2 |  |  |
|  5.80%, 04/17/2028, Series 2022-2, Class D <sup>(1)</sup> | 4000 | 3787 |
|  Flywheel |  |  |
|  7.15%, 08/25/2044, Series 2024-PDP1 <sup>(1)</sup> | 7131 | 7248 |
|  8.11%, 08/25/2044, Series 2024-PDP1 <sup>(1)</sup> | 2285 | 2326 |
|  FMC GMSR Issuer Trust |  |  |
|  3.62%, 07/25/2026, Series 2021-GT1, Class A <sup>(1)(4)</sup> | 10900 | 10324 |
|  3.85%, 10/25/2026, Series 2021-GT2, Class A <sup>(1)(4)</sup> | 8250 | 7845 |
|  4.45%, 01/25/2026, Series 2020-GT1, Class A <sup>(1)(4)</sup> | 9700 | 9477 |
|  6.19%, 04/25/2027, Series 2022-GT1, Class A <sup>(1)</sup> | 8210 | 8272 |
|  6.50%, 03/26/2027, Series 2024-SAT1, Class A <sup>(1)(4)</sup> | 12840 | 12965 |
|  Ford Credit Auto Owner Trust 2021-REV1 |  |  |
|  1.61%, 10/17/2033, Series 2021-1, Class B <sup>(1)</sup> | 2320 | 2262 |
|  Ford Credit Auto Owner Trust 2021-REV2 |  |  |
|  1.91%, 05/15/2034, Series 2021-2, Class B <sup>(1)</sup> | 2150 | 2074 |
|  Ford Credit Auto Owner Trust 2023-A |  |  |
|  4.65%, 02/15/2028, Series 2023-A, Class A3 | 2304 | 2306 |
|  Ford Credit Auto Owner Trust 2023-B |  |  |
|  5.23%, 05/15/2028, Series 2023-B, Class A3 | 1517 | 1525 |
|  Ford Credit Auto Owner Trust 2023-REV1 |  |  |
|  4.85%, 08/15/2035, Series 2023-1, Class A <sup>(1)</sup> | 18470 | 18736 |
|  Ford Credit Auto Owner Trust 2023-REV2 |  |  |
|  5.28%, 02/15/2036, Series 2023-2, Class A <sup>(1)</sup> | 8800 | 9064 |
|  Ford Credit Auto Owner Trust 2024-C |  |  |
|  4.07%, 07/15/2029, Series 2024-C, Class A3 | 4262 | 4256 |
|  Ford Credit Auto Owner Trust/Ford Credit |  |  |
|  4.86%, 08/15/2037, Series 2025-1, Class A <sup>(1)(3)</sup> | 37225 | 37966 |
|  Ford Credit Floorplan Master Owner Trust A |  |  |
|  1.06%, 09/15/2027, Series 2020-2, Class A | 9400 | 9331 |

---

The accompanying notes are an integral part of these financial statements.

4.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  4.30%, 09/15/2029, Series 2024-3, Class A1 <sup>(1)</sup> | $12825 | $12845 |
|  4.63%, 04/15/2030, Series 2025-1, Class A1 | 17900 | 18098 |
|  4.92%, 05/15/2028, Series 2023-1, Class A1 <sup>(1)</sup> | 11000 | 11047 |
|  Foundation Finance Trust 2023-2 |  |  |
|  6.53%, 06/15/2049, Series 2023-2A, Class A <sup>(1)</sup> | 1594 | 1661 |
|  9.10%, 06/15/2049, Series 2023-2A, Class D <sup>(1)</sup> | 4516 | 4825 |
|  Foundation Finance Trust 2024-2 |  |  |
|  4.93%, 03/15/2050, Series 2024-2A, Class B <sup>(1)</sup> | 5114 | 5103 |
|  GE Capital Mortgage Services, Inc. 1999-HE1 Trust |  |  |
|  6.71%, 04/25/2029, Series 1999-HE1, Class M <sup>(4)</sup> | 4 | 4 |
|  Generate CLO 8 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.38%, 1.38% Floor), 01/20/2038, Series 8A, Class A1R2 <sup>(1)(2)</sup> | 31250 | 31352 |
|  GITSIT Mortgage Loan Trust 2024-NPL1 |  |  |
|  7.47%, 06/25/2054, Series 2024-NPL1, Class A1 <sup>(1)(3)</sup> | 1047 | 1047 |
|  GITSIT Mortgage Loan Trust 2025-NPL1 |  |  |
|  6.28%, 02/25/2055, Series 2025-NPL1, Class A1 <sup>(1)(3)</sup> | 8198 | 8199 |
|  GLS Auto Receivables Issuer Trust 2021-1 |  |  |
|  1.68%, 01/15/2027, Series 2021-1A, Class D <sup>(1)</sup> | 44 | 44 |
|  GLS Auto Receivables Issuer Trust 2021-2 |  |  |
|  1.42%, 04/15/2027, Series 2021-2A, Class D <sup>(1)</sup> | 757 | 750 |
|  GLS Auto Receivables Issuer Trust 2021-4 |  |  |
|  2.48%, 10/15/2027, Series 2021-4A, Class D <sup>(1)</sup> | 5306 | 5240 |
|  GLS Auto Receivables Issuer Trust 2023-3 |  |  |
|  6.01%, 05/15/2029, Series 2023-3A, Class C <sup>(1)</sup> | 4738 | 4783 |
|  GLS Auto Receivables Issuer Trust 2023-4 |  |  |
|  6.65%, 08/15/2029, Series 2023-4A, Class C <sup>(1)</sup> | 6500 | 6621 |
|  GLS Auto Receivables Issuer Trust 2024-3 |  |  |
|  5.53%, 02/18/2031, Series 2024-3A, Class D <sup>(1)</sup> | 4133 | 4192 |
|  GLS Auto Receivables Issuer Trust 2025-2 |  |  |
|  5.11%, 01/15/2031, Series 2025-2A, Class C <sup>(1)</sup> | 12095 | 12231 |
|  GM Financial Automobile Leasing Trust 2024-3 |  |  |
|  4.22%, 10/20/2028, Series 2024-3, Class A4 | 1028 | 1025 |
|  GM Financial Automobile Leasing Trust 2025-1 |  |  |
|  4.66%, 02/21/2028, Series 2025-1, Class A3 | 6077 | 6118 |
|  Gm Financial Automobile Leasing Trust 2025-2 |  |  |
|  4.58%, 05/22/2028, Series 2025-2, Class A3 | 5189 | 5222 |
|  4.80%, 04/20/2029, Series 2025-2, Class B | 4341 | 4373 |
|  GM Financial Consumer Automobile Receivables Trust 2023-4 |  |  |
|  6.16%, 04/16/2029, Series 2023-4, Class B | 1700 | 1755 |
|  6.41%, 05/16/2029, Series 2023-4, Class C | 1200 | 1242 |
|  GM Financial Revolving Receivables Trust 2021-1 |  |  |
|  1.49%, 06/12/2034, Series 2021-1, Class B <sup>(1)</sup> | 500 | 482 |
|  GM Financial Revolving Receivables Trust 2023-2 |  |  |
|  5.77%, 08/11/2036, Series 2023-2, Class A <sup>(1)</sup> | 20576 | 21528 |
|  GM Financial Revolving Receivables Trust 2024-1 |  |  |
|  4.98%, 12/11/2036, Series 2024-1, Class A <sup>(1)</sup> | 8200 | 8381 |
|  GM Financial Revolving Receivables Trust 2025-1 |  |  |
|  4.64%, 12/11/2037, Series 2025-1, Class A <sup>(1)</sup> | 32832 | 33173 |
|  GMF Floorplan Owner Revolving Trust |  |  |
|  4.73%, 11/15/2029, Series 2024-4A, Class A1 <sup>(1)</sup> | 5493 | 5556 |
|  5.13%, 03/15/2029, Series 2024-1A, Class A1 <sup>(1)</sup> | 17525 | 17780 |
|  Goodgreen 2017-1 Trust |  |  |
|  3.74%, 10/15/2052, Series 2017-1A, Class A <sup>(1)</sup> | 535 | 492 |
|  Goodgreen 2017-2 Trust |  |  |
|  3.26%, 10/15/2053, Series 2017-2A, Class A <sup>(1)</sup> | 1480 | 1322 |
|  Goodgreen 2017-R1 Trust |  |  |
|  5.00%, 10/20/2051, Series 2017-R1 <sup>(1)</sup> | 124 | 121 |

---

The accompanying notes are an integral part of these financial statements.

5.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  Goodgreen 2019-2 |  |  |
|  2.76%, 04/15/2055, Series 2019-2A, Class A <sup>(1)</sup> | $2330 | $2004 |
|  Goodgreen 2023-1 |  |  |
|  5.90%, 01/17/2061, Series 2023-1A, Class A <sup>(1)</sup> | 5733 | 5438 |
|  Greenwood Park CLO Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.27%), 04/15/2031, Series 2018-1A, Class A2 <sup>(1)(2)</sup> | 4907 | 4909 |
|  Grene Energy |  |  |
|  12.50%, 01/25/2026 | 447 | 368 |
|  GS Mortgage-Backed Securities Trust 2025-SL1 |  |  |
|  5.85%, 11/25/2067, Series 2025-SL1, Class A1 <sup>(1)(4)</sup> | 18750 | 18854 |
|  HERO Funding 2017-3 |  |  |
|  3.95%, 09/20/2048, Series 2017-3A, Class A2 <sup>(1)</sup> | 982 | 887 |
|  HERO Funding Trust 2016-2 |  |  |
|  3.75%, 09/20/2041, Series 2016-2A, Class A <sup>(1)</sup> | 514 | 481 |
|  HERO Funding Trust 2016-3 |  |  |
|  3.08%, 09/20/2042, Series 2016-3A, Class A1 <sup>(1)</sup> | 216 | 197 |
|  HERO Funding Trust 2016-4A |  |  |
|  3.57%, 09/20/2047, Series 2016-4A, Class A1 <sup>(1)</sup> | 713 | 656 |
|  HERO Funding Trust 2017-1A |  |  |
|  4.46%, 09/20/2047, Series 2017-1A, Class A2 <sup>(1)</sup> | 1416 | 1307 |
|  HERO Funding Trust 2017-2 |  |  |
|  3.28%, 09/20/2048, Series 2017-2A, Class A1 <sup>(1)</sup> | 1227 | 1093 |
|  Hertz Vehicle Financing III LLC |  |  |
|  5.41%, 12/26/2031, Series 2025-4A, Class A <sup>(1)</sup> | 2696 | 2723 |
|  Hertz Vehicle Financing III LLC 2025-2 |  |  |
|  5.13%, 09/25/2031, Series 2025-2A, Class A <sup>(1)</sup> | 1530 | 1534 |
|  Hertz Vehicle Financing III LP |  |  |
|  1.68%, 12/27/2027, Series 2021-2A, Class A <sup>(1)</sup> | 15768 | 15161 |
|  Hilton Grand Vacations Trust 2022-1D |  |  |
|  4.10%, 06/20/2034, Series 2022-1D, Class B <sup>(1)</sup> | 1217 | 1204 |
|  HIN Timeshare Trust 2020-A |  |  |
|  2.23%, 10/09/2039, Series 2020-A, Class B <sup>(1)</sup> | 808 | 779 |
|  HINNT 2024-A LLC |  |  |
|  5.49%, 03/15/2043, Series 2024-A, Class A <sup>(1)</sup> | 3458 | 3516 |
|  HINNT 2025-A LLC |  |  |
|  5.45%, 03/15/2044, Series 2025-A, Class B <sup>(1)</sup> | 3278 | 3303 |
|  Home Partners of America 2021-2 Trust |  |  |
|  1.90%, 12/17/2026, Series 2021-2, Class A <sup>(1)</sup> | 6184 | 5954 |
|  2.95%, 12/17/2026, Series 2021-2, Class E2 <sup>(1)</sup> | 6239 | 5955 |
|  Home Partners of America 2021-3 Trust |  |  |
|  2.20%, 01/17/2041, Series 2021-3, Class A <sup>(1)</sup> | 3510 | 3237 |
|  3.20%, 01/17/2041, Series 2021-3, Class E1 <sup>(1)</sup> | 5183 | 4739 |
|  Huntington Auto Trust 2024-1 |  |  |
|  5.14%, 08/15/2029, Series 2024-1A, Class A4 <sup>(1)</sup> | 11500 | 11701 |
|  Hyundai Auto Lease Securitization Trust 2023-B |  |  |
|  5.17%, 04/15/2027, Series 2023-B, Class A4 <sup>(1)</sup> | 2099 | 2101 |
|  Hyundai Auto Lease Securitization Trust 2025-B |  |  |
|  4.53%, 04/17/2028, Series 2025-B, Class A3 <sup>(1)</sup> | 8493 | 8551 |
|  Hyundai Auto Receivables Trust |  |  |
|  4.36%, 12/17/2029, Series 2025-B, Class A3 | 2154 | 2168 |
|  Hyundai Auto Receivables Trust 2023-C |  |  |
|  5.55%, 12/17/2029, Series 2023-C, Class A4 | 2326 | 2389 |
|  Jonah 2022-1 A2 |  |  |
|  7.80%, 11/10/2037, Series 2022-1, Class A2 <sup>(1)</sup> | 5480 | 5436 |
|  Jonah Energy Abs I LLC |  |  |
|  7.20%, 12/10/2037, Series 2022-1, Class A1 <sup>(1)</sup> | 5621 | 5653 |
|  Jonah Energy Abs II LLC |  |  |
|  6.50%, 08/10/2039, Series 2024-1A, Class A1 <sup>(1)</sup> | 8289 | 8322 |

---

The accompanying notes are an integral part of these financial statements.

6.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  KGS-Alpha SBA COOF Trust |  |  |
|  0.48%, 05/25/2039, Series 2012-6, Class A <sup>(1)(4)</sup> | $539 | $6 |
|  KGS-Alpha SBA COOF Trust 2012-2 |  |  |
|  0.93%, 08/25/2038, Series 2012-2, Class A <sup>(1)(4)</sup> | 552 | 10 |
|  KGS-Alpha SBA COOF Trust 2014-2 |  |  |
|  3.02%, 04/25/2040, Series 2014-2, Class A <sup>(1)(4)</sup> | 115 | 7 |
|  KKR CLO 11 Ltd. |  |  |
|  5.70% (3 Month Term SOFR + 1.44%, 1.44% Floor), 01/15/2031, Series 11, Class AR <sup>(1)(2)</sup> | 2431 | 2432 |
|  KKR CLO 54 Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.32%, 1.32% Floor), 01/15/2038, Series 2024-54A, Class A <sup>(1)(2)</sup> | 11500 | 11526 |
|  Kubota Credit Owner Trust 2025-1 |  |  |
|  4.67%, 06/15/2029, Series 2025-1A, Class A3 <sup>(1)</sup> | 10800 | 10943 |
|  LAD Auto Receivables Trust 2024-1 |  |  |
|  5.23%, 01/18/2028, Series 2024-1A, Class A3 <sup>(1)</sup> | 3014 | 3021 |
|  LAD Auto Receivables Trust 2024-3 |  |  |
|  4.64%, 11/15/2027, Series 2024-3A, Class A2 <sup>(1)</sup> | 2598 | 2598 |
|  Long Beach Mortgage Loan Trust 2004-1 |  |  |
|  5.18% (1 Month Term SOFR + 0.86%, 0.75% Floor), 02/25/2034, Series 2004-1, Class M1 <sup>(2)</sup> | 44 | 44 |
|  Long Beach Mortgage Loan Trust 2004-3 |  |  |
|  5.29% (1 Month Term SOFR + 0.97%, 0.86% Floor), 07/25/2034, Series 2004-3, Class M1 <sup>(2)</sup> | 21 | 21 |
|  Madison Park Funding XXIX Ltd. |  |  |
|  5.50% (3 Month Term SOFR + 1.18%, 1.18% Floor), 03/25/2038, Series 2018-29A, Class A1R2 <sup>(1)(2)</sup> | 35720 | 35576 |
|  Mariner Finance Issuance Trust 2021-A |  |  |
|  2.33%, 03/20/2036, Series 2021-AA, Class B <sup>(1)</sup> | 5700 | 5454 |
|  Mercedes-Benz Auto Lease Trust 2025-A |  |  |
|  4.61%, 04/16/2029, Series 2025-A, Class A3 | 6542 | 6616 |
|  MFA 2024-NPL1 Trust |  |  |
|  6.33%, 09/25/2054, Series 2024-NPL1, Class A1 <sup>(3)</sup> | 5718 | 5734 |
|  Mid-State Capital Corp. 2006-1 Trust |  |  |
|  6.08%, 10/15/2040, Series 2006-1, Class M1 <sup>(1)</sup> | 251 | 252 |
|  MMAF Equipment Finance LLC 2019-B |  |  |
|  2.29%, 11/12/2041, Series 2019-B, Class A5 <sup>(1)</sup> | 7200 | 7087 |
|  MMAF Equipment Finance LLC 2023-A |  |  |
|  5.54%, 12/13/2029, Series 2023-A, Class A3 <sup>(1)</sup> | 16250 | 16549 |
|  MVW 2025-1 LLC |  |  |
|  5.21%, 09/22/2042, Series 2025-1A, Class B <sup>(1)</sup> | 2519 | 2538 |
|  Navient Private Education Refi Loan Trust 2019-C |  |  |
|  3.13%, 02/15/2068, Series 2019-CA, Class A2 <sup>(1)</sup> | 969 | 950 |
|  Navient Private Education Refi Loan Trust 2020-B |  |  |
|  2.12%, 01/15/2069, Series 2020-BA, Class A2 <sup>(1)</sup> | 1545 | 1470 |
|  Navient Private Education Refi Loan Trust 2021-G |  |  |
|  1.58%, 04/15/2070, Series 2021-GA, Class A <sup>(1)</sup> | 6363 | 5747 |
|  Nelnet Student Loan Trust 2021-D |  |  |
|  1.63%, 04/20/2062, Series 2021-DA, Class AFX <sup>(1)</sup> | 5002 | 4714 |
|  New Century Home Equity Loan Trust Series 2003-5 |  |  |
|  4.85%, 11/25/2033, Series 2003-5, Class AI6 <sup>(3)</sup> | 70 | 69 |
|  New Residential Mortgage Loan Trust 2018-1 |  |  |
|  4.00%, 12/25/2057, Series 2018-1A, Class A1A <sup>(1)(4)</sup> | 948 | 924 |
|  New Residential Mortgage Loan Trust 2022-SFR2 |  |  |
|  4.00%, 09/04/2039, Series 2022-SFR2, Class D <sup>(1)</sup> | 5000 | 4832 |
|  NGC 2024-I Ltd. |  |  |
|  5.87% (3 Month Term SOFR + 1.60%, 1.60% Floor), 07/20/2037, Series 2024-1A, Class A1 <sup>(1)(2)</sup> | 29750 | 29841 |
|  Nissan Auto Lease Trust 2023-B |  |  |
|  5.61%, 11/15/2027, Series 2023-B, Class A4 | 2808 | 2817 |
|  NRZ Excess Spread-Collateralized Notes |  |  |
|  3.10%, 07/25/2026, Series 2021-FHT1, Class A <sup>(1)</sup> | 5209 | 5085 |
|  3.47%, 11/25/2026, Series 2021-GNT1, Class A <sup>(1)</sup> | 3268 | 3166 |

---

The accompanying notes are an integral part of these financial statements.

7.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  NRZ Excess Spread-Collateralized Notes Series 2020-PLS1 |  |  |
|  3.84%, 12/25/2025, Series 2020-PLS1, Class A <sup>(1)</sup> | $2245 | $2222 |
|  NYACK Park CLO Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.38%, 1.38% Floor), 10/20/2034, Series 2021-1A, Class A <sup>(1)(2)</sup> | 19752 | 19772 |
|  Octane Receivables Trust 2023-1 |  |  |
|  5.96%, 07/20/2029, Series 2023-1A, Class B <sup>(1)</sup> | 4100 | 4131 |
|  OneMain Direct Auto Receivables Trust 2019-1 |  |  |
|  3.63%, 09/14/2027, Series 2019-1A, Class A <sup>(1)</sup> | 2393 | 2385 |
|  OneMain Direct Auto Receivables Trust 2021-1 |  |  |
|  1.26%, 07/14/2028, Series 2021-1A, Class B <sup>(1)</sup> | 10300 | 10130 |
|  OneMain Direct Auto Receivables Trust 2023-1 |  |  |
|  5.41%, 11/14/2029, Series 2023-1A, Class A <sup>(1)</sup> | 12500 | 12616 |
|  7.07%, 02/14/2033, Series 2023-1A, Class D <sup>(1)</sup> | 6480 | 6799 |
|  OneMain Direct Auto Receivables Trust 2025-1 |  |  |
|  5.36%, 04/16/2035, Series 2025-1A, Class A <sup>(1)</sup> | 17100 | 17629 |
|  OneMain Financial Issuance Trust 2020-2 |  |  |
|  1.75%, 09/14/2035, Series 2020-2A, Class A <sup>(1)</sup> | 9400 | 9165 |
|  OneMain Financial Issuance Trust 2021-1 |  |  |
|  5.06% (30-day Average SOFR + 0.76%), 06/16/2036, Series 2021-1A, Class A2 <sup>(1)(2)</sup> | 10342 | 10336 |
|  OneMain Financial Issuance Trust 2023-2 |  |  |
|  5.84%, 09/15/2036, Series 2023-2A, Class A1 <sup>(1)</sup> | 16600 | 16976 |
|  Onemain Financial Issuance Trust 2025-1 |  |  |
|  4.82%, 07/14/2038, Series 2025-1A, Class A <sup>(1)</sup> | 21700 | 21818 |
|  Oportun Issuance Trust 2021-B |  |  |
|  1.47%, 05/08/2031, Series 2021-B, Class A <sup>(1)</sup> | 2044 | 1994 |
|  Oportun Issuance Trust 2022-3 |  |  |
|  5.05%, 06/09/2031, Series 2022-A, Class A <sup>(1)</sup> | 1765 | 1765 |
|  Oportun Issuance Trust 2024-1 |  |  |
|  6.55%, 04/08/2031, Series 2024-1A, Class B <sup>(1)</sup> | 3501 | 3508 |
|  Option One Mortgage Loan Trust 2004-3 |  |  |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor), 11/25/2034, Series 2004-3, Class A4 <sup>(2)</sup> | 1408 | 1456 |
|  OZLM XXII Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.33%), 01/17/2031, Series 2018-22A, Class A1 <sup>(1)(2)</sup> | 909 | 909 |
|  P4 SFR 2019-STL |  |  |
|  7.25%, 10/11/2026, Series 2019, Class A | 5700 | 5597 |
|  Pagaya AI Technology in Housing Trust 2023-1 |  |  |
|  3.60%, 10/25/2040, Series 2023-1, Class A <sup>(1)</sup> | 3200 | 3094 |
|  Pennsylvania Higher Education Assistance Agency |  |  |
|  4.97% (30-day Average SOFR + 0.64%, 0.53% Floor), 05/25/2070, Series 2021-1A, Class A <sup>(1)(2)</sup> | 3893 | 3822 |
|  Perimeter Master Note Business Trust |  |  |
|  5.58%, 12/16/2030, Series 2025-1A, Class A <sup>(1)</sup> | 12750 | 12745 |
|  PFS Financing Corp. |  |  |
|  4.85%, 02/15/2030, Series 2025-B, Class A <sup>(1)</sup> | 13575 | 13741 |
|  Porsche Innovative Lease Owner Trust 2025-1 |  |  |
|  4.61%, 10/20/2028, Series 2025-1A, Class A3 <sup>(1)</sup> | 4985 | 5029 |
|  4.69%, 11/20/2030, Series 2025-1A, Class A4 <sup>(1)</sup> | 3390 | 3425 |
|  PRET 2021-RN4 LLC |  |  |
|  5.49%, 10/25/2051, Series 2021-RN4, Class A1 <sup>(1)(4)</sup> | 10515 | 10507 |
|  PRET 2024-NPL5 LLC |  |  |
|  5.96%, 09/25/2054, Series 2024-NPL5, Class A1 <sup>(1)(3)</sup> | 2698 | 2701 |
|  PRET 2024-NPL7 LLC |  |  |
|  5.93%, 10/25/2054, Series 2024-NPL7, Class A1 <sup>(1)(3)</sup> | 3121 | 3112 |
|  PRET 2025-NPL6 LLC |  |  |
|  5.74%, 06/25/2055, Series 2025-NPL6, Class A1 <sup>(1)(3)</sup> | 5580 | 5580 |
|  Progress Residential 2021-SFR3 |  |  |
|  2.54%, 05/17/2026, Series 2021-SFR3, Class E1 <sup>(1)</sup> | 6250 | 6146 |
|  Progress Residential 2021-SFR9 Trust |  |  |
|  2.81%, 11/17/2040, Series 2021-SFR9, Class E1 <sup>(1)</sup> | 5400 | 5053 |

---

The accompanying notes are an integral part of these financial statements.

8.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  Progress Residential 2022-SFR1 Trust |  |  |
|  3.93%, 02/17/2041, Series 2022-SFR1, Class E1 <sup>(1)</sup> | $11100 | $10441 |
|  Progress Residential 2022-SFR2 Trust |  |  |
|  3.95%, 04/17/2027, Series 2022-SFR2, Class D <sup>(1)</sup> | 3000 | 2915 |
|  Progress Residential 2022-SFR3 Trust |  |  |
|  5.20%, 04/17/2039, Series 2022-SFR3, Class E1 <sup>(1)</sup> | 9025 | 8942 |
|  Progress Residential 2024-SFR2 Trust |  |  |
|  3.30%, 04/17/2041, Series 2024-SFR2, Class A <sup>(1)</sup> | 19859 | 18964 |
|  Progress Residential 2025-SFR2 Trust |  |  |
|  3.56%, 04/17/2042, Series 2025-SFR2, Class D <sup>(1)</sup> | 8400 | 7694 |
|  Progress Residential 2025-SFR3 Trust |  |  |
|  3.39%, 07/17/2030, Series 2025-SFR3, Class B <sup>(1)</sup> | 8310 | 7644 |
|  RCKT Mortgage Trust 2024-CES5 |  |  |
|  5.85%, 08/25/2044, Series 2024-CES5, Class A1A <sup>(1)(3)</sup> | 1627 | 1635 |
|  RCKT Mortgage Trust 2024-CES7 |  |  |
|  5.16%, 10/25/2044, Series 2024-CES7, Class A1A <sup>(1)(3)</sup> | 4756 | 4743 |
|  RCKT Mortgage Trust 2024-CES9 |  |  |
|  5.58%, 12/25/2044, Series 2024-CES9, Class A1A <sup>(1)(3)</sup> | 4700 | 4720 |
|  RCO IX Mortgage LLC 2025-2 |  |  |
|  6.51%, 04/25/2030, Series 2025-2, Class A1 <sup>(1)(3)</sup> | 9998 | 10041 |
|  RCO VIII Mortgage LLC 2025-3 |  |  |
|  6.43%, 05/25/2030, Series 2025-3, Class A1 <sup>(1)(3)</sup> | 4479 | 4439 |
|  Regatta XII Funding Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.39%, 1.39% Floor), 10/15/2037, Series 2019-1A, Class ARR <sup>(1)(2)</sup> | 28000 | 28069 |
|  Regional Management Issuance Trust 2021-1 |  |  |
|  1.68%, 03/17/2031, Series 2021-1, Class A <sup>(1)</sup> | 137 | 137 |
|  Regional Management Issuance Trust 2025-1 |  |  |
|  4.99%, 04/17/2034, Series 2025-1, Class A <sup>(1)</sup> | 4055 | 4086 |
|  Renaissance Home Equity Loan Trust |  |  |
|  5.61%, 04/25/2037, Series 2007-1, Class AF3 <sup>(3)</sup> | 299 | 69 |
|  Renew 2017-1 |  |  |
|  3.67%, 09/20/2052, Series 2017-1A, Class A <sup>(1)</sup> | 712 | 661 |
|  Santander Drive Auto Receivables Trust 2021-2 |  |  |
|  1.35%, 07/15/2027, Series 2021-2, Class D | 1107 | 1106 |
|  Santander Drive Auto Receivables Trust 2022-6 |  |  |
|  5.69%, 02/18/2031, Series 2022-6, Class D | 10600 | 10707 |
|  Santander Drive Auto Receivables Trust 2023-1 |  |  |
|  5.09%, 05/15/2030, Series 2023-1, Class C | 2300 | 2313 |
|  Santander Drive Auto Receivables Trust 2023-3 |  |  |
|  5.77%, 11/15/2030, Series 2023-3, Class C | 4500 | 4571 |
|  Santander Drive Auto Receivables Trust 2023-4 |  |  |
|  5.73%, 04/17/2028, Series 2023-4, Class A3 | 4837 | 4850 |
|  6.04%, 12/15/2031, Series 2023-4, Class C | 8300 | 8513 |
|  Santander Drive Auto Receivables Trust 2023-6 |  |  |
|  5.98%, 04/16/2029, Series 2023-6, Class B | 2500 | 2543 |
|  6.40%, 03/17/2031, Series 2023-6, Class C | 1000 | 1035 |
|  Santander Drive Auto Receivables Trust 2024-3 |  |  |
|  5.63%, 01/16/2029, Series 2024-3, Class A3 | 6273 | 6304 |
|  5.97%, 10/15/2031, Series 2024-3, Class D | 11480 | 11798 |
|  Santander Drive Auto Receivables Trust 2024-4 |  |  |
|  4.95%, 04/15/2030, Series 2024-4, Class C | 7500 | 7543 |
|  Santander Drive Auto Receivables Trust 2024-5 |  |  |
|  4.88%, 09/15/2027, Series 2024-5, Class A2 | 2582 | 2583 |
|  SBNA Auto Lease Trust 2024-C |  |  |
|  4.94%, 11/20/2026, Series 2024-C, Class A2 <sup>(1)</sup> | 1064 | 1065 |
|  SCF Equipment Leasing 2023-1 LLC |  |  |
|  6.17%, 05/20/2032, Series 2023-1A, Class A3 <sup>(1)</sup> | 4999 | 5055 |
|  7.00%, 08/22/2033, Series 2023-1A, Class D <sup>(1)</sup> | 8558 | 8952 |

---

The accompanying notes are an integral part of these financial statements.

9.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  SCF Equipment Trust 2016-1 LLC |  |  |
|  5.11%, 11/21/2033, Series 2025-1A, Class A3 <sup>(1)</sup> | $6950 | $7090 |
|  Securitized Asset Backed Receivables LLC Trust 2006-CB1 |  |  |
|  2.84%, 01/25/2036, Series 2006-CB1, Class AF2 <sup>(3)</sup> | 39 | 33 |
|  SFS Auto Receivables Securitization Trust 2023-1 |  |  |
|  5.71%, 01/22/2030, Series 2023-1A, Class B <sup>(1)</sup> | 1200 | 1228 |
|  5.97%, 02/20/2031, Series 2023-1A, Class C <sup>(1)</sup> | 1550 | 1593 |
|  SFS Auto Receivables Securitization Trust 2025-2 |  |  |
|  4.44%, 12/20/2030, Series 2025-2A, Class A3 <sup>(1)</sup> | 5077 | 5114 |
|  4.85%, 07/21/2031, Series 2025-2A, Class B <sup>(1)</sup> | 3603 | 3629 |
|  Sierra Timeshare 2021-1 Receivables Funding LLC |  |  |
|  1.34%, 11/20/2037, Series 2021-1A, Class B <sup>(1)</sup> | 920 | 904 |
|  Sixth Street CLO XVI Ltd. |  |  |
|  6.06% (3 Month Term SOFR + 1.79%, 1.79% Floor), 01/20/2037, Series 2020-16A, Class A1R <sup>(1)(2)</sup> | 20250 | 20293 |
|  SoFi Professional Loan Program 2017-F LLC |  |  |
|  2.84%, 01/25/2041, Series 2017-F, Class A2FX <sup>(1)</sup> | 481 | 478 |
|  SoFi Professional Loan Program 2018-B Trust |  |  |
|  3.34%, 08/25/2047, Series 2018-B, Class A2FX <sup>(1)</sup> | 184 | 183 |
|  SoFi Professional Loan Program 2019-C LLC |  |  |
|  2.37%, 11/16/2048, Series 2019-C, Class A2FX <sup>(1)</sup> | 1905 | 1829 |
|  SoFi Professional Loan Program 2020-ATrust |  |  |
|  2.54%, 05/15/2046, Series 2020-A, Class A2FX <sup>(1)</sup> | 2616 | 2516 |
|  Sound Point CLO II Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.33%, 1.33% Floor), 01/26/2031, Series 2013-1A, Class A1R <sup>(1)(2)</sup> | 2210 | 2211 |
|  Stellantis Financial Underwritten Enhanced Lease Trust 2025-A |  |  |
|  4.50%, 03/20/2029, Series 2025-AA, Class A4 <sup>(1)</sup> | 3800 | 3822 |
|  Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1 |  |  |
|  3.45%, 02/25/2032, Series 2002-AL1, Class A2 | 1 | 1 |
|  3.45%, 02/25/2032, Series 2002-AL1, Class A3 | 12 | 3 |
|  Synchrony Card Funding LLC |  |  |
|  4.49%, 05/15/2031, Series 2025-A2, Class A | 26485 | 26731 |
|  TCW CLO 2020-1 Ltd. |  |  |
|  5.32% (3 Month Term SOFR + 1.05%), 04/20/2034, Series 2020-1A, Class A1R3 <sup>(1)(2)</sup> | 19250 | 19236 |
|  Tesla Electric Vehicle Trust 2023-1 |  |  |
|  5.38%, 02/20/2029, Series 2023-1, Class A4 <sup>(1)</sup> | 1733 | 1764 |
|  Texas Natural Gas Securitization Finance Corp. |  |  |
|  5.10%, 04/01/2035 | 12336 | 12617 |
|  5.17%, 04/01/2041 | 10028 | 10129 |
|  Towd Point Mortgage Trust |  |  |
|  7.29%, 10/25/2063, Series 2023-CES2, Class A1A <sup>(1)(4)</sup> | 2233 | 2269 |
|  Towd Point Mortgage Trust 2020-MH1 |  |  |
|  2.25%, 02/25/2060, Series 2020-MH1, Class A1 <sup>(1)(4)</sup> | 1403 | 1367 |
|  Towd Point Mortgage Trust 2024-CES1 |  |  |
|  5.85%, 01/25/2064, Series 2024-CES1, Class A1A <sup>(1)(4)</sup> | 417 | 418 |
|  Towd Point Mortgage Trust 2024-CES3 |  |  |
|  6.29%, 05/25/2064, Series 2024-CES3, Class A1 <sup>(1)(4)</sup> | 5226 | 5275 |
|  Towd Point Mortgage Trust 2024-CES4 |  |  |
|  5.12%, 09/25/2064, Series 2024-CES4, Class A1 <sup>(1)(3)</sup> | 5788 | 5763 |
|  Towd Point Mortgage Trust 2024-CES5 |  |  |
|  5.17%, 09/25/2064, Series 2024-CES5, Class A1 <sup>(1)(4)</sup> | 5248 | 5229 |
|  Towd Point Mortgage Trust 2025-CRM1 |  |  |
|  5.80%, 01/25/2065, Series 2025-CRM1, Class A1 <sup>(1)(3)</sup> | 5678 | 5719 |
|  Toyota Auto Loan Extended Note Trust 2025-1 |  |  |
|  4.65%, 05/25/2038, Series 2025-1A, Class A <sup>(1)</sup> | 21846 | 22138 |
|  Toyota Auto Receivables 2021-B Owner Trust |  |  |
|  0.53%, 10/15/2026, Series 2021-B, Class A4 | 488 | 487 |
|  Toyota Auto Receivables 2021-D Owner Trust |  |  |
|  1.02%, 03/15/2027, Series 2021-D, Class A4 | 713 | 704 |

---

The accompanying notes are an integral part of these financial statements.

10.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Asset-Backed Obligations – 10.38% – (continued)** |  |  |
|  Toyota Auto Receivables 2025-B Owner Trust |  |  |
|  4.34%, 11/15/2029, Series 2025-B, Class A3 | $10000 | $10062 |
|  4.49%, 06/17/2030, Series 2025-B, Class A4 | 7000 | 7082 |
|  Toyota Lease Owner Trust 2025-A |  |  |
|  4.75%, 02/22/2028, Series 2025-A, Class A3 <sup>(1)</sup> | 5044 | 5087 |
|  Trinitas CLO XXII Ltd. |  |  |
|  6.12% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/20/2036, Series 2023-22A, Class A1 <sup>(1)(2)</sup> | 14000 | 14001 |
|  USB Auto Owner Trust 2025-1 |  |  |
|  4.49%, 06/17/2030, Series 2025-1A, Class A3 <sup>(1)</sup> | 3864 | 3895 |
|  VCAT 2025-NPL1 LLC |  |  |
|  5.88%, 01/25/2055, Series 2025-NPL1, Class A1 <sup>(1)(3)</sup> | 2896 | 2902 |
|  VCAT 2025-NPL3 LLC |  |  |
|  5.89%, 02/25/2055, Series 2025-NPL3, Class A1 <sup>(1)(3)</sup> | 688 | 688 |
|  Venture 32 CLO Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.36%, 1.10% Floor), 07/18/2031, Series 2018-32A, Class A1 <sup>(1)(2)</sup> | 3948 | 3951 |
|  Verizon Master Trust |  |  |
|  4.49%, 01/22/2029, Series 2023-1, Class A | 2695 | 2695 |
|  4.62%, 11/20/2030, Series 2024-8, Class A1A | 11200 | 11336 |
|  4.76%, 03/21/2033, Series 2025-4, Class A <sup>(1)</sup> | 6668 | 6772 |
|  5.00%, 12/20/2028, Series 2024-1, Class A1A | 5987 | 5999 |
|  VM Debt |  |  |
|  7.46%, 07/18/2027, Series 2019-1 <sup>(1)</sup> | 14994 | 14263 |
|  Volkswagen Auto Lease Trust 2024-A |  |  |
|  5.21%, 06/21/2027, Series 2024-A, Class A3 | 3682 | 3715 |
|  Volkswagen Auto Lease Trust 2025-A |  |  |
|  4.50%, 06/20/2028, Series 2025-A, Class A3 | 6028 | 6070 |
|  4.56%, 03/20/2030, Series 2025-A, Class A4 | 7352 | 7409 |
|  VOLT CII LLC |  |  |
|  4.87%, 08/25/2051, Series 2021-NP11, Class A1 <sup>(1)(3)</sup> | 1808 | 1805 |
|  VOLT CV LLC |  |  |
|  5.49%, 11/27/2051, Series 2021-CF2, Class A1 <sup>(1)(3)</sup> | 5435 | 5423 |
|  VOLT XCIV LLC |  |  |
|  6.24%, 02/27/2051, Series 2021-NPL3, Class A1 <sup>(1)(3)</sup> | 913 | 913 |
|  VOLT XCIX LLC |  |  |
|  6.12%, 04/25/2051, Series 2021-NPL8, Class A1 <sup>(1)(3)</sup> | 472 | 472 |
|  VOLT XCV LLC |  |  |
|  6.24%, 03/27/2051, Series 2021-NPL4, Class A1 <sup>(1)(3)</sup> | 753 | 752 |
|  VOLT XCVI LLC |  |  |
|  6.12%, 03/27/2051, Series 2021-NPL5, Class A1 <sup>(1)(3)</sup> | 599 | 599 |
|  VOLT XCVII LLC |  |  |
|  6.24%, 04/25/2051, Series 2021-NPL6, Class A1 <sup>(1)(3)</sup> | 1548 | 1546 |
|  Voya CLO 2019-3 Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.34%, 1.08% Floor), 10/17/2032, Series 2019-3A, Class AR <sup>(1)(2)</sup> | 19561 | 19594 |
|  Wellfleet CLO 2020-1 Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.20%, 1.20% Floor), 04/15/2033, Series 2020-1A, Class A1AR <sup>(1)(2)</sup> | 24000 | 24017 |
|  Westgate Resorts 2024-1 LLC |  |  |
|  6.56%, 01/20/2038, Series 2024-1A, Class B <sup>(1)</sup> | 4847 | 4913 |
|  Westlake Automobile Receivables Trust 2022-2 |  |  |
|  5.48%, 09/15/2027, Series 2022-2A, Class D <sup>(1)</sup> | 3500 | 3507 |
|  Westlake Automobile Receivables Trust 2023-1 |  |  |
|  6.79%, 11/15/2028, Series 2023-1A, Class D <sup>(1)</sup> | 3345 | 3419 |
|  Westlake Automobile Receivables Trust 2023-2 |  |  |
|  7.01%, 11/15/2028, Series 2023-2A, Class D <sup>(1)</sup> | 7312 | 7473 |
|  Westlake Automobile Receivables Trust 2023-3 |  |  |
|  6.02%, 09/15/2028, Series 2023-3A, Class C <sup>(1)</sup> | 7800 | 7911 |
|  WF Card Issuance Trust |  |  |
|  4.34%, 05/15/2030, Series 2025-A1, Class A | 10172 | 10252 |
|  Wheels Fleet Lease Funding 1 LLC |  |  |
|  5.80%, 04/18/2038, Series 2023-1A, Class A <sup>(1)</sup> | 7253 | 7300 |

---

The accompanying notes are an integral part of these financial statements.

11.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  World Omni Auto Receivables Trust 2024-C |  |  |
|  4.68%, 07/15/2030, Series 2024-C, Class B | $2104 | $2115 |
|  World Omni Automobile Lease Securitization Trust 2023-A |  |  |
|  5.04%, 07/17/2028, Series 2023-A, Class A4 | 1470 | 1472 |
|  World Omni Select Auto Trust 2021-A |  |  |
|  1.09%, 11/15/2027, Series 2021-A, Class C | 1699 | 1686 |
|  **Total Asset-Backed Obligations**<br> (Cost: $2,246,473) |  | **2253640** |
|  **Corporate Bonds – 28.78%** |  |  |
| **Basic Materials – 0.97%** |  |  |
|  Anglo American Capital Plc |  |  |
|  4.75%, 04/10/2027 <sup>(1)</sup> | 3980 | 3998 |
|  5.63%, 04/01/2030 <sup>(1)</sup> | 4300 | 4461 |
|  5.75%, 04/05/2034 <sup>(1)</sup> | 10000 | 10326 |
|  ArcelorMittal SA |  |  |
|  6.75%, 03/01/2041 | 6462 | 6809 |
|  6.80%, 11/29/2032 | 3000 | 3298 |
|  BHP Billiton Finance USA Ltd. |  |  |
|  5.00%, 02/21/2030 | 6744 | 6909 |
|  5.13%, 02/21/2032 | 2020 | 2068 |
|  5.30%, 02/21/2035 | 1420 | 1450 |
|  CF Industries, Inc. |  |  |
|  4.95%, 06/01/2043 | 1800 | 1600 |
|  5.38%, 03/15/2044 | 2040 | 1894 |
|  Corp. Nacional del Cobre de Chile |  |  |
|  6.44%, 01/26/2036 <sup>(1)</sup> | 2076 | 2172 |
|  Dow Chemical Co. |  |  |
|  4.55%, 11/30/2025 | 437 | 436 |
|  DuPont de Nemours, Inc. |  |  |
|  4.73%, 11/15/2028 | 6860 | 6964 |
|  5.32%, 11/15/2038 | 4035 | 4177 |
|  5.42%, 11/15/2048 | 3165 | 3187 |
|  Freeport Indonesia PT |  |  |
|  4.76%, 04/14/2027 <sup>(1)</sup> | 660 | 658 |
|  Georgia-Pacific LLC |  |  |
|  4.40%, 06/30/2028 <sup>(1)</sup> | 3872 | 3891 |
|  4.95%, 06/30/2032 <sup>(1)</sup> | 6565 | 6644 |
|  Gerdau Trade, Inc. |  |  |
|  5.75%, 06/09/2035 | 3039 | 3041 |
|  Glencore Funding LLC |  |  |
|  2.63%, 09/23/2031 <sup>(1)</sup> | 4000 | 3511 |
|  3.88%, 10/27/2027 <sup>(1)</sup> | 875 | 864 |
|  3.88%, 04/27/2051 <sup>(1)</sup> | 1000 | 728 |
|  4.00%, 03/27/2027 <sup>(1)</sup> | 17716 | 17572 |
|  5.34%, 04/04/2027 <sup>(1)</sup> | 9813 | 9948 |
|  5.63%, 04/04/2034 <sup>(1)</sup> | 2450 | 2497 |
|  5.67%, 04/01/2035 <sup>(1)</sup> | 14209 | 14495 |
|  5.70%, 05/08/2033 <sup>(1)</sup> | 1700 | 1758 |
|  6.13%, 10/06/2028 <sup>(1)</sup> | 3336 | 3491 |
|  6.38%, 10/06/2030 <sup>(1)</sup> | 2688 | 2885 |
|  6.50%, 10/06/2033 <sup>(1)</sup> | 7000 | 7591 |
|  Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT |  |  |
|  6.53%, 11/15/2028 <sup>(1)</sup> | 4761 | 5028 |
|  LYB International Finance BV |  |  |
|  5.25%, 07/15/2043 | 610 | 543 |
|  LYB International Finance III LLC |  |  |
|  1.25%, 10/01/2025 | 692 | 686 |

---

The accompanying notes are an integral part of these financial statements.

12.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Basic Materials – 0.97% – (continued)** |  |  |
|  Minera Mexico SA de CV |  |  |
|  5.63%, 02/12/2032 <sup>(1)</sup> | $1674 | $1700 |
|  Newmont Corp. / Newcrest Finance Pty Ltd. |  |  |
|  5.35%, 03/15/2034 | 15677 | 16082 |
|  Nutrien Ltd. |  |  |
|  4.13%, 03/15/2035 | 1960 | 1784 |
|  4.20%, 04/01/2029 | 420 | 416 |
|  5.25%, 01/15/2045 | 1444 | 1330 |
|  OCP SA |  |  |
|  6.10%, 04/30/2030 <sup>(1)</sup> | 5575 | 5649 |
|  6.70%, 03/01/2036 <sup>(1)</sup> | 3079 | 3094 |
|  6.75%, 05/02/2034 <sup>(1)</sup> | 5033 | 5213 |
|  Rio Tinto Alcan, Inc. |  |  |
|  5.75%, 06/01/2035 | 54 | 57 |
|  Rio Tinto Finance USA Plc |  |  |
|  5.25%, 03/14/2035 | 1910 | 1943 |
|  Samarco Mineracao SA |  |  |
|  9.50%, 06/30/2031 <sup>(1)(6)</sup> | 650 | 639 |
|  Sasol Financing USA LLC |  |  |
|  6.50%, 09/27/2028 | 1555 | 1477 |
|  Union Carbide Corp. |  |  |
|  7.75%, 10/01/2096 | 681 | 804 |
|  Vale Overseas Ltd. |  |  |
|  6.13%, 06/12/2033 | 10171 | 10652 |
|  6.40%, 06/28/2054 | 4044 | 3974 |
|  6.88%, 11/21/2036 | 5167 | 5608 |
|  Windfall Mining Group, Inc. / Groupe Minier Windfall, Inc. |  |  |
|  5.85%, 05/13/2032 <sup>(1)</sup> | 3807 | 3888 |
|  Total Basic Materials | Total Basic Materials | 209890 |
| **Communications – 1.80%** |  |  |
|  Alphabet, Inc. |  |  |
|  5.30%, 05/15/2065 | 4995 | 4891 |
|  Amazon.com, Inc. |  |  |
|  3.88%, 08/22/2037 | 1700 | 1538 |
|  3.95%, 04/13/2052 | 4000 | 3157 |
|  AT&T, Inc. |  |  |
|  1.65%, 02/01/2028 | 525 | 493 |
|  2.25%, 02/01/2032 | 15230 | 13108 |
|  2.55%, 12/01/2033 | 3038 | 2543 |
|  3.50%, 06/01/2041 | 1353 | 1061 |
|  3.50%, 09/15/2053 | 16639 | 11262 |
|  3.55%, 09/15/2055 | 10545 | 7115 |
|  3.65%, 06/01/2051 | 1565 | 1112 |
|  3.65%, 09/15/2059 | 1685 | 1130 |
|  3.80%, 12/01/2057 | 987 | 691 |
|  4.50%, 05/15/2035 | 7570 | 7213 |
|  4.65%, 06/01/2044 | 2145 | 1850 |
|  5.40%, 02/15/2034 | 7850 | 8074 |
|  6.00%, 08/15/2040 | 2275 | 2363 |
|  6.05%, 08/15/2056 | 4000 | 4082 |
|  Bell Telephone Co. of Canada or Bell Canada |  |  |
|  5.10%, 05/11/2033 | 3000 | 3002 |
|  British Telecommunications Plc |  |  |
|  9.63%, 12/15/2030 | 5000 | 6150 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
|  3.50%, 06/01/2041 | 13115 | 9515 |
|  3.50%, 03/01/2042 | 8745 | 6236 |

---

The accompanying notes are an integral part of these financial statements.

13.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Communications – 1.80% – (continued)** |  |  |
|  3.70%, 04/01/2051 | $2580 | $1719 |
|  4.91%, 07/23/2025 | 2305 | 2305 |
|  5.05%, 03/30/2029 | 2000 | 2019 |
|  5.38%, 04/01/2038 | 835 | 787 |
|  5.75%, 04/01/2048 | 5738 | 5218 |
|  6.38%, 10/23/2035 | 4000 | 4201 |
|  6.55%, 06/01/2034 | 6000 | 6402 |
|  6.83%, 10/23/2055 | 690 | 706 |
|  Comcast Corp. |  |  |
|  2.89%, 11/01/2051 | 2519 | 1533 |
|  2.94%, 11/01/2056 | 845 | 496 |
|  2.99%, 11/01/2063 | 2980 | 1676 |
|  3.25%, 11/01/2039 | 3295 | 2581 |
|  3.75%, 04/01/2040 | 2195 | 1822 |
|  3.90%, 03/01/2038 | 455 | 396 |
|  3.97%, 11/01/2047 | 154 | 119 |
|  4.00%, 11/01/2049 | 638 | 485 |
|  4.05%, 11/01/2052 | 156 | 117 |
|  4.20%, 08/15/2034 | 555 | 524 |
|  4.25%, 01/15/2033 | 3107 | 3002 |
|  5.30%, 05/15/2035 | 6779 | 6907 |
|  5.35%, 05/15/2053 | 7275 | 6741 |
|  Corning, Inc. |  |  |
|  3.90%, 11/15/2049 | 960 | 726 |
|  Cox Communications, Inc. |  |  |
|  2.60%, 06/15/2031 <sup>(1)</sup> | 15920 | 13933 |
|  2.95%, 10/01/2050 <sup>(1)</sup> | 1275 | 724 |
|  3.35%, 09/15/2026 <sup>(1)</sup> | 369 | 363 |
|  3.50%, 08/15/2027 <sup>(1)</sup> | 8245 | 8086 |
|  3.60%, 06/15/2051 <sup>(1)</sup> | 1250 | 809 |
|  4.80%, 02/01/2035 <sup>(1)</sup> | 6000 | 5610 |
|  Deutsche Telekom International Finance BV |  |  |
|  8.75%, 06/15/2030 | 49 | 58 |
|  Discovery Communications LLC |  |  |
|  3.63%, 05/15/2030 | 1650 | 1336 |
|  eBay, Inc. |  |  |
|  2.60%, 05/10/2031 | 8000 | 7172 |
|  Fibercop SpA |  |  |
|  7.20%, 07/18/2036 <sup>(1)</sup> | 1231 | 1200 |
|  Grupo Televisa SAB |  |  |
|  6.13%, 01/31/2046 | 220 | 182 |
|  Meta Platforms, Inc. |  |  |
|  5.40%, 08/15/2054 | 10470 | 10211 |
|  5.60%, 05/15/2053 | 3065 | 3065 |
|  NBCUniversal Media LLC |  |  |
|  4.45%, 01/15/2043 | 10 | 9 |
|  NBN Co. Ltd. |  |  |
|  2.63%, 05/05/2031 <sup>(1)</sup> | 15025 | 13543 |
|  Paramount Global |  |  |
|  5.85%, 09/01/2043 | 952 | 829 |
|  Rogers Communications, Inc. |  |  |
|  3.80%, 03/15/2032 | 4650 | 4321 |
|  5.30%, 02/15/2034 | 12145 | 12158 |
|  Sprint Capital Corp. |  |  |
|  6.88%, 11/15/2028 | 6535 | 7016 |
|  Telecom Italia Capital SA |  |  |
|  7.20%, 07/18/2036 | 413 | 440 |

---

The accompanying notes are an integral part of these financial statements.

14.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Communications – 1.80% – (continued)** |  |  |
|  Telefonica Emisiones SA |  |  |
|  4.10%, 03/08/2027 | $2215 | $2204 |
|  4.90%, 03/06/2048 | 4575 | 3845 |
|  Time Warner Cable Enterprises LLC |  |  |
|  8.38%, 07/15/2033 | 529 | 616 |
|  Time Warner Cable LLC |  |  |
|  5.50%, 09/01/2041 | 6815 | 6197 |
|  5.88%, 11/15/2040 | 1275 | 1224 |
|  6.55%, 05/01/2037 | 375 | 387 |
|  6.75%, 06/15/2039 | 539 | 559 |
|  7.30%, 07/01/2038 | 1253 | 1366 |
|  T-Mobile USA, Inc. |  |  |
|  3.00%, 02/15/2041 | 2300 | 1683 |
|  3.40%, 10/15/2052 | 2140 | 1429 |
|  3.60%, 11/15/2060 | 3920 | 2614 |
|  3.88%, 04/15/2030 | 52191 | 50688 |
|  5.13%, 05/15/2032 | 6500 | 6629 |
|  5.65%, 01/15/2053 | 1000 | 967 |
|  Uber Technologies, Inc. |  |  |
|  4.80%, 09/15/2034 | 1510 | 1483 |
|  Verizon Communications, Inc. |  |  |
|  2.36%, 03/15/2032 | 26930 | 23214 |
|  2.55%, 03/21/2031 | 11547 | 10356 |
|  2.65%, 11/20/2040 | 2329 | 1643 |
|  3.40%, 03/22/2041 | 1500 | 1157 |
|  3.70%, 03/22/2061 | 3000 | 2070 |
|  4.27%, 01/15/2036 | 2311 | 2136 |
|  4.33%, 09/21/2028 | 15822 | 15887 |
|  4.40%, 11/01/2034 | 2500 | 2373 |
|  4.78%, 02/15/2035 | 1097 | 1069 |
|  4.81%, 03/15/2039 | 7941 | 7451 |
|  5.40%, 07/02/2037 <sup>(1)</sup> | 1347 | 1355 |
|  Vodafone Group Plc |  |  |
|  5.63%, 02/10/2053 | 475 | 448 |
|  6.15%, 02/27/2037 | 1631 | 1751 |
|  Total Communications | Total Communications | 390934 |
| **Consumer, Cyclical – 1.53%** |  |  |
|  Air Canada 2015-1 Class A Pass-Through Trust |  |  |
|  3.60%, 03/15/2027 <sup>(1)</sup> | 495 | 483 |
|  Air Canada 2015-2 Class AA Pass-Through Trust |  |  |
|  3.75%, 12/15/2027 <sup>(1)</sup> | 807 | 784 |
|  Air Canada 2017-1 Class A Pass-Through Trust |  |  |
|  3.55%, 01/15/2030 <sup>(1)</sup> | 1970 | 1841 |
|  Air Canada 2017-1 Class AA Pass-Through Trust |  |  |
|  3.30%, 01/15/2030 <sup>(1)</sup> | 3814 | 3567 |
|  American Airlines 2014-1 Class A Pass-Through Trust |  |  |
|  3.70%, 10/01/2026 | 230 | 226 |
|  American Airlines 2015-1 Class A Pass-Through Trust |  |  |
|  3.38%, 05/01/2027 | 5113 | 4982 |
|  American Airlines 2015-2 Class AA Pass-Through Trust |  |  |
|  3.60%, 09/22/2027 | 407 | 396 |
|  American Airlines 2016-2 Class A Pass-Through Trust |  |  |
|  3.65%, 06/15/2028 | 728 | 693 |
|  American Airlines 2016-2 Class AA Pass-Through Trust |  |  |
|  3.20%, 06/15/2028 | 923 | 884 |
|  American Airlines 2016-3 Class AA Pass-Through Trust |  |  |
|  3.00%, 10/15/2028 | 900 | 851 |

---

The accompanying notes are an integral part of these financial statements.

15.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Cyclical – 1.53% – (continued)** |  |  |
|  Aptiv Swiss Holdings Ltd. |  |  |
|  5.15%, 09/13/2034 | $7495 | $7234 |
|  AutoZone, Inc. |  |  |
|  1.65%, 01/15/2031 | 1540 | 1319 |
|  BorgWarner, Inc. |  |  |
|  4.95%, 08/15/2029 | 3000 | 3044 |
|  British Airways 2018-1 Class A Pass-Through Trust |  |  |
|  4.13%, 09/20/2031 <sup>(1)</sup> | 1420 | 1357 |
|  British Airways 2018-1 Class AA Pass-Through Trust |  |  |
|  3.80%, 09/20/2031 <sup>(1)</sup> | 666 | 644 |
|  British Airways 2019-1 Class AA Pass-Through Trust |  |  |
|  3.30%, 12/15/2032 <sup>(1)</sup> | 1172 | 1089 |
|  Cummins, Inc. |  |  |
|  5.30%, 05/09/2035 | 13423 | 13630 |
|  Daimler Truck Finance North America LLC |  |  |
|  5.38%, 01/13/2032 <sup>(1)</sup> | 6285 | 6388 |
|  Delta Air Lines 2020-1 Class AA Pass-Through Trust |  |  |
|  2.00%, 06/10/2028 | 1110 | 1045 |
|  Delta Air Lines, Inc. |  |  |
|  4.95%, 07/10/2028 | 5458 | 5489 |
|  5.25%, 07/10/2030 | 6259 | 6299 |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
|  4.75%, 10/20/2028 <sup>(1)</sup> | 13813 | 13845 |
|  Ford Motor Credit Co. LLC |  |  |
|  2.90%, 02/10/2029 | 6720 | 6110 |
|  3.63%, 06/17/2031 | 1265 | 1114 |
|  4.00%, 11/13/2030 | 4720 | 4309 |
|  5.80%, 03/08/2029 | 10735 | 10757 |
|  5.88%, 11/07/2029 | 2359 | 2366 |
|  5.92%, 03/20/2028 | 1900 | 1919 |
|  6.13%, 03/08/2034 | 3137 | 3054 |
|  6.80%, 11/07/2028 | 435 | 451 |
|  7.35%, 03/06/2030 | 1265 | 1335 |
|  General Motors Co. |  |  |
|  5.00%, 04/01/2035 | 7832 | 7401 |
|  5.35%, 04/15/2028 | 8745 | 8878 |
|  5.63%, 04/15/2030 | 11375 | 11626 |
|  6.60%, 04/01/2036 | 685 | 725 |
|  General Motors Financial Co., Inc. |  |  |
|  2.40%, 10/15/2028 | 4160 | 3872 |
|  4.30%, 07/13/2025 | 1765 | 1765 |
|  5.05%, 04/04/2028 | 5000 | 5038 |
|  5.40%, 05/08/2027 | 810 | 822 |
|  5.90%, 01/07/2035 | 1075 | 1081 |
|  6.15%, 07/15/2035 | 1060 | 1084 |
|  Home Depot, Inc. |  |  |
|  3.63%, 04/15/2052 | 2600 | 1892 |
|  4.40%, 03/15/2045 | 268 | 231 |
|  Honda Motor Co. Ltd. |  |  |
|  4.69%, 07/08/2030 | 11685 | 11705 |
|  Hyatt Hotels Corp. |  |  |
|  5.75%, 01/30/2027 | 2370 | 2419 |
|  Hyundai Capital America |  |  |
|  1.30%, 01/08/2026 <sup>(1)</sup> | 1005 | 988 |
|  1.50%, 06/15/2026 <sup>(1)</sup> | 2215 | 2151 |
|  1.80%, 10/15/2025 <sup>(1)</sup> | 1190 | 1180 |
|  1.80%, 01/10/2028 <sup>(1)</sup> | 2170 | 2022 |
|  2.38%, 10/15/2027 <sup>(1)</sup> | 1200 | 1141 |

---

The accompanying notes are an integral part of these financial statements.

16.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Cyclical – 1.53% – (continued)** |  |  |
|  3.00%, 02/10/2027 <sup>(1)</sup> | $675 | $659 |
|  4.55%, 09/26/2029 <sup>(1)</sup> | 2100 | 2081 |
|  4.85%, 03/25/2027 <sup>(1)</sup> | 19441 | 19524 |
|  4.88%, 06/23/2027 <sup>(1)</sup> | 3720 | 3741 |
|  5.15%, 03/27/2030 <sup>(1)</sup> | 14619 | 14795 |
|  5.68%, 06/26/2028 <sup>(1)</sup> | 5000 | 5132 |
|  6.10%, 09/21/2028 <sup>(1)</sup> | 3596 | 3738 |
|  Kia Corp. |  |  |
|  1.75%, 10/16/2026 <sup>(1)</sup> | 1620 | 1565 |
|  Lennar Corp. |  |  |
|  5.20%, 07/30/2030 | 10753 | 10955 |
|  LG Energy Solution Ltd. |  |  |
|  5.88%, 04/02/2035 <sup>(1)</sup> | 5000 | 4958 |
|  Marriott International, Inc. |  |  |
|  3.50%, 10/15/2032 | 6693 | 6084 |
|  4.90%, 04/15/2029 | 809 | 823 |
|  McDonald's Corp. |  |  |
|  4.45%, 03/01/2047 | 360 | 304 |
|  4.70%, 12/09/2035 | 216 | 211 |
|  6.30%, 10/15/2037 | 394 | 431 |
|  O'Reilly Automotive, Inc. |  |  |
|  3.60%, 09/01/2027 | 802 | 791 |
|  4.70%, 06/15/2032 | 3150 | 3128 |
|  PVH Corp. |  |  |
|  5.50%, 06/13/2030 | 2975 | 2996 |
|  Sands China Ltd. |  |  |
|  5.40%, 08/08/2028 | 249 | 251 |
|  Stellantis Finance U.S., Inc. |  |  |
|  2.69%, 09/15/2031 <sup>(1)</sup> | 2008 | 1697 |
|  Toll Brothers Finance Corp. |  |  |
|  4.35%, 02/15/2028 | 16345 | 16259 |
|  United Airlines 2013-1 Class A Pass-Through Trust |  |  |
|  4.30%, 08/15/2025 | 2132 | 2129 |
|  United Airlines 2014-1 Class A Pass-Through Trust |  |  |
|  4.00%, 04/11/2026 | 511 | 507 |
|  United Airlines 2016-1 Class A Pass-Through Trust |  |  |
|  3.45%, 07/07/2028 | 1073 | 1025 |
|  United Airlines 2016-1 Class AA Pass-Through Trust |  |  |
|  3.10%, 07/07/2028 | 4828 | 4613 |
|  United Airlines 2016-1 Class B Pass-Through Trust |  |  |
|  3.65%, 01/07/2026 | 998 | 987 |
|  United Airlines 2016-2 Class A Pass-Through Trust |  |  |
|  3.10%, 10/07/2028 | 1871 | 1744 |
|  United Airlines 2016-2 Class AA Pass-Through Trust |  |  |
|  2.88%, 10/07/2028 | 1123 | 1060 |
|  United Airlines 2016-2 Class B Pass-Through Trust |  |  |
|  3.65%, 10/07/2025 | 1144 | 1136 |
|  United Airlines 2018-1 Class A Pass-Through Trust |  |  |
|  3.70%, 03/01/2030 | 2629 | 2451 |
|  United Airlines 2018-1 Class AA Pass-Through Trust |  |  |
|  3.50%, 03/01/2030 | 2325 | 2191 |
|  United Airlines 2018-1 Class B Pass-Through Trust |  |  |
|  4.60%, 03/01/2026 | 626 | 618 |
|  United Airlines 2019-1 Class A Pass-Through Trust |  |  |
|  4.55%, 08/25/2031 | 1515 | 1421 |
|  United Airlines 2019-1 Class AA Pass-Through Trust |  |  |
|  4.15%, 08/25/2031 | 1733 | 1659 |

---

The accompanying notes are an integral part of these financial statements.

17.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Cyclical – 1.53% – (continued)** |  |  |
|  United Airlines 2019-2 Class AA Pass-Through Trust |  |  |
|  2.70%, 05/01/2032 | $2198 | $1964 |
|  United Airlines 2024-1 Class AA Pass-Through Trust |  |  |
|  5.45%, 02/15/2037 | 2394 | 2416 |
|  Volkswagen Group of America Finance LLC |  |  |
|  1.63%, 11/24/2027 <sup>(1)</sup> | 897 | 835 |
|  4.35%, 06/08/2027 <sup>(1)</sup> | 12500 | 12408 |
|  5.65%, 03/25/2032 <sup>(1)</sup> | 7945 | 8076 |
|  5.80%, 03/27/2035 <sup>(1)</sup> | 5000 | 5036 |
|  Warnermedia Holdings, Inc. |  |  |
|  4.28%, 03/15/2032 | 3484 | 2931 |
|  5.05%, 03/15/2042 | 5120 | 3018 |
|  5.14%, 03/15/2052 | 687 | 424 |
|  Total Consumer, Cyclical | Total Consumer, Cyclical | 332298 |
| **Consumer, Non-cyclical – 3.24%** |  |  |
|  AbbVie, Inc. |  |  |
|  4.05%, 11/21/2039 | 8792 | 7706 |
|  4.25%, 11/21/2049 | 741 | 610 |
|  4.40%, 11/06/2042 | 1700 | 1495 |
|  4.45%, 05/14/2046 | 425 | 366 |
|  4.55%, 03/15/2035 | 6025 | 5850 |
|  4.70%, 05/14/2045 | 3255 | 2918 |
|  5.05%, 03/15/2034 | 4510 | 4592 |
|  5.20%, 03/15/2035 | 7235 | 7392 |
|  Aetna, Inc. |  |  |
|  4.50%, 05/15/2042 | 4205 | 3440 |
|  4.75%, 03/15/2044 | 1800 | 1524 |
|  6.75%, 12/15/2037 | 341 | 368 |
|  AHS Hospital Corp. |  |  |
|  2.78%, 07/01/2051 | 2730 | 1670 |
|  Altria Group, Inc. |  |  |
|  2.45%, 02/04/2032 | 3845 | 3316 |
|  Amgen, Inc. |  |  |
|  1.65%, 08/15/2028 | 1155 | 1068 |
|  3.15%, 02/21/2040 | 2000 | 1541 |
|  4.66%, 06/15/2051 | 1225 | 1049 |
|  5.60%, 03/02/2043 | 2889 | 2866 |
|  5.65%, 03/02/2053 | 7525 | 7347 |
|  Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide, Inc. |  |  |
|  4.70%, 02/01/2036 | 7057 | 6886 |
|  4.90%, 02/01/2046 | 5555 | 5092 |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |
|  4.95%, 01/15/2042 | 2735 | 2580 |
|  5.45%, 01/23/2039 | 1200 | 1221 |
|  Ascension Health |  |  |
|  3.11%, 11/15/2039 | 2670 | 2089 |
|  Ashtead Capital, Inc. |  |  |
|  5.80%, 04/15/2034 <sup>(1)</sup> | 5000 | 5117 |
|  AstraZeneca Plc |  |  |
|  4.00%, 09/18/2042 | 540 | 458 |
|  6.45%, 09/15/2037 | 500 | 562 |
|  Baptist Healthcare System Obligated Group |  |  |
|  3.54%, 08/15/2050 | 2280 | 1556 |
|  BAT Capital Corp. |  |  |
|  2.26%, 03/25/2028 | 2000 | 1892 |
|  2.73%, 03/25/2031 | 6820 | 6142 |
|  3.56%, 08/15/2027 | 952 | 937 |

---

The accompanying notes are an integral part of these financial statements.

18.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Non-cyclical – 3.24% – (continued)** |  |  |
|  4.39%, 08/15/2037 | $10160 | $9085 |
|  4.54%, 08/15/2047 | 2100 | 1696 |
|  Baxalta, Inc. |  |  |
|  5.25%, 06/23/2045 | 50 | 47 |
|  Bimbo Bakeries USA, Inc. |  |  |
|  4.00%, 05/17/2051 <sup>(1)</sup> | 3755 | 2758 |
|  5.38%, 01/09/2036 <sup>(1)</sup> | 535 | 529 |
|  6.05%, 01/15/2029 <sup>(1)</sup> | 238 | 249 |
|  Biogen, Inc. |  |  |
|  5.75%, 05/15/2035 | 2565 | 2641 |
|  Boston Scientific Corp. |  |  |
|  4.55%, 03/01/2039 | 356 | 337 |
|  6.50%, 11/15/2035 | 845 | 948 |
|  Bristol-Myers Squibb Co. |  |  |
|  3.70%, 03/15/2052 | 1704 | 1241 |
|  4.13%, 06/15/2039 | 1512 | 1346 |
|  4.55%, 02/20/2048 | 1374 | 1181 |
|  5.55%, 02/22/2054 | 268 | 261 |
|  5.65%, 02/22/2064 | 2455 | 2384 |
|  Bunge Ltd. Finance Corp. |  |  |
|  2.75%, 05/14/2031 | 3900 | 3530 |
|  4.20%, 09/17/2029 | 2812 | 2781 |
|  4.65%, 09/17/2034 | 2895 | 2809 |
|  Cencora, Inc. |  |  |
|  5.15%, 02/15/2035 | 4835 | 4876 |
|  Centene Corp. |  |  |
|  3.38%, 02/15/2030 | 12500 | 11513 |
|  Children's Health System of Texas |  |  |
|  2.51%, 08/15/2050 | 2270 | 1320 |
|  Children's Hospital |  |  |
|  2.93%, 07/15/2050 | 1340 | 838 |
|  Children's Hospital Corp. |  |  |
|  2.59%, 02/01/2050 | 1290 | 776 |
|  Cigna Group |  |  |
|  4.38%, 10/15/2028 | 15325 | 15343 |
|  4.80%, 07/15/2046 | 218 | 190 |
|  Coca-Cola Femsa SAB de CV |  |  |
|  1.85%, 09/01/2032 | 1500 | 1228 |
|  CommonSpirit Health |  |  |
|  1.55%, 10/01/2025 | 1290 | 1280 |
|  2.78%, 10/01/2030 | 5925 | 5424 |
|  3.91%, 10/01/2050 | 1265 | 937 |
|  Conagra Brands, Inc. |  |  |
|  1.38%, 11/01/2027 | 1755 | 1638 |
|  7.00%, 10/01/2028 | 3250 | 3476 |
|  Constellation Brands, Inc. |  |  |
|  2.88%, 05/01/2030 | 3620 | 3348 |
|  4.50%, 05/09/2047 | 180 | 149 |
|  4.75%, 05/09/2032 | 400 | 397 |
|  4.80%, 05/01/2030 | 3280 | 3307 |
|  Cottage Health Obligated Group |  |  |
|  3.30%, 11/01/2049 | 1530 | 1060 |
|  CVS Health Corp. |  |  |
|  4.78%, 03/25/2038 | 8370 | 7681 |
|  4.88%, 07/20/2035 | 500 | 479 |
|  5.00%, 01/30/2029 | 783 | 795 |
|  5.05%, 03/25/2048 | 5000 | 4317 |
|  5.25%, 02/21/2033 | 3100 | 3121 |

---

The accompanying notes are an integral part of these financial statements.

19.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Non-cyclical – 3.24% – (continued)** |  |  |
|  6.00%, 06/01/2044 | $5838 | $5770 |
|  6.05%, 06/01/2054 | 1550 | 1519 |
|  CVS Pass-Through Trust |  |  |
|  5.77%, 01/10/2033 <sup>(1)</sup> | 521 | 525 |
|  5.93%, 01/10/2034 <sup>(1)</sup> | 408 | 412 |
|  7.51%, 01/10/2032 <sup>(1)</sup> | 557 | 584 |
|  CVS Pass-Through Trust Series 2009 |  |  |
|  8.35%, 07/10/2031 <sup>(1)</sup> | 557 | 604 |
|  CVS Pass-Through Trust Series 2013 |  |  |
|  4.70%, 01/10/2036 <sup>(1)</sup> | 669 | 641 |
|  Dentsply Sirona, Inc. |  |  |
|  3.25%, 06/01/2030 | 3000 | 2738 |
|  DH Europe Finance II Sarl |  |  |
|  3.25%, 11/15/2039 | 431 | 347 |
|  Element Fleet Management Corp. |  |  |
|  5.04%, 03/25/2030 <sup>(1)</sup> | 9825 | 9911 |
|  6.27%, 06/26/2026 <sup>(1)</sup> | 7530 | 7637 |
|  6.32%, 12/04/2028 <sup>(1)</sup> | 2390 | 2520 |
|  Elevance Health, Inc. |  |  |
|  4.10%, 03/01/2028 | 920 | 917 |
|  4.38%, 12/01/2047 | 4500 | 3678 |
|  4.63%, 05/15/2042 | 400 | 351 |
|  4.65%, 01/15/2043 | 391 | 343 |
|  4.65%, 08/15/2044 | 395 | 343 |
|  5.70%, 02/15/2055 | 3527 | 3418 |
|  Eli Lilly & Co. |  |  |
|  5.00%, 02/09/2054 | 2010 | 1878 |
|  ERAC USA Finance LLC |  |  |
|  4.50%, 02/15/2045 <sup>(1)</sup> | 300 | 258 |
|  5.63%, 03/15/2042 <sup>(1)</sup> | 357 | 355 |
|  Experian Finance Plc |  |  |
|  2.75%, 03/08/2030 <sup>(1)</sup> | 9240 | 8578 |
|  Ford Foundation |  |  |
|  2.82%, 06/01/2070 | 790 | 441 |
|  Fresenius Medical Care U.S. Finance III, Inc. |  |  |
|  3.00%, 12/01/2031 <sup>(1)</sup> | 8000 | 6996 |
|  General Mills, Inc. |  |  |
|  3.00%, 02/01/2051 | 3007 | 1920 |
|  Gilead Sciences, Inc. |  |  |
|  1.65%, 10/01/2030 | 1700 | 1486 |
|  2.60%, 10/01/2040 | 6900 | 4951 |
|  4.60%, 09/01/2035 | 4225 | 4104 |
|  Global Payments, Inc. |  |  |
|  3.20%, 08/15/2029 | 4843 | 4580 |
|  5.30%, 08/15/2029 | 964 | 981 |
|  Grupo Bimbo SAB de CV |  |  |
|  4.70%, 11/10/2047 <sup>(1)</sup> | 4500 | 3742 |
|  Hackensack Meridian Health, Inc. |  |  |
|  2.68%, 09/01/2041 | 3780 | 2632 |
|  2.88%, 09/01/2050 | 2000 | 1253 |
|  Haleon U.S. Capital LLC |  |  |
|  3.38%, 03/24/2029 | 2865 | 2770 |
|  Hartford HealthCare Corp. |  |  |
|  3.45%, 07/01/2054 | 3370 | 2332 |
|  HCA, Inc. |  |  |
|  3.50%, 07/15/2051 | 116 | 77 |
|  3.63%, 03/15/2032 | 4580 | 4225 |

---

The accompanying notes are an integral part of these financial statements.

20.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Non-cyclical – 3.24% – (continued)** |  |  |
|  4.50%, 02/15/2027 | $7000 | $7001 |
|  5.13%, 06/15/2039 | 1715 | 1613 |
|  5.50%, 06/15/2047 | 1955 | 1817 |
|  5.75%, 03/01/2035 | 2585 | 2658 |
|  5.88%, 02/01/2029 | 4000 | 4151 |
|  5.95%, 09/15/2054 | 1300 | 1263 |
|  6.10%, 04/01/2064 | 6000 | 5851 |
|  Hershey Co. |  |  |
|  4.75%, 02/24/2030 | 2504 | 2554 |
|  5.10%, 02/24/2035 | 8789 | 8928 |
|  Humana, Inc. |  |  |
|  5.38%, 04/15/2031 | 21075 | 21557 |
|  Icon Investments Six DAC |  |  |
|  5.85%, 05/08/2029 | 6925 | 7184 |
|  Imperial Brands Finance Plc |  |  |
|  4.50%, 06/30/2028 <sup>(1)</sup> | 10419 | 10418 |
|  6.38%, 07/01/2055 <sup>(1)</sup> | 2601 | 2637 |
|  J M Smucker Co. |  |  |
|  6.20%, 11/15/2033 | 1225 | 1315 |
|  J Paul Getty Trust |  |  |
|  4.91%, 04/01/2035 | 14962 | 15058 |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. |  |  |
|  5.50%, 01/15/2036 <sup>(1)</sup> | 3510 | 3515 |
|  6.25%, 03/01/2056 <sup>(1)</sup> | 5700 | 5719 |
|  6.38%, 04/15/2066 <sup>(1)</sup> | 7683 | 7740 |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl |  |  |
|  3.00%, 05/15/2032 | 7450 | 6522 |
|  3.63%, 01/15/2032 | 4875 | 4458 |
|  3.75%, 12/01/2031 | 2700 | 2512 |
|  5.75%, 04/01/2033 | 7500 | 7709 |
|  6.75%, 03/15/2034 | 3176 | 3467 |
|  7.25%, 11/15/2053 | 2635 | 2967 |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group |  |  |
|  5.95%, 04/20/2035 <sup>(1)</sup> | 1100 | 1140 |
|  6.38%, 02/25/2055 <sup>(1)</sup> | 5020 | 5153 |
|  Keurig Dr Pepper, Inc. |  |  |
|  4.42%, 12/15/2046 | 3850 | 3170 |
|  Kimberly-Clark de Mexico SAB de CV |  |  |
|  2.43%, 07/01/2031 <sup>(1)</sup> | 7500 | 6697 |
|  Kraft Heinz Foods Co. |  |  |
|  4.38%, 06/01/2046 | 6113 | 4946 |
|  4.63%, 10/01/2039 | 2357 | 2114 |
|  Kroger Co. |  |  |
|  4.45%, 02/01/2047 | 1600 | 1327 |
|  5.00%, 09/15/2034 | 6090 | 6046 |
|  5.40%, 07/15/2040 | 95 | 93 |
|  5.50%, 09/15/2054 | 780 | 740 |
|  Laboratory Corp. of America Holdings |  |  |
|  2.95%, 12/01/2029 | 2190 | 2061 |
|  Mars, Inc. |  |  |
|  5.20%, 03/01/2035 <sup>(1)</sup> | 9135 | 9244 |
|  5.65%, 05/01/2045 <sup>(1)</sup> | 4775 | 4787 |
|  Massachusetts Institute of Technology |  |  |
|  3.89%, 07/01/2116 | 2906 | 2010 |
|  4.68%, 07/01/2114 | 1645 | 1367 |
|  5.62%, 06/01/2055 | 2743 | 2826 |
|  Memorial Health Services |  |  |
|  3.45%, 11/01/2049 | 3040 | 2165 |

---

The accompanying notes are an integral part of these financial statements.

21.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Non-cyclical – 3.24% – (continued)** |  |  |
|  Merck & Co., Inc. |  |  |
|  2.75%, 12/10/2051 | $1415 | $870 |
|  2.90%, 12/10/2061 | 1485 | 866 |
|  4.00%, 03/07/2049 | 1340 | 1066 |
|  Molson Coors Beverage Co. |  |  |
|  4.20%, 07/15/2046 | 1511 | 1205 |
|  Mount Sinai Hospital |  |  |
|  3.98%, 07/01/2048 | 999 | 713 |
|  Mylan, Inc. |  |  |
|  5.20%, 04/15/2048 | 2483 | 1971 |
|  5.40%, 11/29/2043 | 2625 | 2209 |
|  MyMichigan Health |  |  |
|  3.41%, 06/01/2050 | 3480 | 2454 |
|  Nationwide Children's Hospital, Inc. |  |  |
|  4.56%, 11/01/2052 | 646 | 551 |
|  NYU Langone Hospitals |  |  |
|  3.38%, 07/01/2055 | 1270 | 854 |
|  Orlando Health Obligated Group |  |  |
|  4.09%, 10/01/2048 | 2605 | 2092 |
|  Pepperdine University |  |  |
|  3.30%, 12/01/2059 | 1440 | 889 |
|  Pfizer Investment Enterprises Pte Ltd. |  |  |
|  5.30%, 05/19/2053 | 11232 | 10603 |
|  Philip Morris International, Inc. |  |  |
|  5.13%, 02/13/2031 | 9615 | 9903 |
|  Piedmont Healthcare, Inc. |  |  |
|  2.86%, 01/01/2052 | 2195 | 1338 |
|  President & Fellows of Harvard College |  |  |
|  3.30%, 07/15/2056 | 4420 | 2993 |
|  Providence St Joseph Health Obligated Group |  |  |
|  2.75%, 10/01/2026 | 865 | 847 |
|  Quanta Services, Inc. |  |  |
|  2.35%, 01/15/2032 | 2965 | 2553 |
|  Regeneron Pharmaceuticals, Inc. |  |  |
|  1.75%, 09/15/2030 | 2800 | 2432 |
|  RELX Capital, Inc. |  |  |
|  5.25%, 03/27/2035 | 5065 | 5183 |
|  Revvity, Inc. |  |  |
|  3.63%, 03/15/2051 | 3400 | 2325 |
|  Reynolds American, Inc. |  |  |
|  5.70%, 08/15/2035 | 3025 | 3088 |
|  Roche Holdings, Inc. |  |  |
|  4.59%, 09/09/2034 <sup>(1)</sup> | 4875 | 4825 |
|  5.59%, 11/13/2033 <sup>(1)</sup> | 7570 | 8028 |
|  Royalty Pharma Plc |  |  |
|  1.20%, 09/02/2025 | 874 | 868 |
|  2.15%, 09/02/2031 | 1291 | 1109 |
|  S&P Global, Inc. |  |  |
|  2.90%, 03/01/2032 | 2118 | 1925 |
|  Solventum Corp. |  |  |
|  5.60%, 03/23/2034 | 18335 | 18868 |
|  Sutter Health |  |  |
|  5.21%, 08/15/2032 | 3182 | 3269 |
|  5.54%, 08/15/2035 | 6324 | 6535 |
|  Sysco Corp. |  |  |
|  5.10%, 09/23/2030 | 3284 | 3365 |
|  5.95%, 04/01/2030 | 5000 | 5293 |
|  6.60%, 04/01/2050 | 1000 | 1083 |

---

The accompanying notes are an integral part of these financial statements.

22.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Consumer, Non-cyclical – 3.24% – (continued)** |  |  |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
|  3.03%, 07/09/2040 | $3675 | $2748 |
|  3.18%, 07/09/2050 | 3788 | 2481 |
|  5.65%, 07/05/2044 | 881 | 877 |
|  Takeda U.S. Financing, Inc. |  |  |
|  5.20%, 07/07/2035 | 17905 | 17907 |
|  Texas Health Resources |  |  |
|  2.33%, 11/15/2050 | 970 | 544 |
|  4.33%, 11/15/2055 | 1000 | 813 |
|  The Campbell's Co. |  |  |
|  2.38%, 04/24/2030 | 895 | 811 |
|  3.13%, 04/24/2050 | 494 | 321 |
|  Trustees of Columbia University in the City of New York |  |  |
|  4.36%, 10/01/2035 | 4471 | 4286 |
|  Trustees of Princeton University |  |  |
|  4.65%, 07/01/2030 | 2933 | 3002 |
|  Tyson Foods, Inc. |  |  |
|  5.70%, 03/15/2034 | 2110 | 2184 |
|  UnitedHealth Group, Inc. |  |  |
|  3.25%, 05/15/2051 | 1395 | 925 |
|  3.50%, 08/15/2039 | 1675 | 1352 |
|  4.75%, 05/15/2052 | 7015 | 5976 |
|  5.05%, 04/15/2053 | 7745 | 6913 |
|  5.30%, 06/15/2035 | 5943 | 6057 |
|  5.63%, 07/15/2054 | 10467 | 10153 |
|  5.88%, 02/15/2053 | 1495 | 1498 |
|  University of Chicago |  |  |
|  2.76%, 04/01/2045 | 1575 | 1216 |
|  University of Miami |  |  |
|  4.06%, 04/01/2052 | 1280 | 1002 |
|  University of Southern California |  |  |
|  3.23%, 10/01/2120 | 1370 | 783 |
|  Utah Acquisition Sub, Inc. |  |  |
|  5.25%, 06/15/2046 | 2877 | 2334 |
|  Verisk Analytics, Inc. |  |  |
|  5.75%, 04/01/2033 | 2280 | 2398 |
|  Viatris, Inc. |  |  |
|  2.30%, 06/22/2027 | 3525 | 3359 |
|  3.85%, 06/22/2040 | 3625 | 2677 |
|  4.00%, 06/22/2050 | 4880 | 3251 |
|  Viterra Finance BV |  |  |
|  3.20%, 04/21/2031 <sup>(1)</sup> | 10250 | 9413 |
|  5.25%, 04/21/2032 <sup>(1)</sup> | 5295 | 5381 |
|  Yale-New Haven Health Services Corp. |  |  |
|  2.50%, 07/01/2050 | 1530 | 881 |
|  Zoetis, Inc. |  |  |
|  2.00%, 05/15/2030 | 1590 | 1429 |
|  Total Consumer, Non-cyclical | Total Consumer, Non-cyclical | 702428 |
| **Energy – 3.22%** |  |  |
|  Abu Dhabi Crude Oil Pipeline LLC |  |  |
|  4.60%, 11/02/2047 <sup>(1)</sup> | 3351 | 2996 |
|  Adnoc Murban Rsc Ltd. |  |  |
|  5.13%, 09/11/2054 <sup>(1)</sup> | 4221 | 3841 |
|  Aker BP ASA |  |  |
|  3.10%, 07/15/2031 <sup>(1)</sup> | 7730 | 6903 |
|  5.13%, 10/01/2034 <sup>(1)</sup> | 1950 | 1872 |
|  5.60%, 06/13/2028 <sup>(1)</sup> | 3380 | 3470 |

---

The accompanying notes are an integral part of these financial statements.

23.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Energy – 3.22% – (continued)** |  |  |
|  5.80%, 10/01/2054 <sup>(1)</sup> | $700 | $638 |
|  6.00%, 06/13/2033 <sup>(1)</sup> | 19565 | 20172 |
|  APA Corp. |  |  |
|  5.10%, 09/01/2040 <sup>(1)</sup> | 8189 | 6868 |
|  Boardwalk Pipelines LP |  |  |
|  3.60%, 09/01/2032 | 5000 | 4526 |
|  5.95%, 06/01/2026 | 3000 | 3025 |
|  BP Capital Markets America, Inc. |  |  |
|  2.94%, 06/04/2051 | 3935 | 2469 |
|  4.89%, 09/11/2033 | 2000 | 2005 |
|  Canadian Natural Resources Ltd. |  |  |
|  5.00%, 12/15/2029 <sup>(1)</sup> | 4055 | 4092 |
|  6.25%, 03/15/2038 | 5000 | 5185 |
|  6.50%, 02/15/2037 | 118 | 124 |
|  Cenovus Energy, Inc. |  |  |
|  5.25%, 06/15/2037 | 1977 | 1862 |
|  5.40%, 06/15/2047 | 192 | 170 |
|  Cheniere Energy Partners LP |  |  |
|  5.55%, 10/30/2035 <sup>(1)</sup> | 6615 | 6667 |
|  5.75%, 08/15/2034 | 4000 | 4108 |
|  5.95%, 06/30/2033 | 3000 | 3132 |
|  Cheniere Energy, Inc. |  |  |
|  5.65%, 04/15/2034 | 1630 | 1669 |
|  Columbia Pipeline Group, Inc. |  |  |
|  5.80%, 06/01/2045 | 2700 | 2600 |
|  Columbia Pipelines Holding Co. LLC |  |  |
|  5.10%, 10/01/2031 <sup>(1)</sup> | 992 | 996 |
|  Columbia Pipelines Operating Co. LLC |  |  |
|  5.44%, 02/15/2035 <sup>(1)</sup> | 7295 | 7337 |
|  5.96%, 02/15/2055 <sup>(1)</sup> | 4940 | 4737 |
|  6.04%, 11/15/2033 <sup>(1)</sup> | 1000 | 1049 |
|  ConocoPhillips Co. |  |  |
|  5.50%, 01/15/2055 | 3090 | 2932 |
|  Continental Resources, Inc. |  |  |
|  2.27%, 11/15/2026 <sup>(1)</sup> | 3235 | 3126 |
|  Coterra Energy, Inc. |  |  |
|  3.90%, 05/15/2027 | 3045 | 3007 |
|  5.40%, 02/15/2035 | 2575 | 2549 |
|  Devon Energy Corp. |  |  |
|  5.00%, 06/15/2045 | 2315 | 1925 |
|  5.75%, 09/15/2054 | 2685 | 2417 |
|  Diamondback Energy, Inc. |  |  |
|  5.55%, 04/01/2035 | 4625 | 4675 |
|  DT Midstream, Inc. |  |  |
|  5.80%, 12/15/2034 <sup>(1)</sup> | 2500 | 2546 |
|  Eastern Energy Gas Holdings LLC |  |  |
|  5.65%, 10/15/2054 | 1000 | 956 |
|  6.20%, 01/15/2055 | 1445 | 1493 |
|  Eastern Gas Transmission & Storage, Inc. |  |  |
|  4.60%, 12/15/2044 | 1300 | 1091 |
|  Ecopetrol SA |  |  |
|  8.63%, 01/19/2029 | 6705 | 7087 |
|  Enbridge Energy Partners LP |  |  |
|  7.38%, 10/15/2045 | 2600 | 2971 |
|  7.50%, 04/15/2038 | 4949 | 5682 |
|  Enbridge, Inc. |  |  |
|  3.70%, 07/15/2027 | 4984 | 4922 |
|  4.90%, 06/20/2030 | 3305 | 3338 |

---

The accompanying notes are an integral part of these financial statements.

24.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Energy – 3.22% – (continued)** |  |  |
|  5.63%, 04/05/2034 | $2940 | $3021 |
|  5.70%, 03/08/2033 | 2430 | 2519 |
|  Energy Transfer LP |  |  |
|  3.90%, 07/15/2026 | 3769 | 3744 |
|  4.95%, 01/15/2043 | 1482 | 1264 |
|  5.00%, 05/15/2050 | 1115 | 932 |
|  5.25%, 04/15/2029 | 5631 | 5767 |
|  5.30%, 04/01/2044 | 200 | 179 |
|  5.40%, 10/01/2047 | 1500 | 1336 |
|  5.55%, 05/15/2034 | 11305 | 11445 |
|  5.70%, 04/01/2035 | 2000 | 2037 |
|  6.00%, 02/01/2029 <sup>(1)</sup> | 5000 | 5080 |
|  6.00%, 06/15/2048 | 1000 | 960 |
|  6.05%, 06/01/2041 | 2000 | 1999 |
|  6.05%, 09/01/2054 | 2695 | 2590 |
|  6.10%, 12/01/2028 | 3360 | 3530 |
|  6.13%, 12/15/2045 | 810 | 796 |
|  6.20%, 04/01/2055 | 5690 | 5602 |
|  6.25%, 04/15/2049 | 3505 | 3457 |
|  6.40%, 12/01/2030 | 2495 | 2689 |
|  6.50%, 02/01/2042 | 3000 | 3109 |
|  6.55%, 12/01/2033 | 1385 | 1503 |
|  6.63%, 10/15/2036 | 2000 | 2158 |
|  ENI SpA |  |  |
|  4.25%, 05/09/2029 <sup>(1)</sup> | 2825 | 2825 |
|  5.70%, 10/01/2040 <sup>(1)</sup> | 557 | 535 |
|  5.95%, 05/15/2054 <sup>(1)</sup> | 1500 | 1451 |
|  ENI USA, Inc. |  |  |
|  7.30%, 11/15/2027 | 400 | 425 |
|  Enterprise Products Operating LLC |  |  |
|  4.85%, 08/15/2042 | 4000 | 3658 |
|  4.95%, 02/15/2035 | 5100 | 5082 |
|  4.95%, 10/15/2054 | 177 | 155 |
|  5.75%, 03/01/2035 | 1075 | 1130 |
|  EQT Corp. |  |  |
|  3.90%, 10/01/2027 | 601 | 593 |
|  4.50%, 01/15/2029 <sup>(1)</sup> | 5000 | 4939 |
|  7.50%, 06/01/2030 <sup>(1)</sup> | 7500 | 8243 |
|  Equinor ASA |  |  |
|  4.25%, 06/02/2028 | 30916 | 31103 |
|  4.50%, 09/03/2030 | 13829 | 13923 |
|  5.13%, 06/03/2035 | 8699 | 8849 |
|  6.50%, 12/01/2028 <sup>(1)</sup> | 10078 | 10818 |
|  Exxon Mobil Corp. |  |  |
|  3.00%, 08/16/2039 | 3535 | 2753 |
|  3.10%, 08/16/2049 | 2040 | 1362 |
|  Flex Intermediate Holdco LLC |  |  |
|  4.32%, 12/30/2039 <sup>(1)</sup> | 1365 | 1073 |
|  Galaxy Pipeline Assets Bidco Ltd. |  |  |
|  2.94%, 09/30/2040 <sup>(1)</sup> | 2164 | 1773 |
|  Gray Oak Pipeline LLC |  |  |
|  2.60%, 10/15/2025 <sup>(1)</sup> | 5580 | 5543 |
|  Greensaif Pipelines Bidco Sarl |  |  |
|  6.51%, 02/23/2042 <sup>(1)</sup> | 2235 | 2316 |
|  Halliburton Co. |  |  |
|  4.75%, 08/01/2043 | 565 | 490 |
|  4.85%, 11/15/2035 | 200 | 192 |
|  7.60%, 08/15/2096 <sup>(1)</sup> | 258 | 295 |

---

The accompanying notes are an integral part of these financial statements.

25.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Energy – 3.22% – (continued)** |  |  |
|  Helmerich & Payne, Inc. |  |  |
|  4.85%, 12/01/2029 <sup>(1)</sup> | $1500 | $1430 |
|  Hess Corp. |  |  |
|  4.30%, 04/01/2027 | 4006 | 3997 |
|  Kinder Morgan Energy Partners LP |  |  |
|  5.50%, 03/01/2044 | 4551 | 4289 |
|  6.95%, 01/15/2038 | 8490 | 9414 |
|  7.50%, 11/15/2040 | 483 | 552 |
|  Kinder Morgan, Inc. |  |  |
|  5.05%, 02/15/2046 | 600 | 530 |
|  7.80%, 08/01/2031 | 4600 | 5298 |
|  Marathon Petroleum Corp. |  |  |
|  4.50%, 04/01/2048 | 3000 | 2327 |
|  5.13%, 12/15/2026 | 5003 | 5046 |
|  MPLX LP |  |  |
|  2.65%, 08/15/2030 | 7390 | 6688 |
|  4.50%, 04/15/2038 | 4000 | 3538 |
|  5.20%, 03/01/2047 | 695 | 606 |
|  5.20%, 12/01/2047 | 560 | 488 |
|  5.40%, 04/01/2035 | 14895 | 14789 |
|  5.50%, 06/01/2034 | 6610 | 6637 |
|  5.95%, 04/01/2055 | 1345 | 1281 |
|  NGPL PipeCo LLC |  |  |
|  3.25%, 07/15/2031 <sup>(1)</sup> | 2055 | 1831 |
|  Northern Natural Gas Co. |  |  |
|  5.63%, 02/01/2054 <sup>(1)</sup> | 560 | 539 |
|  Occidental Petroleum Corp. |  |  |
|  4.30%, 08/15/2039 | 1190 | 961 |
|  5.20%, 08/01/2029 | 725 | 727 |
|  5.55%, 10/01/2034 | 5000 | 4906 |
|  6.13%, 01/01/2031 | 13657 | 14139 |
|  6.20%, 03/15/2040 | 1490 | 1458 |
|  6.45%, 09/15/2036 | 4000 | 4092 |
|  7.88%, 09/15/2031 | 4519 | 5066 |
|  8.88%, 07/15/2030 | 1560 | 1783 |
|  ONEOK Partners LP |  |  |
|  6.20%, 09/15/2043 | 2500 | 2488 |
|  6.65%, 10/01/2036 | 1050 | 1128 |
|  ONEOK, Inc. |  |  |
|  3.10%, 03/15/2030 | 13970 | 13046 |
|  4.20%, 03/15/2045 | 5725 | 4333 |
|  4.75%, 10/15/2031 | 275 | 272 |
|  4.85%, 07/15/2026 | 9455 | 9473 |
|  6.50%, 09/01/2030 <sup>(1)</sup> | 18263 | 19512 |
|  Ovintiv, Inc. |  |  |
|  6.50%, 02/01/2038 | 2102 | 2122 |
|  7.10%, 07/15/2053 | 3429 | 3553 |
|  Petroleos Mexicanos |  |  |
|  6.49%, 01/23/2027 | 1185 | 1179 |
|  6.50%, 03/13/2027 | 1090 | 1082 |
|  6.50%, 01/23/2029 | 970 | 949 |
|  6.88%, 08/04/2026 | 2390 | 2391 |
|  Phillips 66 |  |  |
|  5.88%, 05/01/2042 | 3000 | 2975 |
|  Pioneer Natural Resources Co. |  |  |
|  1.90%, 08/15/2030 | 10650 | 9440 |
|  5.10%, 03/29/2026 | 2810 | 2823 |

---

The accompanying notes are an integral part of these financial statements.

26.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Energy – 3.22% – (continued)** |  |  |
|  Plains All American Pipeline LP |  |  |
|  5.95%, 06/15/2035 | $8641 | $8883 |
|  Plains All American Pipeline LP / PAA Finance Corp. |  |  |
|  3.55%, 12/15/2029 | 2800 | 2676 |
|  QatarEnergy |  |  |
|  1.38%, 09/12/2026 <sup>(1)</sup> | 1534 | 1477 |
|  2.25%, 07/12/2031 <sup>(1)</sup> | 3240 | 2836 |
|  Reliance Industries Ltd. |  |  |
|  2.88%, 01/12/2032 <sup>(1)</sup> | 3000 | 2664 |
|  Sabal Trail Transmission LLC |  |  |
|  4.68%, 05/01/2038 <sup>(1)</sup> | 10000 | 8969 |
|  Sabine Pass Liquefaction LLC |  |  |
|  4.50%, 05/15/2030 | 3320 | 3314 |
|  Santos Finance Ltd. |  |  |
|  3.65%, 04/29/2031 <sup>(1)</sup> | 5891 | 5484 |
|  6.88%, 09/19/2033 <sup>(1)</sup> | 3160 | 3450 |
|  Saudi Arabian Oil Co. |  |  |
|  4.75%, 06/02/2030 <sup>(1)</sup> | 6034 | 6063 |
|  South Bow USA Infrastructure Holdings LLC |  |  |
|  4.91%, 09/01/2027 <sup>(1)</sup> | 775 | 780 |
|  5.03%, 10/01/2029 <sup>(1)</sup> | 885 | 888 |
|  5.58%, 10/01/2034 <sup>(1)</sup> | 9175 | 9078 |
|  Spectra Energy Partners LP |  |  |
|  4.50%, 03/15/2045 | 4788 | 3933 |
|  Suncor Energy, Inc. |  |  |
|  5.95%, 12/01/2034 | 1048 | 1087 |
|  6.80%, 05/15/2038 | 230 | 249 |
|  7.88%, 06/15/2026 | 543 | 560 |
|  Targa Resources Corp. |  |  |
|  4.90%, 09/15/2030 | 4902 | 4943 |
|  5.20%, 07/01/2027 | 4000 | 4054 |
|  5.50%, 02/15/2035 | 3480 | 3492 |
|  5.55%, 08/15/2035 | 3000 | 3015 |
|  6.15%, 03/01/2029 | 7916 | 8325 |
|  TC PipeLines LP |  |  |
|  3.90%, 05/25/2027 | 5000 | 4942 |
|  TotalEnergies Capital International SA |  |  |
|  2.99%, 06/29/2041 | 4000 | 2949 |
|  3.13%, 05/29/2050 | 2465 | 1626 |
|  3.46%, 07/12/2049 | 1905 | 1350 |
|  TransCanada PipeLines Ltd. |  |  |
|  6.20%, 10/15/2037 | 573 | 600 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |
|  3.25%, 05/15/2030 | 6253 | 5898 |
|  Valero Energy Corp. |  |  |
|  2.15%, 09/15/2027 | 3948 | 3764 |
|  4.35%, 06/01/2028 | 3416 | 3418 |
|  6.63%, 06/15/2037 | 5000 | 5381 |
|  Var Energi ASA |  |  |
|  5.00%, 05/18/2027 <sup>(1)</sup> | 11460 | 11533 |
|  7.50%, 01/15/2028 <sup>(1)</sup> | 2200 | 2329 |
|  8.00%, 11/15/2032 <sup>(1)</sup> | 4000 | 4533 |
|  Western Midstream Operating LP |  |  |
|  4.05%, 02/01/2030 | 687 | 661 |
|  5.30%, 03/01/2048 | 3457 | 2885 |
|  5.45%, 11/15/2034 | 6000 | 5882 |
|  5.45%, 04/01/2044 | 3779 | 3294 |
|  6.15%, 04/01/2033 | 2000 | 2081 |
|  6.35%, 01/15/2029 | 3838 | 4018 |

---

The accompanying notes are an integral part of these financial statements.

27.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Energy – 3.22% – (continued)** |  |  |
|  Williams Companies, Inc. |  |  |
|  2.60%, 03/15/2031 | $2530 | $2267 |
|  3.50%, 11/15/2030 | 8038 | 7599 |
|  3.75%, 06/15/2027 | 1627 | 1608 |
|  4.85%, 03/01/2048 | 3000 | 2598 |
|  4.90%, 01/15/2045 | 2355 | 2068 |
|  5.10%, 09/15/2045 | 4510 | 4085 |
|  5.40%, 03/04/2044 | 2750 | 2584 |
|  5.60%, 03/15/2035 | 2010 | 2066 |
|  5.65%, 03/15/2033 | 3350 | 3481 |
|  5.75%, 06/24/2044 | 2500 | 2450 |
|  6.00%, 03/15/2055 | 535 | 534 |
|  6.30%, 04/15/2040 | 333 | 353 |
|  Woodside Finance Ltd. |  |  |
|  5.10%, 09/12/2034 | 7000 | 6778 |
|  Total Energy | Total Energy | 699486 |
| **Financials – 12.12%** |  |  |
|  200 Park Funding Trust |  |  |
|  5.74%, 02/15/2055 <sup>(1)</sup> | 3000 | 2960 |
|  ABN AMRO Bank NV |  |  |
|  1.54% (1 Year CMT Index + 0.80%), 06/16/2027 <sup>(1)(2)</sup> | 5000 | 4860 |
|  2.47% (1 Year CMT Index + 1.10%), 12/13/2029 <sup>(1)(2)</sup> | 1300 | 1212 |
|  3.32% (5 Year CMT Index + 1.90%), 03/13/2037 <sup>(1)(2)</sup> | 2500 | 2198 |
|  4.75%, 07/28/2025 <sup>(1)</sup> | 5000 | 5000 |
|  5.52% (1 Year CMT Index + 1.25%), 12/03/2035 <sup>(1)(2)</sup> | 2200 | 2242 |
|  6.34% (1 Year CMT Index + 1.65%), 09/18/2027 <sup>(1)(2)</sup> | 8900 | 9094 |
|  AEGON Funding Co. LLC |  |  |
|  5.50%, 04/16/2027 <sup>(1)</sup> | 3500 | 3543 |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
|  2.45%, 10/29/2026 | 2345 | 2285 |
|  3.00%, 10/29/2028 | 16150 | 15386 |
|  3.30%, 01/30/2032 | 12515 | 11338 |
|  4.45%, 10/01/2025 | 3500 | 3497 |
|  5.10%, 01/19/2029 | 755 | 768 |
|  6.10%, 01/15/2027 | 3680 | 3762 |
|  6.50%, 07/15/2025 | 1848 | 1849 |
|  AIA Group Ltd. |  |  |
|  3.20%, 09/16/2040 <sup>(1)</sup> | 915 | 703 |
|  AIB Group Plc |  |  |
|  5.87% (SOFR + 1.91%), 03/28/2035 <sup>(1)(2)</sup> | 6500 | 6703 |
|  6.61% (SOFR + 2.33%), 09/13/2029 <sup>(1)(2)</sup> | 6070 | 6422 |
|  AIG SunAmerica Global Financing X |  |  |
|  6.90%, 03/15/2032 <sup>(1)</sup> | 955 | 1053 |
|  Aircastle Ltd. / Aircastle Ireland DAC |  |  |
|  5.25%, 03/15/2030 <sup>(1)</sup> | 2345 | 2364 |
|  Alexandria Real Estate Equities, Inc. |  |  |
|  2.00%, 05/18/2032 | 2180 | 1810 |
|  3.80%, 04/15/2026 | 338 | 336 |
|  4.00%, 02/01/2050 | 1451 | 1068 |
|  5.50%, 10/01/2035 | 5430 | 5491 |
|  American Express Co. |  |  |
|  3.55% (5 Year CMT Index + 2.85%), 09/15/2173 <sup>(2)</sup> | 3475 | 3394 |
|  5.44% (SOFR + 1.32%), 01/30/2036 <sup>(2)</sup> | 2585 | 2639 |
|  American National Group, Inc. |  |  |
|  5.75%, 10/01/2029 | 1500 | 1536 |
|  6.00%, 07/15/2035 | 7000 | 7041 |

---

The accompanying notes are an integral part of these financial statements.

28.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  American Tower Corp. |  |  |
|  1.50%, 01/31/2028 | $2660 | $2478 |
|  1.88%, 10/15/2030 | 2485 | 2160 |
|  2.10%, 06/15/2030 | 1300 | 1155 |
|  2.95%, 01/15/2051 | 875 | 554 |
|  3.10%, 06/15/2050 | 1340 | 879 |
|  3.38%, 10/15/2026 | 506 | 500 |
|  3.70%, 10/15/2049 | 2065 | 1509 |
|  Americold Realty Operating Partnership LP |  |  |
|  5.60%, 05/15/2032 | 5000 | 5024 |
|  AmFam Holdings, Inc. |  |  |
|  2.81%, 03/11/2031 <sup>(1)</sup> | 5000 | 4255 |
|  ANZ New Zealand Int'l Ltd. |  |  |
|  3.45%, 01/21/2028 <sup>(1)</sup> | 500 | 491 |
|  5.36%, 08/14/2028 <sup>(1)</sup> | 2590 | 2676 |
|  Aon Corp. / Aon Global Holdings Plc |  |  |
|  3.90%, 02/28/2052 | 4250 | 3152 |
|  Aon North America, Inc. |  |  |
|  5.45%, 03/01/2034 | 3880 | 3985 |
|  5.75%, 03/01/2054 | 3800 | 3745 |
|  Arthur J Gallagher & Co. |  |  |
|  3.50%, 05/20/2051 | 3000 | 2086 |
|  5.00%, 02/15/2032 | 3495 | 3542 |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust |  |  |
|  6.09%, 12/15/2044 <sup>(1)</sup> | 8000 | 8004 |
|  Athene Global Funding |  |  |
|  2.95%, 11/12/2026 <sup>(1)</sup> | 8845 | 8672 |
|  Athene Holding Ltd. |  |  |
|  6.25%, 04/01/2054 | 3865 | 3814 |
|  Australia & New Zealand Banking Group Ltd. |  |  |
|  2.57% (5 Year CMT Index + 1.70%), 11/25/2035 <sup>(1)(2)</sup> | 4590 | 4026 |
|  4.40%, 05/19/2026 <sup>(1)</sup> | 1816 | 1813 |
|  5.20% (1 Year CMT Index + 1.47%), 09/30/2035 <sup>(1)(2)</sup> | 3500 | 3429 |
|  Aviation Capital Group LLC |  |  |
|  5.13%, 04/10/2030 <sup>(1)</sup> | 2335 | 2357 |
|  5.38%, 07/15/2029 <sup>(1)</sup> | 1400 | 1426 |
|  Avolon Holdings Funding Ltd. |  |  |
|  2.13%, 02/21/2026 <sup>(1)</sup> | 1430 | 1404 |
|  2.53%, 11/18/2027 <sup>(1)</sup> | 15330 | 14572 |
|  3.25%, 02/15/2027 <sup>(1)</sup> | 3700 | 3607 |
|  4.25%, 04/15/2026 <sup>(1)</sup> | 1710 | 1700 |
|  4.38%, 05/01/2026 <sup>(1)</sup> | 790 | 785 |
|  4.95%, 01/15/2028 <sup>(1)</sup> | 1530 | 1538 |
|  5.15%, 01/15/2030 <sup>(1)</sup> | 4295 | 4326 |
|  5.38%, 05/30/2030 <sup>(1)</sup> | 2670 | 2720 |
|  5.50%, 01/15/2026 <sup>(1)</sup> | 4364 | 4371 |
|  5.75%, 03/01/2029 <sup>(1)</sup> | 2531 | 2600 |
|  5.75%, 11/15/2029 <sup>(1)</sup> | 1165 | 1199 |
|  6.38%, 05/04/2028 <sup>(1)</sup> | 2750 | 2868 |
|  Banco Nacional de Panama |  |  |
|  2.50%, 08/11/2030 <sup>(1)</sup> | 2750 | 2298 |
|  Banco Santander SA |  |  |
|  1.72% (1 Year CMT Index + 0.90%), 09/14/2027 <sup>(2)</sup> | 3000 | 2898 |
|  5.18%, 11/19/2025 | 1500 | 1502 |
|  5.54% (1 Year CMT Index + 1.45%), 03/14/2030 <sup>(2)</sup> | 3400 | 3506 |
|  5.57%, 01/17/2030 | 2000 | 2077 |
|  6.35%, 03/14/2034 | 13400 | 14033 |
|  6.61%, 11/07/2028 | 4400 | 4694 |

---

The accompanying notes are an integral part of these financial statements.

29.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  Bank of America Corp. |  |  |
|  1.73% (SOFR + 0.96%), 07/22/2027 <sup>(2)</sup> | $7170 | $6969 |
|  1.90% (SOFR + 1.53%), 07/23/2031 <sup>(2)</sup> | 1285 | 1129 |
|  2.09% (SOFR + 1.06%), 06/14/2029 <sup>(2)</sup> | 15630 | 14650 |
|  2.30% (SOFR + 1.22%), 07/21/2032 <sup>(2)</sup> | 16345 | 14243 |
|  2.55% (SOFR + 1.05%), 02/04/2028 <sup>(2)</sup> | 3075 | 2989 |
|  2.57% (SOFR + 1.21%), 10/20/2032 <sup>(2)</sup> | 4515 | 3979 |
|  2.59% (SOFR + 2.15%), 04/29/2031 <sup>(2)</sup> | 2997 | 2740 |
|  2.68% (SOFR + 1.93%), 06/19/2041 <sup>(2)</sup> | 7418 | 5291 |
|  2.69% (SOFR + 1.32%), 04/22/2032 <sup>(2)</sup> | 17025 | 15279 |
|  2.88% (3 Month Term SOFR + 1.45%), 10/22/2030 <sup>(2)</sup> | 5130 | 4802 |
|  2.97% (SOFR + 1.33%), 02/04/2033 <sup>(2)</sup> | 6450 | 5776 |
|  3.19% (3 Month Term SOFR + 1.44%), 07/23/2030 <sup>(2)</sup> | 9189 | 8747 |
|  3.59% (3 Month Term SOFR + 1.63%), 07/21/2028 <sup>(2)</sup> | 7800 | 7680 |
|  3.71% (3 Month Term SOFR + 1.77%), 04/24/2028 <sup>(2)</sup> | 4500 | 4447 |
|  3.82% (3 Month Term SOFR + 1.84%), 01/20/2028 <sup>(2)</sup> | 10000 | 9913 |
|  4.08% (3 Month Term SOFR + 1.58%), 04/23/2040 <sup>(2)</sup> | 2590 | 2253 |
|  4.27% (3 Month Term SOFR + 1.57%), 07/23/2029 <sup>(2)</sup> | 1500 | 1495 |
|  4.38% (SOFR + 1.58%), 04/27/2028 <sup>(2)</sup> | 4000 | 3999 |
|  4.45%, 03/03/2026 | 7140 | 7132 |
|  4.62% (SOFR + 1.11%), 05/09/2029 <sup>(2)</sup> | 6894 | 6938 |
|  5.20% (SOFR + 1.63%), 04/25/2029 <sup>(2)</sup> | 4230 | 4323 |
|  5.47% (SOFR + 1.65%), 01/23/2035 <sup>(2)</sup> | 6055 | 6221 |
|  5.82% (SOFR + 1.57%), 09/15/2029 <sup>(2)</sup> | 3900 | 4063 |
|  6.20% (SOFR + 1.99%), 11/10/2028 <sup>(2)</sup> | 3000 | 3122 |
|  6.63% (5 Year CMT Index + 2.68%), 08/01/2173 <sup>(2)</sup> | 3765 | 3899 |
|  7.75%, 05/14/2038 | 137 | 164 |
|  Bank of Ireland Group Plc |  |  |
|  2.03% (1 Year CMT Index + 1.10%), 09/30/2027 <sup>(1)(2)</sup> | 6132 | 5939 |
|  5.60% (SOFR + 1.62%), 03/20/2030 <sup>(1)(2)</sup> | 15120 | 15581 |
|  Bank of Montreal |  |  |
|  3.80% (5 Year Swap Rate USD + 1.43%), 12/15/2032 <sup>(2)</sup> | 6500 | 6331 |
|  4.57% (SOFR + 0.88%), 09/10/2027 <sup>(2)</sup> | 5000 | 5011 |
|  4.64% (SOFR + 1.25%), 09/10/2030 <sup>(2)</sup> | 1628 | 1641 |
|  Bank of New York Mellon Corp. |  |  |
|  6.47% (SOFR + 1.85%), 10/25/2034 <sup>(2)</sup> | 2380 | 2621 |
|  Bank of Nova Scotia |  |  |
|  4.59% (5 Year CMT Index + 2.05%), 05/04/2037 <sup>(2)</sup> | 8000 | 7571 |
|  4.85%, 02/01/2030 | 3702 | 3772 |
|  4.93% (SOFR + 0.89%), 02/14/2029 <sup>(2)</sup> | 10000 | 10129 |
|  Banque Federative du Credit Mutuel SA |  |  |
|  5.54%, 01/22/2030 <sup>(1)</sup> | 2835 | 2939 |
|  5.79%, 07/13/2028 <sup>(1)</sup> | 5080 | 5273 |
|  Barclays Plc |  |  |
|  2.89% (1 Year CMT Index + 1.30%), 11/24/2032 <sup>(2)</sup> | 1572 | 1391 |
|  4.84% (SOFR + 1.34%), 09/10/2028 <sup>(2)</sup> | 2450 | 2469 |
|  4.94% (SOFR + 1.56%), 09/10/2030 <sup>(2)</sup> | 6617 | 6666 |
|  5.09% (3 Month SOFR USD + 3.05%), 06/20/2030 <sup>(2)</sup> | 5186 | 5211 |
|  5.34% (SOFR + 1.91%), 09/10/2035 <sup>(2)</sup> | 9000 | 8932 |
|  5.37% (SOFR + 1.23%), 02/25/2031 <sup>(2)</sup> | 2115 | 2160 |
|  5.50% (1 Year CMT Index + 2.65%), 08/09/2028 <sup>(2)</sup> | 2360 | 2407 |
|  5.79% (SOFR + 1.59%), 02/25/2036 <sup>(2)</sup> | 5789 | 5917 |
|  6.22% (SOFR + 2.98%), 05/09/2034 <sup>(2)</sup> | 8288 | 8797 |
|  6.50% (SOFR + 1.88%), 09/13/2027 <sup>(2)</sup> | 6615 | 6762 |
|  Belrose Funding Trust II |  |  |
|  6.79%, 05/15/2055 <sup>(1)</sup> | 5000 | 5111 |
|  Berkshire Hathaway Finance Corp. |  |  |
|  3.85%, 03/15/2052 | 2265 | 1753 |

---

The accompanying notes are an integral part of these financial statements.

30.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  BGC Group, Inc. |  |  |
|  6.15%, 04/02/2030 <sup>(1)</sup> | $2146 | $2176 |
|  Blackstone Holdings Finance Co. LLC |  |  |
|  4.45%, 07/15/2045 <sup>(1)</sup> | 170 | 141 |
|  Blue Owl Finance LLC |  |  |
|  6.25%, 04/18/2034 | 4591 | 4724 |
|  BNP Paribas SA |  |  |
|  1.32% (SOFR + 1.00%), 01/13/2027 <sup>(1)(2)</sup> | 4000 | 3930 |
|  1.68% (SOFR + 0.91%), 06/30/2027 <sup>(1)(2)</sup> | 2660 | 2585 |
|  1.90% (SOFR + 1.61%), 09/30/2028 <sup>(1)(2)</sup> | 6280 | 5927 |
|  2.59% (5 Year CMT Index + 2.05%), 08/12/2035 <sup>(1)(2)</sup> | 2000 | 1762 |
|  2.87% (3 Month Term SOFR + 1.39%), 04/19/2032 <sup>(1)(2)</sup> | 3560 | 3190 |
|  3.13% (SOFR + 1.56%), 01/20/2033 <sup>(1)(2)</sup> | 550 | 490 |
|  5.09% (SOFR + 1.68%), 05/09/2031 <sup>(1)(2)</sup> | 14620 | 14763 |
|  5.18% (SOFR + 1.52%), 01/09/2030 <sup>(1)(2)</sup> | 750 | 766 |
|  5.28% (SOFR + 1.28%), 11/19/2030 <sup>(1)(2)</sup> | 7335 | 7475 |
|  5.34% (1 Year CMT Index + 1.50%), 06/12/2029 <sup>(1)(2)</sup> | 6000 | 6139 |
|  5.50% (SOFR + 1.59%), 05/20/2030 <sup>(1)(2)</sup> | 4509 | 4630 |
|  5.79% (SOFR + 1.62%), 01/13/2033 <sup>(1)(2)</sup> | 3590 | 3735 |
|  5.91% (SOFR + 1.92%), 11/19/2035 <sup>(1)(2)</sup> | 4425 | 4463 |
|  BPCE SA |  |  |
|  2.28% (SOFR + 1.31%), 01/20/2032 <sup>(1)(2)</sup> | 8350 | 7225 |
|  3.12% (SOFR + 1.73%), 10/19/2032 <sup>(1)(2)</sup> | 6500 | 5634 |
|  3.25%, 01/11/2028 <sup>(1)</sup> | 7815 | 7602 |
|  5.39% (SOFR + 1.58%), 05/28/2031 <sup>(1)(2)</sup> | 10175 | 10361 |
|  5.72% (SOFR + 1.96%), 01/18/2030 <sup>(1)(2)</sup> | 2841 | 2925 |
|  5.75% (SOFR + 2.87%), 07/19/2033 <sup>(1)(2)</sup> | 1200 | 1230 |
|  5.88% (SOFR + 1.68%), 01/14/2031 <sup>(1)(2)</sup> | 3570 | 3703 |
|  5.94% (SOFR + 1.85%), 05/30/2035 <sup>(1)(2)</sup> | 5170 | 5298 |
|  5.98% (SOFR + 2.10%), 01/18/2027 <sup>(1)(2)</sup> | 4300 | 4329 |
|  6.03% (SOFR + 1.96%), 05/28/2036 <sup>(1)(2)</sup> | 6645 | 6845 |
|  6.29% (SOFR + 2.04%), 01/14/2036 <sup>(1)(2)</sup> | 2710 | 2846 |
|  6.71% (SOFR + 2.27%), 10/19/2029 <sup>(1)(2)</sup> | 3300 | 3495 |
|  Brixmor Operating Partnership LP |  |  |
|  2.25%, 04/01/2028 | 1930 | 1826 |
|  2.50%, 08/16/2031 | 1080 | 941 |
|  4.05%, 07/01/2030 | 2286 | 2218 |
|  5.75%, 02/15/2035 | 2250 | 2312 |
|  Brookfield Finance, Inc. |  |  |
|  3.90%, 01/25/2028 | 770 | 761 |
|  4.70%, 09/20/2047 | 158 | 134 |
|  4.85%, 03/29/2029 | 875 | 883 |
|  Brown & Brown, Inc. |  |  |
|  2.38%, 03/15/2031 | 4150 | 3653 |
|  4.20%, 03/17/2032 | 6000 | 5741 |
|  4.90%, 06/23/2030 | 9995 | 10088 |
|  5.25%, 06/23/2032 | 4785 | 4880 |
|  6.25%, 06/23/2055 | 3490 | 3598 |
|  CaixaBank SA |  |  |
|  5.58% (SOFR + 1.79%), 07/03/2036 <sup>(1)(2)</sup> | 6080 | 6142 |
|  6.04% (SOFR + 2.26%), 06/15/2035 <sup>(1)(2)</sup> | 5065 | 5300 |
|  6.68% (SOFR + 2.08%), 09/13/2027 <sup>(1)(2)</sup> | 8055 | 8249 |
|  Canadian Imperial Bank of Commerce |  |  |
|  4.86% (SOFR + 1.03%), 03/30/2029 <sup>(2)</sup> | 18602 | 18802 |
|  5.62%, 07/17/2026 | 4425 | 4478 |
|  Cantor Fitzgerald LP |  |  |
|  7.20%, 12/12/2028 <sup>(1)</sup> | 11915 | 12648 |

---

The accompanying notes are an integral part of these financial statements.

31.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  Capital One Financial Corp. |  |  |
|  1.88% (SOFR + 0.86%), 11/02/2027 <sup>(2)</sup> | $361 | $349 |
|  2.62% (SOFR + 1.27%), 11/02/2032 <sup>(2)</sup> | 2495 | 2178 |
|  4.20%, 10/29/2025 | 400 | 399 |
|  5.27% (SOFR + 2.37%), 05/10/2033 <sup>(2)</sup> | 1106 | 1116 |
|  5.70% (SOFR + 1.91%), 02/01/2030 <sup>(2)</sup> | 2410 | 2493 |
|  6.31% (SOFR + 2.64%), 06/08/2029 <sup>(2)</sup> | 11130 | 11683 |
|  7.62% (SOFR + 3.07%), 10/30/2031 <sup>(2)</sup> | 7000 | 7909 |
|  Capital One N.A. |  |  |
|  3.45%, 07/27/2026 | 2800 | 2769 |
|  4.65%, 09/13/2028 | 4000 | 4021 |
|  5.97% (5 Year USD SOFR Spread-Adjusted ICE Swap Rate + 1.73%), 08/09/2028 <sup>(2)</sup> | 3471 | 3556 |
|  Charles Schwab Corp. |  |  |
|  1.65%, 03/11/2031 | 11130 | 9556 |
|  Citibank N.A. |  |  |
|  4.58%, 05/29/2027 | 7554 | 7595 |
|  4.91%, 05/29/2030 | 5337 | 5439 |
|  Citigroup, Inc. |  |  |
|  1.12% (SOFR + 0.77%), 01/28/2027 <sup>(2)</sup> | 19320 | 18939 |
|  2.56% (SOFR + 1.17%), 05/01/2032 <sup>(2)</sup> | 19270 | 17072 |
|  2.67% (SOFR + 1.15%), 01/29/2031 <sup>(2)</sup> | 515 | 472 |
|  3.06% (SOFR + 1.35%), 01/25/2033 <sup>(2)</sup> | 6852 | 6124 |
|  3.52% (3 Month Term SOFR + 1.41%), 10/27/2028 <sup>(2)</sup> | 3000 | 2938 |
|  3.67% (3 Month Term SOFR + 1.65%), 07/24/2028 <sup>(2)</sup> | 7895 | 7772 |
|  3.70%, 01/12/2026 | 9150 | 9117 |
|  3.79% (SOFR + 1.94%), 03/17/2033 <sup>(2)</sup> | 1000 | 935 |
|  3.89% (3 Month Term SOFR + 1.82%), 01/10/2028 <sup>(2)</sup> | 12600 | 12485 |
|  3.98% (3 Month Term SOFR + 1.60%), 03/20/2030 <sup>(2)</sup> | 3490 | 3421 |
|  4.08% (3 Month Term SOFR + 1.45%), 04/23/2029 <sup>(2)</sup> | 1111 | 1100 |
|  4.30%, 11/20/2026 | 1570 | 1568 |
|  4.45%, 09/29/2027 | 8213 | 8221 |
|  4.54% (SOFR + 1.34%), 09/19/2030 <sup>(2)</sup> | 3924 | 3906 |
|  4.79% (SOFR + 0.87%), 03/04/2029 <sup>(2)</sup> | 1200 | 1209 |
|  4.95% (SOFR + 1.46%), 05/07/2031 <sup>(2)</sup> | 8240 | 8334 |
|  5.17% (SOFR + 1.36%), 02/13/2030 <sup>(2)</sup> | 2500 | 2551 |
|  5.33% (SOFR + 1.47%), 03/27/2036 <sup>(2)</sup> | 21655 | 21825 |
|  6.02% (SOFR + 1.83%), 01/24/2036 <sup>(2)</sup> | 10042 | 10312 |
|  Citizens Financial Group, Inc. |  |  |
|  3.25%, 04/30/2030 | 5000 | 4677 |
|  6.65% (SOFR + 2.33%), 04/25/2035 <sup>(2)</sup> | 2000 | 2156 |
|  CNA Financial Corp. |  |  |
|  3.45%, 08/15/2027 | 820 | 805 |
|  5.50%, 06/15/2033 | 8225 | 8434 |
|  CNO Global Funding |  |  |
|  4.95%, 09/09/2029 <sup>(1)</sup> | 4000 | 4041 |
|  5.88%, 06/04/2027 <sup>(1)</sup> | 5000 | 5135 |
|  Commonwealth Bank of Australia |  |  |
|  3.74%, 09/12/2039 <sup>(1)</sup> | 5000 | 4067 |
|  Cooperatieve Rabobank UA |  |  |
|  4.38%, 08/04/2025 | 570 | 570 |
|  COPT Defense Properties LP |  |  |
|  2.00%, 01/15/2029 | 860 | 784 |
|  2.75%, 04/15/2031 | 1555 | 1375 |
|  2.90%, 12/01/2033 | 4120 | 3386 |
|  Corebridge Financial, Inc. |  |  |
|  3.65%, 04/05/2027 | 2055 | 2028 |
|  3.85%, 04/05/2029 | 1455 | 1426 |

---

The accompanying notes are an integral part of these financial statements.

32.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  Credit Agricole SA |  |  |
|  1.25% (SOFR + 0.89%), 01/26/2027 <sup>(1)(2)</sup> | $3500 | $3433 |
|  4.00% (5 Year Swap Rate USD + 1.64%), 01/10/2033 <sup>(1)(2)</sup> | 5000 | 4858 |
|  5.22% (SOFR + 1.46%), 05/27/2031 <sup>(1)(2)</sup> | 7011 | 7142 |
|  5.23% (SOFR + 1.13%), 01/09/2029 <sup>(1)(2)</sup> | 3394 | 3449 |
|  5.34% (SOFR + 1.69%), 01/10/2030 <sup>(1)(2)</sup> | 3036 | 3106 |
|  5.86% (SOFR + 1.74%), 01/09/2036 <sup>(1)(2)</sup> | 6245 | 6474 |
|  6.25% (SOFR + 2.67%), 01/10/2035 <sup>(1)(2)</sup> | 3000 | 3119 |
|  6.32% (SOFR + 1.86%), 10/03/2029 <sup>(1)(2)</sup> | 3890 | 4088 |
|  Crown Castle, Inc. |  |  |
|  3.10%, 11/15/2029 | 875 | 821 |
|  4.00%, 03/01/2027 | 261 | 259 |
|  5.10%, 05/01/2033 | 2625 | 2614 |
|  CubeSmart LP |  |  |
|  2.25%, 12/15/2028 | 7275 | 6778 |
|  Danske Bank |  |  |
|  1.62% (1 Year CMT Index + 1.35%), 09/11/2026 <sup>(1)(2)</sup> | 2000 | 1988 |
|  4.61% (1 Year CMT Index + 1.10%), 10/02/2030 <sup>(1)(2)</sup> | 5287 | 5265 |
|  5.02% (1 Year CMT Index + 0.93%), 03/04/2031 <sup>(1)(2)</sup> | 7680 | 7767 |
|  5.71% (1 Year CMT Index + 1.40%), 03/01/2030 <sup>(1)(2)</sup> | 3480 | 3611 |
|  Deutsche Bank AG |  |  |
|  2.13% (SOFR + 1.87%), 11/24/2026 <sup>(2)</sup><sup>(13)</sup> | 4855 | 4806 |
|  2.31% (SOFR + 1.22%), 11/16/2027 <sup>(2)</sup> | 674 | 654 |
|  2.55% (SOFR + 1.32%), 01/07/2028 <sup>(2)</sup> | 3350 | 3254 |
|  3.73% (SOFR + 2.76%), 01/14/2032 <sup>(2)</sup> | 5000 | 4580 |
|  3.74% (SOFR + 2.26%), 01/07/2033 <sup>(2)</sup> | 9000 | 8101 |
|  5.00% (SOFR + 1.70%), 09/11/2030 <sup>(2)</sup> | 1170 | 1179 |
|  5.30% (SOFR + 1.72%), 05/09/2031 <sup>(2)</sup> | 19266 | 19567 |
|  5.37% (SOFR + 1.21%), 01/10/2029 <sup>(2)</sup> | 4125 | 4197 |
|  5.40% (SOFR + 2.05%), 09/11/2035 <sup>(2)</sup> | 1210 | 1203 |
|  5.41%, 05/10/2029 | 2055 | 2129 |
|  6.72% (SOFR + 3.18%), 01/18/2029 <sup>(2)</sup> | 1909 | 2005 |
|  6.82% (SOFR + 2.51%), 11/20/2029 <sup>(2)</sup> | 1420 | 1515 |
|  7.15% (SOFR + 2.52%), 07/13/2027 <sup>(2)</sup> | 6785 | 6956 |
|  Digital Realty Trust LP |  |  |
|  5.55%, 01/15/2028 | 3000 | 3077 |
|  DNB Bank ASA |  |  |
|  1.13% (1 Year CMT Index + 0.85%), 09/16/2026 <sup>(1)(2)</sup> | 4000 | 3970 |
|  1.61% (1 Year CMT Index + 0.68%), 03/30/2028 <sup>(1)(2)</sup> | 3435 | 3274 |
|  4.85% (SOFR + 1.05%), 11/05/2030 <sup>(1)(2)</sup> | 1990 | 2012 |
|  DOC DR LLC |  |  |
|  2.63%, 11/01/2031 | 1360 | 1200 |
|  Equinix, Inc. |  |  |
|  2.00%, 05/15/2028 | 4467 | 4180 |
|  2.90%, 11/18/2026 | 2580 | 2528 |
|  Equitable Financial Life Global Funding |  |  |
|  4.88%, 11/19/2027 <sup>(1)</sup> | 6853 | 6937 |
|  Essex Portfolio LP |  |  |
|  1.65%, 01/15/2031 | 910 | 772 |
|  2.65%, 03/15/2032 | 1740 | 1519 |
|  Extra Space Storage LP |  |  |
|  2.20%, 10/15/2030 | 2630 | 2326 |
|  4.00%, 06/15/2029 | 1831 | 1796 |
|  5.40%, 06/15/2035 | 1640 | 1649 |
|  F&G Annuities & Life, Inc. |  |  |
|  6.50%, 06/04/2029 | 950 | 980 |
|  7.40%, 01/13/2028 | 1318 | 1380 |

---

The accompanying notes are an integral part of these financial statements.

33.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  F&G Global Funding |  |  |
|  1.75%, 06/30/2026 <sup>(1)</sup> | $1905 | $1852 |
|  5.88%, 06/10/2027 <sup>(1)</sup> | 2540 | 2596 |
|  Fairfax Financial Holdings Ltd. |  |  |
|  5.63%, 08/16/2032 | 9000 | 9243 |
|  6.00%, 12/07/2033 | 6640 | 6925 |
|  Federation des Caisses Desjardins du Quebec |  |  |
|  5.25%, 04/26/2029 <sup>(1)</sup> | 7700 | 7906 |
|  5.70%, 03/14/2028 <sup>(1)</sup> | 2800 | 2898 |
|  FMR LLC |  |  |
|  4.95%, 02/01/2033 <sup>(1)</sup> | 250 | 250 |
|  6.45%, 11/15/2039 <sup>(1)</sup> | 258 | 284 |
|  GAIF Bond Issuer Pty Ltd. |  |  |
|  3.40%, 09/30/2026 <sup>(1)</sup> | 1000 | 986 |
|  Globe Life, Inc. |  |  |
|  4.55%, 09/15/2028 | 3000 | 3014 |
|  Goldman Sachs Bank USA |  |  |
|  5.41% (SOFR + 0.75%), 05/21/2027 <sup>(2)</sup> | 6256 | 6308 |
|  Goldman Sachs Capital I |  |  |
|  6.35%, 02/15/2034 | 127 | 132 |
|  Goldman Sachs Group, Inc. |  |  |
|  1.54% (SOFR + 0.82%), 09/10/2027 <sup>(2)</sup> | 9234 | 8915 |
|  1.95% (SOFR + 0.91%), 10/21/2027 <sup>(2)</sup> | 2541 | 2460 |
|  1.99% (SOFR + 1.09%), 01/27/2032 <sup>(2)</sup> | 7395 | 6405 |
|  2.38% (SOFR + 1.25%), 07/21/2032 <sup>(2)</sup> | 3165 | 2764 |
|  2.62% (SOFR + 1.28%), 04/22/2032 <sup>(2)</sup> | 9805 | 8715 |
|  2.64% (SOFR + 1.11%), 02/24/2028 <sup>(2)</sup> | 8243 | 8006 |
|  3.62% (SOFR + 1.85%), 03/15/2028 <sup>(2)</sup> | 14810 | 14603 |
|  3.69% (3 Month Term SOFR + 1.77%), 06/05/2028 <sup>(2)</sup> | 9911 | 9770 |
|  3.75%, 02/25/2026 | 9005 | 8965 |
|  4.22% (3 Month Term SOFR + 1.56%), 05/01/2029 <sup>(2)</sup> | 5000 | 4971 |
|  4.41% (3 Month Term SOFR + 1.69%), 04/23/2039 <sup>(2)</sup> | 2075 | 1871 |
|  4.69% (SOFR + 1.14%), 10/23/2030 <sup>(2)</sup> | 3870 | 3882 |
|  5.05% (SOFR + 1.21%), 07/23/2030 <sup>(2)</sup> | 4615 | 4692 |
|  5.22% (SOFR + 1.58%), 04/23/2031 <sup>(2)</sup> | 16395 | 16808 |
|  5.33% (SOFR + 1.55%), 07/23/2035 <sup>(2)</sup> | 8410 | 8483 |
|  5.54% (SOFR + 1.38%), 01/28/2036 <sup>(2)</sup> | 3337 | 3422 |
|  5.73% (SOFR + 1.70%), 01/28/2056 <sup>(2)</sup> | 4699 | 4698 |
|  6.48% (SOFR + 1.77%), 10/24/2029 <sup>(2)</sup> | 3200 | 3394 |
|  6.75%, 10/01/2037 | 2170 | 2382 |
|  Goodman U.S. Finance Four LLC |  |  |
|  4.50%, 10/15/2037 <sup>(1)</sup> | 200 | 182 |
|  Goodman U.S. Finance Six LLC |  |  |
|  5.13%, 10/07/2034 <sup>(1)</sup> | 1110 | 1106 |
|  Goodman U.S. Finance Three LLC |  |  |
|  3.70%, 03/15/2028 <sup>(1)</sup> | 862 | 845 |
|  Great-West Lifeco Finance 2018 LP |  |  |
|  4.58%, 05/17/2048 <sup>(1)</sup> | 650 | 548 |
|  Guardian Life Insurance Co. of America |  |  |
|  4.85%, 01/24/2077 <sup>(1)</sup> | 5610 | 4657 |
|  Hanover Insurance Group, Inc. |  |  |
|  2.50%, 09/01/2030 | 5610 | 4993 |
|  Hartford Insurance Group, Inc. |  |  |
|  4.30%, 04/15/2043 | 1080 | 910 |
|  Healthpeak OP LLC |  |  |
|  3.50%, 07/15/2029 | 1742 | 1682 |
|  High Street Funding Trust II |  |  |
|  4.68%, 02/15/2048 <sup>(1)</sup> | 5250 | 4467 |

---

The accompanying notes are an integral part of these financial statements.

34.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  HSBC Holdings Plc |  |  |
|  2.01% (SOFR + 1.73%), 09/22/2028 <sup>(2)</sup> | $3585 | $3398 |
|  2.21% (SOFR + 1.29%), 08/17/2029 <sup>(2)</sup> | 2075 | 1933 |
|  2.36% (SOFR + 1.95%), 08/18/2031 <sup>(2)</sup> | 2580 | 2291 |
|  2.87% (SOFR + 1.41%), 11/22/2032 <sup>(2)</sup> | 2095 | 1853 |
|  3.97% (3 Month Term SOFR + 1.87%), 05/22/2030 <sup>(2)</sup> | 1000 | 974 |
|  4.29% (3 Month Term SOFR + 1.61%), 09/12/2026 <sup>(2)</sup> | 8009 | 8001 |
|  4.90% (SOFR + 1.03%), 03/03/2029 <sup>(2)</sup> | 4000 | 4034 |
|  5.13% (SOFR + 1.29%), 03/03/2031 <sup>(2)</sup> | 1220 | 1236 |
|  5.24% (SOFR + 1.57%), 05/13/2031 <sup>(2)</sup> | 3160 | 3217 |
|  5.29% (SOFR + 1.29%), 11/19/2030 <sup>(2)</sup> | 21110 | 21565 |
|  6.33% (SOFR + 2.65%), 03/09/2044 <sup>(2)</sup> | 1060 | 1138 |
|  Huntington Bancshares, Inc. |  |  |
|  5.27% (SOFR + 1.28%), 01/15/2031 <sup>(2)</sup> | 5880 | 6025 |
|  5.71% (SOFR + 1.87%), 02/02/2035 <sup>(2)</sup> | 10175 | 10398 |
|  6.21% (SOFR + 2.02%), 08/21/2029 <sup>(2)</sup> | 2864 | 3005 |
|  ING Groep NV |  |  |
|  1.73% (SOFR + 1.01%), 04/01/2027 <sup>(2)</sup> | 705 | 691 |
|  4.86% (SOFR + 1.01%), 03/25/2029 <sup>(2)</sup> | 4585 | 4632 |
|  5.07% (SOFR + 1.23%), 03/25/2031 <sup>(2)</sup> | 5400 | 5492 |
|  5.53% (SOFR + 1.61%), 03/25/2036 <sup>(2)</sup> | 3150 | 3207 |
|  5.55% (SOFR + 1.77%), 03/19/2035 <sup>(2)</sup> | 5000 | 5120 |
|  6.08% (SOFR + 1.56%), 09/11/2027 <sup>(2)</sup> | 923 | 940 |
|  Jackson National Life Global Funding |  |  |
|  4.90%, 01/13/2027 <sup>(1)</sup> | 6000 | 6041 |
|  Jefferies Financial Group, Inc. |  |  |
|  6.20%, 04/14/2034 | 5000 | 5230 |
|  6.25%, 01/15/2036 | 155 | 161 |
|  6.45%, 06/08/2027 | 428 | 443 |
|  JP Morgan Chase & Co. |  |  |
|  1.04% (3 Month Term SOFR + 0.70%), 02/04/2027 <sup>(2)</sup> | 1950 | 1910 |
|  1.47% (SOFR + 0.77%), 09/22/2027 <sup>(2)</sup> | 15960 | 15398 |
|  1.58% (SOFR + 0.89%), 04/22/2027 <sup>(2)</sup> | 5000 | 4884 |
|  2.07% (SOFR + 1.02%), 06/01/2029 <sup>(2)</sup> | 2000 | 1876 |
|  2.58% (3 Month Term SOFR + 1.25%), 04/22/2032 <sup>(2)</sup> | 6390 | 5707 |
|  2.95% (SOFR + 1.17%), 02/24/2028 <sup>(2)</sup> | 2600 | 2540 |
|  2.96% (SOFR + 1.26%), 01/25/2033 <sup>(2)</sup> | 10500 | 9438 |
|  4.01% (3 Month Term SOFR + 1.38%), 04/23/2029 <sup>(2)</sup> | 2320 | 2300 |
|  4.32% (SOFR + 1.56%), 04/26/2028 <sup>(2)</sup> | 1995 | 1993 |
|  4.45% (3 Month Term SOFR + 1.59%), 12/05/2029 <sup>(2)</sup> | 9660 | 9678 |
|  4.51% (SOFR + 0.86%), 10/22/2028 <sup>(2)</sup> | 6000 | 6018 |
|  4.92% (SOFR + 0.80%), 01/24/2029 <sup>(2)</sup> | 3000 | 3040 |
|  4.98% (SOFR + 0.93%), 07/22/2028 <sup>(2)</sup> | 5000 | 5064 |
|  5.10% (SOFR + 1.44%), 04/22/2031 <sup>(2)</sup> | 13753 | 14094 |
|  5.30% (SOFR + 1.45%), 07/24/2029 <sup>(2)</sup> | 16375 | 16812 |
|  5.35% (SOFR + 1.85%), 06/01/2034 <sup>(2)</sup> | 3600 | 3704 |
|  5.58% (SOFR + 1.16%), 04/22/2030 <sup>(2)</sup> | 9697 | 10069 |
|  5.77% (SOFR + 1.49%), 04/22/2035 <sup>(2)</sup> | 3000 | 3152 |
|  7.04% (3 Month Term SOFR + 2.75%), 10/01/2173 <sup>(2)</sup> | 4275 | 4297 |
|  KBC Group NV |  |  |
|  4.93% (1 Year CMT Index + 1.07%), 10/16/2030 <sup>(1)(2)</sup> | 3705 | 3747 |
|  5.80% (1 Year CMT Index + 2.10%), 01/19/2029 <sup>(1)(2)</sup> | 3717 | 3838 |
|  KeyCorp |  |  |
|  4.79% (SOFR + 2.06%), 06/01/2033 <sup>(2)</sup> | 590 | 575 |
|  5.12% (SOFR + 1.23%), 04/04/2031 <sup>(2)</sup> | 2985 | 3021 |
|  6.40% (SOFR + 2.42%), 03/06/2035 <sup>(2)</sup> | 2495 | 2661 |

---

The accompanying notes are an integral part of these financial statements.

35.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  Liberty Mutual Group, Inc. |  |  |
|  3.95%, 10/15/2050 <sup>(1)</sup> | $269 | $197 |
|  4.57%, 02/01/2029 <sup>(1)</sup> | 1950 | 1951 |
|  5.50%, 06/15/2052 <sup>(1)</sup> | 5750 | 5324 |
|  Liberty Mutual Insurance Co. |  |  |
|  7.70%, 10/15/2097 <sup>(1)</sup> | 100 | 111 |
|  Lincoln National Corp. |  |  |
|  7.00%, 06/15/2040 | 1715 | 1894 |
|  Lloyds Banking Group Plc |  |  |
|  1.63% (1 Year CMT Index + 0.85%), 05/11/2027 <sup>(2)</sup> | 2280 | 2223 |
|  3.75%, 01/11/2027 | 2000 | 1983 |
|  4.38%, 03/22/2028 | 949 | 948 |
|  4.58%, 12/10/2025 | 550 | 549 |
|  5.46% (1 Year CMT Index + 1.38%), 01/05/2028 <sup>(2)</sup> | 11723 | 11882 |
|  5.68% (1 Year CMT Index + 1.75%), 01/05/2035 <sup>(2)</sup> | 2575 | 2643 |
|  6.07% (1 Year CMT Index + 1.60%), 06/13/2036 <sup>(2)</sup> | 3691 | 3795 |
|  LPL Holdings, Inc. |  |  |
|  5.15%, 06/15/2030 | 15000 | 15186 |
|  LSEGA Financing Plc |  |  |
|  2.00%, 04/06/2028 <sup>(1)</sup> | 4565 | 4295 |
|  M&T Bank Corp. |  |  |
|  5.18% (SOFR + 1.40%), 07/08/2031 <sup>(2)</sup> | 7680 | 7807 |
|  5.39% (SOFR + 1.61%), 01/16/2036 <sup>(2)</sup> | 7541 | 7515 |
|  Macquarie Airfinance Holdings Ltd. |  |  |
|  5.15%, 03/17/2030 <sup>(1)</sup> | 4270 | 4267 |
|  5.20%, 03/27/2028 <sup>(1)</sup> | 3905 | 3949 |
|  6.40%, 03/26/2029 <sup>(1)</sup> | 5985 | 6248 |
|  Macquarie Bank Ltd. |  |  |
|  3.05% (5 Year CMT Index + 1.70%), 03/03/2036 <sup>(1)(2)</sup> | 2090 | 1854 |
|  Macquarie Group Ltd. |  |  |
|  2.87% (SOFR + 1.53%), 01/14/2033 <sup>(1)(2)</sup> | 6000 | 5235 |
|  Markel Group, Inc. |  |  |
|  4.15%, 09/17/2050 | 655 | 499 |
|  Massachusetts Mutual Life Insurance Co. |  |  |
|  3.73%, 10/15/2070 <sup>(1)</sup> | 2690 | 1780 |
|  4.90%, 04/01/2077 <sup>(1)</sup> | 5000 | 4112 |
|  MBIA Insurance Corp. |  |  |
|  15.78% (3 Month Term SOFR + 11.52%), 01/15/2033 <sup>(1)(2)</sup> | 86 | 3 |
|  MetLife, Inc. |  |  |
|  4.88%, 11/13/2043 | 3000 | 2752 |
|  Metropolitan Life Global Funding I |  |  |
|  5.15%, 03/28/2033 <sup>(1)</sup> | 2000 | 2030 |
|  Mid-America Apartments LP |  |  |
|  1.70%, 02/15/2031 | 1330 | 1141 |
|  Mitsubishi HC Finance America LLC |  |  |
|  5.81%, 09/12/2028 <sup>(1)</sup> | 1795 | 1861 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |
|  2.05%, 07/17/2030 | 2940 | 2611 |
|  5.16% (1 Year CMT Index + 1.17%), 04/24/2031 <sup>(2)</sup> | 1600 | 1638 |
|  Mizuho Financial Group, Inc. |  |  |
|  2.17% (1 Year CMT Index + 0.87%), 05/22/2032 <sup>(2)</sup> | 8000 | 6912 |
|  2.26% (1 Year CMT Index + 0.90%), 07/09/2032 <sup>(2)</sup> | 1000 | 866 |
|  2.87% (3 Month Term SOFR + 1.57%), 09/13/2030 <sup>(2)</sup> | 1620 | 1514 |
|  4.71% (1 Year CMT Index + 0.92%), 07/08/2031 <sup>(2)</sup> | 28280 | 28276 |
|  5.32% (1 Year CMT Index + 1.07%), 07/08/2036 <sup>(2)</sup> | 9625 | 9642 |
|  Morgan Stanley |  |  |
|  1.79% (SOFR + 1.03%), 02/13/2032 <sup>(2)</sup> | 2440 | 2088 |
|  1.93% (SOFR + 1.02%), 04/28/2032 <sup>(2)</sup> | 15725 | 13445 |

---

The accompanying notes are an integral part of these financial statements.

36.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  2.24% (SOFR + 1.18%), 07/21/2032 <sup>(2)</sup> | $3555 | $3078 |
|  2.48% (SOFR + 1.00%), 01/21/2028 <sup>(2)</sup> | 526 | 511 |
|  2.70% (SOFR + 1.14%), 01/22/2031 <sup>(2)</sup> | 2345 | 2162 |
|  3.22% (SOFR + 1.49%), 04/22/2042 <sup>(2)</sup> | 5000 | 3793 |
|  3.59%, 07/22/2028 <sup>(4)</sup> | 3215 | 3159 |
|  3.77% (3 Month Term SOFR + 1.40%), 01/24/2029 <sup>(2)</sup> | 1401 | 1381 |
|  3.95%, 04/23/2027 | 14190 | 14101 |
|  4.43% (3 Month Term SOFR + 1.89%), 01/23/2030 <sup>(2)</sup> | 2304 | 2301 |
|  4.65% (SOFR + 1.10%), 10/18/2030 <sup>(2)</sup> | 9556 | 9574 |
|  5.04% (SOFR + 1.22%), 07/19/2030 <sup>(2)</sup> | 1450 | 1475 |
|  5.16% (SOFR + 1.59%), 04/20/2029 <sup>(2)</sup> | 14465 | 14749 |
|  5.17% (SOFR + 1.45%), 01/16/2030 <sup>(2)</sup> | 1350 | 1378 |
|  5.19% (SOFR + 1.51%), 04/17/2031 <sup>(2)</sup> | 14552 | 14918 |
|  5.32% (SOFR + 1.56%), 07/19/2035 <sup>(2)</sup> | 18384 | 18608 |
|  5.45% (SOFR + 1.63%), 07/20/2029 <sup>(2)</sup> | 7990 | 8217 |
|  5.47% (SOFR + 1.73%), 01/18/2035 <sup>(2)</sup> | 1846 | 1889 |
|  5.52% (SOFR + 1.71%), 11/19/2055 <sup>(2)</sup> | 2736 | 2674 |
|  5.66% (SOFR + 1.76%), 04/17/2036 <sup>(2)</sup> | 10240 | 10611 |
|  5.83% (SOFR + 1.58%), 04/19/2035 <sup>(2)</sup> | 1910 | 2001 |
|  6.30% (SOFR + 2.24%), 10/18/2028 <sup>(2)</sup> | 5350 | 5573 |
|  Morgan Stanley Bank N.A. |  |  |
|  5.50% (SOFR + 0.87%), 05/26/2028 <sup>(2)</sup> | 7533 | 7692 |
|  MSD Investment Corp. |  |  |
|  6.25%, 05/31/2030 <sup>(1)</sup> | 1580 | 1563 |
|  Mutual of Omaha Companies Global Funding |  |  |
|  5.35%, 04/09/2027 <sup>(1)</sup> | 8000 | 8125 |
|  Nasdaq, Inc. |  |  |
|  5.55%, 02/15/2034 | 975 | 1016 |
|  National Australia Bank Ltd. |  |  |
|  2.33%, 08/21/2030 <sup>(1)</sup> | 6000 | 5317 |
|  3.35% (5 Year CMT Index + 1.70%), 01/12/2037 <sup>(1)(2)</sup> | 2600 | 2298 |
|  4.53%, 06/13/2030 | 5572 | 5634 |
|  National Bank of Canada |  |  |
|  4.50%, 10/10/2029 | 3000 | 2997 |
|  Nationwide Building Society |  |  |
|  2.97% (SOFR + 1.29%), 02/16/2028 <sup>(1)(2)</sup> | 2945 | 2876 |
|  4.00%, 09/14/2026 <sup>(1)</sup> | 9650 | 9575 |
|  Nationwide Mutual Insurance Co. |  |  |
|  9.38%, 08/15/2039 <sup>(1)</sup> | 7150 | 9428 |
|  NatWest Group Plc |  |  |
|  1.64% (1 Year CMT Index + 0.90%), 06/14/2027 <sup>(2)</sup> | 8225 | 8005 |
|  4.45% (3 Month SOFR USD + 1.87%), 05/08/2030 <sup>(2)</sup> | 985 | 977 |
|  4.80%, 04/05/2026 | 3017 | 3024 |
|  4.89% (3 Month SOFR USD + 1.75%), 05/18/2029 <sup>(2)</sup> | 9505 | 9600 |
|  5.08% (3 Month SOFR USD + 1.91%), 01/27/2030 <sup>(2)</sup> | 9010 | 9142 |
|  5.12% (1 Year CMT Index + 1.05%), 05/23/2031 <sup>(2)</sup> | 17207 | 17489 |
|  5.78% (1 Year CMT Index + 1.50%), 03/01/2035 <sup>(2)</sup> | 2865 | 2975 |
|  7.47% (1 Year CMT Index + 2.85%), 11/10/2026 <sup>(2)</sup> | 2165 | 2186 |
|  NatWest Markets Plc |  |  |
|  5.41%, 05/17/2029 <sup>(1)</sup> | 4475 | 4623 |
|  New York Life Insurance Co. |  |  |
|  4.45%, 05/15/2069 <sup>(1)</sup> | 4225 | 3289 |
|  NNN REIT, Inc. |  |  |
|  3.50%, 10/15/2027 | 400 | 393 |
|  3.60%, 12/15/2026 | 700 | 692 |
|  5.60%, 10/15/2033 | 950 | 982 |
|  Nomura Holdings, Inc. |  |  |
|  1.65%, 07/14/2026 | 5000 | 4856 |

---

The accompanying notes are an integral part of these financial statements.

37.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  2.61%, 07/14/2031 | $2025 | $1787 |
|  2.68%, 07/16/2030 | 1550 | 1406 |
|  2.71%, 01/22/2029 | 11000 | 10310 |
|  6.07%, 07/12/2028 | 4200 | 4383 |
|  Nordea Bank Abp |  |  |
|  5.38%, 09/22/2027 <sup>(1)</sup> | 2035 | 2082 |
|  Northern Trust Corp. |  |  |
|  3.38% (3 Month SOFR USD + 1.13%), 05/08/2032 <sup>(2)</sup> | 411 | 399 |
|  Northwestern Mutual Global Funding |  |  |
|  1.70%, 06/01/2028 <sup>(1)</sup> | 1995 | 1862 |
|  Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
|  3.88%, 03/20/2027 <sup>(1)</sup> | 1044 | 1032 |
|  4.13%, 02/01/2029 <sup>(1)</sup> | 6740 | 6635 |
|  Pacific Life Insurance Co. |  |  |
|  4.30% (3 Month SOFR USD + 2.80%), 10/24/2067 <sup>(1)(2)</sup> | 743 | 582 |
|  Peachtree Corners Funding Trust II |  |  |
|  6.01%, 05/15/2035 <sup>(1)</sup> | 5000 | 5125 |
|  PNC Financial Services Group, Inc. |  |  |
|  4.81% (SOFR + 1.26%), 10/21/2032 <sup>(2)</sup> | 2430 | 2436 |
|  4.90% (SOFR + 1.33%), 05/13/2031 <sup>(2)</sup> | 3690 | 3737 |
|  5.07% (SOFR + 1.93%), 01/24/2034 <sup>(2)</sup> | 3433 | 3450 |
|  5.58% (SOFR + 1.84%), 06/12/2029 <sup>(2)</sup> | 8670 | 8979 |
|  Principal Financial Group, Inc. |  |  |
|  4.11%, 02/15/2028 <sup>(1)</sup> | 1975 | 1956 |
|  Principal Life Global Funding II |  |  |
|  5.10%, 01/25/2029 <sup>(1)</sup> | 7000 | 7153 |
|  Prologis LP |  |  |
|  2.25%, 04/15/2030 | 305 | 277 |
|  2.88%, 11/15/2029 | 800 | 754 |
|  Protective Life Corp. |  |  |
|  4.30%, 09/30/2028 <sup>(1)</sup> | 4500 | 4485 |
|  Protective Life Global Funding |  |  |
|  4.80%, 06/05/2030 <sup>(1)</sup> | 9426 | 9544 |
|  5.47%, 12/08/2028 <sup>(1)</sup> | 5725 | 5923 |
|  Prudential Financial, Inc. |  |  |
|  3.91%, 12/07/2047 | 1231 | 962 |
|  6.63%, 06/21/2040 | 5995 | 6745 |
|  Realty Income Corp. |  |  |
|  5.13%, 04/15/2035 | 15815 | 15834 |
|  Royal Bank of Canada |  |  |
|  4.65% (SOFR + 1.08%), 10/18/2030 <sup>(2)</sup> | 11560 | 11580 |
|  Safehold GL Holdings LLC |  |  |
|  2.80%, 06/15/2031 | 7000 | 6262 |
|  2.85%, 01/15/2032 | 4308 | 3751 |
|  Sammons Financial Group, Inc. |  |  |
|  3.35%, 04/16/2031 <sup>(1)</sup> | 7000 | 6427 |
|  4.75%, 04/08/2032 <sup>(1)</sup> | 5000 | 4789 |
|  Santander Holdings USA, Inc. |  |  |
|  6.17% (SOFR + 2.50%), 01/09/2030 <sup>(2)</sup> | 3515 | 3658 |
|  6.34% (SOFR + 2.14%), 05/31/2035 <sup>(2)</sup> | 1510 | 1577 |
|  Santander UK Group Holdings Plc |  |  |
|  1.67% (SOFR + 0.99%), 06/14/2027 <sup>(2)</sup> | 2290 | 2224 |
|  3.82% (3 Month SOFR USD + 1.40%), 11/03/2028 <sup>(2)</sup> | 1200 | 1176 |
|  4.86% (SOFR + 1.55%), 09/11/2030 <sup>(2)</sup> | 2010 | 2007 |
|  5.69% (SOFR + 1.52%), 04/15/2031 <sup>(2)</sup> | 3025 | 3120 |
|  6.53% (SOFR + 2.60%), 01/10/2029 <sup>(2)</sup> | 9500 | 9915 |

---

The accompanying notes are an integral part of these financial statements.

38.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  Societe Generale SA |  |  |
|  1.49% (1 Year CMT Index + 1.10%), 12/14/2026 <sup>(1)(2)</sup> | $14600 | $14387 |
|  1.79% (1 Year CMT Index + 1.00%), 06/09/2027 <sup>(1)(2)</sup> | 5930 | 5772 |
|  2.80% (1 Year CMT Index + 1.30%), 01/19/2028 <sup>(1)(2)</sup> | 2955 | 2870 |
|  2.89% (1 Year CMT Index + 1.30%), 06/09/2032 <sup>(1)(2)</sup> | 11975 | 10562 |
|  3.00%, 01/22/2030 <sup>(1)</sup> | 562 | 524 |
|  3.63%, 03/01/2041 <sup>(1)</sup> | 6000 | 4262 |
|  5.25% (SOFR + 1.42%), 05/22/2029 <sup>(1)(2)</sup> | 15409 | 15597 |
|  5.25%, 02/19/2027 <sup>(1)</sup> | 2861 | 2890 |
|  5.51% (SOFR + 1.65%), 05/22/2031 <sup>(1)(2)</sup> | 7794 | 7948 |
|  5.52% (1 Year CMT Index + 1.50%), 01/19/2028 <sup>(1)(2)</sup> | 3000 | 3037 |
|  5.63% (1 Year CMT Index + 1.75%), 01/19/2030 <sup>(1)(2)</sup> | 3550 | 3632 |
|  6.10% (1 Year CMT Index + 1.60%), 04/13/2033 <sup>(1)(2)</sup> | 4080 | 4241 |
|  6.69% (1 Year CMT Index + 2.95%), 01/10/2034 <sup>(1)(2)</sup> | 9500 | 10138 |
|  Standard Chartered Plc |  |  |
|  1.46% (1 Year CMT Index + 1.00%), 01/14/2027 <sup>(1)(2)</sup> | 10474 | 10296 |
|  2.61% (1 Year CMT Index + 1.18%), 01/12/2028 <sup>(1)(2)</sup> | 5000 | 4856 |
|  5.01% (1 Year CMT Index + 1.15%), 10/15/2030 <sup>(1)(2)</sup> | 5870 | 5930 |
|  5.69% (1 Year CMT Index + 1.05%), 05/14/2028 <sup>(1)(2)</sup> | 6049 | 6170 |
|  5.91% (1 Year CMT Index + 1.45%), 05/14/2035 <sup>(1)(2)</sup> | 2000 | 2081 |
|  6.19% (1 Year CMT Index + 1.85%), 07/06/2027 <sup>(1)(2)</sup> | 1985 | 2015 |
|  6.30% (1 Year CMT Index + 2.58%), 07/06/2034 <sup>(1)(2)</sup> | 2000 | 2129 |
|  7.77% (1 Year CMT Index + 3.45%), 11/16/2028 <sup>(1)(2)</sup> | 7900 | 8454 |
|  Sumitomo Life Insurance Co. |  |  |
|  4.00% (3 Month SOFR USD + 2.99%), 09/14/2077 <sup>(1)(2)</sup> | 1000 | 975 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |
|  2.13%, 07/08/2030 | 2650 | 2368 |
|  3.04%, 07/16/2029 | 5005 | 4744 |
|  5.71%, 01/13/2030 | 2790 | 2927 |
|  Swedbank AB |  |  |
|  5.34%, 09/20/2027 <sup>(1)</sup> | 5125 | 5229 |
|  Synchrony Bank |  |  |
|  5.63%, 08/23/2027 | 1950 | 1989 |
|  Synchrony Financial |  |  |
|  3.95%, 12/01/2027 | 1500 | 1475 |
|  4.50%, 07/23/2025 | 4000 | 3997 |
|  5.45% (SOFR + 1.68%), 03/06/2031 <sup>(2)</sup> | 5000 | 5044 |
|  Teachers Insurance & Annuity Association of America |  |  |
|  4.27%, 05/15/2047 <sup>(1)</sup> | 3360 | 2728 |
|  4.90%, 09/15/2044 <sup>(1)</sup> | 200 | 180 |
|  6.85%, 12/16/2039 <sup>(1)</sup> | 218 | 245 |
|  Toronto-Dominion Bank |  |  |
|  3.20%, 03/10/2032 | 5000 | 4545 |
|  5.30%, 01/30/2032 | 2815 | 2889 |
|  Travelers Companies, Inc. |  |  |
|  5.45%, 05/25/2053 | 1700 | 1663 |
|  Trinity Acquisition Plc |  |  |
|  4.40%, 03/15/2026 | 2300 | 2294 |
|  6.13%, 08/15/2043 | 5000 | 5000 |
|  Truist Financial Corp. |  |  |
|  5.07% (SOFR + 1.31%), 05/20/2031 <sup>(2)</sup> | 3250 | 3299 |
|  5.12% (SOFR + 1.85%), 01/26/2034 <sup>(2)</sup> | 6770 | 6774 |
|  5.44% (SOFR + 1.62%), 01/24/2030 <sup>(2)</sup> | 4570 | 4707 |
|  5.71% (SOFR + 1.92%), 01/24/2035 <sup>(2)</sup> | 1931 | 2002 |
|  5.87% (SOFR + 2.36%), 06/08/2034 <sup>(2)</sup> | 1470 | 1536 |
|  6.05% (SOFR + 2.05%), 06/08/2027 <sup>(2)</sup> | 1935 | 1961 |
|  6.67% (5 Year CMT Index + 3.00%), 12/31/2099 <sup>(2)</sup> | 3460 | 3465 |
|  7.16% (SOFR + 2.45%), 10/30/2029 <sup>(2)</sup> | 6405 | 6928 |

---

The accompanying notes are an integral part of these financial statements.

39.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  Trustage Financial Group, Inc. |  |  |
|  4.63%, 04/15/2032 <sup>(1)</sup> | $5000 | $4730 |
|  UBS AG |  |  |
|  7.50%, 02/15/2028 | 315 | 340 |
|  UBS Group AG |  |  |
|  1.36% (1 Year CMT Index + 1.08%), 01/30/2027 <sup>(1)(2)</sup> | 4700 | 4614 |
|  2.10% (1 Year CMT Index + 1.00%), 02/11/2032 <sup>(1)(2)</sup> | 3610 | 3123 |
|  3.87% (3 Month SOFR USD + 1.41%), 01/12/2029 <sup>(1)(2)</sup> | 9375 | 9230 |
|  4.25%, 03/23/2028 <sup>(1)</sup> | 3000 | 2984 |
|  4.28%, 01/09/2028 <sup>(1)</sup> | 2480 | 2469 |
|  5.43% (1 Year CMT Index + 1.52%), 02/08/2030 <sup>(1)(2)</sup> | 2276 | 2337 |
|  5.62% (1 Year SOFR Swap Rate + 1.34%), 09/13/2030 <sup>(1)(2)</sup> | 1070 | 1111 |
|  5.71% (1 Year CMT Index + 1.55%), 01/12/2027 <sup>(1)(2)</sup> | 5000 | 5030 |
|  6.30% (1 Year CMT Index + 2.00%), 09/22/2034 <sup>(1)(2)</sup> | 1077 | 1157 |
|  6.54% (SOFR + 3.92%), 08/12/2033 <sup>(1)(2)</sup> | 6321 | 6875 |
|  UDR, Inc. |  |  |
|  2.10%, 08/01/2032 | 1430 | 1184 |
|  2.95%, 09/01/2026 | 276 | 271 |
|  3.00%, 08/15/2031 | 415 | 377 |
|  3.20%, 01/15/2030 | 1565 | 1483 |
|  UniCredit SpA |  |  |
|  1.98% (1 Year CMT Index + 1.20%), 06/03/2027 <sup>(1)(2)</sup> | 1135 | 1107 |
|  US Bancorp |  |  |
|  5.05% (SOFR + 1.06%), 02/12/2031 <sup>(2)</sup> | 13545 | 13788 |
|  5.08% (SOFR + 1.30%), 05/15/2031 <sup>(2)</sup> | 10559 | 10771 |
|  5.38% (SOFR + 1.56%), 01/23/2030 <sup>(2)</sup> | 2185 | 2250 |
|  Ventas Realty LP |  |  |
|  3.25%, 10/15/2026 | 323 | 318 |
|  3.85%, 04/01/2027 | 677 | 670 |
|  4.13%, 01/15/2026 | 126 | 125 |
|  VICI Properties LP |  |  |
|  4.75%, 04/01/2028 | 10035 | 10117 |
|  Wells Fargo & Co. |  |  |
|  2.39% (SOFR + 2.10%), 06/02/2028 <sup>(2)</sup> | 2875 | 2770 |
|  2.57% (3 Month Term SOFR + 1.26%), 02/11/2031 <sup>(2)</sup> | 12110 | 11094 |
|  3.07% (SOFR + 2.53%), 04/30/2041 <sup>(2)</sup> | 4575 | 3457 |
|  4.10%, 06/03/2026 | 3580 | 3566 |
|  4.97% (SOFR + 1.37%), 04/23/2029 <sup>(2)</sup> | 3060 | 3103 |
|  5.20% (SOFR + 1.50%), 01/23/2030 <sup>(2)</sup> | 2660 | 2725 |
|  5.21% (SOFR + 1.38%), 12/03/2035 <sup>(2)</sup> | 11065 | 11108 |
|  5.24% (SOFR + 1.11%), 01/24/2031 <sup>(2)</sup> | 5389 | 5528 |
|  5.50% (SOFR + 1.78%), 01/23/2035 <sup>(2)</sup> | 7030 | 7209 |
|  5.56% (SOFR + 1.99%), 07/25/2034 <sup>(2)</sup> | 8982 | 9270 |
|  5.57% (SOFR + 1.74%), 07/25/2029 <sup>(2)</sup> | 45920 | 47414 |
|  5.61% (SOFR + 1.74%), 04/23/2036 <sup>(2)</sup> | 15637 | 16141 |
|  5.71% (SOFR + 1.07%), 04/22/2028 <sup>(2)</sup> | 12770 | 13047 |
|  6.30% (SOFR + 1.79%), 10/23/2029 <sup>(2)</sup> | 6445 | 6812 |
|  6.49% (SOFR + 2.06%), 10/23/2034 <sup>(2)</sup> | 10585 | 11570 |
|  Welltower OP LLC |  |  |
|  6.50%, 03/15/2041 | 700 | 772 |
|  Western-Southern Global Funding |  |  |
|  4.90%, 05/01/2030 <sup>(1)</sup> | 7000 | 7066 |
|  Weyerhaeuser Co. |  |  |
|  7.38%, 03/15/2032 | 142 | 160 |
|  Willis North America, Inc. |  |  |
|  5.05%, 09/15/2048 | 7500 | 6664 |
|  WP Carey, Inc. |  |  |
|  2.40%, 02/01/2031 | 1800 | 1583 |

---

The accompanying notes are an integral part of these financial statements.

40.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Financials – 12.12% – (continued)** |  |  |
|  2.45%, 02/01/2032 | $1360 | $1166 |
|  4.25%, 10/01/2026 | 3404 | 3397 |
|  WR Berkley Corp. |  |  |
|  4.75%, 08/01/2044 | 3445 | 3009 |
|  XL Group Ltd. |  |  |
|  5.25%, 12/15/2043 | 2700 | 2583 |
|  Total Financials | Total Financials | 2631938 |
| **Government – 0.02%** |  |  |
|  Corp. Andina de Fomento |  |  |
|  5.00%, 01/24/2029 | 4770 | 4893 |
|  Total Government | Total Government | 4893 |
| **Industrials – 1.54%** |  |  |
|  Airbus SE |  |  |
|  3.95%, 04/10/2047 <sup>(1)</sup> | 150 | 121 |
|  Amphenol Corp. |  |  |
|  4.38%, 06/12/2028 | 3638 | 3663 |
|  Amrize Finance U.S. LLC |  |  |
|  4.60%, 04/07/2027 <sup>(1)</sup> | 5385 | 5407 |
|  4.95%, 04/07/2030 <sup>(1)</sup> | 4440 | 4500 |
|  5.40%, 04/07/2035 <sup>(1)</sup> | 5000 | 5073 |
|  BAE Systems Plc |  |  |
|  1.90%, 02/15/2031 <sup>(1)</sup> | 6886 | 5983 |
|  3.00%, 09/15/2050 <sup>(1)</sup> | 754 | 492 |
|  5.80%, 10/11/2041 <sup>(1)</sup> | 400 | 411 |
|  Berry Global, Inc. |  |  |
|  1.57%, 01/15/2026 | 17410 | 17099 |
|  5.80%, 06/15/2031 | 4600 | 4834 |
|  Boeing Co. |  |  |
|  2.20%, 02/04/2026 | 23305 | 22941 |
|  2.75%, 02/01/2026 | 1415 | 1399 |
|  3.10%, 05/01/2026 | 1529 | 1509 |
|  3.25%, 02/01/2028 | 3207 | 3111 |
|  3.25%, 03/01/2028 | 2061 | 1991 |
|  3.25%, 02/01/2035 | 1160 | 977 |
|  3.30%, 03/01/2035 | 1410 | 1163 |
|  3.60%, 05/01/2034 | 5762 | 5078 |
|  3.63%, 03/01/2048 | 1373 | 950 |
|  3.65%, 03/01/2047 | 5200 | 3631 |
|  3.83%, 03/01/2059 | 3695 | 2492 |
|  3.90%, 05/01/2049 | 5784 | 4142 |
|  3.95%, 08/01/2059 | 4825 | 3298 |
|  5.04%, 05/01/2027 | 1185 | 1194 |
|  5.15%, 05/01/2030 | 4225 | 4301 |
|  5.71%, 05/01/2040 | 1555 | 1536 |
|  6.30%, 05/01/2029 | 8939 | 9450 |
|  6.39%, 05/01/2031 | 1430 | 1537 |
|  6.53%, 05/01/2034 | 2360 | 2564 |
|  6.86%, 05/01/2054 | 4838 | 5296 |
|  Burlington Northern Santa Fe LLC |  |  |
|  3.30%, 09/15/2051 | 530 | 367 |
|  3.55%, 02/15/2050 | 517 | 380 |
|  4.38%, 09/01/2042 | 462 | 405 |
|  4.45%, 01/15/2053 | 1800 | 1520 |
|  5.15%, 09/01/2043 | 389 | 374 |
|  5.40%, 06/01/2041 | 542 | 539 |
|  5.75%, 05/01/2040 | 373 | 391 |
|  6.15%, 05/01/2037 | 320 | 349 |
|  7.29%, 06/01/2036 | 134 | 158 |

---

The accompanying notes are an integral part of these financial statements.

41.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Industrials – 1.54% – (continued)** |  |  |
|  Cellnex Finance Co. SA |  |  |
|  3.88%, 07/07/2041 <sup>(1)</sup> | $3000 | $2363 |
|  CH Robinson Worldwide, Inc. |  |  |
|  4.20%, 04/15/2028 | 6000 | 5967 |
|  CRH America Finance, Inc. |  |  |
|  3.40%, 05/09/2027 <sup>(1)</sup> | 200 | 197 |
|  CRH America, Inc. |  |  |
|  5.13%, 05/18/2045 <sup>(1)</sup> | 230 | 213 |
|  CSX Corp. |  |  |
|  3.35%, 09/15/2049 | 305 | 213 |
|  4.10%, 03/15/2044 | 175 | 146 |
|  4.65%, 03/01/2068 | 2000 | 1642 |
|  4.75%, 11/15/2048 | 1280 | 1135 |
|  5.50%, 04/15/2041 | 402 | 402 |
|  Eaton Corp. |  |  |
|  5.80%, 03/15/2037 | 500 | 525 |
|  Embraer Netherlands Finance BV |  |  |
|  7.00%, 07/28/2030 <sup>(1)</sup> | 3836 | 4142 |
|  FedEx Corp. |  |  |
|  4.95%, 10/17/2048 <sup>(1)</sup> | 3000 | 2533 |
|  Flex Ltd. |  |  |
|  3.75%, 02/01/2026 | 14000 | 13908 |
|  5.25%, 01/15/2032 | 3000 | 3033 |
|  Graphic Packaging International LLC |  |  |
|  1.51%, 04/15/2026 <sup>(1)</sup> | 11485 | 11185 |
|  Honeywell International, Inc. |  |  |
|  5.25%, 03/01/2054 | 2740 | 2599 |
|  IDEX Corp. |  |  |
|  4.95%, 09/01/2029 | 4435 | 4507 |
|  Johnson Controls International Plc |  |  |
|  4.95%, 07/02/2064 <sup>(3)</sup> | 928 | 775 |
|  Keysight Technologies, Inc. |  |  |
|  4.60%, 04/06/2027 | 13000 | 13051 |
|  L3Harris Technologies, Inc. |  |  |
|  4.85%, 04/27/2035 | 1000 | 978 |
|  5.25%, 06/01/2031 | 2580 | 2661 |
|  5.40%, 07/31/2033 | 2619 | 2690 |
|  Lennox International, Inc. |  |  |
|  1.70%, 08/01/2027 | 2000 | 1886 |
|  Martin Marietta Materials, Inc. |  |  |
|  6.25%, 05/01/2037 | 107 | 114 |
|  Masco Corp. |  |  |
|  2.00%, 10/01/2030 | 760 | 660 |
|  6.50%, 08/15/2032 | 1240 | 1320 |
|  MasTec, Inc. |  |  |
|  4.50%, 08/15/2028 <sup>(1)</sup> | 5000 | 4933 |
|  5.90%, 06/15/2029 | 6500 | 6724 |
|  Mexico City Airport Trust |  |  |
|  3.88%, 04/30/2028 <sup>(1)</sup> | 3645 | 3531 |
|  4.25%, 10/31/2026 <sup>(1)</sup> | 1720 | 1681 |
|  5.50%, 07/31/2047 <sup>(1)</sup> | 3660 | 3010 |
|  Molex Electronic Technologies LLC |  |  |
|  4.75%, 04/30/2028 <sup>(1)</sup> | 5438 | 5472 |
|  Norfolk Southern Corp. |  |  |
|  3.95%, 10/01/2042 | 332 | 271 |
|  4.05%, 08/15/2052 | 1100 | 850 |
|  4.80%, 08/15/2043 | 1273 | 1121 |
|  7.80%, 05/15/2027 | 1705 | 1817 |

---

The accompanying notes are an integral part of these financial statements.

42.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Industrials – 1.54% – (continued)** |  |  |
|  Northrop Grumman Corp. |  |  |
|  3.85%, 04/15/2045 | $195 | $154 |
|  4.65%, 07/15/2030 | 8451 | 8525 |
|  nVent Finance Sarl |  |  |
|  4.55%, 04/15/2028 | 3625 | 3623 |
|  Parker-Hannifin Corp. |  |  |
|  4.45%, 11/21/2044 | 333 | 287 |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp. |  |  |
|  6.05%, 08/01/2028 <sup>(1)</sup> | 5000 | 5209 |
|  6.20%, 06/15/2030 <sup>(1)</sup> | 2925 | 3119 |
|  Precision Castparts Corp. |  |  |
|  4.20%, 06/15/2035 | 75 | 73 |
|  4.38%, 06/15/2045 | 415 | 353 |
|  Regal Rexnord Corp. |  |  |
|  6.05%, 04/15/2028 | 1368 | 1410 |
|  RTX Corp. |  |  |
|  2.82%, 09/01/2051 | 2550 | 1575 |
|  3.75%, 11/01/2046 | 1130 | 862 |
|  4.15%, 05/15/2045 | 1683 | 1378 |
|  4.35%, 04/15/2047 | 970 | 806 |
|  4.50%, 06/01/2042 | 1823 | 1614 |
|  5.15%, 02/27/2033 | 2076 | 2122 |
|  Ryder System, Inc. |  |  |
|  5.00%, 03/15/2030 | 2799 | 2839 |
|  Siemens Financieringsmaatschappij NV |  |  |
|  4.40%, 05/27/2045 <sup>(1)</sup> | 513 | 448 |
|  Siemens Funding BV |  |  |
|  4.35%, 05/26/2028 <sup>(1)</sup> | 6137 | 6184 |
|  4.60%, 05/28/2030 <sup>(1)</sup> | 10798 | 10906 |
|  SMBC Aviation Capital Finance DAC |  |  |
|  1.90%, 10/15/2026 <sup>(1)</sup> | 1400 | 1352 |
|  5.55%, 04/03/2034 <sup>(1)</sup> | 11200 | 11336 |
|  5.70%, 07/25/2033 <sup>(1)</sup> | 2629 | 2694 |
|  Textron, Inc. |  |  |
|  3.65%, 03/15/2027 | 4975 | 4911 |
|  Union Pacific Corp. |  |  |
|  4.10%, 09/15/2067 | 200 | 148 |
|  United Parcel Service, Inc. |  |  |
|  5.95%, 05/14/2055 | 4795 | 4921 |
|  Vontier Corp. |  |  |
|  2.40%, 04/01/2028 | 10822 | 10166 |
|  Vulcan Materials Co. |  |  |
|  4.70%, 03/01/2048 | 2054 | 1777 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
|  3.45%, 11/15/2026 | 5000 | 4935 |
|  WestRock MWV LLC |  |  |
|  8.20%, 01/15/2030 | 537 | 615 |
|  Total Industrials | Total Industrials | 333223 |
| **Technology – 1.24%** |  |  |
|  Accenture Capital, Inc. |  |  |
|  4.25%, 10/04/2031 | 2355 | 2333 |
|  4.50%, 10/04/2034 | 1590 | 1547 |
|  Analog Devices, Inc. |  |  |
|  2.95%, 10/01/2051 | 2122 | 1377 |
|  4.25%, 06/15/2028 | 20491 | 20586 |
|  4.50%, 06/15/2030 | 15506 | 15633 |

---

The accompanying notes are an integral part of these financial statements.

43.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Technology – 1.24% – (continued)** |  |  |
|  Broadcom, Inc. |  |  |
|  3.14%, 11/15/2035 <sup>(1)</sup> | $12942 | $10916 |
|  3.19%, 11/15/2036 <sup>(1)</sup> | 17915 | 14851 |
|  3.50%, 02/15/2041 <sup>(1)</sup> | 8120 | 6435 |
|  4.75%, 04/15/2029 | 6850 | 6932 |
|  5.05%, 07/12/2029 | 8415 | 8617 |
|  5.15%, 11/15/2031 | 3000 | 3086 |
|  Cadence Design Systems, Inc. |  |  |
|  4.30%, 09/10/2029 | 1690 | 1690 |
|  CDW LLC / CDW Finance Corp. |  |  |
|  2.67%, 12/01/2026 | 14070 | 13715 |
|  CGI, Inc. |  |  |
|  1.45%, 09/14/2026 | 2182 | 2107 |
|  2.30%, 09/14/2031 | 3919 | 3388 |
|  Concentrix Corp. |  |  |
|  6.60%, 08/02/2028 | 3000 | 3148 |
|  Dell International LLC / EMC Corp. |  |  |
|  5.00%, 04/01/2030 | 3140 | 3190 |
|  5.30%, 04/01/2032 | 6750 | 6899 |
|  6.02%, 06/15/2026 | 1296 | 1308 |
|  Fiserv, Inc. |  |  |
|  3.20%, 07/01/2026 | 890 | 880 |
|  4.40%, 07/01/2049 | 2850 | 2333 |
|  5.15%, 08/12/2034 | 10400 | 10438 |
|  5.63%, 08/21/2033 | 1000 | 1040 |
|  Foundry JV Holdco LLC |  |  |
|  5.90%, 01/25/2033 <sup>(1)</sup> | 1500 | 1555 |
|  Hewlett Packard Enterprise Co. |  |  |
|  5.00%, 10/15/2034 | 4180 | 4055 |
|  5.60%, 10/15/2054 | 1656 | 1529 |
|  Identity Digital Capital LLC |  |  |
|  6.79%, 03/20/2065 <sup>(7)</sup> | 10000 | 10000 |
|  Intel Corp. |  |  |
|  3.05%, 08/12/2051 | 885 | 526 |
|  3.25%, 11/15/2049 | 885 | 561 |
|  3.73%, 12/08/2047 | 1270 | 896 |
|  5.70%, 02/10/2053 | 2475 | 2303 |
|  International Business Machines Corp. |  |  |
|  4.65%, 02/10/2028 | 2970 | 3004 |
|  KLA Corp. |  |  |
|  3.30%, 03/01/2050 | 1800 | 1247 |
|  Leidos, Inc. |  |  |
|  2.30%, 02/15/2031 | 1075 | 941 |
|  5.75%, 03/15/2033 | 1000 | 1042 |
|  Marvell Technology, Inc. |  |  |
|  4.75%, 07/15/2030 | 7003 | 7034 |
|  5.45%, 07/15/2035 | 6435 | 6480 |
|  NXP BV / NXP USA, Inc. |  |  |
|  2.50%, 05/11/2031 | 3495 | 3087 |
|  2.65%, 02/15/2032 | 4875 | 4243 |
|  3.25%, 05/11/2041 | 3600 | 2648 |
|  3.25%, 11/30/2051 | 1505 | 968 |
|  4.30%, 06/18/2029 | 7077 | 7012 |
|  Oracle Corp. |  |  |
|  3.60%, 04/01/2040 | 2500 | 2001 |
|  3.60%, 04/01/2050 | 2080 | 1455 |
|  3.80%, 11/15/2037 | 600 | 514 |
|  3.85%, 07/15/2036 | 1065 | 938 |

---

The accompanying notes are an integral part of these financial statements.

44.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Technology – 1.24% – (continued)** |  |  |
|  3.90%, 05/15/2035 | $936 | $844 |
|  4.30%, 07/08/2034 | 221 | 210 |
|  4.38%, 05/15/2055 | 8400 | 6575 |
|  4.90%, 02/06/2033 | 2930 | 2938 |
|  5.38%, 09/27/2054 | 3677 | 3361 |
|  5.55%, 02/06/2053 | 2000 | 1881 |
|  6.90%, 11/09/2052 | 9000 | 10011 |
|  Paychex, Inc. |  |  |
|  5.10%, 04/15/2030 | 10000 | 10242 |
|  QUALCOMM, Inc. |  |  |
|  4.50%, 05/20/2052 | 1615 | 1367 |
|  Roper Technologies, Inc. |  |  |
|  1.40%, 09/15/2027 | 3050 | 2869 |
|  2.00%, 06/30/2030 | 1150 | 1022 |
|  SK Hynix, Inc. |  |  |
|  1.50%, 01/19/2026 <sup>(1)</sup> | 2000 | 1967 |
|  Synopsys, Inc. |  |  |
|  5.70%, 04/01/2055 | 2900 | 2883 |
|  Texas Instruments, Inc. |  |  |
|  5.05%, 05/18/2063 | 2516 | 2307 |
|  VMware LLC |  |  |
|  1.40%, 08/15/2026 | 8282 | 8010 |
|  1.80%, 08/15/2028 | 1928 | 1784 |
|  4.65%, 05/15/2027 | 1370 | 1378 |
|  Workday, Inc. |  |  |
|  3.50%, 04/01/2027 | 3141 | 3100 |
|  Total Technology | Total Technology | 269237 |
| **Utilities – 3.10%** |  |  |
|  Abu Dhabi National Energy Co. PJSC |  |  |
|  2.00%, 04/29/2028 <sup>(1)</sup> | 2015 | 1880 |
|  AEP Texas, Inc. |  |  |
|  3.80%, 10/01/2047 | 3715 | 2717 |
|  AEP Transmission Co. LLC |  |  |
|  3.15%, 09/15/2049 | 580 | 387 |
|  3.75%, 12/01/2047 | 2600 | 1968 |
|  4.00%, 12/01/2046 | 2020 | 1596 |
|  4.25%, 09/15/2048 | 4790 | 3837 |
|  AES Corp. |  |  |
|  5.80%, 03/15/2032 | 3320 | 3371 |
|  Alabama Power Co. |  |  |
|  3.75%, 03/01/2045 | 182 | 142 |
|  4.10%, 01/15/2042 | 233 | 189 |
|  4.15%, 08/15/2044 | 205 | 169 |
|  6.13%, 05/15/2038 | 219 | 236 |
|  Alfa Desarrollo SpA |  |  |
|  4.55%, 09/27/2051 <sup>(1)</sup> | 2445 | 1799 |
|  Ameren Corp. |  |  |
|  5.70%, 12/01/2026 | 5761 | 5853 |
|  American Electric Power Co., Inc. |  |  |
|  4.30%, 12/01/2028 | 2833 | 2834 |
|  5.70%, 08/15/2025 | 4291 | 4294 |
|  American Water Capital Corp. |  |  |
|  3.45%, 06/01/2029 | 590 | 572 |
|  4.00%, 12/01/2046 | 2350 | 1860 |
|  5.45%, 03/01/2054 | 5200 | 5030 |
|  6.59%, 10/15/2037 | 386 | 434 |

---

The accompanying notes are an integral part of these financial statements.

45.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 3.10% – (continued)** |  |  |
|  APA Infrastructure Ltd. |  |  |
|  5.13%, 09/16/2034 <sup>(1)</sup> | $4130 | $4050 |
|  Arizona Public Service Co. |  |  |
|  3.75%, 05/15/2046 | 2290 | 1706 |
|  5.05%, 09/01/2041 | 349 | 319 |
|  Atmos Energy Corp. |  |  |
|  4.13%, 10/15/2044 | 1860 | 1540 |
|  4.15%, 01/15/2043 | 830 | 696 |
|  5.20%, 08/15/2035 | 8681 | 8782 |
|  Ausgrid Finance Pty Ltd. |  |  |
|  4.35%, 08/01/2028 <sup>(1)</sup> | 10275 | 10218 |
|  Baltimore Gas & Electric Co. |  |  |
|  2.90%, 06/15/2050 | 950 | 594 |
|  3.20%, 09/15/2049 | 1105 | 749 |
|  3.50%, 08/15/2046 | 375 | 275 |
|  5.65%, 06/01/2054 | 1930 | 1913 |
|  Berkshire Hathaway Energy Co. |  |  |
|  2.85%, 05/15/2051 | 7650 | 4685 |
|  6.13%, 04/01/2036 | 366 | 394 |
|  Boston Gas Co. |  |  |
|  4.49%, 02/15/2042 <sup>(1)</sup> | 253 | 213 |
|  5.84%, 01/10/2035 <sup>(1)</sup> | 2345 | 2437 |
|  Brooklyn Union Gas Co. |  |  |
|  3.87%, 03/04/2029 <sup>(1)</sup> | 1125 | 1095 |
|  4.27%, 03/15/2048 <sup>(1)</sup> | 1100 | 845 |
|  4.50%, 03/10/2046 <sup>(1)</sup> | 2000 | 1621 |
|  Capital Power U.S. Holdings, Inc. |  |  |
|  5.26%, 06/01/2028 <sup>(1)</sup> | 5354 | 5427 |
|  CenterPoint Energy Houston Electric LLC |  |  |
|  3.95%, 03/01/2048 | 151 | 118 |
|  CenterPoint Energy, Inc. |  |  |
|  5.40%, 06/01/2029 | 851 | 880 |
|  Chile Electricity Lux Mpc II Sarl |  |  |
|  5.58%, 10/20/2035 <sup>(1)</sup> | 3737 | 3737 |
|  5.67%, 10/20/2035 <sup>(1)</sup> | 2978 | 3000 |
|  Cleveland Electric Illuminating Co. |  |  |
|  3.50%, 04/01/2028 <sup>(1)</sup> | 1333 | 1297 |
|  CMS Energy Corp. |  |  |
|  2.95%, 02/15/2027 | 348 | 340 |
|  3.00%, 05/15/2026 | 110 | 109 |
|  Comision Federal de Electricidad |  |  |
|  4.69%, 05/15/2029 <sup>(1)</sup> | 3900 | 3811 |
|  Commonwealth Edison Co. |  |  |
|  3.65%, 06/15/2046 | 364 | 275 |
|  3.75%, 08/15/2047 | 1000 | 758 |
|  4.00%, 03/01/2048 | 4615 | 3650 |
|  Consolidated Edison Co. of New York, Inc. |  |  |
|  3.85%, 06/15/2046 | 2940 | 2271 |
|  3.88%, 06/15/2047 | 1800 | 1385 |
|  4.30%, 12/01/2056 | 3050 | 2402 |
|  4.50%, 05/15/2058 | 538 | 437 |
|  5.70%, 06/15/2040 | 318 | 326 |
|  Constellation Energy Generation LLC |  |  |
|  5.75%, 10/01/2041 | 4727 | 4727 |
|  5.80%, 03/01/2033 | 621 | 657 |
|  6.25%, 10/01/2039 | 300 | 320 |

---

The accompanying notes are an integral part of these financial statements.

46.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 3.10% – (continued)** |  |  |
|  Consumers Energy Co. |  |  |
|  3.25%, 08/15/2046 | $190 | $139 |
|  4.35%, 08/31/2064 | 191 | 149 |
|  Delmarva Power & Light Co. |  |  |
|  4.00%, 06/01/2042 | 170 | 134 |
|  Dominion Energy, Inc. |  |  |
|  2.85%, 08/15/2026 | 304 | 299 |
|  4.90%, 08/01/2041 | 212 | 191 |
|  5.25%, 08/01/2033 | 1161 | 1169 |
|  7.00%, 06/15/2038 | 124 | 141 |
|  DTE Electric Securitization Funding II LLC |  |  |
|  6.09%, 09/01/2037 | 2300 | 2483 |
|  DTE Energy Co. |  |  |
|  5.10%, 03/01/2029 | 5584 | 5694 |
|  5.20%, 04/01/2030 | 4478 | 4582 |
|  Duke Energy Carolinas LLC |  |  |
|  4.25%, 12/15/2041 | 141 | 121 |
|  4.95%, 01/15/2033 | 7935 | 8074 |
|  Duke Energy Corp. |  |  |
|  3.50%, 06/15/2051 | 4000 | 2747 |
|  3.75%, 09/01/2046 | 13800 | 10217 |
|  3.95%, 08/15/2047 | 1740 | 1308 |
|  4.50%, 08/15/2032 | 7305 | 7142 |
|  5.80%, 06/15/2054 | 2000 | 1953 |
|  6.10%, 09/15/2053 | 2730 | 2777 |
|  Duke Energy Florida LLC |  |  |
|  6.20%, 11/15/2053 | 6139 | 6533 |
|  Duke Energy Indiana LLC |  |  |
|  3.75%, 05/15/2046 | 600 | 454 |
|  Duke Energy Ohio, Inc. |  |  |
|  5.25%, 04/01/2033 | 2515 | 2590 |
|  Duke Energy Progress LLC |  |  |
|  2.90%, 08/15/2051 | 1645 | 1022 |
|  3.70%, 10/15/2046 | 506 | 382 |
|  4.10%, 05/15/2042 | 217 | 180 |
|  4.10%, 03/15/2043 | 181 | 149 |
|  4.15%, 12/01/2044 | 129 | 105 |
|  4.20%, 08/15/2045 | 325 | 267 |
|  4.38%, 03/30/2044 | 132 | 112 |
|  Duquesne Light Holdings, Inc. |  |  |
|  2.53%, 10/01/2030 <sup>(1)</sup> | 2500 | 2210 |
|  3.62%, 08/01/2027 <sup>(1)</sup> | 6675 | 6468 |
|  Electricite de France SA |  |  |
|  4.75%, 10/13/2035 <sup>(1)</sup> | 5000 | 4781 |
|  5.95%, 04/22/2034 <sup>(1)</sup> | 9195 | 9579 |
|  Emera U.S. Finance LP |  |  |
|  3.55%, 06/15/2026 | 1260 | 1246 |
|  4.75%, 06/15/2046 | 3165 | 2631 |
|  Enel Finance America LLC |  |  |
|  2.88%, 07/12/2041 <sup>(1)</sup> | 1094 | 745 |
|  Enel Finance International NV |  |  |
|  2.13%, 07/12/2028 <sup>(1)</sup> | 4106 | 3833 |
|  2.50%, 07/12/2031 <sup>(1)</sup> | 4538 | 3981 |
|  3.50%, 04/06/2028 <sup>(1)</sup> | 900 | 878 |
|  3.63%, 05/25/2027 <sup>(1)</sup> | 8243 | 8138 |
|  4.63%, 06/15/2027 <sup>(1)</sup> | 2096 | 2104 |
|  4.75%, 05/25/2047 <sup>(1)</sup> | 7050 | 5931 |
|  5.13%, 06/26/2029 <sup>(1)</sup> | 4968 | 5060 |

---

The accompanying notes are an integral part of these financial statements.

47.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 3.10% – (continued)** |  |  |
|  6.00%, 10/07/2039 <sup>(1)</sup> | $307 | $316 |
|  6.80%, 09/15/2037 <sup>(1)</sup> | 2425 | 2672 |
|  Entergy Arkansas LLC |  |  |
|  2.65%, 06/15/2051 | 960 | 562 |
|  Entergy Louisiana LLC |  |  |
|  2.90%, 03/15/2051 | 1570 | 971 |
|  3.05%, 06/01/2031 | 440 | 405 |
|  3.12%, 09/01/2027 | 370 | 362 |
|  4.00%, 03/15/2033 | 2610 | 2460 |
|  5.80%, 03/15/2055 | 2705 | 2705 |
|  Entergy Mississippi LLC |  |  |
|  5.85%, 06/01/2054 | 1200 | 1203 |
|  Entergy Texas, Inc. |  |  |
|  4.50%, 03/30/2039 | 11000 | 9983 |
|  Evergy Kansas Central, Inc. |  |  |
|  4.13%, 03/01/2042 | 4175 | 3459 |
|  Evergy Metro, Inc. |  |  |
|  4.20%, 03/15/2048 | 500 | 398 |
|  Evergy Missouri West Storm Funding I LLC |  |  |
|  5.10%, 12/01/2038 | 3510 | 3509 |
|  Evergy, Inc. |  |  |
|  2.90%, 09/15/2029 | 2190 | 2056 |
|  Eversource Energy |  |  |
|  4.75%, 05/15/2026 | 3264 | 3269 |
|  5.95%, 02/01/2029 | 3237 | 3381 |
|  Exelon Corp. |  |  |
|  4.95%, 06/15/2035 | 1500 | 1458 |
|  Fells Point Funding Trust |  |  |
|  3.05%, 01/31/2027 <sup>(1)</sup> | 9320 | 9118 |
|  FirstEnergy Corp. |  |  |
|  2.65%, 03/01/2030 | 1924 | 1767 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |
|  3.25%, 03/15/2028 <sup>(1)</sup> | 2386 | 2314 |
|  5.20%, 04/01/2028 <sup>(1)</sup> | 1885 | 1923 |
|  FirstEnergy Transmission LLC |  |  |
|  2.87%, 09/15/2028 <sup>(1)</sup> | 2781 | 2650 |
|  Florida Power & Light Co. |  |  |
|  3.95%, 03/01/2048 | 1326 | 1058 |
|  5.40%, 09/01/2035 | 700 | 723 |
|  Fortis, Inc. |  |  |
|  3.06%, 10/04/2026 | 1568 | 1540 |
|  Georgia Power Co. |  |  |
|  5.20%, 03/15/2035 | 4999 | 5069 |
|  Indiana Michigan Power Co. |  |  |
|  3.25%, 05/01/2051 | 1570 | 1027 |
|  ITC Holdings Corp. |  |  |
|  2.95%, 05/14/2030 <sup>(1)</sup> | 890 | 828 |
|  5.65%, 05/09/2034 <sup>(1)</sup> | 6420 | 6584 |
|  Jersey Central Power & Light Co. |  |  |
|  4.30%, 01/15/2026 <sup>(1)</sup> | 740 | 739 |
|  5.10%, 01/15/2035 | 960 | 957 |
|  6.15%, 06/01/2037 | 400 | 425 |
|  KeySpan Gas East Corp. |  |  |
|  2.74%, 08/15/2026 <sup>(1)</sup> | 538 | 526 |
|  Massachusetts Electric Co. |  |  |
|  4.00%, 08/15/2046 <sup>(1)</sup> | 624 | 494 |
|  MidAmerican Energy Co. |  |  |
|  5.85%, 09/15/2054 | 1320 | 1359 |

---

The accompanying notes are an integral part of these financial statements.

48.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 3.10% – (continued)** |  |  |
|  Mid-Atlantic Interstate Transmission LLC |  |  |
|  4.10%, 05/15/2028 <sup>(1)</sup> | $9900 | $9826 |
|  Monongahela Power Co. |  |  |
|  5.40%, 12/15/2043 <sup>(1)</sup> | 1650 | 1609 |
|  National Fuel Gas Co. |  |  |
|  4.75%, 09/01/2028 | 2181 | 2180 |
|  5.50%, 03/15/2030 | 7854 | 8072 |
|  5.95%, 03/15/2035 | 4671 | 4775 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
|  5.00%, 02/07/2031 | 4164 | 4268 |
|  8.00%, 03/01/2032 | 791 | 931 |
|  Nevada Power Co. |  |  |
|  5.38%, 09/15/2040 | 261 | 262 |
|  5.45%, 05/15/2041 | 386 | 381 |
|  New England Power Co. |  |  |
|  3.80%, 12/05/2047 <sup>(1)</sup> | 5108 | 3908 |
|  New York State Electric & Gas Corp. |  |  |
|  3.25%, 12/01/2026 <sup>(1)</sup> | 804 | 793 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
|  1.88%, 01/15/2027 | 2787 | 2688 |
|  1.90%, 06/15/2028 | 5605 | 5237 |
|  5.55%, 03/15/2054 | 5000 | 4809 |
|  5.75%, 09/01/2025 | 4320 | 4326 |
|  5.90%, 03/15/2055 | 2895 | 2904 |
|  Niagara Mohawk Power Corp. |  |  |
|  1.96%, 06/27/2030 <sup>(1)</sup> | 2150 | 1898 |
|  6.00%, 07/03/2055 <sup>(1)</sup> | 4542 | 4542 |
|  NiSource, Inc. |  |  |
|  1.70%, 02/15/2031 | 1640 | 1404 |
|  5.25%, 02/15/2043 | 4699 | 4383 |
|  5.35%, 07/15/2035 | 5099 | 5141 |
|  5.80%, 02/01/2042 | 774 | 761 |
|  5.85%, 04/01/2055 | 11878 | 11752 |
|  5.95%, 06/15/2041 | 1800 | 1831 |
|  Northern States Power Co. |  |  |
|  3.60%, 09/15/2047 | 2395 | 1790 |
|  4.13%, 05/15/2044 | 1480 | 1227 |
|  NRG Energy, Inc. |  |  |
|  2.00%, 12/02/2025 <sup>(1)</sup> | 2685 | 2646 |
|  2.45%, 12/02/2027 <sup>(1)</sup> | 6215 | 5899 |
|  4.45%, 06/15/2029 <sup>(1)</sup> | 1155 | 1136 |
|  Oglethorpe Power Corp. |  |  |
|  6.19%, 01/01/2031 <sup>(1)</sup> | 4587 | 4814 |
|  6.20%, 12/01/2053 | 5485 | 5603 |
|  Ohio Power Co. |  |  |
|  2.90%, 10/01/2051 | 1390 | 849 |
|  4.15%, 04/01/2048 | 1190 | 920 |
|  Oncor Electric Delivery Co. LLC |  |  |
|  3.10%, 09/15/2049 | 1895 | 1242 |
|  5.75%, 03/15/2029 | 124 | 130 |
|  Pacific Gas & Electric Co. |  |  |
|  2.95%, 03/01/2026 | 990 | 977 |
|  3.15%, 01/01/2026 | 9192 | 9104 |
|  3.45%, 07/01/2025 | 1570 | 1570 |
|  3.75%, 08/15/2042 | 376 | 268 |
|  3.95%, 12/01/2047 | 779 | 550 |
|  4.30%, 03/15/2045 | 638 | 482 |
|  4.45%, 04/15/2042 | 1905 | 1510 |

---

The accompanying notes are an integral part of these financial statements.

49.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 3.10% – (continued)** |  |  |
|  4.50%, 07/01/2040 | $14622 | $12183 |
|  4.95%, 07/01/2050 | 4255 | 3430 |
|  5.80%, 05/15/2034 | 4992 | 4991 |
|  5.90%, 06/15/2032 | 2099 | 2142 |
|  5.90%, 10/01/2054 | 5000 | 4533 |
|  6.00%, 08/15/2035 | 2735 | 2766 |
|  6.10%, 01/15/2029 | 975 | 1010 |
|  6.15%, 01/15/2033 | 2228 | 2295 |
|  6.40%, 06/15/2033 | 4698 | 4911 |
|  PECO Energy Co. |  |  |
|  2.80%, 06/15/2050 | 860 | 539 |
|  3.70%, 09/15/2047 | 2120 | 1608 |
|  3.90%, 03/01/2048 | 5235 | 4084 |
|  4.15%, 10/01/2044 | 353 | 293 |
|  Pepco Holdings LLC |  |  |
|  7.45%, 08/15/2032 | 222 | 251 |
|  PG&E Recovery Funding LLC |  |  |
|  5.23%, 06/01/2042 | 2645 | 2623 |
|  5.53%, 06/01/2049 | 3140 | 3090 |
|  PG&E Wildfire Recovery Funding LLC |  |  |
|  4.26%, 06/01/2036 | 1735 | 1635 |
|  5.10%, 06/01/2052 | 2420 | 2232 |
|  5.21%, 12/01/2047 | 1285 | 1218 |
|  Potomac Electric Power Co. |  |  |
|  6.50%, 11/15/2037 | 136 | 152 |
|  PPL Capital Funding, Inc. |  |  |
|  4.13%, 04/15/2030 | 5397 | 5294 |
|  5.25%, 09/01/2034 | 8083 | 8148 |
|  PPL Electric Utilities Corp. |  |  |
|  3.00%, 10/01/2049 | 2105 | 1385 |
|  4.13%, 06/15/2044 | 208 | 174 |
|  PSEG Power LLC |  |  |
|  5.20%, 05/15/2030 <sup>(1)</sup> | 10939 | 11162 |
|  Public Service Co. of Colorado |  |  |
|  3.55%, 06/15/2046 | 353 | 252 |
|  4.10%, 06/15/2048 | 2515 | 1944 |
|  Public Service Co. of Oklahoma |  |  |
|  5.20%, 01/15/2035 | 685 | 684 |
|  6.63%, 11/15/2037 | 649 | 705 |
|  Public Service Electric & Gas Co. |  |  |
|  3.00%, 03/01/2051 | 4380 | 2855 |
|  3.60%, 12/01/2047 | 1605 | 1189 |
|  4.65%, 03/15/2033 | 7255 | 7210 |
|  5.38%, 11/01/2039 | 117 | 119 |
|  Public Service Enterprise Group, Inc. |  |  |
|  1.60%, 08/15/2030 | 8395 | 7250 |
|  Puget Energy, Inc. |  |  |
|  2.38%, 06/15/2028 | 560 | 529 |
|  5.73%, 03/15/2035 <sup>(1)</sup> | 1470 | 1479 |
|  RWE Finance U.S. LLC |  |  |
|  6.25%, 04/16/2054 <sup>(1)</sup> | 2000 | 1991 |
|  San Diego Gas & Electric Co. |  |  |
|  2.95%, 08/15/2051 | 7230 | 4549 |
|  3.95%, 11/15/2041 | 310 | 246 |
|  5.35%, 05/15/2040 | 3430 | 3370 |
|  5.40%, 04/15/2035 | 4106 | 4193 |
|  SCE Recovery Funding LLC |  |  |
|  4.70%, 06/15/2040 | 2158 | 2098 |

---

The accompanying notes are an integral part of these financial statements.

50.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 3.10% – (continued)** |  |  |
|  Sempra |  |  |
|  6.00%, 10/15/2039 | $1814 | $1839 |
|  Sigeco Securitization I LLC |  |  |
|  5.03%, 11/15/2036 | 2333 | 2351 |
|  Southern California Edison Co. |  |  |
|  2.95%, 02/01/2051 | 6220 | 3637 |
|  3.65%, 03/01/2028 | 1200 | 1167 |
|  3.90%, 12/01/2041 | 392 | 295 |
|  4.00%, 04/01/2047 | 4584 | 3292 |
|  4.05%, 03/15/2042 | 800 | 600 |
|  4.13%, 03/01/2048 | 1880 | 1364 |
|  4.88%, 02/01/2027 | 4901 | 4929 |
|  4.90%, 06/01/2026 | 4586 | 4590 |
|  5.75%, 04/15/2054 | 5100 | 4568 |
|  5.88%, 12/01/2053 | 2647 | 2416 |
|  5.90%, 03/01/2055 | 1000 | 914 |
|  6.05%, 03/15/2039 | 253 | 253 |
|  6.20%, 09/15/2055 | 5000 | 4788 |
|  Southern California Gas Co. |  |  |
|  2.55%, 02/01/2030 | 2621 | 2408 |
|  5.05%, 09/01/2034 | 17497 | 17609 |
|  Southern Co. |  |  |
|  5.70%, 03/15/2034 | 3715 | 3882 |
|  Southern Co. Gas Capital Corp. |  |  |
|  3.25%, 06/15/2026 | 225 | 223 |
|  3.95%, 10/01/2046 | 282 | 217 |
|  4.40%, 06/01/2043 | 160 | 134 |
|  5.75%, 09/15/2033 | 1730 | 1814 |
|  5.88%, 03/15/2041 | 1210 | 1238 |
|  Southern Power Co. |  |  |
|  5.15%, 09/15/2041 | 746 | 706 |
|  Southwest Gas Corp. |  |  |
|  3.80%, 09/29/2046 | 508 | 373 |
|  Southwestern Public Service Co. |  |  |
|  4.50%, 08/15/2041 | 350 | 302 |
|  Toledo Edison Co. |  |  |
|  2.65%, 05/01/2028 <sup>(1)</sup> | 1208 | 1131 |
|  6.15%, 05/15/2037 | 680 | 735 |
|  Union Electric Co. |  |  |
|  3.65%, 04/15/2045 | 1370 | 1050 |
|  Virginia Electric & Power Co. |  |  |
|  3.50%, 03/15/2027 | 1732 | 1713 |
|  4.45%, 02/15/2044 | 126 | 107 |
|  4.65%, 08/15/2043 | 1765 | 1547 |
|  5.65%, 03/15/2055 | 5600 | 5516 |
|  Vistra Operations Co. LLC |  |  |
|  4.30%, 07/15/2029 <sup>(1)</sup> | 3663 | 3609 |
|  5.05%, 12/30/2026 <sup>(1)</sup> | 3646 | 3664 |
|  5.70%, 12/30/2034 <sup>(1)</sup> | 8978 | 9142 |
|  6.00%, 04/15/2034 <sup>(1)</sup> | 7266 | 7545 |
|  Xcel Energy, Inc. |  |  |
|  3.35%, 12/01/2026 | 5105 | 5033 |
|  Total Utilities | Total Utilities | 673107 |
|  **Total Corporate Bonds**<br> (Cost: $6,438,663) |  | **6247434** |

---

The accompanying notes are an integral part of these financial statements.

51.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Government Related – 27.45%** |  |  |
| **Other Government Related – 1.28%** |  |  |
|  Alabama Economic Settlement Authority |  |  |
|  4.26%, 09/15/2032 | $610 | $601 |
|  American Municipal Power, Inc. |  |  |
|  7.50%, 02/15/2050 | 1310 | 1508 |
|  Atlanta Independent School System |  |  |
|  5.56%, 03/01/2026 | 535 | 539 |
|  Bay Area Toll Authority |  |  |
|  6.26%, 04/01/2049 | 1650 | 1735 |
|  Bermuda Government International Bond |  |  |
|  2.38%, 08/20/2030 <sup>(1)</sup> | 1765 | 1566 |
|  California Municipal Finance Authority |  |  |
|  3.28%, 02/01/2046 | 4000 | 2971 |
|  California Qualified School Bond Joint Powers Authority |  |  |
|  7.16%, 03/01/2027 | 270 | 278 |
|  Cassa Depositi e Prestiti SpA |  |  |
|  5.88%, 04/30/2029 <sup>(1)</sup> | 6800 | 7112 |
|  Chile Government International Bond |  |  |
|  2.55%, 01/27/2032 | 1398 | 1228 |
|  City of Houston TX Combined Utility System Revenue |  |  |
|  3.83%, 05/15/2028 | 1385 | 1380 |
|  City of Los Angeles Department of Airports |  |  |
|  6.58%, 05/15/2039 | 1365 | 1474 |
|  City of New York NY |  |  |
|  5.09%, 10/01/2049 | 1335 | 1260 |
|  5.11%, 10/01/2054 | 910 | 856 |
|  Colombia Government International Bond |  |  |
|  7.38%, 04/25/2030 | 2786 | 2880 |
|  Colorado Housing & Finance Authority |  |  |
|  6.25%, 11/01/2055 | 10000 | 10548 |
|  Curators of the University of Missouri |  |  |
|  5.96%, 11/01/2039 | 3025 | 3104 |
|  District of Columbia Water & Sewer Authority |  |  |
|  4.81%, 10/01/2114 | 875 | 746 |
|  Empire State Development Corp. |  |  |
|  5.84%, 03/15/2040 | 2000 | 2067 |
|  Export-Import Bank of India |  |  |
|  3.88%, 02/01/2028 <sup>(1)</sup> | 3480 | 3418 |
|  Fannie Mae |  |  |
|  0.00%, 03/17/2031 | 2250 | 1777 |
|  0.88%, 08/05/2030 | 555 | 480 |
|  6.63%, 11/15/2030 | 2550 | 2885 |
|  7.13%, 01/15/2030 | 1500 | 1706 |
|  Federal Farm Credit Banks Funding Corp. |  |  |
|  1.42%, 08/19/2032 | 3000 | 2465 |
|  Federal Home Loan Mortgage Corp. |  |  |
|  6.25%, 07/15/2032 | 3649 | 4137 |
|  Hungary Government International Bond |  |  |
|  5.38%, 09/26/2030 <sup>(1)</sup> | 5275 | 5322 |
|  Idaho Energy Resources Authority |  |  |
|  2.86%, 09/01/2046 | 3175 | 2184 |
|  Illinois State Toll Highway Authority |  |  |
|  5.85%, 12/01/2034 | 7500 | 7858 |
|  Israel Government International Bond |  |  |
|  5.38%, 02/19/2030 | 8572 | 8736 |
|  Korea National Oil Corp. |  |  |
|  4.63%, 03/31/2028 <sup>(1)</sup> | 5919 | 5959 |

---

The accompanying notes are an integral part of these financial statements.

52.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Other Government Related – 1.28% – (continued)** |  |  |
|  4.75%, 04/03/2026 <sup>(1)</sup> | $1570 | $1574 |
|  4.88%, 04/03/2028 <sup>(1)</sup> | 1760 | 1785 |
|  Los Angeles Department of Water & Power |  |  |
|  6.60%, 07/01/2050 | 2400 | 2518 |
|  Mexico Government International Bond |  |  |
|  2.66%, 05/24/2031 | 2579 | 2231 |
|  3.50%, 02/12/2034 | 3202 | 2683 |
|  3.75%, 01/11/2028 | 3517 | 3441 |
|  3.77%, 05/24/2061 | 1753 | 1032 |
|  4.35%, 01/15/2047 | 42 | 30 |
|  4.40%, 02/12/2052 | 1340 | 938 |
|  4.60%, 01/23/2046 | 1494 | 1126 |
|  4.60%, 02/10/2048 | 1482 | 1099 |
|  4.75%, 03/08/2044 | 450 | 354 |
|  5.75%, 10/12/2110 | 588 | 462 |
|  5.85%, 07/02/2032 | 4785 | 4842 |
|  6.00%, 05/13/2030 | 2185 | 2259 |
|  6.00%, 05/07/2036 | 4736 | 4674 |
|  6.34%, 05/04/2053 | 2248 | 2058 |
|  6.63%, 01/29/2038 | 4864 | 4937 |
|  6.88%, 05/13/2037 | 15274 | 15920 |
|  7.38%, 05/13/2055 | 5280 | 5442 |
|  New Jersey Turnpike Authority |  |  |
|  7.10%, 01/01/2041 | 5870 | 6724 |
|  New York State Dormitory Authority |  |  |
|  5.60%, 03/15/2040 | 260 | 264 |
|  Ohio State University |  |  |
|  4.80%, 06/01/2111 | 1102 | 922 |
|  Panama Government International Bond |  |  |
|  4.50%, 04/16/2050 | 935 | 631 |
|  4.50%, 01/19/2063 | 4130 | 2653 |
|  Peruvian Government International Bond |  |  |
|  2.78%, 01/23/2031 | 2220 | 1987 |
|  5.63%, 11/18/2050 | 190 | 180 |
|  6.20%, 06/30/2055 | 4627 | 4645 |
|  Port Authority of New York & New Jersey |  |  |
|  4.46%, 10/01/2062 | 2065 | 1733 |
|  5.65%, 11/01/2040 | 435 | 453 |
|  5.65%, 11/01/2040 | 1260 | 1312 |
|  Province of Manitoba Canada |  |  |
|  2.13%, 06/22/2026 | 400 | 392 |
|  Regents of the University of California Medical Center Pooled Revenue |  |  |
|  3.71%, 05/15/2120 | 3270 | 2016 |
|  Republic of Poland Government International Bond |  |  |
|  5.38%, 02/12/2035 | 6810 | 6934 |
|  5.50%, 03/18/2054 | 2147 | 1990 |
|  Resolution Funding Corp. Principal Strip |  |  |
|  0.00%, 04/15/2030 | 929 | 766 |
|  Romanian Government International Bond |  |  |
|  7.50%, 02/10/2037 <sup>(1)</sup> | 4320 | 4485 |
|  Saudi Government International Bond |  |  |
|  2.25%, 02/02/2033 <sup>(1)</sup> | 1533 | 1286 |
|  3.45%, 02/02/2061 <sup>(1)</sup> | 1185 | 733 |
|  St Johns County Industrial Development Authority |  |  |
|  2.54%, 10/01/2030 | 10000 | 9040 |
|  State of California |  |  |
|  7.30%, 10/01/2039 | 275 | 318 |
|  7.50%, 04/01/2034 | 5540 | 6425 |

---

The accompanying notes are an integral part of these financial statements.

53.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Other Government Related – 1.28% – (continued)** |  |  |
|  State of Illinois |  |  |
|  5.10%, 06/01/2033 | $25147 | $25223 |
|  Tennessee Valley Authority |  |  |
|  1.50%, 09/15/2031 | 890 | 764 |
|  2.88%, 02/01/2027 | 805 | 793 |
|  4.25%, 09/15/2065 | 1720 | 1386 |
|  4.63%, 09/15/2060 | 1308 | 1139 |
|  4.88%, 05/15/2035 | 9638 | 9850 |
|  5.25%, 02/01/2055 | 13461 | 13130 |
|  5.50%, 06/15/2038 | 57 | 61 |
|  5.88%, 04/01/2036 | 2967 | 3280 |
|  7.13%, 05/01/2030 | 1615 | 1847 |
|  Tennessee Valley Authority Generic Strip |  |  |
|  0.00%, 07/15/2028 | 2000 | 1781 |
|  0.00%, 03/15/2032 | 1514 | 1132 |
|  0.00%, 07/15/2034 | 370 | 248 |
|  Tennessee Valley Authority Principal Strip |  |  |
|  0.00%, 11/01/2025 | 1847 | 1820 |
|  0.00%, 06/15/2035 | 258 | 161 |
|  Texas Private Activity Bond Surface Transportation Corp. |  |  |
|  3.92%, 12/31/2049 | 1810 | 1413 |
|  University of Michigan |  |  |
|  4.45%, 04/01/2122 | 7800 | 6117 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education |  |  |
|  3.56%, 09/15/2119 | 2045 | 1294 |
|  University of Virginia |  |  |
|  2.58%, 11/01/2051 | 3150 | 1907 |
|  4.18%, 09/01/2117 | 1540 | 1148 |
|  West Contra Costa Unified School District |  |  |
|  6.25%, 08/01/2030 | 215 | 235 |
|  Total Other Government Related | Total Other Government Related | 278803 |
| **U.S. Treasury Obligations – 26.17%** |  |  |
|  U.S. Treasury Inflation Indexed Bonds |  |  |
|  1.75%, 01/15/2028 <sup>(8)</sup> | 919 | 930 |
|  2.50%, 01/15/2029 <sup>(8)</sup> | 617 | 642 |
|  3.63%, 04/15/2028 <sup>(8)</sup> | 2069 | 2200 |
|  U.S. Treasury Note/Bond |  |  |
|  0.63%, 08/15/2030 | 2700 | 2303 |
|  0.75%, 01/31/2028 | 73860 | 68525 |
|  0.88%, 11/15/2030 | 20235 | 17357 |
|  1.00%, 07/31/2028 | 32000 | 29501 |
|  1.13%, 05/15/2040 | 1975 | 1228 |
|  1.25%, 06/30/2028 | 90462 | 84218 |
|  1.25%, 08/15/2031 | 15190 | 12995 |
|  1.38%, 11/15/2031 | 101919 | 87200 |
|  1.38%, 11/15/2040 | 50200 | 31981 |
|  1.38%, 08/15/2050 | 24025 | 11845 |
|  1.50%, 01/31/2027 | 822 | 793 |
|  1.50%, 02/15/2030 | 1855 | 1679 |
|  1.63%, 05/15/2031 | 4225 | 3726 |
|  1.63%, 11/15/2050 | 171730 | 90474 |
|  1.75%, 12/31/2026 | 44760 | 43410 |
|  1.75%, 01/31/2029 | 58475 | 54628 |
|  1.75%, 08/15/2041 | 57142 | 37937 |
|  1.88%, 02/28/2029 | 33900 | 31769 |
|  1.88%, 02/15/2032 | 143125 | 125726 |

---

The accompanying notes are an integral part of these financial statements.

54.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **U.S. Treasury Obligations – 26.17% – (continued)** |  |  |
|  1.88%, 02/15/2051 | $74045 | $41592 |
|  2.00%, 08/15/2025 | 150 | 150 |
|  2.00%, 11/15/2041 | 44234 | 30421 |
|  2.00%, 02/15/2050 | 75410 | 44280 |
|  2.00%, 08/15/2051 | 13200 | 7610 |
|  2.25%, 02/15/2027 | 1530 | 1493 |
|  2.25%, 05/15/2041 | 39825 | 28923 |
|  2.25%, 08/15/2046 | 39102 | 25616 |
|  2.25%, 08/15/2049 | 37090 | 23267 |
|  2.38%, 03/31/2029 | 51735 | 49294 |
|  2.38%, 02/15/2042 | 146314 | 106443 |
|  2.38%, 11/15/2049 | 26885 | 17291 |
|  2.38%, 05/15/2051 | 76375 | 48430 |
|  2.50%, 02/15/2045 | 79890 | 56241 |
|  2.75%, 05/31/2029 | 85230 | 82187 |
|  2.75%, 08/15/2042 | 19600 | 14998 |
|  2.75%, 11/15/2042 | 13300 | 10131 |
|  2.88%, 04/30/2029 | 36460 | 35348 |
|  2.88%, 05/15/2032 | 53595 | 50007 |
|  2.88%, 05/15/2043 | 107560 | 82901 |
|  2.88%, 05/15/2049 | 81880 | 58778 |
|  2.88%, 05/15/2052 | 110206 | 77557 |
|  3.00%, 11/15/2044 | 84915 | 65388 |
|  3.00%, 11/15/2045 | 1340 | 1021 |
|  3.00%, 02/15/2047 | 780 | 586 |
|  3.00%, 02/15/2048 | 5685 | 4224 |
|  3.00%, 08/15/2048 | 7860 | 5813 |
|  3.00%, 02/15/2049 | 21465 | 15815 |
|  3.00%, 08/15/2052 | 72619 | 52419 |
|  3.13%, 08/31/2027 | 94675 | 93510 |
|  3.13%, 08/31/2029 | 19000 | 18541 |
|  3.13%, 02/15/2043 | 20360 | 16373 |
|  3.25%, 06/30/2027 | 8855 | 8776 |
|  3.25%, 06/30/2029 | 40000 | 39269 |
|  3.25%, 05/15/2042 | 52758 | 43639 |
|  3.38%, 05/15/2033 | 37000 | 35270 |
|  3.38%, 08/15/2042 | 148622 | 124744 |
|  3.38%, 05/15/2044 | 9980 | 8209 |
|  3.50%, 09/30/2029 | 16109 | 15947 |
|  3.50%, 02/15/2033 | 24650 | 23762 |
|  3.63%, 03/31/2028 | 40000 | 39931 |
|  3.63%, 08/31/2029 | 27753 | 27615 |
|  3.63%, 03/31/2030 | 7400 | 7347 |
|  3.63%, 08/15/2043 | 22130 | 19039 |
|  3.63%, 02/15/2044 | 10150 | 8690 |
|  3.63%, 02/15/2053 | 62976 | 51409 |
|  3.63%, 05/15/2053 | 9911 | 8084 |
|  3.75%, 06/30/2027 | 65651 | 65692 |
|  3.75%, 04/15/2028 | 11000 | 11014 |
|  3.75%, 12/31/2028 | 15825 | 15839 |
|  3.75%, 11/15/2043 | 10943 | 9561 |
|  3.88%, 11/30/2027 | 83250 | 83569 |
|  3.88%, 06/15/2028 | 28347 | 28498 |
|  3.88%, 12/31/2029 | 132030 | 132592 |
|  3.88%, 04/30/2030 | 43623 | 43793 |
|  3.88%, 06/30/2030 | 94137 | 94497 |
|  3.88%, 08/15/2040 | 25825 | 23758 |

---

The accompanying notes are an integral part of these financial statements.

55.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **U.S. Treasury Obligations – 26.17% – (continued)** |  |  |
|  3.88%, 02/15/2043 | $27584 | $24692 |
|  3.88%, 05/15/2043 | 131396 | 117363 |
|  4.00%, 01/31/2029 | 39035 | 39387 |
|  4.00%, 07/31/2029 | 26980 | 27232 |
|  4.00%, 02/28/2030 | 65024 | 65656 |
|  4.00%, 03/31/2030 | 18256 | 18426 |
|  4.00%, 05/31/2030 | 32041 | 32351 |
|  4.00%, 01/31/2031 | 62900 | 63345 |
|  4.00%, 06/30/2032 | 14820 | 14832 |
|  4.00%, 02/15/2034 | 8646 | 8556 |
|  4.00%, 11/15/2042 | 7741 | 7062 |
|  4.13%, 02/28/2027 | 67600 | 67951 |
|  4.13%, 07/31/2028 | 11130 | 11264 |
|  4.13%, 03/31/2029 | 19602 | 19867 |
|  4.13%, 10/31/2029 | 27275 | 27665 |
|  4.13%, 08/31/2030 | 63050 | 63961 |
|  4.13%, 03/31/2031 | 29075 | 29441 |
|  4.13%, 10/31/2031 | 108505 | 109637 |
|  4.13%, 02/29/2032 | 48624 | 49068 |
|  4.13%, 08/15/2044 | 38335 | 35120 |
|  4.13%, 08/15/2053 | 8982 | 8023 |
|  4.25%, 11/30/2026 | 38525 | 38724 |
|  4.25%, 01/15/2028 | 284800 | 288483 |
|  4.25%, 02/28/2029 | 39039 | 39727 |
|  4.25%, 06/30/2029 | 23088 | 23517 |
|  4.25%, 01/31/2030 | 96853 | 98764 |
|  4.25%, 11/15/2034 | 111655 | 112021 |
|  4.25%, 05/15/2035 | 51551 | 51632 |
|  4.25%, 05/15/2039 | 9000 | 8762 |
|  4.25%, 02/15/2054 | 65436 | 59690 |
|  4.25%, 08/15/2054 | 19804 | 18085 |
|  4.38%, 08/31/2028 | 19910 | 20303 |
|  4.38%, 11/30/2028 | 16913 | 17265 |
|  4.38%, 12/31/2029 | 27598 | 28283 |
|  4.38%, 11/30/2030 | 22375 | 22954 |
|  4.38%, 01/31/2032 | 126455 | 129453 |
|  4.38%, 05/15/2034 | 54375 | 55222 |
|  4.38%, 11/15/2039 | 14000 | 13724 |
|  4.38%, 05/15/2041 | 1500 | 1454 |
|  4.38%, 08/15/2043 | 12140 | 11571 |
|  4.50%, 05/31/2029 | 24742 | 25417 |
|  4.50%, 12/31/2031 | 975 | 1005 |
|  4.50%, 11/15/2033 | 14450 | 14843 |
|  4.50%, 02/15/2044 | 17022 | 16448 |
|  4.50%, 11/15/2054 | 23817 | 22697 |
|  4.63%, 09/30/2028 | 22646 | 23273 |
|  4.63%, 04/30/2029 | 33563 | 34612 |
|  4.63%, 02/15/2035 | 4050 | 4178 |
|  4.63%, 05/15/2044 | 64411 | 63166 |
|  4.63%, 11/15/2044 | 32465 | 31780 |
|  4.63%, 05/15/2054 | 17189 | 16695 |
|  4.63%, 02/15/2055 | 44191 | 43017 |
|  4.75%, 11/15/2043 | 38892 | 38851 |
|  4.75%, 02/15/2045 | 32197 | 32026 |
|  4.75%, 11/15/2053 | 78671 | 77958 |
|  4.75%, 05/15/2055 | 2057 | 2045 |
|  4.88%, 10/31/2028 | 13897 | 14396 |

---

The accompanying notes are an integral part of these financial statements.

56.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  4.88%, 10/31/2030 | $3090 | $3244 |
|  5.00%, 05/15/2045 | 94383 | 96949 |
|  U.S. Treasury Strip Coupon |  |  |
|  0.00%, 08/15/2027 | 44314 | 40910 |
|  0.00%, 11/15/2027 | 29607 | 27081 |
|  0.00%, 05/15/2030 | 50000 | 41403 |
|  0.00%, 11/15/2030 | 32075 | 25964 |
|  0.00%, 02/15/2031 | 26310 | 21042 |
|  0.00%, 05/15/2031 | 21720 | 17173 |
|  0.00%, 08/15/2031 | 29650 | 23178 |
|  0.00%, 11/15/2031 | 14830 | 11455 |
|  0.00%, 02/15/2032 | 46250 | 35304 |
|  0.00%, 11/15/2034 | 2487 | 1654 |
|  0.00%, 02/15/2035 | 1824 | 1197 |
|  0.00%, 05/15/2035 | 1920 | 1245 |
|  0.00%, 08/15/2035 | 175 | 112 |
|  0.00%, 05/15/2036 | 121 | 74 |
|  0.00%, 11/15/2040 | 20090 | 9521 |
|  0.00%, 02/15/2041 | 89420 | 41805 |
|  0.00%, 05/15/2041 | 10000 | 4613 |
|  0.00%, 08/15/2041 | 1425 | 648 |
|  0.00%, 05/15/2043 | 43405 | 17809 |
|  0.00%, 11/15/2043 | 45100 | 17979 |
|  0.00%, 02/15/2045 | 4035 | 1508 |
|  0.00%, 08/15/2045 | 7000 | 2550 |
|  0.00%, 02/15/2046 | 20000 | 7110 |
|  0.00%, 08/15/2046 | 5975 | 2078 |
|  0.00%, 08/15/2048 | 3095 | 972 |
|  0.00%, 05/15/2049 | 10000 | 3026 |
|  Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | 5678803 |
|  **Total Government Related**<br> (Cost: $6,220,253) |  | **5957606** |
|  **Mortgage-Backed Obligations – 32.50%** |  |  |
|  20 Times Square Trust 2018-20TS |  |  |
|  3.20%, 05/15/2035, Series 2018-20TS, Class D <sup>(1)(4)</sup> | 5204 | 4684 |
|  Alternative Loan Trust 2004-2CB |  |  |
|  5.75%, 03/25/2034, Series 2004-2CB, Class 1A9 | 192 | 197 |
|  Alternative Loan Trust 2005-1CB |  |  |
|  2.67% (1 Month Term SOFR + 6.99%, 7.10% Cap), 03/25/2035, Series 2005-1CB, Class 1A6 <sup>(2)(9)</sup> | 60 | 7 |
|  Alternative Loan Trust 2005-20CB |  |  |
|  0.32% (1 Month Term SOFR + 4.64%, 4.75% Cap), 07/25/2035, Series 2005-20CB, Class 3A8 <sup>(2)(9)</sup> | 248 | 12 |
|  Alternative Loan Trust 2005-22T1 |  |  |
|  0.64% (1 Month Term SOFR + 4.96%, 5.07% Cap), 06/25/2035, Series 2005-22T1, Class A2 <sup>(2)(9)</sup> | 375 | 26 |
|  Alternative Loan Trust 2005-28CB |  |  |
|  5.50%, 08/25/2035, Series 2005-28CB, Class 1A4 | 97 | 83 |
|  6.00%, 08/25/2035, Series 2005-28CB, Class 3A5 | 5 | 2 |
|  Alternative Loan Trust 2005-37T1 |  |  |
|  0.62% (1 Month Term SOFR + 4.94%, 5.05% Cap), 09/25/2035, Series 2005-37T1, Class A2 <sup>(2)(9)</sup> | 1268 | 86 |
|  Alternative Loan Trust 2005-54CB |  |  |
|  0.42% (1 Month Term SOFR + 4.74%, 4.85% Cap), 11/25/2035, Series 2005-54CB, Class 1A2 <sup>(2)(9)</sup> | 315 | 17 |
|  5.50%, 11/25/2035, Series 2005-54CB, Class 1A7 | 1 | 1 |
|  5.50%, 11/25/2035, Series 2005-54CB, Class 1A11 | 80 | 61 |
|  Alternative Loan Trust 2005-64CB |  |  |
|  5.50%, 12/25/2035, Series 2005-64CB, Class 1A9 | 35 | 32 |
|  Alternative Loan Trust 2006-28CB |  |  |
|  6.00%, 10/25/2036, Series 2006-28CB, Class A17 | 47 | 22 |

---

The accompanying notes are an integral part of these financial statements.

57.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  American General Mortgage Loan Trust 2006-1 |  |  |
|  5.75%, 12/25/2035, Series 2006-1, Class A5 <sup>(1)(4)(5)</sup> | $0 | $0 |
|  Anchor Mortgage Trust 2025-RTL1 |  |  |
|  5.72%, 05/25/2040, Series 2025-RTL1, Class A1 <sup>(1)(3)</sup> | 8615 | 8615 |
|  ASG Resecuritization Trust 2011-1 |  |  |
|  6.00%, 09/28/2036, Series 2011-1, Class 2A35 <sup>(1)(4)</sup> | 27 | 8 |
|  ATLX 2024-RPL1 Trust |  |  |
|  3.85%, 04/25/2064, Series 2024-RPL1, Class A1 <sup>(1)(3)</sup> | 3336 | 3221 |
|  ATLX 2024-RPL2 Trust |  |  |
|  3.85%, 04/25/2063, Series 2024-RPL2, Class A1 <sup>(1)(3)</sup> | 4157 | 3988 |
|  BAMLL Commercial Mortgage Securities Trust 2014-520M |  |  |
|  4.35%, 08/15/2046, Series 2014-520M, Class C <sup>(1)(4)</sup> | 1200 | 824 |
|  BAMLL Re-REMIC Trust 2024-FRR4 |  |  |
|  2.27%, 11/27/2048, Series 2024-FRR4, Class C <sup>(1)(4)</sup> | 9716 | 9436 |
|  Banc of America Alternative Loan Trust 2004-6 |  |  |
|  0.00%, 07/25/2049, Series 2004-6, Class 15PO <sup>(5)</sup> | 1 | 0 |
|  Banc of America Funding 2004-1 Trust |  |  |
|  0.00%, 03/25/2034, Series 2004-1, Class PO | 9 | 7 |
|  Banc of America Funding 2004-2 Trust |  |  |
|  5.75%, 09/20/2034, Series 2004-2, Class 1CB1 | 384 | 369 |
|  Banc of America Funding 2005-6 Trust |  |  |
|  5.50%, 10/25/2035, Series 2005-6, Class 2A7 | 12 | 11 |
|  Banc of America Funding 2005-7 Trust |  |  |
|  0.00%, 11/25/2035, Series 2005-7, Class 30PO | 7 | 8 |
|  Banc of America Funding 2005-8 Trust |  |  |
|  0.00%, 01/25/2036, Series 2005-8, Class 30PO | 3 | 2 |
|  Banc of America Funding 2006-1 Trust |  |  |
|  0.00%, 01/25/2036, Series 2006-1, Class XPO | 3 | 2 |
|  Banc of America Mortgage 2003-C Trust |  |  |
|  7.00%, 04/25/2033, Series 2003-C, Class 3A1 <sup>(4)</sup> | 1 | 1 |
|  BANK 2017-BNK4 |  |  |
|  3.63%, 05/15/2050, Series 2017-BNK4, Class A4 | 6790 | 6683 |
|  BANK 2017-BNK8 |  |  |
|  3.49%, 11/15/2050, Series 2017-BNK8, Class A4 | 12745 | 12312 |
|  BANK 2017-BNK9 |  |  |
|  3.54%, 11/15/2054, Series 2017-BNK9, Class A4 | 6100 | 5950 |
|  BANK 2018-BNK10 |  |  |
|  3.69%, 02/15/2061, Series 2018-BN10, Class A5 | 4000 | 3925 |
|  BANK 2019-BNK21 |  |  |
|  2.85%, 10/17/2052, Series 2019-BN21, Class A5 | 10450 | 9637 |
|  BANK 2020-BNK29 |  |  |
|  2.00%, 11/15/2053, Series 2020-BN29, Class A4 | 11175 | 9557 |
|  BANK 2021-BNK37 |  |  |
|  2.37%, 11/15/2064, Series 2021-BN37, Class A4 | 22400 | 19429 |
|  BANK 2024-BNK47 |  |  |
|  5.72%, 06/15/2057, Series 2024-BNK47, Class A5 | 6503 | 6838 |
|  BANK 2025-BNK49 |  |  |
|  5.62%, 03/15/2058, Series 2025-BNK49, Class A5 <sup>(4)</sup> | 7653 | 7998 |
|  BANK5 2024-5YR10 |  |  |
|  5.30%, 10/15/2057, Series 2024-5YR10, Class A3 | 5000 | 5124 |
|  BANK5 2024-5YR12 |  |  |
|  5.90%, 12/15/2057, Series 2024-5YR12, Class A3 <sup>(4)</sup> | 10000 | 10491 |
|  BANK5 2025-5YR14 |  |  |
|  5.65%, 04/15/2058, Series 2025-5YR14, Class A3 | 7410 | 7713 |
|  BANK5 Trust 2025-5YR13 |  |  |
|  5.03%, 01/15/2058, Series 2025-5YR13, Class A2 | 11450 | 11609 |
|  BBCMS Mortgage Trust 2017-C1 |  |  |
|  3.67%, 02/15/2050, Series 2017-C1, Class A4 | 1625 | 1592 |

---

The accompanying notes are an integral part of these financial statements.

58.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  BBCMS Mortgage Trust 2018-C2 |  |  |
|  4.05%, 12/15/2051, Series 2018-C2, Class A4 | $20000 | $19530 |
|  BBCMS Mortgage Trust 2021-C12 |  |  |
|  2.42%, 11/15/2054, Series 2021-C12, Class A4 | 25600 | 22635 |
|  BBCMS Mortgage Trust 2022-C16 |  |  |
|  4.60%, 06/15/2055, Series 2022-C16, Class A5 <sup>(4)</sup> | 8750 | 8622 |
|  BBCMS Mortgage Trust 2023-C21 |  |  |
|  6.51%, 09/15/2056, Series 2023-C21, Class A2 <sup>(4)</sup> | 10260 | 10766 |
|  Bear Stearns ARM Trust 2003-2 |  |  |
|  6.26%, 01/25/2033, Series 2003-2, Class A5 <sup>(1)(4)</sup> | 42 | 42 |
|  Bear Stearns ARM Trust 2003-7 |  |  |
|  7.04%, 10/25/2033, Series 2003-7, Class 3A <sup>(4)</sup> | 1 | 1 |
|  Bear Stearns ARM Trust 2004-2 |  |  |
|  4.52%, 05/25/2034, Series 2004-2, Class 14A <sup>(4)</sup> | 19 | 18 |
|  Bear Stearns ARM Trust 2006-1 |  |  |
|  6.53% (1 Year CMT Index + 2.25%, 2.25% Floor, 9.90% Cap), 02/25/2036, Series 2006-1, Class A1 <sup>(2)</sup> | 44 | 42 |
|  Bear Stearns Asset Backed Securities I Trust 2004-AC2 |  |  |
|  5.00%, 05/25/2034, Series 2004-AC2, Class 2A | 13 | 10 |
|  Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 |  |  |
|  1.17%, 01/12/2045, Series 2007-T26, Class X1 <sup>(1)(4)(5)</sup> | 28 | 0 |
|  Benchmark 2018-B3 Mortgage Trust |  |  |
|  3.76%, 04/10/2051, Series 2018-B3, Class A4 | 16256 | 15981 |
|  Benchmark 2018-B6 Mortgage Trust |  |  |
|  4.26%, 10/10/2051, Series 2018-B6, Class A4 | 8862 | 8740 |
|  Benchmark 2019-B15 Mortgage Trust |  |  |
|  2.67%, 12/15/2072, Series 2019-B15, Class A4 | 30000 | 27566 |
|  Benchmark 2020-B17 Mortgage Trust |  |  |
|  2.29%, 03/15/2053, Series 2020-B17, Class A5 | 2481 | 2196 |
|  Benchmark 2020-B19 Mortgage Trust |  |  |
|  1.55%, 09/15/2053, Series 2020-B19, Class A4 | 21500 | 19031 |
|  Benchmark 2020-B21 Mortgage Trust |  |  |
|  1.98%, 12/17/2053, Series 2020-B21, Class A5 | 3252 | 2818 |
|  Benchmark 2021-B24 Mortgage Trust |  |  |
|  2.01%, 03/15/2054, Series 2021-B24, Class A3 | 10000 | 9177 |
|  2.26%, 03/15/2054, Series 2021-B24, Class A4 | 20000 | 17683 |
|  2.58%, 03/15/2054, Series 2021-B24, Class A5 | 2400 | 2107 |
|  Benchmark 2021-B27 Mortgage Trust |  |  |
|  2.10%, 07/15/2054, Series 2021-B27, Class A4 | 22500 | 19761 |
|  Benchmark 2022-B32 Mortgage Trust |  |  |
|  3.04%, 01/15/2055, Series 2022-B32, Class A3 | 23000 | 21050 |
|  Benchmark 2023-V3 Mortgage Trust |  |  |
|  5.90%, 07/15/2056, Series 2023-V3, Class A2 | 3100 | 3206 |
|  Benchmark 2024-V10 Mortgage Trust |  |  |
|  4.80%, 09/15/2057, Series 2024-V10, Class A2 | 7675 | 7730 |
|  BRAVO Residential Funding Trust 2023-RPL1 |  |  |
|  5.00%, 05/25/2063, Series 2023-RPL1, Class A1 <sup>(1)(4)</sup> | 3373 | 3339 |
|  BRAVO Residential Funding Trust 2024 RPL1 |  |  |
|  3.25%, 10/25/2063, Series 2024-RPL1, Class A1 <sup>(1)(4)</sup> | 6307 | 5828 |
|  Brean Asset Backed Securities Trust 2025-RM11 |  |  |
|  4.75%, 05/25/2065, Series 2025-RM11, Class A1 <sup>(1)(4)</sup> | 5886 | 5727 |
|  BVRT 2025-1 LLC |  |  |
|  4.30% (30-day Average SOFR + 0.00%), 05/10/2033, Series 2025-1, Class A <sup>(1)(2)</sup> | 8544 | 8228 |
|  BX Commercial Mortgage Trust 2024-VLT5 |  |  |
|  5.59%, 11/13/2046, Series 2024-VLT5, Class A <sup>(1)(4)</sup> | 3411 | 3448 |
|  CD 2006-CD3 Mortgage Trust |  |  |
|  0.19%, 10/15/2048, Series 2006-CD3, Class XS <sup>(1)(4)(5)</sup> | 70 | 0 |
|  CD 2019-CD8 Mortgage Trust |  |  |
|  2.66%, 08/15/2057, Series 2019-CD8, Class A3 | 19087 | 17691 |

---

The accompanying notes are an integral part of these financial statements.

59.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  CFCRE Commercial Mortgage Trust 2017-C8 |  |  |
|  3.30%, 06/15/2050, Series 2017-C8, Class A3 | $20214 | $19729 |
|  Chase Home Lending Mortgage Trust 2023-RPL1 |  |  |
|  3.50%, 06/25/2062, Series 2023-RPL1, Class A1 <sup>(1)(4)</sup> | 5895 | 5413 |
|  Chase Home Lending Mortgage Trust Series 2024-RPL1 |  |  |
|  3.25%, 03/25/2064, Series 2024-RPL1, Class A1A <sup>(1)(4)</sup> | 9118 | 8104 |
|  Chase Home Lending Mortgage Trust Series 2024-RPL2 |  |  |
|  3.25%, 08/25/2064, Series 2024-RPL2, Class A1A <sup>(1)(4)</sup> | 22442 | 19872 |
|  Chase Home Lending Mortgage Trust Series 2024-RPL3 |  |  |
|  3.25%, 09/25/2064, Series 2024-RPL3, Class A1A <sup>(1)(4)</sup> | 1599 | 1421 |
|  Chase Mortgage Finance Trust Series 2007-A1 |  |  |
|  5.97%, 02/25/2037, Series 2007-A1, Class 2A1 <sup>(4)</sup> | 14 | 14 |
|  6.33%, 02/25/2037, Series 2007-A1, Class 9A1 <sup>(4)</sup> | 11 | 11 |
|  6.55%, 02/25/2037, Series 2007-A1, Class 1A3 <sup>(4)</sup> | 6 | 6 |
|  7.29%, 02/25/2037, Series 2007-A1, Class 7A1 <sup>(4)(5)</sup> | 0 | 0 |
|  Chase Mortgage Finance Trust Series 2007-A2 |  |  |
|  6.61%, 06/25/2035, Series 2007-A2, Class 2A1 <sup>(4)</sup> | 13 | 13 |
|  6.91%, 06/25/2035, Series 2007-A2, Class 1A1 <sup>(4)</sup> | 3 | 3 |
|  CHL Mortgage Pass-Through Trust 2002-18 |  |  |
|  0.00%, 11/25/2032, Series 2002-18, Class PO | 3 | 3 |
|  CHL Mortgage Pass-Through Trust 2004-3 |  |  |
|  5.50%, 04/25/2034, Series 2004-3, Class A26 | 10 | 10 |
|  5.75%, 04/25/2034, Series 2004-3, Class A4 | 7 | 7 |
|  CHL Mortgage Pass-Through Trust 2004-5 |  |  |
|  5.50%, 06/25/2034, Series 2004-5, Class 1A4 | 40 | 40 |
|  CHL Mortgage Pass-Through Trust 2004-7 |  |  |
|  5.42%, 06/25/2034, Series 2004-7, Class 2A1 <sup>(4)</sup> | 3 | 3 |
|  CHL Mortgage Pass-Through Trust 2004-HYB1 |  |  |
|  5.26%, 05/20/2034, Series 2004-HYB1, Class 2A <sup>(4)</sup> | 5 | 5 |
|  CHL Mortgage Pass-Through Trust 2004-HYB3 |  |  |
|  4.67%, 06/20/2034, Series 2004-HYB3, Class 2A <sup>(4)</sup> | 18 | 17 |
|  CHL Mortgage Pass-Through Trust 2004-HYB6 |  |  |
|  5.85%, 11/20/2034, Series 2004-HYB6, Class A3 <sup>(4)</sup> | 16 | 15 |
|  CHL Mortgage Pass-Through Trust 2005-14 |  |  |
|  5.50%, 07/25/2035, Series 2005-14, Class A2 | 8 | 3 |
|  CHL Mortgage Pass-Through Trust 2005-16 |  |  |
|  5.50%, 09/25/2035, Series 2005-16, Class A23 | 5 | 3 |
|  CHL Mortgage Pass-Through Trust 2005-22 |  |  |
|  5.20%, 11/25/2035, Series 2005-22, Class 2A1 <sup>(4)</sup> | 71 | 59 |
|  CIM TRUST 2022-R3 |  |  |
|  4.50%, 03/25/2062, Series 2022-R3, Class A1 <sup>(1)(4)</sup> | 2007 | 1969 |
|  CIM Trust 2023-R2 |  |  |
|  5.50%, 08/25/2064, Series 2023-R2, Class A1 <sup>(1)(4)</sup> | 8225 | 8299 |
|  CIM Trust 2024-R1 |  |  |
|  4.75%, 06/25/2064, Series 2024-R1, Class A1 <sup>(1)(4)</sup> | 5587 | 5541 |
|  Citicorp Mortgage Securities Trust Series 2006-4 |  |  |
|  6.00%, 08/25/2036, Series 2006-4, Class 1A2 | 17 | 15 |
|  Citigroup Commercial Mortgage Trust 2016-C1 |  |  |
|  2.94%, 05/10/2049, Series 2016-C1, Class A3 | 9561 | 9457 |
|  Citigroup Commercial Mortgage Trust 2016-P6 |  |  |
|  3.72%, 12/10/2049, Series 2016-P6, Class A5 <sup>(4)</sup> | 2783 | 2715 |
|  Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
|  3.44%, 04/14/2050, Series 2017-P7, Class A3 | 14163 | 13945 |
|  Citigroup Commercial Mortgage Trust 2017-P8 |  |  |
|  3.20%, 09/15/2050, Series 2017-P8, Class A3 | 21000 | 20509 |
|  Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
|  3.74%, 03/10/2051, Series 2018-B2, Class A3 | 21253 | 20981 |
|  4.01%, 03/10/2051, Series 2018-B2, Class A4 | 14360 | 14121 |

---

The accompanying notes are an integral part of these financial statements.

60.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  Citigroup Commercial Mortgage Trust 2018-C5 |  |  |
|  4.23%, 06/10/2051, Series 2018-C5, Class A4 <sup>(4)</sup> | $3750 | $3703 |
|  Citigroup Commercial Mortgage Trust 2019-C7 |  |  |
|  2.86%, 12/15/2072, Series 2019-C7, Class A3 | 2146 | 2003 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. |  |  |
|  0.00%, 06/25/2033, Series 2003-UP2, Class PO1 <sup>(5)</sup> | 0 | 0 |
|  7.74%, 09/25/2033, Series 2003-HYB1, Class A <sup>(4)</sup> | 12 | 13 |
|  Citigroup Mortgage Loan Trust 2009-10 |  |  |
|  6.53%, 09/25/2033, Series 2009-10, Class 1A1 <sup>(1)(4)</sup> | 26 | 26 |
|  Citigroup Mortgage Loan Trust 2015-A |  |  |
|  4.50%, 06/25/2058, Series 2015-A, Class B2 <sup>(1)(4)</sup> | 117 | 114 |
|  Citigroup Mortgage Loan Trust, Inc. |  |  |
|  0.00%, 09/25/2033, Series 2003-1, Class PO3 | 1 | 1 |
|  0.00%, 10/25/2033, Series 2003-1, Class PO2 <sup>(5)</sup> | 0 | 0 |
|  3.50%, 02/25/2035, Series 2005-1, Class 2A1A <sup>(4)</sup> | 13 | 12 |
|  4.49%, 08/25/2035, Series 2005-5, Class 1A2 <sup>(4)</sup> | 36 | 31 |
|  5.25%, 10/25/2033, Series 2003-1, Class 2A5 | 4 | 4 |
|  5.50%, 05/25/2035, Series 2005-2, Class 2A11 | 34 | 33 |
|  5.50%, 11/25/2035, Series 2005-9, Class 2A2 <sup>(5)</sup> | 1 | 0 |
|  6.23%, 08/25/2034, Series 2004-UST1, Class A6 <sup>(4)</sup> | 3 | 3 |
|  COMM 2013-300P Mortgage Trust |  |  |
|  4.35%, 08/10/2030, Series 2013-300P, Class A1 <sup>(1)</sup> | 516 | 515 |
|  COMM 2015-CCRE24 Mortgage Trust |  |  |
|  3.70%, 08/10/2048, Series 2015-CR24, Class A5 | 425 | 424 |
|  COMM 2015-CCRE25 Mortgage Trust |  |  |
|  3.76%, 08/10/2048, Series 2015-CR25, Class A4 | 848 | 847 |
|  COMM 2018-HOME Mortgage Trust |  |  |
|  3.94%, 04/10/2033, Series 2018-HOME, Class A <sup>(1)(4)</sup> | 10975 | 10651 |
|  Connecticut Avenue Securities Trust 2021-R03 |  |  |
|  5.16% (30-day Average SOFR + 0.85%), 12/25/2041, Series 2021-R03, Class 1M1 <sup>(1)(2)</sup> | 1376 | 1373 |
|  Connecticut Avenue Securities Trust 2022-R01 |  |  |
|  6.21% (30-day Average SOFR + 1.90%), 12/25/2041, Series 2022-R01, Class 1M2 <sup>(1)(2)</sup> | 5280 | 5323 |
|  Connecticut Avenue Securities Trust 2023-R05 |  |  |
|  6.21% (30-day Average SOFR + 1.90%), 06/25/2043, Series 2023-R05, Class 1M1 <sup>(1)(2)</sup> | 3265 | 3297 |
|  Connecticut Avenue Securities Trust 2023-R06 |  |  |
|  6.01% (30-day Average SOFR + 1.70%), 07/25/2043, Series 2023-R06, Class 1M1 <sup>(1)(2)</sup> | 1526 | 1535 |
|  Connecticut Avenue Securities Trust 2023-R08 |  |  |
|  5.81% (30-day Average SOFR + 1.50%), 10/25/2043, Series 2023-R08, Class 1M1 <sup>(1)(2)</sup> | 2429 | 2436 |
|  Connecticut Avenue Securities Trust 2024-R01 |  |  |
|  5.36% (30-day Average SOFR + 1.05%), 01/25/2044, Series 2024-R01, Class 1M1 <sup>(1)(2)</sup> | 813 | 813 |
|  Connecticut Avenue Securities Trust 2025-R04 |  |  |
|  5.31% (30-day Average SOFR + 1.00%), 05/25/2045, Series 2025-R04, Class 1A1 <sup>(1)(2)</sup> | 4862 | 4864 |
|  COOPR Residential Mortgage Trust 2025-CES2 |  |  |
|  5.50%, 06/25/2060, Series 2025-CES2, Class A1A <sup>(1)(4)</sup> | 9600 | 9648 |
|  Credit Suisse Commercial Mortgage Trust Series 2007-C2 |  |  |
|  0.03%, 01/15/2049, Series 2007-C2, Class AX <sup>(1)(4)(5)</sup> | 1712 | 0 |
|  Credit Suisse First Boston Mortgage Securities Corp. |  |  |
|  0.00%, 10/25/2033, Series 2003-23, Class 1P | 21 | 15 |
|  5.25%, 09/25/2033, Series 2003-21, Class 1A4 | 15 | 15 |
|  6.68%, 02/25/2033, Series 2003-1, Class DB1 <sup>(4)</sup> | 33 | 34 |
|  7.15%, 06/25/2033, Series 2003-AR15, Class 3A1 <sup>(4)</sup> | 3 | 3 |
|  CSAIL 2017-C8 Commercial Mortgage Trust |  |  |
|  3.13%, 06/15/2050, Series 2017-C8, Class A3 | 5622 | 5465 |
|  CSAIL 2021-C20 Commercial Mortgage Trust |  |  |
|  2.49%, 03/15/2054, Series 2021-C20, Class A2 | 20612 | 18727 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2004-4 |  |  |
|  5.50%, 09/25/2034, Series 2004-4, Class 2A4 | 16 | 17 |

---

The accompanying notes are an integral part of these financial statements.

61.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8 |  |  |
|  5.50%, 12/25/2034, Series 2004-8, Class 1A4 | $42 | $42 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10 |  |  |
|  0.00%, 11/25/2035, Series 2005-10, Class AP | 4 | 3 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9 |  |  |
|  0.00%, 10/25/2035, Series 2005-9, Class AP | 3 | 2 |
|  5.50%, 10/25/2035, Series 2005-9, Class DX | 80 | 12 |
|  CSMC 2014-USA OA LLC |  |  |
|  4.37%, 09/15/2037, Series 2014-USA, Class D <sup>(1)</sup> | 3000 | 2269 |
|  CSMC 2018-RPL9 Trust |  |  |
|  3.85%, 09/25/2057, Series 2018-RPL9, Class A <sup>(1)(4)</sup> | 2998 | 2905 |
|  CSMC 2022-RPL4 Trust |  |  |
|  3.90%, 04/25/2062, Series 2022-RPL4, Class A1 <sup>(1)(4)</sup> | 3321 | 3156 |
|  CSMCM 2018-RPL4 Trust |  |  |
|  0.00%, 05/25/2058, Series 2018-RPL4 <sup>(1)(4)</sup> | 1267 | 1148 |
|  CSMCM 2018-RPL9 Trust |  |  |
|  4.16%, 09/25/2057, Series 2018-RPL9, Class CERT <sup>(1)(4)</sup> | 1612 | 1323 |
|  DBJPM 16-C1 Mortgage Trust |  |  |
|  3.02%, 05/10/2049, Series 2016-C1, Class A3A | 13217 | 13098 |
|  DBJPM 2016-C3 Mortgage Trust |  |  |
|  2.89%, 08/10/2049, Series 2016-C3, Class A5 | 3064 | 3002 |
|  DBJPM 20-C9 Mortgage Trust |  |  |
|  1.64%, 08/15/2053, Series 2020-C9, Class A4 | 20600 | 18338 |
|  Fannie Mae |  |  |
|  2.00%, 07/01/2040 <sup>(10)</sup> | 9695 | 8857 |
|  2.00%, 07/01/2055 <sup>(10)</sup> | 24860 | 19674 |
|  2.50%, 07/01/2055 <sup>(10)</sup> | 13310 | 11034 |
|  3.00%, 07/01/2040 <sup>(10)</sup> | 1860 | 1773 |
|  3.00%, 05/25/2044 <sup>(10)</sup> | 27925 | 24160 |
|  3.50%, 07/01/2055 <sup>(10)</sup> | 14220 | 12801 |
|  4.00%, 07/01/2055 <sup>(10)</sup> | 21425 | 19919 |
|  4.50%, 07/01/2055 <sup>(10)</sup> | 20835 | 19927 |
|  5.00%, 07/01/2055 <sup>(10)</sup> | 25275 | 24768 |
|  5.50%, 07/01/2055 <sup>(10)</sup> | 50435 | 50424 |
|  6.00%, 07/01/2055 <sup>(10)</sup> | 22560 | 22925 |
|  6.50%, 07/01/2055 <sup>(10)</sup> | 19175 | 19798 |
|  7.00%, 08/13/2055 <sup>(10)</sup> | 10225 | 10726 |
|  Fannie Mae Grantor Trust 1999-T2 |  |  |
|  7.50%, 01/19/2039, Series 1999-T2, Class A1 <sup>(4)</sup> | 24 | 24 |
|  Fannie Mae Grantor Trust 2001-T3 |  |  |
|  7.50%, 11/25/2040, Series 2001-T3, Class A1 | 42 | 43 |
|  Fannie Mae Grantor Trust 2002-T16 |  |  |
|  7.00%, 07/25/2042, Series 2002-T16, Class A2 | 60 | 63 |
|  Fannie Mae Grantor Trust 2004-T1 |  |  |
|  6.50%, 01/25/2044, Series 2004-T1, Class 1A2 | 8 | 8 |
|  Fannie Mae Grantor Trust 2004-T2 |  |  |
|  5.27%, 07/25/2043, Series 2004-T2, Class 2A <sup>(4)</sup> | 32 | 32 |
|  7.50%, 11/25/2043, Series 2004-T2, Class 1A4 | 75 | 76 |
|  Fannie Mae Grantor Trust 2004-T3 |  |  |
|  6.50%, 02/25/2044, Series 2004-T3, Class 1A2 | 151 | 155 |
|  7.00%, 02/25/2044, Series 2004-T3, Class 1A3 | 63 | 65 |
|  9.31%, 01/25/2044, Series 2004-T3, Class PT1 <sup>(4)</sup> | 11 | 11 |
|  Fannie Mae Grantor Trust 2017-T1 |  |  |
|  2.90%, 06/25/2027, Series 2017-T1, Class A | 6464 | 6288 |
|  Fannie Mae Interest Strip |  |  |
|  0.00%, 01/25/2033, Series 329, Class 1 | 2 | 2 |
|  3.00%, 08/25/2052, Series 430, Class C56 | 2383 | 385 |

---

The accompanying notes are an integral part of these financial statements.

62.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 08/25/2042, Series 412, Class F2 <sup>(2)</sup> | $189 | $184 |
|  4.97% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 08/25/2042, Series 411, Class F1 <sup>(2)</sup> | 588 | 583 |
|  5.00%, 12/25/2033, Series 345, Class 6 <sup>(4)(5)</sup> | 4 | 0 |
|  5.50%, 05/25/2036, Series 365, Class 8 | 15 | 3 |
|  5.50%, 08/25/2036, Series 374, Class 5 | 10 | 2 |
|  5.50%, 04/25/2037, Series 393, Class 6 <sup>(5)</sup> | 4 | 0 |
|  6.00%, 01/25/2038, Series 383, Class 33 | 10 | 2 |
|  Fannie Mae Pool |  |  |
|  1.40%, 11/01/2032 | 8500 | 6884 |
|  1.50%, 01/01/2031 | 10000 | 8640 |
|  1.50%, 02/01/2036 | 2711 | 2416 |
|  1.50%, 02/01/2036 | 8651 | 7731 |
|  1.50%, 08/01/2036 | 9479 | 8447 |
|  1.50%, 09/01/2036 | 4153 | 3697 |
|  1.50%, 11/01/2036 | 2629 | 2336 |
|  1.50%, 05/01/2037 | 4176 | 3712 |
|  1.50%, 11/01/2040 | 5109 | 4263 |
|  1.50%, 03/01/2041 | 949 | 786 |
|  1.50%, 02/01/2042 | 1216 | 1000 |
|  1.50%, 10/01/2050 | 1709 | 1286 |
|  1.50%, 11/01/2050 | 10248 | 7719 |
|  1.50%, 12/01/2050 | 21744 | 16364 |
|  1.50%, 01/01/2051 | 1359 | 1023 |
|  1.50%, 02/01/2051 | 16658 | 12535 |
|  1.50%, 07/01/2051 | 6181 | 4650 |
|  1.51%, 11/01/2032 <sup>(4)</sup> | 32518 | 26847 |
|  1.56%, 01/01/2031 | 2275 | 1970 |
|  1.73%, 11/01/2031 | 8634 | 7468 |
|  1.75%, 03/01/2032 <sup>(4)</sup> | 14945 | 12769 |
|  1.80%, 10/01/2033 | 7500 | 6196 |
|  2.00%, 03/01/2031 | 3325 | 3175 |
|  2.00%, 08/01/2031 | 737 | 701 |
|  2.00%, 01/01/2032 | 6988 | 6628 |
|  2.00%, 05/01/2036 | 5285 | 4837 |
|  2.00%, 06/01/2036 | 5908 | 5458 |
|  2.00%, 08/01/2036 | 2491 | 2282 |
|  2.00%, 02/01/2037 | 8707 | 8020 |
|  2.00%, 03/01/2037 | 172 | 158 |
|  2.00%, 06/01/2040 | 2266 | 1966 |
|  2.00%, 07/01/2040 | 2146 | 1861 |
|  2.00%, 09/01/2040 | 1231 | 1076 |
|  2.00%, 01/01/2041 | 1134 | 978 |
|  2.00%, 02/01/2041 | 5988 | 5168 |
|  2.00%, 05/01/2041 | 19561 | 16818 |
|  2.00%, 06/01/2041 | 9007 | 7769 |
|  2.00%, 08/01/2041 | 11043 | 9521 |
|  2.00%, 10/01/2041 | 815 | 702 |
|  2.00%, 02/01/2042 | 13772 | 11855 |
|  2.00%, 04/01/2042 | 4998 | 4289 |
|  2.00%, 08/01/2042 | 10325 | 8862 |
|  2.00%, 05/01/2050 | 12842 | 10267 |
|  2.00%, 06/01/2050 | 24248 | 19386 |
|  2.00%, 07/01/2050 | 8182 | 6525 |
|  2.00%, 09/01/2050 | 18553 | 14765 |
|  2.00%, 10/01/2050 | 37803 | 30164 |
|  2.00%, 11/01/2050 | 1224 | 985 |
|  2.00%, 11/01/2050 | 15306 | 12218 |

---

The accompanying notes are an integral part of these financial statements.

63.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  2.00%, 12/01/2050 | $8438 | $6730 |
|  2.00%, 01/01/2051 | 32657 | 26038 |
|  2.00%, 02/01/2051 | 2380 | 1895 |
|  2.00%, 02/01/2051 | 8623 | 6867 |
|  2.00%, 03/01/2051 | 34018 | 27070 |
|  2.00%, 04/01/2051 | 7910 | 6294 |
|  2.00%, 05/01/2051 | 286 | 221 |
|  2.00%, 07/01/2051 | 2451 | 1950 |
|  2.00%, 07/01/2051 | 8594 | 6856 |
|  2.00%, 07/01/2051 | 13155 | 10496 |
|  2.00%, 08/01/2051 | 1864 | 1490 |
|  2.00%, 08/01/2051 | 6756 | 5366 |
|  2.00%, 08/01/2051 | 10363 | 8307 |
|  2.00%, 09/01/2051 | 10490 | 8343 |
|  2.00%, 10/01/2051 | 533 | 427 |
|  2.00%, 10/01/2051 | 1503 | 1191 |
|  2.00%, 10/01/2051 | 2620 | 2076 |
|  2.00%, 10/01/2051 | 8489 | 6861 |
|  2.00%, 11/01/2051 | 8046 | 6389 |
|  2.00%, 12/01/2051 | 10234 | 8227 |
|  2.00%, 12/01/2051 | 11173 | 9007 |
|  2.00%, 01/01/2052 | 12335 | 9860 |
|  2.00%, 02/01/2052 | 4745 | 3805 |
|  2.00%, 02/01/2052 | 7826 | 6208 |
|  2.00%, 05/01/2052 | 10514 | 8336 |
|  2.05%, 06/01/2035 | 2450 | 1963 |
|  2.08%, 10/01/2033 | 9397 | 7929 |
|  2.16%, 01/01/2034 | 6070 | 5024 |
|  2.22%, 02/01/2032 | 5100 | 4453 |
|  2.50%, 04/01/2030 | 442 | 428 |
|  2.50%, 05/01/2030 | 602 | 582 |
|  2.50%, 07/01/2032 | 1975 | 1893 |
|  2.50%, 08/01/2032 | 2180 | 2093 |
|  2.50%, 09/01/2032 | 2085 | 2002 |
|  2.50%, 12/01/2034 | 5394 | 5090 |
|  2.50%, 07/01/2035 | 7240 | 6928 |
|  2.50%, 08/01/2035 | 1413 | 1327 |
|  2.50%, 08/01/2035 | 2682 | 2518 |
|  2.50%, 09/01/2035 | 3699 | 3474 |
|  2.50%, 10/01/2035 | 104 | 97 |
|  2.50%, 01/01/2036 | 9622 | 9050 |
|  2.50%, 07/01/2036 | 3580 | 3417 |
|  2.50%, 11/01/2036 | 8174 | 7648 |
|  2.50%, 11/01/2036 | 9532 | 8957 |
|  2.50%, 12/01/2036 | 954 | 885 |
|  2.50%, 04/01/2042 | 4803 | 4224 |
|  2.50%, 09/01/2042 | 715 | 638 |
|  2.50%, 01/01/2043 | 1007 | 891 |
|  2.50%, 01/01/2043 | 4991 | 4399 |
|  2.50%, 02/01/2043 | 461 | 406 |
|  2.50%, 10/01/2043 | 954 | 841 |
|  2.50%, 05/01/2046 | 414 | 354 |
|  2.50%, 07/01/2046 | 984 | 841 |
|  2.50%, 08/01/2046 | 379 | 324 |
|  2.50%, 10/01/2046 | 318 | 272 |
|  2.50%, 03/01/2050 | 587 | 493 |
|  2.50%, 05/01/2050 | 8275 | 6959 |

---

The accompanying notes are an integral part of these financial statements.

64.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  2.50%, 06/01/2050 | $4846 | $4083 |
|  2.50%, 06/01/2050 | 11721 | 9863 |
|  2.50%, 07/01/2050 | 9952 | 8390 |
|  2.50%, 08/01/2050 | 4113 | 3448 |
|  2.50%, 09/01/2050 | 2305 | 1950 |
|  2.50%, 09/01/2050 | 5939 | 4824 |
|  2.50%, 09/01/2050 | 6814 | 5700 |
|  2.50%, 09/01/2050 | 10125 | 8531 |
|  2.50%, 10/01/2050 | 6205 | 5256 |
|  2.50%, 10/01/2050 | 34220 | 28530 |
|  2.50%, 12/01/2050 | 415 | 347 |
|  2.50%, 12/01/2050 | 9579 | 8030 |
|  2.50%, 02/01/2051 | 1111 | 936 |
|  2.50%, 02/01/2051 | 3372 | 2834 |
|  2.50%, 02/01/2051 | 4115 | 3414 |
|  2.50%, 03/01/2051 | 9429 | 7864 |
|  2.50%, 04/01/2051 | 21387 | 17857 |
|  2.50%, 05/01/2051 | 5208 | 4441 |
|  2.50%, 05/01/2051 | 8989 | 7487 |
|  2.50%, 06/01/2051 | 9272 | 7739 |
|  2.50%, 06/01/2051 | 12166 | 10104 |
|  2.50%, 08/01/2051 | 8166 | 6857 |
|  2.50%, 09/01/2051 | 398 | 325 |
|  2.50%, 09/01/2051 | 6043 | 5084 |
|  2.50%, 09/01/2051 | 10750 | 9019 |
|  2.50%, 10/01/2051 | 9843 | 8206 |
|  2.50%, 10/01/2051 | 13760 | 11515 |
|  2.50%, 11/01/2051 | 1147 | 962 |
|  2.50%, 11/01/2051 | 8484 | 7147 |
|  2.50%, 11/01/2051 | 14121 | 11844 |
|  2.50%, 12/01/2051 | 1108 | 930 |
|  2.50%, 12/01/2051 | 5958 | 4986 |
|  2.50%, 12/01/2051 | 10691 | 9004 |
|  2.50%, 12/01/2051 | 11434 | 9592 |
|  2.50%, 01/01/2052 | 8821 | 7406 |
|  2.50%, 02/01/2052 | 778 | 648 |
|  2.50%, 02/01/2052 | 9989 | 8308 |
|  2.50%, 02/01/2052 | 13013 | 10928 |
|  2.50%, 02/01/2052 | 16527 | 13949 |
|  2.50%, 03/01/2052 | 621 | 520 |
|  2.50%, 03/01/2052 | 1842 | 1535 |
|  2.50%, 03/01/2052 | 6365 | 5333 |
|  2.50%, 03/01/2052 | 10284 | 8532 |
|  2.50%, 04/01/2052 | 11125 | 9248 |
|  2.50%, 05/01/2052 | 15319 | 12869 |
|  2.50%, 05/01/2052 | 17441 | 14693 |
|  2.50%, 05/01/2052 | 28099 | 23585 |
|  2.50%, 09/01/2052 | 978 | 812 |
|  2.50%, 09/01/2052 | 18252 | 15229 |
|  2.50%, 07/01/2061 | 8932 | 7090 |
|  2.50%, 09/01/2061 | 5232 | 4153 |
|  2.50%, 03/01/2062 | 8309 | 6596 |
|  2.52%, 11/01/2029 | 13503 | 12631 |
|  2.58%, 09/01/2028 | 3577 | 3421 |
|  2.59%, 09/01/2028 | 7195 | 6882 |
|  2.62%, 10/01/2028 | 8357 | 7953 |
|  2.67%, 12/01/2035 | 15510 | 12894 |
|  2.83%, 05/01/2027 | 7541 | 7373 |

---

The accompanying notes are an integral part of these financial statements.

65.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  2.90%, 10/01/2029 | $3095 | $2949 |
|  3.00%, 08/01/2028 | 187 | 184 |
|  3.00%, 09/01/2028 | 314 | 308 |
|  3.00%, 12/01/2028 | 124 | 122 |
|  3.00%, 05/01/2030 | 368 | 360 |
|  3.00%, 09/01/2034 | 4400 | 4287 |
|  3.00%, 03/01/2035 | 3034 | 2908 |
|  3.00%, 10/01/2035 | 248 | 238 |
|  3.00%, 05/01/2036 | 447 | 432 |
|  3.00%, 08/01/2036 | 385 | 365 |
|  3.00%, 03/01/2037 | 2994 | 2869 |
|  3.00%, 05/01/2038 | 5365 | 5088 |
|  3.00%, 05/01/2042 | 161 | 146 |
|  3.00%, 10/01/2042 | 1441 | 1305 |
|  3.00%, 11/01/2042 | 1028 | 930 |
|  3.00%, 12/01/2042 | 39 | 35 |
|  3.00%, 12/01/2042 | 331 | 299 |
|  3.00%, 12/01/2042 | 522 | 472 |
|  3.00%, 01/01/2043 | 342 | 309 |
|  3.00%, 01/01/2043 | 511 | 462 |
|  3.00%, 01/01/2043 | 591 | 534 |
|  3.00%, 01/01/2043 | 600 | 541 |
|  3.00%, 02/01/2043 | 278 | 251 |
|  3.00%, 04/01/2043 | 403 | 364 |
|  3.00%, 04/01/2043 | 509 | 460 |
|  3.00%, 04/01/2043 | 915 | 827 |
|  3.00%, 05/01/2043 | 17 | 15 |
|  3.00%, 05/01/2043 | 101 | 91 |
|  3.00%, 05/01/2043 | 615 | 556 |
|  3.00%, 05/01/2043 | 3326 | 3005 |
|  3.00%, 05/01/2043 | 8016 | 7240 |
|  3.00%, 06/01/2043 | 21 | 19 |
|  3.00%, 06/01/2043 | 172 | 156 |
|  3.00%, 06/01/2043 | 205 | 185 |
|  3.00%, 06/01/2043 | 1133 | 1023 |
|  3.00%, 06/01/2043 | 1906 | 1720 |
|  3.00%, 07/01/2043 | 23 | 21 |
|  3.00%, 07/01/2043 | 59 | 53 |
|  3.00%, 07/01/2043 | 168 | 151 |
|  3.00%, 07/01/2043 | 607 | 548 |
|  3.00%, 07/01/2043 | 2904 | 2622 |
|  3.00%, 08/01/2043 | 666 | 602 |
|  3.00%, 08/01/2043 | 1740 | 1574 |
|  3.00%, 10/01/2043 | 41 | 37 |
|  3.00%, 10/01/2043 | 5107 | 4589 |
|  3.00%, 02/01/2044 | 2313 | 2093 |
|  3.00%, 03/01/2044 | 268 | 242 |
|  3.00%, 04/01/2045 | 3092 | 2758 |
|  3.00%, 05/01/2046 | 2223 | 1975 |
|  3.00%, 09/01/2046 | 361 | 321 |
|  3.00%, 11/01/2046 | 796 | 706 |
|  3.00%, 11/01/2046 | 2437 | 2201 |
|  3.00%, 11/01/2046 | 2783 | 2470 |
|  3.00%, 01/01/2047 | 1670 | 1480 |
|  3.00%, 02/01/2047 | 363 | 328 |
|  3.00%, 03/01/2047 | 288 | 255 |
|  3.00%, 08/01/2047 | 17521 | 15529 |
|  3.00%, 02/01/2049 | 10479 | 9461 |

---

The accompanying notes are an integral part of these financial statements.

66.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.00%, 07/01/2049 | $661 | $582 |
|  3.00%, 07/01/2049 | 1757 | 1549 |
|  3.00%, 08/01/2049 | 9546 | 8489 |
|  3.00%, 11/01/2049 | 854 | 750 |
|  3.00%, 11/01/2049 | 4273 | 3753 |
|  3.00%, 12/01/2049 | 176 | 155 |
|  3.00%, 12/01/2049 | 588 | 518 |
|  3.00%, 12/01/2049 | 3093 | 2716 |
|  3.00%, 02/01/2050 | 3634 | 3183 |
|  3.00%, 02/01/2050 | 4914 | 4263 |
|  3.00%, 02/01/2050 | 13225 | 11729 |
|  3.00%, 02/01/2050 | 13539 | 12061 |
|  3.00%, 03/01/2050 | 1109 | 969 |
|  3.00%, 03/01/2050 | 1888 | 1658 |
|  3.00%, 05/01/2050 | 301 | 267 |
|  3.00%, 05/01/2050 | 1466 | 1292 |
|  3.00%, 06/01/2050 | 485 | 425 |
|  3.00%, 06/01/2050 | 1751 | 1534 |
|  3.00%, 07/01/2050 | 723 | 641 |
|  3.00%, 08/01/2050 | 11 | 9 |
|  3.00%, 08/01/2050 | 3946 | 3454 |
|  3.00%, 09/01/2050 | 16 | 14 |
|  3.00%, 09/01/2050 | 1527 | 1354 |
|  3.00%, 11/01/2050 | 321 | 283 |
|  3.00%, 01/01/2051 | 905 | 785 |
|  3.00%, 02/01/2051 | 45 | 39 |
|  3.00%, 02/01/2051 | 1184 | 1047 |
|  3.00%, 04/01/2051 | 5038 | 4395 |
|  3.00%, 05/01/2051 | 3337 | 2889 |
|  3.00%, 06/01/2051 | 3187 | 2759 |
|  3.00%, 07/01/2051 | 27 | 23 |
|  3.00%, 10/01/2051 | 1821 | 1579 |
|  3.00%, 10/01/2051 | 14094 | 12318 |
|  3.00%, 11/01/2051 | 19 | 16 |
|  3.00%, 11/01/2051 | 2836 | 2512 |
|  3.00%, 11/01/2051 | 3479 | 3043 |
|  3.00%, 12/01/2051 | 17191 | 15056 |
|  3.00%, 01/01/2052 | 545 | 472 |
|  3.00%, 01/01/2052 | 3586 | 3105 |
|  3.00%, 01/01/2052 | 8344 | 7224 |
|  3.00%, 01/01/2052 | 9827 | 8508 |
|  3.00%, 02/01/2052 | 4404 | 3852 |
|  3.00%, 02/01/2052 | 8321 | 7312 |
|  3.00%, 02/01/2052 | 13476 | 11786 |
|  3.00%, 03/01/2052 | 10017 | 8749 |
|  3.00%, 04/01/2052 | 7386 | 6508 |
|  3.00%, 04/01/2052 | 15217 | 13380 |
|  3.00%, 05/01/2052 | 4464 | 3871 |
|  3.00%, 05/01/2052 | 5865 | 5085 |
|  3.00%, 05/01/2052 | 23080 | 20005 |
|  3.00%, 09/01/2052 | 2500 | 2164 |
|  3.00%, 07/01/2060 | 6828 | 5877 |
|  3.00%, 12/01/2061 | 9314 | 7867 |
|  3.00%, 04/01/2064 | 14988 | 12789 |
|  3.02%, 07/01/2029 | 7817 | 7497 |
|  3.08%, 01/01/2028 | 8000 | 7804 |
|  3.09%, 09/01/2029 | 7484 | 7157 |
|  3.10%, 01/01/2028 | 6220 | 6071 |

---

The accompanying notes are an integral part of these financial statements.

67.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.12%, 11/01/2026 | $859 | $845 |
|  3.12%, 06/01/2035 | 3400 | 3039 |
|  3.13%, 03/01/2027 | 6360 | 6254 |
|  3.14%, 12/01/2026 | 1563 | 1539 |
|  3.19%, 01/01/2033 | 2988 | 2875 |
|  3.19%, 03/01/2036 | 1906 | 1803 |
|  3.22%, 09/01/2032 | 6000 | 5499 |
|  3.25%, 09/01/2026 | 1307 | 1291 |
|  3.25%, 02/01/2027 | 5003 | 4925 |
|  3.39%, 07/01/2034 | 8500 | 7756 |
|  3.45%, 04/01/2035 | 1626 | 1510 |
|  3.50%, 12/01/2029 | 435 | 428 |
|  3.50%, 05/01/2030 | 106 | 104 |
|  3.50%, 12/01/2030 | 406 | 401 |
|  3.50%, 07/01/2032 | 34 | 34 |
|  3.50%, 11/01/2032 | 239 | 235 |
|  3.50%, 12/01/2032 | 80 | 79 |
|  3.50%, 02/01/2033 | 116 | 114 |
|  3.50%, 02/01/2033 | 150 | 147 |
|  3.50%, 03/01/2033 | 800 | 787 |
|  3.50%, 04/01/2033 | 527 | 518 |
|  3.50%, 06/01/2033 | 54 | 53 |
|  3.50%, 10/01/2033 | 2775 | 2707 |
|  3.50%, 06/01/2040 | 639 | 602 |
|  3.50%, 12/01/2040 | 28 | 26 |
|  3.50%, 02/01/2041 | 2504 | 2356 |
|  3.50%, 11/01/2041 | 105 | 98 |
|  3.50%, 12/01/2041 | 86 | 81 |
|  3.50%, 12/01/2041 | 142 | 133 |
|  3.50%, 12/01/2041 | 161 | 151 |
|  3.50%, 02/01/2042 | 99 | 93 |
|  3.50%, 02/01/2042 | 135 | 127 |
|  3.50%, 04/01/2042 | 75 | 70 |
|  3.50%, 05/01/2042 | 2089 | 1961 |
|  3.50%, 06/01/2042 | 508 | 477 |
|  3.50%, 07/01/2042 | 371 | 349 |
|  3.50%, 07/01/2042 | 1312 | 1231 |
|  3.50%, 07/01/2042 | 6907 | 6487 |
|  3.50%, 08/01/2042 | 266 | 250 |
|  3.50%, 09/01/2042 | 213 | 200 |
|  3.50%, 09/01/2042 | 226 | 212 |
|  3.50%, 09/01/2042 | 264 | 246 |
|  3.50%, 09/01/2042 | 1668 | 1565 |
|  3.50%, 10/01/2042 | 109 | 102 |
|  3.50%, 10/01/2042 | 134 | 126 |
|  3.50%, 10/01/2042 | 229 | 214 |
|  3.50%, 10/01/2042 | 364 | 342 |
|  3.50%, 11/01/2042 | 1063 | 998 |
|  3.50%, 11/01/2042 | 2620 | 2455 |
|  3.50%, 01/01/2043 | 239 | 222 |
|  3.50%, 01/01/2043 | 291 | 272 |
|  3.50%, 02/01/2043 | 16 | 15 |
|  3.50%, 02/01/2043 | 27 | 25 |
|  3.50%, 03/01/2043 | 184 | 171 |
|  3.50%, 03/01/2043 | 543 | 509 |
|  3.50%, 03/01/2043 | 1323 | 1240 |
|  3.50%, 04/01/2043 | 565 | 530 |
|  3.50%, 04/01/2043 | 1346 | 1261 |

---

The accompanying notes are an integral part of these financial statements.

68.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.50%, 05/01/2043 | $18 | $17 |
|  3.50%, 05/01/2043 | 146 | 136 |
|  3.50%, 05/01/2043 | 510 | 475 |
|  3.50%, 05/01/2043 | 592 | 551 |
|  3.50%, 07/01/2043 | 3353 | 3142 |
|  3.50%, 08/01/2043 | 10865 | 10236 |
|  3.50%, 04/01/2045 | 4110 | 3825 |
|  3.50%, 06/01/2045 | 570 | 529 |
|  3.50%, 06/01/2045 | 2483 | 2307 |
|  3.50%, 11/01/2045 | 955 | 874 |
|  3.50%, 12/01/2045 | 176 | 163 |
|  3.50%, 01/01/2046 | 3048 | 2822 |
|  3.50%, 04/01/2046 | 419 | 387 |
|  3.50%, 08/01/2046 | 1492 | 1379 |
|  3.50%, 09/01/2046 | 1406 | 1295 |
|  3.50%, 12/01/2046 | 1357 | 1249 |
|  3.50%, 12/01/2046 | 2776 | 2605 |
|  3.50%, 06/01/2047 | 216 | 199 |
|  3.50%, 11/01/2047 | 2128 | 1957 |
|  3.50%, 12/01/2047 | 1497 | 1375 |
|  3.50%, 01/01/2048 | 1772 | 1625 |
|  3.50%, 04/01/2048 | 9273 | 8482 |
|  3.50%, 08/01/2048 | 5261 | 4801 |
|  3.50%, 08/01/2048 | 9067 | 8505 |
|  3.50%, 10/01/2048 | 1873 | 1717 |
|  3.50%, 01/01/2050 | 7716 | 7170 |
|  3.50%, 03/01/2050 | 7613 | 6879 |
|  3.50%, 02/01/2051 | 4079 | 3721 |
|  3.50%, 02/01/2052 | 7368 | 6677 |
|  3.50%, 03/01/2052 | 1163 | 1060 |
|  3.50%, 04/01/2052 | 14114 | 12818 |
|  3.50%, 05/01/2052 | 4768 | 4320 |
|  3.50%, 06/01/2052 | 3916 | 3532 |
|  3.50%, 06/01/2052 | 8446 | 7662 |
|  3.50%, 06/01/2052 | 13005 | 11755 |
|  3.50%, 08/01/2052 | 7414 | 6935 |
|  3.50%, 01/01/2058 | 15 | 14 |
|  3.50%, 03/01/2060 | 5374 | 4801 |
|  3.50%, 02/01/2062 | 20 | 17 |
|  3.50%, 03/01/2062 | 8004 | 7080 |
|  3.50%, 12/01/2062 | 7010 | 6255 |
|  3.53%, 04/01/2033 | 12230 | 11476 |
|  3.54%, 06/01/2032 | 15495 | 14550 |
|  3.54%, 11/01/2032 | 10031 | 9428 |
|  3.55%, 02/01/2030 | 1500 | 1460 |
|  3.57%, 06/01/2028 | 8108 | 7978 |
|  3.66%, 03/01/2027 | 2131 | 2109 |
|  3.77%, 12/01/2025 | 1591 | 1583 |
|  3.80%, 09/01/2032 | 9609 | 9207 |
|  3.81%, 12/01/2028 | 7000 | 6929 |
|  3.90%, 02/01/2033 | 12350 | 11853 |
|  4.00%, 06/01/2033 | 209 | 208 |
|  4.00%, 12/01/2033 | 19 | 18 |
|  4.00%, 05/01/2037 | 2588 | 2550 |
|  4.00%, 10/01/2037 | 499 | 489 |
|  4.00%, 07/01/2040 | 1433 | 1387 |
|  4.00%, 08/01/2040 | 45 | 44 |

---

The accompanying notes are an integral part of these financial statements.

69.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.00%, 09/01/2040 | $360 | $348 |
|  4.00%, 12/01/2040 | 77 | 73 |
|  4.00%, 12/01/2040 | 315 | 304 |
|  4.00%, 01/01/2041 | 68 | 65 |
|  4.00%, 01/01/2041 | 153 | 148 |
|  4.00%, 01/01/2041 | 284 | 274 |
|  4.00%, 01/01/2041 | 334 | 322 |
|  4.00%, 01/01/2041 | 377 | 365 |
|  4.00%, 01/01/2041 | 495 | 478 |
|  4.00%, 01/01/2041 | 516 | 499 |
|  4.00%, 02/01/2041 | 19 | 19 |
|  4.00%, 02/01/2041 | 572 | 553 |
|  4.00%, 03/01/2041 | 2035 | 1966 |
|  4.00%, 09/01/2041 | 62 | 60 |
|  4.00%, 10/01/2041 | 322 | 305 |
|  4.00%, 10/01/2041 | 361 | 348 |
|  4.00%, 12/01/2041 | 465 | 448 |
|  4.00%, 12/01/2041 | 565 | 546 |
|  4.00%, 01/01/2042 | 841 | 811 |
|  4.00%, 03/01/2042 | 21 | 20 |
|  4.00%, 07/01/2042 | 135 | 130 |
|  4.00%, 07/01/2042 | 159 | 153 |
|  4.00%, 07/01/2042 | 171 | 165 |
|  4.00%, 07/01/2042 | 206 | 197 |
|  4.00%, 08/01/2042 | 1913 | 1848 |
|  4.00%, 12/01/2042 | 131 | 127 |
|  4.00%, 04/01/2043 | 2735 | 2635 |
|  4.00%, 07/01/2043 | 312 | 298 |
|  4.00%, 11/01/2043 | 840 | 809 |
|  4.00%, 12/01/2043 | 40 | 38 |
|  4.00%, 12/01/2043 | 555 | 531 |
|  4.00%, 07/01/2044 | 762 | 729 |
|  4.00%, 09/01/2044 | 303 | 289 |
|  4.00%, 12/01/2044 | 8179 | 7873 |
|  4.00%, 01/01/2045 | 2011 | 1908 |
|  4.00%, 07/01/2045 | 2244 | 2130 |
|  4.00%, 10/01/2045 | 221 | 210 |
|  4.00%, 12/01/2045 | 303 | 287 |
|  4.00%, 12/01/2045 | 1207 | 1145 |
|  4.00%, 01/01/2046 | 742 | 704 |
|  4.00%, 08/01/2046 | 999 | 947 |
|  4.00%, 03/01/2047 | 2166 | 2055 |
|  4.00%, 03/01/2047 | 2218 | 2091 |
|  4.00%, 04/01/2047 | 4875 | 4621 |
|  4.00%, 06/01/2047 | 1201 | 1138 |
|  4.00%, 08/01/2047 | 2329 | 2209 |
|  4.00%, 11/01/2047 | 1961 | 1857 |
|  4.00%, 01/01/2048 | 2072 | 1948 |
|  4.00%, 01/01/2048 | 3603 | 3412 |
|  4.00%, 03/01/2048 | 818 | 773 |
|  4.00%, 03/01/2048 | 4434 | 4198 |
|  4.00%, 06/01/2048 | 4648 | 4399 |
|  4.00%, 09/01/2048 | 255 | 242 |
|  4.00%, 10/01/2048 | 203 | 192 |
|  4.00%, 03/01/2049 | 2702 | 2555 |
|  4.00%, 05/01/2049 | 7491 | 7169 |
|  4.00%, 07/01/2049 | 375 | 352 |

---

The accompanying notes are an integral part of these financial statements.

70.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.00%, 07/01/2049 | $1773 | $1679 |
|  4.00%, 10/01/2049 | 2317 | 2205 |
|  4.00%, 01/01/2050 | 2800 | 2645 |
|  4.00%, 05/01/2050 | 2129 | 2001 |
|  4.00%, 07/01/2050 | 1981 | 1860 |
|  4.00%, 01/01/2051 | 7284 | 6907 |
|  4.00%, 04/01/2052 | 4796 | 4466 |
|  4.00%, 04/01/2052 | 9378 | 8738 |
|  4.00%, 06/01/2052 | 76 | 73 |
|  4.00%, 06/01/2052 | 6481 | 6039 |
|  4.00%, 06/01/2052 | 10608 | 9882 |
|  4.00%, 07/01/2052 | 10226 | 9529 |
|  4.00%, 07/01/2052 | 11461 | 10776 |
|  4.00%, 09/01/2052 | 16941 | 15785 |
|  4.00%, 12/01/2052 | 3057 | 2866 |
|  4.00%, 12/01/2052 | 19112 | 17805 |
|  4.00%, 09/01/2063 | 3 | 3 |
|  4.09%, 07/01/2030 | 11800 | 11708 |
|  4.18%, 11/01/2030 | 3384 | 3370 |
|  4.19%, 04/01/2033 | 1565 | 1531 |
|  4.19%, 04/01/2033 | 8000 | 7824 |
|  4.29%, 05/01/2035 | 13068 | 12675 |
|  4.32%, 03/01/2030 | 12400 | 12446 |
|  4.32%, 06/01/2033 | 4991 | 4928 |
|  4.35% (ECOFC + 1.25%, 2.29% Floor, 12.52% Cap), 09/01/2027 <sup>(2)(5)</sup> | 0 | 0 |
|  4.37%, 03/01/2033 | 3101 | 3058 |
|  4.42%, 06/01/2032 | 7000 | 6983 |
|  4.44% (ECOFC + 1.25%, 3.59% Floor, 13.12% Cap), 03/01/2029 <sup>(2)(5)</sup> | 0 | 0 |
|  4.47%, 12/01/2026 <sup>(4)</sup> | 491 | 492 |
|  4.49%, 05/01/2035 | 15183 | 15035 |
|  4.50%, 08/01/2029 | 26 | 26 |
|  4.50%, 09/01/2029 | 29 | 29 |
|  4.50%, 10/01/2033 | 1167 | 1158 |
|  4.50%, 11/01/2033 | 4 | 4 |
|  4.50%, 09/01/2034 | 4 | 4 |
|  4.50%, 04/01/2039 | 2093 | 2102 |
|  4.50%, 11/01/2039 | 6 | 6 |
|  4.50%, 08/01/2040 | 1007 | 1004 |
|  4.50%, 08/01/2040 | 1021 | 1018 |
|  4.50%, 12/01/2040 | 416 | 414 |
|  4.50%, 12/01/2040 | 1486 | 1481 |
|  4.50%, 03/01/2041 | 379 | 378 |
|  4.50%, 04/01/2041 | 203 | 202 |
|  4.50%, 05/01/2041 | 242 | 242 |
|  4.50%, 05/01/2041 | 2401 | 2386 |
|  4.50%, 07/01/2041 | 92 | 91 |
|  4.50%, 08/01/2041 | 637 | 632 |
|  4.50%, 01/01/2042 | 802 | 798 |
|  4.50%, 11/01/2042 | 2087 | 2076 |
|  4.50%, 02/01/2046 | 2503 | 2489 |
|  4.50%, 08/01/2047 | 263 | 256 |
|  4.50%, 07/01/2048 | 1417 | 1378 |
|  4.50%, 07/01/2049 | 2063 | 2007 |
|  4.50%, 03/01/2050 | 7240 | 7038 |
|  4.50%, 06/01/2051 | 10204 | 9942 |
|  4.50%, 07/01/2052 | 3735 | 3579 |
|  4.50%, 08/01/2052 | 12192 | 11683 |
|  4.50%, 09/01/2052 | 5807 | 5585 |

---

The accompanying notes are an integral part of these financial statements.

71.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.50%, 09/01/2052 | $14927 | $14305 |
|  4.50%, 10/01/2052 | 7509 | 7213 |
|  4.50%, 11/01/2052 | 11754 | 11265 |
|  4.50%, 04/01/2056 | 68 | 66 |
|  4.50%, 06/01/2062 | 7013 | 6708 |
|  4.52%, 10/01/2033 | 5005 | 5002 |
|  4.55%, 09/01/2033 | 11540 | 11588 |
|  4.59%, 04/01/2033 | 12165 | 12166 |
|  4.77%, 08/01/2026 | 534 | 536 |
|  4.97%, 12/01/2030 | 8144 | 8360 |
|  4.97%, 12/01/2032 | 6241 | 6385 |
|  4.98%, 11/01/2032 | 7522 | 7706 |
|  5.00%, 05/01/2028 | 3 | 3 |
|  5.00%, 04/01/2031 | 20 | 20 |
|  5.00%, 12/01/2032 <sup>(5)</sup> | 0 | 0 |
|  5.00%, 06/01/2033 | 3 | 3 |
|  5.00%, 07/01/2033 | 4 | 4 |
|  5.00%, 07/01/2033 | 5 | 5 |
|  5.00%, 11/01/2033 | 1 | 1 |
|  5.00%, 11/01/2033 | 12 | 12 |
|  5.00%, 11/01/2033 | 932 | 938 |
|  5.00%, 04/01/2034 | 27 | 27 |
|  5.00%, 05/01/2034 | 12 | 12 |
|  5.00%, 12/01/2034 | 9 | 9 |
|  5.00%, 01/01/2035 | 6 | 6 |
|  5.00%, 02/01/2035 | 163 | 165 |
|  5.00%, 02/01/2035 | 855 | 865 |
|  5.00%, 06/01/2035 | 149 | 151 |
|  5.00%, 07/01/2035 | 4 | 4 |
|  5.00%, 07/01/2035 | 710 | 718 |
|  5.00%, 07/01/2035 | 831 | 842 |
|  5.00%, 09/01/2035 | 20 | 20 |
|  5.00%, 10/01/2035 | 75 | 76 |
|  5.00%, 11/01/2035 | 176 | 179 |
|  5.00%, 01/01/2036 | 14 | 15 |
|  5.00%, 02/01/2036 | 11 | 11 |
|  5.00%, 07/01/2037 | 208 | 210 |
|  5.00%, 01/01/2039 | 715 | 722 |
|  5.00%, 09/01/2039 | 40 | 41 |
|  5.00%, 04/01/2040 | 83 | 84 |
|  5.00%, 04/01/2040 | 1942 | 1956 |
|  5.00%, 06/01/2040 | 8798 | 8862 |
|  5.00%, 08/01/2040 | 74 | 75 |
|  5.00%, 05/01/2041 | 40 | 40 |
|  5.00%, 05/01/2042 | 666 | 674 |
|  5.00%, 09/01/2043 | 262 | 263 |
|  5.00%, 01/01/2048 | 333 | 333 |
|  5.00%, 05/01/2048 | 841 | 841 |
|  5.00%, 01/01/2049 | 2948 | 2948 |
|  5.00%, 06/01/2052 | 6369 | 6273 |
|  5.00%, 07/01/2052 | 406 | 400 |
|  5.00%, 08/01/2052 | 8122 | 7999 |
|  5.00%, 08/01/2052 | 8777 | 8669 |
|  5.00%, 10/01/2052 | 24059 | 23695 |
|  5.00%, 02/01/2053 | 5797 | 5701 |
|  5.00%, 02/01/2053 | 6377 | 6279 |
|  5.00%, 03/01/2053 | 13674 | 13465 |
|  5.00%, 03/01/2053 | 13969 | 13742 |

---

The accompanying notes are an integral part of these financial statements.

72.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  5.00%, 04/01/2053 | $17829 | $17531 |
|  5.00%, 06/01/2053 | 14984 | 14713 |
|  5.00%, 02/01/2054 | 952 | 940 |
|  5.00%, 03/01/2062 | 47 | 47 |
|  5.43%, 10/01/2032 | 2237 | 2348 |
|  5.50%, 11/01/2032 | 22 | 23 |
|  5.50%, 02/01/2033 <sup>(5)</sup> | 0 | 1 |
|  5.50%, 03/01/2033 | 21 | 22 |
|  5.50%, 04/01/2033 | 15 | 16 |
|  5.50%, 07/01/2033 | 3 | 3 |
|  5.50%, 09/01/2033 | 61 | 62 |
|  5.50%, 11/01/2033 | 1 | 1 |
|  5.50%, 12/01/2033 | 27 | 27 |
|  5.50%, 01/01/2034 | 3 | 3 |
|  5.50%, 03/01/2034 | 3 | 3 |
|  5.50%, 09/01/2034 | 5 | 6 |
|  5.50%, 10/01/2034 | 9 | 9 |
|  5.50%, 02/01/2035 | 19 | 19 |
|  5.50%, 12/01/2035 | 6 | 6 |
|  5.50%, 04/01/2036 | 20 | 21 |
|  5.50%, 05/01/2036 | 18 | 18 |
|  5.50%, 05/01/2036 | 27 | 27 |
|  5.50%, 11/01/2036 | 7 | 7 |
|  5.50%, 03/01/2037 | 140 | 144 |
|  5.50%, 04/01/2037 | 43 | 44 |
|  5.50%, 05/01/2037 | 48 | 50 |
|  5.50%, 01/01/2038 | 32 | 33 |
|  5.50%, 05/01/2038 | 9 | 9 |
|  5.50%, 06/01/2038 | 1 | 1 |
|  5.50%, 06/01/2038 | 41 | 42 |
|  5.50%, 06/01/2038 | 293 | 301 |
|  5.50%, 09/01/2038 | 247 | 255 |
|  5.50%, 06/01/2039 | 12 | 12 |
|  5.50%, 09/01/2039 | 17 | 17 |
|  5.50%, 12/01/2039 | 24 | 25 |
|  5.50%, 01/01/2040 | 200 | 205 |
|  5.50%, 11/01/2052 | 6108 | 6144 |
|  5.50%, 02/01/2053 | 6684 | 6723 |
|  5.50%, 03/01/2053 | 25928 | 25984 |
|  5.50%, 04/01/2053 | 1763 | 1766 |
|  5.50%, 11/01/2053 | 10732 | 10744 |
|  5.50%, 05/01/2054 | 3974 | 3979 |
|  5.50%, 01/01/2055 | 9891 | 9905 |
|  5.50%, 01/01/2055 | 14476 | 14568 |
|  5.50%, 07/01/2055 | 2001 | 2002 |
|  5.93% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.20%, 1.20% Floor, 10.19% Cap), 08/01/2034 <sup>(2)</sup> | 11 | 11 |
|  6.00%, 07/01/2026 | 1 | 1 |
|  6.00%, 07/01/2027 | 4 | 4 |
|  6.00%, 11/01/2027 | 2 | 2 |
|  6.00%, 12/01/2027 | 7 | 7 |
|  6.00%, 01/01/2028 | 11 | 12 |
|  6.00%, 10/01/2028 | 7 | 8 |
|  6.00%, 12/01/2028 <sup>(5)</sup> | 0 | 0 |
|  6.00%, 01/01/2029 | 1 | 1 |
|  6.00%, 09/01/2029 | 5 | 5 |
|  6.00%, 12/01/2032 | 6 | 7 |
|  6.00%, 12/01/2032 | 39 | 40 |

---

The accompanying notes are an integral part of these financial statements.

73.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.00%, 03/01/2033 <sup>(5)</sup> | $0 | $0 |
|  6.00%, 03/01/2033 | 1 | 1 |
|  6.00%, 03/01/2033 | 1 | 1 |
|  6.00%, 03/01/2033 | 2 | 2 |
|  6.00%, 05/01/2033 | 5 | 5 |
|  6.00%, 08/01/2033 | 2 | 2 |
|  6.00%, 09/01/2033 | 4 | 4 |
|  6.00%, 09/01/2033 | 5 | 5 |
|  6.00%, 11/01/2034 | 2 | 2 |
|  6.00%, 04/01/2035 | 28 | 30 |
|  6.00%, 02/01/2036 | 1 | 1 |
|  6.00%, 09/01/2036 | 98 | 102 |
|  6.00%, 11/01/2036 | 13 | 13 |
|  6.00%, 03/01/2037 | 20 | 21 |
|  6.00%, 09/01/2037 | 29 | 30 |
|  6.00%, 04/01/2038 | 8 | 8 |
|  6.00%, 05/01/2038 | 75 | 79 |
|  6.00%, 11/01/2038 | 25 | 26 |
|  6.00%, 12/01/2039 | 387 | 405 |
|  6.00%, 10/01/2040 | 492 | 516 |
|  6.00%, 07/01/2041 | 1309 | 1372 |
|  6.00%, 11/01/2048 | 19 | 19 |
|  6.00%, 02/01/2053 | 5992 | 6106 |
|  6.00%, 07/01/2053 | 5082 | 5241 |
|  6.00%, 07/01/2053 | 10525 | 10803 |
|  6.00%, 09/01/2053 | 10357 | 10541 |
|  6.00%, 10/01/2053 | 4667 | 4781 |
|  6.00%, 11/01/2053 | 4747 | 4831 |
|  6.00%, 11/01/2053 | 10048 | 10253 |
|  6.00%, 06/01/2054 | 929 | 945 |
|  6.00%, 07/01/2054 | 2815 | 2887 |
|  6.00%, 07/01/2054 | 10269 | 10504 |
|  6.00%, 10/01/2054 | 12617 | 12946 |
|  6.00%, 02/01/2055 | 3810 | 3875 |
|  6.00%, 02/01/2055 | 10559 | 10823 |
|  6.04% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.29%, 1.29% Floor, 9.96% Cap), 05/01/2035 <sup>(2)</sup> | 4 | 4 |
|  6.11% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.34%, 1.34% Floor, 12.10% Cap), 07/01/2037 <sup>(2)</sup> | 11 | 11 |
|  6.12% (1 Year CMT Index + 2.12%, 2.12% Floor, 10.24% Cap), 08/01/2036 <sup>(2)</sup> | 2 | 2 |
|  6.13% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.41%, 1.41% Floor, 9.28% Cap), 09/01/2033 <sup>(2)</sup> | 18 | 18 |
|  6.17% (1 Year CMT Index + 2.05%, 2.05% Floor, 9.42% Cap), 07/01/2034 <sup>(2)(5)</sup> | 0 | 0 |
|  6.20% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.48%, 1.48% Floor, 12.67% Cap), 02/01/2037 <sup>(2)</sup> | 15 | 16 |
|  6.21% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.52%, 1.52% Floor, 10.89% Cap), 01/01/2035 <sup>(2)</sup> | 39 | 39 |
|  6.22% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.43%, 1.43% Floor, 12.56% Cap), 01/01/2037 <sup>(2)</sup> | 14 | 14 |
|  6.23% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.60%, 1.60% Floor, 10.24% Cap), 09/01/2036 <sup>(2)</sup> | 12 | 12 |
|  6.25% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.54%, 1.54% Floor, 11.11% Cap), 02/01/2035 <sup>(2)</sup> | 1 | 1 |
|  6.26% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.64%, 1.64% Floor, 11.01% Cap), 12/01/2036 <sup>(2)</sup> | 10 | 11 |
|  6.30% (1 Year CMT Index + 2.30%, 2.30% Floor, 9.24% Cap), 06/01/2034 <sup>(2)</sup> | 12 | 12 |
|  6.31% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.44%, 1.44% Floor, 10.33% Cap), 11/01/2033 <sup>(2)</sup> | 13 | 13 |
|  6.45% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.19% Cap), 01/01/2034 <sup>(2)</sup> | 1 | 1 |
|  6.46% (12 Month U.S. Treasury Average + 1.91%, 1.91% Floor, 8.50% Cap), 01/01/2036 <sup>(2)</sup> | 31 | 32 |
|  6.50% (1 Year CMT Index + 2.00%, 2.00% Floor, 8.37% Cap), 11/01/2034 <sup>(2)</sup> | 1 | 1 |
|  6.50%, 08/01/2026 | 2 | 3 |
|  6.50%, 03/01/2029 | 2 | 2 |
|  6.50%, 11/01/2029 | 71 | 73 |
|  6.50%, 08/01/2031 | 4 | 4 |
|  6.50%, 02/01/2032 | 12 | 12 |
|  6.50%, 01/01/2036 | 54 | 55 |
|  6.50%, 07/01/2036 | 2 | 3 |

---

The accompanying notes are an integral part of these financial statements.

74.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.50%, 08/01/2036 | $43 | $44 |
|  6.50%, 10/01/2036 | 12 | 12 |
|  6.50%, 01/01/2037 | 20 | 20 |
|  6.50%, 08/01/2037 | 10 | 10 |
|  6.50%, 08/01/2037 | 17 | 17 |
|  6.50%, 10/01/2037 | 21 | 23 |
|  6.50%, 10/01/2038 | 26 | 27 |
|  6.50%, 10/01/2038 | 102 | 107 |
|  6.50%, 03/01/2055 | 1568 | 1621 |
|  6.50%, 04/01/2055 | 1981 | 2063 |
|  6.52% (1 Year CMT Index + 2.23%, 2.23% Floor, 9.64% Cap), 01/01/2036 <sup>(2)</sup> | 8 | 8 |
|  6.57% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.57%, 1.57% Floor, 11.32% Cap), 10/01/2036 <sup>(2)</sup> | 4 | 4 |
|  6.57% (1 Year CMT Index + 2.28%, 2.28% Floor, 9.71% Cap), 04/01/2035 <sup>(2)</sup> | 9 | 9 |
|  6.57% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.95%, 1.95% Floor, 12.32% Cap), 11/01/2036 <sup>(2)(5)</sup> | 0 | 0 |
|  6.59% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.60%, 1.60% Floor, 10.85% Cap), 05/01/2035 <sup>(2)</sup> | 3 | 3 |
|  6.59% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.72%, 1.72% Floor, 10.64% Cap), 01/01/2037 <sup>(2)</sup> | 8 | 8 |
|  6.61% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.73% Cap), 03/01/2035 <sup>(2)</sup> | 5 | 5 |
|  6.61% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.86%, 1.86% Floor, 10.64% Cap), 06/01/2036 <sup>(2)</sup> | 4 | 4 |
|  6.62% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.62%, 1.62% Floor, 10.82% Cap), 04/01/2037 <sup>(2)</sup> | 6 | 6 |
|  6.67% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.24%, 1.24% Floor, 10.94% Cap), 11/01/2037 <sup>(2)</sup> | 18 | 18 |
|  6.67% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 10.42% Cap), 01/01/2035 <sup>(2)</sup> | 1 | 1 |
|  6.74% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.74%, 1.74% Floor, 9.99% Cap), 11/01/2034 <sup>(2)</sup> | 1 | 1 |
|  6.80% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.81%, 1.81% Floor, 11.06% Cap), 05/01/2036 <sup>(2)</sup> | 1 | 1 |
|  6.83% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.03%, 2.03% Floor, 10.93% Cap), 02/01/2037 <sup>(2)</sup> | 7 | 7 |
|  6.84% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.51% Cap), 12/01/2037 <sup>(2)</sup> | 34 | 35 |
|  7.00% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.29% Cap), 08/01/2033 <sup>(2)</sup> | 10 | 10 |
|  7.00%, 09/01/2027 <sup>(5)</sup> | 0 | 0 |
|  7.00%, 02/01/2033 | 1 | 1 |
|  7.00%, 06/01/2033 | 21 | 23 |
|  7.00%, 02/01/2036 | 6 | 6 |
|  7.00%, 03/01/2036 | 1 | 1 |
|  7.00%, 03/01/2037 | 3 | 3 |
|  7.00%, 04/01/2037 | 2 | 2 |
|  7.00%, 09/01/2037 | 19 | 20 |
|  7.00%, 09/01/2038 | 28 | 29 |
|  7.00%, 10/01/2038 | 22 | 23 |
|  7.00%, 11/01/2038 | 23 | 25 |
|  7.00%, 12/01/2038 | 69 | 73 |
|  7.00%, 01/01/2039 | 87 | 92 |
|  7.07% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.57%, 1.57% Floor, 11.27% Cap), 09/01/2036 <sup>(2)</sup> | 5 | 5 |
|  7.07% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.49%, 1.49% Floor, 9.86% Cap), 10/01/2034 <sup>(2)</sup> | 3 | 3 |
|  7.18% (1 Year CMT Index + 2.47%, 2.47% Floor, 10.41% Cap), 10/01/2035 <sup>(2)</sup> | 18 | 19 |
|  7.21% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.71%, 1.71% Floor, 11.33% Cap), 09/01/2035 <sup>(2)</sup> | 1 | 1 |
|  7.21% (1 Year CMT Index + 2.12%, 2.13% Floor, 10.51% Cap), 11/01/2037 <sup>(2)</sup> | 8 | 8 |
|  7.25% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.50%, 2.50% Floor, 10.63% Cap), 02/01/2036 <sup>(2)</sup> | 3 | 3 |
|  7.26% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.76%, 1.76% Floor, 11.26% Cap), 09/01/2037 <sup>(2)</sup> | 2 | 2 |
|  7.28% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.50%, 2.50% Floor, 11.17% Cap), 03/01/2036 <sup>(2)</sup> | 64 | 67 |
|  7.32% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.81%, 1.81% Floor, 11.48% Cap), 07/01/2037 <sup>(2)</sup> | 18 | 19 |
|  7.34% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.59%, 1.59% Floor, 10.62% Cap), 08/01/2036 <sup>(2)</sup> | 21 | 21 |
|  7.36% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.61%, 1.61% Floor, 9.95% Cap), 08/01/2034 <sup>(2)</sup> | 5 | 5 |
|  7.37% (1 Year CMT Index + 2.32%, 2.32% Floor, 11.08% Cap), 09/01/2037 <sup>(2)</sup> | 6 | 6 |
|  7.39% (1 Year CMT Index + 2.38%, 2.38% Floor, 10.22% Cap), 10/01/2034 <sup>(2)</sup> | 8 | 8 |
|  7.40% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.65%, 1.65% Floor, 10.98% Cap), 09/01/2034 <sup>(2)</sup> | 1 | 1 |
|  7.45% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.82%, 1.82% Floor, 11.20% Cap), 09/01/2036 <sup>(2)</sup> | 11 | 11 |
|  7.48% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.73%, 1.73% Floor, 11.22% Cap), 09/01/2036 <sup>(2)</sup> | 16 | 17 |
|  7.50%, 01/01/2035 | 8 | 8 |
|  7.50%, 03/01/2035 | 11 | 12 |
|  7.50%, 05/01/2037 | 7 | 7 |

---

The accompanying notes are an integral part of these financial statements.

75.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  7.50%, 10/01/2037 | $48 | $51 |
|  7.50%, 11/01/2037 | 15 | 16 |
|  7.50%, 11/01/2038 | 14 | 14 |
|  7.50%, 04/01/2039 | 60 | 64 |
|  7.51% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.08%, 2.08% Floor, 10.82% Cap), 10/01/2036 <sup>(2)</sup> | 35 | 37 |
|  7.52% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.77%, 1.77% Floor, 11.40% Cap), 07/01/2036 <sup>(2)</sup> | 9 | 9 |
|  7.60% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.81%, 1.81% Floor, 9.14% Cap), 09/01/2033 <sup>(2)</sup> | 3 | 3 |
|  7.66% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.91%, 1.91% Floor, 12.16% Cap), 09/01/2037 <sup>(2)</sup> | 4 | 4 |
|  7.67% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.80%, 1.80% Floor, 11.12% Cap), 06/01/2036 <sup>(2)</sup> | 10 | 11 |
|  7.68% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.87%, 1.87% Floor, 10.76% Cap), 07/01/2037 <sup>(2)</sup> | 7 | 8 |
|  7.73% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.08%, 2.08% Floor, 10.53% Cap), 10/01/2036 <sup>(2)</sup> | 14 | 14 |
|  8.00%, 03/01/2027 | 1 | 1 |
|  8.00%, 06/01/2027 | 1 | 1 |
|  8.00%, 06/01/2028 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 11/01/2028 | 4 | 4 |
|  8.00%, 11/01/2037 | 8 | 8 |
|  8.00%, 01/01/2038 | 1 | 1 |
|  8.15% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.37%, 2.37% Floor, 11.22% Cap), 08/01/2037 <sup>(2)</sup> | 29 | 30 |
|  Fannie Mae REMIC Trust 2003-W1 |  |  |
|  4.74%, 12/25/2042, Series 2003-W1, Class 1A1 <sup>(4)</sup> | 47 | 47 |
|  5.13%, 12/25/2042, Series 2003-W1, Class 2A <sup>(4)</sup> | 13 | 13 |
|  Fannie Mae REMIC Trust 2003-W4 |  |  |
|  5.13%, 10/25/2042, Series 2003-W4, Class 2A <sup>(4)</sup> | 7 | 7 |
|  Fannie Mae REMIC Trust 2004-W10 |  |  |
|  5.75%, 08/25/2034, Series 2004-W10, Class A6 | 161 | 163 |
|  Fannie Mae REMIC Trust 2004-W11 |  |  |
|  6.00%, 05/25/2044, Series 2004-W11, Class 1A1 | 39 | 41 |
|  Fannie Mae REMIC Trust 2005-W1 |  |  |
|  6.50%, 10/25/2044, Series 2005-W1, Class 1A2 | 66 | 68 |
|  Fannie Mae REMIC Trust 2006-W3 |  |  |
|  6.00%, 09/25/2046, Series 2006-W3, Class 2A | 34 | 36 |
|  Fannie Mae REMIC Trust 2007-W1 |  |  |
|  6.23%, 08/25/2047, Series 2007-W10, Class 2A <sup>(4)</sup> | 4 | 4 |
|  Fannie Mae REMIC Trust 2007-W3 |  |  |
|  6.75%, 04/25/2037, Series 2007-W3, Class 1A3 | 11 | 11 |
|  Fannie Mae REMIC Trust 2007-W5 |  |  |
|  0.00%, 06/25/2037, Series 2007-W5, Class PO | 9 | 8 |
|  Fannie Mae REMIC Trust 2007-W7 |  |  |
|  12.66% (1 Month SOFR USD + 39.18%, 39.18% Cap), 07/25/2037, Series 2007-W7, Class 1A4 <sup>(2)(9)</sup> | 6 | 8 |
|  Fannie Mae REMIC Trust 2009-W1 |  |  |
|  6.00%, 12/25/2049, Series 2009-W1, Class A | 103 | 107 |
|  Fannie Mae REMICS |  |  |
|  0.00%, 01/25/2032, Series 2001-81, Class LO <sup>(5)</sup> | 0 | 0 |
|  0.00%, 04/25/2032, Series 2002-21, Class LO <sup>(5)</sup> | 0 | 0 |
|  0.00%, 12/25/2032, Series 2004-59, Class BG | 3 | 3 |
|  0.00%, 05/25/2033, Series 2003-35, Class EA | 2 | 2 |
|  0.00%, 08/25/2033, Series 2003-132, Class OA <sup>(5)</sup> | 0 | 0 |
|  0.00%, 12/25/2033, Series 2006-44, Class P | 29 | 26 |
|  0.00%, 03/25/2034, Series 2004-46, Class EP | 5 | 5 |
|  0.00%, 10/25/2035, Series 2010-39, Class OT | 7 | 6 |
|  0.00%, 03/25/2036, Series 2006-16, Class OA | 5 | 4 |
|  0.00%, 03/25/2036, Series 2006-8, Class WQ | 63 | 52 |
|  0.00%, 04/25/2036, Series 2006-23, Class KO | 4 | 4 |
|  0.00%, 04/25/2036, Series 2006-27, Class OH | 7 | 7 |
|  0.00%, 04/25/2036, Series 2006-22, Class AO | 18 | 16 |
|  0.00%, 06/25/2036, Series 2006-43, Class PO | 5 | 5 |
|  0.00%, 06/25/2036, Series 2006-44, Class GO | 11 | 9 |
|  0.00%, 06/25/2036, Series 2006-43, Class DO | 17 | 14 |

---

The accompanying notes are an integral part of these financial statements.

76.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  0.00%, 06/25/2036, Series 2006-50, Class JO | $35 | $30 |
|  0.00%, 06/25/2036, Series 2006-50, Class PS | 45 | 40 |
|  0.00%, 07/25/2036, Series 2006-58, Class AP | 4 | 3 |
|  0.00%, 07/25/2036, Series 2006-58, Class PO | 6 | 6 |
|  0.00%, 07/25/2036, Series 2006-65, Class QO | 12 | 10 |
|  0.00%, 08/25/2036, Series 2006-72, Class TO | 4 | 3 |
|  0.00%, 08/25/2036, Series 2006-79, Class DO | 8 | 7 |
|  0.00%, 08/25/2036, Series 2006-79, Class OP | 13 | 11 |
|  0.00%, 08/25/2036, Series 2006-72, Class GO | 20 | 17 |
|  0.00%, 09/25/2036, Series 2008-42, Class AO | 5 | 5 |
|  0.00%, 09/25/2036, Series 2006-90, Class AO | 6 | 6 |
|  0.00%, 09/25/2036, Series 2006-86, Class OB | 13 | 11 |
|  0.00%, 11/25/2036, Series 2006-109, Class PO | 4 | 3 |
|  0.00%, 11/25/2036, Series 2006-111, Class EO | 10 | 8 |
|  0.00%, 11/25/2036, Series 2006-110, Class PO | 18 | 16 |
|  0.00%, 12/25/2036, Series 2006-119, Class PO | 6 | 5 |
|  0.00%, 12/25/2036, Series 2006-115, Class OK | 10 | 8 |
|  0.00%, 01/25/2037, Series 2006-128, Class PO | 12 | 10 |
|  0.00%, 01/25/2037, Series 2009-70, Class CO | 34 | 28 |
|  0.00%, 03/25/2037, Series 2007-14, Class OP | 9 | 8 |
|  0.00%, 04/25/2037, Series 2007-28, Class EO | 26 | 23 |
|  0.00%, 05/25/2037, Series 2007-42, Class AO | 1 | 1 |
|  0.00%, 07/25/2037, Series 2007-67, Class PO | 21 | 18 |
|  0.00%, 10/25/2037, Series 2009-86, Class OT | 183 | 155 |
|  0.00%, 05/25/2038, Series 2008-44, Class PO | 1 | 1 |
|  0.00%, 01/25/2040, Series 2009-113, Class AO | 15 | 13 |
|  0.00%, 06/25/2040, Series 2010-63, Class AP | 25 | 21 |
|  0.00%, 09/25/2043, Series 2013-92, Class PO | 422 | 317 |
|  0.00%, 10/25/2043, Series 2013-101, Class DO | 343 | 250 |
|  0.00%, 12/25/2043, Series 2013-128, Class PO | 744 | 543 |
|  0.02% (30-day Average SOFR + 4.33%, 4.44% Cap), 11/25/2040, Series 2010-125, Class SA <sup>(2)(9)</sup> | 127 | 5 |
|  0.50%, 09/25/2054, Series 2025-31, Class MA | 14523 | 12100 |
|  0.50%, 09/25/2054, Series 2025-18, Class MA | 22624 | 18575 |
|  1.25%, 06/25/2050, Series 2020-46, Class KB | 16615 | 12679 |
|  1.36% (30-day Average SOFR + 5.67%, 5.78% Cap), 06/25/2037, Series 2007-92, Class YS <sup>(2)(9)</sup> | 14 | 1 |
|  1.43% (30-day Average SOFR + 5.74%, 5.85% Cap), 09/25/2038, Series 2008-81, Class SB <sup>(2)(9)</sup> | 66 | 4 |
|  1.43% (30-day Average SOFR + 5.74%, 5.85% Cap), 09/25/2038, Series 2008-80, Class SA <sup>(2)(9)</sup> | 54 | 4 |
|  1.48% (30-day Average SOFR + 5.79%, 5.90% Cap), 10/25/2039, Series 2009-84, Class WS <sup>(2)(9)</sup> | 17 | 1 |
|  1.49% (30-day Average SOFR + 5.80%, 5.91% Cap), 02/25/2038, Series 2008-1, Class BI <sup>(2)(9)</sup> | 58 | 5 |
|  1.56% (30-day Average SOFR + 7.31%, 7.47% Cap), 08/25/2033, Series 2003-71, Class DS <sup>(2)(9)</sup> | 35 | 33 |
|  1.58% (30-day Average SOFR + 5.89%, 6.00% Cap), 02/25/2038, Series 2008-4, Class SD <sup>(2)(9)</sup> | 159 | 15 |
|  1.60% (30-day Average SOFR + 7.99%, 1.60% Cap), 03/25/2032, Series 2002-13, Class SJ <sup>(2)(5)(9)</sup> | 9 | 0 |
|  1.63% (30-day Average SOFR + 5.94%, 6.05% Cap), 04/25/2050, Series 2020-24, Class SP <sup>(2)(9)</sup> | 3942 | 502 |
|  1.64% (30-day Average SOFR + 5.95%, 5.95% Cap), 08/25/2052, Series 2022-51, Class PS <sup>(2)(9)</sup> | 8978 | 946 |
|  1.66% (30-day Average SOFR + 5.97%, 6.08% Cap), 03/25/2037, Series 2007-22, Class SC <sup>(2)(5)(9)</sup> | 0 | 0 |
|  1.68% (30-day Average SOFR + 5.99%, 6.10% Cap), 04/25/2037, Series 2007-35, Class SI <sup>(2)(9)</sup> | 27 | 1 |
|  1.68% (30-day Average SOFR + 5.99%, 6.10% Cap), 06/25/2037, Series 2007-54, Class WI <sup>(2)(9)</sup> | 15 | 1 |
|  1.68% (30-day Average SOFR + 5.99%, 6.10% Cap), 06/25/2037, Series 2007-53, Class SH <sup>(2)(9)</sup> | 56 | 4 |
|  1.68% (30-day Average SOFR + 5.99%, 6.10% Cap), 11/25/2049, Series 2010-103, Class SB <sup>(2)(9)</sup> | 37 | 3 |
|  1.72%, 01/25/2038, Series 2007-116, Class HI <sup>(4)</sup> | 110 | 6 |
|  1.76% (30-day Average SOFR + 6.07%, 6.18% Cap), 12/25/2039, Series 2009-99, Class SC <sup>(2)(9)</sup> | 21 | 2 |
|  1.78% (30-day Average SOFR + 6.09%, 6.20% Cap), 03/25/2038, Series 2008-16, Class IS <sup>(2)(9)</sup> | 21 | 2 |
|  1.81% (30-day Average SOFR + 6.12%, 6.23% Cap), 03/25/2038, Series 2008-10, Class XI <sup>(2)(9)</sup> | 24 | 2 |
|  1.83% (30-day Average SOFR + 6.14%, 6.25% Cap), 01/25/2040, Series 2009-112, Class ST <sup>(2)(9)</sup> | 46 | 5 |
|  1.88%, 04/25/2041, Series 2011-30, Class LS <sup>(4)</sup> | 151 | 10 |
|  1.94% (30-day Average SOFR + 6.25%, 6.36% Cap), 12/25/2037, Series 2007-108, Class SA <sup>(2)(5)(9)</sup> | 3 | 0 |
|  1.98% (30-day Average SOFR + 6.29%, 6.40% Cap), 07/25/2037, Series 2007-72, Class EK <sup>(2)(9)</sup> | 146 | 15 |
|  1.98% (30-day Average SOFR + 6.29%, 6.40% Cap), 12/25/2037, Series 2007-109, Class AI <sup>(2)(9)</sup> | 66 | 5 |

---

The accompanying notes are an integral part of these financial statements.

77.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  1.98% (30-day Average SOFR + 6.29%, 6.40% Cap), 05/25/2040, Series 2010-42, Class S <sup>(2)(9)</sup> | $18 | $2 |
|  2.00%, 06/25/2041, Series 2021-31, Class AB | 2595 | 2355 |
|  2.00%, 12/25/2043, Series 2020-35, Class MA | 1241 | 1176 |
|  2.00%, 06/25/2046, Series 2020-51, Class BA | 3467 | 3076 |
|  2.00% (30-day Average SOFR + 6.31%, 6.42% Cap), 04/25/2040, Series 2010-35, Class SB <sup>(2)(9)</sup> | 30 | 2 |
|  2.02% (30-day Average SOFR + 6.33%, 6.44% Cap), 03/25/2037, Series 2007-14, Class ES <sup>(2)(9)</sup> | 74 | 8 |
|  2.03% (30-day Average SOFR + 6.34%, 6.45% Cap), 10/25/2037, Series 2007-100, Class SM <sup>(2)(9)</sup> | 52 | 5 |
|  2.03% (30-day Average SOFR + 6.34%, 6.45% Cap), 12/25/2037, Series 2007-112, Class SA <sup>(2)(9)</sup> | 75 | 9 |
|  2.04% (30-day Average SOFR + 6.35%, 6.46% Cap), 10/25/2037, Series 2007-91, Class ES <sup>(2)(9)</sup> | 78 | 8 |
|  2.08% (30-day Average SOFR + 6.39%, 6.50% Cap), 08/25/2036, Series 2007-7, Class SG <sup>(2)(9)</sup> | 93 | 11 |
|  2.10% (30-day Average SOFR + 6.41%, 6.52% Cap), 07/25/2036, Series 2006-58, Class IG <sup>(2)(9)</sup> | 14 | 1 |
|  2.11% (30-day Average SOFR + 6.42%, 6.53% Cap), 01/25/2041, Series 2010-147, Class SA <sup>(2)(9)</sup> | 245 | 30 |
|  2.12% (30-day Average SOFR + 6.43%, 6.54% Cap), 09/25/2037, Series 2007-88, Class VI <sup>(2)(9)</sup> | 69 | 6 |
|  2.13% (30-day Average SOFR + 6.44%, 6.55% Cap), 02/25/2039, Series 2009-6, Class GS <sup>(2)(9)</sup> | 36 | 3 |
|  2.15%, 06/25/2038, Series 2008-46, Class HI <sup>(4)</sup> | 23 | 1 |
|  2.16% (30-day Average SOFR + 6.47%, 6.58% Cap), 06/25/2036, Series 2006-53, Class US <sup>(2)(9)</sup> | 43 | 3 |
|  2.20% (30-day Average SOFR + 6.51%, 6.62% Cap), 07/25/2037, Series 2007-65, Class KI <sup>(2)(9)</sup> | 52 | 5 |
|  2.21% (30-day Average SOFR + 9.96%, 10.17% Cap), 08/25/2033, Series 2003-74, Class SH <sup>(2)(9)</sup> | 5 | 5 |
|  2.23% (30-day Average SOFR + 6.54%, 6.65% Cap), 12/25/2036, Series 2006-117, Class GS <sup>(2)(9)</sup> | 46 | 4 |
|  2.23% (30-day Average SOFR + 6.54%, 6.65% Cap), 03/25/2039, Series 2009-17, Class QS <sup>(2)(9)</sup> | 13 | 1 |
|  2.28% (30-day Average SOFR + 6.59%, 6.70% Cap), 03/25/2036, Series 2006-8, Class WN <sup>(2)(9)</sup> | 230 | 22 |
|  2.29% (30-day Average SOFR + 6.60%, 6.71% Cap), 07/25/2035, Series 2005-56, Class S <sup>(2)(9)</sup> | 21 | 2 |
|  2.43% (30-day Average SOFR + 6.74%, 6.85% Cap), 04/25/2038, Series 2008-32, Class SA <sup>(2)(9)</sup> | 12 | 1 |
|  2.48% (30-day Average SOFR + 6.79%, 6.90% Cap), 04/25/2038, Series 2008-27, Class SN <sup>(2)(9)</sup> | 26 | 3 |
|  2.50%, 11/25/2042, Series 2012-128, Class MP | 929 | 851 |
|  2.57% (30-day Average SOFR + 6.88%, 6.99% Cap), 03/25/2038, Series 2008-20, Class SA <sup>(2)(9)</sup> | 26 | 3 |
|  2.68% (30-day Average SOFR + 13.46%, 13.75% Cap), 07/25/2033, Series 2003-64, Class SX <sup>(2)(9)</sup> | 7 | 6 |
|  2.73% (30-day Average SOFR + 7.04%, 7.15% Cap), 07/25/2037, Series 2007-60, Class AX <sup>(2)(9)</sup> | 212 | 29 |
|  2.78% (30-day Average SOFR + 7.09%, 7.20% Cap), 07/25/2038, Series 2008-53, Class CI <sup>(2)(9)</sup> | 13 | 1 |
|  2.93% (30-day Average SOFR + 17.29%, 17.67% Cap), 04/25/2040, Series 2010-35, Class SJ <sup>(2)(9)</sup> | 41 | 43 |
|  3.00%, 12/25/2028, Series 2013-118, Class YL | 731 | 720 |
|  3.00%, 10/25/2033, Series 2013-100, Class WB | 514 | 495 |
|  3.00%, 02/25/2043, Series 2013-81, Class TA | 208 | 205 |
|  3.00%, 01/25/2046, Series 2016-38, Class NA | 777 | 725 |
|  3.18% (30-day Average SOFR + 7.49%, 7.60% Cap), 07/25/2028, Series 2008-55, Class S <sup>(2)(9)</sup> | 24 | 1 |
|  3.18% (30-day Average SOFR + 7.49%, 7.60% Cap), 11/25/2033, Series 2003-116, Class SB <sup>(2)(9)</sup> | 29 | 3 |
|  3.40% (30-day Average SOFR + 24.93%, 25.50% Cap), 06/25/2035, Series 2005-59, Class SU <sup>(2)(9)</sup> | 10 | 11 |
|  3.50%, 04/25/2031, Series 2011-31, Class DB | 214 | 210 |
|  3.50%, 09/25/2033, Series 2013-90, Class DL | 1144 | 1122 |
|  3.50%, 03/25/2042, Series 2013-136, Class QB | 485 | 459 |
|  3.50%, 02/25/2043, Series 2013-4, Class AJ | 101 | 96 |
|  3.50%, 01/25/2051, Series 2020-101, Class AI | 15268 | 2876 |
|  3.50%, 11/25/2057, Series 2019-7, Class CA | 2504 | 2416 |
|  3.82% (30-day Average SOFR + 12.43%, 12.66% Cap), 03/25/2040, Series 2010-49, Class SC <sup>(2)(9)</sup> | 70 | 68 |
|  4.00%, 04/25/2033, Series 2003-22, Class UD | 65 | 64 |
|  4.00%, 05/25/2033, Series 2003-42, Class GB | 5 | 5 |
|  4.35% (30-day Average SOFR + 16.19%, 16.50% Cap), 05/25/2034, Series 2004-46, Class SK <sup>(2)(9)</sup> | 2 | 2 |
|  4.50% (30-day Average SOFR + 0.17%, 0.06% Floor), 12/25/2036, Series 2006-118, Class A1 <sup>(2)</sup> | 22 | 21 |
|  4.50% (30-day Average SOFR + 0.17%, 0.06% Floor), 12/25/2036, Series 2006-118, Class A2 <sup>(2)</sup> | 88 | 87 |
|  4.50%, 10/25/2036, Series 2009-19, Class PW | 55 | 55 |
|  4.50%, 02/25/2039, Series 2009-4, Class BD | 1 | 1 |
|  4.50%, 04/25/2042, Series 2014-11, Class VB | 1458 | 1451 |
|  4.54% (30-day Average SOFR + 0.36%, 0.25% Floor), 06/27/2036, Series 2007-101, Class A2 <sup>(2)</sup> | 162 | 163 |
|  4.67% (30-day Average SOFR + 0.36%, 0.25% Floor, 7.00% Cap), 04/25/2036, Series 2006-23, Class FK <sup>(2)</sup> | 39 | 38 |
|  4.67% (30-day Average SOFR + 0.36%, 0.25% Floor, 6.50% Cap), 02/25/2037, Series 2007-10, Class FD <sup>(2)</sup> | 13 | 13 |
|  4.71% (30-day Average SOFR + 0.40%, 0.29% Floor, 7.50% Cap), 07/25/2036, Series 2006-56, Class FC <sup>(2)</sup> | 88 | 88 |
|  4.72% (30-day Average SOFR + 0.41%, 0.30% Floor, 6.75% Cap), 05/25/2037, Series 2007-43, Class FL <sup>(2)</sup> | 16 | 16 |
|  4.77% (30-day Average SOFR + 0.46%, 0.35% Floor, 6.75% Cap), 04/25/2035, Series 2005-25, Class PF <sup>(2)</sup> | 34 | 33 |

---

The accompanying notes are an integral part of these financial statements.

78.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.77% (30-day Average SOFR + 0.46%, 0.35% Floor, 7.50% Cap), 08/25/2036, Series 2006-79, Class DF <sup>(2)</sup> | $35 | $35 |
|  4.79% (30-day Average SOFR + 0.48%, 0.37% Floor, 7.50% Cap), 07/25/2037, Series 2007-64, Class FB <sup>(2)</sup> | 25 | 24 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.50% Cap), 03/25/2034, Series 2004-28, Class PF <sup>(2)</sup> | 5 | 5 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.50% Cap), 05/25/2034, Series 2004-36, Class FA <sup>(2)</sup> | 59 | 59 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 06/25/2036, Series 2006-46, Class FW <sup>(2)</sup> | 11 | 11 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 06/25/2037, Series 2007-54, Class FA <sup>(2)</sup> | 80 | 80 |
|  4.87% (30-day Average SOFR + 0.56%, 6.50% Cap), 06/25/2037, Series 2007-98, Class FB <sup>(2)</sup> | 8 | 8 |
|  4.87% (30-day Average SOFR + 0.56%, 0.45% Floor, 6.50% Cap), 09/25/2042, Series 2012-99, Class FA <sup>(2)</sup> | 113 | 111 |
|  4.88% (30-day Average SOFR + 0.57%, 0.46% Floor, 7.00% Cap), 07/25/2036, Series 2006-58, Class FL <sup>(2)</sup> | 10 | 10 |
|  4.89% (30-day Average SOFR + 11.35%, 11.52% Cap), 01/25/2034, Series 2003-130, Class SX <sup>(2)(5)(9)</sup> | 0 | 0 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 03/25/2037, Series 2007-77, Class FG <sup>(2)</sup> | 21 | 20 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 07/25/2037, Series 2007-97, Class FC <sup>(2)</sup> | 13 | 13 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 07/25/2041, Series 2011-149, Class EF <sup>(2)</sup> | 9 | 9 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 11/25/2041, Series 2011-149, Class MF <sup>(2)</sup> | 44 | 44 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 09/25/2042, Series 2012-101, Class FC <sup>(2)</sup> | 55 | 54 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 09/25/2042, Series 2012-97, Class FB <sup>(2)</sup> | 367 | 363 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 10/25/2042, Series 2012-108, Class F <sup>(2)</sup> | 142 | 140 |
|  4.97% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 08/25/2041, Series 2011-75, Class FA <sup>(2)</sup> | 19 | 19 |
|  5.00%, 03/25/2029, Series 2009-11, Class NB | 1 | 1 |
|  5.00%, 11/25/2032, Series 2002-71, Class AP | 2 | 2 |
|  5.00%, 03/25/2033, Series 2003-14, Class TI <sup>(5)</sup> | 2 | 0 |
|  5.00%, 03/25/2037, Series 2009-63, Class P | 1 | 1 |
|  5.00%, 07/25/2038, Series 2008-56, Class AC | 13 | 13 |
|  5.00%, 07/25/2038, Series 2008-60, Class JC | 17 | 17 |
|  5.00%, 07/25/2039, Series 2009-52, Class PI | 26 | 4 |
|  5.00%, 08/25/2039, Series 2009-59, Class HB | 105 | 107 |
|  5.00%, 09/25/2039, Series 2009-65, Class MT | 20 | 20 |
|  5.00%, 06/25/2040, Series 2010-64, Class DM | 101 | 102 |
|  5.00%, 07/25/2040, Series 2010-80, Class AZ | 2251 | 2213 |
|  5.00%, 09/25/2040, Series 2010-102, Class PN | 73 | 74 |
|  5.02% (30-day Average SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 04/25/2040, Series 2010-40, Class FJ <sup>(2)</sup> | 4 | 4 |
|  5.02% (30-day Average SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 05/25/2040, Series 2010-43, Class FD <sup>(2)</sup> | 19 | 19 |
|  5.10% (30-day Average SOFR + 15.86%, 16.15% Cap), 09/25/2037, Series 2007-85, Class SL <sup>(2)(9)</sup> | 3 | 4 |
|  5.13% (30-day Average SOFR + 12.31%, 12.50% Cap), 09/25/2033, Series 2003-91, Class SD <sup>(2)(9)</sup> | 4 | 5 |
|  5.16% (30-day Average SOFR + 13.77%, 14.00% Cap), 03/25/2038, Series 2008-18, Class SP <sup>(2)(9)</sup> | 11 | 10 |
|  5.17% (30-day Average SOFR + 0.86%, 0.75% Floor, 8.00% Cap), 01/25/2034, Series 2004-87, Class F <sup>(2)</sup> | 39 | 39 |
|  5.17% (30-day Average SOFR + 0.86%, 6.50% Cap), 03/25/2037, Series 2007-16, Class FC <sup>(2)</sup> | 13 | 14 |
|  5.22% (30-day Average SOFR + 0.91%, 0.80% Floor, 8.00% Cap), 11/25/2032, Series 2004-61, Class FH <sup>(2)</sup> | 72 | 72 |
|  5.32% (30-day Average SOFR + 1.01%, 0.90% Floor, 6.75% Cap), 03/25/2038, Series 2008-18, Class FA <sup>(2)</sup> | 14 | 14 |
|  5.40% (30-day Average SOFR + 14.01%, 14.24% Cap), 07/25/2034, Series 2004-51, Class SY <sup>(2)(9)</sup> | 4 | 4 |
|  5.45% (30-day Average SOFR + 16.21%, 16.50% Cap), 07/25/2037, Series 2007-62, Class SE <sup>(2)(9)</sup> | 11 | 12 |
|  5.50%, 08/25/2025, Series 2005-67, Class EY <sup>(5)</sup> | 0 | 0 |
|  5.50%, 04/18/2029, Series 1999-18, Class Z <sup>(5)</sup> | 0 | 0 |
|  5.50%, 12/25/2032, Series 2002-78, Class Z | 35 | 37 |
|  5.50%, 08/25/2033, Series 2003-72, Class IE | 76 | 9 |
|  5.50%, 08/25/2033, Series 2003-73, Class HC | 29 | 30 |
|  5.50%, 10/25/2033, Series 2003-105, Class AZ | 215 | 223 |
|  5.50%, 04/25/2034, Series 2004-17, Class H | 73 | 76 |
|  5.50%, 07/25/2034, Series 2004-50, Class VZ | 140 | 145 |
|  5.50%, 08/25/2035, Series 2005-68, Class PG | 23 | 23 |
|  5.50%, 08/25/2035, Series 2005-73, Class ZB | 253 | 263 |
|  5.50%, 12/25/2035, Series 2005-110, Class GL | 166 | 173 |
|  5.50%, 03/25/2036, Series 2006-16, Class HZ | 16 | 16 |
|  5.50%, 03/25/2036, Series 2006-12, Class BZ | 65 | 67 |
|  5.50%, 03/25/2036, Series 2006-8, Class JZ | 79 | 82 |
|  5.50%, 01/25/2037, Series 2006-128, Class BP | 2 | 2 |
|  5.50%, 07/25/2037, Series 2007-70, Class Z | 51 | 54 |
|  5.50%, 08/25/2037, Series 2007-76, Class AZ | 6 | 6 |

---

The accompanying notes are an integral part of these financial statements.

79.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  5.50%, 07/25/2038, Series 2011-47, Class ZA | $61 | $62 |
|  5.50%, 10/25/2039, Series 2009-86, Class IP | 67 | 11 |
|  5.50%, 06/25/2040, Series 2010-58, Class MB | 233 | 239 |
|  5.50%, 07/25/2040, Series 2010-71, Class HJ | 90 | 94 |
|  5.50%, 10/25/2040, Series 2010-111, Class AM | 331 | 346 |
|  5.51%, 07/25/2051, Series 2011-58, Class WA <sup>(4)</sup> | 18 | 18 |
|  5.65% (30-day Average SOFR + 16.41%, 16.70% Cap), 08/25/2035, Series 2005-73, Class PS <sup>(2)(9)</sup> | 9 | 9 |
|  5.75%, 06/25/2033, Series 2003-47, Class PE | 19 | 19 |
|  5.75%, 07/25/2035, Series 2005-66, Class ZH | 680 | 709 |
|  5.75%, 10/25/2035, Series 2005-84, Class XM | 15 | 16 |
|  5.82%, 02/25/2051, Series 2011-2, Class WA <sup>(4)</sup> | 27 | 28 |
|  5.83% (30-day Average SOFR + 16.59%, 16.88% Cap), 08/25/2035, Series 2005-72, Class SB <sup>(2)(9)</sup> | 5 | 5 |
|  5.83% (30-day Average SOFR + 16.59%, 16.88% Cap), 10/25/2035, Series 2005-90, Class ES <sup>(2)(9)</sup> | 8 | 9 |
|  5.91% (30-day Average SOFR + 1.60%, 1.60% Floor, 6.00% Cap), 02/25/2055, Series 2025-6, Class FC <sup>(2)</sup> | 2816 | 2815 |
|  5.95% (30-day Average SOFR + 16.71%, 17.00% Cap), 05/25/2035, Series 2005-42, Class PS <sup>(2)(9)</sup> | 1 | 1 |
|  5.97%, 09/25/2039, Series 2009-69, Class WA <sup>(4)</sup> | 32 | 33 |
|  5.99%, 10/25/2037, Series 2007-106, Class A7 <sup>(4)</sup> | 18 | 18 |
|  6.00%, 07/18/2028, Series 1998-36, Class ZB | 1 | 1 |
|  6.00%, 07/25/2031, Series 2001-33, Class ID | 9 | 1 |
|  6.00%, 11/25/2031, Series 2001-60, Class PX | 14 | 14 |
|  6.00%, 04/25/2032, Series 2002-15, Class ZA | 37 | 38 |
|  6.00%, 11/25/2032, Series 2011-39, Class ZA | 115 | 119 |
|  6.00%, 05/25/2033, Series 2003-39, Class IO <sup>(4)(5)</sup> | 3 | 0 |
|  6.00%, 05/25/2033, Series 2003-34, Class AX | 10 | 11 |
|  6.00%, 05/25/2033, Series 2003-34, Class GE | 27 | 29 |
|  6.00%, 05/25/2033, Series 2003-34, Class ED | 44 | 46 |
|  6.00%, 12/25/2035, Series 2005-109, Class PC | 2 | 2 |
|  6.00%, 07/25/2036, Series 2006-71, Class ZL | 137 | 145 |
|  6.00%, 03/25/2037, Series 2007-18, Class MZ | 106 | 112 |
|  6.00%, 05/25/2037, Series 2007-42, Class B | 44 | 46 |
|  6.00%, 08/25/2037, Series 2007-78, Class CB | 6 | 6 |
|  6.00%, 08/25/2037, Series 2007-78, Class PE | 11 | 12 |
|  6.00%, 08/25/2037, Series 2007-76, Class ZG | 15 | 15 |
|  6.00%, 08/25/2037, Series 2007-81, Class GE | 22 | 23 |
|  6.00%, 08/25/2039, Series 2009-60, Class HT | 133 | 141 |
|  6.12%, 03/25/2040, Series 2010-16, Class WB <sup>(4)</sup> | 68 | 70 |
|  6.31%, 02/25/2040, Series 2010-1, Class WA <sup>(4)</sup> | 15 | 15 |
|  6.32% (30-day Average SOFR + 23.54%, 24.00% Cap), 05/25/2034, Series 2004-46, Class QB <sup>(2)(9)</sup> | 6 | 6 |
|  6.32%, 12/25/2039, Series 2009-99, Class WA <sup>(4)</sup> | 73 | 74 |
|  6.33% (30-day Average SOFR + 17.09%, 17.38% Cap), 07/25/2035, Series 2005-66, Class SG <sup>(2)(9)</sup> | 10 | 11 |
|  6.35%, 04/25/2029, Series 1999-17, Class C | 1 | 1 |
|  6.38% (30-day Average SOFR + 14.27%, 14.48% Cap), 12/25/2032, Series 2002-77, Class S <sup>(2)(9)</sup> | 2 | 3 |
|  6.44%, 03/25/2040, Series 2010-16, Class WA <sup>(4)</sup> | 50 | 51 |
|  6.50%, 04/25/2027, Series 1997-32, Class PG <sup>(5)</sup> | 0 | 0 |
|  6.50%, 07/18/2027, Series 1997-42, Class ZC <sup>(5)</sup> | 0 | 0 |
|  6.50%, 09/25/2031, Series 2001-49, Class Z | 2 | 3 |
|  6.50%, 10/25/2031, Series 2001-52, Class KB | 2 | 2 |
|  6.50%, 04/25/2032, Series 2002-21, Class PE | 6 | 7 |
|  6.50%, 05/25/2032, Series 2002-28, Class PK | 13 | 14 |
|  6.50%, 06/25/2032, Series 2002-37, Class Z | 6 | 6 |
|  6.50%, 07/25/2032, Series 2006-130, Class GI | 16 | 1 |
|  6.50%, 08/25/2032, Series 2002-48, Class GH | 15 | 15 |
|  6.50%, 02/25/2033, Series 2003-9, Class NZ | 7 | 7 |
|  6.50%, 05/25/2033, Series 2003-33, Class IA | 25 | 3 |
|  6.50%, 07/25/2036, Series 2006-63, Class ZH | 62 | 66 |
|  6.50%, 07/25/2036, Series 2011-19, Class ZY | 82 | 88 |
|  6.50%, 08/25/2036, Series 2006-78, Class BZ | 8 | 9 |
|  6.50%, 08/25/2036, Series 2006-77, Class PC | 20 | 21 |

---

The accompanying notes are an integral part of these financial statements.

80.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.50%, 09/25/2036, Series 2006-85, Class MZ | $3 | $3 |
|  6.50%, 06/25/2037, Series 2007-92, Class YA | 8 | 9 |
|  6.50%, 12/25/2037, Series 2007-112, Class MJ | 52 | 55 |
|  6.50%, 06/25/2042, Series 2002-90, Class A1 | 27 | 28 |
|  6.52% (30-day Average SOFR + 23.74%, 24.20% Cap), 09/25/2035, Series 2005-75, Class SV <sup>(2)(9)</sup> | 1 | 2 |
|  6.67% (30-day Average SOFR + 15.27%, 15.50% Cap), 11/25/2031, Series 2004-74, Class SW <sup>(2)(9)</sup> | 5 | 5 |
|  6.76%, 12/25/2039, Series 2009-103, Class MB <sup>(4)</sup> | 55 | 55 |
|  7.00%, 11/25/2026, Series 1996-48, Class Z <sup>(5)</sup> | 0 | 0 |
|  7.00%, 12/18/2027, Series 1997-81, Class PI <sup>(5)</sup> | 1 | 0 |
|  7.00%, 03/25/2031, Series 2001-7, Class PF | 1 | 1 |
|  7.00%, 07/25/2031, Series 2001-30, Class PM | 4 | 4 |
|  7.00%, 08/25/2031, Series 2001-36, Class DE | 9 | 9 |
|  7.00%, 09/25/2031, Series 2001-44, Class PD | 2 | 2 |
|  7.00%, 09/25/2031, Series 2001-44, Class PU | 2 | 2 |
|  7.00%, 09/25/2031, Series 2001-44, Class MY | 12 | 12 |
|  7.00%, 11/25/2031, Series 2001-61, Class Z | 16 | 16 |
|  7.00%, 05/25/2033, Series 2007-97, Class KI | 50 | 4 |
|  7.00%, 07/25/2039, Series 2009-47, Class MT | 1 | 1 |
|  7.00%, 11/25/2041, Series 2011-118, Class LB | 265 | 282 |
|  7.00%, 11/25/2041, Series 2011-118, Class NT | 293 | 312 |
|  7.00%, 11/25/2041, Series 2011-118, Class MT | 333 | 352 |
|  7.17% (30-day Average SOFR + 17.20%, 17.47% Cap), 12/25/2031, Series 2001-72, Class SX <sup>(2)(5)(9)</sup> | 0 | 0 |
|  7.37% (30-day Average SOFR + 19.21%, 19.53% Cap), 04/25/2034, Series 2004-25, Class SA <sup>(2)(9)</sup> | 9 | 10 |
|  7.37% (30-day Average SOFR + 19.21%, 19.53% Cap), 05/25/2034, Series 2004-36, Class SA <sup>(2)(9)</sup> | 25 | 28 |
|  7.44% (30-day Average SOFR + 20.36%, 20.70% Cap), 04/25/2038, Series 2008-28, Class QS <sup>(2)(9)</sup> | 9 | 11 |
|  7.50%, 04/18/2027, Series 1997-27, Class J <sup>(5)</sup> | 0 | 0 |
|  7.50%, 04/20/2027, Series 1997-29, Class J | 1 | 1 |
|  7.50%, 05/20/2027, Series 1997-39, Class PD | 2 | 2 |
|  7.50%, 12/18/2029, Series 1999-62, Class PB | 1 | 1 |
|  7.50%, 02/25/2030, Series 2000-2, Class ZE | 6 | 6 |
|  7.81% (30-day Average SOFR + 23.60%, 24.02% Cap), 08/25/2037, Series 2007-79, Class SB <sup>(2)(9)</sup> | 16 | 19 |
|  7.93% (30-day Average SOFR + 22.28%, 22.67% Cap), 04/25/2037, Series 2007-29, Class SG <sup>(2)(9)</sup> | 16 | 18 |
|  7.99% (30-day Average SOFR + 23.78%, 24.20% Cap), 06/25/2036, Series 2006-46, Class SW <sup>(2)(9)</sup> | 2 | 2 |
|  8.36% (30-day Average SOFR + 24.15%, 24.57% Cap), 11/25/2035, Series 2005-106, Class US <sup>(2)(9)</sup> | 26 | 27 |
|  8.36% (30-day Average SOFR + 24.15%, 24.57% Cap), 03/25/2036, Series 2006-11, Class PS <sup>(2)(9)</sup> | 6 | 7 |
|  8.50%, 01/25/2031, Series 2000-52, Class IO <sup>(5)</sup> | 1 | 0 |
|  8.50% (30-day Average SOFR + 50.19%, 8.50% Cap), 11/25/2032, Series 2004-61, Class SK <sup>(2)(9)</sup> | 5 | 5 |
|  8.52% (30-day Average SOFR + 25.74%, 26.20% Cap), 10/25/2036, Series 2006-95, Class SG <sup>(2)(9)</sup> | 7 | 8 |
|  8.88% (30-day Average SOFR + 26.10%, 26.56% Cap), 12/25/2036, Series 2006-115, Class ES <sup>(2)(9)</sup> | 1 | 1 |
|  9.03% (30-day Average SOFR + 24.10%, 24.50% Cap), 09/25/2031, Series 2001-60, Class QS <sup>(2)(9)</sup> | 5 | 6 |
|  9.69% (30-day Average SOFR + 22.61%, 22.95% Cap), 10/25/2031, Series 2003-52, Class SX <sup>(2)(9)</sup> | 3 | 4 |
|  10.00% (30-day Average SOFR + 53.24%, 10.00% Cap), 03/25/2032, Series 2002-13, Class ST <sup>(2)(5)(9)</sup> | 0 | 0 |
|  10.26% (30-day Average SOFR + 29.63%, 30.15% Cap), 05/25/2036, Series 2006-33, Class LS <sup>(2)(9)</sup> | 6 | 7 |
|  10.82% (30-day Average SOFR + 24.82%, 25.19% Cap), 02/25/2032, Series 2002-1, Class SA <sup>(2)(9)</sup> | 1 | 2 |
|  11.12% (30-day Average SOFR + 28.34%, 28.80% Cap), 07/25/2036, Series 2006-60, Class AK <sup>(2)(9)</sup> | 7 | 7 |
|  11.15% (30-day Average SOFR + 32.68%, 33.25% Cap), 10/25/2026, Series 2006-94, Class GK <sup>(2)(9)</sup> | 1 | 1 |
|  12.48% (30-day Average SOFR + 38.31%, 39.00% Cap), 02/25/2037, Series 2007-1, Class SD <sup>(2)(9)</sup> | 8 | 14 |
|  13.38% (30-day Average SOFR + 39.21%, 39.90% Cap), 07/25/2036, Series 2006-62, Class PS <sup>(2)(9)</sup> | 5 | 6 |
|  Fannie Mae Trust 2003-W2 |  |  |
|  5.90%, 07/25/2042, Series 2003-W2, Class 2A9 | 26 | 26 |
|  6.50%, 07/25/2042, Series 2003-W2, Class 1A1 | 44 | 46 |
|  Fannie Mae Trust 2003-W6 |  |  |
|  5.20%, 09/25/2042, Series 2003-W6, Class 2A4 | 145 | 144 |
|  6.50%, 09/25/2042, Series 2003-W6, Class 3A | 51 | 53 |
|  Fannie Mae Trust 2003-W8 |  |  |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 8.00% Cap), 05/25/2042, Series 2003-W8, Class 3F1 <sup>(2)</sup> | 12 | 12 |
|  7.00%, 10/25/2042, Series 2003-W8, Class 2A | 56 | 57 |

---

The accompanying notes are an integral part of these financial statements.

81.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  Fannie Mae Trust 2004-W1 |  |  |
|  7.00%, 12/25/2033, Series 2004-W1, Class 2A2 | $91 | $95 |
|  Fannie Mae Trust 2004-W15 |  |  |
|  4.67% (30-day Average SOFR + 0.36%, 0.25% Floor), 08/25/2044, Series 2004-W15, Class 2AF <sup>(2)</sup> | 39 | 39 |
|  Fannie Mae Trust 2004-W2 |  |  |
|  7.00%, 02/25/2044, Series 2004-W2, Class 2A2 | 13 | 13 |
|  Fannie Mae Trust 2004-W8 |  |  |
|  7.50%, 06/25/2044, Series 2004-W8, Class 3A | 10 | 11 |
|  Fannie Mae Trust 2005-W3 |  |  |
|  4.64% (30-day Average SOFR + 0.33%, 0.22% Floor, 9.50% Cap), 03/25/2045, Series 2005-W3, Class 2AF <sup>(2)</sup> | 325 | 323 |
|  Fannie Mae Trust 2005-W4 |  |  |
|  6.00%, 08/25/2045, Series 2005-W4, Class 1A1 | 16 | 17 |
|  Fannie Mae Trust 2006-W2 |  |  |
|  4.64% (30-day Average SOFR + 0.33%, 0.22% Floor, 9.50% Cap), 02/25/2046, Series 2006-W2, Class 1AF1 <sup>(2)</sup> | 142 | 140 |
|  5.46%, 11/25/2045, Series 2006-W2, Class 2A <sup>(4)</sup> | 48 | 49 |
|  Fannie Mae Whole Loan |  |  |
|  4.68% (30-day Average SOFR + 0.37%, 0.26% Floor, 9.50% Cap), 11/25/2046, Series 2007-W1, Class 1AF1 <sup>(2)</sup> | 327 | 324 |
|  Fannie Mae-Aces |  |  |
|  0.75%, 09/25/2028, Series 2020-M39, Class 1A1 | 6984 | 6628 |
|  1.00%, 11/25/2033, Series 2021-M3, Class 1A1 | 38 | 38 |
|  1.20%, 10/25/2030, Series 2020-M50, Class A2 | 893 | 845 |
|  1.25%, 10/25/2032, Series 2020-M47, Class A2 <sup>(4)</sup> | 13350 | 11477 |
|  1.59%, 11/25/2028, Series 2020-M38, Class 2A1 | 1410 | 1312 |
|  1.76%, 11/25/2031, Series 2022-M3, Class A2 <sup>(4)</sup> | 13600 | 11587 |
|  1.92%, 10/25/2030, Series 2020-M50, Class X1 <sup>(4)</sup> | 13963 | 583 |
|  1.99%, 01/25/2032, Series 2022-M10, Class A2 <sup>(4)</sup> | 13025 | 11274 |
|  2.02%, 11/25/2033, Series 2021-M3, Class X1 <sup>(4)</sup> | 25092 | 1668 |
|  2.05%, 07/25/2030, Series 2020-M39, Class X1 <sup>(4)</sup> | 98372 | 5496 |
|  2.10%, 11/25/2028, Series 2020-M38, Class X2 <sup>(4)</sup> | 11040 | 489 |
|  2.55%, 12/25/2026, Series 2017-M3, Class A2 <sup>(4)</sup> | 1063 | 1036 |
|  2.64%, 12/25/2026, Series 2017-M4, Class A2 <sup>(4)</sup> | 5973 | 5825 |
|  2.96%, 02/25/2027, Series 2017-M7, Class A2 <sup>(4)</sup> | 2727 | 2675 |
|  2.98%, 08/25/2029, Series 2017-M11, Class A2 | 1872 | 1788 |
|  3.06%, 05/25/2027, Series 2017-M8, Class A2 <sup>(4)</sup> | 3573 | 3504 |
|  3.09%, 04/25/2027, Series 2015-M10, Class A2 <sup>(4)</sup> | 3543 | 3477 |
|  3.11%, 04/25/2029, Series 2017-M5, Class A2 <sup>(4)</sup> | 2435 | 2352 |
|  3.16%, 03/25/2028, Series 2018-M4, Class A2 <sup>(4)</sup> | 2757 | 2685 |
|  3.16%, 06/25/2027, Series 2017-M12, Class A2 <sup>(4)</sup> | 3232 | 3166 |
|  3.17%, 02/25/2030, Series 2018-M3, Class A2 <sup>(4)</sup> | 2115 | 2026 |
|  3.41%, 06/25/2028, Series 2018-M8, Class A2 <sup>(4)</sup> | 4633 | 4539 |
|  3.47%, 07/25/2028, Series 2018-M10, Class A2 <sup>(4)</sup> | 6771 | 6641 |
|  3.75%, 08/25/2030, Series 2018-M12, Class A2 <sup>(4)</sup> | 5611 | 5467 |
|  4.62%, 03/25/2033, Series 2023-M8, Class A2 <sup>(4)</sup> | 7835 | 7852 |
|  First Horizon Alternative Mortgage Securities Trust 2005-FA8 |  |  |
|  5.50%, 11/25/2035, Series 2005-FA8, Class 1A19 | 48 | 22 |
|  First Horizon Alternative Mortgage Securities Trust 2007-FA4 |  |  |
|  1.22% (1 Month Term SOFR + 5.54%, 5.65% Cap), 08/25/2037, Series 2007-FA4, Class 1A2 <sup>(2)(9)</sup> | 513 | 42 |
|  Freddie Mac Gold Pool |  |  |
|  2.00%, 01/01/2032 | 1512 | 1437 |
|  2.50%, 06/01/2028 | 118 | 115 |
|  2.50%, 03/01/2030 | 275 | 267 |
|  2.50%, 07/01/2030 | 774 | 749 |
|  2.50%, 11/01/2046 | 1069 | 914 |
|  3.00%, 07/01/2028 | 209 | 205 |
|  3.00%, 08/01/2028 | 126 | 124 |
|  3.00%, 09/01/2028 | 500 | 492 |
|  3.00%, 10/01/2028 | 185 | 182 |
|  3.00%, 05/01/2029 | 209 | 204 |

---

The accompanying notes are an integral part of these financial statements.

82.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.00%, 09/01/2031 | $240 | $232 |
|  3.00%, 02/01/2032 | 1733 | 1687 |
|  3.00%, 07/01/2035 | 2503 | 2385 |
|  3.00%, 09/01/2036 | 1011 | 959 |
|  3.00%, 08/01/2042 | 555 | 503 |
|  3.00%, 10/01/2042 | 1485 | 1344 |
|  3.00%, 11/01/2042 | 2499 | 2266 |
|  3.00%, 02/01/2043 | 130 | 118 |
|  3.00%, 03/01/2043 | 881 | 798 |
|  3.00%, 03/01/2043 | 1786 | 1616 |
|  3.00%, 04/01/2043 | 33 | 30 |
|  3.00%, 04/01/2043 | 5110 | 4626 |
|  3.00%, 06/01/2043 | 16 | 14 |
|  3.00%, 07/01/2043 | 10 | 9 |
|  3.00%, 07/01/2043 | 99 | 89 |
|  3.00%, 08/01/2043 | 208 | 188 |
|  3.00%, 08/01/2043 | 2373 | 2144 |
|  3.00%, 10/01/2043 | 5642 | 5151 |
|  3.00%, 05/01/2045 | 404 | 364 |
|  3.00%, 05/01/2045 | 885 | 791 |
|  3.00%, 06/01/2045 | 224 | 202 |
|  3.00%, 10/01/2045 | 1642 | 1484 |
|  3.00%, 10/01/2046 | 2751 | 2444 |
|  3.00%, 10/01/2046 | 8240 | 7438 |
|  3.00%, 01/01/2047 | 697 | 619 |
|  3.00%, 02/01/2047 | 3905 | 3465 |
|  3.00%, 03/01/2047 | 503 | 446 |
|  3.00%, 05/01/2047 | 5901 | 5264 |
|  3.50%, 01/01/2032 | 131 | 129 |
|  3.50%, 03/01/2032 | 51 | 50 |
|  3.50%, 02/01/2033 | 80 | 78 |
|  3.50%, 05/01/2033 | 36 | 35 |
|  3.50%, 05/01/2033 | 216 | 212 |
|  3.50%, 01/01/2034 | 1818 | 1783 |
|  3.50%, 04/01/2037 | 2548 | 2477 |
|  3.50%, 11/01/2037 | 701 | 676 |
|  3.50%, 05/01/2042 | 279 | 262 |
|  3.50%, 06/01/2042 | 123 | 115 |
|  3.50%, 06/01/2042 | 786 | 733 |
|  3.50%, 08/01/2042 | 175 | 164 |
|  3.50%, 09/01/2042 | 1190 | 1119 |
|  3.50%, 09/01/2042 | 1650 | 1550 |
|  3.50%, 10/01/2042 | 830 | 779 |
|  3.50%, 10/01/2042 | 4070 | 3824 |
|  3.50%, 11/01/2042 | 68 | 63 |
|  3.50%, 11/01/2042 | 364 | 342 |
|  3.50%, 11/01/2042 | 1017 | 955 |
|  3.50%, 12/01/2042 | 994 | 934 |
|  3.50%, 01/01/2043 | 2544 | 2387 |
|  3.50%, 03/01/2043 | 215 | 202 |
|  3.50%, 05/01/2043 | 94 | 87 |
|  3.50%, 06/01/2043 | 242 | 226 |
|  3.50%, 06/01/2043 | 499 | 468 |
|  3.50%, 07/01/2043 | 177 | 166 |
|  3.50%, 10/01/2043 | 66 | 61 |
|  3.50%, 05/01/2044 | 5864 | 5505 |
|  3.50%, 01/01/2045 | 4849 | 4554 |
|  3.50%, 06/01/2045 | 432 | 403 |

---

The accompanying notes are an integral part of these financial statements.

83.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.50%, 12/01/2045 | $1194 | $1108 |
|  3.50%, 01/01/2046 | 2806 | 2608 |
|  3.50%, 05/01/2046 | 778 | 720 |
|  3.50%, 07/01/2046 | 1390 | 1283 |
|  3.50%, 08/01/2046 | 2645 | 2453 |
|  3.50%, 12/01/2046 | 2538 | 2345 |
|  3.50%, 01/01/2047 | 951 | 878 |
|  3.50%, 10/01/2047 | 2356 | 2174 |
|  3.50%, 03/01/2048 | 1682 | 1547 |
|  4.00%, 09/01/2040 | 191 | 185 |
|  4.00%, 11/01/2040 | 11 | 11 |
|  4.00%, 11/01/2040 | 476 | 461 |
|  4.00%, 12/01/2040 | 130 | 126 |
|  4.00%, 12/01/2040 | 286 | 275 |
|  4.00%, 12/01/2040 | 301 | 291 |
|  4.00%, 12/01/2040 | 355 | 343 |
|  4.00%, 12/01/2040 | 367 | 355 |
|  4.00%, 01/01/2041 | 303 | 291 |
|  4.00%, 10/01/2041 | 1198 | 1157 |
|  4.00%, 11/01/2041 | 4 | 4 |
|  4.00%, 01/01/2042 | 49 | 48 |
|  4.00%, 05/01/2042 | 5 | 5 |
|  4.00%, 06/01/2042 | 605 | 582 |
|  4.00%, 10/01/2042 | 17 | 16 |
|  4.00%, 01/01/2043 | 79 | 76 |
|  4.00%, 09/01/2043 | 2144 | 2076 |
|  4.00%, 11/01/2043 | 23 | 22 |
|  4.00%, 11/01/2043 | 44 | 42 |
|  4.00%, 12/01/2043 | 65 | 63 |
|  4.00%, 12/01/2043 | 147 | 140 |
|  4.00%, 12/01/2043 | 419 | 403 |
|  4.00%, 01/01/2044 | 47 | 45 |
|  4.00%, 01/01/2044 | 136 | 131 |
|  4.00%, 10/01/2044 | 2161 | 2064 |
|  4.00%, 01/01/2045 | 110 | 105 |
|  4.00%, 10/01/2045 | 142 | 135 |
|  4.00%, 10/01/2045 | 2034 | 1919 |
|  4.00%, 11/01/2045 | 3005 | 2854 |
|  4.00%, 01/01/2046 | 1401 | 1329 |
|  4.00%, 05/01/2046 | 72 | 68 |
|  4.00%, 06/01/2046 | 3164 | 3005 |
|  4.00%, 08/01/2046 | 815 | 772 |
|  4.00%, 01/01/2047 | 4460 | 4235 |
|  4.00%, 06/01/2047 | 1100 | 1043 |
|  4.50%, 11/01/2035 | 4 | 4 |
|  4.50%, 07/01/2039 | 52 | 52 |
|  4.50%, 10/01/2039 | 442 | 442 |
|  4.50%, 11/01/2039 | 502 | 502 |
|  4.50%, 11/01/2039 | 696 | 695 |
|  4.50%, 05/01/2040 | 262 | 262 |
|  4.50%, 08/01/2040 | 106 | 105 |
|  4.50%, 09/01/2040 | 87 | 86 |
|  4.50%, 09/01/2040 | 349 | 348 |
|  4.50%, 03/01/2041 | 68 | 68 |
|  4.50%, 05/01/2041 | 605 | 602 |
|  4.50%, 08/01/2041 | 159 | 158 |
|  4.50%, 12/01/2043 | 2050 | 2047 |
|  4.50%, 03/01/2044 | 161 | 158 |

---

The accompanying notes are an integral part of these financial statements.

84.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.50%, 05/01/2044 | $219 | $216 |
|  4.50%, 07/01/2044 | 21 | 20 |
|  4.50%, 07/01/2044 | 79 | 78 |
|  4.50%, 09/01/2044 | 548 | 538 |
|  4.50%, 09/01/2046 | 958 | 936 |
|  4.50%, 10/01/2046 | 864 | 844 |
|  4.50%, 11/01/2046 | 3905 | 3891 |
|  4.50%, 07/01/2047 | 406 | 396 |
|  4.50%, 07/01/2047 | 411 | 401 |
|  4.50%, 11/01/2047 | 266 | 259 |
|  5.00%, 01/01/2034 | 8 | 8 |
|  5.00%, 06/01/2034 | 20 | 21 |
|  5.00%, 09/01/2034 | 30 | 31 |
|  5.00%, 03/01/2035 | 9 | 9 |
|  5.00%, 08/01/2035 | 323 | 327 |
|  5.00%, 03/01/2036 | 826 | 839 |
|  5.00%, 07/01/2036 | 1 | 1 |
|  5.00%, 11/01/2036 | 21 | 22 |
|  5.00%, 03/01/2037 | 44 | 45 |
|  5.00%, 06/01/2037 | 60 | 61 |
|  5.00%, 08/01/2037 | 62 | 63 |
|  5.00%, 02/01/2038 | 93 | 94 |
|  5.00%, 03/01/2038 | 20 | 20 |
|  5.00%, 03/01/2038 | 74 | 75 |
|  5.00%, 03/01/2038 | 96 | 98 |
|  5.00%, 03/01/2038 | 105 | 106 |
|  5.00%, 04/01/2038 | 49 | 50 |
|  5.00%, 09/01/2038 | 11 | 11 |
|  5.00%, 09/01/2038 | 61 | 62 |
|  5.00%, 11/01/2038 <sup>(5)</sup> | 0 | 0 |
|  5.00%, 11/01/2038 | 21 | 21 |
|  5.00%, 12/01/2038 <sup>(5)</sup> | 0 | 0 |
|  5.00%, 12/01/2038 | 71 | 72 |
|  5.00%, 02/01/2039 | 143 | 145 |
|  5.00%, 05/01/2039 | 3 | 3 |
|  5.00%, 10/01/2039 | 160 | 162 |
|  5.00%, 01/01/2040 | 39 | 40 |
|  5.00%, 03/01/2040 | 69 | 70 |
|  5.00%, 03/01/2040 | 644 | 653 |
|  5.00%, 08/01/2040 | 94 | 95 |
|  5.00%, 04/01/2041 | 356 | 361 |
|  5.00%, 06/01/2041 | 177 | 179 |
|  5.00%, 12/01/2047 | 992 | 983 |
|  5.00%, 02/01/2048 | 473 | 474 |
|  5.50%, 01/01/2033 | 13 | 14 |
|  5.50%, 10/01/2033 | 10 | 10 |
|  5.50%, 07/01/2035 | 26 | 27 |
|  5.50%, 01/01/2036 | 6 | 6 |
|  5.50%, 12/01/2036 | 12 | 12 |
|  5.50%, 05/01/2038 | 18 | 19 |
|  5.50%, 08/01/2038 | 24 | 24 |
|  5.50%, 01/01/2039 | 848 | 868 |
|  5.50%, 03/01/2040 | 8 | 9 |
|  5.50%, 05/01/2040 | 617 | 633 |
|  5.50%, 08/01/2040 | 251 | 258 |
|  6.00%, 10/01/2029 | 2 | 2 |
|  6.00%, 12/01/2033 | 7 | 7 |
|  6.00%, 01/01/2034 | 10 | 10 |

---

The accompanying notes are an integral part of these financial statements.

85.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.00%, 11/01/2036 | $3 | $3 |
|  6.00%, 12/01/2036 | 3 | 3 |
|  6.00%, 12/01/2036 | 5 | 6 |
|  6.50%, 01/01/2028 | 4 | 4 |
|  6.50%, 06/01/2029 | 2 | 3 |
|  6.50%, 08/01/2029 | 25 | 26 |
|  6.50%, 11/01/2034 | 2 | 3 |
|  6.50%, 01/01/2035 | 27 | 27 |
|  6.50%, 12/01/2035 | 4 | 4 |
|  6.50%, 12/01/2035 | 19 | 20 |
|  6.50%, 11/01/2036 | 6 | 6 |
|  6.50%, 11/01/2036 | 54 | 56 |
|  6.50%, 11/01/2036 | 61 | 64 |
|  6.50%, 12/01/2036 | 40 | 41 |
|  6.50%, 12/01/2036 | 90 | 94 |
|  6.50%, 01/01/2037 | 2 | 2 |
|  6.50%, 02/01/2037 | 1 | 1 |
|  6.50%, 06/01/2037 | 2 | 2 |
|  6.50%, 11/01/2037 | 18 | 19 |
|  6.50%, 03/01/2038 | 20 | 21 |
|  7.00%, 04/01/2026 <sup>(5)</sup> | 0 | 0 |
|  7.00%, 12/01/2028 | 3 | 4 |
|  7.00%, 07/01/2029 <sup>(5)</sup> | 0 | 0 |
|  7.00%, 01/01/2031 | 6 | 6 |
|  7.00%, 07/01/2032 | 1 | 1 |
|  7.00%, 08/01/2032 | 2 | 2 |
|  7.00%, 02/01/2037 | 3 | 3 |
|  7.50%, 08/01/2025 <sup>(5)</sup> | 0 | 0 |
|  7.50%, 01/01/2032 | 17 | 17 |
|  7.50%, 12/01/2036 | 47 | 49 |
|  7.50%, 01/01/2038 | 8 | 8 |
|  7.50%, 01/01/2038 | 31 | 34 |
|  7.50%, 09/01/2038 | 13 | 14 |
|  8.50%, 07/01/2028 <sup>(5)</sup> | 0 | 0 |
|  10.00%, 10/01/2030 | 1 | 1 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
|  1.31%, 10/25/2030, Series K120, Class XAM <sup>(4)</sup> | 31375 | 1758 |
|  1.44%, 01/25/2030, Series K106, Class X1 <sup>(4)</sup> | 126192 | 6410 |
|  1.46%, 03/25/2026, Series K055, Class X1 <sup>(4)</sup> | 23848 | 167 |
|  1.68%, 05/25/2030, Series K111, Class X1 <sup>(4)</sup> | 27762 | 1736 |
|  1.89%, 01/25/2032, Series K138, Class AM | 4300 | 3693 |
|  2.13%, 11/25/2031, Series K136, Class A2 | 14260 | 12546 |
|  2.40%, 03/25/2032, Series K142, Class A2 | 13700 | 12171 |
|  2.92%, 06/25/2032, Series K146, Class A2 | 9700 | 8865 |
|  3.08%, 01/25/2031, Series K152, Class A2 | 4126 | 3900 |
|  3.24%, 04/25/2027, Series K065, Class A2 | 3316 | 3264 |
|  3.30%, 11/25/2027, Series K070, Class A2 <sup>(4)</sup> | 3008 | 2957 |
|  3.34%, 04/25/2028, Series W5FX, Class AFX <sup>(4)</sup> | 3315 | 3244 |
|  3.51%, 03/25/2029, Series K091, Class A2 | 2422 | 2375 |
|  3.71%, 09/25/2032, Series K-150, Class A2 <sup>(4)</sup> | 11105 | 10630 |
|  4.28%, 07/25/2030, Series K752, Class A2 | 8425 | 8463 |
|  4.46%, 08/25/2031, Series K757, Class A2 | 4571 | 4607 |
|  4.49%, 09/25/2034, Series K-165, Class A2 | 3977 | 3957 |
|  4.61%, 02/25/2033, Series KJ44, Class A2 | 7500 | 7576 |
|  4.76%, 10/25/2034, Series K-167, Class A2 | 5010 | 5081 |
|  4.90%, 10/25/2033, Series K-161, Class A2 <sup>(4)</sup> | 9497 | 9750 |
|  5.00%, 05/25/2034, Series K-164, Class A2 | 11169 | 11529 |
|  5.03%, 10/25/2031, Series KJ48, Class A2 | 8000 | 8194 |

---

The accompanying notes are an integral part of these financial statements.

86.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  Freddie Mac Non Gold Pool |  |  |
|  6.20% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.57%, 1.57% Floor, 11.81% Cap), 05/01/2037 <sup>(2)</sup> | $34 | $34 |
|  6.24% (1 Year CMT Index + 2.11%, 2.11% Floor, 11.86% Cap), 01/01/2027 <sup>(2)(5)</sup> | 0 | 0 |
|  6.27% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.64%, 1.64% Floor, 11.06% Cap), 11/01/2036 <sup>(2)</sup> | 20 | 21 |
|  6.32% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.69%, 1.69% Floor, 11.32% Cap), 12/01/2036 <sup>(2)</sup> | 3 | 3 |
|  6.33% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.70%, 1.70% Floor, 12.45% Cap), 10/01/2036 <sup>(2)</sup> | 11 | 12 |
|  6.34% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.70% Cap), 05/01/2036 <sup>(2)</sup> | 26 | 27 |
|  6.36% (1 Year CMT Index + 2.23%, 2.23% Floor, 9.36% Cap), 12/01/2033 <sup>(2)</sup> | 5 | 5 |
|  6.41% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.77%, 1.77% Floor, 13.04% Cap), 10/01/2036 <sup>(2)</sup> | 42 | 42 |
|  6.42% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.58%, 1.58% Floor, 11.34% Cap), 12/01/2036 <sup>(2)</sup> | 29 | 29 |
|  6.44% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.46% Cap), 05/01/2033 <sup>(2)</sup> | 29 | 29 |
|  6.48% (1 Year CMT Index + 2.28%, 2.27% Floor, 11.57% Cap), 04/01/2030 <sup>(2)(5)</sup> | 0 | 0 |
|  6.50% (1 Year CMT Index + 2.25%, 2.25% Floor, 9.83% Cap), 01/01/2035 <sup>(2)</sup> | 12 | 13 |
|  6.50% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.10% Cap), 01/01/2035 <sup>(2)</sup> | 42 | 43 |
|  6.50% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.58% Cap), 05/01/2036 <sup>(2)</sup> | 9 | 9 |
|  6.51% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 11.06% Cap), 11/01/2036 <sup>(2)</sup> | 7 | 7 |
|  6.53% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.83%, 1.83% Floor, 12.78% Cap), 08/01/2036 <sup>(2)</sup> | 10 | 11 |
|  6.54% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.91%, 1.91% Floor, 12.46% Cap), 10/01/2036 <sup>(2)</sup> | 11 | 11 |
|  6.54% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.84%, 1.84% Floor, 12.22% Cap), 03/01/2037 <sup>(2)</sup> | 25 | 25 |
|  6.56% (6 Month FTSE USD IBOR Consumer Cash Fallback + 1.79%, 1.79% Floor, 12.45% Cap), 07/01/2036 <sup>(2)</sup> | 13 | 13 |
|  6.60% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.70%, 1.70% Floor, 11.18% Cap), 02/01/2037 <sup>(2)</sup> | 4 | 4 |
|  6.64% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.01%, 2.01% Floor, 12.11% Cap), 05/01/2037 <sup>(2)</sup> | 4 | 5 |
|  6.64% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.01%, 2.01% Floor, 12.89% Cap), 05/01/2037 <sup>(2)</sup> | 10 | 10 |
|  6.66% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.76%, 1.76% Floor, 10.57% Cap), 01/01/2037 <sup>(2)</sup> | 9 | 9 |
|  6.72% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.66%, 1.66% Floor, 10.03% Cap), 02/01/2036 <sup>(2)</sup> | 4 | 4 |
|  6.75% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.75%, 1.75% Floor, 9.15% Cap), 04/01/2034 <sup>(2)</sup> | 5 | 5 |
|  6.75% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.13%, 2.13% Floor, 10.88% Cap), 12/01/2036 <sup>(2)</sup> | 1 | 1 |
|  6.80% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.93%, 1.93% Floor, 11.25% Cap), 12/01/2036 <sup>(2)</sup> | 21 | 22 |
|  6.82% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.11%, 2.11% Floor, 12.52% Cap), 02/01/2037 <sup>(2)</sup> | 22 | 23 |
|  6.83% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.96%, 1.96% Floor, 10.90% Cap), 04/01/2038 <sup>(2)</sup> | 10 | 10 |
|  6.84% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.90%, 1.90% Floor, 11.34% Cap), 02/01/2037 <sup>(2)</sup> | 12 | 13 |
|  6.85% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.67%, 1.67% Floor, 11.94% Cap), 12/01/2036 <sup>(2)</sup> | 79 | 82 |
|  6.86% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.12%, 2.12% Floor, 11.06% Cap), 05/01/2037 <sup>(2)</sup> | 2 | 2 |
|  6.86% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.85%, 1.85% Floor, 9.09% Cap), 07/01/2040 <sup>(2)</sup> | 10 | 10 |
|  6.87% (1 Year CMT Index + 2.24%, 2.24% Floor, 9.52% Cap), 11/01/2036 <sup>(2)</sup> | 9 | 9 |
|  6.87% (1 Year CMT Index + 2.37%, 2.37% Floor, 10.84% Cap), 09/01/2034 <sup>(2)</sup> | 19 | 19 |
|  6.87% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.91%, 1.91% Floor, 10.68% Cap), 05/01/2038 <sup>(2)</sup> | 2 | 2 |
|  6.92% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.04%, 2.04% Floor, 10.74% Cap), 03/01/2036 <sup>(2)</sup> | 16 | 16 |
|  6.92% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.04%, 2.04% Floor, 11.00% Cap), 05/01/2037 <sup>(2)</sup> | 16 | 16 |
|  6.93% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.04% Cap), 02/01/2036 <sup>(2)</sup> | 15 | 15 |
|  6.93% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.33% Cap), 07/01/2036 <sup>(2)</sup> | 12 | 12 |
|  6.94% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.95%, 1.95% Floor, 11.03% Cap), 06/01/2036 <sup>(2)</sup> | 46 | 48 |
|  6.95% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.98%, 1.98% Floor, 10.63% Cap), 04/01/2037 <sup>(2)</sup> | 21 | 22 |
|  6.99% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.99%, 1.99% Floor, 10.87% Cap), 06/01/2036 <sup>(2)</sup> | 32 | 33 |
|  7.02% (6 Month FTSE USD IBOR Consumer Cash Fallback + 2.14%, 2.14% Floor, 12.14% Cap), 12/01/2035 <sup>(2)</sup> | 3 | 3 |
|  7.14% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.70%, 1.70% Floor, 11.53% Cap), 11/01/2036 <sup>(2)</sup> | 8 | 8 |
|  7.18% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.18%, 2.18% Floor, 11.08% Cap), 05/01/2037 <sup>(2)</sup> | 16 | 17 |
|  7.20% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.20%, 2.20% Floor, 10.83% Cap), 10/01/2036 <sup>(2)</sup> | 11 | 12 |
|  7.20% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.60%, 1.60% Floor, 11.32% Cap), 10/01/2036 <sup>(2)</sup> | 11 | 11 |
|  7.25% (1 Year CMT Index + 2.13%, 2.13% Floor, 12.13% Cap), 07/01/2026 <sup>(2)</sup> | 1 | 1 |
|  7.26% (1 Year CMT Index + 2.25%, 2.25% Floor, 11.46% Cap), 11/01/2036 <sup>(2)</sup> | 23 | 24 |
|  7.33% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.33%, 2.33% Floor, 10.90% Cap), 05/01/2036 <sup>(2)</sup> | 5 | 5 |
|  7.36% (1 Year CMT Index + 2.36%, 2.36% Floor, 10.88% Cap), 10/01/2036 <sup>(2)</sup> | 10 | 10 |
|  7.37% (1 Year CMT Index + 2.37%, 2.37% Floor, 10.26% Cap), 09/01/2032 <sup>(2)(5)</sup> | 0 | 0 |
|  7.38% (1 Year CMT Index + 2.25%, 2.25% Floor, 10.76% Cap), 07/01/2036 <sup>(2)</sup> | 5 | 6 |
|  7.41% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.88%, 1.88% Floor, 11.17% Cap), 09/01/2036 <sup>(2)</sup> | 39 | 40 |
|  7.50% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.75%, 1.75% Floor, 11.75% Cap), 11/01/2037 <sup>(2)</sup> | 4 | 4 |
|  7.58% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.75%, 1.75% Floor, 11.28% Cap), 09/01/2036 <sup>(2)</sup> | 11 | 11 |

---

The accompanying notes are an integral part of these financial statements.

87.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  7.62% (1 Year FTSE USD IBOR Consumer Cash Fallback + 1.87%, 1.87% Floor, 11.99% Cap), 07/01/2037 <sup>(2)</sup> | $2 | $2 |
|  7.68% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.47%, 2.47% Floor, 11.19% Cap), 03/01/2036 <sup>(2)</sup> | 3 | 3 |
|  8.10% (1 Year FTSE USD IBOR Consumer Cash Fallback + 2.60%, 2.60% Floor, 12.23% Cap), 03/01/2037 <sup>(2)</sup> | 1 | 2 |
|  Freddie Mac Pool |  |  |
|  1.50%, 02/01/2036 | 4409 | 3929 |
|  1.50%, 04/01/2037 | 6562 | 5848 |
|  1.50%, 06/01/2037 | 2360 | 2097 |
|  1.50%, 12/01/2040 | 10055 | 8343 |
|  1.50%, 11/01/2050 | 6708 | 5053 |
|  1.50%, 03/01/2051 | 1023 | 772 |
|  1.80%, 11/01/2028 | 14000 | 12988 |
|  2.00%, 11/01/2035 | 2713 | 2502 |
|  2.00%, 07/01/2036 | 3623 | 3319 |
|  2.00%, 01/01/2037 | 702 | 647 |
|  2.00%, 01/01/2037 | 8554 | 7906 |
|  2.00%, 06/01/2040 | 1188 | 1040 |
|  2.00%, 02/01/2041 | 10084 | 8702 |
|  2.00%, 03/01/2041 | 13842 | 11922 |
|  2.00%, 04/01/2041 | 6792 | 5860 |
|  2.00%, 09/01/2041 | 9821 | 8423 |
|  2.00%, 12/01/2041 | 7686 | 6624 |
|  2.00%, 12/01/2041 | 14923 | 12751 |
|  2.00%, 03/01/2042 | 10373 | 8842 |
|  2.00%, 09/01/2050 | 26683 | 21300 |
|  2.00%, 11/01/2050 | 8445 | 6736 |
|  2.00%, 12/01/2050 | 1374 | 1095 |
|  2.00%, 01/01/2051 | 1374 | 1121 |
|  2.00%, 01/01/2051 | 1941 | 1548 |
|  2.00%, 02/01/2051 | 13100 | 10432 |
|  2.00%, 03/01/2051 | 17842 | 14247 |
|  2.00%, 05/01/2051 | 6445 | 5128 |
|  2.00%, 05/01/2051 | 7047 | 5674 |
|  2.00%, 05/01/2051 | 11632 | 9255 |
|  2.00%, 06/01/2051 | 5491 | 4368 |
|  2.00%, 07/01/2051 | 984 | 783 |
|  2.00%, 08/01/2051 | 641 | 509 |
|  2.00%, 08/01/2051 | 12950 | 10300 |
|  2.00%, 09/01/2051 | 2527 | 2008 |
|  2.00%, 11/01/2051 | 12926 | 10238 |
|  2.00%, 12/01/2051 | 5717 | 4583 |
|  2.00%, 02/01/2052 | 6298 | 4777 |
|  2.00%, 02/01/2052 | 14676 | 11765 |
|  2.00%, 03/01/2052 | 10344 | 8228 |
|  2.50%, 07/01/2035 | 291 | 273 |
|  2.50%, 10/01/2035 | 5518 | 5206 |
|  2.50%, 12/01/2035 | 666 | 626 |
|  2.50%, 02/01/2042 | 8682 | 7737 |
|  2.50%, 11/01/2049 | 7347 | 6173 |
|  2.50%, 07/01/2050 | 1111 | 899 |
|  2.50%, 07/01/2050 | 13648 | 11461 |
|  2.50%, 07/01/2050 | 18901 | 15710 |
|  2.50%, 08/01/2050 | 143 | 120 |
|  2.50%, 10/01/2050 | 5171 | 4366 |
|  2.50%, 10/01/2050 | 11446 | 9704 |
|  2.50%, 11/01/2050 | 1804 | 1510 |
|  2.50%, 12/01/2050 | 3602 | 3016 |
|  2.50%, 02/01/2051 | 753 | 631 |
|  2.50%, 02/01/2051 | 10258 | 8640 |

---

The accompanying notes are an integral part of these financial statements.

88.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  2.50%, 02/01/2051 | $10369 | $8799 |
|  2.50%, 02/01/2051 | 10829 | 9140 |
|  2.50%, 03/01/2051 | 539 | 450 |
|  2.50%, 04/01/2051 | 31668 | 26451 |
|  2.50%, 05/01/2051 | 7379 | 6172 |
|  2.50%, 07/01/2051 | 5366 | 4501 |
|  2.50%, 08/01/2051 | 6036 | 5052 |
|  2.50%, 09/01/2051 | 3367 | 2826 |
|  2.50%, 10/01/2051 | 8501 | 7088 |
|  2.50%, 11/01/2051 | 9197 | 7747 |
|  2.50%, 11/01/2051 | 10870 | 9183 |
|  2.50%, 11/01/2051 | 14641 | 12281 |
|  2.50%, 12/01/2051 | 450 | 377 |
|  2.50%, 12/01/2051 | 1035 | 869 |
|  2.50%, 12/01/2051 | 5124 | 4260 |
|  2.50%, 02/01/2052 | 3603 | 2996 |
|  2.50%, 02/01/2052 | 5922 | 4955 |
|  2.50%, 03/01/2052 | 2216 | 1858 |
|  2.50%, 04/01/2052 | 5161 | 4347 |
|  2.50%, 04/01/2052 | 10929 | 9125 |
|  2.50%, 04/01/2052 | 15174 | 12613 |
|  2.50%, 09/01/2052 | 1042 | 864 |
|  3.00%, 04/01/2032 | 5734 | 5576 |
|  3.00%, 05/01/2037 | 967 | 933 |
|  3.00%, 05/01/2037 | 3661 | 3528 |
|  3.00%, 01/01/2046 | 6109 | 5540 |
|  3.00%, 06/01/2048 | 9541 | 8297 |
|  3.00%, 02/01/2049 | 8192 | 7301 |
|  3.00%, 10/01/2049 | 1215 | 1068 |
|  3.00%, 11/01/2049 | 832 | 731 |
|  3.00%, 12/01/2049 | 385 | 340 |
|  3.00%, 01/01/2050 | 771 | 679 |
|  3.00%, 01/01/2050 | 1220 | 1072 |
|  3.00%, 01/01/2050 | 1789 | 1571 |
|  3.00%, 02/01/2050 | 180 | 159 |
|  3.00%, 02/01/2050 | 6205 | 5469 |
|  3.00%, 02/01/2050 | 8676 | 7600 |
|  3.00%, 04/01/2050 | 1366 | 1204 |
|  3.00%, 06/01/2050 | 539 | 472 |
|  3.00%, 06/01/2050 | 6315 | 5574 |
|  3.00%, 07/01/2050 | 4143 | 3652 |
|  3.00%, 09/01/2050 | 40 | 35 |
|  3.00%, 09/01/2050 | 907 | 799 |
|  3.00%, 03/01/2051 | 1120 | 971 |
|  3.00%, 03/01/2051 | 1597 | 1401 |
|  3.00%, 04/01/2051 | 10357 | 9051 |
|  3.00%, 06/01/2051 | 2478 | 2151 |
|  3.00%, 09/01/2051 | 8683 | 7588 |
|  3.00%, 11/01/2051 | 13463 | 11726 |
|  3.00%, 01/01/2052 | 3749 | 3248 |
|  3.00%, 02/01/2052 | 9050 | 7835 |
|  3.00%, 05/01/2052 | 2111 | 1830 |
|  3.00%, 06/01/2052 | 8472 | 7380 |
|  3.00%, 06/01/2052 | 11818 | 10231 |
|  3.00%, 07/01/2052 | 5519 | 4783 |
|  3.50%, 08/01/2035 | 2505 | 2430 |
|  3.50%, 02/01/2042 | 666 | 626 |
|  3.50%, 04/01/2047 | 12419 | 11465 |

---

The accompanying notes are an integral part of these financial statements.

89.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.50%, 10/01/2047 | $148 | $136 |
|  3.50%, 03/01/2048 | 1369 | 1261 |
|  3.50%, 03/01/2048 | 3218 | 2956 |
|  3.50%, 10/01/2049 | 1014 | 923 |
|  3.50%, 01/01/2051 | 9358 | 8571 |
|  3.50%, 01/01/2052 | 13040 | 11777 |
|  3.50%, 04/01/2052 | 9363 | 8453 |
|  3.50%, 04/01/2052 | 25569 | 23262 |
|  3.50%, 05/01/2052 | 5827 | 5273 |
|  3.50%, 05/01/2052 | 11554 | 10421 |
|  3.70%, 06/01/2034 | 10976 | 10309 |
|  3.75%, 08/01/2032 | 15000 | 14311 |
|  4.00%, 09/01/2037 | 588 | 576 |
|  4.00%, 02/01/2046 | 3138 | 3032 |
|  4.00%, 08/01/2048 | 96 | 91 |
|  4.00%, 01/01/2049 | 2379 | 2250 |
|  4.00%, 07/01/2049 | 7557 | 7147 |
|  4.00%, 05/01/2050 | 321 | 301 |
|  4.00%, 02/01/2051 | 2767 | 2593 |
|  4.00%, 06/01/2052 | 10790 | 10053 |
|  4.00%, 06/01/2052 | 18180 | 16941 |
|  4.00%, 08/01/2052 | 2178 | 2029 |
|  4.00%, 09/01/2052 | 302 | 281 |
|  4.00%, 10/01/2052 | 10909 | 10165 |
|  4.50%, 06/01/2048 | 2218 | 2157 |
|  4.50%, 12/01/2048 | 2537 | 2467 |
|  4.50%, 09/01/2050 | 3727 | 3616 |
|  4.50%, 05/01/2052 | 760 | 728 |
|  4.50%, 07/01/2052 | 856 | 819 |
|  4.50%, 09/01/2052 | 16467 | 15781 |
|  4.50%, 03/01/2054 | 16773 | 16170 |
|  4.50%, 05/01/2054 | 2930 | 2809 |
|  5.00%, 07/01/2052 | 3796 | 3738 |
|  5.00%, 05/01/2053 | 685 | 673 |
|  5.00%, 06/01/2053 | 11036 | 10839 |
|  5.00%, 11/01/2053 | 7260 | 7128 |
|  5.00%, 06/01/2054 | 2932 | 2895 |
|  5.00%, 06/01/2054 | 3065 | 3023 |
|  5.00%, 10/01/2054 | 2630 | 2579 |
|  5.00%, 02/01/2055 | 2576 | 2527 |
|  5.00%, 02/01/2055 | 4373 | 4288 |
|  5.50%, 11/01/2052 | 9382 | 9413 |
|  5.50%, 02/01/2053 | 24415 | 24467 |
|  5.50%, 06/01/2053 | 6981 | 7008 |
|  5.50%, 06/01/2053 | 10928 | 10984 |
|  5.50%, 06/01/2053 | 11774 | 11791 |
|  5.50%, 07/01/2053 | 4847 | 4883 |
|  5.50%, 04/01/2054 | 18736 | 18739 |
|  5.50%, 04/01/2055 | 3500 | 3501 |
|  5.50%, 06/01/2055 | 8043 | 8137 |
|  6.00%, 12/01/2052 | 3865 | 3939 |
|  6.00%, 06/01/2053 | 7136 | 7286 |
|  6.00%, 10/01/2053 | 5131 | 5255 |
|  6.00%, 03/01/2054 | 7541 | 7721 |
|  6.00%, 09/01/2054 | 2700 | 2797 |
|  6.00%, 09/01/2054 | 8152 | 8377 |
|  6.00%, 11/01/2054 | 1088 | 1122 |
|  6.00%, 12/01/2054 | 5598 | 5709 |

---

The accompanying notes are an integral part of these financial statements.

90.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.00%, 02/01/2055 | $8022 | $8302 |
|  6.00%, 03/01/2055 | 3108 | 3173 |
|  6.00%, 06/01/2055 | 3231 | 3286 |
|  6.50%, 09/01/2053 | 5061 | 5276 |
|  6.50%, 06/01/2054 | 996 | 1035 |
|  6.50%, 08/01/2054 | 6956 | 7250 |
|  6.50%, 02/01/2055 | 1390 | 1445 |
|  6.50%, 04/01/2055 | 3326 | 3462 |
|  Freddie Mac Reference REMIC |  |  |
|  6.00%, 04/15/2036, Series R006, Class ZA | 101 | 107 |
|  6.00%, 05/15/2036, Series R007, Class ZA | 132 | 138 |
|  Freddie Mac REMICS |  |  |
|  0.00%, 09/15/2032, Series 3393, Class JO | 305 | 274 |
|  0.00%, 12/15/2032, Series 2835, Class QO | 6 | 5 |
|  0.00%, 07/15/2034, Series 3611, Class PO | 35 | 31 |
|  0.00%, 02/15/2035, Series 2990, Class GO | 11 | 10 |
|  0.00%, 08/15/2035, Series 3014, Class OD | 3 | 2 |
|  0.00%, 09/15/2035, Series 3029, Class SO | 8 | 8 |
|  0.00%, 02/15/2036, Series 3117, Class OG | 4 | 4 |
|  0.00%, 02/15/2036, Series 3117, Class OK | 8 | 7 |
|  0.00%, 02/15/2036, Series 3117, Class EO | 9 | 8 |
|  0.00%, 02/15/2036, Series 3117, Class AO | 13 | 12 |
|  0.00%, 03/15/2036, Series 3134, Class PO | 2 | 2 |
|  0.00%, 03/15/2036, Series 3122, Class OP | 7 | 7 |
|  0.00%, 03/15/2036, Series 3122, Class OH | 8 | 7 |
|  0.00%, 04/15/2036, Series 3138, Class PO | 13 | 11 |
|  0.00%, 04/15/2036, Series 3147, Class PO | 15 | 14 |
|  0.00%, 04/15/2036, Series 3607, Class AO | 22 | 19 |
|  0.00%, 04/15/2036, Series 3607, Class BO | 41 | 35 |
|  0.00%, 05/15/2036, Series 3233, Class OP | 3 | 3 |
|  0.00%, 05/15/2036, Series 3149, Class SO | 7 | 6 |
|  0.00%, 05/15/2036, Series 3151, Class PO | 14 | 12 |
|  0.00%, 05/15/2036, Series 3153, Class EO | 17 | 15 |
|  0.00%, 06/15/2036, Series 3171, Class MO | 19 | 17 |
|  0.00%, 07/15/2036, Series 3179, Class OA | 8 | 7 |
|  0.00%, 08/15/2036, Series 3200, Class PO | 13 | 11 |
|  0.00%, 09/15/2036, Series 3218, Class AO | 6 | 5 |
|  0.00%, 09/15/2036, Series 3213, Class OA | 8 | 7 |
|  0.00%, 10/15/2036, Series 3225, Class EO | 15 | 12 |
|  0.00%, 12/15/2036, Series 3256, Class PO | 8 | 6 |
|  0.00%, 01/15/2037, Series 3261, Class OA | 8 | 7 |
|  0.00%, 02/15/2037, Series 3274, Class JO | 2 | 2 |
|  0.00%, 02/15/2037, Series 3510, Class OD | 18 | 16 |
|  0.00%, 03/15/2037, Series 3286, Class PO | 1 | 1 |
|  0.00%, 04/15/2037, Series 3373, Class TO | 8 | 7 |
|  0.00%, 05/15/2037, Series 3318, Class AO <sup>(5)</sup> | 0 | 0 |
|  0.00%, 05/15/2037, Series 3316, Class PO | 14 | 12 |
|  0.00%, 05/15/2037, Series 3607, Class PO | 80 | 67 |
|  0.00%, 06/15/2037, Series 3326, Class JO | 1 | 1 |
|  0.00%, 06/15/2037, Series 3331, Class PO | 8 | 7 |
|  0.00%, 07/15/2037, Series 3607, Class OP | 121 | 103 |
|  0.00%, 09/15/2037, Series 3365, Class PO | 12 | 10 |
|  0.00%, 10/15/2039, Series 3607, Class TO | 41 | 34 |
|  0.00%, 01/15/2040, Series 3621, Class BO | 37 | 32 |
|  0.00%, 10/15/2049, Series 3582, Class PO | 197 | 174 |
|  0.00% (30-day Average SOFR + 3.55%, 3.55% Cap), 10/25/2050, Series 5021, Class SB <sup>(2)(9)</sup> | 12479 | 389 |
|  0.00% (30-day Average SOFR + 3.50%, 3.50% Cap), 05/25/2052, Series 5222, Class SA <sup>(2)(9)</sup> | 1801 | 49 |
|  0.00%, 08/25/2052, Series 5251, Class PO | 4178 | 2884 |

---

The accompanying notes are an integral part of these financial statements.

91.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  1.43% (30-day Average SOFR + 5.74%, 5.85% Cap), 08/15/2038, Series 3481, Class SJ <sup>(2)(9)</sup> | $69 | $6 |
|  1.58% (30-day Average SOFR + 5.89%, 6.00% Cap), 01/15/2038, Series 3404, Class SC <sup>(2)(9)</sup> | 112 | 10 |
|  1.58% (30-day Average SOFR + 5.89%, 6.00% Cap), 02/15/2039, Series 3511, Class SA <sup>(2)(9)</sup> | 31 | 2 |
|  1.58% (30-day Average SOFR + 5.89%, 6.00% Cap), 10/15/2040, Series 3740, Class SB <sup>(2)(9)</sup> | 82 | 7 |
|  1.58% (30-day Average SOFR + 5.89%, 6.00% Cap), 10/15/2040, Series 3740, Class SC <sup>(2)(9)</sup> | 89 | 10 |
|  1.68% (30-day Average SOFR + 5.99%, 6.10% Cap), 05/15/2039, Series 3531, Class SM <sup>(2)(5)(9)</sup> | 5 | 0 |
|  1.72% (30-day Average SOFR + 6.03%, 6.14% Cap), 01/15/2037, Series 3260, Class CS <sup>(2)(9)</sup> | 13 | 1 |
|  1.78% (30-day Average SOFR + 6.09%, 6.20% Cap), 06/15/2038, Series 3455, Class SE <sup>(2)(9)</sup> | 53 | 6 |
|  1.83% (30-day Average SOFR + 6.14%, 6.25% Cap), 12/15/2039, Series 3608, Class SC <sup>(2)(9)</sup> | 27 | 2 |
|  1.88% (30-day Average SOFR + 6.19%, 6.30% Cap), 05/15/2039, Series 3531, Class SA <sup>(2)(9)</sup> | 43 | 4 |
|  2.00%, 12/25/2051, Series 5190, Class EC | 6358 | 5678 |
|  2.00% (30-day Average SOFR + 6.31%, 6.42% Cap), 11/15/2037, Series 3387, Class SA <sup>(2)(9)</sup> | 102 | 8 |
|  2.03% (30-day Average SOFR + 6.34%, 6.45% Cap), 03/15/2037, Series 3290, Class SB <sup>(2)(9)</sup> | 27 | 2 |
|  2.03% (30-day Average SOFR + 6.34%, 6.45% Cap), 11/15/2037, Series 3383, Class SA <sup>(2)(9)</sup> | 51 | 4 |
|  2.08%, 01/15/2040, Series 3802, Class LS <sup>(4)</sup> | 159 | 14 |
|  2.18% (30-day Average SOFR + 6.49%, 6.60% Cap), 07/15/2037, Series 3344, Class SL <sup>(2)(9)</sup> | 15 | 1 |
|  2.23% (30-day Average SOFR + 6.54%, 6.65% Cap), 08/15/2036, Series 3202, Class HI <sup>(2)(9)</sup> | 167 | 16 |
|  2.28% (30-day Average SOFR + 6.59%, 6.70% Cap), 10/15/2036, Series 3232, Class ST <sup>(2)(9)</sup> | 26 | 2 |
|  2.38% (30-day Average SOFR + 6.69%, 6.80% Cap), 04/15/2038, Series 3424, Class PI <sup>(2)(9)</sup> | 56 | 6 |
|  2.68% (30-day Average SOFR + 6.99%, 7.10% Cap), 07/15/2036, Series 3194, Class SA <sup>(2)(5)(9)</sup> | 4 | 0 |
|  2.77% (30-day Average SOFR + 17.12%, 17.50% Cap), 02/15/2040, Series 3632, Class BS <sup>(2)(9)</sup> | 94 | 93 |
|  3.00%, 08/15/2033, Series 4238, Class WY | 167 | 161 |
|  3.00%, 06/15/2043, Series 4217, Class KY | 206 | 186 |
|  3.00%, 12/15/2047, Series 4740, Class P | 848 | 762 |
|  3.00%, 10/25/2050, Series 5019, Class IP | 1743 | 285 |
|  3.50%, 01/15/2026, Series 3793, Class AB | 29 | 28 |
|  3.50%, 09/25/2044, Series 5230, Class DM | 12113 | 11727 |
|  3.50%, 01/25/2051, Series 5228, Class BH | 4220 | 4085 |
|  3.50%, 10/15/2053, Series 4821, Class MA | 1413 | 1376 |
|  3.53% (30-day Average SOFR + 7.84%, 7.95% Cap), 03/15/2032, Series 2444, Class ES <sup>(2)(9)</sup> | 7 | 1 |
|  3.58% (30-day Average SOFR + 7.89%, 8.00% Cap), 02/15/2032, Series 2475, Class S <sup>(2)(9)</sup> | 19 | 2 |
|  3.58% (30-day Average SOFR + 7.89%, 8.00% Cap), 03/15/2032, Series 2450, Class SW <sup>(2)(5)(9)</sup> | 5 | 0 |
|  4.00%, 05/25/2040, Series 4978, Class MI | 5259 | 786 |
|  4.00%, 11/15/2041, Series 3957, Class B | 100 | 97 |
|  4.00%, 12/15/2041, Series 3966, Class NA | 92 | 89 |
|  4.00%, 11/25/2051, Series 5249, Class AB | 6324 | 6246 |
|  4.03% (30-day Average SOFR + 7.91%, 8.01% Cap), 10/15/2033, Series 2733, Class SB <sup>(2)(9)</sup> | 157 | 154 |
|  4.23% (30-day Average SOFR + 8.54%, 8.65% Cap), 02/15/2032, Series 2410, Class QX <sup>(2)(5)(9)</sup> | 3 | 0 |
|  4.45% (30-day Average SOFR + 13.06%, 13.29% Cap), 07/15/2033, Series 2692, Class SC <sup>(2)(9)</sup> | 10 | 10 |
|  4.50%, 12/15/2039, Series 3610, Class CA | 985 | 987 |
|  4.50%, 09/15/2043, Series 4247, Class AY | 1000 | 945 |
|  4.59% (30-day Average SOFR + 6.74%, 4.00% Floor, 6.80% Cap), 07/15/2033, Series 2642, Class SL <sup>(2)(5)(9)</sup> | 0 | 0 |
|  4.72% (30-day Average SOFR + 0.41%, 0.30% Floor, 6.50% Cap), 06/15/2035, Series 2988, Class AF <sup>(2)</sup> | 29 | 29 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 6.50% Cap), 05/15/2035, Series 2981, Class FA <sup>(2)</sup> | 15 | 15 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 10/15/2041, Series 4048, Class FB <sup>(2)</sup> | 138 | 137 |
|  4.82% (30-day Average SOFR + 0.51%, 0.40% Floor, 7.00% Cap), 09/15/2042, Series 4106, Class DF <sup>(2)</sup> | 219 | 215 |
|  4.86% (30-day Average SOFR + 0.55%, 0.44% Floor, 6.50% Cap), 02/15/2037, Series 3275, Class FL <sup>(2)</sup> | 11 | 11 |
|  4.86% (30-day Average SOFR + 0.51%, 0.40% Floor), 07/15/2037, Series 4048, Class FJ <sup>(2)</sup> | 172 | 170 |
|  4.87% (30-day Average SOFR + 0.56%, 0.45% Floor, 7.00% Cap), 08/15/2042, Series 4091, Class TF <sup>(2)</sup> | 718 | 708 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 03/15/2042, Series 4012, Class FN <sup>(2)</sup> | 287 | 284 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 07/15/2042, Series 4077, Class FB <sup>(2)</sup> | 131 | 129 |
|  4.97% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 12/15/2040, Series 3996, Class XF <sup>(2)</sup> | 100 | 100 |
|  4.97% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 03/15/2041, Series 4013, Class QF <sup>(2)</sup> | 136 | 136 |
|  5.00%, 04/15/2030, Series 3654, Class DC | 267 | 270 |
|  5.00%, 07/15/2033, Series 2653, Class PZ | 86 | 87 |
|  5.00%, 01/15/2034, Series 3920, Class LP | 81 | 82 |
|  5.00%, 12/15/2040, Series 3770, Class ZB | 511 | 517 |
|  5.00%, 05/15/2041, Series 3860, Class PZ | 1038 | 1049 |

---

The accompanying notes are an integral part of these financial statements.

92.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  5.02% (30-day Average SOFR + 0.71%, 0.60% Floor, 8.50% Cap), 01/15/2029, Series 2388, Class FB <sup>(2)</sup> | $2 | $2 |
|  5.02% (30-day Average SOFR + 0.71%, 0.60% Floor, 9.50% Cap), 12/15/2033, Series 2722, Class PF <sup>(2)</sup> | 50 | 50 |
|  5.02% (30-day Average SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 09/15/2037, Series 3371, Class FA <sup>(2)</sup> | 6 | 6 |
|  5.10% (30-day Average SOFR + 0.79%, 0.68% Floor, 7.00% Cap), 11/15/2037, Series 3386, Class KF <sup>(2)</sup> | 198 | 198 |
|  5.12% (30-day Average SOFR + 0.81%, 0.70% Floor, 9.00% Cap), 02/15/2027, Series 1935, Class FL <sup>(2)(5)</sup> | 0 | 0 |
|  5.17% (30-day Average SOFR + 0.86%, 0.75% Floor, 8.50% Cap), 12/15/2032, Series 2571, Class FY <sup>(2)</sup> | 13 | 13 |
|  5.22% (30-day Average SOFR + 0.91%, 0.80% Floor, 7.50% Cap), 08/15/2035, Series 3085, Class WF <sup>(2)</sup> | 17 | 17 |
|  5.27% (30-day Average SOFR + 19.62%, 20.00% Cap), 11/15/2035, Series 3064, Class SG <sup>(2)(9)</sup> | 11 | 12 |
|  5.32% (30-day Average SOFR + 1.01%, 0.90% Floor, 9.00% Cap), 02/15/2032, Series 2418, Class FO <sup>(2)</sup> | 6 | 6 |
|  5.50%, 02/15/2034, Series 2744, Class PE <sup>(5)</sup> | 0 | 0 |
|  5.50%, 08/15/2036, Series 3645, Class KZ | 19 | 20 |
|  5.50%, 08/15/2036, Series 3200, Class AY | 54 | 56 |
|  5.50%, 03/15/2038, Series 3423, Class PB | 153 | 159 |
|  5.50%, 05/15/2038, Series 3453, Class B | 8 | 9 |
|  5.50%, 01/15/2039, Series 3501, Class CB | 58 | 60 |
|  5.50% (30-day Average SOFR + 26.80%, 5.50% Cap), 05/15/2041, Series 3852, Class QN <sup>(2)(9)</sup> | 60 | 57 |
|  5.50% (30-day Average SOFR + 27.08%, 5.50% Cap), 05/15/2041, Series 3852, Class TP <sup>(2)(9)</sup> | 159 | 160 |
|  5.62% (30-day Average SOFR + 1.31%, 1.20% Floor, 7.00% Cap), 07/15/2039, Series 3549, Class FA <sup>(2)</sup> | 5 | 5 |
|  5.62%, 10/15/2038, Series 3895, Class WA <sup>(4)</sup> | 28 | 29 |
|  5.63% (30-day Average SOFR + 16.73%, 17.03% Cap), 06/15/2035, Series 2990, Class WP <sup>(2)(5)(9)</sup> | 0 | 0 |
|  6.00%, 05/15/2027, Series 1981, Class Z | 1 | 1 |
|  6.00%, 07/15/2028, Series 2070, Class C | 2 | 2 |
|  6.00%, 09/15/2028, Series 2086, Class GB | 1 | 1 |
|  6.00%, 11/15/2028, Series 2095, Class PE | 4 | 5 |
|  6.00%, 12/15/2028, Series 2106, Class ZD | 11 | 11 |
|  6.00%, 01/15/2029, Series 2110, Class PG | 12 | 12 |
|  6.00%, 02/15/2029, Series 2125, Class JZ | 3 | 3 |
|  6.00%, 09/15/2032, Series 2500, Class MC | 9 | 9 |
|  6.00%, 12/15/2032, Series 2544, Class HC | 10 | 11 |
|  6.00%, 12/15/2032, Series 2543, Class YX | 25 | 26 |
|  6.00%, 01/15/2033, Series 2552, Class ME | 17 | 18 |
|  6.00%, 02/15/2033, Series 2567, Class QD | 16 | 17 |
|  6.00%, 02/15/2033, Series 2575, Class ME | 70 | 73 |
|  6.00%, 03/15/2033, Series 2596, Class QG | 10 | 10 |
|  6.00%, 05/15/2034, Series 2802, Class OH | 13 | 14 |
|  6.00%, 04/15/2035, Series 2968, Class EH | 314 | 325 |
|  6.00%, 01/15/2036, Series 3101, Class UZ | 40 | 43 |
|  6.00%, 03/15/2036, Series 3122, Class ZB | 4 | 4 |
|  6.00%, 04/15/2036, Series 3219, Class DI | 21 | 4 |
|  6.00%, 04/15/2036, Series 3137, Class XP | 30 | 32 |
|  6.00%, 04/15/2036, Series 3819, Class ZQ | 220 | 233 |
|  6.00%, 06/15/2036, Series 3164, Class MG | 5 | 6 |
|  6.00%, 02/15/2037, Series 3274, Class B | 20 | 21 |
|  6.00%, 04/15/2037, Series 3302, Class UT | 22 | 23 |
|  6.00%, 05/15/2037, Series 3315, Class HZ | 15 | 16 |
|  6.00%, 06/15/2038, Series 3461, Class LZ | 6 | 6 |
|  6.00%, 06/15/2038, Series 3461, Class Z | 120 | 126 |
|  6.25%, 08/15/2028, Series 2075, Class PM | 6 | 6 |
|  6.25%, 02/15/2029, Series 2126, Class CB | 8 | 8 |
|  6.40% (30-day Average SOFR + 17.16%, 17.45% Cap), 02/15/2038, Series 3422, Class SE <sup>(2)(9)</sup> | 5 | 6 |
|  6.50%, 03/15/2026, Series 1829, Class ZB <sup>(5)</sup> | 0 | 0 |
|  6.50%, 07/15/2026, Series 1863, Class Z <sup>(5)</sup> | 0 | 0 |
|  6.50%, 01/15/2027, Series 1927, Class ZA <sup>(5)</sup> | 0 | 0 |
|  6.50%, 12/15/2027, Series 2019, Class Z | 1 | 1 |
|  6.50%, 06/15/2028, Series 2063, Class PG | 2 | 2 |
|  6.50%, 08/15/2028, Series 2075, Class PH | 5 | 5 |
|  6.50%, 05/15/2031, Series 2313, Class LA | 1 | 1 |
|  6.50%, 08/15/2031, Series 2351, Class PZ | 4 | 4 |

---

The accompanying notes are an integral part of these financial statements.

93.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.50%, 08/15/2031, Series 2345, Class NE | $5 | $5 |
|  6.50%, 08/15/2031, Series 2344, Class ZJ | 7 | 7 |
|  6.50%, 08/15/2031, Series 2344, Class ZD | 44 | 46 |
|  6.50%, 10/15/2031, Series 2367, Class ME | 5 | 5 |
|  6.50%, 01/15/2032, Series 2399, Class OH | 6 | 6 |
|  6.50%, 01/15/2032, Series 2399, Class TH | 7 | 7 |
|  6.50%, 02/15/2032, Series 2410, Class NG | 8 | 8 |
|  6.50%, 02/15/2032, Series 2420, Class XK | 11 | 11 |
|  6.50%, 03/15/2032, Series 2423, Class TB | 6 | 7 |
|  6.50%, 03/15/2032, Series 2430, Class WF | 12 | 12 |
|  6.50%, 04/15/2032, Series 2441, Class GF | 3 | 3 |
|  6.50%, 04/15/2032, Series 2435, Class CJ | 16 | 16 |
|  6.50%, 04/15/2032, Series 2434, Class ZA | 16 | 17 |
|  6.50%, 05/15/2032, Series 2455, Class GK | 10 | 10 |
|  6.50%, 06/15/2032, Series 2466, Class DH | 3 | 3 |
|  6.50%, 06/15/2032, Series 2458, Class ZM | 5 | 5 |
|  6.50%, 06/15/2032, Series 2466, Class PH | 12 | 12 |
|  6.50%, 07/15/2032, Series 2474, Class NR | 11 | 11 |
|  6.50%, 07/15/2032, Series 2484, Class LZ | 14 | 14 |
|  6.50%, 03/15/2033, Series 2586, Class WI | 6 | 1 |
|  6.50%, 07/15/2036, Series 3195, Class PD | 18 | 18 |
|  6.50%, 07/15/2036, Series 3181, Class AZ | 25 | 27 |
|  6.64% (30-day Average SOFR + 2.33%, 8.32% Cap), 07/15/2034, Series 3305, Class MG <sup>(2)</sup> | 14 | 14 |
|  6.66% (30-day Average SOFR + 14.55%, 14.76% Cap), 09/15/2033, Series 2671, Class S <sup>(2)(9)</sup> | 6 | 6 |
|  6.75% (30-day Average SOFR + 14.64%, 14.85% Cap), 06/15/2033, Series 2631, Class SA <sup>(2)(9)</sup> | 21 | 22 |
|  6.78% (30-day Average SOFR + 16.25%, 16.50% Cap), 11/15/2033, Series 2780, Class SY <sup>(2)(9)</sup> | 4 | 4 |
|  6.83%, 02/15/2039, Series 3546, Class A <sup>(4)</sup> | 21 | 21 |
|  7.00%, 03/15/2028, Series 2038, Class PN <sup>(5)</sup> | 1 | 0 |
|  7.00%, 06/15/2028, Series 2064, Class TE <sup>(5)</sup> | 0 | 0 |
|  7.00%, 10/15/2028, Series 2089, Class PJ <sup>(5)</sup> | 2 | 0 |
|  7.00%, 04/15/2029, Series 2141, Class IO <sup>(5)</sup> | 0 | 0 |
|  7.00%, 06/15/2029, Series 2169, Class TB | 10 | 10 |
|  7.00%, 07/15/2029, Series 2172, Class QC | 8 | 8 |
|  7.00%, 08/15/2029, Series 2176, Class OJ | 4 | 4 |
|  7.00%, 01/15/2030, Series 2208, Class PG | 8 | 8 |
|  7.00%, 10/15/2030, Series 2259, Class ZM | 7 | 7 |
|  7.00%, 03/15/2031, Series 2296, Class PD | 4 | 4 |
|  7.00%, 06/15/2031, Series 2325, Class PM | 2 | 2 |
|  7.00%, 07/15/2031, Series 2332, Class ZH | 8 | 8 |
|  7.00%, 03/15/2032, Series 2423, Class MC | 7 | 7 |
|  7.00%, 03/15/2032, Series 2423, Class MT | 8 | 8 |
|  7.00%, 04/15/2032, Series 2436, Class MC | 3 | 3 |
|  7.00%, 04/15/2032, Series 2434, Class TC | 15 | 16 |
|  7.00%, 05/15/2032, Series 2450, Class GZ | 9 | 10 |
|  7.00%, 12/15/2036, Series 3704, Class CT | 395 | 421 |
|  7.25%, 07/15/2027, Series 1970, Class PG <sup>(5)</sup> | 0 | 0 |
|  7.25%, 09/15/2030, Series 2256, Class MC | 3 | 3 |
|  7.25%, 12/15/2030, Series 2271, Class PC | 6 | 6 |
|  7.26% (30-day Average SOFR + 15.87%, 16.10% Cap), 02/15/2032, Series 2412, Class SP <sup>(2)(9)</sup> | 10 | 11 |
|  7.49%, 11/15/2046, Series 3688, Class GT <sup>(4)</sup> | 183 | 195 |
|  7.50%, 09/15/2026, Series 1890, Class H <sup>(5)</sup> | 0 | 0 |
|  7.50%, 01/15/2027, Series 1963, Class Z | 1 | 1 |
|  7.50%, 01/15/2027, Series 1927, Class PH | 1 | 1 |
|  7.50%, 09/15/2027, Series 1987, Class PE | 1 | 1 |
|  7.50%, 03/15/2028, Series 2040, Class PE | 3 | 3 |
|  7.50%, 05/15/2028, Series 2054, Class PV | 1 | 1 |
|  7.50%, 06/15/2029, Series 2163, Class PC <sup>(5)</sup> | 1 | 0 |
|  7.50%, 11/15/2029, Series 2196, Class TL <sup>(5)</sup> | 0 | 0 |

---

The accompanying notes are an integral part of these financial statements.

94.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  7.50%, 05/15/2030, Series 2234, Class PZ | $2 | $2 |
|  7.50%, 08/15/2030, Series 2247, Class Z | 2 | 2 |
|  7.50%, 10/15/2030, Series 2262, Class Z <sup>(5)</sup> | 0 | 0 |
|  7.50%, 11/15/2036, Series 3704, Class DT | 177 | 190 |
|  7.50%, 12/15/2036, Series 3704, Class ET | 157 | 172 |
|  7.51% (30-day Average SOFR + 19.35%, 19.66% Cap), 06/15/2036, Series 3523, Class SD <sup>(2)(9)</sup> | 9 | 9 |
|  8.00% (30-day Average SOFR + 18.33%, 18.60% Cap), 12/15/2032, Series 2571, Class SY <sup>(2)(9)</sup> | 7 | 8 |
|  8.00%, 09/15/2026, Series 1899, Class ZE | 1 | 1 |
|  8.00%, 11/15/2029, Series 2201, Class C | 1 | 1 |
|  8.00%, 01/15/2030, Series 2209, Class TC | 2 | 2 |
|  8.00%, 01/15/2030, Series 2210, Class Z | 7 | 8 |
|  8.00%, 03/15/2030, Series 2224, Class CB | 2 | 2 |
|  8.00%, 04/15/2030, Series 2230, Class Z | 2 | 2 |
|  8.01% (30-day Average SOFR + 19.20%, 19.50% Cap), 02/15/2032, Series 2410, Class QS <sup>(2)(9)</sup> | 10 | 11 |
|  8.37% (30-day Average SOFR + 24.15%, 24.57% Cap), 01/15/2036, Series 3102, Class HS <sup>(2)(9)</sup> | 1 | 1 |
|  8.50%, 06/15/2031, Series 2359, Class ZB | 7 | 7 |
|  8.59% (30-day Average SOFR + 27.52%, 28.03% Cap), 10/15/2025, Series 3051, Class DP <sup>(2)(5)(9)</sup> | 0 | 0 |
|  8.72% (30-day Average SOFR + 27.66%, 28.16% Cap), 02/15/2035, Series 2929, Class MS <sup>(2)(9)</sup> | 14 | 14 |
|  9.00% (30-day Average SOFR + 69.23%, 9.00% Cap), 03/15/2037, Series 3443, Class SY <sup>(2)(9)</sup> | 7 | 8 |
|  11.37% (30-day Average SOFR + 30.05%, 30.55% Cap), 03/15/2029, Series 2132, Class SB <sup>(2)(5)(9)</sup> | 0 | 0 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4 |  |  |
|  3.50%, 06/25/2057, Series 2017-4, Class MT | 2149 | 1928 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1 |  |  |
|  3.50%, 05/25/2057, Series 2018-1, Class M60C | 7835 | 7190 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2 |  |  |
|  3.50%, 11/25/2057, Series 2018-2, Class MT | 4939 | 4425 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 |  |  |
|  3.50%, 03/25/2058, Series 2018-4, Class MZ | 10099 | 7328 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 |  |  |
|  3.50%, 07/25/2058, Series 2019-1, Class MT | 5739 | 5126 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 |  |  |
|  3.50%, 10/25/2058, Series 2019-3, Class MB | 3880 | 3164 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4 |  |  |
|  4.00%, 02/25/2059, Series 2019-4, Class M55D | 3653 | 3406 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1 |  |  |
|  3.00%, 08/25/2059, Series 2020-1, Class M55G | 4469 | 4010 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3 |  |  |
|  2.00%, 05/25/2060, Series 2020-3, Class MT | 4226 | 3348 |
|  3.00%, 05/25/2060, Series 2020-3, Class M5TW | 4697 | 4191 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1 |  |  |
|  3.25%, 11/25/2061, Series 2022-1, Class MTU | 7887 | 6784 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2023-1 |  |  |
|  3.00%, 10/25/2062, Series 2023-1, Class MT | 7915 | 6651 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-1 |  |  |
|  3.00%, 11/25/2063, Series 2024-1, Class MT | 4352 | 3675 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust Series 2024-2 |  |  |
|  3.50%, 05/25/2064, Series 2024-2, Class MT | 10029 | 8679 |
|  Freddie Mac STACR REMIC Trust 2021-DNA5 |  |  |
|  5.96% (30-day Average SOFR + 1.65%), 01/25/2034, Series 2021-DNA5, Class M2 <sup>(1)(2)</sup> | 398 | 399 |
|  Freddie Mac STACR REMIC Trust 2022-DNA2 |  |  |
|  5.61% (30-day Average SOFR + 1.30%), 02/25/2042, Series 2022-DNA2, Class M1A <sup>(1)(2)</sup> | 1362 | 1363 |
|  Freddie Mac STACR REMIC Trust 2022-DNA6 |  |  |
|  6.46% (30-day Average SOFR + 2.15%), 09/25/2042, Series 2022-DNA6, Class M1A <sup>(1)(2)</sup> | 839 | 846 |
|  Freddie Mac STACR REMIC Trust 2022-DNA7 |  |  |
|  6.81% (30-day Average SOFR + 2.50%), 03/25/2052, Series 2022-DNA7, Class M1A <sup>(1)(2)</sup> | 2201 | 2230 |
|  Freddie Mac STACR REMIC Trust 2024-DNA1 |  |  |
|  5.66% (30-day Average SOFR + 1.35%), 02/25/2044, Series 2024-DNA1, Class M1 <sup>(1)(2)</sup> | 3319 | 3325 |

---

The accompanying notes are an integral part of these financial statements.

95.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  Freddie Mac STACR REMIC Trust 2024-DNA2 |  |  |
|  5.51% (30-day Average SOFR + 1.20%), 05/25/2044, Series 2024-DNA2, Class M1 <sup>(1)(2)</sup> | $1403 | $1405 |
|  Freddie Mac STACR REMIC Trust 2025-DNA1 |  |  |
|  5.36% (30-day Average SOFR + 1.05%), 01/25/2045, Series 2025-DNA1, Class M1 <sup>(1)(2)</sup> | 2442 | 2443 |
|  Freddie Mac STACR REMIC Trust 2025-DNA2 |  |  |
|  5.41% (30-day Average SOFR + 1.10%), 05/25/2045, Series 2025-DNA2, Class A1 <sup>(1)(2)</sup> | 15689 | 15695 |
|  Freddie Mac Strips |  |  |
|  0.00%, 04/01/2028, Series 197, Class PO | 8 | 7 |
|  0.00%, 09/15/2043, Series 310, Class PO | 311 | 238 |
|  0.00%, 10/25/2053, Series 406, Class PO | 7730 | 6327 |
|  3.00%, 08/15/2042, Series 267, Class 30 | 465 | 424 |
|  3.00%, 01/15/2043, Series 299, Class 300 | 93 | 86 |
|  3.28% (30-day Average SOFR + 7.59%, 7.70% Cap), 08/15/2036, Series 239, Class S30 <sup>(2)(9)</sup> | 122 | 15 |
|  3.50%, 07/15/2042, Series 262, Class 35 | 1728 | 1622 |
|  4.00%, 05/25/2053, Series 405, Class C20 | 13462 | 2958 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 08/15/2042, Series 270, Class F1 <sup>(2)</sup> | 327 | 323 |
|  4.97% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 07/15/2042, Series 264, Class F1 <sup>(2)</sup> | 599 | 593 |
|  4.97% (30-day Average SOFR + 0.66%, 0.55% Floor, 6.50% Cap), 08/15/2042, Series 272, Class F2 <sup>(2)</sup> | 312 | 309 |
|  5.00%, 09/15/2035, Series 233, Class 12 | 33 | 5 |
|  5.00%, 09/15/2035, Series 233, Class 11 | 39 | 6 |
|  5.00%, 09/15/2035, Series 233, Class 13 | 62 | 9 |
|  Freddie Mac Structured Pass-Through Certificates |  |  |
|  0.00%, 07/25/2043, Series T-57, Class 1AP | 10 | 8 |
|  0.00%, 09/25/2043, Series T-58, Class APO | 11 | 7 |
|  0.00%, 10/25/2043, Series T-59, Class 1AP | 12 | 6 |
|  2.34%, 10/25/2037, Series T-76, Class 2A <sup>(4)</sup> | 547 | 494 |
|  4.35%, 07/25/2033, Series T-48, Class 1A <sup>(4)</sup> | 88 | 85 |
|  4.45%, 07/25/2032, Series T-41, Class 3A <sup>(4)</sup> | 31 | 28 |
|  5.23%, 05/25/2043, Series T-56, Class A5 | 324 | 308 |
|  5.60% (12 Month U.S. Treasury Average + 1.20%, 1.20% Floor), 10/25/2044, Series T-62, Class 1A1 <sup>(2)</sup> | 183 | 167 |
|  6.50%, 02/25/2043, Series T-54, Class 2A | 154 | 154 |
|  7.00%, 02/25/2043, Series T-54, Class 3A | 50 | 52 |
|  7.00%, 10/25/2043, Series T-59, Class 1A2 | 148 | 155 |
|  7.50%, 02/25/2042, Series T-42, Class A5 | 124 | 132 |
|  7.50%, 08/25/2042, Series T-51, Class 2A <sup>(4)</sup> | 26 | 27 |
|  7.50%, 07/25/2043, Series T-57, Class 1A3 | 29 | 31 |
|  7.50%, 09/25/2043, Series T-58, Class 4A | 161 | 167 |
|  FREMF 2015-K49 Mortgage Trust |  |  |
|  3.90%, 10/25/2048, Series 2015-K49, Class C <sup>(1)(4)</sup> | 4000 | 3984 |
|  FREMF 2015-K51 Mortgage Trust |  |  |
|  4.10%, 10/25/2048, Series 2015-K51, Class C <sup>(1)(4)</sup> | 1500 | 1492 |
|  FREMF 2016-K52 Mortgage Trust |  |  |
|  4.07%, 01/25/2049, Series 2016-K52, Class B <sup>(1)(4)</sup> | 4750 | 4720 |
|  FREMF 2016-K59 Mortgage Trust |  |  |
|  3.69%, 11/25/2049, Series 2016-K59, Class B <sup>(1)(4)</sup> | 2450 | 2408 |
|  FREMF 2017-KGS1 Mortgage Trust |  |  |
|  6.93% (30-day Average SOFR + 2.61%, 2.50% Floor), 10/25/2027, Series 2017-KGL1, Class BFL <sup>(1)(2)</sup> | 3415 | 3321 |
|  FREMF 2019-K92 Mortgage Trust |  |  |
|  4.34%, 05/25/2052, Series 2019-K92, Class B <sup>(1)(4)</sup> | 6595 | 6486 |
|  FREMF 2019-K99 Mortgage Trust |  |  |
|  3.77%, 10/25/2052, Series 2019-K99, Class B <sup>(1)(4)</sup> | 10000 | 9534 |
|  FREMF 2020-K105 Mortgage Trust |  |  |
|  3.53%, 03/25/2053, Series 2020-K105, Class B <sup>(1)(4)</sup> | 17300 | 16298 |
|  GCAT 2025-NQM2 Trust |  |  |
|  5.60%, 04/25/2070, Series 2025-NQM2, Class A1 <sup>(1)(3)</sup> | 12438 | 12481 |
|  Ginnie Mae |  |  |
|  0.00%, 06/16/2033, Series 2003-52, Class AP | 11 | 10 |
|  0.00%, 06/20/2034, Series 2004-46, Class PO | 21 | 18 |

---

The accompanying notes are an integral part of these financial statements.

96.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  0.00%, 08/20/2035, Series 2010-14, Class CO | $50 | $42 |
|  0.00%, 10/20/2035, Series 2005-82, Class PO | 12 | 10 |
|  0.00%, 11/20/2035, Series 2010-14, Class BO | 18 | 15 |
|  0.00%, 03/20/2036, Series 2006-16, Class OP | 15 | 13 |
|  0.00%, 05/20/2036, Series 2006-22, Class AO | 22 | 18 |
|  0.00%, 07/20/2036, Series 2006-34, Class PO | 3 | 2 |
|  0.00%, 04/16/2037, Series 2007-17, Class JO | 30 | 24 |
|  0.00%, 05/20/2037, Series 2007-28, Class BO | 4 | 4 |
|  0.00%, 06/16/2037, Series 2007-36, Class HO | 7 | 6 |
|  0.00%, 06/16/2037, Series 2007-35, Class PO | 80 | 65 |
|  0.00%, 11/16/2037, Series 2009-79, Class OK | 79 | 66 |
|  0.00%, 01/20/2038, Series 2008-1, Class PO | 3 | 2 |
|  0.00%, 12/20/2040, Series 2010-157, Class OP | 175 | 149 |
|  0.00% (1 Month Term SOFR + 3.75%, 3.86% Cap), 09/20/2048, Series 2018-121, Class KS <sup>(2)(9)</sup> | 4265 | 119 |
|  0.00% (1 Month Term SOFR + 3.73%, 3.84% Cap), 10/20/2048, Series 2018-148, Class DS <sup>(2)(9)</sup> | 5520 | 170 |
|  0.00% (1 Month Term SOFR + 3.69%, 3.80% Cap), 11/20/2048, Series 2018-151, Class SL <sup>(2)(9)</sup> | 3289 | 92 |
|  0.00% (1 Month Term SOFR + 2.70%, 2.81% Cap), 07/20/2049, Series 2019-92, Class S <sup>(2)(9)</sup> | 17266 | 254 |
|  0.00% (1 Month Term SOFR + 3.24%, 3.35% Cap), 08/20/2049, Series 2019-99, Class SA <sup>(2)(9)</sup> | 8718 | 216 |
|  0.00% (1 Month Term SOFR + 3.25%, 0.02% Cap), 01/20/2050, Series 2021-165, Class ST <sup>(2)(9)</sup> | 2284 | 1 |
|  0.00% (30-day Average SOFR + 3.50%, 3.50% Cap), 03/20/2052, Series 2022-46, Class S <sup>(2)(9)</sup> | 3770 | 97 |
|  0.00% (30-day Average SOFR + 3.50%, 3.50% Cap), 03/20/2052, Series 2022-51, Class SC <sup>(2)(9)</sup> | 16997 | 416 |
|  0.00% (30-day Average SOFR + 3.85%, 3.85% Cap), 04/20/2052, Series 2022-66, Class SB <sup>(2)(9)</sup> | 5578 | 149 |
|  0.00% (30-day Average SOFR + 3.85%, 3.85% Cap), 04/20/2052, Series 2022-68, Class SP <sup>(2)(9)</sup> | 4614 | 150 |
|  0.00% (30-day Average SOFR + 3.75%, 3.75% Cap), 04/20/2052, Series 2022-78, Class SB <sup>(2)(9)</sup> | 10092 | 255 |
|  0.00% (30-day Average SOFR + 3.60%, 3.60% Cap), 04/20/2052, Series 2022-78, Class MS <sup>(2)(9)</sup> | 14499 | 389 |
|  0.00% (30-day Average SOFR + 3.65%, 3.65% Cap), 05/20/2052, Series 2022-93, Class GS <sup>(2)(9)</sup> | 3567 | 84 |
|  0.00% (30-day Average SOFR + 3.95%, 3.95% Cap), 07/20/2052, Series 2022-133, Class SA <sup>(2)(9)</sup> | 7706 | 191 |
|  0.00% (30-day Average SOFR + 3.76%, 3.76% Cap), 07/20/2052, Series 2022-126, Class CS <sup>(2)(9)</sup> | 20833 | 423 |
|  0.00% (30-day Average SOFR + 3.60%, 3.60% Cap), 08/20/2052, Series 2022-148, Class DS <sup>(2)(9)</sup> | 8040 | 151 |
|  0.00%, 05/20/2053, Series 2023-169, Class EO | 2251 | 1762 |
|  0.60% (30-day Average SOFR + 4.90%, 4.90% Cap), 10/20/2052, Series 2022-178, Class SA <sup>(2)(9)</sup> | 16823 | 848 |
|  1.10%, 06/20/2067, Series 2017-H14, Class XI <sup>(4)</sup> | 5216 | 154 |
|  1.27% (1 Month Term SOFR + 5.59%, 5.70% Cap), 12/20/2038, Series 2008-93, Class AS <sup>(2)(9)</sup> | 81 | 5 |
|  1.47% (1 Month Term SOFR + 5.79%, 5.90% Cap), 09/20/2038, Series 2008-76, Class US <sup>(2)(9)</sup> | 73 | 2 |
|  1.52% (1 Month Term SOFR + 5.84%, 5.95% Cap), 02/20/2039, Series 2009-10, Class SA <sup>(2)(9)</sup> | 57 | 4 |
|  1.52% (1 Month Term SOFR + 5.84%, 5.95% Cap), 06/20/2039, Series 2009-43, Class SA <sup>(2)(9)</sup> | 55 | 2 |
|  1.57% (1 Month Term SOFR + 5.89%, 6.00% Cap), 11/20/2037, Series 2007-7x3, Class MI <sup>(2)(5)(9)</sup> | 54 | 0 |
|  1.57% (1 Month Term SOFR + 5.89%, 6.00% Cap), 02/20/2038, Series 2009-106, Class ST <sup>(2)(9)</sup> | 414 | 13 |
|  1.57% (1 Month Term SOFR + 5.89%, 6.00% Cap), 08/20/2038, Series 2008-71, Class SC <sup>(2)(5)(9)</sup> | 20 | 0 |
|  1.57% (1 Month Term SOFR + 5.89%, 6.00% Cap), 12/20/2038, Series 2008-96, Class SL <sup>(2)(9)</sup> | 43 | 1 |
|  1.57% (1 Month Term SOFR + 5.89%, 6.00% Cap), 02/16/2041, Series 2011-26, Class CS <sup>(2)(9)</sup> | 9543 | 991 |
|  1.61% (1 Month Term SOFR + 5.93%, 6.04% Cap), 02/20/2039, Series 2009-6, Class SH <sup>(2)(5)(9)</sup> | 34 | 0 |
|  1.65% (1 Month Term SOFR + 5.97%, 6.08% Cap), 11/20/2034, Series 2004-96, Class SC <sup>(2)(5)(9)</sup> | 78 | 0 |
|  1.65% (1 Month Term SOFR + 5.97%, 6.08% Cap), 06/20/2039, Series 2009-42, Class SC <sup>(2)(9)</sup> | 76 | 6 |
|  1.65%, 01/20/2063, Series 2013-H01, Class FA <sup>(5)</sup> | 0 | 0 |
|  1.65%, 02/20/2063, Series 2013-H04, Class BA | 5 | 5 |
|  1.65%, 04/20/2063, Series 2013-H09, Class HA | 7 | 7 |
|  1.66% (1 Month Term SOFR + 5.98%, 6.09% Cap), 09/20/2039, Series 2009-81, Class SB <sup>(2)(9)</sup> | 149 | 13 |
|  1.67% (1 Month Term SOFR + 5.99%, 6.10% Cap), 10/20/2034, Series 2004-90, Class SI <sup>(2)(9)</sup> | 126 | 7 |
|  1.67% (1 Month Term SOFR + 5.99%, 6.10% Cap), 02/16/2039, Series 2009-6, Class SA <sup>(2)(5)(9)</sup> | 31 | 0 |
|  1.67% (1 Month Term SOFR + 5.99%, 6.10% Cap), 07/16/2039, Series 2009-64, Class SN <sup>(2)(9)</sup> | 60 | 3 |
|  1.72% (1 Month Term SOFR + 6.04%, 6.15% Cap), 07/20/2038, Series 2008-60, Class CS <sup>(2)(9)</sup> | 60 | 1 |
|  1.72% (1 Month Term SOFR + 6.04%, 6.15% Cap), 02/16/2039, Series 2009-11, Class SC <sup>(2)(9)</sup> | 38 | 1 |
|  1.77% (1 Month Term SOFR + 6.09%, 6.20% Cap), 03/20/2037, Series 2007-9, Class CI <sup>(2)(9)</sup> | 57 | 4 |
|  1.77% (1 Month Term SOFR + 6.09%, 6.20% Cap), 04/20/2037, Series 2007-19, Class SD <sup>(2)(5)(9)</sup> | 28 | 0 |
|  1.77% (1 Month Term SOFR + 6.09%, 6.20% Cap), 05/20/2037, Series 2007-26, Class SC <sup>(2)(9)</sup> | 52 | 2 |
|  1.77% (1 Month Term SOFR + 6.09%, 6.20% Cap), 05/20/2037, Series 2007-27, Class SD <sup>(2)(9)</sup> | 57 | 2 |
|  1.77% (1 Month Term SOFR + 6.09%, 6.20% Cap), 06/20/2038, Series 2008-55, Class SA <sup>(2)(5)(9)</sup> | 17 | 0 |

---

The accompanying notes are an integral part of these financial statements.

97.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  1.77% (1 Month Term SOFR + 6.09%, 6.20% Cap), 09/20/2038, Series 2008-81, Class S <sup>(2)(9)</sup> | $151 | $1 |
|  1.82% (1 Month Term SOFR + 6.14%, 6.25% Cap), 06/20/2037, Series 2007-36, Class SJ <sup>(2)(9)</sup> | 42 | 1 |
|  1.82% (1 Month Term SOFR + 6.14%, 6.25% Cap), 08/16/2039, Series 2009-72, Class SM <sup>(2)(9)</sup> | 79 | 6 |
|  1.84% (1 Month Term SOFR + 6.16%, 6.27% Cap), 04/20/2039, Series 2009-22, Class SA <sup>(2)(9)</sup> | 85 | 6 |
|  1.87% (1 Month Term SOFR + 6.19%, 6.30% Cap), 09/20/2035, Series 2005-68, Class KI <sup>(2)(9)</sup> | 178 | 16 |
|  1.87% (1 Month Term SOFR + 6.19%, 6.30% Cap), 04/20/2038, Series 2008-36, Class SH <sup>(2)(5)(9)</sup> | 70 | 0 |
|  1.87% (1 Month Term SOFR + 6.19%, 6.30% Cap), 03/20/2039, Series 2009-31, Class TS <sup>(2)(5)(9)</sup> | 20 | 0 |
|  1.97% (1 Month Term SOFR + 6.29%, 6.40% Cap), 05/16/2038, Series 2008-40, Class SA <sup>(2)(9)</sup> | 180 | 9 |
|  1.97% (1 Month Term SOFR + 6.29%, 6.40% Cap), 11/16/2039, Series 2009-106, Class AS <sup>(2)(9)</sup> | 128 | 12 |
|  2.00%, 07/01/2055 <sup>(10)</sup> | 2095 | 1706 |
|  2.04% (1 Month Term SOFR + 6.36%, 6.47% Cap), 06/16/2037, Series 2007-36, Class SE <sup>(2)(9)</sup> | 31 | 1 |
|  2.07% (1 Month Term SOFR + 6.39%, 6.50% Cap), 11/20/2037, Series 2007-76, Class SB <sup>(2)(9)</sup> | 104 | 1 |
|  2.08% (1 Month Term SOFR + 6.40%, 6.51% Cap), 11/20/2037, Series 2007-67, Class SI <sup>(2)(9)</sup> | 57 | 1 |
|  2.11% (1 Month Term SOFR + 6.43%, 6.54% Cap), 11/16/2037, Series 2007-74, Class SL <sup>(2)(5)(9)</sup> | 59 | 0 |
|  2.12% (1 Month Term SOFR + 6.44%, 6.55% Cap), 09/20/2037, Series 2007-53, Class ES <sup>(2)(9)</sup> | 51 | 2 |
|  2.12% (1 Month Term SOFR + 6.44%, 6.55% Cap), 11/20/2037, Series 2007-72, Class US <sup>(2)(5)(9)</sup> | 47 | 0 |
|  2.12% (1 Month Term SOFR + 6.44%, 6.55% Cap), 12/20/2037, Series 2007-79, Class SY <sup>(2)(9)</sup> | 69 | 1 |
|  2.12% (1 Month Term SOFR + 6.44%, 6.55% Cap), 11/16/2033, Series 2003-97, Class SA <sup>(2)(5)(9)</sup> | 12 | 0 |
|  2.12% (1 Month Term SOFR + 6.44%, 6.55% Cap), 12/16/2033, Series 2003-112, Class SA <sup>(2)(5)(9)</sup> | 25 | 0 |
|  2.12% (1 Month Term SOFR + 6.44%, 6.55% Cap), 09/16/2034, Series 2004-73, Class JL <sup>(2)(9)</sup> | 92 | 8 |
|  2.17% (1 Month Term SOFR + 6.49%, 6.60% Cap), 05/20/2041, Series 2011-75, Class SM <sup>(2)(9)</sup> | 97 | 6 |
|  2.21% (1 Month Term SOFR + 6.53%, 6.64% Cap), 07/20/2037, Series 2007-45, Class QA <sup>(2)(9)</sup> | 65 | 4 |
|  2.25% (1 Month Term SOFR + 6.57%, 6.68% Cap), 07/20/2037, Series 2007-40, Class SN <sup>(2)(9)</sup> | 62 | 2 |
|  2.27% (1 Month Term SOFR + 6.59%, 6.70% Cap), 10/20/2036, Series 2006-59, Class SD <sup>(2)(9)</sup> | 31 | 2 |
|  2.32% (1 Month Term SOFR + 6.64%, 6.75% Cap), 01/20/2035, Series 2005-3, Class SK <sup>(2)(9)</sup> | 83 | 5 |
|  2.32% (1 Month Term SOFR + 6.64%, 6.75% Cap), 07/20/2037, Series 2007-40, Class SD <sup>(2)(9)</sup> | 46 | 2 |
|  2.37% (1 Month Term SOFR + 6.69%, 6.80% Cap), 06/20/2035, Series 2008-79, Class CS <sup>(2)(9)</sup> | 43 | 43 |
|  2.38% (1 Month Term SOFR + 6.70%, 6.81% Cap), 04/16/2037, Series 2007-17, Class JI <sup>(2)(9)</sup> | 77 | 6 |
|  2.50%, 07/01/2055 <sup>(10)</sup> | 4075 | 3461 |
|  2.60%, 05/20/2067, Series 2017-H11, Class LI <sup>(4)</sup> | 4579 | 381 |
|  2.87% (1 Month Term SOFR + 7.19%, 7.30% Cap), 12/20/2038, Series 2008-95, Class DS <sup>(2)(9)</sup> | 130 | 2 |
|  3.00%, 12/20/2041, Series 2011-157, Class UY | 1000 | 896 |
|  3.00%, 10/20/2045, Series 2015-144, Class HP | 490 | 445 |
|  3.00%, 09/20/2047, Series 2017-139, Class BA | 658 | 599 |
|  3.00%, 06/20/2051, Series 2021-114, Class TI | 7176 | 1041 |
|  3.00%, 08/20/2051, Series 2022-93, Class IO | 24839 | 2754 |
|  3.00%, 07/01/2055 <sup>(10)</sup> | 2530 | 2237 |
|  3.17% (1 Month Term SOFR + 7.49%, 7.60% Cap), 09/20/2038, Series 2009-25, Class SE <sup>(2)(9)</sup> | 31 | 1 |
|  3.27% (1 Month Term SOFR + 7.59%, 7.70% Cap), 02/20/2033, Series 2003-12, Class SP <sup>(2)(5)(9)</sup> | 7 | 0 |
|  3.27% (1 Month Term SOFR + 7.59%, 7.70% Cap), 04/16/2038, Series 2008-33, Class XS <sup>(2)(9)</sup> | 31 | 2 |
|  3.50%, 07/20/2046, Series 2018-160, Class PA | 462 | 456 |
|  3.50%, 09/20/2046, Series 2018-34, Class DL | 1142 | 1116 |
|  3.50%, 07/01/2055 <sup>(10)</sup> | 5170 | 4700 |
|  3.73%, 01/20/2042, Series 2012-141, Class WC <sup>(4)</sup> | 129 | 122 |
|  3.82% (1 Month Term SOFR + 8.14%, 8.25% Cap), 08/16/2031, Series 2001-35, Class SA <sup>(2)(5)(9)</sup> | 4 | 0 |
|  4.00%, 07/01/2055 <sup>(10)</sup> | 4690 | 4360 |
|  4.00%, 09/16/2042, Series 2012-141, Class WB <sup>(4)</sup> | 82 | 78 |
|  4.41%, 04/20/2043, Series 2013-91, Class WA <sup>(4)</sup> | 116 | 112 |
|  4.50%, 07/01/2055 <sup>(10)</sup> | 2740 | 2622 |
|  4.52%, 11/16/2041, Series 2012-141, Class WA <sup>(4)</sup> | 147 | 146 |
|  4.54% (1 Month Term SOFR + 13.17%, 13.40% Cap), 10/20/2037, Series 2008-7, Class SP <sup>(2)(9)</sup> | 8 | 8 |
|  4.55%, 10/20/2041, Series 2014-188, Class W <sup>(4)</sup> | 198 | 199 |
|  4.60% (1 Month Term SOFR + 0.71%, 0.60% Floor, 4.60% Cap), 10/20/2062, Series 2012-H24, Class FE <sup>(2)</sup> | 3 | 3 |
|  4.63%, 10/20/2042, Series 2014-41, Class W <sup>(4)</sup> | 386 | 389 |
|  4.69%, 09/20/2041, Series 2013-26, Class AK <sup>(4)</sup> | 105 | 106 |
|  4.73% (1 Month Term SOFR + 0.41%, 0.30% Floor, 6.50% Cap), 05/16/2037, Series 2007-25, Class FN <sup>(2)</sup> | 26 | 26 |
|  4.75% (1 Month Term SOFR + 0.41%, 0.30% Floor, 5.59% Cap), 08/20/2060, Series 2013-H03, Class FA <sup>(2)(5)</sup> | 0 | 0 |
|  4.75% (1 Month Term SOFR + 0.41%, 0.30% Floor), 11/20/2062, Series 2013-H02, Class HF <sup>(2)(5)</sup> | 0 | 0 |

---

The accompanying notes are an integral part of these financial statements.

98.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.76%, 03/20/2048, Series 2020-30, Class PT <sup>(4)</sup> | $4968 | $5033 |
|  4.77% (1 Month Term SOFR + 0.43%, 0.32% Floor, 10.50% Cap), 01/20/2063, Series 2013-H01, Class JA <sup>(2)</sup> | 100 | 100 |
|  4.79% (1 Month Term SOFR + 0.45%, 0.34% Floor, 11.00% Cap), 12/20/2062, Series 2012-H31, Class FD <sup>(2)</sup> | 326 | 326 |
|  4.86% (1 Month Term SOFR + 0.52%, 0.41% Floor, 11.00% Cap), 03/20/2063, Series 2013-H07, Class HA <sup>(2)</sup> | 93 | 94 |
|  4.87% (1 Month Term SOFR + 0.53%, 0.42% Floor, 10.50% Cap), 02/20/2063, Series 2013-H04, Class SA <sup>(2)</sup> | 60 | 60 |
|  4.88% (1 Month Term SOFR + 0.54%, 0.43% Floor, 5.59% Cap), 04/20/2060, Series 2012-H24, Class FG <sup>(2)</sup> | 2 | 2 |
|  4.88%, 11/20/2042, Series 2013-54, Class WA <sup>(4)</sup> | 85 | 86 |
|  4.89% (1 Month Term SOFR + 0.55%, 0.44% Floor, 11.00% Cap), 07/20/2065, Series 2015-H16, Class FL <sup>(2)</sup> | 889 | 890 |
|  4.90% (1 Month Term SOFR + 0.56%, 0.45% Floor, 5.50% Cap), 03/20/2060, Series 2012-H24, Class FA <sup>(2)</sup> | 19 | 18 |
|  4.90% (1 Month Term SOFR + 0.56%, 0.45% Floor, 5.50% Cap), 05/20/2062, Series 2012-H15, Class FA <sup>(2)(5)</sup> | 0 | 0 |
|  4.90% (1 Month Term SOFR + 0.56%, 0.45% Floor, 11.00% Cap), 06/20/2065, Series 2015-H18, Class FA <sup>(2)</sup> | 240 | 240 |
|  4.90% (1 Month Term SOFR + 0.56%, 0.45% Floor, 11.00% Cap), 08/20/2067, Series 2017-H19, Class FA <sup>(2)</sup> | 136 | 136 |
|  4.90% (1 Month Term SOFR + 0.58%, 11.00% Cap), 02/20/2065, Series 2015-H07, Class ES <sup>(2)</sup> | 248 | 249 |
|  4.92% (1 Month Term SOFR + 0.58%, 0.47% Floor), 08/20/2061, Series 2011-H19, Class FA <sup>(2)</sup> | 51 | 52 |
|  4.92% (1 Month Term SOFR + 0.58%, 0.47% Floor, 10.50% Cap), 03/20/2063, Series 2013-H07, Class GA <sup>(2)</sup> | 27 | 27 |
|  4.92% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 06/20/2063, Series 2013-H14, Class FD <sup>(2)</sup> | 163 | 163 |
|  4.92% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 07/20/2064, Series 2014-H14, Class GF <sup>(2)</sup> | 222 | 222 |
|  4.92% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 09/20/2064, Series 2014-H19, Class FE <sup>(2)</sup> | 1042 | 1043 |
|  4.92% (1 Month Term SOFR + 0.58%, 0.47% Floor, 11.00% Cap), 08/20/2065, Series 2015-H20, Class FA <sup>(2)</sup> | 169 | 169 |
|  4.93% (1 Month Term SOFR + 0.59%, 0.48% Floor, 11.00% Cap), 02/20/2065, Series 2015-H05, Class FC <sup>(2)</sup> | 1073 | 1074 |
|  4.93% (1 Month Term SOFR + 0.59%, 0.48% Floor, 11.00% Cap), 03/20/2065, Series 2015-H08, Class FC <sup>(2)</sup> | 1552 | 1554 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 10.66% Cap), 03/20/2061, Series 2011-H11, Class FA <sup>(2)</sup> | 238 | 238 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor), 01/20/2063, Series 2013-H01, Class TA <sup>(2)</sup> | 4 | 4 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 06/20/2064, Series 2014-H11, Class VA <sup>(2)</sup> | 787 | 788 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 07/20/2064, Series 2014-H15, Class FA <sup>(2)</sup> | 643 | 644 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 07/20/2064, Series 2014-H17, Class FC <sup>(2)</sup> | 688 | 689 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 12/20/2064, Series 2015-H03, Class FA <sup>(2)</sup> | 274 | 274 |
|  4.95% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 06/20/2067, Series 2017-H14, Class FV <sup>(2)</sup> | 1633 | 1636 |
|  4.96% (1 Month Term SOFR + 0.63%, 0.52% Floor, 11.50% Cap), 10/20/2062, Series 2012-H29, Class FA <sup>(2)</sup> | 132 | 132 |
|  5.00% (1 Month Term SOFR + 0.66%, 0.55% Floor), 10/20/2061, Series 2012-H26, Class JA <sup>(2)(5)</sup> | 0 | 0 |
|  5.00% (1 Month Term SOFR + 0.66%, 0.55% Floor), 04/20/2062, Series 2013-H07, Class MA <sup>(2)(5)</sup> | 0 | 0 |
|  5.00% (1 Month Term SOFR + 0.66%, 0.55% Floor), 07/20/2062, Series 2012-H26, Class MA <sup>(2)</sup> | 4 | 4 |
|  5.00%, 07/01/2042 <sup>(10)</sup> | 19910 | 19555 |
|  5.01% (1 Month Term SOFR + 0.67%, 0.56% Floor, 11.00% Cap), 03/20/2067, Series 2017-H09, Class DF <sup>(2)</sup> | 1826 | 1831 |
|  5.03% (1 Month Term SOFR + 0.69%, 0.58% Floor), 09/20/2062, Series 2012-H28, Class FA <sup>(2)</sup> | 4 | 4 |
|  5.05% (1 Month Term SOFR + 0.71%, 0.60% Floor, 11.00% Cap), 04/20/2064, Series 2014-H09, Class TA <sup>(2)</sup> | 182 | 183 |
|  5.05% (1 Month Term SOFR + 0.71%, 0.60% Floor), 04/20/2064, Series 2014-H10, Class TA <sup>(2)</sup> | 1054 | 1057 |
|  5.05% (1 Month Term SOFR + 0.71%, 0.60% Floor, 11.00% Cap), 05/20/2064, Series 2014-H07, Class FA <sup>(2)</sup> | 2137 | 2142 |
|  5.05% (1 Month Term SOFR + 0.71%, 0.60% Floor, 7.00% Cap), 10/20/2064, Series 2014-H20, Class LF <sup>(2)</sup> | 520 | 520 |
|  5.09%, 06/20/2040, Series 2013-75, Class WA <sup>(4)</sup> | 54 | 55 |
|  5.10% (1 Month Term SOFR + 0.76%, 0.65% Floor), 05/20/2061, Series 2012-H21, Class DF <sup>(2)</sup> | 9 | 9 |
|  5.10% (1 Month Term SOFR + 0.76%, 0.65% Floor, 11.00% Cap), 01/20/2064, Series 2014-H01, Class FD <sup>(2)</sup> | 148 | 148 |
|  5.10% (1 Month Term SOFR + 0.76%, 0.65% Floor, 11.00% Cap), 02/20/2064, Series 2014-H04, Class FB <sup>(2)</sup> | 314 | 316 |
|  5.10% (1 Month Term SOFR + 0.76%, 0.65% Floor, 11.00% Cap), 03/20/2064, Series 2014-H06, Class HB <sup>(2)</sup> | 281 | 282 |
|  5.14% (1 Month Term SOFR + 0.80%, 0.69% Floor, 11.00% Cap), 02/20/2064, Series 2014-H05, Class FA <sup>(2)</sup> | 739 | 742 |
|  5.14%, 07/20/2060, Series 2010-H17, Class XQ <sup>(4)</sup> | 2 | 2 |
|  5.15% (1 Month Term SOFR + 0.81%, 0.70% Floor), 05/20/2061, Series 2012-H21, Class CF <sup>(2)</sup> | 8 | 8 |
|  5.15% (1 Month Term SOFR + 0.81%, 0.70% Floor, 11.00% Cap), 04/20/2062, Series 2012-H08, Class FS <sup>(2)</sup> | 215 | 216 |
|  5.25% (1 Month Term SOFR + 0.93%, 0.82% Floor, 7.00% Cap), 07/20/2038, Series 2008-58, Class FA <sup>(2)</sup> | 128 | 129 |
|  5.30%, 01/20/2039, Series 2014-6, Class W <sup>(4)</sup> | 233 | 241 |
|  5.50%, 04/20/2033, Series 2003-25, Class PZ | 63 | 63 |
|  5.50%, 03/16/2034, Series 2004-17, Class MZ | 982 | 980 |
|  5.50%, 07/20/2035, Series 2005-56, Class IC | 9 | 1 |
|  5.50%, 09/20/2035, Series 2005-72, Class AZ | 33 | 34 |
|  5.50%, 02/20/2038, Series 2008-17, Class IO <sup>(5)</sup> | 10 | 0 |
|  5.50%, 05/20/2039, Series 2009-33, Class CI | 12 | 1 |
|  5.50%, 09/20/2039, Series 2009-75, Class MN | 302 | 315 |
|  5.50%, 10/20/2039, Series 2009-87, Class BE | 303 | 313 |

---

The accompanying notes are an integral part of these financial statements.

99.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  5.50%, 07/01/2055 <sup>(10)</sup> | $28525 | $28563 |
|  5.55%, 01/20/2038, Series 2015-137, Class WA <sup>(4)</sup> | 217 | 225 |
|  5.56%, 10/20/2036, Series 2006-57, Class PZ | 53 | 53 |
|  5.57%, 08/20/2038, Series 2012-59, Class WA <sup>(4)</sup> | 84 | 86 |
|  5.58%, 07/20/2040, Series 2011-137, Class WA <sup>(4)</sup> | 85 | 88 |
|  5.66%, 08/20/2034, Series 2010-103, Class WA <sup>(4)</sup> | 21 | 21 |
|  5.73% (1 Month Term SOFR + 1.39%, 1.28% Floor), 02/20/2071, Series 2021-H03, Class LF <sup>(2)</sup> | 11305 | 11508 |
|  5.75%, 07/20/2038, Series 2008-69, Class QD | 1 | 1 |
|  5.77% (1 Month Term SOFR + 16.16%, 16.43% Cap), 06/17/2035, Series 2005-68, Class DP <sup>(2)(9)</sup> | 18 | 19 |
|  5.79%, 02/20/2037, Series 2011-22, Class WA <sup>(4)</sup> | 16 | 16 |
|  5.81%, 10/20/2033, Series 2010-41, Class WA <sup>(4)</sup> | 37 | 38 |
|  5.84%, 04/20/2037, Series 2010-129, Class AW <sup>(4)</sup> | 27 | 28 |
|  5.85%, 12/20/2038, Series 2011-163, Class WA <sup>(4)</sup> | 179 | 185 |
|  5.94% (1 Month Term SOFR + 22.30%, 22.73% Cap), 08/20/2035, Series 2005-65, Class SA <sup>(2)(9)</sup> | 3 | 3 |
|  6.00%, 09/16/2033, Series 2003-75, Class ZX | 35 | 35 |
|  6.00%, 06/20/2034, Series 2004-49, Class Z | 87 | 89 |
|  6.00%, 12/20/2035, Series 2005-91, Class PI | 18 | 2 |
|  6.00%, 06/20/2038, Series 2008-50, Class KB | 35 | 36 |
|  6.00%, 05/20/2039, Series 2009-33, Class TI | 16 | 1 |
|  6.00%, 07/01/2042 <sup>(10)</sup> | 17160 | 17411 |
|  6.00%, 08/01/2055 <sup>(10)</sup> | 6500 | 6588 |
|  6.08% (1 Month Term SOFR + 20.45%, 20.83% Cap), 08/16/2035, Series 2005-66, Class SP <sup>(2)(9)</sup> | 5 | 6 |
|  6.08%, 11/20/2038, Series 2011-97, Class WA <sup>(4)</sup> | 38 | 39 |
|  6.50%, 07/20/2032, Series 2002-52, Class GH | 22 | 22 |
|  6.50%, 01/20/2033, Series 2003-58, Class BE | 30 | 30 |
|  6.50%, 05/20/2033, Series 2003-46, Class MG | 23 | 23 |
|  6.50%, 07/20/2036, Series 2006-33, Class Z | 98 | 100 |
|  6.50%, 08/20/2036, Series 2006-38, Class ZK | 119 | 119 |
|  6.50%, 03/20/2039, Series 2009-14, Class KI | 20 | 1 |
|  6.50%, 03/20/2039, Series 2009-14, Class NI | 44 | 3 |
|  6.50%, 07/01/2055 <sup>(10)</sup> | 11790 | 12103 |
|  6.65% (1 Month Term SOFR + 19.61%, 19.95% Cap), 11/20/2037, Series 2008-7, Class SK <sup>(2)(9)</sup> | 6 | 6 |
|  6.91% (1 Month Term SOFR + 19.86%, 20.21% Cap), 09/20/2037, Series 2007-53, Class SW <sup>(2)(9)</sup> | 11 | 12 |
|  6.98% (1 Month Term SOFR + 16.47%, 16.72% Cap), 05/18/2034, Series 2005-7, Class JM <sup>(2)(5)(9)</sup> | 0 | 0 |
|  7.00% (1 Month Term SOFR + 43.78%, 7.00% Cap), 09/20/2034, Series 2004-71, Class ST <sup>(2)(9)</sup> | 9 | 9 |
|  7.00%, 10/16/2040, Series 2010-130, Class CP | 139 | 149 |
|  7.49% (1 Month Term SOFR + 19.35%, 19.66% Cap), 04/16/2034, Series 2004-28, Class S <sup>(2)(9)</sup> | 11 | 13 |
|  7.70% (1 Month Term SOFR + 28.90%, 29.46% Cap), 09/20/2034, Series 2004-71, Class SB <sup>(2)(9)</sup> | 9 | 10 |
|  8.15% (1 Month Term SOFR + 23.96%, 24.38% Cap), 10/16/2034, Series 2004-89, Class LS <sup>(2)(9)</sup> | 6 | 7 |
|  Ginnie Mae I Pool |  |  |
|  3.00%, 05/15/2043 | 181 | 164 |
|  3.00%, 07/15/2045 | 469 | 418 |
|  3.50%, 01/15/2042 | 1523 | 1425 |
|  3.50%, 03/15/2043 | 617 | 575 |
|  3.50%, 04/15/2043 | 1212 | 1130 |
|  3.50%, 06/15/2043 | 651 | 607 |
|  3.50%, 07/15/2043 | 286 | 266 |
|  4.00%, 06/15/2039 | 144 | 136 |
|  4.00%, 10/15/2040 | 76 | 73 |
|  4.50%, 04/15/2040 | 534 | 523 |
|  5.50%, 04/15/2033 | 106 | 110 |
|  5.50%, 06/15/2033 | 1 | 1 |
|  5.50%, 12/15/2033 | 4 | 4 |
|  5.50%, 07/15/2034 | 2 | 2 |
|  5.50%, 09/15/2034 | 1 | 1 |
|  6.50%, 03/15/2028 | 2 | 2 |
|  6.50%, 09/15/2028 | 2 | 2 |
|  6.50%, 10/15/2028 <sup>(5)</sup> | 0 | 0 |

---

The accompanying notes are an integral part of these financial statements.

100.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  6.50%, 01/15/2032 | $18 | $19 |
|  6.50%, 07/15/2032 | 1 | 1 |
|  6.50%, 02/15/2033 | 5 | 5 |
|  6.50%, 04/15/2033 | 4 | 4 |
|  6.50%, 12/15/2035 | 17 | 17 |
|  7.00%, 09/15/2031 | 19 | 20 |
|  7.00%, 02/15/2033 | 4 | 4 |
|  7.00%, 06/15/2033 | 6 | 6 |
|  7.00%, 06/15/2035 | 39 | 42 |
|  7.00%, 04/15/2037 | 5 | 5 |
|  7.50%, 07/15/2027 <sup>(5)</sup> | 0 | 0 |
|  7.50%, 09/15/2028 <sup>(5)</sup> | 0 | 0 |
|  7.50%, 10/15/2037 | 11 | 12 |
|  Ginnie Mae II Pool |  |  |
|  2.00%, 10/20/2050 | 4740 | 3754 |
|  2.00%, 10/20/2050 | 16930 | 13790 |
|  2.00%, 01/20/2051 | 12368 | 10075 |
|  2.00%, 02/20/2051 | 1492 | 1188 |
|  2.00%, 03/20/2051 | 3776 | 3076 |
|  2.00%, 07/20/2051 | 4465 | 3637 |
|  2.00%, 08/20/2051 | 2901 | 2363 |
|  2.00%, 10/20/2051 | 9396 | 7654 |
|  2.00%, 11/20/2051 | 11472 | 9346 |
|  2.00%, 12/20/2051 | 5367 | 4371 |
|  2.00%, 01/20/2052 | 12764 | 10397 |
|  2.00%, 04/20/2052 | 2379 | 1938 |
|  2.50%, 12/20/2046 | 816 | 710 |
|  2.50%, 06/20/2050 | 1512 | 1290 |
|  2.50%, 09/20/2050 | 47 | 40 |
|  2.50%, 09/20/2050 | 2691 | 2278 |
|  2.50%, 09/20/2050 | 4216 | 3625 |
|  2.50%, 10/20/2050 | 213 | 181 |
|  2.50%, 11/20/2050 | 162 | 138 |
|  2.50%, 01/20/2051 | 1743 | 1482 |
|  2.50%, 02/20/2051 | 11529 | 9804 |
|  2.50%, 03/20/2051 | 10620 | 8902 |
|  2.50%, 03/20/2051 | 13331 | 11335 |
|  2.50%, 03/20/2051 | 18923 | 15852 |
|  2.50%, 04/20/2051 | 10907 | 9273 |
|  2.50%, 05/20/2051 | 8177 | 6954 |
|  2.50%, 06/20/2051 | 11998 | 10138 |
|  2.50%, 08/20/2051 | 46901 | 39867 |
|  2.50%, 09/20/2051 | 6174 | 5191 |
|  2.50%, 09/20/2051 | 6960 | 5916 |
|  2.50%, 10/20/2051 | 6045 | 5138 |
|  2.50%, 11/20/2051 | 14743 | 12532 |
|  2.50%, 12/20/2051 | 10278 | 8736 |
|  2.50%, 01/20/2052 | 3149 | 2677 |
|  2.50%, 03/20/2052 | 9777 | 8347 |
|  2.50%, 03/20/2052 | 22164 | 18840 |
|  2.50%, 12/20/2052 | 9758 | 8295 |
|  2.50%, 02/20/2053 | 2768 | 2373 |
|  2.50%, 08/20/2053 | 14298 | 12170 |
|  2.50%, 12/20/2053 | 9753 | 8291 |
|  2.50%, 02/20/2054 | 7740 | 6586 |
|  2.50%, 04/20/2054 | 4339 | 3688 |
|  2.50%, 05/20/2054 | 12379 | 10523 |
|  2.94%, 10/20/2070 <sup>(4)</sup> | 6160 | 5563 |

---

The accompanying notes are an integral part of these financial statements.

101.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  2.99%, 12/20/2070 <sup>(4)</sup> | $3263 | $2941 |
|  3.00%, 06/20/2042 | 113 | 103 |
|  3.00%, 08/20/2042 | 1441 | 1320 |
|  3.00%, 11/20/2042 | 818 | 746 |
|  3.00%, 12/20/2042 | 419 | 382 |
|  3.00%, 01/20/2043 | 414 | 377 |
|  3.00%, 04/20/2043 | 1022 | 929 |
|  3.00%, 09/20/2043 | 319 | 290 |
|  3.00%, 10/20/2043 | 50 | 45 |
|  3.00%, 01/20/2044 | 286 | 260 |
|  3.00%, 07/20/2044 | 108 | 97 |
|  3.00%, 12/20/2044 | 172 | 155 |
|  3.00%, 04/20/2045 | 1543 | 1387 |
|  3.00%, 05/20/2045 | 275 | 247 |
|  3.00%, 07/20/2045 | 663 | 595 |
|  3.00%, 10/20/2045 | 755 | 678 |
|  3.00%, 11/20/2045 | 184 | 166 |
|  3.00%, 02/20/2046 | 265 | 238 |
|  3.00%, 04/20/2046 | 1557 | 1398 |
|  3.00%, 05/20/2046 | 67 | 60 |
|  3.00%, 07/20/2046 | 1287 | 1156 |
|  3.00%, 08/20/2046 | 9701 | 8709 |
|  3.00%, 09/20/2046 | 443 | 398 |
|  3.00%, 01/20/2047 | 1046 | 938 |
|  3.00%, 02/20/2047 | 1567 | 1405 |
|  3.00%, 03/20/2047 | 167 | 150 |
|  3.00%, 07/20/2049 | 1653 | 1475 |
|  3.00%, 09/20/2049 | 240 | 213 |
|  3.00%, 10/20/2049 | 4215 | 3744 |
|  3.00%, 11/20/2049 | 5041 | 4479 |
|  3.00%, 12/20/2049 | 5488 | 4875 |
|  3.00%, 01/20/2050 | 6996 | 6219 |
|  3.00%, 09/20/2050 | 2181 | 1930 |
|  3.00%, 09/20/2050 | 6110 | 5407 |
|  3.00%, 05/20/2051 | 6244 | 5532 |
|  3.00%, 07/20/2051 | 24581 | 21774 |
|  3.00%, 08/20/2051 | 17581 | 15570 |
|  3.00%, 09/20/2051 | 2752 | 2437 |
|  3.00%, 10/20/2051 | 5892 | 5217 |
|  3.00%, 11/20/2051 | 373 | 330 |
|  3.00%, 12/20/2051 | 1740 | 1540 |
|  3.00%, 12/20/2051 | 4882 | 4438 |
|  3.00%, 07/20/2052 | 34710 | 30720 |
|  3.00%, 01/20/2055 | 2837 | 2510 |
|  3.03%, 06/20/2070 <sup>(4)</sup> | 4355 | 3952 |
|  3.06%, 09/20/2070 <sup>(4)</sup> | 3792 | 3442 |
|  3.10%, 12/20/2071 <sup>(4)</sup> | 9409 | 8469 |
|  3.40%, 04/20/2072 <sup>(4)</sup> | 2644 | 2401 |
|  3.50%, 05/20/2042 | 11500 | 10767 |
|  3.50%, 06/20/2042 | 7476 | 6997 |
|  3.50%, 10/20/2042 | 1596 | 1493 |
|  3.50%, 11/20/2042 | 551 | 516 |
|  3.50%, 05/20/2043 | 385 | 360 |
|  3.50%, 03/20/2045 | 392 | 365 |
|  3.50%, 04/20/2045 | 2988 | 2781 |
|  3.50%, 10/20/2045 | 2519 | 2344 |
|  3.50%, 01/20/2046 | 1534 | 1427 |
|  3.50%, 02/20/2046 | 4085 | 3793 |

---

The accompanying notes are an integral part of these financial statements.

102.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  3.50%, 03/20/2046 | $1303 | $1210 |
|  3.50%, 04/20/2046 | 9628 | 8960 |
|  3.50%, 05/20/2046 | 3036 | 2826 |
|  3.50%, 06/20/2046 | 1280 | 1172 |
|  3.50%, 07/20/2046 | 2735 | 2543 |
|  3.50%, 08/20/2046 | 410 | 381 |
|  3.50%, 09/20/2046 | 2053 | 1906 |
|  3.50%, 11/20/2046 | 488 | 453 |
|  3.50%, 12/20/2046 | 2191 | 2028 |
|  3.50%, 01/20/2047 | 14 | 13 |
|  3.50%, 02/20/2047 | 2405 | 2228 |
|  3.50%, 03/20/2047 | 144 | 134 |
|  3.50%, 04/20/2047 | 2415 | 2235 |
|  3.50%, 05/20/2047 | 3137 | 2901 |
|  3.50%, 07/20/2047 | 1717 | 1586 |
|  3.50%, 08/20/2047 | 91 | 84 |
|  3.50%, 09/20/2047 | 2905 | 2675 |
|  3.50%, 11/20/2047 | 3951 | 3650 |
|  3.50%, 12/20/2047 | 735 | 681 |
|  3.50%, 04/20/2048 | 2734 | 2521 |
|  3.50%, 03/20/2049 | 654 | 599 |
|  3.50%, 04/20/2049 | 2445 | 2240 |
|  3.50%, 06/20/2049 | 13121 | 11973 |
|  3.50%, 07/20/2049 | 1225 | 1123 |
|  3.50%, 08/20/2049 | 7490 | 6852 |
|  3.50%, 11/20/2049 | 2565 | 2270 |
|  3.50%, 08/20/2050 | 6049 | 5502 |
|  3.50%, 01/20/2051 | 6954 | 6240 |
|  3.50%, 02/20/2051 | 1631 | 1487 |
|  3.50%, 06/20/2051 | 1433 | 1310 |
|  3.50%, 02/20/2052 | 1705 | 1560 |
|  3.50%, 02/20/2052 | 2732 | 2497 |
|  3.50%, 02/20/2052 | 4707 | 4225 |
|  3.50%, 02/20/2052 | 11435 | 10443 |
|  3.50%, 04/20/2052 | 13452 | 12273 |
|  3.50%, 07/20/2052 | 10695 | 9756 |
|  4.00%, 10/20/2040 | 649 | 621 |
|  4.00%, 06/20/2042 | 922 | 882 |
|  4.00%, 10/20/2042 | 2092 | 2000 |
|  4.00%, 12/20/2042 | 1069 | 1022 |
|  4.00%, 02/20/2043 | 459 | 439 |
|  4.00%, 10/20/2043 | 1208 | 1153 |
|  4.00%, 11/20/2044 | 5919 | 5624 |
|  4.00%, 12/20/2044 | 4251 | 4038 |
|  4.00%, 03/20/2045 | 136 | 130 |
|  4.00%, 05/20/2045 | 1599 | 1519 |
|  4.00%, 07/20/2045 | 898 | 853 |
|  4.00%, 08/20/2045 | 3501 | 3313 |
|  4.00%, 11/20/2045 | 1151 | 1092 |
|  4.00%, 01/20/2046 | 271 | 257 |
|  4.00%, 03/20/2046 | 292 | 277 |
|  4.00%, 04/20/2046 | 763 | 723 |
|  4.00%, 05/20/2046 | 1298 | 1231 |
|  4.00%, 06/20/2046 | 612 | 581 |
|  4.00%, 11/20/2046 | 546 | 517 |
|  4.00%, 02/20/2047 | 795 | 749 |
|  4.00%, 03/20/2047 | 1596 | 1506 |
|  4.00%, 05/20/2047 | 126 | 118 |

---

The accompanying notes are an integral part of these financial statements.

103.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  4.00%, 05/20/2047 | $133 | $125 |
|  4.00%, 06/20/2047 | 1025 | 966 |
|  4.00%, 07/20/2047 | 2748 | 2591 |
|  4.00%, 09/20/2047 | 789 | 744 |
|  4.00%, 12/20/2047 | 1051 | 989 |
|  4.00%, 01/20/2048 | 974 | 917 |
|  4.00%, 02/20/2048 | 108 | 101 |
|  4.00%, 03/20/2048 | 1053 | 992 |
|  4.00%, 06/20/2048 | 1722 | 1623 |
|  4.00%, 12/20/2048 | 678 | 639 |
|  4.00%, 02/20/2049 | 7167 | 6756 |
|  4.00%, 01/20/2050 | 2016 | 1896 |
|  4.00%, 12/20/2051 | 3866 | 3549 |
|  4.00%, 12/20/2051 | 9807 | 9004 |
|  4.00%, 04/20/2052 | 3486 | 3256 |
|  4.00%, 06/20/2052 | 8627 | 8061 |
|  4.00%, 08/20/2052 | 26363 | 24634 |
|  4.00%, 11/20/2052 | 2648 | 2471 |
|  4.25%, 12/20/2047 | 827 | 783 |
|  4.50%, 06/20/2040 | 227 | 226 |
|  4.50%, 01/20/2041 | 203 | 201 |
|  4.50%, 03/20/2041 | 178 | 176 |
|  4.50%, 05/20/2041 | 88 | 88 |
|  4.50%, 06/20/2041 | 640 | 631 |
|  4.50%, 09/20/2041 | 217 | 216 |
|  4.50%, 09/20/2043 | 484 | 475 |
|  4.50%, 10/20/2043 | 937 | 919 |
|  4.50%, 12/20/2043 | 517 | 506 |
|  4.50%, 10/20/2045 | 5392 | 5270 |
|  4.50%, 01/20/2046 | 759 | 740 |
|  4.50%, 07/20/2046 | 353 | 345 |
|  4.50%, 09/20/2046 | 670 | 658 |
|  4.50%, 11/20/2046 | 1055 | 1033 |
|  4.50%, 03/20/2047 | 181 | 177 |
|  4.50%, 07/20/2047 | 1726 | 1702 |
|  4.50%, 08/20/2047 | 455 | 444 |
|  4.50%, 09/20/2047 | 2356 | 2306 |
|  4.50%, 01/20/2048 | 330 | 322 |
|  4.50%, 02/20/2048 | 1466 | 1431 |
|  4.50%, 03/20/2048 | 166 | 162 |
|  4.50%, 04/20/2048 | 139 | 135 |
|  4.50%, 04/20/2048 | 645 | 620 |
|  4.50%, 04/20/2048 | 927 | 898 |
|  4.50%, 04/20/2048 | 1179 | 1138 |
|  4.50%, 05/20/2048 | 676 | 648 |
|  4.50%, 05/20/2048 | 1586 | 1515 |
|  4.50%, 05/20/2048 | 2102 | 2030 |
|  4.50%, 09/20/2048 | 341 | 332 |
|  4.50%, 11/20/2049 | 4412 | 4225 |
|  4.50%, 10/20/2052 | 21902 | 21151 |
|  4.50%, 01/20/2053 | 10607 | 10230 |
|  4.50%, 05/20/2053 | 4228 | 4070 |
|  5.00%, 10/20/2037 | 130 | 131 |
|  5.00%, 07/20/2040 | 59 | 60 |
|  5.00%, 06/20/2044 | 261 | 264 |
|  5.00%, 07/20/2044 | 223 | 225 |
|  5.00%, 08/20/2045 | 296 | 298 |
|  5.00%, 09/20/2046 | 671 | 680 |

---

The accompanying notes are an integral part of these financial statements.

104.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  5.00%, 10/20/2047 | $90 | $90 |
|  5.00%, 11/20/2047 | 443 | 442 |
|  5.00%, 06/20/2048 | 694 | 691 |
|  5.00%, 07/20/2048 | 219 | 220 |
|  5.00%, 07/20/2048 | 1086 | 1069 |
|  5.00%, 02/20/2049 | 2242 | 2237 |
|  5.00%, 07/20/2049 | 267 | 271 |
|  5.00%, 08/20/2049 | 4733 | 4766 |
|  5.00%, 09/20/2049 | 2328 | 2292 |
|  5.00%, 05/20/2052 | 2908 | 2833 |
|  5.00%, 10/20/2052 | 1008 | 995 |
|  5.00%, 11/20/2052 | 1908 | 1884 |
|  5.00%, 12/20/2052 | 1500 | 1482 |
|  5.00%, 03/20/2053 | 11353 | 11211 |
|  5.00%, 04/20/2053 | 2427 | 2398 |
|  5.00%, 12/20/2054 | 2772 | 2724 |
|  5.50%, 09/20/2039 | 37 | 38 |
|  5.50%, 05/20/2053 | 8353 | 8405 |
|  5.50%, 07/20/2053 | 1435 | 1461 |
|  5.50%, 04/20/2054 | 8316 | 8365 |
|  5.57% (1 Year CMT Index + 1.48%, 1.48% Floor, 6.60% Cap), 11/20/2071 <sup>(2)</sup> | 3251 | 3366 |
|  5.69% (1 Year CMT Index + 1.58%, 1.58% Floor, 6.72% Cap), 11/20/2071 <sup>(2)</sup> | 4462 | 4632 |
|  5.73% (1 Year CMT Index + 1.61%, 1.61% Floor, 6.73% Cap), 11/20/2071 <sup>(2)</sup> | 3964 | 4125 |
|  5.75% (1 Year CMT Index + 1.64%, 1.64% Floor, 8.70% Cap), 05/20/2072 <sup>(2)</sup> | 10398 | 10869 |
|  5.76% (1 Year CMT Index + 1.65%, 1.65% Floor, 8.23% Cap), 04/20/2072 <sup>(2)</sup> | 13617 | 14222 |
|  5.80% (1 Year CMT Index + 1.74%, 1.74% Floor, 6.82% Cap), 08/20/2071 <sup>(2)</sup> | 9852 | 10286 |
|  5.81% (1 Year CMT Index + 1.70%, 1.70% Floor, 8.40% Cap), 04/20/2072 <sup>(2)</sup> | 9914 | 10364 |
|  5.82% (1 Year CMT Index + 1.71%, 1.71% Floor, 7.86% Cap), 03/20/2072 <sup>(2)</sup> | 10755 | 11253 |
|  5.82% (1 Year CMT Index + 1.75%, 1.74% Floor, 6.85% Cap), 10/20/2071 <sup>(2)</sup> | 10772 | 11255 |
|  5.84% (1 Year CMT Index + 1.75%, 1.75% Floor, 6.86% Cap), 10/20/2071 <sup>(2)</sup> | 11133 | 11619 |
|  5.84% (1 Year CMT Index + 1.75%, 1.75% Floor, 6.91% Cap), 11/20/2071 <sup>(2)</sup> | 12080 | 12629 |
|  5.85% (1 Year CMT Index + 1.77%, 1.77% Floor, 6.91% Cap), 11/20/2071 <sup>(2)</sup> | 10388 | 10871 |
|  5.85% (1 Year CMT Index + 1.74%, 1.74% Floor, 8.38% Cap), 04/20/2072 <sup>(2)</sup> | 9313 | 9740 |
|  5.87% (1 Year CMT Index + 1.78%, 1.78% Floor, 7.00% Cap), 12/20/2071 <sup>(2)</sup> | 10380 | 10868 |
|  5.91% (1 Year CMT Index + 1.79%, 1.79% Floor, 6.86% Cap), 09/20/2071 <sup>(2)</sup> | 10058 | 10531 |
|  5.91% (1 Year CMT Index + 1.83%, 1.83% Floor, 6.90% Cap), 08/20/2071 <sup>(2)</sup> | 9724 | 10190 |
|  5.93% (1 Year CMT Index + 1.83%, 1.83% Floor, 9.67% Cap), 07/20/2072 <sup>(2)</sup> | 10637 | 11224 |
|  5.93% (1 Year CMT Index + 1.82%, 1.82% Floor, 8.49% Cap), 04/20/2072 <sup>(2)</sup> | 3552 | 3731 |
|  6.00%, 03/20/2028 | 1 | 1 |
|  6.00%, 11/20/2033 | 1 | 2 |
|  6.00%, 09/20/2038 | 151 | 161 |
|  6.00%, 11/20/2038 | 1 | 1 |
|  6.00%, 08/20/2039 | 59 | 62 |
|  6.00%, 01/20/2053 | 1895 | 1925 |
|  6.00%, 08/20/2053 | 9263 | 9506 |
|  6.00%, 10/20/2053 | 11793 | 12098 |
|  6.00%, 06/20/2054 | 11064 | 11258 |
|  6.00%, 08/20/2054 | 10000 | 10161 |
|  6.00%, 09/20/2054 | 7794 | 7916 |
|  6.00%, 07/20/2064 | 5046 | 5099 |
|  6.09% (1 Year CMT Index + 1.97%, 1.97% Floor, 8.17% Cap), 03/20/2072 <sup>(2)</sup> | 9405 | 9917 |
|  6.50%, 07/20/2029 | 16 | 16 |
|  7.00%, 08/20/2038 | 6 | 6 |
|  7.00%, 07/20/2054 | 18762 | 19378 |
|  7.00%, 08/20/2054 | 5871 | 6064 |
|  7.50%, 02/20/2028 <sup>(5)</sup> | 0 | 0 |
|  7.50%, 09/20/2028 | 1 | 1 |
|  8.00%, 12/20/2025 <sup>(5)</sup> | 0 | 0 |

---

The accompanying notes are an integral part of these financial statements.

105.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  8.00%, 06/20/2026 <sup>(5)</sup> | $0 | $0 |
|  8.00%, 08/20/2026 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 09/20/2026 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 11/20/2026 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 10/20/2027 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 11/20/2027 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 12/20/2027 <sup>(5)</sup> | 0 | 0 |
|  8.00%, 09/20/2028 <sup>(5)</sup> | 0 | 0 |
|  GMACM Mortgage Loan Trust 2005-AR3 |  |  |
|  4.46%, 06/19/2035, Series 2005-AR3, Class 3A4 <sup>(4)</sup> | 18 | 18 |
|  GS Mortgage Securities Trust |  |  |
|  4.26%, 07/10/2051, Series 2018-GS10, Class A3 <sup>(4)</sup> | 28521 | 28135 |
|  GS Mortgage Securities Trust 2016-GS4 |  |  |
|  3.18%, 11/10/2049, Series 2016-GS4, Class A3 | 9444 | 9298 |
|  GS Mortgage Securities Trust 2019-GC39 |  |  |
|  3.57%, 05/10/2052, Series 2019-GC39, Class A4 | 1154 | 1096 |
|  GS Mortgage-Backed Securities Trust 2024-RPL2 |  |  |
|  3.75%, 07/25/2061, Series 2024-RPL2, Class A1 <sup>(1)(4)</sup> | 1992 | 1939 |
|  GS Mortgage-Backed Securities Trust 2024-RPL4 |  |  |
|  3.90%, 09/25/2061, Series 2024-RPL4, Class A1 <sup>(1)(3)</sup> | 3405 | 3309 |
|  GSMPS Mortgage Loan Trust 2004-4 |  |  |
|  4.83% (1 Month Term SOFR + 0.51%, 0.40% Floor), 06/25/2034, Series 2004-4, Class 1AF <sup>(1)(2)</sup> | 27 | 25 |
|  GSMPS Mortgage Loan Trust 2005-RP2 |  |  |
|  4.78% (1 Month Term SOFR + 0.46%, 0.35% Floor), 03/25/2035, Series 2005-RP2, Class 1AF <sup>(1)(2)</sup> | 48 | 45 |
|  GSMPS Mortgage Loan Trust 2005-RP3 |  |  |
|  0.00%, 09/25/2035, Series 2005-RP3, Class 1AS <sup>(1)(4)</sup> | 253 | 4 |
|  4.78% (1 Month Term SOFR + 0.46%, 0.35% Floor, 9.50% Cap), 09/25/2035, Series 2005-RP3, Class 1AF <sup>(1)(2)</sup> | 343 | 294 |
|  GSR Mortgage Loan Trust 2003-3F |  |  |
|  5.75%, 04/25/2033, Series 2003-3F, Class 4A3 | 3 | 3 |
|  GSR Mortgage Loan Trust 2004-13F |  |  |
|  6.00%, 11/25/2034, Series 2004-13F, Class 3A3 | 9 | 9 |
|  GSR Mortgage Loan Trust 2004-6F |  |  |
|  5.50%, 05/25/2034, Series 2004-6F, Class 2A4 | 18 | 18 |
|  6.50%, 05/25/2034, Series 2004-6F, Class 3A4 | 16 | 16 |
|  GSR Mortgage Loan Trust 2005-5F |  |  |
|  4.93% (1 Month Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap), 06/25/2035, Series 2005-5F, Class 8A3 <sup>(2)</sup> | 7 | 7 |
|  GSR Mortgage Loan Trust 2005-7F |  |  |
|  6.00%, 09/25/2035, Series 2005-7F, Class 3A9 | 37 | 37 |
|  GSR Mortgage Loan Trust 2005-AR6 |  |  |
|  4.56%, 09/25/2035, Series 2005-AR6, Class 3A1 <sup>(4)</sup> | 2 | 2 |
|  GSR Mortgage Loan Trust 2006-1F |  |  |
|  5.50%, 02/25/2036, Series 2006-1F, Class 1A3 | 3 | 17 |
|  6.00%, 02/25/2036, Series 2006-1F, Class 2A4 | 162 | 68 |
|  HPA 2022-SFR1 |  |  |
|  3.95%, 04/15/2026, Series 2022-SFR1 <sup>(4)</sup> | 1791 | 1773 |
|  Impac CMB Trust Series 2004-4 |  |  |
|  5.27%, 09/25/2034, Series 2004-4, Class 2A2 <sup>(3)</sup> | 4 | 5 |
|  Impac CMB Trust Series 2004-7 |  |  |
|  5.17% (1 Month Term SOFR + 0.85%, 11.25% Cap), 11/25/2034, Series 2004-7, Class 1A1 <sup>(2)</sup> | 136 | 134 |
|  Impac CMB Trust Series 2005-4 |  |  |
|  5.03% (1 Month Term SOFR + 0.41%, 0.30% Floor, 10.25% Cap), 05/25/2035, Series 2005-4, Class 2A1 <sup>(2)</sup> | 40 | 38 |
|  Impac Secured Assets CMN Owner Trust |  |  |
|  5.50%, 08/25/2033, Series 2003-2, Class A1 | 30 | 23 |
|  Impac Secured Assets Trust 2006-1 |  |  |
|  5.13% (1 Month Term SOFR + 0.81%, 0.70% Floor, 11.50% Cap), 05/25/2036, Series 2006-1, Class 2A1 <sup>(2)</sup> | 44 | 40 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12 |  |  |
|  0.00%, 02/15/2051, Series 2007-LD12, Class X <sup>(4)(5)</sup> | 114 | 0 |

---

The accompanying notes are an integral part of these financial statements.

106.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD |  |  |
|  5.93% (1 Month Term SOFR + 1.61%, 1.00% Floor), 09/15/2029, Series 2019-BKWD, Class A <sup>(1)(2)</sup> | $3553 | $3429 |
|  JP Morgan Mortgage Trust 2004-A3 |  |  |
|  6.92%, 07/25/2034, Series 2004-A3, Class 4A1 <sup>(4)</sup> | 1 | 1 |
|  JP Morgan Mortgage Trust 2004-A4 |  |  |
|  7.29%, 09/25/2034, Series 2004-A4, Class 1A1 <sup>(4)</sup> | 5 | 5 |
|  JP Morgan Mortgage Trust 2004-S1 |  |  |
|  5.00%, 09/25/2034, Series 2004-S1, Class 1A7 | 2 | 2 |
|  JP Morgan Mortgage Trust 2005-A1 |  |  |
|  5.64%, 02/25/2035, Series 2005-A1, Class 3A4 <sup>(4)</sup> | 14 | 14 |
|  JP Morgan Mortgage Trust 2006-A2 |  |  |
|  6.74%, 08/25/2034, Series 2006-A2, Class 4A1 <sup>(4)</sup> | 117 | 119 |
|  7.11%, 11/25/2033, Series 2006-A2, Class 5A3 <sup>(4)</sup> | 34 | 34 |
|  JP Morgan Mortgage Trust 2006-A3 |  |  |
|  5.20%, 08/25/2034, Series 2006-A3, Class 6A1 <sup>(4)</sup> | 11 | 11 |
|  JP Morgan Mortgage Trust 2006-A7 |  |  |
|  4.48%, 01/25/2037, Series 2006-A7, Class 2A4R <sup>(4)</sup> | 35 | 27 |
|  JP Morgan Mortgage Trust 2007-A1 |  |  |
|  6.37%, 07/25/2035, Series 2007-A1, Class 5A1 <sup>(4)</sup> | 11 | 11 |
|  6.37%, 07/25/2035, Series 2007-A1, Class 5A2 <sup>(4)</sup> | 167 | 169 |
|  JP Morgan Mortgage Trust 2007-A2 |  |  |
|  5.61%, 04/25/2037, Series 2007-A2, Class 2A3 <sup>(4)</sup> | 83 | 62 |
|  JPMCC Commercial Mortgage Securities Trust 2017-JP5 |  |  |
|  3.46%, 03/15/2050, Series 2017-JP5, Class A4 | 2277 | 2243 |
|  JPMCC Commercial Mortgage Securities Trust 2017-JP7 |  |  |
|  3.19%, 09/15/2050, Series 2017-JP7, Class A4 | 20000 | 19349 |
|  Ladder Capital Commercial Mortgage 2013-GCP Mortgage Trust |  |  |
|  3.99%, 02/15/2036, Series 2013-GCP, Class A2 <sup>(1)</sup> | 1027 | 972 |
|  LCCM 2017-LC26 |  |  |
|  3.29%, 07/12/2050, Series 2017-LC26, Class A3 <sup>(1)</sup> | 14406 | 14057 |
|  Legacy Mortgage Asset Trust 2021-GS1 |  |  |
|  5.89%, 10/25/2066, Series 2021-GS1, Class A1 <sup>(1)(3)</sup> | 4137 | 4137 |
|  Legacy Mortgage Asset Trust 2021-GS2 |  |  |
|  5.75%, 04/25/2061, Series 2021-GS2, Class A1 <sup>(1)(3)</sup> | 4202 | 4201 |
|  Legacy Mortgage Asset Trust 2021-GS4 |  |  |
|  4.65%, 11/25/2060, Series 2021-GS4, Class A1 <sup>(1)(3)</sup> | 1643 | 1642 |
|  Lehman Mortgage Trust 2006-2 |  |  |
|  5.74%, 04/25/2036, Series 2006-2, Class 1A1 <sup>(4)</sup> | 34 | 21 |
|  Lehman Mortgage Trust 2007-6 |  |  |
|  6.00%, 07/25/2037, Series 2007-6, Class 1A8 | 3 | 2 |
|  Lehman Mortgage Trust 2008-2 |  |  |
|  6.00%, 03/25/2038, Series 2008-2, Class 1A6 | 214 | 54 |
|  Lhome Mortgage Trust 2025-Rtl2 |  |  |
|  5.61%, 04/25/2040, Series 2025-RTL2, Class A1 <sup>(1)(4)</sup> | 6495 | 6522 |
|  MASTR Adjustable Rate Mortgages Trust 2004-13 |  |  |
|  6.83%, 04/21/2034, Series 2004-13, Class 2A1 <sup>(4)</sup> | 35 | 35 |
|  MASTR Adjustable Rate Mortgages Trust 2004-15 |  |  |
|  7.24%, 12/25/2034, Series 2004-15, Class 3A1 <sup>(4)</sup> | 6 | 6 |
|  MASTR Adjustable Rate Mortgages Trust 2004-3 |  |  |
|  4.30%, 04/25/2034, Series 2004-3, Class 4A2 <sup>(4)</sup> | 12 | 11 |
|  MASTR Alternative Loan Trust 2003-9 |  |  |
|  6.00%, 01/25/2034, Series 2003-9, Class 8A1 | 7 | 7 |
|  MASTR Alternative Loan Trust 2004-3 |  |  |
|  6.00%, 04/25/2034, Series 2004-3, Class 3A1 | 86 | 88 |
|  6.25%, 04/25/2034, Series 2004-3, Class 2A1 | 13 | 13 |
|  MASTR Alternative Loan Trust 2004-6 |  |  |
|  0.00%, 07/25/2034, Series 2004-6, Class 30PO | 13 | 10 |
|  6.00%, 07/25/2034, Series 2004-6, Class 7A1 | 9 | 9 |

---

The accompanying notes are an integral part of these financial statements.

107.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  MASTR Alternative Loan Trust 2004-7 |  |  |
|  0.00%, 08/25/2034, Series 2004-7, Class 30PO | $7 | $5 |
|  MASTR Alternative Loan Trust 2005-6 |  |  |
|  5.50%, 12/25/2035, Series 2005-6, Class 3A1 | 7 | 6 |
|  MASTR Asset Securitization Trust 2003-12 |  |  |
|  0.00%, 12/25/2033, Series 2003-12, Class 30PO | 1 | 1 |
|  5.00%, 12/25/2033, Series 2003-12, Class 6A1 | 6 | 5 |
|  MASTR Asset Securitization Trust 2004-1 |  |  |
|  0.00%, 02/25/2034, Series 2004-1, Class 30PO | 1 | 1 |
|  MASTR Asset Securitization Trust 2004-4 |  |  |
|  5.25%, 12/26/2033, Series 2004-4, Class 1A6 | 14 | 14 |
|  MASTR Reperforming Loan Trust 2005-2 |  |  |
|  4.78% (1 Month Term SOFR + 0.46%, 0.35% Floor, 9.50% Cap), 05/25/2035, Series 2005-2, Class 1A1F <sup>(1)(2)</sup> | 567 | 276 |
|  MASTR Reperforming Loan Trust 2006-2 |  |  |
|  4.21%, 05/25/2036, Series 2006-2, Class 1A1 <sup>(1)(4)</sup> | 57 | 47 |
|  MASTR Resecuritization Trust 2005-PO |  |  |
|  0.00%, 05/28/2035, Series 2005-PO, Class 3PO <sup>(1)</sup> | 7 | 6 |
|  Merrill Lynch Mortgage Investors Trust Series 2003-A5 |  |  |
|  6.73%, 08/25/2033, Series 2003-A5, Class 2A6 <sup>(4)</sup> | 8 | 8 |
|  Merrill Lynch Mortgage Investors Trust Series MLCC 2003-E |  |  |
|  5.05% (1 Month Term SOFR + 0.73%, 0.62% Floor, 11.75% Cap), 10/25/2028, Series 2003-E, Class A1 <sup>(2)</sup> | 15 | 14 |
|  Merrill Lynch Mortgage Investors Trust Series MLCC 2003-F |  |  |
|  5.07% (1 Month Term SOFR + 0.75%, 0.64% Floor, 11.75% Cap), 10/25/2028, Series 2003-F, Class A1 <sup>(2)</sup> | 10 | 10 |
|  Merrill Lynch Mortgage Investors Trust Series MLCC 2004-1 |  |  |
|  5.41%, 12/25/2034, Series 2004-1, Class 2A1 <sup>(4)</sup> | 20 | 18 |
|  Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A |  |  |
|  4.89% (1 Month Term SOFR + 0.57%, 0.46% Floor, 11.75% Cap), 04/25/2029, Series 2004-A, Class A1 <sup>(2)</sup> | 7 | 6 |
|  Merrill Lynch Mortgage Investors Trust Series MLCC 2004-C |  |  |
|  5.26% (6 Month Term SOFR + 1.03%, 0.60% Floor, 11.75% Cap), 07/25/2029, Series 2004-C, Class A2 <sup>(2)</sup> | 8 | 8 |
|  Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A4 |  |  |
|  5.25%, 08/25/2034, Series 2004-A4, Class A2 <sup>(4)</sup> | 17 | 16 |
|  Merrill Lynch Mortgage Investors Trust Series MLMI 2005-A2 |  |  |
|  5.52%, 02/25/2035, Series 2005-A2, Class A1 <sup>(4)</sup> | 42 | 37 |
|  MFA 2021-RPL1 Trust |  |  |
|  1.13%, 07/25/2060, Series 2021-RPL1, Class A1 <sup>(1)(4)</sup> | 6466 | 5879 |
|  MHC Commercial Mortgage Trust 2021-MHC |  |  |
|  5.78% (1 Month Term SOFR + 1.47%, 1.35% Floor), 04/15/2038, Series 2021-MHC, Class C <sup>(1)(2)</sup> | 9040 | 9040 |
|  Mill City Mortgage Loan Trust 2021-NMR1 |  |  |
|  1.13%, 11/25/2060, Series 2021-NMR1, Class A1 <sup>(1)(4)</sup> | 951 | 907 |
|  MNR ABS ISSUER I LLC |  |  |
|  8.95%, 12/15/2038, Series 2023-1 NT, Class A2 | 4268 | 4369 |
|  Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
|  2.86%, 09/15/2049, Series 2016-C30, Class A5 | 7336 | 7154 |
|  Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 |  |  |
|  3.72%, 12/15/2049, Series 2016-C32, Class A4 | 8436 | 8330 |
|  Morgan Stanley Capital I Trust 2015-UBS8 |  |  |
|  3.81%, 12/15/2048, Series 2015-UBS8, Class A4 | 6675 | 6634 |
|  Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
|  2.53%, 08/15/2049, Series 2016-UBS11, Class A3 | 19530 | 19112 |
|  Morgan Stanley Capital I Trust 2016-UBS12 |  |  |
|  3.60%, 12/15/2049, Series 2016-UB12, Class A4 | 80 | 78 |
|  Morgan Stanley Capital I Trust 2020-L4 |  |  |
|  2.70%, 02/15/2053, Series 2020-L4, Class A3 | 15419 | 14165 |
|  Morgan Stanley Mortgage Loan Trust 2004-3 |  |  |
|  5.64%, 04/25/2034, Series 2004-3, Class 4A <sup>(4)</sup> | 57 | 55 |
|  Morgan Stanley Residential Mortgage Loan Trust 2024-RPL1 |  |  |
|  4.00%, 06/25/2064, Series 2024-RPL1, Class A1 <sup>(3)</sup> | 3274 | 3166 |

---

The accompanying notes are an integral part of these financial statements.

108.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  MRCD 2019-MARK Mortgage Trust |  |  |
|  2.72%, 12/15/2036, Series 2019-PARK, Class D <sup>(1)</sup> | $6108 | $4444 |
|  2.72%, 12/15/2036, Series 2019-PARK, Class A <sup>(1)</sup> | 9990 | 8841 |
|  MRFC Mortgage Pass-Through Trust Series 1999-TBC2 |  |  |
|  4.91% (1 Month Term SOFR + 0.59%, 0.24% Floor, 10.00% Cap), 06/15/2030, Series 2000-TBC2, Class A1 <sup>(2)</sup> | 31 | 31 |
|  MRFC Mortgage Pass-Through Trust Series 2000-TBC3 |  |  |
|  4.87% (1 Month Term SOFR + 0.55%, 0.22% Floor, 10.00% Cap), 12/15/2030, Series 2000-TBC3, Class A1 <sup>(2)</sup> | 7 | 7 |
|  NACC Reperforming Loan REMIC Trust 2004-R2 |  |  |
|  6.50%, 10/25/2034, Series 2004-R2, Class A1 <sup>(1)(4)</sup> | 24 | 22 |
|  New Residential Mortgage Loan Trust 2017-2 |  |  |
|  4.00%, 03/25/2057, Series 2017-2A, Class A3 <sup>(1)(4)</sup> | 994 | 961 |
|  New Residential Mortgage Loan Trust 2017-3 |  |  |
|  4.00%, 04/25/2057, Series 2017-3A, Class A1 <sup>(1)(4)</sup> | 1654 | 1596 |
|  New Residential Mortgage Loan Trust 2017-4 |  |  |
|  4.00%, 05/25/2057, Series 2017-4A, Class A1 <sup>(1)(4)</sup> | 995 | 955 |
|  New Residential Mortgage Loan Trust 2024-RPL1 |  |  |
|  3.80%, 01/25/2064, Series 2024-RPL1, Class A <sup>(1)(4)</sup> | 3943 | 3737 |
|  New Residential Mortgage Loan Trust 2024-RTL2 |  |  |
|  5.44%, 09/25/2039, Series 2024-RTL2, Class A1 <sup>(1)(3)</sup> | 7200 | 7208 |
|  NLT 2023-1 Trust |  |  |
|  3.20%, 10/25/2062, Series 2023-1, Class A1 <sup>(1)(4)</sup> | 1367 | 1246 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A1 |  |  |
|  5.50%, 05/25/2033, Series 2003-A1, Class A1 | 1 | 1 |
|  6.00%, 05/25/2033, Series 2003-A1, Class A2 | 4 | 4 |
|  7.00%, 04/25/2033, Series 2003-A1, Class A5 | 8 | 8 |
|  NYMT Loan Trust 2024-CP1 |  |  |
|  3.75%, 02/25/2068, Series 2024-CP1, Class A1 <sup>(1)(4)</sup> | 3825 | 3536 |
|  OBX 2022-NQM2 Trust |  |  |
|  2.98%, 01/25/2062, Series 2022-NQM2, Class A1 <sup>(1)(4)</sup> | 6994 | 6634 |
|  OBX 2022-NQM5 Trust |  |  |
|  4.31%, 05/25/2062, Series 2022-NQM5, Class A1 <sup>(1)(3)</sup> | 7494 | 7492 |
|  OBX 2024-HYB1 Trust |  |  |
|  3.65%, 03/25/2053, Series 2024-HYB1, Class A1 <sup>(1)(4)</sup> | 7078 | 6972 |
|  PRET 2024-NPL8 LLC |  |  |
|  5.96%, 11/25/2054, Series 2024-NPL8, Class A1 <sup>(1)(3)</sup> | 2547 | 2548 |
|  PRET 2024-RPL2 Trust |  |  |
|  4.08%, 06/25/2064, Series 2024-RPL2, Class A1 <sup>(1)(4)</sup> | 5869 | 5594 |
|  PRET 2025-RPL1 Trust |  |  |
|  4.00%, 07/25/2069, Series 2025-RPL1, Class A1 <sup>(1)(3)</sup> | 3451 | 3339 |
|  PRET 2025-RPL2 Trust |  |  |
|  4.00%, 08/25/2064, Series 2025-RPL2, Class A1 <sup>(1)(3)</sup> | 7717 | 7462 |
|  Prime Mortgage Trust 2004-CL1 |  |  |
|  6.00%, 02/25/2034, Series 2004-CL1, Class 1A1 | 14 | 14 |
|  PRPM 2023-RCF2 LLC |  |  |
|  4.00%, 11/25/2053, Series 2023-RCF2, Class A1 <sup>(1)(3)</sup> | 4887 | 4794 |
|  PRPM 2024-RCF2 LLC |  |  |
|  3.75%, 03/25/2054, Series 2024-RCF2, Class A1 <sup>(1)(3)</sup> | 3735 | 3632 |
|  PRPM 2024-RPL1 LLC |  |  |
|  4.20%, 12/25/2064, Series 2024-RPL1, Class A1 <sup>(1)(3)</sup> | 2057 | 2012 |
|  PRPM 2024-RPL4 LLC |  |  |
|  4.00%, 12/25/2054, Series 2024-RPL4, Class A1 <sup>(1)(3)</sup> | 8385 | 8155 |
|  PRPM 2025-2 LLC |  |  |
|  6.47%, 05/25/2030, Series 2025-2, Class A1 <sup>(1)(3)</sup> | 4460 | 4454 |
|  PRPM 2025-4 LLC |  |  |
|  6.18%, 06/25/2030, Series 2025-4, Class A1 <sup>(1)(3)</sup> | 2337 | 2353 |
|  RALI Series 2003-QS9 Trust |  |  |
|  3.12% (1 Month Term SOFR + 7.44%, 7.55% Cap), 05/25/2049, Series 2003-QS9, Class A3 <sup>(2)(5)(9)</sup> | 0 | 0 |

---

The accompanying notes are an integral part of these financial statements.

109.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  RALI Series 2005-QA6 Trust |  |  |
|  6.85%, 05/25/2035, Series 2005-QA6, Class A32 <sup>(4)</sup> | $69 | $37 |
|  RALI Series 2007-QS1 Trust |  |  |
|  6.00%, 01/25/2037, Series 2007-QS1, Class 1A1 | 7 | 6 |
|  RCO X Mortgage LLC 2025-1 |  |  |
|  5.88%, 01/25/2030, Series 2025-1, Class A1 <sup>(1)(3)</sup> | 3643 | 3643 |
|  Redwood Funding Trust 2023-1 |  |  |
|  7.50%, 07/25/2059, Series 2023-1, Class A <sup>(1)(3)</sup> | 4833 | 4850 |
|  Reperforming Loan REMIC Trust 2005-R1 |  |  |
|  0.00%, 03/25/2035, Series 2005-R1, Class 2APO <sup>(1)</sup> | 3 | 2 |
|  Residential Asset Securitization Trust 2004-A7 |  |  |
|  5.50%, 10/25/2034, Series 2004-A7, Class A6 | 964 | 962 |
|  Roc Mortgage Trust 2025-RTL1 |  |  |
|  5.63%, 02/25/2040, Series 2025-RTL1, Class A1 <sup>(1)(3)</sup> | 6000 | 6012 |
|  ROCK Trust 2024-CNTR |  |  |
|  5.39%, 11/13/2041, Series 2024-CNTR, Class A <sup>(1)</sup> | 3500 | 3580 |
|  RT FIN 2023 LLC |  |  |
|  7.85%, 10/15/2043 <sup>(1)</sup> | 5013 | 5103 |
|  Seasoned Credit Risk Transfer Trust Series 2025-1 |  |  |
|  3.25%, 11/25/2064, Series 2025-1, Class MTU | 11788 | 10222 |
|  Seasoned Loans Structured Transaction Trust Series 2025-1 |  |  |
|  3.00%, 05/25/2035, Series 2025-1, Class A1 | 17559 | 16063 |
|  Sequoia Mortgage Trust 2004-10 |  |  |
|  5.05% (1 Month Term SOFR + 0.73%, 0.62% Floor, 11.50% Cap), 11/20/2034, Series 2004-10, Class A1A <sup>(2)</sup> | 13 | 12 |
|  Sequoia Mortgage Trust 2004-11 |  |  |
|  5.03% (1 Month Term SOFR + 0.71%, 0.60% Floor, 11.50% Cap), 12/20/2034, Series 2004-11, Class A1 <sup>(2)</sup> | 17 | 15 |
|  Sequoia Mortgage Trust 2004-12 |  |  |
|  5.03% (6 Month SOFR USD + 0.32%, 0.32% Floor, 11.50% Cap), 01/20/2035, Series 2004-12, Class A3 <sup>(2)</sup> | 31 | 30 |
|  Sequoia Mortgage Trust 2004-8 |  |  |
|  5.13% (1 Month Term SOFR + 0.81%, 0.70% Floor, 11.50% Cap), 09/20/2034, Series 2004-8, Class A1 <sup>(2)</sup> | 271 | 237 |
|  5.46% (6 Month Term SOFR + 1.17%, 0.74% Floor, 11.50% Cap), 09/20/2034, Series 2004-8, Class A2 <sup>(2)</sup> | 34 | 32 |
|  SLG Office Trust 2021-OVA |  |  |
|  2.59%, 07/15/2041, Series 2021-OVA, Class A <sup>(1)</sup> | 9955 | 8731 |
|  Starwood Mortgage Residential Trust 2022-1 |  |  |
|  2.45%, 12/25/2066, Series 2022-1, Class A1 <sup>(1)(4)</sup> | 11795 | 10681 |
|  Structured Asset Mortgage Investments II Trust 2004-AR5 |  |  |
|  5.09% (1 Month Term SOFR + 0.77%, 0.66% Floor, 11.00% Cap), 10/19/2034, Series 2004-AR5, Class 1A1 <sup>(2)</sup> | 29 | 28 |
|  Structured Asset Mortgage Investments II Trust 2005-AR5 |  |  |
|  4.93% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.00% Cap), 07/19/2035, Series 2005-AR5, Class A3 <sup>(2)</sup> | 107 | 105 |
|  Structured Asset Mortgage Investments Trust 2003-CL1 |  |  |
|  4.83% (1 Month Term SOFR + 0.51%, 0.40% Floor, 8.00% Cap), 07/25/2032, Series 2003-CL1, Class 1F1 <sup>(2)</sup> | 54 | 51 |
|  Structured Asset Securities Corp. |  |  |
|  4.78% (1 Month Term SOFR + 0.46%, 0.35% Floor), 06/25/2035, Series 2005-RF3, Class 1A <sup>(1)(2)</sup> | 35 | 30 |
|  5.99%, 02/25/2034, Series 2004-4XS, Class 1A5 <sup>(3)</sup> | 78 | 77 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-34A |  |  |
|  5.72%, 11/25/2033, Series 2003-34A, Class 3A3 <sup>(4)</sup> | 5 | 5 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-37A |  |  |
|  5.75%, 12/25/2033, Series 2003-37A, Class 2A <sup>(4)</sup> | 37 | 36 |
|  6.75%, 12/25/2033, Series 2003-37A, Class 8A2 <sup>(4)</sup> | 430 | 431 |
|  Thornburg Mortgage Securities Trust 2003-4 |  |  |
|  5.07% (1 Month Term SOFR + 0.75%, 0.64% Floor, 11.50% Cap), 09/25/2043, Series 2003-4, Class A1 <sup>(2)</sup> | 148 | 147 |
|  Thornburg Mortgage Securities Trust 2003-5 |  |  |
|  5.49%, 10/25/2043, Series 2003-5, Class 3A <sup>(4)</sup> | 599 | 576 |
|  Thornburg Mortgage Securities Trust 2004-4 |  |  |
|  5.54%, 12/25/2044, Series 2004-4, Class 3A <sup>(4)</sup> | 70 | 67 |
|  Thornburg Mortgage Securities Trust 2005-1 |  |  |
|  5.64%, 04/25/2045, Series 2005-1, Class A3 <sup>(4)</sup> | 175 | 171 |

---

The accompanying notes are an integral part of these financial statements.

110.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  Toorak Mortgage Trust 2025-RRTL1 |  |  |
|  5.52%, 02/25/2040, Series 2025-RRTL1, Class A1 <sup>(1)(3)</sup> | $8700 | $8701 |
|  Towd Point Mortgage Trust 2017-6 |  |  |
|  2.75%, 10/25/2057, Series 2017-6, Class A1 <sup>(1)(4)</sup> | 1095 | 1072 |
|  Towd Point Mortgage Trust 2018-1 |  |  |
|  3.00%, 01/25/2058, Series 2018-1, Class A1 <sup>(1)(4)</sup> | 662 | 653 |
|  Towd Point Mortgage Trust 2019-1 |  |  |
|  3.75%, 03/25/2058, Series 2019-1, Class A1 <sup>(1)(4)</sup> | 2633 | 2561 |
|  Towd Point Mortgage Trust 2019-HY3 |  |  |
|  5.43% (1 Month Term SOFR + 1.11%, 1.00% Floor), 10/25/2059, Series 2019-HY3, Class A1A <sup>(1)(2)</sup> | 454 | 458 |
|  Towd Point Mortgage Trust 2020-2 |  |  |
|  1.64%, 04/25/2060, Series 2020-2, Class A1A <sup>(1)(4)</sup> | 14257 | 12928 |
|  Towd Point Mortgage Trust 2020-4 |  |  |
|  1.75%, 10/25/2060, Series 2020-4, Class A1 <sup>(1)</sup> | 1749 | 1584 |
|  Towd Point Mortgage Trust 2021-R1 |  |  |
|  2.92%, 11/30/2060, Series 2021-R1, Class A1 <sup>(1)(4)</sup> | 12484 | 10870 |
|  Towd Point Mortgage Trust 2021-SJ1 |  |  |
|  2.25%, 07/25/2068, Series 2021-SJ1, Class A1 <sup>(1)(4)</sup> | 4123 | 3960 |
|  Towd Point Mortgage Trust 2021-SJ2 |  |  |
|  2.25%, 12/25/2061, Series 2021-SJ2, Class A1A <sup>(1)(4)</sup> | 5613 | 5430 |
|  Towd Point Mortgage Trust 2022-2 |  |  |
|  3.75%, 07/01/2062, Series 2022-2, Class A1 <sup>(1)(4)</sup> | 12988 | 12294 |
|  Towd Point Mortgage Trust 2022-3 |  |  |
|  3.75%, 08/01/2062, Series 2022-3, Class A1 <sup>(1)(4)</sup> | 12053 | 11447 |
|  Towd Point Mortgage Trust 2023-1 |  |  |
|  3.75%, 01/25/2063, Series 2023-1, Class A1 <sup>(1)</sup> | 6022 | 5819 |
|  Towd Point Mortgage Trust 2024-1 |  |  |
|  4.82%, 03/25/2064, Series 2024-1, Class A1 <sup>(1)(4)</sup> | 3866 | 3926 |
|  Towd Point Mortgage Trust 2024-2 |  |  |
|  4.74%, 12/25/2064, Series 2024-2, Class A1A <sup>(1)(4)</sup> | 14196 | 14392 |
|  Towd Point Mortgage Trust 2024-3 |  |  |
|  5.11%, 07/25/2065, Series 2024-3, Class A1A <sup>(1)(4)</sup> | 8203 | 8361 |
|  Towd Point Mortgage Trust 2024-5 |  |  |
|  4.52%, 10/25/2064, Series 2024-5, Class A1A <sup>(1)(4)</sup> | 13898 | 13878 |
|  Towd Point Mortgage Trust 2025-CES1 |  |  |
|  5.71%, 02/25/2055, Series 2025-CES1, Class A1 <sup>(1)(3)</sup> | 6433 | 6462 |
|  UBS Commercial Mortgage Trust 2017-C5 |  |  |
|  3.21%, 11/15/2050, Series 2017-C5, Class A4 | 21500 | 20907 |
|  UBS Commercial Mortgage Trust 2018-C14 |  |  |
|  4.45%, 12/15/2051, Series 2018-C14, Class A4 | 2000 | 1970 |
|  UBS Commercial Mortgage Trust 2018-C9 |  |  |
|  3.85%, 03/15/2051, Series 2018-C9, Class A3 | 8450 | 8307 |
|  Vendee Mortgage Trust 1996-1 |  |  |
|  6.75%, 02/15/2026, Series 1996-1, Class 1Z | 11 | 11 |
|  Vendee Mortgage Trust 1996-2 |  |  |
|  6.75%, 06/15/2026, Series 1996-2, Class 1Z | 3 | 3 |
|  Vendee Mortgage Trust 1997-1 |  |  |
|  7.50%, 02/15/2027, Series 1997-1, Class 2Z | 14 | 14 |
|  Vendee Mortgage Trust 1998-1 |  |  |
|  7.00%, 03/15/2028, Series 1998-1, Class 2E | 16 | 16 |
|  Verus Securitization Trust 2025-3 |  |  |
|  5.62%, 05/25/2070, Series 2025-3, Class A1 <sup>(1)(3)</sup> | 12640 | 12705 |
|  Wachovia Bank Commercial Mortgage Trust Series 2006-C24 |  |  |
|  0.00%, 03/15/2045, Series 2006-C24, Class XC <sup>(1)(4)(5)</sup> | 23 | 0 |
|  WaMu Mortgage Pass-Through Certificates Series 2003-AR11 Trust |  |  |
|  6.69%, 10/25/2033, Series 2003-AR11, Class A6 <sup>(4)</sup> | 71 | 67 |
|  WaMu Mortgage Pass-Through Certificates Series 2003-AR7 Trust |  |  |
|  6.48%, 08/25/2033, Series 2003-AR7, Class A7 <sup>(4)</sup> | 21 | 21 |

---

The accompanying notes are an integral part of these financial statements.

111.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
|  6.53%, 09/25/2033, Series 2003-AR9, Class 1A6 <sup>(4)</sup> | $128 | $127 |
|  6.63%, 09/25/2033, Series 2003-AR9, Class 2A <sup>(4)</sup> | 10 | 10 |
|  WaMu Mortgage Pass-Through Certificates Series 2003-S1 Trust |  |  |
|  5.50%, 04/25/2033, Series 2003-S1, Class A5 | 25 | 25 |
|  WaMu Mortgage Pass-Through Certificates Series 2003-S4 |  |  |
|  5.25% (1 Month SOFR USD + 17.46%, 17.46% Cap), 06/25/2033, Series 2003-S4, Class 2A10 <sup>(2)(9)</sup> | 3 | 3 |
|  WaMu Mortgage Pass-Through Certificates Series 2003-S9 Trust |  |  |
|  0.00%, 10/25/2033, Series 2003-S9, Class P | 1 | 1 |
|  5.25%, 10/25/2033, Series 2003-S9, Class A8 | 92 | 92 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-AR14 Trust |  |  |
|  5.32%, 01/25/2035, Series 2004-AR14, Class A1 <sup>(4)</sup> | 737 | 693 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-AR3 Trust |  |  |
|  5.39%, 06/25/2034, Series 2004-AR3, Class A2 <sup>(4)</sup> | 34 | 32 |
|  5.39%, 06/25/2034, Series 2004-AR3, Class A1 <sup>(4)</sup> | 611 | 573 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-CB2 Trust |  |  |
|  6.00%, 08/25/2034, Series 2004-CB2, Class 3A | 219 | 225 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-CB3 Trust |  |  |
|  6.50%, 10/25/2034, Series 2004-CB3, Class 2A | 638 | 661 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-RS2 |  |  |
|  5.00%, 11/25/2033, Series 2004-RS2, Class A4 | 13 | 13 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-S2 Trust |  |  |
|  5.50%, 06/25/2034, Series 2004-S2, Class 2A4 | 59 | 60 |
|  WaMu Mortgage Pass-Through Certificates Series 2004-S3 Trust |  |  |
|  5.00%, 07/25/2034, Series 2004-S3, Class 1A5 | 5 | 5 |
|  WaMu Mortgage Pass-Through Certificates Series 2006-AR10 Trust |  |  |
|  4.43%, 09/25/2036, Series 2006-AR10, Class 2P <sup>(4)</sup> | 4 | 3 |
|  WaMu Mortgage Pass-Through Certificates Series 2006-AR8 Trust |  |  |
|  4.93%, 08/25/2046, Series 2006-AR8, Class 1A2 <sup>(4)</sup> | 22 | 21 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-1 Trust |  |  |
|  0.00%, 03/25/2035, Series 2005-1, Class CP | 2 | 2 |
|  5.50%, 03/25/2035, Series 2005-1, Class 1A1 | 31 | 30 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-2 Trust |  |  |
|  0.57% (1 Month Term SOFR + 4.89%, 5.00% Cap), 04/25/2035, Series 2005-2, Class 2A3 <sup>(2)(9)</sup> | 63 | 3 |
|  0.62% (1 Month Term SOFR + 4.94%, 5.05% Cap), 04/25/2035, Series 2005-2, Class 1A4 <sup>(2)(9)</sup> | 284 | 14 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-4 Trust |  |  |
|  5.50%, 06/25/2035, Series 2005-4, Class CX | 99 | 15 |
|  5.50%, 06/25/2035, Series 2005-4, Class CB7 | 92 | 85 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-6 Trust |  |  |
|  5.50%, 08/25/2035, Series 2005-6, Class 2A4 | 15 | 13 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-1 Trust |  |  |
|  5.75%, 02/25/2036, Series 2006-1, Class 3A2 | 8 | 7 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Series 2003-MS7 Trust |  |  |
|  0.00%, 03/25/2033, Series 2003-MS7, Class P <sup>(5)</sup> | 0 | 0 |
|  Wells Fargo Alternative Loan 2003-1 Trust |  |  |
|  0.00%, 09/25/2033, Series 2003-1, Class APO | 1 | 1 |
|  Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
|  5.75%, 07/25/2037, Series 2007-PA3, Class 1A2 | 9 | 8 |
|  Wells Fargo Commercial Mortgage Trust 2015-C30 |  |  |
|  3.66%, 09/15/2058, Series 2015-C30, Class A4 | 117 | 116 |
|  Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
|  3.81%, 12/15/2048, Series 2015-P2, Class A4 | 7273 | 7229 |
|  Wells Fargo Commercial Mortgage Trust 2016-C34 |  |  |
|  3.10%, 06/15/2049, Series 2016-C34, Class A4 | 2211 | 2167 |
|  Wells Fargo Commercial Mortgage Trust 2016-NXS6 |  |  |
|  2.64%, 11/15/2049, Series 2016-NXS6, Class A3 | 15725 | 15526 |
|  Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
|  3.19%, 07/15/2050, Series 2017-C38, Class A4 | 12236 | 11985 |

---

The accompanying notes are an integral part of these financial statements.

112.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 32.50% – (continued)** |  |  |
|  Wells Fargo Commercial Mortgage Trust 2017-C42 |  |  |
|  3.59%, 12/15/2050, Series 2017-C42, Class A4 | $4943 | $4799 |
|  Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
|  3.63%, 01/15/2060, Series 2017-RC1, Class A4 | 10000 | 9861 |
|  Wells Fargo Commercial Mortgage Trust 2018-C47 |  |  |
|  4.44%, 09/15/2061, Series 2018-C47, Class A4 | 8850 | 8807 |
|  Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
|  3.73%, 05/15/2052, Series 2019-C50, Class A5 | 8550 | 8205 |
|  Wells Fargo Commercial Mortgage Trust 2020-C57 |  |  |
|  1.86%, 08/15/2053, Series 2020-C57, Class A3 | 19500 | 17306 |
|  Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
|  1.81%, 07/15/2053, Series 2020-C58, Class A3 | 22559 | 20025 |
|  Wells Fargo Commercial Mortgage Trust 2021-C60 |  |  |
|  2.34%, 08/15/2054, Series 2021-C60, Class A4 | 1574 | 1376 |
|  Wells Fargo Commercial Mortgage Trust 2021-C61 |  |  |
|  2.66%, 11/15/2054, Series 2021-C61, Class A4 | 8025 | 7059 |
|  Wells Fargo Commercial Mortgage Trust 2021-SAVE |  |  |
|  5.68% (1 Month Term SOFR + 1.36%, 1.15% Floor), 02/15/2040, Series 2021-SAVE, Class A <sup>(1)(2)</sup> | 1434 | 1433 |
|  Wells Fargo Commercial Mortgage Trust 2024-5C1 |  |  |
|  5.93%, 07/15/2057, Series 2024-5C1, Class A3 | 21800 | 22747 |
|  Wells Fargo Commercial Mortgage Trust 2024-5C2 |  |  |
|  5.92%, 11/15/2057, Series 2024-5C2, Class A3 <sup>(4)</sup> | 19895 | 20837 |
|  Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
|  6.00%, 06/25/2037, Series 2007-7, Class A7 | 4 | 4 |
|  WFRBS Commercial Mortgage Trust 2013-C11 |  |  |
|  4.20%, 03/15/2045, Series 2013-C11, Class D <sup>(1)(4)</sup> | 300 | 254 |
|  **Total Mortgage-Backed Obligations**<br> (Cost: $7,362,160) |  | **7054946** |
|  **Total Bonds & Notes**<br> (Cost: $22,267,549) | **Total Bonds & Notes**<br> (Cost: $22,267,549) | **21513626** |
| **PREFERRED STOCKS – 0.01%** | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Financials – 0.01%** |  |  |
|  State Street Corp., 5.35% | 65 | 1412 |
|  Total Financials | Total Financials | 1412 |
|  **Total Preferred Stocks**<br> (Cost: $1,625) | **Total Preferred Stocks**<br> (Cost: $1,625) | **1412** |
|  **SHORT-TERM INVESTMENTS – 2.81%** |  |  |
| **Money Market Funds – 2.72%** |  |  |
|  Fidelity Institutional Money Market Government Portfolio – Class I, 4.27% <sup>(11)</sup> | 590140 | 590140 |
|  **Total Money Market Funds**<br> (Cost: $590,140) |  | **590140** |

---

The accompanying notes are an integral part of these financial statements.

113.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.09%** |  |  |
|  JP Morgan, New York, 3.83% due 07/01/2025 | $2660 | $2660 |
|  Royal Bank of Canada, Toronto, 3.83% due 07/01/2025 | 3144 | 3144 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 3.83% due 07/01/2025 | 13115 | 13115 |
|  Sumitomo, Tokyo, 3.83% due 07/01/2025 | 1545 | 1545 |
|  **Total Time Deposits**<br> (Cost: $20,464) |  | **20464** |
|  **Total Short-Term Investments**<br> (Cost: $610,604) | **Total Short-Term Investments**<br> (Cost: $610,604) | **610604** |
|  **TOTAL INVESTMENTS IN SECURITIES – 101.93%**<br> (Cost: $22,879,778) |  | **22125642** |
|  **TBA SALE COMMITMENTS – (0.31)%** |  |  |
| **Mortgage-Backed Obligations – (0.31)%** |  |  |
|  Fannie Mae |  |  |
|  3.50%, 08/01/2055 <sup>(12)</sup> | (2000) | (1800) |
|  4.00%, 07/01/2055 <sup>(12)</sup> | (13500) | (12551) |
|  4.00%, 08/01/2055 <sup>(12)</sup> | (7000) | (6507) |
|  5.00%, 08/01/2055 <sup>(12)</sup> | (3000) | (2938) |
|  6.00%, 08/01/2055 <sup>(12)</sup> | (4500) | (4569) |
|  Ginnie Mae |  |  |
|  3.00%, 07/01/2055 <sup>(12)</sup> | (33500) | (29626) |
|  4.00%, 07/01/2055 <sup>(12)</sup> | (3000) | (2789) |
|  5.00%, 07/01/2042 <sup>(12)</sup> | (6000) | (5893) |
|  **Total Mortgage-Backed Obligations**<br> (Proceeds Received: $(65583)) | **Total Mortgage-Backed Obligations**<br> (Proceeds Received: $(65583)) | **(66673)** |
|  **Total TBA Sale Commitments**<br> (Proceeds Received: $(65583)) | **Total TBA Sale Commitments**<br> (Proceeds Received: $(65583)) | **(66673)** |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.62)%** |  | **(352021)** |
|  **TOTAL NET ASSETS – 100.00%** |  | $**21706948** |

---

Percentages are stated as a percent of net assets.

REIT Real Estate Investment Trust

<sup>(1)</sup> Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $4,140,186, which represents 19.07% of total net assets.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2025.

<sup>(3)</sup> Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2025.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2025.

<sup>(5)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(6)</sup> Payment in-kind security for which part of the income earned may be paid as additional principal.

<sup>(7)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $10,000, which represents 0.05% of total net assets.

<sup>(8)</sup> Inflation protected security. The value of these securities totals $3,772, which represents 0.02% of total net assets.

<sup>(9)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

The accompanying notes are an integral part of these financial statements.

114.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

<sup>(10)</sup> Delayed delivery purchase commitment security. The value of these securities totals $350,092, which represents 1.61% of total net assets.

<sup>(11)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(12)</sup> Delayed delivery sale commitment security. The value of these securities totals $(66673), which represents (0.31)% of total net assets.

<sup>(13)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $4,806, which represents 0.02% of total net assets.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 2117 | U.S. 2 Year Note Future | Sep. 2025 | $438708 | $440385 | $1677 |
| 2023 | U.S. 5 Year Note Future | Sep. 2025 | 218103 | 220507 | 2404 |
| 2968 | U.S. 10 Year Note Future | Sep. 2025 | 326644 | 332787 | 6143 |
| 929 | U.S. Long Bond Future | Sep. 2025 | 103951 | 107270 | 3319 |
| 3074 | U.S. Ultra 10 Year Note Future | Sep. 2025 | 343328 | 351253 | 7925 |
| 149 | U.S. Ultra Bond Future | Sep. 2025 | 17272 | 17750 | 478 |
|  |  |  |  |  | 21946 |
| **Number of Contracts<br>Sold** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| (63) | U.S. Ultra Bond Future | Sep. 2025 | $(7161) | $(7505) | $(344) |
|  |  |  |  |  | $**21602** |

---

#### Centrally Cleared Interest Rate Swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed Annual Rate** | **Floating Rate<br>Index** | **Floating Rate<br>Paid or<br>Received** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| 3.72% | 1 Year SOFR | Received | Annual | 12/16/2054 | $15750 | $122 | $482 | $604 |
| 3.81 | 1 Year SOFR | Paid | Annual | 12/16/2049 | 17790 | (129) | (365) | (494) |
|  |  |  |  |  |  | $**(7)** | $**117** | $**110** |

---

The accompanying notes are an integral part of these financial statements.

115.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **BONDS & NOTES – 110.37%** |  |  |
| Asset-Backed Obligations – 12.92% |  |  |
|  1988 CLO 2 Ltd. |  |  |
|  5.49% (3 Month Term SOFR + 1.20%, 1.20% Floor), 04/15/2038, Series 2023-2A, Class A1R <sup>(1)(2)</sup> | $1220 | $1216 |
|  1988 CLO 5 Ltd. |  |  |
|  5.80% (3 Month Term SOFR + 1.54%, 1.54% Floor), 07/15/2037, Series 2024-5A, Class A1 <sup>(1)(2)</sup> | 1450 | 1454 |
|  522 Funding CLO 2019-5 Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.33%, 1.33% Floor), 04/15/2035, Series 2019-5A, Class AR <sup>(1)(2)</sup> | 4710 | 4717 |
|  720 East CLO V Ltd. |  |  |
|  6.12% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/20/2037, Series 2024-2A, Class B <sup>(1)(2)</sup> | 1000 | 1004 |
|  720 East CLO VI Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.36%, 1.36% Floor), 01/20/2038, Series 2024-3A, Class A1 <sup>(1)(2)</sup> | 7440 | 7465 |
|  720 East CLO VII Ltd. |  |  |
|  5.34% (3 Month Term SOFR + 1.06%, 1.06% Floor), 04/20/2037, Series 2025-7A, Class A1 <sup>(1)(2)</sup> | 2820 | 2816 |
|  Aaset 2021-2 Trust |  |  |
|  2.80%, 01/15/2047, Series 2021-2A, Class A <sup>(1)</sup> | 5829 | 5425 |
|  AASET 2022-1 LLC |  |  |
|  6.00%, 05/16/2047, Series 2022-1A, Class A <sup>(1)</sup> | 1207 | 1225 |
|  AASET 2024-2 Ltd. |  |  |
|  5.93%, 09/16/2049, Series 2024-2A, Class A <sup>(1)</sup> | 16013 | 16261 |
|  AASET 2025-1 |  |  |
|  5.94%, 02/16/2050, Series 2025-1A, Class A <sup>(1)</sup> | 7068 | 7196 |
|  AB BSL CLO 3 Ltd. |  |  |
|  5.52% (3 Month Term SOFR + 1.25%, 1.25% Floor), 04/20/2038, Series 2021-3A, Class A1R <sup>(1)(2)</sup> | 480 | 481 |
|  ABFC 2005-WMC1 Trust |  |  |
|  5.17% (1 Month Term SOFR + 0.85%, 0.74% Floor), 06/25/2035, Series 2005-WMC1, Class M3 <sup>(2)</sup> | 2616 | 2544 |
|  ABFC 2007-NC1 Trust |  |  |
|  4.73% (1 Month Term SOFR + 0.41%, 0.30% Floor), 05/25/2037, Series 2007-NC1, Class A2 <sup>(1)(2)</sup> | 6908 | 6494 |
|  Accredited Mortgage Loan Trust 2006-2 |  |  |
|  4.69% (1 Month Term SOFR + 0.37%, 0.26% Floor), 09/25/2036, Series 2006-2, Class A4 <sup>(2)</sup> | 59 | 59 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2004-HE3 |  |  |
|  5.36% (1 Month Term SOFR + 1.04%, 0.93% Floor), 11/25/2034, Series 2004-HE3, Class M1 <sup>(2)</sup> | 2533 | 2547 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2005-AG1 |  |  |
|  5.12% (1 Month Term SOFR + 0.80%, 0.69% Floor), 08/25/2035, Series 2005-AG1, Class M2 <sup>(2)</sup> | 3578 | 2954 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2005-HE3 |  |  |
|  5.14% (1 Month Term SOFR + 0.82%, 0.71% Floor), 05/25/2035, Series 2005-HE3, Class M3 <sup>(2)</sup> | 582 | 577 |
|  ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 |  |  |
|  6.93%, 02/25/2038, Series 2007-D1, Class A4 <sup>(1)(3)</sup> | 97 | 82 |
|  Aegis Asset Backed Securities Corp. Mortgage Pass-Through Certificates Series 2003-2 |  |  |
|  5.56% (1 Month Term SOFR + 1.24%, 1.13% Floor), 11/25/2033, Series 2003-2, Class M1 <sup>(2)</sup> | 494 | 469 |
|  Affirm Asset Securitization Trust 2023-B |  |  |
|  6.82%, 09/15/2028, Series 2023-B, Class A <sup>(1)</sup> | 5360 | 5379 |
|  Affirm Asset Securitization Trust 2024-A |  |  |
|  5.61%, 02/15/2029, Series 2024-A, Class A <sup>(1)</sup> | 4793 | 4815 |
|  5.61%, 02/15/2029, Series 2024-A, Class 1A <sup>(1)</sup> | 9415 | 9458 |
|  6.89%, 02/15/2029, Series 2024-A, Class 1D <sup>(1)</sup> | 535 | 540 |
|  Affirm Asset Securitization Trust 2024-X2 |  |  |
|  5.22%, 12/17/2029, Series 2024-X2, Class A <sup>(1)</sup> | 861 | 862 |
|  6.08%, 12/17/2029, Series 2024-X2, Class D <sup>(1)</sup> | 1130 | 1138 |
|  Affirm Asset Securitization Trust 2025-X1 |  |  |
|  5.34%, 04/15/2030, Series 2025-X1, Class C <sup>(1)</sup> | 537 | 537 |
|  Affirm Master Trust |  |  |
|  4.67%, 07/15/2033, Series 2025-2A, Class A <sup>(1)</sup> | 9400 | 9431 |
|  4.99%, 02/15/2033, Series 2025-1A, Class A <sup>(1)</sup> | 13847 | 13953 |
|  5.13%, 02/15/2033, Series 2025-1A, Class B <sup>(1)</sup> | 3441 | 3463 |
|  AGL CLO 13 Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.42%, 1.16% Floor), 10/20/2034, Series 2021-13A, Class A1 <sup>(1)(2)</sup> | 250 | 250 |

---

The accompanying notes are an integral part of these financial statements.

116.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  AGL CLO 23 Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.15%, 1.15% Floor), 04/20/2038, Series 2022-23A, Class A1R <sup>(1)(2)</sup> | $1610 | $1610 |
|  AGL CLO 29 Ltd. |  |  |
|  6.32% (3 Month Term SOFR + 2.05%, 2.05% Floor), 04/21/2037, Series 2024-29A, Class B <sup>(1)(2)</sup> | 1000 | 1000 |
|  AGL CLO 32 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.38%, 1.38% Floor), 07/21/2037, Series 2024-32A, Class A1 <sup>(1)(2)</sup> | 260 | 261 |
|  AGL CLO 35 Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.34% Floor), 01/21/2038, Series 2024-35A, Class A1 <sup>(1)(2)</sup> | 1250 | 1252 |
|  AGL CLO 37 Ltd. |  |  |
|  5.54% (3 Month Term SOFR + 1.24%, 1.24% Floor), 04/22/2038, Series 2024-37A, Class A1 <sup>(1)(2)</sup> | 250 | 250 |
|  AGL Core CLO 15 Ltd. |  |  |
|  5.68% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/20/2035, Series 2021-15A, Class A1 <sup>(1)(2)</sup> | 4270 | 4278 |
|  AGL Core CLO 2 Ltd. |  |  |
|  6.02% (3 Month Term SOFR + 1.75%, 1.75% Floor), 07/20/2037, Series 2019-2A, Class BR <sup>(1)(2)</sup> | 2000 | 2007 |
|  AGL Core CLO 31 Ltd. |  |  |
|  6.17% (3 Month Term SOFR + 1.90%, 1.90% Floor), 07/20/2037, Series 2024-31A, Class C <sup>(1)(2)</sup> | 1000 | 1004 |
|  AGL Core CLO 38 Ltd. |  |  |
|  5.56% (3 Month Term SOFR + 1.24%, 1.24% Floor), 01/22/2038, Series 2025-38A, Class A1 <sup>(1)(2)</sup> | 1550 | 1551 |
|  Aimco CLO 14 Ltd. |  |  |
|  7.43% (3 Month Term SOFR + 3.16%, 2.90% Floor), 04/20/2034, Series 2021-14A, Class D <sup>(1)(2)</sup> | 1940 | 1928 |
|  AIMCO CLO 21 Ltd. |  |  |
|  6.19% (3 Month Term SOFR + 1.92%, 1.92% Floor), 04/18/2037, Series 2024-21A, Class B <sup>(1)(2)</sup> | 4950 | 4968 |
|  AIMCO CLO 22 Ltd. |  |  |
|  10.77% (3 Month Term SOFR + 6.50%, 6.50% Floor), 04/19/2037, Series 2024-22A, Class E <sup>(1)(2)</sup> | 500 | 502 |
|  AIMCO CLO 23 Ltd. |  |  |
|  5.39% (3 Month Term SOFR + 1.13%, 1.13% Floor), 04/20/2038, Series 2025-23A, Class A <sup>(1)(2)</sup> | 5292 | 5276 |
|  Aligned Data Centers Issuer LLC |  |  |
|  1.94%, 08/15/2046, Series 2021-1A, Class A2 <sup>(1)</sup> | 17968 | 17367 |
|  Allegro CLO X Ltd. |  |  |
|  5.40% (3 Month Term SOFR + 1.13%, 1.13% Floor), 04/20/2032, Series 2019-1A, Class ARR <sup>(1)(2)</sup> | 18875 | 18882 |
|  Ally Auto Receivables Trust 2024-2 |  |  |
|  4.14%, 07/16/2029, Series 2024-2, Class A3 | 9500 | 9491 |
|  4.46%, 07/15/2027, Series 2024-2, Class A2 | 7379 | 7378 |
|  ALTDE 2025-1 Trust |  |  |
|  5.90%, 08/15/2050, Series 2025-1A, Class A <sup>(1)</sup> | 10763 | 10975 |
|  Alternative Loan Trust 2006-OA11 |  |  |
|  4.81% (1 Month Term SOFR + 0.49%, 0.38% Floor), 09/25/2046, Series 2006-OA11, Class A4 <sup>(2)</sup> | 99 | 92 |
|  American Credit Acceptance Receivables Trust 2022-1 |  |  |
|  2.46%, 03/13/2028, Series 2022-1, Class D <sup>(1)</sup> | 537 | 536 |
|  American Credit Acceptance Receivables Trust 2022-4 |  |  |
|  8.00%, 02/15/2029, Series 2022-4, Class D <sup>(1)</sup> | 646 | 653 |
|  American Credit Acceptance Receivables Trust 2023-3 |  |  |
|  6.82%, 10/12/2029, Series 2023-3, Class D <sup>(1)</sup> | 3310 | 3379 |
|  American Credit Acceptance Receivables Trust 2023-4 |  |  |
|  7.65%, 09/12/2030, Series 2023-4, Class D <sup>(1)</sup> | 7400 | 7682 |
|  American Credit Acceptance Receivables Trust 2024-3 |  |  |
|  6.04%, 07/12/2030, Series 2024-3, Class D <sup>(1)</sup> | 2900 | 2963 |
|  American Credit Acceptance Receivables Trust 2024-4 |  |  |
|  4.81%, 03/13/2028, Series 2024-4, Class A <sup>(1)</sup> | 1164 | 1163 |
|  American Credit Acceptance Receivables Trust 2025-1 |  |  |
|  5.54%, 08/12/2031, Series 2025-1, Class D <sup>(1)</sup> | 3200 | 3223 |
|  AmeriCredit Automobile Receivables Trust 2024-1 |  |  |
|  5.43%, 01/18/2029, Series 2024-1, Class A3 | 16000 | 16152 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R10 |  |  |
|  5.38% (1 Month Term SOFR + 1.06%, 0.95% Floor), 01/25/2036, Series 2005-R10, Class M5 <sup>(2)</sup> | 2340 | 2163 |
|  AMMC CLO 18 Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.36%), 05/26/2031, Series 2016-18A, Class AR <sup>(1)(2)</sup> | 49 | 49 |
|  AMMC CLO 24 Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.20%, 1.20% Floor), 01/20/2035, Series 2021-24A, Class AR <sup>(1)(2)</sup> | 35185 | 35246 |

---

The accompanying notes are an integral part of these financial statements.

117.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  AMMC CLO 28 Ltd. |  |  |
|  5.82% (3 Month Term SOFR + 1.55%, 1.55% Floor), 07/20/2037, Series 2024-28A, Class A1A <sup>(1)(2)</sup> | $24000 | $24062 |
|  AMSR 2022-SFR3 Trust |  |  |
|  4.00%, 10/17/2039, Series 2022-SFR3, Class B <sup>(1)</sup> | 20305 | 19891 |
|  Anchorage Capital CLO 17 Ltd. |  |  |
|  5.49% (3 Month Term SOFR + 1.23%, 1.23% Floor), 02/15/2038, Series 2021-17A, Class A1R <sup>(1)(2)</sup> | 250 | 250 |
|  Anchorage Capital CLO 29 Ltd. |  |  |
|  5.87% (3 Month Term SOFR + 1.60%, 1.60% Floor), 07/20/2037, Series 2024-29A, Class A1 <sup>(1)(2)</sup> | 1160 | 1165 |
|  Anchorage Capital CLO 7 Ltd. |  |  |
|  6.73% (3 Month Term SOFR + 2.45%, 2.45% Floor), 04/28/2037, Series 2015-7A, Class CR3 <sup>(1)(2)</sup> | 1500 | 1502 |
|  8.08% (3 Month Term SOFR + 3.80%, 3.80% Floor), 04/28/2037, Series 2015-7A, Class DR3 <sup>(1)(2)</sup> | 1000 | 1005 |
|  Anchorage Capital CLO 8 Ltd. |  |  |
|  5.74% (3 Month Term SOFR + 1.46%, 1.20% Floor), 10/27/2034, Series 2016-8A, Class AR2A <sup>(1)(2)</sup> | 930 | 932 |
|  Apidos CLO Lii |  |  |
|  5.39% (3 Month Term SOFR + 1.13%, 1.13% Floor), 04/20/2038, Series 2025-52A, Class A1 <sup>(1)(2)</sup> | 1030 | 1029 |
|  Apidos CLO XII |  |  |
|  5.34% (3 Month Term SOFR + 1.08%, 1.08% Floor), 04/15/2031, Series 2013-12A, Class ARR <sup>(1)(2)</sup> | 17501 | 17496 |
|  APIDOS CLO XLVIII Ltd. |  |  |
|  5.98% (3 Month Term SOFR + 1.70%, 1.70% Floor), 07/25/2037, Series 2024-48A, Class B <sup>(1)(2)</sup> | 3750 | 3759 |
|  6.33% (3 Month Term SOFR + 2.05%, 2.05% Floor), 07/25/2037, Series 2024-48A, Class C <sup>(1)(2)</sup> | 500 | 502 |
|  10.03% (3 Month Term SOFR + 5.75%, 5.75% Floor), 07/25/2037, Series 2024-48A, Class E <sup>(1)(2)</sup> | 500 | 501 |
|  Apidos CLO XX |  |  |
|  5.62% (3 Month Term SOFR + 1.36%), 07/16/2031, Series 2015-20A, Class A1RA <sup>(1)(2)</sup> | 1607 | 1608 |
|  Apidos CLO XXXII |  |  |
|  5.37% (3 Month Term SOFR + 1.10%, 1.10% Floor), 01/20/2033, Series 2019-32A, Class A1R <sup>(1)(2)</sup> | 328 | 328 |
|  Apidos CLO XXXIV |  |  |
|  5.68% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/20/2035, Series 2020-34A, Class A1R <sup>(1)(2)</sup> | 810 | 812 |
|  Apidos CLO XXXVI |  |  |
|  6.13% (3 Month Term SOFR + 1.86%, 1.60% Floor), 07/20/2034, Series 2021-36A, Class B <sup>(1)(2)</sup> | 270 | 271 |
|  Apidos CLO XXXVII |  |  |
|  5.66% (3 Month Term SOFR + 1.39%, 1.13% Floor), 10/22/2034, Series 2021-37A, Class A <sup>(1)(2)</sup> | 1000 | 1002 |
|  Applebee's Funding LLC / IHOP Funding LLC |  |  |
|  6.72%, 06/07/2055, Series 2025-1A, Class A2 <sup>(1)</sup> | 27430 | 27325 |
|  7.82%, 03/05/2053, Series 2023-1A, Class A2 <sup>(1)</sup> | 10610 | 10763 |
|  Aqua Finance Issuer Trust 2025-A |  |  |
|  5.25%, 12/19/2050, Series 2025-A, Class A <sup>(1)</sup> | 7746 | 7794 |
|  Aqua Finance Trust 2021-A |  |  |
|  2.40%, 07/17/2046, Series 2021-A, Class B <sup>(1)</sup> | 1550 | 1412 |
|  Aqua Finance Trust 2024-A |  |  |
|  4.81%, 04/18/2050, Series 2024-A, Class A <sup>(1)</sup> | 9891 | 9890 |
|  Ares LIX CLO Ltd. |  |  |
|  5.94% (3 Month Term SOFR + 1.66%, 1.40% Floor), 04/25/2034, Series 2021-59A, Class B1 <sup>(1)(2)</sup> | 4500 | 4500 |
|  Ares Loan Funding IV Ltd. |  |  |
|  6.01% (3 Month Term SOFR + 1.75%, 1.75% Floor), 10/15/2036, Series 2023-ALF4A, Class A1 <sup>(1)(2)</sup> | 720 | 721 |
|  Ares LVII CLO Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/25/2035, Series 2020-57A, Class AR <sup>(1)(2)</sup> | 270 | 271 |
|  Ares LXII CLO Ltd. |  |  |
|  6.19% (3 Month Term SOFR + 1.91%, 1.91% Floor), 01/25/2034, Series 2021-62A, Class B <sup>(1)(2)</sup> | 8350 | 8369 |
|  Argent Securities Trust 2006-M1 |  |  |
|  4.73% (1 Month Term SOFR + 0.41%, 0.30% Floor), 07/25/2036, Series 2006-M1, Class A2C <sup>(2)</sup> | 1245 | 332 |
|  Ascent Education Funding Trust 2024-A |  |  |
|  6.14%, 10/25/2050, Series 2024-A, Class A <sup>(1)</sup> | 393 | 401 |
|  Asimi Funding 2024-1 Plc |  |  |
|  5.82% (Sterling Overnight Index Average + 1.35%), 09/16/2031, Series 1, Class B <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;221 | 303 |
|  6.42% (Sterling Overnight Index Average + 1.95%), 09/16/2031, Series 1, Class C <sup>(2)(19)</sup> | 205 | 282 |
|  Asimi Funding 2025-1 Plc |  |  |
|  5.97% (Sterling Overnight Index Average + 1.75%), 05/16/2032, Series 1, Class C <sup>(2)(19)</sup> | 317 | 436 |
|  6.62% (Sterling Overnight Index Average + 2.40%), 05/16/2032, Series 1, Class D <sup>(2)(19)</sup> | 124 | 170 |

---

The accompanying notes are an integral part of these financial statements.

118.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC 2006-HE3 |  |  |
|  3.28% (1 Month Term SOFR + 0.56%, 0.45% Floor), 03/25/2036, Series 2006-HE3, Class M1 <sup>(2)</sup> | $12307 | $10785 |
|  Asset-Backed European Securitisation Transaction Twenty-Three Sarl |  |  |
|  3.99% (1 Month €STR + 1.60%), 03/21/2034, Series 23, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | 237 |
|  4.29% (1 Month €STR + 1.90%), 03/21/2034, Series 23, Class D <sup>(2)(19)</sup> | 100 | 119 |
|  4.79% (1 Month €STR + 2.40%), 03/21/2034, Series 23, Class E <sup>(2)(19)</sup> | 100 | 119 |
|  Atlantic Avenue 2024-3 Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.26%, 1.26% Floor), 01/20/2035, Series 2024-3A, Class A <sup>(1)(2)</sup> | $19000 | 19004 |
|  Atrium XV |  |  |
|  6.51% (3 Month Term SOFR + 2.25%, 2.25% Floor), 07/16/2037, Series 15A, Class CR <sup>(1)(2)</sup> | 450 | 450 |
|  Aurium CLO III DAC |  |  |
|  2.92% (3 Month €STR + 0.67%, 0.67% Floor), 04/16/2030, Series 3A, Class AR <sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;823 | 969 |
|  Auto ABS Italian Stella Loans 2024-1 SRL |  |  |
|  4.06% (1 Month €STR + 1.70%), 12/29/2036, Series 1, Class C <sup>(2)(19)</sup> | 146 | 173 |
|  4.66% (1 Month €STR + 2.30%), 12/29/2036, Series 1, Class D <sup>(2)(19)</sup> | 138 | 164 |
|  Auto ABS Italian Stella Loans 2025-1 SRL |  |  |
|  3.29% (1 Month €STR + 1.25%), 12/28/2040, Series 1, Class C <sup>(2)(19)</sup> | 292 | 344 |
|  3.94% (1 Month €STR + 1.90%), 12/28/2040, Series 1, Class D <sup>(2)(19)</sup> | 100 | 118 |
|  Auto1 Car Funding Sarl |  |  |
|  3.87% (1 Month €STR + 1.50%), 12/15/2033, Series 1, Class C <sup>(2)(19)</sup> | 100 | 118 |
|  5.87% (1 Month €STR + 3.50%), 12/15/2033, Series 1, Class D <sup>(2)(19)</sup> | 100 | 121 |
|  AutoNation Finance Trust 2025-1 |  |  |
|  5.19%, 12/10/2030, Series 2025-1A, Class C <sup>(1)</sup> | $900 | 913 |
|  5.63%, 09/10/2032, Series 2025-1A, Class D <sup>(1)</sup> | 1800 | 1825 |
|  AutoNoria Spain 2025 FT |  |  |
|  3.39% (1 Month €STR + 1.50%), 04/30/2043, Series SP, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | 236 |
|  4.89% (1 Month €STR + 3.00%), 04/30/2043, Series SP, Class E <sup>(2)(19)</sup> | 200 | 236 |
|  Auxilior Term Funding 2023-1 LLC |  |  |
|  6.18%, 12/15/2028, Series 2023-1A, Class A2 <sup>(1)</sup> | $1188 | 1198 |
|  Avis Budget Rental Car Funding AESOP LLC |  |  |
|  2.02%, 02/20/2027, Series 2020-2A, Class A <sup>(1)</sup> | 9740 | 9628 |
|  2.13%, 08/20/2027, Series 2021-1A, Class C <sup>(1)</sup> | 4872 | 4724 |
|  2.35%, 02/20/2028, Series 2021-2A, Class C <sup>(1)</sup> | 3030 | 2899 |
|  4.08%, 02/20/2028, Series 2021-2A, Class D <sup>(1)</sup> | 13395 | 12945 |
|  5.13%, 10/20/2028, Series 2024-2A, Class A <sup>(1)</sup> | 5650 | 5734 |
|  5.23%, 12/20/2030, Series 2024-3A, Class A <sup>(1)</sup> | 4340 | 4433 |
|  5.25%, 04/20/2029, Series 2023-1A, Class A <sup>(1)</sup> | 2870 | 2925 |
|  5.36%, 06/20/2030, Series 2024-1A, Class A <sup>(1)</sup> | 11268 | 11561 |
|  5.44%, 02/22/2028, Series 2023-3A, Class A <sup>(1)</sup> | 1100 | 1114 |
|  5.78%, 04/20/2028, Series 2023-5A, Class A <sup>(1)</sup> | 2310 | 2356 |
|  6.12%, 04/20/2027, Series 2022-5A, Class A <sup>(1)</sup> | 2860 | 2882 |
|  6.48%, 06/20/2030, Series 2024-1A, Class C <sup>(1)</sup> | 480 | 494 |
|  7.24%, 06/20/2029, Series 2023-4A, Class C <sup>(1)</sup> | 5640 | 5908 |
|  7.26%, 10/20/2027, Series 2023-2A, Class D <sup>(1)</sup> | 1880 | 1891 |
|  7.32%, 02/20/2028, Series 2023-3A, Class D <sup>(1)</sup> | 1975 | 1992 |
|  7.34%, 02/20/2030, Series 2023-8A, Class C <sup>(1)</sup> | 2250 | 2377 |
|  7.35%, 04/20/2028, Series 2023-5A, Class D <sup>(1)</sup> | 2630 | 2656 |
|  7.41%, 08/21/2028, Series 2023-7A, Class C <sup>(1)</sup> | 5000 | 5184 |
|  7.59%, 04/20/2029, Series 2023-1A, Class D <sup>(1)</sup> | 3125 | 3180 |
|  Bain Capital Credit CLO 2018-2 |  |  |
|  5.82% (3 Month Term SOFR + 1.55%, 1.55% Floor), 07/19/2031, Series 2018-2A, Class BR <sup>(1)(2)</sup> | 250 | 250 |
|  Bain Capital Credit CLO 2021-3 Ltd. |  |  |
|  5.34% (3 Month Term SOFR + 1.06%, 1.06% Floor), 07/24/2034, Series 2021-3A, Class AR <sup>(1)(2)</sup> | 17100 | 17078 |
|  Bain Capital Credit CLO 2021-4 Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.20%, 1.20% Floor), 10/20/2034, Series 2021-4A, Class A1R <sup>(1)(2)</sup> | 1840 | 1843 |
|  Bain Capital Credit CLO 2024-3 Ltd. |  |  |
|  6.11% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/16/2037, Series 2024-3A, Class B <sup>(1)(2)</sup> | 1000 | 1004 |

---

The accompanying notes are an integral part of these financial statements.

119.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Bain Capital Euro CLO 2018-2 DAC |  |  |
|  2.98% (3 Month €STR + 0.74%, 0.74% Floor), 01/20/2032, Series 2A, Class AR <sup>(1)(2)</sup> | 13771 | $16168 |
|  Ballyrock CLO 15 Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.33%, 1.33% Floor), 01/15/2038, Series 2021-1A, Class A1R <sup>(1)(2)</sup> | $10050 | 10073 |
|  Barclays Mortgage Trust 2021-NPL1 |  |  |
|  5.00%, 11/25/2051, Series 2021-NPL1, Class A <sup>(1)(3)</sup> | 753 | 751 |
|  Bayswater Park CLO Ltd. |  |  |
|  6.00% (3 Month Term SOFR + 1.73%, 1.73% Floor), 01/20/2037, Series 2023-1A, Class A1 <sup>(1)(2)</sup> | 370 | 371 |
|  BBAM European CLO II DAC |  |  |
|  3.81% (3 Month €STR + 1.02%, 1.02% Floor), 10/15/2034, Series 2A, Class A <sup>(1)(2)</sup> | 10000 | 11789 |
|  BBAM U.S. CLO I Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.20%, 1.20% Floor), 03/30/2038, Series 2022-1A, Class AR <sup>(1)(2)</sup> | $830 | 830 |
|  BCMSC Trust 1999-B |  |  |
|  6.61%, 12/15/2029, Series 1999-B, Class A1B <sup>(4)</sup> | 3594 | 230 |
|  Bear Stearns Asset Backed Securities I Trust 2004-HE6 |  |  |
|  5.29% (1 Month Term SOFR + 0.97%, 0.86% Floor), 08/25/2034, Series 2004-HE6, Class M1 <sup>(2)</sup> | 6722 | 6813 |
|  Bear Stearns Asset Backed Securities I Trust 2005-AQ1 |  |  |
|  5.56% (1 Month Term SOFR + 1.24%, 1.13% Floor), 03/25/2035, Series 2005-AQ1, Class M3 <sup>(2)</sup> | 81 | 81 |
|  Bear Stearns Asset Backed Securities I Trust 2005-HE1 |  |  |
|  5.62% (1 Month Term SOFR + 2.44%, 2.33% Floor), 01/25/2035, Series 2005-HE1, Class M5 <sup>(2)</sup> | 1292 | 1309 |
|  Benefit Street Partners CLO IV Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.35% Floor), 04/20/2034, Series 2014-IVA, Class AR4 <sup>(1)(2)</sup> | 24000 | 24062 |
|  6.17% (3 Month Term SOFR + 1.90%, 1.90% Floor), 04/20/2034, Series 2014-IVA, Class BR4 <sup>(1)(2)</sup> | 9750 | 9782 |
|  Benefit Street Partners CLO Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.18%, 1.18% Floor), 04/20/2038, Series 2015-6BR, Class A1R <sup>(1)(2)</sup> | 3240 | 3233 |
|  Benefit Street Partners CLO V-B Ltd. |  |  |
|  5.80% (3 Month Term SOFR + 1.53%, 1.53% Floor), 07/20/2037, Series 2018-5BA, Class A1R <sup>(1)(2)</sup> | 3120 | 3130 |
|  6.42% (3 Month Term SOFR + 2.15%, 2.15% Floor), 07/20/2037, Series 2018-5BA, Class CR <sup>(1)(2)</sup> | 500 | 500 |
|  Benefit Street Partners CLO X Ltd. |  |  |
|  5.74% (3 Month Term SOFR + 1.47%, 1.21% Floor), 04/20/2034, Series 2016-10A, Class A1RR <sup>(1)(2)</sup> | 12795 | 12811 |
|  6.08% (3 Month Term SOFR + 1.81%, 1.55% Floor), 04/20/2034, Series 2016-10A, Class A2AR <sup>(1)(2)</sup> | 290 | 290 |
|  Benefit Street Partners CLO XII-B Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.37%, 1.37% Floor), 10/15/2037, Series 2017-12BRA, Class A <sup>(1)(2)</sup> | 6069 | 6089 |
|  5.96% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/15/2037, Series 2017-12BRA, Class B <sup>(1)(2)</sup> | 740 | 742 |
|  Benefit Street Partners CLO XX Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/15/2034, Series 2020-20A, Class AR <sup>(1)(2)</sup> | 6155 | 6162 |
|  Benefit Street Partners CLO XXIX Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.18%, 1.18% Floor), 01/25/2038, Series 2022-29A, Class AR <sup>(1)(2)</sup> | 1136 | 1134 |
|  Benefit Street Partners CLO XXVI Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.38%, 1.38% Floor), 07/20/2037, Series 2022-26A, Class AR <sup>(1)(2)</sup> | 500 | 502 |
|  Benefit Street Partners CLO XXVII Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.37%, 1.37% Floor), 10/20/2037, Series 2022-27A, Class AR <sup>(1)(2)</sup> | 4690 | 4698 |
|  Benefit Street Partners CLO XXVIII Ltd. |  |  |
|  5.97% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/20/2037, Series 2022-28A, Class BR <sup>(1)(2)</sup> | 9830 | 9856 |
|  Benefit Street Partners CLO XXXVII Ltd. |  |  |
|  6.00% (3 Month Term SOFR + 1.65%, 1.65% Floor), 01/25/2038, Series 2024-37A, Class B <sup>(1)(2)</sup> | 4275 | 4280 |
|  BHG Securitization Trust 2022-A |  |  |
|  2.70%, 02/20/2035, Series 2022-A, Class B <sup>(1)</sup> | 8488 | 8392 |
|  3.08%, 02/20/2035, Series 2022-A, Class C <sup>(1)</sup> | 1845 | 1786 |
|  BHG Securitization Trust 2022-C |  |  |
|  5.93%, 10/17/2035, Series 2022-C, Class B <sup>(1)</sup> | 359 | 360 |
|  BHG Securitization Trust 2023-B |  |  |
|  7.45%, 12/17/2036, Series 2023-B, Class B <sup>(1)</sup> | 5710 | 5927 |
|  BHG Securitization Trust 2025-1CON |  |  |
|  4.82%, 04/17/2036, Series 2025-1CON, Class A <sup>(1)</sup> | 6495 | 6531 |
|  5.26%, 04/17/2036, Series 2025-1CON, Class B <sup>(1)</sup> | 995 | 1002 |
|  Birch Grove CLO 2 Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.40%, 1.40% Floor), 10/19/2037, Series 2021-2A, Class A1R <sup>(1)(2)</sup> | 4250 | 4264 |

---

The accompanying notes are an integral part of these financial statements.

120.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Birch Grove CLO 3 Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.26%, 1.26% Floor), 01/19/2038, Series 2021-3A, Class A1R <sup>(1)(2)</sup> | $250 | $250 |
|  Birch Grove CLO 9 Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.40%, 1.40% Floor), 10/22/2037, Series 2024-9A, Class A1 <sup>(1)(2)</sup> | 29940 | 30007 |
|  Blackbird Capital Aircraft Lease Securitization Ltd. 2016-1 |  |  |
|  4.21%, 12/16/2041, Series 2016-1A, Class A <sup>(1)(3)</sup> | 324 | 324 |
|  BlueMountain CLO 2015-3 Ltd. |  |  |
|  6.03% (3 Month Term SOFR + 1.76%), 04/20/2031, Series 2015-3A, Class A2R <sup>(1)(2)</sup> | 2515 | 2520 |
|  BlueMountain CLO 2016-3 Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.20%, 1.20% Floor), 11/15/2030, Series 2016-3A, Class A1R2 <sup>(1)(2)</sup> | 334 | 334 |
|  BlueMountain CLO 2018-3 Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.19%, 1.19% Floor), 10/25/2030, Series 2018-3A, Class A1R <sup>(1)(2)</sup> | 617 | 617 |
|  BlueMountain CLO XXV Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.35%, 1.35% Floor), 01/15/2038, Series 2019-25A, Class A1RR <sup>(1)(2)</sup> | 260 | 261 |
|  BlueMountain Fuji U.S. Clo II Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.26%), 10/20/2030, Series 2017-2A, Class A1AR <sup>(1)(2)</sup> | 70 | 70 |
|  BMW Vehicle Lease Trust |  |  |
|  4.18%, 10/25/2027, Series 2024-2, Class A3 | 14300 | 14296 |
|  4.29%, 01/25/2027, Series 2024-2, Class A2A | 7808 | 7799 |
|  BRAVO Residential Funding Trust 2024-CES2 |  |  |
|  5.55%, 09/25/2054, Series 2024-CES2, Class A1A <sup>(1)(3)</sup> | 590 | 592 |
|  BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
|  3.28%, 09/26/2033, Series 2019-A, Class A <sup>(1)</sup> | 524 | 516 |
|  Brex Commercial Charge Card Master Trust |  |  |
|  6.05%, 07/15/2027, Series 2024-1, Class A1 <sup>(1)</sup> | 1145 | 1154 |
|  Bridgecrest Lending Auto Securitization Trust 2023-1 |  |  |
|  7.84%, 08/15/2029, Series 2023-1, Class D | 13770 | 14500 |
|  Bridgecrest Lending Auto Securitization Trust 2024-1 |  |  |
|  5.53%, 01/18/2028, Series 2024-1, Class A3 | 1393 | 1395 |
|  Bridgecrest Lending Auto Securitization Trust 2024-2 |  |  |
|  6.07%, 02/15/2030, Series 2024-2, Class C | 5100 | 5198 |
|  6.30%, 02/15/2030, Series 2024-2, Class D | 5500 | 5639 |
|  Bridgecrest Lending Auto Securitization Trust 2024-4 |  |  |
|  4.72%, 09/15/2028, Series 2024-4, Class A3 | 5700 | 5702 |
|  Brignole Co. |  |  |
|  4.37% (1 Month €STR + 2.00%), 02/24/2042, Series 2024, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80 | 94 |
|  6.37% (1 Month €STR + 4.00%), 02/24/2042, Series 2024, Class D <sup>(2)(19)</sup> | 114 | 136 |
|  Bryant Park Funding 2023-19 Ltd. |  |  |
|  5.49% (3 Month Term SOFR + 1.20%, 1.20% Floor), 04/15/2038, Series 2023-19A, Class A1R <sup>(1)(2)</sup> | $320 | 320 |
|  Buckhorn Park CLO Ltd. |  |  |
|  5.34% (3 Month Term SOFR + 1.07%, 1.07% Floor), 07/18/2034, Series 2019-1A, Class ARR <sup>(1)(2)</sup> | 2090 | 2088 |
|  Business Jet Securities 2024-1 LLC |  |  |
|  6.20%, 05/15/2039, Series 2024-1A, Class A <sup>(1)</sup> | 2584 | 2640 |
|  Business Jet Securities 2024-2 LLC |  |  |
|  5.36%, 09/15/2039, Series 2024-2A, Class A <sup>(1)</sup> | 10207 | 10231 |
|  Canyon CLO 2018-1 Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.33%, 1.07% Floor), 07/15/2031, Series 2018-1A, Class A <sup>(1)(2)</sup> | 1365 | 1366 |
|  Canyon CLO 2020-1 Ltd. |  |  |
|  5.34% (3 Month Term SOFR + 1.08%, 1.08% Floor), 07/15/2034, Series 2020-1A, Class AR2 <sup>(1)(2)</sup> | 4800 | 4787 |
|  Carbone CLO Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.40%), 01/20/2031, Series 2017-1A, Class A1 <sup>(1)(2)</sup> | 95 | 95 |
|  Cardiff Auto Receivables Securitisation 2024-1 Plc |  |  |
|  6.36% (Sterling Overnight Index Average + 1.90%), 08/20/2031, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;645 | 885 |
|  7.06% (Sterling Overnight Index Average + 2.60%), 08/20/2031, Series 1, Class D <sup>(2)(19)</sup> | 489 | 672 |
|  Carlyle Global Market Strategies CLO 2014-1 Ltd. |  |  |
|  5.51% (3 Month Term SOFR + 1.23%, 0.97% Floor), 04/17/2031, Series 2014-1A, Class A1R2 <sup>(1)(2)</sup> | $297 | 297 |
|  5.94% (3 Month Term SOFR + 1.66%, 1.40% Floor), 04/17/2031, Series 2014-1A, Class BR2 <sup>(1)(2)</sup> | 5750 | 5754 |

---

The accompanying notes are an integral part of these financial statements.

121.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Carlyle Global Market Strategies CLO 2014-2R Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.31%), 05/15/2031, Series 2014-2RA, Class A1 <sup>(1)(2)</sup> | $425 | $425 |
|  Carlyle Global Market Strategies CLO 2014-3-R Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.31%), 07/27/2031, Series 2014-3RA, Class A1A <sup>(1)(2)</sup> | 444 | 444 |
|  Carlyle Global Market Strategies CLO 2014-5 Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.40%, 1.14% Floor), 07/15/2031, Series 2014-5A, Class A1RR <sup>(1)(2)</sup> | 4188 | 4190 |
|  5.97% (3 Month Term SOFR + 1.71%, 1.45% Floor), 07/15/2031, Series 2014-5A, Class A2RR <sup>(1)(2)</sup> | 330 | 330 |
|  Carlyle Global Market Strategies CLO 2015-1 Ltd. |  |  |
|  5.51% (3 Month Term SOFR + 1.24%, 0.98% Floor), 07/20/2031, Series 2015-1A, Class AR3 <sup>(1)(2)</sup> | 118 | 119 |
|  Carlyle U.S. CLO 2017-3 Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.40%, 1.40% Floor), 10/21/2037, Series 2017-3A, Class A1R2 <sup>(1)(2)</sup> | 2570 | 2578 |
|  Carlyle U.S. CLO 2019-1 Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.08% Floor), 04/20/2031, Series 2019-1A, Class A1AR <sup>(1)(2)</sup> | 3088 | 3092 |
|  Carlyle U.S. CLO 2021-8 Ltd. |  |  |
|  6.17% (3 Month Term SOFR + 1.91%, 1.65% Floor), 10/15/2034, Series 2021-8A, Class B <sup>(1)(2)</sup> | 2000 | 2007 |
|  CarMax Auto Owner Trust 2021-3 |  |  |
|  1.50%, 01/18/2028, Series 2021-3, Class D | 2010 | 1987 |
|  CarMax Auto Owner Trust 2022-1 |  |  |
|  2.47%, 07/17/2028, Series 2022-1, Class D | 1235 | 1212 |
|  CarMax Auto Owner Trust 2023-1 |  |  |
|  4.75%, 10/15/2027, Series 2023-1, Class A3 | 6605 | 6612 |
|  CarMax Auto Owner Trust 2023-2 |  |  |
|  6.55%, 10/15/2029, Series 2023-2, Class D | 1155 | 1185 |
|  CarMax Auto Owner Trust 2023-4 |  |  |
|  7.16%, 04/15/2030, Series 2023-4, Class D | 1960 | 2049 |
|  CarMax Auto Owner Trust 2024-2 |  |  |
|  4.88% (30-day Average SOFR + 0.58%), 05/17/2027, Series 2024-2, Class A2B <sup>(2)</sup> | 2175 | 2177 |
|  5.50%, 01/16/2029, Series 2024-2, Class A3 | 18000 | 18256 |
|  5.65%, 05/17/2027, Series 2024-2, Class A2A | 12650 | 12682 |
|  5.69%, 11/15/2029, Series 2024-2, Class B | 6610 | 6796 |
|  6.42%, 10/15/2030, Series 2024-2, Class D | 225 | 232 |
|  CarMax Auto Owner Trust 2024-4 |  |  |
|  4.67%, 12/15/2027, Series 2024-4, Class A2A | 5737 | 5741 |
|  CarMax Select Receivables Trust 2025-A |  |  |
|  5.46%, 07/15/2031, Series 2025-A, Class C | 6570 | 6718 |
|  5.86%, 07/15/2031, Series 2025-A, Class D | 10605 | 10866 |
|  CarVal CLO IV Ltd. |  |  |
|  6.28% (3 Month Term SOFR + 2.01%, 1.75% Floor), 07/20/2034, Series 2021-1A, Class B <sup>(1)(2)</sup> | 1500 | 1505 |
|  Carvana Auto Receivables Trust 2021-N4 |  |  |
|  2.30%, 09/11/2028, Series 2021-N4, Class D | 1148 | 1115 |
|  Carvana Auto Receivables Trust 2021-P4 |  |  |
|  2.33%, 02/10/2028, Series 2021-P4, Class C | 2720 | 2606 |
|  Carvana Auto Receivables Trust 2023-N1 |  |  |
|  6.69%, 07/10/2029, Series 2023-N1, Class D <sup>(1)</sup> | 2340 | 2387 |
|  Carvana Auto Receivables Trust 2023-N4 |  |  |
|  7.22%, 02/11/2030, Series 2023-N4, Class D <sup>(1)</sup> | 1300 | 1361 |
|  Carvana Auto Receivables Trust 2024-N1 |  |  |
|  6.30%, 05/10/2030, Series 2024-N1, Class D <sup>(1)</sup> | 1400 | 1435 |
|  Carvana Auto Receivables Trust 2024-N2 |  |  |
|  6.44%, 09/10/2030, Series 2024-N2, Class D <sup>(1)</sup> | 1900 | 1956 |
|  Carvana Auto Receivables Trust 2024-N3 |  |  |
|  4.53%, 01/10/2029, Series 2024-N3, Class A3 <sup>(1)</sup> | 12158 | 12157 |
|  4.84%, 12/10/2027, Series 2024-N3, Class A2 <sup>(1)</sup> | 2130 | 2131 |
|  5.38%, 12/10/2030, Series 2024-N3, Class D <sup>(1)</sup> | 3900 | 3906 |
|  Carvana Auto Receivables Trust 2024-P3 |  |  |
|  4.61%, 11/10/2027, Series 2024-P3, Class A2 | 3412 | 3411 |
|  Carvana Auto Receivables Trust 2024-P4 |  |  |
|  5.10%, 05/12/2031, Series 2024-P4, Class C | 900 | 913 |

---

The accompanying notes are an integral part of these financial statements.

122.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Carvana Auto Receivables Trust 2025-P1 |  |  |
|  4.55%, 05/10/2030, Series 2025-P1, Class A3 | $20000 | $20100 |
|  4.74%, 04/10/2031, Series 2025-P1, Class A4 | 14500 | 14647 |
|  5.34%, 08/11/2031, Series 2025-P1, Class C | 4400 | 4453 |
|  Cascade MH Asset Trust 2024-MH1 |  |  |
|  5.70%, 11/25/2056, Series 2024-MH1, Class A1 <sup>(1)(4)</sup> | 1224 | 1251 |
|  Castlelake Aircraft Securitization Trust 2018-1 |  |  |
|  4.13%, 06/15/2043, Series 2018-1, Class A <sup>(1)</sup> | 762 | 740 |
|  Castlelake Aircraft Structured Trust 2019-1 |  |  |
|  3.97%, 04/15/2039, Series 2019-1A, Class A <sup>(1)</sup> | 2907 | 2755 |
|  Cayuga Park CLO Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.38%, 1.38% Floor), 07/17/2034, Series 2020-1A, Class AR <sup>(1)(2)</sup> | 1275 | 1277 |
|  Cedar Funding VII CLO Ltd. |  |  |
|  5.35% (3 Month Term SOFR + 1.08%, 1.08% Floor), 01/20/2031, Series 2018-7A, Class AR <sup>(1)(2)</sup> | 166 | 166 |
|  Centex Home Equity Loan Trust 2005-D |  |  |
|  5.39% (1 Month Term SOFR + 1.07%, 0.96% Floor), 10/25/2035, Series 2005-D, Class M5 <sup>(2)</sup> | 1875 | 1874 |
|  Centex Home Equity Loan Trust 2006-A |  |  |
|  4.93% (1 Month Term SOFR + 0.61%, 0.50% Floor), 06/25/2036, Series 2006-A, Class M3 <sup>(2)</sup> | 9500 | 8985 |
|  Chase Auto Owner Trust 2023-A |  |  |
|  5.68%, 01/25/2029, Series 2023-AA, Class A3 <sup>(1)</sup> | 3025 | 3059 |
|  Chase Auto Owner Trust 2024-2 |  |  |
|  5.52%, 06/25/2029, Series 2024-2A, Class A3 <sup>(1)</sup> | 17500 | 17770 |
|  5.66%, 05/26/2027, Series 2024-2A, Class A2 <sup>(1)</sup> | 4421 | 4431 |
|  Chase Auto Owner Trust 2024-5 |  |  |
|  4.18%, 08/27/2029, Series 2024-5A, Class A3 <sup>(1)</sup> | 6400 | 6393 |
|  4.40%, 11/26/2027, Series 2024-5A, Class A2 <sup>(1)</sup> | 3544 | 3542 |
|  CHEC Loan Trust 2004-2 |  |  |
|  5.39% (1 Month Term SOFR + 1.07%, 0.96% Floor), 06/25/2034, Series 2004-2, Class M1 <sup>(2)</sup> | 520 | 533 |
|  Chesapeake Funding II LLC |  |  |
|  6.69%, 05/15/2035, Series 2023-1A, Class D <sup>(1)</sup> | 665 | 673 |
|  CIFC Funding 2013-II Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.26%, 1.00% Floor), 10/18/2030, Series 2013-2A, Class A1L2 <sup>(1)(2)</sup> | 126 | 127 |
|  Cifc Funding 2014-IV-R Ltd. |  |  |
|  5.27% (3 Month Term SOFR + 0.99%, 0.99% Floor), 01/17/2035, Series 2014-4RA, Class A1A2 <sup>(1)(2)</sup> | 20210 | 20081 |
|  CIFC Funding 2015-I Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.37%, 1.11% Floor), 01/22/2031, Series 2015-1A, Class ARR <sup>(1)(2)</sup> | 215 | 215 |
|  5.98% (3 Month Term SOFR + 1.71%, 1.45% Floor), 01/22/2031, Series 2015-1A, Class BRR <sup>(1)(2)</sup> | 500 | 500 |
|  CIFC Funding 2015-IV Ltd. |  |  |
|  5.60% (3 Month Term SOFR + 1.33%, 1.33% Floor), 04/20/2034, Series 2015-4A, Class A1A2 <sup>(1)(2)</sup> | 10470 | 10486 |
|  5.98% (3 Month Term SOFR + 1.71%, 1.71% Floor), 04/20/2034, Series 2015-4A, Class A2R2 <sup>(1)(2)</sup> | 2145 | 2149 |
|  CIFC Funding 2017-I Ltd. |  |  |
|  6.32% (3 Month Term SOFR + 2.05%, 2.05% Floor), 04/21/2037, Series 2017-1A, Class BRR <sup>(1)(2)</sup> | 510 | 511 |
|  CIFC Funding 2018-I Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.32%, 1.32% Floor), 01/18/2038, Series 2018-1A, Class A1R <sup>(1)(2)</sup> | 27385 | 27449 |
|  CIFC Funding 2019-I Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.36%, 1.36% Floor), 10/20/2037, Series 2019-1A, Class A1R2 <sup>(1)(2)</sup> | 2455 | 2461 |
|  5.97% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/20/2037, Series 2019-1A, Class BR2 <sup>(1)(2)</sup> | 250 | 251 |
|  6.27% (3 Month Term SOFR + 2.00%, 2.00% Floor), 10/20/2037, Series 2019-1A, Class CR2 <sup>(1)(2)</sup> | 250 | 251 |
|  CIFC Funding 2019-II Ltd. |  |  |
|  7.54% (3 Month Term SOFR + 3.26%, 3.26% Floor), 04/17/2034, Series 2019-2A, Class DR <sup>(1)(2)</sup> | 640 | 641 |
|  CIFC Funding 2019-V Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.40%, 1.14% Floor), 01/15/2035, Series 2019-5A, Class A1R1 <sup>(1)(2)</sup> | 3350 | 3357 |
|  6.27% (3 Month Term SOFR + 2.01%, 1.75% Floor), 01/15/2035, Series 2019-5A, Class A2RS <sup>(1)(2)</sup> | 5000 | 5014 |
|  CIFC Funding 2020-III Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.39%, 1.39% Floor), 10/20/2034, Series 2020-3A, Class A1R <sup>(1)(2)</sup> | 360 | 361 |
|  CIFC Funding 2021-I Ltd. |  |  |
|  6.03% (3 Month Term SOFR + 1.75%, 1.75% Floor), 07/25/2037, Series 2021-1A, Class BR <sup>(1)(2)</sup> | 1760 | 1767 |

---

The accompanying notes are an integral part of these financial statements.

123.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  CIFC Funding 2021-III Ltd. |  |  |
|  6.22% (3 Month Term SOFR + 1.96%, 1.70% Floor), 07/15/2036, Series 2021-3A, Class B <sup>(1)(2)</sup> | $250 | $251 |
|  CIFC Funding 2021-VI Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.40%, 1.40% Floor), 10/15/2034, Series 2021-6A, Class A <sup>(1)(2)</sup> | 330 | 331 |
|  CIFC Funding 2021-VII Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.39%, 1.13% Floor), 01/23/2035, Series 2021-7A, Class A1 <sup>(1)(2)</sup> | 11700 | 11720 |
|  Cifc Funding 2023-III Ltd. |  |  |
|  6.57% (3 Month Term SOFR + 2.30%, 2.30% Floor), 01/20/2037, Series 2023-3A, Class B <sup>(1)(2)</sup> | 3700 | 3708 |
|  CIFC Funding 2024-III Ltd. |  |  |
|  5.75% (3 Month Term SOFR + 1.48%, 1.48% Floor), 07/21/2037, Series 2024-3A, Class A1 <sup>(1)(2)</sup> | 320 | 321 |
|  6.12% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/21/2037, Series 2024-3A, Class B <sup>(1)(2)</sup> | 3000 | 3011 |
|  7.42% (3 Month Term SOFR + 3.15%, 3.15% Floor), 07/21/2037, Series 2024-3A, Class D1 <sup>(1)(2)</sup> | 1000 | 1001 |
|  CIFC Funding 2025-II Ltd. |  |  |
|  5.41% (3 Month Term SOFR + 1.13%, 1.13% Floor), 04/15/2038, Series 2025-2A, Class A <sup>(1)(2)</sup> | 1340 | 1339 |
|  CIT Mortgage Loan Trust 2007-1 |  |  |
|  6.68% (1 Month Term SOFR + 2.36%, 2.25% Floor), 10/25/2037, Series 2007-1, Class 1M1 <sup>(1)(2)</sup> | 1431 | 1445 |
|  7.06% (1 Month Term SOFR + 2.74%, 2.63% Floor), 10/25/2037, Series 2007-1, Class 2M2 <sup>(1)(2)</sup> | 1413 | 1319 |
|  7.06% (1 Month Term SOFR + 2.74%, 2.63% Floor), 10/25/2037, Series 2007-1, Class 1M2 <sup>(1)(2)</sup> | 3562 | 3445 |
|  Citigroup Mortgage Loan Trust, Inc. |  |  |
|  5.06% (1 Month Term SOFR + 0.74%, 0.63% Floor), 02/25/2035, Series 2005-OPT1, Class M1 <sup>(2)</sup> | 1377 | 1294 |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor), 09/25/2035, Series 2005-HE3, Class M4 <sup>(2)</sup> | 7900 | 7637 |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/25/2035, Series 2005-HE4, Class M4 <sup>(2)</sup> | 14327 | 11816 |
|  Citizens Auto Receivables Trust 2023-1 |  |  |
|  5.84%, 01/18/2028, Series 2023-1, Class A3 <sup>(1)</sup> | 5425 | 5460 |
|  Cloud Capital Holdco LP |  |  |
|  5.78%, 11/22/2049, Series 2024-1A, Class A2 <sup>(1)</sup> | 17440 | 17668 |
|  Clsec Holdings 22t LLC |  |  |
|  3.46%, 05/11/2037, Series 2021-1, Class B <sup>(1)</sup> | 3857 | 3567 |
|  Coinstar Funding LLC Series 2017-1 |  |  |
|  5.22%, 04/25/2047, Series 2017-1A, Class A2 <sup>(1)</sup> | 255 | 236 |
|  College Ave Student Loans 2021-A LLC |  |  |
|  2.92%, 07/25/2051, Series 2021-A, Class C <sup>(1)</sup> | 234 | 218 |
|  College Ave Student Loans 2023-A LLC |  |  |
|  6.21% (30-day Average SOFR + 1.90%, 1.90% Floor), 05/25/2055, Series 2023-A, Class A1 <sup>(1)(2)</sup> | 1534 | 1552 |
|  College Ave Student Loans 2024-B LLC |  |  |
|  5.69%, 08/25/2054, Series 2024-B, Class A1A <sup>(1)</sup> | 14102 | 14476 |
|  6.08%, 08/25/2054, Series 2024-B, Class B <sup>(1)</sup> | 4420 | 4522 |
|  College Ave Student Loans Trust 2024-A |  |  |
|  6.06% (30-day Average SOFR + 1.75%, 1.75% Floor), 06/25/2054, Series 2024-A, Class A1B <sup>(1)(2)</sup> | 2796 | 2843 |
|  College Avenue Student Loans 2018-A LLC |  |  |
|  4.13%, 12/26/2047, Series 2018-A, Class A2 <sup>(1)</sup> | 979 | 959 |
|  5.63% (1 Month Term SOFR + 1.31%), 12/26/2047, Series 2018-A, Class A1 <sup>(1)(2)</sup> | 718 | 716 |
|  College Avenue Student Loans LLC |  |  |
|  6.08% (1 Month Term SOFR + 1.76%, 1.65% Floor), 11/26/2046, Series 2017-A, Class A1 <sup>(1)(2)</sup> | 1207 | 1217 |
|  Commonbond Student Loan Trust 2020-1 |  |  |
|  1.69%, 10/25/2051, Series 2020-1, Class A <sup>(1)</sup> | 911 | 827 |
|  Compass Datacenters Issuer II LLC |  |  |
|  5.02%, 08/25/2049, Series 2024-2A, Class A1 <sup>(1)</sup> | 10500 | 10512 |
|  5.32%, 05/25/2050, Series 2025-1A, Class A1 <sup>(1)</sup> | 7200 | 7290 |
|  Compass Datacenters Issuer III LLC |  |  |
|  5.66%, 02/25/2050, Series 2025-1A, Class A2 <sup>(1)</sup> | 7400 | 7475 |
|  5.85%, 02/25/2050, Series 2025-1A, Class A3 <sup>(1)</sup> | 3100 | 3125 |
|  Concord Music Royalties LLC |  |  |
|  5.64%, 10/20/2074, Series 2024-1A, Class A <sup>(1)</sup> | 965 | 968 |
|  Conseco Finance Securitizations Corp. |  |  |
|  7.97%, 05/01/2032, Series 2000-4, Class A5 | 734 | 98 |
|  8.06%, 09/01/2029, Series 2000-1, Class A5 <sup>(4)</sup> | 13024 | 1777 |
|  8.31%, 05/01/2032, Series 2000-4, Class A6 <sup>(4)</sup> | 8505 | 1189 |

---

The accompanying notes are an integral part of these financial statements.

124.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Conseco Financial Corp. |  |  |
|  7.70%, 05/15/2027 <sup>(4)</sup> | $777 | $778 |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |  |
|  6.00%, 05/20/2055, Series 2025-1A, Class A2 <sup>(1)</sup> | 6990 | 7208 |
|  Consumer Loan Finance 2024-A |  |  |
|  0.00%, 11/25/2054, Series 2024-A, Class R <sup>(1)(5)</sup> | 1493 | 638 |
|  5.15%, 11/25/2054, Series 2024-A, Class A1 <sup>(1)</sup> | 4438 | 4453 |
|  5.35%, 11/25/2054, Series 2024-A, Class A2 <sup>(1)</sup> | 6440 | 6523 |
|  5.45%, 11/25/2054, Series 2024-A, Class B <sup>(1)</sup> | 1578 | 1597 |
|  5.75%, 11/25/2054, Series 2024-A, Class C <sup>(1)</sup> | 795 | 806 |
|  6.60%, 11/25/2054, Series 2024-A, Class D <sup>(1)</sup> | 1044 | 1056 |
|  8.75%, 11/25/2054, Series 2024-A, Class E <sup>(1)</sup> | 600 | 610 |
|  Consumer Loan Finance 2024-B Issuer Trust |  |  |
|  0.00%, 11/25/2054, Series 2024-BA, Class R <sup>(1)(5)</sup> | 1156 | 568 |
|  5.15%, 11/25/2054, Series 2024-BA, Class A1 <sup>(1)</sup> | 1972 | 1974 |
|  5.35%, 11/25/2054, Series 2024-BA, Class A2 <sup>(1)</sup> | 3705 | 3778 |
|  5.45%, 11/25/2054, Series 2024-BA, Class B <sup>(1)</sup> | 1024 | 1037 |
|  5.75%, 11/25/2054, Series 2024-BA, Class C <sup>(1)</sup> | 512 | 519 |
|  6.60%, 11/25/2054, Series 2024-BA, Class D <sup>(1)</sup> | 644 | 652 |
|  8.75%, 11/25/2054, Series 2024-BA, Class E <sup>(1)</sup> | 386 | 392 |
|  CoreVest American Finance 2019-3 Trust |  |  |
|  2.71%, 10/15/2052, Series 2019-3, Class A <sup>(1)</sup> | 269 | 267 |
|  3.16%, 10/15/2052, Series 2019-3, Class B <sup>(1)</sup> | 1470 | 1396 |
|  CoreVest American Finance 2021-1 Trust |  |  |
|  2.80%, 04/15/2053, Series 2021-1, Class C <sup>(1)</sup> | 1525 | 1379 |
|  CoreVest American Finance 2021-3 Trust |  |  |
|  2.49%, 10/15/2054, Series 2021-3, Class B <sup>(1)</sup> | 3270 | 3179 |
|  3.47%, 10/15/2054, Series 2021-3, Class D <sup>(1)</sup> | 1630 | 1459 |
|  Countrywide Asset-Backed Certificates |  |  |
|  4.93% (1 Month Term SOFR + 0.61%, 0.50% Floor), 01/25/2046, Series 2006-8, Class 2A4 <sup>(2)</sup> | 14789 | 13996 |
|  CPS Auto Receivables Trust 2024-D |  |  |
|  4.91%, 06/15/2028, Series 2024-D, Class A <sup>(1)</sup> | 4068 | 4071 |
|  Credit Acceptance Auto Loan Trust 2023-1 |  |  |
|  7.71%, 07/15/2033, Series 2023-1A, Class C <sup>(1)</sup> | 2135 | 2191 |
|  Credit Acceptance Auto Loan Trust 2023-3 |  |  |
|  7.62%, 12/15/2033, Series 2023-3A, Class C <sup>(1)</sup> | 1430 | 1483 |
|  Credit Acceptance Auto Loan Trust 2024-1 |  |  |
|  6.71%, 07/17/2034, Series 2024-1A, Class C <sup>(1)</sup> | 2085 | 2150 |
|  Credit Acceptance Auto Loan Trust 2024-2 |  |  |
|  5.95%, 06/15/2034, Series 2024-2A, Class A <sup>(1)</sup> | 7360 | 7506 |
|  6.70%, 10/16/2034, Series 2024-2A, Class C <sup>(1)</sup> | 3470 | 3603 |
|  Credit Acceptance Auto Loan Trust 2024-3 |  |  |
|  5.39%, 01/16/2035, Series 2024-3A, Class C <sup>(1)</sup> | 3240 | 3276 |
|  Credit Suisse First Boston Mortgage Securities Corp. |  |  |
|  6.00%, 01/25/2043, Series 2004-CF2, Class 1B <sup>(1)(3)</sup> | 1120 | 841 |
|  Credit-Based Asset Servicing & Securitization LLC |  |  |
|  4.73% (1 Month Term SOFR + 0.41%, 0.30% Floor), 10/25/2036, Series 2006-CB8, Class A2C <sup>(2)</sup> | 8600 | 7259 |
|  5.21% (1 Month Term SOFR + 0.89%, 0.78% Floor), 07/25/2033, Series 2004-CB2, Class M1 <sup>(2)</sup> | 3915 | 3875 |
|  Crockett Partners Equipment Co. IIA LLC |  |  |
|  6.05%, 01/20/2031, Series 2024-1C, Class A <sup>(1)</sup> | 6717 | 6785 |
|  Crown City CLO III |  |  |
|  5.70% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/20/2034, Series 2021-1A, Class A1A <sup>(1)(2)</sup> | 250 | 250 |
|  CVC Cordatus Opportunity Loan Fund-R DAC |  |  |
|  2.98% (3 Month €STR + 0.84%, 0.84% Floor), 08/15/2033, Series 1A, Class AR <sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8928 | 10467 |
|  CVS Pass-Through Trust |  |  |
|  6.94%, 01/10/2030 | $552 | 570 |

---

The accompanying notes are an integral part of these financial statements.

125.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  CWABS Asset Backed Notes Trust 2007-Sea2 |  |  |
|  5.93% (1 Month Term SOFR + 1.61%, 1.50% Floor, 11.00% Cap), 06/25/2047, Series 2007-SEA2, Class 2A1 <sup>(1)(2)</sup> | $1942 | $1549 |
|  CWABS Asset-Backed Certificates Trust 2004-13 |  |  |
|  5.86% (1 Month Term SOFR + 1.54%, 1.43% Floor), 06/25/2035, Series 2004-14, Class M4 <sup>(2)</sup> | 6788 | 6898 |
|  CWABS Asset-Backed Certificates Trust 2005-13 |  |  |
|  5.17% (1 Month Term SOFR + 0.85%, 0.74% Floor), 04/25/2036, Series 2005-13, Class MV3 <sup>(2)</sup> | 34850 | 30617 |
|  CWABS Asset-Backed Certificates Trust 2005-9 |  |  |
|  5.41% (1 Month Term SOFR + 1.09%, 0.98% Floor), 01/25/2036, Series 2005-9, Class M2 <sup>(2)</sup> | 3362 | 3309 |
|  CWABS Asset-Backed Certificates Trust 2005-AB4 |  |  |
|  4.91% (1 Month Term SOFR + 0.59%, 0.48% Floor), 03/25/2036, Series 2005-AB4, Class 1A <sup>(2)</sup> | 1393 | 1251 |
|  CWABS Asset-Backed Certificates Trust 2006-14 |  |  |
|  4.87% (1 Month Term SOFR + 0.55%, 0.44% Floor), 02/25/2037, Series 2006-14, Class M1 <sup>(2)</sup> | 407 | 349 |
|  CWABS Asset-Backed Certificates Trust 2006-2 |  |  |
|  4.89% (1 Month Term SOFR + 0.57%, 0.46% Floor), 04/25/2047, Series 2006-20, Class 2A4 <sup>(2)</sup> | 18684 | 16804 |
|  5.06% (1 Month Term SOFR + 0.74%, 0.63% Floor), 06/25/2036, Series 2006-2, Class M2 <sup>(2)</sup> | 23344 | 22287 |
|  CWABS Asset-Backed Certificates Trust 2006-22 |  |  |
|  4.87% (1 Month Term SOFR + 0.55%, 0.44% Floor), 05/25/2047, Series 2006-22, Class 2A4 <sup>(2)</sup> | 5275 | 5030 |
|  CWABS Asset-Backed Certificates Trust 2006-25 |  |  |
|  4.81% (1 Month Term SOFR + 0.49%, 0.38% Floor), 06/25/2037, Series 2006-26, Class M1 <sup>(2)</sup> | 2149 | 1861 |
|  CWABS Asset-Backed Certificates Trust 2006-BC1 |  |  |
|  5.02% (1 Month Term SOFR + 0.70%, 0.59% Floor), 04/25/2036, Series 2006-BC1, Class M3 <sup>(2)</sup> | 1000 | 941 |
|  CWABS Asset-Backed Certificates Trust 2007-10 |  |  |
|  4.61% (1 Month Term SOFR + 0.29%, 0.18% Floor), 06/25/2047, Series 2007-10, Class 1A1 <sup>(2)</sup> | 18080 | 17136 |
|  CWABS Asset-Backed Certificates Trust 2007-2 |  |  |
|  4.65% (1 Month Term SOFR + 0.33%, 0.22% Floor), 08/25/2037, Series 2007-2, Class 2A4 <sup>(2)</sup> | 24526 | 22448 |
|  CWABS Asset-Backed Certificates Trust 2007-8 |  |  |
|  4.68% (1 Month Term SOFR + 0.36%, 0.25% Floor), 02/25/2036, Series 2007-9, Class 2A4 <sup>(2)</sup> | 935 | 901 |
|  CWABS Asset-Backed Certificates Trust 2007-BC2 |  |  |
|  5.01% (1 Month Term SOFR + 0.69%, 0.58% Floor), 06/25/2037, Series 2007-BC2, Class 2A4 <sup>(2)</sup> | 4108 | 3992 |
|  CWABS Revolving Home Equity Loan Trust Series 2004-T |  |  |
|  4.67% (1 Month Term SOFR + 0.35%, 0.24% Floor, 16.00% Cap), 02/15/2030, Series 2004-T, Class 2A <sup>(2)</sup> | 1405 | 1401 |
|  CWABS, Inc. Asset-backed Certificates Series 2007-12 |  |  |
|  5.17% (1 Month Term SOFR + 0.85%, 0.74% Floor), 08/25/2047, Series 2007-12, Class 1A1 <sup>(2)</sup> | 2359 | 2304 |
|  CWHEQ Revolving Home Equity Loan Trust Series 2006-I |  |  |
|  4.57% (1 Month Term SOFR + 0.25%, 0.14% Floor), 01/15/2037, Series 2006-I, Class 1A <sup>(2)</sup> | 63 | 60 |
|  CyrusOne Data Centers Issuer I LLC |  |  |
|  4.50%, 05/20/2049, Series 2024-2A, Class A2 <sup>(1)</sup> | 1100 | 1071 |
|  4.65%, 05/20/2049, Series 2024-3A, Class A2 <sup>(1)</sup> | 5840 | 5559 |
|  5.91%, 02/20/2050, Series 2025-1A, Class A2 <sup>(1)</sup> | 17495 | 17832 |
|  DailyPay Securitization Trust 2025-1 |  |  |
|  5.63%, 06/25/2028, Series 2025-1A, Class A <sup>(1)</sup> | 12240 | 12327 |
|  Dell Equipment Finance Trust 2024-2 |  |  |
|  4.69%, 08/22/2030, Series 2024-2, Class A2 <sup>(1)</sup> | 16400 | 16412 |
|  4.75%, 10/22/2025, Series 2024-2, Class A1 <sup>(1)</sup> | 1277 | 1277 |
|  Dewolf Park CLO Ltd. |  |  |
|  5.97% (3 Month Term SOFR + 1.71%, 1.35% Floor), 10/15/2030, Series 2017-1A, Class BR <sup>(1)(2)</sup> | 12235 | 12247 |
|  Diameter Capital CLO 1 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.39%, 1.39% Floor), 10/15/2037, Series 2021-1A, Class A1R <sup>(1)(2)</sup> | 9230 | 9255 |
|  Diameter Capital CLO 2 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.39%, 1.39% Floor), 10/15/2037, Series 2021-2A, Class A1R <sup>(1)(2)</sup> | 4860 | 4871 |
|  Diameter Capital CLO 3 Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.33%, 1.33% Floor), 01/15/2038, Series 2022-3A, Class A1R <sup>(1)(2)</sup> | 831 | 834 |
|  Diameter Capital CLO 7 Ltd. |  |  |
|  6.47% (3 Month Term SOFR + 2.20%, 2.20% Floor), 07/20/2037, Series 2024-7A, Class B <sup>(1)(2)</sup> | 1000 | 1000 |
|  Diameter Capital CLO 8 Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.40%, 1.40% Floor), 10/20/2037, Series 2024-8A, Class A1A <sup>(1)(2)</sup> | 8310 | 8328 |

---

The accompanying notes are an integral part of these financial statements.

126.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Domino's Pizza Master Issuer LLC |  |  |
|  4.33%, 07/25/2048, Series 2018-1A, Class A2II <sup>(1)</sup> | $2359 | $2340 |
|  Dowson 2024-1 Plc |  |  |
|  6.81% (Sterling Overnight Index Average + 2.35%), 08/20/2031, Series 1, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127 | 173 |
|  8.41% (Sterling Overnight Index Average + 3.95%), 08/20/2031, Series 1, Class E <sup>(2)(19)</sup> | 500 | 682 |
|  11.41% (Sterling Overnight Index Average + 6.95%), 08/20/2031, Series 1, Class F <sup>(2)(19)</sup> | 500 | 683 |
|  Drive Auto Receivables Trust 2024-2 |  |  |
|  4.50%, 09/15/2028, Series 2024-2, Class A3 | $8000 | 7996 |
|  4.94%, 12/15/2027, Series 2024-2, Class A2 | 11396 | 11406 |
|  Dryden 104 CLO Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.29%, 1.29% Floor), 08/20/2034, Series 2022-104A, Class A1R <sup>(1)(2)</sup> | 1260 | 1262 |
|  Dryden 41 Senior Loan Fund |  |  |
|  5.49% (3 Month Term SOFR + 1.23%, 0.97% Floor), 04/15/2031, Series 2015-41A, Class AR <sup>(1)(2)</sup> | 636 | 636 |
|  Dryden 50 Senior Loan Fund |  |  |
|  5.52% (3 Month Term SOFR + 1.26%, 1.00% Floor), 07/15/2030, Series 2017-50A, Class A1R <sup>(1)(2)</sup> | 107 | 107 |
|  Dryden 55 CLO Ltd. |  |  |
|  5.54% (3 Month Term SOFR + 1.28%), 04/15/2031, Series 2018-55A, Class A1 <sup>(1)(2)</sup> | 373 | 373 |
|  Dryden 64 CLO Ltd. |  |  |
|  5.50% (3 Month Term SOFR + 1.23%), 04/18/2031, Series 2018-64A, Class A <sup>(1)(2)</sup> | 3021 | 3023 |
|  Dryden 68 CLO Ltd. |  |  |
|  5.36% (3 Month Term SOFR + 1.10%, 1.10% Floor), 07/15/2035, Series 2019-68A, Class ARR <sup>(1)(2)</sup> | 21000 | 20994 |
|  Dryden XXVI Senior Loan Fund |  |  |
|  5.42% (3 Month Term SOFR + 1.16%), 04/15/2029, Series 2013-26A, Class AR <sup>(1)(2)</sup> | 1359 | 1360 |
|  DT Auto Owner Trust 2022-1 |  |  |
|  3.40%, 12/15/2027, Series 2022-1A, Class D <sup>(1)</sup> | 8204 | 8145 |
|  DT Auto Owner Trust 2023-2 |  |  |
|  6.62%, 02/15/2029, Series 2023-2A, Class D <sup>(1)</sup> | 8095 | 8308 |
|  DT Auto Owner Trust 2023-3 |  |  |
|  7.12%, 05/15/2029, Series 2023-3A, Class D <sup>(1)</sup> | 5425 | 5647 |
|  Eaton Vance CLO 2013-1 Ltd. |  |  |
|  6.07% (3 Month Term SOFR + 1.81%, 1.55% Floor), 01/15/2034, Series 2013-1A, Class A23R <sup>(1)(2)</sup> | 480 | 481 |
|  Eaton Vance CLO 2014-1R Ltd. |  |  |
|  6.01% (3 Month Term SOFR + 1.75%), 07/15/2030, Series 2014-1RA, Class A2 <sup>(1)(2)</sup> | 1000 | 1000 |
|  Eaton Vance CLO 2019-1 Ltd. |  |  |
|  6.11% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/15/2037, Series 2019-1A, Class BR2 <sup>(1)(2)</sup> | 2000 | 2007 |
|  ECAF I Ltd. |  |  |
|  3.47%, 06/15/2040, Series 2015-1A, Class A1 <sup>(1)</sup> | 113 | 97 |
|  ECMC Group Student Loan Trust 2020-2 |  |  |
|  5.57% (30-day Average SOFR + 1.26%, 1.15% Floor), 11/25/2069, Series 2020-2A, Class A <sup>(1)(2)</sup> | 21808 | 21884 |
|  Edenbrook Mortgage Funding Plc |  |  |
|  6.43% (Sterling Overnight Index Average + 1.95%), 03/22/2057, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;591 | 812 |
|  7.03% (Sterling Overnight Index Average + 2.55%), 03/22/2057, Series 1, Class D <sup>(2)(19)</sup> | 341 | 471 |
|  Edgeconnex Data Centers Issuer LLC |  |  |
|  6.00%, 07/27/2054, Series 2024-1, Class A2 <sup>(1)</sup> | $9824 | 9835 |
|  EDvestinU Private Education Loan Issue No 4 LLC |  |  |
|  5.25%, 11/25/2040, Series 2022-A, Class A <sup>(1)</sup> | 742 | 736 |
|  Elara HGV Timeshare Issuer 2021-A LLC |  |  |
|  2.09%, 08/27/2035, Series 2021-A, Class C <sup>(1)</sup> | 202 | 191 |
|  Elevation CLO 2022-16 Ltd. |  |  |
|  5.41% (3 Month Term SOFR + 1.13%, 1.13% Floor), 07/25/2034, Series 2022-16A, Class A1AR <sup>(1)(2)</sup> | 16100 | 16087 |
|  ELFI Graduate Loan Program 2019-A LLC |  |  |
|  2.54%, 03/25/2044, Series 2019-A, Class A <sup>(1)</sup> | 1041 | 969 |
|  ELFI Graduate Loan Program 2021-A LLC |  |  |
|  2.09%, 12/26/2046, Series 2021-A, Class B <sup>(1)(4)</sup> | 336 | 277 |
|  Ellington Loan Acquisition Trust 2007-1 |  |  |
|  5.53% (1 Month Term SOFR + 1.21%, 1.10% Floor), 05/25/2037, Series 2007-1, Class A1 <sup>(1)(2)</sup> | 420 | 411 |
|  Elmwood CLO 15 Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.34% Floor), 04/22/2035, Series 2022-2A, Class A1 <sup>(1)(2)</sup> | 11210 | 11207 |

---

The accompanying notes are an integral part of these financial statements.

127.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Elmwood CLO 16 Ltd. |  |  |
|  6.77% (3 Month Term SOFR + 2.50%, 2.50% Floor), 04/20/2037, Series 2022-3A, Class CR <sup>(1)(2)</sup> | $500 | $501 |
|  Elmwood CLO 29 Ltd. |  |  |
|  5.79% (3 Month Term SOFR + 1.52%, 1.52% Floor), 04/20/2037, Series 2024-5A, Class AR1 <sup>(1)(2)</sup> | 250 | 251 |
|  Elmwood CLO 38 Ltd. |  |  |
|  5.43% (3 Month Term SOFR + 1.15%, 1.15% Floor), 04/22/2038, Series 2025-1A, Class A <sup>(1)(2)</sup> | 830 | 828 |
|  Elmwood CLO 39 Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.14%, 1.14% Floor), 04/17/2038, Series 2025-2A, Class A1 <sup>(1)(2)</sup> | 4750 | 4747 |
|  Elmwood CLO I Ltd. |  |  |
|  5.79% (3 Month Term SOFR + 1.52%, 1.52% Floor), 04/20/2037, Series 2019-1A, Class A1RR <sup>(1)(2)</sup> | 2000 | 2007 |
|  Elmwood CLO III Ltd. |  |  |
|  6.37% (3 Month Term SOFR + 2.10%, 2.10% Floor), 07/18/2037, Series 2019-3A, Class CRR <sup>(1)(2)</sup> | 500 | 500 |
|  Elmwood CLO IV Ltd. |  |  |
|  6.12% (3 Month Term SOFR + 1.85%, 1.85% Floor), 04/18/2037, Series 2020-1A, Class BR <sup>(1)(2)</sup> | 1250 | 1255 |
|  7.62% (3 Month Term SOFR + 3.35%, 3.35% Floor), 04/18/2037, Series 2020-1A, Class DR <sup>(1)(2)</sup> | 1000 | 998 |
|  Elmwood CLO VI Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.38%, 1.38% Floor), 07/18/2037, Series 2020-3A, Class ARR <sup>(1)(2)</sup> | 745 | 747 |
|  Ent Auto Receivables Trust 2023-1 |  |  |
|  6.22%, 08/16/2027, Series 2023-1A, Class A2 <sup>(1)</sup> | 160 | 160 |
|  Enterprise Fleet Financing 2024-4 LLC |  |  |
|  4.56%, 11/20/2028, Series 2024-4, Class A3 <sup>(1)</sup> | 7000 | 7037 |
|  4.69%, 07/20/2027, Series 2024-4, Class A2 <sup>(1)</sup> | 6600 | 6609 |
|  4.70%, 06/20/2031, Series 2024-4, Class A4 <sup>(1)</sup> | 568 | 575 |
|  4.72%, 10/21/2025, Series 2024-4, Class A1 <sup>(1)</sup> | 5582 | 5583 |
|  EverBright Solar Trust 2024-A |  |  |
|  6.43%, 06/22/2054, Series 2024-A, Class A <sup>(1)</sup> | 4207 | 4085 |
|  EWC Master Issuer LLC |  |  |
|  5.50%, 03/15/2052, Series 2022-1A, Class A2 <sup>(1)</sup> | 1698 | 1672 |
|  Exeter Automobile Receivables Trust 2022-6 |  |  |
|  6.32%, 05/15/2028, Series 2022-6A, Class C | 1814 | 1823 |
|  Exeter Automobile Receivables Trust 2023-1 |  |  |
|  6.69%, 06/15/2029, Series 2023-1A, Class D | 1960 | 1994 |
|  Exeter Automobile Receivables Trust 2023-2 |  |  |
|  5.61%, 09/15/2027, Series 2023-2A, Class B | 2823 | 2824 |
|  6.32%, 08/15/2029, Series 2023-2A, Class D | 4420 | 4498 |
|  Exeter Automobile Receivables Trust 2023-3 |  |  |
|  6.68%, 04/16/2029, Series 2023-3A, Class D | 2230 | 2277 |
|  Exeter Automobile Receivables Trust 2023-5 |  |  |
|  7.13%, 02/15/2030, Series 2023-5A, Class D | 9500 | 9877 |
|  Exeter Automobile Receivables Trust 2024-3 |  |  |
|  5.65%, 12/15/2027, Series 2024-3A, Class A3 | 3300 | 3307 |
|  5.70%, 07/16/2029, Series 2024-3A, Class C | 2200 | 2226 |
|  5.98%, 09/16/2030, Series 2024-3A, Class D | 1400 | 1431 |
|  Exeter Automobile Receivables Trust 2024-5 |  |  |
|  4.45%, 03/15/2028, Series 2024-5A, Class A3 | 5100 | 5090 |
|  4.79%, 04/15/2027, Series 2024-5A, Class A2 | 2614 | 2614 |
|  5.06%, 02/18/2031, Series 2024-5A, Class D | 4600 | 4603 |
|  Exeter Automobile Receivables Trust 2025-1 |  |  |
|  5.49%, 05/15/2031, Series 2025-1A, Class D | 8075 | 8227 |
|  FHF Trust 2022-1 |  |  |
|  4.43%, 01/18/2028, Series 2022-1A, Class A <sup>(1)</sup> | 917 | 917 |
|  Fieldstone Mortgage Investment Trust Series 2006-3 |  |  |
|  4.72% (1 Month Term SOFR + 0.39%, 0.28% Floor, 12.25% Cap), 11/25/2036, Series 2006-3, Class 1A <sup>(2)</sup> | 2332 | 2143 |
|  FIGRE Trust 2024-SL1 |  |  |
|  5.75%, 07/25/2053, Series 2024-SL1, Class A1 <sup>(1)(4)</sup> | 1640 | 1658 |
|  FIGRE Trust 2025-HE4 |  |  |
|  5.41%, 07/25/2055, Series HE4, Class A <sup>(1)(4)</sup> | 17250 | 17250 |

---

The accompanying notes are an integral part of these financial statements.

128.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Finance of America HECM Buyout 2024-HB1 |  |  |
|  4.00%, 10/01/2034, Series 2024-HB1, Class A1A <sup>(1)(4)</sup> | $11388 | $11310 |
|  First Franklin Mortgage Loan Trust 2002-FF4 |  |  |
|  5.56% (1 Month Term SOFR + 1.24%, 1.13% Floor), 02/25/2033, Series 2002-FF4, Class 1A2 <sup>(2)</sup> | 2481 | 2429 |
|  First Franklin Mortgage Loan Trust 2003-FFH2 |  |  |
|  6.09% (1 Month Term SOFR + 1.76%, 1.65% Floor), 02/25/2034, Series 2003-FFH2, Class M1A <sup>(2)</sup> | 2264 | 2331 |
|  First Franklin Mortgage Loan Trust 2004-FF7 |  |  |
|  6.61% (1 Month Term SOFR + 2.29%, 2.18% Floor), 09/25/2034, Series 2004-FF7, Class M5 <sup>(2)</sup> | 854 | 924 |
|  First Franklin Mortgage Loan Trust 2006-FF11 |  |  |
|  4.79% (1 Month Term SOFR + 0.47%, 0.36% Floor), 08/25/2036, Series 2006-FF11, Class 1A2 <sup>(2)</sup> | 18683 | 18537 |
|  First Franklin Mortgage Loan Trust 2006-FF13 |  |  |
|  4.67% (1 Month Term SOFR + 0.35%, 0.24% Floor), 10/25/2036, Series 2006-FF13, Class A1 <sup>(2)</sup> | 287 | 185 |
|  First Franklin Mortgage Loan Trust 2006-FF16 |  |  |
|  4.85% (1 Month Term SOFR + 0.53%, 0.42% Floor), 12/25/2036, Series 2006-FF16, Class 2A4 <sup>(2)</sup> | 4767 | 1922 |
|  First Franklin Mortgage Loan Trust 2006-FF17 |  |  |
|  4.58% (1 Month Term SOFR + 0.26%, 0.15% Floor), 12/25/2036, Series 2006-FF17, Class A5 <sup>(2)</sup> | 2327 | 1997 |
|  First Franklin Mortgage Loan Trust 2006-FF2 |  |  |
|  5.03% (1 Month Term SOFR + 0.71%, 0.60% Floor), 02/25/2036, Series 2006-FF2, Class A5 <sup>(2)</sup> | 11602 | 10848 |
|  First Franklin Mortgage Loan Trust Series 2005-FF12 |  |  |
|  5.14% (1 Month Term SOFR + 0.82%, 0.71% Floor), 11/25/2036, Series 2005-FF12, Class M2 <sup>(2)</sup> | 1339 | 1305 |
|  First Horizon Alternative Mortgage Securities Trust 2006-AA7 |  |  |
|  4.87%, 01/25/2037, Series 2006-AA7, Class A1 <sup>(4)</sup> | 1853 | 1475 |
|  First Investors Auto Owner Trust 2022-1 |  |  |
|  3.79%, 06/15/2028, Series 2022-1A, Class D <sup>(1)</sup> | 2875 | 2831 |
|  FirstKey Homes 2020-SFR1 Trust |  |  |
|  2.24%, 08/17/2037, Series 2020-SFR1, Class D <sup>(1)</sup> | 1590 | 1578 |
|  2.79%, 08/17/2037, Series 2020-SFR1, Class E <sup>(1)</sup> | 805 | 799 |
|  FirstKey Homes 2021-SFR1 Trust |  |  |
|  2.39%, 08/17/2038, Series 2021-SFR1, Class E1 <sup>(1)</sup> | 4795 | 4628 |
|  FirstKey Homes 2021-SFR2 Trust |  |  |
|  2.26%, 09/17/2038, Series 2021-SFR2, Class E1 <sup>(1)</sup> | 3380 | 3244 |
|  2.36%, 09/17/2038, Series 2021-SFR2, Class E2 <sup>(1)</sup> | 2000 | 1920 |
|  FirstKey Homes 2022-SFR2 Trust |  |  |
|  4.50%, 07/17/2039, Series 2022-SFR2, Class D <sup>(1)</sup> | 10352 | 10141 |
|  Flagship Credit Auto Trust 2020-4 |  |  |
|  2.18%, 02/16/2027, Series 2020-4, Class D <sup>(1)</sup> | 4264 | 4233 |
|  Flagship Credit Auto Trust 2021-1 |  |  |
|  1.27%, 03/15/2027, Series 2021-1, Class D <sup>(1)</sup> | 1218 | 1200 |
|  Flagship Credit Auto Trust 2021-2 |  |  |
|  1.59%, 06/15/2027, Series 2021-2, Class D <sup>(1)</sup> | 3085 | 3010 |
|  Flagship Credit Auto Trust 2022-2 |  |  |
|  4.76%, 05/17/2027, Series 2022-2, Class B <sup>(1)</sup> | 3958 | 3955 |
|  Flagship Credit Auto Trust 2023-2 |  |  |
|  6.62%, 05/15/2029, Series 2023-2, Class D <sup>(1)</sup> | 8385 | 8448 |
|  Flagship Credit Auto Trust 2023-3 |  |  |
|  6.58%, 08/15/2029, Series 2023-3, Class D <sup>(1)</sup> | 1205 | 1212 |
|  Flagship Credit Auto Trust 2024-1 |  |  |
|  5.64%, 03/15/2028, Series 2024-1, Class A2 <sup>(1)</sup> | 5565 | 5579 |
|  Flagship Credit Auto Trust 2024-3 |  |  |
|  4.88%, 11/15/2028, Series 2024-3, Class A <sup>(1)</sup> | 1201 | 1203 |
|  Flatiron CLO 21 Ltd. |  |  |
|  5.85% (3 Month Term SOFR + 1.58%, 1.58% Floor), 10/19/2037, Series 2021-1A, Class A2R <sup>(1)(2)</sup> | 780 | 780 |
|  Flatiron CLO 25 Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.35%, 1.35% Floor), 10/17/2037, Series 2024-2A, Class A <sup>(1)(2)</sup> | 460 | 461 |
|  5.88% (3 Month Term SOFR + 1.60%, 1.60% Floor), 10/17/2037, Series 2024-2A, Class B <sup>(1)(2)</sup> | 600 | 601 |
|  Flexential Issuer 2021-1 |  |  |
|  3.25%, 11/27/2051, Series 2021-1A, Class A2 <sup>(1)</sup> | 13600 | 13161 |

---

The accompanying notes are an integral part of these financial statements.

129.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  FNA 8 LLC |  |  |
|  5.62%, 03/15/2045, Series 2025-1, Class A <sup>(1)(4)</sup> | $3294 | $3309 |
|  FOCUS Brands Funding |  |  |
|  8.24%, 10/30/2053, Series 2023-2, Class A2 <sup>(1)</sup> | 3201 | 3379 |
|  Ford Auto Securitization Trust II |  |  |
|  3.72%, 11/15/2028, Series 2024-BA, Class A2 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4200 | 3103 |
|  3.84%, 09/15/2030, Series 2024-BA, Class A3 <sup>(1)</sup> | 3300 | 2444 |
|  3.95%, 10/15/2026, Series 2024-BA, Class A1 <sup>(1)</sup> | 1704 | 1254 |
|  Ford Credit Auto Lease Trust 2023-B |  |  |
|  6.97%, 06/15/2028, Series 2023-B, Class D | $2810 | 2844 |
|  Ford Credit Auto Owner Trust 2023-A |  |  |
|  4.65%, 02/15/2028, Series 2023-A, Class A3 | 2451 | 2454 |
|  Ford Credit Auto Owner Trust 2024-C |  |  |
|  4.07%, 07/15/2029, Series 2024-C, Class A3 | 7400 | 7390 |
|  4.32%, 08/15/2027, Series 2024-C, Class A2A | 23106 | 23086 |
|  Ford Credit Floorplan Master Owner Trust A |  |  |
|  1.32%, 09/15/2027, Series 2020-2, Class B | 4235 | 4181 |
|  Fortuna Consumer Loan Abs 2024-2 DAC |  |  |
|  3.56% (1 Month €STR + 1.65%), 10/18/2034, Series 2024-2, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | 355 |
|  6.47% (1 Month €STR + 4.10%), 10/18/2034, Series 2, Class E <sup>(2)(19)</sup> | 900 | 1073 |
|  Foundation Finance Trust 2023-2 |  |  |
|  6.53%, 06/15/2049, Series 2023-2A, Class A <sup>(1)</sup> | $2892 | 3014 |
|  6.97%, 06/15/2049, Series 2023-2A, Class B <sup>(1)</sup> | 1521 | 1590 |
|  Foundation Finance Trust 2024-1 |  |  |
|  5.95%, 12/15/2049, Series 2024-1A, Class B <sup>(1)</sup> | 299 | 305 |
|  Foundation Finance Trust 2024-2 |  |  |
|  4.93%, 03/15/2050, Series 2024-2A, Class B <sup>(1)</sup> | 559 | 557 |
|  Foundation Finance Trust 2025-1 |  |  |
|  4.95%, 04/15/2050, Series 2025-1A, Class A <sup>(1)</sup> | 2929 | 2946 |
|  FREED ABS Trust 2021-3FP |  |  |
|  2.37%, 11/20/2028, Series 2021-3FP, Class D <sup>(1)</sup> | 555 | 552 |
|  FREED ABS Trust 2022-1FP |  |  |
|  3.35%, 03/19/2029, Series 2022-1FP, Class D <sup>(1)</sup> | 1084 | 1077 |
|  Fremont Home Loan Trust 2003-1 |  |  |
|  5.71% (1 Month Term SOFR + 1.39%, 1.28% Floor), 02/25/2033, Series 2003-1, Class M1 <sup>(2)</sup> | 1178 | 1298 |
|  Fremont Home Loan Trust 2004-4 |  |  |
|  5.23% (1 Month Term SOFR + 0.91%, 0.80% Floor), 03/25/2035, Series 2004-4, Class M1 <sup>(2)</sup> | 16192 | 15223 |
|  Fremont Home Loan Trust 2004-C |  |  |
|  5.41% (1 Month Term SOFR + 1.09%, 0.98% Floor), 08/25/2034, Series 2004-C, Class M1 <sup>(2)</sup> | 5778 | 5408 |
|  Fremont Home Loan Trust 2005-1 |  |  |
|  5.59% (1 Month Term SOFR + 1.27%, 1.16% Floor), 06/25/2035, Series 2005-1, Class M6 <sup>(2)</sup> | 3072 | 2571 |
|  Fremont Home Loan Trust 2005-2 |  |  |
|  5.18% (1 Month Term SOFR + 0.86%, 0.75% Floor), 06/25/2035, Series 2005-2, Class M3 <sup>(2)</sup> | 271 | 274 |
|  Fremont Home Loan Trust 2005-C |  |  |
|  5.21% (1 Month Term SOFR + 0.89%, 0.78% Floor), 07/25/2035, Series 2005-C, Class M3 <sup>(2)</sup> | 7525 | 7195 |
|  5.36% (1 Month Term SOFR + 1.04%, 0.93% Floor), 07/25/2035, Series 2005-C, Class M4 <sup>(2)</sup> | 10696 | 8958 |
|  Fremont Home Loan Trust 2005-E |  |  |
|  5.09% (1 Month Term SOFR + 0.77%, 0.66% Floor), 01/25/2036, Series 2005-E, Class 2A4 <sup>(2)</sup> | 5270 | 5084 |
|  Frontier Issuer LLC |  |  |
|  6.19%, 06/20/2054, Series 2024-1, Class A2 <sup>(1)</sup> | 9860 | 10153 |
|  6.60%, 08/20/2053, Series 2023-1, Class A2 <sup>(1)</sup> | 35360 | 35920 |
|  FTA Consumo Santander |  |  |
|  3.59% (3 Month €STR + 1.50%), 01/21/2040, Series 8, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | 472 |
|  4.19% (3 Month €STR + 1.30%), 07/20/2038, Series 7, Class B <sup>(2)(19)</sup> | 432 | 510 |
|  4.54% (3 Month €STR + 1.65%), 07/20/2038, Series 7, Class C <sup>(2)(19)</sup> | 345 | 408 |
|  4.84% (3 Month €STR + 2.75%), 01/21/2040, Series 8, Class D <sup>(2)(19)</sup> | 100 | 118 |
|  Galaxy XX CLO Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.26%, 1.00% Floor), 04/20/2031, Series 2015-20A, Class AR <sup>(1)(2)</sup> | $215 | 215 |

---

The accompanying notes are an integral part of these financial statements.

130.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Galaxy XXVI CLO Ltd. |  |  |
|  5.50% (3 Month Term SOFR + 1.17%, 1.17% Floor), 11/22/2031, Series 2018-26A, Class AR <sup>(1)(2)</sup> | $233 | $233 |
|  Gallatin CLO VIII 2017-1 Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.35%, 1.09% Floor), 07/15/2031, Series 2017-1A, Class A1R <sup>(1)(2)</sup> | 26061 | 26064 |
|  Generate CLO 16 Ltd. |  |  |
|  6.12% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/20/2037, Series 2024-16A, Class B <sup>(1)(2)</sup> | 500 | 502 |
|  Generate CLO 2 Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.41%, 1.41% Floor), 10/22/2037, Series 2A, Class AR2 <sup>(1)(2)</sup> | 1170 | 1176 |
|  6.08% (3 Month Term SOFR + 1.80%, 1.80% Floor), 10/22/2037, Series 2A, Class BR2 <sup>(1)(2)</sup> | 1150 | 1154 |
|  Generate CLO 5 Ltd. |  |  |
|  6.27% (3 Month Term SOFR + 2.00%, 2.00% Floor), 07/22/2037, Series 5A, Class BR <sup>(1)(2)</sup> | 1750 | 1754 |
|  Generate CLO 7 Ltd. |  |  |
|  5.89% (3 Month Term SOFR + 1.62%, 1.62% Floor), 04/22/2037, Series 7A, Class A1R <sup>(1)(2)</sup> | 1972 | 1981 |
|  Generate CLO 8 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.38%, 1.38% Floor), 01/20/2038, Series 8A, Class A1R2 <sup>(1)(2)</sup> | 260 | 261 |
|  Generate CLO 9 LTD |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.35% Floor), 01/20/2038, Series 9A, Class AR <sup>(1)(2)</sup> | 4151 | 4163 |
|  GITSIT Mortgage Loan Trust 2024-NPL1 |  |  |
|  7.47%, 06/25/2054, Series 2024-NPL1, Class A1 <sup>(1)(3)</sup> | 2655 | 2655 |
|  GITSIT Mortgage Loan Trust 2025-NPL1 |  |  |
|  6.28%, 02/25/2055, Series 2025-NPL1, Class A1 <sup>(1)(3)</sup> | 20796 | 20797 |
|  GLS Auto Receivables Issuer Trust 2023-2 |  |  |
|  6.31%, 03/15/2029, Series 2023-2A, Class D <sup>(1)</sup> | 3335 | 3404 |
|  GLS Auto Receivables Issuer Trust 2023-3 |  |  |
|  6.44%, 05/15/2029, Series 2023-3A, Class D <sup>(1)</sup> | 2425 | 2483 |
|  GLS Auto Receivables Issuer Trust 2023-4 |  |  |
|  7.18%, 08/15/2029, Series 2023-4A, Class D <sup>(1)</sup> | 4300 | 4471 |
|  GLS Auto Receivables Issuer Trust 2024-1 |  |  |
|  5.95%, 12/17/2029, Series 2024-1A, Class D <sup>(1)</sup> | 2600 | 2653 |
|  GLS Auto Receivables Issuer Trust 2024-2 |  |  |
|  6.19%, 02/15/2030, Series 2024-2A, Class D <sup>(1)</sup> | 805 | 825 |
|  GLS Auto Receivables Issuer Trust 2024-4 |  |  |
|  4.75%, 07/17/2028, Series 2024-4A, Class A3 <sup>(1)</sup> | 1500 | 1503 |
|  4.76%, 10/15/2027, Series 2024-4A, Class A2 <sup>(1)</sup> | 2760 | 2760 |
|  GLS Auto Receivables Issuer Trust 2025-2 |  |  |
|  5.59%, 01/15/2031, Series 2025-2A, Class D <sup>(1)</sup> | 1000 | 1017 |
|  GLS Auto Select Receivables Trust 2024-3 |  |  |
|  5.92%, 08/15/2030, Series 2024-3A, Class C <sup>(1)</sup> | 2100 | 2165 |
|  6.34%, 08/15/2031, Series 2024-3A, Class D <sup>(1)</sup> | 3400 | 3504 |
|  GLS Auto Select Receivables Trust 2024-4 |  |  |
|  4.43%, 12/17/2029, Series 2024-4A, Class A2 <sup>(1)</sup> | 6609 | 6605 |
|  5.28%, 10/15/2031, Series 2024-4A, Class D <sup>(1)</sup> | 600 | 605 |
|  GLS Auto Select Receivables Trust 2025-1 |  |  |
|  5.04%, 02/15/2031, Series 2025-1A, Class B <sup>(1)</sup> | 435 | 441 |
|  5.26%, 03/15/2031, Series 2025-1A, Class C <sup>(1)</sup> | 340 | 346 |
|  5.74%, 04/15/2032, Series 2025-1A, Class D <sup>(1)</sup> | 670 | 685 |
|  GLS Auto Select Receivables Trust 2025-3 |  |  |
|  5.14%, 09/15/2031, Series 2025-3A, Class C <sup>(1)</sup> | 800 | 800 |
|  GM Financial Automobile Leasing Trust 2024-3 |  |  |
|  4.21%, 10/20/2027, Series 2024-3, Class A3 | 13200 | 13197 |
|  4.29%, 01/20/2027, Series 2024-3, Class A2A | 7741 | 7731 |
|  GM Financial Consumer Automobile Receivables Trust 2024-4 |  |  |
|  4.40%, 08/16/2029, Series 2024-4, Class A3 | 12300 | 12335 |
|  4.53%, 10/18/2027, Series 2024-4, Class A2A | 4988 | 4988 |
|  Golden Bar Securitisation Srl |  |  |
|  3.89% (3 Month €STR + 1.50%), 09/22/2043, Series 1, Class B <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;558 | 664 |
|  Golden Bar Securitisation Srl 2025-1 |  |  |
|  3.90% (3 Month €STR + 1.90%), 12/20/2044, Series 1, Class D <sup>(2)(19)</sup> | 217 | 257 |

---

The accompanying notes are an integral part of these financial statements.

131.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Golden Ray SA – Compartment 1 |  |  |
|  4.35% (1 Month €STR + 2.00%), 12/27/2057, Series 1, Class C <sup>(2)(19)</sup> | 100 | $117 |
|  Goldentree Loan Management U.S. Clo 11 Ltd. |  |  |
|  5.35% (3 Month Term SOFR + 1.08%, 1.08% Floor), 10/20/2034, Series 2021-11A, Class AR <sup>(1)(2)</sup> | $29500 | 29469 |
|  GoldenTree Loan Management U.S. CLO 16 Ltd. |  |  |
|  5.39% (3 Month Term SOFR + 1.12%, 1.12% Floor), 01/20/2038, Series 2022-16A, Class ARR <sup>(1)(2)</sup> | 1230 | 1230 |
|  Goldentree Loan Management U.S. Clo 8 Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.15%, 1.15% Floor), 10/20/2034, Series 2020-8A, Class ARR <sup>(1)(2)</sup> | 27220 | 27226 |
|  Goldman Home Improvement Trust 2022-GRN1 Issuer Trust |  |  |
|  4.50%, 06/25/2052, Series 2022-GRN1, Class A <sup>(1)</sup> | 1356 | 1350 |
|  Goldman Home Improvement Trust 2022-GRN2 Issuer Trust |  |  |
|  6.80%, 10/25/2052, Series 2022-GRN2, Class A <sup>(1)</sup> | 400 | 412 |
|  Golub Capital Partners 48 LP |  |  |
|  5.59% (3 Month Term SOFR + 1.31%, 1.31% Floor), 04/17/2038, Series 2020-48A, Class A1R <sup>(1)(2)</sup> | 1000 | 1001 |
|  Golub Capital Partners CLO 41B-R Ltd. |  |  |
|  5.85% (3 Month Term SOFR + 1.58%, 1.32% Floor), 01/20/2034, Series 2019-41A, Class AR <sup>(1)(2)</sup> | 2945 | 2951 |
|  Golub Capital Partners CLO 43B Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.34% Floor), 10/20/2037, Series 2019-43A, Class A1R <sup>(1)(2)</sup> | 1995 | 1997 |
|  Golub Capital Partners CLO 55B Ltd. |  |  |
|  5.73% (3 Month Term SOFR + 1.46%, 1.20% Floor), 07/20/2034, Series 2021-55A, Class A <sup>(1)(2)</sup> | 4240 | 4247 |
|  Golub Capital Partners CLO 66B Ltd. |  |  |
|  5.77% (3 Month Term SOFR + 1.45%, 1.45% Floor), 07/25/2038, Series 2023-66A, Class AR <sup>(1)(2)</sup> | 1210 | 1214 |
|  Golub Capital Partners CLO 74 B Ltd. |  |  |
|  6.13% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/25/2037, Series 2024-74A, Class B <sup>(1)(2)</sup> | 2000 | 2010 |
|  Golub Capital Partners CLO 76 B Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.37%, 1.37% Floor), 10/25/2037, Series 2024-76A, Class A1 <sup>(1)(2)</sup> | 340 | 341 |
|  5.95% (3 Month Term SOFR + 1.67%, 1.67% Floor), 10/25/2037, Series 2024-76A, Class B <sup>(1)(2)</sup> | 250 | 251 |
|  7.18% (3 Month Term SOFR + 2.90%, 2.90% Floor), 10/25/2037, Series 2024-76A, Class D1 <sup>(1)(2)</sup> | 250 | 251 |
|  GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
|  5.35%, 10/20/2046, Series 2024-1A, Class A <sup>(1)</sup> | 8116 | 8209 |
|  GoodLeap Home Improvement Solutions Trust 2025-1 |  |  |
|  5.38%, 02/20/2049, Series 2025-1A, Class A <sup>(1)</sup> | 4853 | 4913 |
|  6.27%, 02/20/2049, Series 2025-1A, Class B <sup>(1)</sup> | 186 | 190 |
|  GoodLeap Sustainable Home Solutions Trust 2022-3 |  |  |
|  4.95%, 07/20/2049, Series 2022-3CS, Class A <sup>(1)</sup> | 155 | 140 |
|  Gracie Point International Funding 2023-1 |  |  |
|  6.30% (90-day Average SOFR + 1.95%), 09/01/2026, Series 2023-1A, Class A <sup>(1)(2)</sup> | 1638 | 1641 |
|  Green Lakes Park CLO LLC |  |  |
|  5.46% (3 Month Term SOFR + 1.18%, 1.18% Floor), 01/25/2038, Series 2025-1A, Class ARR <sup>(1)(2)</sup> | 590 | 590 |
|  Greenacre Park CLO LLC |  |  |
|  5.67% (3 Month Term SOFR + 1.37%, 1.37% Floor), 07/20/2037, Series 2021-2A, Class AR <sup>(1)(2)</sup> | 2670 | 2682 |
|  GreenSky Home Improvement Issuer Trust 2024-2 |  |  |
|  5.15%, 10/27/2059, Series 2024-2, Class A4 <sup>(1)</sup> | 2482 | 2503 |
|  5.26%, 10/27/2059, Series 2024-2, Class B <sup>(1)</sup> | 1090 | 1096 |
|  GreenSky Home Improvement Trust 2024-1 |  |  |
|  5.55%, 06/25/2059, Series 2024-1, Class A3 <sup>(1)</sup> | 3195 | 3270 |
|  5.67%, 06/25/2059, Series 2024-1, Class A4 <sup>(1)</sup> | 2644 | 2696 |
|  5.87%, 06/25/2059, Series 2024-1, Class B <sup>(1)</sup> | 392 | 399 |
|  6.36%, 06/25/2059, Series 2024-1, Class C <sup>(1)</sup> | 2645 | 2711 |
|  Greenwood Park CLO Ltd. |  |  |
|  5.55% (3 Month Term SOFR + 1.29%), 04/15/2031, Series 2018-1A, Class A1 <sup>(1)(2)</sup> | 53 | 53 |
|  Greywolf CLO VII Ltd. |  |  |
|  5.71% (3 Month Term SOFR + 1.44%, 1.44% Floor), 10/20/2031, Series 2018-2A, Class A1 <sup>(1)(2)</sup> | 177 | 177 |
|  GSAMP Trust 2005-AHL |  |  |
|  5.41% (1 Month Term SOFR + 1.09%, 0.98% Floor), 04/25/2035, Series 2005-AHL, Class M2 <sup>(2)</sup> | 2801 | 2643 |
|  GSAMP Trust 2006-HE4 |  |  |
|  4.88% (1 Month Term SOFR + 0.56%, 0.45% Floor), 06/25/2036, Series 2006-HE4, Class M1 <sup>(2)</sup> | 1350 | 1144 |

---

The accompanying notes are an integral part of these financial statements.

132.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  GSAMP Trust 2007-FM2 |  |  |
|  4.49% (1 Month Term SOFR + 0.17%, 0.06% Floor), 01/25/2037, Series 2007-FM2, Class A2A <sup>(2)</sup> | $1635 | $981 |
|  HalseyPoint CLO 4 Ltd. |  |  |
|  5.75% (3 Month Term SOFR + 1.48%, 1.22% Floor), 04/20/2034, Series 2021-4A, Class A <sup>(1)(2)</sup> | 480 | 481 |
|  Halseypoint CLO 6 Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.35% Floor), 01/20/2038, Series 2022-6A, Class A1R <sup>(1)(2)</sup> | 500 | 500 |
|  Hamlin Park CLO Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.34% Floor), 10/20/2037, Series 2024-1A, Class A <sup>(1)(2)</sup> | 540 | 541 |
|  Hardee's Funding LLC |  |  |
|  2.87%, 06/20/2051, Series 2021-1A, Class A2 <sup>(1)</sup> | 4598 | 4192 |
|  7.25%, 03/20/2054, Series 2024-1A, Class A2 <sup>(1)</sup> | 2419 | 2496 |
|  Harley Marine Financing LLC |  |  |
|  9.25%, 12/15/2027, Series 2023-1, Class A1 <sup>(1)</sup> | 301 | 303 |
|  9.75%, 12/15/2027, Series 2023-1, Class A2 <sup>(1)</sup> | 303 | 305 |
|  Harley-Davidson Motorcycle Trust 2024-B |  |  |
|  4.31%, 07/16/2029, Series 2024-B, Class A3 | 16100 | 16129 |
|  4.62%, 08/16/2027, Series 2024-B, Class A2 | 19844 | 19850 |
|  Harvest CLO XXI DAC |  |  |
|  1.04%, 07/15/2031, Series 21A, Class A2R <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3049 | 3522 |
|  2.79% (3 Month €STR + 0.76%, 0.76% Floor), 07/15/2031, Series 21A, Class A1R <sup>(1)(2)</sup> | 25584 | 30102 |
|  Hermitage 2024 Plc |  |  |
|  6.06% (Sterling Overnight Index Average + 1.60%), 04/21/2033, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;189 | 260 |
|  6.81% (Sterling Overnight Index Average + 2.35%), 04/21/2033, Series 1, Class D <sup>(2)(19)</sup> | 131 | 181 |
|  8.36% (Sterling Overnight Index Average + 3.90%), 04/21/2033, Series 1, Class E <sup>(2)(19)</sup> | 192 | 265 |
|  Hermitage 2025 Plc |  |  |
|  (Sterling Overnight Index Average + 3.20%), 04/21/2033, Series 1, Class E <sup>(2)(6)(19)</sup> | 200 | 275 |
|  (Sterling Overnight Index Average + 1.70%), 04/21/2033, Series 1, Class D <sup>(2)(6)(19)</sup> | 278 | 382 |
|  Hertz Vehicle Financing III LLC |  |  |
|  9.13%, 06/25/2027, Series 2023-1A, Class 1D <sup>(1)</sup> | $2585 | 2614 |
|  Hertz Vehicle Financing LLC |  |  |
|  6.56%, 09/25/2026, Series 2022-4A, Class D <sup>(1)</sup> | 3330 | 3330 |
|  Hill FL 2024-2 BV |  |  |
|  4.33% (1 Month €STR + 1.95%), 10/18/2032, Series 2FL, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | 232 |
|  Hilton Grand Vacations Trust 2022-1D |  |  |
|  4.69%, 06/20/2034, Series 2022-1D, Class C <sup>(1)</sup> | $158 | 156 |
|  Hilton Grand Vacations Trust 2023-1 |  |  |
|  6.94%, 01/25/2038, Series 2023-1A, Class C <sup>(1)</sup> | 305 | 315 |
|  Hilton Grand Vacations Trust 2024-2 |  |  |
|  5.99%, 03/25/2038, Series 2024-2A, Class C <sup>(1)</sup> | 1238 | 1253 |
|  Hilton Grand Vacations Trust 2025-1 |  |  |
|  5.52%, 05/27/2042, Series 2025-1A, Class C <sup>(1)</sup> | 755 | 761 |
|  HIN Timeshare Trust 2020-A |  |  |
|  3.42%, 10/09/2039, Series 2020-A, Class C <sup>(1)</sup> | 66 | 64 |
|  HINNT 2024-A LLC |  |  |
|  5.49%, 03/15/2043, Series 2024-A, Class A <sup>(1)</sup> | 1991 | 2024 |
|  Home Partners of America 2019-1 Trust |  |  |
|  3.41%, 09/17/2039, Series 2019-1, Class D <sup>(1)</sup> | 1090 | 1047 |
|  Home Partners of America 2019-2 Trust |  |  |
|  3.12%, 10/19/2039, Series 2019-2, Class D <sup>(1)</sup> | 1181 | 1126 |
|  Home Partners of America 2021-1 Trust |  |  |
|  2.58%, 09/17/2041, Series 2021-1, Class E <sup>(1)</sup> | 736 | 632 |
|  Home Partners of America 2021-2 Trust |  |  |
|  2.95%, 12/17/2026, Series 2021-2, Class E2 <sup>(1)</sup> | 4224 | 4031 |
|  Home Partners of America 2021-3 Trust |  |  |
|  2.20%, 01/17/2041, Series 2021-3, Class A <sup>(1)</sup> | 23564 | 21737 |
|  Honda Auto Receivables 2024-4 Owner Trust |  |  |
|  4.33%, 05/15/2029, Series 2024-4, Class A3 | 3600 | 3608 |
|  4.56%, 03/15/2027, Series 2024-4, Class A2 | 10248 | 10247 |

---

The accompanying notes are an integral part of these financial statements.

133.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Horizon Aircraft Finance I Ltd. |  |  |
|  4.46%, 12/15/2038, Series 2018-1, Class A <sup>(1)</sup> | $975 | $931 |
|  Horizon Aircraft Finance II Ltd. |  |  |
|  3.72%, 07/15/2039, Series 2019-1, Class A <sup>(1)</sup> | 417 | 403 |
|  Horizon Aircraft Finance III Ltd. |  |  |
|  3.43%, 11/15/2039, Series 2019-2, Class A <sup>(1)</sup> | 1168 | 1110 |
|  HPEFS Equipment Trust |  |  |
|  2.40%, 11/20/2029, Series 2022-1A, Class D <sup>(1)</sup> | 810 | 809 |
|  HPEFS Equipment Trust 2023-2 |  |  |
|  6.97%, 07/21/2031, Series 2023-2A, Class D <sup>(1)</sup> | 1585 | 1610 |
|  Huntington Auto Trust 2024-1 |  |  |
|  5.23%, 01/16/2029, Series 2024-1A, Class A3 <sup>(1)</sup> | 13900 | 14023 |
|  5.50%, 03/15/2027, Series 2024-1A, Class A2 <sup>(1)</sup> | 4909 | 4915 |
|  Huntington Bank Auto Credit-Linked Notes Series 2024-1 |  |  |
|  5.70% (30-day Average SOFR + 1.40%), 05/20/2032, Series 2024-1, Class B2 <sup>(1)(2)</sup> | 1521 | 1530 |
|  Huntington Bank Auto Credit-Linked Notes Series 2024-2 |  |  |
|  5.65% (30-day Average SOFR + 1.35%), 10/20/2032, Series 2024-2, Class B2 <sup>(1)(2)</sup> | 2569 | 2582 |
|  Hyundai Auto Lease Securitization Trust 2024-C |  |  |
|  4.62%, 04/17/2028, Series 2024-C, Class A3 <sup>(1)</sup> | 9500 | 9544 |
|  4.77%, 03/15/2027, Series 2024-C, Class A2A <sup>(1)</sup> | 4566 | 4574 |
|  Hyundai Auto Receivables Trust 2024-C |  |  |
|  4.41%, 05/15/2029, Series 2024-C, Class A3 | 17900 | 17990 |
|  4.53%, 09/15/2027, Series 2024-C, Class A2A | 9656 | 9658 |
|  Hyundai Auto Receivables Trust 2025-A |  |  |
|  4.76%, 06/15/2032, Series 2025-A, Class C | 5400 | 5416 |
|  Invesco U.S. CLO 2024-4 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.33%, 1.33% Floor), 01/15/2038, Series 2024-4A, Class A1 <sup>(1)(2)</sup> | 18945 | 18988 |
|  Island Finance Trust 2025-1 |  |  |
|  6.54%, 03/19/2035, Series 2025-1A, Class A <sup>(1)</sup> | 1080 | 1101 |
|  Italian Stella Loans Srl |  |  |
|  4.50% (1 Month €STR + 2.15%), 05/27/2039, Series 2, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98 | 116 |
|  IXIS Real Estate Capital Trust 2005-HE2 |  |  |
|  5.41% (1 Month Term SOFR + 1.09%, 0.98% Floor), 09/25/2035, Series 2005-HE2, Class M5 <sup>(2)</sup> | $2156 | 2263 |
|  Jack in the Box Funding LLC |  |  |
|  3.45%, 02/26/2052, Series 2022-1A, Class A2I <sup>(1)</sup> | 266 | 257 |
|  4.48%, 08/25/2049, Series 2019-1A, Class A2II <sup>(1)</sup> | 4433 | 4369 |
|  John Deere Owner Trust 2024-C |  |  |
|  4.36%, 08/16/2027, Series 2024-C, Class A2A | 39616 | 39578 |
|  JP Morgan Mortgage Acquisition Corp. 2005-FRE1 |  |  |
|  2.92% (1 Month Term SOFR + 0.76%, 0.65% Floor), 10/25/2035, Series 2005-FRE1, Class M2 <sup>(2)</sup> | 7044 | 6127 |
|  JP Morgan Mortgage Acquisition Corp. 2006-FRE2 |  |  |
|  4.97% (1 Month Term SOFR + 0.65%, 0.54% Floor), 02/25/2036, Series 2006-FRE2, Class M2 <sup>(2)</sup> | 11255 | 10148 |
|  JP Morgan Mortgage Acquisition Corp. 2006-WMC1 |  |  |
|  4.97% (1 Month Term SOFR + 0.65%, 0.54% Floor), 03/25/2036, Series 2006-WMC1, Class A5 <sup>(2)</sup> | 5015 | 4817 |
|  JP Morgan Mortgage Acquisition Trust 2006-CW1 |  |  |
|  4.87% (1 Month Term SOFR + 0.55%, 0.44% Floor), 05/25/2036, Series 2006-CW1, Class M2 <sup>(2)</sup> | 11322 | 10175 |
|  JP Morgan Mortgage Acquisition Trust 2006-WMC4 |  |  |
|  4.67% (1 Month Term SOFR + 0.35%, 0.24% Floor), 12/25/2036, Series 2006-WMC4, Class A3 <sup>(2)</sup> | 17433 | 9021 |
|  4.73% (1 Month Term SOFR + 0.41%, 0.30% Floor), 12/25/2036, Series 2006-WMC4, Class A4 <sup>(2)</sup> | 15877 | 8220 |
|  JP Morgan Mortgage Acquisition Trust 2007-CH3 |  |  |
|  4.69% (1 Month Term SOFR + 0.37%, 0.26% Floor), 03/25/2037, Series 2007-CH3, Class A5 <sup>(2)</sup> | 6841 | 6767 |
|  JP Morgan Mortgage Acquisition Trust 2007-CH5 |  |  |
|  4.70% (1 Month Term SOFR + 0.38%, 0.27% Floor), 06/25/2037, Series 2007-CH5, Class M1 <sup>(2)</sup> | 6338 | 6151 |
|  Kapitus Asset Securitization IV LLC |  |  |
|  5.49%, 09/10/2031, Series 2024-1A, Class A <sup>(1)</sup> | 5805 | 5798 |
|  5.49%, 09/10/2031, Series 2024-1A, Class 1A <sup>(1)</sup> | 10250 | 10238 |
|  Kapitus Asset Securitization V LLC |  |  |
|  5.46%, 04/10/2032, Series 2025-1A, Class A <sup>(1)</sup> | 12965 | 13041 |

---

The accompanying notes are an integral part of these financial statements.

134.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  KDAC Aviation Finance Ltd. |  |  |
|  4.21%, 12/15/2042, Series 2017-1A, Class A <sup>(1)</sup> | $739 | $719 |
|  Kestrel Aircraft Funding Ltd. |  |  |
|  4.25%, 12/15/2038, Series 2018-1A, Class A <sup>(1)</sup> | 1610 | 1578 |
|  Kings Park CLO Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.39%, 1.39% Floor), 01/21/2035, Series 2021-1A, Class A <sup>(1)(2)</sup> | 250 | 251 |
|  KKR CLO 11 Ltd. |  |  |
|  5.70% (3 Month Term SOFR + 1.44%, 1.44% Floor), 01/15/2031, Series 11, Class AR <sup>(1)(2)</sup> | 2545 | 2547 |
|  KKR CLO 35 Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.20%, 1.20% Floor), 01/20/2038, Series 35A, Class AR <sup>(1)(2)</sup> | 500 | 499 |
|  KKR Financial CLO 2013-1 Ltd. |  |  |
|  5.71% (3 Month Term SOFR + 1.45%, 1.45% Floor), 04/15/2029, Series 2013-1A, Class A2R2 <sup>(1)(2)</sup> | 2000 | 2000 |
|  6.21% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/15/2029, Series 2013-1A, Class BR2 <sup>(1)(2)</sup> | 1000 | 1002 |
|  Labrador Aviation Finance Ltd. 2016-1A |  |  |
|  4.30%, 01/15/2042, Series 2016-1A, Class A1 <sup>(1)</sup> | 1210 | 1177 |
|  LAD Auto Receivables Trust 2023-3 |  |  |
|  6.43%, 12/15/2028, Series 2023-3A, Class C <sup>(1)</sup> | 3640 | 3732 |
|  LAD Auto Receivables Trust 2023-4 |  |  |
|  6.76%, 03/15/2029, Series 2023-4A, Class C <sup>(1)</sup> | 1940 | 2007 |
|  7.37%, 04/15/2031, Series 2023-4A, Class D <sup>(1)</sup> | 980 | 1028 |
|  LAD Auto Receivables Trust 2024-1 |  |  |
|  5.33%, 02/15/2029, Series 2024-1A, Class B <sup>(1)</sup> | 500 | 507 |
|  5.64%, 06/15/2029, Series 2024-1A, Class C <sup>(1)</sup> | 100 | 102 |
|  LAD Auto Receivables Trust 2024-3 |  |  |
|  4.52%, 03/15/2029, Series 2024-3A, Class A3 <sup>(1)</sup> | 3000 | 3007 |
|  4.64%, 11/15/2027, Series 2024-3A, Class A2 <sup>(1)</sup> | 3800 | 3799 |
|  4.93%, 03/15/2030, Series 2024-3A, Class C <sup>(1)</sup> | 800 | 803 |
|  Lake George Park CLO Ltd. |  |  |
|  5.77% (3 Month Term SOFR + 1.50%, 1.50% Floor), 04/15/2038, Series 2025-1A, Class B <sup>(1)(2)</sup> | 510 | 509 |
|  Laurel Road Prime Student Loan Trust 2020-A |  |  |
|  1.40%, 11/25/2050, Series 2020-A, Class A2FX <sup>(1)</sup> | 2295 | 2130 |
|  LCM 29 Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.33%, 1.07% Floor), 04/15/2031, Series 29A, Class AR <sup>(1)(2)</sup> | 3646 | 3647 |
|  LCM 34 Ltd. |  |  |
|  6.03% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/20/2034, Series 34A, Class BR <sup>(1)(2)</sup> | 15000 | 15000 |
|  LCM 36 Ltd. |  |  |
|  5.33% (3 Month Term SOFR + 1.07%, 1.07% Floor), 01/15/2034, Series 36A, Class A1R <sup>(1)(2)</sup> | 2170 | 2165 |
|  LCM XVII LP |  |  |
|  5.65% (3 Month Term SOFR + 1.39%, 1.13% Floor), 10/15/2031, Series 17A, Class A1AR <sup>(1)(2)</sup> | 437 | 437 |
|  Lehman XS Trust 2007-6 |  |  |
|  4.85% (1 Month Term SOFR + 0.53%, 0.42% Floor), 05/25/2037, Series 2007-6, Class 2A1 <sup>(2)</sup> | 5100 | 4333 |
|  Lendbuzz Securitization Trust 2024-3 |  |  |
|  4.97%, 10/15/2029, Series 2024-3A, Class A2 <sup>(1)</sup> | 4338 | 4343 |
|  Lendmark Funding Trust 2024-1 |  |  |
|  5.88%, 06/21/2032, Series 2024-1A, Class B <sup>(1)</sup> | 3150 | 3205 |
|  Lendmark Funding Trust 2024-2 |  |  |
|  4.47%, 02/21/2034, Series 2024-2A, Class A <sup>(1)</sup> | 4400 | 4383 |
|  4.86%, 02/21/2034, Series 2024-2A, Class B <sup>(1)</sup> | 481 | 479 |
|  5.25%, 02/21/2034, Series 2024-2A, Class C <sup>(1)</sup> | 147 | 147 |
|  5.69%, 02/21/2034, Series 2024-2A, Class D <sup>(1)</sup> | 483 | 487 |
|  Lendmark Funding Trust 2025-1 |  |  |
|  4.94%, 09/20/2034, Series 2025-1A, Class A <sup>(1)</sup> | 5897 | 5943 |
|  5.68%, 09/20/2034, Series 2025-1A, Class C <sup>(1)</sup> | 573 | 582 |
|  Long Beach Mortgage Loan Trust 2004-6 |  |  |
|  5.63% (1 Month Term SOFR + 1.31%, 1.20% Floor), 11/25/2034, Series 2004-6, Class M1 <sup>(2)</sup> | 13342 | 12653 |
|  Long Beach Mortgage Loan Trust 2005-2 |  |  |
|  5.56% (1 Month Term SOFR + 1.24%, 1.13% Floor), 04/25/2035, Series 2005-2, Class M6 <sup>(2)</sup> | 12500 | 12136 |

---

The accompanying notes are an integral part of these financial statements.

135.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Long Beach Mortgage Loan Trust 2005-WL2 |  |  |
|  5.21% (1 Month Term SOFR + 0.89%, 0.78% Floor), 08/25/2035, Series 2005-WL2, Class M3 <sup>(2)</sup> | $6615 | $6505 |
|  Long Beach Mortgage Loan Trust 2005-WL3 |  |  |
|  5.14% (1 Month Term SOFR + 0.82%, 0.82% Floor), 11/25/2035, Series 2005-WL3, Class M2 <sup>(2)</sup> | 8931 | 8409 |
|  Long Beach Mortgage Loan Trust 2006-WL1 |  |  |
|  5.06% (1 Month Term SOFR + 0.74%, 0.63% Floor), 01/25/2046, Series 2006-WL1, Class M1 <sup>(2)</sup> | 10975 | 10547 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth |  |  |
|  4.15%, 02/01/2033, Series ELL, Class A2 | 3020 | 2988 |
|  Lyra Music Assets Delaware LP |  |  |
|  5.76%, 12/22/2064, Series 2024-2A, Class A2 <sup>(1)</sup> | 3074 | 3084 |
|  Madison Park Funding LIX Ltd. |  |  |
|  5.77% (3 Month Term SOFR + 1.50%, 1.50% Floor), 04/18/2037, Series 2021-59A, Class A1R <sup>(1)(2)</sup> | 2000 | 2005 |
|  7.57% (3 Month Term SOFR + 3.30%, 3.30% Floor), 04/18/2037, Series 2021-59A, Class D1AR <sup>(1)(2)</sup> | 1000 | 998 |
|  Madison Park Funding LVII Ltd. |  |  |
|  5.56% (3 Month Term SOFR + 1.28%, 1.28% Floor), 07/27/2034, Series 2022-57A, Class A1R <sup>(1)(2)</sup> | 500 | 501 |
|  Madison Park Funding LXII Ltd. |  |  |
|  6.13% (3 Month Term SOFR + 1.85%, 1.85% Floor), 07/17/2036, Series 2022-62A, Class AR <sup>(1)(2)</sup> | 780 | 780 |
|  Madison Park Funding LXXI Ltd. |  |  |
|  5.41% (3 Month Term SOFR + 1.14%, 1.14% Floor), 04/23/2038, Series 2025-71A, Class A1 <sup>(1)(2)</sup> | 3280 | 3273 |
|  5.77% (3 Month Term SOFR + 1.50%, 1.50% Floor), 04/23/2038, Series 2025-71A, Class B <sup>(1)(2)</sup> | 750 | 747 |
|  Madison Park Funding XL Ltd. |  |  |
|  5.58% (3 Month Term SOFR + 1.25%, 0.99% Floor), 05/28/2030, Series 9A, Class AR2 <sup>(1)(2)</sup> | 111 | 111 |
|  Madison Park Funding XLIX Ltd. |  |  |
|  5.32% (3 Month Term SOFR + 1.05%, 1.05% Floor), 10/19/2034, Series 2021-49A, Class AR <sup>(1)(2)</sup> | 29500 | 29462 |
|  Madison Park Funding XLVIII Ltd. |  |  |
|  5.98% (3 Month Term SOFR + 1.71%, 1.71% Floor), 04/19/2033, Series 2021-48A, Class B <sup>(1)(2)</sup> | 2750 | 2755 |
|  Madison Park Funding XXI Ltd. |  |  |
|  5.60% (3 Month Term SOFR + 1.34%, 1.34% Floor), 10/15/2032, Series 2016-21A, Class AARR <sup>(1)(2)</sup> | 893 | 894 |
|  Madison Park Funding XXIX Ltd. |  |  |
|  5.50% (3 Month Term SOFR + 1.18%, 1.18% Floor), 03/25/2038, Series 2018-29A, Class A1R2 <sup>(1)(2)</sup> | 2750 | 2739 |
|  Madison Park Funding XXXI Ltd. |  |  |
|  6.08% (3 Month Term SOFR + 1.80%, 1.80% Floor), 07/23/2037, Series 2018-31A, Class B1R <sup>(1)(2)</sup> | 480 | 482 |
|  6.53% (3 Month Term SOFR + 2.25%, 2.25% Floor), 07/23/2037, Series 2018-31A, Class CR <sup>(1)(2)</sup> | 2000 | 2006 |
|  Madison Park Funding XXXIII Ltd. |  |  |
|  5.55% (3 Month Term SOFR + 1.29%, 1.29% Floor), 10/15/2032, Series 2019-33A, Class AR <sup>(1)(2)</sup> | 250 | 250 |
|  Madison Park Funding XXXV Ltd. |  |  |
|  5.52% (3 Month Term SOFR + 1.25%, 0.99% Floor), 04/20/2032, Series 2019-35A, Class A1R <sup>(1)(2)</sup> | 2242 | 2245 |
|  Madison Park Funding XXXVII Ltd. |  |  |
|  5.79% (3 Month Term SOFR + 1.53%, 1.53% Floor), 04/15/2037, Series 2019-37A, Class AR2 <sup>(1)(2)</sup> | 2370 | 2381 |
|  Madison Park Funding XXXVIII Ltd. |  |  |
|  6.44% (3 Month Term SOFR + 2.16%, 2.16% Floor), 07/17/2034, Series 2021-38A, Class C <sup>(1)(2)</sup> | 1000 | 1002 |
|  Magnetite XXV Ltd. |  |  |
|  5.74% (3 Month Term SOFR + 1.46%, 1.20% Floor), 01/25/2032, Series 2020-25A, Class A <sup>(1)(2)</sup> | 11496 | 11507 |
|  MAPS 2018-1 Ltd. |  |  |
|  4.21%, 05/15/2043, Series 2018-1A, Class A <sup>(1)</sup> | 960 | 958 |
|  MAPS 2019-1 Ltd. |  |  |
|  4.46%, 03/15/2044, Series 2019-1A, Class A <sup>(1)</sup> | 379 | 373 |
|  MAPS 2021-1 Trust |  |  |
|  2.52%, 06/15/2046, Series 2021-1A, Class A <sup>(1)</sup> | 4558 | 4294 |
|  Mariner CLO 2016-3 LLC |  |  |
|  5.87% (3 Month Term SOFR + 1.59%, 1.59% Floor), 01/23/2037, Series 2016-3A, Class AR3 <sup>(1)(2)</sup> | 490 | 493 |
|  Mariner Finance Issuance Trust 2024-A |  |  |
|  5.13%, 09/22/2036, Series 2024-AA, Class A <sup>(1)</sup> | 2102 | 2129 |
|  5.68%, 09/22/2036, Series 2024-AA, Class B <sup>(1)</sup> | 2875 | 2931 |
|  6.77%, 09/22/2036, Series 2024-AA, Class D <sup>(1)</sup> | 112 | 116 |
|  9.02%, 09/22/2036, Series 2024-AA, Class E <sup>(1)</sup> | 484 | 504 |

---

The accompanying notes are an integral part of these financial statements.

136.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Mariner Finance issuance Trust 2024-B |  |  |
|  4.91%, 11/20/2038, Series 2024-BA, Class A <sup>(1)</sup> | $5527 | $5587 |
|  6.36%, 11/20/2038, Series 2024-BA, Class D <sup>(1)</sup> | 538 | 548 |
|  Mariner Finance Issuance Trust 2025-A |  |  |
|  4.98%, 05/20/2038, Series 2025-AA, Class A <sup>(1)</sup> | 8948 | 9069 |
|  5.33%, 05/20/2038, Series 2025-AA, Class B <sup>(1)</sup> | 1806 | 1839 |
|  5.69%, 05/20/2038, Series 2025-AA, Class C <sup>(1)</sup> | 1852 | 1883 |
|  Marlette Funding Trust 2023-2 |  |  |
|  6.54%, 06/15/2033, Series 2023-2A, Class B <sup>(1)</sup> | 999 | 1001 |
|  Marlette Funding Trust 2024-1 |  |  |
|  6.93%, 07/17/2034, Series 2024-1A, Class D <sup>(1)</sup> | 345 | 354 |
|  MASTR Asset Backed Securities Trust 2004-WMC1 |  |  |
|  5.21% (1 Month Term SOFR + 0.89%, 0.78% Floor), 02/25/2034, Series 2004-WMC1, Class M1 <sup>(2)</sup> | 506 | 554 |
|  MASTR Specialized Loan Trust |  |  |
|  4.95% (1 Month Term SOFR + 0.63%, 0.52% Floor), 02/25/2036, Series 2006-2, Class A <sup>(1)(2)</sup> | 216 | 212 |
|  Meacham Park CLO Ltd. |  |  |
|  5.87% (3 Month Term SOFR + 1.60%, 1.60% Floor), 10/20/2037, Series 2024-1A, Class B <sup>(1)(2)</sup> | 1310 | 1313 |
|  Mercedes-Benz Auto Lease Trust 2024-B |  |  |
|  4.57%, 12/15/2026, Series 2024-B, Class A2A | 9688 | 9689 |
|  Mercury Financial Credit Card Master Trust |  |  |
|  6.56%, 07/20/2029, Series 2024-2A, Class A <sup>(1)</sup> | 9055 | 9135 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2 |  |  |
|  4.91% (1 Month Term SOFR + 0.59%, 0.48% Floor), 05/25/2037, Series 2007-2, Class A2C <sup>(2)</sup> | 1074 | 778 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5 |  |  |
|  5.43% (1 Month Term SOFR + 1.11%, 1.00% Floor), 10/25/2037, Series 2007-5, Class 2A2 <sup>(2)</sup> | 14156 | 12036 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-OPT1 |  |  |
|  4.72% (1 Month Term SOFR + 0.40%, 0.29% Floor), 08/25/2037, Series 2006-OPT1, Class A1 <sup>(2)</sup> | 9295 | 8481 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-RM2 |  |  |
|  4.63% (1 Month Term SOFR + 0.31%, 0.20% Floor), 05/25/2037, Series 2006-RM2, Class A2B <sup>(2)</sup> | 11791 | 1277 |
|  4.76% (1 Month Term SOFR + 0.44%, 0.33% Floor), 05/25/2037, Series 2006-RM2, Class A2C <sup>(2)</sup> | 28264 | 3070 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-RM3 |  |  |
|  4.73% (1 Month Term SOFR + 0.41%, 0.30% Floor), 06/25/2037, Series 2006-RM3, Class A2C <sup>(2)</sup> | 42260 | 8891 |
|  METAL 2017-1 LLC |  |  |
|  4.58%, 10/15/2042, Series 2017-1, Class A <sup>(1)</sup> | 2422 | 1599 |
|  MetroNet Infrastructure Issuer LLC |  |  |
|  6.23%, 04/20/2054, Series 2024-1A, Class A2 <sup>(1)</sup> | 1100 | 1124 |
|  MFA 2024-NPL1 Trust |  |  |
|  6.33%, 09/25/2054, Series 2024-NPL1, Class A1 <sup>(3)</sup> | 9073 | 9097 |
|  MidOcean Credit CLO XII Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.34% Floor), 04/18/2036, Series 2023-12A, Class A1R <sup>(1)(2)</sup> | 1380 | 1382 |
|  MidOcean Credit CLO XVIII LLC |  |  |
|  0.00% (3 Month Term SOFR + 1.17%, 1.17% Floor), 10/18/2035, Series 2025-18A, Class A1 <sup>(1)(2)(6)</sup> | 2940 | 2940 |
|  Mila 2024-1 BV |  |  |
|  3.84% (1 Month €STR + 1.45%), 09/16/2041, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100 | 118 |
|  4.39% (1 Month €STR + 2.00%), 09/16/2041, Series 1, Class D <sup>(2)(19)</sup> | 100 | 118 |
|  Milford Park CLO Ltd. |  |  |
|  5.43% (3 Month Term SOFR + 1.16%, 1.16% Floor), 01/20/2038, Series 2022-1A, Class AR <sup>(1)(2)</sup> | $1210 | 1210 |
|  Milos CLO Ltd. |  |  |
|  5.60% (3 Month Term SOFR + 1.33%, 1.07% Floor), 10/20/2030, Series 2017-1A, Class AR <sup>(1)(2)</sup> | 88 | 88 |
|  6.08% (3 Month Term SOFR + 1.81%, 1.55% Floor), 10/20/2030, Series 2017-1A, Class BR <sup>(1)(2)</sup> | 250 | 250 |
|  Mission Lane Credit Card Master Trust |  |  |
|  5.80%, 05/15/2030, Series 2025-A, Class A <sup>(1)</sup> | 4695 | 4705 |
|  5.88%, 01/15/2030, Series 2024-B, Class A <sup>(1)</sup> | 7620 | 7681 |
|  6.20%, 08/15/2029, Series 2024-A, Class A1 <sup>(1)</sup> | 3630 | 3662 |
|  7.69%, 11/15/2028, Series 2023-B, Class A <sup>(1)</sup> | 5475 | 5480 |
|  Morgan Stanley ABS Capital I, Inc. Trust 2004-HE2 |  |  |
|  5.29% (1 Month Term SOFR + 0.97%, 0.86% Floor), 03/25/2034, Series 2004-HE2, Class M1 <sup>(2)</sup> | 8505 | 8533 |

---

The accompanying notes are an integral part of these financial statements.

137.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Morgan Stanley ABS Capital I, Inc. Trust 2004-HE8 |  |  |
|  5.39% (1 Month Term SOFR + 1.07%, 0.96% Floor), 09/25/2034, Series 2004-HE8, Class M1 <sup>(2)</sup> | $1647 | $1725 |
|  Morgan Stanley ABS Capital I, Inc. Trust 2005-WMC2 |  |  |
|  5.36% (1 Month Term SOFR + 1.04%, 0.93% Floor), 02/25/2035, Series 2005-WMC2, Class M4 <sup>(2)</sup> | 1569 | 1446 |
|  Morgan Stanley ABS Capital I, Inc. Trust 2006-HE8 |  |  |
|  4.50% (1 Month Term SOFR + 0.18%, 0.07% Floor), 10/25/2036, Series 2006-HE8, Class A2FP <sup>(2)</sup> | 714 | 309 |
|  4.56% (1 Month Term SOFR + 0.24%, 0.13% Floor), 10/25/2036, Series 2006-HE8, Class A1 <sup>(2)</sup> | 396 | 350 |
|  Morgan Stanley ABS Capital I, Inc. Trust 2007-HE1 |  |  |
|  4.89% (1 Month Term SOFR + 0.57%, 0.23% Floor), 11/25/2036, Series 2007-HE1, Class A2D <sup>(2)</sup> | 1839 | 1036 |
|  Morgan Stanley Capital I, Inc. Trust 2006-HE1 |  |  |
|  5.01% (1 Month Term SOFR + 0.69%, 0.58% Floor), 01/25/2036, Series 2006-HE1, Class A4 <sup>(2)</sup> | 3751 | 3639 |
|  Morgan Stanley Mortgage Loan Trust 2006-15XS |  |  |
|  6.70%, 11/25/2036, Series 2006-15XS, Class A4A <sup>(3)</sup> | 12061 | 2603 |
|  Morgan Stanley Mortgage Loan Trust 2007-8XS |  |  |
|  4.96% (1 Month Term SOFR + 0.64%, 0.53% Floor, 6.25% Cap), 04/25/2037, Series 2007-8XS, Class A5 <sup>(2)</sup> | 18173 | 6348 |
|  4.97% (1 Month Term SOFR + 0.65%, 0.54% Floor, 6.26% Cap), 04/25/2037, Series 2007-8XS,<br>Class A9 <sup>(2)</sup> | 1755 | 613 |
|  Mosaic Solar Loan Trust 2023-1 |  |  |
|  5.32%, 06/20/2053, Series 2023-1A, Class A <sup>(1)</sup> | 117 | 111 |
|  Mosaic Solar Loan Trust 2024-1 |  |  |
|  5.50%, 09/20/2049, Series 2024-1A, Class A <sup>(1)</sup> | 1889 | 1845 |
|  Mosaic Solar Loan Trust 2024-2 |  |  |
|  5.60%, 04/22/2052, Series 2024-2A, Class A <sup>(1)</sup> | 19916 | 19374 |
|  Mountain View CLO IX Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.38%), 07/15/2031, Series 2015-9A, Class A1R <sup>(1)(2)</sup> | 299 | 299 |
|  MVW 2020-1 LLC |  |  |
|  4.21%, 10/20/2037, Series 2020-1A, Class C <sup>(1)</sup> | 111 | 109 |
|  MVW 2021-1W LLC |  |  |
|  1.94%, 01/22/2041, Series 2021-1WA, Class C <sup>(1)</sup> | 223 | 212 |
|  MVW 2021-2 LLC |  |  |
|  2.23%, 05/20/2039, Series 2021-2A, Class C <sup>(1)</sup> | 3961 | 3727 |
|  NAK Naftogaz Ukraine via Kondor Finance Plc |  |  |
|  7.13%, 07/19/2026 <sup>(7)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;974 | 991 |
|  7.63%, 11/08/2028 <sup>(1)(7)</sup> | $269 | 211 |
|  Navient Private Education Loan Trust 2014-A |  |  |
|  6.03% (1 Month Term SOFR + 1.71%), 10/15/2031, Series 2014-AA, Class A3 <sup>(1)(2)</sup> | 17 | 17 |
|  Navient Private Education Loan Trust 2015-A |  |  |
|  6.13% (1 Month Term SOFR + 1.81%), 11/15/2030, Series 2015-AA, Class A3 <sup>(1)(2)</sup> | 150 | 150 |
|  Navient Private Education Loan Trust 2015-B |  |  |
|  5.88% (1 Month Term SOFR + 1.56%), 07/16/2040, Series 2015-BA, Class A3 <sup>(1)(2)</sup> | 4155 | 4175 |
|  Navient Private Education Loan Trust 2017-A |  |  |
|  3.91%, 12/16/2058, Series 2017-A, Class B <sup>(1)</sup> | 207 | 205 |
|  Navient Private Education Loan Trust 2018-B |  |  |
|  3.61%, 12/15/2059, Series 2018-BA, Class A2A <sup>(1)</sup> | 230 | 229 |
|  Navient Private Education Refi Loan Trust 2018-D |  |  |
|  4.00%, 12/15/2059, Series 2018-DA, Class A2A <sup>(1)</sup> | 434 | 430 |
|  Navient Private Education Refi Loan Trust 2019-C |  |  |
|  3.13%, 02/15/2068, Series 2019-CA, Class A2 <sup>(1)</sup> | 254 | 249 |
|  Navient Private Education Refi Loan Trust 2019-F |  |  |
|  2.60%, 08/15/2068, Series 2019-FA, Class A2 <sup>(1)</sup> | 1536 | 1478 |
|  Navient Private Education Refi Loan Trust 2019-G |  |  |
|  2.40%, 10/15/2068, Series 2019-GA, Class A <sup>(1)</sup> | 1416 | 1366 |
|  Navient Private Education Refi Loan Trust 2020-B |  |  |
|  2.12%, 01/15/2069, Series 2020-BA, Class A2 <sup>(1)</sup> | 1613 | 1534 |
|  Navient Private Education Refi Loan Trust 2020-C |  |  |
|  2.15%, 11/15/2068, Series 2020-CA, Class A2A <sup>(1)</sup> | 2165 | 2064 |
|  2.83%, 11/15/2068, Series 2020-CA, Class B <sup>(1)</sup> | 4775 | 4195 |

---

The accompanying notes are an integral part of these financial statements.

138.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Navient Private Education Refi Loan Trust 2020-D |  |  |
|  1.69%, 05/15/2069, Series 2020-DA, Class A <sup>(1)</sup> | $2696 | $2554 |
|  Navient Private Education Refi Loan Trust 2020-G |  |  |
|  1.17%, 09/16/2069, Series 2020-GA, Class A <sup>(1)</sup> | 1844 | 1717 |
|  Navient Private Education Refi Loan Trust 2020-H |  |  |
|  1.31%, 01/15/2069, Series 2020-HA, Class A <sup>(1)</sup> | 1120 | 1052 |
|  1.33%, 04/15/2069, Series 2020-IA, Class A1A <sup>(1)</sup> | 4729 | 4344 |
|  5.43% (1 Month Term SOFR + 1.11%, 1.00% Floor), 04/15/2069, Series 2020-IA, Class A1B <sup>(1)(2)</sup> | 8152 | 8109 |
|  Navient Private Education Refi Loan Trust 2021-A |  |  |
|  0.84%, 05/15/2069, Series 2021-A, Class A <sup>(1)</sup> | 1721 | 1569 |
|  2.24%, 05/15/2069, Series 2021-A, Class B <sup>(1)</sup> | 460 | 365 |
|  Navient Private Education Refi Loan Trust 2021-E |  |  |
|  2.03%, 12/16/2069, Series 2021-EA, Class B <sup>(1)</sup> | 1680 | 1193 |
|  Navient Private Education Refi Loan Trust 2021-F |  |  |
|  2.12%, 02/18/2070, Series 2021-FA, Class B <sup>(1)</sup> | 3810 | 2597 |
|  Navient Private Education Refi Loan Trust 2024-A |  |  |
|  5.66%, 10/15/2072, Series 2024-A, Class A <sup>(1)</sup> | 4615 | 4674 |
|  Navient Student Loan Trust |  |  |
|  6.00% (30-day Average SOFR + 1.70%), 03/15/2072, Series 2023-BA, Class A1B <sup>(1)(2)</sup> | 8379 | 8450 |
|  7.23%, 03/15/2072, Series 2023-BA, Class B <sup>(1)</sup> | 10320 | 11124 |
|  Navient Student Loan Trust 2019-B |  |  |
|  3.39%, 12/15/2059, Series 2019-BA, Class A2A <sup>(1)</sup> | 217 | 212 |
|  Navient Student Loan Trust 2020-2 |  |  |
|  5.32% (30-day Average SOFR + 1.01%), 08/26/2069, Series 2020-2A, Class A1B <sup>(1)(2)</sup> | 15473 | 15421 |
|  Navigator Aircraft ABS Ltd. |  |  |
|  2.77%, 11/15/2046, Series 2021-1, Class A <sup>(1)(3)</sup> | 10315 | 9641 |
|  Nelnet Student Loan Trust 2021-A |  |  |
|  2.85%, 04/20/2062, Series 2021-A, Class B1 <sup>(1)</sup> | 2386 | 2110 |
|  Nelnet Student Loan Trust 2021-B |  |  |
|  1.42%, 04/20/2062, Series 2021-BA, Class AFX <sup>(1)</sup> | 3803 | 3557 |
|  2.68%, 04/20/2062, Series 2021-BA, Class B <sup>(1)</sup> | 3665 | 3226 |
|  Nelnet Student Loan Trust 2021-D |  |  |
|  2.90%, 04/20/2062, Series 2021-DA, Class B <sup>(1)</sup> | 293 | 261 |
|  Nelnet Student Loan Trust 2023-PL1 |  |  |
|  6.56% (30-day Average SOFR + 2.25%), 11/25/2053, Series 2023-PL1A, Class A1A <sup>(1)(2)</sup> | 1007 | 1022 |
|  Nelnet Student Loan Trust 2025-A |  |  |
|  5.27%, 03/15/2057, Series 2025-AA, Class B <sup>(1)</sup> | 3930 | 3952 |
|  5.40% (30-day Average SOFR + 1.10%), 03/15/2057, Series 2025-AA, Class A1B <sup>(1)(2)</sup> | 5572 | 5532 |
|  Neuberger Berman CLO XX Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.15%, 1.15% Floor), 04/15/2039, Series 2015-20A, Class A1R3 <sup>(1)(2)</sup> | 740 | 740 |
|  Neuberger Berman Loan Advisers CLO 32 Ltd. |  |  |
|  5.52% (3 Month Term SOFR + 1.25%, 0.99% Floor), 01/20/2032, Series 2019-32A, Class AR <sup>(1)(2)</sup> | 13682 | 13691 |
|  Neuberger Berman Loan Advisers CLO 34 Ltd. |  |  |
|  5.51% (3 Month Term SOFR + 1.24%, 1.24% Floor), 01/20/2035, Series 2019-34A, Class A1R <sup>(1)(2)</sup> | 246 | 246 |
|  6.02% (3 Month Term SOFR + 1.75%, 1.75% Floor), 01/20/2035, Series 2019-34A, Class BR <sup>(1)(2)</sup> | 500 | 501 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd. |  |  |
|  5.58% (3 Month Term SOFR + 1.32%, 1.06% Floor), 04/16/2033, Series 2021-40A, Class A <sup>(1)(2)</sup> | 1535 | 1537 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. |  |  |
|  5.33% (3 Month Term SOFR + 1.05%, 1.05% Floor), 07/17/2036, Series 2021-43A, Class AR <sup>(1)(2)</sup> | 25000 | 24970 |
|  Neuberger Berman Loan Advisers CLO 54 Ltd. |  |  |
|  6.23% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/23/2038, Series 2024-54A, Class B <sup>(1)(2)</sup> | 560 | 563 |
|  Neuberger Berman Loan Advisers CLO 56 Ltd. |  |  |
|  6.03% (3 Month Term SOFR + 1.75%, 1.75% Floor), 07/24/2037, Series 2024-56A, Class B <sup>(1)(2)</sup> | 1000 | 1004 |
|  6.38% (3 Month Term SOFR + 2.10%, 2.10% Floor), 07/24/2037, Series 2024-56A, Class C <sup>(1)(2)</sup> | 1000 | 1002 |
|  7.38% (3 Month Term SOFR + 3.10%, 3.10% Floor), 07/24/2037, Series 2024-56A, Class D <sup>(1)(2)</sup> | 1000 | 1001 |
|  New Century Home Equity Loan Trust Series 2005-D |  |  |
|  5.14% (1 Month Term SOFR + 0.82%, 0.71% Floor), 02/25/2036, Series 2005-D, Class M2 <sup>(2)</sup> | 10390 | 9217 |
|  New Day Funding |  |  |
|  0.00% (Sterling Overnight Index Average + 1.50%), 07/15/2033, Series 2X, Class C <sup>(2)(6)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;422 | 579 |

---

The accompanying notes are an integral part of these financial statements.

139.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  New Economy Assets – Phase 1 Sponsor LLC |  |  |
|  1.91%, 10/20/2061, Series 2021-1, Class A1 <sup>(1)</sup> | $2925 | $2754 |
|  New Mountain CLO 7 Ltd. |  |  |
|  5.48% (3 Month Term SOFR + 1.20%, 1.20% Floor), 03/31/2038, Series CLO-7A, Class A1 <sup>(1)(2)</sup> | 500 | 500 |
|  New Residential Mortgage Loan Trust 2022-SFR1 |  |  |
|  4.44%, 02/17/2039, Series 2022-SFR1, Class F <sup>(1)</sup> | 258 | 248 |
|  Newday Funding Master Issuer Plc – Series 2024-2 |  |  |
|  5.87% (Sterling Overnight Index Average + 1.40%), 07/15/2032, Series 2X, Class B <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;237 | 327 |
|  6.37% (Sterling Overnight Index Average + 1.90%), 07/15/2032, Series 2X, Class C <sup>(2)(19)</sup> | 281 | 389 |
|  7.12% (Sterling Overnight Index Average + 2.65%), 07/15/2032, Series 2X, Class D <sup>(2)(19)</sup> | 595 | 824 |
|  NFAS3 LLC |  |  |
|  6.35%, 05/15/2031, Series 2025-1, Class A <sup>(1)</sup> | $5520 | 5562 |
|  Nissan Auto Receivables 2024-B Owner Trust |  |  |
|  4.34%, 03/15/2029, Series 2024-B, Class A3 | 9100 | 9120 |
|  Noria DE 2024 |  |  |
|  4.02% (1 Month €STR + 1.65%), 02/25/2043, Series DE1, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | 236 |
|  5.92% (1 Month €STR + 3.55%), 02/25/2043, Series DE1, Class E <sup>(2)(19)</sup> | 200 | 236 |
|  6.87% (1 Month €STR + 4.50%), 02/25/2043, Series DE1, Class F <sup>(2)(19)</sup> | 100 | 118 |
|  Northwoods Capital XII-B Ltd. |  |  |
|  5.51% (3 Month Term SOFR + 1.19%, 1.19% Floor), 06/15/2031, Series 2018-12BA, Class AR <sup>(1)(2)</sup> | $7830 | 7831 |
|  NYMT Loan Trust Series 2025-R1 |  |  |
|  6.38%, 02/25/2030, Series 2025-R1, Class A <sup>(1)(3)</sup> | 2479 | 2479 |
|  Oak Hill Credit Partners X-R Ltd. |  |  |
|  5.40% (3 Month Term SOFR + 1.13%, 1.13% Floor), 04/20/2038, Series 2014-10RA, Class AR2 <sup>(1)(2)</sup> | 1030 | 1027 |
|  Oaktree CLO 2020-1 Ltd. |  |  |
|  5.45% (3 Month Term SOFR + 1.19%, 1.19% Floor), 01/15/2038, Series 2020-1A, Class ARR <sup>(1)(2)</sup> | 250 | 249 |
|  Oaktree CLO 2024-27 Ltd. |  |  |
|  5.84% (3 Month Term SOFR + 1.57%, 1.57% Floor), 10/22/2037, Series 2024-27A, Class A2 <sup>(1)(2)</sup> | 350 | 350 |
|  7.27% (3 Month Term SOFR + 3.00%, 3.00% Floor), 10/22/2037, Series 2024-27A, Class D1 <sup>(1)(2)</sup> | 270 | 270 |
|  OCP Aegis CLO 2023-29 Ltd. |  |  |
|  5.82% (3 Month Term SOFR + 1.55%, 1.55% Floor), 01/20/2036, Series 2023-29A, Class BR <sup>(1)(2)</sup> | 15500 | 15492 |
|  OCP CLO 2014-5 Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.34%, 1.08% Floor), 04/26/2031, Series 2014-5A, Class A1R <sup>(1)(2)</sup> | 120 | 120 |
|  OCP CLO 2017-13 Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.34% Floor), 11/26/2037, Series 2017-13A, Class AR2 <sup>(1)(2)</sup> | 1003 | 1005 |
|  OCP CLO 2020-18 Ltd. |  |  |
|  7.37% (3 Month Term SOFR + 3.10%, 3.10% Floor), 07/20/2037, Series 2020-18A, Class D1R2 <sup>(1)(2)</sup> | 250 | 250 |
|  OCP CLO 2020-19 Ltd. |  |  |
|  5.45% (3 Month Term SOFR + 1.18%, 1.18% Floor), 04/20/2038, Series 2020-19A, Class A1R2 <sup>(1)(2)</sup> | 1920 | 1920 |
|  OCP CLO 2020-8R Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.25%, 1.25% Floor), 10/17/2036, Series 2020-8RA, Class AR <sup>(1)(2)</sup> | 1254 | 1255 |
|  5.93% (3 Month Term SOFR + 1.65%, 1.65% Floor), 10/17/2036, Series 2020-8RA, Class BR <sup>(1)(2)</sup> | 520 | 520 |
|  6.18% (3 Month Term SOFR + 1.90%, 1.90% Floor), 10/17/2036, Series 2020-8RA, Class CR <sup>(1)(2)</sup> | 250 | 250 |
|  OCP CLO 2024-32 Ltd. |  |  |
|  6.28% (3 Month Term SOFR + 2.00%, 2.00% Floor), 04/23/2037, Series 2024-32A, Class B1 <sup>(1)(2)</sup> | 500 | 501 |
|  OCP CLO 2024-38 Ltd. |  |  |
|  5.68% (3 Month Term SOFR + 1.33%, 1.33% Floor), 01/21/2038, Series 2024-38A, Class A <sup>(1)(2)</sup> | 17370 | 17417 |
|  OCP CLO 2025-40 Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.14%, 1.14% Floor), 04/16/2038, Series 2025-40A, Class A <sup>(1)(2)</sup> | 1230 | 1227 |
|  Octagon 66 Ltd. |  |  |
|  6.08% (3 Month Term SOFR + 1.75%, 1.75% Floor), 11/16/2036, Series 2022-1A, Class A1R <sup>(1)(2)</sup> | 910 | 912 |
|  Octagon 75 Ltd. |  |  |
|  5.49% (3 Month Term SOFR + 1.20%, 1.20% Floor), 01/22/2038, Series 2025-1A, Class A1 <sup>(1)(2)</sup> | 500 | 499 |
|  Octagon Investment Partners 39 Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.15%, 1.15% Floor), 10/20/2030, Series 2018-3A, Class AR <sup>(1)(2)</sup> | 371 | 371 |
|  6.07% (3 Month Term SOFR + 1.80%, 1.80% Floor), 10/20/2030, Series 2018-3A, Class BR <sup>(1)(2)</sup> | 16550 | 16558 |
|  Octagon Investment Partners XV Ltd. |  |  |
|  5.50% (3 Month Term SOFR + 1.23%, 0.97% Floor), 07/19/2030, Series 2013-1A, Class A1RR <sup>(1)(2)</sup> | 1689 | 1689 |

---

The accompanying notes are an integral part of these financial statements.

140.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Octagon Investment Partners XVI Ltd. |  |  |
|  5.56% (3 Month Term SOFR + 1.28%, 1.02% Floor), 07/17/2030, Series 2013-1A, Class A1R <sup>(1)(2)</sup> | $527 | $527 |
|  Octagon Investment Partners XVII Ltd. |  |  |
|  5.94% (3 Month Term SOFR + 1.66%), 01/25/2031, Series 2013-1A, Class BR2 <sup>(1)(2)</sup> | 2500 | 2501 |
|  Octane Receivables Trust 2024-2 |  |  |
|  5.90%, 07/20/2032, Series 2024-2A, Class C <sup>(1)</sup> | 3895 | 3975 |
|  OHA Credit Funding 18 Ltd. |  |  |
|  6.22% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/20/2037, Series 2024-18A, Class B1 <sup>(1)(2)</sup> | 1000 | 1005 |
|  OHA Credit Funding 2 LTD |  |  |
|  5.51% (3 Month Term SOFR + 1.24%, 1.24% Floor), 01/21/2038, Series 2019-2A, Class AR2 <sup>(1)(2)</sup> | 610 | 611 |
|  OHA Credit Funding 22 Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.33%, 1.33% Floor), 07/20/2038, Series 2025-22A, Class A1 <sup>(1)(2)</sup> | 2560 | 2560 |
|  OHA Credit Funding 3 LTD |  |  |
|  5.59% (3 Month Term SOFR + 1.32%, 1.32% Floor), 01/20/2038, Series 2019-3A, Class AR2 <sup>(1)(2)</sup> | 6570 | 6592 |
|  OHA Credit Funding 6 Ltd. |  |  |
|  5.60% (3 Month Term SOFR + 1.33%, 1.33% Floor), 10/20/2037, Series 2020-6A, Class AR2 <sup>(1)(2)</sup> | 6980 | 6995 |
|  OHA Credit Funding 7 Ltd. |  |  |
|  0.00% (3 Month Term SOFR + 1.28%, 1.28% Floor), 07/19/2038, Series 2020-7A, Class A1R2 <sup>(1)(2)(6)</sup> | 250 | 250 |
|  5.57% (3 Month Term SOFR + 1.30%, 1.30% Floor), 02/24/2037, Series 2020-7A, Class AR <sup>(1)(2)</sup> | 330 | 330 |
|  OHA Credit Partners VII Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.14%, 1.14% Floor), 02/20/2038, Series 2012-7A, Class AR4 <sup>(1)(2)</sup> | 1230 | 1230 |
|  OHA Credit Partners XI Ltd. |  |  |
|  5.73% (3 Month Term SOFR + 1.46%, 1.46% Floor), 04/20/2037, Series 2015-11A, Class A1R2 <sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | 23459 |
|  6.07% (3 Month Term SOFR + 1.80%, 1.80% Floor), 04/20/2037, Series 2015-11A, Class B1R2 <sup>(1)(2)</sup> | 1750 | 1757 |
|  OHA Credit Partners XV Ltd. |  |  |
|  6.22% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/20/2037, Series 2017-15A, Class B1R <sup>(1)(2)</sup> | 15180 | 15261 |
|  OHA Credit Partners XVI |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.35% Floor), 10/18/2037, Series 2021-16A, Class AR <sup>(1)(2)</sup> | 8362 | 8389 |
|  OHA Loan Funding 2013-1 Ltd. |  |  |
|  7.58% (3 Month Term SOFR + 3.30%, 3.30% Floor), 04/23/2037, Series 2013-1A, Class D1R3 <sup>(1)(2)</sup> | 1000 | 1007 |
|  OnDeck Asset Securitization Trust IV LLC |  |  |
|  4.98%, 10/17/2031, Series 2024-2A, Class A <sup>(1)</sup> | 3425 | 3405 |
|  OneMain Direct Auto Receivables Trust 2023-1 |  |  |
|  7.07%, 02/14/2033, Series 2023-1A, Class D <sup>(1)</sup> | 1145 | 1201 |
|  OneMain Direct Auto Receivables Trust 2025-1 |  |  |
|  6.10%, 07/14/2037, Series 2025-1A, Class D <sup>(1)</sup> | 554 | 562 |
|  OneMain Financial Issuance Trust 2019-2 |  |  |
|  4.05%, 10/14/2036, Series 2019-2A, Class D <sup>(1)</sup> | 855 | 816 |
|  OneMain Financial Issuance Trust 2021-1 |  |  |
|  2.47%, 06/16/2036, Series 2021-1A, Class D <sup>(1)</sup> | 3300 | 2995 |
|  OneMain Financial Issuance Trust 2022-2 |  |  |
|  4.89%, 10/14/2034, Series 2022-2A, Class A <sup>(1)</sup> | 14752 | 14747 |
|  OneMain Financial Issuance Trust 2022-S1 |  |  |
|  5.20%, 05/14/2035, Series 2022-S1, Class D <sup>(1)</sup> | 8785 | 8682 |
|  OneMain Financial Issuance Trust 2023-1 |  |  |
|  5.94%, 06/14/2038, Series 2023-1A, Class B <sup>(1)</sup> | 4611 | 4801 |
|  Onemain Financial Issuance Trust 2024-1 |  |  |
|  5.79%, 05/14/2041, Series 2024-1A, Class A <sup>(1)</sup> | 6027 | 6307 |
|  Onemain Financial Issuance Trust 2025-1 |  |  |
|  5.79%, 07/14/2038, Series 2025-1A, Class D <sup>(1)</sup> | 1585 | 1591 |
|  Option One Mortgage Loan Trust 2004-2 |  |  |
|  5.23% (1 Month Term SOFR + 0.91%, 0.80% Floor), 05/25/2034, Series 2004-2, Class M1 <sup>(2)</sup> | 3629 | 3674 |
|  Option One Mortgage Loan Trust 2006-3 |  |  |
|  4.71% (1 Month Term SOFR + 0.39%, 0.28% Floor), 02/25/2037, Series 2006-3, Class 1A1 <sup>(2)</sup> | 15883 | 9986 |
|  Option One Mortgage Loan Trust 2007-4 |  |  |
|  4.61% (1 Month Term SOFR + 0.29%, 0.18% Floor), 04/25/2037, Series 2007-4, Class 2A2 <sup>(2)</sup> | 13634 | 7686 |
|  Option One Mortgage Loan Trust 2007-FXD1 |  |  |
|  5.86%, 01/25/2037, Series 2007-FXD1, Class 3A4 <sup>(3)</sup> | 103 | 101 |

---

The accompanying notes are an integral part of these financial statements.

141.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Orchard Park CLO Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.36%, 1.36% Floor), 10/20/2037, Series 2024-1A, Class A <sup>(1)(2)</sup> | $5610 | $5627 |
|  5.97% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/20/2037, Series 2024-1A, Class B1 <sup>(1)(2)</sup> | 500 | 502 |
|  Orion CLO 2023-1 Ltd. |  |  |
|  12.18% (3 Month Term SOFR + 7.90%, 7.90% Floor), 10/25/2036, Series 2023-1A, Class E <sup>(1)(2)</sup> | 1000 | 1005 |
|  Orion CLO 2024-3 Ltd. |  |  |
|  6.18% (3 Month Term SOFR + 1.90%, 1.90% Floor), 07/25/2037, Series 2024-3A, Class B <sup>(1)(2)</sup> | 2000 | 2010 |
|  6.58% (3 Month Term SOFR + 2.30%, 2.30% Floor), 07/25/2037, Series 2024-3A, Class C <sup>(1)(2)</sup> | 500 | 500 |
|  Oscar U.S. Funding XVII LLC |  |  |
|  4.47%, 03/12/2029, Series 2024-2A, Class A3 <sup>(1)</sup> | 2100 | 2096 |
|  4.63%, 12/10/2027, Series 2024-2A, Class A2 <sup>(1)</sup> | 5391 | 5384 |
|  Owl Rock CLO VII LLC |  |  |
|  5.72% (3 Month Term SOFR + 1.40%, 1.40% Floor), 04/20/2038, Series 2022-7A, Class AR <sup>(1)(2)</sup> | 250 | 249 |
|  OWL Rock CLO XXI LLC |  |  |
|  6.22% (3 Month Term SOFR + 1.90%, 1.90% Floor), 07/24/2034, Series 2025-21A, Class B <sup>(1)(2)</sup> | 250 | 250 |
|  OWN Equipment Fund I LLC |  |  |
|  5.70%, 12/20/2032, Series 2024-2M, Class A <sup>(1)</sup> | 9464 | 9599 |
|  OWN Equipment Fund II LLC |  |  |
|  5.48%, 09/26/2033, Series 2025-1M, Class A <sup>(1)</sup> | 5255 | 5283 |
|  OZLM XVIII Ltd. |  |  |
|  5.54% (3 Month Term SOFR + 1.28%, 1.02% Floor), 04/15/2031, Series 2018-18A, Class A <sup>(1)(2)</sup> | 357 | 357 |
|  Palmer Square BDC CLO 1 Ltd. |  |  |
|  5.86% (3 Month Term SOFR + 1.60%, 1.60% Floor), 07/15/2037, Series 1A, Class A <sup>(1)(2)</sup> | 23440 | 23512 |
|  Palmer Square CLO 2020-3 Ltd. |  |  |
|  5.98% (3 Month Term SOFR + 1.65%, 1.65% Floor), 11/15/2036, Series 2020-3A, Class A1R2 <sup>(1)(2)</sup> | 8130 | 8142 |
|  Palmer Square CLO 2021-4 Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.43%, 1.43% Floor), 10/15/2034, Series 2021-4A, Class A <sup>(1)(2)</sup> | 22275 | 22269 |
|  Palmer Square CLO 2022-3 Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.35% Floor), 07/20/2037, Series 2022-3A, Class A1R <sup>(1)(2)</sup> | 400 | 401 |
|  5.87% (3 Month Term SOFR + 1.60%, 1.60% Floor), 07/20/2037, Series 2022-3A, Class B1R <sup>(1)(2)</sup> | 250 | 250 |
|  7.22% (3 Month Term SOFR + 2.95%, 2.95% Floor), 07/20/2037, Series 2022-3A, Class D1R <sup>(1)(2)</sup> | 250 | 251 |
|  Palmer Square CLO 2024-2 LTD |  |  |
|  5.92% (3 Month Term SOFR + 1.65%, 1.65% Floor), 07/20/2037, Series 2024-2A, Class B <sup>(1)(2)</sup> | 2630 | 2637 |
|  Palmer Square Loan Funding 2021-4 Ltd. |  |  |
|  5.92% (3 Month Term SOFR + 1.66%, 1.66% Floor), 10/15/2029, Series 2021-4A, Class A2 <sup>(1)(2)</sup> | 2000 | 2001 |
|  Palmer Square Loan Funding 2022-2 Ltd. |  |  |
|  6.16% (3 Month Term SOFR + 1.90%, 1.90% Floor), 10/15/2030, Series 2022-2A, Class A2 <sup>(1)(2)</sup> | 620 | 621 |
|  Palmer Square Loan Funding 2022-3 Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.40%, 1.40% Floor), 04/15/2031, Series 2022-3A, Class A1BR <sup>(1)(2)</sup> | 250 | 250 |
|  Palmer Square Loan Funding 2024-1 Ltd. |  |  |
|  5.71% (3 Month Term SOFR + 1.45%, 1.45% Floor), 10/15/2032, Series 2024-1A, Class A2 <sup>(1)(2)</sup> | 670 | 671 |
|  Palmer Square Loan Funding 2024-3 Ltd. |  |  |
|  5.96% (3 Month Term SOFR + 1.65%, 1.65% Floor), 08/08/2032, Series 2024-3A, Class A2 <sup>(1)(2)</sup> | 3000 | 3003 |
|  6.21% (3 Month Term SOFR + 1.90%, 1.90% Floor), 08/08/2032, Series 2024-3A, Class B <sup>(1)(2)</sup> | 1000 | 1001 |
|  7.26% (3 Month Term SOFR + 2.95%, 2.95% Floor), 08/08/2032, Series 2024-3A, Class C <sup>(1)(2)</sup> | 2000 | 2005 |
|  Panorama Auto Trust 2025-1 |  |  |
|  5.32% (1 Month RBA Cash Rate + 1.55%), 03/15/2033, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | 326 |
|  7.17% (1 Month RBA Cash Rate + 3.40%), 03/15/2033, Series 1, Class E <sup>(2)(19)</sup> | 500 | 325 |
|  Park Blue CLO 2022-II Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.42%, 1.42% Floor), 07/20/2037, Series 2022-2A, Class A1R <sup>(1)(2)</sup> | $540 | 541 |
|  Park Blue CLO 2025-VII Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.22%, 1.22% Floor), 04/25/2038, Series 2025-7A, Class A1 <sup>(1)(2)</sup> | 1000 | 1000 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WHQ4 |  |  |
|  5.21% (1 Month Term SOFR + 0.89%, 0.78% Floor), 09/25/2035, Series 2005-WHQ4, Class M3 <sup>(2)</sup> | 8000 | 7289 |
|  PCL Funding IX Plc |  |  |
|  5.77% (Sterling Overnight Index Average + 1.30%), 07/16/2029, Series 1, Class B <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;238 | 326 |
|  6.62% (Sterling Overnight Index Average + 2.15%), 07/16/2029, Series 1, Class C <sup>(2)(19)</sup> | 100 | 137 |

---

The accompanying notes are an integral part of these financial statements.

142.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Pikes Peak CLO 2 |  |  |
|  7.22% (3 Month Term SOFR + 2.95%, 2.95% Floor), 10/11/2034, Series 2018-2A, Class D1RR <sup>(1)(2)</sup> | $1273 | $1268 |
|  PK Alift Loan Funding 3 LP |  |  |
|  5.84%, 09/15/2039, Series 2024-1, Class A1 <sup>(1)</sup> | 2629 | 2661 |
|  Planet Fitness Master Issuer LLC |  |  |
|  3.25%, 12/05/2051, Series 2022-1A, Class A2I <sup>(1)</sup> | 12534 | 12205 |
|  3.86%, 12/05/2049, Series 2019-1A, Class A2 <sup>(1)</sup> | 4125 | 3927 |
|  4.01%, 12/05/2051, Series 2022-1A, Class A2II <sup>(1)</sup> | 1161 | 1071 |
|  5.77%, 06/05/2054, Series 2024-1A, Class A2I <sup>(1)</sup> | 12540 | 12716 |
|  Point Au Roche Park CLO Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.08% Floor), 07/20/2034, Series 2021-1A, Class A <sup>(1)(2)</sup> | 500 | 501 |
|  Pony SA |  |  |
|  3.53% (1 Month €STR + 1.20%), 01/14/2033, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100 | 118 |
|  3.54% (1 Month €STR + 1.65%), 01/14/2033, Series 2024-1, Class D <sup>(2)(19)</sup> | 100 | 118 |
|  Porsche Innovative Lease Owner Trust 2024-2 |  |  |
|  4.35%, 10/20/2027, Series 2024-2A, Class A3 <sup>(1)</sup> | $9500 | 9501 |
|  4.47%, 12/21/2026, Series 2024-2A, Class A2A <sup>(1)</sup> | 4402 | 4401 |
|  Post CLO 2023-1 Ltd. |  |  |
|  6.22% (3 Month Term SOFR + 1.95%, 1.95% Floor), 04/20/2036, Series 2023-1A, Class A <sup>(1)(2)</sup> | 14310 | 14311 |
|  Post CLO VI Ltd. |  |  |
|  5.88% (3 Month Term SOFR + 1.42%, 1.42% Floor), 01/20/2038, Series 2024-2A, Class A1 <sup>(1)(2)</sup> | 350 | 351 |
|  Prestige Auto Receivables Trust 2023-1 |  |  |
|  6.33%, 04/16/2029, Series 2023-1A, Class D <sup>(1)</sup> | 4170 | 4221 |
|  Prestige Auto Receivables Trust 2023-2 |  |  |
|  7.71%, 08/15/2029, Series 2023-2A, Class D <sup>(1)</sup> | 1800 | 1876 |
|  PRET 2021-RN3 LLC |  |  |
|  4.84%, 09/25/2051, Series 2021-RN3, Class A1 <sup>(1)(3)</sup> | 22097 | 22014 |
|  PRET 2022-RN1 LLC |  |  |
|  6.72%, 07/25/2051, Series 2022-RN1, Class A1 <sup>(1)(3)</sup> | 16668 | 16677 |
|  PRET 2022-RN2 LLC |  |  |
|  5.00%, 06/25/2052, Series 2022-RN2, Class A1 <sup>(1)(3)</sup> | 14579 | 14572 |
|  PRET 2024-NPL4 LLC |  |  |
|  7.00%, 07/25/2054, Series 2024-NPL4, Class A1 <sup>(1)(3)</sup> | 7598 | 7610 |
|  PRET 2024-NPL5 LLC |  |  |
|  5.96%, 09/25/2054, Series 2024-NPL5, Class A1 <sup>(1)(3)</sup> | 5457 | 5463 |
|  Pret 2024-NPL6 LLC |  |  |
|  5.93%, 10/25/2054, Series 2024-NPL6, Class A1 <sup>(1)(3)</sup> | 13387 | 13365 |
|  PRET 2024-NPL7 LLC |  |  |
|  5.93%, 10/25/2054, Series 2024-NPL7, Class A1 <sup>(1)(3)</sup> | 4861 | 4848 |
|  PRET 2024-RN2 LLC |  |  |
|  7.12%, 04/25/2054, Series 2024-RN2, Class A1 <sup>(1)(3)</sup> | 5630 | 5665 |
|  PRET 2025-NPL3 LLC |  |  |
|  6.71%, 04/25/2055, Series 2025-NPL3, Class A1 <sup>(1)(3)</sup> | 6126 | 6179 |
|  PRET 2025-NPL6 LLC |  |  |
|  5.74%, 06/25/2055, Series 2025-NPL6, Class A1 <sup>(1)(3)</sup> | 22755 | 22757 |
|  Progress Residential 2021-SFR11 Trust |  |  |
|  2.28%, 01/17/2039, Series 2021-SFR11, Class A <sup>(1)</sup> | 11846 | 11023 |
|  Progress Residential 2021-SFR3 |  |  |
|  2.54%, 05/17/2026, Series 2021-SFR3, Class E1 <sup>(1)</sup> | 1815 | 1785 |
|  2.69%, 05/17/2026, Series 2021-SFR3, Class E2 <sup>(1)</sup> | 1510 | 1485 |
|  Progress Residential 2021-SFR4 |  |  |
|  2.41%, 05/17/2038, Series 2021-SFR4, Class E1 <sup>(1)</sup> | 955 | 937 |
|  2.56%, 05/17/2038, Series 2021-SFR4, Class E2 <sup>(1)</sup> | 640 | 628 |
|  Progress Residential 2021-SFR5 Trust |  |  |
|  2.21%, 07/17/2038, Series 2021-SFR5, Class E1 <sup>(1)</sup> | 2185 | 2116 |
|  2.36%, 07/17/2038, Series 2021-SFR5, Class E2 <sup>(1)</sup> | 545 | 528 |
|  Progress Residential 2021-SFR7 Trust |  |  |
|  2.59%, 08/17/2040, Series 2021-SFR7, Class E1 <sup>(1)</sup> | 3970 | 3657 |

---

The accompanying notes are an integral part of these financial statements.

143.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  2.64%, 08/17/2040, Series 2021-SFR7, Class E2 <sup>(1)</sup> | $1035 | $947 |
|  Progress Residential 2021-SFR9 Trust |  |  |
|  2.81%, 11/17/2040, Series 2021-SFR9, Class E1 <sup>(1)</sup> | 1130 | 1057 |
|  3.01%, 11/17/2040, Series 2021-SFR9, Class E2 <sup>(1)</sup> | 615 | 576 |
|  Progress Residential 2022-SFR3 Trust |  |  |
|  6.60%, 04/17/2039, Series 2022-SFR3, Class F <sup>(1)</sup> | 2364 | 2356 |
|  Progress Residential 2022-SFR5 Trust |  |  |
|  4.90%, 06/17/2039, Series 2022-SFR5, Class <sup>B(1)</sup> | 1775 | 1774 |
|  5.19%, 06/17/2039, Series 2022-SFR5, Class C <sup>(1)</sup> | 3215 | 3221 |
|  Progress Residential 2023-SFR1 Trust |  |  |
|  4.65%, 03/17/2040, Series 2023-SFR1, Class C <sup>(1)</sup> | 950 | 936 |
|  4.65%, 03/17/2040, Series 2023-SFR1, Class D <sup>(1)</sup> | 1455 | 1423 |
|  Progress Residential 2024-SFR3 Trust |  |  |
|  3.00%, 06/17/2041, Series 2024-SFR3, Class A <sup>(1)</sup> | 5994 | 5653 |
|  Progress Residential 2024-SFR4 Trust |  |  |
|  3.33%, 07/17/2041, Series 2024-SFR4, Class D <sup>(1)</sup> | 6000 | 5513 |
|  Progress Residential Trust |  |  |
|  2.43%, 07/17/2038, Series 2021-SFR6, Class E1 <sup>(1)</sup> | 2730 | 2657 |
|  2.53%, 07/17/2038, Series 2021-SFR6, Class E2 <sup>(1)</sup> | 1375 | 1339 |
|  Quarzo Srl |  |  |
|  4.80% (3 Month €STR + 2.30%), 06/15/2041, Series 1, Class C<sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123 | 146 |
|  6.20% (3 Month €STR + 3.70%), 06/15/2041, Series 1, Class D <sup>(2)(19)</sup> | 100 | 119 |
|  RAAC Series 2006-RP4 Trust |  |  |
|  4.98% (1 Month Term SOFR + 0.66%, 0.55% Floor, 14.00% Cap), 01/25/2046, Series 2006-RP4, Class M1 <sup>(1)(2)</sup> | $4021 | 4017 |
|  RAAC Series 2006-SP3 Trust |  |  |
|  5.78% (1 Month Term SOFR + 1.46%, 1.35% Floor, 14.00% Cap), 08/25/2036, Series 2006-SP3, Class M3 <sup>(2)</sup> | 902 | 870 |
|  Race Point IX CLO Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.20%, 1.20% Floor), 10/15/2030, Series 2015-9A, Class A1A2 <sup>(1)(2)</sup> | 38 | 38 |
|  Rad CLO 10 Ltd. |  |  |
|  6.29% (3 Month Term SOFR + 2.01%, 1.75% Floor), 04/23/2034, Series 2021-10A, Class C <sup>(1)(2)</sup> | 500 | 500 |
|  Rad CLO 15 Ltd. |  |  |
|  5.62% (3 Month Term SOFR + 1.35%, 1.09% Floor), 01/20/2034, Series 2021-15A, Class A <sup>(1)(2)</sup> | 5902 | 5900 |
|  Rad CLO 18 Ltd. |  |  |
|  5.72% (3 Month Term SOFR + 1.40%, 1.40% Floor), 07/15/2037, Series 2023-18A, Class A1R <sup>(1)(2)</sup> | 250 | 250 |
|  RAD CLO 21 Ltd. |  |  |
|  6.08% (3 Month Term SOFR + 1.80%, 1.80% Floor), 01/25/2037, Series 2023-21A, Class CR <sup>(1)(2)</sup> | 2000 | 1990 |
|  RAD CLO 23 Ltd. |  |  |
|  6.32% (3 Month Term SOFR + 2.05%, 2.05% Floor), 04/20/2037, Series 2024-23A, Class B1 <sup>(1)(2)</sup> | 490 | 491 |
|  Rad CLO 25 Ltd. |  |  |
|  5.73% (3 Month Term SOFR + 1.46%, 1.46% Floor), 07/20/2037, Series 2024-25A, Class A1 <sup>(1)(2)</sup> | 2870 | 2878 |
|  Rad CLO 5 Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.38%, 1.12% Floor), 07/24/2032, Series 2019-5A, Class AR <sup>(1)(2)</sup> | 427 | 428 |
|  Rad CLO 6 Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.39%, 1.39% Floor), 10/20/2037, Series 2019-6A, Class A1R <sup>(1)(2)</sup> | 2330 | 2335 |
|  RAMP Series 2005-RS5 Trust |  |  |
|  5.45% (1 Month Term SOFR + 0.79%, 0.68% Floor, 14.00% Cap), 05/25/2035, Series 2005-RS5, Class M5 <sup>(2)</sup> | 130 | 131 |
|  RAMP Series 2006-RZ5 Trust |  |  |
|  4.79% (1 Month Term SOFR + 0.47%, 0.36% Floor, 14.00% Cap), 08/25/2046, Series 2006-RZ5, Class M1 <sup>(2)</sup> | 15333 | 13588 |
|  RASC Series 2006-EMX6 Trust |  |  |
|  4.97% (1 Month Term SOFR + 0.38%, 0.27% Floor, 14.00% Cap), 07/25/2036, Series 2006-EMX6, Class A4 <sup>(2)</sup> | 174 | 152 |
|  RASC Series 2007-KS3 Trust |  |  |
|  5.11% (1 Month Term SOFR + 0.79%, 0.68% Floor, 14.00% Cap), 04/25/2037, Series 2007-KS3, Class AI4 <sup>(2)</sup> | 17943 | 17421 |

---

The accompanying notes are an integral part of these financial statements.

144.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  RCKT Mortgage Trust 2024-CES5 |  |  |
|  5.85%, 08/25/2044, Series 2024-CES5, Class A1A <sup>(1)(3)</sup> | $24409 | $24528 |
|  RCKT Mortgage Trust 2024-CES8 |  |  |
|  5.49%, 11/25/2044, Series 2024-CES8, Class A1A <sup>(1)(3)</sup> | 31624 | 31686 |
|  RCO IX Mortgage LLC 2025-2 |  |  |
|  6.51%, 04/25/2030, Series 2025-2, Class A1 <sup>(1)(3)</sup> | 18017 | 18095 |
|  Reach ABS Trust 2025-1 |  |  |
|  5.99%, 08/16/2032, Series 2025-1A, Class C <sup>(1)</sup> | 580 | 585 |
|  Red & Black Auto Italy Srl |  |  |
|  3.86% (1 Month €STR + 1.50%), 07/28/2036, Series 3, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109 | 129 |
|  Regatta 31 Funding Ltd. |  |  |
|  5.40% (3 Month Term SOFR + 1.17%, 1.17% Floor), 03/25/2038, Series 2025-1A, Class A1 <sup>(1)(2)</sup> | $3100 | 3098 |
|  5.83% (3 Month Term SOFR + 1.60%, 1.60% Floor), 03/25/2038, Series 2025-1A, Class A2 <sup>(1)(2)</sup> | 2200 | 2201 |
|  Regatta 32 Funding Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.34%, 1.34% Floor), 07/25/2038, Series 2025-4A, Class A1 <sup>(1)(2)</sup> | 1230 | 1234 |
|  Regatta XI Funding Ltd. |  |  |
|  5.68% (3 Month Term SOFR + 1.40%, 1.40% Floor), 07/17/2037, Series 2018-1A, Class AR <sup>(1)(2)</sup> | 3490 | 3503 |
|  Regatta XIX Funding Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.32%, 1.32% Floor), 04/20/2035, Series 2022-1A, Class A1 <sup>(1)(2)</sup> | 500 | 501 |
|  6.12% (3 Month Term SOFR + 1.85%, 1.85% Floor), 04/20/2035, Series 2022-1A, Class B <sup>(1)(2)</sup> | 320 | 321 |
|  Regatta XVIII Funding Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.16%, 1.16% Floor), 04/15/2038, Series 2021-1A, Class A1R <sup>(1)(2)</sup> | 4527 | 4525 |
|  Regatta XX Funding Ltd. |  |  |
|  5.44% (3 Month Term SOFR + 1.18%, 1.18% Floor), 01/15/2038, Series 2021-2A, Class AR <sup>(1)(2)</sup> | 270 | 270 |
|  Regatta XXIII Funding Ltd. |  |  |
|  5.68% (3 Month Term SOFR + 1.41%, 1.15% Floor), 01/20/2035, Series 2021-4A, Class A1 <sup>(1)(2)</sup> | 360 | 361 |
|  Regatta XXIV Funding Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.32%, 1.32% Floor), 01/20/2038, Series 2021-5A, Class AR <sup>(1)(2)</sup> | 480 | 481 |
|  Regional Management Issuance Trust 2021-1 |  |  |
|  1.68%, 03/17/2031, Series 2021-1, Class A <sup>(1)</sup> | 50 | 50 |
|  Regional Management Issuance Trust 2021-2 |  |  |
|  1.90%, 08/15/2033, Series 2021-2, Class A <sup>(1)</sup> | 3668 | 3492 |
|  Regional Management Issuance Trust 2022-1 |  |  |
|  3.07%, 03/15/2032, Series 2022-1, Class A <sup>(1)</sup> | 1532 | 1521 |
|  Regional Management Issuance Trust 2024-1 |  |  |
|  7.46%, 07/15/2036, Series 2024-1, Class D <sup>(1)</sup> | 300 | 311 |
|  Regional Management Issuance Trust 2024-2 |  |  |
|  5.11%, 12/15/2033, Series 2024-2, Class A <sup>(1)</sup> | 4485 | 4510 |
|  5.74%, 12/15/2033, Series 2024-2, Class C <sup>(1)</sup> | 915 | 923 |
|  6.33%, 12/15/2033, Series 2024-2, Class D <sup>(1)</sup> | 201 | 203 |
|  Regional Management Issuance Trust 2025-1 |  |  |
|  5.53%, 04/17/2034, Series 2025-1, Class B <sup>(1)</sup> | 2540 | 2568 |
|  Republic Finance Issuance Trust 2021-A |  |  |
|  3.53%, 12/22/2031, Series 2021-A, Class C <sup>(1)</sup> | 795 | 773 |
|  Republic Finance Issuance Trust 2024-A |  |  |
|  5.91%, 08/20/2032, Series 2024-A, Class A <sup>(1)</sup> | 5385 | 5464 |
|  6.47%, 08/20/2032, Series 2024-A, Class B <sup>(1)</sup> | 2889 | 2959 |
|  7.28%, 08/20/2032, Series 2024-A, Class C <sup>(1)</sup> | 125 | 128 |
|  9.49%, 08/20/2032, Series 2024-A, Class D <sup>(1)</sup> | 800 | 820 |
|  Republic Finance Issuance Trust 2024-B |  |  |
|  5.42%, 11/20/2037, Series 2024-B, Class A <sup>(1)</sup> | 10092 | 10242 |
|  5.86%, 11/20/2037, Series 2024-B, Class B <sup>(1)</sup> | 1356 | 1378 |
|  Research-Driven Pagaya Motor Trust 2024-1 |  |  |
|  7.09%, 06/25/2032, Series 2024-1A, Class A <sup>(1)</sup> | 1400 | 1412 |
|  RFS Asset Securitization II LLC |  |  |
|  6.55%, 07/15/2031, Series 2024-1, Class A <sup>(1)</sup> | 7935 | 8073 |
|  Rockford Tower CLO 2017-3 Ltd. |  |  |
|  5.72% (3 Month Term SOFR + 1.45%), 10/20/2030, Series 2017-3A, Class A <sup>(1)(2)</sup> | 1868 | 1868 |

---

The accompanying notes are an integral part of these financial statements.

145.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Rockford Tower CLO 2018-1 Ltd. |  |  |
|  5.68% (3 Month Term SOFR + 1.36%), 05/20/2031, Series 2018-1A, Class A <sup>(1)(2)</sup> | $288 | $288 |
|  Rockford Tower CLO 2020-1 Ltd. |  |  |
|  5.36% (3 Month Term SOFR + 1.09%, 1.09% Floor), 01/20/2036, Series 2020-1A, Class A1RR <sup>(1)(2)</sup> | 13025 | 13007 |
|  Rockford Tower CLO 2021-1 Ltd. |  |  |
|  5.70% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/20/2034, Series 2021-1A, Class A1 <sup>(1)(2)</sup> | 25790 | 25828 |
|  Rockford Tower CLO 2021-2 Ltd. |  |  |
|  5.69% (3 Month Term SOFR + 1.42%, 1.16% Floor), 07/20/2034, Series 2021-2A, Class A1 <sup>(1)(2)</sup> | 790 | 791 |
|  Romark CLO II Ltd. |  |  |
|  5.93% (3 Month Term SOFR + 1.65%, 1.65% Floor), 07/25/2031, Series 2018-2A, Class A2R <sup>(1)(2)</sup> | 9000 | 9010 |
|  Romark CLO Ltd. |  |  |
|  5.57% (3 Month Term SOFR + 1.29%, 1.03% Floor), 10/23/2030, Series 2017-1A, Class A1R <sup>(1)(2)</sup> | 115 | 115 |
|  RR 20 Ltd. |  |  |
|  5.25% (3 Month Term SOFR + 0.99%, 0.99% Floor), 07/15/2037, Series 2022-20A, Class A1R <sup>(1)(2)</sup> | 2022 | 2018 |
|  RR 28 Ltd. |  |  |
|  5.81% (3 Month Term SOFR + 1.55%, 1.55% Floor), 04/15/2037, Series 2024-28RA, Class A1R <sup>(1)(2)</sup> | 2000 | 2008 |
|  RR 29 Ltd. |  |  |
|  5.65% (3 Month Term SOFR + 1.39%, 1.39% Floor), 07/15/2039, Series 2024-29RA, Class A1R <sup>(1)(2)</sup> | 3200 | 3213 |
|  RR 32 LTD |  |  |
|  5.62% (3 Month Term SOFR + 1.36%, 1.36% Floor), 10/15/2039, Series 2024-32RA, Class A1R <sup>(1)(2)</sup> | 1740 | 1746 |
|  RR 8 Ltd. |  |  |
|  5.96% (3 Month Term SOFR + 1.70%, 1.70% Floor), 07/15/2037, Series 2020-8A, Class A2R <sup>(1)(2)</sup> | 2000 | 2009 |
|  Sagard-Halseypoint CLO 8 Ltd. |  |  |
|  5.70% (3 Month Term SOFR + 1.39%, 1.39% Floor), 01/30/2038, Series 2024-8A, Class A1 <sup>(1)(2)</sup> | 600 | 601 |
|  Santander Drive Auto Receivables Trust 2021-3 |  |  |
|  1.33%, 09/15/2027, Series 2021-3, Class D | 189 | 188 |
|  Santander Drive Auto Receivables Trust 2023-2 |  |  |
|  5.24%, 05/15/2028, Series 2023-2, Class B | 21104 | 21143 |
|  Santander Drive Auto Receivables Trust 2024-2 |  |  |
|  5.80%, 09/15/2027, Series 2024-2, Class A2 | 906 | 907 |
|  5.84%, 06/17/2030, Series 2024-2, Class C | 400 | 409 |
|  6.28%, 08/15/2031, Series 2024-2, Class D | 400 | 413 |
|  Santander Drive Auto Receivables Trust 2024-3 |  |  |
|  5.97%, 10/15/2031, Series 2024-3, Class D | 11735 | 12060 |
|  Santander Drive Auto Receivables Trust 2024-4 |  |  |
|  5.41%, 07/15/2027, Series 2024-4, Class A2 | 5111 | 5116 |
|  Santander Drive Auto Receivables Trust 2024-5 |  |  |
|  4.62%, 11/15/2028, Series 2024-5, Class A3 | 4300 | 4304 |
|  4.88%, 09/15/2027, Series 2024-5, Class A2 | 6610 | 6612 |
|  Santander Drive Auto Receivables Trust 2025-2 |  |  |
|  5.47%, 05/15/2031, Series 2025-2, Class D | 10800 | 10983 |
|  Saxon Asset Securities Trust 2006-1 |  |  |
|  4.90% (1 Month Term SOFR + 0.58%, 0.47% Floor, 12.25% Cap), 03/25/2036, Series 2006-1, Class M1 <sup>(2)</sup> | 819 | 799 |
|  Saxon Asset Securities Trust 2007-2 |  |  |
|  4.63% (1 Month Term SOFR + 0.31%, 0.20% Floor), 05/25/2047, Series 2007-2, Class A1 <sup>(2)</sup> | 14618 | 13079 |
|  Saxon Asset Securities Trust 2007-3 |  |  |
|  4.74% (1 Month Term SOFR + 0.42%, 0.31% Floor), 09/25/2037, Series 2007-3, Class 1A <sup>(2)</sup> | 9997 | 9610 |
|  SBNA Auto Lease Trust 2024-C |  |  |
|  4.56%, 02/22/2028, Series 2024-C, Class A3 <sup>(1)</sup> | 34000 | 34069 |
|  4.94%, 11/20/2026, Series 2024-C, Class A2 <sup>(1)</sup> | 8875 | 8883 |
|  SBNA Auto Receivables Trust 2024-A |  |  |
|  5.21%, 04/16/2029, Series 2024-A, Class A4 <sup>(1)</sup> | 3050 | 3079 |
|  5.32%, 12/15/2028, Series 2024-A, Class A3 <sup>(1)</sup> | 9932 | 9961 |
|  5.59%, 01/15/2030, Series 2024-A, Class C <sup>(1)</sup> | 200 | 204 |
|  6.04%, 04/15/2030, Series 2024-A, Class D <sup>(1)</sup> | 400 | 408 |
|  SC Germany SA Compartment Consumer 2024-2 |  |  |
|  3.79% (1 Month €STR + 1.40%), 05/14/2038, Series 2, Class C <sup>(2)</sup><sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | 356 |
|  4.09% (1 Month €STR + 1.70%), 05/14/2038, Series 2, Class D <sup>(2)</sup><sup>(19)</sup> | 200 | 236 |

---

The accompanying notes are an integral part of these financial statements.

146.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  SC Germany SA Compartment Consumer 2025-1 |  |  |
|  3.68% (1 Month €STR + 1.75%), 12/14/2038, Series 1, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | $237 |
|  SCF Equipment Leasing 2022-1 LLC |  |  |
|  3.79%, 11/20/2031, Series 2022-1A, Class D <sup>(1)</sup> | $2740 | 2674 |
|  SCF Equipment Leasing 2022-2 LLC |  |  |
|  6.50%, 08/20/2032, Series 2022-2A, Class C <sup>(1)</sup> | 3145 | 3162 |
|  SCF Rahoituspalvelut XIII DAC |  |  |
|  3.77% (1 Month €STR + 1.40%), 06/25/2034, Series 13, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100 | 118 |
|  Sculptor CLO XXXV Ltd. |  |  |
|  5.56% (3 Month Term SOFR + 1.25%, 1.25% Floor), 04/27/2038, Series 35A, Class A1 <sup>(1)(2)</sup> | $1920 | 1921 |
|  SEB Funding LLC |  |  |
|  4.97%, 01/30/2052, Series 2021-1A, Class A2 <sup>(1)</sup> | 2594 | 2545 |
|  7.39%, 04/30/2054, Series 2024-1A, Class A2 <sup>(1)</sup> | 8440 | 8631 |
|  Securitized Asset Backed Receivables LLC Trust 2004-OP1 |  |  |
|  5.20% (1 Month Term SOFR + 0.88%, 0.77% Floor), 02/25/2034, Series 2004-OP1, Class M1 <sup>(2)</sup> | 3361 | 3341 |
|  Securitized Asset Backed Receivables LLC Trust 2005-HE1 |  |  |
|  5.08% (1 Month Term SOFR + 0.76%, 0.65% Floor), 10/25/2035, Series 2005-HE1, Class M1 <sup>(2)</sup> | 2247 | 1813 |
|  Securitized Asset Backed Receivables LLC Trust 2006-CB5 |  |  |
|  4.71% (1 Month Term SOFR + 0.39%, 0.28% Floor), 06/25/2036, Series 2006-CB5, Class A3 <sup>(2)</sup> | 3353 | 2256 |
|  Securitized Asset Backed Receivables LLC Trust 2007-BR2 |  |  |
|  4.89% (1 Month Term SOFR + 0.57%, 0.46% Floor), 02/25/2037, Series 2007-BR2, Class A2 <sup>(2)</sup> | 3350 | 1470 |
|  Service Experts Issuer 2024-1 LLC |  |  |
|  6.39%, 11/20/2035, Series 2024-1A, Class A <sup>(1)</sup> | 1218 | 1240 |
|  ServiceMaster Funding LLC |  |  |
|  2.84%, 01/30/2051, Series 2020-1, Class A2I <sup>(1)</sup> | 608 | 565 |
|  Sesac Finance LLC |  |  |
|  5.22%, 07/25/2049, Series 2019-1, Class A2 <sup>(1)</sup> | 7220 | 7187 |
|  5.50%, 07/25/2052, Series 2022-1, Class A2 <sup>(1)</sup> | 1219 | 1216 |
|  SFS Auto Receivables Securitization Trust 2023-1 |  |  |
|  5.97%, 02/20/2031, Series 2023-1A, Class C <sup>(1)</sup> | 1965 | 2019 |
|  SFS Auto Receivables Securitization Trust 2024-3 |  |  |
|  4.55%, 06/20/2030, Series 2024-3A, Class A3 <sup>(1)</sup> | 9500 | 9538 |
|  4.71%, 05/22/2028, Series 2024-3A, Class A2 <sup>(1)</sup> | 4440 | 4442 |
|  SFS Auto Receivables Securitization Trust 2025-1 |  |  |
|  5.11%, 02/20/2031, Series 2025-1A, Class B <sup>(1)</sup> | 1200 | 1226 |
|  5.20%, 10/20/2032, Series 2025-1A, Class C <sup>(1)</sup> | 3400 | 3444 |
|  SFS Auto Receivables Securitization Trust 2025-2 |  |  |
|  5.05%, 04/20/2033, Series 2025-2A, Class C <sup>(1)</sup> | 4400 | 4417 |
|  Shackleton 2013-IV-R CLO Ltd. |  |  |
|  5.50% (3 Month Term SOFR + 1.26%, 1.26% Floor), 04/13/2031, Series 2013-4RA, Class A1A <sup>(1)(2)</sup> | 117 | 117 |
|  Shackleton 2019-XIV CLO Ltd. |  |  |
|  6.33% (3 Month Term SOFR + 2.06%, 1.80% Floor), 07/20/2034, Series 2019-14A, Class BR <sup>(1)(2)</sup> | 3430 | 3439 |
|  Shenton Aircraft Investment I Ltd. |  |  |
|  4.75%, 10/15/2042, Series 2015-1A, Class A <sup>(1)</sup> | 1350 | 1310 |
|  Sierra Timeshare 2021-1 Receivables Funding LLC |  |  |
|  1.34%, 11/20/2037, Series 2021-1A, Class B <sup>(1)</sup> | 613 | 602 |
|  1.79%, 11/20/2037, Series 2021-1A, Class C <sup>(1)</sup> | 170 | 167 |
|  Sierra Timeshare 2023-1 Receivables Funding LLC |  |  |
|  7.00%, 01/20/2040, Series 2023-1A, Class C <sup>(1)</sup> | 459 | 470 |
|  Sierra Timeshare 2023-2 Receivables Funding LLC |  |  |
|  7.30%, 04/20/2040, Series 2023-2A, Class C <sup>(1)</sup> | 552 | 571 |
|  Sierra Timeshare 2023-3 Receivables Funding LLC |  |  |
|  7.12%, 09/20/2040, Series 2023-3A, Class C <sup>(1)</sup> | 1747 | 1802 |
|  Signal Peak CLO 14 Ltd. |  |  |
|  5.59% (3 Month Term SOFR + 1.30%, 1.30% Floor), 01/22/2038, Series 2024-14A, Class A <sup>(1)(2)</sup> | 900 | 901 |
|  Silver Point CLO 4 Ltd. |  |  |
|  5.89% (3 Month Term SOFR + 1.63%, 1.63% Floor), 04/15/2037, Series 2024-4A, Class A1 <sup>(1)(2)</sup> | 320 | 321 |

---

The accompanying notes are an integral part of these financial statements.

147.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Silver Point CLO 5 Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.40%, 1.40% Floor), 10/20/2037, Series 2024-5A, Class A1 <sup>(1)(2)</sup> | $420 | $421 |
|  Silver Point CLO 7 LTD |  |  |
|  5.64% (3 Month Term SOFR + 1.36%, 1.36% Floor), 01/15/2038, Series 2024-7A, Class A1 <sup>(1)(2)</sup> | 340 | 341 |
|  Silver Point CLO 8 Ltd. |  |  |
|  5.43% (3 Month Term SOFR + 1.21%, 1.21% Floor), 04/15/2038, Series 2025-8A, Class A1 <sup>(1)(2)</sup> | 1790 | 1787 |
|  Sixth Street CLO VIII Ltd. |  |  |
|  5.42% (3 Month Term SOFR + 1.15%, 1.15% Floor), 10/20/2034, Series 2017-8A, Class A1R2 <sup>(1)(2)</sup> | 14300 | 14318 |
|  Sixth Street CLO XIV Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.15%, 1.15% Floor), 01/20/2038, Series 2019-14A, Class A1R2 <sup>(1)(2)</sup> | 920 | 921 |
|  Sixth Street CLO XVII Ltd. |  |  |
|  5.43% (3 Month Term SOFR + 1.15%, 1.15% Floor), 04/17/2038, Series 2021-17A, Class A1R <sup>(1)(2)</sup> | 1920 | 1920 |
|  Slam 2021-1 Ltd. |  |  |
|  2.43%, 06/15/2046, Series 2021-1A, Class A <sup>(1)</sup> | 7448 | 6977 |
|  SLAM 2025-1 Ltd. |  |  |
|  5.81%, 05/15/2050, Series 2025-1A, Class A <sup>(1)</sup> | 2865 | 2913 |
|  Slam Ltd. |  |  |
|  5.34%, 09/15/2049, Series 2024-1A, Class A <sup>(1)</sup> | 8920 | 8897 |
|  SLM Private Credit Student Loan Trust 2003-B |  |  |
|  0.00%, 03/15/2033, Series B, Class A3 <sup>(4)</sup> | 760 | 752 |
|  SLM Private Credit Student Loan Trust 2005-B |  |  |
|  4.91% (3 Month Term SOFR + 0.59%), 06/15/2039, Series 2005-B, Class A4 <sup>(2)</sup> | 2678 | 2610 |
|  SLM Student Loan Trust 2003-7 |  |  |
|  5.80% (90-day Average SOFR + 1.46%, 1.20% Floor), 12/15/2033, Series 2003-7A, Class A5A <sup>(1)(2)</sup> | 3759 | 3685 |
|  SLM Student Loan Trust 2005-4 |  |  |
|  4.79% (90-day Average SOFR + 0.43%), 07/25/2040, Series 2005-4, Class A4 <sup>(2)</sup> | 7206 | 7030 |
|  SLM Student Loan Trust 2006-10 |  |  |
|  4.84% (90-day Average SOFR + 0.48%), 03/25/2044, Series 2006-10, Class B <sup>(2)</sup> | 908 | 851 |
|  SLM Student Loan Trust 2007-7 |  |  |
|  4.95% (90-day Average SOFR + 0.59%), 04/25/2026, Series 2007-7, Class A4 <sup>(2)</sup> | 740 | 726 |
|  SLM Student Loan Trust 2008-5 |  |  |
|  6.32% (90-day Average SOFR + 1.96%, 1.70% Floor), 10/25/2025, Series 2008-5, Class A4 <sup>(2)</sup> | 990 | 993 |
|  6.47% (90-day Average SOFR + 2.11%, 1.85% Floor), 07/25/2073, Series 2008-5, Class B <sup>(2)</sup> | 7350 | 7454 |
|  SLM Student Loan Trust 2008-6 |  |  |
|  5.72% (90-day Average SOFR + 1.36%), 10/25/2025, Series 2008-6, Class A4 <sup>(2)</sup> | 3202 | 3165 |
|  SLM Student Loan Trust 2008-7 |  |  |
|  5.52% (90-day Average SOFR + 1.16%), 10/25/2025, Series 2008-7, Class A4 <sup>(2)</sup> | 3496 | 3434 |
|  SLM Student Loan Trust 2012-1 |  |  |
|  5.37% (30-day Average SOFR + 1.06%, 0.95% Floor), 09/25/2028, Series 2012-1, Class A3 <sup>(2)</sup> | 5532 | 5433 |
|  SLM Student Loan Trust 2012-2 |  |  |
|  5.12% (30-day Average SOFR + 0.81%), 01/25/2029, Series 2012-2, Class A <sup>(2)</sup> | 6996 | 6837 |
|  SLM Student Loan Trust 2012-7 |  |  |
|  5.07% (30-day Average SOFR + 0.76%, 0.65% Floor), 05/26/2026, Series 2012-7, Class A3 <sup>(2)</sup> | 2324 | 2254 |
|  6.22% (30-day Average SOFR + 1.91%, 1.80% Floor), 09/25/2043, Series 2012-7, Class B <sup>(2)</sup> | 2220 | 2177 |
|  SLM Student Loan Trust 2014-1 |  |  |
|  5.02% (30-day Average SOFR + 0.71%), 02/26/2029, Series 2014-1, Class A3 <sup>(2)</sup> | 1375 | 1332 |
|  Small Business Origination Loan Trust 2025-1 DAC |  |  |
|  (Sterling Overnight Index Average + 2.60%), 12/15/2036, Series 1, Class B <sup>(2)(6)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94 | 129 |
|  SMB Private Education Loan Trust 2015-C |  |  |
|  3.50%, 09/15/2043, Series 2015-C, Class B <sup>(1)</sup> | $270 | 268 |
|  SMB Private Education Loan Trust 2017-A |  |  |
|  2.88%, 09/15/2034, Series 2017-A, Class A2A <sup>(1)</sup> | 33 | 33 |
|  SMB Private Education Loan Trust 2017-B |  |  |
|  2.82%, 10/15/2035, Series 2017-B, Class A2A <sup>(1)</sup> | 247 | 245 |
|  SMB Private Education Loan Trust 2018-A |  |  |
|  3.50%, 02/15/2036, Series 2018-A, Class A2A <sup>(1)</sup> | 2015 | 1991 |
|  3.96%, 07/15/2042, Series 2018-A, Class B <sup>(1)</sup> | 125 | 122 |

---

The accompanying notes are an integral part of these financial statements.

148.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  SMB Private Education Loan Trust 2018-B |  |  |
|  3.60%, 01/15/2037, Series 2018-B, Class A2A <sup>(1)</sup> | $919 | $906 |
|  4.00%, 07/15/2042, Series 2018-B, Class B <sup>(1)</sup> | 910 | 886 |
|  SMB Private Education Loan Trust 2018-C |  |  |
|  3.63%, 11/15/2035, Series 2018-C, Class A2A <sup>(1)</sup> | 2324 | 2294 |
|  4.00%, 11/17/2042, Series 2018-C, Class B <sup>(1)</sup> | 770 | 747 |
|  SMB Private Education Loan Trust 2019-A |  |  |
|  3.44%, 07/15/2036, Series 2019-A, Class A2A <sup>(1)</sup> | 1720 | 1693 |
|  SMB Private Education Loan Trust 2019-B |  |  |
|  2.84%, 06/15/2037, Series 2019-B, Class A2A <sup>(1)</sup> | 1936 | 1889 |
|  SMB Private Education Loan Trust 2020-A |  |  |
|  2.23%, 09/15/2037, Series 2020-A, Class A2A <sup>(1)</sup> | 4196 | 4042 |
|  SMB Private Education Loan Trust 2020-PTB |  |  |
|  1.60%, 09/15/2054, Series 2020-PTB, Class A2A <sup>(1)</sup> | 2808 | 2644 |
|  SMB Private Education Loan Trust 2021-A |  |  |
|  1.07%, 01/15/2053, Series 2021-A, Class APT1 <sup>(1)</sup> | 4641 | 4178 |
|  2.31%, 01/15/2053, Series 2021-A, Class B(1) | 4366 | 4236 |
|  SMB Private Education Loan Trust 2021-D |  |  |
|  1.34%, 03/17/2053, Series 2021-D, Class A1A <sup>(1)</sup> | 794 | 741 |
|  SMB Private Education Loan Trust 2022-B |  |  |
|  3.94%, 02/16/2055, Series 2022-B, Class A1A <sup>(1)</sup> | 20088 | 19544 |
|  5.75% (30-day Average SOFR + 1.45%), 02/16/2055, Series 2022-B, Class A1B <sup>(1)(2)</sup> | 18116 | 18241 |
|  SMB Private Education Loan Trust 2023-C |  |  |
|  6.36%, 11/15/2052, Series 2023-C, Class B <sup>(1)</sup> | 3570 | 3779 |
|  SMB Private Education Loan Trust 2023-D |  |  |
|  5.95% (30-day Average SOFR + 1.65%, 1.65% Floor), 09/15/2053, Series 2023-D, Class A1B <sup>(1)(2)</sup> | 13408 | 13595 |
|  6.15%, 09/15/2053, Series 2023-D, Class A1A <sup>(1)</sup> | 8249 | 8657 |
|  6.93%, 09/15/2053, Series 2023-D, Class B <sup>(1)</sup> | 5009 | 5325 |
|  7.54%, 09/15/2053, Series 2023-D, Class C <sup>(1)</sup> | 1034 | 1092 |
|  8.87%, 09/15/2053, Series 2023-D, Class D <sup>(1)</sup> | 2110 | 2264 |
|  SMB Private Education Loan Trust 2024-A |  |  |
|  5.24%, 03/15/2056, Series 2024-A, Class A1A <sup>(1)</sup> | 4055 | 4123 |
|  5.75% (30-day Average SOFR + 1.45%, 1.45% Floor), 03/15/2056, Series 2024-A, Class A1B <sup>(1)(2)</sup> | 6816 | 6881 |
|  5.88%, 03/15/2056, Series 2024-A, Class B <sup>(1)</sup> | 1345 | 1380 |
|  SMB Private Education Loan Trust 2024-C |  |  |
|  5.40% (30-day Average SOFR + 1.10%, 1.10% Floor), 06/17/2052, Series 2024-C, Class A1B <sup>(1)(2)</sup> | 1275 | 1266 |
|  5.50%, 06/17/2052, Series 2024-C, Class A1A <sup>(1)</sup> | 4221 | 4321 |
|  6.06%, 06/17/2052, Series 2024-C, Class B <sup>(1)</sup> | 1465 | 1510 |
|  SMB Private Education Loan Trust 2024-D |  |  |
|  5.38%, 07/15/2053, Series 2024-D, Class A1A <sup>(1)</sup> | 24880 | 25368 |
|  SMB Private Education Loan Trust 2024-E |  |  |
|  5.09%, 10/16/2056, Series 2024-E, Class A1A <sup>(1)</sup> | 1961 | 1980 |
|  SMB Private Education Loan Trust 2024-F |  |  |
|  5.06%, 03/16/2054, Series 2024-F, Class A1A <sup>(1)</sup> | 9035 | 9129 |
|  SoFi Consumer Loan Program 2025-1 Trust |  |  |
|  4.80%, 02/27/2034, Series 2025-1, Class A <sup>(1)</sup> | 8003 | 8018 |
|  5.12%, 02/27/2034, Series 2025-1, Class B <sup>(1)</sup> | 674 | 681 |
|  SoFi Consumer Loan Program 2025-A Trust |  |  |
|  0.00%, 03/27/2034, Series 2025-A, Class R <sup>(1)(5)</sup> | 4019 | 4861 |
|  4.91%, 03/27/2034, Series 2025-A, Class A <sup>(1)(5)</sup> | 34184 | 34185 |
|  5.25%, 03/27/2034, Series 2025-A, Class B <sup>(1)(5)</sup> | 3796 | 3796 |
|  5.77%, 03/27/2034, Series 2025-A, Class C <sup>(1)(5)</sup> | 2944 | 2944 |
|  6.26%, 03/27/2034, Series 2025-A, Class D <sup>(1)(5)</sup> | 2177 | 2177 |
|  SoFi Personal Loan Trust |  |  |
|  0.00%, 11/12/2030 <sup>(4)</sup> | 61 | 2829 |
|  SoFi Personal Loan Trust 2023-1 |  |  |
|  6.00%, 11/12/2030, Series 2023-1A, Class A <sup>(1)</sup> | 1432 | 1450 |

---

The accompanying notes are an integral part of these financial statements.

149.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  SoFi Personal Loan Trust 2024-1 |  |  |
|  6.06%, 02/12/2031, Series 2024-1A, Class A <sup>(1)</sup> | $1883 | $1892 |
|  SoFi Professional Loan Program 2017-D LLC |  |  |
|  2.65%, 09/25/2040, Series 2017-D, Class A2FX <sup>(1)</sup> | 211 | 209 |
|  SoFi Professional Loan Program 2017-F LLC |  |  |
|  3.62%, 01/25/2041, Series 2017-F, Class BFX <sup>(1)</sup> | 1405 | 1356 |
|  SoFi Professional Loan Program 2018-C Trust |  |  |
|  4.13%, 01/25/2048, Series 2018-C, Class BFX <sup>(1)</sup> | 1875 | 1811 |
|  Sound Point CLO XX Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.36%), 07/26/2031, Series 2018-2A, Class A <sup>(1)(2)</sup> | 178 | 178 |
|  Soundview Home Loan Trust 2006-OPT5 |  |  |
|  4.91% (1 Month Term SOFR + 0.59%, 0.48% Floor), 07/25/2036, Series 2006-OPT5, Class 2A4 <sup>(2)</sup> | 19954 | 18272 |
|  Soundview Home Loan Trust 2007-NS1 |  |  |
|  4.96% (1 Month Term SOFR + 0.64%, 0.53% Floor), 01/25/2037, Series 2007-NS1, Class M1 <sup>(2)</sup> | 269 | 257 |
|  Southwick Park CLO LLC |  |  |
|  5.59% (3 Month Term SOFR + 1.32%, 1.32% Floor), 07/20/2032, Series 2019-4A, Class A1R <sup>(1)(2)</sup> | 11141 | 11147 |
|  Specialty Underwriting & Residential Finance Trust Series 2006-BC2 |  |  |
|  3.94%, 02/25/2037, Series 2006-BC2, Class A2C <sup>(3)</sup> | 9863 | 3180 |
|  Specialty Underwriting & Residential Finance Trust Series 2006-BC5 |  |  |
|  4.71% (1 Month Term SOFR + 0.39%, 0.28% Floor), 11/25/2037, Series 2006-BC5, Class A1 <sup>(2)</sup> | 8904 | 7048 |
|  Stack Infrastructure Issuer LLC |  |  |
|  5.00%, 05/25/2050, Series 2025-1A, Class A2 <sup>(1)</sup> | 1700 | 1682 |
|  Stream Innovations 2024-1 Issuer Trust |  |  |
|  6.27%, 07/15/2044, Series 2024-1A, Class A <sup>(1)</sup> | 667 | 693 |
|  Stream Innovations 2024-2 Issuer Trust |  |  |
|  5.21%, 02/15/2045, Series 2024-2A, Class A <sup>(1)</sup> | 3585 | 3625 |
|  Stream Innovations 2025-1 Issuer Trust |  |  |
|  5.05%, 09/15/2045, Series 2025-1A, Class A <sup>(1)</sup> | 4851 | 4886 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2005-1 |  |  |
|  4.34%, 02/25/2035, Series 2005-1, Class 1A1 <sup>(4)</sup> | 2733 | 2606 |
|  Structured Asset Investment Loan Trust 2004-8 |  |  |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor), 09/25/2034, Series 2004-8, Class M1 <sup>(2)</sup> | 487 | 466 |
|  Structured Asset Investment Loan Trust 2004-9 |  |  |
|  5.53% (1 Month Term SOFR + 1.21%, 1.10% Floor), 10/25/2034, Series 2004-9, Class M2 <sup>(2)</sup> | 2781 | 2799 |
|  Structured Asset Investment Loan Trust 2005-HE2 |  |  |
|  5.18% (1 Month Term SOFR + 0.86%, 0.75% Floor), 07/25/2035, Series 2005-HE2, Class M2 <sup>(2)</sup> | 3304 | 3152 |
|  Structured Asset Mortgage Investments II Trust 2007-AR3 |  |  |
|  4.81% (1 Month Term SOFR + 0.49%, 0.38% Floor, 10.50% Cap), 09/25/2047, Series 2007-AR3, Class 2A1 <sup>(2)</sup> | 9677 | 8990 |
|  Structured Asset Securities Corp. Mortgage Loan Trust 2007-WF2 |  |  |
|  6.43% (1 Month Term SOFR + 2.11%, 2.00% Floor), 08/25/2037, Series 2007-WF2, Class A1 <sup>(2)</sup> | 22 | 22 |
|  Subway Funding LLC |  |  |
|  5.25%, 07/30/2054, Series 2024-3A, Class A2I <sup>(1)</sup> | 4975 | 4947 |
|  6.03%, 07/30/2054, Series 2024-1A, Class A2I <sup>(1)</sup> | 19104 | 19427 |
|  6.27%, 07/30/2054, Series 2024-1A, Class A2II <sup>(1)</sup> | 1999 | 2048 |
|  SUNNOVA HELIOS II ISSUER LLC 2019-A |  |  |
|  3.75%, 06/20/2046, Series 2019-AA, Class A <sup>(1)</sup> | 1283 | 1174 |
|  Sunnova Helios XIII Issuer LLC |  |  |
|  5.30%, 02/20/2051, Series 2024-A, Class A <sup>(1)</sup> | 1076 | 996 |
|  Sunnova Sol III Issuer LLC |  |  |
|  2.58%, 04/28/2056, Series 2021-1, Class A <sup>(1)</sup> | 1038 | 854 |
|  Sunrun Atlas Issuer 2019-2 LLC |  |  |
|  3.61%, 02/01/2055, Series 2019-2, Class A <sup>(1)</sup> | 9269 | 8775 |
|  Sunrun Demeter Issuer 2021-2 LLC |  |  |
|  2.27%, 01/30/2057, Series 2021-2A, Class A <sup>(1)</sup> | 1161 | 1027 |
|  Switch ABS Issuer LLC |  |  |
|  5.04%, 03/25/2055, Series 2025-1A, Class A2 <sup>(1)</sup> | 13460 | 13277 |
|  Symphony CLO 44 Ltd. |  |  |
|  6.04% (3 Month Term SOFR + 1.80%, 1.80% Floor), 07/14/2037, Series 2024-44A, Class B <sup>(1)(2)</sup> | 3500 | 3511 |

---

The accompanying notes are an integral part of these financial statements.

150.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Symphony CLO XVI Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.20%, 1.20% Floor), 10/15/2031, Series 2015-16A, Class ARR <sup>(1)(2)</sup> | $225 | $225 |
|  Symphony CLO XVIII Ltd. |  |  |
|  5.38% (3 Month Term SOFR + 1.10%, 1.10% Floor), 07/23/2033, Series 2016-18A, Class A1R3 <sup>(1)(2)</sup> | 29847 | 29839 |
|  Symphony CLO XX Ltd. |  |  |
|  5.81% (3 Month Term SOFR + 1.55%, 1.55% Floor), 01/16/2032, Series 2018-20A, Class BR2 <sup>(1)(2)</sup> | 11220 | 11230 |
|  Symphony CLO XXII Ltd. |  |  |
|  5.45% (3 Month Term SOFR + 1.18%, 1.18% Floor), 04/18/2033, Series 2020-22A, Class A1AR <sup>(1)(2)</sup> | 7800 | 7799 |
|  Symphony CLO XXIV Ltd. |  |  |
|  5.48% (3 Month Term SOFR + 1.20%, 1.20% Floor), 01/23/2032, Series 2020-24A, Class AR <sup>(1)(2)</sup> | 718 | 719 |
|  Symphony CLO XXVI Ltd. |  |  |
|  5.61% (3 Month Term SOFR + 1.34%, 1.08% Floor), 04/20/2033, Series 2021-26A, Class AR <sup>(1)(2)</sup> | 3838 | 3843 |
|  TAGUS—Sociedade de Titularizacao de Creditos SA/Silk Finance No 6 |  |  |
|  3.75% (3 Month €STR + 1.70%), 12/25/2039, Series 6, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | 236 |
|  TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2 |  |  |
|  4.37% (1 Month €STR + 1.80%), 10/27/2042, Series 2, Class B <sup>(2)(19)</sup> | 100 | 118 |
|  5.17% (1 Month €STR + 2.60%), 10/27/2042, Series 2, Class C <sup>(2)(19)</sup> | 100 | 118 |
|  6.57% (1 Month €STR + 4.00%), 10/27/2042, Series 2, Class D <sup>(2)(19)</sup> | 100 | 119 |
|  Terwin Mortgage Trust Series TMTS 2005-10HE |  |  |
|  5.45% (1 Month Term SOFR + 1.13%, 1.02% Floor), 06/25/2036, Series 2005-10HE, Class M5 <sup>(2)</sup> | $1322 | 1180 |
|  Tesla Auto Lease Trust 2024-B |  |  |
|  4.79%, 01/20/2027, Series 2024-B, Class A2A <sup>(1)</sup> | 5300 | 5302 |
|  Thayer Park CLO Ltd. |  |  |
|  5.57% (3 Month Term SOFR + 1.30%, 1.04% Floor), 04/20/2034, Series 2017-1A, Class A1R <sup>(1)(2)</sup> | 250 | 250 |
|  Theorem Funding Trust 2023-1 |  |  |
|  7.58%, 04/15/2029, Series 2023-1A, Class A <sup>(1)</sup> | 937 | 941 |
|  Thrust Engine Leasing 2021 DAC |  |  |
|  4.16%, 07/15/2040, Series 2021-1A, Class A <sup>(1)</sup> | 4384 | 4272 |
|  TIF Funding III LLC |  |  |
|  5.48%, 04/20/2049, Series 2024-1A, Class A <sup>(1)</sup> | 3131 | 3176 |
|  TMCL VII Holdings Ltd. |  |  |
|  6.43%, 07/23/2050, Series 2025-1H, Class A <sup>(1)</sup> | 13395 | 13395 |
|  T-Mobile U.S. Trust 2024-2 |  |  |
|  4.25%, 05/21/2029, Series 2024-2A, Class A <sup>(1)</sup> | 6900 | 6908 |
|  Towd Point Mortgage Trust 2024-CES4 |  |  |
|  5.12%, 09/25/2064, Series 2024-CES4, Class A1 <sup>(1)(3)</sup> | 24121 | 24014 |
|  Tower Bridge Funding 2024-3 Plc |  |  |
|  5.64% (Sterling Overnight Index Average + 1.40%), 12/20/2066, Series 3X, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100 | 137 |
|  6.14% (Sterling Overnight Index Average + 1.90%), 12/20/2066, Series 3X, Class D <sup>(2)(19)</sup> | 122 | 168 |
|  Toyota Auto Receivables 2024-D Owner Trust |  |  |
|  4.40%, 06/15/2029, Series 2024-D, Class A3 | $13000 | 13055 |
|  4.55%, 08/16/2027, Series 2024-D, Class A2A | 8040 | 8041 |
|  Trafigura Securitisation Finance Plc |  |  |
|  5.74% (SOFR + 1.40%, 1.40% Floor), 11/15/2027, Series 2024-1A, Class A1 <sup>(1)(2)</sup> | 17950 | 17887 |
|  TRESTLES CLO 2017-1 Ltd. |  |  |
|  5.74% (3 Month Term SOFR + 1.46%, 1.46% Floor), 07/25/2037, Series 2017-1A, Class A1RR <sup>(1)(2)</sup> | 650 | 652 |
|  7.43% (3 Month Term SOFR + 3.15%, 3.15% Floor), 07/25/2037, Series 2017-1A, Class D1RR <sup>(1)(2)</sup> | 500 | 497 |
|  Trestles CLO IV Ltd. |  |  |
|  5.70% (3 Month Term SOFR + 1.43%, 1.17% Floor), 07/21/2034, Series 2021-4A, Class A <sup>(1)(2)</sup> | 950 | 952 |
|  Trestles CLO VI Ltd. |  |  |
|  5.45% (3 Month Term SOFR + 1.18%, 1.18% Floor), 04/25/2038, Series 2023-6A, Class A1R <sup>(1)(2)</sup> | 1480 | 1476 |
|  Tricon American Homes 2019-SFR1 Trust |  |  |
|  3.20%, 03/17/2038, Series 2019-SFR1, Class D <sup>(1)</sup> | 1270 | 1249 |
|  Tricon American Homes 2020-SFR1 |  |  |
|  2.05%, 07/17/2038, Series 2020-SFR1, Class B <sup>(1)</sup> | 1180 | 1143 |
|  2.55%, 07/17/2038, Series 2020-SFR1, Class D <sup>(1)</sup> | 1220 | 1186 |
|  Tricon American Homes 2020-SFR2 Trust |  |  |
|  2.73%, 11/17/2039, Series 2020-SFR2, Class E1 <sup>(1)</sup> | 1855 | 1754 |

---

The accompanying notes are an integral part of these financial statements.

151.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Tricon Residential 2021-SFR1 Trust |  |  |
|  2.79%, 07/17/2038, Series 2021-SFR1, Class E1 <sup>(1)</sup> | $1760 | $1708 |
|  2.89%, 07/17/2038, Series 2021-SFR1, Class E2 <sup>(1)</sup> | 4695 | 4556 |
|  Tricon Residential 2024-SFR2 Trust |  |  |
|  4.75%, 06/17/2040, Series 2024-SFR2, Class A <sup>(1)</sup> | 4990 | 5003 |
|  6.00%, 06/17/2040, Series 2024-SFR2, Class D <sup>(1)</sup> | 12000 | 12075 |
|  Trimaran Cavu 2021-2 Ltd. |  |  |
|  6.29% (3 Month Term SOFR + 2.01%, 1.75% Floor), 10/25/2034, Series 2021-2A, Class B1 <sup>(1)(2)</sup> | 2500 | 2507 |
|  Trimaran CAVU 2024-1 Ltd. |  |  |
|  5.64% (3 Month Term SOFR + 1.38%, 1.38% Floor), 01/25/2038, Series 2024-1A, Class A <sup>(1)(2)</sup> | 1900 | 1907 |
|  6.01% (3 Month Term SOFR + 1.75%, 1.75% Floor), 01/25/2038, Series 2024-1A, Class B <sup>(1)(2)</sup> | 280 | 281 |
|  Trinitas CLO VII Ltd. |  |  |
|  5.34% (3 Month Term SOFR + 1.06%, 1.06% Floor), 01/25/2035, Series 2017-7A, Class A1R2 <sup>(1)(2)</sup> | 7290 | 7270 |
|  Trinitas CLO XVIII Ltd. |  |  |
|  5.70% (3 Month Term SOFR + 1.43%, 1.17% Floor), 01/20/2035, Series 2021-18A, Class A1 <sup>(1)(2)</sup> | 250 | 250 |
|  Trinitas CLO XXIX Ltd. |  |  |
|  7.68% (3 Month Term SOFR + 3.40%, 3.40% Floor), 07/23/2037, Series 2024-29A, Class D1 <sup>(1)(2)</sup> | 2000 | 2011 |
|  Trinitas CLO XXVIII LTD |  |  |
|  5.83% (3 Month Term SOFR + 1.55%, 1.55% Floor), 04/25/2037, Series 2024-28A, Class A1 <sup>(1)(2)</sup> | 320 | 321 |
|  Uniti Fiber Abs Issuer LLC |  |  |
|  5.88%, 04/20/2055, Series 2025-1A, Class A2 <sup>(1)</sup> | 1600 | 1636 |
|  Upstart Securitization Trust 2022-3 |  |  |
|  5.50%, 06/20/2032, Series 2022-3, Class A <sup>(1)</sup> | 473 | 473 |
|  Upstart Structured Pass-Through Trust Series 2022-2A |  |  |
|  4.25%, 06/17/2030, Series 2022-2A, Class A <sup>(1)</sup> | 721 | 716 |
|  USB Auto Owner Trust 2025-1 |  |  |
|  5.40%, 12/15/2032, Series 2025-1A, Class D <sup>(1)</sup> | 700 | 707 |
|  Vantage Data Centers Germany Borrower Lux Sarl |  |  |
|  4.29%, 06/28/2050, Series 1X, Class A2 <sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1758 | 2079 |
|  Vantage Data Centers Issuer LLC |  |  |
|  5.10%, 09/15/2054, Series 2024-1A, Class A2 <sup>(1)</sup> | $9375 | 9310 |
|  Vantage Data Centers Jersey Borrower Spv Ltd |  |  |
|  6.17%, 05/28/2039, Series 1X, Class A2 <sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;892 | 1255 |
|  Vantage Data Centers LLC |  |  |
|  1.99%, 09/15/2045, Series 2020-2A, Class A2 <sup>(1)</sup> | $3040 | 2854 |
|  VCAT 2025-NPL1 LLC |  |  |
|  5.88%, 01/25/2055, Series 2025-NPL1, Class A1 <sup>(1)(3)</sup> | 5146 | 5156 |
|  VCAT 2025-NPL3 LLC |  |  |
|  5.89%, 02/25/2055, Series 2025-NPL3, Class A1 <sup>(1)(3)</sup> | 13408 | 13416 |
|  Verdelite Static CLO 2024-1 Ltd. |  |  |
|  5.92% (3 Month Term SOFR + 1.65%, 1.65% Floor), 07/20/2032, Series 2024-1A, Class B <sup>(1)(2)</sup> | 250 | 251 |
|  Verizon Master Trust |  |  |
|  4.17%, 08/20/2030, Series 2024-6, Class A1A | 48100 | 48164 |
|  Vista Point Securitization Trust 2024-CES1 |  |  |
|  6.68%, 05/25/2054, Series 2024-CES1, Class A1 <sup>(1)(3)</sup> | 6275 | 6354 |
|  Vista Point Securitization Trust Series 2024-CES2 |  |  |
|  5.66%, 10/25/2054, Series 2024-CES2, Class A2 <sup>(1)(3)</sup> | 2000 | 1999 |
|  Volofin Finance Designated Activity Co. |  |  |
|  5.94%, 06/15/2037, Series 2024-1A, Class A <sup>(1)</sup> | 7029 | 7098 |
|  VOLT XCIV LLC |  |  |
|  6.24%, 02/27/2051, Series 2021-NPL3, Class A1 <sup>(1)(3)</sup> | 522 | 522 |
|  VOLT XCIX LLC |  |  |
|  6.12%, 04/25/2051, Series 2021-NPL8, Class A1 <sup>(1)(3)</sup> | 1150 | 1149 |
|  VOLT XCVI LLC |  |  |
|  6.12%, 03/27/2051, Series 2021-NPL5, Class A1 <sup>(1)(3)</sup> | 154 | 154 |
|  VOLT XCVII LLC |  |  |
|  6.24%, 04/25/2051, Series 2021-NPL6, Class A1 <sup>(1)(3)</sup> | 1752 | 1750 |

---

The accompanying notes are an integral part of these financial statements.

152.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Volvo Financial Equipment LLC Series 2024-1 |  |  |
|  4.56%, 05/17/2027, Series 2024-1A, Class A2 <sup>(1)</sup> | $15716 | $15719 |
|  Voya CLO 2013-2 Ltd. |  |  |
|  5.51% (3 Month Term SOFR + 1.23%, 0.97% Floor), 04/25/2031, Series 2013-2A, Class A1R <sup>(1)(2)</sup> | 468 | 468 |
|  Voya CLO 2014-1 Ltd. |  |  |
|  5.52% (3 Month Term SOFR + 1.25%), 04/18/2031, Series 2014-1A, Class AAR2 <sup>(1)(2)</sup> | 543 | 543 |
|  Voya CLO 2015-3 Ltd. |  |  |
|  5.97% (3 Month Term SOFR + 1.70%, 1.70% Floor), 10/20/2031, Series 2015-3A, Class A3R3 <sup>(1)(2)</sup> | 1500 | 1501 |
|  Voya CLO 2016-1 Ltd. |  |  |
|  5.60% (3 Month Term SOFR + 1.33%, 1.07% Floor), 01/20/2031, Series 2016-1A, Class A1R <sup>(1)(2)</sup> | 246 | 246 |
|  Voya CLO 2018-1 Ltd. |  |  |
|  5.48% (3 Month Term SOFR + 1.21%), 04/19/2031, Series 2018-1A, Class A1 <sup>(1)(2)</sup> | 163 | 163 |
|  Voya CLO 2018-3 Ltd. |  |  |
|  5.46% (3 Month Term SOFR + 1.20%, 1.20% Floor), 10/15/2031, Series 2018-3A, Class A1R2 <sup>(1)(2)</sup> | 1364 | 1364 |
|  Voya CLO 2019-2 Ltd. |  |  |
|  5.47% (3 Month Term SOFR + 1.20%, 1.20% Floor), 07/20/2032, Series 2019-2A, Class AR <sup>(1)(2)</sup> | 3388 | 3391 |
|  Voya CLO 2020-1 Ltd. |  |  |
|  5.67% (3 Month Term SOFR + 1.41%, 1.15% Floor), 07/16/2034, Series 2020-1A, Class AR <sup>(1)(2)</sup> | 15750 | 15796 |
|  6.22% (3 Month Term SOFR + 1.96%, 1.70% Floor), 07/16/2034, Series 2020-1A, Class BR <sup>(1)(2)</sup> | 9000 | 9021 |
|  VStrong Auto Receivables Trust 2024-A |  |  |
|  5.77%, 07/15/2030, Series 2024-A, Class B <sup>(1)</sup> | 1500 | 1522 |
|  5.79%, 08/16/2027, Series 2024-A, Class A2 <sup>(1)</sup> | 253 | 254 |
|  7.29%, 07/15/2030, Series 2024-A, Class D <sup>(1)</sup> | 300 | 313 |
|  WaMu Mortgage Pass-Through Certificates Series 2007-HY1 Trust |  |  |
|  4.26%, 02/25/2037, Series 2007-HY1, Class 4A1 <sup>(4)</sup> | 5132 | 4615 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust |  |  |
|  5.65% (12 Month U.S. Treasury Average + 1.25%, 1.25% Floor), 04/25/2047, Series 2007-OA3, Class 5A <sup>(2)</sup> | 245 | 212 |
|  WAVE 2017-1 Trust |  |  |
|  3.84%, 11/15/2042, Series 2017-1A, Class A <sup>(1)</sup> | 2618 | 2540 |
|  WAVE 2019-1 LLC |  |  |
|  3.60%, 09/15/2044, Series 2019-1, Class A <sup>(1)</sup> | 390 | 374 |
|  Wellfleet CLO 2021-3 Ltd. |  |  |
|  6.32% (3 Month Term SOFR + 2.06%, 1.80% Floor), 01/15/2035, Series 2021-3A, Class B <sup>(1)(2)</sup> | 6165 | 6185 |
|  Wellington Management CLO 1 Ltd. |  |  |
|  6.07% (3 Month Term SOFR + 1.80%, 1.80% Floor), 10/20/2036, Series 2023-1A, Class A <sup>(1)(2)</sup> | 250 | 250 |
|  Wellington Management CLO 4 Ltd. |  |  |
|  5.43% (3 Month Term SOFR + 1.15%, 1.15% Floor), 04/18/2038, Series 2025-4A, Class A <sup>(1)(2)</sup> | 690 | 688 |
|  Westlake Automobile Receivables Trust 2023-1 |  |  |
|  6.79%, 11/15/2028, Series 2023-1A, Class D <sup>(1)</sup> | 2480 | 2535 |
|  Westlake Automobile Receivables Trust 2023-2 |  |  |
|  7.01%, 11/15/2028, Series 2023-2A, Class D <sup>(1)</sup> | 5285 | 5402 |
|  Westlake Automobile Receivables Trust 2023-3 |  |  |
|  6.47%, 03/15/2029, Series 2023-3A, Class D <sup>(1)</sup> | 5675 | 5816 |
|  Westlake Automobile Receivables Trust 2023-4 |  |  |
|  7.19%, 07/16/2029, Series 2023-4A, Class D <sup>(1)</sup> | 9020 | 9391 |
|  Westlake Automobile Receivables Trust 2024-2 |  |  |
|  5.91%, 04/15/2030, Series 2024-2A, Class D <sup>(1)</sup> | 2400 | 2445 |
|  Westlake Automobile Receivables Trust 2024-3 |  |  |
|  4.71%, 04/17/2028, Series 2024-3A, Class A3 <sup>(1)</sup> | 6600 | 6624 |
|  4.82%, 09/15/2027, Series 2024-3A, Class A2A <sup>(1)</sup> | 14830 | 14835 |
|  5.21%, 04/15/2030, Series 2024-3A, Class D <sup>(1)</sup> | 6605 | 6648 |
|  Westlake Automobile Receivables Trust 2025-1 |  |  |
|  5.54%, 11/15/2030, Series 2025-1A, Class D <sup>(1)</sup> | 3500 | 3554 |
|  Wheels Fleet Lease Funding 1 LLC |  |  |
|  4.80%, 09/19/2039, Series 2024-3A, Class A1 <sup>(1)</sup> | 3110 | 3125 |
|  Whitebox CLO I Ltd. |  |  |
|  5.60% (3 Month Term SOFR + 1.32%, 1.32% Floor), 07/24/2036, Series 2019-1A, Class A1RR <sup>(1)(2)</sup> | 150 | 150 |
|  6.28% (3 Month Term SOFR + 2.00%, 2.00% Floor), 07/24/2036, Series 2019-1A, Class CRR <sup>(1)(2)</sup> | 500 | 499 |

---

The accompanying notes are an integral part of these financial statements.

153.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Asset-Backed Obligations – 12.92% – (continued) |  |  |
|  Whitebox CLO II Ltd. |  |  |
|  5.66% (3 Month Term SOFR + 1.38%, 1.38% Floor), 10/24/2037, Series 2020-2A, Class A1R2 <sup>(1)(2)</sup> | $1107 | $1109 |
|  Whitebox CLO III Ltd. |  |  |
|  5.53% (3 Month Term SOFR + 1.27%, 1.27% Floor), 10/15/2035, Series 2021-3A, Class A1R <sup>(1)(2)</sup> | 330 | 331 |
|  Wildwood Park CLO Ltd. |  |  |
|  5.63% (3 Month Term SOFR + 1.36%, 1.36% Floor), 10/20/2037, Series 2024-1A, Class A <sup>(1)(2)</sup> | 1250 | 1249 |
|  Willis Engine Structured Trust IV |  |  |
|  4.75%, 09/15/2043, Series 2018-A, Class A <sup>(1)(3)</sup> | 339 | 336 |
|  5.44%, 09/15/2043, Series 2018-A, Class B <sup>(1)(3)</sup> | 504 | 495 |
|  Willis Engine Structured Trust VI |  |  |
|  3.10%, 05/15/2046, Series 2021-A, Class A <sup>(1)</sup> | 2070 | 1924 |
|  Willis Engine Structured Trust VII |  |  |
|  8.00%, 10/15/2048, Series 2023-A, Class A <sup>(1)</sup> | 10367 | 10677 |
|  Wingstop Funding LLC |  |  |
|  5.86%, 12/05/2054, Series 2024-1A, Class A2 <sup>(1)</sup> | 4935 | 5027 |
|  Wireless PropCo Funding LLC |  |  |
|  8.51%, 06/25/2055, Series 2025-1A, Class C <sup>(1)</sup> | 1948 | 1960 |
|  World Financial Network Credit Card Master Trust |  |  |
|  5.47%, 02/15/2031, Series 2024-A, Class A | 10900 | 11135 |
|  World Omni Auto Receivables Trust 2022-D |  |  |
|  5.61%, 02/15/2028, Series 2022-D, Class A3 | 661 | 664 |
|  Ziply Fiber Issuer LLC |  |  |
|  6.64%, 04/20/2054, Series 2024-1A, Class A2 <sup>(1)</sup> | 23100 | 23721 |
|  7.81%, 04/20/2054, Series 2024-1A, Class B <sup>(1)</sup> | 5000 | 5227 |
|  **Total Asset-Backed Obligations**<br> (Cost: $5,335,489) |  | **5276707** |
|  **Corporate Bonds – 25.14%** |  |  |
| **Basic Materials – 0.56%** |  |  |
|  ArcelorMittal SA |  |  |
|  6.75%, 03/01/2041 | 12270 | 12928 |
|  Corp. Nacional del Cobre de Chile |  |  |
|  5.13%, 02/02/2033 | 3000 | 2915 |
|  First Quantum Minerals Ltd. |  |  |
|  9.38%, 03/01/2029 <sup>(1)</sup> | 10805 | 11468 |
|  Freeport-McMoRan, Inc. |  |  |
|  4.25%, 03/01/2030 | 6345 | 6213 |
|  Glencore Funding LLC |  |  |
|  2.50%, 09/01/2030 <sup>(1)</sup> | 7163 | 6454 |
|  2.63%, 09/23/2031 <sup>(1)</sup> | 4910 | 4310 |
|  2.85%, 04/27/2031 <sup>(1)</sup> | 11709 | 10557 |
|  4.88%, 03/12/2029 <sup>(1)</sup> | 8160 | 8236 |
|  5.37%, 04/04/2029 <sup>(1)</sup> | 401 | 411 |
|  5.40%, 05/08/2028 <sup>(1)</sup> | 1837 | 1877 |
|  5.63%, 04/04/2034 <sup>(1)</sup> | 3155 | 3216 |
|  5.67%, 04/01/2035 <sup>(1)</sup> | 6840 | 6978 |
|  5.70%, 05/08/2033 <sup>(1)</sup> | 17355 | 17943 |
|  6.13%, 10/06/2028 <sup>(1)</sup> | 16775 | 17552 |
|  6.38%, 10/06/2030 <sup>(1)</sup> | 22994 | 24677 |
|  6.50%, 10/06/2033 <sup>(1)</sup> | 49030 | 53168 |
|  International Flavors & Fragrances, Inc. |  |  |
|  1.83%, 10/15/2027 <sup>(1)</sup> | 12544 | 11817 |
|  2.30%, 11/01/2030 <sup>(1)</sup> | 9230 | 8157 |
|  OCP SA |  |  |
|  4.50%, 10/22/2025 <sup>(19)</sup> | 259 | 258 |
|  6.75%, 05/02/2034 <sup>(1)</sup> | 441 | 457 |

---

The accompanying notes are an integral part of these financial statements.

154.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Basic Materials – 0.56% – (continued) |  |  |
|  Steel Dynamics, Inc. |  |  |
|  5.25%, 05/15/2035 | $7260 | $7268 |
|  5.38%, 08/15/2034 | 10885 | 11053 |
|  Volcan Compania Minera SAA |  |  |
|  8.75%, 01/24/2030 <sup>(1)</sup> | 71 | 71 |
|  Westlake Corp. |  |  |
|  1.63%, 07/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2025 | 2240 |
|  Total Basic Materials | Total Basic Materials | 230224 |
| Communications – 1.92% |  |  |
|  Altice Financing SA |  |  |
|  5.00%, 01/15/2028 <sup>(1)</sup> | $520 | 391 |
|  5.75%, 08/15/2029 <sup>(1)</sup> | 1016 | 742 |
|  9.63%, 07/15/2027 <sup>(1)</sup> | 1300 | 1118 |
|  Altice France SA |  |  |
|  3.38%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | 99 |
|  5.13%, 07/15/2029 <sup>(1)</sup> | $400 | 331 |
|  5.50%, 01/15/2028 <sup>(1)</sup> | 1500 | 1262 |
|  5.50%, 10/15/2029 <sup>(1)</sup> | 700 | 580 |
|  8.13%, 02/01/2027 <sup>(1)</sup> | 4500 | 4050 |
|  AT&T, Inc. |  |  |
|  3.50%, 09/15/2053 | 5289 | 3580 |
|  3.65%, 09/15/2059 | 8257 | 5540 |
|  3.80%, 12/01/2057 | 11724 | 8203 |
|  3.85%, 06/01/2060 | 3191 | 2231 |
|  5.15%, 02/15/2050 | 1102 | 991 |
|  5.38%, 08/15/2035 | 21855 | 22254 |
|  5.45%, 03/01/2047 | 1326 | 1261 |
|  6.05%, 08/15/2056 | 1933 | 1973 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
|  4.25%, 01/15/2034 <sup>(1)</sup> | 2844 | 2532 |
|  4.50%, 05/01/2032 | 3555 | 3311 |
|  Charter Communications Operating LLC |  |  |
|  2.30%, 02/01/2032 | 8270 | 6978 |
|  2.80%, 04/01/2031 | 11895 | 10607 |
|  3.85%, 04/01/2061 | 11679 | 7482 |
|  3.95%, 06/30/2062 | 30296 | 19520 |
|  4.40%, 12/01/2061 | 4511 | 3163 |
|  4.80%, 03/01/2050 | 15539 | 12432 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
|  3.50%, 03/01/2042 | 293 | 209 |
|  3.70%, 04/01/2051 | 7543 | 5024 |
|  3.90%, 06/01/2052 | 9618 | 6601 |
|  5.25%, 04/01/2053 | 5737 | 4874 |
|  5.38%, 04/01/2038 | 980 | 924 |
|  5.75%, 04/01/2048 | 7935 | 7216 |
|  6.38%, 10/23/2035 | 10357 | 10878 |
|  6.55%, 06/01/2034 | 14070 | 15012 |
|  6.65%, 02/01/2034 | 5910 | 6329 |
|  6.83%, 10/23/2055 | 1142 | 1169 |
|  Cogent Communications Group LLC |  |  |
|  7.00%, 06/15/2027 <sup>(1)</sup> | 872 | 876 |
|  Comcast Corp. |  |  |
|  2.65%, 08/15/2062 | 774 | 405 |
|  2.99%, 11/01/2063 | 4616 | 2596 |
|  4.60%, 08/15/2045 | 885 | 763 |
|  Consolidated Communications, Inc. |  |  |
|  6.50%, 10/01/2028 <sup>(1)</sup> | 2318 | 2359 |

---

The accompanying notes are an integral part of these financial statements.

155.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Communications – 1.92% – (continued) |  |  |
|  CSC Holdings LLC |  |  |
|  3.38%, 02/15/2031 <sup>(1)</sup> | $10305 | $7140 |
|  4.13%, 12/01/2030 <sup>(1)</sup> | 2415 | 1704 |
|  4.50%, 11/15/2031 <sup>(1)</sup> | 6505 | 4577 |
|  4.63%, 12/01/2030 <sup>(1)</sup> | 26845 | 12484 |
|  5.00%, 11/15/2031 <sup>(1)</sup> | 940 | 437 |
|  5.38%, 02/01/2028 <sup>(1)</sup> | 2440 | 2234 |
|  5.75%, 01/15/2030 <sup>(1)</sup> | 5536 | 2738 |
|  6.50%, 02/01/2029 <sup>(1)</sup> | 9021 | 7335 |
|  11.75%, 01/31/2029 <sup>(1)</sup> | 11036 | 10497 |
|  Digicel Group Holdings Ltd. |  |  |
|  0.00%, 12/31/2030 <sup>(1)(5)</sup> | 190 | 11 |
|  Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl U.S. |  |  |
|  12.00%, 05/25/2027 <sup>(7)</sup> | 192 | 193 |
|  Directv Financing LLC |  |  |
|  8.88%, 02/01/2030 <sup>(1)</sup> | 1585 | 1554 |
|  DISH DBS Corp. |  |  |
|  5.25%, 12/01/2026 <sup>(1)</sup> | 16695 | 15151 |
|  5.75%, 12/01/2028 <sup>(1)</sup> | 17535 | 15179 |
|  DISH Network Corp. |  |  |
|  11.75%, 11/15/2027 <sup>(1)</sup> | 1100 | 1134 |
|  EchoStar Corp. |  |  |
|  10.75%, 11/30/2029 | 41342 | 42584 |
|  Expedia Group, Inc. |  |  |
|  2.95%, 03/15/2031 | 30140 | 27471 |
|  3.25%, 02/15/2030 | 16347 | 15421 |
|  5.40%, 02/15/2035 | 32605 | 32831 |
|  Frontier Communications Holdings LLC |  |  |
|  5.00%, 05/01/2028 <sup>(1)</sup> | 5264 | 5262 |
|  5.88%, 11/01/2029 | 3443 | 3477 |
|  8.63%, 03/15/2031 <sup>(1)</sup> | 1982 | 2106 |
|  Getty Images, Inc. |  |  |
|  11.25%, 02/21/2030 <sup>(1)</sup> | 1802 | 1788 |
|  Global Switch Finance BV |  |  |
|  1.38%, 10/07/2030 | &nbsp;&nbsp;&nbsp;&nbsp;5130 | 5659 |
|  Intelsat Jackson Holdings SA |  |  |
|  6.50%, 03/15/2030 <sup>(1)</sup> | $33276 | 33932 |
|  Meta Platforms, Inc. |  |  |
|  4.65%, 08/15/2062 | 10394 | 8762 |
|  5.55%, 08/15/2064 | 2268 | 2216 |
|  Motorola Solutions, Inc. |  |  |
|  2.30%, 11/15/2030 | 7753 | 6882 |
|  5.40%, 04/15/2034 | 21570 | 21998 |
|  5.55%, 08/15/2035 | 30330 | 30924 |
|  Netflix, Inc. |  |  |
|  4.63%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2300 | 2893 |
|  Paramount Global |  |  |
|  2.90%, 01/15/2027 | $9830 | 9568 |
|  3.38%, 02/15/2028 | 1021 | 988 |
|  3.70%, 10/04/2026 | 1518 | 1483 |
|  4.38%, 03/15/2043 | 1315 | 968 |
|  4.60%, 01/15/2045 | 1030 | 762 |
|  5.25%, 04/01/2044 | 1410 | 1122 |
|  5.85%, 09/01/2043 | 823 | 716 |
|  6.38% (5 Year CMT Index + 4.00%), 03/30/2062 <sup>(2)</sup> | 585 | 575 |
|  Prosus NV |  |  |
|  1.99%, 07/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4100 | 4184 |

---

The accompanying notes are an integral part of these financial statements.

156.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Communications – 1.92% – (continued) |  |  |
|  Rakuten Group, Inc. |  |  |
|  9.75%, 04/15/2029 <sup>(19)</sup> | $5200 | $5696 |
|  Sirius XM Radio LLC |  |  |
|  4.00%, 07/15/2028 <sup>(1)</sup> | 1095 | 1052 |
|  5.00%, 08/01/2027 <sup>(1)</sup> | 776 | 769 |
|  Snap, Inc. |  |  |
|  6.88%, 03/01/2033 <sup>(1)</sup> | 2923 | 2999 |
|  SoftBank Group Corp. |  |  |
|  7.00%, 07/08/2031 <sup>(19)</sup> | 4000 | 4097 |
|  Sprint Capital Corp. |  |  |
|  6.88%, 11/15/2028 | 1262 | 1355 |
|  8.75%, 03/15/2032 | 27750 | 33664 |
|  Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC |  |  |
|  5.15%, 03/20/2028 <sup>(1)</sup> | 15214 | 15318 |
|  Time Warner Cable LLC |  |  |
|  5.50%, 09/01/2041 | 3624 | 3295 |
|  5.88%, 11/15/2040 | 12025 | 11545 |
|  6.55%, 05/01/2037 | 2135 | 2205 |
|  T-Mobile USA, Inc. |  |  |
|  2.25%, 02/15/2026 | 14809 | 14579 |
|  2.25%, 11/15/2031 | 2149 | 1863 |
|  2.40%, 03/15/2029 | 3099 | 2886 |
|  2.55%, 02/15/2031 | 1908 | 1708 |
|  2.63%, 02/15/2029 | 980 | 919 |
|  2.70%, 03/15/2032 | 2720 | 2397 |
|  3.50%, 04/15/2031 | 16971 | 15934 |
|  3.60%, 11/15/2060 | 1187 | 791 |
|  3.88%, 04/15/2030 | 40687 | 39517 |
|  4.70%, 01/15/2035 | 19845 | 19227 |
|  5.13%, 05/15/2032 | 4917 | 5014 |
|  5.20%, 01/15/2033 | 3977 | 4051 |
|  5.75%, 01/15/2034 | 10390 | 10881 |
|  5.80%, 09/15/2062 | 7014 | 6871 |
|  Uber Technologies, Inc. |  |  |
|  4.80%, 09/15/2034 | 22450 | 22051 |
|  Verizon Communications, Inc. |  |  |
|  4.40%, 11/01/2034 | 4322 | 4102 |
|  5.40%, 07/02/2037 <sup>(1)</sup> | 5528 | 5561 |
|  7.75%, 12/01/2030 | 1334 | 1536 |
|  VF Ukraine PAT via VFU Funding Plc |  |  |
|  9.63%, 02/11/2027 <sup>(19)</sup> | 150 | 143 |
|  9.63%, 02/11/2027 <sup>(1)</sup> | 506 | 482 |
|  Vmed O2 UK Financing I Plc |  |  |
|  4.75%, 07/15/2031 <sup>(1)</sup> | 612 | 566 |
|  7.75%, 04/15/2032 <sup>(1)</sup> | 1315 | 1366 |
|  VZ Secured Financing BV |  |  |
|  5.00%, 01/15/2032 <sup>(1)</sup> | 6500 | 5782 |
|  WOM Mobile SA |  |  |
|  11.00%, 04/01/2031 <sup>(1)(7)</sup> | 215 | 212 |
|  Zayo Group Holdings, Inc. |  |  |
|  4.00%, 03/01/2027 <sup>(1)</sup> | 1361 | 1276 |
|  Total Communications | Total Communications | 784516 |
| Consumer, Cyclical – 2.19% |  |  |
|  1011778 BC ULC / New Red Finance, Inc. |  |  |
|  3.50%, 02/15/2029 <sup>(1)</sup> | 5610 | 5342 |
|  3.88%, 01/15/2028 <sup>(1)</sup> | 1430 | 1393 |
|  4.00%, 10/15/2030 <sup>(1)</sup> | 1770 | 1649 |

---

The accompanying notes are an integral part of these financial statements.

157.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Cyclical – 2.19% – (continued) |  |  |
|  Air Canada 2017-1 Class B Pass-Through Trust |  |  |
|  3.70%, 01/15/2026 <sup>(1)</sup> | $5380 | $5315 |
|  Alaska Airlines 2020-1 Class A Pass-Through Trust |  |  |
|  4.80%, 08/15/2027 <sup>(1)</sup> | 1000 | 1001 |
|  American Airlines 2015-1 Class A Pass-Through Trust |  |  |
|  3.38%, 05/01/2027 | 450 | 438 |
|  American Airlines 2016-3 Class B Pass-Through Trust |  |  |
|  3.75%, 10/15/2025 | 1195 | 1187 |
|  American Airlines 2017-2 Class A Pass-Through Trust |  |  |
|  3.60%, 10/15/2029 | 146 | 135 |
|  American Airlines 2017-2 Class B |  |  |
|  3.70%, 10/15/2025 | 551 | 548 |
|  American Airlines 2019-1 Class B Pass-Through Trust |  |  |
|  3.85%, 02/15/2028 | 6096 | 5879 |
|  American Airlines 2021-1 Class A Pass-Through Trust |  |  |
|  2.88%, 07/11/2034 | 9352 | 8233 |
|  AutoZone, Inc. |  |  |
|  4.00%, 04/15/2030 | 8465 | 8288 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |  |  |
|  9.50%, 07/01/2032 <sup>(1)</sup> | 1865 | 1908 |
|  BorgWarner, Inc. |  |  |
|  5.40%, 08/15/2034 | 5930 | 5997 |
|  British Airways 2018-1 Class AA Pass-Through Trust |  |  |
|  3.80%, 09/20/2031 <sup>(1)</sup> | 1241 | 1200 |
|  British Airways 2019-1 Class A Pass-Through Trust |  |  |
|  3.35%, 06/15/2029 <sup>(1)</sup> | 1476 | 1411 |
|  British Airways 2019-1 Class AA Pass-Through Trust |  |  |
|  3.30%, 12/15/2032 <sup>(1)</sup> | 300 | 278 |
|  British Airways 2020-1 Class A Pass-Through Trust |  |  |
|  4.25%, 11/15/2032 <sup>(1)</sup> | 267 | 256 |
|  Carnival Corp. |  |  |
|  4.00%, 08/01/2028 <sup>(1)</sup> | 19400 | 18988 |
|  5.75%, 03/15/2030 <sup>(1)</sup> | 18860 | 19179 |
|  6.13%, 02/15/2033 <sup>(1)</sup> | 27165 | 27793 |
|  7.00%, 08/15/2029 <sup>(1)</sup> | 2120 | 2233 |
|  Carvana Co. |  |  |
|  9.00%, 06/01/2030 <sup>(1)(7)</sup> | 10018 | 10532 |
|  9.00%, 06/01/2031 <sup>(1)(7)</sup> | 12926 | 15312 |
|  Choice Hotels International, Inc. |  |  |
|  5.85%, 08/01/2034 | 3165 | 3190 |
|  Dillard's, Inc. |  |  |
|  7.00%, 12/01/2028 | 380 | 401 |
|  7.75%, 07/15/2026 | 135 | 137 |
|  7.75%, 05/15/2027 | 85 | 89 |
|  DR Horton, Inc. |  |  |
|  5.00%, 10/15/2034 | 13676 | 13521 |
|  5.50%, 10/15/2035 | 6534 | 6653 |
|  FDJ UNITED |  |  |
|  3.38%, 11/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6200 | 7208 |
|  Ferrellgas LP / Ferrellgas Finance Corp. |  |  |
|  5.38%, 04/01/2026 <sup>(1)</sup> | $9035 | 8949 |
|  5.88%, 04/01/2029 <sup>(1)</sup> | 10434 | 9653 |
|  FirstCash, Inc. |  |  |
|  5.63%, 01/01/2030 <sup>(1)</sup> | 3594 | 3584 |
|  Ford Motor Credit Co. LLC |  |  |
|  2.70%, 08/10/2026 | 7851 | 7644 |
|  2.90%, 02/16/2028 | 750 | 703 |
|  3.38%, 11/13/2025 | 10000 | 9933 |

---

The accompanying notes are an integral part of these financial statements.

158.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Cyclical – 2.19% – (continued) |  |  |
|  3.82%, 11/02/2027 | $4440 | $4286 |
|  4.13%, 08/17/2027 | 6472 | 6326 |
|  4.27%, 01/09/2027 | 435 | 429 |
|  4.39%, 01/08/2026 | 700 | 697 |
|  4.95%, 05/28/2027 | 10826 | 10754 |
|  5.13%, 11/05/2026 | 7500 | 7482 |
|  5.80%, 03/05/2027 | 23800 | 23988 |
|  5.80%, 03/08/2029 | 5800 | 5812 |
|  5.81% (SOFR + 1.45%), 11/05/2026 <sup>(2)</sup> | 11100 | 11051 |
|  6.80%, 05/12/2028 | 2044 | 2113 |
|  6.95%, 03/06/2026 | 1100 | 1111 |
|  General Motors Financial Co., Inc. |  |  |
|  5.40%, 04/06/2026 | 7242 | 7275 |
|  5.85%, 04/06/2030 | 1770 | 1830 |
|  5.90%, 01/07/2035 | 393 | 395 |
|  5.95%, 04/04/2034 | 1493 | 1514 |
|  6.00%, 01/09/2028 | 17350 | 17869 |
|  6.10%, 01/07/2034 | 1381 | 1421 |
|  Great Canadian Gaming Corp./Raptor LLC |  |  |
|  8.75%, 11/15/2029 <sup>(1)</sup> | 1905 | 1865 |
|  Greene King Finance Plc |  |  |
|  4.06%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2603 | 3376 |
|  5.11%, 03/15/2034 | 340 | 462 |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. |  |  |
|  6.63%, 01/15/2032 <sup>(1)</sup> | $14500 | 14725 |
|  Home Depot, Inc. |  |  |
|  4.95%, 06/25/2034 | 5230 | 5293 |
|  Hyatt Hotels Corp. |  |  |
|  5.25%, 06/30/2029 | 1400 | 1424 |
|  5.38%, 12/15/2031 | 4500 | 4563 |
|  Hyundai Capital America |  |  |
|  4.30%, 09/24/2027 <sup>(1)</sup> | 20000 | 19838 |
|  5.30%, 03/19/2027 <sup>(1)</sup> | 7700 | 7784 |
|  5.35%, 03/19/2029 <sup>(1)</sup> | 3800 | 3869 |
|  5.45% (SOFR + 1.04%), 03/19/2027 <sup>(1)(2)</sup> | 6000 | 5992 |
|  JetBlue 2019-1 Class AA Pass-Through Trust |  |  |
|  2.75%, 05/15/2032 | 521 | 456 |
|  JetBlue 2020-1 Class A Pass-Through Trust |  |  |
|  4.00%, 11/15/2032 | 2469 | 2312 |
|  Las Vegas Sands Corp. |  |  |
|  3.50%, 08/18/2026 | 5000 | 4932 |
|  5.63%, 06/15/2028 | 11835 | 12072 |
|  6.00%, 06/14/2030 | 705 | 727 |
|  Live Nation Entertainment, Inc. |  |  |
|  3.75%, 01/15/2028 <sup>(1)</sup> | 5000 | 4838 |
|  MajorDrive Holdings IV LLC |  |  |
|  6.38%, 06/01/2029 <sup>(1)</sup> | 680 | 534 |
|  Marriott International, Inc. |  |  |
|  2.75%, 10/15/2033 | 1322 | 1125 |
|  2.85%, 04/15/2031 | 3830 | 3478 |
|  5.30%, 05/15/2034 | 6705 | 6786 |
|  5.50%, 04/15/2037 | 16095 | 16098 |
|  Marriott Ownership Resorts, Inc. |  |  |
|  4.50%, 06/15/2029 <sup>(1)</sup> | 745 | 716 |
|  McDonald's Corp. |  |  |
|  4.25%, 03/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;1865 | 2297 |
|  4.95%, 03/03/2035 | $7880 | 7875 |

---

The accompanying notes are an integral part of these financial statements.

159.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Cyclical – 2.19% – (continued) |  |  |
|  MDC Holdings, Inc. |  |  |
|  6.00%, 01/15/2043 | $5015 | $4537 |
|  Melco Resorts Finance Ltd. |  |  |
|  5.63%, 07/17/2027 <sup>(19)</sup> | 3000 | 2995 |
|  5.75%, 07/21/2028 <sup>(19)</sup> | 3000 | 2931 |
|  Meritage Homes Corp. |  |  |
|  3.88%, 04/15/2029 <sup>(1)</sup> | 1730 | 1667 |
|  5.65%, 03/15/2035 | 25415 | 25487 |
|  MGM China Holdings Ltd. |  |  |
|  7.13%, 06/26/2031 <sup>(19)</sup> | 5200 | 5405 |
|  Michaels Companies, Inc. |  |  |
|  5.25%, 05/01/2028 <sup>(1)</sup> | 10913 | 8725 |
|  7.88%, 05/01/2029 <sup>(1)</sup> | 2920 | 1913 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
|  6.50%, 06/20/2027 <sup>(1)</sup> | 1629 | 1631 |
|  Mitchells & Butlers Finance Plc |  |  |
|  5.11% (SOFR + 0.71%), 12/15/2030 <sup>(2)</sup> | 4143 | 3961 |
|  6.01%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;189 | 261 |
|  NCL Corp. Ltd. |  |  |
|  5.88%, 03/15/2026 <sup>(1)</sup> | $206 | 206 |
|  8.13%, 01/15/2029 <sup>(1)</sup> | 680 | 717 |
|  Nissan Motor Acceptance Co. LLC |  |  |
|  1.85%, 09/16/2026 <sup>(1)</sup> | 45200 | 43104 |
|  2.00%, 03/09/2026 <sup>(1)</sup> | 14300 | 13940 |
|  2.45%, 09/15/2028 <sup>(1)</sup> | 4800 | 4252 |
|  2.75%, 03/09/2028 <sup>(1)</sup> | 14600 | 13328 |
|  5.30%, 09/13/2027 <sup>(1)</sup> | 2200 | 2169 |
|  Nissan Motor Co. Ltd. |  |  |
|  3.52%, 09/17/2025 <sup>(1)</sup> | 1400 | 1391 |
|  4.35%, 09/17/2027 <sup>(1)</sup> | 10500 | 10080 |
|  4.81%, 09/17/2030 <sup>(1)</sup> | 48275 | 44287 |
|  Papa John's International, Inc. |  |  |
|  3.88%, 09/15/2029 <sup>(1)</sup> | 2410 | 2340 |
|  Royal Caribbean Cruises Ltd. |  |  |
|  5.50%, 04/01/2028 <sup>(1)</sup> | 6435 | 6515 |
|  5.63%, 09/30/2031 <sup>(1)</sup> | 24100 | 24247 |
|  6.00%, 02/01/2033 <sup>(1)</sup> | 35895 | 36586 |
|  6.25%, 03/15/2032 <sup>(1)</sup> | 6310 | 6486 |
|  Sino-Ocean Land Treasure IV Ltd. |  |  |
|  4.75%, 08/05/2029 <sup>(5)</sup> | 1725 | 111 |
|  4.75%, 01/14/2030 <sup>(5)</sup> | 3305 | 264 |
|  Starbucks Corp. |  |  |
|  5.40%, 05/15/2035 | 3060 | 3118 |
|  Stellantis Finance U.S., Inc. |  |  |
|  6.45%, 03/18/2035 <sup>(1)</sup> | 2400 | 2412 |
|  Studio City Co. Ltd. |  |  |
|  7.00%, 02/15/2027 <sup>(19)</sup> | 3600 | 3613 |
|  Travel + Leisure Co. |  |  |
|  4.50%, 12/01/2029 <sup>(1)</sup> | 755 | 730 |
|  6.00%, 04/01/2027 | 5015 | 5060 |
|  United Airlines 2018-1 Class A Pass-Through Trust |  |  |
|  3.70%, 03/01/2030 | 435 | 406 |
|  United Airlines 2018-1 Class B Pass-Through Trust |  |  |
|  4.60%, 03/01/2026 | 2686 | 2652 |
|  United Airlines 2019-1 Class AA Pass-Through Trust |  |  |
|  4.15%, 08/25/2031 | 460 | 441 |
|  United Airlines 2019-2 Class A Pass-Through Trust |  |  |
|  2.90%, 05/01/2028 | 1123 | 1041 |

---

The accompanying notes are an integral part of these financial statements.

160.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Cyclical – 2.19% – (continued) |  |  |
|  United Airlines 2019-2 Class AA Pass-Through Trust |  |  |
|  2.70%, 05/01/2032 | $704 | $629 |
|  United Airlines 2020-1 Class A Pass-Through Trust |  |  |
|  5.88%, 10/15/2027 | 8983 | 9167 |
|  United Airlines 2023-1 Class A Pass-Through Trust |  |  |
|  5.80%, 01/15/2036 | 26744 | 27279 |
|  Volkswagen Financial Services AG |  |  |
|  3.88%, 11/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;14700 | 17401 |
|  Volkswagen Group of America Finance LLC |  |  |
|  5.30%, 03/22/2027 <sup>(1)</sup> | $25000 | 25225 |
|  5.65%, 03/25/2032 <sup>(1)</sup> | 1045 | 1062 |
|  5.80%, 03/27/2035 <sup>(1)</sup> | 1990 | 2005 |
|  Volkswagen International Finance NV |  |  |
|  7.88% (9 Year Swap Rate EUR + 4.78%), 09/06/2173 <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4600 | 6122 |
|  Voyager Parent LLC |  |  |
|  9.25%, 07/01/2032 <sup>(1)</sup> | $2610 | 2716 |
|  Warnermedia Holdings, Inc. |  |  |
|  3.76%, 03/15/2027 | 14387 | 13975 |
|  4.28%, 03/15/2032 | 13174 | 11083 |
|  5.05%, 03/15/2042 | 17680 | 10421 |
|  5.14%, 03/15/2052 | 5202 | 3212 |
|  Whirlpool Corp. |  |  |
|  6.13%, 06/15/2030 | 705 | 711 |
|  6.50%, 06/15/2033 | 760 | 762 |
|  Wynn Macau Ltd. |  |  |
|  5.50%, 10/01/2027 <sup>(19)</sup> | 3000 | 2993 |
|  5.63%, 08/26/2028 <sup>(19)</sup> | 3000 | 2949 |
|  Yum! Brands, Inc. |  |  |
|  4.75%, 01/15/2030 <sup>(1)</sup> | 750 | 743 |
|  ZF North America Capital, Inc. |  |  |
|  6.75%, 04/23/2030 <sup>(1)</sup> | 5065 | 4864 |
|  6.88%, 04/23/2032 <sup>(1)</sup> | 7660 | 7080 |
|  Total Consumer, Cyclical | Total Consumer, Cyclical | 893358 |
| **Consumer, Non-cyclical – 2.67%** |  |  |
|  1261229 BC Ltd. |  |  |
|  10.00%, 04/15/2032 <sup>(1)</sup> | 3575 | 3606 |
|  AA Bond Co. Ltd. |  |  |
|  8.45%, 01/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;3320 | 4852 |
|  Agilent Technologies, Inc. |  |  |
|  4.20%, 09/09/2027 | $262 | 262 |
|  Alcon Finance Corp. |  |  |
|  5.38%, 12/06/2032 <sup>(1)</sup> | 5350 | 5523 |
|  Altria Group, Inc. |  |  |
|  3.40%, 02/04/2041 | 5879 | 4361 |
|  4.25%, 08/09/2042 | 3556 | 2891 |
|  4.45%, 05/06/2050 | 2281 | 1785 |
|  4.50%, 05/02/2043 | 726 | 605 |
|  5.38%, 01/31/2044 | 1163 | 1098 |
|  6.20%, 02/14/2059 | 1401 | 1402 |
|  American Medical Systems Europe BV |  |  |
|  3.00%, 03/08/2031 | &nbsp;&nbsp;&nbsp;&nbsp;11990 | 14101 |
|  Amgen, Inc. |  |  |
|  3.00%, 01/15/2052 | $1704 | 1094 |
|  4.20%, 02/22/2052 | 4565 | 3574 |
|  5.75%, 03/02/2063 | 3492 | 3395 |
|  Anheuser-Busch InBev SA/NV |  |  |
|  3.95%, 03/22/2044 | &nbsp;&nbsp;&nbsp;&nbsp;8455 | 9761 |

---

The accompanying notes are an integral part of these financial statements.

161.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Non-cyclical – 2.67% – (continued) |  |  |
|  Ashtead Capital, Inc. |  |  |
|  5.50%, 08/11/2032 <sup>(1)</sup> | $2475 | $2507 |
|  5.55%, 05/30/2033 <sup>(1)</sup> | 3820 | 3858 |
|  5.80%, 04/15/2034 <sup>(1)</sup> | 6590 | 6745 |
|  5.95%, 10/15/2033 <sup>(1)</sup> | 3530 | 3656 |
|  Bacardi Ltd. |  |  |
|  4.70%, 05/15/2028 <sup>(1)</sup> | 232 | 233 |
|  Bacardi Ltd. / Bacardi-Martini BV |  |  |
|  5.40%, 06/15/2033 <sup>(1)</sup> | 13960 | 13913 |
|  Bacardi-Martini BV |  |  |
|  6.00%, 02/01/2035 <sup>(1)</sup> | 4500 | 4646 |
|  BAT Capital Corp. |  |  |
|  2.73%, 03/25/2031 | 27430 | 24702 |
|  3.56%, 08/15/2027 | 1646 | 1620 |
|  4.54%, 08/15/2047 | 8193 | 6618 |
|  4.76%, 09/06/2049 | 1451 | 1196 |
|  5.28%, 04/02/2050 | 1011 | 893 |
|  5.65%, 03/16/2052 | 5826 | 5428 |
|  5.83%, 02/20/2031 | 5200 | 5472 |
|  6.34%, 08/02/2030 | 1000 | 1078 |
|  6.42%, 08/02/2033 | 800 | 869 |
|  7.08%, 08/02/2043 | 6331 | 6973 |
|  7.08%, 08/02/2053 | 11581 | 12900 |
|  Bausch + Lomb Corp. |  |  |
|  8.38%, 10/01/2028 <sup>(1)</sup> | 725 | 757 |
|  Bausch Health Companies, Inc. |  |  |
|  4.88%, 06/01/2028 <sup>(1)</sup> | 2360 | 1991 |
|  Bayer U.S. Finance II LLC |  |  |
|  4.25%, 12/15/2025 <sup>(1)</sup> | 2035 | 2029 |
|  4.38%, 12/15/2028 <sup>(1)</sup> | 800 | 793 |
|  4.40%, 07/15/2044 <sup>(1)</sup> | 6355 | 4946 |
|  4.88%, 06/25/2048 <sup>(1)</sup> | 11025 | 9035 |
|  Bayer U.S. Finance LLC |  |  |
|  6.13%, 11/21/2026 <sup>(1)</sup> | 5712 | 5805 |
|  6.38%, 11/21/2030 <sup>(1)</sup> | 200 | 213 |
|  6.50%, 11/21/2033 <sup>(1)</sup> | 6445 | 6911 |
|  6.88%, 11/21/2053 <sup>(1)</sup> | 8149 | 8654 |
|  Becton Dickinson & Co. |  |  |
|  5.08%, 06/07/2029 | 2614 | 2671 |
|  Block, Inc. |  |  |
|  3.50%, 06/01/2031 | 1345 | 1234 |
|  Centene Corp. |  |  |
|  2.45%, 07/15/2028 | 2274 | 2112 |
|  2.50%, 03/01/2031 | 4732 | 4074 |
|  2.63%, 08/01/2031 | 1200 | 1028 |
|  3.00%, 10/15/2030 | 29171 | 26065 |
|  3.38%, 02/15/2030 | 11102 | 10225 |
|  4.25%, 12/15/2027 | 1947 | 1917 |
|  4.63%, 12/15/2029 | 27430 | 26679 |
|  Cigna Group |  |  |
|  3.40%, 03/01/2027 | 6858 | 6761 |
|  CommonSpirit Health |  |  |
|  1.55%, 10/01/2025 | 3450 | 3422 |
|  2.78%, 10/01/2030 | 5970 | 5465 |
|  CVS Health Corp. |  |  |
|  2.70%, 08/21/2040 | 576 | 397 |
|  5.05%, 03/25/2048 | 28393 | 24516 |
|  5.13%, 07/20/2045 | 6298 | 5578 |

---

The accompanying notes are an integral part of these financial statements.

162.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Non-cyclical – 2.67% – (continued) |  |  |
|  6.75% (5 Year CMT Index + 2.52%), 12/10/2054 <sup>(2)</sup> | $5180 | $5191 |
|  7.00% (5 Year CMT Index + 2.89%), 03/10/2055 <sup>(2)</sup> | 6000 | 6188 |
|  CVS Pass-Through Trust |  |  |
|  5.77%, 01/10/2033 <sup>(1)</sup> | 44 | 45 |
|  5.77%, 01/10/2033 | 1626 | 1638 |
|  6.04%, 12/10/2028 | 610 | 619 |
|  CVS Pass-Through Trust Series 2013 |  |  |
|  4.70%, 01/10/2036 <sup>(1)</sup> | 3557 | 3407 |
|  CVS Pass-Through Trust Series 2014 |  |  |
|  4.16%, 08/11/2036 <sup>(1)</sup> | 7934 | 7336 |
|  Elevance Health, Inc. |  |  |
|  3.60%, 03/15/2051 | 2181 | 1535 |
|  4.55%, 05/15/2052 | 2056 | 1681 |
|  5.20%, 02/15/2035 | 17575 | 17759 |
|  5.38%, 06/15/2034 | 7730 | 7901 |
|  5.70%, 02/15/2055 | 599 | 580 |
|  ELO SACA |  |  |
|  4.88%, 12/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | 7463 |
|  ERAC USA Finance LLC |  |  |
|  4.90%, 05/01/2033 <sup>(1)</sup> | $11015 | 11016 |
|  Flora Food Management BV |  |  |
|  6.88%, 07/02/2029 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7100 | 8487 |
|  Fortrea Holdings, Inc. |  |  |
|  7.50%, 07/01/2030 <sup>(1)</sup> | $1335 | 1208 |
|  Fresenius Medical Care U.S. Finance III, Inc. |  |  |
|  1.88%, 12/01/2026 <sup>(1)</sup> | 9545 | 9176 |
|  Gilead Sciences, Inc. |  |  |
|  2.60%, 10/01/2040 | 3720 | 2669 |
|  Global Payments, Inc. |  |  |
|  2.90%, 05/15/2030 | 5565 | 5116 |
|  2.90%, 11/15/2031 | 7080 | 6262 |
|  4.88%, 03/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2300 | 2844 |
|  5.30%, 08/15/2029 | $3700 | 3767 |
|  5.40%, 08/15/2032 | 11425 | 11662 |
|  Grand Canyon University |  |  |
|  5.13%, 10/01/2028 | 1890 | 1833 |
|  Grifols SA |  |  |
|  4.75%, 10/15/2028 <sup>(1)</sup> | 654 | 629 |
|  7.50%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;4246 | 5230 |
|  HAH Group Holding Co. LLC |  |  |
|  9.75%, 10/01/2031 <sup>(1)</sup> | $1153 | 1143 |
|  HCA, Inc. |  |  |
|  2.38%, 07/15/2031 | 1924 | 1675 |
|  3.50%, 09/01/2030 | 8417 | 7959 |
|  4.13%, 06/15/2029 | 13355 | 13122 |
|  5.13%, 06/15/2039 | 14720 | 13844 |
|  5.25%, 06/15/2026 | 2966 | 2970 |
|  5.25%, 03/01/2030 | 2900 | 2973 |
|  5.45%, 04/01/2031 | 9878 | 10186 |
|  5.45%, 09/15/2034 | 6223 | 6277 |
|  5.50%, 03/01/2032 | 4857 | 5013 |
|  5.50%, 06/01/2033 | 17540 | 17958 |
|  5.60%, 04/01/2034 | 13700 | 14017 |
|  5.75%, 03/01/2035 | 10334 | 10627 |
|  5.88%, 02/15/2026 | 1085 | 1086 |
|  5.88%, 02/01/2029 | 243 | 252 |
|  6.10%, 04/01/2064 | 728 | 710 |
|  6.20%, 03/01/2055 | 6231 | 6275 |

---

The accompanying notes are an integral part of these financial statements.

163.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Non-cyclical – 2.67% – (continued) |  |  |
|  7.58%, 09/15/2025 | $1322 | $1328 |
|  Humana, Inc. |  |  |
|  3.70%, 03/23/2029 | 11540 | 11184 |
|  4.88%, 04/01/2030 | 1370 | 1379 |
|  5.55%, 05/01/2035 | 6690 | 6727 |
|  Icon Investments Six DAC |  |  |
|  6.00%, 05/08/2034 | 2105 | 2151 |
|  Illumina, Inc. |  |  |
|  2.55%, 03/23/2031 | 13240 | 11641 |
|  4.65%, 09/09/2026 | 9700 | 9712 |
|  Imperial Brands Finance Netherlands BV |  |  |
|  1.75%, 03/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp;3600 | 3658 |
|  Imperial Brands Finance Plc |  |  |
|  3.50%, 07/26/2026 <sup>(1)</sup> | $7025 | 6942 |
|  4.25%, 07/21/2025 <sup>(1)</sup> | 430 | 430 |
|  6.13%, 07/27/2027 <sup>(1)</sup> | 18800 | 19404 |
|  IQVIA, Inc. |  |  |
|  5.70%, 05/15/2028 | 16850 | 17278 |
|  6.25%, 02/01/2029 | 375 | 392 |
|  Japan Tobacco, Inc. |  |  |
|  5.25%, 06/15/2030 <sup>(1)</sup> | 8770 | 9026 |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. |  |  |
|  5.50%, 01/15/2036 <sup>(1)</sup> | 15155 | 15177 |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl |  |  |
|  3.00%, 02/02/2029 | 5290 | 5026 |
|  3.75%, 12/01/2031 | 7152 | 6655 |
|  4.38%, 02/02/2052 | 7491 | 5774 |
|  6.75%, 03/15/2034 | 13488 | 14724 |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group |  |  |
|  5.95%, 04/20/2035 <sup>(1)</sup> | 8425 | 8728 |
|  JDE Peet's NV |  |  |
|  2.25%, 09/24/2031 <sup>(1)</sup> | 3800 | 3240 |
|  4.50%, 01/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2900 | 3574 |
|  Johnson & Johnson |  |  |
|  3.05%, 02/26/2033 | 5570 | 6582 |
|  3.60%, 02/26/2045 | 455 | 519 |
|  5.00%, 03/01/2035 | $2080 | 2132 |
|  Kedrion SpA |  |  |
|  6.50%, 09/01/2029 <sup>(1)</sup> | 6835 | 6541 |
|  Lonza Finance International NV |  |  |
|  3.50%, 09/04/2034 | &nbsp;&nbsp;&nbsp;&nbsp;2330 | 2718 |
|  3.88%, 04/24/2036 | 3055 | 3639 |
|  Mars, Inc. |  |  |
|  5.20%, 03/01/2035 <sup>(1)</sup> | $5025 | 5085 |
|  Medtronic Global Holdings SCA |  |  |
|  1.38%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | 1253 |
|  1.75%, 07/02/2049 | 7258 | 5446 |
|  ModivCare, Inc. |  |  |
|  5.00%, 10/01/2029 <sup>(1)(7)</sup> | $10697 | 2835 |
|  Molina Healthcare, Inc. |  |  |
|  6.25%, 01/15/2033 <sup>(1)</sup> | 1090 | 1110 |
|  Molnlycke Holding AB |  |  |
|  4.25%, 06/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1495 | 1817 |
|  New York & Presbyterian Hospital |  |  |
|  3.56%, 08/01/2036 | $2630 | 2292 |
|  Pfizer Investment Enterprises Pte Ltd. |  |  |
|  4.75%, 05/19/2033 | 3490 | 3480 |

---

The accompanying notes are an integral part of these financial statements.

164.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Non-cyclical – 2.67% – (continued) |  |  |
|  Pfizer Netherlands International Finance BV |  |  |
|  3.25%, 05/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;1185 | $1410 |
|  Pfizer, Inc. |  |  |
|  2.70%, 05/28/2050 | $3160 | 1962 |
|  4.00%, 12/15/2036 | 423 | 388 |
|  Philip Morris International, Inc. |  |  |
|  2.75%, 06/06/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2415 | 2825 |
|  4.75%, 11/01/2031 | $3200 | 3224 |
|  4.88%, 02/13/2029 | 1900 | 1934 |
|  5.13%, 02/13/2031 | 2400 | 2472 |
|  Pilgrim's Pride Corp. |  |  |
|  3.50%, 03/01/2032 | 21965 | 19774 |
|  4.25%, 04/15/2031 | 13635 | 13146 |
|  6.25%, 07/01/2033 | 13265 | 14025 |
|  6.88%, 05/15/2034 | 6900 | 7557 |
|  Quanta Services, Inc. |  |  |
|  4.75%, 08/09/2027 | 2500 | 2521 |
|  Revvity, Inc. |  |  |
|  2.55%, 03/15/2031 | 11115 | 9764 |
|  Reynolds American, Inc. |  |  |
|  7.00%, 08/04/2041 | 2192 | 2289 |
|  8.13%, 05/01/2040 | 2969 | 3494 |
|  Roche Holdings, Inc. |  |  |
|  4.99%, 03/08/2034 <sup>(1)</sup> | 23205 | 23647 |
|  Rollins, Inc. |  |  |
|  5.25%, 02/24/2035 | 545 | 547 |
|  S&P Global, Inc. |  |  |
|  1.25%, 08/15/2030 | 1992 | 1715 |
|  Sartorius Finance BV |  |  |
|  4.88%, 09/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 2517 |
|  Smithfield Foods, Inc. |  |  |
|  2.63%, 09/13/2031 <sup>(1)</sup> | $10000 | 8620 |
|  3.00%, 10/15/2030 <sup>(1)</sup> | 925 | 840 |
|  Solventum Corp. |  |  |
|  5.40%, 03/01/2029 | 1763 | 1815 |
|  5.60%, 03/23/2034 | 2189 | 2253 |
|  Sotera Health Holdings LLC |  |  |
|  7.38%, 06/01/2031 <sup>(1)</sup> | 1090 | 1134 |
|  Spectrum Brands, Inc. |  |  |
|  3.88%, 03/15/2031 <sup>(1)</sup> | 1704 | 1367 |
|  Stryker Corp. |  |  |
|  3.38%, 09/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2960 | 3503 |
|  Teva Pharmaceutical Finance Co. LLC |  |  |
|  6.15%, 02/01/2036 | $2705 | 2781 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
|  3.15%, 10/01/2026 | 3115 | 3054 |
|  4.10%, 10/01/2046 | 46313 | 33307 |
|  4.75%, 05/09/2027 | 4538 | 4530 |
|  5.13%, 05/09/2029 | 4885 | 4913 |
|  6.00%, 12/01/2032 | 8397 | 8575 |
|  6.75%, 03/01/2028 | 1400 | 1454 |
|  7.88%, 09/15/2029 | 6355 | 6932 |
|  8.13%, 09/15/2031 | 3170 | 3590 |
|  Teva Pharmaceutical Finance Netherlands IV BV |  |  |
|  5.75%, 12/01/2030 | 9534 | 9705 |
|  Thermo Fisher Scientific Finance I BV |  |  |
|  1.63%, 10/18/2041 | &nbsp;&nbsp;&nbsp;&nbsp;1805 | 1529 |

---

The accompanying notes are an integral part of these financial statements.

165.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Consumer, Non-cyclical – 2.67% – (continued) |  |  |
|  Thermo Fisher Scientific, Inc. |  |  |
|  0.50%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;6905 | $7728 |
|  U.S. Renal Care, Inc. |  |  |
|  10.63%, 06/28/2028 <sup>(1)</sup> | $195 | 166 |
|  United Rentals North America, Inc. |  |  |
|  6.13%, 03/15/2034 <sup>(1)</sup> | 15905 | 16383 |
|  UnitedHealth Group, Inc. |  |  |
|  3.88%, 12/15/2028 | 1070 | 1056 |
|  5.15%, 07/15/2034 | 26977 | 27250 |
|  5.63%, 07/15/2054 | 11505 | 11160 |
|  Universal Health Services, Inc. |  |  |
|  1.65%, 09/01/2026 | 8275 | 7989 |
|  Verisk Analytics, Inc. |  |  |
|  5.25%, 03/15/2035 | 20305 | 20420 |
|  Wyeth LLC |  |  |
|  5.95%, 04/01/2037 | 717 | 765 |
|  6.00%, 02/15/2036 | 452 | 486 |
|  Total Consumer, Non-cyclical | Total Consumer, Non-cyclical | 1090339 |
| **Energy – 3.16%** |  |  |
|  Aker BP ASA |  |  |
|  3.10%, 07/15/2031 <sup>(1)</sup> | 5635 | 5032 |
|  4.00%, 01/15/2031 <sup>(1)</sup> | 10230 | 9716 |
|  5.13%, 10/01/2034 <sup>(1)</sup> | 5495 | 5276 |
|  Antero Resources Corp. |  |  |
|  5.38%, 03/01/2030 <sup>(1)</sup> | 19949 | 20077 |
|  7.63%, 02/01/2029 <sup>(1)</sup> | 3280 | 3367 |
|  APA Corp. |  |  |
|  5.25%, 02/01/2042 <sup>(1)</sup> | 629 | 503 |
|  Cameron LNG LLC |  |  |
|  3.30%, 01/15/2035 <sup>(1)</sup> | 7846 | 6726 |
|  3.40%, 01/15/2038 <sup>(1)</sup> | 1886 | 1607 |
|  Canadian Natural Resources Ltd. |  |  |
|  5.00%, 12/15/2029 <sup>(1)</sup> | 4200 | 4238 |
|  5.40%, 12/15/2034 <sup>(1)</sup> | 41250 | 40983 |
|  6.25%, 03/15/2038 | 1345 | 1395 |
|  Cheniere Corpus Christi Holdings LLC |  |  |
|  2.74%, 12/31/2039 | 8850 | 7203 |
|  3.70%, 11/15/2029 | 8154 | 7866 |
|  Cheniere Energy Partners LP |  |  |
|  3.25%, 01/31/2032 | 11842 | 10616 |
|  4.00%, 03/01/2031 | 34441 | 32774 |
|  4.50%, 10/01/2029 | 2205 | 2181 |
|  5.55%, 10/30/2035 <sup>(1)</sup> | 2135 | 2152 |
|  5.75%, 08/15/2034 | 7331 | 7529 |
|  5.95%, 06/30/2033 | 18823 | 19648 |
|  Cheniere Energy, Inc. |  |  |
|  5.65%, 04/15/2034 | 18916 | 19373 |
|  Civitas Resources, Inc. |  |  |
|  8.38%, 07/01/2028 <sup>(1)</sup> | 3915 | 4009 |
|  CNX Resources Corp. |  |  |
|  7.25%, 03/01/2032 <sup>(1)</sup> | 2857 | 2958 |
|  Continental Resources, Inc. |  |  |
|  2.88%, 04/01/2032 <sup>(1)</sup> | 40207 | 33802 |
|  4.38%, 01/15/2028 | 2330 | 2297 |
|  5.75%, 01/15/2031 <sup>(1)</sup> | 71266 | 71950 |
|  Continuum Energy Pte. Ltd. |  |  |
|  12.50%, 09/11/2027 <sup>(1)(4)(5)</sup> | 3476 | 3441 |

---

The accompanying notes are an integral part of these financial statements.

166.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Energy – 3.16% – (continued) |  |  |
|  DCP Midstream Operating LP |  |  |
|  3.25%, 02/15/2032 | $15045 | $13295 |
|  5.13%, 05/15/2029 | 3380 | 3434 |
|  Devon Energy Corp. |  |  |
|  5.20%, 09/15/2034 | 6300 | 6118 |
|  5.88%, 06/15/2028 | 42 | 42 |
|  Diamondback Energy, Inc. |  |  |
|  3.13%, 03/24/2031 | 17221 | 15773 |
|  3.25%, 12/01/2026 | 19417 | 19130 |
|  3.50%, 12/01/2029 | 19557 | 18709 |
|  4.40%, 03/24/2051 | 596 | 460 |
|  5.55%, 04/01/2035 | 7580 | 7662 |
|  5.90%, 04/18/2064 | 6571 | 6082 |
|  Ecopetrol SA |  |  |
|  8.88%, 01/13/2033 | 750 | 774 |
|  Energean Israel Finance Ltd. |  |  |
|  5.38%, 03/30/2028 <sup>(1)</sup> | 4950 | 4709 |
|  5.88%, 03/30/2031 <sup>(1)</sup> | 6495 | 5975 |
|  Energy Transfer LP |  |  |
|  4.95%, 06/15/2028 | 2993 | 3037 |
|  5.00%, 05/15/2050 | 1578 | 1319 |
|  5.15%, 02/01/2043 | 394 | 345 |
|  5.55%, 05/15/2034 | 3705 | 3751 |
|  5.60%, 09/01/2034 | 11940 | 12126 |
|  5.70%, 04/01/2035 | 17063 | 17380 |
|  5.75%, 02/15/2033 | 9247 | 9598 |
|  5.95%, 05/15/2054 | 5784 | 5502 |
|  6.00%, 06/15/2048 | 1347 | 1293 |
|  6.25%, 04/15/2049 | 2539 | 2504 |
|  6.40%, 12/01/2030 | 8700 | 9376 |
|  6.55%, 12/01/2033 | 10970 | 11902 |
|  7.38%, 02/01/2031 <sup>(1)</sup> | 10315 | 10808 |
|  8.25%, 11/15/2029 | 1630 | 1844 |
|  EQM Midstream Partners LP |  |  |
|  6.50%, 07/01/2027 <sup>(1)</sup> | 4405 | 4504 |
|  EQT Corp. |  |  |
|  3.13%, 05/15/2026 <sup>(1)</sup> | 5027 | 4950 |
|  3.63%, 05/15/2031 <sup>(1)</sup> | 24984 | 23157 |
|  3.90%, 10/01/2027 | 8276 | 8166 |
|  4.50%, 01/15/2029 <sup>(1)</sup> | 25172 | 24866 |
|  4.75%, 01/15/2031 <sup>(1)</sup> | 32099 | 31595 |
|  5.00%, 01/15/2029 | 7228 | 7289 |
|  5.70%, 04/01/2028 | 7803 | 8026 |
|  5.75%, 02/01/2034 | 11612 | 12006 |
|  6.38%, 04/01/2029 <sup>(1)</sup> | 7982 | 8233 |
|  6.50%, 07/01/2027 <sup>(1)</sup> | 4500 | 4601 |
|  7.00%, 02/01/2030 | 17848 | 19348 |
|  7.50%, 06/01/2027 <sup>(1)</sup> | 5424 | 5523 |
|  7.50%, 06/01/2030 <sup>(1)</sup> | 19885 | 21854 |
|  Expand Energy Corp. |  |  |
|  4.75%, 02/01/2032 | 8827 | 8583 |
|  5.38%, 02/01/2029 | 7094 | 7101 |
|  5.38%, 03/15/2030 | 4675 | 4688 |
|  5.70%, 01/15/2035 | 24809 | 25163 |
|  5.88%, 02/01/2029 <sup>(1)</sup> | 1568 | 1574 |
|  6.75%, 04/15/2029 <sup>(1)</sup> | 6004 | 6076 |
|  Galaxy Pipeline Assets Bidco Ltd. |  |  |
|  2.16%, 03/31/2034 <sup>(1)</sup> | 1556 | 1380 |

---

The accompanying notes are an integral part of these financial statements.

167.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Energy – 3.16% – (continued) |  |  |
|  Gazprom PJSC Via Gaz Capital SA |  |  |
|  4.95%, 03/23/2027 | $20900 | $16929 |
|  Gazprom PJSC via Gaz Finance Plc |  |  |
|  2.95%, 01/27/2029 <sup>(1)</sup> | 28600 | 20306 |
|  3.00%, 06/29/2027 | 10000 | 7800 |
|  Global Partners LP / GLP Finance Corp. |  |  |
|  8.25%, 01/15/2032 <sup>(1)</sup> | 570 | 599 |
|  Greenko Dutch BV |  |  |
|  3.85%, 03/29/2026 <sup>(19)</sup> | 2640 | 2591 |
|  Greenko Power II Ltd. |  |  |
|  4.30%, 12/13/2028 <sup>(19)</sup> | 2393 | 2244 |
|  Harbour Energy Plc |  |  |
|  6.33%, 04/01/2035 <sup>(1)</sup> | 6400 | 6362 |
|  Helmerich & Payne, Inc. |  |  |
|  5.50%, 12/01/2034 <sup>(1)</sup> | 31265 | 28505 |
|  Hess Corp. |  |  |
|  7.30%, 08/15/2031 | 2087 | 2367 |
|  India Cleantech Energy |  |  |
|  4.70%, 08/10/2026 <sup>(19)</sup> | 2370 | 2333 |
|  India Green Power Holdings |  |  |
|  4.00%, 02/22/2027 <sup>(19)</sup> | 2600 | 2517 |
|  KazMunayGas National Co. JSC |  |  |
|  3.50%, 04/14/2033 | 351 | 304 |
|  5.38%, 04/24/2030 | 2346 | 2362 |
|  Kinder Morgan, Inc. |  |  |
|  5.85%, 06/01/2035 | 923 | 957 |
|  Matador Resources Co. |  |  |
|  6.50%, 04/15/2032 <sup>(1)</sup> | 550 | 550 |
|  Medco Laurel Tree Pte Ltd. |  |  |
|  6.95%, 11/12/2028 <sup>(19)</sup> | 2793 | 2769 |
|  New Generation Gas Gathering LLC |  |  |
|  0.00%, 09/30/2029 <sup>(1)(4)(5)(19)</sup> | 523 | 515 |
|  0.00%, 12/31/2049 <sup>(5)</sup> | 3349 | 3299 |
|  NGPL PipeCo LLC |  |  |
|  3.25%, 07/15/2031 <sup>(1)</sup> | 8025 | 7149 |
|  4.88%, 08/15/2027 <sup>(1)</sup> | 4268 | 4246 |
|  ONEOK, Inc. |  |  |
|  4.75%, 10/15/2031 | 5500 | 5445 |
|  6.50%, 09/01/2030 <sup>(1)</sup> | 4475 | 4781 |
|  Ovintiv, Inc. |  |  |
|  6.50%, 08/15/2034 | 2160 | 2242 |
|  Pertamina Persero PT |  |  |
|  3.10%, 08/27/2030 <sup>(1)</sup> | 4663 | 4279 |
|  Petroleos de Venezuela SA |  |  |
|  5.38%, 04/12/2027 <sup>(8)(9)</sup> | 2052 | 254 |
|  5.50%, 04/12/2037 <sup>(8)(9)</sup> | 2500 | 309 |
|  6.00%, 05/16/2024 <sup>(8)(9)</sup> | 2312 | 289 |
|  6.00%, 11/15/2026 <sup>(8)(9)</sup> | 4600 | 574 |
|  9.00%, 11/17/2021 <sup>(8)(9)</sup> | 200 | 25 |
|  9.75%, 05/17/2035 <sup>(8)(9)</sup> | 830 | 121 |
|  Petroleos Mexicanos |  |  |
|  6.35%, 02/12/2048 | 1646 | 1146 |
|  6.70%, 02/16/2032 | 30337 | 28186 |
|  6.75%, 09/21/2047 | 3816 | 2764 |
|  7.69%, 01/23/2050 | 1470 | 1156 |
|  Petroleos Mexicanos (PEMEX) |  |  |
|  7.50%, 03/20/2026 <sup>(1)</sup> | 8329 | 8329 |

---

The accompanying notes are an integral part of these financial statements.

168.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Energy – 3.16% – (continued) |  |  |
|  Pioneer Natural Resources Co. |  |  |
|  2.15%, 01/15/2031 | $1071 | $951 |
|  Plains All American Pipeline LP / PAA Finance Corp. |  |  |
|  3.55%, 12/15/2029 | 3881 | 3710 |
|  3.80%, 09/15/2030 | 11638 | 11123 |
|  4.30%, 01/31/2043 | 865 | 687 |
|  Puma International Financing SA |  |  |
|  7.75%, 04/25/2029 <sup>(19)</sup> | 2700 | 2774 |
|  QazaqGaz NC JSC |  |  |
|  4.38%, 09/26/2027 | 600 | 588 |
|  ReNew Pvt Ltd. |  |  |
|  5.88%, 03/05/2027 <sup>(19)</sup> | 5200 | 5155 |
|  Rio Oil Finance Trust Series 2014-3 |  |  |
|  9.75%, 01/06/2027 | 73 | 75 |
|  Rio Oil Finance Trust Series 2018-1 |  |  |
|  8.20%, 04/06/2028 <sup>(1)</sup> | 278 | 290 |
|  Sabine Pass Liquefaction LLC |  |  |
|  4.50%, 05/15/2030 | 15924 | 15897 |
|  5.00%, 03/15/2027 | 6750 | 6791 |
|  5.88%, 06/30/2026 | 4799 | 4825 |
|  5.90%, 09/15/2037 | 5947 | 6186 |
|  Saudi Arabian Oil Co. |  |  |
|  4.75%, 06/02/2030 <sup>(1)</sup> | 12000 | 12059 |
|  Southern Natural Gas Co. LLC |  |  |
|  4.80%, 03/15/2047 <sup>(1)</sup> | 1000 | 830 |
|  Targa Resources Corp. |  |  |
|  4.20%, 02/01/2033 | 6146 | 5759 |
|  4.95%, 04/15/2052 | 3719 | 3102 |
|  5.50%, 02/15/2035 | 1255 | 1259 |
|  5.55%, 08/15/2035 | 6280 | 6312 |
|  6.13%, 03/15/2033 | 12425 | 13095 |
|  6.15%, 03/01/2029 | 2268 | 2385 |
|  6.50%, 03/30/2034 | 24725 | 26571 |
|  6.50%, 02/15/2053 | 950 | 975 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. |  |  |
|  4.00%, 01/15/2032 | 4656 | 4339 |
|  4.88%, 02/01/2031 | 9968 | 9888 |
|  TMS Issuer Sarl |  |  |
|  5.78%, 08/23/2032 | 3500 | 3609 |
|  Topaz Solar Farms LLC |  |  |
|  4.88%, 09/30/2039 <sup>(1)</sup> | 358 | 315 |
|  5.75%, 09/30/2039 <sup>(1)</sup> | 2810 | 2758 |
|  Transocean Titan Financing Ltd. |  |  |
|  8.38%, 02/01/2028 <sup>(1)</sup> | 1481 | 1504 |
|  Transocean, Inc. |  |  |
|  8.75%, 02/15/2030 <sup>(1)</sup> | 948 | 975 |
|  USA Compression Partners LP |  |  |
|  6.88%, 09/01/2027 | 2505 | 2510 |
|  Var Energi ASA |  |  |
|  7.50%, 01/15/2028 <sup>(1)</sup> | 5135 | 5435 |
|  8.00%, 11/15/2032 <sup>(1)</sup> | 14515 | 16450 |
|  Variable Energi ASA |  |  |
|  6.50%, 05/22/2035 <sup>(1)</sup> | 2235 | 2311 |
|  Venture Global Calcasieu Pass LLC |  |  |
|  3.88%, 11/01/2033 <sup>(1)</sup> | 5080 | 4442 |
|  6.25%, 01/15/2030 <sup>(1)</sup> | 2270 | 2341 |
|  Venture Global LNG, Inc. |  |  |
|  7.00%, 01/15/2030 <sup>(1)</sup> | 12863 | 13003 |

---

The accompanying notes are an integral part of these financial statements.

169.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Energy – 3.16% – (continued) |  |  |
|  9.00% (5 Year CMT Index + 5.44%) <sup>(1)(2)</sup> | $1213 | $1179 |
|  9.50%, 02/01/2029 <sup>(1)</sup> | 33200 | 36168 |
|  9.88%, 02/01/2032 <sup>(1)</sup> | 16182 | 17476 |
|  Venture Global Plaquemines LNG LLC |  |  |
|  6.75%, 01/15/2036 <sup>(1)</sup> | 11000 | 11000 |
|  Viper Energy, Inc. |  |  |
|  5.38%, 11/01/2027 <sup>(1)</sup> | 7596 | 7604 |
|  7.38%, 11/01/2031 <sup>(1)</sup> | 17067 | 18110 |
|  Vista Energy Argentina SAU |  |  |
|  7.63%, 12/10/2035 <sup>(1)</sup> | 538 | 522 |
|  Western Midstream Operating LP |  |  |
|  4.05%, 02/01/2030 | 1775 | 1707 |
|  5.25%, 02/01/2050 | 2350 | 1976 |
|  5.30%, 03/01/2048 | 5089 | 4247 |
|  5.45%, 04/01/2044 | 1256 | 1095 |
|  5.50%, 08/15/2048 | 940 | 805 |
|  6.15%, 04/01/2033 | 13915 | 14481 |
|  6.35%, 01/15/2029 | 7405 | 7752 |
|  Whistler Pipeline LLC |  |  |
|  5.70%, 09/30/2031 <sup>(1)</sup> | 3640 | 3711 |
|  5.95%, 09/30/2034 <sup>(1)</sup> | 4065 | 4117 |
|  Williams Companies, Inc. |  |  |
|  5.15%, 03/15/2034 | 21805 | 21755 |
|  Woodside Finance Ltd. |  |  |
|  5.10%, 09/12/2034 | 4500 | 4357 |
|  YPF SA |  |  |
|  9.50%, 01/17/2031 <sup>(1)</sup> | 377 | 397 |
|  Total Energy | Total Energy | 1292692 |
| **Financials – 8.61%** |  |  |
|  AerCap Ireland Capital DAC |  |  |
|  3.65%, 07/21/2027 | 200 | 197 |
|  5.75%, 06/06/2028 | 971 | 1005 |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
|  3.00%, 10/29/2028 | 46935 | 44713 |
|  3.30%, 01/30/2032 | 21615 | 19583 |
|  3.40%, 10/29/2033 | 8770 | 7734 |
|  4.95%, 09/10/2034 | 15355 | 15020 |
|  5.38%, 12/15/2031 | 5980 | 6111 |
|  6.15%, 09/30/2030 | 8535 | 9102 |
|  AIB Group Plc |  |  |
|  6.61% (SOFR + 2.33%), 09/13/2029 <sup>(1)(2)</sup> | 2960 | 3132 |
|  Air Lease Corp. |  |  |
|  5.85%, 12/15/2027 | 8015 | 8290 |
|  Aircastle Ltd. |  |  |
|  5.95%, 02/15/2029 <sup>(1)</sup> | 3340 | 3450 |
|  6.50%, 07/18/2028 <sup>(1)</sup> | 12835 | 13400 |
|  Aircastle Ltd. / Aircastle Ireland DAC |  |  |
|  5.25%, 03/15/2030 <sup>(1)</sup> | 3310 | 3337 |
|  5.75%, 10/01/2031 <sup>(1)</sup> | 12585 | 12931 |
|  Alexandria Real Estate Equities, Inc. |  |  |
|  4.70%, 07/01/2030 | 42 | 42 |
|  American Assets Trust LP |  |  |
|  3.38%, 02/01/2031 | 10870 | 9734 |
|  American Express Co. |  |  |
|  5.67% (SOFR + 1.79%), 04/25/2036 <sup>(2)</sup> | 1220 | 1263 |
|  American Homes 4 Rent LP |  |  |
|  2.38%, 07/15/2031 | 1690 | 1472 |

---

The accompanying notes are an integral part of these financial statements.

170.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  3.38%, 07/15/2051 | $3567 | $2350 |
|  4.30%, 04/15/2052 | 1303 | 1014 |
|  American International Group, Inc. |  |  |
|  4.75%, 04/01/2048 | 502 | 445 |
|  American Tower Corp. |  |  |
|  2.10%, 06/15/2030 | 13775 | 12233 |
|  2.30%, 09/15/2031 | 18173 | 15766 |
|  2.70%, 04/15/2031 | 17322 | 15534 |
|  3.80%, 08/15/2029 | 967 | 940 |
|  3.95%, 03/15/2029 | 2106 | 2062 |
|  5.00%, 01/31/2030 | 1319 | 1345 |
|  5.20%, 02/15/2029 | 2170 | 2220 |
|  5.45%, 02/15/2034 | 8453 | 8703 |
|  5.65%, 03/15/2033 | 6855 | 7144 |
|  5.90%, 11/15/2033 | 22471 | 23707 |
|  Americold Realty Operating Partnership LP |  |  |
|  5.60%, 05/15/2032 | 3600 | 3618 |
|  AmFam Holdings, Inc. |  |  |
|  2.81%, 03/11/2031 <sup>(1)</sup> | 5500 | 4681 |
|  Andiron Financing LLC |  |  |
|  0.00%, 01/21/2030 <sup>(4)(5)(19)</sup> | 340 | 340 |
|  Antares Holdings LP |  |  |
|  2.75%, 01/15/2027 <sup>(1)</sup> | 8970 | 8608 |
|  3.75%, 07/15/2027 <sup>(1)</sup> | 20265 | 19485 |
|  7.95%, 08/11/2028 <sup>(1)</sup> | 2715 | 2868 |
|  Aon Corp. |  |  |
|  2.80%, 05/15/2030 | 3500 | 3243 |
|  Aon Corp. / Aon Global Holdings Plc |  |  |
|  2.05%, 08/23/2031 | 1542 | 1331 |
|  2.60%, 12/02/2031 | 9185 | 8140 |
|  AQFIT – Aqua Finance Trust 2025-1 B |  |  |
|  5.56%, 12/19/2050 <sup>(1)</sup> | 5700 | 5700 |
|  AQFIT – Aqua Finance Trust 2025-1 C |  |  |
|  5.81%, 12/19/2050 <sup>(1)</sup> | 3600 | 3600 |
|  AQFIT – Aqua Finance Trust 2025-1 D |  |  |
|  6.77%, 12/19/2050 <sup>(1)</sup> | 6200 | 6200 |
|  AQFIT – Aqua Finance Trust 2025-1 R |  |  |
|  0.00%, 12/19/2050 <sup>(1)</sup> | 16 | 6315 |
|  AQFIT – Aqua Finance Trust 2025-1 A |  |  |
|  5.25%, 12/19/2050 <sup>(1)</sup> | 28200 | 28200 |
|  Arthur J Gallagher & Co. |  |  |
|  5.00%, 02/15/2032 | 1645 | 1667 |
|  5.15%, 02/15/2035 | 4315 | 4317 |
|  5.45%, 07/15/2034 | 3795 | 3880 |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust |  |  |
|  6.09%, 12/15/2044 <sup>(1)</sup> | 7700 | 7704 |
|  Athene Global Funding |  |  |
|  2.55%, 11/19/2030 <sup>(1)</sup> | 3300 | 2941 |
|  2.72%, 01/07/2029 <sup>(1)</sup> | 3800 | 3542 |
|  3.21%, 03/08/2027 <sup>(1)</sup> | 5070 | 4935 |
|  Athene Holding Ltd. |  |  |
|  3.50%, 01/15/2031 | 1835 | 1727 |
|  Aviation Capital Group LLC |  |  |
|  5.13%, 04/10/2030 <sup>(1)</sup> | 285 | 288 |
|  6.25%, 04/15/2028 <sup>(1)</sup> | 3810 | 3968 |
|  6.38%, 07/15/2030 <sup>(1)</sup> | 13350 | 14155 |
|  6.75%, 10/25/2028 <sup>(1)</sup> | 10810 | 11490 |

---

The accompanying notes are an integral part of these financial statements.

171.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  Avolon Holdings Funding Ltd. |  |  |
|  2.53%, 11/18/2027 <sup>(1)</sup> | $35158 | $33420 |
|  2.75%, 02/21/2028 <sup>(1)</sup> | 6105 | 5794 |
|  3.25%, 02/15/2027 <sup>(1)</sup> | 1791 | 1746 |
|  5.38%, 05/30/2030 <sup>(1)</sup> | 5160 | 5256 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
|  6.03% (1 Year CMT Index + 1.95%), 03/13/2035 <sup>(2)</sup> | 3100 | 3232 |
|  Banco Santander SA |  |  |
|  6.03%, 01/17/2035 | 1600 | 1686 |
|  6.53% (1 Year CMT Index + 1.65%), 11/07/2027 <sup>(2)</sup> | 9500 | 9751 |
|  6.61%, 11/07/2028 | 7200 | 7680 |
|  Bank of America Corp. |  |  |
|  1.66% (SOFR + 0.91%), 03/11/2027 <sup>(2)</sup> | 10890 | 10683 |
|  1.73% (SOFR + 0.96%), 07/22/2027 <sup>(2)</sup> | 39105 | 38008 |
|  1.90% (SOFR + 1.53%), 07/23/2031 <sup>(2)</sup> | 3918 | 3443 |
|  1.92% (SOFR + 1.37%), 10/24/2031 <sup>(2)</sup> | 7009 | 6112 |
|  2.09% (SOFR + 1.06%), 06/14/2029 <sup>(2)</sup> | 20550 | 19262 |
|  2.30% (SOFR + 1.22%), 07/21/2032 <sup>(2)</sup> | 4831 | 4210 |
|  2.48% (5 Year CMT Index + 1.20%), 09/21/2036 <sup>(2)</sup> | 18070 | 15312 |
|  2.50% (3 Month Term SOFR + 1.25%), 02/13/2031 <sup>(2)</sup> | 8466 | 7733 |
|  2.59% (SOFR + 2.15%), 04/29/2031 <sup>(2)</sup> | 28927 | 26445 |
|  2.69% (SOFR + 1.32%), 04/22/2032 <sup>(2)</sup> | 6988 | 6271 |
|  2.88% (3 Month Term SOFR + 1.45%), 10/22/2030 <sup>(2)</sup> | 596 | 558 |
|  2.97% (SOFR + 1.33%), 02/04/2033 <sup>(2)</sup> | 13460 | 12053 |
|  3.19% (3 Month Term SOFR + 1.44%), 07/23/2030 <sup>(2)</sup> | 3730 | 3551 |
|  3.59% (3 Month Term SOFR + 1.63%), 07/21/2028 <sup>(2)</sup> | 4872 | 4797 |
|  3.71% (3 Month Term SOFR + 1.77%), 04/24/2028 <sup>(2)</sup> | 3059 | 3023 |
|  3.85% (5 Year CMT Index + 2.00%), 03/08/2037 <sup>(2)</sup> | 11670 | 10679 |
|  3.95% (3 Month Term SOFR + 1.45%), 01/23/2049 <sup>(2)</sup> | 530 | 416 |
|  3.97% (3 Month Term SOFR + 1.33%), 03/05/2029 <sup>(2)</sup> | 11309 | 11184 |
|  4.27% (3 Month Term SOFR + 1.57%), 07/23/2029 <sup>(2)</sup> | 1010 | 1007 |
|  4.57% (SOFR + 1.83%), 04/27/2033 <sup>(2)</sup> | 9334 | 9185 |
|  4.88%, 04/01/2044 | 1426 | 1321 |
|  4.95% (SOFR + 2.04%), 07/22/2028 <sup>(2)</sup> | 6078 | 6148 |
|  5.16% (SOFR + 1.00%), 01/24/2031 <sup>(2)</sup> | 3474 | 3561 |
|  5.20% (SOFR + 1.63%), 04/25/2029 <sup>(2)</sup> | 14900 | 15227 |
|  5.29% (SOFR + 1.91%), 04/25/2034 <sup>(2)</sup> | 2325 | 2372 |
|  5.47% (SOFR + 1.65%), 01/23/2035 <sup>(2)</sup> | 7905 | 8121 |
|  5.51% (SOFR + 1.31%), 01/24/2036 <sup>(2)</sup> | 11914 | 12250 |
|  5.52% (SOFR + 1.74%), 10/25/2035 <sup>(2)</sup> | 2605 | 2605 |
|  5.74% (SOFR + 1.70%), 02/12/2036 <sup>(2)</sup> | 4640 | 4715 |
|  5.87% (SOFR + 1.84%), 09/15/2034 <sup>(2)</sup> | 3020 | 3187 |
|  6.20% (SOFR + 1.99%), 11/10/2028 <sup>(2)</sup> | 1251 | 1302 |
|  Bank of Montreal |  |  |
|  4.57% (SOFR + 0.88%), 09/10/2027 <sup>(2)</sup> | 4300 | 4310 |
|  5.27% (SOFR + 0.88%), 09/10/2027 <sup>(2)</sup> | 8100 | 8123 |
|  Bank of Nova Scotia |  |  |
|  4.40% (SOFR + 1.00%), 09/08/2028 <sup>(2)</sup> | 3600 | 3606 |
|  5.39% (SOFR + 1.00%), 09/08/2028 <sup>(2)</sup> | 7700 | 7732 |
|  Barclays Plc |  |  |
|  4.84% (SOFR + 1.34%), 09/10/2028 <sup>(2)</sup> | 5400 | 5442 |
|  4.94% (SOFR + 1.56%), 09/10/2030 <sup>(2)</sup> | 11300 | 11384 |
|  4.97% (3 Month SOFR USD + 1.90%), 05/16/2029 <sup>(2)</sup> | 3900 | 3941 |
|  5.50% (1 Year CMT Index + 2.65%), 08/09/2028 <sup>(2)</sup> | 5000 | 5100 |
|  6.22% (SOFR + 2.98%), 05/09/2034 <sup>(2)</sup> | 6789 | 7206 |
|  7.39% (1 Year CMT Index + 3.30%), 11/02/2028 <sup>(2)</sup> | 3100 | 3291 |
|  7.44% (1 Year CMT Index + 3.50%), 11/02/2033 <sup>(2)</sup> | 3900 | 4426 |

---

The accompanying notes are an integral part of these financial statements.

172.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico/TX |  |  |
|  1.88%, 09/18/2025 <sup>(1)</sup> | $6755 | $6707 |
|  BGC Group, Inc. |  |  |
|  6.15%, 04/02/2030 <sup>(1)</sup> | 9340 | 9470 |
|  Blackrock, Inc. |  |  |
|  3.75%, 07/18/2035 | 10040 | 12068 |
|  Blue Owl Finance LLC |  |  |
|  6.25%, 04/18/2034 | $18530 | 19067 |
|  BNP Paribas SA |  |  |
|  5.79% (SOFR + 1.62%), 01/13/2033 <sup>(1)(2)</sup> | 15000 | 15605 |
|  BPCE SA |  |  |
|  5.94% (SOFR + 1.85%), 05/30/2035 <sup>(1)(2)</sup> | 5600 | 5738 |
|  6.29% (SOFR + 2.04%), 01/14/2036 <sup>(1)(2)</sup> | 15046 | 15801 |
|  6.71% (SOFR + 2.27%), 10/19/2029 <sup>(1)(2)</sup> | 8600 | 9108 |
|  7.00% (SOFR + 2.59%), 10/19/2034 <sup>(1)(2)</sup> | 56600 | 62182 |
|  Brookfield Asset Management Ltd. |  |  |
|  5.80%, 04/24/2035 | 5470 | 5613 |
|  Brown & Brown, Inc. |  |  |
|  5.55%, 06/23/2035 | 3300 | 3365 |
|  CaixaBank SA |  |  |
|  5.58% (SOFR + 1.79%), 07/03/2036 <sup>(1)(2)</sup> | 8105 | 8188 |
|  6.21% (SOFR + 2.70%), 01/18/2029 <sup>(1)(2)</sup> | 7400 | 7691 |
|  6.84% (SOFR + 2.77%), 09/13/2034 <sup>(1)(2)</sup> | 2400 | 2636 |
|  CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund |  |  |
|  4.75%, 03/27/2034 | 7480 | 9187 |
|  CIFI Holdings Group Co. Ltd. |  |  |
|  4.45%, 08/17/2026 <sup>(8)(9)</sup> | $300 | 27 |
|  6.00%, 07/16/2025 <sup>(8)(9)</sup> | 1755 | 176 |
|  6.45%, 11/07/2024 <sup>(8)(9)</sup> | 660 | 64 |
|  Citadel LP |  |  |
|  6.00%, 01/23/2030 <sup>(1)</sup> | 3855 | 3986 |
|  6.38%, 01/23/2032 <sup>(1)</sup> | 2920 | 3049 |
|  Citibank N.A. |  |  |
|  4.91%, 05/29/2030 | 3280 | 3343 |
|  Citigroup, Inc. |  |  |
|  2.56% (SOFR + 1.17%), 05/01/2032 <sup>(2)</sup> | 1729 | 1532 |
|  2.67% (SOFR + 1.15%), 01/29/2031 <sup>(2)</sup> | 11515 | 10558 |
|  2.98% (SOFR + 1.42%), 11/05/2030 <sup>(2)</sup> | 13520 | 12649 |
|  3.06% (SOFR + 1.35%), 01/25/2033 <sup>(2)</sup> | 4514 | 4034 |
|  3.52% (3 Month Term SOFR + 1.41%), 10/27/2028 <sup>(2)</sup> | 4608 | 4512 |
|  3.79% (SOFR + 1.94%), 03/17/2033 <sup>(2)</sup> | 9051 | 8461 |
|  3.89% (3 Month Term SOFR + 1.82%), 01/10/2028 <sup>(2)</sup> | 2384 | 2362 |
|  4.41% (SOFR + 3.91%), 03/31/2031 <sup>(2)</sup> | 3027 | 2995 |
|  4.64% (SOFR + 1.14%), 05/07/2028 <sup>(2)</sup> | 10750 | 10778 |
|  4.79% (SOFR + 0.87%), 03/04/2029 <sup>(2)</sup> | 4670 | 4704 |
|  4.91% (SOFR + 2.09%), 05/24/2033 <sup>(2)</sup> | 1887 | 1883 |
|  4.95% (SOFR + 1.46%), 05/07/2031 <sup>(2)</sup> | 2480 | 2508 |
|  5.17% (SOFR + 1.36%), 02/13/2030 <sup>(2)</sup> | 9627 | 9822 |
|  5.33% (SOFR + 1.47%), 03/27/2036 <sup>(2)</sup> | 13015 | 13117 |
|  5.45% (SOFR + 1.45%), 06/11/2035 <sup>(2)</sup> | 3441 | 3515 |
|  5.61% (SOFR + 1.75%), 03/04/2056 <sup>(2)</sup> | 700 | 687 |
|  6.63%, 01/15/2028 | 1035 | 1094 |
|  CNA Financial Corp. |  |  |
|  5.13%, 02/15/2034 | 2970 | 2975 |
|  CNO Financial Group, Inc. |  |  |
|  5.25%, 05/30/2029 | 3840 | 3874 |
|  CNO Global Funding |  |  |
|  4.88%, 12/10/2027 <sup>(1)</sup> | 3200 | 3225 |

---

The accompanying notes are an integral part of these financial statements.

173.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  4.95%, 09/09/2029 <sup>(1)</sup> | $2600 | $2627 |
|  5.88%, 06/04/2027 <sup>(1)</sup> | 8600 | 8832 |
|  Cooperatieve Rabobank UA |  |  |
|  6.50%, 03/29/2170 <sup>(3)</sup> | 3876 | 5203 |
|  COPT Defense Properties LP |  |  |
|  2.75%, 04/15/2031 | $1555 | 1375 |
|  CoStar Group, Inc. |  |  |
|  2.80%, 07/15/2030 <sup>(1)</sup> | 11975 | 10820 |
|  Country Garden Holdings Co. Ltd. |  |  |
|  2.70%, 07/12/2026 <sup>(8)(9)</sup> | 500 | 38 |
|  3.30%, 01/12/2031 <sup>(8)(9)</sup> | 4895 | 365 |
|  3.88%, 10/22/2030 <sup>(8)(9)</sup> | 300 | 22 |
|  Cousins Properties LP |  |  |
|  5.38%, 02/15/2032 | 2600 | 2627 |
|  Credicorp Capital Sociedad Titulizadora SA |  |  |
|  9.70%, 03/05/2045 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13000 | 3795 |
|  10.10%, 12/15/2043 <sup>(1)</sup> | 11700 | 3484 |
|  Credit Agricole SA |  |  |
|  4.63% (SOFR + 1.21%), 09/11/2028 <sup>(1)(2)</sup> | $3300 | 3304 |
|  5.61% (SOFR + 1.21%), 09/11/2028 <sup>(1)(2)</sup> | 6250 | 6286 |
|  6.25% (SOFR + 2.67%), 01/10/2035 <sup>(1)(2)</sup> | 15625 | 16247 |
|  Credit Opportunities Partners JV |  |  |
|  6.74%, 03/20/2030 <sup>(5)(19)</sup> | 8400 | 8400 |
|  Crown Castle, Inc. |  |  |
|  2.10%, 04/01/2031 | 2902 | 2490 |
|  2.50%, 07/15/2031 | 3259 | 2844 |
|  3.30%, 07/01/2030 | 2000 | 1872 |
|  4.30%, 02/15/2029 | 2285 | 2255 |
|  Danske Bank |  |  |
|  4.61% (1 Year CMT Index + 1.10%), 10/02/2030 <sup>(1)(2)</sup> | 4000 | 3984 |
|  DaVinciRe Holdings Ltd. |  |  |
|  5.95%, 04/15/2035 <sup>(1)</sup> | 3200 | 3214 |
|  Deutsche Bank AG |  |  |
|  2.13% (SOFR + 1.87%), 11/24/2026 <sup>(2)(19)</sup> | 900 | 891 |
|  3.55% (SOFR + 3.04%), 09/18/2031 <sup>(2)</sup> | 9800 | 9168 |
|  5.00% (SOFR + 1.70%), 09/11/2030 <sup>(2)</sup> | 8250 | 8312 |
|  6.72% (SOFR + 3.18%), 01/18/2029 <sup>(2)</sup> | 2400 | 2521 |
|  Digital Dutch Finco BV |  |  |
|  1.00%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;2684 | 2686 |
|  3.88%, 03/15/2035 | 1644 | 1907 |
|  EPR Properties |  |  |
|  4.75%, 12/15/2026 | $140 | 140 |
|  4.95%, 04/15/2028 | 414 | 413 |
|  Equinix Europe 2 Financing Corp. LLC |  |  |
|  3.63%, 11/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp;7300 | 8370 |
|  5.50%, 06/15/2034 | $1875 | 1920 |
|  Equinix, Inc. |  |  |
|  2.15%, 07/15/2030 | 21570 | 19196 |
|  2.50%, 05/15/2031 | 12982 | 11502 |
|  3.40%, 02/15/2052 | 1291 | 864 |
|  3.90%, 04/15/2032 | 3330 | 3154 |
|  Equitable Financial Life Global Funding |  |  |
|  1.70%, 11/12/2026 <sup>(1)</sup> | 1055 | 1017 |
|  1.80%, 03/08/2028 <sup>(1)</sup> | 7665 | 7163 |
|  Essential Properties LP |  |  |
|  2.95%, 07/15/2031 | 2800 | 2490 |
|  Extra Space Storage LP |  |  |
|  2.20%, 10/15/2030 | 4425 | 3914 |

---

The accompanying notes are an integral part of these financial statements.

174.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  2.35%, 03/15/2032 | $4150 | $3521 |
|  2.40%, 10/15/2031 | 244 | 212 |
|  2.55%, 06/01/2031 | 3 | 3 |
|  3.90%, 04/01/2029 | 5512 | 5397 |
|  4.00%, 06/15/2029 | 1446 | 1418 |
|  5.50%, 07/01/2030 | 8434 | 8748 |
|  5.90%, 01/15/2031 | 8695 | 9186 |
|  F&G Global Funding |  |  |
|  5.88%, 01/16/2030 <sup>(1)</sup> | 9100 | 9349 |
|  Farmers Exchange Capital II |  |  |
|  6.15% (3 Month Term SOFR + 4.01%), 11/01/2053 <sup>(1)(2)</sup> | 5700 | 5439 |
|  Farmers Exchange Capital III |  |  |
|  5.45% (3 Month Term SOFR + 3.45%), 10/15/2054 <sup>(1)(2)</sup> | 8000 | 7233 |
|  Farmers Insurance Exchange |  |  |
|  4.75% (3 Month SOFR USD + 3.23%), 11/01/2057 <sup>(1)(2)</sup> | 3000 | 2449 |
|  7.00% (10 Year CMT Index + 3.86%), 10/15/2064 <sup>(1)(2)</sup> | 1860 | 1846 |
|  Fidelity National Financial, Inc. |  |  |
|  2.45%, 03/15/2031 | 6840 | 5936 |
|  3.40%, 06/15/2030 | 5874 | 5482 |
|  4.50%, 08/15/2028 | 15455 | 15426 |
|  First American Financial Corp. |  |  |
|  2.40%, 08/15/2031 | 6800 | 5801 |
|  5.45%, 09/30/2034 | 1500 | 1469 |
|  Flourishing Trade and Investment Ltd. |  |  |
|  11.04%, 12/31/2049 <sup>(1)(5)</sup> | 6628 | 6628 |
|  FNB Corp. |  |  |
|  5.72% (SOFR + 1.93%), 12/11/2030 <sup>(2)</sup> | 298 | 300 |
|  GA Global Funding Trust |  |  |
|  4.40%, 09/23/2027 <sup>(1)</sup> | 12000 | 11976 |
|  5.20%, 12/09/2031 <sup>(1)</sup> | 5700 | 5705 |
|  5.50%, 04/01/2032 <sup>(1)</sup> | 9500 | 9656 |
|  GGAM Finance Ltd. |  |  |
|  8.00%, 02/15/2027 <sup>(1)</sup> | 3050 | 3145 |
|  8.00%, 06/15/2028 <sup>(1)</sup> | 2697 | 2853 |
|  Global Atlantic Finance Co. |  |  |
|  3.13%, 06/15/2031 <sup>(1)</sup> | 2115 | 1878 |
|  4.40%, 10/15/2029 <sup>(1)</sup> | 1127 | 1094 |
|  GLP Capital LP / GLP Financing II, Inc. |  |  |
|  3.25%, 01/15/2032 | 15852 | 13952 |
|  4.00%, 01/15/2030 | 1043 | 1002 |
|  4.00%, 01/15/2031 | 4618 | 4353 |
|  5.30%, 01/15/2029 | 4516 | 4566 |
|  5.75%, 06/01/2028 | 11856 | 12149 |
|  6.25%, 09/15/2054 | 4412 | 4307 |
|  6.75%, 12/01/2033 | 4154 | 4437 |
|  Goldman Sachs Group, Inc. |  |  |
|  1.43% (SOFR + 0.80%), 03/09/2027 <sup>(2)</sup> | 43135 | 42202 |
|  1.54% (SOFR + 0.82%), 09/10/2027 <sup>(2)</sup> | 23288 | 22485 |
|  1.95% (SOFR + 0.91%), 10/21/2027 <sup>(2)</sup> | 8845 | 8564 |
|  1.99% (SOFR + 1.09%), 01/27/2032 <sup>(2)</sup> | 2400 | 2079 |
|  2.38% (SOFR + 1.25%), 07/21/2032 <sup>(2)</sup> | 580 | 507 |
|  2.60%, 02/07/2030 | 525 | 485 |
|  2.62% (SOFR + 1.28%), 04/22/2032 <sup>(2)</sup> | 553 | 492 |
|  2.64% (SOFR + 1.11%), 02/24/2028 <sup>(2)</sup> | 5561 | 5401 |
|  2.65% (SOFR + 1.26%), 10/21/2032 <sup>(2)</sup> | 10293 | 9095 |
|  3.10% (SOFR + 1.41%), 02/24/2033 <sup>(2)</sup> | 2395 | 2156 |
|  3.80%, 03/15/2030 | 746 | 728 |

---

The accompanying notes are an integral part of these financial statements.

175.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  4.22% (3 Month Term SOFR + 1.56%), 05/01/2029 <sup>(2)</sup> | $7570 | $7527 |
|  4.48% (SOFR + 1.73%), 08/23/2028 <sup>(2)</sup> | 16340 | 16362 |
|  4.69% (SOFR + 1.14%), 10/23/2030 <sup>(2)</sup> | 8333 | 8358 |
|  4.94% (SOFR + 1.32%), 04/23/2028 <sup>(2)</sup> | 7346 | 7403 |
|  5.02% (SOFR + 1.42%), 10/23/2035 <sup>(2)</sup> | 15655 | 15466 |
|  5.05% (SOFR + 1.21%), 07/23/2030 <sup>(2)</sup> | 1007 | 1024 |
|  5.22% (SOFR + 1.58%), 04/23/2031 <sup>(2)</sup> | 1090 | 1117 |
|  5.33% (SOFR + 1.55%), 07/23/2035 <sup>(2)</sup> | 2957 | 2983 |
|  5.54% (SOFR + 1.38%), 01/28/2036 <sup>(2)</sup> | 2445 | 2507 |
|  5.73% (SOFR + 1.27%), 04/25/2030 <sup>(2)</sup> | 13322 | 13868 |
|  6.48% (SOFR + 1.77%), 10/24/2029 <sup>(2)</sup> | 380 | 403 |
|  Goodman U.S. Finance Six LLC |  |  |
|  5.13%, 10/07/2034 <sup>(1)</sup> | 5700 | 5681 |
|  Guardian Life Global Funding |  |  |
|  1.63%, 09/16/2028 <sup>(1)</sup> | 5000 | 4614 |
|  HA Sustainable Infrastructure Capital, Inc. |  |  |
|  6.38%, 07/01/2034 | 10000 | 10001 |
|  Healthcare Realty Holdings LP |  |  |
|  2.00%, 03/15/2031 | 3 | 3 |
|  3.10%, 02/15/2030 | 4438 | 4116 |
|  3.50%, 08/01/2026 | 2000 | 1975 |
|  3.63%, 01/15/2028 | 1092 | 1065 |
|  Healthpeak OP LLC |  |  |
|  2.88%, 01/15/2031 | 1980 | 1806 |
|  3.50%, 07/15/2029 | 231 | 223 |
|  Host Hotels & Resorts LP |  |  |
|  5.50%, 04/15/2035 | 33880 | 33533 |
|  HSBC Holdings Plc |  |  |
|  2.01% (SOFR + 1.73%), 09/22/2028 <sup>(2)</sup> | 5045 | 4782 |
|  2.21% (SOFR + 1.29%), 08/17/2029 <sup>(2)</sup> | 1800 | 1677 |
|  4.58% (3 Month Term SOFR + 1.80%), 06/19/2029 <sup>(2)</sup> | 3200 | 3205 |
|  Hudson Pacific Properties LP |  |  |
|  3.25%, 01/15/2030 | 2152 | 1759 |
|  3.95%, 11/01/2027 | 12315 | 11810 |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
|  9.00%, 06/15/2030 | 5077 | 4747 |
|  9.75%, 01/15/2029 | 4564 | 4434 |
|  ING Groep NV |  |  |
|  6.11% (SOFR + 2.09%), 09/11/2034 <sup>(2)</sup> | 4225 | 4491 |
|  Intercontinental Exchange, Inc. |  |  |
|  2.10%, 06/15/2030 | 3955 | 3541 |
|  Intesa Sanpaolo SpA |  |  |
|  6.63%, 06/20/2033 | 20000 | 21717 |
|  7.20%, 11/28/2033 | 1100 | 1235 |
|  7.20%, 11/28/2033 <sup>(1)</sup> | 7000 | 7861 |
|  Invitation Homes Operating Partnership LP |  |  |
|  4.15%, 04/15/2032 | 4 | 4 |
|  4.88%, 02/01/2035 | 4480 | 4340 |
|  5.50%, 08/15/2033 | 1 | 1 |
|  JAB Holdings BV |  |  |
|  4.38%, 04/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | 1559 |
|  Jackson National Life Global Funding |  |  |
|  4.60%, 10/01/2029 <sup>(1)</sup> | $16700 | 16658 |
|  4.90%, 01/13/2027 <sup>(1)</sup> | 12400 | 12486 |
|  5.31% (SOFR + 0.97%), 01/14/2028 <sup>(1)(2)</sup> | 8000 | 8025 |
|  Janus Henderson U.S. Holdings, Inc. |  |  |
|  5.45%, 09/10/2034 | 800 | 794 |

---

The accompanying notes are an integral part of these financial statements.

176.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  Jefferies Financial Group, Inc. |  |  |
|  5.88%, 07/21/2028 | $10330 | $10713 |
|  6.20%, 04/14/2034 | 14090 | 14738 |
|  6.25%, 01/15/2036 | 1430 | 1482 |
|  6.50%, 01/20/2043 | 1125 | 1174 |
|  JP Morgan Chase & Co. |  |  |
|  1.04% (3 Month Term SOFR + 0.70%), 02/04/2027 <sup>(2)</sup> | 6799 | 6659 |
|  1.47% (SOFR + 0.77%), 09/22/2027 <sup>(2)</sup> | 2131 | 2056 |
|  1.58% (SOFR + 0.89%), 04/22/2027 <sup>(2)</sup> | 25398 | 24809 |
|  1.76% (3 Month Term SOFR + 1.11%), 11/19/2031 <sup>(2)</sup> | 1456 | 1262 |
|  1.95% (SOFR + 1.07%), 02/04/2032 <sup>(2)</sup> | 10965 | 9509 |
|  2.07% (SOFR + 1.02%), 06/01/2029 <sup>(2)</sup> | 12159 | 11404 |
|  2.52% (SOFR + 2.04%), 04/22/2031 <sup>(2)</sup> | 19729 | 18038 |
|  2.55% (SOFR + 1.18%), 11/08/2032 <sup>(2)</sup> | 4050 | 3565 |
|  2.58% (3 Month Term SOFR + 1.25%), 04/22/2032 <sup>(2)</sup> | 5561 | 4966 |
|  2.74% (3 Month Term SOFR + 1.51%), 10/15/2030 <sup>(2)</sup> | 6869 | 6405 |
|  2.95% (SOFR + 1.17%), 02/24/2028 <sup>(2)</sup> | 8197 | 8009 |
|  2.96% (SOFR + 1.26%), 01/25/2033 <sup>(2)</sup> | 4991 | 4486 |
|  3.11% (SOFR + 2.44%), 04/22/2051 <sup>(2)</sup> | 3237 | 2178 |
|  4.01% (3 Month Term SOFR + 1.38%), 04/23/2029 <sup>(2)</sup> | 419 | 415 |
|  4.32% (SOFR + 1.56%), 04/26/2028 <sup>(2)</sup> | 3 | 3 |
|  4.51% (SOFR + 0.86%), 10/22/2028 <sup>(2)</sup> | 21175 | 21238 |
|  4.85% (SOFR + 1.99%), 07/25/2028 <sup>(2)</sup> | 2269 | 2293 |
|  4.92% (SOFR + 0.80%), 01/24/2029 <sup>(2)</sup> | 5222 | 5292 |
|  4.98% (SOFR + 0.93%), 07/22/2028 <sup>(2)</sup> | 3717 | 3765 |
|  5.01% (SOFR + 1.31%), 01/23/2030 <sup>(2)</sup> | 4434 | 4516 |
|  5.10% (SOFR + 1.44%), 04/22/2031 <sup>(2)</sup> | 23048 | 23620 |
|  5.30% (SOFR + 1.45%), 07/24/2029 <sup>(2)</sup> | 386 | 396 |
|  5.34% (SOFR + 1.62%), 01/23/2035 <sup>(2)</sup> | 2754 | 2819 |
|  6.25% (SOFR + 1.81%), 10/23/2034 <sup>(2)</sup> | 2558 | 2780 |
|  JPMorgan Chase & Co. |  |  |
|  1.05% (SOFR + 0.80%), 11/19/2026 <sup>(2)</sup> | 11150 | 10999 |
|  3.54% (3 Month Term SOFR + 1.64%), 05/01/2028 <sup>(2)</sup> | 3 | 3 |
|  3.78% (3 Month Term SOFR + 1.60%), 02/01/2028 <sup>(2)</sup> | 3273 | 3245 |
|  4.60% (SOFR + 1.04%), 10/22/2030 <sup>(2)</sup> | 996 | 999 |
|  4.95% (SOFR + 1.34%), 10/22/2035 <sup>(2)</sup> | 9830 | 9727 |
|  5.00% (SOFR + 1.13%), 07/22/2030 <sup>(2)</sup> | 21781 | 22179 |
|  5.04% (SOFR + 1.19%), 01/23/2028 <sup>(2)</sup> | 7930 | 8006 |
|  5.14% (SOFR + 1.01%), 01/24/2031 <sup>(2)</sup> | 7704 | 7900 |
|  5.50% (SOFR + 1.32%), 01/24/2036 <sup>(2)</sup> | 14425 | 14858 |
|  5.57% (SOFR + 0.93%), 04/22/2028 <sup>(2)</sup> | 12231 | 12482 |
|  5.57% (SOFR + 1.68%), 04/22/2036 <sup>(2)</sup> | 27130 | 28115 |
|  6.09% (SOFR + 1.57%), 10/23/2029 <sup>(2)</sup> | 7000 | 7357 |
|  6.50% (5 Year CMT Index + 2.15%), 04/01/2174 <sup>(2)</sup> | 29915 | 30894 |
|  KeyBank N.A./Cleveland OH |  |  |
|  5.00%, 01/26/2033 | 6297 | 6214 |
|  Lloyds Banking Group Plc |  |  |
|  5.09% (1 Year CMT Index + 0.85%), 11/26/2028 <sup>(2)</sup> | 9300 | 9422 |
|  5.43% (SOFR + 1.06%), 11/26/2028 <sup>(2)</sup> | 17000 | 17036 |
|  Logan Group Co. Ltd. |  |  |
|  4.25%, 07/12/2025 <sup>(8)(9)</sup> | 2205 | 143 |
|  4.85%, 12/14/2026 <sup>(8)(9)</sup> | 2995 | 199 |
|  LPL Holdings, Inc. |  |  |
|  5.15%, 06/15/2030 | 10100 | 10225 |
|  LSEGA Financing Plc |  |  |
|  2.00%, 04/06/2028 <sup>(1)</sup> | 5640 | 5306 |
|  LXP Industrial Trust |  |  |
|  2.38%, 10/01/2031 | 2050 | 1731 |

---

The accompanying notes are an integral part of these financial statements.

177.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  Macquarie Airfinance Holdings Ltd. |  |  |
|  5.15%, 03/17/2030 <sup>(1)</sup> | $3255 | $3253 |
|  5.20%, 03/27/2028 <sup>(1)</sup> | 10370 | 10486 |
|  Marex Group Plc |  |  |
|  6.40%, 11/04/2029 | 2100 | 2162 |
|  Marsh & McLennan Companies, Inc. |  |  |
|  5.00%, 03/15/2035 | 20635 | 20628 |
|  Metropolitan Life Global Funding I |  |  |
|  5.15%, 03/28/2033 <sup>(1)</sup> | 5610 | 5694 |
|  Morgan Stanley |  |  |
|  0.00%, 04/02/2032 <sup>(3)(19)</sup> | 14800 | 10234 |
|  1.59% (SOFR + 0.88%), 05/04/2027 <sup>(2)</sup> | 16991 | 16581 |
|  1.79% (SOFR + 1.03%), 02/13/2032 <sup>(2)</sup> | 4481 | 3834 |
|  1.93% (SOFR + 1.02%), 04/28/2032 <sup>(2)</sup> | 10085 | 8623 |
|  2.24% (SOFR + 1.18%), 07/21/2032 <sup>(2)</sup> | 17714 | 15339 |
|  2.48% (SOFR + 1.00%), 01/21/2028 <sup>(2)</sup> | 2000 | 1941 |
|  2.48% (SOFR + 1.36%), 09/16/2036 <sup>(2)</sup> | 20625 | 17526 |
|  2.51% (SOFR + 1.20%), 10/20/2032 <sup>(2)</sup> | 3515 | 3078 |
|  2.70% (SOFR + 1.14%), 01/22/2031 <sup>(2)</sup> | 3376 | 3113 |
|  2.94% (SOFR + 1.29%), 01/21/2033 <sup>(2)</sup> | 10959 | 9781 |
|  3.22% (SOFR + 1.49%), 04/22/2042 <sup>(2)</sup> | 751 | 570 |
|  3.62% (SOFR + 3.12%), 04/01/2031 <sup>(2)</sup> | 1800 | 1726 |
|  3.77% (3 Month Term SOFR + 1.40%), 01/24/2029 <sup>(2)</sup> | 9147 | 9016 |
|  4.65% (SOFR + 1.10%), 10/18/2030 <sup>(2)</sup> | 1883 | 1887 |
|  4.68% (SOFR + 1.67%), 07/17/2026 <sup>(2)</sup> | 2300 | 2300 |
|  4.99% (SOFR + 1.38%), 04/12/2029 <sup>(2)</sup> | 10924 | 11083 |
|  5.04% (SOFR + 1.22%), 07/19/2030 <sup>(2)</sup> | 10924 | 11110 |
|  5.12% (SOFR + 1.73%), 02/01/2029 <sup>(2)</sup> | 15356 | 15624 |
|  5.16% (SOFR + 1.59%), 04/20/2029 <sup>(2)</sup> | 1807 | 1842 |
|  5.23% (SOFR + 1.11%), 01/15/2031 <sup>(2)</sup> | 8520 | 8722 |
|  5.25% (SOFR + 1.87%), 04/21/2034 <sup>(2)</sup> | 12148 | 12358 |
|  5.42% (SOFR + 1.88%), 07/21/2034 <sup>(2)</sup> | 5875 | 6018 |
|  5.59% (SOFR + 1.42%), 01/18/2036 <sup>(2)</sup> | 18971 | 19474 |
|  5.66% (SOFR + 1.26%), 04/18/2030 <sup>(2)</sup> | 15285 | 15877 |
|  5.83% (SOFR + 1.58%), 04/19/2035 <sup>(2)</sup> | 16270 | 17045 |
|  5.94% (5 Year CMT Index + 1.80%), 02/07/2039 <sup>(2)</sup> | 35780 | 36724 |
|  5.95% (5 Year CMT Index + 2.43%), 01/19/2038 <sup>(2)</sup> | 2945 | 3030 |
|  6.41% (SOFR + 1.83%), 11/01/2029 <sup>(2)</sup> | 5166 | 5472 |
|  Morgan Stanley Bank N.A. |  |  |
|  5.03% (SOFR + 0.69%), 10/15/2027 <sup>(2)</sup> | 5600 | 5603 |
|  Mutual of Omaha Cos Global Funding |  |  |
|  5.00%, 04/01/2030 <sup>(1)</sup> | 5300 | 5400 |
|  Nationwide Building Society |  |  |
|  3.96% (3 Month SOFR USD + 1.86%), 07/18/2030 <sup>(1)(2)</sup> | 5650 | 5512 |
|  4.30% (3 Month SOFR USD + 1.45%), 03/08/2029 <sup>(1)(2)</sup> | 6100 | 6063 |
|  NatWest Group Plc |  |  |
|  4.45% (3 Month SOFR USD + 1.87%), 05/08/2030 <sup>(2)</sup> | 4390 | 4356 |
|  4.89% (3 Month SOFR USD + 1.75%), 05/18/2029 <sup>(2)</sup> | 1500 | 1515 |
|  4.96% (1 Year CMT Index + 1.22%), 08/15/2030 <sup>(2)</sup> | 13200 | 13352 |
|  5.08% (3 Month SOFR USD + 1.91%), 01/27/2030 <sup>(2)</sup> | 6600 | 6697 |
|  5.52% (1 Year CMT Index + 2.27%), 09/30/2028 <sup>(2)</sup> | 3700 | 3779 |
|  5.81% (1 Year CMT Index + 1.95%), 09/13/2029 <sup>(2)</sup> | 11800 | 12255 |
|  New York Life Global Funding |  |  |
|  2.35%, 07/14/2026 <sup>(1)</sup> | 1000 | 980 |
|  New York Life Insurance Co. |  |  |
|  3.75%, 05/15/2050 <sup>(1)</sup> | 2736 | 2021 |
|  Nomura Holdings, Inc. |  |  |
|  2.17%, 07/14/2028 | 19200 | 17923 |

---

The accompanying notes are an integral part of these financial statements.

178.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  4.90%, 07/01/2030 | $4400 | $4415 |
|  Norinchukin Bank |  |  |
|  5.09%, 10/16/2029 <sup>(1)</sup> | 2100 | 2128 |
|  Northwestern Mutual Life Insurance Co. |  |  |
|  3.45%, 03/30/2051 <sup>(1)</sup> | 2420 | 1675 |
|  Panama Infrastructure Receivable Purchaser Plc |  |  |
|  0.00%, 04/05/2032 <sup>(1)</sup> | 7059 | 5012 |
|  PNC Financial Services Group, Inc. |  |  |
|  6.88% (SOFR + 2.28%), 10/20/2034 <sup>(2)</sup> | 6258 | 6996 |
|  Prime Investment Ltd. |  |  |
|  11.00%, 05/01/2030 <sup>(1)(5)</sup> | 2128 | 2124 |
|  Prologis Euro Finance LLC |  |  |
|  4.00%, 05/05/2034 | 1910 | 2300 |
|  4.63%, 05/23/2033 | 2350 | 2980 |
|  Realty Income Corp. |  |  |
|  3.38%, 06/20/2031 | 3452 | 4055 |
|  3.40%, 01/15/2030 | $4450 | 4259 |
|  5.13%, 04/15/2035 | 3300 | 3304 |
|  Regency Centers LP |  |  |
|  3.70%, 06/15/2030 | 1359 | 1314 |
|  Rexford Industrial Realty LP |  |  |
|  2.15%, 09/01/2031 | 1135 | 973 |
|  RGA Global Funding |  |  |
|  5.05%, 12/06/2031 <sup>(1)</sup> | 10600 | 10623 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |  |  |
|  2.88%, 10/15/2026 <sup>(1)</sup> | 8290 | 8085 |
|  3.63%, 03/01/2029 | 4385 | 4166 |
|  3.88%, 03/01/2031 <sup>(1)</sup> | 29710 | 27542 |
|  4.00%, 10/15/2033 <sup>(1)</sup> | 29285 | 26200 |
|  Sammons Financial Group Global Funding |  |  |
|  5.10%, 12/10/2029 <sup>(1)</sup> | 6400 | 6537 |
|  Sammons Financial Group, Inc. |  |  |
|  6.88%, 04/15/2034 <sup>(1)</sup> | 3700 | 3962 |
|  Santander Holdings USA, Inc. |  |  |
|  5.35% (SOFR + 1.94%), 09/06/2030 <sup>(2)</sup> | 4600 | 4682 |
|  5.74% (SOFR + 1.88%), 03/20/2031 <sup>(2)</sup> | 7900 | 8110 |
|  Santander UK Group Holdings Plc |  |  |
|  1.53% (1 Year CMT Index + 1.25%), 08/21/2026 <sup>(2)</sup> | 2895 | 2882 |
|  1.67% (SOFR + 0.99%), 06/14/2027 <sup>(2)</sup> | 3939 | 3826 |
|  2.47% (SOFR + 1.22%), 01/11/2028 <sup>(2)</sup> | 800 | 775 |
|  3.82% (3 Month SOFR USD + 1.40%), 11/03/2028 <sup>(2)</sup> | 4990 | 4890 |
|  4.86% (SOFR + 1.55%), 09/11/2030 <sup>(2)</sup> | 5300 | 5293 |
|  5.69% (SOFR + 1.52%), 04/15/2031 <sup>(2)</sup> | 14600 | 15059 |
|  6.53% (SOFR + 2.60%), 01/10/2029 <sup>(2)</sup> | 800 | 835 |
|  SBA Tower Trust |  |  |
|  4.83%, 10/15/2029 <sup>(1)</sup> | 11000 | 11011 |
|  Sberbank of Russia Via SB Capital SA |  |  |
|  5.13%, 10/29/2049 | 1300 | 65 |
|  Selective Insurance Group, Inc. |  |  |
|  5.90%, 04/15/2035 | 3200 | 3272 |
|  Shimao Group Holdings Ltd. |  |  |
|  3.45%, 01/11/2031 <sup>(8)(9)</sup> | 5645 | 278 |
|  4.60%, 07/13/2030 <sup>(8)(9)</sup> | 400 | 21 |
|  4.75%, 07/03/2022 <sup>(8)(9)</sup> | 4359 | 223 |
|  5.20%, 01/16/2027 <sup>(8)(9)</sup> | 4595 | 230 |
|  5.60%, 07/15/2026 <sup>(8)(9)</sup> | 3025 | 151 |
|  6.13%, 02/21/2024 <sup>(8)(9)</sup> | 1275 | 64 |

---

The accompanying notes are an integral part of these financial statements.

179.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  Simon Property Group LP |  |  |
|  2.65%, 07/15/2030 | $3540 | $3266 |
|  SOCAR Turkey Enerji AS via Steas Funding 1 DAC |  |  |
|  7.23%, 03/17/2026 | 3400 | 3371 |
|  Societe Generale SA |  |  |
|  2.89% (1 Year CMT Index + 1.30%), 06/09/2032 <sup>(1)(2)</sup> | 10400 | 9173 |
|  6.69% (1 Year CMT Index + 2.95%), 01/10/2034 <sup>(1)(2)</sup> | 19000 | 20277 |
|  SoFi Personal Loan Trust |  |  |
|  0.00%, 02/12/2031 <sup>(4)</sup> | 56 | 1575 |
|  Standard Chartered Plc |  |  |
|  3.27% (5 Year CMT Index + 2.30%), 02/18/2036 <sup>(1)(2)</sup> | 8880 | 8002 |
|  Stewart Information Services Corp. |  |  |
|  3.60%, 11/15/2031 | 18925 | 16922 |
|  Store Capital LLC |  |  |
|  5.40%, 04/30/2030 <sup>(1)</sup> | 8855 | 8972 |
|  Suci Second Investment Co. |  |  |
|  4.38%, 09/10/2027 | 6000 | 5961 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
|  5.37% (SOFR + 0.98%), 09/10/2027 <sup>(1)(2)</sup> | 3100 | 3129 |
|  Sunac China Holdings Ltd. |  |  |
|  6.00%, 09/30/2025 <sup>(1)(8)(9)</sup> | 27 | 3 |
|  6.25%, 09/30/2026 <sup>(1)(8)(9)</sup> | 27 | 3 |
|  6.50%, 09/30/2027 <sup>(1)(8)(9)</sup> | 54 | 7 |
|  6.75%, 09/30/2028 <sup>(1)(8)(9)</sup> | 82 | 10 |
|  7.00%, 09/30/2029 <sup>(1)(8)(9)</sup> | 82 | 10 |
|  7.25%, 09/30/2030 <sup>(1)(8)(9)</sup> | 39 | 5 |
|  Synchrony Financial |  |  |
|  2.88%, 10/28/2031 | 11753 | 10197 |
|  3.95%, 12/01/2027 | 769 | 756 |
|  5.15%, 03/19/2029 | 4390 | 4408 |
|  5.45% (SOFR + 1.68%), 03/06/2031 <sup>(2)</sup> | 34285 | 34583 |
|  5.94% (SOFR + 2.13%), 08/02/2030 <sup>(2)</sup> | 15514 | 15940 |
|  7.25%, 02/02/2033 | 7607 | 7960 |
|  Teachers Insurance & Annuity Association of America |  |  |
|  4.27%, 05/15/2047 <sup>(1)</sup> | 515 | 418 |
|  4.90%, 09/15/2044 <sup>(1)</sup> | 1505 | 1353 |
|  Times China Holdings Ltd. |  |  |
|  5.75%, 01/14/2027 <sup>(8)(9)</sup> | 5214 | 169 |
|  6.20%, 03/22/2026 <sup>(8)(9)</sup> | 1950 | 66 |
|  6.75%, 07/08/2025 <sup>(8)(9)</sup> | 1715 | 56 |
|  U.S. Bancorp |  |  |
|  4.84% (SOFR + 1.60%), 02/01/2034 <sup>(2)</sup> | 3081 | 3042 |
|  5.85% (SOFR + 2.09%), 10/21/2033 <sup>(2)</sup> | 2799 | 2945 |
|  UBS AG |  |  |
|  7.50%, 02/15/2028 | 44900 | 48435 |
|  UBS Group AG |  |  |
|  1.31% (SOFR + 0.98%), 02/02/2027 <sup>(1)(2)</sup> | 10300 | 10106 |
|  3.09% (SOFR + 1.73%), 05/14/2032 <sup>(1)(2)</sup> | 11700 | 10621 |
|  4.19% (SOFR + 3.73%), 04/01/2031 <sup>(1)(2)</sup> | 33164 | 32474 |
|  5.58% (SOFR + 1.76%), 05/09/2036 <sup>(1)(2)</sup> | 19700 | 20146 |
|  5.62% (1 Year SOFR Swap Rate + 1.34%), 09/13/2030 <sup>(1)(2)</sup> | 21700 | 22533 |
|  5.70% (1 Year CMT Index + 1.77%), 02/08/2035 <sup>(1)(2)</sup> | 15240 | 15830 |
|  5.96% (1 Year CMT Index + 2.20%), 01/12/2034 <sup>(1)(2)</sup> | 13100 | 13791 |
|  6.25% (1 Year CMT Index + 1.80%), 09/22/2029 <sup>(1)(2)</sup> | 3300 | 3467 |
|  6.54% (SOFR + 3.92%), 08/12/2033 <sup>(1)(2)</sup> | 25450 | 27681 |
|  7.75% (CMS 1 Year Rate EUR + 4.95%), 03/01/2029 <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1400 | 1858 |
|  9.02% (SOFR + 5.02%), 11/15/2033 <sup>(1)(2)</sup> | $5535 | 6843 |

---

The accompanying notes are an integral part of these financial statements.

180.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Financials – 8.61% – (continued) |  |  |
|  UniCredit SpA |  |  |
|  2.57% (1 Year CMT Index + 2.30%), 09/22/2026 <sup>(1)(2)</sup> | $2600 | $2587 |
|  3.13% (1 Year CMT Index + 1.55%), 06/03/2032 <sup>(1)(2)</sup> | 7680 | 6955 |
|  5.46% (5 Year CMT Index + 4.75%), 06/30/2035 <sup>(1)(2)</sup> | 3880 | 3858 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |  |  |
|  10.50%, 02/15/2028 <sup>(1)</sup> | 1311 | 1390 |
|  VICI Properties LP |  |  |
|  4.75%, 02/15/2028 | 2880 | 2896 |
|  4.75%, 04/01/2028 | 411 | 414 |
|  4.95%, 02/15/2030 | 10632 | 10694 |
|  5.13%, 11/15/2031 | 7550 | 7559 |
|  5.13%, 05/15/2032 | 13244 | 13195 |
|  5.63%, 04/01/2035 | 8300 | 8376 |
|  5.63%, 05/15/2052 | 4944 | 4564 |
|  VICI Properties LP / VICI Note Co., Inc. |  |  |
|  3.75%, 02/15/2027 <sup>(1)</sup> | 7661 | 7544 |
|  3.88%, 02/15/2029 <sup>(1)</sup> | 5969 | 5774 |
|  4.13%, 08/15/2030 <sup>(1)</sup> | 14376 | 13798 |
|  4.25%, 12/01/2026 <sup>(1)</sup> | 12800 | 12722 |
|  4.50%, 09/01/2026 <sup>(1)</sup> | 5000 | 4986 |
|  4.50%, 01/15/2028 <sup>(1)</sup> | 5000 | 4974 |
|  4.63%, 12/01/2029 <sup>(1)</sup> | 9551 | 9383 |
|  5.75%, 02/01/2027 <sup>(1)</sup> | 1966 | 1993 |
|  Visa, Inc. |  |  |
|  3.88%, 05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;3605 | 4235 |
|  Vonovia SE |  |  |
|  0.75%, 09/01/2032 | 8400 | 8124 |
|  Voyager Aviation Holdings LLC |  |  |
|  8.50%, 05/09/2026 <sup>(1)(8)(9)</sup> | $30 | 3 |
|  Wells Fargo & Co. |  |  |
|  2.39% (SOFR + 2.10%), 06/02/2028 <sup>(2)</sup> | 6880 | 6628 |
|  2.57% (3 Month Term SOFR + 1.26%), 02/11/2031 <sup>(2)</sup> | 10203 | 9347 |
|  2.88% (3 Month Term SOFR + 1.43%), 10/30/2030 <sup>(2)</sup> | 16770 | 15669 |
|  3.07% (SOFR + 2.53%), 04/30/2041 <sup>(2)</sup> | 538 | 407 |
|  3.20% (3 Month Term SOFR + 1.43%), 06/17/2027 <sup>(2)</sup> | 13648 | 13485 |
|  3.35% (SOFR + 1.50%), 03/02/2033 <sup>(2)</sup> | 12266 | 11202 |
|  3.53% (SOFR + 1.51%), 03/24/2028 <sup>(2)</sup> | 12380 | 12208 |
|  4.61% (SOFR + 2.13%), 04/25/2053 <sup>(2)</sup> | 489 | 417 |
|  4.90% (SOFR + 2.10%), 07/25/2033 <sup>(2)</sup> | 8974 | 8976 |
|  5.15% (SOFR + 1.50%), 04/23/2031 <sup>(2)</sup> | 1420 | 1454 |
|  5.21% (SOFR + 1.38%), 12/03/2035 <sup>(2)</sup> | 3725 | 3739 |
|  5.24% (SOFR + 1.11%), 01/24/2031 <sup>(2)</sup> | 26765 | 27457 |
|  5.39% (SOFR + 2.02%), 04/24/2034 <sup>(2)</sup> | 6833 | 6992 |
|  5.42% (SOFR + 1.07%), 04/22/2028 <sup>(2)</sup> | 18600 | 18724 |
|  5.50% (SOFR + 1.78%), 01/23/2035 <sup>(2)</sup> | 2565 | 2630 |
|  5.57% (SOFR + 1.74%), 07/25/2029 <sup>(2)</sup> | 3650 | 3769 |
|  5.61% (SOFR + 1.74%), 04/23/2036 <sup>(2)</sup> | 20250 | 20902 |
|  5.71% (SOFR + 1.07%), 04/22/2028 <sup>(2)</sup> | 7710 | 7877 |
|  Weyerhaeuser Co. |  |  |
|  4.00%, 04/15/2030 | 9630 | 9393 |
|  Willis North America, Inc. |  |  |
|  5.35%, 05/15/2033 | 7720 | 7915 |
|  WP Carey, Inc. |  |  |
|  4.25%, 07/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;4105 | 4986 |
|  Total Financials | Total Financials | 3515247 |

---

The accompanying notes are an integral part of these financial statements.

181.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Industrials – 1.77%** |  |  |
|  Aeropuerto Internacional de Tocumen SA |  |  |
|  5.13%, 08/11/2061 <sup>(1)</sup> | $200 | $140 |
|  Amcor Finance USA, Inc. |  |  |
|  3.63%, 04/28/2026 | 12260 | 12158 |
|  Amcor Flexibles North America, Inc. |  |  |
|  5.50%, 03/17/2035 <sup>(1)</sup> | 14365 | 14574 |
|  Amphenol Corp. |  |  |
|  5.00%, 01/15/2035 | 10885 | 11002 |
|  5.25%, 04/05/2034 | 4155 | 4276 |
|  Amrize Finance U.S. LLC |  |  |
|  5.40%, 04/07/2035 <sup>(1)</sup> | 9335 | 9472 |
|  Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. |  |  |
|  4.13%, 08/15/2026 <sup>(1)</sup> | 1475 | 1385 |
|  5.25%, 08/15/2027 <sup>(1)</sup> | 445 | 198 |
|  5.25%, 08/15/2027 <sup>(1)</sup> | 9556 | 4261 |
|  Artera Services LLC |  |  |
|  8.50%, 02/15/2031 <sup>(1)</sup> | 1598 | 1331 |
|  BAE Systems Plc |  |  |
|  3.40%, 04/15/2030 <sup>(1)</sup> | 7045 | 6723 |
|  5.25%, 03/26/2031 <sup>(1)</sup> | 1595 | 1648 |
|  5.30%, 03/26/2034 <sup>(1)</sup> | 26715 | 27310 |
|  Berry Global, Inc. |  |  |
|  1.57%, 01/15/2026 | 1353 | 1329 |
|  1.65%, 01/15/2027 | 2340 | 2244 |
|  4.88%, 07/15/2026 <sup>(1)</sup> | 8658 | 8647 |
|  Boeing Co. |  |  |
|  2.20%, 02/04/2026 | 50426 | 49638 |
|  3.63%, 02/01/2031 | 18979 | 17881 |
|  5.15%, 05/01/2030 | 22725 | 23136 |
|  5.71%, 05/01/2040 | 13561 | 13397 |
|  5.81%, 05/01/2050 | 36315 | 34826 |
|  5.93%, 05/01/2060 | 845 | 803 |
|  6.26%, 05/01/2027 | 14330 | 14743 |
|  6.39%, 05/01/2031 | 3830 | 4116 |
|  6.53%, 05/01/2034 | 7335 | 7970 |
|  6.86%, 05/01/2054 | 19180 | 20997 |
|  7.01%, 05/01/2064 | 8146 | 8947 |
|  Cemex SAB de CV |  |  |
|  3.88%, 07/11/2031 | 11915 | 10984 |
|  3.88%, 07/11/2031 <sup>(1)</sup> | 30250 | 27887 |
|  5.13% (5 Year CMT Index + 4.53%), 09/08/2173 <sup>(1)(2)</sup> | 5670 | 5577 |
|  5.20%, 09/17/2030 <sup>(1)</sup> | 5080 | 5068 |
|  5.45%, 11/19/2029 <sup>(1)</sup> | 3055 | 3063 |
|  5.45%, 11/19/2029 | 3530 | 3540 |
|  Gatwick Funding Ltd. |  |  |
|  3.63%, 10/16/2033 | 1100 | 1288 |
|  General Dynamics Corp. |  |  |
|  4.95%, 08/15/2035 | $458 | 460 |
|  GFL Environmental, Inc. |  |  |
|  4.38%, 08/15/2029 <sup>(1)</sup> | 2710 | 2632 |
|  6.75%, 01/15/2031 <sup>(1)</sup> | 2450 | 2564 |
|  Heathrow Funding Ltd. |  |  |
|  1.13%, 10/08/2030 | 7865 | 8319 |
|  3.88%, 01/16/2036 | 690 | 803 |
|  Ingersoll Rand, Inc. |  |  |
|  5.70%, 08/14/2033 | $20320 | 21279 |
|  IRB Infrastructure Developers Ltd. |  |  |
|  7.11%, 03/11/2032 <sup>(19)</sup> | 5200 | 5213 |

---

The accompanying notes are an integral part of these financial statements.

182.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Industrials – 1.77% – (continued) |  |  |
|  Jabil, Inc. |  |  |
|  3.00%, 01/15/2031 | $2470 | $2252 |
|  Jacobs Engineering Group, Inc. |  |  |
|  6.35%, 08/18/2028 | 15265 | 16040 |
|  JH North America Holdings, Inc. |  |  |
|  5.88%, 01/31/2031 <sup>(1)</sup> | 4985 | 5029 |
|  6.13%, 07/31/2032 <sup>(1)</sup> | 7105 | 7223 |
|  L3Harris Technologies, Inc. |  |  |
|  5.35%, 06/01/2034 | 21125 | 21593 |
|  5.40%, 07/31/2033 | 15575 | 15998 |
|  Lockheed Martin Corp. |  |  |
|  4.50%, 05/15/2036 | 2970 | 2855 |
|  4.80%, 08/15/2034 | 860 | 857 |
|  Nordson Corp. |  |  |
|  5.80%, 09/15/2033 | 2660 | 2810 |
|  Northrop Grumman Corp. |  |  |
|  4.03%, 10/15/2047 | 3623 | 2889 |
|  4.95%, 03/15/2053 | 5715 | 5137 |
|  5.20%, 06/01/2054 | 822 | 766 |
|  Oregon Tool Lux LP |  |  |
|  7.88%, 10/15/2029 <sup>(1)</sup> | 1706 | 975 |
|  Otis Worldwide Corp. |  |  |
|  5.13%, 11/19/2031 | 4360 | 4490 |
|  Owens Corning |  |  |
|  5.70%, 06/15/2034 | 30495 | 31672 |
|  Rolls-Royce Plc |  |  |
|  3.63%, 10/14/2025 <sup>(1)</sup> | 10000 | 9949 |
|  5.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1225 | 1723 |
|  5.75%, 10/15/2027 <sup>(1)</sup> | $13800 | 14163 |
|  RTX Corp. |  |  |
|  2.38%, 03/15/2032 | 2170 | 1888 |
|  5.15%, 02/27/2033 | 17180 | 17561 |
|  6.10%, 03/15/2034 | 17790 | 19233 |
|  Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
|  7.25%, 02/15/2031 <sup>(1)</sup> | 1142 | 1202 |
|  Sensata Technologies BV |  |  |
|  5.88%, 09/01/2030 <sup>(1)</sup> | 630 | 631 |
|  Sensata Technologies, Inc. |  |  |
|  3.75%, 02/15/2031 <sup>(1)</sup> | 4275 | 3897 |
|  SMBC Aviation Capital Finance DAC |  |  |
|  5.10%, 04/01/2030 <sup>(1)</sup> | 10505 | 10657 |
|  5.30%, 04/03/2029 <sup>(1)</sup> | 7195 | 7340 |
|  5.45%, 05/03/2028 <sup>(1)</sup> | 9005 | 9206 |
|  TD SYNNEX Corp. |  |  |
|  6.10%, 04/12/2034 | 11215 | 11803 |
|  Textron, Inc. |  |  |
|  3.00%, 06/01/2030 | 23695 | 21988 |
|  3.65%, 03/15/2027 | 687 | 678 |
|  6.10%, 11/15/2033 | 15175 | 16158 |
|  Trimble, Inc. |  |  |
|  6.10%, 03/15/2033 | 16585 | 17619 |
|  Veralto Corp. |  |  |
|  5.45%, 09/18/2033 | 19210 | 19812 |
|  Waste Management, Inc. |  |  |
|  4.95%, 03/15/2035 | 16245 | 16314 |
|  Total Industrials | Total Industrials | 724237 |

---

The accompanying notes are an integral part of these financial statements.

183.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Technology – 1.99% |  |  |
|  Amdocs Ltd. |  |  |
|  2.54%, 06/15/2030 | $7803 | $7069 |
|  AppLovin Corp. |  |  |
|  5.13%, 12/01/2029 | 16484 | 16699 |
|  5.38%, 12/01/2031 | 22503 | 22898 |
|  5.50%, 12/01/2034 | 43840 | 44511 |
|  5.95%, 12/01/2054 | 8261 | 8068 |
|  Atlassian Corp. |  |  |
|  5.25%, 05/15/2029 | 12080 | 12404 |
|  5.50%, 05/15/2034 | 26815 | 27535 |
|  Booz Allen Hamilton, Inc. |  |  |
|  5.95%, 04/15/2035 | 3800 | 3857 |
|  Broadcom, Inc. |  |  |
|  2.45%, 02/15/2031 <sup>(1)</sup> | 23293 | 20828 |
|  2.60%, 02/15/2033 <sup>(1)</sup> | 4420 | 3781 |
|  3.14%, 11/15/2035 <sup>(1)</sup> | 15850 | 13369 |
|  3.19%, 11/15/2036 <sup>(1)</sup> | 753 | 624 |
|  3.42%, 04/15/2033 <sup>(1)</sup> | 14461 | 13115 |
|  3.47%, 04/15/2034 <sup>(1)</sup> | 16510 | 14748 |
|  4.15%, 02/15/2028 | 9600 | 9572 |
|  4.15%, 11/15/2030 | 11780 | 11591 |
|  4.15%, 04/15/2032 <sup>(1)</sup> | 3865 | 3723 |
|  4.35%, 02/15/2030 | 9300 | 9266 |
|  4.55%, 02/15/2032 | 8000 | 7926 |
|  4.80%, 10/15/2034 | 23561 | 23276 |
|  4.93%, 05/15/2037 <sup>(1)</sup> | 2199 | 2134 |
|  5.15%, 11/15/2031 | 814 | 837 |
|  5.20%, 04/15/2032 | 8181 | 8413 |
|  CDW LLC / CDW Finance Corp. |  |  |
|  3.25%, 02/15/2029 | 8825 | 8360 |
|  3.28%, 12/01/2028 | 8015 | 7650 |
|  3.57%, 12/01/2031 | 51985 | 47848 |
|  5.55%, 08/22/2034 | 15410 | 15367 |
|  CGI, Inc. |  |  |
|  2.30%, 09/14/2031 | 14300 | 12363 |
|  Constellation Software, Inc./Canada |  |  |
|  5.16%, 02/16/2029 <sup>(1)</sup> | 11695 | 11896 |
|  Dell International LLC / EMC Corp. |  |  |
|  5.00%, 04/01/2030 | 21750 | 22098 |
|  Entegris, Inc. |  |  |
|  4.75%, 04/15/2029 <sup>(1)</sup> | 24450 | 24179 |
|  Exela Intermediate LLC / Exela Finance, Inc. |  |  |
|  11.50%, 04/15/2026 <sup>(1)(8)(9)</sup> | 195 | 9 |
|  Fair Isaac Corp. |  |  |
|  6.00%, 05/15/2033 <sup>(1)</sup> | 3770 | 3805 |
|  Fiserv Funding ULC |  |  |
|  4.00%, 06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;5040 | 5919 |
|  Fiserv, Inc. |  |  |
|  5.63%, 08/21/2033 | $26845 | 27913 |
|  Foundry JV Holdco LLC |  |  |
|  5.50%, 01/25/2031 <sup>(1)</sup> | 1741 | 1786 |
|  5.88%, 01/25/2034 <sup>(1)</sup> | 5975 | 6071 |
|  5.90%, 01/25/2033 <sup>(1)</sup> | 5254 | 5447 |
|  6.20%, 01/25/2037 <sup>(1)</sup> | 3366 | 3504 |
|  6.30%, 01/25/2039 <sup>(1)</sup> | 627 | 656 |
|  Gartner, Inc. |  |  |
|  3.63%, 06/15/2029 <sup>(1)</sup> | 12962 | 12324 |
|  3.75%, 10/01/2030 <sup>(1)</sup> | 7014 | 6563 |

---

The accompanying notes are an integral part of these financial statements.

184.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Technology – 1.99% – (continued) |  |  |
|  4.50%, 07/01/2028 <sup>(1)</sup> | $14904 | $14749 |
|  Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl |  |  |
|  8.75%, 05/01/2029 <sup>(1)</sup> | 1904 | 1959 |
|  Intel Corp. |  |  |
|  2.00%, 08/12/2031 | 7020 | 6030 |
|  3.05%, 08/12/2051 | 7210 | 4283 |
|  3.25%, 11/15/2049 | 16385 | 10377 |
|  4.90%, 08/05/2052 | 1500 | 1240 |
|  5.60%, 02/21/2054 | 2750 | 2523 |
|  Leidos, Inc. |  |  |
|  2.30%, 02/15/2031 | 4000 | 3500 |
|  4.38%, 05/15/2030 | 1685 | 1660 |
|  5.40%, 03/15/2032 | 4455 | 4547 |
|  5.50%, 03/15/2035 | 9020 | 9158 |
|  5.75%, 03/15/2033 | 30755 | 32041 |
|  Micron Technology, Inc. |  |  |
|  5.88%, 09/15/2033 | 29025 | 30323 |
|  6.05%, 11/01/2035 | 9365 | 9801 |
|  NetApp, Inc. |  |  |
|  5.50%, 03/17/2032 | 16140 | 16625 |
|  5.70%, 03/17/2035 | 11395 | 11702 |
|  NXP BV / NXP USA, Inc. |  |  |
|  2.65%, 02/15/2032 | 1005 | 875 |
|  Open Text Corp. |  |  |
|  6.90%, 12/01/2027 <sup>(1)</sup> | 13365 | 13837 |
|  Oracle Corp. |  |  |
|  2.80%, 04/01/2027 | 2410 | 2349 |
|  3.60%, 04/01/2050 | 16280 | 11385 |
|  3.85%, 04/01/2060 | 1285 | 886 |
|  3.95%, 03/25/2051 | 7001 | 5167 |
|  4.00%, 11/15/2047 | 4860 | 3720 |
|  4.80%, 08/03/2028 | 8695 | 8838 |
|  5.50%, 09/27/2064 | 1108 | 1009 |
|  6.00%, 08/03/2055 | 3930 | 3923 |
|  6.13%, 08/03/2065 | 19003 | 19022 |
|  6.50%, 04/15/2038 | 4215 | 4586 |
|  Paychex, Inc. |  |  |
|  5.10%, 04/15/2030 | 1500 | 1536 |
|  5.35%, 04/15/2032 | 7810 | 8020 |
|  5.60%, 04/15/2035 | 6075 | 6279 |
|  Project Grange Corp. |  |  |
|  6.50%, 03/20/2045 <sup>(5)(19)</sup> | 4427 | 4427 |
|  Synopsys, Inc. |  |  |
|  5.15%, 04/01/2035 | 13040 | 13144 |
|  5.70%, 04/01/2055 | 11540 | 11474 |
|  Take-Two Interactive Software, Inc. |  |  |
|  4.00%, 04/14/2032 | 1448 | 1372 |
|  VMware LLC |  |  |
|  2.20%, 08/15/2031 | 12716 | 11037 |
|  Western Digital Corp. |  |  |
|  2.85%, 02/01/2029 | 4080 | 3782 |
|  4.75%, 02/15/2026 | 1870 | 1865 |
|  Xerox Corp. |  |  |
|  10.25%, 10/15/2030 <sup>(1)</sup> | 3115 | 3261 |
|  Total Technology | Total Technology | 812314 |

---

The accompanying notes are an integral part of these financial statements.

185.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| Utilities – 2.27% |  |  |
|  AEP Texas, Inc. |  |  |
|  3.45%, 05/15/2051 | $777 | $521 |
|  3.80%, 10/01/2047 | 780 | 570 |
|  3.95%, 06/01/2028 | 5645 | 5579 |
|  4.15%, 05/01/2049 | 840 | 636 |
|  5.25%, 05/15/2052 | 458 | 413 |
|  5.40%, 06/01/2033 | 546 | 554 |
|  AEP Transmission Co. LLC |  |  |
|  2.75%, 08/15/2051 | 735 | 450 |
|  3.75%, 12/01/2047 | 2782 | 2106 |
|  4.25%, 09/15/2048 | 809 | 648 |
|  5.38%, 06/15/2035 | 6505 | 6647 |
|  Alabama Power Co. |  |  |
|  3.75%, 03/01/2045 | 708 | 552 |
|  5.10%, 04/02/2035 | 4020 | 4051 |
|  5.20%, 06/01/2041 | 99 | 94 |
|  6.13%, 05/15/2038 | 516 | 556 |
|  Alliant Energy Finance LLC |  |  |
|  1.40%, 03/15/2026 <sup>(1)</sup> | 925 | 897 |
|  American Transmission Systems, Inc. |  |  |
|  2.65%, 01/15/2032 <sup>(1)</sup> | 7200 | 6335 |
|  AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
|  9.38%, 06/01/2028 <sup>(1)</sup> | 2983 | 3076 |
|  9.50%, 06/01/2030 <sup>(1)</sup> | 3484 | 3615 |
|  Amprion GmbH |  |  |
|  0.63%, 09/23/2033 | &nbsp;&nbsp;&nbsp;&nbsp;6300 | 5898 |
|  Arizona Public Service Co. |  |  |
|  3.35%, 05/15/2050 | $957 | 649 |
|  Baltimore Gas & Electric Co. |  |  |
|  3.75%, 08/15/2047 | 721 | 546 |
|  5.40%, 06/01/2053 | 4225 | 4029 |
|  Black Hills Corp. |  |  |
|  4.35%, 05/01/2033 | 6250 | 5869 |
|  Boston Gas Co. |  |  |
|  5.84%, 01/10/2035 <sup>(1)</sup> | 7860 | 8169 |
|  Brooklyn Union Gas Co. |  |  |
|  6.42%, 07/18/2054 <sup>(1)</sup> | 9510 | 9837 |
|  CenterPoint Energy Houston Electric LLC |  |  |
|  5.15%, 03/01/2034 | 6240 | 6294 |
|  Chile Electricity Lux Mpc II Sarl |  |  |
|  5.58%, 10/20/2035 <sup>(1)</sup> | 4790 | 4790 |
|  Clean Renewable Power Mauritius Pte Ltd. |  |  |
|  4.25%, 03/25/2027 <sup>(19)</sup> | 2415 | 2343 |
|  Consumers Energy Co. |  |  |
|  5.05%, 05/15/2035 | 1445 | 1455 |
|  Continuum Energy Aura Pte Ltd. |  |  |
|  9.50%, 02/24/2027 <sup>(19)</sup> | 3000 | 3098 |
|  Continuum Green Energy India Pvt / Co.-Issuers |  |  |
|  7.50%, 06/26/2033 <sup>(19)</sup> | 4340 | 4464 |
|  Diamond II Ltd. |  |  |
|  7.95%, 07/28/2026 <sup>(19)</sup> | 5100 | 5145 |
|  Dominion Energy South Carolina, Inc. |  |  |
|  5.30%, 01/15/2035 | 386 | 395 |
|  Dominion Energy, Inc. |  |  |
|  7.00% (5 Year CMT Index + 2.51%), 06/01/2054 <sup>(2)</sup> | 3566 | 3826 |
|  Duke Energy Carolinas LLC |  |  |
|  2.55%, 04/15/2031 | 2785 | 2520 |
|  3.20%, 08/15/2049 | 626 | 423 |

---

The accompanying notes are an integral part of these financial statements.

186.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 2.27% – (continued)** | | |
|  3.45%, 04/15/2051 | $4423 | $3132 |
|  3.70%, 12/01/2047 | 4558 | 3429 |
|  3.88%, 03/15/2046 | 2750 | 2146 |
|  3.95%, 03/15/2048 | 1542 | 1203 |
|  4.25%, 12/15/2041 | 1650 | 1411 |
|  5.35%, 01/15/2053 | 614 | 589 |
|  Duke Energy Corp. |  |  |
|  3.50%, 06/15/2051 | 3317 | 2278 |
|  3.95%, 08/15/2047 | 1671 | 1256 |
|  5.00%, 08/15/2052 | 2360 | 2069 |
|  5.45%, 06/15/2034 | 14520 | 14913 |
|  5.80%, 06/15/2054 | 6762 | 6602 |
|  Duke Energy Florida LLC |  |  |
|  1.75%, 06/15/2030 | 449 | 396 |
|  4.20%, 07/15/2048 | 856 | 686 |
|  5.88%, 11/15/2033 | 2340 | 2494 |
|  Duke Energy Ohio, Inc. |  |  |
|  2.13%, 06/01/2030 | 2590 | 2332 |
|  5.25%, 04/01/2033 | 390 | 402 |
|  5.55%, 03/15/2054 | 2088 | 2040 |
|  Duke Energy Progress LLC |  |  |
|  2.50%, 08/15/2050 | 2277 | 1317 |
|  3.70%, 10/15/2046 | 1220 | 921 |
|  4.00%, 04/01/2052 | 1127 | 865 |
|  4.10%, 03/15/2043 | 900 | 742 |
|  4.20%, 08/15/2045 | 1000 | 822 |
|  5.05%, 03/15/2035 | 2355 | 2365 |
|  5.35%, 03/15/2053 | 2460 | 2339 |
|  5.55%, 03/15/2055 | 14285 | 13963 |
|  E.ON SE |  |  |
|  3.50%, 04/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp;8825 | 10498 |
|  3.88%, 09/05/2038 | 2200 | 2581 |
|  4.00%, 01/16/2040 | 1280 | 1505 |
|  East Ohio Gas Co. |  |  |
|  2.00%, 06/15/2030 <sup>(1)</sup> | $12595 | 11198 |
|  Edison International |  |  |
|  5.00% (5 Year CMT Index + 3.90%), 03/15/2174 <sup>(2)</sup> | 683 | 590 |
|  6.25%, 03/15/2030 | 3200 | 3250 |
|  Elia Group SA/NV |  |  |
|  3.88%, 06/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2400 | 2880 |
|  Enel Finance International NV |  |  |
|  2.50%, 07/12/2031 <sup>(1)</sup> | $496 | 435 |
|  4.50%, 02/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp;4080 | 4877 |
|  Entergy Louisiana LLC |  |  |
|  5.70%, 03/15/2054 | $3430 | 3385 |
|  Eurogrid GmbH |  |  |
|  0.74%, 04/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;4700 | 4496 |
|  3.28%, 09/05/2031 | 1800 | 2128 |
|  Evergy Metro, Inc. |  |  |
|  4.95%, 04/15/2033 | $5000 | 4993 |
|  Evergy Missouri West, Inc. |  |  |
|  5.65%, 06/01/2034 <sup>(1)</sup> | 8445 | 8635 |
|  Eversource Energy |  |  |
|  4.60%, 07/01/2027 | 9315 | 9359 |
|  5.95%, 02/01/2029 | 9000 | 9400 |
|  FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple |  |  |
|  7.25%, 01/31/2041 <sup>(1)</sup> | 408 | 413 |

---

The accompanying notes are an integral part of these financial statements.

187.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 2.27% – (continued)** | | |
|  FirstEnergy Corp. |  |  |
|  2.65%, 03/01/2030 | $1417 | $1301 |
|  3.40%, 03/01/2050 | 11771 | 7978 |
|  3.90%, 07/15/2027 | 10598 | 10479 |
|  4.85%, 07/15/2047 | 7723 | 6562 |
|  FirstEnergy Pennsylvania Electric Co. |  |  |
|  4.30%, 01/15/2029 <sup>(1)</sup> | 5000 | 4953 |
|  FirstEnergy Transmission LLC |  |  |
|  2.87%, 09/15/2028 <sup>(1)</sup> | 16876 | 16078 |
|  4.55%, 04/01/2049 <sup>(1)</sup> | 4877 | 4134 |
|  5.00%, 01/15/2035 | 9823 | 9717 |
|  5.45%, 07/15/2044 <sup>(1)</sup> | 2994 | 2853 |
|  Florida Power & Light Co. |  |  |
|  2.88%, 12/04/2051 | 2734 | 1722 |
|  3.15%, 10/01/2049 | 732 | 495 |
|  3.99%, 03/01/2049 | 3473 | 2734 |
|  5.70%, 03/15/2055 | 9900 | 10013 |
|  5.80%, 03/15/2065 | 566 | 574 |
|  Georgia Power Co. |  |  |
|  3.70%, 01/30/2050 | 535 | 399 |
|  4.85%, 03/15/2031 | 1472 | 1504 |
|  4.95%, 05/17/2033 | 5758 | 5803 |
|  5.13%, 05/15/2052 | 2753 | 2573 |
|  India Clean Energy Holdings |  |  |
|  4.50%, 04/18/2027 <sup>(19)</sup> | 5200 | 5015 |
|  Interstate Power & Light Co. |  |  |
|  5.60%, 06/29/2035 | 15985 | 16431 |
|  ITC Holdings Corp. |  |  |
|  3.25%, 06/30/2026 | 2000 | 1975 |
|  Jersey Central Power & Light Co. |  |  |
|  2.75%, 03/01/2032 <sup>(1)</sup> | 2000 | 1753 |
|  4.30%, 01/15/2026 <sup>(1)</sup> | 2000 | 1996 |
|  JSW Hydro Energy Ltd. |  |  |
|  4.13%, 05/18/2031 <sup>(19)</sup> | 4260 | 3915 |
|  KeySpan Gas East Corp. |  |  |
|  2.74%, 08/15/2026 <sup>(1)</sup> | 4500 | 4402 |
|  5.99%, 03/06/2033 <sup>(1)</sup> | 6005 | 6241 |
|  MidAmerican Energy Co. |  |  |
|  3.15%, 04/15/2050 | 851 | 574 |
|  5.85%, 09/15/2054 | 412 | 424 |
|  Minejesa Capital BV |  |  |
|  5.63%, 08/10/2037 <sup>(19)</sup> | 6000 | 5776 |
|  Mong Duong Finance Holdings BV |  |  |
|  5.13%, 05/07/2029 <sup>(19)</sup> | 3244 | 3168 |
|  MVM Energetika Zrt |  |  |
|  6.50%, 03/13/2031 | 1200 | 1240 |
|  National Gas Transmission Plc |  |  |
|  4.25%, 04/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;7110 | 8746 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
|  2.25%, 06/01/2030 | $4105 | 3697 |
|  Northern States Power Co. |  |  |
|  3.60%, 09/15/2047 | 1800 | 1345 |
|  4.00%, 08/15/2045 | 1000 | 805 |
|  NPC Ukrenergo |  |  |
|  6.88%, 11/09/2028 | 400 | 326 |
|  NRG Energy, Inc. |  |  |
|  4.45%, 06/15/2029 <sup>(1)</sup> | 12975 | 12765 |
|  7.00%, 03/15/2033 <sup>(1)</sup> | 12175 | 13364 |

---

The accompanying notes are an integral part of these financial statements.

188.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 2.27% – (continued)** | | |
|  Ohio Edison Co. |  |  |
|  4.95%, 12/15/2029 <sup>(1)</sup> | $2484 | $2518 |
|  Ohio Power Co. |  |  |
|  1.63%, 01/15/2031 | 3071 | 2607 |
|  2.60%, 04/01/2030 | 112 | 103 |
|  2.90%, 10/01/2051 | 1573 | 960 |
|  4.00%, 06/01/2049 | 838 | 635 |
|  4.15%, 04/01/2048 | 524 | 405 |
|  Oncor Electric Delivery Co. LLC |  |  |
|  5.35%, 04/01/2035 <sup>(1)</sup> | 6595 | 6718 |
|  Pacific Gas & Electric Co. |  |  |
|  2.10%, 08/01/2027 | 17003 | 16103 |
|  2.50%, 02/01/2031 | 15565 | 13511 |
|  2.95%, 03/01/2026 | 4765 | 4702 |
|  3.00%, 06/15/2028 | 8769 | 8328 |
|  3.15%, 01/01/2026 | 6569 | 6506 |
|  3.25%, 06/01/2031 | 11300 | 10141 |
|  3.30%, 03/15/2027 | 2052 | 2004 |
|  3.30%, 12/01/2027 | 3700 | 3580 |
|  3.30%, 08/01/2040 | 5248 | 3754 |
|  3.45%, 07/01/2025 | 7760 | 7760 |
|  3.50%, 08/01/2050 | 8961 | 5746 |
|  3.75%, 07/01/2028 | 18444 | 17895 |
|  3.75%, 08/15/2042 | 1320 | 941 |
|  3.95%, 12/01/2047 | 3763 | 2655 |
|  4.00%, 12/01/2046 | 13182 | 9438 |
|  4.20%, 03/01/2029 | 4334 | 4230 |
|  4.30%, 03/15/2045 | 3980 | 3004 |
|  4.40%, 03/01/2032 | 11850 | 11092 |
|  4.50%, 07/01/2040 | 1904 | 1586 |
|  4.55%, 07/01/2030 | 40402 | 39432 |
|  4.65%, 08/01/2028 | 100 | 99 |
|  4.75%, 02/15/2044 | 7084 | 5748 |
|  4.95%, 07/01/2050 | 5292 | 4265 |
|  5.25%, 03/01/2052 | 4096 | 3408 |
|  5.45%, 06/15/2027 | 3084 | 3120 |
|  5.70%, 03/01/2035 | 7600 | 7531 |
|  5.80%, 05/15/2034 | 4076 | 4075 |
|  5.90%, 06/15/2032 | 7090 | 7236 |
|  5.90%, 10/01/2054 | 2122 | 1924 |
|  6.15%, 01/15/2033 | 721 | 743 |
|  6.15%, 03/01/2055 | 1622 | 1513 |
|  6.40%, 06/15/2033 | 2045 | 2138 |
|  6.75%, 01/15/2053 | 3031 | 3050 |
|  PECO Energy Co. |  |  |
|  2.80%, 06/15/2050 | 598 | 375 |
|  2.85%, 09/15/2051 | 1512 | 952 |
|  3.00%, 09/15/2049 | 1060 | 696 |
|  3.90%, 03/01/2048 | 912 | 711 |
|  5.25%, 09/15/2054 | 588 | 557 |
|  PG&E Corp. |  |  |
|  5.25%, 07/01/2030 | 9360 | 8917 |
|  7.38% (5 Year CMT Index + 3.88%), 03/15/2055 <sup>(2)</sup> | 8363 | 7920 |
|  Piedmont Natural Gas Co., Inc. |  |  |
|  2.50%, 03/15/2031 | 11156 | 9930 |
|  5.10%, 02/15/2035 | 20391 | 20478 |
|  Pinnacle West Capital Corp. |  |  |
|  5.15%, 05/15/2030 | 8332 | 8529 |

---

The accompanying notes are an integral part of these financial statements.

189.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 2.27% – (continued)** | | |
|  5.21% (SOFR + 0.82%), 06/10/2026 <sup>(2)</sup> | $19700 | $19732 |
|  Public Service Co. of Colorado |  |  |
|  5.25%, 04/01/2053 | 8000 | 7344 |
|  Public Service Co. of New Mexico |  |  |
|  3.85%, 08/01/2025 | 7000 | 6988 |
|  Public Service Co. of Oklahoma |  |  |
|  5.20%, 01/15/2035 | 1945 | 1941 |
|  5.45%, 01/15/2036 | 13040 | 13133 |
|  Severn Trent Utilities Finance Plc |  |  |
|  3.88%, 08/04/2035 | &nbsp;&nbsp;&nbsp;&nbsp;6565 | 7779 |
|  Southern California Edison Co. |  |  |
|  4.70%, 06/01/2027 | $5900 | 5920 |
|  6.20%, 09/15/2055 | 3300 | 3160 |
|  Southern Co. |  |  |
|  4.25%, 07/01/2036 | 377 | 345 |
|  4.85%, 03/15/2035 | 5203 | 5086 |
|  5.20%, 06/15/2033 | 775 | 789 |
|  5.70%, 10/15/2032 | 662 | 695 |
|  5.70%, 03/15/2034 | 16145 | 16871 |
|  Southern Co. Gas Capital Corp. |  |  |
|  4.40%, 05/30/2047 | 1915 | 1556 |
|  4.95%, 09/15/2034 | 4300 | 4256 |
|  5.75%, 09/15/2033 | 3460 | 3628 |
|  Southwestern Electric Power Co. |  |  |
|  4.10%, 09/15/2028 | 10000 | 9908 |
|  5.30%, 04/01/2033 | 5400 | 5441 |
|  Star Energy Geothermal Wayang Windu Ltd. |  |  |
|  6.75%, 04/24/2033 <sup>(19)</sup> | 901 | 915 |
|  Suez SACA |  |  |
|  2.88%, 05/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5300 | 5840 |
|  TenneT Holding BV |  |  |
|  4.75%, 10/28/2042 | 1935 | 2468 |
|  Thames Water Super Senior Issuer Plc |  |  |
|  9.75%, 10/10/2027 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;88 | 132 |
|  9.75%, 10/10/2027 <sup>(1)</sup> | 96 | 145 |
|  Thames Water Utilities Finance Plc |  |  |
|  2.38%, 04/22/2042 | 900 | 812 |
|  3.50%, 02/25/2030 | 400 | 361 |
|  4.00%, 04/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1600 | 1217 |
|  4.38%, 01/18/2033 | 200 | 152 |
|  4.38%, 07/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp;300 | 268 |
|  6.50%, 02/09/2034 | 100 | 92 |
|  7.13%, 04/30/2033 | 400 | 371 |
|  9.75%, 10/10/2027 | 185 | 238 |
|  Thames Water Utilities Ltd. |  |  |
|  0.00%, 03/22/2027 <sup>(1)</sup> | 27 | 31 |
|  United Utilities Water Finance Plc |  |  |
|  3.75%, 05/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5491 | 6469 |
|  Venture Global Plaquemines LNG LLC |  |  |
|  7.50%, 05/01/2033 <sup>(1)</sup> | $7730 | 8277 |
|  7.75%, 05/01/2035 <sup>(1)</sup> | 10108 | 10941 |
|  Vistra Operations Co. LLC |  |  |
|  5.05%, 12/30/2026 <sup>(1)</sup> | 1355 | 1362 |
|  5.70%, 12/30/2034 <sup>(1)</sup> | 13104 | 13344 |
|  6.00%, 04/15/2034 <sup>(1)</sup> | 7205 | 7482 |
|  6.95%, 10/15/2033 <sup>(1)</sup> | 11932 | 13102 |

---

The accompanying notes are an integral part of these financial statements.

190.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utilities – 2.27% – (continued)** | | |
|  Wisconsin Power & Light Co. |  |  |
|  5.38%, 03/30/2034 | $4610 | $4716 |
|  Total Utilities | Total Utilities | 925791 |
|  **Total Corporate Bonds**<br> (Cost: $10,313,185) |  | **10268718** |
|  **Convertible Securities – 0.07%** |  |  |
| **Communications – 0.02%** |  |  |
|  EchoStar Corp. |  |  |
|  3.88%, 11/30/2030 <sup>(7)</sup> | 7199 | 8477 |
|  Total Communications | Total Communications | 8477 |
| **Consumer, Non-cyclical – 0.05%** |  |  |
|  BioMarin Pharmaceutical, Inc. |  |  |
|  1.25%, 05/15/2027 | 2655 | 2499 |
|  Davide Campari-Milano NV |  |  |
|  2.38%, 01/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;4200 | 4749 |
|  Worldline SA/France |  |  |
|  0.00%, 07/30/2025 | 1099 | 1265 |
|  0.00%, 07/30/2026 | 9719 | 10477 |
|  Total Consumer, Non-cyclical | Total Consumer, Non-cyclical | 18990 |
| **Financials – 0.00% <sup>(10)</sup>** |  |  |
|  WOM Chile Holdco SpA |  |  |
|  5.00%, 04/01/2032 <sup>(1)(7)</sup> | $759 | 750 |
|  Total Financials | Total Financials | 750 |
|  Total Convertible Securities<br>(Cost: $26,496) |  | **28217** |
|  **Government Related – 25.40%** |  |  |
| **Other Government Related – 3.95%** |  |  |
|  American Municipal Power, Inc. |  |  |
|  8.08%, 02/15/2050 | 1070 | 1357 |
|  Argentine Republic Government International Bond |  |  |
|  0.75%, 07/09/2030 <sup>(3)</sup> | 17410 | 13884 |
|  1.00%, 07/09/2029 | 998 | 835 |
|  3.50%, 07/09/2041 <sup>(3)</sup> | 18718 | 11572 |
|  4.13%, 07/09/2035 <sup>(3)</sup> | 4447 | 2991 |
|  4.13%, 07/09/2046 <sup>(3)</sup> | 112 | 74 |
|  5.00%, 01/09/2038 <sup>(3)</sup> | 261 | 186 |
|  Bay Area Toll Authority |  |  |
|  7.04%, 04/01/2050 | 3240 | 3672 |
|  Brazil Letras do Tesouro Nacional |  |  |
|  0.00%, 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;22500 | 4141 |
|  0.00%, 10/01/2025 | 588067 | 104393 |
|  0.00%, 04/01/2026 | 249300 | 41279 |
|  Brazil Notas do Tesouro Nacional Serie F |  |  |
|  10.00%, 01/01/2029 | 48200 | 8140 |
|  10.00%, 01/01/2031 | 143330 | 23145 |
|  10.00%, 01/01/2035 | 189938 | 28825 |
|  Brazilian Government International Bond |  |  |
|  6.00%, 10/20/2033 | $600 | 595 |
|  6.13%, 01/22/2032 | 1000 | 1019 |
|  6.13%, 03/15/2034 | 4400 | 4354 |
|  Bundesrepublik Deutschland Bundesanleihe |  |  |
|  2.50%, 08/15/2054 <sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14069 | 14726 |

---

The accompanying notes are an integral part of these financial statements.

191.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Other Government Related – 3.95% – (continued)** | | |
|  Bundesschatzanweisungen |  |  |
|  2.20%, 03/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5935 | $7031 |
|  California State University |  |  |
|  2.37%, 11/01/2035 | $3130 | 2499 |
|  Chile Government International Bond |  |  |
|  3.10%, 01/22/2061 | 6955 | 4206 |
|  3.25%, 09/21/2071 | 17045 | 10327 |
|  4.34%, 03/07/2042 | 5675 | 4907 |
|  5.65%, 01/13/2037 | 4525 | 4661 |
|  City of New York NY |  |  |
|  2.05%, 03/01/2032 | 2480 | 2130 |
|  3.55%, 12/01/2028 | 3645 | 3572 |
|  6.29%, 02/01/2045 | 1080 | 1132 |
|  6.39%, 02/01/2055 | 2060 | 2142 |
|  City of San Antonio TX Electric & Gas Systems Revenue |  |  |
|  5.81%, 02/01/2041 | 1315 | 1328 |
|  Colombia Government International Bond |  |  |
|  8.00%, 04/20/2033 | 14620 | 15116 |
|  Colombian TES |  |  |
|  6.25%, 07/09/2036 | 74965200 | 11841 |
|  Costa Rica Government International Bond |  |  |
|  6.55%, 04/03/2034 | $2400 | 2503 |
|  County of Miami-Dade FL Aviation Revenue |  |  |
|  2.61%, 10/01/2032 | 900 | 793 |
|  2.71%, 10/01/2033 | 1290 | 1117 |
|  European Union |  |  |
|  2.50%, 10/04/2052 <sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5720 | 5237 |
|  3.00%, 03/04/2053 <sup>(19)</sup> | 57092 | 57717 |
|  Golden State Tobacco Securitization Corp. |  |  |
|  3.00%, 06/01/2046 | $375 | 329 |
|  3.49%, 06/01/2036 | 1600 | 1334 |
|  3.85%, 06/01/2050 | 1490 | 1356 |
|  4.21%, 06/01/2050 | 7900 | 5690 |
|  Guatemala Government Bond |  |  |
|  3.70%, 10/07/2033 | 2000 | 1685 |
|  5.25%, 08/10/2029 | 1300 | 1289 |
|  6.60%, 06/13/2036 | 1200 | 1217 |
|  Hungary Government International Bond |  |  |
|  2.13%, 09/22/2031 <sup>(1)</sup> | 3500 | 2909 |
|  Indonesia Government International Bond |  |  |
|  2.85%, 02/14/2030 | 7713 | 7224 |
|  3.05%, 03/12/2051 | 4490 | 2954 |
|  4.75%, 09/10/2034 | 2400 | 2358 |
|  Israel Government International Bond |  |  |
|  5.38%, 02/19/2030 | 7000 | 7134 |
|  5.63%, 02/19/2035 | 19000 | 19309 |
|  5.75%, 03/12/2054 | 45087 | 41729 |
|  Italy Buoni Poliennali Del Tesoro |  |  |
|  3.65%, 08/01/2035 <sup>(1)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48000 | 57572 |
|  Japan Government Thirty Year Bond |  |  |
|  2.30%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;3049700 | 19013 |
|  2.40%, 03/20/2055 | 1402850 | 8939 |
|  Kazakhstan Government International Bond |  |  |
|  5.00%, 07/01/2032 <sup>(1)</sup> | $2663 | 2678 |
|  5.50%, 07/01/2037 <sup>(1)</sup> | 1932 | 1944 |
|  Kingdom of Belgium Government Bond |  |  |
|  3.30%, 06/22/2054 <sup>(1)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14441 | 15149 |

---

The accompanying notes are an integral part of these financial statements.

192.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Other Government Related – 3.95% – (continued)** | | |
|  Korea National Oil Corp. |  |  |
|  4.13%, 09/30/2027 <sup>(1)</sup> | $5700 | $5672 |
|  Kyrgyz Republic International Bond |  |  |
|  7.75%, 06/03/2030 <sup>(1)</sup> | 7475 | 7360 |
|  Los Angeles Community College District |  |  |
|  6.60%, 08/01/2042 | 955 | 1036 |
|  Metropolitan Transportation Authority |  |  |
|  6.67%, 11/15/2039 | 980 | 1060 |
|  6.81%, 11/15/2040 | 195 | 212 |
|  Mexican Bonos |  |  |
|  7.50%, 05/26/2033 | 29200 | 1420 |
|  7.75%, 11/23/2034 | 781166 | 37950 |
|  8.50%, 05/31/2029 | 43200 | 2294 |
|  Mexican Udibonos |  |  |
|  2.75%, 11/27/2031 <sup>(11)</sup> | 698648 | 32925 |
|  3.00%, 12/03/2026 <sup>(11)</sup> | 115620 | 6028 |
|  4.00%, 11/30/2028 <sup>(11)</sup> | 226223 | 11807 |
|  4.00%, 08/24/2034 <sup>(11)</sup> | 1184761 | 58631 |
|  Mexico Government International Bond |  |  |
|  2.66%, 05/24/2031 | $17422 | 15070 |
|  3.50%, 02/12/2034 | 10653 | 8927 |
|  4.50%, 01/31/2050 | 9566 | 6945 |
|  4.63%, 05/04/2033 | 12700 | 14920 |
|  4.75%, 04/27/2032 | $2000 | 1900 |
|  4.88%, 05/19/2033 | 4713 | 4445 |
|  5.85%, 07/02/2032 | 5200 | 5262 |
|  6.35%, 02/09/2035 | 16152 | 16497 |
|  6.88%, 05/13/2037 | 16583 | 17284 |
|  Municipal Electric Authority of Georgia |  |  |
|  6.64%, 04/01/2057 | 945 | 1020 |
|  New Jersey Turnpike Authority |  |  |
|  7.41%, 01/01/2040 | 1901 | 2272 |
|  New York City Municipal Water Finance Authority |  |  |
|  5.88%, 06/15/2044 | 1200 | 1216 |
|  6.01%, 06/15/2042 | 755 | 777 |
|  New York City Transitional Finance Authority |  |  |
|  2.69%, 05/01/2033 | 340 | 296 |
|  2.69%, 05/01/2033 | 935 | 817 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
|  2.80%, 02/01/2026 | 1850 | 1833 |
|  3.95%, 08/01/2032 | 1900 | 1833 |
|  5.27%, 05/01/2027 | 5820 | 5940 |
|  New York State Dormitory Authority |  |  |
|  5.29%, 03/15/2033 | 750 | 760 |
|  Oman Government International Bond |  |  |
|  5.63%, 01/17/2028 | 3300 | 3370 |
|  6.00%, 08/01/2029 | 17150 | 17939 |
|  Panama Government International Bond |  |  |
|  2.25%, 09/29/2032 | 3539 | 2698 |
|  3.88%, 03/17/2028 | 4288 | 4141 |
|  4.50%, 04/01/2056 | 5792 | 3747 |
|  6.40%, 02/14/2035 | 650 | 631 |
|  Paraguay Government International Bond |  |  |
|  3.85%, 06/28/2033 | 2000 | 1813 |
|  4.95%, 04/28/2031 | 1915 | 1900 |
|  Peru Government Bond |  |  |
|  5.94%, 02/12/2029 | 9770 | 2891 |
|  6.15%, 08/12/2032 | 5276 | 1537 |

---

The accompanying notes are an integral part of these financial statements.

193.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Other Government Related – 3.95% – (continued)** | | |
|  6.95%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;4154 | $1272 |
|  7.30%, 08/12/2033 <sup>(1)</sup> | 94500 | 29018 |
|  Peruvian Government International Bond |  |  |
|  3.55%, 03/10/2051 | $5249 | 3598 |
|  5.40%, 08/12/2034 | 131780 | 35050 |
|  6.15%, 08/12/2032 <sup>(1)</sup> | 140152 | 40822 |
|  6.90%, 08/12/2037 <sup>(1)</sup> | 340 | 97 |
|  6.95%, 08/12/2031 <sup>(1)</sup> | 26220 | 8027 |
|  6.95%, 08/12/2031 | 64395 | 19715 |
|  Philippine Government International Bond |  |  |
|  2.65%, 12/10/2045 | $6595 | 4279 |
|  2.95%, 05/05/2045 | 9273 | 6354 |
|  3.00%, 02/01/2028 | 5362 | 5178 |
|  3.20%, 07/06/2046 | 5315 | 3743 |
|  5.90%, 02/04/2050 | 8005 | 8165 |
|  Port Authority of New York & New Jersey |  |  |
|  4.93%, 10/01/2051 | 825 | 762 |
|  4.96%, 08/01/2046 | 1010 | 949 |
|  5.65%, 11/01/2040 | 825 | 859 |
|  Port of Beaumont Navigation District |  |  |
|  10.00%, 07/01/2026 <sup>(1)</sup> | 3555 | 3592 |
|  Puerto Rico Electric Power Authority |  |  |
|  6.05%, 07/01/2032 <sup>(8)(9)</sup> | 100 | 49 |
|  Republic of South Africa Government Bond |  |  |
|  7.00%, 02/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;519500 | 26999 |
|  8.00%, 01/31/2030 | 154100 | 8560 |
|  8.50%, 01/31/2037 | 486000 | 23890 |
|  8.88%, 02/28/2035 | 1217795 | 64298 |
|  9.00%, 01/31/2040 | 608700 | 29729 |
|  10.50%, 12/21/2026 | 432100 | 25328 |
|  Republic of South Africa Government International Bond |  |  |
|  4.85%, 09/30/2029 | $958 | 924 |
|  5.88%, 06/22/2030 | 2404 | 2393 |
|  5.88%, 04/20/2032 | 1740 | 1702 |
|  Republic of Uzbekistan International Bond |  |  |
|  3.70%, 11/25/2030 | 3005 | 2680 |
|  3.90%, 10/19/2031 | 4869 | 4292 |
|  5.38%, 05/29/2027 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11060 | 13351 |
|  5.38%, 02/20/2029 | $285 | 280 |
|  6.90%, 02/28/2032 <sup>(1)</sup> | 14475 | 14874 |
|  6.95%, 05/25/2032 <sup>(1)</sup> | 2610 | 2684 |
|  Romanian Government International Bond |  |  |
|  3.00%, 02/14/2031 | 1926 | 1647 |
|  3.63%, 03/27/2032 | 1474 | 1264 |
|  5.13%, 09/24/2031 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12100 | 14057 |
|  5.38%, 03/22/2031 <sup>(1)</sup> | 9290 | 10972 |
|  5.63%, 02/22/2036 | 4665 | 5229 |
|  5.63%, 02/22/2036 <sup>(1)(12)</sup> | 6830 | 7656 |
|  5.63%, 05/30/2037 <sup>(1)</sup> | 10300 | 11407 |
|  5.88%, 07/11/2032 <sup>(1)(12)</sup> | 61875 | 73211 |
|  6.25%, 09/10/2034 <sup>(1)</sup> | 37290 | 44320 |
|  Russian Foreign Bond – Eurobond |  |  |
|  5.10%, 03/28/2035 | $200 | 65 |
|  5.25%, 06/23/2047 <sup>(1)</sup> | 200 | 60 |
|  5.25%, 06/23/2047 | 4000 | 1199 |
|  5.63%, 04/04/2042 | 1200 | 787 |
|  5.88%, 09/16/2043 | 2600 | 1822 |

---

The accompanying notes are an integral part of these financial statements.

194.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Other Government Related – 3.95% – (continued)** | | |
|  Saudi Government International Bond |  |  |
|  3.38%, 03/05/2032 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3100 | $3639 |
|  3.75%, 03/05/2037 <sup>(1)(12)</sup> | 6000 | 6887 |
|  5.13%, 01/13/2028 <sup>(1)</sup> | $3300 | 3352 |
|  State of California |  |  |
|  4.60%, 04/01/2038 | 1395 | 1418 |
|  7.55%, 04/01/2039 | 2705 | 3242 |
|  State of Illinois |  |  |
|  5.10%, 06/01/2033 | 7116 | 7137 |
|  6.73%, 04/01/2035 | 54 | 57 |
|  7.35%, 07/01/2035 | 43 | 46 |
|  State of Israel |  |  |
|  3.80%, 05/13/2060 | 15900 | 10310 |
|  State of Texas |  |  |
|  5.52%, 04/01/2039 | 4175 | 4297 |
|  Turkiye Government Bond |  |  |
|  37.00%, 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;911720 | 22657 |
|  45.90% (Borsa Istanbul Stock Exchange Reference Rate Index + 0.00%), 05/20/2026 <sup>(2)</sup> | 4700 | 119 |
|  45.90% (Borsa Istanbul Stock Exchange Reference Rate Index + 0.00%), 08/19/2026 <sup>(2)</sup> | 3500 | 88 |
|  47.47% (Borsa Istanbul Stock Exchange Reference Rate Index + 0.00%), 09/06/2028 <sup>(2)</sup> | 51400 | 1240 |
|  49.05% (Borsa Istanbul Stock Exchange Reference Rate Index + 0.00%), 05/17/2028 <sup>(2)</sup> | 798500 | 19452 |
|  Turkiye Government International Bond |  |  |
|  5.75%, 05/11/2047 | $2800 | 2099 |
|  6.13%, 10/24/2028 | 2700 | 2709 |
|  7.63%, 04/26/2029 | 8600 | 8986 |
|  University of California |  |  |
|  4.86%, 05/15/2112 | 1543 | 1280 |
|  Uruguay Government International Bond |  |  |
|  4.38%, 10/27/2027 | 1783 | 1786 |
|  5.10%, 06/18/2050 | 4378 | 4037 |
|  5.44%, 02/14/2037 | 1300 | 1329 |
|  8.50%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;337165 | 8373 |
|  9.75%, 07/20/2033 | 335125 | 8823 |
|  Venezuela Government International Bond |  |  |
|  6.00%, 12/09/2020 <sup>(8)(9)</sup> | $30 | 4 |
|  7.00%, 03/31/2038 <sup>(8)(9)</sup> | 187 | 32 |
|  7.65%, 04/21/2025 <sup>(8)(9)</sup> | 534 | 84 |
|  7.75%, 10/13/2019 <sup>(8)(9)</sup> | 100 | 14 |
|  8.25%, 10/13/2024 <sup>(8)(9)</sup> | 7294 | 1165 |
|  9.00%, 05/07/2023 <sup>(8)(9)</sup> | 110 | 17 |
|  9.00%, 05/07/2023 <sup>(8)(9)</sup> | 7405 | 1166 |
|  9.25%, 09/15/2027 <sup>(8)(9)</sup> | 1049 | 210 |
|  9.25%, 05/07/2028 <sup>(8)(9)</sup> | 420 | 72 |
|  11.75%, 10/21/2026 <sup>(8)(9)</sup> | 120 | 24 |
|  11.95%, 08/05/2031 <sup>(8)(9)</sup> | 3200 | 578 |
|  Total Other Government Related | Total Other Government Related | 1614273 |
| **U.S. Treasury Obligations – 21.45%** |  |  |
|  U.S. Treasury Inflation Indexed Bond |  |  |
|  0.13%, 07/15/2026 <sup>(11)</sup> | 38945 | 38608 |
|  0.13%, 10/15/2026 <sup>(11)</sup> | 53416 | 52803 |
|  0.13%, 07/15/2030 <sup>(11)(13)</sup> | 12162 | 11424 |
|  0.13%, 01/15/2031 <sup>(11)(13)</sup> | 1972 | 1827 |
|  0.13%, 07/15/2031 <sup>(11)(13)</sup> | 2633 | 2423 |
|  0.25%, 07/15/2029 <sup>(11)(13)</sup> | 45057 | 43267 |
|  0.25%, 02/15/2050 <sup>(11)</sup> | 4267 | 2477 |
|  0.63%, 07/15/2032 <sup>(11)(13)</sup> | 86782 | 80944 |
|  0.63%, 02/15/2043 <sup>(11)</sup> | 419 | 311 |

---

The accompanying notes are an integral part of these financial statements.

195.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **U.S. Treasury Obligations – 21.45% – (continued)** | | |
|  0.75%, 02/15/2042 <sup>(11)</sup> | $710 | $551 |
|  0.75%, 02/15/2045 <sup>(11)</sup> | 4768 | 3480 |
|  0.88%, 02/15/2047 <sup>(11)</sup> | 4784 | 3465 |
|  1.00%, 02/15/2046 <sup>(11)</sup> | 2708 | 2051 |
|  1.00%, 02/15/2048 <sup>(11)</sup> | 4293 | 3156 |
|  1.00%, 02/15/2049 <sup>(11)</sup> | 7152 | 5186 |
|  1.38%, 07/15/2033 <sup>(11)(13)</sup> | 104887 | 101854 |
|  1.38%, 02/15/2044 <sup>(11)</sup> | 688 | 578 |
|  1.50%, 02/15/2053 <sup>(11)</sup> | 23850 | 18880 |
|  1.75%, 01/15/2034 <sup>(11)(13)</sup> | 122520 | 121447 |
|  1.88%, 07/15/2034 <sup>(11)</sup> | 393094 | 393394 |
|  2.13%, 01/15/2035 <sup>(11)</sup> | 128852 | 130954 |
|  2.13%, 02/15/2040 <sup>(11)</sup> | 297 | 293 |
|  2.13%, 02/15/2041 <sup>(11)</sup> | 439 | 430 |
|  U.S. Treasury Note/Bond |  |  |
|  0.38%, 09/30/2027 | 5585 | 5186 |
|  0.50%, 05/31/2027 | 19302 | 18157 |
|  0.50%, 08/31/2027 | 15269 | 14254 |
|  0.63%, 07/31/2026 | 45833 | 44216 |
|  0.63%, 03/31/2027 | 2955 | 2799 |
|  1.13%, 08/31/2028 | 28794 | 26587 |
|  1.13%, 05/15/2040 | 15127 | 9405 |
|  1.13%, 08/15/2040 | 15127 | 9306 |
|  1.25%, 03/31/2028 | 21596 | 20222 |
|  1.25%, 05/31/2028 | 35109 | 32753 |
|  1.25%, 09/30/2028 | 71122 | 65802 |
|  1.38%, 11/15/2040 | 15127 | 9637 |
|  1.50%, 02/15/2030 | 5893 | 5332 |
|  1.63%, 11/15/2050 | 2946 | 1552 |
|  1.75%, 08/15/2041 | 15127 | 10043 |
|  1.88%, 02/15/2041 | 5465 | 3759 |
|  1.88%, 11/15/2051 | 116411 | 64763 |
|  2.00%, 11/15/2041 | 320895 | 220691 |
|  2.00%, 08/15/2051 | 14309 | 8249 |
|  2.25%, 08/15/2046 <sup>(13)</sup> | 442200 | 289693 |
|  2.25%, 08/15/2049 | 117087 | 73449 |
|  2.25%, 02/15/2052 | 14713 | 8987 |
|  2.38%, 03/31/2029 | 21596 | 20576 |
|  2.38%, 02/15/2042 | 11588 | 8431 |
|  2.38%, 11/15/2049 | 47650 | 30647 |
|  2.38%, 05/15/2051 | 5195 | 3294 |
|  2.50%, 02/15/2045 <sup>(13)</sup> | 70156 | 49389 |
|  2.75%, 08/15/2032 | 63030 | 58145 |
|  2.75%, 11/15/2047 | 14559 | 10353 |
|  2.88%, 04/30/2029 | 43191 | 41873 |
|  2.88%, 05/15/2032 | 5170 | 4824 |
|  2.88%, 05/15/2049 <sup>(13)</sup> | 36105 | 25918 |
|  3.00%, 05/15/2045 <sup>(13)</sup> | 30000 | 22979 |
|  3.00%, 05/15/2047 | 5767 | 4319 |
|  3.00%, 02/15/2048 <sup>(13)</sup> | 30109 | 22371 |
|  3.00%, 08/15/2048 <sup>(13)</sup> | 35380 | 26166 |
|  3.00%, 02/15/2049 | 106763 | 78662 |
|  3.00%, 08/15/2052 | 19311 | 13939 |
|  3.13%, 08/31/2029 | 39355 | 38405 |
|  3.13%, 02/15/2043 | 10873 | 8744 |
|  3.13%, 08/15/2044 | 10495 | 8275 |
|  3.13%, 05/15/2048 <sup>(13)</sup> | 12780 | 9696 |
|  3.25%, 06/30/2027 | 120000 | 118927 |

---

The accompanying notes are an integral part of these financial statements.

196.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **U.S. Treasury Obligations – 21.45% – (continued)** | | |
|  3.25%, 06/30/2029 | $18520 | $18182 |
|  3.25%, 05/15/2042 | 195125 | 161397 |
|  3.50%, 09/30/2026 | 234500 | 233291 |
|  3.50%, 01/31/2030 | 12801 | 12651 |
|  3.63%, 08/31/2029 | 63276 | 62962 |
|  3.63%, 09/30/2031 | 33491 | 32931 |
|  3.63%, 08/15/2043 | 27106 | 23320 |
|  3.63%, 02/15/2044 | 28590 | 24477 |
|  3.63%, 02/15/2053 | 8853 | 7227 |
|  3.63%, 05/15/2053 | 5939 | 4844 |
|  3.75%, 08/31/2026 | 34945 | 34862 |
|  3.75%, 04/30/2027 | 252595 | 252556 |
|  3.75%, 06/30/2027 | 101888 | 101952 |
|  3.75%, 12/31/2028 | 41618 | 41655 |
|  3.75%, 05/31/2030 | 48716 | 48607 |
|  3.75%, 08/15/2041 | 3017 | 2703 |
|  3.75%, 11/15/2043 | 10276 | 8979 |
|  3.88%, 03/31/2027 | 61390 | 61486 |
|  3.88%, 11/30/2027 | 34897 | 35031 |
|  3.88%, 06/15/2028 | 484905 | 487480 |
|  3.88%, 11/30/2029 | 51384 | 51611 |
|  3.88%, 06/30/2030 | 1486184 | 1491872 |
|  3.88%, 02/15/2043 | 44356 | 39705 |
|  4.00%, 01/15/2027 | 39397 | 39491 |
|  4.00%, 02/29/2028 | 47443 | 47803 |
|  4.00%, 06/30/2032 | 341365 | 341631 |
|  4.00%, 02/15/2034 | 21698 | 21472 |
|  4.00%, 11/15/2042 | 73150 | 66735 |
|  4.13%, 01/31/2027 | 76280 | 76629 |
|  4.13%, 10/31/2027 | 24969 | 25197 |
|  4.13%, 10/31/2029 | 76594 | 77689 |
|  4.13%, 08/15/2044 | 8793 | 8056 |
|  4.13%, 08/15/2053 | 66149 | 59087 |
|  4.25%, 06/30/2031 | 15365 | 15649 |
|  4.25%, 05/15/2035 | 334268 | 334789 |
|  4.25%, 11/15/2040 | 3050 | 2924 |
|  4.25%, 08/15/2054 | 24314 | 22204 |
|  4.38%, 12/15/2026 | 49294 | 49662 |
|  4.38%, 08/31/2028 | 24122 | 24598 |
|  4.38%, 01/31/2032 | 76594 | 78410 |
|  4.50%, 03/31/2026 | 49937 | 50074 |
|  4.50%, 05/15/2027 | 38024 | 38525 |
|  4.50%, 12/31/2031 | 32404 | 33411 |
|  4.50%, 08/15/2039 | 1271 | 1266 |
|  4.50%, 11/15/2054 <sup>(13)</sup> | 124800 | 118931 |
|  4.63%, 03/15/2026 | 35816 | 35942 |
|  4.75%, 11/15/2043 | 29279 | 29248 |
|  4.75%, 02/15/2045 | 73935 | 73542 |
|  4.75%, 11/15/2053 | 33355 | 33053 |
|  4.75%, 05/15/2055 | 678055 | 674240 |
|  4.88%, 04/30/2026 | 28794 | 28974 |
|  4.88%, 10/31/2030 | 14038 | 14736 |
|  5.00%, 05/15/2045 | 513295 | 527249 |
|  Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | 8761576 |
|  **Total Government Related**<br> (Cost: $10,550,102) |  | **10375849** |

---

The accompanying notes are an integral part of these financial statements.

197.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Mortgage-Backed Obligations – 46.72%** |  |  |
|  1211 Avenue of the Americas Trust 2015-1211 |  |  |
|  3.90%, 08/10/2035, Series 2015-1211, Class A1A2 <sup>(1)</sup> | $4300 | $4112 |
|  4.23%, 08/10/2035, Series 2015-1211, Class B <sup>(1)(4)</sup> | 4700 | 4446 |
|  4.28%, 08/10/2035, Series 2015-1211, Class C <sup>(1)(4)</sup> | 6290 | 5873 |
|  1345T 2025-AOA |  |  |
|  5.90% (1 Month Term SOFR + 1.60%, 1.60% Floor), 06/15/2030, Series 2025-AOA, Class A <sup>(1)(2)</sup> | 1148 | 1150 |
|  6.30% (1 Month Term SOFR + 2.00%, 2.00% Floor), 06/15/2030, Series AOA, Class B <sup>(1)(2)</sup> | 8000 | 8010 |
|  8.80% (1 Month Term SOFR + 4.50%, 4.50% Floor), 06/15/2030, Series 2025-AOA, Class E <sup>(1)(2)</sup> | 1967 | 1974 |
|  2023-MIC Trust/THE |  |  |
|  8.73%, 12/05/2038, Series 2023-MIC, Class A <sup>(1)(4)</sup> | 571 | 623 |
|  245 Park Avenue Trust 2017-245P |  |  |
|  3.78%, 06/05/2037, Series 2017-245P, Class E <sup>(1)(4)</sup> | 5847 | 5466 |
|  280 Park Avenue 2017-280P Mortgage Trust |  |  |
|  5.49% (1 Month Term SOFR + 1.18%, 1.13% Floor), 09/15/2034, Series 2017-280P, Class A <sup>(1)(2)</sup> | 1710 | 1694 |
|  6.73% (1 Month Term SOFR + 2.42%, 2.37% Floor), 09/15/2034, Series 2017-280P, Class E <sup>(1)(2)</sup> | 1330 | 1280 |
|  A&D Mortgage Trust 2023-NQM5 |  |  |
|  7.05%, 11/25/2068, Series 2023-NQM5, Class A1 <sup>(1)(3)</sup> | 6190 | 6272 |
|  A&D Mortgage Trust 2024-NQM5 |  |  |
|  5.70%, 11/25/2069, Series 2024-NQM5, Class A1 <sup>(1)</sup> | 828 | 832 |
|  6.52%, 11/25/2069, Series 2024-NQM5, Class M1 <sup>(1)(4)</sup> | 786 | 796 |
|  A&D Mortgage Trust 2025-NQM2 |  |  |
|  5.79%, 06/25/2070, Series 2025-NQM2, Class A1 <sup>(1)(4)</sup> | 2888 | 2905 |
|  ACRA Trust 2024-NQM1 |  |  |
|  5.61%, 10/25/2064, Series 2024-NQM1, Class A1 <sup>(1)(3)</sup> | 5283 | 5286 |
|  ACREC 2023-FL2 LLC |  |  |
|  6.54% (1 Month Term SOFR + 2.23%, 2.23% Floor), 02/19/2038, Series 2023-FL2, Class A <sup>(1)(2)</sup> | 1193 | 1194 |
|  AG Trust 2024-NLP |  |  |
|  6.33% (1 Month Term SOFR + 2.02%, 2.02% Floor), 07/15/2041, Series 2024-NLP, Class A <sup>(1)(2)</sup> | 6700 | 6708 |
|  Ajax Mortgage Loan Trust 2019-F |  |  |
|  2.86%, 07/25/2059, Series 2019-F, Class A1 <sup>(1)(3)</sup> | 6819 | 6617 |
|  Ajax Mortgage Loan Trust 2021-F |  |  |
|  4.88%, 06/25/2061, Series 2021-F, Class A <sup>(1)(3)</sup> | 428 | 428 |
|  ALA Trust 2025-OANA |  |  |
|  6.04% (1 Month Term SOFR + 1.74%, 1.74% Floor), 06/15/2040, Series 2025-OANA, Class A <sup>(1)(2)</sup> | 2500 | 2513 |
|  7.39% (1 Month Term SOFR + 3.09%, 3.09% Floor), 06/15/2040, Series 2025-OANA, Class D <sup>(1)(2)</sup> | 1473 | 1479 |
|  Alen 2021-ACEN Mortgage Trust |  |  |
|  5.58% (1 Month Term SOFR + 1.26%, 1.15% Floor), 04/15/2034, Series 2021-ACEN, Class A <sup>(1)(2)</sup> | 11160 | 10686 |
|  Alternative Loan Trust 2003-22CB |  |  |
|  5.75%, 12/25/2033, Series 2003-22CB, Class 1A1 | 227 | 232 |
|  6.00%, 12/25/2033, Series 2003-22CB, Class 3A1 | 67 | 70 |
|  Alternative Loan Trust 2004-16CB |  |  |
|  5.50%, 07/25/2034, Series 2004-16CB, Class 1A1 | 124 | 125 |
|  5.50%, 08/25/2034, Series 2004-16CB, Class 3A1 | 103 | 104 |
|  Alternative Loan Trust 2005-29CB |  |  |
|  5.50%, 07/25/2035, Series 2005-29CB, Class A6 | 110 | 64 |
|  Alternative Loan Trust 2005-55CW |  |  |
|  4.79% (1 Month Term SOFR + 0.46%, 0.35% Floor, 7.50% Cap), 11/25/2035, Series 2005-55CW, Class 2A3 <sup>(2)</sup> | 1066 | 793 |
|  Alternative Loan Trust 2005-74T1 |  |  |
|  6.00%, 01/25/2036, Series 2005-74T1, Class A1 | 7534 | 4282 |
|  Alternative Loan Trust 2006-13T1 |  |  |
|  6.00%, 05/25/2036, Series 2006-13T1, Class A3 | 872 | 391 |
|  Alternative Loan Trust 2006-HY12 |  |  |
|  4.28%, 08/25/2036, Series 2006-HY12, Class A5 <sup>(4)</sup> | 99 | 93 |
|  Alternative Loan Trust 2006-OA17 |  |  |
|  4.63% (1 Month Term SOFR + 0.31%, 0.20% Floor), 12/20/2046, Series 2006-OA17, Class 1A1A <sup>(2)</sup> | 8547 | 7456 |
|  Alternative Loan Trust 2006-OA22 |  |  |
|  4.85% (1 Month Term SOFR + 0.53%, 0.42% Floor), 02/25/2047, Series 2006-OA22, Class A2 <sup>(2)</sup> | 7155 | 6649 |

---

The accompanying notes are an integral part of these financial statements.

198.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Alternative Loan Trust 2006-OA3 |  |  |
|  4.83% (1 Month Term SOFR + 0.51%, 0.40% Floor), 05/25/2036, Series 2006-OA3, Class 1A1 <sup>(2)</sup> | $3353 | $2865 |
|  Alternative Loan Trust 2006-OA7 |  |  |
|  5.34% (12 Month U.S. Treasury Average + 0.94%, 0.94% Floor), 06/25/2046, Series 2006-OA7, Class 2A1 <sup>(2)</sup> | 7136 | 6543 |
|  Alternative Loan Trust 2006-OC5 |  |  |
|  4.95% (1 Month Term SOFR + 0.63%, 0.52% Floor), 06/25/2046, Series 2006-OC5, Class 2A3 <sup>(2)</sup> | 4843 | 4208 |
|  Alternative Loan Trust 2007-5CB |  |  |
|  6.00%, 04/25/2037, Series 2007-5CB, Class 1A4 | 11970 | 5942 |
|  Alternative Loan Trust 2007-HY7C |  |  |
|  4.71% (1 Month Term SOFR + 0.39%, 0.28% Floor), 08/25/2037, Series 2007-HY7C, Class A1 <sup>(2)</sup> | 1463 | 1354 |
|  Alternative Loan Trust 2007-OA2 |  |  |
|  4.69% (1 Month Term SOFR + 0.37%, 0.26% Floor), 03/25/2047, Series 2007-OA2, Class 2A1 <sup>(2)</sup> | 8449 | 6690 |
|  5.24% (12 Month U.S. Treasury Average + 0.84%, 0.84% Floor), 03/25/2047, Series 2007-OA2, Class 1A1 <sup>(2)</sup> | 10931 | 9285 |
|  Alternative Loan Trust 2007-OA4 |  |  |
|  4.77% (1 Month Term SOFR + 0.45%, 0.34% Floor), 05/25/2047, Series 2007-OA4, Class A1 <sup>(2)</sup> | 1005 | 900 |
|  Angel Oak Mortgage Trust 2020-5 |  |  |
|  2.04%, 05/25/2065, Series 2020-5, Class A3 <sup>(1)(4)</sup> | 261 | 252 |
|  2.97%, 05/25/2065, Series 2020-5, Class M1 <sup>(1)(4)</sup> | 2480 | 2325 |
|  Angel Oak Mortgage Trust 2021-1 |  |  |
|  1.22%, 01/25/2066, Series 2021-1, Class A3 <sup>(1)(4)</sup> | 1913 | 1662 |
|  Angel Oak Mortgage Trust 2021-3 |  |  |
|  1.31%, 05/25/2066, Series 2021-3, Class A2 <sup>(1)(4)</sup> | 2284 | 1956 |
|  Angel Oak Mortgage Trust 2021-7 |  |  |
|  1.98%, 10/25/2066, Series 2021-7, Class A1 <sup>(1)(4)</sup> | 5374 | 4630 |
|  Angel Oak Mortgage Trust 2022-2 |  |  |
|  3.35%, 01/25/2067, Series 2022-2, Class A1 <sup>(1)(4)</sup> | 29811 | 28081 |
|  Angel Oak Mortgage Trust 2023-1 |  |  |
|  4.75%, 09/26/2067, Series 2023-1, Class A1 <sup>(1)(3)</sup> | 5320 | 5278 |
|  Angel Oak Mortgage Trust 2023-7 |  |  |
|  4.80%, 11/25/2067, Series 2023-7, Class A1 <sup>(1)(3)</sup> | 10798 | 10727 |
|  Angel Oak Mortgage Trust 2024-1 |  |  |
|  5.21%, 08/25/2068, Series 2024-1, Class A1 <sup>(1)(3)</sup> | 16370 | 16298 |
|  Angel Oak Mortgage Trust 2024-10 |  |  |
|  5.35%, 10/25/2069, Series 2024-10, Class A1 <sup>(1)(3)</sup> | 743 | 742 |
|  Angel Oak Mortgage Trust 2024-11 |  |  |
|  5.70%, 08/25/2069, Series 2024-11, Class A1 <sup>(1)(3)</sup> | 1287 | 1292 |
|  Angel Oak Mortgage Trust 2024-4 |  |  |
|  6.20%, 01/25/2069, Series 2024-4, Class A1 <sup>(1)(3)</sup> | 7184 | 7242 |
|  Angel Oak Mortgage Trust 2024-8 |  |  |
|  5.34%, 05/27/2069, Series 2024-8, Class A1 <sup>(1)(3)</sup> | 2754 | 2747 |
|  Angel Oak Mortgage Trust 2025-1 |  |  |
|  5.69%, 01/25/2070, Series 2025-1, Class A1 <sup>(1)(3)</sup> | 3439 | 3451 |
|  Angel Oak Mortgage Trust 2025-2 |  |  |
|  5.64%, 02/25/2070, Series 2025-2, Class A1 <sup>(1)(3)</sup> | 2663 | 2670 |
|  AOA 2021-1177 Mortgage Trust |  |  |
|  5.30% (1 Month Term SOFR + 0.99%, 0.87% Floor), 10/15/2038, Series 2021-1177, Class A <sup>(1)(2)</sup> | 10000 | 9802 |
|  AOMT 2024-6 |  |  |
|  4.65%, 11/25/2067, Series 2024-6, Class A3 <sup>(1)(3)</sup> | 5115 | 4999 |
|  Arbor Multifamily Mortgage Securities Trust 2021-MF3 |  |  |
|  2.57%, 10/15/2054, Series 2021-MF3, Class A5 <sup>(1)</sup> | 235 | 208 |
|  Arbor Multifamily Mortgage Securities Trust 2022-MF4 |  |  |
|  2.92%, 02/15/2055, Series 2022-MF4, Class A3 <sup>(1)</sup> | 6700 | 6431 |
|  Arbor Realty Collateralized Loan Obligation Ltd. |  |  |
|  6.23% (1 Month Term SOFR + 1.93%, 1.93% Floor), 01/20/2041, Series 2025-BTR1, Class A <sup>(1)(2)</sup> | 2365 | 2359 |
|  Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd. |  |  |
|  6.98% (1 Month Term SOFR + 2.66%, 2.66% Floor), 08/15/2034, Series 2021-FL3, Class E <sup>(1)(2)</sup> | 3000 | 2964 |

---

The accompanying notes are an integral part of these financial statements.

199.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd. |  |  |
|  5.75% (30-day Average SOFR + 1.45%, 1.45% Floor), 01/15/2037, Series 2022-FL1, Class A <sup>(1)(2)</sup> | $1724 | $1724 |
|  AREIT 2022-CRE6 Trust |  |  |
|  5.55% (30-day Average SOFR + 1.25%, 1.25% Floor), 01/20/2037, Series 2022-CRE6, Class A <sup>(1)(2)</sup> | 1960 | 1956 |
|  AREIT 2023-CRE8 LLC |  |  |
|  6.43% (1 Month Term SOFR + 2.11%, 2.11% Floor), 08/17/2041, Series 2023-CRE8, Class A <sup>(1)(2)</sup> | 3294 | 3304 |
|  AREIT 2024-CRE9 Ltd. |  |  |
|  6.00% (1 Month Term SOFR + 1.69%, 1.69% Floor), 05/17/2041, Series 2024-CRE9, Class A <sup>(1)(2)</sup> | 7246 | 7263 |
|  AREIT 2025-CRE10 Ltd. |  |  |
|  5.70% (1 Month Term SOFR + 1.39%, 1.39% Floor), 12/17/2029, Series 2025-CRE10, Class A <sup>(1)(2)</sup> | 749 | 747 |
|  Ares Commercial Mortgage Trust 2024-IND |  |  |
|  6.00% (1 Month Term SOFR + 1.69%, 1.69% Floor), 07/15/2041, Series 2024-IND, Class A <sup>(1)(2)</sup> | 3200 | 3205 |
|  Ares1 2024-IND2 |  |  |
|  5.75% (1 Month Term SOFR + 1.44%, 1.44% Floor), 10/15/2034, Series 2024-IND2, Class A <sup>(1)(2)</sup> | 4760 | 4764 |
|  Ashford Hospitality Trust 2018-ASHF |  |  |
|  6.58% (1 Month Term SOFR + 2.27%, 2.23% Floor), 04/15/2035, Series 2018-ASHF, Class D <sup>(1)(2)</sup> | 266 | 262 |
|  Atlas Funding 2024-1 Plc |  |  |
|  6.01% (Sterling Overnight Index Average + 1.55%), 09/20/2061, Series 1, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;181 | 248 |
|  6.66% (Sterling Overnight Index Average + 2.20%), 09/20/2061, Series 1, Class D <sup>(2)(19)</sup> | 119 | 164 |
|  ATLX 2024-RPL1 Trust |  |  |
|  3.85%, 04/25/2064, Series 2024-RPL1, Class A1 <sup>(1)(3)</sup> | $4489 | 4335 |
|  ATLX 2024-RPL2 Trust |  |  |
|  3.85%, 04/25/2063, Series 2024-RPL2, Class A1 <sup>(1)(3)</sup> | 5092 | 4885 |
|  Atrium Hotel Portfolio Trust 2024-ATRM |  |  |
|  5.59%, 11/10/2029, Series 2024-ATRM, Class A <sup>(1)(4)</sup> | 2620 | 2672 |
|  9.52%, 11/10/2029, Series 2024-ATRM, Class E <sup>(1)(4)</sup> | 698 | 715 |
|  Aventura Mall Trust |  |  |
|  4.25%, 07/05/2040, Series 2018-AVM, Class A <sup>(1)(4)</sup> | 5325 | 5231 |
|  BAHA Trust 2024-MAR |  |  |
|  6.17%, 12/10/2041, Series 2024-MAR, Class A <sup>(1)(4)</sup> | 13774 | 14259 |
|  7.07%, 12/10/2041, Series 2024-MAR, Class B <sup>(1)(4)</sup> | 371 | 388 |
|  7.77%, 12/10/2041, Series 2024-MAR, Class C <sup>(1)(4)</sup> | 909 | 948 |
|  BAMLL Commercial Mortgage Securities Trust 2018-PARK |  |  |
|  4.23%, 08/10/2038, Series 2018-PARK, Class A <sup>(1)(4)</sup> | 6110 | 5940 |
|  BAMLL Re-REMIC Trust 2016-RRLD11 |  |  |
|  6.01%, 06/17/2050, Series 2016-LD11, Class AJB <sup>(1)(4)</sup> | 100 | 22 |
|  BAMLL Trust 2024-BHP |  |  |
|  6.66% (1 Month Term SOFR + 2.35%, 2.35% Floor), 08/15/2039, Series 2024-BHP, Class A <sup>(1)(2)</sup> | 2146 | 2157 |
|  BAMLL Trust 2025-ASHF |  |  |
|  6.16% (1 Month Term SOFR + 1.85%, 1.85% Floor), 02/15/2042, Series 2025-ASHF, Class A <sup>(1)(2)</sup> | 4160 | 4160 |
|  9.56% (1 Month Term SOFR + 5.25%, 5.25% Floor), 02/15/2042, Series 2025-ASHF, Class E <sup>(1)(2)</sup> | 1696 | 1685 |
|  Banc of America Funding 2007-1 Trust |  |  |
|  5.75%, 01/25/2037, Series 2007-1, Class 1A6 | 139 | 118 |
|  Banc of America Funding Corp. |  |  |
|  3.70%, 03/27/2036, Series R3, Class 1A2 <sup>(1)(4)</sup> | 385 | 327 |
|  BANK5 2024-5YR11 |  |  |
|  5.89%, 11/15/2057, Series 2024-5YR11, Class A3 | 137 | 144 |
|  BANK5 Trust 2024-5YR6 |  |  |
|  6.23%, 05/15/2057, Series 2024-5YR6, Class A3 | 147 | 155 |
|  Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
|  1.75%, 09/25/2051, Series 2021-NQM1, Class A1 <sup>(1)(4)</sup> | 1779 | 1591 |
|  Barclays Mortgage Loan Trust 2022-NQM1 |  |  |
|  4.55%, 07/25/2052, Series 2022-NQM1, Class A1 <sup>(1)(3)</sup> | 1583 | 1574 |
|  Barclays Mortgage Loan Trust 2025-NQM1 |  |  |
|  5.66%, 01/25/2065, Series 2025-NQM1, Class A1 <sup>(1)(3)</sup> | 11315 | 11387 |
|  Barclays Mortgage Trust 2022-RPL1 |  |  |
|  4.25%, 02/25/2028, Series 2022-RPL1, Class A <sup>(1)(3)</sup> | 4268 | 4185 |

---

The accompanying notes are an integral part of these financial statements.

200.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  BAY 2025-LIVN Mortgage Trust |  |  |
|  6.11% (1 Month Term SOFR + 1.80%, 1.80% Floor), 05/15/2035, Series 2025-LIVN, Class A <sup>(1)(2)</sup> | $6506 | $6511 |
|  Bayview Commercial Asset Trust 2007-5 |  |  |
|  6.68% (1 Month Term SOFR + 2.36%), 10/25/2037, Series 2007-5A, Class A4 <sup>(1)(2)</sup> | 1044 | 579 |
|  Bayview MSR Opportunity Master Fund Trust 2021-INV4 |  |  |
|  2.50%, 10/25/2051, Series 2021-4, Class A20 <sup>(1)(4)</sup> | 4525 | 3661 |
|  BBCCRE Trust 2015-GTP |  |  |
|  4.70%, 08/10/2033, Series 2015-GTP, Class C <sup>(1)(4)</sup> | 2715 | 2172 |
|  BBCMS 2018-TALL Mortgage Trust |  |  |
|  5.23% (1 Month Term SOFR + 0.92%, 0.87% Floor), 03/15/2037, Series 2018-TALL, Class A <sup>(1)(2)</sup> | 1673 | 1581 |
|  5.48% (1 Month Term SOFR + 1.17%, 1.12% Floor), 03/15/2037, Series 2018-TALL, Class B <sup>(1)(2)</sup> | 1779 | 1637 |
|  BBCMS Mortgage Trust 2023-5C23 |  |  |
|  7.70%, 12/15/2056, Series 2023-5C23, Class D <sup>(1)(4)</sup> | 191 | 191 |
|  BBCMS Mortgage Trust 2025-5C34 |  |  |
|  5.66%, 05/15/2058, Series 2025-5C34, Class A3 | 670 | 699 |
|  BBSG 2016-MRP Mortgage Trust |  |  |
|  3.28%, 06/05/2036, Series 2016-MRP, Class A <sup>(1)</sup> | 2045 | 1549 |
|  BCAP LLC 2014-RR2 |  |  |
|  4.22% (1 Month Term SOFR + 0.35%, 0.24% Floor), 10/26/2036, Series 2014-RR2, Class 6A8 <sup>(1)(2)</sup> | 5093 | 4947 |
|  BDS 2021-FL10 Ltd. |  |  |
|  5.78% (1 Month Term SOFR + 1.46%, 1.46% Floor), 12/16/2036, Series 2021-FL10, Class A <sup>(1)(2)</sup> | 1394 | 1395 |
|  BDS 2022-FL11 LLC |  |  |
|  6.12% (1 Month Term SOFR + 1.80%, 1.80% Floor), 03/19/2039, Series 2022-FL11, Class ATS <sup>(1)(2)</sup> | 461 | 461 |
|  BDS 2022-FL12 LLC |  |  |
|  6.45% (1 Month Term SOFR + 2.14%, 2.14% Floor), 08/19/2038, Series 2022-FL12, Class A <sup>(1)(2)</sup> | 488 | 488 |
|  BDS 2024-FL13 LLC |  |  |
|  5.89% (1 Month Term SOFR + 1.58%, 1.58% Floor), 09/19/2039, Series 2024-FL13, Class A <sup>(1)(2)</sup> | 4992 | 5000 |
|  Bear Stearns ALT-A Trust 2005-1 |  |  |
|  5.56% (1 Month Term SOFR + 1.24%, 1.13% Floor, 11.50% Cap), 01/25/2035, Series 2005-1, Class M2 <sup>(2)</sup> | 4449 | 4222 |
|  Bear Stearns ARM Trust 2003-3 |  |  |
|  6.64%, 05/25/2033, Series 2003-3, Class 3A1 <sup>(4)</sup> | 237 | 228 |
|  Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24 |  |  |
|  5.66%, 10/12/2041, Series 2006-T24, Class B <sup>(1)(4)</sup> | 189 | 185 |
|  Bear Stearns Mortgage Funding Trust 2007-AR4 |  |  |
|  4.64% (1 Month Term SOFR + 0.32%, 0.21% Floor, 10.50% Cap), 06/25/2037, Series 2007-AR4, Class 2A1 <sup>(2)</sup> | 7257 | 6958 |
|  Benchmark 2018-B1 Mortgage Trust |  |  |
|  3.88%, 01/15/2051, Series 2018-B1, Class AM <sup>(4)</sup> | 2050 | 1987 |
|  BFLD 2024-VICT Mortgage Trust |  |  |
|  6.20% (1 Month Term SOFR + 1.89%, 1.89% Floor), 07/15/2041, Series 2024-VICT, Class A <sup>(1)(2)</sup> | 2535 | 2541 |
|  BFLD Commercial Mortgage Trust 2024-UNIV |  |  |
|  5.80% (1 Month Term SOFR + 1.49%, 1.49% Floor), 11/15/2041, Series 2024-UNIV, Class A <sup>(1)(2)</sup> | 1360 | 1362 |
|  7.95% (1 Month Term SOFR + 3.64%, 3.64% Floor), 11/15/2041, Series 2024-UNIV, Class E <sup>(1)(2)</sup> | 842 | 841 |
|  BFLD Trust 2020-EYP |  |  |
|  6.53% (1 Month Term SOFR + 2.21%, 2.10% Floor), 10/15/2035, Series 2020-EYP, Class C <sup>(1)(2)</sup> | 5140 | 206 |
|  BHMS 2018-ATLS |  |  |
|  5.86% (1 Month Term SOFR + 1.55%, 1.50% Floor), 07/15/2035, Series 2018-ATLS, Class A <sup>(1)(2)</sup> | 546 | 546 |
|  BINOM Securitization Trust 2022-INV1 |  |  |
|  4.44%, 08/25/2057, Series 2022-INV1, Class A2 <sup>(1)(4)</sup> | 16605 | 16025 |
|  BINOM Securitization Trust 2022-RPL1 |  |  |
|  3.00%, 02/25/2061, Series 2022-RPL1, Class M1 <sup>(1)(4)</sup> | 8591 | 6973 |
|  Bletchley Park Funding 2025-1 Plc |  |  |
|  (Sterling Overnight Index Average + 1.88%), 01/27/2070, Series 1, Class D <sup>(2)(6)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;380 | 522 |
|  (Sterling Overnight Index Average + 3.38%), 01/27/2070, Series 1, Class E <sup>(2)(6)(19)</sup> | 521 | 715 |
|  BLP Commercial Mortgage Trust 2023-IND |  |  |
|  6.00% (1 Month Term SOFR + 1.69%, 1.69% Floor), 03/15/2040, Series 2023-IND, Class A <sup>(1)(2)</sup> | $633 | 634 |
|  BLP Commercial Mortgage Trust 2024-IND2 |  |  |
|  5.65% (1 Month Term SOFR + 1.34%, 1.34% Floor), 03/15/2041, Series 2024-IND2, Class A <sup>(1)(2)</sup> | 472 | 472 |

---

The accompanying notes are an integral part of these financial statements.

201.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  BMO 2023-C5 Mortgage Trust |  |  |
|  0.94%, 06/15/2056, Series 2023-C5, Class XA <sup>(4)</sup> | $5652 | $264 |
|  BMP 2024-MF23 |  |  |
|  5.68% (1 Month Term SOFR + 1.37%, 1.37% Floor), 06/15/2041, Series 2024-MF23, Class A <sup>(1)(2)</sup> | 1992 | 1994 |
|  7.70% (1 Month Term SOFR + 3.39%, 3.39% Floor), 06/15/2041, Series 2024-MF23, Class E <sup>(1)(2)</sup> | 917 | 914 |
|  BOCA Commercial Mortgage Trust 2024-BOCA |  |  |
|  6.23% (1 Month Term SOFR + 1.92%, 1.92% Floor), 08/15/2041, Series 2024-BOCA, Class A <sup>(1)(2)</sup> | 515 | 516 |
|  BPR 2023-STON Mortgage Trust |  |  |
|  7.50%, 12/05/2039, Series 2023-STON, Class A <sup>(1)</sup> | 847 | 882 |
|  BPR Commercial Mortgage Trust 2024-PARK |  |  |
|  5.39%, 11/05/2039, Series 2024-PARK, Class A <sup>(1)(4)</sup> | 690 | 699 |
|  7.23%, 11/05/2039, Series 2024-PARK, Class D <sup>(1)(4)</sup> | 120 | 122 |
|  BPR Trust 2021-NRD |  |  |
|  6.44% (1 Month Term SOFR + 2.12%, 2.12% Floor), 12/15/2038, Series 2021-NRD, Class B <sup>(1)(2)</sup> | 2865 | 2808 |
|  6.74% (1 Month Term SOFR + 2.42%, 2.42% Floor), 12/15/2038, Series 2021-NRD, Class C <sup>(1)(2)</sup> | 2920 | 2833 |
|  8.04% (1 Month Term SOFR + 3.72%, 3.72% Floor), 12/15/2038, Series 2021-NRD, Class D <sup>(1)(2)</sup> | 1770 | 1700 |
|  BPR Trust 2022-STAR |  |  |
|  7.54% (1 Month Term SOFR + 3.23%, 3.23% Floor), 08/15/2039, Series 2022-STAR, Class A <sup>(1)(2)</sup> | 8395 | 8396 |
|  BPR Trust 2024-PMDW |  |  |
|  5.36%, 11/05/2041, Series 2024-PMDW, Class A <sup>(1)(4)</sup> | 230 | 233 |
|  Braccan Mortgage Funding 2024-1 Plc |  |  |
|  8.82% (Sterling Overnight Index Average + 4.34%), 02/15/2067, Series 1, Class X <sup>(2)(19)</sup> | GBP 1,331 | 1831 |
|  BRAVO Residential Funding Trust 2022-NQM3 |  |  |
|  3.63%, 09/25/2061, Series 2022-NQM1, Class A1 <sup>(1)(4)</sup> | $2856 | 2783 |
|  BRAVO Residential Funding Trust 2023-NQM6 |  |  |
|  8.00%, 09/25/2063, Series 2023-NQM6, Class B1 <sup>(1)(4)</sup> | 256 | 258 |
|  BRAVO Residential Funding Trust 2024-NQM1 |  |  |
|  8.04%, 12/01/2063, Series 2024-NQM1, Class B1 <sup>(1)</sup> | 112 | 113 |
|  BRAVO Residential Funding Trust 2024-NQM3 |  |  |
|  8.10%, 03/25/2064, Series 2024-NQM3, Class B1 <sup>(1)(4)</sup> | 168 | 171 |
|  BRAVO Residential Funding Trust 2024-NQM4 |  |  |
|  4.35%, 01/25/2060, Series 2024-NQM4, Class A3 <sup>(1)(3)</sup> | 4267 | 4147 |
|  BRAVO Residential Funding Trust 2025-NQM2 |  |  |
|  5.68%, 11/25/2064, Series 2025-NQM2, Class A1 <sup>(1)(3)</sup> | 3332 | 3348 |
|  BSPDF 2025-FL2 Issuer LLC |  |  |
|  5.84% (1 Month Term SOFR + 1.52%, 1.52% Floor), 12/15/2042, Series 2025-FL2, Class A <sup>(1)(2)</sup> | 512 | 511 |
|  BSPRT 2021-FL7 Issuer Ltd. |  |  |
|  5.75% (1 Month Term SOFR + 1.43%, 1.43% Floor), 12/15/2038, Series 2021-FL7, Class A <sup>(1)(2)</sup> | 3159 | 3151 |
|  BSTN Commercial Mortgage Trust 2025-1C |  |  |
|  5.55%, 06/15/2044, Series 2025-1C, Class A <sup>(1)(4)</sup> | 2425 | 2479 |
|  6.44%, 06/15/2044, Series 2025-1C, Class C <sup>(1)(4)</sup> | 1995 | 2049 |
|  6.94%, 06/15/2044, Series 2025-1C, Class D <sup>(1)(4)</sup> | 1944 | 1990 |
|  BWAY Trust 2025-1535 |  |  |
|  6.52%, 05/05/2042, Series 2025-1535, Class A <sup>(1)(4)</sup> | 358 | 368 |
|  BX 2024-PALM |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 06/15/2037, Series 2024-PALM, Class A <sup>(1)(2)</sup> | 4870 | 4870 |
|  BX Commercial Mortgage Trust 2020-VIV3 |  |  |
|  3.66%, 03/09/2044, Series 2020-VIV3, Class B <sup>(1)(4)</sup> | 69 | 65 |
|  BX Commercial Mortgage Trust 2020-VIV4 |  |  |
|  2.84%, 03/09/2044, Series 2020-VIV4, Class A <sup>(1)</sup> | 2622 | 2392 |
|  BX Commercial Mortgage Trust 2020-VIVA |  |  |
|  3.67%, 03/11/2044, Series 2020-VIVA, Class D <sup>(1)(4)</sup> | 17976 | 16407 |
|  BX Commercial Mortgage Trust 2022-AHP |  |  |
|  6.15% (1 Month Term SOFR + 1.84%, 1.84% Floor), 01/17/2039, Series 2022-AHP, Class B <sup>(1)(2)</sup> | 6753 | 6732 |
|  BX Commercial Mortgage Trust 2022-CSMO |  |  |
|  6.43% (1 Month Term SOFR + 2.11%, 2.12% Floor), 06/15/2027, Series 2022-CSMO, Class A <sup>(1)(2)</sup> | 20460 | 20579 |
|  7.45% (1 Month Term SOFR + 3.14%, 3.14% Floor), 06/15/2027, Series 2022-CSMO, Class B <sup>(1)(2)</sup> | 18615 | 18755 |

---

The accompanying notes are an integral part of these financial statements.

202.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  BX Commercial Mortgage Trust 2023-VLT3 |  |  |
|  6.25% (1 Month Term SOFR + 1.94%, 1.94% Floor), 11/15/2028, Series 2023-VLT3, Class A <sup>(1)(2)</sup> | $590 | $590 |
|  BX Commercial Mortgage Trust 2023-XL3 |  |  |
|  6.07% (1 Month Term SOFR + 1.76%, 1.76% Floor), 12/09/2040, Series 2023-XL3, Class A <sup>(1)(2)</sup> | 2003 | 2008 |
|  BX Commercial Mortgage Trust 2024-AIR2 |  |  |
|  5.80% (1 Month Term SOFR + 1.49%, 1.49% Floor), 10/15/2041, Series 2024-AIR2, Class A <sup>(1)(2)</sup> | 3626 | 3632 |
|  BX Commercial Mortgage Trust 2024-AIRC |  |  |
|  6.00% (1 Month Term SOFR + 1.69%, 1.69% Floor), 08/15/2039, Series 2024-AIRC, Class A <sup>(1)(2)</sup> | 8590 | 8622 |
|  BX Commercial Mortgage Trust 2024-BRBK |  |  |
|  7.19% (1 Month Term SOFR + 2.88%, 2.88% Floor), 10/15/2041, Series 2024-BRBK, Class A <sup>(1)(2)</sup> | 3190 | 3210 |
|  8.24% (1 Month Term SOFR + 3.93%, 3.93% Floor), 10/15/2041, Series 2024-BRBK, Class B <sup>(1)(2)</sup> | 778 | 780 |
|  10.28% (1 Month Term SOFR + 5.97%, 5.97% Floor), 10/15/2041, Series 2024-BRBK, Class D <sup>(1)(2)</sup> | 174 | 174 |
|  BX Commercial Mortgage Trust 2024-GPA3 |  |  |
|  5.95% (1 Month Term SOFR + 1.64%, 1.64% Floor), 12/15/2039, Series 2024-GPA3, Class B <sup>(1)(2)</sup> | 625 | 625 |
|  BX Commercial Mortgage Trust 2024-KING |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 05/15/2034, Series 2024-KING, Class A <sup>(1)(2)</sup> | 1500 | 1500 |
|  BX Commercial Mortgage Trust 2024-MDHS |  |  |
|  5.95% (1 Month Term SOFR + 1.64%, 1.64% Floor), 05/15/2041, Series 2024-MDHS, Class A <sup>(1)(2)</sup> | 4550 | 4555 |
|  BX Commercial Mortgage Trust 2024-MF |  |  |
|  5.75% (1 Month Term SOFR + 1.44%, 1.44% Floor), 02/15/2039, Series 2024-MF, Class A <sup>(1)(2)</sup> | 888 | 890 |
|  BX Commercial Mortgage Trust 2024-PURE |  |  |
|  4.66% (Canadian Overnight Repo Rate Index + 1.90%, 1.90% Floor), 11/15/2041, Series 2024-PURE, Class A <sup>(1)(2)</sup> | CAD 495 | 367 |
|  BX Commercial Mortgage Trust 2024-VLT5 |  |  |
|  5.59%, 11/13/2046, Series 2024-VLT5, Class A <sup>(1)(4)</sup> | $5705 | 5767 |
|  5.99%, 11/13/2046, Series 2024-VLT5, Class B <sup>(1)(4)</sup> | 735 | 748 |
|  BX Commercial Mortgage Trust 2024-XL4 |  |  |
|  5.75% (1 Month Term SOFR + 1.44%, 1.44% Floor), 02/15/2039, Series 2024-XL4, Class A <sup>(1)(2)</sup> | 7462 | 7471 |
|  7.45% (1 Month Term SOFR + 3.14%, 3.14% Floor), 02/15/2039, Series 2024-XL4, Class D <sup>(1)(2)</sup> | 2860 | 2868 |
|  8.50% (1 Month Term SOFR + 4.19%, 4.19% Floor), 02/15/2039, Series 2024-XL4, Class E <sup>(1)(2)</sup> | 1705 | 1658 |
|  BX Commercial Mortgage Trust 2025-SPOT |  |  |
|  5.76% (1 Month Term SOFR + 1.44%, 1.44% Floor), 04/15/2040, Series 2025-SPOT, Class A <sup>(1)(2)</sup> | 2480 | 2479 |
|  BX Trust 2018-GW |  |  |
|  5.41% (1 Month Term SOFR + 1.10%, 0.80% Floor), 05/15/2035, Series 2018-GW, Class A <sup>(1)(2)</sup> | 2485 | 2480 |
|  BX Trust 2019-OC11 |  |  |
|  3.20%, 12/09/2041, Series 2019-OC11, Class A <sup>(1)</sup> | 7400 | 6900 |
|  4.08%, 12/09/2041, Series 2019-OC11, Class E <sup>(1)(4)</sup> | 7750 | 7105 |
|  BX Trust 2021-ARIA |  |  |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor), 10/15/2036, Series 2021-ARIA, Class A <sup>(1)(2)</sup> | 534 | 533 |
|  BX Trust 2021-LBA |  |  |
|  5.23% (1 Month Term SOFR + 0.91%, 0.80% Floor), 02/15/2036, Series 2021-LBA, Class AV <sup>(1)(2)</sup> | 705 | 704 |
|  5.23% (1 Month Term SOFR + 0.91%, 0.80% Floor), 02/15/2036, Series 2021-LBA, Class AJV <sup>(1)(2)</sup> | 2281 | 2280 |
|  BX Trust 2021-RISE |  |  |
|  6.18% (1 Month Term SOFR + 1.86%, 1.75% Floor), 11/15/2036, Series 2021-RISE, Class D <sup>(1)(2)</sup> | 11629 | 11600 |
|  BX Trust 2022-LBA6 |  |  |
|  5.31% (1 Month Term SOFR + 1.00%, 1.00% Floor), 01/15/2039, Series 2022-LBA6, Class A <sup>(1)(2)</sup> | 805 | 804 |
|  BX Trust 2022-VAMF |  |  |
|  5.16% (1 Month Term SOFR + 0.85%, 0.85% Floor), 01/15/2039, Series 2022-VAMF, Class A <sup>(1)(2)</sup> | 519 | 519 |
|  BX Trust 2023-DELC |  |  |
|  7.00% (1 Month Term SOFR + 2.69%, 2.69% Floor), 05/15/2038, Series 2023-DELC, Class A <sup>(1)(2)</sup> | 3912 | 3936 |
|  BX Trust 2024-CNYN |  |  |
|  5.75% (1 Month Term SOFR + 1.44%, 1.44% Floor), 04/15/2041, Series 2024-CNYN, Class A <sup>(1)(2)</sup> | 1980 | 1985 |
|  7.00% (1 Month Term SOFR + 2.69%, 2.69% Floor), 04/15/2041, Series 2024-CNYN, Class D <sup>(1)(2)</sup> | 655 | 656 |
|  BX Trust 2024-PAT |  |  |
|  6.40% (1 Month Term SOFR + 2.09%, 2.09% Floor), 03/15/2041, Series 2024-PAT, Class A <sup>(1)(2)</sup> | 1290 | 1290 |
|  8.75% (1 Month Term SOFR + 4.44%, 4.44% Floor), 03/15/2041, Series 2024-PAT, Class C <sup>(1)(2)</sup> | 2759 | 2723 |
|  9.70% (1 Month Term SOFR + 5.39%, 5.39% Floor), 03/15/2041, Series 2024-PAT, Class D <sup>(1)(2)</sup> | 1322 | 1299 |

---

The accompanying notes are an integral part of these financial statements.

203.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  BX Trust 2024-VLT4 |  |  |
|  5.80% (1 Month Term SOFR + 1.49%, 1.49% Floor), 07/15/2029, Series 2024-VLT4, Class A <sup>(1)(2)</sup> | $10685 | $10682 |
|  6.45% (1 Month Term SOFR + 2.14%, 2.14% Floor), 07/15/2029, Series 2024-VLT4, Class C <sup>(1)(2)</sup> | 486 | 485 |
|  7.20% (1 Month Term SOFR + 2.89%, 2.89% Floor), 07/15/2029, Series 2024-VLT4, Class E <sup>(1)(2)</sup> | 1090 | 1084 |
|  8.25% (1 Month Term SOFR + 3.94%, 3.94% Floor), 07/15/2029, Series 2024-VLT4, Class F <sup>(1)(2)</sup> | 2800 | 2790 |
|  BX Trust 2025-LIFE |  |  |
|  5.88%, 06/13/2047, Series 2025-LIFE, Class A <sup>(1)(4)</sup> | 3825 | 3896 |
|  BX Trust 2025-LUNR |  |  |
|  5.81% (1 Month Term SOFR + 1.50%, 1.50% Floor), 06/15/2040, Series 2025-LUNR, Class A <sup>(1)(2)</sup> | 493 | 494 |
|  BX Trust 2025-ROIC |  |  |
|  7.25% (1 Month Term SOFR + 2.94%, 2.94% Floor), 03/15/2030, Series 2025-ROIC, Class E <sup>(1)(2)</sup> | 4101 | 4019 |
|  BX Trust 2025-TAIL |  |  |
|  7.61% (1 Month Term SOFR + 3.30%, 3.30% Floor), 06/15/2035, Series 2025-TAIL, Class E <sup>(1)(2)</sup> | 1482 | 1482 |
|  BX Trust 2025-VLT6 |  |  |
|  5.75% (1 Month Term SOFR + 1.44%, 1.44% Floor), 03/15/2042, Series 2025-VLT6, Class A <sup>(1)(2)</sup> | 36532 | 36510 |
|  6.20% (1 Month Term SOFR + 1.89%, 1.89% Floor), 03/15/2042, Series 2025-VLT6, Class B <sup>(1)(2)</sup> | 10250 | 10238 |
|  BXHPP Trust 2021-FILM |  |  |
|  5.08% (1 Month Term SOFR + 0.76%, 0.65% Floor), 08/15/2036, Series 2021-FILM, Class A <sup>(1)(2)</sup> | 8000 | 7660 |
|  BXMT 2025-FL5 Ltd. |  |  |
|  5.95% (1 Month Term SOFR + 1.64%, 1.64% Floor), 10/18/2042, Series 2025-FL5, Class A <sup>(1)(2)</sup> | 710 | 704 |
|  BXP Trust 2017-GM |  |  |
|  3.38%, 06/13/2039, Series 2017-GM, Class A <sup>(1)</sup> | 3800 | 3675 |
|  CAFL 2023-RTL1 Issuer LLC |  |  |
|  7.55%, 12/28/2030, Series 2023-RTL1, Class A1 <sup>(1)(3)</sup> | 7075 | 7135 |
|  CAFL 2024-RTL1 Issuer LLC |  |  |
|  6.75%, 11/28/2031, Series 2024-RTL1, Class A1 <sup>(1)(3)</sup> | 479 | 486 |
|  Cali 2024-Sun |  |  |
|  6.20% (1 Month Term SOFR + 1.89%, 1.89% Floor), 07/15/2041, Series 2024-SUN, Class A <sup>(1)(2)</sup> | 1230 | 1232 |
|  Cascade Funding Mortgage Trust |  |  |
|  3.00%, 03/25/2035, Series 2025-HB16, Class A <sup>(1)(4)</sup> | 9489 | 9282 |
|  Cassia 2022-1 SRL |  |  |
|  4.56% (3 Month €STR + 2.50%, 2.50% Floor), 05/22/2034, Series 1A, Class A <sup>(1)(2)</sup> | EUR 2,367 | 2794 |
|  Castell 2025-1 Plc |  |  |
|  5.77% (Sterling Overnight Index Average + 1.55%), 01/27/2062, Series 1, Class C <sup>(2)(19)</sup> | GBP 167 | 229 |
|  6.22% (Sterling Overnight Index Average + 2.00%), 01/27/2062, Series 1, Class D <sup>(2)(19)</sup> | 100 | 137 |
|  7.72% (Sterling Overnight Index Average + 3.50%), 01/27/2062, Series 1, Class E <sup>(2)(19)</sup> | 318 | 437 |
|  8.37% (Sterling Overnight Index Average + 4.15%), 01/27/2062, Series 1, Class X1 <sup>(2)(19)</sup> | 288 | 395 |
|  CD 2017-CD6 Mortgage Trust |  |  |
|  3.91%, 11/13/2050, Series 2017-CD6, Class B <sup>(4)</sup> | $193 | 183 |
|  CENT Trust 2023-CITY |  |  |
|  6.93% (1 Month Term SOFR + 2.62%, 2.62% Floor), 09/15/2038, Series 2023-CITY, Class A <sup>(1)(2)</sup> | 3074 | 3078 |
|  Century Plaza Towers 2019-CPT |  |  |
|  2.87%, 11/13/2039, Series 2019-CPT, Class A <sup>(1)</sup> | 3205 | 2922 |
|  CFMT 2024-HB14 LLC |  |  |
|  3.00%, 06/25/2034, Series 2024-HB14, Class M2 <sup>(1)(4)</sup> | 100 | 95 |
|  3.00%, 06/25/2034, Series 2024-HB14, Class M3 <sup>(1)(4)</sup> | 238 | 222 |
|  CFMT 2024-HB15 LLC |  |  |
|  4.00%, 08/25/2034, Series 2024-HB15, Class M2 <sup>(1)(4)</sup> | 982 | 942 |
|  CFMT 2024-R1 LLC |  |  |
|  4.00%, 10/25/2054, Series 2024-R1, Class A2 <sup>(1)(3)</sup> | 150 | 144 |
|  4.00%, 10/25/2054, Series 2024-R1, Class A1 <sup>(1)(3)</sup> | 430 | 422 |
|  CFSP 2024-AHP1 Mortgage Trust |  |  |
|  6.50%, 04/15/2037, Series 2024-AHP1, Class A | 3163 | 3030 |
|  Chase Home Lending Mortgage Trust 2023-RPL1 |  |  |
|  3.50%, 06/25/2062, Series 2023-RPL1, Class A1 <sup>(1)(4)</sup> | 11214 | 10295 |
|  Chase Home Lending Mortgage Trust 2023-RPL3 |  |  |
|  3.25%, 09/25/2063, Series 2023-RPL3, Class A1 <sup>(1)(4)</sup> | 18606 | 16647 |

---

The accompanying notes are an integral part of these financial statements.

204.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Chase Home Lending Mortgage Trust 2024-RPL4 |  |  |
|  3.38%, 12/25/2064, Series 2024-RPL4, Class A1A <sup>(1)(4)</sup> | $7638 | $6827 |
|  Chase Home Lending Mortgage Trust 2025-5 |  |  |
|  6.00%, 04/25/2056, Series 2025-5, Class A5 <sup>(1)(4)</sup> | 1667 | 1673 |
|  6.00%, 04/25/2056, Series 2025-5, Class A4 <sup>(1)(4)</sup> | 4925 | 4990 |
|  Chase Home Lending Mortgage Trust Series 2024-RPL2 |  |  |
|  3.25%, 08/25/2064, Series 2024-RPL2, Class A1A <sup>(1)(4)</sup> | 8043 | 7122 |
|  Chase Home Lending Mortgage Trust Series 2025-2 |  |  |
|  5.50%, 12/25/2055, Series 2025-2, Class A4A <sup>(1)(4)</sup> | 27905 | 27992 |
|  CHI Commercial Mortgage Trust 2025-SFT |  |  |
|  5.66%, 04/15/2042, Series 2025-SFT, Class A <sup>(1)(4)</sup> | 27085 | 27587 |
|  6.07%, 04/15/2042, Series 2025-SFT, Class B <sup>(1)(4)</sup> | 9645 | 9782 |
|  6.82%, 04/15/2042, Series 2025-SFT, Class C <sup>(1)(4)</sup> | 10450 | 10638 |
|  CHL Mortgage Pass-Through Trust 2006-17 |  |  |
|  6.00%, 12/25/2036, Series 2006-17, Class A6 | 98 | 43 |
|  CHL Mortgage Pass-Through Trust 2007-J1 |  |  |
|  6.00%, 02/25/2037, Series 2007-J1, Class 2A1 | 9690 | 3494 |
|  CHL Mortgage Pass-Through Trust Resecuritization 2008-3R |  |  |
|  6.00%, 08/25/2037, Series 2008-3R, Class 1A1 <sup>(1)</sup> | 4321 | 1940 |
|  CHNGE Mortgage Trust 2022-4 |  |  |
|  6.00%, 10/25/2057, Series 2022-4, Class A1 <sup>(1)(3)</sup> | 166 | 166 |
|  CIM Trust 2019-R3 |  |  |
|  2.63%, 06/25/2058, Series 2019-R3, Class A <sup>(1)(4)</sup> | 7278 | 6762 |
|  CIM Trust 2019-R4 |  |  |
|  3.00%, 10/25/2059, Series 2019-R4, Class A1 <sup>(1)(4)</sup> | 10225 | 9511 |
|  CIM Trust 2020-R1 |  |  |
|  2.85%, 10/27/2059, Series 2020-R1, Class A1 <sup>(1)(4)</sup> | 14794 | 13177 |
|  CIM Trust 2020-R6 |  |  |
|  2.25%, 12/25/2060, Series 2020-R6, Class A1A <sup>(1)(4)</sup> | 8244 | 7530 |
|  CIM Trust 2020-R7 |  |  |
|  2.25%, 12/27/2061, Series 2020-R7, Class A1A <sup>(1)(4)</sup> | 12597 | 11546 |
|  CIM Trust 2021-INV1 |  |  |
|  2.50%, 07/01/2051, Series 2021-INV1, Class A8 <sup>(1)(4)</sup> | 3644 | 3255 |
|  CIM Trust 2021-R1 |  |  |
|  2.40%, 08/25/2056, Series 2021-R1, Class A2 <sup>(1)(4)</sup> | 11987 | 10898 |
|  CIM Trust 2021-R2 |  |  |
|  2.50%, 01/25/2057, Series 2021-R2, Class A2 <sup>(1)(4)</sup> | 4986 | 4702 |
|  CIM Trust 2021-R3 |  |  |
|  1.95%, 06/25/2057, Series 2021-R3, Class A1A <sup>(1)(4)</sup> | 17673 | 16325 |
|  1.95%, 06/25/2057, Series 2021-R3, Class A1 <sup>(1)(4)</sup> | 34765 | 31489 |
|  CIM Trust 2021-R4 |  |  |
|  2.00%, 05/01/2061, Series 2021-R4, Class A1A <sup>(1)(4)</sup> | 19591 | 18003 |
|  CIM Trust 2021-R5 |  |  |
|  2.00%, 08/25/2061, Series 2021-R5, Class A1A <sup>(1)(4)</sup> | 17884 | 15715 |
|  CIM Trust 2021-R6 |  |  |
|  1.43%, 07/25/2061, Series 2021-R6, Class A1 <sup>(1)(4)</sup> | 3553 | 3171 |
|  CIM Trust 2022-I1 |  |  |
|  4.35%, 02/25/2067, Series 2022-I1, Class A1 <sup>(1)(4)</sup> | 14195 | 13978 |
|  CIM TRUST 2022-R2 |  |  |
|  3.75%, 12/25/2061, Series 2022-R2, Class A1 <sup>(1)(4)</sup> | 26008 | 24741 |
|  CIM TRUST 2022-R3 |  |  |
|  4.50%, 03/25/2062, Series 2022-R3, Class A1 <sup>(1)(4)</sup> | 31854 | 31247 |
|  CIM Trust 2023-R1 |  |  |
|  5.40%, 04/25/2062, Series 2023-R1, Class A1A <sup>(1)(4)</sup> | 31959 | 31768 |
|  CIM Trust 2023-R3 |  |  |
|  4.50%, 01/25/2063, Series 2023-R3, Class A1A <sup>(1)(4)</sup> | 26874 | 26730 |
|  CIM Trust 2025-I1 |  |  |
|  5.66%, 10/25/2069, Series 2025-I1, Class A1 <sup>(1)(3)</sup> | 6456 | 6507 |

---

The accompanying notes are an integral part of these financial statements.

205.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  6.44%, 10/25/2069, Series 2025-I1, Class M1 <sup>(1)(4)</sup> | $1320 | $1337 |
|  CIM TRUST 2025-R1 |  |  |
|  5.00%, 02/25/2099, Series 2025-R1, Class A1 <sup>(1)(3)</sup> | 36403 | 35988 |
|  Citadel 2024-1 Plc |  |  |
|  5.91% (Sterling Overnight Index Average + 1.45%), 04/28/2060, Series 1, Class B <sup>(2)(19)</sup> | GBP 177 | 243 |
|  6.21% (Sterling Overnight Index Average + 1.75%), 04/28/2060, Series 1, Class C <sup>(2)(19)</sup> | 186 | 256 |
|  6.91% (Sterling Overnight Index Average + 2.45%), 04/28/2060, Series 1, Class D <sup>(2)(19)</sup> | 203 | 279 |
|  8.21% (Sterling Overnight Index Average + 3.75%), 04/28/2060, Series 1, Class E <sup>(2)(19)</sup> | 198 | 272 |
|  Citigroup Commercial Mortgage Trust 2015-P1 |  |  |
|  3.23%, 09/15/2048, Series 2015-P1, Class D <sup>(1)</sup> | $350 | 335 |
|  Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
|  3.92%, 04/14/2050, Series 2017-P7, Class AS | 1418 | 1363 |
|  Citigroup Mortgage Loan Trust 2019-RP1 |  |  |
|  3.50%, 01/25/2066, Series 2019-RP1, Class A1 <sup>(1)(4)</sup> | 894 | 872 |
|  Citigroup Mortgage Loan Trust 2024-INV3 |  |  |
|  0.00%, 10/25/2054, Series 2024-INV3, Class PT <sup>(1)(4)</sup> | 90121 | 94198 |
|  Citigroup Mortgage Loan Trust, Inc. |  |  |
|  2.50%, 08/25/2050, Series 2020-EXP2, Class A4 <sup>(1)(4)</sup> | 840 | 720 |
|  COAST Commercial Mortgage Trust 2023-2HTL |  |  |
|  8.75% (1 Month Term SOFR + 4.44%, 4.44% Floor), 08/15/2036, Series 2023-2HTL, Class D <sup>(1)(2)</sup> | 1494 | 1482 |
|  COLT 2020-3 Mortgage Loan Trust |  |  |
|  1.51%, 04/27/2065, Series 2020-3, Class A1 <sup>(1)(4)</sup> | 131 | 128 |
|  COLT 2021-5 Mortgage Loan Trust |  |  |
|  1.73%, 11/26/2066, Series 2021-5, Class A1 <sup>(1)(4)</sup> | 11106 | 10010 |
|  COLT 2021-6 Mortgage Loan Trust |  |  |
|  1.91%, 12/25/2066, Series 2021-6, Class A1 <sup>(1)(4)</sup> | 11661 | 10549 |
|  COLT 2021-RPL1 Trust |  |  |
|  1.67%, 09/25/2061, Series 2021-RPL1, Class A1 <sup>(1)(4)</sup> | 15025 | 13751 |
|  COLT 2022-1 Mortgage Loan Trust |  |  |
|  4.16%, 12/27/2066, Series 2022-1, Class B2 <sup>(1)(4)</sup> | 582 | 496 |
|  COLT 2022-4 Mortgage Loan Trust |  |  |
|  4.30%, 03/25/2067, Series 2022-4, Class A1 <sup>(1)(4)</sup> | 19176 | 19110 |
|  COLT 2022-5 Mortgage Loan Trust |  |  |
|  4.55%, 04/25/2067, Series 2022-5, Class A1 <sup>(1)(4)</sup> | 25560 | 25613 |
|  4.68%, 03/25/2067, Series 2022-5, Class B1 <sup>(1)(4)</sup> | 877 | 811 |
|  COLT 2022-6 Mortgage Loan Trust |  |  |
|  4.65%, 06/27/2067, Series 2022-6, Class A1 <sup>(1)(3)</sup> | 5779 | 5757 |
|  COLT 2022-8 Mortgage Loan Trust |  |  |
|  6.49%, 08/25/2067, Series 2022-8, Class B1 <sup>(1)(4)</sup> | 430 | 428 |
|  COLT 2024-6 Mortgage Loan Trust |  |  |
|  5.39%, 11/25/2069, Series 2024-6, Class A1 <sup>(1)(3)</sup> | 1123 | 1124 |
|  COLT 2024-INV2 Mortgage Loan Trust |  |  |
|  6.42%, 05/25/2069, Series 2024-INV2, Class A1 <sup>(1)(3)</sup> | 825 | 835 |
|  Comm 2013-CCRE13 Mortgage Trust |  |  |
|  5.11%, 11/10/2046, Series 2013-CR13, Class C <sup>(4)</sup> | 1463 | 1368 |
|  COMM 2015-CCRE24 Mortgage Trust |  |  |
|  3.70%, 08/10/2048, Series 2015-CR24, Class A5 | 1096 | 1095 |
|  COMM 2015-DC1 Mortgage Trust |  |  |
|  3.72%, 02/10/2048, Series 2015-DC1, Class AM | 1819 | 1786 |
|  COMM 2015-LC19 Mortgage Trust |  |  |
|  3.83%, 02/10/2048, Series 2015-LC19, Class B <sup>(4)</sup> | 169 | 166 |
|  COMM 2016-787S Mortgage Trust |  |  |
|  3.55%, 02/10/2036, Series 2016-787S, Class A <sup>(1)</sup> | 2000 | 1965 |
|  3.96%, 02/10/2036, Series 2016-787S, Class C <sup>(1)(4)</sup> | 1000 | 976 |
|  3.96%, 02/10/2036, Series 2016-787S, Class B <sup>(1)(4)</sup> | 1700 | 1667 |
|  COMM 2017-COR2 Mortgage Trust |  |  |
|  3.51%, 09/10/2050, Series 2017-COR2, Class A3 | 3110 | 3032 |

---

The accompanying notes are an integral part of these financial statements.

206.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  COMM 2024-CBM Mortgage Trust |  |  |
|  5.87%, 12/10/2041, Series 2024-CBM, Class A2 <sup>(1)(4)</sup> | $1300 | $1322 |
|  COMM 2024-WCL1 MORTGAGE TRUST |  |  |
|  6.15% (1 Month Term SOFR + 1.84%, 1.84% Floor), 06/15/2041, Series 2024-WCL1, Class A <sup>(1)(2)</sup> | 3850 | 3849 |
|  6.90% (1 Month Term SOFR + 2.59%, 2.59% Floor), 06/15/2041, Series 2024-WCL1, Class B <sup>(1)(2)</sup> | 1003 | 999 |
|  8.80% (1 Month Term SOFR + 4.49%, 4.49% Floor), 06/15/2041, Series 2024-WCL1, Class E <sup>(1)(2)</sup> | 1166 | 1155 |
|  Commercial Mortgage Pass-Through Certificate |  |  |
|  6.89%, 07/12/2028 <sup>(1)(4)</sup> | 934 | 980 |
|  Commercial Mortgage Pass-Through Certificates |  |  |
|  3.40%, 10/05/2030, Series 2012-LTRT, Class A2 <sup>(1)</sup> | 500 | 480 |
|  CONE Trust 2024-DFW1 |  |  |
|  5.95% (1 Month Term SOFR + 1.64%, 1.64% Floor), 08/15/2041, Series 2024-DFW1, Class A <sup>(1)(2)</sup> | 1316 | 1311 |
|  8.20% (1 Month Term SOFR + 3.89%, 3.89% Floor), 08/15/2041, Series 2024-DFW1, Class E <sup>(1)(2)</sup> | 1191 | 1182 |
|  Connecticut Avenue Securities Trust 2022-R06 |  |  |
|  7.06% (30-day Average SOFR + 2.75%), 05/25/2042, Series 2022-R06, Class 1M1 <sup>(1)(2)</sup> | 1708 | 1748 |
|  Connecticut Avenue Securities Trust 2023-R08 |  |  |
|  5.81% (30-day Average SOFR + 1.50%), 10/25/2043, Series 2023-R08, Class 1M1 <sup>(1)(2)</sup> | 958 | 961 |
|  Cross 2024-H3 Mortgage Trust |  |  |
|  6.27%, 06/25/2069, Series 2024-H3, Class A1 <sup>(1)(3)</sup> | 7886 | 7971 |
|  Cross 2024-H6 Mortgage Trust |  |  |
|  5.13%, 09/25/2069, Series 2024-H6, Class A1 <sup>(1)(4)</sup> | 4816 | 4799 |
|  Cross 2024-H7 Mortgage Trust |  |  |
|  5.59%, 11/25/2069, Series 2024-H7, Class A1 <sup>(1)(4)</sup> | 28076 | 28155 |
|  Cross 2025-H1 Mortgage Trust |  |  |
|  5.74%, 02/25/2070, Series 2025-H1, Class A1 <sup>(1)(4)</sup> | 8787 | 8829 |
|  6.48%, 02/25/2070, Series 2025-H1, Class M1 <sup>(1)(4)</sup> | 1128 | 1140 |
|  Cross 2025-H2 Mortgage Trust |  |  |
|  5.36%, 03/25/2070, Series 2025-H2, Class A1 <sup>(1)(4)</sup> | 5414 | 5415 |
|  Cross 2025-H4 Mortgage Trust |  |  |
|  5.60%, 06/25/2070, Series 2025-H4, Class A1 <sup>(1)(4)</sup> | 3133 | 3155 |
|  CRSNT Trust 2021-MOON |  |  |
|  5.63% (1 Month Term SOFR + 1.31%, 1.20% Floor), 04/15/2036, Series 2021-MOON, Class B <sup>(1)(2)</sup> | 20000 | 19675 |
|  5.98% (1 Month Term SOFR + 1.66%, 1.55% Floor), 04/15/2036, Series 2021-MOON, Class C <sup>(1)(2)</sup> | 12000 | 11775 |
|  CSAIL 2019-C17 Commercial Mortgage Trust |  |  |
|  2.76%, 09/15/2052, Series 2019-C17, Class A4 | 6050 | 5627 |
|  3.28%, 09/15/2052, Series 2019-C17, Class AS | 2625 | 2375 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27 |  |  |
|  5.75%, 11/25/2033, Series 2003-27, Class 4A4 | 52 | 54 |
|  CSMC 2014-USA OA LLC |  |  |
|  4.18%, 09/15/2037, Series 2014-USA, Class B <sup>(1)</sup> | 5255 | 4593 |
|  4.34%, 09/15/2037, Series 2014-USA, Class C <sup>(1)</sup> | 400 | 332 |
|  4.37%, 09/15/2037, Series 2014-USA, Class D <sup>(1)</sup> | 6175 | 4671 |
|  CSMC 2017-RPL1 Trust |  |  |
|  2.97%, 07/25/2057, Series 2017-RPL1, Class M1 <sup>(1)(4)</sup> | 3070 | 2617 |
|  CSMC 2021-ADV |  |  |
|  6.73% (1 Month Term SOFR + 2.41%, 2.30% Floor), 07/15/2038, Series 2021-ADV, Class C <sup>(1)(2)</sup> | 3400 | 1708 |
|  CSMC 2021-BHAR |  |  |
|  5.58% (1 Month Term SOFR + 1.26%, 1.15% Floor), 11/15/2038, Series 2021-BHAR, Class A <sup>(1)(2)</sup> | 124 | 124 |
|  5.93% (1 Month Term SOFR + 1.61%, 1.50% Floor), 11/15/2038, Series 2021-BHAR, Class B <sup>(1)(2)</sup> | 380 | 379 |
|  CSMC 2021-NQM8 |  |  |
|  1.84%, 10/25/2066, Series 2021-NQM8, Class A1 <sup>(1)(4)</sup> | 9722 | 8721 |
|  3.26%, 10/25/2066, Series 2021-NQM8, Class M1 <sup>(1)(4)</sup> | 523 | 389 |
|  CSMC 2021-RPL11 Trust |  |  |
|  3.74%, 10/25/2061, Series 2021-RP11, Class PT <sup>(1)(4)</sup> | 23324 | 15004 |
|  CSMC 2021-RPL6 Trust |  |  |
|  2.75%, 10/25/2060, Series 2021-RPL6, Class M1 <sup>(1)</sup> | 8505 | 6687 |

---

The accompanying notes are an integral part of these financial statements.

207.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  CSMC 2021-RPL9 Trust |  |  |
|  3.78%, 02/25/2061, Series 2021-RPL9, Class A1 <sup>(1)(4)</sup> | $12505 | $12384 |
|  CSMC 2022-ATH3 |  |  |
|  4.99%, 08/25/2067, Series 2022-ATH3, Class A1 <sup>(1)(4)</sup> | 6794 | 6764 |
|  CSMC 2022-NQM1 |  |  |
|  2.27%, 11/25/2066, Series 2022-NQM1, Class A1 <sup>(1)(4)</sup> | 13061 | 11879 |
|  CSMC 2022-NQM3 Trust |  |  |
|  4.27%, 03/25/2067, Series 2022-NQM3, Class A1B <sup>(1)(4)</sup> | 1314 | 1283 |
|  CSMC 2022-NQM6 Trust |  |  |
|  8.85%, 12/25/2067, Series 2022-NQM6, Class PT <sup>(1)(4)</sup> | 3710 | 3688 |
|  CSMC 2022-RPL1 Trust |  |  |
|  4.62%, 04/25/2061, Series 2022-RPL1, Class PT <sup>(1)(4)</sup> | 24433 | 21093 |
|  CSMC Mortgage-Backed Trust Series 2006-4 |  |  |
|  6.00%, 05/25/2036, Series 2006-4, Class 1A3 | 106 | 56 |
|  CSMC Series 2015-6R |  |  |
|  3.66% (1 Month Term SOFR + 0.29%, 0.18% Floor), 03/27/2036, Series 2015-6R, Class 5A2 <sup>(1)(2)</sup> | 496 | 384 |
|  CSMCM 2021-RPL11 Trust |  |  |
|  3.78%, 10/27/2061, Series 2021-RP11, Class CERT <sup>(1)</sup> | 994 | 766 |
|  CSMCM 2022-RPL1 Trust |  |  |
|  4.23%, 04/25/2061, Series 2022-RPL1, Class CERT <sup>(1)</sup> | 1037 | 857 |
|  CSTL Commercial Mortgage Trust 2024-GATE |  |  |
|  4.92%, 11/10/2041, Series 2024-GATE, Class A <sup>(1)(4)</sup> | 3060 | 3058 |
|  DBGS 2024-SBL |  |  |
|  6.19% (1 Month Term SOFR + 1.88%, 1.88% Floor), 08/15/2034, Series 2024-SBL, Class A <sup>(1)(2)</sup> | 5008 | 5008 |
|  DBSG 2024-ALTA Mortgage Trust |  |  |
|  6.14%, 06/10/2037, Series 2024-ALTA, Class A <sup>(1)(4)</sup> | 898 | 914 |
|  DBWF 2024-LCRS Mortgage Trust |  |  |
|  6.05% (1 Month Term SOFR + 1.74%, 1.74% Floor), 04/15/2037, Series 2024-LCRS, Class A <sup>(1)(2)</sup> | 245 | 244 |
|  DC Commercial Mortgage Trust 2023-DC |  |  |
|  6.80%, 09/12/2040, Series 2023-DC, Class B <sup>(1)</sup> | 6265 | 6570 |
|  DC Office Trust 2019-MTC |  |  |
|  2.97%, 09/15/2045, Series 2019-MTC, Class A <sup>(1)</sup> | 12545 | 11420 |
|  DC Trust 2024-HLTN |  |  |
|  5.93%, 04/13/2040, Series 2024-HLTN, Class A <sup>(1)(4)</sup> | 290 | 293 |
|  Deephaven Residential Mortgage Trust 2021-1 |  |  |
|  3.10%, 05/25/2065, Series 2021-1, Class B1 <sup>(1)(4)</sup> | 1226 | 1101 |
|  Deephaven Residential Mortgage Trust 2021-2 |  |  |
|  0.90%, 04/25/2066, Series 2021-2, Class A1 <sup>(1)(4)</sup> | 2832 | 2501 |
|  1.21%, 04/25/2066, Series 2021-2, Class A2 <sup>(1)(4)</sup> | 1401 | 1246 |
|  Deephaven Residential Mortgage Trust 2022-2 |  |  |
|  4.30%, 03/25/2067, Series 2022-2, Class A1 <sup>(1)(4)</sup> | 7479 | 7236 |
|  4.31%, 03/25/2067, Series 2022-2, Class M1 <sup>(1)(4)</sup> | 526 | 465 |
|  Deephaven Residential Mortgage Trust 2022-3 |  |  |
|  5.27%, 07/25/2067, Series 2022-3, Class M1 <sup>(1)(4)</sup> | 2188 | 2028 |
|  Deephaven Residential Mortgage Trust 2024-1 |  |  |
|  5.74%, 07/25/2069, Series 2024-1, Class A1 <sup>(1)(3)</sup> | 849 | 854 |
|  Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust Series 2005-2 |  |  |
|  4.83% (1 Month Term SOFR + 0.51%, 0.40% Floor), 04/25/2035, Series 2005-2, Class 1A1 <sup>(2)</sup> | 1970 | 1785 |
|  DK Trust 2024-SPBX |  |  |
|  5.81% (1 Month Term SOFR + 1.50%, 1.50% Floor), 03/15/2034, Series 2024-SPBX, Class A <sup>(1)(2)</sup> | 1670 | 1673 |
|  DOLP Trust 2021-NYC |  |  |
|  2.96%, 05/10/2041, Series 2021-NYC, Class A <sup>(1)</sup> | 11500 | 10234 |
|  Dutch Property Finance 2022-1 BV |  |  |
|  3.39% (3 Month €STR + 0.75%), 10/28/2059, Series 1, Class A <sup>(2)</sup> | EUR 7,747 | 9135 |
|  Dwight 2025-FL1 Issuer LLC |  |  |
|  5.96% (1 Month Term SOFR + 1.66%, 1.66% Floor), 09/18/2042, Series 2025-FL1, Class A <sup>(1)(2)</sup> | $489 | 488 |

---

The accompanying notes are an integral part of these financial statements.

208.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  EFMT 2024-NQM1 |  |  |
|  5.71%, 11/25/2069, Series 2024-NQM1, Class A1A <sup>(1)(3)</sup> | $1564 | $1569 |
|  EFMT 2025-CES1 |  |  |
|  5.73%, 01/25/2060, Series 2025-CES1, Class A1A <sup>(1)(3)</sup> | 29298 | 29550 |
|  EFMT 2025-INV1 |  |  |
|  5.63%, 03/25/2070, Series 2025-INV1, Class A1 <sup>(1)(3)</sup> | 2147 | 2152 |
|  EFMT 2025-INV2 |  |  |
|  5.39%, 05/26/2070, Series 2025-INV2, Class A1 <sup>(1)(3)</sup> | 6903 | 6912 |
|  Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
|  3.67%, 09/10/2035, Series 2015-11MD, Class A <sup>(1)(4)</sup> | 5260 | 5192 |
|  Ellington Financial Mortgage Trust 2019-2 |  |  |
|  2.74%, 11/25/2059, Series 2019-2, Class A1 <sup>(1)(4)</sup> | 631 | 599 |
|  3.05%, 11/25/2059, Series 2019-2, Class A3 <sup>(1)(4)</sup> | 388 | 368 |
|  Ellington Financial Mortgage Trust 2020-2 |  |  |
|  1.18%, 10/25/2065, Series 2020-2, Class A1 <sup>(1)(4)</sup> | 1740 | 1629 |
|  Ellington Financial Mortgage Trust 2021-2 |  |  |
|  1.09%, 06/25/2066, Series 2021-2, Class A2 <sup>(1)(4)</sup> | 3354 | 2810 |
|  Ellington Financial Mortgage Trust 2021-3 |  |  |
|  1.24%, 09/25/2066, Series 2021-3, Class A1 <sup>(1)(4)</sup> | 3494 | 2899 |
|  Ellington Financial Mortgage Trust 2022-1 |  |  |
|  2.21%, 01/25/2067, Series 2022-1, Class A1 <sup>(1)(4)</sup> | 12195 | 10569 |
|  Ellington Financial Mortgage Trust 2022-4 |  |  |
|  5.90%, 09/25/2067, Series 2022-4, Class A1 <sup>(1)(3)</sup> | 57739 | 57962 |
|  5.91%, 09/25/2067, Series 2022-4, Class B2 <sup>(1)(4)</sup> | 837 | 724 |
|  ELM Trust 2024-ELM |  |  |
|  0.24%, 06/10/2039, Series 2024-ELM, Class XP10 <sup>(1)(4)</sup> | 17902 | 38 |
|  1.61%, 06/10/2039, Series 2024-ELM, Class XP15 <sup>(1)(4)</sup> | 16215 | 229 |
|  5.99%, 06/10/2039, Series 2024-ELM, Class A15 <sup>(1)(4)</sup> | 1690 | 1703 |
|  5.99%, 06/10/2039, Series 2024-ELM, Class A10 <sup>(1)(4)</sup> | 1690 | 1708 |
|  8.05%, 06/10/2039, Series 2024-ELM, Class E10 <sup>(1)(4)</sup> | 2217 | 2223 |
|  EQT Trust 2024-EXTR |  |  |
|  5.33%, 07/05/2041, Series 2024-EXTR, Class A <sup>(1)(4)</sup> | 6220 | 6359 |
|  Eurosail-UK 2007-5np Plc |  |  |
|  5.13% (Sterling Overnight Index Average + 0.89%), 09/13/2045, Series 2007-5X, Class A1A <sup>(2)</sup> | GBP 4,887 | 6421 |
|  Eurosail-UK 2007-6nc Plc |  |  |
|  5.06% (Sterling Overnight Index Average + 0.82%), 09/13/2045, Series 2007-6NCX, Class A3A <sup>(2)</sup> | 84 | 114 |
|  Exmoor Funding 2024-1 Plc |  |  |
|  6.38% (Sterling Overnight Index Average + 1.90%), 03/25/2094, Series 1, Class C <sup>(2)(19)</sup> | 194 | 269 |
|  7.28% (Sterling Overnight Index Average + 2.80%), 03/25/2094, Series 1, Class D <sup>(2)(19)</sup> | 111 | 152 |
|  Extended Stay America Trust 2021-ESH |  |  |
|  5.51% (1 Month Term SOFR + 1.19%, 1.08% Floor), 07/15/2038, Series 2021-ESH, Class A <sup>(1)(2)</sup> | $67769 | 67790 |
|  5.81% (1 Month Term SOFR + 1.49%, 1.38% Floor), 07/15/2038, Series 2021-ESH, Class B <sup>(1)(2)</sup> | 6051 | 6053 |
|  6.68% (1 Month Term SOFR + 2.36%, 2.25% Floor), 07/15/2038, Series 2021-ESH, Class D <sup>(1)(2)</sup> | 11275 | 11289 |
|  7.28% (1 Month Term SOFR + 2.96%, 2.85% Floor), 07/15/2038, Series 2021-ESH, Class E <sup>(1)(2)</sup> | 4289 | 4299 |
|  8.13% (1 Month Term SOFR + 3.81%, 3.70% Floor), 07/15/2038, Series 2021-ESH, Class F <sup>(1)(2)</sup> | 601 | 601 |
|  Fannie Mae |  |  |
|  1.50%, 07/01/2040 <sup>(14)</sup> | 5343 | 4747 |
|  2.00%, 07/01/2040 <sup>(14)</sup> | 24674 | 22541 |
|  2.00%, 07/01/2055 <sup>(14)</sup> | 177347 | 140350 |
|  2.50%, 07/01/2040 <sup>(14)</sup> | 10694 | 9982 |
|  2.50%, 07/01/2055 <sup>(14)</sup> | 151583 | 125658 |
|  3.00%, 05/25/2044 <sup>(14)</sup> | 120506 | 104255 |
|  3.50%, 07/01/2055 <sup>(14)</sup> | 439585 | 395717 |
|  3.50%, 08/01/2055 <sup>(14)</sup> | 132500 | 119251 |
|  4.00%, 07/01/2040 <sup>(14)</sup> | 3302 | 3229 |
|  4.00%, 07/01/2055 <sup>(14)</sup> | 314366 | 292275 |
|  4.00%, 08/01/2055 <sup>(14)</sup> | 149000 | 138512 |

---

The accompanying notes are an integral part of these financial statements.

209.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  4.50%, 07/01/2040 <sup>(14)</sup> | $12664 | $12582 |
|  4.50%, 07/01/2055 <sup>(14)</sup> | 161486 | 154449 |
|  5.00%, 07/01/2055 <sup>(14)</sup> | 356886 | 349713 |
|  5.00%, 08/01/2055 <sup>(14)</sup> | 744600 | 729285 |
|  5.50%, 07/01/2055 <sup>(14)</sup> | 586584 | 586450 |
|  5.50%, 08/01/2055 <sup>(14)</sup> | 842650 | 841832 |
|  6.00%, 07/01/2055 <sup>(14)</sup> | 495020 | 503001 |
|  6.00%, 08/01/2055 <sup>(14)</sup> | 1239781 | 1258655 |
|  6.50%, 07/01/2055 <sup>(14)</sup> | 2427 | 2506 |
|  6.50%, 08/01/2055 <sup>(14)</sup> | 1340988 | 1382600 |
|  7.00%, 08/13/2055 <sup>(14)</sup> | 34300 | 35979 |
|  7.00%, 09/01/2055 <sup>(14)</sup> | 47000 | 49244 |
|  Fannie Mae Pool |  |  |
|  1.50%, 12/01/2035 | 357 | 319 |
|  1.50%, 03/01/2036 | 526 | 471 |
|  1.50%, 05/01/2036 | 868 | 778 |
|  1.50%, 06/01/2036 | 3047 | 2724 |
|  1.50%, 12/01/2036 | 2115 | 1885 |
|  1.50%, 02/01/2037 | 896 | 803 |
|  1.50%, 11/01/2041 | 31971 | 26412 |
|  1.50%, 12/01/2041 | 16393 | 13537 |
|  1.50%, 10/01/2050 | 4272 | 3215 |
|  1.50%, 11/01/2050 | 3720 | 2802 |
|  1.50%, 03/01/2051 | 5024 | 3781 |
|  1.50%, 02/01/2052 | 235 | 177 |
|  2.00%, 06/01/2035 | 399 | 368 |
|  2.00%, 06/01/2035 | 801 | 739 |
|  2.00%, 09/01/2035 | 407 | 374 |
|  2.00%, 02/01/2036 | 663 | 609 |
|  2.00%, 03/01/2036 | 715 | 657 |
|  2.00%, 04/01/2036 | 952 | 879 |
|  2.00%, 05/01/2036 | 662 | 611 |
|  2.00%, 07/01/2036 | 1089 | 1001 |
|  2.00%, 09/01/2036 | 1060 | 972 |
|  2.00%, 09/01/2036 | 1152 | 1056 |
|  2.00%, 11/01/2036 | 498 | 460 |
|  2.00%, 01/01/2037 | 485 | 448 |
|  2.00%, 02/01/2037 | 212 | 195 |
|  2.00%, 02/01/2037 | 489 | 451 |
|  2.00%, 02/01/2037 | 1116 | 1025 |
|  2.00%, 03/01/2037 | 591 | 544 |
|  2.00%, 03/01/2037 | 2686 | 2461 |
|  2.00%, 03/01/2037 | 2727 | 2505 |
|  2.00%, 04/01/2037 | 1499 | 1381 |
|  2.00%, 10/01/2040 | 803 | 702 |
|  2.00%, 05/01/2041 | 5344 | 4594 |
|  2.00%, 06/01/2041 | 21150 | 18242 |
|  2.00%, 12/01/2041 | 2475 | 2131 |
|  2.00%, 02/01/2042 | 1072 | 921 |
|  2.00%, 02/01/2042 | 1175 | 1011 |
|  2.00%, 03/01/2042 | 11272 | 9682 |
|  2.00%, 04/01/2042 | 1794 | 1539 |
|  2.00%, 08/01/2050 | 1392 | 1112 |
|  2.00%, 09/01/2050 | 2109 | 1678 |
|  2.00%, 10/01/2050 | 3795 | 3028 |
|  2.00%, 12/01/2050 | 874 | 704 |
|  2.00%, 12/01/2050 | 2832 | 2278 |

---

The accompanying notes are an integral part of these financial statements.

210.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  2.00%, 01/01/2051 | $25616 | $20423 |
|  2.00%, 02/01/2051 | 3231 | 2572 |
|  2.00%, 03/01/2051 | 1034 | 833 |
|  2.00%, 03/01/2051 | 1865 | 1500 |
|  2.00%, 04/01/2051 | 579 | 466 |
|  2.00%, 04/01/2051 | 1094 | 882 |
|  2.00%, 04/01/2051 | 1825 | 1468 |
|  2.00%, 04/01/2051 | 2047 | 1648 |
|  2.00%, 05/01/2051 | 52171 | 41505 |
|  2.00%, 08/01/2051 | 5728 | 4592 |
|  2.00%, 08/01/2051 | 7879 | 6249 |
|  2.00%, 08/01/2051 | 9140 | 7253 |
|  2.00%, 09/01/2051 | 13499 | 10709 |
|  2.00%, 10/01/2051 | 37919 | 30053 |
|  2.00%, 11/01/2051 | 1088 | 877 |
|  2.00%, 11/01/2051 | 1367 | 1104 |
|  2.00%, 11/01/2051 | 2525 | 2036 |
|  2.00%, 11/01/2051 | 3749 | 2978 |
|  2.00%, 11/01/2051 | 4197 | 3377 |
|  2.00%, 11/01/2051 | 4725 | 3779 |
|  2.00%, 11/01/2051 | 21275 | 16894 |
|  2.00%, 12/01/2051 | 573 | 468 |
|  2.00%, 12/01/2051 | 1034 | 821 |
|  2.00%, 12/01/2051 | 1415 | 1139 |
|  2.00%, 12/01/2051 | 2157 | 1738 |
|  2.00%, 12/01/2051 | 3222 | 2587 |
|  2.00%, 12/01/2051 | 3302 | 2643 |
|  2.00%, 12/01/2051 | 29029 | 22990 |
|  2.00%, 12/01/2051 | 58566 | 46489 |
|  2.00%, 01/01/2052 | 828 | 658 |
|  2.00%, 01/01/2052 | 2327 | 1876 |
|  2.00%, 01/01/2052 | 2562 | 2065 |
|  2.00%, 01/01/2052 | 3019 | 2434 |
|  2.00%, 01/01/2052 | 3788 | 3057 |
|  2.00%, 01/01/2052 | 93445 | 74153 |
|  2.00%, 02/01/2052 | 1507 | 1217 |
|  2.00%, 02/01/2052 | 1802 | 1453 |
|  2.00%, 02/01/2052 | 3478 | 2804 |
|  2.00%, 02/01/2052 | 5259 | 4171 |
|  2.00%, 02/01/2052 | 7786 | 6265 |
|  2.00%, 02/01/2052 | 14768 | 11882 |
|  2.00%, 02/01/2052 | 113107 | 89774 |
|  2.00%, 03/01/2052 | 1938 | 1563 |
|  2.00%, 03/01/2052 | 2772 | 2230 |
|  2.00%, 03/01/2052 | 5069 | 4065 |
|  2.00%, 04/01/2052 | 38707 | 30747 |
|  2.00%, 04/01/2052 | 75389 | 59827 |
|  2.50%, 01/01/2032 | 429 | 414 |
|  2.50%, 02/01/2035 | 1113 | 1064 |
|  2.50%, 03/01/2036 | 3055 | 2877 |
|  2.50%, 07/01/2050 | 2598 | 2193 |
|  2.50%, 07/01/2050 | 4053 | 3417 |
|  2.50%, 07/01/2050 | 4189 | 3532 |
|  2.50%, 07/01/2050 | 4211 | 3551 |
|  2.50%, 08/01/2050 | 1338 | 1128 |
|  2.50%, 08/01/2050 | 4285 | 3613 |

---

The accompanying notes are an integral part of these financial statements.

211.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  2.50%, 08/01/2050 | $5199 | $4384 |
|  2.50%, 11/01/2050 | 897 | 763 |
|  2.50%, 11/01/2050 | 2963 | 2519 |
|  2.50%, 01/01/2051 | 753 | 635 |
|  2.50%, 02/01/2051 | 4015 | 3360 |
|  2.50%, 02/01/2051 | 18834 | 15684 |
|  2.50%, 02/01/2051 | 25806 | 21505 |
|  2.50%, 02/01/2051 | 70395 | 58859 |
|  2.50%, 09/01/2051 | 11791 | 9901 |
|  2.50%, 11/01/2051 | 1880 | 1590 |
|  2.50%, 11/01/2051 | 14034 | 11722 |
|  2.50%, 12/01/2051 | 41421 | 34411 |
|  2.50%, 01/01/2052 | 2130 | 1799 |
|  2.50%, 01/01/2052 | 3626 | 3039 |
|  2.50%, 01/01/2052 | 3769 | 3163 |
|  2.50%, 01/01/2052 | 3813 | 3226 |
|  2.50%, 01/01/2052 | 4638 | 3913 |
|  2.50%, 01/01/2052 | 4706 | 3963 |
|  2.50%, 01/01/2052 | 5173 | 4375 |
|  2.50%, 01/01/2052 | 5815 | 4892 |
|  2.50%, 01/01/2052 | 7010 | 5903 |
|  2.50%, 01/01/2052 | 8728 | 7350 |
|  2.50%, 02/01/2052 | 765 | 651 |
|  2.50%, 02/01/2052 | 1173 | 994 |
|  2.50%, 02/01/2052 | 4151 | 3500 |
|  2.50%, 02/01/2052 | 4927 | 4149 |
|  2.50%, 02/01/2052 | 46965 | 39065 |
|  2.50%, 02/01/2052 | 52388 | 43473 |
|  2.50%, 04/01/2052 | 12509 | 10399 |
|  2.50%, 04/01/2052 | 18505 | 15371 |
|  3.00%, 09/01/2030 | 540 | 528 |
|  3.00%, 04/01/2031 | 2565 | 2498 |
|  3.00%, 10/01/2032 | 2450 | 2379 |
|  3.00%, 12/01/2032 | 687 | 667 |
|  3.00%, 12/01/2032 | 1435 | 1399 |
|  3.00%, 10/01/2033 | 692 | 665 |
|  3.00%, 11/01/2033 | 1962 | 1907 |
|  3.00%, 02/01/2034 | 1092 | 1061 |
|  3.00%, 12/01/2034 | 1718 | 1657 |
|  3.00%, 01/01/2035 | 661 | 637 |
|  3.00%, 01/01/2035 | 1173 | 1132 |
|  3.00%, 02/01/2035 | 1021 | 985 |
|  3.00%, 02/01/2035 | 1538 | 1495 |
|  3.00%, 11/01/2035 | 2327 | 2264 |
|  3.00%, 11/01/2036 | 564 | 531 |
|  3.00%, 11/01/2036 | 743 | 701 |
|  3.00%, 12/01/2036 | 761 | 720 |
|  3.00%, 03/01/2038 | 566 | 534 |
|  3.00%, 01/01/2043 | 1006 | 909 |
|  3.00%, 02/01/2043 | 1484 | 1341 |
|  3.00%, 04/01/2043 | 1128 | 1019 |
|  3.00%, 06/01/2043 | 1146 | 1035 |
|  3.00%, 08/01/2043 | 3397 | 3067 |
|  3.00%, 09/01/2043 | 568 | 512 |
|  3.00%, 07/01/2045 | 2213 | 1980 |
|  3.00%, 05/01/2046 | 2821 | 2507 |
|  3.00%, 07/01/2046 | 666 | 592 |

---

The accompanying notes are an integral part of these financial statements.

212.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  3.00%, 09/01/2046 | $2222 | $2008 |
|  3.00%, 10/01/2046 | 785 | 702 |
|  3.00%, 11/01/2046 | 172 | 152 |
|  3.00%, 11/01/2046 | 639 | 567 |
|  3.00%, 11/01/2046 | 766 | 686 |
|  3.00%, 11/01/2046 | 790 | 701 |
|  3.00%, 11/01/2046 | 828 | 738 |
|  3.00%, 11/01/2046 | 1861 | 1653 |
|  3.00%, 01/01/2047 | 861 | 762 |
|  3.00%, 01/01/2047 | 6133 | 5438 |
|  3.00%, 04/01/2047 | 781 | 690 |
|  3.00%, 04/01/2047 | 1006 | 893 |
|  3.00%, 06/01/2047 | 1104 | 991 |
|  3.00%, 08/01/2047 | 4877 | 4360 |
|  3.00%, 11/01/2047 | 2068 | 1841 |
|  3.00%, 04/01/2048 | 8881 | 8016 |
|  3.00%, 09/01/2048 | 663 | 588 |
|  3.00%, 02/01/2049 | 941 | 836 |
|  3.00%, 08/01/2049 | 886 | 791 |
|  3.00%, 08/01/2049 | 18079 | 15845 |
|  3.00%, 09/01/2049 | 11742 | 10393 |
|  3.00%, 09/01/2049 | 14493 | 12854 |
|  3.00%, 10/01/2049 | 24455 | 21557 |
|  3.00%, 11/01/2049 | 17825 | 15808 |
|  3.00%, 03/01/2050 | 945 | 825 |
|  3.00%, 03/01/2050 | 6268 | 5492 |
|  3.00%, 07/01/2050 | 1761 | 1529 |
|  3.00%, 07/01/2050 | 20304 | 17897 |
|  3.00%, 08/01/2050 | 802 | 701 |
|  3.00%, 08/01/2050 | 1535 | 1342 |
|  3.00%, 10/01/2050 | 3089 | 2704 |
|  3.00%, 04/01/2051 | 7262 | 6400 |
|  3.00%, 03/01/2052 | 108 | 93 |
|  3.00%, 03/01/2052 | 232 | 201 |
|  3.00%, 03/01/2052 | 830 | 719 |
|  3.00%, 03/01/2052 | 36605 | 31737 |
|  3.00%, 04/01/2052 | 29 | 25 |
|  3.00%, 04/01/2052 | 232 | 201 |
|  3.00%, 04/01/2052 | 309 | 268 |
|  3.00%, 04/01/2052 | 500 | 434 |
|  3.00%, 04/01/2052 | 1847 | 1599 |
|  3.00%, 04/01/2052 | 1994 | 1733 |
|  3.00%, 04/01/2052 | 6805 | 5896 |
|  3.00%, 04/01/2052 | 60608 | 52541 |
|  3.00%, 05/01/2052 | 373 | 323 |
|  3.00%, 05/01/2052 | 840 | 727 |
|  3.00%, 05/01/2052 | 852 | 737 |
|  3.00%, 05/01/2052 | 874 | 758 |
|  3.00%, 05/01/2052 | 1032 | 895 |
|  3.00%, 05/01/2052 | 9252 | 8020 |
|  3.00%, 06/01/2052 | 45 | 39 |
|  3.00%, 06/01/2052 | 347 | 303 |
|  3.00%, 06/01/2052 | 379 | 328 |
|  3.00%, 06/01/2052 | 430 | 373 |
|  3.00%, 06/01/2052 | 582 | 504 |
|  3.00%, 06/01/2052 | 601 | 520 |
|  3.00%, 06/01/2052 | 876 | 758 |

---

The accompanying notes are an integral part of these financial statements.

213.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  3.00%, 06/01/2052 | $983 | $851 |
|  3.00%, 06/01/2052 | 1894 | 1641 |
|  3.00%, 06/01/2052 | 4024 | 3487 |
|  3.00%, 06/01/2052 | 58840 | 50948 |
|  3.00%, 07/01/2052 | 1038 | 899 |
|  3.00%, 07/01/2052 | 1750 | 1515 |
|  3.00%, 07/01/2052 | 1806 | 1566 |
|  3.00%, 07/01/2052 | 39787 | 34460 |
|  3.00%, 08/01/2052 | 14008 | 12139 |
|  3.50%, 11/01/2032 | 320 | 316 |
|  3.50%, 09/01/2033 | 1636 | 1609 |
|  3.50%, 12/01/2033 | 1378 | 1358 |
|  3.50%, 07/01/2034 | 1053 | 1039 |
|  3.50%, 01/01/2038 | 1481 | 1427 |
|  3.50%, 09/01/2042 | 56 | 52 |
|  3.50%, 12/01/2042 | 391 | 364 |
|  3.50%, 12/01/2042 | 505 | 470 |
|  3.50%, 06/01/2043 | 589 | 552 |
|  3.50%, 06/01/2043 | 728 | 678 |
|  3.50%, 08/01/2043 | 38 | 35 |
|  3.50%, 01/01/2044 | 1759 | 1637 |
|  3.50%, 04/01/2045 | 7 | 7 |
|  3.50%, 06/01/2045 | 592 | 550 |
|  3.50%, 06/01/2045 | 708 | 659 |
|  3.50%, 07/01/2045 | 813 | 755 |
|  3.50%, 09/01/2045 | 1287 | 1207 |
|  3.50%, 11/01/2045 | 1600 | 1485 |
|  3.50%, 02/01/2046 | 3087 | 2860 |
|  3.50%, 06/01/2046 | 926 | 860 |
|  3.50%, 06/01/2046 | 1201 | 1114 |
|  3.50%, 06/01/2046 | 1298 | 1205 |
|  3.50%, 09/01/2046 | 1386 | 1285 |
|  3.50%, 12/01/2046 | 499 | 460 |
|  3.50%, 01/01/2047 | 1664 | 1535 |
|  3.50%, 01/01/2047 | 5169 | 4771 |
|  3.50%, 02/01/2047 | 340 | 314 |
|  3.50%, 07/01/2047 | 2209 | 2034 |
|  3.50%, 08/01/2047 | 4719 | 4376 |
|  3.50%, 11/01/2047 | 2309 | 2123 |
|  3.50%, 12/01/2047 | 965 | 885 |
|  3.50%, 12/01/2047 | 1262 | 1159 |
|  3.50%, 12/01/2047 | 1410 | 1300 |
|  3.50%, 12/01/2047 | 1419 | 1302 |
|  3.50%, 01/01/2048 | 1435 | 1323 |
|  3.50%, 01/01/2048 | 2858 | 2623 |
|  3.50%, 01/01/2048 | 3794 | 3478 |
|  3.50%, 02/01/2048 | 591 | 549 |
|  3.50%, 02/01/2048 | 3689 | 3384 |
|  3.50%, 12/01/2048 | 7915 | 7290 |
|  3.50%, 06/01/2049 | 4123 | 3800 |
|  3.50%, 09/01/2049 | 1728 | 1585 |
|  3.50%, 07/01/2050 | 3555 | 3245 |
|  3.50%, 01/01/2051 | 10331 | 9407 |
|  3.50%, 07/01/2051 | 2409 | 2184 |
|  3.50%, 05/01/2052 | 17179 | 15496 |
|  3.50%, 06/01/2052 | 25436 | 23055 |
|  3.50%, 04/01/2053 | 23296 | 20992 |

---

The accompanying notes are an integral part of these financial statements.

214.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  4.00%, 02/01/2039 | $62 | $61 |
|  4.00%, 11/01/2040 | 784 | 763 |
|  4.00%, 01/01/2042 | 967 | 933 |
|  4.00%, 03/01/2042 | 1032 | 996 |
|  4.00%, 06/01/2042 | 3789 | 3644 |
|  4.00%, 08/01/2042 | 781 | 750 |
|  4.00%, 02/01/2043 | 116 | 112 |
|  4.00%, 12/01/2043 | 809 | 779 |
|  4.00%, 06/01/2045 | 1695 | 1587 |
|  4.00%, 10/01/2045 | 795 | 754 |
|  4.00%, 12/01/2045 | 1343 | 1272 |
|  4.00%, 03/01/2046 | 3935 | 3738 |
|  4.00%, 09/01/2046 | 424 | 399 |
|  4.00%, 12/01/2046 | 1468 | 1391 |
|  4.00%, 02/01/2047 | 798 | 756 |
|  4.00%, 02/01/2047 | 1204 | 1142 |
|  4.00%, 03/01/2047 | 498 | 469 |
|  4.00%, 04/01/2047 | 113 | 107 |
|  4.00%, 04/01/2047 | 502 | 475 |
|  4.00%, 05/01/2047 | 14 | 13 |
|  4.00%, 05/01/2047 | 565 | 535 |
|  4.00%, 06/01/2047 | 538 | 510 |
|  4.00%, 07/01/2047 | 494 | 468 |
|  4.00%, 08/01/2047 | 12 | 12 |
|  4.00%, 08/01/2047 | 571 | 541 |
|  4.00%, 08/01/2047 | 810 | 768 |
|  4.00%, 08/01/2047 | 4581 | 4339 |
|  4.00%, 09/01/2047 | 88 | 83 |
|  4.00%, 10/01/2047 | 2507 | 2375 |
|  4.00%, 01/01/2048 | 32 | 31 |
|  4.00%, 03/01/2048 | 70 | 66 |
|  4.00%, 04/01/2048 | 56 | 53 |
|  4.00%, 04/01/2048 | 157 | 149 |
|  4.00%, 05/01/2048 | 186 | 176 |
|  4.00%, 06/01/2048 | 2847 | 2695 |
|  4.00%, 07/01/2048 | 116 | 110 |
|  4.00%, 07/01/2048 | 130 | 123 |
|  4.00%, 07/01/2048 | 2147 | 2032 |
|  4.00%, 08/01/2048 | 8 | 8 |
|  4.00%, 08/01/2048 | 37 | 35 |
|  4.00%, 08/01/2048 | 136 | 128 |
|  4.00%, 09/01/2048 | 13 | 12 |
|  4.00%, 09/01/2048 | 49 | 46 |
|  4.00%, 09/01/2048 | 84 | 79 |
|  4.00%, 09/01/2048 | 908 | 859 |
|  4.00%, 09/01/2048 | 8479 | 8023 |
|  4.00%, 10/01/2048 | 377 | 357 |
|  4.00%, 11/01/2048 | 19 | 18 |
|  4.00%, 11/01/2048 | 156 | 147 |
|  4.00%, 12/01/2048 | 52 | 49 |
|  4.00%, 12/01/2048 | 110 | 104 |
|  4.00%, 12/01/2048 | 462 | 436 |
|  4.00%, 01/01/2049 | 2382 | 2258 |
|  4.00%, 02/01/2049 | 1926 | 1822 |
|  4.00%, 03/01/2049 | 266 | 252 |
|  4.00%, 06/01/2049 | 2235 | 2106 |
|  4.00%, 08/01/2049 | 68 | 64 |

---

The accompanying notes are an integral part of these financial statements.

215.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  4.00%, 09/01/2049 | $3492 | $3294 |
|  4.00%, 10/01/2049 | 63 | 60 |
|  4.00%, 11/01/2049 | 270 | 255 |
|  4.00%, 11/01/2049 | 502 | 472 |
|  4.00%, 12/01/2049 | 330 | 311 |
|  4.00%, 12/01/2049 | 428 | 404 |
|  4.00%, 02/01/2050 | 3692 | 3494 |
|  4.00%, 03/01/2050 | 1421 | 1334 |
|  4.00%, 03/01/2050 | 3718 | 3504 |
|  4.00%, 04/01/2050 | 108 | 101 |
|  4.00%, 04/01/2050 | 569 | 533 |
|  4.00%, 05/01/2050 | 508 | 477 |
|  4.00%, 05/01/2050 | 1403 | 1324 |
|  4.00%, 06/01/2050 | 1948 | 1830 |
|  4.00%, 08/01/2050 | 619 | 581 |
|  4.00%, 08/01/2050 | 48082 | 45195 |
|  4.00%, 11/01/2050 | 47 | 45 |
|  4.00%, 11/01/2050 | 146 | 137 |
|  4.00%, 01/01/2051 | 175 | 164 |
|  4.00%, 01/01/2051 | 7212 | 6802 |
|  4.00%, 03/01/2051 | 933 | 879 |
|  4.00%, 05/01/2052 | 3153 | 2938 |
|  4.00%, 06/01/2052 | 16017 | 14925 |
|  4.00%, 07/01/2052 | 19239 | 17898 |
|  4.00%, 09/01/2052 | 19177 | 17869 |
|  4.00%, 01/01/2053 | 18564 | 17297 |
|  4.00%, 01/01/2053 | 23723 | 22105 |
|  4.50%, 11/01/2035 | 91 | 90 |
|  4.50%, 11/01/2040 | 682 | 679 |
|  4.50%, 05/01/2041 | 1146 | 1140 |
|  4.50%, 05/01/2041 | 1832 | 1823 |
|  4.50%, 06/01/2045 | 119 | 116 |
|  4.50%, 02/01/2046 | 646 | 632 |
|  4.50%, 03/01/2046 | 554 | 544 |
|  4.50%, 09/01/2046 | 916 | 899 |
|  4.50%, 02/01/2047 | 2636 | 2621 |
|  4.50%, 05/01/2047 | 1500 | 1492 |
|  4.50%, 11/01/2047 | 1035 | 1009 |
|  4.50%, 04/01/2048 | 553 | 536 |
|  4.50%, 05/01/2048 | 1465 | 1421 |
|  4.50%, 05/01/2048 | 3560 | 3455 |
|  4.50%, 08/01/2048 | 295 | 287 |
|  4.50%, 08/01/2048 | 2427 | 2349 |
|  4.50%, 09/01/2048 | 797 | 775 |
|  4.50%, 11/01/2048 | 419 | 407 |
|  4.50%, 12/01/2048 | 1029 | 1000 |
|  4.50%, 05/01/2049 | 1601 | 1556 |
|  4.50%, 09/01/2049 | 3796 | 3690 |
|  4.50%, 01/01/2050 | 2096 | 2037 |
|  4.50%, 07/01/2052 | 658 | 631 |
|  4.50%, 08/01/2052 | 6725 | 6484 |
|  4.50%, 10/01/2052 | 889 | 852 |
|  4.50%, 10/01/2052 | 902 | 865 |
|  4.50%, 10/01/2052 | 21784 | 20878 |
|  4.50%, 10/01/2052 | 50061 | 47978 |
|  4.50%, 11/01/2052 | 19329 | 18526 |
|  4.50%, 02/01/2053 | 2150 | 2061 |

---

The accompanying notes are an integral part of these financial statements.

216.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  4.50%, 02/01/2053 | $4447 | $4263 |
|  4.50%, 03/01/2053 | 11183 | 10704 |
|  4.50%, 05/01/2053 | 556 | 533 |
|  4.50%, 05/01/2053 | 79329 | 75906 |
|  4.50%, 08/01/2053 | 79415 | 76065 |
|  4.50%, 09/01/2053 | 921 | 882 |
|  4.50%, 03/01/2054 | 13410 | 12847 |
|  5.00%, 11/01/2044 | 991 | 1004 |
|  5.00%, 07/01/2052 | 1148 | 1138 |
|  5.00%, 07/01/2052 | 1417 | 1406 |
|  5.00%, 07/01/2052 | 2052 | 2026 |
|  5.00%, 12/01/2052 | 662 | 653 |
|  5.00%, 01/01/2053 | 866 | 858 |
|  5.00%, 01/01/2053 | 5039 | 4978 |
|  5.00%, 04/01/2053 | 5362 | 5312 |
|  5.00%, 04/01/2053 | 29509 | 29015 |
|  5.00%, 08/01/2053 | 46620 | 45806 |
|  5.00%, 10/01/2053 | 694 | 682 |
|  5.00%, 11/01/2053 | 79610 | 78191 |
|  5.00%, 05/01/2054 | 809 | 793 |
|  5.00%, 06/01/2054 | 41787 | 41026 |
|  5.00%, 08/01/2054 | 137 | 134 |
|  5.50%, 05/01/2034 | 527 | 540 |
|  5.50%, 12/01/2039 | 105 | 108 |
|  5.50%, 03/01/2040 | 597 | 611 |
|  5.50%, 06/01/2041 | 97 | 99 |
|  5.50%, 02/01/2042 | 394 | 404 |
|  5.50%, 10/01/2043 | 190 | 194 |
|  5.50%, 05/01/2044 | 2259 | 2329 |
|  5.50%, 12/01/2052 | 327 | 329 |
|  5.50%, 12/01/2052 | 577 | 578 |
|  5.50%, 01/01/2053 | 89 | 89 |
|  5.50%, 01/01/2053 | 503 | 504 |
|  5.50%, 01/01/2053 | 1209 | 1220 |
|  5.50%, 01/01/2053 | 1666 | 1673 |
|  5.50%, 02/01/2053 | 982 | 984 |
|  5.50%, 02/01/2053 | 2087 | 2089 |
|  5.50%, 02/01/2053 | 2587 | 2597 |
|  5.50%, 02/01/2053 | 8899 | 8921 |
|  5.50%, 03/01/2053 | 271 | 271 |
|  5.50%, 03/01/2053 | 1372 | 1379 |
|  5.50%, 03/01/2053 | 2521 | 2526 |
|  5.50%, 04/01/2053 | 854 | 855 |
|  5.50%, 05/01/2053 | 812 | 819 |
|  5.50%, 05/01/2053 | 865 | 871 |
|  5.50%, 05/01/2053 | 3298 | 3326 |
|  5.50%, 05/01/2053 | 3515 | 3524 |
|  5.50%, 05/01/2053 | 4181 | 4217 |
|  5.50%, 05/01/2053 | 50492 | 50573 |
|  5.50%, 06/01/2053 | 204 | 204 |
|  5.50%, 06/01/2053 | 2804 | 2828 |
|  5.50%, 06/01/2053 | 94421 | 94560 |
|  5.50%, 07/01/2053 | 1157 | 1158 |
|  5.50%, 07/01/2053 | 3533 | 3538 |
|  5.50%, 09/01/2053 | 394 | 394 |
|  5.50%, 10/01/2053 | 11956 | 11969 |
|  5.50%, 11/01/2053 | 1265 | 1268 |

---

The accompanying notes are an integral part of these financial statements.

217.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  5.50%, 02/01/2054 | $1925 | $1931 |
|  5.50%, 02/01/2054 | 4002 | 4003 |
|  5.50%, 03/01/2054 | 1170 | 1170 |
|  5.81%, 06/01/2031 | 1914 | 1984 |
|  6.00%, 09/01/2029 | 2841 | 2887 |
|  6.00%, 07/01/2041 | 2023 | 2121 |
|  6.00%, 11/01/2052 | 502 | 514 |
|  6.00%, 11/01/2052 | 2120 | 2169 |
|  6.00%, 11/01/2052 | 2970 | 3039 |
|  6.00%, 12/01/2052 | 65 | 66 |
|  6.00%, 12/01/2052 | 3540 | 3622 |
|  6.00%, 12/01/2052 | 24273 | 24713 |
|  6.00%, 01/01/2053 | 2983 | 3039 |
|  6.00%, 01/01/2053 | 7223 | 7391 |
|  6.00%, 02/01/2053 | 49 | 50 |
|  6.00%, 03/01/2053 | 4286 | 4366 |
|  6.00%, 04/01/2053 | 1704 | 1748 |
|  6.00%, 04/01/2053 | 7424 | 7565 |
|  6.00%, 05/01/2053 | 444 | 455 |
|  6.00%, 05/01/2053 | 973 | 998 |
|  6.00%, 05/01/2053 | 2996 | 3073 |
|  6.00%, 06/01/2053 | 117 | 119 |
|  6.00%, 07/01/2053 | 3011 | 3064 |
|  6.00%, 07/01/2053 | 4368 | 4480 |
|  6.00%, 08/01/2053 | 130 | 133 |
|  6.00%, 08/01/2053 | 8689 | 8863 |
|  6.00%, 09/01/2053 | 104 | 106 |
|  6.00%, 09/01/2053 | 210 | 213 |
|  6.00%, 10/01/2053 | 21708 | 22093 |
|  6.00%, 12/01/2053 | 10871 | 11062 |
|  6.00%, 01/01/2054 | 51 | 52 |
|  6.00%, 02/01/2054 | 1039 | 1057 |
|  6.00%, 03/01/2054 | 1373 | 1396 |
|  6.00%, 04/01/2054 | 94 | 96 |
|  6.00%, 04/01/2054 | 868 | 888 |
|  6.00%, 05/01/2054 | 91 | 93 |
|  6.00%, 05/01/2054 | 139 | 141 |
|  6.00%, 06/01/2054 | 45416 | 46177 |
|  6.00%, 07/01/2054 | 37760 | 38389 |
|  6.00%, 09/01/2054 | 35 | 35 |
|  6.00%, 09/01/2054 | 36 | 36 |
|  6.00%, 09/01/2054 | 904 | 919 |
|  6.00%, 10/01/2054 | 293 | 298 |
|  6.50%, 09/01/2053 | 287 | 298 |
|  6.50%, 09/01/2053 | 1169 | 1222 |
|  6.50%, 09/01/2053 | 9485 | 9829 |
|  6.50%, 10/01/2053 | 251 | 261 |
|  6.50%, 10/01/2053 | 964 | 999 |
|  6.50%, 10/01/2053 | 3192 | 3333 |
|  6.50%, 10/01/2053 | 3602 | 3722 |
|  6.50%, 11/01/2053 | 58 | 60 |
|  6.50%, 11/01/2053 | 5458 | 5659 |
|  6.50%, 11/01/2053 | 45888 | 47396 |
|  6.50%, 12/01/2053 | 87 | 90 |
|  6.50%, 12/01/2053 | 152 | 157 |
|  6.50%, 12/01/2053 | 5985 | 6196 |
|  6.50%, 12/01/2053 | 7420 | 7663 |

---

The accompanying notes are an integral part of these financial statements.

218.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  6.50%, 01/01/2054 | $43184 | $44602 |
|  6.50%, 02/01/2054 | 128 | 132 |
|  6.50%, 02/01/2054 | 6803 | 7058 |
|  6.50%, 03/01/2054 | 3528 | 3644 |
|  6.50%, 06/01/2054 | 7715 | 7969 |
|  6.50%, 07/01/2054 | 12586 | 13000 |
|  Fannie Mae REMICS |  |  |
|  3.00%, 09/25/2049, Series 2019-52, Class PA | 282 | 251 |
|  3.50%, 03/25/2042, Series 2012-20, Class ZT | 1666 | 1580 |
|  3.50%, 06/25/2047, Series 2018-38, Class PA | 2006 | 1967 |
|  3.50%, 12/25/2047, Series 2017-100, Class ZJ | 2046 | 1823 |
|  4.00%, 05/25/2047, Series 2018-86, Class JA | 479 | 476 |
|  4.92% (30-day Average SOFR + 0.61%, 0.50% Floor, 6.50% Cap), 01/25/2050, Series 2019-79, Class FA <sup>(2)</sup> | 1664 | 1617 |
|  5.25% (30-day Average SOFR + 0.90%, 0.90% Floor), 12/25/2050, Series 2024-10, Class AF <sup>(2)</sup> | 2624 | 2628 |
|  Fashion Show Mall LLC |  |  |
|  5.27%, 10/10/2041, Series 2024-SHOW, Class A <sup>(1)(4)</sup> | 182 | 183 |
|  First Horizon Alternative Mortgage Securities Trust 2005-AA12 |  |  |
|  4.94%, 02/25/2036, Series 2005-AA12, Class 2A1 <sup>(4)</sup> | 136 | 83 |
|  Flagstar Mortgage Trust 2017-2 |  |  |
|  3.98%, 10/25/2047, Series 2017-2, Class B1 <sup>(1)(4)</sup> | 1060 | 980 |
|  Flagstar Mortgage Trust 2020-1NV |  |  |
|  5.28% (1 Month Term SOFR + 0.96%, 6.00% Cap), 03/25/2050, Series 2020-1INV, Class A11 <sup>(1)(2)</sup> | 613 | 587 |
|  Flagstar Mortgage Trust 2021-5INV |  |  |
|  2.50%, 07/25/2051, Series 2021-5INV, Class A16 <sup>(1)(4)</sup> | 3256 | 2632 |
|  Fontainebleau Miami Beach Mortgage Trust 2024-FBLU |  |  |
|  5.76% (1 Month Term SOFR + 1.45%, 1.45% Floor), 12/15/2039, Series 2024-FBLU, Class A <sup>(1)(2)</sup> | 1329 | 1329 |
|  8.56% (1 Month Term SOFR + 4.25%, 4.25% Floor), 12/15/2039, Series 2024-FBLU, Class F <sup>(1)(2)</sup> | 154 | 154 |
|  9.96% (1 Month Term SOFR + 5.65%, 5.65% Floor), 12/15/2039, Series 2024-FBLU, Class G <sup>(1)(2)</sup> | 831 | 830 |
|  Freddie Mac Gold Pool |  |  |
|  3.00%, 02/01/2038 | 892 | 842 |
|  3.00%, 04/01/2046 | 49 | 43 |
|  3.00%, 06/01/2046 | 1781 | 1584 |
|  3.00%, 08/01/2046 | 2214 | 1969 |
|  3.00%, 09/01/2046 | 6675 | 5936 |
|  3.00%, 10/01/2046 | 2164 | 1923 |
|  3.00%, 11/01/2046 | 2413 | 2143 |
|  3.00%, 12/01/2046 | 1665 | 1479 |
|  3.00%, 01/01/2047 | 3013 | 2680 |
|  3.00%, 02/01/2047 | 2999 | 2661 |
|  3.00%, 03/01/2047 | 1782 | 1580 |
|  3.00%, 04/01/2047 | 1095 | 970 |
|  3.50%, 07/01/2043 | 130 | 121 |
|  3.50%, 10/01/2045 | 3867 | 3598 |
|  3.50%, 06/01/2046 | 1550 | 1433 |
|  3.50%, 08/01/2046 | 2412 | 2245 |
|  3.50%, 08/01/2046 | 7063 | 6550 |
|  3.50%, 11/01/2046 | 579 | 535 |
|  3.50%, 02/01/2047 | 289 | 266 |
|  3.50%, 04/01/2047 | 1122 | 1036 |
|  3.50%, 09/01/2047 | 3867 | 3562 |
|  3.50%, 10/01/2047 | 848 | 781 |
|  3.50%, 11/01/2047 | 580 | 533 |
|  3.50%, 11/01/2047 | 956 | 878 |
|  3.50%, 12/01/2047 | 12737 | 11764 |
|  3.50%, 01/01/2048 | 686 | 630 |
|  3.50%, 01/01/2048 | 8851 | 8135 |

---

The accompanying notes are an integral part of these financial statements.

219.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage - Backed Obligations – 46.72% – (continued)** | | |
|  3.50%, 02/01/2048 | $607 | $557 |
|  4.00%, 01/01/2045 | 655 | 627 |
|  4.00%, 12/01/2045 | 1330 | 1268 |
|  4.00%, 03/01/2048 | 3106 | 2945 |
|  4.00%, 07/01/2048 | 3344 | 3170 |
|  4.00%, 11/01/2048 | 13161 | 12476 |
|  4.50%, 05/01/2044 | 109 | 108 |
|  4.50%, 06/01/2045 | 279 | 274 |
|  4.50%, 02/01/2046 | 309 | 303 |
|  4.50%, 05/01/2046 | 316 | 310 |
|  4.50%, 06/01/2046 | 324 | 318 |
|  4.50%, 02/01/2047 | 258 | 253 |
|  4.50%, 12/01/2047 | 860 | 838 |
|  4.50%, 10/01/2048 | 1981 | 1929 |
|  5.00%, 07/01/2048 | 390 | 391 |
|  5.00%, 08/01/2048 | 189 | 189 |
|  5.00%, 09/01/2048 | 124 | 124 |
|  5.00%, 10/01/2048 | 549 | 547 |
|  5.00%, 11/01/2048 | 765 | 764 |
|  5.50%, 08/01/2041 | 2268 | 2327 |
|  8.00%, 04/01/2032 | 68 | 71 |
|  Freddie Mac Multiclass Certificates Series 2024-P015 |  |  |
|  4.45%, 11/25/2032, Series 2024-P015, Class A1 <sup>(4)</sup> | 777 | 761 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates |  |  |
|  0.74%, 01/25/2031, Series KLU1, Class X1 <sup>(4)</sup> | 133494 | 1754 |
|  1.05%, 04/25/2034, Series K-1512, Class X1 <sup>(4)</sup> | 18641 | 973 |
|  3.61%, 10/25/2046, Series Q010, Class APT3 <sup>(4)</sup> | 159 | 157 |
|  5.03%, 10/25/2031, Series KJ48, Class A2 | 805 | 825 |
|  7.39%, 12/25/2047, Series Q010, Class APT2 <sup>(4)</sup> | 43 | 43 |
|  Freddie Mac Pool |  |  |
|  1.50%, 04/01/2036 | 658 | 589 |
|  1.50%, 04/01/2036 | 4152 | 3713 |
|  1.50%, 05/01/2036 | 923 | 825 |
|  1.50%, 08/01/2050 | 1636 | 1241 |
|  1.50%, 10/01/2050 | 4110 | 3094 |
|  1.50%, 06/01/2051 | 4706 | 3540 |
|  2.00%, 09/01/2035 | 1174 | 1080 |
|  2.00%, 01/01/2036 | 2430 | 2240 |
|  2.00%, 02/01/2036 | 1312 | 1212 |
|  2.00%, 02/01/2036 | 2591 | 2386 |
|  2.00%, 03/01/2036 | 480 | 442 |
|  2.00%, 05/01/2036 | 2793 | 2580 |
|  2.00%, 06/01/2036 | 2973 | 2744 |
|  2.00%, 07/01/2036 | 1266 | 1168 |
|  2.00%, 04/01/2037 | 936 | 860 |
|  2.00%, 09/01/2040 | 7953 | 6887 |
|  2.00%, 10/01/2040 | 6331 | 5478 |
|  2.00%, 05/01/2041 | 1394 | 1202 |
|  2.00%, 02/01/2042 | 727 | 624 |
|  2.00%, 03/01/2042 | 2699 | 2301 |
|  2.00%, 04/01/2042 | 766 | 656 |
|  2.00%, 04/01/2042 | 4394 | 3786 |
|  2.00%, 08/01/2050 | 549 | 441 |
|  2.00%, 09/01/2050 | 820 | 655 |
|  2.00%, 11/01/2050 | 1007 | 811 |
|  2.00%, 02/01/2051 | 33004 | 26282 |
|  2.00%, 03/01/2051 | 6634 | 5279 |

---

The accompanying notes are an integral part of these financial statements.

220.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  2.00%, 04/01/2051 | $3320 | $2676 |
|  2.00%, 04/01/2051 | 69049 | 54940 |
|  2.00%, 05/01/2051 | 1824 | 1469 |
|  2.00%, 05/01/2051 | 37747 | 30030 |
|  2.00%, 07/01/2051 | 7150 | 5786 |
|  2.00%, 09/01/2051 | 422 | 339 |
|  2.00%, 09/01/2051 | 2139 | 1713 |
|  2.00%, 10/01/2051 | 574 | 457 |
|  2.00%, 10/01/2051 | 7082 | 5655 |
|  2.00%, 12/01/2051 | 334 | 272 |
|  2.00%, 12/01/2051 | 844 | 679 |
|  2.00%, 12/01/2051 | 1769 | 1422 |
|  2.00%, 12/01/2051 | 2226 | 1794 |
|  2.00%, 01/01/2052 | 3886 | 3136 |
|  2.00%, 01/01/2052 | 5314 | 4282 |
|  2.00%, 01/01/2052 | 17092 | 13753 |
|  2.00%, 02/01/2052 | 237 | 191 |
|  2.00%, 02/01/2052 | 742 | 595 |
|  2.00%, 02/01/2052 | 1969 | 1588 |
|  2.00%, 04/01/2052 | 32426 | 25733 |
|  2.00%, 05/01/2052 | 38141 | 30225 |
|  2.00%, 06/01/2052 | 29658 | 23517 |
|  2.50%, 01/01/2035 | 9210 | 8690 |
|  2.50%, 01/01/2036 | 783 | 737 |
|  2.50%, 01/01/2036 | 1360 | 1279 |
|  2.50%, 07/01/2050 | 711 | 599 |
|  2.50%, 02/01/2051 | 6120 | 5193 |
|  2.50%, 05/01/2051 | 3606 | 3066 |
|  2.50%, 05/01/2051 | 16677 | 14068 |
|  2.50%, 11/01/2051 | 3547 | 3002 |
|  2.50%, 11/01/2051 | 15997 | 13513 |
|  2.50%, 12/01/2051 | 8925 | 7517 |
|  2.50%, 01/01/2052 | 11021 | 9258 |
|  2.50%, 01/01/2052 | 11466 | 9650 |
|  2.50%, 01/01/2052 | 32004 | 26611 |
|  2.50%, 02/01/2052 | 67677 | 56272 |
|  2.50%, 04/01/2052 | 17672 | 14884 |
|  2.50%, 04/01/2052 | 116597 | 96916 |
|  2.50%, 05/01/2052 | 42462 | 35324 |
|  3.00%, 05/01/2031 | 1975 | 1928 |
|  3.00%, 11/01/2034 | 602 | 581 |
|  3.00%, 09/01/2046 | 5651 | 5019 |
|  3.00%, 05/01/2047 | 2218 | 1977 |
|  3.00%, 09/01/2049 | 980 | 874 |
|  3.00%, 11/01/2049 | 6942 | 6173 |
|  3.00%, 01/01/2050 | 5603 | 4938 |
|  3.00%, 01/01/2050 | 21512 | 19078 |
|  3.00%, 02/01/2050 | 2798 | 2386 |
|  3.00%, 02/01/2050 | 6054 | 5340 |
|  3.00%, 04/01/2050 | 4177 | 3681 |
|  3.00%, 07/01/2050 | 19060 | 16800 |
|  3.00%, 08/01/2050 | 3757 | 3311 |
|  3.00%, 12/01/2050 | 6428 | 5672 |
|  3.00%, 01/01/2052 | 42 | 36 |
|  3.00%, 02/01/2052 | 68 | 59 |
|  3.00%, 03/01/2052 | 799 | 692 |
|  3.00%, 03/01/2052 | 57300 | 49674 |

---

The accompanying notes are an integral part of these financial statements.

221.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  3.00%, 04/01/2052 | $42 | $37 |
|  3.00%, 04/01/2052 | 415 | 360 |
|  3.00%, 04/01/2052 | 754 | 653 |
|  3.00%, 04/01/2052 | 824 | 714 |
|  3.00%, 04/01/2052 | 852 | 739 |
|  3.00%, 04/01/2052 | 26418 | 22881 |
|  3.00%, 05/01/2052 | 28 | 24 |
|  3.00%, 05/01/2052 | 842 | 729 |
|  3.00%, 05/01/2052 | 1261 | 1092 |
|  3.00%, 05/01/2052 | 32703 | 28347 |
|  3.00%, 06/01/2052 | 29 | 25 |
|  3.00%, 06/01/2052 | 268 | 232 |
|  3.00%, 06/01/2052 | 908 | 786 |
|  3.00%, 06/01/2052 | 1059 | 918 |
|  3.00%, 06/01/2052 | 1205 | 1044 |
|  3.00%, 06/01/2052 | 11807 | 10222 |
|  3.00%, 06/01/2052 | 64833 | 56131 |
|  3.00%, 07/01/2052 | 39 | 34 |
|  3.00%, 07/01/2052 | 847 | 735 |
|  3.00%, 07/01/2052 | 1748 | 1516 |
|  3.00%, 07/01/2052 | 3113 | 2697 |
|  3.00%, 07/01/2052 | 229785 | 199154 |
|  3.00%, 08/01/2052 | 5752 | 4986 |
|  3.00%, 01/01/2053 | 51583 | 44658 |
|  3.50%, 06/01/2033 | 2118 | 2087 |
|  3.50%, 06/01/2042 | 24 | 22 |
|  3.50%, 06/01/2046 | 238 | 220 |
|  3.50%, 11/01/2047 | 9730 | 8967 |
|  3.50%, 12/01/2047 | 123 | 112 |
|  3.50%, 03/01/2048 | 2863 | 2630 |
|  3.50%, 08/01/2049 | 1784 | 1629 |
|  3.50%, 01/01/2050 | 343 | 314 |
|  3.50%, 11/01/2050 | 1709 | 1558 |
|  3.50%, 05/01/2052 | 180 | 162 |
|  3.50%, 06/01/2052 | 46284 | 41749 |
|  3.50%, 11/01/2052 | 44501 | 40132 |
|  4.00%, 08/01/2038 | 245 | 241 |
|  4.00%, 11/01/2042 | 245 | 236 |
|  4.00%, 05/01/2047 | 140 | 133 |
|  4.00%, 04/01/2048 | 158 | 149 |
|  4.00%, 07/01/2048 | 8 | 7 |
|  4.00%, 07/01/2048 | 183 | 173 |
|  4.00%, 07/01/2048 | 414 | 392 |
|  4.00%, 11/01/2048 | 231 | 218 |
|  4.00%, 12/01/2048 | 209 | 197 |
|  4.00%, 12/01/2049 | 1309 | 1233 |
|  4.00%, 01/01/2050 | 1637 | 1540 |
|  4.00%, 02/01/2050 | 1060 | 1001 |
|  4.00%, 03/01/2050 | 58 | 54 |
|  4.00%, 03/01/2050 | 116 | 110 |
|  4.00%, 03/01/2050 | 3821 | 3619 |
|  4.00%, 05/01/2050 | 30 | 28 |
|  4.00%, 05/01/2050 | 55 | 52 |
|  4.00%, 06/01/2050 | 71 | 67 |
|  4.00%, 06/01/2050 | 438 | 410 |
|  4.00%, 05/01/2051 | 165 | 154 |
|  4.00%, 09/01/2051 | 54 | 50 |

---

The accompanying notes are an integral part of these financial statements.

222.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  4.00%, 07/01/2052 | $7250 | $6755 |
|  4.00%, 08/01/2052 | 32274 | 30072 |
|  4.00%, 09/01/2052 | 19513 | 18178 |
|  4.00%, 09/01/2052 | 30004 | 27957 |
|  4.00%, 10/01/2052 | 86619 | 80700 |
|  4.00%, 11/01/2052 | 34569 | 32207 |
|  4.00%, 02/01/2053 | 11952 | 11119 |
|  4.50%, 03/01/2050 | 1184 | 1144 |
|  4.50%, 07/01/2052 | 3632 | 3480 |
|  4.50%, 07/01/2052 | 18893 | 18084 |
|  4.50%, 08/01/2052 | 1210 | 1159 |
|  4.50%, 08/01/2052 | 76349 | 73166 |
|  4.50%, 09/01/2052 | 22842 | 21891 |
|  4.50%, 10/01/2052 | 898 | 861 |
|  4.50%, 11/01/2052 | 1815 | 1746 |
|  4.50%, 06/01/2053 | 942 | 902 |
|  4.50%, 07/01/2053 | 51603 | 49413 |
|  4.50%, 08/01/2053 | 13076 | 12524 |
|  4.50%, 09/01/2053 | 911 | 873 |
|  5.00%, 12/01/2041 | 464 | 470 |
|  5.00%, 03/01/2042 | 124 | 128 |
|  5.00%, 03/01/2044 | 160 | 160 |
|  5.00%, 06/01/2052 | 148 | 146 |
|  5.00%, 07/01/2052 | 1974 | 1958 |
|  5.00%, 08/01/2052 | 5783 | 5709 |
|  5.00%, 09/01/2052 | 226 | 223 |
|  5.00%, 10/01/2052 | 692 | 682 |
|  5.00%, 10/01/2052 | 46066 | 45368 |
|  5.00%, 11/01/2052 | 1395 | 1383 |
|  5.00%, 12/01/2052 | 1532 | 1518 |
|  5.00%, 12/01/2052 | 1791 | 1774 |
|  5.00%, 12/01/2052 | 2966 | 2939 |
|  5.00%, 01/01/2053 | 1857 | 1840 |
|  5.00%, 02/01/2053 | 567 | 562 |
|  5.00%, 04/01/2053 | 4646 | 4573 |
|  5.00%, 06/01/2053 | 34765 | 34146 |
|  5.00%, 08/01/2053 | 541 | 532 |
|  5.00%, 11/01/2053 | 2816 | 2765 |
|  5.00%, 11/01/2053 | 23777 | 23353 |
|  5.00%, 12/01/2053 | 32859 | 32268 |
|  5.00%, 06/01/2054 | 2262 | 2218 |
|  5.50%, 08/01/2026 <sup>(15)</sup> | 0 | 0 |
|  5.50%, 09/01/2052 | 476 | 478 |
|  5.50%, 01/01/2053 | 424 | 425 |
|  5.50%, 01/01/2053 | 439 | 443 |
|  5.50%, 01/01/2053 | 2011 | 2028 |
|  5.50%, 01/01/2053 | 15319 | 15364 |
|  5.50%, 02/01/2053 | 546 | 547 |
|  5.50%, 02/01/2053 | 1145 | 1152 |
|  5.50%, 03/01/2053 | 35 | 35 |
|  5.50%, 03/01/2053 | 3535 | 3565 |
|  5.50%, 03/01/2053 | 4509 | 4519 |
|  5.50%, 04/01/2053 | 13083 | 13104 |
|  5.50%, 05/01/2053 | 918 | 921 |
|  5.50%, 05/01/2053 | 3437 | 3467 |
|  5.50%, 05/01/2053 | 3999 | 4033 |
|  5.50%, 06/01/2053 | 156116 | 156346 |

---

The accompanying notes are an integral part of these financial statements.

223.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  5.50%, 07/01/2053 | $799 | $800 |
|  5.50%, 07/01/2053 | 1882 | 1886 |
|  5.50%, 07/01/2053 | 10387 | 10397 |
|  5.50%, 07/01/2053 | 16099 | 16125 |
|  5.50%, 08/01/2053 | 622 | 624 |
|  5.50%, 11/01/2053 | 132583 | 132852 |
|  5.50%, 12/01/2053 | 5387 | 5391 |
|  6.00%, 11/01/2052 | 451 | 462 |
|  6.00%, 01/01/2053 | 2226 | 2266 |
|  6.00%, 01/01/2053 | 7885 | 8040 |
|  6.00%, 02/01/2053 | 1264 | 1287 |
|  6.00%, 03/01/2053 | 64 | 65 |
|  6.00%, 03/01/2053 | 776 | 790 |
|  6.00%, 04/01/2053 | 772 | 790 |
|  6.00%, 04/01/2053 | 1385 | 1420 |
|  6.00%, 04/01/2053 | 3764 | 3837 |
|  6.00%, 05/01/2053 | 1243 | 1274 |
|  6.00%, 05/01/2053 | 3189 | 3267 |
|  6.00%, 06/01/2053 | 282 | 287 |
|  6.00%, 06/01/2053 | 2750 | 2821 |
|  6.00%, 08/01/2053 | 4034 | 4106 |
|  6.00%, 09/01/2053 | 30 | 30 |
|  6.00%, 10/01/2053 | 33468 | 34052 |
|  6.00%, 12/01/2053 | 85 | 87 |
|  6.00%, 02/01/2054 | 3251 | 3307 |
|  6.00%, 03/01/2054 | 86459 | 87883 |
|  6.00%, 06/01/2054 | 30 | 30 |
|  6.00%, 06/01/2054 | 32364 | 32906 |
|  6.00%, 07/01/2054 | 248 | 253 |
|  6.00%, 07/01/2054 | 51547 | 52426 |
|  6.00%, 08/01/2054 | 3162 | 3214 |
|  6.50%, 10/01/2053 | 1300 | 1344 |
|  6.50%, 10/01/2053 | 4390 | 4582 |
|  6.50%, 11/01/2053 | 50 | 52 |
|  6.50%, 11/01/2053 | 394 | 408 |
|  6.50%, 11/01/2053 | 1400 | 1457 |
|  6.50%, 12/01/2053 | 238 | 246 |
|  6.50%, 12/01/2053 | 14239 | 14707 |
|  6.50%, 12/01/2053 | 17387 | 18011 |
|  6.50%, 02/01/2054 | 3386 | 3497 |
|  6.50%, 03/01/2054 | 1312 | 1357 |
|  6.50%, 03/01/2054 | 1880 | 1947 |
|  6.50%, 07/01/2054 | 407 | 423 |
|  Freddie Mac REMICS |  |  |
|  3.00%, 01/15/2049, Series 4896, Class DA | 503 | 446 |
|  3.00%, 04/15/2049, Series 4879, Class BC | 1783 | 1598 |
|  4.00%, 01/15/2048, Series 4750, Class Z | 11227 | 10354 |
|  5.61% (30-day Average SOFR + 1.30%, 1.30% Floor, 6.50% Cap), 11/25/2054, Series 5473, Class BF <sup>(2)</sup> | 9151 | 9164 |
|  5.66% (30-day Average SOFR + 1.35%, 1.35% Floor, 6.50% Cap), 01/25/2055, Series 5513, Class FD <sup>(2)</sup> | 22217 | 22263 |
|  5.71% (30-day Average SOFR + 1.40%, 1.40% Floor, 6.50% Cap), 03/25/2055, Series 5516, Class FC <sup>(2)</sup> | 52454 | 52585 |
|  Freddie Mac STACR REMIC Trust 2021-DNA6 |  |  |
|  5.81% (30-day Average SOFR + 1.50%), 10/25/2041, Series 2021-DNA6, Class M2 <sup>(1)(2)</sup> | 16857 | 16921 |
|  Freddie Mac STACR REMIC Trust 2022-DNA7 |  |  |
|  9.31% (30-day Average SOFR + 5.00%), 03/25/2052, Series 2022-DNA7, Class M1B <sup>(1)(2)</sup> | 9000 | 9728 |
|  Freddie Mac STACR REMIC Trust 2023-DNA2 |  |  |
|  6.41% (30-day Average SOFR + 2.10%), 04/25/2043, Series 2023-DNA2, Class M1A <sup>(1)(2)</sup> | 2636 | 2677 |

---

The accompanying notes are an integral part of these financial statements.

224.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Freddie Mac Strips |  |  |
|  3.00%, 09/15/2044, Series 337, Class 300 | $29743 | $27119 |
|  Freddie Mac Whole Loan Securities Trust |  |  |
|  3.65%, 12/25/2046, Series 2017-SC01, Class M1 <sup>(1)(4)</sup> | 520 | 511 |
|  FREMF 2019-K736 Mortgage Trust |  |  |
|  3.86%, 07/25/2026, Series 2019-K736, Class B <sup>(1)(4)</sup> | 5440 | 5360 |
|  FREMF 2019-K94 Mortgage Trust |  |  |
|  4.10%, 07/25/2052, Series 2019-K94, Class B <sup>(1)(4)</sup> | 2800 | 2682 |
|  FREMF 2019-K98 Mortgage Trust |  |  |
|  3.86%, 10/25/2052, Series 2019-K98, Class B <sup>(1)(4)</sup> | 2895 | 2750 |
|  FS Rialto 2022-Fl4 Issuer LLC |  |  |
|  6.20% (30-day Average SOFR + 1.90%, 1.90% Floor), 01/19/2039, Series 2022-FL4, Class A <sup>(1)(2)</sup> | 1654 | 1655 |
|  FS Rialto 2024-FL9 Issuer LLC |  |  |
|  5.95% (1 Month Term SOFR + 1.63%, 1.63% Floor), 10/19/2039, Series 2024-FL9, Class A <sup>(1)(2)</sup> | 1711 | 1707 |
|  FS Rialto 2025-FL10 Issuer LLC |  |  |
|  5.70% (1 Month Term SOFR + 1.39%, 1.39% Floor), 08/19/2042, Series 2025-FL10, Class A <sup>(1)(2)</sup> | 610 | 608 |
|  Gaea Mortgage Loan Trust 2025-A |  |  |
|  6.75%, 02/25/2030, Series 2025-A, Class A <sup>(1)(4)</sup> | 840 | 824 |
|  Galton Funding Mortgage Trust 2018-2 |  |  |
|  4.00%, 10/25/2058, Series 2018-2, Class A22 <sup>(1)(4)</sup> | 201 | 189 |
|  Galton Funding Mortgage Trust 2019-1 |  |  |
|  4.00%, 02/25/2059, Series 2019-1, Class A22 <sup>(1)(4)</sup> | 205 | 195 |
|  Galton Funding Mortgage Trust 2019-H1 |  |  |
|  2.96%, 10/25/2059, Series 2019-H1, Class A3 <sup>(1)(4)</sup> | 705 | 699 |
|  GCAT 2019-RPL1 Trust |  |  |
|  2.65%, 10/25/2068, Series 2019-RPL1, Class A1 <sup>(1)(4)</sup> | 1010 | 979 |
|  GCAT 2021-NQM3 Trust |  |  |
|  3.47%, 05/25/2066, Series 2021-NQM3, Class B1 <sup>(1)(4)</sup> | 578 | 421 |
|  GCAT 2022-CM1 Trust |  |  |
|  2.89%, 12/27/2066, Series 2022-HX1, Class A1 <sup>(1)(4)</sup> | 128 | 120 |
|  GCAT 2022-NQM2 Trust |  |  |
|  4.20%, 02/25/2067, Series 2022-NQM2, Class M1 <sup>(1)(4)</sup> | 363 | 302 |
|  GCAT 2023-NQM4 Trust |  |  |
|  4.25%, 05/25/2067, Series 2023-NQM4, Class A1 <sup>(1)(4)</sup> | 2031 | 1928 |
|  GCAT 2025-INV2 Trust |  |  |
|  6.00%, 05/25/2055, Series 2025-INV2, Class A1 <sup>(1)(4)</sup> | 21765 | 21964 |
|  GFH 2025-IND Mortgage Trust |  |  |
|  5.15%, 06/15/2033, Series 2025-IND, Class A <sup>(1)</sup> | 15565 | 15617 |
|  Ginnie Mae |  |  |
|  1.05%, 01/16/2061, Series 2021-17, Class IO <sup>(4)</sup> | 12160 | 964 |
|  1.25%, 01/16/2061, Series 2021-31, Class B | 9327 | 6761 |
|  1.29%, 03/16/2063, Series 2021-36, Class IO <sup>(4)</sup> | 57200 | 4737 |
|  1.40%, 06/16/2063, Series 2021-21, Class AH | 8576 | 6612 |
|  1.50%, 06/16/2063, Series 2021-2, Class AH | 12607 | 9173 |
|  2.00%, 07/01/2055 <sup>(14)</sup> | 53613 | 43652 |
|  2.25%, 04/16/2065, Series 2023-119, Class AD | 865 | 698 |
|  2.50%, 07/01/2055 <sup>(14)</sup> | 195455 | 166027 |
|  3.00%, 11/16/2044, Series 2015-8, Class LZ | 1676 | 1511 |
|  3.00%, 07/20/2049, Series 2019-90, Class HE | 139 | 124 |
|  3.00%, 09/20/2049, Series 2019-119, Class JE | 1024 | 914 |
|  3.00%, 08/20/2050, Series 2021-97, Class LI | 3674 | 611 |
|  3.00%, 02/20/2051, Series 2021-58, Class IY | 3032 | 506 |
|  3.00%, 05/20/2051, Series 2022-85, Class IK | 2237 | 385 |
|  3.00%, 05/20/2051, Series 2021-83, Class PI | 2876 | 490 |
|  3.00%, 05/20/2051, Series 2021-78, Class IP | 3547 | 599 |
|  3.00%, 08/20/2051, Series 2021-140, Class JI | 246 | 42 |
|  3.00%, 08/20/2051, Series 2022-78, Class IO | 2392 | 407 |

---

The accompanying notes are an integral part of these financial statements.

225.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  3.00%, 07/01/2055 <sup>(14)</sup> | $24492 | $21660 |
|  3.25%, 09/16/2063, Series 2023-50, Class AC <sup>(4)</sup> | 408 | 370 |
|  3.50%, 08/20/2048, Series 2018-115, Class DE | 1928 | 1781 |
|  3.50%, 09/20/2048, Series 2018-124, Class NW | 1375 | 1265 |
|  3.50%, 07/01/2055 <sup>(14)</sup> | 1515 | 1377 |
|  3.75%, 05/16/2065, Series 2023-118, Class BA <sup>(4)</sup> | 445 | 406 |
|  4.00%, 07/01/2055 <sup>(14)</sup> | 112017 | 104133 |
|  4.00%, 08/01/2055 <sup>(14)</sup> | 8452 | 7856 |
|  4.50%, 07/01/2055 <sup>(14)</sup> | 97258 | 93082 |
|  5.00%, 07/01/2042 <sup>(14)</sup> | 238047 | 233797 |
|  5.00% (30-day Average SOFR + 0.70%, 0.70% Floor, 10.50% Cap), 02/20/2074, Series 2024-H04, Class FA <sup>(2)</sup> | 1048 | 1043 |
|  5.11% (1 Month Term SOFR + 0.77%, 0.66% Floor, 7.50% Cap), 12/20/2065, Series 2015-H33, Class FA <sup>(2)</sup> | 366 | 366 |
|  5.40% (30-day Average SOFR + 1.10%, 1.10% Floor, 6.50% Cap), 04/20/2054, Series 2024-64, Class FD <sup>(2)</sup> | 11160 | 11170 |
|  5.45% (30-day Average SOFR + 1.15%, 1.15% Floor, 6.50% Cap), 06/20/2054, Series 2024-97, Class FW <sup>(2)</sup> | 3375 | 3366 |
|  5.50%, 07/01/2055 <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332871 | 333308 |
|  5.60% (30-day Average SOFR + 1.30%, 1.30% Floor, 6.50% Cap), 02/20/2054, Series 2024-30, Class DF <sup>(2)</sup> | 3115 | 3130 |
|  6.00%, 07/01/2042 <sup>(14)</sup> | 92476 | 93827 |
|  6.00%, 08/01/2055 <sup>(14)</sup> | 60000 | 60808 |
|  6.50%, 07/01/2055 <sup>(14)</sup> | 16678 | 17120 |
|  Ginnie Mae I Pool |  |  |
|  4.50%, 05/15/2041 | 189 | 182 |
|  5.00%, 09/15/2041 | 87 | 88 |
|  5.00%, 07/15/2044 | 54 | 54 |
|  7.50%, 08/15/2033 | 32 | 33 |
|  Ginnie Mae II Pool |  |  |
|  2.00%, 08/20/2050 | 11563 | 9421 |
|  2.00%, 11/20/2050 | 1544 | 1258 |
|  2.00%, 01/20/2051 | 18499 | 15069 |
|  2.00%, 02/20/2051 | 1374 | 1120 |
|  2.50%, 04/20/2051 | 2723 | 2315 |
|  2.50%, 10/20/2051 | 44341 | 37690 |
|  2.50%, 12/20/2051 | 13062 | 11103 |
|  3.00%, 02/20/2043 | 916 | 828 |
|  3.00%, 06/20/2045 | 10049 | 9030 |
|  3.00%, 10/20/2045 | 2004 | 1800 |
|  3.00%, 05/20/2046 | 3165 | 2842 |
|  3.00%, 07/20/2046 | 3873 | 3477 |
|  3.00%, 10/20/2046 | 606 | 544 |
|  3.00%, 12/20/2046 | 1490 | 1338 |
|  3.00%, 03/20/2047 | 400 | 359 |
|  3.00%, 09/20/2047 | 3956 | 3541 |
|  3.00%, 11/20/2047 | 1379 | 1235 |
|  3.00%, 01/20/2048 | 1761 | 1576 |
|  3.00%, 10/20/2049 | 3748 | 3265 |
|  3.00%, 03/20/2050 | 1853 | 1614 |
|  3.00%, 04/20/2050 | 105 | 91 |
|  3.00%, 04/20/2051 | 9172 | 8132 |
|  3.00%, 07/20/2051 | 18076 | 16011 |
|  3.00%, 01/20/2052 | 721 | 638 |
|  3.00%, 03/20/2052 | 2700 | 2390 |
|  3.00%, 04/20/2052 | 8130 | 7194 |
|  3.50%, 06/20/2043 | 630 | 589 |

---

The accompanying notes are an integral part of these financial statements.

226.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  3.50%, 07/20/2043 | $637 | $595 |
|  3.50%, 01/20/2045 | 771 | 705 |
|  3.50%, 12/20/2045 | 736 | 684 |
|  3.50%, 01/20/2046 | 513 | 477 |
|  3.50%, 03/20/2046 | 5520 | 5124 |
|  3.50%, 04/20/2046 | 1850 | 1722 |
|  3.50%, 05/20/2046 | 842 | 783 |
|  3.50%, 06/20/2046 | 1192 | 1109 |
|  3.50%, 12/20/2046 | 1273 | 1178 |
|  3.50%, 01/20/2047 | 1554 | 1440 |
|  3.50%, 04/20/2047 | 2052 | 1899 |
|  3.50%, 05/20/2047 | 90 | 83 |
|  3.50%, 06/20/2047 | 5353 | 4948 |
|  3.50%, 07/20/2047 | 1558 | 1440 |
|  3.50%, 08/20/2047 | 1388 | 1282 |
|  3.50%, 09/20/2047 | 3492 | 3215 |
|  3.50%, 10/20/2047 | 278 | 257 |
|  3.50%, 11/20/2047 | 4805 | 4439 |
|  3.50%, 12/20/2047 | 3183 | 2953 |
|  3.50%, 01/20/2048 | 2186 | 2018 |
|  3.50%, 02/20/2048 | 1110 | 1020 |
|  3.50%, 02/20/2048 | 3205 | 2955 |
|  3.50%, 02/20/2048 | 5047 | 4691 |
|  3.50%, 04/20/2048 | 8802 | 8065 |
|  3.50%, 05/20/2048 | 2496 | 2305 |
|  3.50%, 06/20/2049 | 181 | 163 |
|  3.50%, 07/20/2049 | 1074 | 962 |
|  3.50%, 03/20/2050 | 397 | 365 |
|  3.50%, 02/20/2051 | 7616 | 6944 |
|  3.50%, 08/20/2051 | 7508 | 6857 |
|  3.50%, 11/20/2052 | 550 | 502 |
|  4.00%, 09/20/2045 | 550 | 522 |
|  4.00%, 03/20/2047 | 397 | 375 |
|  4.00%, 04/20/2047 | 824 | 777 |
|  4.00%, 05/20/2047 | 653 | 611 |
|  4.00%, 06/20/2047 | 734 | 692 |
|  4.00%, 09/20/2047 | 1037 | 978 |
|  4.00%, 11/20/2047 | 728 | 686 |
|  4.00%, 12/20/2047 | 703 | 662 |
|  4.00%, 01/20/2048 | 955 | 899 |
|  4.00%, 06/20/2048 | 3674 | 3463 |
|  4.00%, 08/20/2048 | 1372 | 1293 |
|  4.00%, 09/20/2048 | 791 | 745 |
|  4.00%, 10/20/2048 | 308 | 291 |
|  4.00%, 10/20/2050 | 6550 | 6233 |
|  4.00%, 12/20/2052 | 7929 | 7442 |
|  4.00%, 11/20/2054 | 65445 | 60876 |
|  4.50%, 07/20/2045 | 1189 | 1163 |
|  4.50%, 09/20/2046 | 1413 | 1389 |
|  4.50%, 01/20/2047 | 926 | 905 |
|  4.50%, 05/20/2047 | 1600 | 1560 |
|  4.50%, 06/20/2047 | 2178 | 2126 |
|  4.50%, 08/20/2047 | 626 | 611 |
|  4.50%, 09/20/2047 | 613 | 600 |
|  4.50%, 08/20/2048 | 2541 | 2476 |
|  4.50%, 09/20/2048 | 279 | 271 |
|  4.50%, 10/20/2052 | 48983 | 47302 |

---

The accompanying notes are an integral part of these financial statements.

227.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  4.50%, 10/20/2054 | $59471 | $56950 |
|  4.50%, 11/20/2054 | 36477 | 34932 |
|  5.00%, 12/20/2044 | 104 | 105 |
|  5.00%, 06/20/2047 | 1063 | 1062 |
|  5.00%, 09/20/2047 | 597 | 596 |
|  5.00%, 12/20/2047 | 435 | 435 |
|  5.00%, 01/20/2048 | 508 | 507 |
|  5.00%, 02/20/2048 | 433 | 433 |
|  5.00%, 08/20/2048 | 896 | 895 |
|  5.00%, 10/20/2048 | 811 | 812 |
|  5.50%, 05/20/2048 | 721 | 737 |
|  5.50%, 11/20/2048 | 439 | 447 |
|  5.50%, 03/20/2049 | 546 | 557 |
|  Great Wolf Trust 2024-WOLF |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 03/15/2039, Series 2024-WOLF, Class A <sup>(1)(2)</sup> | 1050 | 1052 |
|  Greystone CRE Notes 2025-FL4 LLC |  |  |
|  5.79% (1 Month Term SOFR + 1.48%, 1.48% Floor), 01/15/2043, Series 2025-FL4, Class A <sup>(1)(2)</sup> | 625 | 625 |
|  Grifonas Finance No 1 Plc |  |  |
|  2.67% (6 Month €STR + 0.28%), 08/28/2039, Series 1, Class A <sup>(2)</sup> | 1760 | 2028 |
|  GS Mortgage Securities Corp. Trust 2012-BWTR |  |  |
|  2.95%, 11/05/2034, Series 2012-BWTR, Class A <sup>(1)</sup> | $3977 | 3431 |
|  GS Mortgage Securities Corp. Trust 2012-TMSQ |  |  |
|  3.84%, 04/10/2031, Series 2013-G1, Class B <sup>(1)(4)</sup> | 1486 | 1438 |
|  GS Mortgage Securities Corp. Trust 2013-PEMB |  |  |
|  3.67%, 03/05/2033, Series 2013-PEMB, Class D <sup>(1)(4)</sup> | 5150 | 1391 |
|  3.67%, 03/05/2033, Series 2013-PEMB, Class A <sup>(1)(4)</sup> | 4610 | 3965 |
|  GS Mortgage Securities Corp. Trust 2021-DM |  |  |
|  5.31% (1 Month Term SOFR + 1.00%, 0.89% Floor), 11/15/2036, Series 2021-DM, Class A <sup>(1)(2)</sup> | 8981 | 8914 |
|  GS Mortgage Securities Corp. Trust 2023-FUN |  |  |
|  6.40% (1 Month Term SOFR + 2.09%, 2.09% Floor), 03/15/2028, Series 2023-FUN, Class A <sup>(1)(2)</sup> | 693 | 695 |
|  GS Mortgage Securities Corp. Trust 2023-SHIP |  |  |
|  7.68%, 09/10/2038, Series 2023-SHIP, Class E <sup>(1)(4)</sup> | 5939 | 5975 |
|  GS Mortgage Securities Corp. Trust 2024-RVR |  |  |
|  7.72%, 08/10/2041, Series 2024-RVR, Class E <sup>(1)(4)</sup> | 3316 | 3298 |
|  GS Mortgage Securities Corp. Trust 2025-800D |  |  |
|  6.96% (1 Month Term SOFR + 2.65%, 2.65% Floor), 11/25/2041, Series 2025-800D, Class A <sup>(1)(2)</sup> | 3492 | 3498 |
|  GS Mortgage Securities Corportation Trust 2021-IP |  |  |
|  5.38% (1 Month Term SOFR + 1.06%, 0.95% Floor), 10/15/2036, Series 2021-IP, Class A <sup>(1)(2)</sup> | 1110 | 1106 |
|  GS Mortgage-Backed Securities Corp. Trust 2021-NQM1 |  |  |
|  1.02%, 07/25/2061, Series 2021-NQM1, Class A1 <sup>(1)(4)</sup> | 11086 | 9940 |
|  GS Mortgage-Backed Securities Corp. Trust 2021-RPL1 |  |  |
|  3.00%, 12/25/2060, Series 2021-RPL1, Class B2 <sup>(1)(4)</sup> | 3250 | 2569 |
|  GS Mortgage-Backed Securities Trust 2020-INV1 |  |  |
|  2.91%, 10/25/2050, Series 2020-INV1, Class A14 <sup>(1)(4)</sup> | 3085 | 2623 |
|  GS Mortgage-Backed Securities Trust 2021-GR1 |  |  |
|  2.50%, 11/25/2051, Series 2021-GR1, Class A4 <sup>(1)(4)</sup> | 4876 | 3945 |
|  GS Mortgage-Backed Securities Trust 2022-NQM1 |  |  |
|  4.00%, 05/25/2062, Series 2022-NQM1, Class A4 <sup>(1)(4)</sup> | 203 | 185 |
|  GS Mortgage-Backed Securities Trust 2023-CCM1 |  |  |
|  7.40%, 08/25/2053, Series 2023-CCM1, Class B1 <sup>(1)(4)</sup> | 375 | 373 |
|  GS Mortgage-Backed Securities Trust 2024-RPL5 |  |  |
|  0.00%, 07/25/2064, Series 2024-RPL5, Class SA <sup>(1)</sup> | 37 | 37 |
|  3.57%, 07/25/2064, Series 2024-RPL5, Class PT <sup>(1)(4)</sup> | 111613 | 95687 |
|  GS Mortgage-Backed Securities Trust 2024-RPL6 |  |  |
|  0.00%, 01/25/2064, Series 2024-RPL6, Class SA <sup>(1)</sup> | 59 | 58 |
|  3.33%, 01/25/2064, Series 2024-RPL6, Class PT <sup>(1)(4)</sup> | 105724 | 88272 |

---

The accompanying notes are an integral part of these financial statements.

228.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  GS Mortgage-Backed Securities Trust 2024-RPL7 |  |  |
|  0.00%, 07/25/2064, Series 2024-RPL7, Class SA <sup>(1)</sup> | $148 | $145 |
|  4.00%, 07/25/2064, Series 2024-RPL7, Class PT <sup>(1)(4)</sup> | 108826 | 97725 |
|  GS Mortgage-Backed Securities Trust 2025-PJ5 |  |  |
|  6.00%, 10/25/2055, Series 2025-PJ5, Class A1 <sup>(1)(4)</sup> | 7942 | 8007 |
|  GWT 2024-WLF2 |  |  |
|  6.00% (1 Month Term SOFR + 1.69%), 05/15/2041, Series 2024-WLF2, Class A <sup>(1)(2)</sup> | 7195 | 7213 |
|  HarborView Mortgage Loan Trust 2005-9 |  |  |
|  5.33% (1 Month Term SOFR + 1.01%, 0.90% Floor, 11.00% Cap), 06/20/2035, Series 2005-9, Class 2A1C <sup>(2)</sup> | 3673 | 3453 |
|  HarborView Mortgage Loan Trust 2006-10 |  |  |
|  4.84% (1 Month Term SOFR + 0.51%, 0.40% Floor), 11/19/2036, Series 2006-10, Class 1A1A <sup>(2)</sup> | 6327 | 4830 |
|  HarborView Mortgage Loan Trust 2006-12 |  |  |
|  4.84% (1 Month Term SOFR + 0.52%, 0.41% Floor), 12/19/2036, Series 2006-12, Class 1A1A <sup>(2)</sup> | 22695 | 17770 |
|  HarborView Mortgage Loan Trust 2006-7 |  |  |
|  4.83% (1 Month Term SOFR + 0.51%, 0.40% Floor), 09/19/2046, Series 2006-7, Class 2A1A <sup>(2)</sup> | 1820 | 1591 |
|  HarborView Mortgage Loan Trust 2007-6 |  |  |
|  4.63% (1 Month Term SOFR + 0.31%, 10.50% Cap), 08/19/2037, Series 2007-6, Class 1A1A <sup>(2)</sup> | 5171 | 4367 |
|  Harvest Commercial Capital Loan Trust 2024-1 |  |  |
|  6.16%, 10/25/2056, Series 2024-1, Class A | 5836 | 6053 |
|  HIH Trust 2024-61P |  |  |
|  6.15% (1 Month Term SOFR + 1.84%, 1.84% Floor), 10/15/2041, Series 2024-61P, Class A <sup>(1)(2)</sup> | 1212 | 1213 |
|  7.95% (1 Month Term SOFR + 3.64%, 3.64% Floor), 10/15/2041, Series 2024-61P, Class D <sup>(1)(2)</sup> | 453 | 452 |
|  HILT Commercial Mortgage Trust 2024-ORL |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 05/15/2037, Series 2024-ORL, Class A <sup>(1)(2)</sup> | 2791 | 2793 |
|  7.50% (1 Month Term SOFR + 3.19%, 3.19% Floor), 05/15/2037, Series 2024-ORL, Class D <sup>(1)(2)</sup> | 2093 | 2089 |
|  HIT Trust 2022-HI32 |  |  |
|  6.70% (1 Month Term SOFR + 2.39%, 2.39% Floor), 07/15/2039, Series 2022-HI32, Class A <sup>(1)(2)</sup> | 330 | 330 |
|  HLTN Commercial Mortgage Trust 2024-DPLO |  |  |
|  5.95% (1 Month Term SOFR + 1.64%, 1.64% Floor), 06/15/2041, Series 2024-DPLO, Class A <sup>(1)(2)</sup> | 1117 | 1118 |
|  Homes 2024-Nqm2 Trust |  |  |
|  5.72%, 10/25/2069, Series 2024-NQM2, Class A1 <sup>(1)(3)</sup> | 29709 | 29844 |
|  HOMES 2025-NQM1 Trust |  |  |
|  5.55%, 01/25/2070, Series 2025-NQM1, Class A1 <sup>(1)(3)</sup> | 33554 | 33671 |
|  6.52%, 01/25/2070, Series 2025-NQM1, Class M1 <sup>(1)(4)</sup> | 3350 | 3387 |
|  HOMES 2025-NQM2 Trust |  |  |
|  5.43%, 02/25/2070, Series 2025-NQM2, Class A1 <sup>(1)(3)</sup> | 10230 | 10247 |
|  Homeward Opportunities Fund I Trust 2020-2 |  |  |
|  5.45%, 05/25/2065, Series 2020-2, Class B1 <sup>(1)(4)</sup> | 280 | 279 |
|  Homeward Opportunities Fund Trust 2022-1 |  |  |
|  5.04%, 07/25/2067, Series 2022-1, Class M1 <sup>(1)(4)</sup> | 2331 | 2278 |
|  5.08%, 07/25/2067, Series 2022-1, Class A1 <sup>(1)(3)</sup> | 2981 | 2965 |
|  HONO 2021-LULU Mortgage Trust |  |  |
|  5.58% (1 Month Term SOFR + 1.26%, 1.15% Floor), 10/15/2036, Series 2021-LULU, Class A <sup>(1)(2)</sup> | 2446 | 2428 |
|  Household Capital 2025-1 RMBS |  |  |
|  5.74% (3 Month RBA Cash Rate + 1.90%), 07/21/2087, Series 1, Class A <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1510 | 991 |
|  Houston Galleria Mall Trust 2025-HGLR |  |  |
|  5.64%, 02/05/2045, Series 2025-HGLR, Class A <sup>(1)(4)</sup> | $160 | 164 |
|  HSI Asset Securitization Corp. Trust 2005-NC1 |  |  |
|  5.39% (1 Month Term SOFR + 1.07%, 0.96% Floor), 07/25/2035, Series 2005-NC1, Class M3 <sup>(2)</sup> | 4496 | 4329 |
|  HTL Commercial Mortgage Trust 2024-T53 |  |  |
|  6.07%, 05/10/2039, Series 2024-T53, Class A <sup>(1)(4)</sup> | 630 | 636 |
|  10.60%, 05/10/2039, Series 2024-T53, Class E <sup>(1)(4)</sup> | 1777 | 1827 |
|  Hudson Yards 2025-SPRL Mortgage Trust |  |  |
|  5.95%, 01/13/2040, Series 2025-SPRL, Class B <sup>(1)(4)</sup> | 10439 | 10750 |
|  Hudsons Bay Simon JV Trust 2015-HBS |  |  |
|  3.91%, 08/05/2034, Series 2015-HB7, Class A7 <sup>(1)</sup> | 200 | 199 |
|  4.15%, 08/05/2034, Series 2015-HB10, Class A10 <sup>(1)</sup> | 3540 | 3523 |

---

The accompanying notes are an integral part of these financial statements.

229.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  ILPT Commercial Mortgage Trust 2022-LPF2 |  |  |
|  6.56% (1 Month Term SOFR + 2.25%, 2.25% Floor), 10/15/2039, Series 2022-LPF2, Class A <sup>(1)(2)</sup> | $2822 | $2818 |
|  ILPT Trust 2019-SURF |  |  |
|  4.15%, 02/11/2041, Series 2019-SURF, Class A <sup>(1)</sup> | 7575 | 7373 |
|  Impac CMB Trust Series 2004-7 |  |  |
|  5.07% (1 Month Term SOFR + 0.75%, 11.25% Cap), 11/25/2034, Series 2004-7, Class 2A <sup>(2)</sup> | 1266 | 1241 |
|  Impac CMB Trust Series 2007-A |  |  |
|  4.93% (1 Month Term SOFR + 0.61%, 0.50% Floor, 11.50% Cap), 05/25/2037, Series 2007-A, Class A <sup>(1)(2)</sup> | 438 | 424 |
|  Impac Secured Assets Trust 2006-3 |  |  |
|  4.77% (1 Month Term SOFR + 0.45%, 0.34% Floor), 11/25/2036, Series 2006-3, Class A1 <sup>(2)</sup> | 335 | 304 |
|  Imperial Fund Mortgage Trust 2021-NQM2 |  |  |
|  1.07%, 09/25/2056, Series 2021-NQM2, Class A1 <sup>(1)(4)</sup> | 2106 | 1785 |
|  INCREF 2025-FL1 LLC |  |  |
|  6.05% (1 Month Term SOFR + 1.73%, 1.73% Floor), 10/19/2042, Series 2025-FL1, Class A <sup>(1)(2)</sup> | 1739 | 1743 |
|  IndyMac INDX Mortgage Loan Trust 2006-AR19 |  |  |
|  4.37%, 08/25/2036, Series 2006-AR19, Class 5A2 <sup>(4)</sup> | 12258 | 8865 |
|  IndyMac INDX Mortgage Loan Trust 2007-AR15 |  |  |
|  4.44%, 08/25/2037, Series 2007-AR15, Class 1A1 <sup>(4)</sup> | 2847 | 1983 |
|  IndyMac INDX Mortgage Loan Trust 2007-AR9 |  |  |
|  3.10%, 04/25/2037, Series 2007-AR9, Class 1A1 <sup>(4)</sup> | 2200 | 1886 |
|  INV 2024-IND Mortgage Trust |  |  |
|  6.05% (1 Month Term SOFR + 1.74%, 1.74% Floor), 11/15/2041, Series 2024-IND, Class A <sup>(1)(2)</sup> | 1780 | 1779 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 |  |  |
|  3.69%, 12/15/2047, Series 2012-LC9, Class D <sup>(1)(4)</sup> | 215 | 204 |
|  3.69%, 12/15/2047, Series 2012-LC9, Class C <sup>(1)(4)</sup> | 2262 | 2194 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2 |  |  |
|  3.06%, 08/15/2049, Series 2016-JP2, Class AS | 1993 | 1898 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2016-NINE |  |  |
|  2.95%, 09/06/2038, Series 2016-NINE, Class B <sup>(1)(4)</sup> | 1193 | 1154 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
|  4.25%, 07/05/2033, Series 2018-WPT, Class AFX <sup>(1)</sup> | 965 | 913 |
|  5.35%, 07/05/2033, Series 2018-WPT, Class DFX <sup>(1)</sup> | 10060 | 6388 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2019-OSB |  |  |
|  3.40%, 06/05/2039, Series 2019-OSB, Class A <sup>(1)</sup> | 8013 | 7517 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2020-609M |  |  |
|  6.05% (1 Month Term SOFR + 1.73%, 1.37% Floor), 10/15/2033, Series 2020-609M, Class A <sup>(1)(2)</sup> | 288 | 287 |
|  7.45% (1 Month Term SOFR + 3.13%, 2.77% Floor), 10/15/2033, Series 2020-609M, Class D <sup>(1)(2)</sup> | 100 | 96 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2021-1440 |  |  |
|  5.73% (1 Month Term SOFR + 1.41%, 1.30% Floor), 03/15/2036, Series 2021-1440, Class A <sup>(1)(2)</sup> | 5000 | 4579 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5 |  |  |
|  6.54% (1 Month Term SOFR + 2.23%, 1.97% Floor), 11/15/2038, Series 2021-HTL5, Class C <sup>(1)(2)</sup> | 8700 | 8613 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC |  |  |
|  5.48% (1 Month Term SOFR + 1.16%, 0.80% Floor), 04/15/2038, Series 2021-MHC, Class A <sup>(1)(2)</sup> | 130 | 130 |
|  5.98% (1 Month Term SOFR + 1.66%, 1.30% Floor), 04/15/2038, Series 2021-MHC, Class C <sup>(1)(2)</sup> | 1000 | 1001 |
|  6.38% (1 Month Term SOFR + 2.06%, 1.70% Floor), 04/15/2038, Series 2021-MHC, Class D <sup>(1)(2)</sup> | 4263 | 4266 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2023-CCDC |  |  |
|  7.24%, 10/05/2040, Series 2023-CCDC, Class A <sup>(1)</sup> | 5800 | 6168 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2024-IGLG |  |  |
|  5.35%, 11/09/2039, Series 2024-IGLG, Class A <sup>(1)(4)</sup> | 2970 | 2993 |
|  6.70%, 11/09/2039, Series 2024-IGLG, Class D <sup>(1)(4)</sup> | 830 | 829 |
|  7.50%, 11/09/2039, Series 2024-IGLG, Class E <sup>(1)(4)</sup> | 2521 | 2516 |
|  8.49%, 11/09/2039, Series 2024-IGLG, Class F <sup>(1)(4)</sup> | 2160 | 2152 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI |  |  |
|  5.99%, 10/05/2039, Series 2024-OMNI, Class A <sup>(1)(4)</sup> | 4270 | 4356 |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5 |  |  |
|  6.01% (1 Month Term SOFR + 1.69%, 1.69% Floor), 03/15/2040, Series 2025-BHR5, Class A <sup>(1)(2)</sup> | 4090 | 4090 |

---

The accompanying notes are an integral part of these financial statements.

230.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  JP Morgan Chase Commercial Mortgage Securities Trust 2025-BMS |  |  |
|  5.91% (1 Month Term SOFR + 1.60%, 1.60% Floor), 01/15/2042, Series 2025-BMS, Class A <sup>(1)(2)</sup> | $5700 | $5672 |
|  6.31% (1 Month Term SOFR + 2.00%, 2.00% Floor), 01/15/2042, Series 2025-BMS, Class B <sup>(1)(2)</sup> | 3500 | 3487 |
|  JP Morgan Mortgage Trust 2019-INV3 |  |  |
|  3.50%, 05/25/2050, Series 2019-INV3, Class A15 <sup>(1)(4)</sup> | 643 | 579 |
|  3.50%, 05/25/2050, Series 2019-INV3, Class A3 <sup>(1)(4)</sup> | 752 | 678 |
|  JP Morgan Mortgage Trust 2020-7 |  |  |
|  3.00%, 01/25/2051, Series 2020-7, Class A15 <sup>(1)(4)</sup> | 2542 | 2198 |
|  JP Morgan Mortgage Trust 2020-INV1 |  |  |
|  3.50%, 08/25/2050, Series 2020-INV1, Class A3 <sup>(1)(4)</sup> | 652 | 586 |
|  JP Morgan Mortgage Trust 2020-INV2 |  |  |
|  3.00%, 10/25/2050, Series 2020-INV2, Class A15 <sup>(1)(4)</sup> | 1061 | 921 |
|  JP Morgan Mortgage Trust 2020-LTV1 |  |  |
|  3.25%, 06/25/2050, Series 2020-LTV1, Class B1A <sup>(1)(4)</sup> | 4422 | 3848 |
|  JP Morgan Mortgage Trust 2021-4 |  |  |
|  2.90%, 08/25/2051, Series 2021-4, Class B5 <sup>(1)(4)</sup> | 77 | 57 |
|  2.90%, 08/25/2051, Series 2021-4, Class B4 <sup>(1)(4)</sup> | 103 | 81 |
|  2.90%, 08/25/2051, Series 2021-4, Class B6 <sup>(1)(4)</sup> | 233 | 83 |
|  JP Morgan Mortgage Trust 2024-10 |  |  |
|  5.56% (30-day Average SOFR + 1.25%, 7.50% Cap), 03/25/2055, Series 2024-10, Class A11 <sup>(1)(2)</sup> | 12640 | 12640 |
|  JP Morgan Mortgage Trust 2024-9 |  |  |
|  5.66% (30-day Average SOFR + 1.35%, 7.50% Cap), 02/25/2055, Series 2024-9, Class A11 <sup>(1)(2)</sup> | 9690 | 9730 |
|  JP Morgan Mortgage Trust 2025-VIS1 |  |  |
|  6.41%, 08/25/2055, Series 2025-VIS1, Class M1 <sup>(1)(4)</sup> | 1262 | 1264 |
|  JP Morgan Mortgage Trust Series 2024-CES2 |  |  |
|  0.00%, 02/25/2055, Series 2024-CES2, Class PT <sup>(1)(4)</sup> | 93409 | 101080 |
|  JP Morgan Mortgage Trust Series 2024-VIS1 |  |  |
|  8.07%, 07/25/2064, Series 2024-VIS1, Class B2 <sup>(1)(4)</sup> | 180 | 178 |
|  JP Morgan Mortgage Trust Series 2024-VIS2 |  |  |
|  7.72%, 11/25/2064, Series 2024-VIS2, Class B1 <sup>(1)(4)</sup> | 369 | 370 |
|  JP Morgan Mortgage Trust Series 2025-CES1 |  |  |
|  5.67%, 05/25/2055, Series 2025-CES1, Class A1 <sup>(1)(4)</sup> | 23463 | 23578 |
|  JP Morgan Seasoned Mortgage Trust 2010-1 |  |  |
|  0.00%, 03/25/2050, Series 2010-1, Class B <sup>(1)(4)</sup> | 3780 | 3284 |
|  JP Morgan Trust 2015-1 |  |  |
|  5.66%, 12/25/2044, Series 2015-1, Class B4 <sup>(1)(4)</sup> | 462 | 455 |
|  JPMBB Commercial Mortgage Securities Trust 2015-C30 |  |  |
|  3.82%, 07/15/2048, Series 2015-C30, Class A5 | 1240 | 1237 |
|  JPMDB Commercial Mortgage Securities Trust 2016-C4 |  |  |
|  3.38%, 12/15/2049, Series 2016-C4, Class AS | 4040 | 3843 |
|  JPMDB Commercial Mortgage Securities Trust 2018-C8 |  |  |
|  4.42%, 06/15/2051, Series 2018-C8, Class AS | 64 | 63 |
|  Jubilee Place 7 BV |  |  |
|  4.42% (3 Month €STR + 1.90%), 09/18/2062, Series 7, Class D <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100 | 117 |
|  JW Commercial Mortgage Trust 2024-MRCO |  |  |
|  5.93% (1 Month Term SOFR + 1.62%, 1.62% Floor), 06/15/2039, Series 2024-MRCO, Class A <sup>(1)(2)</sup> | $2613 | 2615 |
|  7.50% (1 Month Term SOFR + 3.19%, 3.19% Floor), 06/15/2039, Series 2024-MRCO, Class D <sup>(1)(2)</sup> | 756 | 753 |
|  Kinbane 2022-RPL 1 DAC |  |  |
|  2.74% (1 Month €STR + 0.85%), 09/25/2062, Series RPL1A, Class A <sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10534 | 12405 |
|  KSL Commercial Mortgage Trust 2024-HT2 |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 12/15/2039, Series 2024-HT2, Class A <sup>(1)(2)</sup> | $3003 | 2997 |
|  KSL Trust 2025-MAK |  |  |
|  6.20% (1 Month Term SOFR + 1.89%, 1.89% Floor), 06/15/2042, Series 2025-MAK, Class A <sup>(1)(2)</sup> | 566 | 565 |
|  8.40% (1 Month Term SOFR + 4.09%, 4.09% Floor), 06/15/2042, Series 2025-MAK, Class E <sup>(1)(2)</sup> | 6023 | 6008 |
|  Last Mile Logistics Pan Euro Finance DAC |  |  |
|  5.26% (3 Month €STR + 2.70%, 2.70% Floor), 08/17/2033, Series 1X, Class E <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1004 | 1169 |

---

The accompanying notes are an integral part of these financial statements.

231.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  LBA Trust 2024-7IND |  |  |
|  5.75% (1 Month Term SOFR + 1.44%, 1.44% Floor), 10/15/2041, Series 2024-7IND, Class A <sup>(1)(2)</sup> | $1200 | $1201 |
|  6.95% (1 Month Term SOFR + 2.64%, 2.64% Floor), 10/15/2041, Series 2024-7IND, Class D <sup>(1)(2)</sup> | 304 | 305 |
|  LBA Trust 2024-BOLT |  |  |
|  5.90% (1 Month Term SOFR + 1.59%, 1.59% Floor), 06/15/2039, Series 2024-BOLT, Class A <sup>(1)(2)</sup> | 7490 | 7495 |
|  8.75% (1 Month Term SOFR + 4.44%, 4.44% Floor), 06/15/2039, Series 2024-BOLT, Class F <sup>(1)(2)</sup> | 368 | 366 |
|  Legacy Mortgage Asset Trust 2021-GS2 |  |  |
|  5.75%, 04/25/2061, Series 2021-GS2, Class A1 <sup>(1)(3)</sup> | 3284 | 3283 |
|  Legacy Mortgage Asset Trust 2021-GS3 |  |  |
|  5.75%, 07/25/2061, Series 2021-GS3, Class A1 <sup>(1)(3)</sup> | 7013 | 6991 |
|  Legacy Mortgage Asset Trust 2021-GS4 |  |  |
|  4.65%, 11/25/2060, Series 2021-GS4, Class A1 <sup>(1)(3)</sup> | 7729 | 7728 |
|  Legacy Mortgage Asset Trust 2021-GS5 |  |  |
|  5.25%, 07/25/2067, Series 2021-GS5, Class A1 <sup>(1)(3)</sup> | 5489 | 5478 |
|  Lehman XS Trust Series 2005-5N |  |  |
|  4.79% (1 Month Term SOFR + 0.47%, 0.36% Floor), 11/25/2035, Series 2005-5N, Class 3A2 <sup>(2)</sup> | 9084 | 8463 |
|  LEX 2024-BBG Mortgage Trust |  |  |
|  5.04%, 10/13/2033, Series 2024-BBG, Class A <sup>(1)(4)</sup> | 3200 | 3217 |
|  Life 2021-BMR Mortgage Trust |  |  |
|  6.78% (1 Month Term SOFR + 2.46%, 2.35% Floor), 03/15/2038, Series 2021-BMR, Class F <sup>(1)(2)</sup> | 4900 | 4838 |
|  7.38% (1 Month Term SOFR + 3.06%, 2.95% Floor), 03/15/2038, Series 2021-BMR, Class G <sup>(1)(2)</sup> | 6562 | 6450 |
|  LoanCore 2022-CRE7 Issuer Ltd. |  |  |
|  5.85% (30-day Average SOFR + 1.55%, 1.55% Floor), 01/17/2037, Series 2022-CRE7, Class A <sup>(1)(2)</sup> | 2638 | 2637 |
|  LoanCore 2025 2025-CRE8 Issuer LLC |  |  |
|  5.70% (1 Month Term SOFR + 1.39%, 1.39% Floor), 08/17/2042, Series 2025-CRE8, Class A <sup>(1)(2)</sup> | 660 | 658 |
|  Ludgate Funding Plc |  |  |
|  4.96% (Sterling Overnight Index Average + 0.72%), 01/01/2061, Series 2008-W1X, Class A1 <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;266 | 362 |
|  Lugo Funding DAC |  |  |
|  3.05% (3 Month €STR + 1.00%), 05/26/2066, Series 1A, Class A <sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12909 | 15129 |
|  LUX 2023-LION |  |  |
|  7.00% (1 Month Term SOFR + 2.69%, 2.69% Floor), 08/15/2040, Series 2023-LION, Class A <sup>(1)(2)</sup> | $741 | 746 |
|  Mansard Mortgages 2007-1 Plc |  |  |
|  4.62% (Sterling Overnight Index Average + 0.30%), 04/15/2047, Series 2007-1X, Class A2 <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2526 | 3427 |
|  4.74% (Sterling Overnight Index Average + 0.42%), 04/15/2049, Series 2007-1X, Class M1 <sup>(2)</sup> | 3222 | 4212 |
|  MCR 2024-HF1 Mortgage Trust |  |  |
|  6.10% (1 Month Term SOFR + 1.79%, 1.79% Floor), 12/15/2041, Series 2024-HF1, Class A <sup>(1)(2)</sup> | $1143 | 1144 |
|  MCR 2024-HTL Mortgage Trust |  |  |
|  6.07% (1 Month Term SOFR + 1.76%, 1.76% Floor), 02/15/2037, Series 2024-HTL, Class A <sup>(1)(2)</sup> | 96 | 96 |
|  7.42% (1 Month Term SOFR + 3.11%, 3.11% Floor), 02/15/2037, Series 2024-HTL, Class C <sup>(1)(2)</sup> | 1249 | 1248 |
|  MCR 2024-TWA Mortgage Trust |  |  |
|  0.92%, 06/12/2039, Series 2024-TWA, Class XA <sup>(1)</sup> | 5829 | 73 |
|  5.92%, 06/12/2039, Series 2024-TWA, Class A <sup>(1)</sup> | 1260 | 1275 |
|  8.73%, 06/12/2039, Series 2024-TWA, Class E <sup>(1)</sup> | 685 | 693 |
|  Mello Mortgage Capital Acceptance 2021-INV4 |  |  |
|  2.50%, 12/25/2051, Series 2021-INV4, Class A3 <sup>(1)(4)</sup> | 8263 | 6695 |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-A3 |  |  |
|  4.85% (1 Month Term SOFR + 0.53%, 0.42% Floor), 04/25/2037, Series 2007-A3, Class A1 <sup>(2)</sup> | 26583 | 4457 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-AF2 |  |  |
|  4.75% (1 Month Term SOFR + 0.43%, 0.32% Floor), 09/25/2037, Series 2006-AF2, Class AV1 <sup>(2)</sup> | 231 | 121 |
|  Merrill Lynch Mortgage Investors Trust Series MLCC 2004-HB1 |  |  |
|  3.87%, 04/25/2029, Series 2004-HB1, Class A3 <sup>(4)</sup> | 160 | 138 |
|  Metlife Securitization Trust 2018-1 |  |  |
|  3.75%, 03/25/2057, Series 2018-1A, Class A <sup>(1)(4)</sup> | 5267 | 5113 |
|  MF1 2020-FL4 Ltd. |  |  |
|  6.13% (1 Month Term SOFR + 1.81%, 1.70% Floor), 12/15/2035, Series 2020-FL4, Class A <sup>(1)(2)</sup> | 4335 | 4336 |
|  MF1 2021-FL6 Ltd. |  |  |
|  5.53% (1 Month Term SOFR + 1.21%, 1.10% Floor), 07/16/2036, Series 2021-FL6, Class A <sup>(1)(2)</sup> | 3241 | 3237 |

---

The accompanying notes are an integral part of these financial statements.

232.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  MF1 2021-FL7 Ltd. |  |  |
|  5.51% (1 Month Term SOFR + 1.19%, 1.08% Floor), 10/16/2036, Series 2021-FL7, Class A <sup>(1)(2)</sup> | $7571 | $7562 |
|  MF1 2021-W10X |  |  |
|  5.38% (1 Month Term SOFR + 1.07%, 1.07% Floor), 12/15/2034, Series 2021-W10, Class A <sup>(1)(2)</sup> | 5140 | 5125 |
|  MF1 2022-FL10 LLC |  |  |
|  6.95% (1 Month Term SOFR + 2.64%, 2.64% Floor), 09/17/2037, Series 2022-FL10, Class A <sup>(1)(2)</sup> | 630 | 631 |
|  MF1 2022-FL9 LLC |  |  |
|  6.47% (1 Month Term SOFR + 2.15%, 2.15% Floor), 06/19/2037, Series 2022-FL9, Class A <sup>(1)(2)</sup> | 1459 | 1459 |
|  MF1 2024-FL14 LLC |  |  |
|  6.05% (1 Month Term SOFR + 1.74%, 1.74% Floor), 03/19/2039, Series 2024-FL14, Class A <sup>(1)(2)</sup> | 610 | 611 |
|  MF1 2025-FL19 LLC |  |  |
|  5.80% (1 Month Term SOFR + 1.49%, 1.49% Floor), 05/18/2042, Series 2025-FL19, Class A <sup>(1)(2)</sup> | 2258 | 2257 |
|  MF1 Multifamily Housing Mortgage Loan Trust |  |  |
|  5.63% (1 Month Term SOFR + 1.31%, 1.31% Floor), 07/15/2036, Series 2021-FL5, Class AS <sup>(1)(2)</sup> | 14254 | 14219 |
|  MFA 2021-RPL1 Trust |  |  |
|  2.85%, 07/25/2060, Series 2021-RPL1, Class M2 <sup>(1)(4)</sup> | 1200 | 992 |
|  MFA 2022-INV3 Trust |  |  |
|  4.22%, 12/25/2066, Series 2022-NQM1, Class M1 <sup>(1)(4)</sup> | 1603 | 1393 |
|  MFA 2022-NQM3 Trust |  |  |
|  5.57%, 09/25/2067, Series 2022-NQM3, Class A1 <sup>(1)(3)</sup> | 12794 | 12746 |
|  MFA 2022-RPL1 Trust |  |  |
|  3.30%, 08/25/2061, Series 2022-RPL1, Class A1 <sup>(1)(4)</sup> | 22344 | 21014 |
|  MHC Commercial Mortgage Trust 2021-MHC |  |  |
|  5.23% (1 Month Term SOFR + 0.92%, 0.80% Floor), 04/15/2038, Series 2021-MHC, Class A <sup>(1)(2)</sup> | 23 | 23 |
|  5.78% (1 Month Term SOFR + 1.47%, 1.35% Floor), 04/15/2038, Series 2021-MHC, Class C <sup>(1)(2)</sup> | 2800 | 2800 |
|  MHC Trust 2021-MHC2 |  |  |
|  6.38% (1 Month Term SOFR + 2.06%, 1.95% Floor), 05/15/2038, Series 2021-MHC2, Class E <sup>(1)(2)</sup> | 1640 | 1640 |
|  6.83% (1 Month Term SOFR + 2.51%, 2.40% Floor), 05/15/2038, Series 2021-MHC2, Class F <sup>(1)(2)</sup> | 2400 | 2400 |
|  Mill City Mortgage Loan Trust 2018-1 |  |  |
|  3.25%, 05/25/2062, Series 2018-1, Class A1 <sup>(1)(4)</sup> | 368 | 364 |
|  Mill City Mortgage Loan Trust 2018-2 |  |  |
|  3.75%, 05/25/2058, Series 2018-2, Class M1 <sup>(1)(4)</sup> | 486 | 476 |
|  Mill City Mortgage Loan Trust 2018-3 |  |  |
|  3.50%, 08/25/2058, Series 2018-3, Class A1 <sup>(1)(4)</sup> | 467 | 460 |
|  Mill City Mortgage Loan Trust 2019-1 |  |  |
|  3.50%, 10/25/2069, Series 2019-1, Class M1 <sup>(1)(4)</sup> | 1188 | 1123 |
|  Mill City Mortgage Loan Trust 2019-GS1 |  |  |
|  2.75%, 07/25/2059, Series 2019-GS1, Class A1 <sup>(1)(4)</sup> | 1205 | 1173 |
|  3.25%, 07/25/2059, Series 2019-GS1, Class M2 <sup>(1)(4)</sup> | 1115 | 1004 |
|  Mill City Mortgage Loan Trust 2019-GS2 |  |  |
|  2.75%, 08/25/2059, Series 2019-GS2, Class A1 <sup>(1)(4)</sup> | 3629 | 3508 |
|  Mill City Mortgage Loan Trust 2021-NMR1 |  |  |
|  2.50%, 11/25/2060, Series 2021-NMR1, Class M2 <sup>(1)(4)</sup> | 1000 | 876 |
|  Miltonia Mortgage Finance Srl |  |  |
|  3.94% (3 Month €STR + 1.30%), 04/28/2062, Series 1, Class B <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;619 | 719 |
|  Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 |  |  |
|  4.21%, 08/15/2046, Series 2013-C11, Class B <sup>(4)</sup> | $1563 | 1035 |
|  Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 |  |  |
|  4.86%, 10/15/2046, Series 2013-C12, Class C <sup>(4)</sup> | 216 | 205 |
|  Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 |  |  |
|  3.73%, 05/15/2048, Series 2015-C24, Class A4 | 1014 | 1011 |
|  Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
|  2.86%, 09/15/2049, Series 2016-C30, Class A5 | 3220 | 3140 |
|  Morgan Stanley Capital I Trust 2018-H4 |  |  |
|  4.31%, 12/15/2051, Series 2018-H4, Class A4 | 1361 | 1348 |
|  Morgan Stanley Capital I Trust 2019-H6 |  |  |
|  3.00%, 06/15/2052, Series 2019-H6, Class D <sup>(1)</sup> | 212 | 170 |

---

The accompanying notes are an integral part of these financial statements.

233.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Morgan Stanley Capital I Trust 2021-230P |  |  |
|  6.22% (1 Month Term SOFR + 1.91%, 1.80% Floor), 12/15/2038, Series 2021-230P, Class C <sup>(1)(2)</sup> | $9974 | $9153 |
|  Morgan Stanley Capital I Trust 2024-NSTB |  |  |
|  3.90%, 09/24/2057, Series 2024-NSTB, Class A <sup>(1)(4)</sup> | 5812 | 5623 |
|  Morgan Stanley Residential Mortgage Loan Trust 2023-NQM1 |  |  |
|  7.41%, 09/25/2068, Series 2023-NQM1, Class B1 <sup>(1)(4)</sup> | 478 | 476 |
|  Morgan Stanley Residential Mortgage Loan Trust 2024-INV4 |  |  |
|  5.50%, 09/25/2054, Series 2024-INV4, Class A2 <sup>(1)(4)</sup> | 25006 | 24868 |
|  Morgan Stanley Residential Mortgage Loan Trust 2025-NQM1 |  |  |
|  5.74%, 11/25/2069, Series 2025-NQM1, Class A1 <sup>(1)(4)</sup> | 3029 | 3047 |
|  6.50%, 11/25/2069, Series 2025-NQM1, Class M1 <sup>(1)(4)</sup> | 451 | 453 |
|  Mortimer 2024-Mix Plc |  |  |
|  6.03% (Sterling Overnight Index Average + 1.55%), 09/22/2067, Series MIX, Class C <sup>(2)(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;303 | 417 |
|  6.58% (Sterling Overnight Index Average + 2.10%), 09/22/2067, Series MIX, Class D <sup>(2)(19)</sup> | 130 | 179 |
|  MRCD 2019-MARK Mortgage Trust |  |  |
|  2.72%, 12/15/2036, Series 2019-PARK, Class D <sup>(1)</sup> | $3000 | 2183 |
|  MSBAM Commercial Mortgage Securities Trust 2012-CKSV |  |  |
|  3.28%, 10/15/2030, Series 2012-CKSV, Class A2 <sup>(1)</sup> | 1086 | 1031 |
|  MSWF Commercial Mortgage Trust 2023-2 |  |  |
|  1.14%, 12/15/2056, Series 2023-2, Class XA <sup>(4)</sup> | 19444 | 1147 |
|  MTN Commercial Mortgage Trust 2022-LPFL |  |  |
|  5.72% (1 Month Term SOFR + 1.40%, 1.40% Floor), 03/15/2039, Series 2022-LPFL, Class A <sup>(1)(2)</sup> | 14830 | 14821 |
|  New Orleans Hotel Trust 2019-HNLA |  |  |
|  5.35% (1 Month Term SOFR + 1.04%, 0.99% Floor), 04/15/2032, Series 2019-HNLA, Class A <sup>(1)(2)</sup> | 5000 | 4962 |
|  5.65% (1 Month Term SOFR + 1.34%, 1.29% Floor), 04/15/2032, Series 2019-HNLA, Class B <sup>(1)(2)</sup> | 6425 | 6312 |
|  New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
|  2.75%, 07/25/2059, Series 2019-RPL3, Class A1 <sup>(1)(4)</sup> | 11936 | 11449 |
|  New Residential Mortgage Loan Trust 2020-NQM |  |  |
|  3.89%, 05/24/2060, Series 2020-NQM2, Class M1 <sup>(1)(4)</sup> | 8812 | 7963 |
|  New Residential Mortgage Loan Trust 2020-NQM1 |  |  |
|  2.46%, 01/26/2060, Series 2020-NQM1, Class A1 <sup>(1)(4)</sup> | 784 | 739 |
|  New Residential Mortgage Loan Trust 2021-INV1 |  |  |
|  2.50%, 06/25/2051, Series 2021-INV1, Class A6 <sup>(1)(4)</sup> | 4734 | 4265 |
|  New Residential Mortgage Loan Trust 2021-NQM1R |  |  |
|  1.10%, 07/25/2055, Series 2021-NQ1R, Class A2 <sup>(1)(4)</sup> | 710 | 646 |
|  1.20%, 07/25/2055, Series 2021-NQ1R, Class A3 <sup>(1)(4)</sup> | 1226 | 1116 |
|  New Residential Mortgage Loan Trust 2023-NQM1 |  |  |
|  6.86%, 10/25/2063, Series 2023-NQM1, Class A1A <sup>(1)(3)</sup> | 28139 | 28419 |
|  New Residential Mortgage Loan Trust 2024-NQM2 |  |  |
|  0.00%, 09/25/2064, Series 2024-NQM2, Class A1 <sup>(1)(4)</sup> | 23895 | 23772 |
|  New Residential Mortgage Loan Trust 2024-NQM3 |  |  |
|  5.47%, 11/25/2064, Series 2024-NQM3, Class A1 <sup>(1)(3)</sup> | 29134 | 29194 |
|  7.17%, 11/25/2064, Series 2024-NQM3, Class B1 <sup>(1)(4)</sup> | 286 | 281 |
|  New Residential Mortgage Loan Trust 2024-RPL1 |  |  |
|  3.80%, 01/25/2064, Series 2024-RPL1, Class A <sup>(1)(4)</sup> | 14011 | 13278 |
|  New Residential Mortgage Loan Trust 2024-RTL1 |  |  |
|  6.66%, 03/25/2039, Series 2024-RTL1, Class A1 <sup>(1)(3)</sup> | 8965 | 9034 |
|  New Residential Mortgage Loan Trust 2025-NQM1 |  |  |
|  0.00%, 01/25/2065, Series 2025-NQM1, Class A1 <sup>(1)(3)</sup> | 4057 | 4083 |
|  6.47%, 01/25/2065, Series 2025-NQM1, Class M1 <sup>(1)(4)</sup> | 323 | 326 |
|  Newgate Funding Plc |  |  |
|  4.53% (Sterling Overnight Index Average + 0.29%), 12/01/2050, Series 2006-2, Class A3A <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3458 | 4722 |
|  NJ Trust 2023-GSP |  |  |
|  6.70%, 01/06/2029, Series 2023-GSP, Class A <sup>(1)(4)</sup> | $840 | 883 |
|  NLT 2021-INV2 Trust |  |  |
|  3.32%, 08/25/2056, Series 2021-INV2, Class B1 <sup>(1)(4)</sup> | 334 | 253 |
|  NLT 2021-INV3 Trust |  |  |
|  0.00%, 11/25/2056, Series 2021-INV3, Class PT <sup>(1)(4)</sup> | 16033 | 15004 |

---

The accompanying notes are an integral part of these financial statements.

234.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  NLT 2023-1 Trust |  |  |
|  3.20%, 10/25/2062, Series 2023-1, Class A1 <sup>(1)(4)</sup> | $7591 | $6918 |
|  NYC Commercial Mortgage Trust 2025-1155 |  |  |
|  5.83%, 06/10/2042, Series 2025-1155, Class A <sup>(1)</sup> | 12089 | 12143 |
|  NYCT Trust 2024-3ELV |  |  |
|  6.30% (1 Month Term SOFR + 1.99%, 1.99% Floor), 08/15/2029, Series 2024-3ELV, Class A <sup>(1)(2)</sup> | 2250 | 2262 |
|  8.15% (1 Month Term SOFR + 3.84%, 3.84% Floor), 08/15/2029, Series 2024-3ELV, Class D <sup>(1)(2)</sup> | 3526 | 3489 |
|  NYMT 2024-RR1 Trust |  |  |
|  7.38%, 05/25/2064, Series 2024-RR1, Class A <sup>(1)(3)</sup> | 4603 | 4637 |
|  NYMT Loan Trust 2022-CP1 |  |  |
|  3.21%, 07/25/2061, Series 2022-CP1, Class M1 <sup>(1)</sup> | 700 | 606 |
|  NYMT Loan Trust 2024-INV1 |  |  |
|  5.38%, 06/25/2069, Series 2024-INV1, Class A1 <sup>(1)(4)</sup> | 4584 | 4580 |
|  NYMT Loan Trust Series 2024-BPL2 |  |  |
|  6.51%, 05/25/2039, Series 2024-BPL2, Class A1 <sup>(1)(3)</sup> | 8405 | 8495 |
|  NYMT Loan Trust Series 2024-BPL3 |  |  |
|  5.27%, 09/25/2039, Series 2024-BPL3, Class A1 <sup>(1)(3)</sup> | 4895 | 4878 |
|  NYO Commercial Mortgage Trust 2021-1290 |  |  |
|  5.52% (1 Month Term SOFR + 1.21%, 1.10% Floor), 11/15/2038, Series 2021-1290, Class A <sup>(1)(2)</sup> | 10900 | 10873 |
|  OBX 2018-EXP1 Trust |  |  |
|  4.00%, 04/25/2048, Series 2018-EXP1, Class 1A3 <sup>(1)(4)</sup> | 136 | 128 |
|  OBX 2019-EXP2 Trust |  |  |
|  4.00%, 06/25/2059, Series 2019-EXP2, Class 1A3 <sup>(1)(4)</sup> | 543 | 514 |
|  OBX 2019-EXP3 Trust |  |  |
|  3.50%, 10/25/2059, Series 2019-EXP3, Class 1A8 <sup>(1)(4)</sup> | 324 | 295 |
|  OBX 2020-EXP1 Trust |  |  |
|  3.50%, 02/25/2060, Series 2020-EXP1, Class 1A8 <sup>(1)(4)</sup> | 2440 | 2182 |
|  5.18% (1 Month Term SOFR + 0.86%), 02/25/2060, Series 2020-EXP1, Class 2A1 <sup>(1)(2)</sup> | 135 | 135 |
|  OBX 2020-EXP2 Trust |  |  |
|  3.00%, 05/25/2060, Series 2020-EXP2, Class A8 <sup>(1)(4)</sup> | 1969 | 1727 |
|  OBX 2020-EXP3 Trust |  |  |
|  3.00%, 01/25/2060, Series 2020-EXP3, Class 1A9 <sup>(1)(4)</sup> | 1488 | 1293 |
|  OBX 2020-INV1 Trust |  |  |
|  3.50%, 12/25/2049, Series 2020-INV1, Class A5 <sup>(1)(4)</sup> | 936 | 842 |
|  OBX 2021-J3 Trust |  |  |
|  2.50%, 10/25/2051, Series 2021-J3, Class A7 <sup>(1)(4)</sup> | 6750 | 4511 |
|  2.50%, 10/25/2051, Series 2021-J3, Class A4 <sup>(1)(4)</sup> | 13171 | 11750 |
|  OBX 2021-NQM3 Trust |  |  |
|  1.05%, 07/25/2061, Series 2021-NQM3, Class A1 <sup>(1)(4)</sup> | 6433 | 5263 |
|  1.26%, 07/25/2061, Series 2021-NQM3, Class A2 <sup>(1)(4)</sup> | 1822 | 1504 |
|  OBX 2022-NQM2 Trust |  |  |
|  2.98%, 01/25/2062, Series 2022-NQM2, Class A1 <sup>(1)(4)</sup> | 34363 | 32593 |
|  OBX 2022-NQM7 Trust |  |  |
|  5.11%, 08/25/2062, Series 2022-NQM7, Class A1 <sup>(1)(3)</sup> | 3280 | 3263 |
|  OBX 2023-NQM3 Trust |  |  |
|  5.95%, 02/25/2063, Series 2023-NQM3, Class A1 <sup>(1)(3)</sup> | 17696 | 17714 |
|  OBX 2023-NQM5 Trust |  |  |
|  6.57%, 06/25/2063, Series 2023-NQM5, Class A1A <sup>(1)(3)</sup> | 7549 | 7605 |
|  OBX 2023-NQM8 Trust |  |  |
|  7.05%, 09/25/2063, Series 2023-NQM8, Class A1 <sup>(1)(3)</sup> | 5612 | 5693 |
|  OBX 2025-NQM3 Trust |  |  |
|  5.65%, 12/01/2064, Series 2025-NQM3, Class A1 <sup>(1)(3)</sup> | 1991 | 2002 |
|  ONE 2021-PARK Mortgage Trust |  |  |
|  5.53% (1 Month Term SOFR + 1.21%, 1.10% Floor), 03/15/2036, Series 2021-PARK, Class C <sup>(1)(2)</sup> | 2175 | 2063 |
|  One Bryant Park Trust 2019-OBP |  |  |
|  2.52%, 09/15/2054, Series 2019-OBP, Class A <sup>(1)</sup> | 8024 | 7305 |
|  One Market Plaza Trust 2017-1MKT |  |  |
|  3.61%, 02/10/2032, Series 2017-1MKT, Class A <sup>(1)</sup> | 7017 | 6704 |

---

The accompanying notes are an integral part of these financial statements.

235.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  One New York Plaza Trust 2020-1NYP |  |  |
|  5.38% (1 Month Term SOFR + 1.06%, 0.95% Floor), 01/15/2036, Series 2020-1NYP, Class A <sup>(1)(2)</sup> | $10921 | $10614 |
|  5.68% (1 Month Term SOFR + 1.36%, 1.25% Floor), 01/15/2036, Series 2020-1NYP, Class AJ <sup>(1)(2)</sup> | 1815 | 1751 |
|  OPEN Trust 2023-AIR |  |  |
|  7.40% (1 Month Term SOFR + 3.09%, 3.09% Floor), 11/15/2040, Series 2023-AIR, Class A <sup>(1)(2)</sup> | 519 | 519 |
|  ORL Trust 2024-GLKS |  |  |
|  5.80% (1 Month Term SOFR + 1.49%, 1.49% Floor), 12/15/2039, Series 2024-GLKS, Class A <sup>(1)(2)</sup> | 1520 | 1520 |
|  PFP 2022-9 Ltd. |  |  |
|  6.59% (1 Month Term SOFR + 2.27%, 2.27% Floor), 08/19/2035, Series 2022-9, Class A <sup>(1)(2)</sup> | 565 | 565 |
|  PGA Trust 2024-RSR2 |  |  |
|  6.20% (1 Month Term SOFR + 1.89%, 1.89% Floor), 06/15/2039, Series 2024-RSR2, Class A <sup>(1)(2)</sup> | 22141 | 22176 |
|  Pierpont BTL 2024-1 Plc |  |  |
|  6.68% (Sterling Overnight Index Average + 2.20%), 09/21/2061, Series 1, Class D <sup>(2)(19)</sup> | 119 | 164 |
|  Pierpont BTL 2025-1 Plc |  |  |
|  (Sterling Overnight Index Average + 1.85%), 03/21/2062, Series 1, Class D <sup>(2)(6)(19)</sup> | 115 | 158 |
|  PMT Loan Trust 2024-INV1 |  |  |
|  5.50%, 10/25/2059, Series 2024-INV1, Class A3 <sup>(1)(4)</sup> | $5169 | 5134 |
|  PMT Loan Trust 2025-INV3 |  |  |
|  5.50%, 03/25/2056, Series 2025-INV3, Class A3 <sup>(1)(4)</sup> | 22512 | 22401 |
|  PMT Loan Trust 2025-INV4 |  |  |
|  5.50%, 03/25/2056, Series 2025-INV4, Class A3<sup>(1)(4)</sup> | 14470 | 14380 |
|  PRET 2024-NPL8 LLC |  |  |
|  5.96%, 11/25/2054, Series 2024-NPL8, Class A1 <sup>(1)(3)</sup> | 8241 | 8245 |
|  PRKCM 2021-AFC2 Trust |  |  |
|  2.07%, 11/25/2056, Series 2021-AFC2, Class A1 <sup>(1)(4)</sup> | 425 | 376 |
|  PRKCM 2022-AFC1 Trust |  |  |
|  4.10%, 04/25/2057, Series 2022-AFC1, Class A1A <sup>(1)(4)</sup> | 214 | 211 |
|  PRKCM 2023-AFC1 Trust |  |  |
|  7.44%, 02/25/2058, Series 2023-AFC1, Class B1 <sup>(1)(4)</sup> | 837 | 841 |
|  PRKCM 2024-AFC1 Trust |  |  |
|  6.33%, 03/25/2059, Series 2024-AFC1, Class A1 <sup>(1)(3)</sup> | 4150 | 4184 |
|  PRM5 Trust 2025-PRM5 |  |  |
|  5.81%, 03/10/2033, Series 2025-PRM5, Class D <sup>(1)(4)</sup> | 761 | 757 |
|  PRPM 2022-NQM1 Trust |  |  |
|  5.50%, 08/25/2067, Series 2022-NQM1, Class A1 <sup>(1)(3)</sup> | 14724 | 14718 |
|  PRPM 2023-RCF1 LLC |  |  |
|  4.00%, 06/25/2053, Series 2023-RCF1, Class A1 <sup>(1)(3)</sup> | 5377 | 5276 |
|  PRPM 2023-RCF2 LLC |  |  |
|  4.00%, 11/25/2053, Series 2023-RCF2, Class A1 <sup>(1)(3)</sup> | 615 | 603 |
|  PRPM 2024-2 LLC |  |  |
|  7.03%, 03/25/2029, Series 2024-2, Class A1 <sup>(1)(3)</sup> | 4424 | 4432 |
|  PRPM 2024-5 LLC |  |  |
|  5.69%, 09/25/2029, Series 2024-5, Class A1 <sup>(1)(3)</sup> | 1729 | 1730 |
|  PRPM 2024-7 LLC |  |  |
|  5.87%, 11/25/2029, Series 2024-7, Class A1 <sup>(1)(3)</sup> | 3978 | 3976 |
|  PRPM 2024-NQM1 Trust |  |  |
|  6.27%, 12/25/2068, Series 2024-NQM1, Class A1 <sup>(1)(3)</sup> | 1748 | 1762 |
|  7.48%, 12/25/2068, Series 2024-NQM1, Class B1 <sup>(1)(4)</sup> | 248 | 247 |
|  PRPM 2024-NQM2 Trust |  |  |
|  6.33%, 06/25/2069, Series 2024-NQM2, Class A1 <sup>(1)(3)</sup> | 1699 | 1729 |
|  PRPM 2024-NQM3 |  |  |
|  5.23%, 08/25/2069, Series 2024-NQM3, Class A1 <sup>(1)(3)</sup> | 5074 | 5063 |
|  PRPM 2024-RCF1 LLC |  |  |
|  4.00%, 01/25/2054, Series 2024-RCF1, Class A1 <sup>(1)(3)</sup> | 1343 | 1317 |
|  PRPM 2024-RCF2 LLC |  |  |
|  3.75%, 03/25/2054, Series 2024-RCF2, Class A1 <sup>(1)(3)</sup> | 4798 | 4666 |
|  PRPM 2024-RCF6 LLC |  |  |
|  4.00%, 10/25/2054, Series 2024-RCF6, Class A1 <sup>(1)(3)</sup> | 1888 | 1842 |

---

The accompanying notes are an integral part of these financial statements.

236.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  PRPM 2025-2 LLC |  |  |
|  6.47%, 05/25/2030, Series 2025-2, Class A1 <sup>(1)(3)</sup> | $2855 | $2851 |
|  PRPM 2025-NQM1 Trust |  |  |
|  5.80%, 11/25/2069, Series 2025-NQM1, Class A1<sup>(1)(3)</sup> | 1823 | 1838 |
|  6.65%, 11/25/2069, Series 2025-NQM1, Class M1A <sup>(1)(4)</sup> | 375 | 381 |
|  PRPM 2025-NQM2 Trust |  |  |
|  5.69%, 04/25/2070, Series 2025-NQM2, Class A1 <sup>(1)(3)</sup> | 9974 | 10029 |
|  PRPM 2025-RCF1 LLC |  |  |
|  4.50%, 02/25/2055, Series 2025-RCF1, Class A1 <sup>(1)(3)</sup> | 4286 | 4226 |
|  PRPM 2025-RPL3 LLC |  |  |
|  3.25%, 04/25/2055, Series 2025-RPL3, Class A1 <sup>(1)(3)</sup> | 27227 | 26048 |
|  PRPM 2025-RPL4 LLC |  |  |
|  3.00%, 05/25/2055, Series 2025-RPL4, Class A1 <sup>(1)(3)</sup> | 30267 | 28294 |
|  Rain City Mortgage Trust 2024-RTL1 |  |  |
|  6.53%, 11/25/2029, Series 2024-RTL1, Class A1 <sup>(1)(4)</sup> | 451 | 454 |
|  RALI Series 2006-QS9 Trust |  |  |
|  6.00%, 07/25/2036, Series 2006-QS9, Class 1A3 | 1980 | 1596 |
|  RALI Series 2007-QH8 Trust |  |  |
|  5.40%, 10/25/2037, Series 2007-QH8, Class A <sup>(4)</sup> | 689 | 553 |
|  RALI Series 2007-QS2 Trust |  |  |
|  6.25%, 01/25/2037, Series 2007-QS2, Class A4 | 10593 | 8834 |
|  RATE Mortgage Trust 2021-HB1 |  |  |
|  2.50%, 12/25/2051, Series 2021-HB1, Class A1 <sup>(1)(4)</sup> | 10095 | 8220 |
|  RCO X Mortgage LLC 2025-1 |  |  |
|  5.88%, 01/25/2030, Series 2025-1, Class A1 <sup>(1)(3)</sup> | 15814 | 15817 |
|  Ready Capital Mortgage Financing 2023-FL11 LLC |  |  |
|  6.69% (1 Month Term SOFR + 2.37%, 2.37% Floor), 10/25/2039, Series 2023-FL11, Class A <sup>(1)(2)</sup> | 580 | 579 |
|  Redwood Funding Trust 2023-1 |  |  |
|  7.50%, 07/25/2059, Series 2023-1, Class A <sup>(1)(3)</sup> | 3458 | 3470 |
|  Redwood Funding Trust 2024-1 |  |  |
|  7.75%, 12/25/2054, Series 2024-1, Class A <sup>(1)(3)</sup> | 5160 | 5195 |
|  Residential Mortgage Loan Trust 2019-2 |  |  |
|  6.04%, 05/25/2059, Series 2019-2, Class B2 <sup>(1)(4)</sup> | 895 | 883 |
|  Residential Mortgage Loan Trust 2019-3 |  |  |
|  5.66%, 09/25/2059, Series 2019-3, Class B2 <sup>(1)(4)</sup> | 104 | 102 |
|  Residential Mortgage Loan Trust 2020-1 |  |  |
|  3.95%, 01/26/2060, Series 2020-1, Class B1 <sup>(1)(4)</sup> | 2250 | 2152 |
|  4.67%, 01/26/2060, Series 2020-1, Class B2 <sup>(1)(4)</sup> | 1528 | 1409 |
|  RFMSI Series 2006-SA4 Trust |  |  |
|  5.54%, 11/25/2036, Series 2006-SA4, Class 2A1 <sup>(4)</sup> | 70 | 58 |
|  RIAL 2022-FL8 Issuer Ltd. |  |  |
|  6.56% (1 Month Term SOFR + 2.25%, 2.25% Floor), 01/19/2037, Series 2022-FL8, Class A <sup>(1)(2)</sup> | 2359 | 2360 |
|  Roc Mortgage Trust 2024-RTL1 |  |  |
|  5.59%, 10/25/2039, Series 2024-RTL1, Class A1 <sup>(1)(3)</sup> | 11670 | 11664 |
|  ROCK Trust 2024-CNTR |  |  |
|  5.39%, 11/13/2041, Series 2024-CNTR, Class A <sup>(1)</sup> | 288 | 295 |
|  5.93%, 11/13/2041, Series 2024-CNTR, Class B <sup>(1)</sup> | 5309 | 5472 |
|  6.47%, 11/13/2041, Series 2024-CNTR, Class C <sup>(1)</sup> | 3174 | 3287 |
|  8.82%, 11/13/2041, Series 2024-CNTR, Class E <sup>(1)</sup> | 1181 | 1243 |
|  Sage AR Funding |  |  |
|  (Sterling Overnight Index Average + 3.90%), 05/17/2037, Series 1X, Class D <sup>(2)(6)(19)</sup> | 605 | 835 |
|  (Sterling Overnight Index Average + 2.40%), 05/17/2037, Series 1X, Class C <sup>(2)(6)(19)</sup> | 703 | 971 |
|  SAIF Securitization Trust 2024-CES1 |  |  |
|  5.97%, 07/25/2054, Series 2024-CES1, Class A1 <sup>(1)(3)</sup> | $4590 | 4624 |
|  Saluda Grade Alternative Mortgage Trust 2024-RTL5 |  |  |
|  7.76%, 04/25/2030, Series 2024-RTL5, Class A1 <sup>(1)(3)</sup> | 3000 | 3020 |
|  Santander Mortgage Asset Receivable Trust 2025-NQM2 |  |  |
|  5.73%, 02/25/2065, Series 2025-NQM2, Class A1 <sup>(1)(3)</sup> | 1674 | 1686 |

---

The accompanying notes are an integral part of these financial statements.

237.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  SCG 2024-MSP Mortgage Trust |  |  |
|  6.05% (1 Month Term SOFR + 1.74%, 1.74% Floor), 04/15/2041, Series 2024-MSP, Class A <sup>(1)(2)</sup> | $1328 | $1329 |
|  SCG Commercial Mortgage Trust 2025-DLFN |  |  |
|  6.46% (1 Month Term SOFR + 2.15%, 2.15% Floor), 03/15/2035, Series 2025-DLFN, Class D <sup>(1)(2)</sup> | 204 | 201 |
|  7.26% (1 Month Term SOFR + 2.95%, 2.95% Floor), 03/15/2035, Series 2025-DLFN, Class E <sup>(1)(2)</sup> | 1554 | 1567 |
|  SCOTT Trust 2023-SFS |  |  |
|  5.91%, 03/10/2040, Series 2023-SFS, Class A <sup>(1)</sup> | 9025 | 9256 |
|  SDAL Trust 2025-DAL |  |  |
|  6.75% (1 Month Term SOFR + 2.44%, 2.44% Floor), 04/15/2042, Series 2025-DAL, Class A <sup>(1)(2)</sup> | 791 | 792 |
|  Seasoned Loans Structured Transaction Trust Series 2020-3 |  |  |
|  4.75%, 04/26/2060, Series 2020-3, Class M1(1)(4) | 124 | 122 |
|  SELF Commercial Mortgage Trust 2024-STRG |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 11/15/2034, Series 2024-STRG, Class A <sup>(1)(2)</sup> | 1210 | 1218 |
|  8.50% (1 Month Term SOFR + 4.19%, 4.19% Floor), 11/15/2034, Series 2024-STRG, Class E <sup>(1)(2)</sup> | 1244 | 1241 |
|  9.50% (1 Month Term SOFR + 5.19%, 5.19% Floor), 11/15/2034, Series 2024-STRG, Class F <sup>(1)(2)</sup> | 1055 | 1049 |
|  Sequoia Mortgage Trust 2004-9 |  |  |
|  5.37% (6 Month Term SOFR + 1.15%, 0.72% Floor, 11.50% Cap), 10/20/2034, Series 2004-9, Class A2 <sup>(2)</sup> | 597 | 534 |
|  Sequoia Mortgage Trust 2013-4 |  |  |
|  3.43%, 04/25/2043, Series 2013-4, Class B1 <sup>(4)</sup> | 306 | 296 |
|  Sequoia Mortgage Trust 2017-CH1 |  |  |
|  4.00%, 08/25/2047, Series 2017-CH1, Class A1 <sup>(1)(4)</sup> | 190 | 181 |
|  Sequoia Mortgage Trust 2017-CH2 |  |  |
|  4.00%, 12/25/2047, Series 2017-CH2, Class A1 <sup>(1)(4)</sup> | 115 | 108 |
|  4.00%, 12/25/2047, Series 2017-CH2, Class A19 <sup>(1)(4)</sup> | 119 | 112 |
|  Sequoia Mortgage Trust 2018-5 |  |  |
|  3.94%, 05/25/2048, Series 2018-5, Class B3 <sup>(1)(4)</sup> | 1530 | 1425 |
|  Sequoia Mortgage Trust 2018-CH1 |  |  |
|  3.50%, 03/25/2048, Series 2018-CH1, Class A2 <sup>(1)(4)</sup> | 30 | 27 |
|  Sequoia Mortgage Trust 2018-CH2 |  |  |
|  4.00%, 06/25/2048, Series 2018-CH2, Class A21 <sup>(1)(4)</sup> | 98 | 92 |
|  Sequoia Mortgage Trust 2018-CH3 |  |  |
|  4.00%, 08/25/2048, Series 2018-CH3, Class A2 <sup>(1)(4)</sup> | 40 | 39 |
|  4.50%, 08/25/2048, Series 2018-CH3, Class A19 <sup>(1)(4)</sup> | 16 | 16 |
|  4.50%, 08/25/2048, Series 2018-CH3, Class A13 <sup>(1)(4)</sup> | 96 | 95 |
|  Sequoia Mortgage Trust 2019-CH3 |  |  |
|  4.00%, 09/25/2049, Series 2019-CH3, Class A1 <sup>(1)(4)</sup> | 152 | 143 |
|  Sequoia Mortgage Trust 2025-2 |  |  |
|  5.50%, 03/25/2055, Series 2025-2, Class A5 <sup>(1)(4)</sup> | 22273 | 22337 |
|  Sequoia Mortgage Trust 2025-4 |  |  |
|  5.50%, 04/25/2055, Series 2025-4, Class A5 <sup>(1)(4)</sup> | 4628 | 4642 |
|  Sequoia Mortgage Trust 2025-6 |  |  |
|  5.50%, 07/25/2055, Series 2025-6, Class A5 <sup>(1)(4)</sup> | 17765 | 17835 |
|  SFO Commercial Mortgage Trust 2021-555 |  |  |
|  5.58% (1 Month Term SOFR + 1.26%, 1.15% Floor), 05/15/2038, Series 2021-555, Class A <sup>(1)(2)</sup> | 4900 | 4876 |
|  6.23% (1 Month Term SOFR + 1.91%, 1.80% Floor), 05/15/2038, Series 2021-555, Class C <sup>(1)(2)</sup> | 6550 | 6452 |
|  SG Residential Mortgage Trust 2019-3 |  |  |
|  4.08%, 09/25/2059, Series 2019-3, Class B1 <sup>(1)(4)</sup> | 4593 | 4398 |
|  SG Residential Mortgage Trust 2022-2 |  |  |
|  5.35%, 08/25/2062, Series 2022-2, Class A1 <sup>(1)(3)</sup> | 357 | 357 |
|  SHR Trust 2024-LXRY |  |  |
|  6.26% (1 Month Term SOFR + 1.95%, 1.95% Floor), 10/15/2041, Series 2024-LXRY, Class A <sup>(1)(2)</sup> | 3471 | 3469 |
|  7.91% (1 Month Term SOFR + 3.60%, 3.60% Floor), 10/15/2041, Series 2024-LXRY, Class D <sup>(1)(2)</sup> | 659 | 659 |
|  8.76% (1 Month Term SOFR + 4.45%, 4.45% Floor), 10/15/2041, Series 2024-LXRY, Class E <sup>(1)(2)</sup> | 163 | 162 |
|  SLG Office Trust 2021-OVA |  |  |
|  2.59%, 07/15/2041, Series 2021-OVA, Class A<sup>(1)</sup> | 214 | 188 |
|  SMRT 2022-MINI |  |  |
|  5.31% (1 Month Term SOFR + 1.00%, 1.00% Floor), 01/15/2039, Series 2022-MINI, Class A <sup>(1)(2)</sup> | 5200 | 5181 |
|  6.26% (1 Month Term SOFR + 1.95%, 1.95% Floor), 01/15/2039, Series 2022-MINI, Class D <sup>(1)(2)</sup> | 1120 | 1105 |

---

The accompanying notes are an integral part of these financial statements.

238.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Spruce Hill Mortgage Loan Trust 2020-SH2 |  |  |
|  5.00%, 06/25/2055, Series 2020-SH2, Class B1 <sup>(1)(4)</sup> | $4019 | $3939 |
|  Spruce Hill Mortgage Loan Trust 2022-SH1 |  |  |
|  4.10%, 07/25/2057, Series 2022-SH1, Class A3 <sup>(1)(3)</sup> | 603 | 578 |
|  SREIT Trust 2021-MFP2 |  |  |
|  5.80% (1 Month Term SOFR + 1.49%, 1.37% Floor), 11/15/2036, Series 2021-MFP2, Class C <sup>(1)(2)</sup> | 680 | 680 |
|  Starwood Mortgage Residential Trust 2020-INV |  |  |
|  2.50%, 11/25/2055, Series 2020-INV1, Class M1 <sup>(1)</sup> | 1545 | 1426 |
|  Stratton Mortgage Funding 2024-1 Plc |  |  |
|  5.63% (Sterling Overnight Index Average + 1.15%), 06/20/2060, Series 1A, Class A <sup>(1)(2)</sup> | GBP 32,414 | 44585 |
|  6.23% (Sterling Overnight Index Average + 1.75%), 06/20/2060, Series 1A, Class B <sup>(1)(2)</sup> | 19600 | 26941 |
|  Stratton Mortgage Funding 2024-3 Plc |  |  |
|  5.98% (Sterling Overnight Index Average + 1.50%), 06/25/2049, Series 3, Class C(<sup>2)(19)</sup> | 171 | 234 |
|  STWD 2021-LIH Mortgage Trust |  |  |
|  6.38% (1 Month Term SOFR + 2.07%, 1.96% Floor), 11/15/2036, Series 2021-LIH, Class C <sup>(1)(2)</sup> | $16200 | 16129 |
|  7.33% (1 Month Term SOFR + 3.02%, 2.90% Floor), 11/15/2036, Series 2021-LIH, Class E <sup>(1)(2)</sup> | 6877 | 6868 |
|  STWD Trust 2021-FLWR |  |  |
|  6.35% (1 Month Term SOFR + 2.04%, 1.92% Floor), 07/15/2036, Series 2021-FLWR, Class E <sup>(1)(2)</sup> | 7460 | 7455 |
|  Taurus 2025-2 UK DAC |  |  |
|  6.24% (Sterling Overnight Index Average + 2.00%), 02/18/2035, Series UK2X, Class B <sup>(2)(19)</sup> | GBP 739 | 1012 |
|  6.74% (Sterling Overnight Index Average + 2.50%), 02/18/2035, Series UK2X, Class C <sup>(2)(19)</sup> | 914 | 1245 |
|  7.44% (Sterling Overnight Index Average + 3.20%), 02/18/2035, Series UK2X, Class D <sup>(2)(19)</sup> | 1964 | 2702 |
|  TCO Commercial Mortgage Trust 2024-DPM |  |  |
|  5.55% (1 Month Term SOFR + 1.24%, 1.24% Floor), 12/15/2039, Series 2024-DPM, Class A <sup>(1)(2)</sup> | $4100 | 4099 |
|  7.05% (1 Month Term SOFR + 2.74%, 2.74% Floor), 12/15/2039, Series 2024-DPM, Class D <sup>(1)(2)</sup> | 190 | 188 |
|  THPT 2023-THL Mortgage Trust |  |  |
|  7.23%, 12/10/2034, Series 2023-THL, Class A <sup>(1)(4)</sup> | 624 | 635 |
|  Thunder Logistics 2024-1 DAC |  |  |
|  4.61% (3 Month €STR + 2.05%), 11/17/2036, Series 1X, Class B <sup>(2)(19)</sup> | EUR 171 | 202 |
|  5.11% (3 Month €STR + 2.55%), 11/17/2036, Series 1X, Class C <sup>(2)(19)</sup> | 119 | 140 |
|  Toorak Mortgage Trust 2024-2 |  |  |
|  6.33%, 10/25/2031, Series 2024-2, Class A1 <sup>(1)(3)</sup> | $342 | 341 |
|  Towd Point Mortgage Funding 2024—Granite 6 Plc |  |  |
|  5.22% (Sterling Overnight Index Average + 0.93%), 07/20/2053, Series GR6A, Class A1 <sup>(1)(2)</sup> | GBP 26,654 | 36648 |
|  Towd Point Mortgage Trust 2015-5 |  |  |
|  4.01%, 05/25/2055, Series 2015-5, Class B2 <sup>(1)(4)</sup> | $10000 | 9744 |
|  Towd Point Mortgage Trust 2016-3 |  |  |
|  4.10%, 04/25/2056, Series 2016-3, Class B4 <sup>(1)(4)</sup> | 4497 | 3995 |
|  Towd Point Mortgage Trust 2017-1 |  |  |
|  3.75%, 10/25/2056, Series 2017-1, Class M1 <sup>(1)(4)</sup> | 4183 | 4101 |
|  Towd Point Mortgage Trust 2017-3 |  |  |
|  3.00%, 07/25/2057, Series 2017-3, Class A2 <sup>(1)(4)</sup> | 278 | 273 |
|  3.88%, 07/25/2057, Series 2017-3, Class B2 <sup>(1)(4)</sup> | 2900 | 2589 |
|  Towd Point Mortgage Trust 2017-4 |  |  |
|  3.25%, 06/25/2057, Series 2017-4, Class M2 <sup>(1)(4)</sup> | 3873 | 3389 |
|  Towd Point Mortgage Trust 2018-3 |  |  |
|  3.75%, 05/25/2058, Series 2018-3, Class A1 <sup>(1)(4)</sup> | 1778 | 1743 |
|  Towd Point Mortgage Trust 2018-5 |  |  |
|  3.25%, 07/25/2058, Series 2018-5, Class M1 <sup>(1)(4)</sup> | 2250 | 1905 |
|  3.25%, 07/25/2058, Series 2018-5, Class A1 <sup>(1)(4)</sup> | 7974 | 7680 |
|  Towd Point Mortgage Trust 2019-1 |  |  |
|  3.75%, 03/25/2058, Series 2019-1, Class A1 <sup>(1)(4)</sup> | 3791 | 3688 |
|  Towd Point Mortgage Trust 2019-2 |  |  |
|  3.75%, 12/25/2058, Series 2019-2, Class M1 <sup>(1)(4)</sup> | 9810 | 8451 |
|  Towd Point Mortgage Trust 2019-4 |  |  |
|  2.90%, 10/25/2059, Series 2019-4, Class A1 <sup>(1)(4)</sup> | 36372 | 34904 |
|  3.50%, 10/25/2059, Series 2019-4, Class M1 <sup>(1)(4)</sup> | 1155 | 1013 |

---

The accompanying notes are an integral part of these financial statements.

239.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Towd Point Mortgage Trust 2021-SJ2 |  |  |
|  2.25%, 12/25/2061, Series 2021-SJ2, Class A1A <sup>(1)(4)</sup> | $15744 | $15230 |
|  Towd Point Mortgage Trust 2022-1 |  |  |
|  3.75%, 07/25/2062, Series 2022-1, Class A1 <sup>(1)(4)</sup> | 9572 | 9099 |
|  Towd Point Mortgage Trust 2024-3 |  |  |
|  5.11%, 07/25/2065, Series 2024-3, Class A1A <sup>(1)(4)</sup> | 6972 | 7107 |
|  Towd Point Mortgage Trust 2024-4 |  |  |
|  4.43%, 10/27/2064, Series 2024-4, Class A1A <sup>(1)(4)</sup> | 16935 | 17013 |
|  Tower Bridge Funding 2024-2 Plc |  |  |
|  5.12% (Sterling Overnight Index Average + 0.88%), 05/20/2066, Series 2A, Class A <sup>(1)(2)</sup> | GBP 4,159 | 5722 |
|  Trinity Square 2021-1 Plc |  |  |
|  5.14% (Sterling Overnight Index Average + 0.90%), 07/15/2059, Series 1A, Class AR <sup>(1)(2)</sup> | 1692 | 2326 |
|  TRK 2021-INV1 Trust |  |  |
|  1.15%, 07/25/2056, Series 2021-INV1, Class A1 <sup>(1)(4)</sup> | $2347 | 2086 |
|  3.29%, 07/25/2056, Series 2021-INV1, Class B1 <sup>(1)(4)</sup> | 255 | 208 |
|  TRK 2022-INV1 Trust |  |  |
|  2.58%, 02/25/2057, Series 2022-INV1, Class A1 <sup>(1)(4)</sup> | 7258 | 6769 |
|  TRTX 2025-FL6 Issuer Ltd. |  |  |
|  5.85% (1 Month Term SOFR + 1.54%, 1.54% Floor), 09/18/2042, Series 2025-FL6, Class A <sup>(1)(2)</sup> | 8472 | 8477 |
|  TTAN 2021-MHC |  |  |
|  5.28% (1 Month Term SOFR + 0.96%, 0.85% Floor), 03/15/2038, Series 2021-MHC, Class A <sup>(1)(2)</sup> | 2498 | 2499 |
|  7.33% (1 Month Term SOFR + 3.01%, 2.90% Floor), 03/15/2038, Series 2021-MHC, Class F <sup>(1)(2)</sup> | 1384 | 1386 |
|  TVC Mortgage Trust 2024-RRTL1 |  |  |
|  5.55%, 07/25/2039, Series 2024-RRTL1, Class A1 <sup>(1)(3)</sup> | 12455 | 12442 |
|  TYSN 2023-CRNR Mortgage Trust |  |  |
|  6.80%, 12/10/2033, Series 2023-CRNR, Class A <sup>(1)(4)</sup> | 770 | 816 |
|  UK Logistics 2024-1 DAC |  |  |
|  5.89% (Sterling Overnight Index Average + 1.65%, 1.65% Floor), 05/17/2034, Series 1X, Class A <sup>(2)(19)</sup> | GBP 407 | 560 |
|  UK Logistics 2025-1 DAC |  |  |
|  (Sterling Overnight Index Average + 4.00%), 05/17/2035, Series 1X, Class D <sup>(2)(6)(19)</sup> | 2499 | 3430 |
|  Uropa Securities Plc |  |  |
|  2.49% (3 Month €STR + 0.20%), 10/10/2040, Series 2007-1, Class A3B <sup>(2)</sup> | EUR 771 | 895 |
|  UWM Mortgage Trust 2021-INV2 |  |  |
|  2.50%, 09/25/2051, Series 2021-INV2, Class A15 <sup>(1)(4)</sup> | $5247 | 4245 |
|  Valley Funding Plc |  |  |
|  0.00%, 05/16/2066, Series 1A, Class RC <sup>(1)(4)</sup> | GBP 9 | 463 |
|  0.00%, 05/16/2066, Series 1A, Class R <sup>(1)(4)</sup> | 684 | 573 |
|  0.00%, 05/16/2066, Series 1A, Class Z <sup>(1)(4)</sup> | 7993 | 7412 |
|  5.48% (Sterling Overnight Index Average + 1.00%), 05/16/2066, Series 1A, Class A <sup>(1)(2)</sup> | 53302 | 73219 |
|  5.98% (Sterling Overnight Index Average + 1.50%), 05/16/2066, Series 1A, Class B <sup>(1)(2)</sup> | 5135 | 7057 |
|  6.48% (Sterling Overnight Index Average + 2.00%), 05/16/2066, Series 1A, Class C <sup>(1)(2)</sup> | 5358 | 7357 |
|  7.48% (Sterling Overnight Index Average + 3.00%), 05/16/2066, Series 1A, Class D <sup>(1)(2)</sup> | 2768 | 3802 |
|  8.48% (Sterling Overnight Index Average + 4.00%), 05/16/2066, Series 1A, Class E <sup>(1)(2)</sup> | 1786 | 2453 |
|  9.98% (Sterling Overnight Index Average + 5.50%), 05/16/2066, Series 1A, Class F <sup>(1)(2)</sup> | 982 | 1349 |
|  VASA Trust 2021-VASA |  |  |
|  5.68% (1 Month Term SOFR + 1.36%, 1.25% Floor), 07/15/2039, Series 2021-VASA, Class B <sup>(1)(2)</sup> | $14000 | 13303 |
|  6.18% (1 Month Term SOFR + 1.86%, 1.75% Floor), 07/15/2039, Series 2021-VASA, Class C <sup>(1)(2)</sup> | 12000 | 10861 |
|  VCC 2025-MC1 Trust |  |  |
|  8.16%, 05/25/2055, Series 2025-MC1, Class A1 <sup>(1)(3)</sup> | 1511 | 1521 |
|  VEGAS 2024-GCS |  |  |
|  6.42%, 07/10/2036, Series 2024-GCS, Class C <sup>(1)(4)</sup> | 2710 | 2669 |
|  6.42%, 07/10/2036, Series 2024-GCS, Class D <sup>(1)(4)</sup> | 6110 | 5768 |
|  VEGAS Trust 2024-TI |  |  |
|  5.52%, 11/10/2039, Series 2024-TI, Class A <sup>(1)</sup> | 900 | 912 |
|  Velocity Commercial Capital Loan Trust 2020-1 |  |  |
|  2.61%, 02/25/2050, Series 2020-1, Class AFX <sup>(1)(4)</sup> | 1162 | 1054 |
|  Velocity Commercial Capital Loan Trust 2022-1 |  |  |
|  5.20%, 02/25/2052, Series 2022-1, Class M4 <sup>(1)(4)</sup> | 233 | 186 |

---

The accompanying notes are an integral part of these financial statements.

240.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Velocity Commercial Capital Loan Trust 2022-3 |  |  |
|  5.22%, 06/25/2052, Series 2022-3, Class A <sup>(1)(4)</sup> | $2649 | $2554 |
|  Velocity Commercial Capital Loan Trust 2022-4 |  |  |
|  7.53%, 08/25/2052, Series 2022-4, Class M4 <sup>(1)(4)</sup> | 377 | 354 |
|  Velocity Commercial Capital Loan Trust 2024-1 |  |  |
|  6.55%, 01/25/2054, Series 2024-1, Class A <sup>(1)(4)</sup> | 1842 | 1865 |
|  Velocity Commercial Capital Loan Trust 2024-2 |  |  |
|  6.65%, 06/25/2054, Series 2024-3, Class A <sup>(1)(4)</sup> | 4899 | 4978 |
|  7.23%, 06/25/2054, Series 2024-3, Class M2 <sup>(1)(4)</sup> | 1687 | 1702 |
|  Velocity Commercial Capital Loan Trust 2024-5 |  |  |
|  5.49%, 10/25/2054, Series 2024-5, Class A <sup>(1)(4)</sup> | 720 | 718 |
|  5.96%, 10/25/2054, Series 2024-5, Class M2 <sup>(1)(4)</sup> | 266 | 262 |
|  6.76%, 10/25/2054, Series 2024-5, Class M3 <sup>(1)(4)</sup> | 447 | 444 |
|  9.53%, 10/25/2054, Series 2024-5, Class M4 <sup>(1)(4)</sup> | 280 | 277 |
|  Velocity Commercial Capital Loan Trust 2024-6 |  |  |
|  6.55%, 12/25/2054, Series 2024-6, Class M2 <sup>(1)(4)</sup> | 189 | 189 |
|  6.92%, 12/25/2054, Series 2024-6, Class M3 <sup>(1)(4)</sup> | 207 | 207 |
|  9.67%, 12/25/2054, Series 2024-6, Class M4 <sup>(1)(4)</sup> | 116 | 116 |
|  Velocity Commercial Capital Loan Trust 2025-1 |  |  |
|  7.33%, 02/25/2055, Series 2025-1, Class M3 <sup>(1)(4)</sup> | 901 | 908 |
|  10.15%, 02/25/2055, Series 2025-1, Class M4 <sup>(1)(4)</sup> | 312 | 314 |
|  Verus Securitization Trust 2019-INV3 |  |  |
|  3.69%, 11/25/2059, Series 2019-INV3, Class A1 <sup>(1)(4)</sup> | 469 | 464 |
|  Verus Securitization Trust 2020-1 |  |  |
|  3.72%, 01/25/2060, Series 2020-1, Class A3 <sup>(1)(3)</sup> | 1223 | 1201 |
|  Verus Securitization Trust 2021-1 |  |  |
|  1.16%, 01/25/2066, Series 2021-1, Class A3 <sup>(1)(4)</sup> | 1478 | 1319 |
|  Verus Securitization Trust 2021-3 |  |  |
|  1.05%, 06/25/2066, Series 2021-3, Class A1 <sup>(1)(4)</sup> | 6452 | 5661 |
|  3.20%, 06/25/2066, Series 2021-3, Class B1 <sup>(1)(4)</sup> | 612 | 436 |
|  Verus Securitization Trust 2021-5 |  |  |
|  1.01%, 09/25/2066, Series 2021-5, Class A1 <sup>(1)(4)</sup> | 19273 | 16568 |
|  Verus Securitization Trust 2021-7 |  |  |
|  1.83%, 10/25/2066, Series 2021-7, Class A1 <sup>(1)(3)</sup> | 8135 | 7309 |
|  Verus Securitization Trust 2021-8 |  |  |
|  1.82%, 11/25/2066, Series 2021-8, Class A1 <sup>(1)(4)</sup> | 10002 | 9133 |
|  Verus Securitization Trust 2021-R1 |  |  |
|  1.26%, 10/25/2063, Series 2021-R1, Class A3 <sup>(1)(4)</sup> | 568 | 550 |
|  Verus Securitization Trust 2021-R2 |  |  |
|  1.23%, 02/25/2064, Series 2021-R2, Class A3 <sup>(1)(4)</sup> | 1539 | 1425 |
|  Verus Securitization Trust 2022-2 |  |  |
|  4.26%, 02/25/2067, Series 2022-2, Class A2 <sup>(1)(3)</sup> | 23713 | 22546 |
|  4.26%, 02/25/2067, Series 2022-2, Class A1 <sup>(1)(3)</sup> | 44447 | 42449 |
|  Verus Securitization Trust 2022-3 |  |  |
|  4.06%, 02/25/2067, Series 2022-3, Class B1 <sup>(1)(4)</sup> | 1334 | 1057 |
|  4.13%, 02/25/2067, Series 2022-3, Class A1 <sup>(1)(3)</sup> | 17371 | 16611 |
|  Verus Securitization Trust 2022-4 |  |  |
|  4.47%, 04/25/2067, Series 2022-4, Class A1 <sup>(1)(3)</sup> | 9912 | 9923 |
|  4.77%, 04/25/2067, Series 2022-4, Class B1 <sup>(1)(4)</sup> | 1139 | 1023 |
|  Verus Securitization Trust 2022-7 |  |  |
|  5.15%, 07/25/2067, Series 2022-7, Class A1 <sup>(1)(3)</sup> | 11900 | 11978 |
|  5.33%, 07/25/2067, Series 2022-7, Class M1 <sup>(1)(4)</sup> | 640 | 625 |
|  Verus Securitization Trust 2022-INV1 |  |  |
|  5.04%, 08/25/2067, Series 2022-INV1, Class A1 <sup>(1)(3)</sup> | 1500 | 1493 |
|  5.79%, 08/25/2067, Series 2022-INV1, Class B1 <sup>(1)(4)</sup> | 224 | 219 |
|  Verus Securitization Trust 2023-2 |  |  |
|  7.47%, 03/25/2068, Series 2023-2, Class B1 <sup>(1)(4)</sup> | 744 | 743 |

---

The accompanying notes are an integral part of these financial statements.

241.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Verus Securitization Trust 2023-3 |  |  |
|  7.76%, 03/25/2068, Series 2023-3, Class B1 <sup>(1)(4)</sup> | $202 | $202 |
|  Verus Securitization Trust 2023-5 |  |  |
|  6.48%, 06/25/2068, Series 2023-5, Class A1 <sup>(1)(3)</sup> | 3392 | 3412 |
|  Verus Securitization Trust 2023-7 |  |  |
|  7.07%, 10/25/2068, Series 2023-7, Class A1 <sup>(1)(3)</sup> | 11352 | 11511 |
|  Verus Securitization Trust 2023-INV2 |  |  |
|  8.07%, 08/25/2068, Series 2023-INV2, Class B1 <sup>(1)(4)</sup> | 1300 | 1303 |
|  Verus Securitization Trust 2024-3 |  |  |
|  6.34%, 04/25/2069, Series 2024-3, Class A1 <sup>(1)(3)</sup> | 4887 | 4940 |
|  Verus Securitization Trust 2024-7 |  |  |
|  6.50%, 09/25/2069, Series 2024-7, Class B1 <sup>(1)(4)</sup> | 228 | 225 |
|  Verus Securitization Trust 2024-8 |  |  |
|  5.36%, 10/25/2069, Series 2024-8, Class A1 <sup>(1)(4)</sup> | 3998 | 3996 |
|  Verus Securitization Trust 2024-INV1 |  |  |
|  6.12%, 03/25/2069, Series 2024-INV1, Class A1 <sup>(1)(3)</sup> | 11457 | 11562 |
|  Verus Securitization Trust 2024-R1 |  |  |
|  5.22%, 09/25/2069, Series 2024-R1, Class A1 <sup>(1)(4)</sup> | 5855 | 5852 |
|  Visio 2022-1 Trust |  |  |
|  5.94%, 08/25/2057, Series 2022-1, Class B1 <sup>(1)(4)</sup> | 412 | 381 |
|  Vista Point Securitization Trust 2020-1 |  |  |
|  3.20%, 03/25/2065, Series 2020-1, Class A3 <sup>(1)(4)</sup> | 1342 | 1330 |
|  Vista Point Securitization Trust 2020-2 |  |  |
|  1.48%, 04/25/2065, Series 2020-2, Class A1 <sup>(1)(4)</sup> | 537 | 516 |
|  WaMu Mortgage Pass-Through Certificates Series 2005-AR11 Trust |  |  |
|  5.07% (1 Month Term SOFR + 0.75%, 0.64% Floor, 10.50% Cap), 08/25/2045, Series 2005-AR11, Class A1A <sup>(2)</sup> | 955 | 959 |
|  WaMu Mortgage Pass-Through Certificates Series 2005-AR13 Trust |  |  |
|  5.01% (1 Month Term SOFR + 0.69%, 0.58% Floor, 10.50% Cap), 10/25/2045, Series 2005-AR13, Class A1A1 <sup>(2)</sup> | 1320 | 1325 |
|  WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust |  |  |
|  4.95% (1 Month Term SOFR + 0.63%, 0.52% Floor, 10.50% Cap), 11/25/2045, Series 2005-AR15, Class A1A1 <sup>(2)</sup> | 2553 | 2453 |
|  WaMu Mortgage Pass-Through Certificates Series 2005-AR2 Trust |  |  |
|  5.09% (1 Month Term SOFR + 0.77%, 0.66% Floor, 10.50% Cap), 01/25/2045, Series 2005-AR2, Class 1A1A <sup>(2)</sup> | 2520 | 2530 |
|  WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust |  |  |
|  5.47% (12 Month U.S. Treasury Average + 1.07%, 1.07% Floor), 01/25/2046, Series 2006-AR1, Class 2A1A <sup>(2)</sup> | 15977 | 15188 |
|  WaMu Mortgage Pass-Through Certificates Series 2006-AR8 Trust |  |  |
|  4.93%, 08/25/2046, Series 2006-AR8, Class 1A4 <sup>(4)</sup> | 1091 | 1005 |
|  WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust |  |  |
|  5.10%, 03/25/2037, Series 2007-HY3, Class 4A1 <sup>(4)</sup> | 174 | 162 |
|  WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust |  |  |
|  5.15% (12 Month U.S. Treasury Average + 0.75%, 0.75% Floor), 06/25/2047, Series 2007-OA5, Class 1A <sup>(2)</sup> | 7256 | 6022 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust |  |  |
|  5.50%, 04/25/2037, Series 2007-2, Class 2A1 | 3860 | 3787 |
|  Wells Fargo Commercial Mortgage Trust 2013-LC12 |  |  |
|  3.91%, 07/15/2046, Series 2013-LC12, Class B <sup>(4)</sup> | 89 | 85 |
|  Wells Fargo Commercial Mortgage Trust 2016-C33 |  |  |
|  3.16%, 03/15/2059, Series 2016-C33, Class A3 | 746 | 739 |
|  4.51%, 03/15/2059, Series 2016-C33, Class B <sup>(4)</sup> | 4317 | 4239 |
|  Wells Fargo Commercial Mortgage Trust 2016-C35 |  |  |
|  3.18%, 07/15/2048, Series 2016-C35, Class AS | 3155 | 3084 |
|  Wells Fargo Commercial Mortgage Trust 2016-C36 |  |  |
|  3.42%, 11/15/2059, Series 2016-C36, Class AS | 4341 | 4196 |

---

The accompanying notes are an integral part of these financial statements.

242.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Mortgage-Backed Obligations – 46.72% – (continued)** | | |
|  Wells Fargo Commercial Mortgage Trust 2016-LC24 |  |  |
|  3.37%, 10/15/2049, Series 2016-LC24, Class AS | $6000 | $5761 |
|  Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
|  2.73%, 02/15/2053, Series 2020-C55, Class A5 | 5200 | 4780 |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI |  |  |
|  5.48%, 07/15/2035, Series 2024-1CHI, Class A <sup>(1)(4)</sup> | 1018 | 1024 |
|  Wells Fargo Commercial Mortgage Trust 2024-BPRC |  |  |
|  0.31%, 07/15/2043, Series 2024-BPRC, Class X <sup>(1)(4)</sup> | 12388 | 113 |
|  6.22%, 07/15/2043, Series 2024-BPRC, Class B <sup>(1)</sup> | 1570 | 1614 |
|  6.43%, 07/15/2043, Series 2024-BPRC, Class C <sup>(1)</sup> | 999 | 1005 |
|  7.08%, 07/15/2043, Series 2024-BPRC, Class D <sup>(1)</sup> | 420 | 422 |
|  Wells Fargo Commercial Mortgage Trust 2024-SVEN |  |  |
|  6.47%, 06/10/2037, Series 2024-SVEN, Class B <sup>(1)(4)</sup> | 11010 | 11284 |
|  Wells Fargo Mortgage Backed Securities 2021-RR1 Trust |  |  |
|  2.50%, 12/25/2050, Series 2021-RR1, Class A1 <sup>(1)(4)</sup> | 4702 | 3837 |
|  WEST Trust 2025-ROSE |  |  |
|  5.45%, 04/10/2035, Series 2025-ROSE, Class A <sup>(1)(4)</sup> | 892 | 903 |
|  WFRBS Commercial Mortgage Trust 2013-C15 |  |  |
|  4.29%, 08/15/2046, Series 2013-C15, Class B<sup>(4)</sup> | 1505 | 1414 |
|  WFRBS Commercial Mortgage Trust 2014-C20 |  |  |
|  4.38%, 05/15/2047, Series 2014-C20, Class B | 1634 | 1452 |
|  WFRBS Commercial Mortgage Trust 2014-C22 |  |  |
|  4.07%, 09/15/2057, Series 2014-C22, Class AS <sup>(4)</sup> | 3970 | 3762 |
|  Winchester 1 Plc |  |  |
|  6.09% (Sterling Overnight Index Average + 1.55%), 10/21/2056, Series 1, Class C <sup>(2)(19)</sup> | GBP 155 | 212 |
|  6.54% (Sterling Overnight Index Average + 2.00%), 10/21/2056, Series 1, Class D <sup>(2)(19)</sup> | 144 | 197 |
|  WMRK Commercial Mortgage Trust 2022-WMRK |  |  |
|  7.10% (1 Month Term SOFR + 2.79%, 2.79% Floor), 11/15/2027, Series 2022-WMRK, Class A <sup>(1)(2)</sup> | $2158 | 2158 |
|  Worldwide Plaza Trust 2017-WWP |  |  |
|  3.53%, 11/10/2036, Series 2017-WWP, Class A <sup>(1)</sup> | 1740 | 1227 |
|  3.72%, 11/10/2036, Series 2017-WWP, Class C <sup>(1)(4)</sup> | 320 | 67 |
|  **Total Mortgage-Backed Obligations**<br> (Cost: $19,409,309) |  | **19090788** |
|  **U.K. Treasury Bonds – 0.12%** |  |  |
|  United Kingdom Gilt |  |  |
|  4.38%, 07/31/2054(19) | GBP 8,051 | 9572 |
|  4.50%, 03/07/2035 | 27430 | 37669 |
|  **Total U.K. Treasury Bonds**<br> (Cost: $45,511) |  | **47241** |
|  **Total Bonds & Notes<br>(Cost: $45,680,092)** | **Total Bonds & Notes<br>(Cost: $45,680,092)** | **45087520** |
|  **BANK LOANS – 1.12%** |  |  |
|  1011778 BC ULC |  |  |
|  6.08% (CME Term SOFR + 1.75%), 09/20/2030 <sup>(2)</sup> | $1479 | 1471 |
|  8th Avenue Food & Provisions, Inc. |  |  |
|  10.25% (CME Term SOFR + 2.75%), 10/01/2025 <sup>(2)</sup> | 194 | 194 |
|  ABG Intermediate Holdings 2 LLC |  |  |
|  6.58% (CME Term SOFR + 2.25%), 12/21/2028 <sup>(2)</sup> | 1169 | 1168 |
|  Abilene DC 4 LLC |  |  |
|  (CME Term SOFR + 2.25%), 06/09/2028 <sup>(5)(16)</sup> | 33324 | 33324 |
|  (CME Term SOFR + 2.25), 06/09/2028 <sup>(5)(16)</sup> | 33752 | 33752 |
|  Abilene DC 8 LLC |  |  |
|  (CME Term SOFR + 2.25%), 06/09/2028 <sup>(5)(16)</sup> | 34125 | 34125 |

---

The accompanying notes are an integral part of these financial statements.

243.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| BANK LOANS – 1.12% – (continued) |  |  |
|  Advantage Sales & Marketing, Inc. |  |  |
|  8.79% (CME Term SOFR + 4.25%), 10/28/2027 <sup>(2)</sup> | $1440 | $1195 |
|  AI Mansart Bidco S.C.S. |  |  |
|  10.44% (CME Term SOFR + 6.25%), 09/01/2028(2) <sup>(5)(19)</sup> | 395 | 387 |
|  Albion Financing 3 Sarl |  |  |
|  7.32% (CME Term SOFR + 3.00%), 08/16/2029 <sup>(2)</sup> | 235 | 235 |
|  Alpha Generation LLC |  |  |
|  (CME Term SOFR + 2.00%), 09/30/2031 <sup>(16)</sup> | 2618 | 2612 |
|  Altice Financing SA |  |  |
|  9.26% (CME Term SOFR + 5.00%), 10/31/2027 <sup>(2)</sup> | 638 | 511 |
|  Altice France SA |  |  |
|  7.78% (€STR + 5.50%), 08/15/2028 <sup>(2)</sup> | EUR 99 | 104 |
|  9.76% (CME Term SOFR + 5.50%), 08/15/2028 <sup>(2)</sup> | $4059 | 3667 |
|  AmSurg LLC |  |  |
|  11.11% (CME Term SOFR + 6.75%), 07/20/2026 <sup>(2)</sup> | 2697 | 2697 |
|  12.24% (CME Term SOFR + 7.88%), 11/03/2028 <sup>(2)</sup> | 9697 | 9697 |
|  AmWINS Group, Inc. |  |  |
|  6.58% (CME Term SOFR + 2.25%), 01/30/2032 <sup>(2)</sup> | 1471 | 1472 |
|  Arches Buyer, Inc. |  |  |
|  7.68% (CME Term SOFR + 3.25%), 12/06/2027 <sup>(2)</sup> | 715 | 705 |
|  Artera Services LLC |  |  |
|  8.80% (CME Term SOFR + 4.50%), 02/15/2031 <sup>(2)</sup> | 1114 | 929 |
|  Asurion LLC |  |  |
|  9.69% (CME Term SOFR + 5.25%), 01/20/2029 <sup>(2)</sup> | 976 | 903 |
|  Athena Health Group, Inc. |  |  |
|  7.08% (CME Term SOFR + 2.75%), 02/15/2029 <sup>(2)</sup> | 916 | 915 |
|  Avolon TLB Borrower 1 LLC |  |  |
|  6.07% (CME Term SOFR + 1.75%), 06/22/2030 <sup>(2)</sup> | 5595 | 5597 |
|  Bach Finance Ltd |  |  |
|  (CME Term SOFR + 3.25%), 01/09/2032 <sup>(16)</sup> | 1109 | 1115 |
|  Balcan Innovations, Inc. |  |  |
|  9.03% (CME Term SOFR + 4.75%), 10/18/2031 <sup>(2)</sup> | 934 | 850 |
|  Barracuda Parent LLC |  |  |
|  8.78% (CME Term SOFR + 4.50%), 08/15/2029 <sup>(2)</sup> | 715 | 592 |
|  Bausch + Lomb Corp. |  |  |
|  8.33% (CME Term SOFR + 4.00%), 09/29/2028 <sup>(2)</sup> | 712 | 711 |
|  BCPE Empire Holdings, Inc. |  |  |
|  7.58% (CME Term SOFR + 3.25%), 12/11/2030 <sup>(2)</sup> | 1704 | 1692 |
|  BCPE North Star U.S. Holdco 2, Inc. |  |  |
|  8.44% (CME Term SOFR + 4.00%), 06/09/2028 <sup>(2)</sup> | 1535 | 1512 |
|  Belron Finance 2019 LLC |  |  |
|  7.05% (CME Term SOFR + 2.75%), 10/16/2031 <sup>(2)</sup> | 828 | 831 |
|  Blackhawk Network Holdings, Inc. |  |  |
|  8.33% (CME Term SOFR + 4.00%), 03/12/2029 <sup>(2)</sup> | 1400 | 1407 |
|  Boost Newco Borrower LLC |  |  |
|  6.30% (CME Term SOFR + 2.00%), 01/31/2031 <sup>(2)</sup> | 1430 | 1433 |
|  Calpine Corp. |  |  |
|  6.08% (CME Term SOFR + 1.75%), 01/31/2031 <sup>(2)</sup> | 2946 | 2944 |
|  6.08% (CME Term SOFR + 1.75%), 02/15/2032 | 2222 | 2221 |
|  Cast & Crew LLC |  |  |
|  8.08% (CME Term SOFR + 3.75%), 12/29/2028 <sup>(2)</sup> | 546 | 515 |
|  Castle U.S. Holding Corporation |  |  |
|  8.84% (CME Term SOFR + 4.25%), 05/31/2030 <sup>(2)</sup> | 721 | 390 |
|  10.32% CME Term SOFR + 6.00%), 04/29/2030 | 108 | 108 |
|  Celsius, Inc |  |  |
|  7.55% (CME Term SOFR + 3.25%), 04/01/2032 <sup>(2)</sup> | 1211 | 1217 |
|  Charter Communications Operating LLC |  |  |
|  6.55% (CME Term SOFR + 2.25%), 12/15/2031 <sup>(2)</sup> | 2600 | 2603 |
|  Chemours Co. |  |  |
|  7.33% (CME Term SOFR + 3.00%), 08/18/2028 <sup>(2)</sup> | 1220 | 1215 |

---

The accompanying notes are an integral part of these financial statements.

244.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| BANK LOANS – 1.12% – (continued) |  |  |
|  Cleanova Midco Ltd. |  |  |
|  9.07% (CME Term SOFR + 4.75%), 05/22/2032 <sup>(2)</sup> | $764 | $745 |
|  Cloud Software Group, Inc. |  |  |
|  7.80% (CME Term SOFR + 3.50%), 03/29/2029 <sup>(2)</sup> | 1142 | 1143 |
|  ConnectWise LLC |  |  |
|  8.06% (CME Term SOFR + 3.50%), 09/29/2028 <sup>(2)</sup> | 408 | 410 |
|  Cornerstone Generation LLC |  |  |
|  (CME Term SOFR + 3.25%), 10/28/2031 <sup>(16)</sup> | 571 | 573 |
|  Cotiviti, Inc. |  |  |
|  7.07% (CME Term SOFR + 2.75%), 03/26/2032 <sup>(2)</sup> | 776 | 771 |
|  CPI Buyer LLC |  |  |
|  8.32% (CME Term SOFR + 4.00%), 05/27/2032 <sup>(2)</sup> | 1133 | 1101 |
|  Dave & Buster's, Inc. |  |  |
|  7.56% (CME Term SOFR + 3.25%), 11/01/2031 <sup>(2)</sup> | 1527 | 1454 |
|  Deerfield Dakota Holding LLC |  |  |
|  8.05% (CME Term SOFR + 3.75%), 04/09/2027 <sup>(2)</sup> | 1962 | 1903 |
|  Delivery Hero SE |  |  |
|  9.30% (CME Term SOFR + 5.00%), 12/12/2029 <sup>(2)</sup> | 2696 | 2715 |
|  DraftKings, Inc. |  |  |
|  6.07% (CME Term SOFR + 1.75%), 03/04/2032 <sup>(2)</sup> | 1497 | 1492 |
|  DTI Holdco, Inc. |  |  |
|  8.33% (CME Term SOFR + 4.00%), 04/26/2029 <sup>(2)</sup> | 764 | 753 |
|  EagleView Technology Corp. |  |  |
|  10.80% (CME Term SOFR + 6.50%), 08/14/2028 <sup>(2)</sup> | 3914 | 3802 |
|  ECi Macola/MAX Holding LLC |  |  |
|  7.55% (CME Term SOFR + 3.25%), 05/09/2030 <sup>(2)</sup> | 781 | 785 |
|  Edgewater Generation, LLC |  |  |
|  7.33% (CME Term SOFR + 3.00%), 08/01/2030 <sup>(2)</sup> | 531 | 532 |
|  EFS Cogen Holdings I LLC |  |  |
|  7.80% (CME Term SOFR + 3.50%), 10/03/2031 <sup>(2)</sup> | 1099 | 1103 |
|  Elanco Animal Health, Inc. |  |  |
|  6.17% (CME Term SOFR + 1.75%), 08/01/2027 <sup>(2)</sup> | 2712 | 2709 |
|  Element Materials Technology Group U.S. Holdings Inc. |  |  |
|  8.05% (CME Term SOFR + 3.75%), 07/06/2029 <sup>(2)</sup> | 847 | 848 |
|  Entain plc |  |  |
|  6.67% (CME Term SOFR + 2.50%), 03/29/2027 <sup>(2)</sup> | 3413 | 3414 |
|  Envalior Finance GmbH |  |  |
|  7.69% (€STR + 5.50%), 03/29/2030 <sup>(2)</sup> | EUR 4,100 | 4736 |
|  9.82% (CME Term SOFR + 5.50%), 03/29/2030 <sup>(2)</sup> | $8017 | 7532 |
|  Finastra USA, Inc. |  |  |
|  2.70% (CME Term SOFR + 7.25%), 09/13/2029 <sup>(2)(6)</sup> | 52 | 52 |
|  11.43% (CME Term SOFR + 7.25%), 09/13/2029 <sup>(2)</sup> | 2505 | 2508 |
|  First Eagle Investment Management LLC |  |  |
|  (CME Term SOFR + 3.50%), 06/06/2032 <sup>(16)</sup> | 128 | 126 |
|  (CME Term SOFR + 3.50%), 06/06/2032 <sup>(16)</sup> | 752 | 738 |
|  Flutter Entertainment plc |  |  |
|  6.30% (CME Term SOFR + 2.00%), 06/04/2032 <sup>(2)</sup> | 1769 | 1767 |
|  Frontier Communications Holdings LLC |  |  |
|  6.79% (CME Term SOFR + 2.50%), 07/01/2031 <sup>(2)</sup> | 680 | 680 |
|  Gainwell Acquisition Corp. |  |  |
|  8.40% (CME Term SOFR + 4.00%), 10/01/2027 <sup>(2)</sup> | 2891 | 2780 |
|  Genesys Cloud Services Holdings I LLC |  |  |
|  6.83% (CME Term SOFR + 2.50%), 01/30/2032 <sup>(2)</sup> | 824 | 823 |
|  GIH Borrower LLC |  |  |
|  6.80% (CME Term SOFR + 2.50%), 11/26/2031 <sup>(2)</sup> | 639 | 642 |
|  Grifols Worldwide Operations Ltd. |  |  |
|  6.48% (CME Term SOFR + 2.00%), 11/15/2027 <sup>(2)</sup> | 1808 | 1801 |

---

The accompanying notes are an integral part of these financial statements.

245.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| BANK LOANS – 1.12% – (continued) |  |  |
|  HDI Aerospace Intermediate Holding III Corp. |  |  |
|  (CME Term SOFR + 4.50%), 02/11/2032 <sup>(16)</sup> | $1441 | $1441 |
|  Healthpeak OP LLC |  |  |
|  5.27% (CME Term SOFR + 0.84%), 02/22/2027 <sup>(2)</sup> | 3419 | 3360 |
|  5.27% (CME Term SOFR + 0.84%), 08/20/2027 <sup>(2)</sup> | 3419 | 3360 |
|  5.34% (CME Term SOFR + 0.85%), 03/01/2029 <sup>(2)</sup> | 6901 | 6694 |
|  Heartland Dental LLC |  |  |
|  8.83% (CME Term SOFR + 4.50%), 04/28/2028 <sup>(2)</sup> | 735 | 735 |
|  Hilton Domestic Operating Co. Inc. |  |  |
|  6.07% (CME Term SOFR + 1.75%), 11/08/2030 <sup>(2)</sup> | 6280 | 6299 |
|  Hilton Garden Inn Waikiki |  |  |
|  7.61% (CME Term SOFR + 3.30%), 05/31/2029 <sup>(2)(5)(19)</sup> | 5100 | 5082 |
|  Hunterstown Generation LLC |  |  |
|  7.82% (CME Term SOFR + 3.50%), 11/06/2031 <sup>(2)</sup> | 661 | 660 |
|  Ingenovis Health, Inc. |  |  |
|  8.68% (CME Term SOFR + 4.25%), 03/06/2028 <sup>(2)</sup> | 1271 | 526 |
|  8.70% (CME Term SOFR + 4.25%), 03/06/2028 <sup>(2)</sup> | 618 | 244 |
|  Invitation Homes OP LP |  |  |
|  5.26% (CME Term SOFR + 0.85%), 09/09/2028 <sup>(2)</sup> | 10003 | 9803 |
|  Iqvia, Inc. |  |  |
|  6.05% (CME Term SOFR + 1.75%), 01/02/2031 <sup>(2)</sup> | 2107 | 2115 |
|  Jane Street Group LLC |  |  |
|  6.33% (CME Term SOFR + 2.00%), 12/15/2031 <sup>(2)</sup> | 1767 | 1764 |
|  Jazz Pharmaceuticals, Inc. |  |  |
|  6.58% (CME Term SOFR + 2.25%), 05/05/2028 <sup>(2)</sup> | 1407 | 1413 |
|  Kelso Industries LLC |  |  |
|  10.08% (CME Term SOFR + 5.75%), 12/30/2029 | 1179 | 1179 |
|  KFC Holding Co. |  |  |
|  6.18% (CME Term SOFR + 1.75%), 03/15/2028 <sup>(2)</sup> | 1119 | 1124 |
|  KUEHG Corp. |  |  |
|  7.55% (CME Term SOFR + 3.25%), 06/12/2030 <sup>(2)</sup> | 454 | 454 |
|  Lealand Finance Co. BV |  |  |
|  5.44% (CME Term SOFR + 1.00%), 12/30/2027 <sup>(2)</sup> | 715 | 358 |
|  7.44% (CME Term SOFR + 3.00%), 06/30/2027 <sup>(2)</sup> | 149 | 93 |
|  Magnite, Inc. |  |  |
|  7.33% (CME Term SOFR + 3.00%), 02/06/2031 <sup>(2)</sup> | 1644 | 1646 |
|  Mativ Holdings, Inc. |  |  |
|  6.93% (CME Term SOFR + 2.50%), 05/06/2027 <sup>(2)</sup> | 764 | 757 |
|  McAfee Corp. |  |  |
|  7.32% (CME Term SOFR + 3.00%), 03/01/2029 <sup>(2)</sup> | 301 | 292 |
|  Mediapro |  |  |
|  7.73% (€STR + 5.75%), 08/14/2029 <sup>(2)</sup> | EUR 8,100 | 9541 |
|  Mercury Aggregator LP |  |  |
|  (FIXED + 13.50%), 04/03/2026<sup>(5)(16)</sup> | $1632 | 1632 |
|  MH Sub I LLC |  |  |
|  8.58% (CME Term SOFR + 4.25%), 05/03/2028 <sup>(2)</sup> | 1424 | 1334 |
|  MH SUB I LLC |  |  |
|  8.58% (CME Term SOFR + 4.25%), 12/31/2031 <sup>(2)</sup> | 1875 | 1625 |
|  Modena Buyer LLC |  |  |
|  8.78% (CME Term SOFR + 4.50%), 07/01/2031 <sup>(2)</sup> | 465 | 447 |
|  ModivCare, Inc. |  |  |
|  (CME Term SOFR + 4.75%), 07/01/2031 <sup>(16)</sup> | 4480 | 3255 |
|  11.71% (CME Term SOFR + 7.50%), 01/09/2026 <sup>(2)</sup> | 2305 | 1743 |
|  Naked Juice LLC |  |  |
|  7.65% (CME Term SOFR + 3.25%), 01/24/2029 <sup>(2)</sup> | 4313 | 3421 |
|  9.80% (CME Term SOFR + 5.50%), 01/24/2029 <sup>(2)</sup> | 6650 | 6580 |
|  10.40% (CME Term SOFR + 6.00%), 01/24/2030 <sup>(2)</sup> | 488 | 225 |

---

The accompanying notes are an integral part of these financial statements.

246.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| BANK LOANS – 1.12% – (continued) |  |  |
|  NEP Group, Inc. |  |  |
|  9.34% (CME Term SOFR + 4.75%), 08/19/2026 <sup>(2)</sup> | $795 | $731 |
|  Northwind Midstream Partners LLC |  |  |
|  (CME Term SOFR + 6.25%), 03/16/2029 <sup>(5)(16)(19)</sup> | 7973 | 7814 |
|  Opal Bidco SAS |  |  |
|  7.44% (CME Term SOFR + 3.25%), 04/28/2032 <sup>(2)</sup> | 1182 | 1186 |
|  Oregon Tool Lux LP |  |  |
|  9.67% (CME Term SOFR + 5.35%), 10/15/2029 <sup>(2)</sup> | 57 | 58 |
|  Oregon Tool, Inc. |  |  |
|  8.59% (CME Term SOFR + 4.00%), 10/15/2029 <sup>(2)</sup> | 1963 | 1584 |
|  Osmosis Buyer Ltd |  |  |
|  7.32% (CME Term SOFR + 3.00%), 07/31/2028 <sup>(2)</sup> | 665 | 664 |
|  Peer Holding III BV |  |  |
|  6.80% (CME Term SOFR + 2.50%), 07/01/2031 <sup>(2)</sup> | 2517 | 2528 |
|  Pelican Products, Inc. |  |  |
|  8.81% (CME Term SOFR + 4.25%), 12/29/2028 <sup>(2)</sup> | 1693 | 1475 |
|  Peraton Corp. |  |  |
|  8.18% (CME Term SOFR + 3.75%), 02/01/2028 <sup>(2)</sup> | 1977 | 1741 |
|  Planet U.S. Buyer LLC |  |  |
|  7.33% (CME Term SOFR + 3.00%), 02/07/2031 <sup>(2)</sup> | 1004 | 1008 |
|  Plano Holdco, Inc. |  |  |
|  (CME Term SOFR + 3.50%), 10/02/2031 <sup>(16)</sup> | 448 | 424 |
|  Poseidon Bidco SAS. |  |  |
|  6.98% (€STR + 5.00%), 03/13/2030 <sup>(2)</sup> | EUR 15,000 | 11905 |
|  Potomac Energy Center LLC |  |  |
|  (CME Term SOFR + 3.00%), 03/14/2032 <sup>(16)</sup> | $732 | 731 |
|  10.56% (CME Term SOFR + 6.00%), 11/12/2026 <sup>(2)</sup> | 719 | 719 |
|  Primo Brands Corp. |  |  |
|  6.55% (CME Term SOFR + 2.25%), 03/31/2028 <sup>(2)</sup> | 314 | 315 |
|  Red Ventures LLC |  |  |
|  7.08% (CME Term SOFR + 2.75%), 03/04/2030 <sup>(2)</sup> | 1448 | 1225 |
|  Renaissance Holding Corp. |  |  |
|  8.28% (CME Term SOFR + 4.00%), 04/05/2030 <sup>(2)</sup> | 2565 | 2323 |
|  Republic of Panama |  |  |
|  4.10% (€STR + 1.75%), 03/05/2027 <sup>(2)(5)</sup> | EUR 28,600 | 33689 |
|  Research Now Group LLC |  |  |
|  9.59% (CME Term SOFR + 5.00%), 07/15/2028 <sup>(2)</sup> | $366 | 364 |
|  Ryan LLC |  |  |
|  7.83% (CME Term SOFR + 3.50%), 11/14/2030 <sup>(2)</sup> | 695 | 696 |
|  Sabre GLBL, Inc. |  |  |
|  9.43% (CME Term SOFR + 5.00%), 06/30/2028 <sup>(2)</sup> | 513 | 507 |
|  10.43% (CME Term SOFR + 6.00%), 11/15/2029 | 1047 | 1043 |
|  Showtime Acquisition, LLC |  |  |
|  9.07% (CME Term SOFR + 4.75%), 08/16/2031 <sup>(2)</sup> | 1758 | 1771 |
|  South Field Energy LLC |  |  |
|  7.55% (CME Term SOFR + 3.25%), 08/29/2031 <sup>(2)</sup> | 47 | 47 |
|  7.55% (CME Term SOFR + 3.25%), 08/29/2031 <sup>(2)</sup> | 730 | 732 |
|  Southern Veterinary Partners LLC |  |  |
|  7.53% (CME Term SOFR + 3.25%), 12/04/2031 <sup>(2)</sup> | 1055 | 1056 |
|  Star Parent, Inc. |  |  |
|  8.30% (CME Term SOFR + 4.00%), 09/27/2030 <sup>(2)</sup> | 509 | 504 |
|  Station Casinos LLC |  |  |
|  (CME Term SOFR + 2.00%), 03/14/2031 <sup>(16)</sup> | 628 | 628 |
|  Stubhub Holdco Sub LLC |  |  |
|  9.08% (CME Term SOFR + 4.75%), 03/15/2030 <sup>(2)</sup> | 590 | 571 |
|  SVF II Finco LP |  |  |
|  (CME Term SOFR + 3.65%), 04/25/2029 <sup>(16)</sup> | 2791 | 2791 |

---

The accompanying notes are an integral part of these financial statements.

247.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| BANK LOANS – 1.12% – (continued) |  |  |
|  (CME Term SOFR + 3.65%), 04/25/2029(<sup>16)</sup> | $21809 | $21809 |
|  6.00% (FIXED + 6.00%), 12/23/2025 <sup>(2)(5)</sup> | 6280 | 6280 |
|  Syniverse Holdings LLC |  |  |
|  11.30% (CME Term SOFR + 7.00%), 05/13/2027 <sup>(2)</sup> | 283 | 267 |
|  TCP Sunbelt Acquisition Co. |  |  |
|  8.58% (CME Term SOFR + 4.25%), 10/24/2031 <sup>(2)</sup> | 1194 | 1194 |
|  Technimark Holdings LLC |  |  |
|  7.57% (CME Term SOFR + 3.25%), 04/14/2031 <sup>(2)</sup> | 1849 | 1856 |
|  Telenet Financing USD LLC |  |  |
|  6.47% (CME Term SOFR + 2.00%), 04/30/2028 <sup>(2)</sup> | 796 | 777 |
|  TransDigm, Inc. |  |  |
|  6.80% (CME Term SOFR + 2.50%), 02/28/2031 <sup>(2)</sup> | 36469 | 36532 |
|  7.05% (CME Term SOFR + 2.75%), 08/24/2028 <sup>(2)</sup> | 513 | 515 |
|  7.05% (CME Term SOFR + 2.75%), 03/22/2030 <sup>(2)</sup> | 2035 | 2041 |
|  TripAdvisor, Inc. |  |  |
|  7.08% (CME Term SOFR + 2.75%), 07/08/2031 <sup>(2)</sup> | 1116 | 1111 |
|  TruGreen LP |  |  |
|  8.43% (CME Term SOFR + 4.00%), 11/02/2027 <sup>(2)</sup> | 1858 | 1759 |
|  U.S. Renal Care, Inc. |  |  |
|  9.44% (CME Term SOFR + 5.00%), 06/20/2028 <sup>(2)</sup> | 939 | 886 |
|  UFC Holdings LLC |  |  |
|  6.57% (CME Term SOFR + 2.25%), 11/21/2031 <sup>(2)</sup> | 728 | 731 |
|  United Natural Foods, Inc. |  |  |
|  9.08% (CME Term SOFR + 4.75%), 05/01/2031 <sup>(2)</sup> | 1320 | 1327 |
|  Virgin Media Bristol LLC |  |  |
|  6.93% (CME Term SOFR + 2.50%), 01/31/2028 <sup>(2)</sup> | 626 | 618 |
|  Vistra Operations Co. LLC |  |  |
|  6.08% (CME Term SOFR + 1.75%), 12/20/2030 <sup>(2)</sup> | 2796 | 2801 |
|  Voyager Parent LLC |  |  |
|  (CME Term SOFR + 4.75%), 05/09/2032 <sup>(16)</sup> | 2335 | 2308 |
|  WEC U.S. Holdings Ltd. |  |  |
|  6.57% (CME Term SOFR + 2.25%), 01/27/2031 <sup>(2)</sup> | 1166 | 1166 |
|  X Corp. |  |  |
|  9.50% (FIXED + 9.50%), 10/26/2029 <sup>(2)</sup> | 1292 | 1255 |
|  10.93% (CME Term SOFR + 6.50%), 10/26/2029(2) | 1468 | 1433 |
|  Xerox Corp. |  |  |
|  8.27% (CME Term SOFR + 4.00%), 11/17/2029 <sup>(2)</sup> | 1062 | 1022 |
|  Zayo Group Holdings, Inc. |  |  |
|  7.44% (CME Term SOFR + 3.00%), 03/09/2027 <sup>(2)</sup> | 2155 | 2045 |
|  8.58% (CME Term SOFR + 4.25%), 03/09/2027 <sup>(2)</sup> | 1078 | 1033 |
|  **Total Bank Loans**<br> (Cost: $458,488) | **Total Bank Loans**<br> (Cost: $458,488) | **458252** |
|  | **Shares**<br>**(000s)** | **Value**<br>**(000s)** |
|  **COMMON STOCKS – 0.07%** |  |  |
| **Communications – 0.06%** |  |  |
|  Clear Channel Outdoor Holdings, Inc. – Class A <sup>(9)</sup> | 2065 | $2416 |
|  iHeartMedia, Inc. – Class A <sup>(9)</sup> | 499 | 878 |
|  iHeartMedia, Inc. – Class B <sup>(5)(9)</sup> | 365 | 579 |
|  Intelsat SA <sup>(9)(19)</sup> | 447 | 19089 |
|  Windstream Holdings II LLC <sup>(5)(9)</sup> | 9 | 123 |
|  WOM SA <sup>(5)(9)(15)(19)</sup> | 1 |  |
|  Total Communications | Total Communications | 23085 |

---

The accompanying notes are an integral part of these financial statements.

248.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares**<br>**(000s)** | **Value**<br>**(000s)** |
|  **COMMON STOCKS – 0.07% – (continued)** |  |  |
| **Healthcare – 0.01%** |  |  |
|  AmSurg Corp. <sup>(5)(9)(19)</sup> | 91 | $4103 |
|  Total Healthcare | Total Healthcare | 4103 |
|  **Total Common Stocks**<br> (Cost: $54,409) | **Total Common Stocks**<br> (Cost: $54,409) | **27188** |
|  **CONVERTIBLE PREFERRED STOCKS – 0.04%** |  |  |
| **Industrials – 0.04%** |  |  |
|  Boeing Co., 6.00% | 233 | 15865 |
|  Total Industrials | Total Industrials | 15865 |
|  **Total Convertible Preferred Stocks**<br> (Cost: $11,635) | **Total Convertible Preferred Stocks**<br> (Cost: $11,635) | **15865** |
|  **WARRANTS – 0.00%(10)** |  |  |
| **Communications – 0.00%(10)** |  |  |
|  Intelsat SA, expires 02/17/2027 <sup>(5)(9)(15)</sup> | 1 |  |
|  Intelsat SA, expires 02/17/2027 <sup>(5)(9)(15)</sup> | 4 |  |
|  Windstream Holdings, Inc., expires 12/31/2035 <sup>(5)(9)</sup> | 2 | 24 |
|  Total Communications | Total Communications | 24 |
|  **Total Warrants**<br> (Cost: $8,373) | **Total Warrants**<br> (Cost: $8,373) | **24** |
|  **SHORT-TERM INVESTMENTS – 10.05%** |  |  |
| **Money Market Funds – 2.97%** |  |  |
|  Fidelity Institutional Money Market Government Portfolio – Class I, 4.27% <sup>(17)</sup> | 1213432 | 1213432 |
|  **Total Money Market Funds**<br> (Cost: $1,213,432) |  | **1213432** |
|  | **Principal<br>Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Government Related – 0.24%** |  |  |
|  Federal Home Loan Bank Discount Notes, 0.00%, 11/07/2025 | $100000 | 98527 |
|  **Total Government Related**<br> (Cost: $98,518) |  | **98527** |
|  **Corporate Bonds – 0.05%** |  |  |
| **Utilities – 0.05%** |  |  |
|  Pacific Gas & Electric Co. |  |  |
|  5.34% (SOFR + 0.95%), 09/04/2025 <sup>(2)</sup> | 22100 | 22100 |
|  Total Utilities | Total Utilities | 22100 |
|  **Total Corporate Bonds**<br> (Cost: $22,100) |  | **22100** |
|  **Commercial Paper – 0.21%** |  |  |
|  Air Lease Corp., 4.85%, 07/08/2025 | 3300 | 3297 |
|  Air Lease Corp., 4.86%, 07/15/2025 | 7800 | 7785 |
|  Alimentation Couche-Tard, Inc., 4.66%, 07/29/2025 | 7200 | 7173 |
|  Alimentation Couche-Tard, Inc., 4.66%, 07/30/2025 | 10800 | 10758 |
|  Canadian Natural Resources Ltd., 4.84%, 07/11/2025 | 2400 | 2397 |
|  Canadian Natural Resources Ltd., 4.92%, 08/06/2025 | 11600 | 11543 |
|  CBRE Group, Inc., 4.66%, 07/24/2025 | 12800 | 12758 |

---

The accompanying notes are an integral part of these financial statements.

249.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**<br>**(000s)** | **Value**<br>**(000s)** |
|  **Commercial Paper – 0.21% – (continued)** |  |  |
|  CVS Caremark, 4.93%, 07/14/2025 | $9900 | $9881 |
|  CVS Health Corp., 4.93%, 07/15/2025 | 2300 | 2295 |
|  Enbridge, Inc., 4.61%, 07/11/2025 | 6400 | 6391 |
|  Enbridge, Inc., 4.62%, 07/21/2025 | 3600 | 3590 |
|  NextEra Energy, Inc., 4.63%, 08/19/2025 | 1300 | 1292 |
|  Targa Resources Corp., 4.72%, 07/29/2025 | 5700 | 5677 |
|  **Total Commercial Paper**<br> (Cost: $84,851) |  | **84837** |
| **Repurchase Agreements – 4.70%** |  |  |
|  Bank of America Securities, Inc., 4.38% dated 06/30/2025, due 08/15/2025, repurchase price $251,004 (collateralized by U.S. Treasury Note, value $255,073, 4.25%, 11/30/2026) | 250000 | 250000 |
|  Bank of America Securities, Inc., 4.38% dated 06/30/2025, due 08/18/2025, repurchase price $592,441 (collateralized by U.S. Treasury Note, value $603,251, 2.88%, 05/15/2028) | 590000 | 590000 |
|  Bank of America Securities, Inc., 4.42% dated 06/30/2025, due 07/01/2025, repurchase price $250,031 (collateralized by U.S. Treasury Note, value $255,566, 3.75%, 08/15/2027) | 250000 | 250000 |
|  Bank of America Securities, Inc., 4.43% dated 06/30/2025, due 07/01/2025, repurchase price $400,194 (collateralized by U.S. Treasury Note, value $409,923 , 1.75-2.38%, 05/15/2029-11/15/2029) | 400000 | 400000 |
|  Bank of America Securities, Inc., 4.44% dated 06/30/2025, due 07/01/2025, repurchase price $9,401 (collateralized by U.S. Treasury Note, value $9,604, 3.65%, 03/31/2028) | 9400 | 9400 |
|  Bank of America Securities, Inc., 4.45% dated 06/30/2025, due 07/01/2025, repurchase price $400,049 (collateralized by U.S. Treasury Note, value $408,391, 4.13%, 09/30/2027) | 400000 | 400000 |
|  Bank of America Securities, Inc., 4.55% dated 06/30/2025, due 07/01/2025, repurchase price $22,503 (collateralized by U.S. Treasury Note, value $22,971, 3.88%, 05/31/2027) | 22500 | 22500 |
|  **Total Repurchase Agreements**<br> (Cost: $1,921,900) |  | **1921900** |
| **U.S. Treasury Bills – 1.21%** |  |  |
|  U.S. Treasury Bill, 0.00%, 07/01/2025 | 35576 | 35576 |
|  U.S. Treasury Bill, 0.00%, 07/03/2025 | 475 | 475 |
|  U.S. Treasury Bill, 0.00%, 07/08/2025 | 35500 | 35471 |
|  U.S. Treasury Bill, 0.00%, 07/15/2025 | 35517 | 35460 |
|  U.S. Treasury Bill, 0.00%, 07/22/2025 | 35547 | 35461 |
|  U.S. Treasury Bill, 0.00%, 07/29/2025 | 35576 | 35461 |
|  U.S. Treasury Bill, 0.00%, 08/07/2025 <sup>(13)</sup> | 52018 | 51791 |
|  U.S. Treasury Bill, 0.00%, 08/14/2025 <sup>(13)</sup> | 2917 | 2902 |
|  U.S. Treasury Bill, 0.00%, 08/19/2025 <sup>(13)</sup> | 1339 | 1331 |
|  U.S. Treasury Bill, 0.00%, 08/28/2025 <sup>(13)</sup> | 302 | 300 |
|  U.S. Treasury Bill, 0.00%, 09/04/2025 <sup>(13)</sup> | 1289 | 1279 |
|  U.S. Treasury Bill, 0.00%, 09/16/2025 <sup>(13)</sup> | 3341 | 3311 |
|  U.S. Treasury Bill, 0.00%, 10/07/2025 | 175000 | 172998 |
|  U.S. Treasury Bill, 0.00%, 10/21/2025 <sup>(13)</sup> | 455 | 449 |
|  U.S. Treasury Bill, 0.00%, 12/26/2025 | 83200 | 81508 |
|  **Total U.S. Treasury Bills**<br> (Cost: $493,787) |  | **493773** |
| **Time Deposits – 0.67%** |  |  |
|  ANZ, London, 2.86% due 07/01/2025 | 6419 | 4224 |
|  Brown Brothers Harriman, 2.25% due 07/01/2025 | 258 | 157 |
|  Brown Brothers Harriman, 5.41% due 07/01/2025<sup>(15)</sup> | 0 | 0 |
|  Citibank, London, 1.11% due 07/01/2025 | 10311 | 12146 |
|  Citibank, London, 3.42% due 07/01/2025 | 28073 | 38535 |
|  Citibank, New York, 3.83% due 07/01/2025 | $162757 | 162757 |
|  HSBC, Hong Kong, 0.02% due 07/02/2025 | 440 | 56 |
|  HSBC, Singapore, 0.56% due 07/01/2025 <sup>(15)</sup> | 0 | 0 |
|  JP Morgan, New York, 3.83% due 07/01/2025 | $5848 | 5848 |

---

The accompanying notes are an integral part of these financial statements.

250.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.67% – (continued)** |  |  |
|  Nordea Bank, Oslo, 3.19% due 07/01/2025 | 15 | $1 |
|  Royal Bank of Canada, Toronto, 1.80% due 07/02/2025 | 444 | 326 |
|  Royal Bank of Canada, Toronto, 3.83% due 07/01/2025 | $14541 | 14541 |
|  Skandinaviska Enskilda Banken AB, Stockholm,—0.31% due 07/01/2025 | 118 | 148 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 1.05% due 07/01/2025 | 6 | 1 |
|  Standard Chartered Bank, Johannesburg, 5.41% due 07/01/2025 | 5860 | 331 |
|  Sumitomo Trust Bank, London, 3.83% due 07/01/2025 | $32449 | 32449 |
|  Sumitomo, Tokyo, 0.12% due 07/01/2025 | 55722 | 387 |
|  **Total Time Deposits**<br> (Cost: $271,907) |  | **271907** |
|  **Total Short-Term Investments**<br> (Cost: $4,106,495) | **Total Short-Term Investments**<br> (Cost: $4,106,495) | **4106476** |
|  **TOTAL INVESTMENTS IN SECURITIES – 121.65%**<br> (Cost: $50,319,492) |  | **49695325** |
|  **TBA SALE COMMITMENTS – (0.70)%** |  |  |
| **Mortgage-Backed Obligations – (0.70)%** |  |  |
|  Fannie Mae |  |  |
|  2.50%, 08/01/2055(18) | $(50000) | (41460) |
|  3.00%, 07/01/2040(18) | (4646) | (4430) |
|  3.00%, 05/25/2044(18) | (51350) | (44425) |
|  3.00%, 08/01/2055(18) | (196500) | (169969) |
|  3.50%, 07/01/2027(18) | (498) | (481) |
|  4.50%, 08/01/2055(18) | (25400) | (24285) |
|  Ginnie Mae |  |  |
|  3.50%, 07/01/2055(18) | (2117) | (1924) |
|  **Total Mortgage-Backed Obligations**<br> (Proceeds Received: $(283022)) | **Total Mortgage-Backed Obligations**<br> (Proceeds Received: $(283022)) | **(286974)** |
|  **Total TBA Sale Commitments**<br> (Proceeds Received: $(283022)) | **Total TBA Sale Commitments**<br> (Proceeds Received: $(283022)) | **(286974)** |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (20.95)%** |  | **(8556488)** |
|  **TOTAL NET ASSETS – 100.00%** |  | $**40851863** |

---

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

REIT Real Estate Investment Trust

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

COP Colombian Peso

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

SEK Swedish Krona

SGD Singapore Dollar

TRY Turkish Lira

UYU Uruguayan Peso

ZAR South African Rand

The accompanying notes are an integral part of these financial statements.

251.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

<sup>(1)</sup> Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $11,832,109, which represents 28.96% of total net assets.

<sup>(2)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2025.

<sup>(3)</sup> Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. The rate reported is the rate in effect as of June 30, 2025.

<sup>(4)</sup> Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2025.

<sup>(5)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $239,643, which represents 0.59% of total net assets.

<sup>(6)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.

<sup>(7)</sup> Payment in-kind security for which part of the income earned may be paid as additional principal.

<sup>(8)</sup> Security in default as of June 30, 2025. The value of these securities totals $7,329, which represents 0.02% of total net assets.

<sup>(9)</sup> Non-income producing security.

<sup>(10)</sup> Amount calculated is less than 0.005%.

<sup>(11)</sup> Inflation protected security. The value of these securities totals $1,129,194, which represents 2.76% of total net assets.

<sup>(12)</sup> Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

<sup>(13)</sup> All or a portion of the security assigned as collateral for certain futures and swap contracts. The value of these pledged issues totals $303,552, which represents 0.74% of total net assets.

<sup>(14)</sup> Delayed delivery purchase commitment security. The value of these securities totals $8,439,460, which represents 20.66% of total net assets.

<sup>(15)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(16)</sup> All or a portion of this position represents an unsettled loan commitment at year end. Certain details associated with this unsettled purchase may not be known prior to settlement date.

<sup>(17)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(18)</sup> Delayed delivery sale commitment security. The value of these securities totals $(286974), which represents (0.70)% of total net assets.

<sup>(19)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $358,028, which represents 0.88% of total net assets.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 669 | Australian 3 Year Bond Future | Sep. 2025 | 71840 | $47439 | $157 |
| 4666 | Australian 10 Year Bond Future | Sep. 2025 | 530416 | 351987 | 2894 |
| 650 | Euro-Bobl Future | Sep. 2025 | 76584 | 90104 | (109) |
| 7291 | Long Gilt Future | Sep. 2025 | 662617 | 931043 | 21502 |
| 33389 | U.S. 2 Year Note Future | Sep. 2025 | $6918482 | $6945695 | $27213 |
| 13593 | U.S. 5 Year Note Future | Sep. 2025 | 1465351 | 1481637 | 16286 |
| 2383 | U.S. Long Bond Future | Sep. 2025 | 268643 | 275162 | 6519 |
| 23519 | U.S. Ultra 10 Year Note Future | Sep. 2025 | 2632121 | 2687413 | 55292 |
| 10719 | U.S. Ultra Bond Future | Sep. 2025 | 1234352 | 1276901 | 42549 |
|  |  |  |  |  | 172303 |

---

The accompanying notes are an integral part of these financial statements.

252.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Open Futures Contracts (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Sold** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| (285) | Australian 10 Year Bond Future | Sep. 2025 | (32354) | $(21499) | $(205) |
| (437) | Euro-Bobl Future | Sep. 2025 | (51595) | (60577) | 199 |
| (1630) | Euro-Bund Future | Sep. 2025 | (213496) | (249896) | 1593 |
| (330) | Euro-Buxl 30 Year Bond Future | Sep. 2025 | (39615) | (46157) | 508 |
| (133) | Euro-Schatz Future | Sep. 2025 | (14285) | (16803) | 24 |
| (705) | U.S. 10 Year Note Future | Sep. 2025 | $(77910) | (79049) | (1139) |
| (12891) | U.S. Ultra 10 Year Note Future | Sep. 2025 | (1443246) | (1472999) | (29753) |
| (64) | U.S. Ultra Bond Future | Sep. 2025 | (7529) | (7624) | (95) |
|  |  |  |  |  | (28868) |
|  |  |  |  |  | $**143435** |

---

#### Over-the-Counter Forward Foreign Currency Exchange Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Counterparty** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| AUD | 2310 | USD | 1498 | 07/02/25 | J.P. Morgan | $22 |
| AUD | 4530 | USD | 2951 | 07/02/25 | J.P. Morgan | 30 |
| AUD | 1765 | USD | 1158 | 08/05/25 | J.P. Morgan | 5 |
| BRL | 317586 | USD | 55697 | 07/02/25 | BNP Paribas | 2757 |
| BRL | 96300 | USD | 17488 | 07/02/25 | Goldman Sachs | 237 |
| BRL | 470356 | USD | 86191 | 07/02/25 | Goldman Sachs | 380 |
| BRL | 153000 | USD | 27644 | 07/02/25 | J.P. Morgan | 516 |
| BRL | 97796 | USD | 17367 | 09/03/25 | Goldman Sachs | 348 |
| BRL | 88111 | USD | 15548 | 09/17/25 | Barclays Bank | 354 |
| BRL | 11337 | USD | 2006 | 09/17/25 | Citibank | 40 |
| BRL | 46922 | USD | 8321 | 10/02/25 | Goldman Sachs | 114 |
| BRL | 156219 | USD | 27705 | 10/02/25 | Goldman Sachs | 379 |
| CZK | 105485 | USD | 4823 | 07/22/25 | Goldman Sachs | 206 |
| EGP | 30422 | USD | 542 | 12/22/25 | Morgan Stanley | 29 |
| EUR | 15496 | USD | 18149 | 07/02/25 | BNP Paribas | 104 |
| EUR | 1877 | USD | 2178 | 07/02/25 | BNP Paribas | 33 |
| EUR | 249032 | USD | 288903 | 07/02/25 | Deutsche Bank | 4445 |
| EUR | 6688 | USD | 7601 | 07/02/25 | J.P. Morgan | 277 |
| EUR | 1518 | USD | 1742 | 07/02/25 | J.P. Morgan | 46 |
| EUR | 75555 | USD | 87559 | 07/02/25 | Morgan Stanley | 1441 |
| EUR | 1023 | USD | 1184 | 07/02/25 | Morgan Stanley | 21 |
| EUR | 2989 | USD | 3501 | 07/02/25 | Morgan Stanley | 20 |
| EUR | 2475 | USD | 2902 | 07/02/25 | Morgan Stanley | 14 |
| EUR | 4339 | USD | 4986 | 07/11/25 | Citibank | 128 |
| EUR | 4030 | USD | 4594 | 07/11/25 | Goldman Sachs | 156 |
| EUR | 2270 | USD | 2585 | 07/11/25 | Goldman Sachs | 90 |
| EUR | 3379 | USD | 3918 | 07/11/25 | Goldman Sachs | 64 |
| EUR | 3589 | USD | 4089 | 07/11/25 | Goldman Sachs | 140 |
| EUR | 9862 | USD | 10971 | 07/11/25 | Goldman Sachs | 653 |
| EUR | 8328 | USD | 9682 | 07/11/25 | Goldman Sachs | 134 |
| EUR | 5929 | USD | 6771 | 07/11/25 | Goldman Sachs | 217 |
| EUR | 4936 | USD | 5605 | 07/11/25 | Goldman Sachs | 214 |
| EUR | 126 | USD | 146 | 07/11/25 | Goldman Sachs | 3 |
| EUR | 3 | USD | 3 | 07/16/25 | UBS <sup>(1)</sup> | 0 |
| EUR | 6 | USD | 6 | 07/16/25 | UBS <sup>(1)</sup> | 0 |
| EUR | 95 | USD | 108 | 07/16/25 | UBS | 4 |
| EUR | 146 | USD | 166 | 07/16/25 | UBS | 7 |
| EUR | 107 | USD | 122 | 07/16/25 | UBS | 5 |

---

The accompanying notes are an integral part of these financial statements.

253.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Counterparty** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| EUR | 105 | USD | 119 | 07/16/25 | UBS | $4 |
| EUR | 103 | USD | 117 | 07/16/25 | UBS | 4 |
| EUR | 105 | USD | 120 | 07/16/25 | UBS | 4 |
| EUR | 22835 | USD | 26830 | 08/04/25 | J.P. Morgan | 133 |
| GBP | 2681 | USD | 3631 | 07/02/25 | Bank of America | 49 |
| GBP | 2599 | USD | 3536 | 07/02/25 | BNP Paribas | 31 |
| GBP | 2104 | USD | 2834 | 07/02/25 | J.P. Morgan | 54 |
| GBP | 1187 | USD | 1608 | 07/02/25 | J.P. Morgan | 21 |
| GBP | 12062 | USD | 16268 | 07/02/25 | J.P. Morgan | 290 |
| GBP | 5363 | USD | 7239 | 07/02/25 | Morgan Stanley | 122 |
| GBP | 2058 | USD | 2762 | 07/02/25 | Morgan Stanley | 63 |
| GBP | 1157 | USD | 1574 | 07/02/25 | Morgan Stanley | 14 |
| GBP | 19962 | USD | 27345 | 09/17/25 | J.P. Morgan | 69 |
| IDR | 365942 | USD | 22 | 07/16/25 | BNP Paribas <sup>(1)</sup> | 0 |
| IDR | 1623087 | USD | 100 | 07/16/25 | BNP Paribas <sup>(1)</sup> | 0 |
| IDR | 1928692 | USD | 118 | 07/16/25 | Goldman Sachs | 1 |
| INR | 2942 | USD | 34 | 08/20/25 | BNP Paribas <sup>(1)</sup> | 0 |
| INR | 1899 | USD | 22 | 08/20/25 | Deutsche Bank <sup>(1)</sup> | 0 |
| INR | 769 | USD | 9 | 08/20/25 | Deutsche Bank <sup>(1)</sup> | 0 |
| INR | 769 | USD | 9 | 08/20/25 | Deutsche Bank <sup>(1)</sup> | 0 |
| INR | 1466 | USD | 17 | 08/20/25 | Goldman Sachs <sup>(1)</sup> | 0 |
| INR | 1878 | USD | 22 | 08/20/25 | J.P. Morgan <sup>(1)</sup> | 0 |
| JPY | 6329586 | USD | 43814 | 07/02/25 | Morgan Stanley | 140 |
| JPY | 1878736 | USD | 13072 | 08/04/25 | BNP Paribas | 27 |
| JPY | 7301206 | USD | 50767 | 08/04/25 | Morgan Stanley | 138 |
| JPY | 5012167 | USD | 34494 | 08/04/25 | Morgan Stanley | 452 |
| KRW | 96604 | USD | 71 | 07/16/25 | J.P. Morgan | 1 |
| KWD | 158 | USD | 517 | 05/21/26 | BNP Paribas <sup>(1)</sup> | 0 |
| KWD | 79 | USD | 260 | 06/17/26 | BNP Paribas <sup>(1)</sup> | 0 |
| KWD | 80 | USD | 260 | 06/30/26 | BNP Paribas | 1 |
| MXN | 52882 | USD | 2743 | 09/17/25 | Deutsche Bank | 52 |
| MXN | 152896 | USD | 8029 | 09/17/25 | Goldman Sachs | 52 |
| MXN | 153528 | USD | 8030 | 09/17/25 | J.P. Morgan | 84 |
| NOK | 1567 | USD | 155 | 07/02/25 | Morgan Stanley <sup>(1)</sup> | 0 |
| PEN | 22521 | USD | 6213 | 07/03/25 | Bank of America | 145 |
| PEN | 3566 | USD | 973 | 08/04/25 | Citibank | 33 |
| PEN | 10459 | USD | 2885 | 09/17/25 | BNP Paribas | 61 |
| PLN | 32314 | USD | 8581 | 07/11/25 | Goldman Sachs | 382 |
| TRY | 300265 | USD | 7379 | 07/08/25 | J.P. Morgan | 124 |
| TRY | 575 | USD | 14 | 07/22/25 | J.P. Morgan <sup>(1)</sup> | 0 |
| TRY | 1055079 | USD | 25507 | 07/22/25 | J.P. Morgan | 529 |
| TRY | 458267 | USD | 10919 | 08/19/25 | J.P. Morgan | 97 |
| TRY | 1009994 | USD | 24047 | 08/19/25 | Morgan Stanley | 231 |
| USD | 3211 | COP | 13214173 | 09/17/25 | Goldman Sachs | 11 |
| USD | 207 | JPY | 29532 | 09/17/25 | J.P. Morgan <sup>(1)</sup> | 0 |
| USD | 28997 | JPY | 4120107 | 09/17/25 | J.P. Morgan | 133 |
| USD | 950 | KWD | 276 | 05/03/29 | BNP Paribas | 42 |
| USD | 13930 | KWD | 4052 | 05/07/29 | BNP Paribas | 608 |
| USD | 1980 | KWD | 576 | 07/02/29 | BNP Paribas | 87 |
| USD | 4475 | KWD | 1299 | 05/09/30 | BNP Paribas | 184 |
| USD | 6718 | KWD | 1951 | 05/13/30 | BNP Paribas | 275 |
|  |  |  |  |  | **Total Unrealized Appreciation** | 18381 |
| CAD | 3985 | USD | 2951 | 09/17/25 | Barclays Bank | (13) |
| JPY | 7913612 | USD | 55161 | 07/02/25 | J.P. Morgan | (207) |
| KWD | 153 | USD | 503 | 05/04/26 | BNP Paribas | (2) |

---

The accompanying notes are an integral part of these financial statements.

254.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Counterparty** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| KWD | 229 | USD | 755 | 05/05/26 | BNP Paribas | $(4) |
| KWD | 77 | USD | 252 | 05/18/26 | BNP Paribas <sup>(1)</sup> | (0) |
| KWD | 262 | USD | 860 | 05/28/26 | BNP Paribas | (2) |
| KWD | 77 | USD | 253 | 06/02/26 | BNP Paribas <sup>(1)</sup> | (0) |
| KWD | 93 | USD | 303 | 06/10/26 | BNP Paribas | (1) |
| KWD | 77 | USD | 253 | 06/10/26 | BNP Paribas <sup>(1)</sup> | (0) |
| KWD | 231 | USD | 757 | 06/15/26 | BNP Paribas | (1) |
| KWD | 153 | USD | 506 | 06/10/27 | BNP Paribas | (4) |
| KWD | 153 | USD | 506 | 06/10/27 | BNP Paribas | (4) |
| USD | 12 | CAD | 17 | 07/02/25 | Bank of America <sup>(1)</sup> | (0) |
| USD | 365839 | EUR | 321744 | 07/02/25 | Bank of America | (13160) |
| USD | 14546 | GBP | 10708 | 07/02/25 | Bank of America | (152) |
| USD | 58197 | BRL | 317586 | 07/02/25 | BNP Paribas | (257) |
| USD | 6053 | CAD | 8334 | 07/02/25 | BNP Paribas | (67) |
| USD | 3268 | AUD | 5075 | 07/02/25 | Deutsche Bank | (72) |
| USD | 27705 | BRL | 152681 | 07/02/25 | Goldman Sachs | (397) |
| USD | 17367 | BRL | 96302 | 07/02/25 | Goldman Sachs | (358) |
| USD | 8321 | BRL | 45872 | 07/02/25 | Goldman Sachs | (122) |
| USD | 45360 | BRL | 271800 | 07/02/25 | Goldman Sachs | (4666) |
| USD | 1157 | AUD | 1765 | 07/02/25 | J.P. Morgan | (5) |
| USD | 28037 | BRL | 153000 | 07/02/25 | J.P. Morgan | (124) |
| USD | 274483 | GBP | 203746 | 07/02/25 | J.P. Morgan | (5189) |
| USD | 240 | NZD | 403 | 07/02/25 | J.P. Morgan | (5) |
| USD | 13829 | EUR | 12074 | 07/02/25 | Morgan Stanley | (394) |
| USD | 34494 | JPY | 5030659 | 07/02/25 | Morgan Stanley | (439) |
| USD | 50767 | JPY | 7328168 | 07/02/25 | Morgan Stanley | (122) |
| USD | 170 | NOK | 1730 | 07/02/25 | Morgan Stanley | (1) |
| USD | 6132 | PEN | 22534 | 07/03/25 | Deutsche Bank | (229) |
| USD | 29 | TRY | 1156 | 07/08/25 | BNP Paribas <sup>(1)</sup> | (0) |
| USD | 67 | TRY | 2718 | 07/08/25 | Goldman Sachs <sup>(1)</sup> | (0) |
| USD | 188010 | EUR | 173004 | 07/11/25 | Bank of America | (15905) |
| USD | 3578 | PEN | 13000 | 07/11/25 | Bank of America | (91) |
| USD | 4631 | GBP | 3571 | 07/11/25 | Citibank | (271) |
| USD | 13283 | EUR | 11876 | 07/11/25 | Goldman Sachs | (715) |
| USD | 2504 | EUR | 2277 | 07/11/25 | Goldman Sachs | (180) |
| USD | 4466 | EUR | 4070 | 07/11/25 | Goldman Sachs | (332) |
| USD | 4934 | EUR | 4444 | 07/11/25 | Goldman Sachs | (304) |
| USD | 2499 | EUR | 2273 | 07/11/25 | Goldman Sachs | (180) |
| USD | 5970 | EUR | 5404 | 07/11/25 | Goldman Sachs | (399) |
| USD | 1231 | EUR | 1130 | 07/11/25 | Goldman Sachs | (100) |
| USD | 3078 | EUR | 2701 | 07/11/25 | Goldman Sachs | (106) |
| USD | 55191 | EUR | 50083 | 07/11/25 | Goldman Sachs | (3841) |
| USD | 708 | EUR | 612 | 07/11/25 | Goldman Sachs | (14) |
| USD | 2455 | EUR | 2150 | 07/11/25 | Goldman Sachs | (79) |
| USD | 1620 | EUR | 1419 | 07/11/25 | Goldman Sachs | (52) |
| USD | 4568 | EUR | 4014 | 07/11/25 | Goldman Sachs | (164) |
| USD | 5512 | EUR | 4837 | 07/11/25 | Goldman Sachs | (189) |
| USD | 5688 | EUR | 4989 | 07/11/25 | Goldman Sachs | (192) |
| USD | 4319 | EUR | 3851 | 07/11/25 | Goldman Sachs | (221) |
| USD | 2489 | EUR | 2180 | 07/11/25 | Goldman Sachs | (80) |
| USD | 564 | EUR | 498 | 07/11/25 | Goldman Sachs | (23) |
| USD | 6854 | PLN | 26751 | 07/11/25 | J.P. Morgan | (566) |
| USD | 1470 | PLN | 5563 | 07/11/25 | J.P. Morgan | (74) |
| USD | 3626 | TWD | 118017 | 07/16/25 | BNP Paribas | (438) |
| USD | 2977 | TWD | 96599 | 07/16/25 | BNP Paribas | (350) |
| USD | 3650 | TWD | 118851 | 07/16/25 | J.P. Morgan | (443) |

---

The accompanying notes are an integral part of these financial statements.

255.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Counterparty** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 2638 | TWD | 85700 | 07/16/25 | J.P. Morgan | $(313) |
| USD | 107 | EUR | 94 | 07/16/25 | Morgan Stanley | (4) |
| USD | 114 | EUR | 100 | 07/16/25 | Morgan Stanley | (4) |
| USD | 114 | EUR | 100 | 07/16/25 | Morgan Stanley | (4) |
| USD | 109 | EUR | 95 | 07/16/25 | Morgan Stanley | (4) |
| USD | 111 | EUR | 98 | 07/16/25 | Morgan Stanley | (4) |
| USD | 8 | EUR | 7 | 07/16/25 | UBS <sup>(1)</sup> | (0) |
| USD | 8 | EUR | 7 | 07/16/25 | UBS <sup>(1)</sup> | (0) |
| USD | 4 | EUR | 3 | 07/16/25 | UBS <sup>(1)</sup> | (0) |
| USD | 120 | EUR | 105 | 07/16/25 | UBS | (5) |
| USD | 6 | EUR | 6 | 07/16/25 | UBS <sup>(1)</sup> | (0) |
| USD | 57 | EUR | 50 | 07/16/25 | UBS | (3) |
| USD | 4 | EUR | 3 | 07/16/25 | UBS <sup>(1)</sup> | (0) |
| USD | 3323 | CZK | 72954 | 07/22/25 | Citibank | (155) |
| USD | 1481 | CZK | 32531 | 07/22/25 | Citibank | (70) |
| USD | 21696 | ZAR | 392409 | 07/23/25 | Goldman Sachs | (432) |
| USD | 23028 | ZAR | 411537 | 07/23/25 | J.P. Morgan | (178) |
| USD | 47791 | ZAR | 864106 | 07/23/25 | Morgan Stanley | (935) |
| USD | 46811 | PEN | 172991 | 07/30/25 | BNP Paribas | (1986) |
| USD | 969 | PEN | 3566 | 08/04/25 | Citibank | (37) |
| USD | 288903 | EUR | 248487 | 08/04/25 | Deutsche Bank | (4497) |
| USD | 253627 | GBP | 185243 | 08/04/25 | J.P. Morgan | (690) |
| USD | 30551 | EUR | 25991 | 08/04/25 | Morgan Stanley | (138) |
| USD | 155 | NOK | 1567 | 08/04/25 | Morgan Stanley <sup>(1)</sup> | (0) |
| USD | 245 | NZD | 403 | 08/04/25 | Morgan Stanley | (1) |
| USD | 6110 | CAD | 8341 | 08/05/25 | BNP Paribas | (27) |
| USD | 4651 | TWD | 151186 | 08/20/25 | BNP Paribas | (608) |
| USD | 10319 | TWD | 337532 | 08/20/25 | BNP Paribas | (1421) |
| USD | 11650 | TWD | 381093 | 08/20/25 | J.P. Morgan | (1606) |
| USD | 4435 | TWD | 145424 | 08/20/25 | J.P. Morgan | (624) |
| USD | 31783 | PEN | 116087 | 09/17/25 | Bank of America | (915) |
| USD | 14630 | PEN | 53350 | 09/17/25 | Bank of America | (397) |
| USD | 26522 | BRL | 150298 | 09/17/25 | Barclays Bank | (604) |
| USD | 1225 | GBP | 901 | 09/17/25 | Barclays Bank | (12) |
| USD | 1138 | EUR | 995 | 09/17/25 | Citibank | (40) |
| USD | 95 | EUR | 82 | 09/17/25 | Deutsche Bank | (2) |
| USD | 56363 | EUR | 48857 | 09/17/25 | Deutsche Bank | (1489) |
| USD | 19584 | EUR | 16818 | 09/17/25 | Deutsche Bank | (330) |
| USD | 79614 | EUR | 68379 | 09/17/25 | Deutsche Bank | (1353) |
| USD | 644 | GBP | 478 | 09/17/25 | Deutsche Bank | (12) |
| USD | 42119 | PEN | 154265 | 09/17/25 | Deutsche Bank | (1332) |
| USD | 3213 | COP | 13519951 | 09/17/25 | J.P. Morgan | (61) |
| USD | 2847 | EUR | 2440 | 09/17/25 | Morgan Stanley | (42) |
| USD | 20219 | GBP | 14938 | 09/17/25 | Morgan Stanley | (296) |
| USD | 56 | AUD | 87 | 09/17/25 | UBS | (1) |
| USD | 982 | AUD | 1518 | 09/17/25 | UBS | (19) |
| USD | 365 | EUR | 312 | 09/17/25 | UBS | (5) |
| USD | 254 | EUR | 217 | 09/17/25 | UBS | (3) |
| USD | 39446 | GBP | 29008 | 09/17/25 | UBS | (391) |
| USD | 31484 | BRL | 202867 | 10/02/25 | BNP Paribas | (4986) |
| USD | 18897 | BRL | 122300 | 10/02/25 | BNP Paribas | (3089) |
| USD | 4916 | BRL | 31800 | 10/02/25 | Goldman Sachs | (801) |
| USD | 35724 | BRL | 231100 | 10/02/25 | J.P. Morgan | (5821) |
| USD | 6213 | PEN | 22605 | 12/03/25 | Bank of America | (139) |
| USD | 542 | EGP | 30422 | 12/22/25 | Citibank | (29) |
| USD | 16341 | BRL | 96300 | 04/02/26 | Goldman Sachs | (210) |

---

The accompanying notes are an integral part of these financial statements.

256.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Over-the-Counter Forward Foreign Currency Exchange Contracts (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement<br>Date** | **Counterparty** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD | 25816 | BRL | 153000 | 04/02/26 | J.P. Morgan | $(480) |
|  |  |  |  |  | **Total Unrealized Depreciation** | (87911) |
|  |  |  |  |  | **Net Unrealized Depreciation** | $**(69530)** |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

COP Colombian Peso

CZK Czech Koruna

EGP Egyptian Pound

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

KWD Kuwaiti Dinar

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PLN Polish Zloty

TRY Turkish Lira

TWD Taiwan New Dollar

USD United States Dollar

ZAR South African Rand

#### Centrally Cleared Credit Default Swaps – Sell Protection

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed Annual<br>Rate Received**<br> **by Fund** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>June 30,<br>2025** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| AT&T, Inc. | 1.00% | Quarterly | 6/20/2026 | 0.30% | $2700 | $1168 | $(1149) | $19 |
| AT&T, Inc. | 1.00 | Quarterly | 6/20/2028 | 0.43 | 1300 | (7) | 28 | 21 |
| Boeing Co. | 1.00 | Quarterly | 6/20/2030 | 0.74 | 4600 | 13 | 42 | 55 |
| CDX.EM.34 | 1.00 | Quarterly | 12/20/2025 | 0.37 | 2852 | (184) | 194 | 10 |
| CDX.EM.36 | 1.00 | Quarterly | 12/20/2026 | 0.63 | 25760 | (1) | 146 | 145 |
| CDX.EM.38 | 1.00 | Quarterly | 12/20/2027 | 0.91 | 2400 | 27 | (21) | 6 |
| CDX.EM.39 <sup>(1)</sup> | 5.00 | Quarterly | 6/20/2028 | 1.00 | 800 | (363) | 363 | 0 |
| CDX.EM.40 | 1.00 | Quarterly | 12/20/2028 | 1.14 | 3200 | (138) | 124 | (14) |
| CDX.EM.41 | 1.00 | Quarterly | 6/20/2029 | 1.27 | 600 | (23) | 17 | (6) |
| CDX.EM.42 | 1.00 | Quarterly | 12/20/2029 | 1.38 | 600 | (17) | 9 | (8) |
| CDX.EM.43 | 1.00 | Quarterly | 6/20/2030 | 1.57 | 600 | (22) | 7 | (15) |
| CDX.NA.HY.35 | 5.00 | Quarterly | 12/20/2025 | 1.49 | 480 | 38 | (30) | 8 |
| CDX.NA.HY.39 | 5.00 | Quarterly | 12/20/2027 | 2.20 | 873 | (417) | 474 | 57 |
| CDX.NA.HY.40 | 5.00 | Quarterly | 6/20/2028 | 2.47 | 1568 | 558 | (448) | 110 |
| CDX.NA.HY.41 | 5.00 | Quarterly | 12/20/2028 | 2.63 | 495 | (3) | 40 | 37 |
| CDX.NA.HY.43 | 5.00 | Quarterly | 12/20/2029 | 3.08 | 83200 | 5152 | 1060 | 6212 |
| CDX.NA.HY.44 | 5.00 | Quarterly | 6/20/2030 | 3.19 | 7363 | 399 | 165 | 564 |
| CDX.NA.HY.44 | 5.00 | Quarterly | 6/20/2030 | 3.19 | 240000 | 11218 | 7145 | 18363 |
| CDX.NA.HY.44 | 5.00 | Quarterly | 6/20/2030 | 3.19 | 515013 | 26298 | 13105 | 39403 |
| Ford Motor Credit Co. LLC | 5.00 | Quarterly | 12/20/2025 | 0.51 | 600 | 23 | (10) | 13 |
| Ford Motor Credit Co. LLC | 5.00 | Quarterly | 6/20/2026 | 0.80 | 9100 | (385) | 765 | 380 |
|  |  |  |  |  |  | $**43334** | $**22026** | $**65360** |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

257.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Over-the-Counter Credit Default Swaps – Buy Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed Annual<br>Rate Paid by Fund** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>June 30,<br>2025** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| Bank of<br>America | American Electric Power Co., Inc. | 1.00% | Quarterly | 12/20/2029 | 0.31% | $12731 | $(313) | $(57) | $(370) |
| Goldman<br>Sachs | American Express Co. | 1.00 | Quarterly | 12/20/2029 | 0.28 | 6460 | (162) | (32) | (194) |
| Goldman<br>Sachs | Dominion Energy, Inc. | 1.00 | Quarterly | 12/20/2029 | 0.31 | 6326 | (150) | (32) | (182) |
|  |  |  |  |  |  |  | $**(625)** | $**(121)** | $**(746)** |

---

#### Over-the-Counter Credit Default Swaps – Sell Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference<br>Entity** | **Fixed Annual<br>Rate Received by Fund** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>June 30,<br>2025** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| J.P. Morgan | Pacificorp <sup>(1)</sup> | 0.13% | Quarterly | 9/29/2027 | 0.31% | $2625 | $(0) | $(9) | $(9) |
| BNP<br>Paribas | Colombia Government International | 1.00 | Quarterly | 12/20/2027 | 1.34 | 600 | (54) | 49 | (5) |
| Goldman<br>Sachs | Colombia Government International | 1.00 | Quarterly | 6/20/2027 | 1.16 | 1900 | 52 | (57) | (5) |
| Goldman<br>Sachs | Colombia Government International | 1.00 | Quarterly | 12/20/2027 | 1.34 | 800 | (71) | 65 | (6) |
| J.P. Morgan | Colombia Government International | 1.00 | Quarterly | 12/20/2026 | 1.05 | 1400 | (66) | 65 | (1) |
| J.P. Morgan | Colombia Government International | 1.00 | Quarterly | 6/20/2027 | 1.16 | 400 | (15) | 14 | (1) |
| Morgan<br>Stanley | Colombia Government International | 1.00 | Quarterly | 6/20/2027 | 1.16 | 900 | 29 | (32) | (3) |
| Morgan<br>Stanley | Colombia Government International | 1.00 | Quarterly | 12/20/2027 | 1.34 | 1000 | (89) | 82 | (7) |
| Goldman<br>Sachs | Mexico Government International | 1.00 | Quarterly | 12/20/2028 | 0.78 | 200 | (2) | 3 | 1 |
| J.P. Morgan | Mexico Government International <sup>(1)</sup> | 1.00 | Quarterly | 6/20/2026 | 0.40 | 100 | (1) | 1 | 0 |
| Morgan<br>Stanley | Mexico Government International | 1.00 | Quarterly | 12/20/2026 | 0.49 | 500 | 498 | (494) | 4 |
| Morgan<br>Stanley | Mexico Government International | 1.00 | Quarterly | 6/20/2027 | 0.54 | 400 | (4) | 8 | 4 |
| Morgan<br>Stanley | Mexico Government International | 1.00 | Quarterly | 6/20/2028 | 0.68 | 300 | (7) | 10 | 3 |
| Morgan<br>Stanley | Mexico Government International | 1.00 | Quarterly | 12/20/2028 | 0.78 | 1100 | (12) | 20 | 8 |

---

The accompanying notes are an integral part of these financial statements.

258.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Over-the-Counter Credit Default Swaps – Sell Protection (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed Annual<br>Rate Received by Fund** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>June 30,<br>2025** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| Deutsche<br>Bank | Pemex | 4.75 | Quarterly | 7/6/2026 | N/A | 4359 |  | 37 | 37 |
| Deutsche<br>Bank | Pemex | 4.85 | Quarterly | 7/6/2026 | N/A | 8718 |  | 79 | 79 |
|  |  |  |  |  |  |  | $**258** | $**(159)** | $**99** |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

#### Centrally Cleared Interest Rate Swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed Annual Rate** | **Floating Rate**<br> **Index** | **Floating Rate<br>Paid or<br>Received** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional**<br>**Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| 0.50% | 6 Month EURIBOR | Received | Semi-Annual | 6/17/2050 | 9000 | $(187) | $4594 | $4407 |
| 0.68 | 1 Year JPY TONA <sup>(1)</sup> | Received | Annual | 4/21/2027 | 9692947 | 0 | 88 | 88 |
| 0.69 | 1 Year JPY TONA <sup>(1)</sup> | Received | Annual | 4/21/2027 | 9806264 | 0 | 88 | 88 |
| 0.70 | 1 Year JPY TONA <sup>(1)</sup> | Received | Annual | 5/11/2027 | 7740411 | 0 | 68 | 68 |
| 0.83 | 6 Month EURIBOR | Received | Semi-Annual | 12/9/2052 | 158000 | 951 | 17591 | 18542 |
| 1.00 | 1 Year JPY TONA <sup>(1)</sup> | Received | Annual | 3/12/2027 | 10101952 | 0 | (141) | (141) |
| 1.02 | 1 Year JPY TONA | Received | Annual | 3/12/2027 | 22902135 | 0 | (352) | (352) |
| 1.03 | 1 Year JPY TONA | Received | Annual | 3/12/2027 | 24721352 | 1 | (393) | (392) |
| 1.25 | 3 Month SOFR | Received | Quarterly | 12/16/2050 | $48900 | 4778 | 18748 | 23526 |
| 1.50 | 3 Month SOFR | Received | Quarterly | 6/17/2050 | 81200 | (14464) | 49897 | 35433 |
| 2.18 | 6 Month EURIBOR <sup>(1)</sup> | Paid | Semi-Annual | 11/7/2054 | 1381 | 0 | (175) | (175) |
| 2.25 | 3 Month SOFR | Received | Quarterly | 3/12/2050 | $3200 | (10) | 1002 | 992 |
| 2.25 | 6 Month EURIBOR | Received | Semi-Annual | 9/17/2055 | 162700 | 12637 | 7627 | 20264 |
| 2.26 | 6 Month EURIBOR | Paid | Semi-Annual | 10/22/2054 | 1550 | (8) | (159) | (167) |
| 2.43 | 6 Month EURIBOR <sup>(1)</sup> | Received | Semi-Annual | 6/19/2054 | 2942 | 0 | 236 | 236 |
| 2.43 | 6 Month EURIBOR <sup>(1)</sup> | Received | Semi-Annual | 6/20/2054 | 2849 | 0 | 228 | 228 |
| 2.44 | 6 Month EURIBOR <sup>(1)</sup> | Paid | Semi-Annual | 6/24/2054 | 2007 | 0 | (155) | (155) |
| 2.46 | 6 Month EURIBOR <sup>(1)</sup> | Received | Semi-Annual | 3/22/2054 | 3021 | 0 | 225 | 225 |
| 2.49 | 6 Month EURIBOR | Received | Semi-Annual | 2/19/2054 | 14265 | 1 | 949 | 950 |
| 2.51 | 6 Month EURIBOR | Received | Semi-Annual | 2/20/2054 | 14265 | 1 | 896 | 897 |
| 2.51 | 6 Month EURIBOR <sup>(1)</sup> | Received | Semi-Annual | 3/1/2054 | 7193 | 0 | 440 | 440 |
| 2.51 | 6 Month EURIBOR | Received | Semi-Annual | 2/20/2054 | 14072 | 1 | 858 | 859 |
| 2.54 | 6 Month EURIBOR | Received | Semi-Annual | 4/22/2054 | 11690 | (24) | 644 | 620 |
| 2.56 | 6 Month EURIBOR | Received | Semi-Annual | 4/2/2054 | 8093 | 57 | 352 | 409 |
| 2.75 | 1 Year SOFR | Received | Annual | 6/21/2053 | $91000 | 8330 | 9983 | 18313 |
| 3.15 | 1 Year SOFR | Received | Annual | 11/15/2053 | 172200 |  | 24143 | 24143 |
| 3.16 | 1 Year SOFR | Received | Annual | 11/15/2053 | 49800 |  | 6924 | 6924 |
| 3.17 | 1 Year SOFR | Received | Annual | 11/15/2053 | 108000 |  | 14754 | 14754 |
| 3.25 | 1 Year SOFR | Received | Annual | 12/20/2053 | 129000 | 6209 | 9581 | 15790 |
| 3.25 | 1 Year SOFR | Received | Annual | 3/19/2055 | 97500 | 14331 | (2650) | 11681 |
| 3.25 | 1 Year SOFR | Received | Annual | 3/19/2055 | 109700 | 15680 | (2538) | 13142 |
| 3.50 | Sterling Overnight Index Average | Received | Annual | 3/19/2030 | 10200 | 304 | (182) | 122 |
| 3.50 | Sterling Overnight Index Average | Received | Annual | 3/19/2035 | 15600 | 946 | (79) | 867 |
| 3.50 | 1 Year SOFR | Received | Annual | 6/20/2054 | $87200 | 6831 | (438) | 6393 |
| 3.50 | 1 Year SOFR | Received | Annual | 12/18/2054 | 133200 | (5736) | 16091 | 10355 |
| 3.56 | 1 Year SOFR | Received | Annual | 5/15/2026 | 11965 | 48 | 5 | 53 |
| 3.75 | Sterling Overnight Index Average | Received | Annual | 3/19/2055 | 600 | 72 | 25 | 97 |
| 3.85 | 1 Year SOFR <sup>(1)</sup> | Paid | Annual | 6/9/2026 | $17991 | 0 | (16) | (16) |
| 3.92 | 1 Year SOFR | Received | Annual | 6/3/2026 | 80300 | (218) | 243 | 25 |
| 4.02 | 1 Year SOFR <sup>(1)</sup> | Paid | Annual | 5/15/2026 | 53576 | 0 | 6 | 6 |

---

The accompanying notes are an integral part of these financial statements.

259.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Centrally Cleared Interest Rate Swaps (Continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed Annual Rate** | **Floating Rate**<br> **Index** | **Floating Rate<br>Paid or<br>Received** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| 4.04 | 1 Year SOFR <sup>(1)</sup> | Paid | Annual | 5/27/2026 |  | 9200 | $0 | $6 | $6 |
| 4.10 | 1 Year SOFR | Received | Annual | 11/15/2052 |  | 157290 | (300) | (4097) | (4397) |
| 4.50 | 6 Month Australian Bank Bill | Paid | Semi-<br>Annual | 6/18/2035 | AUD | 31900 | 607 | 134 | 741 |
| 4.75 | 3 Month FRA New Zealand Bank Bill | Paid | Quarterly | 6/19/2029 | NZD | 41300 | 296 | 943 | 1239 |
| 8.00 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/3/2031 | ZAR | 36500 | 0 | 56 | 56 |
| 8.00 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/6/2031 |  | 36500 | (0) | 56 | 56 |
| 8.01 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/7/2031 |  | 35600 | (0) | 55 | 55 |
| 8.03 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/7/2031 |  | 35600 | (0) | 57 | 57 |
| 8.05 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/7/2031 |  | 35600 | (0) | 59 | 59 |
| 8.06 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/7/2031 |  | 35600 | (0) | 60 | 60 |
| 8.06 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/8/2031 |  | 108600 | (0) | 183 | 183 |
| 8.08% | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/8/2031 |  | 50600 | (0) | 88 | 88 |
| 8.20 | 3 Month ZAR SAJIBOR <sup>(1)</sup> | Paid | Quarterly | 1/10/2031 |  | 181200 | (0) | 374 | 374 |
| 8.99 | Mexico Interbank TIIE 28 Day | Paid | Lunar | 12/18/2029 | MXN | 54600 |  | 149 | 149 |
| 9.02 | Mexico Interbank TIIE 28 Day | Paid | Lunar | 12/17/2029 |  | 73700 |  | 205 | 205 |
| 9.11 | Mexico Interbank TIIE 28 Day | Paid | Lunar | 3/13/2030 |  | 285500 |  | 869 | 869 |
| 9.14 | Mexico Interbank TIIE 28 Day | Paid | Lunar | 12/27/2029 |  | 105900 |  | 320 | 320 |
| 9.15 | Mexico Interbank TIIE 28 Day | Paid | Lunar | 12/31/2029 |  | 102500 |  | 313 | 313 |
| 10.33 | Overnight Brazilian Interbank Deposit Rate | Paid | Daily | 1/4/2027 | BRL | 429570 |  | (6021) | (6021) |
| 13.29 | Overnight Brazilian Interbank Deposit Rate | Paid | Daily | 1/2/2029 |  | 144700 | (8) | 214 | 206 |
| 13.35 | Overnight Brazilian Interbank Deposit Rate | Paid | Daily | 1/2/2029 |  | 288800 | 22 | 505 | 527 |
| 13.93 | Overnight Brazilian Interbank Deposit Rate | Paid | Daily | 1/4/2027 |  | 221000 | 11 | (141) | (130) |
| 14.01 | Overnight Brazilian Interbank Deposit Rate | Paid | Daily | 1/4/2027 |  | 157200 |  | (55) | (55) |
|  |  |  |  |  |  |  | $**51159** | $**173340** | $**224499** |

---

Lunar – payment frequency equal periods of 28 days (a lunar month).

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

#### Centrally Cleared Inflation Linked Swaps

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed Annual Rate** | **Floating Rate**<br> **Index** | **Floating Rate<br>Paid or<br>Received** | **Maturity<br>Date** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| 2.43% | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2030 | $23396 | $0 | $34 | $34 |
| 2.43 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2030 | 11525 | 0 | 16 | 16 |
| 2.53 | 5-Year USD Inflation Linked | Paid | 4/15/2029 | 9844 | (2) | 21 | 19 |
| 2.54 | 5-Year USD Inflation Linked | Paid | 4/15/2029 | 9844 | (1) | 18 | 17 |
| 2.56 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2029 | 20770 | 0 | 10 | 10 |
| 2.64 | 5-Year USD Inflation Linked | Paid | 4/15/2029 | 19963 | 1 | (68) | (67) |
| 2.65 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2029 | 13316 | 0 | (51) | (51) |
| 2.67 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2029 | 13067 | 0 | (63) | (63) |
| 2.68 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2029 | 9982 | 0 | (56) | (56) |
| 2.69 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2029 | 9981 | 0 | (56) | (56) |
| 2.69 | 5-Year USD Inflation Linked | Paid | 4/15/2028 | 12304 | 2 | 19 | 21 |
| 2.69 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2029 | 19963 | 0 | (114) | (114) |
| 2.69 | 5-Year USD Inflation Linked | Paid | 4/15/2028 | 12304 | 2 | 17 | 19 |
| 2.72 | 5-Year USD Inflation Linked | Paid | 4/15/2029 | 19963 | 1 | (150) | (149) |
| 2.73 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2028 | 26910 | 0 | (19) | (19) |

---

The accompanying notes are an integral part of these financial statements.

260.0 ------

### Bridge Builder Core Plus Bond Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

#### Centrally Cleared Inflation Linked Swaps (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed Annual Rate** | **Floating Rate**<br> **Index** | **Floating Rate<br>Paid or<br>Received** | **Maturity<br>Date** | **Notional<br>Amount** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Value** |
| 2.79 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2028 | 24954 | 0 | (87) | (87) |
| 2.83 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2028 | 17241 | 0 | (98) | (98) |
| 2.83 | 5-Year USD Inflation Linked | Paid | 4/15/2028 | 24954 | 1 | (144) | (143) |
| 2.84 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2028 | 12477 | 0 | (73) | (73) |
| 2.84 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2028 | 12477 | 0 | (73) | (73) |
| 2.87 | 5-Year USD Inflation Linked <sup>(1)</sup> | Paid | 4/15/2028 | 24954 | 0 | (189) | (189) |
|  |  |  |  |  | $**4** | $**(1106)** | $**(1102)** |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

#### Over-the-Counter Total Return Swap Contracts – Purchased

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Floating Rate**<br> **Paid by Fund** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<br>(000s)** | **Upfront<br>Premium<br>Paid /<br>(Received)<br>(000s)** | **Unrealized<br>Appreciation /<br>(Depreciation)<br>(000s)** | **Value<br>(000s)** |
| J.P. Morgan | IBOXX USD Liquid Investment | Secured Overnight Financing Rate | Quarterly | 09/20/2025 | $64753 | $(3) | $568 | $565 |
|  |  |  |  |  |  | $**(3)** | $**568** | $**565** |

---

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| SAJIBOR | South African Johannesburg Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| TIIE | Interbank Equilibrium Interest Rate |
| TONA | Tokyo Overnight Average Rate |

---

#### Reverse Repurchase Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal<br>Amount<br>(000)** | **Interest<br>Rate** | **Maturity** | **Value at<br>June 30, 2025** |
|  Barclays Bank Plc Wholesale <sup>(1)</sup> | EUR | 2857 | 1.50% | 6/11/2027 | $3368 |
|  Barclays Bank Plc Wholesale <sup>(1)</sup> | EUR | 197 | 1.50 | 6/11/2027 | 232 |
|  Barclays Bank Plc Wholesale <sup>(1)</sup> | EUR | 305 | 1.65 | 6/17/2027 | 359 |
|  Morgan Stanley And Co. International Plc <sup>(1)</sup> | EUR | 4985 | 1.65 | 6/24/2027 | 5874 |
|  |  |  |  |  | $**9833** |

---

<sup>(1)</sup> The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2025.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Overnight and<br>Continuous** | **Up to 30<br>Days** | **Total** |
|  Government Bonds – Other Government Related | $9777 | $– $– $– $| 9777 |
|  **Total** | $**9777** | $– $– $– **$** | **9777** |

---

The accompanying notes are an integral part of these financial statements.

261.0 ------

### Bridge Builder Municipal Bond Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
|  **MUNICIPAL BONDS – 98.52%** |  |  |
| **Alabama – 4.16%** |  |  |
|  Alabama Federal Aid Highway Finance Authority |  |  |
|  5.00%, 09/01/2035 | $1050 | $1191 |
|  5.00%, 09/01/2036 | 2500 | 2811 |
|  5.00%, 09/01/2037 | 1750 | 1948 |
|  Alabama Housing Finance Authority |  |  |
|  4.45%, 08/01/2045 | 3500 | 3348 |
|  5.75%, 10/01/2055 | 4500 | 4885 |
|  5.75%, 04/01/2056 | 6410 | 7026 |
|  Alabama Public School & College Authority |  |  |
|  5.00%, 11/01/2035 | 6400 | 6870 |
|  Alabama State University |  |  |
|  5.50%, 09/01/2045 | 2000 | 2094 |
|  Baldwin County Industrial Development Authority |  |  |
|  5.00%, 06/01/2055 <sup>(1)(2)</sup> | 12050 | 12148 |
|  Bessemer Governmental Utility Services Corp. |  |  |
|  5.00%, 06/01/2039 | 3000 | 3050 |
|  Birmingham Airport Authority |  |  |
|  5.00%, 07/01/2028 | 700 | 745 |
|  5.00%, 07/01/2032 | 300 | 326 |
|  5.00%, 07/01/2034 | 800 | 861 |
|  Black Belt Energy Gas District |  |  |
|  2.27% (SIFMA Municipal Swap Index Yield + 0.35%), 10/01/2052 <sup>(3)</sup> | 1955 | 1930 |
|  2.57% (SIFMA Municipal Swap Index Yield + 0.65%), 04/01/2053 <sup>(3)</sup> | 22705 | 22244 |
|  4.00%, 12/01/2025 | 1270 | 1272 |
|  4.00%, 12/01/2049 <sup>(1)</sup> | 22530 | 22550 |
|  4.00%, 07/01/2052 <sup>(1)</sup> | 3570 | 3600 |
|  4.00%, 10/01/2052 <sup>(1)</sup> | 35700 | 35790 |
|  4.00%, 12/01/2052 <sup>(1)</sup> | 5930 | 5886 |
|  4.00%, 04/01/2053 <sup>(1)</sup> | 8000 | 8028 |
|  5.00%, 06/01/2027 | 1585 | 1630 |
|  5.00%, 06/01/2028 | 2270 | 2366 |
|  5.00%, 09/01/2028 | 3000 | 3128 |
|  5.00%, 07/01/2030 | 3200 | 3400 |
|  5.00%, 07/01/2031 | 1035 | 1108 |
|  5.00%, 11/01/2034 | 2125 | 2250 |
|  5.00%, 03/01/2055 <sup>(1)</sup> | 15345 | 16235 |
|  5.25%, 06/01/2027 | 1300 | 1343 |
|  5.25%, 12/01/2027 | 1170 | 1218 |
|  5.25%, 06/01/2028 | 1540 | 1613 |
|  5.25%, 12/01/2028 | 1275 | 1344 |
|  5.25%, 12/01/2053 <sup>(1)</sup> | 15080 | 16161 |
|  5.25%, 01/01/2054 <sup>(1)</sup> | 8115 | 8633 |
|  5.25%, 05/01/2055 <sup>(1)</sup> | 15925 | 16560 |
|  5.50%, 06/01/2049 <sup>(1)</sup> | 6970 | 7352 |
|  5.50%, 11/01/2053 <sup>(1)</sup> | 18190 | 19114 |
|  Chilton County Health Care Authority |  |  |
|  5.00%, 11/01/2035 | 1150 | 1151 |
|  City of Guntersville AL |  |  |
|  5.00%, 02/01/2038 | 260 | 280 |
|  City of Sheffield AL Water & Sewer Revenue |  |  |
|  4.00%, 10/01/2032 | 560 | 571 |
|  Clarke-Mobile Counties Gas District |  |  |
|  5.00%, 10/01/2032 | 1660 | 1827 |
|  5.00%, 10/01/2033 | 1740 | 1922 |
|  5.00%, 10/01/2034 | 1825 | 2020 |
|  County of Jefferson AL |  |  |
|  5.00%, 09/15/2032 | 1000 | 1022 |

---

The accompanying notes are an integral part of these financial statements.

262.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Alabama – 4.16% – (continued)** |  |  |
|  County of Jefferson AL Sewer Revenue |  |  |
|  5.00%, 10/01/2028 | $2000 | $2120 |
|  5.00%, 10/01/2036 | 6000 | 6406 |
|  5.00%, 10/01/2037 | 6000 | 6371 |
|  5.00%, 10/01/2038 | 2980 | 3139 |
|  5.00%, 10/01/2039 | 4420 | 4624 |
|  5.25%, 10/01/2040 | 1600 | 1688 |
|  5.25%, 10/01/2049 | 3210 | 3246 |
|  5.50%, 10/01/2053 | 3195 | 3275 |
|  Energy Southeast A Cooperative District |  |  |
|  5.00%, 12/01/2027 | 250 | 259 |
|  5.00%, 06/01/2028 | 240 | 250 |
|  5.00%, 12/01/2029 | 1250 | 1320 |
|  5.00%, 12/01/2030 | 120 | 127 |
|  5.25%, 07/01/2054 <sup>(1)</sup> | 27215 | 29113 |
|  5.50%, 11/01/2053 <sup>(1)</sup> | 7500 | 8095 |
|  5.75%, 04/01/2054 <sup>(1)</sup> | 3700 | 4041 |
|  Guntersville Water Works & Sewer Board |  |  |
|  5.00%, 08/01/2034 | 200 | 217 |
|  5.00%, 08/01/2035 | 200 | 216 |
|  5.00%, 08/01/2038 | 605 | 639 |
|  5.00%, 08/01/2039 | 500 | 525 |
|  Health Care Authority of the City of Huntsville |  |  |
|  5.00%, 06/01/2036 | 2600 | 2721 |
|  5.00%, 06/01/2037 | 5115 | 5327 |
|  5.00%, 06/01/2053 <sup>(1)</sup> | 12255 | 13237 |
|  Homewood Educational Building Authority |  |  |
|  4.00%, 12/01/2038 | 1385 | 1258 |
|  5.25%, 10/01/2039 | 1220 | 1265 |
|  5.50%, 10/01/2049 | 1755 | 1780 |
|  5.50%, 10/01/2054 | 1420 | 1433 |
|  Jacksonville Public Educational Building Authority |  |  |
|  5.25%, 08/01/2049 | 4250 | 4331 |
|  Lower Alabama Gas District |  |  |
|  4.00%, 12/01/2050 <sup>(1)</sup> | 12610 | 12633 |
|  Mobile County Board of School Commissioners |  |  |
|  5.00%, 03/01/2028 | 1030 | 1044 |
|  Montgomery County Public Facilities Authority |  |  |
|  4.00%, 03/01/2035 | 1000 | 1009 |
|  Prichard Water Works & Sewer Board |  |  |
|  2.25%, 11/01/2027 <sup>(4)(5)</sup> | 210 | 137 |
|  2.38%, 11/01/2028 <sup>(4)(5)</sup> | 550 | 358 |
|  Southeast Alabama Gas Supply District |  |  |
|  5.00%, 06/01/2049 <sup>(1)</sup> | 37735 | 39778 |
|  5.00%, 08/01/2054 <sup>(1)</sup> | 37700 | 39636 |
|  Southeast Energy Authority A Cooperative District |  |  |
|  5.00%, 02/01/2029 | 885 | 925 |
|  5.00%, 08/01/2029 | 1125 | 1182 |
|  5.00%, 11/01/2035 | 26240 | 27110 |
|  5.00%, 05/01/2053 <sup>(1)</sup> | 13125 | 13576 |
|  5.00%, 01/01/2054 <sup>(1)</sup> | 16825 | 17723 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 18840 | 19895 |
|  5.00%, 10/01/2055 <sup>(1)</sup> | 43975 | 46342 |
|  5.00%, 01/01/2056 <sup>(1)</sup> | 28770 | 29355 |
|  5.25%, 11/01/2026 | 1520 | 1558 |
|  5.25%, 03/01/2055 <sup>(1)</sup> | 24095 | 25172 |
|  5.50%, 01/01/2053 <sup>(1)</sup> | 12400 | 13232 |

---

The accompanying notes are an integral part of these financial statements.

263.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Alabama – 4.16% – (continued)** |  |  |
|  State of Alabama Docks Department |  |  |
|  5.00%, 10/01/2028 | $2000 | $2055 |
|  5.00%, 10/01/2029 | 3500 | 3584 |
|  5.00%, 10/01/2032 | 2500 | 2541 |
|  Town of Pike Road AL |  |  |
|  5.00%, 03/01/2048 | 7415 | 7555 |
|  Tuscaloosa County Industrial Development Authority |  |  |
|  5.25%, 05/01/2044 <sup>(2)</sup> | 2250 | 2223 |
|  University of South Alabama |  |  |
|  5.00%, 11/01/2033 | 1000 | 1019 |
|  Walker County Economic & Industrial Development Authority |  |  |
|  4.00%, 08/01/2063 <sup>(1)</sup> | 37225 | 37225 |
|  West Jefferson Industrial Development Board |  |  |
|  3.75%, 12/01/2038 <sup>(1)</sup> | 5225 | 5225 |
|  Total Alabama | Total Alabama | 719966 |
| **Alaska – 0.18%** |  |  |
|  Alaska Housing Finance Corp. |  |  |
|  3.00%, 06/01/2051 | 835 | 817 |
|  5.00%, 12/01/2031 | 3500 | 3670 |
|  Alaska Municipal Bond Bank Authority |  |  |
|  5.00%, 12/01/2028 | 360 | 380 |
|  5.00%, 12/01/2042 | 1500 | 1503 |
|  5.25%, 12/01/2035 | 1715 | 1848 |
|  5.25%, 12/01/2036 | 930 | 994 |
|  5.25%, 12/01/2037 | 975 | 1031 |
|  5.25%, 12/01/2047 | 1620 | 1635 |
|  5.50%, 12/01/2050 | 1000 | 1029 |
|  Borough of North Slope AK |  |  |
|  5.00%, 06/30/2026 | 500 | 512 |
|  Municipality of Anchorage AK |  |  |
|  4.00%, 09/01/2040 | 1500 | 1414 |
|  5.50%, 02/01/2035 | 2370 | 2654 |
|  5.50%, 02/01/2038 | 2795 | 3039 |
|  5.50%, 02/01/2043 | 3680 | 3837 |
|  5.50%, 02/01/2045 | 1405 | 1451 |
|  Northern Tobacco Securitization Corp. |  |  |
|  4.00%, 06/01/2050 | 800 | 764 |
|  4.00%, 06/01/2050 | 3145 | 2613 |
|  State of Alaska |  |  |
|  5.00%, 08/01/2035 | 1000 | 1134 |
|  University of Alaska |  |  |
|  5.00%, 10/01/2025 | 200 | 201 |
|  Total Alaska | Total Alaska | 30526 |
| **Arizona – 1.65%** |  |  |
|  Arizona Board of Regents |  |  |
|  5.00%, 07/01/2042 | 500 | 501 |
|  Arizona Health Facilities Authority |  |  |
|  2.17% (SIFMA Municipal Swap Index Yield + 0.25%), 01/01/2046 <sup>(3)</sup> | 200 | 200 |
|  2.17% (SIFMA Municipal Swap Index Yield + 0.25%), 01/01/2046 <sup>(3)</sup> | 600 | 599 |
|  2.17% (SIFMA Municipal Swap Index Yield + 0.25%), 01/01/2046 <sup>(3)</sup> | 2950 | 2924 |
|  Arizona Industrial Development Authority |  |  |
|  2.65%, 07/01/2026 | 170 | 168 |
|  3.00%, 12/15/2031 <sup>(2)</sup> | 320 | 294 |
|  3.55%, 07/15/2029 | 855 | 831 |
|  3.63%, 05/20/2033 | 2220 | 2126 |
|  4.00%, 07/15/2027 <sup>(2)</sup> | 125 | 124 |

---

The accompanying notes are an integral part of these financial statements.

264.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Arizona – 1.65% – (continued)** |  |  |
|  4.00%, 07/01/2031 | $275 | $275 |
|  5.00%, 02/01/2034 | 2585 | 2817 |
|  5.00%, 11/01/2035 | 1100 | 1131 |
|  5.00%, 11/01/2039 | 1000 | 1012 |
|  5.00%, 01/01/2042 <sup>(1)</sup> | 16805 | 17217 |
|  5.00%, 10/01/2044 <sup>(1)</sup> | 6120 | 6196 |
|  5.25%, 11/01/2053 | 5475 | 5454 |
|  Chandler Industrial Development Authority |  |  |
|  3.80%, 12/01/2035 <sup>(1)</sup> | 13850 | 14005 |
|  4.00%, 06/01/2049 <sup>(1)</sup> | 8800 | 8779 |
|  5.00%, 09/01/2042 <sup>(1)</sup> | 1000 | 1018 |
|  5.00%, 09/01/2052 <sup>(1)</sup> | 20560 | 20924 |
|  City of Buckeye AZ |  |  |
|  5.00%, 07/01/2039 | 1270 | 1383 |
|  City of Mesa AZ |  |  |
|  5.00%, 07/01/2042 | 2720 | 2879 |
|  City of Mesa AZ Utility System Revenue |  |  |
|  5.00%, 07/01/2036 | 3900 | 4351 |
|  5.00%, 07/01/2037 | 4000 | 4418 |
|  5.00%, 07/01/2043 | 2500 | 2557 |
|  City of Phoenix Civic Improvement Corp. |  |  |
|  5.00%, 07/01/2025 | 1295 | 1295 |
|  5.00%, 07/01/2026 | 1675 | 1704 |
|  5.00%, 07/01/2027 | 3000 | 3103 |
|  5.00%, 07/01/2028 | 1070 | 1128 |
|  5.00%, 07/01/2028 | 4440 | 4660 |
|  5.00%, 07/01/2029 | 725 | 770 |
|  5.00%, 07/01/2030 | 1000 | 1062 |
|  5.00%, 07/01/2031 | 725 | 770 |
|  5.00%, 07/01/2031 | 2125 | 2205 |
|  5.00%, 07/01/2032 | 120 | 127 |
|  5.00%, 07/01/2034 | 1650 | 1857 |
|  5.00%, 07/01/2035 | 1885 | 2097 |
|  5.00%, 07/01/2035 | 3000 | 3042 |
|  5.00%, 07/01/2036 | 3000 | 3065 |
|  5.00%, 07/01/2036 | 4210 | 4214 |
|  5.00%, 07/01/2037 | 1500 | 1529 |
|  5.00%, 07/01/2037 | 1765 | 1767 |
|  5.00%, 07/01/2045 | 635 | 639 |
|  Gilbert Water Resource Municipal Property Corp. |  |  |
|  5.00%, 07/15/2033 | 1920 | 2156 |
|  5.00%, 07/15/2034 | 1785 | 1988 |
|  Glendale Industrial Development Authority |  |  |
|  5.00%, 05/15/2056 | 1375 | 1150 |
|  Industrial Development Authority of the City of Phoenix Arizona |  |  |
|  3.35%, 12/01/2027 | 3840 | 3859 |
|  5.00%, 07/01/2033 | 415 | 424 |
|  5.00%, 07/01/2034 | 765 | 778 |
|  5.00%, 07/01/2036 | 1500 | 1500 |
|  5.00%, 07/01/2038 | 1295 | 1283 |
|  5.00%, 10/15/2044 | 5775 | 5894 |
|  5.13%, 02/01/2034 | 2505 | 2380 |
|  5.38%, 02/01/2041 | 3580 | 3155 |
|  Industrial Development Authority of the County of Yavapai |  |  |
|  4.25%, 03/01/2028 | 5000 | 5049 |
|  5.00%, 09/01/2034 <sup>(2)</sup> | 1265 | 1263 |
|  Maricopa County & Phoenix Industrial Development Authorities |  |  |
|  5.75%, 03/01/2056 | 2750 | 3012 |

---

The accompanying notes are an integral part of these financial statements.

265.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Arizona – 1.65% – (continued)** |  |  |
|  6.25%, 03/01/2055 | $5855 | $6485 |
|  Maricopa County Industrial Development Authority |  |  |
|  4.25%, 12/01/2031 <sup>(1)</sup> | 10580 | 10683 |
|  5.00%, 12/01/2033 | 2230 | 2474 |
|  5.00%, 12/01/2034 | 1630 | 1808 |
|  5.00%, 12/01/2035 | 2495 | 2743 |
|  5.00%, 12/01/2036 | 1765 | 1922 |
|  5.00%, 12/01/2037 | 690 | 743 |
|  5.00%, 01/01/2038 | 4000 | 4049 |
|  5.00%, 12/01/2038 | 930 | 989 |
|  5.00%, 09/01/2042 | 3205 | 3210 |
|  5.00%, 01/01/2046 <sup>(1)</sup> | 3210 | 3255 |
|  5.00%, 01/01/2053 <sup>(1)</sup> | 10000 | 10828 |
|  5.75%, 01/01/2036 <sup>(2)</sup> | 1500 | 1350 |
|  6.00%, 01/01/2048 <sup>(2)</sup> | 1155 | 900 |
|  Maricopa County Special Health Care District |  |  |
|  4.00%, 07/01/2035 | 805 | 815 |
|  5.00%, 07/01/2025 | 5000 | 5000 |
|  5.00%, 07/01/2026 | 7000 | 7157 |
|  5.00%, 07/01/2033 | 6555 | 7166 |
|  5.00%, 07/01/2034 | 970 | 1010 |
|  Pima County Unified School District No 20 Vail |  |  |
|  5.00%, 07/01/2026 | 1000 | 1021 |
|  Pima County Unified School District No 6 Marana |  |  |
|  5.00%, 07/01/2042 | 1100 | 1143 |
|  5.00%, 07/01/2043 | 860 | 887 |
|  Salt River Project Agricultural Improvement & Power District |  |  |
|  4.00%, 01/01/2038 | 10000 | 9925 |
|  4.00%, 01/01/2041 | 4680 | 4532 |
|  5.00%, 01/01/2033 | 1000 | 1045 |
|  5.00%, 01/01/2037 | 500 | 515 |
|  5.00%, 01/01/2038 | 3985 | 4053 |
|  5.00%, 01/01/2042 | 2750 | 2918 |
|  5.00%, 01/01/2043 | 2000 | 2109 |
|  5.00%, 01/01/2048 | 1615 | 1656 |
|  Tucson Industrial Development Authority/Pima County Industrial Development Auth |  |  |
|  5.50%, 01/01/2056 | 3700 | 4005 |
|  Western Maricopa Education Center District No 402 |  |  |
|  5.00%, 07/01/2025 | 1410 | 1410 |
|  Yuma Industrial Development Authority |  |  |
|  4.00%, 08/01/2049 | 1195 | 1045 |
|  5.00%, 08/01/2038 | 1250 | 1332 |
|  5.00%, 08/01/2040 | 875 | 913 |
|  5.25%, 08/01/2043 | 1045 | 1083 |
|  5.25%, 08/01/2044 | 420 | 433 |
|  5.25%, 08/01/2049 | 2105 | 2128 |
|  Total Arizona | Total Arizona | 285848 |
| **Arkansas – 0.31%** |  |  |
|  Arkansas Development Finance Authority |  |  |
|  3.13%, 07/01/2036 | 180 | 148 |
|  4.00%, 07/01/2027 | 220 | 220 |
|  4.50%, 09/01/2049 <sup>(2)</sup> | 11530 | 11083 |
|  5.00%, 02/01/2028 | 1000 | 1033 |
|  5.00%, 02/01/2030 | 530 | 554 |
|  5.00%, 02/01/2033 | 535 | 555 |
|  5.00%, 02/01/2035 | 650 | 662 |
|  5.00%, 02/01/2036 | 1000 | 1016 |

---

The accompanying notes are an integral part of these financial statements.

266.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Arkansas – 0.31% – (continued)** |  |  |
|  5.00%, 06/01/2050 | $3500 | $3618 |
|  5.70%, 05/01/2053 | 3175 | 3217 |
|  6.88%, 07/01/2048 <sup>(2)</sup> | 7500 | 8047 |
|  7.38%, 07/01/2048 <sup>(2)</sup> | 8400 | 9107 |
|  City of Centerton AR Sales & Use Tax Revenue |  |  |
|  4.00%, 11/01/2054 | 1625 | 1624 |
|  4.13%, 11/01/2049 | 1400 | 1312 |
|  City of Little Rock AR |  |  |
|  3.63%, 02/01/2045 | 2325 | 2271 |
|  City of Pine Bluff AR |  |  |
|  4.50%, 12/20/2029 <sup>(2)</sup> | 3000 | 3000 |
|  County of Phillips AR Sales & Use Tax Revenue |  |  |
|  3.88%, 09/01/2043 | 415 | 356 |
|  County of Pulaski AR |  |  |
|  5.00%, 03/01/2040 | 500 | 518 |
|  5.00%, 03/01/2042 | 1225 | 1250 |
|  Little Rock School District |  |  |
|  2.00%, 02/01/2036 | 4275 | 3294 |
|  Total Arkansas | Total Arkansas | 52885 |
| **California – 7.27%** |  |  |
|  Alameda Corridor Transportation Authority |  |  |
|  5.00%, 10/01/2036 | 1710 | 1735 |
|  Aromas-San Juan Unified School District |  |  |
|  0.00%, 08/01/2042 | 200 | 145 |
|  Bay Area Toll Authority |  |  |
|  2.33% (SIFMA Municipal Swap Index Yield + 0.41%), 04/01/2056 <sup>(3)</sup> | 15000 | 14466 |
|  2.37% (SIFMA Municipal Swap Index Yield + 0.45%), 04/01/2056 <sup>(3)</sup> | 10000 | 9924 |
|  2.95%, 04/01/2047 <sup>(1)</sup> | 1070 | 1067 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
|  5.00%, 07/01/2033 | 5515 | 5930 |
|  5.00%, 07/01/2036 | 3100 | 3274 |
|  5.00%, 07/01/2037 | 1010 | 1057 |
|  5.25%, 07/01/2042 | 1550 | 1607 |
|  California Community Choice Financing Authority |  |  |
|  4.00%, 02/01/2052 <sup>(1)</sup> | 1250 | 1242 |
|  5.00%, 11/01/2029 | 450 | 476 |
|  5.00%, 11/01/2030 | 650 | 691 |
|  5.00%, 07/01/2053 <sup>(1)</sup> | 12010 | 12535 |
|  5.00%, 01/01/2055 <sup>(1)</sup> | 56690 | 58567 |
|  5.00%, 02/01/2055 <sup>(1)</sup> | 15000 | 15849 |
|  5.00%, 08/01/2055 <sup>(1)</sup> | 31030 | 32705 |
|  5.00%, 11/01/2055 <sup>(1)</sup> | 20365 | 21014 |
|  5.00%, 01/01/2056 <sup>(1)</sup> | 3000 | 3216 |
|  5.00%, 01/01/2056 <sup>(1)</sup> | 9930 | 10249 |
|  5.00%, 03/01/2056 <sup>(1)</sup> | 14000 | 14865 |
|  5.25%, 01/01/2054 <sup>(1)</sup> | 21325 | 22348 |
|  5.50%, 10/01/2054 <sup>(1)</sup> | 4970 | 5329 |
|  California County Tobacco Securitization Agency |  |  |
|  4.00%, 06/01/2036 | 275 | 266 |
|  4.00%, 06/01/2037 | 275 | 262 |
|  5.00%, 06/01/2026 | 215 | 217 |
|  California Enterprise Development Authority |  |  |
|  3.50%, 08/01/2040 | 1925 | 1739 |
|  4.00%, 08/01/2040 | 4355 | 4118 |
|  California Health Facilities Financing Authority |  |  |
|  4.00%, 03/01/2033 | 6945 | 6858 |
|  4.00%, 04/01/2035 | 1930 | 1936 |

---

The accompanying notes are an integral part of these financial statements.

267.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **California – 7.27% – (continued)** |  |  |
|  4.00%, 04/01/2045 | $2000 | $1810 |
|  5.00%, 08/15/2034 | 125 | 127 |
|  5.00%, 10/01/2039 <sup>(1)</sup> | 1025 | 1058 |
|  5.00%, 11/15/2061 <sup>(1)</sup> | 5100 | 5482 |
|  California Housing Finance Agency |  |  |
|  3.50%, 11/20/2035 | 7586 | 7079 |
|  4.00%, 03/20/2033 | 432 | 432 |
|  4.38%, 09/20/2036 | 3122 | 3120 |
|  4.95%, 08/01/2044 | 3650 | 3652 |
|  California Infrastructure & Economic Development Bank |  |  |
|  1.20%, 12/01/2050 <sup>(1)</sup> | 1250 | 1143 |
|  3.25%, 08/01/2029 | 1580 | 1588 |
|  5.00%, 07/01/2040 | 1000 | 1039 |
|  5.00%, 07/01/2041 | 4150 | 4272 |
|  5.00%, 07/01/2042 | 3800 | 3889 |
|  5.00%, 07/01/2043 | 2850 | 2904 |
|  5.00%, 07/01/2044 | 4000 | 4065 |
|  5.00%, 11/01/2044 | 555 | 555 |
|  5.25%, 07/01/2049 | 9200 | 9213 |
|  9.50%, 01/01/2065 <sup>(1)(2)</sup> | 51350 | 48660 |
|  California Municipal Finance Authority |  |  |
|  0.00%, 02/20/2041 <sup>(1)</sup> | 18885 | 16819 |
|  3.15%, 08/01/2059 <sup>(1)</sup> | 3000 | 3000 |
|  3.88%, 03/01/2054 <sup>(1)</sup> | 2915 | 2777 |
|  4.00%, 07/15/2029 | 6900 | 6756 |
|  4.13%, 10/01/2041 <sup>(1)</sup> | 6000 | 6001 |
|  4.38%, 09/01/2053 <sup>(1)</sup> | 1670 | 1658 |
|  5.00%, 08/01/2026 <sup>(1)</sup> | 4000 | 4005 |
|  5.00%, 08/15/2029 | 1000 | 1048 |
|  5.00%, 11/01/2033 | 765 | 814 |
|  5.00%, 08/15/2034 | 1065 | 1102 |
|  5.00%, 05/15/2042 | 1180 | 1183 |
|  5.00%, 05/15/2043 | 1530 | 1524 |
|  5.00%, 12/01/2044 | 420 | 423 |
|  5.13%, 11/01/2040 <sup>(2)</sup> | 445 | 446 |
|  5.25%, 11/01/2034 | 1000 | 1073 |
|  California Pollution Control Financing Authority |  |  |
|  4.25%, 12/01/2027 | 4500 | 4549 |
|  California Public Finance Authority |  |  |
|  3.13%, 05/15/2029 <sup>(2)</sup> | 935 | 910 |
|  6.50%, 06/01/2054 <sup>(2)</sup> | 330 | 308 |
|  California School Finance Authority |  |  |
|  4.00%, 11/01/2031 <sup>(2)</sup> | 500 | 494 |
|  4.00%, 11/01/2041 <sup>(2)</sup> | 980 | 841 |
|  California State Public Works Board |  |  |
|  5.00%, 08/01/2033 | 1800 | 1991 |
|  5.00%, 04/01/2049 | 3045 | 3140 |
|  California Statewide Communities Development Authority |  |  |
|  1.75%, 09/01/2029 | 750 | 677 |
|  4.00%, 09/02/2029 | 300 | 301 |
|  4.00%, 09/02/2031 | 300 | 300 |
|  4.75%, 09/02/2033 | 500 | 504 |
|  5.00%, 04/01/2038 <sup>(1)</sup> | 3000 | 3260 |
|  5.00%, 02/01/2045 <sup>(4)(5)</sup> | 307 | 215 |
|  5.00%, 04/01/2046 <sup>(1)</sup> | 2150 | 2336 |
|  California Statewide Financing Authority |  |  |
|  6.00%, 05/01/2043 | 1015 | 1017 |

---

The accompanying notes are an integral part of these financial statements.

268.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **California – 7.27% – (continued)** |  |  |
|  Castaic Lake Water Agency |  |  |
|  0.00%, 08/01/2028 | $2205 | $2020 |
|  Central Unified School District |  |  |
|  5.25%, 08/01/2050 | 1100 | 1135 |
|  5.25%, 08/01/2054 | 2250 | 2316 |
|  Central Valley Energy Authority |  |  |
|  5.00%, 12/01/2055 <sup>(1)</sup> | 25895 | 27602 |
|  City of Beaumont CA |  |  |
|  5.00%, 09/01/2049 | 1000 | 999 |
|  City of Los Angeles Department of Airports |  |  |
|  4.00%, 05/15/2035 | 685 | 685 |
|  4.00%, 05/15/2036 | 800 | 795 |
|  4.00%, 05/15/2037 | 850 | 835 |
|  4.00%, 05/15/2038 | 460 | 476 |
|  4.00%, 05/15/2038 | 750 | 727 |
|  4.00%, 05/15/2039 | 775 | 745 |
|  4.00%, 05/15/2039 | 11305 | 10869 |
|  4.00%, 05/15/2040 | 750 | 711 |
|  4.00%, 05/15/2041 | 800 | 752 |
|  4.00%, 05/15/2041 | 20190 | 18980 |
|  5.00%, 05/15/2026 | 520 | 528 |
|  5.00%, 05/15/2028 | 1150 | 1205 |
|  5.00%, 05/15/2029 | 9000 | 9548 |
|  5.00%, 05/15/2031 | 2325 | 2417 |
|  5.00%, 05/15/2033 | 1600 | 1715 |
|  5.00%, 05/15/2034 | 130 | 142 |
|  5.00%, 05/15/2034 | 2295 | 2430 |
|  5.00%, 05/15/2035 | 1510 | 1558 |
|  5.00%, 05/15/2035 | 9725 | 9894 |
|  5.00%, 05/15/2036 | 145 | 158 |
|  5.00%, 05/15/2036 | 1310 | 1316 |
|  5.00%, 05/15/2036 | 2515 | 2559 |
|  5.00%, 05/15/2036 | 2585 | 2707 |
|  5.00%, 05/15/2036 | 12320 | 13215 |
|  5.00%, 05/15/2037 | 2000 | 2075 |
|  5.00%, 05/15/2041 | 2255 | 2277 |
|  5.00%, 05/15/2041 | 9890 | 9894 |
|  5.00%, 05/15/2041 | 16000 | 17249 |
|  5.25%, 05/15/2042 | 4105 | 4300 |
|  5.25%, 05/15/2044 | 9350 | 9682 |
|  5.50%, 05/15/2036 | 3500 | 3785 |
|  City of Rancho Cordova CA |  |  |
|  5.00%, 09/01/2035 | 1155 | 1258 |
|  5.00%, 09/01/2036 | 1255 | 1353 |
|  5.00%, 09/01/2037 | 2705 | 2897 |
|  City of Rocklin CA |  |  |
|  4.00%, 09/01/2043 | 1500 | 1411 |
|  City of San Mateo CA |  |  |
|  5.25%, 09/01/2035 | 2930 | 3219 |
|  City of West Sacramento CA Enhanced Infrastructure Financing District No 1 |  |  |
|  5.00%, 09/01/2045 | 1000 | 1009 |
|  Corona Community Facilities District |  |  |
|  5.00%, 09/01/2027 | 100 | 104 |
|  5.25%, 09/01/2034 | 185 | 199 |
|  County of Los Angeles CA Community Facilities District No 2021-01 |  |  |
|  5.00%, 09/01/2029 | 150 | 159 |
|  5.00%, 09/01/2031 | 225 | 242 |
|  5.00%, 09/01/2034 | 335 | 354 |

---

The accompanying notes are an integral part of these financial statements.

269.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **California – 7.27% – (continued)** |  |  |
|  5.00%, 09/01/2036 | $560 | $586 |
|  County of Placer CA Community Facilities District |  |  |
|  4.00%, 09/01/2046 | 2450 | 2088 |
|  County of San Diego CA |  |  |
|  5.00%, 11/01/2030 | 2330 | 2344 |
|  CSCDA Community Improvement Authority |  |  |
|  3.00%, 09/01/2056 <sup>(2)</sup> | 6565 | 4281 |
|  3.25%, 04/01/2057 <sup>(2)</sup> | 1185 | 818 |
|  East Bay Municipal Utility District Water System Revenue |  |  |
|  5.00%, 06/01/2038 | 2500 | 2741 |
|  Fontana Unified School District |  |  |
|  2.38%, 08/01/2044 | 1500 | 971 |
|  Golden State Tobacco Securitization Corp. |  |  |
|  0.00%, 06/01/2066 | 45390 | 4794 |
|  Indian Wells Redevelopment Agency Successor Agency |  |  |
|  5.00%, 09/01/2033 | 2185 | 2232 |
|  Inglewood Unified School District |  |  |
|  5.50%, 08/01/2041 | 1800 | 1985 |
|  Los Angeles Community College District |  |  |
|  4.00%, 08/01/2036 | 10020 | 10022 |
|  5.00%, 08/01/2032 | 5000 | 5758 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue |  |  |
|  4.00%, 06/01/2035 | 2500 | 2536 |
|  Los Angeles County Public Works Financing Authority |  |  |
|  5.00%, 12/01/2030 | 2520 | 2529 |
|  Los Angeles Department of Water & Power |  |  |
|  3.00%, 07/01/2048 <sup>(1)</sup> | 6230 | 6230 |
|  5.00%, 07/01/2027 | 260 | 267 |
|  5.00%, 07/01/2027 | 460 | 472 |
|  5.00%, 07/01/2027 | 1210 | 1253 |
|  5.00%, 07/01/2027 | 1455 | 1507 |
|  5.00%, 07/01/2027 | 2265 | 2345 |
|  5.00%, 07/01/2028 | 760 | 799 |
|  5.00%, 07/01/2028 | 1065 | 1100 |
|  5.00%, 07/01/2028 | 1140 | 1198 |
|  5.00%, 07/01/2028 | 1465 | 1540 |
|  5.00%, 07/01/2028 | 7250 | 7562 |
|  5.00%, 07/01/2029 | 125 | 133 |
|  5.00%, 07/01/2029 | 130 | 137 |
|  5.00%, 07/01/2029 | 975 | 1038 |
|  5.00%, 07/01/2029 | 1295 | 1379 |
|  5.00%, 07/01/2029 | 1570 | 1671 |
|  5.00%, 07/01/2029 | 1895 | 2017 |
|  5.00%, 07/01/2029 | 2510 | 2672 |
|  5.00%, 07/01/2029 | 3610 | 3788 |
|  5.00%, 07/01/2030 | 140 | 144 |
|  5.00%, 07/01/2030 | 240 | 259 |
|  5.00%, 07/01/2030 | 890 | 923 |
|  5.00%, 07/01/2030 | 9305 | 10027 |
|  5.00%, 07/01/2031 | 330 | 354 |
|  5.00%, 07/01/2031 | 2660 | 2891 |
|  5.00%, 07/01/2032 | 200 | 205 |
|  5.00%, 07/01/2032 | 205 | 213 |
|  5.00%, 07/01/2032 | 250 | 273 |
|  5.00%, 07/01/2032 | 265 | 273 |
|  5.00%, 07/01/2032 | 790 | 823 |
|  5.00%, 07/01/2032 | 1010 | 1058 |
|  5.00%, 07/01/2032 | 1305 | 1312 |

---

The accompanying notes are an integral part of these financial statements.

270.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **California – 7.27% – (continued)** |  |  |
|  5.00%, 07/01/2032 | $1840 | $1928 |
|  5.00%, 07/01/2032 | 2010 | 2195 |
|  5.00%, 07/01/2032 | 11770 | 12851 |
|  5.00%, 07/01/2033 | 365 | 381 |
|  5.00%, 07/01/2033 | 740 | 768 |
|  5.00%, 07/01/2033 | 1745 | 1803 |
|  5.00%, 07/01/2033 | 3425 | 3760 |
|  5.00%, 07/01/2033 | 5605 | 6152 |
|  5.00%, 07/01/2034 | 130 | 135 |
|  5.00%, 07/01/2034 | 630 | 652 |
|  5.00%, 07/01/2034 | 820 | 833 |
|  5.00%, 07/01/2034 | 1430 | 1574 |
|  5.00%, 07/01/2034 | 2000 | 2201 |
|  5.00%, 07/01/2034 | 2270 | 2358 |
|  5.00%, 07/01/2035 | 195 | 200 |
|  5.00%, 07/01/2035 | 215 | 216 |
|  5.00%, 07/01/2035 | 525 | 558 |
|  5.00%, 07/01/2035 | 1815 | 1970 |
|  5.00%, 07/01/2035 | 2375 | 2607 |
|  5.00%, 07/01/2036 | 185 | 194 |
|  5.00%, 07/01/2036 | 1000 | 1011 |
|  5.00%, 07/01/2036 | 1000 | 1094 |
|  5.00%, 07/01/2036 | 3445 | 3693 |
|  5.00%, 07/01/2037 | 160 | 163 |
|  5.00%, 07/01/2037 | 465 | 466 |
|  5.00%, 07/01/2037 | 1025 | 1095 |
|  5.00%, 07/01/2037 | 1105 | 1128 |
|  5.00%, 07/01/2037 | 2780 | 2960 |
|  5.00%, 07/01/2038 | 605 | 640 |
|  5.00%, 07/01/2038 | 1000 | 1072 |
|  5.00%, 07/01/2039 | 290 | 301 |
|  5.00%, 07/01/2039 | 1610 | 1661 |
|  5.00%, 07/01/2040 | 820 | 820 |
|  5.00%, 07/01/2040 | 1000 | 1057 |
|  5.00%, 07/01/2040 | 1970 | 2037 |
|  5.00%, 07/01/2040 | 2465 | 2537 |
|  5.00%, 07/01/2042 | 405 | 406 |
|  5.00%, 07/01/2042 | 1000 | 1046 |
|  5.00%, 07/01/2043 | 595 | 611 |
|  5.00%, 07/01/2043 | 1365 | 1412 |
|  5.00%, 07/01/2043 | 1750 | 1822 |
|  5.00%, 07/01/2044 | 510 | 526 |
|  5.00%, 07/01/2045 | 605 | 619 |
|  5.00%, 07/01/2047 | 4805 | 4737 |
|  5.00%, 07/01/2053 | 1000 | 1012 |
|  5.25%, 07/01/2045 | 2000 | 2104 |
|  Los Angeles Department of Water & Power Water System Revenue |  |  |
|  3.25%, 07/01/2035 <sup>(1)</sup> | 5300 | 5300 |
|  3.25%, 07/01/2050 <sup>(1)</sup> | 4000 | 4000 |
|  4.00%, 07/01/2027 | 360 | 365 |
|  5.00%, 07/01/2027 | 590 | 595 |
|  5.00%, 07/01/2028 | 5510 | 5647 |
|  5.00%, 07/01/2033 | 1730 | 1789 |
|  5.00%, 07/01/2037 | 3320 | 3507 |
|  5.00%, 07/01/2038 | 230 | 244 |
|  5.00%, 07/01/2041 | 785 | 781 |
|  5.00%, 07/01/2043 | 600 | 617 |
|  5.00%, 07/01/2046 | 2950 | 2915 |

---

The accompanying notes are an integral part of these financial statements.

271.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **California – 7.27% – (continued)** |  |  |
|  Los Angeles Unified School District |  |  |
|  4.00%, 07/01/2036 | $6190 | $6246 |
|  5.00%, 07/01/2025 | 3115 | 3115 |
|  5.00%, 07/01/2033 | 5450 | 6243 |
|  5.00%, 07/01/2040 | 2345 | 2345 |
|  5.25%, 07/01/2042 | 4000 | 4090 |
|  5.25%, 07/01/2042 | 9000 | 9213 |
|  Madera Unified School District |  |  |
|  4.00%, 08/01/2044 | 1250 | 1155 |
|  Mount Diablo Unified School District |  |  |
|  4.00%, 08/01/2026 | 1225 | 1243 |
|  Napa Valley Community College District |  |  |
|  4.00%, 08/01/2033 | 2500 | 2502 |
|  Norman Y Mineta San Jose International Airport SJC |  |  |
|  5.00%, 03/01/2030 | 1700 | 1734 |
|  Northern California Energy Authority |  |  |
|  5.00%, 08/01/2027 | 1000 | 1033 |
|  5.00%, 08/01/2029 | 1600 | 1690 |
|  5.00%, 08/01/2030 | 2500 | 2651 |
|  Northern California Gas Authority No 1 |  |  |
|  3.78% (3 Month Term SOFR + 0.72%), 07/01/2027 <sup>(3)</sup> | 2380 | 2378 |
|  Oakland Unified School District/Alameda County |  |  |
|  4.00%, 08/01/2046 | 2815 | 2609 |
|  Paradise Unified School District |  |  |
|  5.25%, 05/01/2048 | 2720 | 2675 |
|  Port of Oakland |  |  |
|  5.00%, 05/01/2026 | 5 | 5 |
|  5.00%, 05/01/2026 | 1165 | 1182 |
|  5.00%, 05/01/2028 | 20 | 21 |
|  5.00%, 05/01/2028 | 1855 | 1940 |
|  5.00%, 05/01/2029 | 5 | 5 |
|  5.00%, 05/01/2029 | 1870 | 1977 |
|  5.00%, 11/01/2029 | 1875 | 1993 |
|  Regents of the University of California Medical Center Pooled Revenue |  |  |
|  5.00%, 05/15/2039 | 15000 | 15931 |
|  Riverside County Asset Leasing Corp. |  |  |
|  0.00%, 06/01/2026 | 5000 | 4863 |
|  Romoland School District |  |  |
|  5.00%, 09/01/2043 | 440 | 446 |
|  Sacramento City Financing Authority |  |  |
|  0.00%, 12/01/2029 | 1300 | 1104 |
|  5.00%, 12/01/2033 | 875 | 881 |
|  Sacramento City Unified School District |  |  |
|  5.50%, 08/01/2047 | 7210 | 7547 |
|  San Diego County Regional Airport Authority |  |  |
|  5.00%, 07/01/2030 | 205 | 219 |
|  5.00%, 07/01/2037 | 6000 | 6211 |
|  5.00%, 07/01/2038 | 6100 | 6266 |
|  5.00%, 07/01/2039 | 1315 | 1349 |
|  5.00%, 07/01/2040 | 1235 | 1258 |
|  5.25%, 07/01/2041 | 3000 | 3166 |
|  5.25%, 07/01/2050 | 500 | 511 |
|  San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
|  5.00%, 05/01/2028 | 17500 | 18317 |
|  5.00%, 05/01/2033 | 40000 | 43481 |
|  5.00%, 05/01/2037 | 945 | 968 |
|  5.00%, 05/01/2039 | 14855 | 15359 |
|  5.00%, 05/01/2041 | 1000 | 1000 |

---

The accompanying notes are an integral part of these financial statements.

272.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **California – 7.27% – (continued)** |  |  |
|  5.25%, 05/01/2041 | $765 | $793 |
|  5.25%, 05/01/2042 | 1380 | 1420 |
|  5.25%, 05/01/2043 | 2090 | 2141 |
|  5.25%, 05/01/2044 | 2490 | 2549 |
|  San Joaquin Hills Transportation Corridor Agency |  |  |
|  5.25%, 01/15/2044 | 635 | 635 |
|  5.25%, 01/15/2049 | 1630 | 1630 |
|  San Joaquin Valley Clean Energy Authority |  |  |
|  5.00%, 07/01/2032 | 1150 | 1231 |
|  5.00%, 07/01/2033 | 1100 | 1178 |
|  5.00%, 07/01/2034 | 1000 | 1074 |
|  5.00%, 07/01/2035 | 1000 | 1057 |
|  5.50%, 01/01/2056 <sup>(1)</sup> | 12840 | 14081 |
|  Santa Clara Unified School District |  |  |
|  3.25%, 07/01/2044 | 3750 | 3030 |
|  Southern California Public Power Authority |  |  |
|  5.00%, 07/01/2031 | 950 | 1038 |
|  5.00%, 07/01/2033 | 4500 | 4986 |
|  5.00%, 07/01/2035 | 1210 | 1319 |
|  5.00%, 07/01/2036 | 800 | 871 |
|  5.00%, 07/01/2039 | 735 | 777 |
|  5.00%, 07/01/2043 | 1870 | 1940 |
|  State of California |  |  |
|  4.00%, 03/01/2026 | 375 | 378 |
|  4.00%, 10/01/2026 | 2740 | 2789 |
|  4.00%, 10/01/2033 | 2900 | 3041 |
|  4.00%, 11/01/2036 | 2735 | 2739 |
|  5.00%, 09/01/2026 | 2000 | 2057 |
|  5.00%, 08/01/2029 | 935 | 957 |
|  5.00%, 09/01/2029 | 370 | 379 |
|  5.00%, 11/01/2029 | 3170 | 3333 |
|  5.00%, 08/01/2030 | 3910 | 4086 |
|  5.00%, 04/01/2035 | 980 | 1032 |
|  5.00%, 09/01/2035 | 1365 | 1511 |
|  5.00%, 03/01/2036 | 7275 | 8228 |
|  5.00%, 03/01/2037 | 7830 | 8744 |
|  5.00%, 08/01/2037 | 30000 | 33191 |
|  5.00%, 10/01/2037 | 15000 | 16130 |
|  5.00%, 09/01/2041 | 7200 | 7602 |
|  5.00%, 09/01/2041 | 14000 | 15048 |
|  5.00%, 10/01/2041 | 19860 | 20901 |
|  5.00%, 09/01/2042 | 19300 | 20377 |
|  5.00%, 03/01/2043 | 2280 | 2429 |
|  5.00%, 03/01/2044 | 6000 | 6353 |
|  State of California Department of Water Resources |  |  |
|  5.00%, 12/01/2033 | 8530 | 9500 |
|  University of California |  |  |
|  2.35%, 05/15/2048 <sup>(1)</sup> | 2375 | 2375 |
|  2.60%, 05/15/2048 <sup>(1)</sup> | 4325 | 4325 |
|  5.00%, 05/15/2039 | 9975 | 10899 |
|  5.00%, 05/15/2039 | 20000 | 21533 |
|  5.00%, 05/15/2040 | 5000 | 5423 |
|  5.25%, 05/15/2040 | 5250 | 5810 |
|  Total California | Total California | 1258269 |
| **Colorado – 2.48%** |  |  |
|  Adams & Weld Counties School District No 27J Brighton |  |  |
|  5.00%, 12/01/2037 | 1100 | 1134 |

---

The accompanying notes are an integral part of these financial statements.

273.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Colorado – 2.48% – (continued)** |  |  |
|  5.00%, 12/01/2038 | $1500 | $1543 |
|  Adams 12 Five Star Schools |  |  |
|  5.00%, 12/15/2028 | 2050 | 2107 |
|  Adams County School District No 14 |  |  |
|  5.50%, 12/01/2044 | 3120 | 3369 |
|  Arapahoe County School District No 5 Cherry Creek |  |  |
|  2.00%, 12/15/2026 | 1500 | 1473 |
|  2.30%, 12/15/2028 | 2500 | 2409 |
|  Arkansas River Power Authority |  |  |
|  5.00%, 10/01/2031 | 750 | 770 |
|  5.00%, 10/01/2032 | 2645 | 2710 |
|  5.00%, 10/01/2038 | 4665 | 4701 |
|  5.00%, 10/01/2043 | 5000 | 4910 |
|  Baseline Metropolitan District No 1 |  |  |
|  4.00%, 12/01/2046 | 705 | 635 |
|  4.25%, 12/01/2054 | 660 | 594 |
|  5.00%, 12/01/2028 | 580 | 615 |
|  5.00%, 12/01/2029 | 1500 | 1610 |
|  5.00%, 12/01/2031 | 1000 | 1093 |
|  5.00%, 12/01/2034 | 2690 | 2900 |
|  5.00%, 12/01/2036 | 1500 | 1603 |
|  5.00%, 12/01/2049 | 1625 | 1656 |
|  Brighton Crossing Metropolitan District No 4 |  |  |
|  5.00%, 12/01/2040 | 800 | 830 |
|  5.00%, 12/01/2041 | 1015 | 1043 |
|  Bromley Park Metropolitan District No 3 |  |  |
|  5.00%, 12/01/2031 | 465 | 503 |
|  5.00%, 12/01/2032 | 520 | 562 |
|  5.00%, 12/01/2033 | 255 | 274 |
|  5.00%, 12/01/2039 | 1500 | 1551 |
|  Canyons Metropolitan District No 5 |  |  |
|  5.00%, 12/01/2049 | 3820 | 3763 |
|  5.25%, 12/01/2059 | 750 | 750 |
|  Centennial Water & Sanitation District |  |  |
|  5.25%, 12/01/2048 | 1010 | 1024 |
|  City & County of Denver CO Airport System Revenue |  |  |
|  5.00%, 11/15/2027 | 8200 | 8529 |
|  5.00%, 12/01/2029 | 1130 | 1183 |
|  5.00%, 12/01/2031 | 4000 | 4154 |
|  5.00%, 11/15/2032 | 2175 | 2380 |
|  5.00%, 12/01/2037 | 7000 | 7079 |
|  5.00%, 12/01/2043 | 6000 | 5982 |
|  5.50%, 11/15/2031 | 6030 | 6739 |
|  5.50%, 11/15/2032 | 1660 | 1870 |
|  5.50%, 11/15/2033 | 1865 | 2088 |
|  5.50%, 11/15/2042 | 2760 | 2888 |
|  5.75%, 11/15/2034 | 960 | 1083 |
|  5.75%, 11/15/2035 | 890 | 995 |
|  5.75%, 11/15/2040 | 6500 | 7023 |
|  5.75%, 11/15/2041 | 1300 | 1396 |
|  City & County of Denver CO Pledged Excise Tax Revenue |  |  |
|  5.00%, 08/01/2044 | 2685 | 2705 |
|  City of Brighton CO Water Activity Revenue |  |  |
|  5.00%, 06/01/2052 | 2585 | 2636 |
|  City of Colorado Springs CO Utilities System Revenue |  |  |
|  5.25%, 11/15/2054 | 5000 | 5214 |
|  City of Westminster CO Water & Wastewater Utility Revenue |  |  |
|  5.00%, 12/01/2049 | 1450 | 1495 |

---

The accompanying notes are an integral part of these financial statements.

274.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Colorado – 2.48% – (continued)** |  |  |
|  Colorado Bridge & Tunnel Enterprise |  |  |
|  5.00%, 12/01/2042 | $1300 | $1350 |
|  5.00%, 12/01/2044 | 1250 | 1284 |
|  5.25%, 12/01/2040 | 1235 | 1335 |
|  5.25%, 12/01/2041 | 1600 | 1706 |
|  5.25%, 12/01/2049 | 2340 | 2421 |
|  Colorado Educational & Cultural Facilities Authority |  |  |
|  4.00%, 06/01/2026 | 535 | 537 |
|  4.00%, 05/01/2036 | 75 | 71 |
|  5.00%, 01/15/2044 | 1115 | 1142 |
|  5.00%, 01/15/2049 | 2075 | 2104 |
|  Colorado Health Facilities Authority |  |  |
|  2.13%, 05/15/2028 | 750 | 731 |
|  3.50%, 05/15/2030 | 1600 | 1529 |
|  4.00%, 08/01/2044 | 1520 | 1320 |
|  5.00%, 11/01/2025 | 1715 | 1726 |
|  5.00%, 11/01/2026 | 1330 | 1368 |
|  5.00%, 08/01/2027 | 1000 | 1044 |
|  5.00%, 08/01/2028 | 1000 | 1060 |
|  5.00%, 05/15/2031 | 1000 | 1106 |
|  5.00%, 05/15/2032 | 1000 | 1113 |
|  5.00%, 05/15/2033 | 2500 | 2761 |
|  5.00%, 11/15/2041 | 2500 | 2500 |
|  5.00%, 08/01/2044 | 6050 | 5958 |
|  5.00%, 08/01/2049 <sup>(1)</sup> | 1330 | 1340 |
|  5.00%, 11/15/2049 <sup>(1)</sup> | 2350 | 2406 |
|  5.00%, 05/15/2052 | 9990 | 10030 |
|  5.00%, 11/15/2057 <sup>(1)</sup> | 23865 | 26216 |
|  5.00%, 11/15/2059 <sup>(1)</sup> | 4980 | 5351 |
|  5.00%, 11/15/2059 <sup>(1)</sup> | 5405 | 5927 |
|  5.00%, 11/15/2060 <sup>(1)</sup> | 25395 | 27546 |
|  5.00%, 05/15/2062 <sup>(1)</sup> | 3295 | 3363 |
|  5.00%, 05/15/2062 <sup>(1)</sup> | 4415 | 4664 |
|  5.25%, 11/01/2038 | 1100 | 1165 |
|  5.25%, 11/01/2039 | 1000 | 1051 |
|  Colorado Housing & Finance Authority |  |  |
|  4.25%, 11/01/2049 | 210 | 212 |
|  4.25%, 11/01/2049 | 420 | 424 |
|  4.50%, 10/01/2045 | 2350 | 2270 |
|  5.75%, 11/01/2054 | 4000 | 4377 |
|  6.25%, 05/01/2055 | 4000 | 4446 |
|  Colorado Springs School District No 11 Facilities Corp. |  |  |
|  5.25%, 12/15/2048 | 2625 | 2689 |
|  Copperleaf Metropolitan District No 4 |  |  |
|  4.25%, 12/01/2045 | 2350 | 2162 |
|  Cottonwood Highlands Metropolitan District No 1 |  |  |
|  5.00%, 12/01/2035 | 215 | 228 |
|  5.00%, 12/01/2036 | 240 | 253 |
|  5.00%, 12/01/2037 | 200 | 209 |
|  5.00%, 12/01/2038 | 300 | 312 |
|  5.00%, 12/01/2039 | 250 | 259 |
|  Denver City & County School District No 1 |  |  |
|  5.00%, 12/01/2042 | 1850 | 1909 |
|  5.25%, 12/01/2037 | 3850 | 4354 |
|  5.25%, 12/01/2039 | 5525 | 6111 |
|  5.25%, 12/01/2040 | 4000 | 4403 |
|  5.25%, 12/01/2042 | 6600 | 7137 |
|  5.50%, 12/01/2046 | 5250 | 5656 |

---

The accompanying notes are an integral part of these financial statements.

275.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Colorado – 2.48% – (continued)** |  |  |
|  Denver Convention Center Hotel Authority |  |  |
|  5.00%, 12/01/2030 | $1000 | $1014 |
|  Douglas County School District No Re-1 Douglas & Elbert Counties |  |  |
|  5.00%, 12/15/2042 | 12390 | 13152 |
|  Durango School District No 9-R |  |  |
|  5.25%, 11/01/2043 | 2500 | 2676 |
|  5.25%, 11/01/2044 | 1000 | 1065 |
|  5.25%, 11/01/2049 | 2500 | 2615 |
|  E-470 Public Highway Authority |  |  |
|  0.00%, 09/01/2027 | 1000 | 936 |
|  3.69% (SOFR + 0.75%), 09/01/2039 <sup>(3)</sup> | 10735 | 10673 |
|  Eagle County Airport Terminal Corp. |  |  |
|  5.00%, 05/01/2041 | 2000 | 1955 |
|  El Paso County School District No 20 Academy |  |  |
|  5.25%, 12/15/2049 | 1680 | 1762 |
|  El Paso County School District No 28 Hanover |  |  |
|  5.00%, 12/01/2031 | 690 | 729 |
|  Fiddlers Business Improvement District |  |  |
|  5.00%, 12/01/2032 <sup>(2)</sup> | 1190 | 1210 |
|  Fossil Ridge Metropolitan District No 3 |  |  |
|  5.00%, 12/01/2042 | 730 | 752 |
|  5.00%, 12/01/2045 | 1000 | 1015 |
|  Ground Water Management Subdistrict of Central Colorado Water Conservancy District |  |  |
|  4.00%, 12/01/2040 | 2735 | 2501 |
|  Gunnison County Housing Authority |  |  |
|  5.00%, 06/01/2035 | 920 | 999 |
|  5.00%, 06/01/2038 | 2460 | 2595 |
|  5.00%, 06/01/2039 | 2635 | 2753 |
|  5.00%, 06/01/2040 | 510 | 528 |
|  5.00%, 06/01/2042 | 2050 | 2081 |
|  Hunters Overlook Metropolitan District No 5 |  |  |
|  4.25%, 12/01/2054 | 1250 | 1135 |
|  5.00%, 12/01/2044 | 1000 | 1023 |
|  5.00%, 12/01/2049 | 1250 | 1258 |
|  Lanterns Metropolitan District No 1 |  |  |
|  4.00%, 12/01/2039 | 1000 | 940 |
|  Mesa County Valley School District No 51 Grand Junction/CO |  |  |
|  5.25%, 12/01/2042 | 3000 | 3256 |
|  Middle-Income Housing Authority |  |  |
|  4.50%, 07/01/2035 | 3000 | 2963 |
|  Mirabelle Metropolitan District No 2 |  |  |
|  4.38%, 12/01/2044 | 1000 | 931 |
|  5.00%, 12/01/2037 | 225 | 236 |
|  5.00%, 12/01/2039 | 705 | 730 |
|  5.00%, 12/01/2040 | 450 | 463 |
|  Morgan Hill Metropolitan District No 3 |  |  |
|  3.00%, 12/01/2031 | 490 | 420 |
|  Parterre Metropolitan District No 5 |  |  |
|  5.88%, 12/01/2045 | 1000 | 1023 |
|  Reata South Metropolitan District |  |  |
|  5.38%, 12/01/2037 | 1915 | 1934 |
|  Regional Transportation District |  |  |
|  4.00%, 01/15/2033 | 850 | 858 |
|  4.00%, 07/15/2033 | 270 | 272 |
|  4.00%, 07/15/2034 | 750 | 751 |
|  5.00%, 06/01/2031 | 1315 | 1415 |
|  5.00%, 07/15/2032 | 600 | 639 |
|  5.00%, 06/01/2039 | 2500 | 2712 |

---

The accompanying notes are an integral part of these financial statements.

276.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Colorado – 2.48% – (continued)** |  |  |
|  Reunion Metropolitan District |  |  |
|  3.63%, 12/01/2044 | $1598 | $1118 |
|  Southlands Metropolitan District No 1 |  |  |
|  3.50%, 12/01/2027 | 400 | 393 |
|  State of Colorado |  |  |
|  4.00%, 12/15/2035 | 7400 | 7472 |
|  4.00%, 12/15/2037 | 1800 | 1777 |
|  5.00%, 03/15/2037 | 3000 | 3057 |
|  5.00%, 11/01/2053 | 1800 | 1842 |
|  5.25%, 03/15/2042 | 8000 | 8125 |
|  6.00%, 12/15/2038 | 5000 | 5695 |
|  6.00%, 12/15/2040 | 3630 | 4092 |
|  6.00%, 12/15/2041 | 3370 | 3770 |
|  STC Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2036 | 1680 | 1772 |
|  5.00%, 12/01/2037 | 1145 | 1200 |
|  5.00%, 12/01/2038 | 5290 | 5519 |
|  Town of Gypsum CO Sewer Revenue |  |  |
|  5.00%, 12/01/2054 | 2000 | 2010 |
|  University of Colorado |  |  |
|  2.00%, 06/01/2051 <sup>(1)</sup> | 1310 | 1286 |
|  2.00%, 06/01/2051 <sup>(1)</sup> | 1545 | 1537 |
|  5.00%, 06/01/2036 | 4820 | 5400 |
|  5.00%, 06/01/2047 | 500 | 510 |
|  Vail Home Partners Corp. |  |  |
|  5.75%, 10/01/2045 <sup>(2)</sup> | 1045 | 1044 |
|  5.88%, 10/01/2055 <sup>(2)</sup> | 1000 | 999 |
|  6.00%, 10/01/2064 <sup>(2)</sup> | 5290 | 5296 |
|  Vauxmont Metropolitan District |  |  |
|  5.00%, 12/01/2025 | 180 | 181 |
|  5.00%, 12/15/2025 | 85 | 86 |
|  5.00%, 12/01/2026 | 195 | 200 |
|  5.00%, 12/01/2027 | 205 | 214 |
|  5.00%, 12/01/2028 | 210 | 223 |
|  5.00%, 12/15/2028 | 130 | 134 |
|  5.00%, 12/01/2029 | 210 | 226 |
|  5.00%, 12/15/2029 | 5 | 5 |
|  5.00%, 12/15/2030 | 125 | 129 |
|  5.00%, 12/01/2031 | 230 | 246 |
|  5.00%, 12/01/2032 | 250 | 266 |
|  5.00%, 12/01/2035 | 100 | 105 |
|  VDW Metropolitan District No 2 |  |  |
|  4.00%, 12/01/2045 | 885 | 770 |
|  Waterstone Metropolitan District No 1 |  |  |
|  5.25%, 12/01/2040 | 500 | 527 |
|  5.25%, 12/01/2045 | 500 | 511 |
|  Weld County School District No RE-9 Ault-Highland |  |  |
|  5.25%, 12/01/2049 | 4500 | 4708 |
|  Total Colorado | Total Colorado | 428622 |
| **Connecticut – 1.85%** |  |  |
|  City of Ansonia CT |  |  |
|  4.13%, 12/01/2034 | 1250 | 1279 |
|  City of Bridgeport CT |  |  |
|  4.00%, 09/01/2042 | 995 | 923 |
|  5.00%, 09/15/2029 | 2600 | 2819 |
|  5.00%, 09/15/2030 | 2250 | 2439 |

---

The accompanying notes are an integral part of these financial statements.

277.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Connecticut – 1.85% – (continued)** |  |  |
|  City of Hartford CT |  |  |
|  5.00%, 07/15/2026 | $2430 | $2432 |
|  City of New Britain CT |  |  |
|  5.00%, 03/01/2027 | 1260 | 1301 |
|  5.00%, 03/01/2028 | 1490 | 1543 |
|  5.00%, 03/01/2033 | 1900 | 1952 |
|  City of New Haven CT |  |  |
|  4.00%, 08/01/2037 | 1000 | 992 |
|  5.00%, 08/15/2029 | 2000 | 2045 |
|  5.00%, 08/15/2031 | 1000 | 1020 |
|  Connecticut Housing Finance Authority |  |  |
|  3.00%, 11/15/2050 | 3135 | 3089 |
|  3.00%, 05/15/2051 | 5195 | 5100 |
|  4.40%, 05/15/2066 <sup>(1)</sup> | 6355 | 6362 |
|  5.00%, 11/15/2025 | 1270 | 1280 |
|  5.00%, 05/15/2026 | 1290 | 1314 |
|  5.00%, 11/15/2026 | 600 | 618 |
|  5.00%, 05/15/2027 | 675 | 702 |
|  5.00%, 11/15/2027 | 550 | 578 |
|  5.00%, 05/15/2028 | 700 | 740 |
|  5.00%, 11/15/2028 | 750 | 800 |
|  5.00%, 05/15/2029 | 720 | 772 |
|  5.00%, 11/15/2029 | 1000 | 1079 |
|  Connecticut State Health & Educational Facilities Authority |  |  |
|  2.00%, 07/01/2042 <sup>(1)</sup> | 2100 | 2068 |
|  2.95%, 07/01/2049 <sup>(1)</sup> | 2445 | 2440 |
|  3.20%, 07/01/2037 <sup>(1)</sup> | 5365 | 5345 |
|  4.00%, 07/01/2032 | 250 | 258 |
|  4.00%, 07/01/2033 | 265 | 271 |
|  4.00%, 07/01/2034 | 275 | 280 |
|  4.00%, 07/01/2035 | 250 | 252 |
|  4.00%, 07/01/2036 | 200 | 200 |
|  4.00%, 07/01/2046 | 880 | 760 |
|  5.00%, 07/01/2025 <sup>(2)</sup> | 435 | 435 |
|  5.00%, 11/01/2028 | 1245 | 1334 |
|  5.00%, 07/01/2029 | 150 | 161 |
|  5.00%, 07/01/2029 <sup>(2)</sup> | 440 | 434 |
|  5.00%, 07/01/2029 | 1000 | 1050 |
|  5.00%, 07/01/2030 | 175 | 190 |
|  5.00%, 07/01/2031 | 250 | 274 |
|  5.00%, 07/01/2032 | 700 | 750 |
|  5.00%, 07/01/2032 | 2000 | 2121 |
|  5.00%, 07/01/2033 | 235 | 258 |
|  5.00%, 07/01/2033 | 600 | 640 |
|  5.00%, 07/01/2033 | 2730 | 2930 |
|  5.00%, 07/01/2034 | 320 | 348 |
|  5.00%, 07/01/2034 | 700 | 742 |
|  5.00%, 07/01/2037 | 390 | 414 |
|  5.00%, 07/01/2039 <sup>(2)</sup> | 1500 | 1449 |
|  5.00%, 07/01/2039 | 3275 | 3405 |
|  5.00%, 07/01/2049 <sup>(2)</sup> | 1550 | 1213 |
|  5.00%, 07/01/2049 <sup>(1)</sup> | 14380 | 15328 |
|  5.00%, 07/01/2053 <sup>(1)</sup> | 2625 | 2692 |
|  Connecticut State Higher Education Supplement Loan Authority |  |  |
|  5.00%, 11/15/2045 <sup>(1)</sup> | 4500 | 4535 |
|  Metropolitan District |  |  |
|  4.00%, 09/01/2037 | 3980 | 4032 |
|  4.00%, 09/01/2038 | 3000 | 3003 |

---

The accompanying notes are an integral part of these financial statements.

278.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Connecticut – 1.85% – (continued)** |  |  |
|  New Canaan Housing Authority |  |  |
|  4.00%, 12/01/2034 | $1500 | $1475 |
|  Stamford Housing Authority |  |  |
|  4.25%, 10/01/2030 | 5000 | 5032 |
|  State of Connecticut |  |  |
|  3.00%, 01/15/2032 | 3030 | 2946 |
|  3.00%, 01/15/2039 | 1475 | 1233 |
|  4.00%, 01/15/2036 | 2605 | 2643 |
|  4.00%, 01/15/2039 | 2450 | 2421 |
|  4.00%, 01/15/2039 | 5000 | 4988 |
|  5.00%, 01/15/2026 | 850 | 859 |
|  5.00%, 04/15/2026 | 1500 | 1525 |
|  5.00%, 08/01/2026 | 2800 | 2867 |
|  5.00%, 08/01/2027 | 2315 | 2427 |
|  5.00%, 09/15/2027 | 1000 | 1051 |
|  5.00%, 04/15/2030 | 565 | 610 |
|  5.00%, 04/15/2031 | 3000 | 3164 |
|  5.00%, 06/15/2032 | 500 | 563 |
|  5.00%, 06/15/2032 | 710 | 711 |
|  5.00%, 09/15/2032 | 325 | 367 |
|  5.00%, 09/15/2033 | 4500 | 4752 |
|  5.00%, 11/15/2033 | 1830 | 2080 |
|  5.00%, 04/15/2034 | 645 | 684 |
|  5.00%, 04/15/2035 | 225 | 237 |
|  5.00%, 04/15/2035 | 4895 | 5091 |
|  5.00%, 06/15/2035 | 300 | 330 |
|  5.00%, 06/15/2035 | 2500 | 2603 |
|  5.00%, 09/15/2035 | 2000 | 2087 |
|  5.00%, 04/15/2036 | 2300 | 2412 |
|  5.00%, 11/15/2036 | 13250 | 14808 |
|  5.00%, 03/15/2037 | 1605 | 1791 |
|  5.00%, 03/15/2038 | 2000 | 2202 |
|  5.00%, 06/15/2038 | 560 | 576 |
|  5.00%, 06/15/2038 | 700 | 748 |
|  5.00%, 01/15/2040 | 8325 | 8620 |
|  5.00%, 01/15/2041 | 2050 | 2128 |
|  5.00%, 01/15/2042 | 8780 | 9106 |
|  5.00%, 03/15/2043 | 1700 | 1786 |
|  State of Connecticut Special Tax Revenue |  |  |
|  4.00%, 05/01/2036 | 1220 | 1218 |
|  4.00%, 05/01/2038 | 830 | 826 |
|  4.00%, 05/01/2039 | 3680 | 3619 |
|  4.00%, 05/01/2040 | 5045 | 4896 |
|  4.00%, 11/01/2040 | 4240 | 4109 |
|  5.00%, 07/01/2029 | 10000 | 10861 |
|  5.00%, 10/01/2031 | 6440 | 6836 |
|  5.00%, 05/01/2034 | 3400 | 3664 |
|  5.00%, 05/01/2034 | 8900 | 9740 |
|  5.00%, 07/01/2034 | 5000 | 5697 |
|  5.00%, 05/01/2035 | 2800 | 3040 |
|  5.00%, 07/01/2035 | 3180 | 3606 |
|  5.00%, 07/01/2037 | 1205 | 1337 |
|  5.00%, 01/01/2038 | 1500 | 1538 |
|  5.00%, 07/01/2038 | 6500 | 6999 |
|  5.00%, 07/01/2039 | 6000 | 6408 |
|  5.00%, 05/01/2041 | 5515 | 5748 |
|  5.00%, 07/01/2041 | 20250 | 21574 |
|  5.25%, 07/01/2040 | 3500 | 3775 |

---

The accompanying notes are an integral part of these financial statements.

279.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Connecticut – 1.85% – (continued)** |  |  |
|  5.25%, 07/01/2042 | $2500 | $2662 |
|  Town of Stratford CT |  |  |
|  4.00%, 01/01/2038 | 1920 | 1892 |
|  University of Connecticut |  |  |
|  5.00%, 11/01/2028 | 1290 | 1385 |
|  5.00%, 05/01/2042 | 5000 | 5195 |
|  5.25%, 11/15/2034 | 3705 | 3915 |
|  Waterbury Housing Authority |  |  |
|  4.50%, 02/01/2042 | 2500 | 2459 |
|  Total Connecticut | Total Connecticut | 320713 |
| **Delaware – 0.31%** |  |  |
|  Delaware River & Bay Authority |  |  |
|  4.00%, 01/01/2042 | 185 | 173 |
|  5.00%, 01/01/2029 | 350 | 377 |
|  5.00%, 01/01/2032 | 500 | 561 |
|  5.00%, 01/01/2035 | 350 | 384 |
|  Delaware State Housing Authority |  |  |
|  5.50%, 07/01/2055 | 8190 | 8802 |
|  5.75%, 01/01/2055 | 7515 | 8107 |
|  5.75%, 01/01/2056 | 6000 | 6535 |
|  6.00%, 01/01/2055 | 3505 | 3823 |
|  6.00%, 01/01/2055 | 4400 | 4797 |
|  6.00%, 01/01/2056 | 14170 | 15609 |
|  Delaware Transportation Authority |  |  |
|  5.00%, 09/01/2035 | 1000 | 1063 |
|  State of Delaware |  |  |
|  3.50%, 03/01/2033 | 1150 | 1151 |
|  5.00%, 02/01/2033 | 1000 | 1049 |
|  Town of Bridgeville DE |  |  |
|  5.25%, 07/01/2044 <sup>(2)</sup> | 1680 | 1649 |
|  Total Delaware | Total Delaware | 54080 |
| **District of Columbia – 1.46%** |  |  |
|  District of Columbia |  |  |
|  4.00%, 02/01/2037 | 2860 | 2888 |
|  5.00%, 06/01/2031 | 10500 | 10873 |
|  5.00%, 06/01/2034 | 2100 | 2160 |
|  5.00%, 04/01/2036 | 935 | 948 |
|  5.00%, 10/15/2036 | 5735 | 5995 |
|  5.00%, 07/01/2037 | 3300 | 3354 |
|  5.00%, 02/01/2041 | 5000 | 5171 |
|  5.00%, 06/01/2042 | 5485 | 5525 |
|  5.00%, 06/01/2043 | 1125 | 1134 |
|  District of Columbia Housing Finance Agency |  |  |
|  5.00%, 12/01/2026 <sup>(1)</sup> | 3725 | 3752 |
|  5.00%, 03/01/2028 | 1500 | 1569 |
|  5.00%, 10/01/2041 <sup>(1)</sup> | 5500 | 5577 |
|  District of Columbia Income Tax Revenue |  |  |
|  5.00%, 10/01/2029 | 5000 | 5455 |
|  5.00%, 12/01/2033 | 5270 | 5897 |
|  5.00%, 06/01/2040 | 5285 | 5679 |
|  5.50%, 07/01/2047 | 10000 | 10508 |
|  District of Columbia Water & Sewer Authority |  |  |
|  3.00%, 10/01/2057 <sup>(1)</sup> | 3715 | 3666 |
|  3.75%, 10/01/2054 <sup>(1)</sup> | 5950 | 5950 |
|  Metropolitan Washington Airports Authority Aviation Revenue |  |  |
|  4.00%, 10/01/2037 | 570 | 556 |

---

The accompanying notes are an integral part of these financial statements.

280.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **District of Columbia – 1.46% – (continued)** |  |  |
|  4.00%, 10/01/2038 | $635 | $612 |
|  5.00%, 10/01/2025 | 5500 | 5524 |
|  5.00%, 10/01/2026 | 13500 | 13829 |
|  5.00%, 10/01/2027 | 500 | 519 |
|  5.00%, 10/01/2028 | 4150 | 4369 |
|  5.00%, 10/01/2028 | 24875 | 26190 |
|  5.00%, 10/01/2029 | 4155 | 4348 |
|  5.00%, 10/01/2029 | 5325 | 5673 |
|  5.00%, 10/01/2030 | 2530 | 2714 |
|  5.00%, 10/01/2030 | 7500 | 8045 |
|  5.00%, 10/01/2031 | 3000 | 3039 |
|  5.00%, 10/01/2031 | 4305 | 4652 |
|  5.00%, 10/01/2032 | 1000 | 1085 |
|  5.00%, 10/01/2032 | 5000 | 5060 |
|  5.00%, 10/01/2032 | 11490 | 12271 |
|  5.00%, 10/01/2033 | 6230 | 6626 |
|  5.00%, 10/01/2034 | 1520 | 1604 |
|  5.00%, 10/01/2034 | 5100 | 5421 |
|  5.00%, 10/01/2035 | 1350 | 1416 |
|  5.00%, 10/01/2036 | 1075 | 1121 |
|  5.00%, 10/01/2037 | 1000 | 1011 |
|  5.00%, 10/01/2038 | 1855 | 1916 |
|  5.00%, 10/01/2038 | 3500 | 3667 |
|  5.00%, 10/01/2042 | 3000 | 3021 |
|  5.25%, 10/01/2039 | 7550 | 8089 |
|  5.25%, 10/01/2040 | 1500 | 1597 |
|  5.25%, 10/01/2041 | 3000 | 3162 |
|  5.50%, 10/01/2043 | 3250 | 3452 |
|  5.50%, 10/01/2044 | 1500 | 1585 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
|  0.00%, 10/01/2032 | 3145 | 2428 |
|  4.00%, 10/01/2038 | 415 | 400 |
|  5.00%, 10/01/2034 | 1500 | 1572 |
|  Washington Metropolitan Area Transit Authority |  |  |
|  5.00%, 07/01/2032 | 1255 | 1293 |
|  5.00%, 07/01/2036 | 1690 | 1717 |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
|  5.00%, 07/15/2036 | 2550 | 2788 |
|  5.00%, 07/15/2037 | 2300 | 2448 |
|  5.00%, 07/15/2038 | 1785 | 1918 |
|  5.00%, 07/15/2039 | 1445 | 1539 |
|  5.00%, 07/15/2041 | 4950 | 5096 |
|  5.00%, 07/15/2045 | 2500 | 2527 |
|  Total District of Columbia | Total District of Columbia | 252001 |
| **Florida – 4.57%** |  |  |
|  Alachua County School Board |  |  |
|  5.00%, 07/01/2027 | 1155 | 1205 |
|  Antillia Community Development District |  |  |
|  5.60%, 05/01/2044 | 710 | 698 |
|  Artisan Lakes East Community Development District |  |  |
|  2.75%, 05/01/2031 | 250 | 232 |
|  2.75%, 05/01/2031 <sup>(2)</sup> | 270 | 251 |
|  Astonia Community Development District |  |  |
|  2.50%, 05/01/2026 <sup>(2)</sup> | 65 | 64 |
|  3.00%, 05/01/2031 <sup>(2)</sup> | 205 | 194 |
|  Ave Maria Stewardship Community District |  |  |
|  2.88%, 05/01/2027 | 610 | 601 |

---

The accompanying notes are an integral part of these financial statements.

281.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  4.00%, 05/01/2042 | $2500 | $2132 |
|  4.50%, 05/01/2033 <sup>(2)</sup> | 570 | 576 |
|  Babcock Ranch Community Independent Special District |  |  |
|  2.38%, 05/01/2026 | 30 | 30 |
|  2.88%, 05/01/2031 | 250 | 232 |
|  5.00%, 05/01/2042 | 1920 | 1872 |
|  5.00%, 05/01/2044 <sup>(2)</sup> | 1375 | 1304 |
|  5.00%, 05/01/2053 | 1440 | 1345 |
|  Berry Bay Community Development District |  |  |
|  2.63%, 05/01/2026 | 50 | 49 |
|  Brevard County Health Facilities Authority |  |  |
|  5.00%, 04/01/2037 | 2285 | 2458 |
|  5.00%, 04/01/2040 | 5000 | 5160 |
|  Brevard County Housing Finance Authority |  |  |
|  3.30%, 02/01/2028 <sup>(1)</sup> | 1771 | 1777 |
|  4.45%, 01/01/2040 | 1800 | 1834 |
|  Capital Projects Finance Authority |  |  |
|  5.00%, 10/01/2025 | 2630 | 2637 |
|  5.00%, 10/01/2027 | 1750 | 1805 |
|  Capital Trust Agency, Inc. |  |  |
|  4.50%, 07/01/2029 <sup>(2)</sup> | 1000 | 988 |
|  5.00%, 12/15/2039 | 1270 | 1205 |
|  5.35%, 07/01/2029 | 210 | 210 |
|  Capital Trust Authority |  |  |
|  5.00%, 06/01/2039 <sup>(2)</sup> | 1010 | 981 |
|  Celebration Community Development District |  |  |
|  2.75%, 05/01/2031 | 120 | 113 |
|  Central Florida Expressway Authority |  |  |
|  4.00%, 07/01/2039 | 1525 | 1501 |
|  5.00%, 07/01/2026 | 1375 | 1407 |
|  5.00%, 07/01/2034 | 10000 | 11333 |
|  5.00%, 07/01/2035 | 5000 | 5258 |
|  CFM Community Development District |  |  |
|  2.88%, 05/01/2031 | 420 | 383 |
|  Charles Cove Community Development District |  |  |
|  3.00%, 05/01/2031 | 280 | 263 |
|  City of Cape Coral FL Water & Sewer Revenue |  |  |
|  5.65%, 03/01/2054 | 5000 | 5228 |
|  City of Daytona Beach FL |  |  |
|  5.50%, 09/01/2054 | 6530 | 6915 |
|  City of Fort Lauderdale FL Water & Sewer Revenue |  |  |
|  4.00%, 03/01/2038 | 2400 | 2360 |
|  5.00%, 09/01/2040 | 1000 | 1068 |
|  City of Gainesville FL Utilities System Revenue |  |  |
|  5.00%, 10/01/2044 | 3485 | 3523 |
|  City of Jacksonville FL |  |  |
|  5.00%, 10/01/2026 | 475 | 488 |
|  5.00%, 10/01/2027 | 380 | 399 |
|  5.00%, 08/15/2028 | 3045 | 3237 |
|  5.00%, 10/01/2028 | 755 | 808 |
|  5.00%, 08/15/2029 | 2500 | 2699 |
|  5.00%, 10/01/2029 | 655 | 713 |
|  5.00%, 08/15/2030 | 1700 | 1828 |
|  5.00%, 08/15/2031 | 2250 | 2412 |
|  5.00%, 08/15/2032 | 1200 | 1280 |
|  5.00%, 10/01/2032 | 565 | 637 |
|  5.00%, 08/15/2033 | 1200 | 1273 |

---

The accompanying notes are an integral part of these financial statements.

282.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  City of Miami Beach FL |  |  |
|  5.00%, 09/01/2045 | $1650 | $1653 |
|  City of Orlando FL |  |  |
|  5.00%, 10/01/2031 | 1120 | 1196 |
|  5.00%, 10/01/2032 | 1300 | 1335 |
|  5.00%, 10/01/2032 | 1680 | 1787 |
|  5.00%, 10/01/2035 | 1200 | 1262 |
|  City of Orlando FL Reclamation System Revenue |  |  |
|  5.00%, 10/01/2040 | 4615 | 4981 |
|  5.00%, 10/01/2041 | 2500 | 2669 |
|  5.00%, 10/01/2042 | 2600 | 2753 |
|  City of Palmetto FL |  |  |
|  4.25%, 06/01/2027 | 115 | 116 |
|  5.00%, 06/01/2032 | 400 | 418 |
|  City Of South Miami Health Facilities Authority, Inc. |  |  |
|  5.00%, 08/15/2025 | 700 | 701 |
|  City of Tallahassee FL |  |  |
|  5.00%, 12/01/2026 | 1380 | 1388 |
|  City of Tallahassee FL Utility System Revenue |  |  |
|  5.00%, 10/01/2048 | 3065 | 3142 |
|  City of Tampa FL |  |  |
|  5.00%, 07/01/2037 | 1785 | 1791 |
|  5.25%, 05/01/2043 | 2000 | 2045 |
|  5.25%, 05/01/2046 | 2985 | 3037 |
|  Collier County Educational Facilities Authority |  |  |
|  5.50%, 06/01/2033 | 2625 | 2749 |
|  Collier County Industrial Development Authority |  |  |
|  5.00%, 10/01/2054 <sup>(1)</sup> | 845 | 913 |
|  5.00%, 10/01/2054 <sup>(1)</sup> | 1470 | 1566 |
|  Collier County Water-Sewer District |  |  |
|  4.00%, 07/01/2040 | 4095 | 4019 |
|  Cordova Palms Community Development District |  |  |
|  2.80%, 05/01/2031 | 145 | 134 |
|  4.50%, 05/01/2027 | 10 | 10 |
|  5.10%, 05/01/2032 | 170 | 176 |
|  5.30%, 05/01/2032 | 50 | 51 |
|  County of Brevard FL |  |  |
|  5.50%, 09/01/2048 | 6615 | 7022 |
|  County of Broward FL Airport System Revenue |  |  |
|  5.00%, 10/01/2025 | 2125 | 2134 |
|  5.00%, 10/01/2026 | 1000 | 1022 |
|  5.00%, 10/01/2026 | 3665 | 3747 |
|  5.00%, 10/01/2027 | 1650 | 1712 |
|  5.00%, 10/01/2027 | 3500 | 3632 |
|  5.00%, 10/01/2028 | 1500 | 1579 |
|  5.00%, 10/01/2029 | 500 | 501 |
|  5.00%, 10/01/2029 | 1150 | 1225 |
|  5.00%, 10/01/2030 | 405 | 416 |
|  5.00%, 10/01/2031 | 1000 | 1002 |
|  5.00%, 10/01/2031 | 1525 | 1601 |
|  5.00%, 10/01/2033 | 2940 | 3051 |
|  5.00%, 10/01/2036 | 1500 | 1513 |
|  5.00%, 10/01/2038 | 1420 | 1444 |
|  5.00%, 10/01/2040 | 10425 | 10405 |
|  County of Broward FL Port Facilities Revenue |  |  |
|  5.00%, 09/01/2030 | 310 | 333 |
|  5.00%, 09/01/2032 | 265 | 282 |
|  5.00%, 09/01/2035 | 2000 | 2063 |

---

The accompanying notes are an integral part of these financial statements.

283.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  5.00%, 09/01/2044 | $2845 | $2863 |
|  County of Broward FL Tourist Development Tax Revenue |  |  |
|  4.00%, 09/01/2039 | 4500 | 4426 |
|  County of Clay FL Sales Surtax Revenue |  |  |
|  5.00%, 10/01/2026 | 1170 | 1202 |
|  5.00%, 10/01/2030 | 1680 | 1815 |
|  5.00%, 10/01/2031 | 1375 | 1485 |
|  5.00%, 10/01/2035 | 1805 | 1907 |
|  County of Hillsborough FL Community Investment Tax Revenue |  |  |
|  5.00%, 11/01/2025 | 1800 | 1812 |
|  County of Lee FL Airport Revenue |  |  |
|  5.00%, 10/01/2034 | 5265 | 5639 |
|  5.00%, 10/01/2035 | 2735 | 2901 |
|  5.00%, 10/01/2039 | 7240 | 7338 |
|  5.25%, 10/01/2042 | 5500 | 5656 |
|  5.25%, 10/01/2043 | 4935 | 5094 |
|  5.25%, 10/01/2044 | 4065 | 4144 |
|  County of Lee FL Solid Waste System Revenue |  |  |
|  5.00%, 10/01/2025 | 3045 | 3054 |
|  County of Miami-Dade FL |  |  |
|  0.00%, 10/01/2034 | 3000 | 2138 |
|  0.00%, 10/01/2035 | 4010 | 2720 |
|  5.00%, 10/01/2035 | 230 | 234 |
|  5.00%, 04/01/2046 | 5845 | 5980 |
|  County of Miami-Dade FL Aviation Revenue |  |  |
|  4.00%, 10/01/2034 | 1600 | 1623 |
|  4.00%, 10/01/2038 | 1900 | 1853 |
|  4.00%, 10/01/2040 | 1450 | 1382 |
|  5.00%, 10/01/2030 | 250 | 275 |
|  5.00%, 10/01/2032 | 50000 | 54070 |
|  5.00%, 10/01/2033 | 24150 | 26157 |
|  5.00%, 10/01/2035 | 1500 | 1600 |
|  5.00%, 10/01/2038 | 3890 | 3916 |
|  5.00%, 10/01/2040 | 1000 | 1001 |
|  County of Miami-Dade FL Transit System |  |  |
|  5.00%, 07/01/2044 | 5540 | 5687 |
|  5.00%, 07/01/2049 | 1825 | 1838 |
|  County of Miami-Dade FL Water & Sewer System Revenue |  |  |
|  3.00%, 10/01/2036 | 1600 | 1444 |
|  County of Miami-Dade Seaport Department |  |  |
|  4.00%, 10/01/2038 | 1000 | 994 |
|  4.00%, 10/01/2041 | 10000 | 9383 |
|  County of Palm Beach FL Airport System Revenue |  |  |
|  5.00%, 10/01/2037 | 1000 | 1049 |
|  5.25%, 10/01/2040 | 140 | 148 |
|  5.25%, 10/01/2041 | 825 | 863 |
|  5.25%, 10/01/2043 | 1000 | 1031 |
|  5.25%, 10/01/2044 | 1000 | 1026 |
|  County of Pasco FL |  |  |
|  5.25%, 09/01/2032 | 550 | 614 |
|  5.25%, 09/01/2033 | 750 | 838 |
|  5.25%, 09/01/2034 | 675 | 748 |
|  5.25%, 09/01/2035 | 585 | 642 |
|  5.50%, 09/01/2037 | 1550 | 1696 |
|  5.50%, 09/01/2038 | 2820 | 3057 |
|  5.50%, 09/01/2039 | 500 | 538 |
|  5.50%, 09/01/2040 | 1250 | 1339 |

---

The accompanying notes are an integral part of these financial statements.

284.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  County of Pasco FL Second Local Option Fuel Tax Revenue |  |  |
|  5.00%, 10/01/2046 | $12065 | $12130 |
|  Creek Preserve Community Development District |  |  |
|  4.25%, 11/01/2030 <sup>(2)</sup> | 685 | 688 |
|  Duval County Public Schools |  |  |
|  5.00%, 07/01/2032 | 5500 | 5959 |
|  5.00%, 07/01/2033 | 5860 | 6317 |
|  5.00%, 07/01/2034 | 8350 | 8945 |
|  5.00%, 07/01/2035 | 11000 | 11710 |
|  East Nassau Stewardship District |  |  |
|  3.00%, 05/01/2031 | 235 | 219 |
|  5.25%, 05/01/2029 | 750 | 750 |
|  Elevation Pointe Community Development District |  |  |
|  4.13%, 05/01/2032 | 250 | 248 |
|  4.40%, 05/01/2032 | 1100 | 1098 |
|  Entrada Community Development District |  |  |
|  2.13%, 05/01/2026 <sup>(2)</sup> | 100 | 98 |
|  Epperson North Community Development District |  |  |
|  2.50%, 05/01/2026 | 25 | 25 |
|  3.00%, 05/01/2031 | 140 | 131 |
|  3.10%, 11/01/2031 | 185 | 172 |
|  Escambia County Health Facilities Authority |  |  |
|  4.00%, 08/15/2045 | 1305 | 1111 |
|  Esplanade Lake Club Community Development District |  |  |
|  3.25%, 11/01/2025 | 100 | 100 |
|  Florida Department of Management Services |  |  |
|  3.00%, 11/01/2035 | 1810 | 1641 |
|  Florida Development Finance Corp. |  |  |
|  3.00%, 07/01/2031 <sup>(2)</sup> | 275 | 260 |
|  3.00%, 06/01/2032 | 795 | 720 |
|  4.00%, 06/01/2026 <sup>(2)</sup> | 110 | 110 |
|  4.00%, 12/15/2029 <sup>(2)</sup> | 795 | 793 |
|  4.00%, 07/01/2031 | 170 | 171 |
|  4.38%, 10/01/2054 <sup>(1)(2)</sup> | 1835 | 1828 |
|  5.00%, 05/01/2029 <sup>(2)</sup> | 2915 | 2943 |
|  5.00%, 06/01/2031 <sup>(2)</sup> | 140 | 143 |
|  5.00%, 06/15/2032 | 545 | 556 |
|  5.00%, 02/01/2033 | 1000 | 1053 |
|  5.00%, 06/01/2035 <sup>(2)</sup> | 125 | 126 |
|  5.00%, 07/01/2035 | 1085 | 1074 |
|  5.00%, 02/01/2037 | 1750 | 1799 |
|  5.00%, 06/15/2038 | 860 | 865 |
|  5.00%, 07/01/2041 | 2670 | 2431 |
|  5.00%, 07/01/2044 | 2715 | 2695 |
|  5.00%, 06/15/2056 | 2570 | 2383 |
|  5.00%, 08/01/2056 <sup>(1)</sup> | 6185 | 6678 |
|  5.25%, 06/15/2029 <sup>(2)</sup> | 700 | 699 |
|  Florida Higher Educational Facilities Financing Authority |  |  |
|  5.00%, 10/01/2029 | 1000 | 1049 |
|  5.00%, 10/01/2033 | 1000 | 1030 |
|  5.00%, 07/01/2035 <sup>(2)</sup> | 4000 | 3991 |
|  Florida Housing Finance Corp. |  |  |
|  3.30%, 07/01/2058 <sup>(1)</sup> | 4000 | 4002 |
|  3.50%, 11/01/2042 <sup>(1)</sup> | 1000 | 1005 |
|  3.50%, 07/01/2051 | 1360 | 1356 |
|  6.25%, 07/01/2055 | 5000 | 5518 |
|  Florida Municipal Power Agency |  |  |
|  3.00%, 10/01/2032 | 1000 | 954 |

---

The accompanying notes are an integral part of these financial statements.

285.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  5.00%, 10/01/2025 | $3475 | $3491 |
|  Fort Pierce Utilities Authority |  |  |
|  5.00%, 10/01/2031 | 200 | 220 |
|  5.00%, 10/01/2032 | 150 | 165 |
|  5.00%, 10/01/2033 | 200 | 220 |
|  5.00%, 10/01/2035 | 250 | 270 |
|  Greater Orlando Aviation Authority |  |  |
|  5.00%, 10/01/2029 | 4420 | 4618 |
|  5.00%, 10/01/2034 | 3500 | 3785 |
|  5.00%, 10/01/2034 | 11000 | 11437 |
|  5.00%, 10/01/2035 | 580 | 621 |
|  5.00%, 10/01/2038 | 2820 | 2933 |
|  5.00%, 10/01/2038 | 5500 | 5608 |
|  5.00%, 10/01/2039 | 2950 | 3043 |
|  5.25%, 10/01/2040 | 2415 | 2559 |
|  5.25%, 10/01/2041 | 6730 | 7065 |
|  Highlands County Health Facilities Authority |  |  |
|  5.00%, 11/15/2059 <sup>(1)</sup> | 4435 | 4863 |
|  Hillsborough County Aviation Authority |  |  |
|  5.00%, 10/01/2025 | 2300 | 2310 |
|  5.00%, 10/01/2033 | 465 | 487 |
|  5.00%, 10/01/2034 | 4495 | 4861 |
|  5.00%, 10/01/2035 | 1620 | 1735 |
|  5.00%, 10/01/2035 | 2275 | 2357 |
|  5.00%, 10/01/2036 | 1525 | 1618 |
|  5.00%, 10/01/2037 | 700 | 710 |
|  5.00%, 10/01/2037 | 1705 | 1792 |
|  5.00%, 10/01/2038 | 1875 | 1950 |
|  Hillsborough County Housing Finance Authority |  |  |
|  4.55%, 02/01/2042 | 4000 | 3910 |
|  5.00%, 12/01/2042 | 2650 | 2664 |
|  Hillsborough County Industrial Development Authority |  |  |
|  5.00%, 11/15/2034 | 20850 | 23324 |
|  Hillsborough County Port District |  |  |
|  5.00%, 06/01/2038 | 4715 | 4813 |
|  Hillsborough County School Board |  |  |
|  5.00%, 07/01/2029 | 1795 | 1932 |
|  Hilltop Point Community Development District |  |  |
|  5.00%, 05/01/2033 | 200 | 203 |
|  Hyde Park Community Development District No 1 |  |  |
|  3.25%, 05/01/2027 | 175 | 173 |
|  3.60%, 05/01/2032 | 505 | 482 |
|  JEA Electric System Revenue |  |  |
|  4.00%, 10/01/2038 | 10830 | 10632 |
|  4.00%, 10/01/2039 | 10550 | 10279 |
|  5.00%, 10/01/2026 | 1120 | 1151 |
|  5.00%, 10/01/2033 | 2130 | 2293 |
|  5.00%, 10/01/2034 | 1215 | 1298 |
|  JEA Water & Sewer System Revenue |  |  |
|  5.25%, 10/01/2049 | 6655 | 6961 |
|  Lakes of Sarasota Community Development District |  |  |
|  3.63%, 05/01/2031 | 130 | 127 |
|  3.88%, 05/01/2031 | 140 | 139 |
|  4.13%, 05/01/2031 | 845 | 843 |
|  Lakewood Ranch Stewardship District |  |  |
|  2.30%, 05/01/2026 | 45 | 44 |
|  2.63%, 05/01/2031 | 300 | 276 |
|  3.13%, 05/01/2030 <sup>(2)</sup> | 310 | 298 |

---

The accompanying notes are an integral part of these financial statements.

286.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  3.13%, 05/01/2041 | $645 | $510 |
|  5.30%, 05/01/2044 | 485 | 476 |
|  Laurel Road Community Development District |  |  |
|  3.00%, 05/01/2031 | 350 | 323 |
|  3.13%, 05/01/2031 | 595 | 553 |
|  Lee County Industrial Development Authority |  |  |
|  5.00%, 04/01/2033 <sup>(1)</sup> | 5350 | 5370 |
|  5.00%, 04/01/2035 | 1555 | 1613 |
|  5.00%, 04/01/2037 | 2060 | 2116 |
|  5.00%, 11/15/2039 | 1850 | 1878 |
|  Lee County School Board |  |  |
|  5.00%, 08/01/2028 | 3275 | 3493 |
|  Live Oak Lake Community Development District |  |  |
|  3.80%, 05/01/2030 | 1745 | 1690 |
|  LT Ranch Community Development District |  |  |
|  5.50%, 05/01/2044 | 1000 | 997 |
|  Manatee County School District |  |  |
|  5.00%, 10/01/2025 | 520 | 523 |
|  Meadow View at Twin Creeks Community Development District |  |  |
|  3.00%, 05/01/2031 | 310 | 289 |
|  Miami-Dade County Expressway Authority |  |  |
|  5.00%, 07/01/2030 | 1225 | 1243 |
|  Miami-Dade County Health Facilities Authority |  |  |
|  5.00%, 08/01/2025 | 110 | 110 |
|  5.00%, 08/01/2026 | 155 | 158 |
|  5.00%, 08/01/2027 | 345 | 360 |
|  5.00%, 08/01/2028 | 400 | 414 |
|  5.00%, 08/01/2028 | 460 | 488 |
|  5.00%, 08/01/2029 | 480 | 496 |
|  5.00%, 08/01/2030 | 680 | 702 |
|  5.00%, 08/01/2030 | 1050 | 1142 |
|  5.00%, 08/01/2032 | 750 | 770 |
|  5.00%, 08/01/2037 | 1000 | 1012 |
|  Miami-Dade County Housing Finance Authority |  |  |
|  3.55%, 03/01/2029 <sup>(1)</sup> | 3000 | 3036 |
|  4.88%, 03/01/2046 | 4000 | 3877 |
|  Mid-Bay Bridge Authority |  |  |
|  5.00%, 10/01/2031 | 6400 | 7024 |
|  5.00%, 10/01/2040 | 1375 | 1381 |
|  Middleton Community Development District A |  |  |
|  3.70%, 05/01/2029 | 1335 | 1335 |
|  Midtown Miami Community Development District |  |  |
|  5.00%, 05/01/2037 | 965 | 965 |
|  Mirada II Community Development District |  |  |
|  2.50%, 05/01/2026 | 105 | 104 |
|  North AR-1 Pasco Community Development District |  |  |
|  2.63%, 05/01/2026 | 50 | 49 |
|  Orange County Convention Center/Orlando |  |  |
|  5.00%, 10/01/2028 | 1485 | 1587 |
|  Orange County School Board |  |  |
|  5.00%, 08/01/2029 | 1000 | 1002 |
|  5.00%, 08/01/2033 | 1740 | 1782 |
|  5.00%, 08/01/2034 | 3375 | 3456 |
|  Orlando Utilities Commission |  |  |
|  1.25%, 10/01/2046 <sup>(1)</sup> | 1190 | 1067 |
|  5.00%, 10/01/2041 | 1725 | 1835 |
|  5.00%, 10/01/2042 | 1835 | 1936 |

---

The accompanying notes are an integral part of these financial statements.

287.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  Osceola County Housing Finance Authority |  |  |
|  3.40%, 04/01/2028 <sup>(1)</sup> | $5345 | $5368 |
|  Palm Beach County Health Facilities Authority |  |  |
|  4.00%, 06/01/2026 | 115 | 115 |
|  4.00%, 06/01/2031 | 625 | 623 |
|  5.00%, 05/15/2028 | 1920 | 1921 |
|  Palm Beach County Housing Finance Authority |  |  |
|  5.00%, 02/01/2027 <sup>(1)</sup> | 4285 | 4327 |
|  Palm Beach County School District |  |  |
|  5.00%, 08/01/2026 | 1065 | 1092 |
|  5.00%, 08/01/2026 | 3750 | 3845 |
|  5.00%, 08/01/2030 | 4520 | 4527 |
|  5.00%, 08/01/2032 | 3000 | 3005 |
|  5.00%, 08/01/2038 | 1280 | 1345 |
|  5.00%, 08/01/2039 | 2560 | 2671 |
|  5.25%, 08/01/2038 | 6500 | 7015 |
|  Palm Coast Park Community Development District |  |  |
|  4.63%, 05/01/2032 | 500 | 508 |
|  Pasco County School Board |  |  |
|  5.00%, 08/01/2033 | 1000 | 1085 |
|  Pine Isle Community Development District |  |  |
|  3.00%, 12/15/2031 <sup>(2)</sup> | 100 | 96 |
|  Poitras East Community Development District |  |  |
|  4.00%, 05/01/2028 | 700 | 703 |
|  Preston Cove Community Development District |  |  |
|  3.60%, 05/01/2032 | 340 | 323 |
|  Putnam County Development Authority |  |  |
|  5.00%, 03/15/2042 | 2500 | 2510 |
|  Reunion East Community Development District |  |  |
|  2.40%, 05/01/2026 | 35 | 35 |
|  2.85%, 05/01/2031 | 640 | 594 |
|  Reunion West Community Development District |  |  |
|  3.00%, 05/01/2036 | 450 | 394 |
|  Ridge at Apopka Community Development District |  |  |
|  4.75%, 05/01/2027 | 110 | 111 |
|  River Hall Community Development District |  |  |
|  3.00%, 05/01/2031 | 250 | 234 |
|  Rivers Edge II Community Development District |  |  |
|  2.40%, 05/01/2026 | 100 | 99 |
|  3.00%, 05/01/2031 | 285 | 266 |
|  Rolling Hills Community Development District |  |  |
|  3.13%, 05/01/2027 | 100 | 99 |
|  3.65%, 05/01/2032 | 575 | 536 |
|  3.75%, 05/01/2042 | 485 | 395 |
|  Saltleaf Community Development District |  |  |
|  4.75%, 05/01/2031 | 420 | 425 |
|  Sawyers Landing Community Development District |  |  |
|  3.25%, 05/01/2026 | 200 | 199 |
|  School Board of Miami-Dade County |  |  |
|  5.00%, 02/01/2030 | 500 | 505 |
|  School District of Broward County |  |  |
|  5.00%, 07/01/2033 | 5000 | 5387 |
|  5.00%, 07/01/2038 | 6410 | 6786 |
|  5.00%, 07/01/2045 | 12400 | 12805 |
|  Seminole Improvement District |  |  |
|  4.40%, 10/01/2027 | 150 | 151 |
|  5.00%, 10/01/2032 | 250 | 256 |
|  5.30%, 10/01/2037 | 500 | 508 |

---

The accompanying notes are an integral part of these financial statements.

288.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  Somerset Community Development District |  |  |
|  4.00%, 05/01/2032 | $570 | $559 |
|  Southern Groves Community Development District No 5 |  |  |
|  2.80%, 05/01/2031 | 200 | 190 |
|  4.55%, 05/01/2031 | 1035 | 1052 |
|  5.45%, 05/01/2044 | 1245 | 1257 |
|  St Johns County Industrial Development Authority |  |  |
|  4.00%, 12/15/2025 | 170 | 169 |
|  4.00%, 12/15/2026 | 185 | 183 |
|  4.00%, 12/15/2027 | 215 | 211 |
|  St Johns County School Board |  |  |
|  5.00%, 07/01/2029 | 1250 | 1348 |
|  5.00%, 07/01/2030 | 1500 | 1627 |
|  5.00%, 07/01/2031 | 1000 | 1082 |
|  St Lucie County School Board |  |  |
|  5.00%, 07/01/2040 | 1000 | 1042 |
|  State of Florida |  |  |
|  5.00%, 06/01/2026 | 12080 | 12336 |
|  State of Florida Department of Transportation Turnpike System Revenue |  |  |
|  3.00%, 07/01/2035 | 1530 | 1406 |
|  4.00%, 07/01/2039 | 3625 | 3626 |
|  5.00%, 07/01/2036 | 7370 | 8281 |
|  Stillwater Community Development District |  |  |
|  2.38%, 06/15/2026 <sup>(2)</sup> | 65 | 64 |
|  Sunbridge Stewardship District |  |  |
|  5.20%, 05/01/2042 | 500 | 491 |
|  Tampa Bay Water |  |  |
|  5.00%, 10/01/2042 | 1875 | 1959 |
|  5.00%, 10/01/2043 | 2000 | 2084 |
|  5.00%, 10/01/2044 | 3345 | 3468 |
|  5.00%, 10/01/2049 | 5000 | 5113 |
|  Tampa-Hillsborough County Expressway Authority |  |  |
|  5.00%, 07/01/2048 | 5145 | 5146 |
|  Tolomato Community Development District |  |  |
|  2.80%, 05/01/2027 | 755 | 743 |
|  2.88%, 05/01/2027 | 70 | 69 |
|  3.00%, 05/01/2032 | 1500 | 1395 |
|  4.10%, 05/01/2031 | 690 | 688 |
|  Tradition Community Development District No 9 |  |  |
|  2.30%, 05/01/2026 | 100 | 99 |
|  2.70%, 05/01/2031 | 270 | 248 |
|  Two Lakes Community Development District |  |  |
|  5.00%, 05/01/2044 | 600 | 597 |
|  Two Rivers North Community Development District |  |  |
|  4.63%, 05/01/2027 | 55 | 55 |
|  4.88%, 05/01/2032 | 250 | 255 |
|  V-Dana Community Development District |  |  |
|  2.60%, 05/01/2026 | 35 | 35 |
|  3.13%, 05/01/2031 | 125 | 118 |
|  Verano No 3 Community Development District |  |  |
|  2.38%, 05/01/2026 | 20 | 20 |
|  3.00%, 05/01/2031 | 120 | 112 |
|  Viera Stewardship District |  |  |
|  2.30%, 05/01/2026 | 100 | 98 |
|  2.80%, 05/01/2031 | 465 | 427 |
|  4.60%, 05/01/2033 | 1670 | 1697 |
|  Village Community Development District No 13 |  |  |
|  2.55%, 05/01/2031 | 1175 | 1079 |

---

The accompanying notes are an integral part of these financial statements.

289.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Florida – 4.57% – (continued)** |  |  |
|  Village Community Development District No 14 |  |  |
|  5.13%, 05/01/2037 | $1870 | $1920 |
|  Village Community Development District No 15 |  |  |
|  4.00%, 05/01/2034 <sup>(2)</sup> | 1030 | 1010 |
|  4.20%, 05/01/2039 <sup>(2)</sup> | 1000 | 936 |
|  4.38%, 05/01/2033 <sup>(2)</sup> | 485 | 493 |
|  Volusia County Educational Facility Authority |  |  |
|  5.00%, 06/01/2027 | 500 | 514 |
|  5.00%, 10/15/2031 | 300 | 311 |
|  Watergrass Community Development District II |  |  |
|  2.50%, 05/01/2031 | 310 | 281 |
|  West Villages Improvement District |  |  |
|  4.50%, 05/01/2031 | 435 | 437 |
|  5.38%, 05/01/2044 | 745 | 724 |
|  Westside Haines City Community Development District |  |  |
|  2.50%, 05/01/2026 | 30 | 30 |
|  3.00%, 05/01/2031 | 215 | 203 |
|  Wildwood Utility Dependent District |  |  |
|  5.50%, 10/01/2048 | 1910 | 2018 |
|  Windward at Lakewood Ranch Community Development District |  |  |
|  3.25%, 05/01/2027 | 100 | 98 |
|  3.63%, 05/01/2032 | 695 | 649 |
|  Wiregrass II Community Development District |  |  |
|  4.80%, 05/01/2032 | 240 | 244 |
|  Total Florida | Total Florida | 791219 |
| **Georgia – 3.38%** |  |  |
|  Athens-Clarke County Unified Government Development Authority |  |  |
|  3.00%, 06/15/2038 | 925 | 801 |
|  3.00%, 06/15/2038 | 1350 | 1188 |
|  Atlanta Urban Redevelopment Agency |  |  |
|  2.38%, 07/01/2026 <sup>(2)</sup> | 930 | 926 |
|  2.88%, 07/01/2031 <sup>(2)</sup> | 2080 | 1986 |
|  Atlanta Urban Residential Finance Authority |  |  |
|  3.40%, 02/01/2029 <sup>(1)</sup> | 2500 | 2520 |
|  3.45%, 02/01/2029 <sup>(1)</sup> | 2850 | 2869 |
|  5.00%, 05/01/2028 <sup>(1)</sup> | 6860 | 7096 |
|  Bartow County Development Authority |  |  |
|  3.95%, 12/01/2032 <sup>(1)</sup> | 8030 | 8170 |
|  Brookhaven Development Authority |  |  |
|  5.00%, 07/01/2025 | 1400 | 1400 |
|  City of Atlanta GA Airport Passenger Facility Charge |  |  |
|  5.00%, 07/01/2033 | 2750 | 2990 |
|  City of Atlanta GA Department of Aviation |  |  |
|  4.00%, 07/01/2038 | 255 | 247 |
|  5.00%, 07/01/2026 | 580 | 592 |
|  5.00%, 07/01/2027 | 2635 | 2754 |
|  5.00%, 07/01/2032 | 250 | 267 |
|  5.00%, 07/01/2033 | 350 | 372 |
|  5.00%, 07/01/2033 | 2000 | 2144 |
|  5.00%, 07/01/2034 | 250 | 264 |
|  5.00%, 07/01/2034 | 1300 | 1382 |
|  5.00%, 07/01/2035 | 350 | 367 |
|  5.00%, 07/01/2036 | 350 | 365 |
|  5.00%, 07/01/2037 | 385 | 399 |
|  City of Atlanta GA Water & Wastewater Revenue |  |  |
|  5.00%, 11/01/2036 | 5500 | 6154 |
|  5.00%, 11/01/2040 | 9830 | 9830 |

---

The accompanying notes are an integral part of these financial statements.

290.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Georgia – 3.38% – (continued)** |  |  |
|  Columbus Medical Center Hospital Authority |  |  |
|  5.00%, 07/01/2054 <sup>(1)</sup> | $1630 | $1645 |
|  5.00%, 07/01/2054 <sup>(1)</sup> | 2700 | 2859 |
|  Decatur Housing Authority |  |  |
|  3.60%, 08/01/2028 <sup>(1)</sup> | 1150 | 1163 |
|  DeKalb County Housing Authority |  |  |
|  4.00%, 03/01/2034 | 1280 | 1258 |
|  4.13%, 12/01/2034 | 3500 | 3411 |
|  DeKalb Private Hospital Authority |  |  |
|  5.00%, 07/01/2027 | 1235 | 1291 |
|  Development Authority for Fulton County |  |  |
|  5.00%, 06/15/2044 | 580 | 587 |
|  Development Authority of Burke County |  |  |
|  2.88%, 12/01/2049 <sup>(1)</sup> | 5640 | 5632 |
|  3.30%, 12/01/2049 <sup>(1)</sup> | 4050 | 4021 |
|  3.38%, 11/01/2053 <sup>(1)</sup> | 2050 | 2045 |
|  3.60%, 01/01/2040 <sup>(1)</sup> | 14000 | 14079 |
|  3.60%, 11/01/2045 <sup>(1)</sup> | 6960 | 7002 |
|  3.80%, 10/01/2032 <sup>(1)</sup> | 5555 | 5579 |
|  3.95%, 07/01/2049 <sup>(1)</sup> | 1100 | 1100 |
|  Development Authority of Monroe County |  |  |
|  2.25%, 07/01/2025 | 505 | 505 |
|  3.88%, 10/01/2048 <sup>(1)</sup> | 4815 | 4826 |
|  Douglas County Housing Authority |  |  |
|  5.10%, 02/01/2044 | 1000 | 1007 |
|  Gainesville & Hall County Hospital Authority |  |  |
|  5.00%, 02/15/2035 | 1910 | 1941 |
|  George L Smith II Congress Center Authority |  |  |
|  2.38%, 01/01/2031 | 1250 | 1156 |
|  4.00%, 01/01/2036 | 2000 | 1991 |
|  Georgia Housing & Finance Authority |  |  |
|  2.95%, 12/01/2039 | 1000 | 815 |
|  4.80%, 12/01/2040 | 3500 | 3518 |
|  5.00%, 12/01/2042 | 775 | 794 |
|  Glynn-Brunswick Memorial Hospital Authority |  |  |
|  4.00%, 08/01/2036 | 2000 | 1858 |
|  4.00%, 08/01/2037 | 750 | 686 |
|  Gwinnett County School District |  |  |
|  5.00%, 02/01/2040 | 3210 | 3312 |
|  Homerville Housing Authority |  |  |
|  3.45%, 01/01/2028 <sup>(1)</sup> | 1105 | 1111 |
|  Jackson County School District |  |  |
|  5.00%, 03/01/2036 | 2965 | 3332 |
|  Main Street Natural Gas, Inc. |  |  |
|  4.00%, 12/01/2029 | 1370 | 1389 |
|  4.00%, 03/01/2050 <sup>(1)</sup> | 10805 | 10831 |
|  4.00%, 05/01/2052 <sup>(1)</sup> | 26945 | 27087 |
|  4.00%, 07/01/2052 <sup>(1)</sup> | 32165 | 32467 |
|  4.00%, 09/01/2052 <sup>(1)</sup> | 11210 | 11262 |
|  4.64% (SOFR + 1.70%), 12/01/2053 <sup>(3)</sup> | 42000 | 42203 |
|  5.00%, 12/01/2026 | 1000 | 1022 |
|  5.00%, 05/15/2027 | 1500 | 1540 |
|  5.00%, 12/01/2027 | 1500 | 1552 |
|  5.00%, 12/01/2028 | 1000 | 1046 |
|  5.00%, 12/01/2052 <sup>(1)</sup> | 12375 | 12846 |
|  5.00%, 06/01/2053 <sup>(1)</sup> | 17160 | 17988 |
|  5.00%, 07/01/2053 <sup>(1)</sup> | 25980 | 27373 |
|  5.00%, 09/01/2053 <sup>(1)</sup> | 27735 | 29331 |

---

The accompanying notes are an integral part of these financial statements.

291.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Georgia – 3.38% – (continued)** |  |  |
|  5.00%, 12/01/2053 <sup>(1)</sup> | $19735 | $20794 |
|  5.00%, 04/01/2054 <sup>(1)</sup> | 18945 | 20088 |
|  5.00%, 05/01/2054 <sup>(1)</sup> | 15030 | 15812 |
|  5.00%, 05/01/2054 <sup>(1)</sup> | 34400 | 36350 |
|  5.00%, 12/01/2054 <sup>(1)</sup> | 4790 | 5032 |
|  5.00%, 12/01/2054 <sup>(1)</sup> | 22720 | 24010 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 34490 | 36299 |
|  5.00%, 06/01/2055 <sup>(1)</sup> | 17365 | 18467 |
|  Metropolitan Atlanta Rapid Transit Authority |  |  |
|  5.00%, 07/01/2034 | 1000 | 1129 |
|  5.00%, 07/01/2035 | 525 | 588 |
|  5.00%, 07/01/2039 | 900 | 975 |
|  Municipal Electric Authority of Georgia |  |  |
|  4.00%, 01/01/2035 | 435 | 429 |
|  4.00%, 01/01/2035 | 1500 | 1504 |
|  4.00%, 01/01/2036 | 435 | 426 |
|  4.00%, 01/01/2037 | 860 | 834 |
|  4.00%, 01/01/2038 | 850 | 813 |
|  4.00%, 01/01/2039 | 850 | 805 |
|  4.00%, 01/01/2046 | 400 | 363 |
|  4.00%, 01/01/2051 | 1100 | 938 |
|  5.00%, 01/01/2026 | 300 | 303 |
|  5.00%, 01/01/2026 | 320 | 323 |
|  5.00%, 01/01/2026 | 1000 | 1010 |
|  5.00%, 01/01/2027 | 300 | 310 |
|  5.00%, 01/01/2027 | 1500 | 1548 |
|  5.00%, 11/01/2027 | 200 | 210 |
|  5.00%, 01/01/2028 | 25 | 26 |
|  5.00%, 01/01/2028 | 500 | 519 |
|  5.00%, 01/01/2028 | 750 | 788 |
|  5.00%, 11/01/2028 | 275 | 293 |
|  5.00%, 11/01/2029 | 300 | 325 |
|  5.00%, 01/01/2031 | 685 | 727 |
|  5.00%, 01/01/2032 | 1025 | 1075 |
|  5.00%, 01/01/2034 | 1080 | 1163 |
|  5.00%, 01/01/2036 | 1645 | 1799 |
|  5.00%, 01/01/2039 | 1600 | 1692 |
|  5.00%, 01/01/2039 | 3980 | 4054 |
|  5.00%, 01/01/2048 | 1455 | 1422 |
|  5.00%, 07/01/2048 | 1000 | 1002 |
|  5.25%, 01/01/2038 | 920 | 1018 |
|  5.25%, 01/01/2049 | 890 | 926 |
|  Paulding County Hospital Authority |  |  |
|  4.00%, 04/01/2041 | 1250 | 1139 |
|  4.00%, 04/01/2041 | 1975 | 1814 |
|  5.00%, 04/01/2033 | 250 | 275 |
|  5.00%, 04/01/2034 | 350 | 382 |
|  5.00%, 04/01/2035 | 200 | 217 |
|  5.00%, 04/01/2036 | 330 | 354 |
|  5.00%, 04/01/2037 | 300 | 319 |
|  5.00%, 04/01/2038 | 450 | 475 |
|  5.00%, 04/01/2039 | 725 | 759 |
|  5.00%, 04/01/2042 | 1875 | 1917 |
|  5.00%, 04/01/2043 | 8750 | 8899 |
|  Private Colleges & Universities Authority |  |  |
|  5.00%, 04/01/2028 | 400 | 421 |
|  5.00%, 04/01/2034 | 780 | 842 |

---

The accompanying notes are an integral part of these financial statements.

292.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Georgia – 3.38% – (continued)** |  |  |
|  State of Georgia |  |  |
|  4.00%, 08/01/2034 | $6455 | $6633 |
|  Treutlen County School District |  |  |
|  5.00%, 10/01/2034 | 200 | 224 |
|  5.00%, 10/01/2035 | 355 | 398 |
|  5.00%, 10/01/2040 | 380 | 405 |
|  5.00%, 10/01/2045 | 870 | 891 |
|  5.00%, 10/01/2047 | 650 | 662 |
|  Total Georgia | Total Georgia | 584759 |
| **Guam – 0.13%** |  |  |
|  Antonio B Won Pat International Airport Authority |  |  |
|  5.00%, 10/01/2032 | 500 | 523 |
|  5.25%, 10/01/2031 | 325 | 345 |
|  Guam Power Authority |  |  |
|  5.00%, 10/01/2038 | 1250 | 1326 |
|  5.00%, 10/01/2039 | 535 | 562 |
|  Territory of Guam |  |  |
|  4.00%, 01/01/2036 | 6405 | 6160 |
|  4.00%, 01/01/2042 | 5445 | 4820 |
|  5.00%, 12/01/2028 | 2500 | 2548 |
|  5.00%, 12/01/2030 | 1750 | 1780 |
|  5.00%, 11/15/2031 | 1185 | 1208 |
|  5.00%, 12/01/2034 | 2500 | 2527 |
|  5.00%, 11/15/2039 | 600 | 600 |
|  Total Guam | Total Guam | 22399 |
| **Hawaii – 0.22%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue |  |  |
|  5.00%, 07/01/2036 | 1090 | 1229 |
|  5.00%, 07/01/2036 | 1930 | 1956 |
|  5.00%, 07/01/2037 | 1435 | 1599 |
|  City & County of Honolulu HI |  |  |
|  5.00%, 06/01/2027 <sup>(1)</sup> | 3075 | 3123 |
|  5.00%, 11/01/2028 | 540 | 580 |
|  5.00%, 11/01/2029 | 1800 | 1967 |
|  5.00%, 07/01/2034 | 810 | 878 |
|  5.00%, 07/01/2035 | 1345 | 1449 |
|  Kauai County Community Facilities District |  |  |
|  4.00%, 05/15/2028 | 485 | 485 |
|  5.00%, 05/15/2031 | 375 | 391 |
|  State of Hawaii |  |  |
|  5.00%, 01/01/2030 | 2330 | 2502 |
|  5.00%, 01/01/2036 | 2000 | 2092 |
|  State of Hawaii Airports System Revenue |  |  |
|  5.00%, 07/01/2032 | 1235 | 1305 |
|  5.00%, 07/01/2033 | 1425 | 1464 |
|  5.00%, 07/01/2038 | 3525 | 3561 |
|  5.00%, 07/01/2041 | 3000 | 3000 |
|  5.00%, 07/01/2042 | 4500 | 4552 |
|  5.00%, 07/01/2043 | 3150 | 3169 |
|  State of Hawaii Harbor System Revenue |  |  |
|  4.00%, 07/01/2035 | 420 | 414 |
|  4.00%, 07/01/2036 | 545 | 548 |
|  University of Hawaii |  |  |
|  5.00%, 10/01/2029 | 1225 | 1334 |
|  Total Hawaii | Total Hawaii | 37598 |

---

The accompanying notes are an integral part of these financial statements.

293.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Idaho – 0.16%** |  |  |
|  Boise State University |  |  |
|  5.00%, 04/01/2048 | $1595 | $1616 |
|  Idaho Health Facilities Authority |  |  |
|  4.00%, 03/01/2034 | 400 | 410 |
|  4.00%, 03/01/2035 | 250 | 249 |
|  4.00%, 03/01/2039 | 700 | 665 |
|  4.00%, 03/01/2040 | 835 | 778 |
|  4.00%, 03/01/2041 | 850 | 782 |
|  5.00%, 03/01/2032 | 765 | 797 |
|  Idaho Housing & Finance Association |  |  |
|  3.10%, 07/01/2025 | 1610 | 1610 |
|  4.00%, 07/15/2039 | 6500 | 6207 |
|  4.00%, 01/01/2050 | 85 | 85 |
|  5.00%, 08/15/2040 | 2380 | 2551 |
|  Idaho State Building Authority |  |  |
|  5.00%, 06/01/2034 | 5920 | 6757 |
|  5.00%, 09/01/2043 | 1500 | 1513 |
|  Southern Idaho Regional Solid Waste District |  |  |
|  4.00%, 03/01/2028 | 4500 | 4534 |
|  Total Idaho | Total Idaho | 28554 |
| **Illinois – 7.28%** |  |  |
|  Aurora Public Library District |  |  |
|  4.00%, 12/01/2041 | 790 | 727 |
|  Boone Mchenry & Dekalb Counties Community Unit School District 100 |  |  |
|  5.00%, 01/01/2038 | 860 | 925 |
|  5.00%, 01/01/2039 | 1000 | 1064 |
|  5.00%, 01/01/2040 | 425 | 448 |
|  Champaign County Community Unit School District No 4 Champaign |  |  |
|  5.00%, 01/01/2034 | 1115 | 1152 |
|  Chicago Board of Education |  |  |
|  4.00%, 12/01/2037 | 3785 | 3502 |
|  4.00%, 12/01/2041 | 9980 | 8630 |
|  4.00%, 12/01/2047 | 6000 | 4738 |
|  5.00%, 12/01/2025 | 2500 | 2514 |
|  5.00%, 12/01/2026 | 145 | 147 |
|  5.00%, 12/01/2026 | 3660 | 3710 |
|  5.00%, 12/01/2028 | 1270 | 1313 |
|  5.00%, 12/01/2029 | 540 | 561 |
|  5.00%, 12/01/2030 | 2000 | 2050 |
|  5.00%, 12/01/2030 | 2430 | 2491 |
|  5.00%, 12/01/2031 | 2185 | 2224 |
|  5.00%, 12/01/2031 | 3020 | 3046 |
|  5.00%, 12/01/2033 | 300 | 302 |
|  5.00%, 12/01/2033 | 3525 | 3525 |
|  5.00%, 12/01/2033 | 5845 | 5990 |
|  5.00%, 12/01/2035 | 2085 | 2124 |
|  5.00%, 12/01/2036 | 1165 | 1133 |
|  5.00%, 12/01/2037 | 7950 | 7986 |
|  5.00%, 12/01/2038 | 1250 | 1246 |
|  5.00%, 12/01/2039 | 5000 | 4925 |
|  5.00%, 12/01/2042 | 6025 | 5650 |
|  5.00%, 12/01/2046 | 1000 | 968 |
|  5.00%, 12/01/2046 | 1200 | 1089 |
|  5.00%, 12/01/2046 | 2340 | 2118 |
|  5.00%, 12/01/2046 | 6505 | 5902 |
|  5.00%, 12/01/2047 | 5295 | 4886 |
|  5.25%, 12/01/2035 | 2590 | 2590 |

---

The accompanying notes are an integral part of these financial statements.

294.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  5.25%, 12/01/2039 | $2000 | $1975 |
|  6.50%, 12/01/2046 | 100 | 101 |
|  6.75%, 12/01/2030 <sup>(2)</sup> | 1500 | 1599 |
|  7.00%, 12/01/2042 <sup>(2)</sup> | 1000 | 1030 |
|  7.00%, 12/01/2046 <sup>(2)</sup> | 400 | 411 |
|  Chicago Midway International Airport |  |  |
|  5.00%, 01/01/2027 | 1800 | 1814 |
|  5.00%, 01/01/2029 | 4195 | 4404 |
|  5.00%, 01/01/2032 | 4835 | 5215 |
|  5.00%, 01/01/2035 | 12500 | 13830 |
|  5.00%, 01/01/2039 | 3110 | 3194 |
|  5.50%, 01/01/2036 | 1000 | 1104 |
|  5.50%, 01/01/2037 | 500 | 548 |
|  5.50%, 01/01/2038 | 500 | 543 |
|  5.50%, 01/01/2039 | 1000 | 1077 |
|  5.50%, 01/01/2040 | 1000 | 1073 |
|  5.75%, 01/01/2041 | 1000 | 1081 |
|  5.75%, 01/01/2043 | 1250 | 1335 |
|  Chicago O'Hare International Airport |  |  |
|  4.00%, 01/01/2035 | 4060 | 4083 |
|  4.00%, 01/01/2036 | 2500 | 2518 |
|  4.00%, 01/01/2036 | 3285 | 3286 |
|  4.00%, 01/01/2037 | 2500 | 2494 |
|  4.00%, 01/01/2038 | 1500 | 1464 |
|  5.00%, 01/01/2027 | 520 | 534 |
|  5.00%, 01/01/2028 | 1000 | 1021 |
|  5.00%, 01/01/2030 | 5280 | 5598 |
|  5.00%, 01/01/2031 | 660 | 671 |
|  5.00%, 01/01/2032 | 600 | 645 |
|  5.00%, 01/01/2033 | 345 | 348 |
|  5.00%, 01/01/2033 | 400 | 428 |
|  5.00%, 07/01/2033 | 550 | 564 |
|  5.00%, 01/01/2034 | 325 | 345 |
|  5.00%, 01/01/2034 | 2000 | 2148 |
|  5.00%, 01/01/2035 | 715 | 752 |
|  5.00%, 01/01/2035 | 3835 | 4110 |
|  5.00%, 01/01/2036 | 430 | 432 |
|  5.00%, 01/01/2036 | 750 | 782 |
|  5.00%, 01/01/2037 | 1675 | 1756 |
|  5.00%, 01/01/2037 | 2000 | 2011 |
|  5.00%, 01/01/2038 | 1785 | 1905 |
|  5.00%, 01/01/2043 | 3000 | 3096 |
|  5.00%, 07/01/2048 | 7450 | 7142 |
|  5.25%, 01/01/2040 | 6305 | 6632 |
|  5.25%, 01/01/2042 | 500 | 504 |
|  5.25%, 01/01/2042 | 2000 | 2076 |
|  5.25%, 01/01/2043 | 1415 | 1457 |
|  5.50%, 07/01/2036 | 3000 | 3274 |
|  5.50%, 07/01/2040 | 430 | 457 |
|  Chicago Park District |  |  |
|  5.00%, 01/01/2040 | 6405 | 6418 |
|  5.00%, 01/01/2044 | 5700 | 5780 |
|  Chicago Transit Authority Capital Grant Receipts Revenue |  |  |
|  5.00%, 06/01/2026 | 8275 | 8404 |
|  5.00%, 06/01/2029 | 1500 | 1587 |
|  Chicago Transit Authority Sales Tax Receipts Fund |  |  |
|  5.00%, 12/01/2036 | 1500 | 1648 |
|  5.00%, 12/01/2042 | 5000 | 5137 |

---

The accompanying notes are an integral part of these financial statements.

295.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  5.00%, 12/01/2049 | $1475 | $1475 |
|  City of Calumet City IL |  |  |
|  4.50%, 03/01/2043 | 1945 | 1816 |
|  5.50%, 03/01/2030 | 755 | 817 |
|  5.50%, 03/01/2036 | 400 | 422 |
|  5.50%, 03/01/2038 | 555 | 578 |
|  City of Chicago Heights IL |  |  |
|  2.88%, 08/01/2027 <sup>(1)</sup> | 3000 | 2997 |
|  5.25%, 12/01/2034 | 2115 | 2209 |
|  City of Chicago IL |  |  |
|  5.00%, 11/01/2026 <sup>(1)</sup> | 7476 | 7515 |
|  5.00%, 01/01/2027 | 2000 | 2041 |
|  5.00%, 01/01/2030 | 2000 | 2101 |
|  5.00%, 01/01/2030 | 2380 | 2500 |
|  5.00%, 01/01/2031 | 650 | 679 |
|  5.00%, 01/01/2031 | 2915 | 3080 |
|  5.00%, 01/01/2032 | 13095 | 13704 |
|  5.00%, 01/01/2034 | 1445 | 1495 |
|  5.00%, 01/01/2035 | 7540 | 7787 |
|  5.00%, 01/01/2044 | 12000 | 11292 |
|  5.50%, 01/01/2039 | 4400 | 4527 |
|  5.50%, 01/01/2040 | 9725 | 10128 |
|  5.50%, 01/01/2041 | 4000 | 4052 |
|  5.75%, 01/01/2034 | 2000 | 2040 |
|  6.00%, 01/01/2038 | 1910 | 1943 |
|  6.00%, 01/01/2046 | 3165 | 3376 |
|  City of Chicago IL Wastewater Transmission Revenue |  |  |
|  5.00%, 01/01/2032 | 2500 | 2771 |
|  5.00%, 01/01/2038 | 1775 | 1875 |
|  5.00%, 01/01/2039 | 2500 | 2624 |
|  City of Chicago IL Waterworks Revenue |  |  |
|  5.00%, 11/01/2036 | 10890 | 11750 |
|  5.00%, 11/01/2038 | 1250 | 1311 |
|  5.00%, 11/01/2039 | 2000 | 2086 |
|  City of Joliet IL |  |  |
|  5.00%, 12/15/2037 | 1000 | 1058 |
|  5.00%, 12/15/2038 | 1090 | 1142 |
|  5.25%, 12/15/2039 | 730 | 770 |
|  5.50%, 12/15/2042 | 1305 | 1372 |
|  5.50%, 12/15/2044 | 3625 | 3793 |
|  City of Springfield IL Electric Revenue |  |  |
|  3.00%, 03/01/2038 | 14900 | 13137 |
|  5.00%, 03/01/2035 | 15000 | 16565 |
|  Community Unit School District Number 427 DeKalb and Kane Counties Illinois |  |  |
|  4.00%, 02/01/2037 | 535 | 530 |
|  Cook County Community College District No 508 |  |  |
|  5.00%, 12/01/2040 | 4215 | 4353 |
|  Cook County Community Consolidated School District No 34 Glenview |  |  |
|  3.00%, 12/01/2036 | 925 | 815 |
|  Cook County Community Consolidated School District No 64 Park Ridge-Niles |  |  |
|  5.00%, 12/01/2049 | 3500 | 3542 |
|  Cook County Community School District No 152 1/2 Hazel Crest |  |  |
|  5.00%, 12/01/2041 | 695 | 714 |
|  5.00%, 12/01/2045 | 1285 | 1294 |
|  Cook County High School District No 203 New Trier Township |  |  |
|  2.00%, 12/15/2033 | 425 | 349 |
|  2.00%, 12/15/2034 | 440 | 352 |

---

The accompanying notes are an integral part of these financial statements.

296.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  Cook County High School District No 220 Reavis |  |  |
|  5.00%, 12/01/2032 | $1160 | $1217 |
|  County of Cook IL |  |  |
|  4.00%, 11/15/2026 | 555 | 563 |
|  4.00%, 11/15/2027 | 560 | 573 |
|  4.00%, 11/15/2028 | 280 | 288 |
|  5.00%, 11/15/2025 | 375 | 377 |
|  5.00%, 11/15/2026 | 750 | 771 |
|  5.00%, 11/15/2026 | 1450 | 1491 |
|  5.00%, 11/15/2029 | 1630 | 1770 |
|  County of Cook IL Sales Tax Revenue |  |  |
|  5.00%, 11/15/2032 | 175 | 195 |
|  5.00%, 11/15/2033 | 150 | 167 |
|  5.00%, 11/15/2035 | 315 | 343 |
|  5.00%, 11/15/2036 | 645 | 691 |
|  5.00%, 11/15/2036 | 1000 | 1071 |
|  5.00%, 11/15/2036 | 4500 | 4601 |
|  5.00%, 11/15/2038 | 890 | 934 |
|  5.00%, 11/15/2038 | 2370 | 2414 |
|  5.00%, 11/15/2040 | 1820 | 1888 |
|  5.25%, 11/15/2035 | 3000 | 3101 |
|  DeKalb Park District |  |  |
|  5.00%, 03/01/2036 | 455 | 492 |
|  5.00%, 03/01/2037 | 485 | 520 |
|  5.00%, 03/01/2038 | 410 | 435 |
|  5.00%, 03/01/2039 | 540 | 566 |
|  Elmhurst Park District |  |  |
|  5.00%, 12/15/2040 | 750 | 803 |
|  5.00%, 12/15/2041 | 1000 | 1058 |
|  5.00%, 12/15/2042 | 755 | 791 |
|  5.00%, 12/15/2043 | 1000 | 1041 |
|  Fayette & Montgomery Counties Community Unit School District No 203 Vandalia |  |  |
|  5.00%, 12/01/2034 | 1030 | 1131 |
|  5.00%, 12/01/2035 | 1000 | 1082 |
|  Grundy Kendall & Will Counties Community Consolidated School District No 201 Minooka |  |  |
|  4.00%, 10/15/2026 | 1580 | 1603 |
|  Henry & Whiteside Counties Community Unit School District No 228 Geneseo |  |  |
|  5.00%, 02/15/2029 | 75 | 80 |
|  5.00%, 02/15/2030 | 860 | 924 |
|  5.00%, 02/15/2031 | 230 | 250 |
|  Huntley Park District |  |  |
|  5.00%, 12/30/2037 | 525 | 555 |
|  5.00%, 12/30/2037 | 620 | 657 |
|  5.00%, 12/30/2038 | 660 | 694 |
|  5.00%, 12/30/2039 | 395 | 414 |
|  5.00%, 12/30/2039 | 595 | 623 |
|  5.00%, 12/30/2040 | 580 | 603 |
|  5.00%, 12/30/2042 | 1570 | 1610 |
|  5.00%, 12/30/2044 | 865 | 879 |
|  Illinois Development Finance Authority |  |  |
|  0.00%, 07/15/2025 | 4500 | 4494 |
|  Illinois Finance Authority |  |  |
|  3.00%, 07/01/2035 | 1000 | 870 |
|  3.63%, 02/15/2032 | 355 | 360 |
|  3.75%, 02/15/2034 | 745 | 756 |
|  4.00%, 10/15/2028 | 670 | 655 |
|  4.00%, 10/15/2029 | 1045 | 1012 |
|  4.00%, 01/01/2031 | 1665 | 1690 |

---

The accompanying notes are an integral part of these financial statements.

297.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  4.00%, 10/15/2031 | $1135 | $1077 |
|  4.00%, 12/01/2033 | 1210 | 1230 |
|  4.00%, 08/01/2034 | 2050 | 1951 |
|  4.00%, 08/01/2035 | 1625 | 1522 |
|  4.00%, 02/15/2036 | 160 | 156 |
|  4.00%, 02/15/2036 | 640 | 653 |
|  4.00%, 05/15/2036 | 535 | 513 |
|  4.00%, 07/15/2037 | 3090 | 3052 |
|  4.00%, 08/01/2037 | 1160 | 1055 |
|  4.00%, 07/15/2038 | 5750 | 5476 |
|  4.00%, 08/01/2038 | 1165 | 1038 |
|  4.00%, 07/15/2039 | 6280 | 5857 |
|  4.00%, 08/15/2039 | 9280 | 8562 |
|  4.00%, 02/15/2041 | 5 | 5 |
|  4.00%, 02/15/2041 | 5 | 5 |
|  4.00%, 02/15/2041 | 1800 | 1835 |
|  4.13%, 08/15/2037 | 1090 | 1091 |
|  4.13%, 12/01/2050 <sup>(1)(2)</sup> | 21605 | 20918 |
|  4.80%, 12/01/2043 <sup>(1)(2)</sup> | 4400 | 4454 |
|  4.80%, 12/01/2043 <sup>(1)(2)</sup> | 10650 | 10782 |
|  5.00%, 07/15/2025 | 230 | 230 |
|  5.00%, 02/15/2026 | 360 | 364 |
|  5.00%, 02/15/2026 | 1345 | 1359 |
|  5.00%, 03/01/2028 | 15 | 15 |
|  5.00%, 05/15/2028 | 13620 | 14272 |
|  5.00%, 09/01/2028 | 500 | 507 |
|  5.00%, 10/01/2028 | 500 | 522 |
|  5.00%, 01/01/2029 | 1650 | 1705 |
|  5.00%, 02/15/2029 | 835 | 844 |
|  5.00%, 02/15/2029 | 1445 | 1488 |
|  5.00%, 12/01/2029 | 340 | 344 |
|  5.00%, 02/15/2030 | 1240 | 1274 |
|  5.00%, 05/15/2030 | 1180 | 1180 |
|  5.00%, 07/15/2030 | 710 | 742 |
|  5.00%, 08/15/2030 | 630 | 687 |
|  5.00%, 09/01/2030 | 430 | 435 |
|  5.00%, 11/01/2030 | 965 | 1001 |
|  5.00%, 01/01/2031 | 725 | 796 |
|  5.00%, 01/01/2031 | 3545 | 3666 |
|  5.00%, 02/15/2031 | 300 | 308 |
|  5.00%, 05/15/2031 | 5000 | 5224 |
|  5.00%, 08/15/2031 | 1525 | 1656 |
|  5.00%, 05/15/2032 | 5745 | 5984 |
|  5.00%, 07/01/2033 | 10000 | 10652 |
|  5.00%, 08/15/2033 | 250 | 256 |
|  5.00%, 09/01/2033 | 445 | 470 |
|  5.00%, 12/01/2033 | 700 | 705 |
|  5.00%, 01/01/2034 | 605 | 626 |
|  5.00%, 02/15/2034 | 300 | 311 |
|  5.00%, 02/15/2034 | 1470 | 1500 |
|  5.00%, 08/15/2034 | 1725 | 1855 |
|  5.00%, 08/15/2034 | 2500 | 2554 |
|  5.00%, 11/15/2034 | 3000 | 3000 |
|  5.00%, 07/01/2035 | 1130 | 1275 |
|  5.00%, 02/15/2036 | 140 | 145 |
|  5.00%, 02/15/2036 | 700 | 711 |
|  5.00%, 09/01/2036 | 715 | 740 |
|  5.00%, 01/01/2037 | 2785 | 2951 |

---

The accompanying notes are an integral part of these financial statements.

298.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  5.00%, 05/15/2037 | $500 | $537 |
|  5.00%, 08/15/2037 | 1000 | 1023 |
|  5.00%, 09/01/2037 | 780 | 803 |
|  5.00%, 08/15/2038 | 1000 | 1050 |
|  5.00%, 09/01/2038 | 305 | 312 |
|  5.00%, 11/15/2038 | 3795 | 3795 |
|  5.00%, 05/15/2039 | 1100 | 1157 |
|  5.00%, 08/15/2039 | 1200 | 1250 |
|  5.00%, 08/15/2040 | 5000 | 5187 |
|  5.00%, 02/15/2041 | 1120 | 1160 |
|  5.00%, 02/15/2041 | 1220 | 1228 |
|  5.00%, 07/01/2042 | 5200 | 5478 |
|  5.00%, 08/01/2042 | 120 | 118 |
|  5.00%, 01/01/2044 | 4145 | 4392 |
|  5.00%, 08/15/2044 | 15690 | 15725 |
|  5.00%, 08/01/2049 | 140 | 132 |
|  5.00%, 05/15/2050 <sup>(1)</sup> | 2170 | 2198 |
|  5.00%, 08/15/2053 <sup>(1)</sup> | 1120 | 1214 |
|  5.00%, 08/15/2054 <sup>(1)</sup> | 7645 | 8173 |
|  5.00%, 08/15/2064 <sup>(1)</sup> | 3220 | 3456 |
|  5.25%, 04/01/2040 | 550 | 587 |
|  5.50%, 10/01/2047 | 635 | 635 |
|  Illinois Housing Development Authority |  |  |
|  0.80%, 07/01/2026 | 1000 | 967 |
|  2.70%, 10/01/2034 | 700 | 612 |
|  2.90%, 08/01/2031 | 685 | 655 |
|  3.00%, 04/01/2051 | 2225 | 2186 |
|  3.50%, 04/01/2052 | 3885 | 3862 |
|  3.75%, 04/01/2050 | 330 | 331 |
|  4.00%, 10/01/2049 | 1470 | 1477 |
|  4.25%, 04/01/2028 | 1000 | 1024 |
|  4.38%, 10/01/2041 | 3500 | 3413 |
|  4.50%, 10/01/2048 | 1760 | 1780 |
|  5.00%, 02/01/2027 <sup>(1)</sup> | 6270 | 6331 |
|  5.00%, 11/01/2027 <sup>(1)</sup> | 6173 | 6325 |
|  6.00%, 10/01/2055 | 15340 | 16921 |
|  6.25%, 10/01/2052 | 4835 | 5190 |
|  Illinois Municipal Electric Agency |  |  |
|  4.00%, 02/01/2034 | 4500 | 4500 |
|  5.00%, 02/01/2031 | 470 | 470 |
|  5.00%, 02/01/2032 | 5000 | 5002 |
|  Illinois Sports Facilities Authority |  |  |
|  5.00%, 06/15/2030 | 950 | 986 |
|  5.25%, 06/15/2032 | 1735 | 1738 |
|  Illinois State Toll Highway Authority |  |  |
|  5.00%, 01/01/2026 | 1550 | 1567 |
|  5.00%, 12/01/2031 | 235 | 237 |
|  5.00%, 12/01/2032 | 425 | 428 |
|  5.00%, 01/01/2034 | 1000 | 1013 |
|  5.00%, 01/01/2037 | 1260 | 1260 |
|  5.00%, 01/01/2038 | 25715 | 25717 |
|  5.00%, 01/01/2039 | 9125 | 9125 |
|  5.00%, 01/01/2040 | 7050 | 7015 |
|  5.00%, 01/01/2040 | 9900 | 9899 |
|  5.00%, 01/01/2041 | 2190 | 2246 |
|  5.00%, 01/01/2041 | 13710 | 13627 |
|  5.00%, 01/01/2042 | 6840 | 6881 |
|  5.00%, 01/01/2044 | 7270 | 7322 |

---

The accompanying notes are an integral part of these financial statements.

299.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  5.00%, 01/01/2045 | $1340 | $1352 |
|  Illinois State University |  |  |
|  3.00%, 04/01/2043 | 2430 | 1934 |
|  5.00%, 04/01/2032 | 1745 | 1816 |
|  Jackson Perry Etc Counties Community Unit School District No 176 Trico |  |  |
|  5.00%, 12/01/2028 | 420 | 444 |
|  5.00%, 12/01/2029 | 415 | 442 |
|  5.00%, 12/01/2030 | 360 | 388 |
|  5.00%, 12/01/2031 | 495 | 538 |
|  5.00%, 12/01/2032 | 865 | 934 |
|  Jefferson County School District No 82 Bethel |  |  |
|  4.10%, 12/01/2043 | 765 | 687 |
|  5.00%, 12/01/2036 | 255 | 269 |
|  5.00%, 12/01/2038 | 295 | 308 |
|  Jersey & Greene County Community Unit School District No 100 Jerseyville |  |  |
|  5.00%, 12/01/2027 | 1105 | 1115 |
|  Kane & DeKalb Counties Community Unit School District No 302 Kaneland |  |  |
|  5.00%, 02/01/2026 | 1930 | 1951 |
|  Kane Cook & DuPage Counties School District No U-46 Elgin |  |  |
|  5.00%, 01/01/2029 | 400 | 428 |
|  5.00%, 01/01/2032 | 550 | 612 |
|  5.00%, 01/01/2033 | 550 | 615 |
|  5.00%, 01/01/2034 | 650 | 722 |
|  Kendall Kane & Will Counties Community Unit School District No 308 |  |  |
|  5.00%, 02/01/2036 | 3600 | 3621 |
|  La Grange Park Community Park District |  |  |
|  6.50%, 12/01/2042 | 925 | 1065 |
|  La Salle & Bureau Counties Township High School District No 120 LaSalle-Peru |  |  |
|  5.00%, 12/01/2033 | 2415 | 2677 |
|  5.00%, 12/01/2034 | 1685 | 1862 |
|  La Salle County Community Unit School District No 2 Serena |  |  |
|  5.25%, 12/01/2036 | 1440 | 1555 |
|  5.50%, 12/01/2040 | 2145 | 2289 |
|  Lake County Community Unit School District No 187 North Chicago |  |  |
|  5.00%, 01/01/2032 | 355 | 384 |
|  5.00%, 01/01/2033 | 325 | 352 |
|  5.00%, 01/01/2034 | 370 | 401 |
|  5.00%, 01/01/2035 | 300 | 321 |
|  5.00%, 01/01/2039 | 920 | 948 |
|  Lake County Community Unit School District No 60 Waukegan |  |  |
|  5.00%, 01/01/2026 | 1000 | 1002 |
|  5.00%, 01/01/2027 | 2100 | 2104 |
|  Lake County Consolidated High School District No 120 Mundelein |  |  |
|  5.50%, 12/01/2039 | 1000 | 1065 |
|  Lake County School District No 112 North Shore |  |  |
|  4.00%, 12/01/2041 | 2485 | 2405 |
|  4.00%, 12/01/2042 | 2590 | 2436 |
|  Madison County Community Unit School District No 7 Edwardsville |  |  |
|  5.00%, 12/01/2032 | 595 | 652 |
|  5.00%, 12/01/2033 | 645 | 708 |
|  5.00%, 12/01/2034 | 690 | 756 |
|  Marshall Putnam & Bureau Counties Community Unit School District No 5 Henry |  |  |
|  5.00%, 12/01/2042 | 1270 | 1285 |
|  5.00%, 12/01/2044 | 440 | 442 |
|  5.00%, 12/01/2045 | 1080 | 1083 |
|  5.00%, 12/01/2046 | 250 | 250 |

---

The accompanying notes are an integral part of these financial statements.

300.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  McHenry & Lake Counties Community Consolidated School District No 26 |  |  |
|  4.00%, 02/01/2041 | $750 | $697 |
|  4.00%, 02/01/2042 | 645 | 588 |
|  McHenry County Community Unit School District No 200 Woodstock |  |  |
|  0.00%, 01/15/2026 | 1000 | 982 |
|  Metropolitan Pier & Exposition Authority |  |  |
|  0.00%, 06/15/2028 | 15615 | 14097 |
|  0.00%, 06/15/2029 | 3470 | 3016 |
|  0.00%, 12/15/2029 | 3745 | 3211 |
|  0.00%, 12/15/2029 | 5665 | 4829 |
|  0.00%, 12/15/2030 | 11000 | 9000 |
|  0.00%, 12/15/2031 | 1015 | 795 |
|  0.00%, 06/15/2038 | 5305 | 2922 |
|  4.00%, 12/15/2042 | 1645 | 1472 |
|  5.00%, 12/15/2028 | 1000 | 1038 |
|  5.00%, 12/15/2028 | 2000 | 2076 |
|  5.00%, 12/15/2032 | 550 | 567 |
|  Metropolitan Water Reclamation District of Greater Chicago |  |  |
|  5.00%, 12/01/2031 | 1735 | 1774 |
|  5.25%, 12/01/2032 | 1800 | 2054 |
|  Monroe & St Clair Counties Community Unit School District No 4 Columbia |  |  |
|  5.50%, 07/01/2040 | 3000 | 3004 |
|  Morgan County School District No 117 Jacksonville |  |  |
|  5.00%, 01/01/2040 | 750 | 783 |
|  5.00%, 01/01/2047 | 1200 | 1205 |
|  Northern Illinois University |  |  |
|  4.25%, 04/01/2044 | 3250 | 2921 |
|  5.00%, 04/01/2038 | 670 | 698 |
|  5.00%, 04/01/2039 | 750 | 775 |
|  5.50%, 04/01/2049 | 1500 | 1545 |
|  Peoria Metropolitan Airport Authority |  |  |
|  5.00%, 12/01/2026 | 1375 | 1418 |
|  Piatt Champaign & DeWitt Counties Community Unit School District No 25 |  |  |
|  5.00%, 11/01/2033 | 1000 | 1024 |
|  Regional Transportation Authority |  |  |
|  5.00%, 06/01/2034 | 1000 | 1013 |
|  5.75%, 06/01/2033 | 1000 | 1108 |
|  5.75%, 06/01/2034 | 3400 | 3832 |
|  Richland County Community Unit School District No 1 |  |  |
|  5.00%, 12/01/2035 | 2510 | 2725 |
|  Rock Island & Mercer Counties Community Unit School District No 300 |  |  |
|  5.00%, 12/01/2044 | 425 | 435 |
|  5.00%, 12/01/2045 | 500 | 510 |
|  Sales Tax Securitization Corp. |  |  |
|  5.00%, 01/01/2026 | 2000 | 2016 |
|  5.00%, 01/01/2029 | 1000 | 1063 |
|  5.00%, 01/01/2036 | 3285 | 3410 |
|  5.00%, 01/01/2037 | 1140 | 1187 |
|  5.00%, 01/01/2042 | 3000 | 3076 |
|  5.25%, 01/01/2043 | 1100 | 1117 |
|  5.50%, 01/01/2036 | 2000 | 2105 |
|  Sangamon & Christian Counties Community Unit School District No 3A Rochester |  |  |
|  5.50%, 02/01/2040 | 805 | 855 |
|  5.50%, 02/01/2043 | 530 | 556 |
|  5.50%, 02/01/2047 | 530 | 552 |
|  Sangamon & Morgan Counties Community Unit School District No 16 New Berlin |  |  |
|  5.00%, 12/01/2040 | 2625 | 2711 |

---

The accompanying notes are an integral part of these financial statements.

301.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  Sangamon County School District No 186 Springfield |  |  |
|  5.50%, 06/01/2048 | $1000 | $1044 |
|  Sangamon Menard Etc Counties Community School District No 8 Pleasant Plains |  |  |
|  4.00%, 01/01/2041 | 1075 | 990 |
|  Scott & Morgan Counties Community Unit School District No 1 Winchester |  |  |
|  5.00%, 12/01/2027 | 115 | 120 |
|  5.00%, 12/01/2029 | 100 | 107 |
|  5.00%, 12/01/2034 | 860 | 924 |
|  6.00%, 12/01/2038 | 360 | 407 |
|  6.00%, 12/01/2040 | 410 | 460 |
|  6.00%, 12/01/2042 | 925 | 1018 |
|  Southern Illinois University |  |  |
|  4.00%, 04/01/2040 | 500 | 457 |
|  5.25%, 02/15/2050 | 4000 | 4009 |
|  Southwestern Illinois Development Authority |  |  |
|  5.50%, 12/01/2038 | 6250 | 6754 |
|  5.50%, 12/01/2039 | 6350 | 6845 |
|  5.50%, 04/01/2044 | 5615 | 5900 |
|  5.50%, 04/01/2050 | 9000 | 9282 |
|  St Clair & Washington Counties Community Unit School District No 40 Marissa |  |  |
|  5.50%, 12/01/2045 | 1610 | 1675 |
|  St Clair County Community Unit School District No 187 Cahokia |  |  |
|  5.00%, 01/01/2028 | 200 | 210 |
|  5.00%, 01/01/2038 | 225 | 239 |
|  5.00%, 01/01/2041 | 425 | 446 |
|  5.00%, 01/01/2042 | 230 | 236 |
|  5.00%, 01/01/2044 | 250 | 257 |
|  5.00%, 01/01/2044 | 650 | 660 |
|  5.00%, 01/01/2049 | 600 | 611 |
|  St Clair County Public Building Commission |  |  |
|  5.25%, 12/01/2054 | 1020 | 1025 |
|  State of Illinois |  |  |
|  4.00%, 02/01/2030 | 3125 | 3141 |
|  4.00%, 03/01/2031 | 1500 | 1524 |
|  4.00%, 10/01/2032 | 1390 | 1391 |
|  4.00%, 03/01/2038 | 1125 | 1052 |
|  5.00%, 10/01/2025 | 10000 | 10045 |
|  5.00%, 11/01/2025 | 2040 | 2052 |
|  5.00%, 11/01/2025 | 8965 | 9019 |
|  5.00%, 06/01/2026 | 125 | 127 |
|  5.00%, 10/01/2026 | 2270 | 2321 |
|  5.00%, 11/01/2026 | 2120 | 2172 |
|  5.00%, 02/01/2027 | 290 | 298 |
|  5.00%, 03/01/2027 | 980 | 1009 |
|  5.00%, 11/01/2027 | 1675 | 1750 |
|  5.00%, 02/01/2028 | 1000 | 1026 |
|  5.00%, 07/01/2028 | 8465 | 8882 |
|  5.00%, 11/01/2028 | 12940 | 13402 |
|  5.00%, 03/01/2029 | 2620 | 2770 |
|  5.00%, 05/01/2029 | 2820 | 2987 |
|  5.00%, 03/01/2030 | 1875 | 2003 |
|  5.00%, 03/01/2030 | 11310 | 12081 |
|  5.00%, 10/01/2030 | 5325 | 5717 |
|  5.00%, 03/01/2031 | 11350 | 12224 |
|  5.00%, 10/01/2031 | 1750 | 1871 |
|  5.00%, 10/01/2031 | 6500 | 6778 |
|  5.00%, 02/01/2032 | 4170 | 4516 |

---

The accompanying notes are an integral part of these financial statements.

302.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  5.00%, 01/01/2033 | $415 | $417 |
|  5.00%, 03/01/2033 | 1000 | 1066 |
|  5.00%, 03/01/2034 | 1000 | 1069 |
|  5.00%, 03/01/2034 | 9715 | 10299 |
|  5.00%, 03/01/2035 | 3670 | 3898 |
|  5.00%, 03/01/2035 | 23005 | 24431 |
|  5.00%, 05/01/2035 | 3860 | 4159 |
|  5.00%, 07/01/2035 | 2340 | 2485 |
|  5.00%, 03/01/2036 | 1000 | 1054 |
|  5.00%, 07/01/2036 | 11055 | 11648 |
|  5.00%, 05/01/2038 | 2915 | 3056 |
|  5.25%, 12/01/2030 | 11685 | 12122 |
|  5.25%, 05/01/2043 | 625 | 642 |
|  5.25%, 05/01/2043 | 4680 | 4775 |
|  5.25%, 05/01/2045 | 1950 | 1982 |
|  State of Illinois Sales Tax Revenue |  |  |
|  3.00%, 06/15/2034 | 1070 | 950 |
|  5.00%, 06/15/2026 | 500 | 509 |
|  5.00%, 06/15/2026 | 7890 | 8029 |
|  5.00%, 06/15/2027 | 1000 | 1037 |
|  5.00%, 06/15/2027 | 7930 | 8227 |
|  5.00%, 06/15/2028 | 7930 | 8368 |
|  5.00%, 06/15/2031 | 5935 | 6469 |
|  5.00%, 06/15/2032 | 4980 | 5461 |
|  5.00%, 06/15/2034 | 7190 | 7889 |
|  Staunton Community Unit School District No 6 |  |  |
|  5.00%, 12/01/2035 | 1260 | 1367 |
|  5.00%, 12/01/2036 | 1080 | 1162 |
|  5.00%, 12/01/2039 | 1680 | 1764 |
|  Taylorville Community Pleasure Driveway & Park District |  |  |
|  5.00%, 12/01/2041 | 440 | 450 |
|  5.00%, 12/01/2042 | 460 | 468 |
|  5.00%, 12/01/2043 | 385 | 390 |
|  5.00%, 12/01/2044 | 510 | 514 |
|  Tazewell County Community High School District No 308 Washington |  |  |
|  5.25%, 12/01/2033 | 1250 | 1352 |
|  University of Illinois |  |  |
|  5.00%, 10/01/2036 | 1350 | 1425 |
|  University of Illinois Auxiliary Facilities System |  |  |
|  5.00%, 04/01/2034 | 3000 | 3391 |
|  5.25%, 04/01/2040 | 5000 | 5370 |
|  5.25%, 04/01/2044 | 1155 | 1207 |
|  Village of Bellwood IL |  |  |
|  5.00%, 12/01/2032 | 2085 | 2290 |
|  Village of Bolingbrook IL |  |  |
|  4.00%, 03/01/2027 | 1000 | 1017 |
|  Village of Bourbonnais IL |  |  |
|  5.25%, 12/01/2042 | 2840 | 2937 |
|  Village of Bradley IL |  |  |
|  5.00%, 12/15/2041 | 1250 | 1286 |
|  5.00%, 12/15/2041 | 1445 | 1472 |
|  Village of Elk Grove Village IL |  |  |
|  5.00%, 01/01/2034 | 1000 | 1023 |
|  Village of New Lenox IL |  |  |
|  4.00%, 12/15/2043 | 740 | 666 |
|  Village of Westchester IL |  |  |
|  5.00%, 12/15/2043 | 1000 | 1019 |

---

The accompanying notes are an integral part of these financial statements.

303.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Illinois – 7.28% – (continued)** |  |  |
|  West Chicago Park District |  |  |
|  6.00%, 12/01/2045 | $1260 | $1390 |
|  Will County Community High School District No 210 Lincoln-Way |  |  |
|  0.00%, 01/01/2029 | 400 | 354 |
|  0.00%, 01/01/2029 | 500 | 442 |
|  0.00%, 01/01/2031 | 300 | 245 |
|  Will County Community Unit School District No 201-U Crete-Monee |  |  |
|  4.00%, 01/15/2044 | 1000 | 871 |
|  4.00%, 01/15/2045 | 810 | 702 |
|  5.00%, 01/15/2033 | 425 | 467 |
|  5.00%, 01/15/2034 | 1060 | 1165 |
|  5.00%, 01/15/2035 | 675 | 734 |
|  Will County Community Unit School District No 365-U Valley View |  |  |
|  0.00%, 11/01/2025 | 1520 | 1502 |
|  0.00%, 11/01/2026 | 775 | 743 |
|  5.00%, 11/01/2026 | 1800 | 1854 |
|  Will County School District No 114 Manhattan |  |  |
|  5.00%, 01/01/2037 | 370 | 399 |
|  5.00%, 01/01/2038 | 355 | 380 |
|  5.25%, 01/01/2039 | 280 | 301 |
|  5.25%, 01/01/2041 | 1160 | 1233 |
|  5.50%, 01/01/2047 | 4880 | 5166 |
|  5.50%, 01/01/2049 | 1250 | 1306 |
|  5.50%, 09/01/2052 | 2215 | 2295 |
|  Will County School District No 86 Joliet |  |  |
|  5.00%, 01/01/2049 | 375 | 373 |
|  Yorkville-Bristol Sanitation District |  |  |
|  4.50%, 12/15/2053 | 1585 | 1464 |
|  5.00%, 12/15/2047 | 1000 | 989 |
|  5.00%, 12/15/2050 | 1500 | 1449 |
|  Total Illinois | Total Illinois | 1259950 |
| **Indiana – 1.94%** |  |  |
|  Avon Community School Building Corp. |  |  |
|  3.00%, 01/15/2044 | 3650 | 2868 |
|  5.25%, 07/15/2038 | 1000 | 1088 |
|  5.25%, 07/15/2039 | 1250 | 1350 |
|  5.50%, 07/15/2041 | 2000 | 2163 |
|  Bloomington Redevelopment District |  |  |
|  5.25%, 08/01/2036 | 1750 | 1841 |
|  Brownsburg 1999 School Building Corp. |  |  |
|  5.00%, 07/15/2041 | 2035 | 2130 |
|  5.50%, 07/15/2040 | 1960 | 2087 |
|  5.50%, 07/15/2042 | 6125 | 6436 |
|  Carmel Local Public Improvement Bond Bank |  |  |
|  3.00%, 07/15/2028 | 13655 | 13592 |
|  5.00%, 07/15/2032 | 2680 | 2726 |
|  Carmel Redevelopment Authority |  |  |
|  1.13%, 01/15/2044 | 2000 | 1023 |
|  Center Grove School Building Corp. |  |  |
|  5.00%, 01/15/2026 | 1000 | 1010 |
|  City of Fort Wayne IN Waterworks Utility Revenue |  |  |
|  3.25%, 12/01/2028 | 400 | 400 |
|  City of Indianapolis Department of Public Utilities Water System Revenue |  |  |
|  5.00%, 10/01/2037 | 10000 | 10032 |
|  City of La Porte IN Sewage Works Revenue |  |  |
|  3.75%, 09/01/2029 | 2500 | 2476 |

---

The accompanying notes are an integral part of these financial statements.

304.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Indiana – 1.94% – (continued)** |  |  |
|  City of La Porte IN Waterworks Revenue |  |  |
|  3.50%, 07/01/2029 | $2500 | $2478 |
|  City of Valparaiso IN |  |  |
|  4.50%, 01/01/2034 <sup>(2)</sup> | 1650 | 1668 |
|  4.88%, 01/01/2044 <sup>(2)</sup> | 2750 | 2643 |
|  City of West Lafayette IN Sewer Revenue |  |  |
|  5.00%, 07/01/2044 | 1000 | 1024 |
|  City of Whiting IN |  |  |
|  4.40%, 03/01/2046 <sup>(1)</sup> | 5245 | 5325 |
|  5.00%, 12/01/2044 <sup>(1)</sup> | 3900 | 3935 |
|  Clark-Pleasant Community School Building Corp. |  |  |
|  5.00%, 07/15/2043 | 1250 | 1293 |
|  5.00%, 01/15/2044 | 1250 | 1286 |
|  County of St Joseph IN |  |  |
|  5.00%, 04/01/2033 | 1245 | 1312 |
|  Cowan Community Schools Building Corp. |  |  |
|  4.00%, 07/15/2040 | 545 | 518 |
|  4.00%, 07/15/2041 | 565 | 529 |
|  4.00%, 07/15/2042 | 585 | 541 |
|  Crothersville 2000 School Building Corp. |  |  |
|  5.00%, 01/15/2041 | 280 | 291 |
|  5.00%, 01/15/2042 | 785 | 811 |
|  5.00%, 01/15/2043 | 590 | 605 |
|  5.00%, 01/15/2044 | 425 | 434 |
|  5.00%, 01/15/2045 | 150 | 152 |
|  Freddie Mac Pool |  |  |
|  4.25%, 06/01/2041 | 2990 | 2872 |
|  Gary Chicago International Airport Authority |  |  |
|  5.00%, 02/01/2037 | 430 | 458 |
|  5.00%, 02/01/2038 | 350 | 370 |
|  5.00%, 02/01/2039 | 295 | 309 |
|  5.25%, 02/01/2042 | 750 | 783 |
|  Greater Clark Building Corp. |  |  |
|  5.00%, 07/15/2042 | 1065 | 1098 |
|  5.00%, 07/15/2043 | 1075 | 1099 |
|  5.00%, 01/15/2044 | 1600 | 1632 |
|  5.00%, 01/15/2045 | 700 | 710 |
|  6.00%, 07/15/2038 | 2015 | 2279 |
|  Griffith Multi-School Building Corp. |  |  |
|  5.00%, 07/15/2042 | 1000 | 1036 |
|  5.00%, 07/15/2043 | 1045 | 1074 |
|  Hamilton Southeastern Consolidated School Building Corp. |  |  |
|  5.00%, 07/15/2040 | 505 | 535 |
|  5.00%, 07/15/2041 | 715 | 749 |
|  5.00%, 07/15/2042 | 630 | 652 |
|  5.00%, 07/15/2043 | 1000 | 1028 |
|  5.00%, 01/15/2045 | 1590 | 1619 |
|  Indiana Finance Authority |  |  |
|  0.70%, 12/01/2046 <sup>(1)</sup> | 8525 | 8424 |
|  0.75%, 12/01/2038 <sup>(1)</sup> | 500 | 489 |
|  0.95%, 12/01/2038 <sup>(1)</sup> | 900 | 881 |
|  2.25%, 12/01/2058 <sup>(1)</sup> | 1285 | 1285 |
|  3.75%, 03/01/2031 <sup>(1)</sup> | 1450 | 1457 |
|  4.13%, 12/01/2026 | 2815 | 2824 |
|  4.25%, 03/01/2049 | 755 | 629 |
|  4.50%, 05/01/2035 <sup>(1)</sup> | 1200 | 1213 |
|  5.00%, 05/01/2026 | 1100 | 1118 |
|  5.00%, 11/01/2026 | 1200 | 1232 |

---

The accompanying notes are an integral part of these financial statements.

305.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Indiana – 1.94% – (continued)** |  |  |
|  5.00%, 05/01/2027 | $700 | $727 |
|  5.00%, 05/01/2029 | 685 | 735 |
|  5.00%, 07/01/2029 | 1195 | 1248 |
|  5.00%, 11/01/2029 | 2350 | 2446 |
|  5.00%, 09/01/2031 | 440 | 450 |
|  5.00%, 09/01/2036 | 1000 | 1012 |
|  5.00%, 02/01/2037 | 2000 | 2233 |
|  5.00%, 06/01/2040 | 2725 | 2746 |
|  5.00%, 12/01/2040 | 28455 | 28455 |
|  5.00%, 03/01/2041 | 365 | 370 |
|  5.00%, 11/01/2041 | 3975 | 3977 |
|  5.00%, 03/01/2044 | 1200 | 1191 |
|  5.00%, 10/01/2054 <sup>(1)</sup> | 4590 | 4977 |
|  5.00%, 10/01/2057 <sup>(1)</sup> | 20565 | 22544 |
|  5.00%, 10/01/2059 <sup>(1)</sup> | 19320 | 21237 |
|  5.00%, 10/01/2063 <sup>(1)</sup> | 3500 | 3810 |
|  5.25%, 02/01/2033 | 2500 | 2504 |
|  Indiana Housing & Community Development Authority |  |  |
|  3.00%, 07/01/2050 | 565 | 557 |
|  3.00%, 07/01/2051 | 595 | 587 |
|  3.50%, 01/01/2049 | 410 | 409 |
|  5.00%, 01/01/2026 | 300 | 303 |
|  5.00%, 01/01/2026 | 600 | 606 |
|  5.00%, 07/01/2026 | 320 | 327 |
|  5.00%, 07/01/2026 | 400 | 409 |
|  5.00%, 10/01/2026 <sup>(1)</sup> | 3445 | 3452 |
|  5.00%, 01/01/2027 | 300 | 310 |
|  5.00%, 01/01/2027 | 575 | 593 |
|  5.00%, 07/01/2027 | 300 | 313 |
|  5.00%, 07/01/2027 | 400 | 417 |
|  5.00%, 01/01/2028 | 600 | 630 |
|  5.00%, 07/01/2028 | 500 | 530 |
|  Indiana Municipal Power Agency |  |  |
|  5.00%, 01/01/2037 | 4500 | 4543 |
|  5.00%, 01/01/2043 | 8334 | 8651 |
|  Indianapolis Local Public Improvement Bond Bank |  |  |
|  4.00%, 01/01/2035 | 1725 | 1723 |
|  5.00%, 01/15/2028 | 500 | 528 |
|  5.00%, 01/01/2029 | 1000 | 1013 |
|  5.00%, 01/01/2031 | 1000 | 1011 |
|  5.00%, 01/01/2031 | 10735 | 11501 |
|  5.00%, 01/01/2032 | 2000 | 2150 |
|  5.00%, 01/01/2036 | 615 | 667 |
|  5.00%, 01/01/2038 | 1125 | 1202 |
|  5.00%, 01/01/2039 | 1250 | 1326 |
|  5.00%, 02/01/2053 | 3000 | 3053 |
|  5.25%, 01/01/2039 | 2000 | 2080 |
|  6.00%, 02/01/2048 | 8150 | 8937 |
|  IPS Multi-School Building Corp. |  |  |
|  5.00%, 07/15/2027 | 1000 | 1045 |
|  5.25%, 07/15/2041 | 3450 | 3603 |
|  Monroe County Community School Corp. |  |  |
|  0.05%, 07/15/2034 | 995 | 698 |
|  0.05%, 01/15/2035 | 1000 | 679 |
|  Mount Vernon of Hancock County Multi-School Building Corp. |  |  |
|  5.50%, 07/15/2036 | 1000 | 1090 |
|  5.50%, 07/15/2038 | 1000 | 1078 |

---

The accompanying notes are an integral part of these financial statements.

306.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Indiana – 1.94% – (continued)** |  |  |
|  Muncie Community School Corp. |  |  |
|  3.25%, 01/15/2026 | $1000 | $999 |
|  Newburgh Chandler Public Library |  |  |
|  0.05%, 01/15/2036 | 280 | 178 |
|  Noblesville Redevelopment Authority |  |  |
|  5.50%, 01/15/2046 | 2020 | 2120 |
|  North Putnam Middle School Building Corp. |  |  |
|  5.00%, 01/15/2044 | 370 | 381 |
|  Southwest Dubois County Multi-School Building Corp. |  |  |
|  5.00%, 07/15/2042 | 1260 | 1307 |
|  5.00%, 01/15/2044 | 365 | 376 |
|  Speedway Multi-School Building Corp. |  |  |
|  5.00%, 07/15/2042 | 1000 | 1033 |
|  Terre Haute Sanitary District |  |  |
|  5.00%, 07/01/2038 | 4445 | 4731 |
|  5.00%, 07/01/2039 | 2000 | 2113 |
|  5.00%, 07/01/2040 | 3000 | 3145 |
|  5.00%, 07/01/2041 | 1500 | 1558 |
|  Tri-Creek 2002 High School Building Corp. |  |  |
|  5.50%, 07/15/2041 | 3875 | 4171 |
|  5.50%, 07/15/2043 | 10130 | 10769 |
|  Western Wayne School Building Corp. |  |  |
|  4.00%, 07/15/2041 | 600 | 533 |
|  Westfield-Washington Multi-School Building Corp. |  |  |
|  5.00%, 01/15/2028 | 390 | 395 |
|  5.00%, 01/15/2029 | 540 | 547 |
|  5.00%, 01/15/2030 | 700 | 709 |
|  5.00%, 01/15/2034 | 1000 | 1120 |
|  5.00%, 07/15/2035 | 1230 | 1372 |
|  5.25%, 07/15/2038 | 2200 | 2417 |
|  5.25%, 07/15/2041 | 3450 | 3685 |
|  5.25%, 07/15/2043 | 8950 | 9428 |
|  5.25%, 01/15/2044 | 1000 | 1046 |
|  5.25%, 01/15/2044 | 1000 | 1046 |
|  Total Indiana | Total Indiana | 335784 |
| **Iowa – 0.84%** |  |  |
|  Ames Community School District |  |  |
|  1.75%, 06/01/2034 | 3000 | 2373 |
|  City of Bondurant IA |  |  |
|  5.25%, 06/01/2039 | 2075 | 2182 |
|  5.25%, 06/01/2040 | 2265 | 2362 |
|  5.25%, 06/01/2041 | 2000 | 2066 |
|  City of Coralville IA |  |  |
|  4.00%, 06/01/2028 | 300 | 296 |
|  4.00%, 05/01/2030 | 605 | 595 |
|  5.00%, 05/01/2036 | 735 | 764 |
|  5.00%, 05/01/2038 | 1400 | 1442 |
|  5.00%, 05/01/2039 | 350 | 349 |
|  5.00%, 05/01/2040 | 2260 | 2302 |
|  5.00%, 05/01/2041 | 1650 | 1672 |
|  City of Des Moines IA |  |  |
|  1.75%, 06/01/2038 | 1410 | 958 |
|  City of Le Mars IA Water Revenue |  |  |
|  5.00%, 06/01/2045 | 1005 | 1020 |
|  City of Pella IA Local Option Sales & Services Tax Revenue |  |  |
|  5.00%, 06/01/2038 | 850 | 896 |
|  5.00%, 06/01/2039 | 1000 | 1047 |

---

The accompanying notes are an integral part of these financial statements.

307.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Iowa – 0.84% – (continued)** |  |  |
|  5.00%, 06/01/2041 | $1970 | $2021 |
|  5.00%, 12/01/2043 | 3000 | 3034 |
|  College Community School District Infrastructure Sales Services & Use Tax |  |  |
|  4.13%, 06/01/2042 | 3170 | 3057 |
|  County of Polk IA |  |  |
|  5.00%, 06/01/2039 | 4000 | 4125 |
|  5.00%, 06/01/2044 | 1230 | 1238 |
|  5.25%, 06/01/2042 | 4210 | 4351 |
|  Iowa City Community School District |  |  |
|  2.50%, 06/01/2038 | 2000 | 1493 |
|  Iowa Finance Authority |  |  |
|  3.50%, 01/01/2049 | 4645 | 4622 |
|  3.88%, 01/01/2042 <sup>(1)</sup> | 10205 | 10195 |
|  5.00%, 08/01/2034 | 5450 | 6231 |
|  5.00%, 08/01/2036 | 4545 | 5040 |
|  5.00%, 08/01/2037 | 2040 | 2239 |
|  6.00%, 11/01/2042 <sup>(2)</sup> | 3500 | 3325 |
|  6.25%, 07/01/2054 | 7305 | 8026 |
|  7.25%, 05/15/2038 | 3400 | 3813 |
|  Iowa Student Loan Liquidity Corp. |  |  |
|  5.00%, 12/01/2025 | 1000 | 1007 |
|  5.00%, 12/01/2025 | 1775 | 1787 |
|  5.00%, 12/01/2026 | 600 | 612 |
|  5.00%, 12/01/2026 | 600 | 612 |
|  5.00%, 12/01/2026 | 1100 | 1123 |
|  5.00%, 12/01/2027 | 900 | 930 |
|  5.00%, 12/01/2027 | 1120 | 1159 |
|  5.00%, 12/01/2028 | 1125 | 1177 |
|  5.00%, 12/01/2028 | 1440 | 1502 |
|  5.00%, 12/01/2028 | 1640 | 1716 |
|  5.00%, 12/01/2029 | 530 | 555 |
|  5.00%, 12/01/2029 | 1275 | 1336 |
|  5.00%, 12/01/2030 | 625 | 655 |
|  5.00%, 12/01/2030 | 1000 | 1048 |
|  5.00%, 12/01/2031 | 1330 | 1401 |
|  5.00%, 12/01/2032 | 1270 | 1349 |
|  5.00%, 12/01/2033 | 1950 | 2064 |
|  5.00%, 12/01/2034 | 1100 | 1153 |
|  PEFA, Inc. |  |  |
|  5.00%, 09/01/2049 <sup>(1)</sup> | 19160 | 19394 |
|  State of Iowa Board of Regents |  |  |
|  4.25%, 09/01/2043 | 4495 | 4281 |
|  4.38%, 09/01/2045 | 5795 | 5519 |
|  Waterloo Community School District Infrastructure Sales Services & Use Tax |  |  |
|  5.00%, 07/01/2047 | 5030 | 5030 |
|  Waukee Community School District |  |  |
|  2.00%, 06/01/2036 | 4000 | 3062 |
|  2.13%, 06/01/2039 | 4440 | 3139 |
|  Total Iowa | Total Iowa | 144745 |
| **Kansas – 0.53%** |  |  |
|  Butler County Unified School District No 375 Circle |  |  |
|  3.00%, 09/01/2033 | 1400 | 1332 |
|  Butler County Unified School District No 394 Rose Hill |  |  |
|  5.00%, 09/01/2040 | 1310 | 1380 |
|  City of Girard KS |  |  |
|  3.63%, 02/01/2027 | 1300 | 1306 |

---

The accompanying notes are an integral part of these financial statements.

308.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Kansas – 0.53% – (continued)** |  |  |
|  City of Prairie Village KS |  |  |
|  3.13%, 04/01/2036 | $980 | $905 |
|  City of Wamego KS Electric Utility System Revenue |  |  |
|  5.25%, 09/01/2038 | 525 | 567 |
|  5.25%, 09/01/2039 | 1180 | 1264 |
|  5.25%, 09/01/2041 | 1000 | 1053 |
|  County of Sumner KS |  |  |
|  3.00%, 10/01/2038 | 1040 | 863 |
|  Geary County Unified School District No 475 |  |  |
|  3.00%, 09/01/2039 | 1000 | 816 |
|  Johnson & Miami Counties Unified School District No 230 Spring Hills |  |  |
|  6.00%, 09/01/2041 | 1840 | 2094 |
|  6.00%, 09/01/2044 | 1000 | 1116 |
|  Kansas Development Finance Authority |  |  |
|  5.00%, 06/01/2043 <sup>(1)</sup> | 9900 | 10163 |
|  5.00%, 09/01/2044 | 6460 | 6647 |
|  5.00%, 09/01/2045 | 7315 | 7501 |
|  5.00%, 11/15/2054 <sup>(1)</sup> | 10000 | 10583 |
|  State of Kansas Department of Transportation |  |  |
|  5.00%, 09/01/2035 | 7140 | 8131 |
|  5.00%, 09/01/2036 | 4605 | 5191 |
|  5.00%, 09/01/2037 | 6645 | 7419 |
|  5.00%, 09/01/2038 | 7700 | 8505 |
|  Wyandotte County Unified School District No 500 Kansas City |  |  |
|  5.00%, 09/01/2042 | 2240 | 2331 |
|  5.25%, 09/01/2055 | 6855 | 6984 |
|  Wyandotte County-Kansas City Unified Government Utility System Revenue |  |  |
|  3.00%, 09/01/2045 | 1240 | 891 |
|  5.00%, 09/01/2035 | 4315 | 4322 |
|  Total Kansas | Total Kansas | 91364 |
| **Kentucky – 2.57%** |  |  |
|  City of Ashland KY |  |  |
|  5.00%, 02/01/2028 | 255 | 264 |
|  5.00%, 02/01/2032 | 395 | 406 |
|  5.00%, 02/01/2040 | 2665 | 2640 |
|  City of Henderson KY |  |  |
|  3.70%, 01/01/2032 <sup>(2)</sup> | 8010 | 7860 |
|  4.45%, 01/01/2042 <sup>(2)</sup> | 6920 | 6403 |
|  County of Carroll KY |  |  |
|  1.55%, 09/01/2042 <sup>(1)</sup> | 10750 | 10411 |
|  1.75%, 10/01/2034 <sup>(1)</sup> | 1045 | 1013 |
|  County of Meade KY |  |  |
|  4.65%, 07/01/2060 <sup>(1)</sup> | 2040 | 2040 |
|  Kenton County Airport Board |  |  |
|  5.25%, 01/01/2037 | 5600 | 6006 |
|  5.25%, 01/01/2040 | 1500 | 1562 |
|  5.25%, 01/01/2041 | 1790 | 1848 |
|  5.25%, 01/01/2043 | 2500 | 2547 |
|  5.25%, 01/01/2044 | 2500 | 2539 |
|  Kentucky Asset Liability Commission |  |  |
|  5.00%, 09/01/2025 | 1250 | 1254 |
|  Kentucky Bond Development Corp. |  |  |
|  5.00%, 09/01/2049 | 2700 | 2689 |
|  5.00%, 08/15/2055 <sup>(1)</sup> | 11250 | 12381 |
|  Kentucky Economic Development Finance Authority |  |  |
|  5.00%, 08/01/2030 | 2160 | 2311 |
|  5.00%, 07/01/2033 | 1000 | 1001 |

---

The accompanying notes are an integral part of these financial statements.

309.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Kentucky – 2.57% – (continued)** |  |  |
|  5.00%, 01/01/2045 | $3680 | $3670 |
|  Kentucky Housing Corp. |  |  |
|  3.50%, 07/01/2028 <sup>(1)</sup> | 4300 | 4322 |
|  6.25%, 07/01/2055 | 3000 | 3303 |
|  Kentucky Municipal Energy Agency |  |  |
|  5.00%, 01/01/2036 | 1000 | 1092 |
|  5.00%, 01/01/2037 | 2075 | 2247 |
|  5.00%, 01/01/2038 | 2105 | 2263 |
|  5.00%, 01/01/2040 | 1500 | 1581 |
|  5.00%, 01/01/2041 | 1000 | 1044 |
|  5.00%, 01/01/2045 | 1850 | 1901 |
|  Kentucky Public Energy Authority |  |  |
|  4.00%, 02/01/2050 <sup>(1)</sup> | 27000 | 27138 |
|  4.00%, 12/01/2050 <sup>(1)</sup> | 17845 | 17918 |
|  5.00%, 01/01/2055 <sup>(1)</sup> | 73440 | 77594 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 6305 | 6617 |
|  5.25%, 04/01/2054 <sup>(1)</sup> | 20260 | 21646 |
|  5.25%, 06/01/2055 <sup>(1)</sup> | 30575 | 32323 |
|  Kentucky State Property & Building Commission |  |  |
|  5.00%, 11/01/2026 | 1495 | 1539 |
|  5.00%, 11/01/2026 | 1830 | 1884 |
|  5.00%, 11/01/2026 | 36500 | 37584 |
|  5.00%, 04/01/2027 | 1000 | 1039 |
|  5.00%, 11/01/2027 | 2435 | 2496 |
|  5.00%, 11/01/2027 | 16000 | 16821 |
|  5.00%, 11/01/2028 | 16000 | 17121 |
|  5.00%, 05/01/2029 | 1000 | 1038 |
|  5.00%, 05/01/2029 | 1025 | 1088 |
|  5.00%, 11/01/2031 | 1685 | 1787 |
|  5.00%, 05/01/2032 | 270 | 284 |
|  5.00%, 04/01/2035 | 4000 | 4501 |
|  5.00%, 10/01/2037 | 2125 | 2318 |
|  5.00%, 04/01/2038 | 15140 | 16419 |
|  5.00%, 10/01/2038 | 3070 | 3302 |
|  5.00%, 11/01/2038 | 1000 | 1070 |
|  5.00%, 11/01/2039 | 1100 | 1165 |
|  5.00%, 10/01/2040 | 5120 | 5429 |
|  5.00%, 10/01/2041 | 4035 | 4242 |
|  5.00%, 04/01/2042 | 12515 | 13060 |
|  5.00%, 10/01/2044 | 2150 | 2211 |
|  Kentucky Turnpike Authority |  |  |
|  5.00%, 07/01/2033 | 340 | 374 |
|  5.00%, 07/01/2035 | 500 | 542 |
|  Louisville & Jefferson County Metropolitan Sewer District |  |  |
|  5.00%, 05/15/2038 | 9835 | 10585 |
|  Louisville/Jefferson County Metropolitan Government |  |  |
|  4.00%, 04/01/2036 | 12510 | 12764 |
|  5.00%, 10/01/2029 | 1000 | 1020 |
|  5.00%, 10/01/2030 | 2500 | 2545 |
|  5.00%, 10/01/2031 | 1000 | 1016 |
|  5.00%, 10/01/2037 | 1200 | 1237 |
|  5.00%, 10/01/2047 <sup>(1)</sup> | 740 | 755 |
|  5.00%, 10/01/2047 <sup>(1)</sup> | 2135 | 2277 |
|  Paducah Electric Plant Board |  |  |
|  5.00%, 10/01/2034 | 5700 | 5803 |
|  Total Kentucky | Total Kentucky | 445150 |

---

The accompanying notes are an integral part of these financial statements.

310.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Louisiana – 0.77%** |  |  |
|  City of Shreveport LA |  |  |
|  5.00%, 03/01/2035 | $340 | $369 |
|  5.00%, 03/01/2039 | 1015 | 1064 |
|  5.00%, 03/01/2049 | 3870 | 3845 |
|  5.00%, 03/01/2054 | 1250 | 1241 |
|  5.25%, 03/01/2036 | 335 | 367 |
|  5.25%, 03/01/2037 | 225 | 244 |
|  5.25%, 03/01/2038 | 400 | 430 |
|  5.25%, 03/01/2039 | 250 | 267 |
|  5.25%, 03/01/2040 | 690 | 729 |
|  5.25%, 03/01/2042 | 750 | 776 |
|  5.50%, 03/01/2045 | 860 | 893 |
|  Greater New Orleans Expressway Commission |  |  |
|  5.00%, 11/01/2036 | 1000 | 1005 |
|  5.00%, 11/01/2042 | 2440 | 2448 |
|  Jefferson Parish Consolidated Sewerage District No 1 |  |  |
|  4.00%, 02/01/2035 | 1330 | 1342 |
|  4.00%, 02/01/2036 | 750 | 750 |
|  4.00%, 02/01/2038 | 555 | 535 |
|  4.00%, 02/01/2039 | 1110 | 1049 |
|  4.00%, 02/01/2042 | 370 | 335 |
|  Jefferson Parish Consolidated Waterworks District No 2 |  |  |
|  4.00%, 02/01/2037 | 5000 | 5013 |
|  Juban Crossing Economic Development District |  |  |
|  5.00%, 09/15/2039 | 1100 | 1144 |
|  5.00%, 09/15/2040 | 1155 | 1189 |
|  5.00%, 09/15/2041 | 1210 | 1232 |
|  5.00%, 09/15/2042 | 1120 | 1131 |
|  5.00%, 09/15/2043 | 1335 | 1343 |
|  5.00%, 09/15/2044 | 1400 | 1403 |
|  Lake Charles Harbor & Terminal District |  |  |
|  5.00%, 01/01/2026 | 355 | 357 |
|  5.00%, 01/01/2027 | 440 | 449 |
|  5.00%, 01/01/2028 | 525 | 543 |
|  Louisiana Housing Corp. |  |  |
|  5.00%, 07/01/2026 | 5130 | 5220 |
|  6.00%, 06/01/2055 | 2150 | 2348 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth |  |  |
|  4.25%, 11/15/2030 <sup>(2)</sup> | 475 | 473 |
|  5.00%, 08/01/2027 | 935 | 968 |
|  5.00%, 10/01/2028 | 1045 | 1115 |
|  5.00%, 12/01/2034 | 780 | 845 |
|  5.00%, 08/15/2037 | 20000 | 20300 |
|  Louisiana Public Facilities Authority |  |  |
|  5.00%, 12/15/2025 | 275 | 277 |
|  5.00%, 12/15/2026 | 300 | 309 |
|  5.00%, 10/01/2027 | 2000 | 2059 |
|  5.00%, 05/15/2030 | 10675 | 11458 |
|  5.00%, 12/15/2030 | 150 | 157 |
|  5.00%, 05/15/2031 | 1250 | 1284 |
|  5.00%, 12/15/2031 | 390 | 406 |
|  5.00%, 05/15/2032 | 1000 | 1025 |
|  5.00%, 05/15/2034 | 200 | 204 |
|  New Orleans Aviation Board |  |  |
|  5.00%, 01/01/2027 | 5750 | 5900 |
|  5.00%, 01/01/2028 | 155 | 158 |
|  5.00%, 01/01/2030 | 275 | 280 |

---

The accompanying notes are an integral part of these financial statements.

311.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Louisiana – 0.77% – (continued)** |  |  |
|  5.00%, 01/01/2033 | $740 | $749 |
|  5.00%, 01/01/2034 | 170 | 172 |
|  5.00%, 01/01/2038 | 3775 | 3923 |
|  5.00%, 01/01/2039 | 3785 | 3898 |
|  5.25%, 01/01/2040 | 3265 | 3428 |
|  Parish of East Baton Rouge Capital Improvements District |  |  |
|  5.00%, 08/01/2041 | 8115 | 8612 |
|  5.00%, 08/01/2046 | 4000 | 4105 |
|  Parish of St James LA |  |  |
|  6.10%, 12/01/2040 <sup>(1)(2)</sup> | 1000 | 1065 |
|  Parish of St John the Baptist LA |  |  |
|  2.20%, 06/01/2037 <sup>(1)</sup> | 2475 | 2444 |
|  3.30%, 06/01/2037 <sup>(1)</sup> | 3750 | 3742 |
|  4.05%, 06/01/2037 <sup>(1)</sup> | 5090 | 5117 |
|  Port New Orleans Board of Commissioners |  |  |
|  5.00%, 04/01/2035 | 1000 | 1007 |
|  St John Baptist Parish Law Enforcement District |  |  |
|  5.00%, 03/01/2040 | 425 | 443 |
|  5.25%, 03/01/2045 | 1000 | 1023 |
|  State of Louisiana |  |  |
|  5.00%, 03/01/2038 | 5000 | 5192 |
|  West Baton Rouge Parish School Board |  |  |
|  5.25%, 03/01/2045 | 2000 | 2100 |
|  Total Louisiana | Total Louisiana | 133299 |
| **Maine – 0.10%** |  |  |
|  Finance Authority of Maine |  |  |
|  4.63%, 12/01/2047 <sup>(1)(2)</sup> | 1100 | 1071 |
|  Maine Health & Higher Educational Facilities Authority |  |  |
|  4.00%, 07/01/2041 | 1480 | 1177 |
|  5.00%, 07/01/2041 | 250 | 261 |
|  5.00%, 07/01/2043 | 300 | 309 |
|  5.00%, 07/01/2043 | 1190 | 1194 |
|  5.25%, 07/01/2042 | 5235 | 5488 |
|  Maine Turnpike Authority |  |  |
|  5.00%, 07/01/2030 | 600 | 657 |
|  5.00%, 07/01/2032 | 1035 | 1150 |
|  5.00%, 07/01/2033 | 1290 | 1438 |
|  5.00%, 07/01/2034 | 1745 | 1950 |
|  Town of York ME |  |  |
|  0.05%, 10/01/2025 | 760 | 753 |
|  0.05%, 10/01/2026 | 760 | 731 |
|  0.05%, 10/01/2027 | 755 | 703 |
|  0.05%, 10/01/2028 | 755 | 679 |
|  Total Maine | Total Maine | 17561 |
| **Maryland – 1.39%** |  |  |
|  City of Baltimore MD |  |  |
|  4.00%, 07/01/2036 | 1460 | 1465 |
|  4.00%, 07/01/2037 | 1235 | 1231 |
|  4.00%, 07/01/2039 | 605 | 586 |
|  4.50%, 06/01/2033 | 150 | 151 |
|  5.00%, 07/01/2029 | 4770 | 4919 |
|  5.00%, 09/01/2030 | 3000 | 3042 |
|  5.00%, 09/01/2032 | 1000 | 1011 |
|  5.00%, 07/01/2039 | 17520 | 17678 |
|  5.00%, 07/01/2041 | 6090 | 6122 |

---

The accompanying notes are an integral part of these financial statements.

312.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Maryland – 1.39% – (continued)** |  |  |
|  County of Anne Arundel MD |  |  |
|  5.00%, 10/01/2026 | $1085 | $1091 |
|  5.00%, 07/01/2039 | 1850 | 1979 |
|  County of Baltimore MD |  |  |
|  3.00%, 03/01/2037 | 1210 | 1089 |
|  County of Frederick MD |  |  |
|  3.75%, 07/01/2039 | 500 | 441 |
|  County of Prince George's MD |  |  |
|  4.70%, 07/01/2026 | 685 | 686 |
|  5.00%, 07/01/2034 | 2000 | 2229 |
|  Maryland Community Development Administration |  |  |
|  3.10%, 03/01/2026 | 180 | 179 |
|  3.20%, 09/01/2028 | 2000 | 1996 |
|  3.25%, 03/01/2027 | 595 | 597 |
|  3.30%, 01/01/2029 | 1500 | 1507 |
|  3.50%, 03/01/2050 | 595 | 593 |
|  4.00%, 09/01/2049 | 585 | 585 |
|  5.00%, 09/01/2042 | 2000 | 2033 |
|  5.75%, 09/01/2054 | 4710 | 5012 |
|  6.00%, 03/01/2053 | 4280 | 4557 |
|  Maryland Department of Housing & Community Development |  |  |
|  6.25%, 03/01/2056 | 1750 | 1959 |
|  Maryland Economic Development Corp. |  |  |
|  3.25%, 09/01/2030 | 1105 | 1057 |
|  4.00%, 09/01/2040 | 410 | 365 |
|  4.00%, 09/01/2050 | 1295 | 1041 |
|  5.00%, 06/01/2028 | 2000 | 2077 |
|  5.00%, 11/12/2028 | 7185 | 7257 |
|  5.00%, 06/30/2038 | 2800 | 2844 |
|  5.00%, 12/31/2039 | 2350 | 2365 |
|  5.00%, 06/30/2040 | 2795 | 2793 |
|  5.00%, 12/31/2040 | 3575 | 3573 |
|  5.00%, 06/30/2041 | 4860 | 4791 |
|  5.00%, 12/31/2041 | 3155 | 3110 |
|  5.00%, 06/30/2042 | 5000 | 4875 |
|  5.00%, 10/01/2045 | 1000 | 1001 |
|  5.38%, 07/01/2038 | 1215 | 1283 |
|  Maryland Health & Higher Educational Facilities Authority |  |  |
|  4.00%, 07/01/2042 | 120 | 109 |
|  4.25%, 07/01/2039 | 6075 | 6047 |
|  4.25%, 07/01/2040 | 3310 | 3254 |
|  5.00%, 07/01/2032 | 750 | 760 |
|  5.00%, 07/01/2036 | 2200 | 2416 |
|  5.00%, 07/01/2037 | 3010 | 3273 |
|  5.00%, 07/01/2038 | 2125 | 2135 |
|  5.00%, 07/01/2041 | 2100 | 2187 |
|  5.00%, 07/01/2042 | 6375 | 6581 |
|  5.00%, 07/01/2044 | 4000 | 4082 |
|  5.00%, 07/01/2045 <sup>(1)</sup> | 2075 | 2123 |
|  5.00%, 07/01/2046 | 2000 | 2023 |
|  5.50%, 01/01/2029 | 1500 | 1542 |
|  5.50%, 01/01/2030 | 1750 | 1796 |
|  Maryland Stadium Authority |  |  |
|  5.00%, 05/01/2032 | 765 | 776 |
|  5.00%, 06/01/2038 | 1760 | 1873 |
|  5.00%, 05/01/2047 | 6725 | 6799 |
|  Maryland State Transportation Authority |  |  |
|  5.00%, 07/01/2034 | 1550 | 1677 |

---

The accompanying notes are an integral part of these financial statements.

313.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Maryland – 1.39% – (continued)** |  |  |
|  Maryland State Transportation Authority Passenger Facility Charge Revenue |  |  |
|  3.00%, 06/01/2036 | $4500 | $3872 |
|  4.00%, 06/01/2029 | 1590 | 1590 |
|  Montgomery County Housing Opportunities Commission |  |  |
|  0.80%, 07/01/2025 | 700 | 700 |
|  3.85%, 07/01/2034 | 4500 | 4503 |
|  State of Maryland |  |  |
|  3.00%, 08/01/2027 | 6490 | 6501 |
|  4.00%, 08/01/2029 | 3000 | 3006 |
|  4.00%, 08/01/2035 | 1000 | 1018 |
|  5.00%, 06/01/2034 | 2115 | 2356 |
|  5.00%, 06/01/2036 | 6465 | 7250 |
|  5.00%, 06/01/2037 | 6535 | 7102 |
|  5.00%, 06/01/2038 | 15000 | 16631 |
|  5.00%, 06/01/2039 | 6705 | 7311 |
|  State of Maryland Department of Transportation |  |  |
|  2.00%, 10/01/2034 | 1000 | 829 |
|  3.00%, 09/01/2032 | 5300 | 5145 |
|  4.00%, 10/01/2032 | 1400 | 1419 |
|  5.00%, 10/01/2026 | 11570 | 11912 |
|  5.00%, 12/01/2027 | 1205 | 1272 |
|  5.00%, 12/01/2028 | 1335 | 1437 |
|  5.00%, 08/01/2029 | 700 | 743 |
|  5.00%, 08/01/2035 | 1800 | 1924 |
|  5.25%, 08/01/2049 | 4000 | 4067 |
|  Total Maryland | Total Maryland | 241211 |
| **Massachusetts – 1.42%** |  |  |
|  City of Somerville MA |  |  |
|  2.00%, 10/15/2038 | 1680 | 1229 |
|  City of Waltham MA |  |  |
|  2.13%, 10/15/2039 | 660 | 479 |
|  Commonwealth of Massachusetts |  |  |
|  2.00%, 03/01/2037 | 4260 | 3295 |
|  2.00%, 03/01/2038 | 1240 | 926 |
|  4.00%, 11/01/2040 | 1075 | 1044 |
|  4.00%, 02/01/2042 | 6000 | 5657 |
|  5.00%, 07/01/2028 | 350 | 358 |
|  5.00%, 12/01/2030 | 1500 | 1543 |
|  5.00%, 07/01/2033 | 5500 | 5601 |
|  5.00%, 10/01/2033 | 4075 | 4582 |
|  5.00%, 07/01/2035 | 1500 | 1577 |
|  5.00%, 10/01/2035 | 10000 | 11003 |
|  5.00%, 07/01/2036 | 7565 | 8536 |
|  5.00%, 07/01/2036 | 12630 | 12630 |
|  5.00%, 07/01/2037 | 4670 | 4721 |
|  5.00%, 09/01/2038 | 2620 | 2706 |
|  5.00%, 11/01/2038 | 7050 | 7194 |
|  5.00%, 05/01/2039 | 925 | 995 |
|  5.00%, 05/01/2040 | 1250 | 1333 |
|  5.00%, 07/01/2040 | 5000 | 5001 |
|  5.00%, 01/01/2042 | 5710 | 6012 |
|  5.00%, 01/01/2054 | 2310 | 2353 |
|  5.25%, 10/01/2047 | 2650 | 2775 |
|  5.25%, 10/01/2052 | 5185 | 5393 |
|  5.50%, 08/01/2030 | 1140 | 1271 |
|  Commonwealth of Massachusetts Transportation Fund Revenue |  |  |
|  5.00%, 06/01/2040 | 7435 | 7609 |

---

The accompanying notes are an integral part of these financial statements.

314.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Massachusetts – 1.42% – (continued)** |  |  |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue |  |  |
|  0.00%, 07/01/2031 | $4000 | $3250 |
|  0.00%, 07/01/2032 | 3950 | 3073 |
|  5.00%, 07/01/2037 | 12500 | 13849 |
|  5.00%, 07/01/2040 | 1400 | 1420 |
|  5.00%, 07/01/2040 | 5000 | 5002 |
|  5.00%, 07/01/2041 | 4000 | 4237 |
|  5.25%, 07/01/2048 | 7500 | 7826 |
|  Massachusetts Clean Water Trust |  |  |
|  5.00%, 02/01/2031 | 5000 | 5599 |
|  5.00%, 08/01/2031 | 1790 | 1905 |
|  5.00%, 02/01/2033 | 5000 | 5724 |
|  5.00%, 02/01/2034 | 2335 | 2684 |
|  Massachusetts Development Finance Agency |  |  |
|  5.00%, 07/01/2025 | 1090 | 1090 |
|  5.00%, 10/01/2025 | 905 | 907 |
|  5.00%, 07/01/2026 | 1140 | 1162 |
|  5.00%, 10/01/2026 | 955 | 970 |
|  5.00%, 11/01/2026 <sup>(1)</sup> | 5500 | 5529 |
|  5.00%, 01/01/2027 | 1005 | 1031 |
|  5.00%, 01/01/2028 | 1105 | 1152 |
|  5.00%, 01/01/2030 | 520 | 554 |
|  5.00%, 01/01/2031 | 475 | 484 |
|  5.00%, 10/01/2031 | 3000 | 3024 |
|  5.00%, 01/01/2032 | 635 | 646 |
|  5.00%, 07/01/2032 | 1270 | 1295 |
|  5.00%, 01/01/2033 | 540 | 549 |
|  5.00%, 10/01/2033 | 750 | 755 |
|  5.00%, 01/01/2034 | 710 | 720 |
|  5.00%, 07/01/2034 | 500 | 506 |
|  5.00%, 07/01/2034 | 1650 | 1672 |
|  5.00%, 10/01/2034 | 835 | 839 |
|  5.00%, 10/01/2034 | 1900 | 1832 |
|  5.00%, 01/01/2035 | 745 | 754 |
|  5.00%, 07/01/2037 | 2235 | 2237 |
|  5.00%, 10/01/2039 | 2250 | 2375 |
|  5.00%, 10/01/2041 | 1450 | 1407 |
|  5.00%, 07/01/2043 | 1000 | 1014 |
|  5.00%, 07/01/2044 | 1250 | 1260 |
|  5.00%, 10/01/2048 | 1000 | 1022 |
|  5.25%, 09/01/2032 | 1405 | 1510 |
|  5.25%, 09/01/2034 | 1210 | 1297 |
|  5.25%, 09/01/2035 | 1280 | 1361 |
|  5.25%, 09/01/2037 | 610 | 636 |
|  5.25%, 09/01/2039 | 675 | 690 |
|  5.25%, 01/01/2041 | 605 | 632 |
|  5.25%, 01/01/2042 | 425 | 441 |
|  5.25%, 06/01/2043 | 1500 | 1559 |
|  5.25%, 01/01/2044 | 1020 | 1051 |
|  5.25%, 06/01/2045 | 1000 | 1029 |
|  Massachusetts Educational Financing Authority |  |  |
|  2.00%, 07/01/2037 | 3755 | 3196 |
|  5.00%, 07/01/2026 | 5000 | 5083 |
|  5.00%, 07/01/2027 | 1000 | 1030 |
|  5.00%, 07/01/2027 | 1500 | 1543 |
|  5.00%, 07/01/2027 | 2350 | 2419 |
|  5.00%, 07/01/2028 | 1775 | 1847 |
|  5.00%, 07/01/2028 | 2500 | 2601 |

---

The accompanying notes are an integral part of these financial statements.

315.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Massachusetts – 1.42% – (continued)** |  |  |
|  5.00%, 07/01/2029 | $1600 | $1675 |
|  5.00%, 07/01/2030 | 1425 | 1504 |
|  Massachusetts Housing Finance Agency |  |  |
|  4.00%, 12/01/2027 | 3750 | 3770 |
|  4.35%, 12/01/2037 | 2405 | 2303 |
|  Massachusetts Port Authority |  |  |
|  5.00%, 07/01/2032 | 4220 | 4424 |
|  5.00%, 07/01/2040 | 2000 | 2000 |
|  Massachusetts School Building Authority |  |  |
|  5.00%, 08/15/2037 | 4500 | 4500 |
|  5.25%, 02/15/2048 | 2000 | 2028 |
|  Massachusetts State College Building Authority |  |  |
|  2.13%, 05/01/2046 | 2100 | 1307 |
|  Total Massachusetts | Total Massachusetts | 246614 |
| **Michigan – 2.73%** |  |  |
|  Advanced Technology Academy |  |  |
|  3.88%, 11/01/2029 | 1210 | 1182 |
|  Allen Park Public School District |  |  |
|  5.00%, 11/01/2037 | 920 | 1015 |
|  Ann Arbor School District |  |  |
|  5.00%, 05/01/2035 | 6610 | 7466 |
|  5.00%, 05/01/2036 | 1065 | 1191 |
|  Avondale School District |  |  |
|  5.00%, 11/01/2025 | 785 | 790 |
|  5.00%, 11/01/2026 | 765 | 787 |
|  Cadillac Area Public Schools |  |  |
|  5.00%, 05/01/2043 | 960 | 980 |
|  Calhoun County Hospital Finance Authority |  |  |
|  5.00%, 02/15/2028 | 750 | 761 |
|  Carman-Ainsworth Community Schools |  |  |
|  5.00%, 05/01/2046 | 2605 | 2681 |
|  5.00%, 05/01/2049 | 1500 | 1535 |
|  5.00%, 05/01/2052 | 1000 | 1019 |
|  Center Line Public Schools |  |  |
|  5.25%, 05/01/2048 | 3000 | 3109 |
|  City of Detroit MI |  |  |
|  5.00%, 04/01/2034 | 750 | 794 |
|  5.00%, 04/01/2035 | 1400 | 1472 |
|  City of Grand Rapids MI |  |  |
|  5.00%, 04/01/2042 | 760 | 796 |
|  5.00%, 04/01/2043 | 1090 | 1137 |
|  City of Lansing MI |  |  |
|  5.00%, 06/01/2037 | 1000 | 1081 |
|  5.00%, 06/01/2041 | 4950 | 5176 |
|  City of Royal Oak MI |  |  |
|  5.00%, 04/01/2031 | 1045 | 1108 |
|  City of Wyoming MI Water Revenue |  |  |
|  5.00%, 12/01/2049 | 1045 | 1069 |
|  5.00%, 12/01/2050 | 350 | 356 |
|  County of Genesee MI Water Supply System Revenue |  |  |
|  5.00%, 11/01/2039 | 1000 | 1066 |
|  Detroit Downtown Development Authority |  |  |
|  5.00%, 07/01/2035 | 1810 | 1986 |
|  5.00%, 07/01/2040 | 1430 | 1501 |
|  Ferndale Public Schools |  |  |
|  5.00%, 05/01/2049 | 2795 | 2850 |

---

The accompanying notes are an integral part of these financial statements.

316.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Michigan – 2.73% – (continued)** |  |  |
|  Four Lakes Special Assessment District |  |  |
|  5.00%, 06/01/2036 | $1575 | $1675 |
|  5.00%, 06/01/2038 | 2155 | 2254 |
|  5.00%, 06/01/2041 | 2115 | 2183 |
|  5.00%, 06/01/2043 | 2090 | 2134 |
|  Fraser Public School District |  |  |
|  5.00%, 05/01/2047 | 1350 | 1370 |
|  5.00%, 05/01/2050 | 4000 | 4024 |
|  Gerald R Ford International Airport Authority |  |  |
|  5.00%, 01/01/2040 | 1800 | 1854 |
|  5.00%, 01/01/2042 | 2805 | 2843 |
|  5.00%, 01/01/2043 | 4105 | 4138 |
|  5.00%, 01/01/2044 | 2205 | 2212 |
|  5.00%, 01/01/2049 | 700 | 698 |
|  Grand Rapids Public Schools |  |  |
|  5.00%, 11/01/2037 | 1750 | 1813 |
|  5.00%, 11/01/2038 | 1000 | 1030 |
|  Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
|  5.00%, 07/01/2030 | 3000 | 3051 |
|  5.00%, 07/01/2034 | 355 | 393 |
|  Great Lakes Water Authority Water Supply System Revenue |  |  |
|  5.00%, 07/01/2032 | 215 | 241 |
|  5.00%, 07/01/2034 | 395 | 438 |
|  5.00%, 07/01/2036 | 4300 | 4343 |
|  5.00%, 07/01/2046 | 2625 | 2634 |
|  5.00%, 07/01/2046 | 3120 | 3102 |
|  5.25%, 07/01/2047 | 1285 | 1328 |
|  5.25%, 07/01/2053 | 1145 | 1183 |
|  Holly Area School District |  |  |
|  5.00%, 05/01/2044 | 485 | 507 |
|  5.00%, 05/01/2048 | 640 | 661 |
|  5.00%, 05/01/2052 | 1000 | 1024 |
|  Ida Public Schools |  |  |
|  5.00%, 05/01/2031 | 5500 | 5848 |
|  Ingham County Building Authority |  |  |
|  5.00%, 08/01/2041 | 1005 | 1063 |
|  5.00%, 08/01/2042 | 790 | 826 |
|  5.00%, 08/01/2043 | 850 | 883 |
|  5.00%, 08/01/2044 | 585 | 606 |
|  Karegnondi Water Authority |  |  |
|  5.00%, 11/01/2034 | 1430 | 1471 |
|  5.00%, 11/01/2041 | 2225 | 2247 |
|  L'Anse Creuse Public Schools |  |  |
|  5.00%, 05/01/2042 | 1000 | 1059 |
|  5.00%, 05/01/2045 | 1000 | 1042 |
|  Lansing Board of Water & Light |  |  |
|  2.00%, 07/01/2051 <sup>(1)</sup> | 8585 | 8424 |
|  5.00%, 07/01/2037 | 4875 | 5129 |
|  5.00%, 07/01/2038 | 2620 | 2736 |
|  Lansing School District |  |  |
|  5.00%, 05/01/2044 | 850 | 872 |
|  5.00%, 05/01/2045 | 675 | 689 |
|  Lapeer Community Schools |  |  |
|  5.00%, 05/01/2039 | 2730 | 2805 |
|  Lincoln Park School District |  |  |
|  5.00%, 05/01/2042 | 425 | 440 |
|  5.00%, 05/01/2044 | 535 | 548 |
|  5.00%, 05/01/2047 | 910 | 924 |

---

The accompanying notes are an integral part of these financial statements.

317.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Michigan – 2.73% – (continued)** |  |  |
|  5.00%, 05/01/2050 | $780 | $787 |
|  Michigan Finance Authority |  |  |
|  1.20%, 10/15/2030 <sup>(1)</sup> | 1900 | 1788 |
|  1.20%, 10/15/2038 <sup>(1)</sup> | 590 | 554 |
|  2.67% (SIFMA Municipal Swap Index Yield + 0.75%), 04/15/2047 <sup>(3)</sup> | 1750 | 1744 |
|  2.82% (SIFMA Municipal Swap Index Yield + 0.90%), 12/01/2039 <sup>(3)</sup> | 13000 | 12996 |
|  3.75%, 12/01/2038 | 6600 | 6778 |
|  3.88%, 12/01/2044 <sup>(1)(2)</sup> | 9560 | 9566 |
|  4.00%, 12/01/2036 | 6610 | 6458 |
|  4.00%, 12/01/2036 | 17185 | 16624 |
|  5.00%, 11/01/2025 | 400 | 403 |
|  5.00%, 11/01/2026 | 500 | 514 |
|  5.00%, 12/01/2026 | 1190 | 1227 |
|  5.00%, 06/01/2027 | 3190 | 3266 |
|  5.00%, 11/01/2027 | 500 | 525 |
|  5.00%, 04/15/2030 | 4155 | 4512 |
|  5.00%, 06/01/2030 | 1725 | 1808 |
|  5.00%, 07/01/2030 | 600 | 601 |
|  5.00%, 06/01/2031 | 2895 | 3036 |
|  5.00%, 04/15/2032 | 3165 | 3498 |
|  5.00%, 06/01/2032 | 280 | 292 |
|  5.00%, 10/01/2032 | 1150 | 1266 |
|  5.00%, 04/15/2033 | 1935 | 2134 |
|  5.00%, 06/01/2033 | 510 | 532 |
|  5.00%, 04/15/2034 | 970 | 1061 |
|  5.00%, 07/01/2034 | 1600 | 1602 |
|  5.00%, 11/15/2034 | 1495 | 1515 |
|  5.00%, 04/15/2035 | 555 | 601 |
|  5.00%, 07/01/2035 | 2000 | 2003 |
|  5.00%, 04/15/2036 | 5000 | 5359 |
|  5.00%, 12/01/2037 | 6000 | 6116 |
|  5.00%, 12/01/2039 | 3000 | 3100 |
|  5.00%, 06/01/2040 | 2250 | 2277 |
|  5.00%, 12/01/2042 | 1775 | 1779 |
|  5.00%, 11/01/2043 | 4280 | 4309 |
|  5.00%, 12/01/2043 <sup>(1)</sup> | 13000 | 13735 |
|  5.00%, 11/01/2044 | 4710 | 4687 |
|  5.00%, 11/15/2044 <sup>(1)</sup> | 2035 | 2075 |
|  5.00%, 06/01/2049 | 455 | 449 |
|  Michigan State Building Authority |  |  |
|  3.00%, 10/15/2045 | 1950 | 1485 |
|  5.00%, 10/15/2033 | 1000 | 1021 |
|  5.00%, 04/15/2034 | 13375 | 13422 |
|  5.00%, 04/15/2035 | 8000 | 8026 |
|  5.00%, 04/15/2036 | 1950 | 2046 |
|  5.00%, 04/15/2038 | 18400 | 18440 |
|  5.00%, 04/15/2041 | 1530 | 1543 |
|  Michigan State Hospital Finance Authority |  |  |
|  5.00%, 12/01/2025 | 700 | 706 |
|  5.00%, 12/01/2027 | 415 | 435 |
|  5.00%, 08/15/2055 <sup>(1)</sup> | 5400 | 5835 |
|  Michigan State Housing Development Authority |  |  |
|  3.00%, 06/01/2052 | 1365 | 1341 |
|  3.50%, 12/01/2050 | 500 | 498 |
|  3.63%, 04/01/2042 <sup>(1)</sup> | 7950 | 7983 |
|  4.50%, 12/01/2042 <sup>(1)</sup> | 2150 | 2170 |
|  5.00%, 06/01/2053 | 2815 | 2925 |
|  5.50%, 06/01/2053 | 13695 | 14436 |

---

The accompanying notes are an integral part of these financial statements.

318.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Michigan – 2.73% – (continued)** |  |  |
|  6.25%, 06/01/2055 | $6910 | $7581 |
|  6.25%, 12/01/2055 | 2000 | 2210 |
|  Michigan State University |  |  |
|  5.00%, 08/15/2034 | 1000 | 1133 |
|  5.00%, 08/15/2036 | 2210 | 2455 |
|  Michigan Strategic Fund |  |  |
|  4.25%, 12/31/2038 | 6500 | 6286 |
|  5.00%, 12/31/2025 | 2595 | 2608 |
|  5.00%, 06/30/2026 | 2800 | 2834 |
|  5.00%, 12/31/2026 | 355 | 362 |
|  5.00%, 06/30/2030 | 1080 | 1116 |
|  5.00%, 06/30/2032 | 150 | 154 |
|  Michigan Technological University |  |  |
|  5.00%, 10/01/2025 | 400 | 402 |
|  5.00%, 10/01/2026 | 270 | 278 |
|  5.00%, 10/01/2027 | 595 | 623 |
|  5.00%, 10/01/2028 | 890 | 948 |
|  5.00%, 10/01/2029 | 2000 | 2163 |
|  5.00%, 10/01/2030 | 355 | 388 |
|  Oakland University |  |  |
|  5.00%, 03/01/2041 | 2500 | 2502 |
|  Portage Public Schools |  |  |
|  5.00%, 11/01/2028 | 1000 | 1018 |
|  Saginaw Hospital Finance Authority |  |  |
|  5.00%, 07/01/2027 | 825 | 852 |
|  5.00%, 07/01/2028 | 435 | 455 |
|  Saline Area Schools |  |  |
|  5.00%, 05/01/2042 | 1115 | 1179 |
|  5.00%, 05/01/2044 | 1365 | 1427 |
|  State of Michigan Trunk Line Revenue |  |  |
|  4.00%, 11/15/2044 | 6000 | 5379 |
|  5.00%, 11/15/2035 | 6325 | 6888 |
|  5.00%, 11/15/2040 | 10000 | 10698 |
|  5.50%, 11/15/2044 | 13000 | 13982 |
|  Summit Academy North |  |  |
|  4.00%, 11/01/2031 | 785 | 745 |
|  Township of Grosse Ile MI |  |  |
|  5.00%, 04/01/2040 | 640 | 688 |
|  Trenton Public Schools School District |  |  |
|  5.00%, 05/01/2048 | 700 | 704 |
|  Troy School District |  |  |
|  5.00%, 05/01/2047 | 2000 | 2042 |
|  University of Michigan |  |  |
|  5.00%, 04/01/2033 | 560 | 631 |
|  Van Dyke Public Schools |  |  |
|  5.25%, 05/01/2045 | 3000 | 3036 |
|  5.50%, 05/01/2050 | 6365 | 6489 |
|  Walled Lake Consolidated School District |  |  |
|  5.00%, 05/01/2053 | 2250 | 2264 |
|  5.00%, 05/01/2055 | 1600 | 1605 |
|  Warren Woods Public Schools |  |  |
|  5.00%, 05/01/2031 | 1060 | 1096 |
|  Wayne County Airport Authority |  |  |
|  5.00%, 12/01/2025 | 600 | 604 |
|  5.00%, 12/01/2025 | 1000 | 1007 |
|  5.00%, 12/01/2027 | 4055 | 4065 |
|  5.00%, 12/01/2032 | 1400 | 1401 |
|  5.00%, 12/01/2032 | 2000 | 2004 |

---

The accompanying notes are an integral part of these financial statements.

319.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Michigan – 2.73% – (continued)** |  |  |
|  5.00%, 12/01/2040 | $1000 | $1000 |
|  5.00%, 12/01/2042 | 1250 | 1256 |
|  5.25%, 12/01/2036 | 350 | 385 |
|  5.25%, 12/01/2037 | 350 | 381 |
|  5.25%, 12/01/2038 | 450 | 484 |
|  5.25%, 12/01/2039 | 700 | 747 |
|  5.25%, 12/01/2040 | 1000 | 1061 |
|  5.25%, 12/01/2040 | 2990 | 3255 |
|  5.25%, 12/01/2040 | 3205 | 3489 |
|  5.50%, 12/01/2042 | 1000 | 1061 |
|  5.50%, 12/01/2042 | 1600 | 1701 |
|  5.50%, 12/01/2043 | 500 | 527 |
|  5.50%, 12/01/2044 | 500 | 525 |
|  5.50%, 12/01/2045 | 1015 | 1060 |
|  5.50%, 12/01/2048 | 3500 | 3642 |
|  Wayne State University |  |  |
|  5.00%, 11/15/2036 | 3090 | 3230 |
|  Wayne-Westland Community Schools |  |  |
|  5.00%, 11/01/2025 | 95 | 96 |
|  5.00%, 11/01/2026 | 1000 | 1028 |
|  5.00%, 11/01/2027 | 600 | 631 |
|  5.00%, 11/01/2029 | 585 | 630 |
|  Total Michigan | Total Michigan | 472033 |
| **Minnesota – 0.76%** |  |  |
|  City of Independence MN |  |  |
|  4.00%, 07/01/2041 | 1500 | 1250 |
|  City of Maple Grove MN |  |  |
|  5.00%, 05/01/2031 | 500 | 507 |
|  5.00%, 05/01/2032 | 500 | 506 |
|  City of Minneapolis MN |  |  |
|  2.46%, 01/01/2038 | 2234 | 1755 |
|  5.00%, 11/15/2035 | 1645 | 1704 |
|  5.00%, 11/15/2052 <sup>(1)</sup> | 1490 | 1566 |
|  City of Minneapolis MN/St Paul Housing & Redevelopment Authority |  |  |
|  5.00%, 08/15/2028 | 1500 | 1601 |
|  5.00%, 08/15/2029 | 1250 | 1356 |
|  5.00%, 08/15/2031 | 1650 | 1832 |
|  5.00%, 08/15/2032 | 1850 | 2068 |
|  City of Moorhead MN |  |  |
|  5.00%, 12/01/2025 | 205 | 205 |
|  City of Shakopee MN Senior Housing Revenue |  |  |
|  5.85%, 11/01/2058 <sup>(1)(2)</sup> | 2280 | 2274 |
|  City of St Cloud MN |  |  |
|  5.00%, 05/01/2031 | 525 | 576 |
|  5.00%, 05/01/2032 | 550 | 608 |
|  5.00%, 05/01/2033 | 765 | 850 |
|  5.00%, 05/01/2034 | 750 | 836 |
|  5.00%, 05/01/2036 | 1650 | 1798 |
|  5.00%, 05/01/2037 | 2000 | 2157 |
|  5.00%, 05/01/2054 | 3090 | 3053 |
|  County of Washington MN |  |  |
|  2.40%, 02/01/2029 | 2255 | 2180 |
|  2.50%, 02/01/2030 | 2320 | 2229 |
|  Duluth Economic Development Authority |  |  |
|  5.00%, 02/15/2033 | 500 | 515 |
|  5.00%, 02/15/2034 | 750 | 770 |

---

The accompanying notes are an integral part of these financial statements.

320.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Minnesota – 0.76% – (continued)** |  |  |
|  Edina Independent School District No 273 |  |  |
|  3.25%, 02/01/2037 | $7065 | $6623 |
|  Elk River Independent School District No 728 |  |  |
|  2.25%, 02/01/2037 | 6555 | 5250 |
|  Minneapolis Special School District No 1 |  |  |
|  4.00%, 02/01/2037 | 800 | 803 |
|  Minneapolis-St Paul Metropolitan Airports Commission |  |  |
|  5.00%, 01/01/2032 | 295 | 318 |
|  5.00%, 01/01/2033 | 2000 | 2164 |
|  5.00%, 01/01/2036 | 1335 | 1396 |
|  5.25%, 01/01/2042 | 5190 | 5371 |
|  Minnesota Higher Education Facilities Authority |  |  |
|  5.00%, 10/01/2053 <sup>(1)</sup> | 1150 | 1216 |
|  Minnesota Housing Finance Agency |  |  |
|  2.35%, 01/01/2033 | 450 | 381 |
|  3.00%, 07/01/2051 | 460 | 453 |
|  3.00%, 01/01/2052 | 1985 | 1954 |
|  5.00%, 08/01/2032 | 1400 | 1554 |
|  5.00%, 08/01/2033 | 770 | 851 |
|  5.00%, 08/01/2035 | 920 | 1009 |
|  6.00%, 07/01/2053 | 3900 | 4180 |
|  6.25%, 07/01/2054 | 790 | 856 |
|  6.25%, 01/01/2055 | 2650 | 2943 |
|  6.25%, 07/01/2055 | 7700 | 8629 |
|  6.25%, 07/01/2055 | 7985 | 8903 |
|  6.25%, 01/01/2056 | 2000 | 2213 |
|  Minnesota Office of Higher Education |  |  |
|  4.00%, 11/01/2037 | 990 | 985 |
|  Roseville Independent School District No 623 |  |  |
|  5.00%, 02/01/2026 | 2315 | 2343 |
|  St Peter Independent School District No 508 |  |  |
|  5.00%, 02/01/2040 | 1000 | 1041 |
|  State of Minnesota |  |  |
|  4.00%, 08/01/2041 | 6000 | 5818 |
|  5.00%, 08/01/2034 | 2000 | 2034 |
|  5.00%, 08/01/2037 | 10350 | 11526 |
|  5.00%, 06/01/2039 | 2325 | 2333 |
|  State of Minnesota Department of Iron Range Resources & Rehabilitation |  |  |
|  5.00%, 10/01/2037 | 2355 | 2596 |
|  5.00%, 10/01/2038 | 2740 | 2991 |
|  White Bear Lake Independent School District No 624 |  |  |
|  2.50%, 02/01/2039 | 5000 | 3882 |
|  2.50%, 02/01/2040 | 4500 | 3382 |
|  Willmar Independent School District No 347 |  |  |
|  3.00%, 02/01/2035 | 2700 | 2562 |
|  Woodbury Housing & Redevelopment Authority |  |  |
|  3.20%, 02/01/2046 | 1600 | 1600 |
|  Total Minnesota | Total Minnesota | 132356 |
| **Mississippi – 0.24%** |  |  |
|  County of Hinds MS |  |  |
|  4.63%, 09/01/2054 <sup>(2)</sup> | 4000 | 3459 |
|  Mississippi Development Bank |  |  |
|  4.00%, 10/01/2034 <sup>(2)</sup> | 1825 | 1649 |
|  4.00%, 10/01/2041 <sup>(2)</sup> | 1640 | 1279 |
|  5.00%, 09/01/2030 | 1000 | 1001 |
|  5.00%, 03/01/2035 | 400 | 430 |

---

The accompanying notes are an integral part of these financial statements.

321.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Mississippi – 0.24% – (continued)** |  |  |
|  5.00%, 03/01/2035 | $1250 | $1294 |
|  5.00%, 06/01/2039 | 1700 | 1792 |
|  5.00%, 12/01/2039 <sup>(2)</sup> | 2340 | 2246 |
|  5.00%, 03/01/2045 | 2500 | 2508 |
|  5.25%, 06/01/2045 | 1075 | 1110 |
|  5.25%, 03/01/2050 | 1000 | 1014 |
|  5.25%, 03/01/2055 | 3000 | 3035 |
|  Mississippi Home Corp. |  |  |
|  2.10%, 12/01/2040 | 2000 | 1383 |
|  3.00%, 06/01/2050 | 2425 | 2378 |
|  4.55%, 04/01/2042 | 1300 | 1281 |
|  4.80%, 12/01/2049 | 2000 | 1967 |
|  5.00%, 12/01/2039 | 2770 | 2881 |
|  7.50%, 06/01/2044 | 650 | 776 |
|  7.50%, 06/01/2049 | 940 | 1122 |
|  Mississippi Hospital Equipment & Facilities Authority |  |  |
|  5.00%, 01/01/2029 | 910 | 958 |
|  5.00%, 01/01/2033 | 1750 | 1842 |
|  5.00%, 10/01/2036 | 1300 | 1344 |
|  5.00%, 10/01/2040 <sup>(1)</sup> | 1215 | 1247 |
|  5.00%, 09/01/2044 <sup>(1)</sup> | 2000 | 2001 |
|  State of Mississippi |  |  |
|  5.00%, 10/01/2049 | 1000 | 1016 |
|  Total Mississippi |  | 41013 |
| **Missouri – 1.27%** |  |  |
|  Cape Girardeau County Industrial Development Authority |  |  |
|  5.00%, 03/01/2032 | 1000 | 1022 |
|  City of Kansas City MO Sanitary Sewer System Revenue |  |  |
|  5.00%, 01/01/2026 | 285 | 288 |
|  5.00%, 01/01/2031 | 135 | 142 |
|  City of Nixa MO |  |  |
|  5.00%, 08/01/2036 | 635 | 685 |
|  5.00%, 08/01/2037 | 720 | 770 |
|  City of St Louis MO Airport Revenue |  |  |
|  5.00%, 07/01/2025 | 400 | 400 |
|  5.00%, 07/01/2032 | 1570 | 1600 |
|  de Soto School District No 73 |  |  |
|  5.00%, 03/01/2043 | 850 | 872 |
|  5.00%, 03/01/2044 | 300 | 307 |
|  Dexter School District No R-11 Stoddard |  |  |
|  5.00%, 03/01/2043 | 2600 | 2670 |
|  5.00%, 03/01/2045 | 2875 | 2932 |
|  East Buchanan County School District No C-1 |  |  |
|  5.00%, 04/15/2039 | 600 | 612 |
|  5.00%, 04/15/2040 | 1050 | 1065 |
|  5.00%, 04/15/2041 | 1600 | 1613 |
|  5.00%, 04/15/2042 | 1700 | 1707 |
|  Health & Educational Facilities Authority of the State of Missouri |  |  |
|  4.00%, 08/01/2029 | 480 | 475 |
|  4.00%, 07/01/2046 | 1790 | 1576 |
|  5.00%, 02/01/2029 | 1000 | 1001 |
|  5.00%, 02/15/2032 | 500 | 527 |
|  5.00%, 05/01/2032 | 530 | 526 |
|  5.00%, 09/01/2032 | 1145 | 1148 |
|  5.00%, 02/15/2033 | 500 | 523 |
|  5.00%, 05/01/2033 | 1115 | 1097 |
|  5.00%, 06/01/2033 | 1550 | 1692 |

---

The accompanying notes are an integral part of these financial statements.

322.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Missouri – 1.27% – (continued)** |  |  |
|  5.00%, 05/01/2052 <sup>(1)</sup> | $12645 | $13317 |
|  5.00%, 06/01/2052 | 11600 | 11745 |
|  Industrial Development Authority of the City of St Louis Missouri |  |  |
|  3.15%, 04/01/2046 <sup>(1)</sup> | 1000 | 997 |
|  Jackson County Reorganized School District No 7 |  |  |
|  6.00%, 03/01/2043 | 1000 | 1130 |
|  6.00%, 03/01/2044 | 1500 | 1686 |
|  6.00%, 03/01/2045 | 1685 | 1884 |
|  Jasper County Reorganized School District No R-IX Carthage |  |  |
|  5.00%, 03/01/2043 | 825 | 851 |
|  5.00%, 03/01/2044 | 980 | 1006 |
|  5.00%, 03/01/2045 | 900 | 919 |
|  Jefferson City School District |  |  |
|  5.50%, 03/01/2043 | 9450 | 10006 |
|  Jefferson County School District No R-1 Northwest |  |  |
|  5.25%, 03/01/2040 | 2945 | 3093 |
|  5.25%, 03/01/2041 | 1505 | 1567 |
|  Kansas City Industrial Development Authority |  |  |
|  5.00%, 03/01/2026 | 4395 | 4443 |
|  5.00%, 03/01/2028 | 3350 | 3487 |
|  5.00%, 03/01/2031 | 1045 | 1092 |
|  5.00%, 03/01/2033 | 1725 | 1785 |
|  Kansas City School District |  |  |
|  5.00%, 04/01/2038 | 5100 | 5443 |
|  Kearney Fire & Rescue Protection District |  |  |
|  6.00%, 03/01/2032 | 340 | 397 |
|  6.00%, 03/01/2033 | 435 | 515 |
|  6.00%, 03/01/2035 | 565 | 671 |
|  6.00%, 03/01/2036 | 515 | 608 |
|  6.00%, 03/01/2037 | 715 | 839 |
|  6.00%, 03/01/2038 | 810 | 945 |
|  Lees Summit Industrial Development Authority |  |  |
|  4.33%, 08/15/2047 | 1000 | 980 |
|  Liberty Public School District No 53 |  |  |
|  5.00%, 03/01/2039 | 1375 | 1452 |
|  5.00%, 03/01/2040 | 2290 | 2398 |
|  Lindbergh School District |  |  |
|  5.50%, 03/01/2038 | 2310 | 2544 |
|  Missouri Housing Development Commission |  |  |
|  3.25%, 05/01/2051 | 2100 | 2079 |
|  3.25%, 11/01/2052 | 745 | 736 |
|  4.00%, 05/01/2050 | 145 | 146 |
|  5.75%, 05/01/2056 | 12300 | 13337 |
|  6.00%, 05/01/2055 | 7960 | 8739 |
|  6.00%, 05/01/2055 | 9115 | 10007 |
|  6.50%, 05/01/2054 | 1980 | 2207 |
|  Missouri Public Utilities Commission |  |  |
|  4.00%, 05/01/2026 | 6000 | 6025 |
|  Missouri State Environmental Improvement & Energy Resources Authority |  |  |
|  2.90%, 09/01/2033 | 2000 | 1804 |
|  4.05%, 05/01/2038 <sup>(1)</sup> | 2225 | 2230 |
|  Nodaway County School District No R-II Maryville |  |  |
|  5.00%, 03/01/2043 | 2350 | 2409 |
|  5.00%, 03/01/2044 | 1750 | 1789 |
|  North Kansas City School District No 74 |  |  |
|  5.25%, 03/01/2039 | 6000 | 6425 |
|  Orchard Farm R-V School District |  |  |
|  2.50%, 03/01/2029 | 1455 | 1388 |

---

The accompanying notes are an integral part of these financial statements.

323.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Missouri – 1.27% – (continued)** |  |  |
|  5.50%, 03/01/2043 | $2150 | $2348 |
|  5.50%, 03/01/2044 | 3000 | 3259 |
|  Osage County School District No R-III |  |  |
|  5.00%, 04/15/2044 | 600 | 605 |
|  Pattonville R-3 School District |  |  |
|  5.25%, 03/01/2042 | 1125 | 1177 |
|  5.50%, 03/01/2040 | 1150 | 1233 |
|  Pettis County School District No 200 Sedalia |  |  |
|  5.00%, 04/15/2043 | 2300 | 2319 |
|  5.00%, 04/15/2044 | 2350 | 2366 |
|  5.00%, 04/15/2045 | 1000 | 1005 |
|  Platte County R-III School District |  |  |
|  6.25%, 03/01/2039 | 1645 | 1933 |
|  6.25%, 03/01/2041 | 1580 | 1825 |
|  Pleasant Hill R-III School District |  |  |
|  5.00%, 03/01/2044 | 2585 | 2609 |
|  5.00%, 03/01/2045 | 2700 | 2719 |
|  Springfield School District No R-12 |  |  |
|  5.00%, 03/01/2040 | 5780 | 6094 |
|  St Charles County School District No R-IV Wentzville |  |  |
|  1.88%, 03/01/2039 | 12110 | 8228 |
|  St Louis County Industrial Development Authority |  |  |
|  5.13%, 09/01/2048 | 590 | 557 |
|  5.50%, 09/01/2033 | 920 | 920 |
|  St Louis Municipal Finance Corp. |  |  |
|  0.00%, 07/15/2034 | 2000 | 1380 |
|  0.00%, 07/15/2035 | 220 | 144 |
|  Troy Reorganized School District No 3 Lincoln County |  |  |
|  5.00%, 03/01/2042 | 3000 | 3082 |
|  Union R-XI School District |  |  |
|  5.00%, 03/01/2043 | 1500 | 1528 |
|  Warren County School District No R-III |  |  |
|  5.00%, 03/01/2037 | 3000 | 3140 |
|  5.00%, 03/01/2043 | 1100 | 1127 |
|  Warrensburg School District No R-VI |  |  |
|  5.75%, 03/01/2044 | 1000 | 1093 |
|  5.75%, 03/01/2045 | 550 | 600 |
|  Waynesville R-VI School District |  |  |
|  5.00%, 04/15/2039 | 450 | 471 |
|  5.00%, 04/15/2040 | 1035 | 1077 |
|  5.00%, 04/15/2041 | 1135 | 1170 |
|  5.00%, 04/15/2042 | 825 | 845 |
|  5.00%, 04/15/2043 | 880 | 895 |
|  5.00%, 04/15/2045 | 1300 | 1308 |
|  Wright City Fire Protection District |  |  |
|  5.00%, 03/01/2038 | 300 | 321 |
|  5.00%, 03/01/2039 | 325 | 345 |
|  5.00%, 03/01/2041 | 350 | 365 |
|  5.00%, 03/01/2042 | 330 | 341 |
|  5.00%, 03/01/2043 | 240 | 247 |
|  5.00%, 03/01/2044 | 430 | 440 |
|  5.00%, 03/01/2045 | 375 | 383 |
|  Total Missouri | Total Missouri | 219870 |
| **Montana – 0.14%** |  |  |
|  City of Forsyth MT |  |  |
|  3.88%, 07/01/2028 | 4500 | 4565 |

---

The accompanying notes are an integral part of these financial statements.

324.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Montana – 0.14% – (continued)** |  |  |
|  County of Gallatin MT |  |  |
|  4.00%, 10/15/2032 <sup>(2)</sup> | $3350 | $2863 |
|  4.00%, 10/15/2036 <sup>(2)</sup> | 1665 | 1310 |
|  4.00%, 10/15/2041 <sup>(2)</sup> | 2595 | 1700 |
|  4.00%, 10/15/2046 <sup>(2)</sup> | 1160 | 740 |
|  4.00%, 10/15/2051 <sup>(2)</sup> | 950 | 591 |
|  Flathead County School District No 44 Whitefish |  |  |
|  5.25%, 07/01/2042 | 635 | 681 |
|  5.25%, 07/01/2043 | 545 | 581 |
|  5.25%, 07/01/2044 | 500 | 532 |
|  5.25%, 07/01/2045 | 520 | 551 |
|  Montana Board of Housing |  |  |
|  3.32%, 07/01/2046 <sup>(1)</sup> | 1500 | 1501 |
|  4.00%, 06/01/2050 | 95 | 96 |
|  5.75%, 06/01/2055 | 4870 | 5252 |
|  Montana Facility Finance Authority |  |  |
|  4.00%, 01/01/2036 | 2230 | 2207 |
|  5.00%, 06/01/2036 | 700 | 716 |
|  Total Montana | Total Montana | 23886 |
| **Nebraska – 0.67%** |  |  |
|  Beatrice Area Solid Waste Agency |  |  |
|  4.00%, 03/15/2036 | 230 | 228 |
|  4.00%, 03/15/2038 | 265 | 258 |
|  4.00%, 03/15/2039 | 200 | 191 |
|  5.00%, 03/15/2033 | 135 | 148 |
|  Central Plains Energy Project |  |  |
|  4.00%, 12/01/2049 <sup>(1)</sup> | 5545 | 5549 |
|  5.00%, 05/01/2054 <sup>(1)</sup> | 2795 | 2938 |
|  5.00%, 08/01/2055 <sup>(1)</sup> | 32990 | 34917 |
|  City of Lincoln NE |  |  |
|  3.37%, 01/10/2048 <sup>(1)</sup> | 2500 | 2505 |
|  City of Lincoln NE Electric System Revenue |  |  |
|  5.00%, 09/01/2027 | 1710 | 1777 |
|  City of Omaha NE |  |  |
|  3.00%, 04/15/2041 | 1100 | 878 |
|  County of Sarpy NE |  |  |
|  2.00%, 06/01/2038 | 2435 | 1764 |
|  Douglas County Hospital Authority No 3 |  |  |
|  5.00%, 11/01/2038 | 350 | 370 |
|  5.25%, 11/01/2043 | 340 | 351 |
|  5.25%, 11/01/2044 | 875 | 897 |
|  Nebraska Educational Health Cultural & Social Services Finance Authority |  |  |
|  4.00%, 01/01/2036 | 2495 | 2405 |
|  Nebraska Investment Finance Authority |  |  |
|  3.00%, 09/01/2045 | 1155 | 1136 |
|  3.50%, 09/01/2050 | 450 | 448 |
|  3.75%, 09/01/2049 | 295 | 294 |
|  4.00%, 09/01/2049 | 320 | 320 |
|  6.00%, 09/01/2054 | 9000 | 9919 |
|  Nebraska Public Power District |  |  |
|  5.00%, 01/01/2041 | 5000 | 5012 |
|  Nebraska State Colleges |  |  |
|  5.00%, 07/01/2043 | 1250 | 1287 |
|  North Platte Airport Authority |  |  |
|  4.25%, 12/15/2034 | 290 | 287 |
|  4.25%, 12/15/2036 | 595 | 574 |
|  4.38%, 12/15/2038 | 295 | 280 |

---

The accompanying notes are an integral part of these financial statements.

325.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Nebraska – 0.67% – (continued)** |  |  |
|  4.50%, 12/15/2040 | $265 | $247 |
|  4.63%, 12/15/2042 | 310 | 286 |
|  4.75%, 12/15/2044 | 295 | 259 |
|  5.00%, 12/15/2025 | 145 | 146 |
|  5.00%, 12/15/2026 | 220 | 224 |
|  5.00%, 12/15/2027 | 230 | 237 |
|  5.00%, 12/15/2029 | 255 | 266 |
|  5.00%, 12/15/2030 | 130 | 136 |
|  Omaha Airport Authority |  |  |
|  5.00%, 12/15/2031 | 285 | 289 |
|  5.00%, 12/15/2032 | 900 | 974 |
|  5.00%, 12/15/2033 | 1500 | 1625 |
|  5.00%, 12/15/2034 | 1415 | 1523 |
|  5.00%, 12/15/2036 | 2100 | 2227 |
|  5.25%, 12/15/2043 | 4250 | 4389 |
|  Omaha Public Power District |  |  |
|  5.00%, 02/01/2033 | 1075 | 1203 |
|  5.50%, 02/01/2054 | 10000 | 10555 |
|  Omaha Public Power District Nebraska City Station Unit 2 |  |  |
|  5.00%, 02/01/2046 | 8855 | 8873 |
|  5.25%, 02/01/2042 | 4250 | 4253 |
|  Omaha School District |  |  |
|  1.75%, 12/15/2035 | 2170 | 1640 |
|  Sarpy County Hospital Authority No 1 |  |  |
|  3.00%, 05/15/2046 | 1000 | 719 |
|  Wayne County School District No 17 |  |  |
|  5.00%, 12/15/2043 | 1000 | 1015 |
|  Total Nebraska | Total Nebraska | 115819 |
| **Nevada – 0.85%** |  |  |
|  Carson City NV |  |  |
|  5.00%, 09/01/2026 | 550 | 559 |
|  City of Las Vegas NV Special Improvement District No 816 |  |  |
|  2.75%, 06/01/2036 | 410 | 326 |
|  City of Las Vegas NV Special Improvement District No 818 |  |  |
|  5.00%, 12/01/2039 | 1000 | 1001 |
|  City of North Las Vegas NV |  |  |
|  6.00%, 06/01/2052 <sup>(2)</sup> | 1265 | 1273 |
|  Clark County School District |  |  |
|  3.00%, 06/15/2043 | 19590 | 14812 |
|  5.00%, 06/15/2029 | 4080 | 4314 |
|  5.00%, 06/15/2033 | 410 | 443 |
|  5.00%, 06/15/2034 | 1555 | 1630 |
|  5.00%, 06/15/2034 | 2350 | 2451 |
|  5.00%, 06/15/2036 | 4000 | 4161 |
|  County of Clark Department of Aviation |  |  |
|  5.00%, 07/01/2035 | 7000 | 7569 |
|  5.00%, 07/01/2036 | 2250 | 2418 |
|  County of Clark NV |  |  |
|  3.00%, 11/01/2035 | 1405 | 1286 |
|  4.00%, 07/01/2039 | 4500 | 4201 |
|  5.00%, 11/01/2028 | 3000 | 3074 |
|  5.00%, 06/01/2035 | 2070 | 2154 |
|  County of Clark NV Passenger Facility Charge Revenue |  |  |
|  5.00%, 07/01/2025 | 2220 | 2220 |
|  County of Humboldt NV |  |  |
|  3.55%, 10/01/2029 | 1055 | 1063 |

---

The accompanying notes are an integral part of these financial statements.

326.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Nevada – 0.85% – (continued)** |  |  |
|  County of Washoe NV |  |  |
|  3.63%, 03/01/2036 <sup>(1)</sup> | $195 | $195 |
|  3.63%, 03/01/2036 <sup>(1)</sup> | 3650 | 3650 |
|  4.13%, 03/01/2036 <sup>(1)</sup> | 1160 | 1162 |
|  Henderson Local Improvement Districts |  |  |
|  3.00%, 09/01/2036 | 170 | 142 |
|  Las Vegas Convention & Visitors Authority |  |  |
|  5.00%, 07/01/2043 | 14035 | 14084 |
|  Las Vegas Valley Water District |  |  |
|  3.00%, 06/01/2033 | 2155 | 2048 |
|  5.00%, 06/01/2038 | 2495 | 2746 |
|  5.00%, 06/01/2039 | 40800 | 42373 |
|  5.00%, 06/01/2041 | 5000 | 5022 |
|  5.00%, 06/01/2046 | 5000 | 5003 |
|  Nevada Housing Division |  |  |
|  4.00%, 10/01/2049 | 195 | 196 |
|  5.00%, 07/01/2028 <sup>(1)</sup> | 2060 | 2138 |
|  Reno-Tahoe Airport Authority |  |  |
|  5.25%, 07/01/2042 | 1700 | 1762 |
|  State of Nevada |  |  |
|  3.00%, 05/01/2039 | 2655 | 2285 |
|  3.00%, 05/01/2043 | 3325 | 2604 |
|  State of Nevada Highway Improvement Revenue |  |  |
|  3.00%, 12/01/2039 | 2590 | 2190 |
|  3.00%, 12/01/2041 | 1675 | 1369 |
|  Tahoe-Douglas Visitors Authority |  |  |
|  4.00%, 07/01/2025 | 500 | 500 |
|  4.00%, 07/01/2026 | 1540 | 1548 |
|  5.00%, 07/01/2033 | 845 | 889 |
|  Washoe County School District |  |  |
|  3.00%, 06/01/2038 | 1000 | 850 |
|  Total Nevada | Total Nevada | 147711 |
| **New Hampshire – 0.89%** |  |  |
|  New Hampshire Business Finance Authority |  |  |
|  0.00%, 10/20/2041 <sup>(1)</sup> | 12431 | 11526 |
|  3.63%, 08/20/2039 | 8268 | 7566 |
|  3.88%, 01/20/2038 | 9865 | 9004 |
|  4.00%, 10/20/2036 | 3882 | 3655 |
|  4.00%, 08/15/2039 | 1100 | 1024 |
|  4.06%, 11/20/2039 <sup>(1)</sup> | 13430 | 12947 |
|  4.09%, 01/20/2041 <sup>(1)</sup> | 16470 | 15639 |
|  4.13%, 01/20/2034 | 2466 | 2438 |
|  4.25%, 07/01/2027 | 15000 | 15105 |
|  4.25%, 07/20/2041 | 5422 | 5172 |
|  4.38%, 09/20/2036 | 2642 | 2558 |
|  5.00%, 08/15/2029 | 750 | 797 |
|  5.25%, 07/01/2041 | 1000 | 1026 |
|  5.25%, 06/01/2045 | 2230 | 2251 |
|  5.25%, 07/01/2049 | 4085 | 4108 |
|  5.88%, 12/15/2033 <sup>(2)</sup> | 4998 | 5014 |
|  New Hampshire Health & Education Facilities Authority Act |  |  |
|  3.30%, 06/01/2038 <sup>(1)</sup> | 4680 | 4693 |
|  4.00%, 10/01/2038 | 115 | 108 |
|  4.00%, 11/01/2044 | 4080 | 3714 |
|  5.00%, 08/01/2027 | 1575 | 1639 |
|  5.00%, 10/01/2028 | 1580 | 1610 |
|  5.00%, 07/01/2030 | 5325 | 5824 |

---

The accompanying notes are an integral part of these financial statements.

327.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New Hampshire – 0.89% – (continued)** |  |  |
|  5.00%, 08/01/2030 | $305 | $318 |
|  5.00%, 11/01/2031 | 550 | 583 |
|  5.00%, 10/01/2032 | 2825 | 2855 |
|  5.00%, 11/01/2032 | 550 | 584 |
|  5.00%, 10/01/2033 | 4095 | 4131 |
|  5.00%, 11/01/2033 | 275 | 291 |
|  5.00%, 07/01/2035 | 5000 | 5004 |
|  5.50%, 11/01/2027 | 755 | 788 |
|  5.50%, 11/01/2030 | 1160 | 1248 |
|  New Hampshire Housing Finance Authority |  |  |
|  6.25%, 01/01/2055 | 2320 | 2523 |
|  6.50%, 01/01/2056 | 8950 | 10119 |
|  6.50%, 07/01/2056 | 8000 | 9061 |
|  Total New Hampshire | Total New Hampshire | 154923 |
| **New Jersey – 3.75%** |  |  |
|  Camden County Improvement Authority |  |  |
|  6.00%, 06/15/2042 | 790 | 826 |
|  City of Hackensack NJ |  |  |
|  2.00%, 09/01/2038 | 500 | 361 |
|  County of Essex NJ |  |  |
|  2.00%, 08/15/2031 | 3265 | 2922 |
|  County of Hudson NJ |  |  |
|  3.00%, 11/15/2025 | 4000 | 4000 |
|  County of Mercer NJ |  |  |
|  2.00%, 02/15/2032 | 1180 | 1033 |
|  2.38%, 02/15/2030 | 2020 | 1901 |
|  Garden State Preservation Trust |  |  |
|  5.75%, 11/01/2028 | 2880 | 3027 |
|  Hudson County Improvement Authority |  |  |
|  4.00%, 01/01/2036 | 1125 | 1133 |
|  4.00%, 01/01/2037 | 855 | 858 |
|  5.00%, 10/01/2026 | 1500 | 1542 |
|  5.00%, 10/01/2027 | 1000 | 1051 |
|  Kinnelon School District |  |  |
|  2.00%, 02/01/2026 | 1090 | 1081 |
|  2.00%, 02/01/2027 | 1165 | 1143 |
|  2.00%, 02/01/2028 | 1235 | 1196 |
|  New Jersey Economic Development Authority |  |  |
|  2.20%, 10/01/2039 <sup>(1)</sup> | 3900 | 3533 |
|  3.13%, 07/01/2029 | 445 | 431 |
|  3.75%, 11/01/2034 <sup>(1)</sup> | 2480 | 2479 |
|  4.00%, 06/15/2035 | 500 | 496 |
|  4.00%, 06/15/2037 | 600 | 576 |
|  4.00%, 06/15/2038 | 600 | 568 |
|  4.00%, 06/15/2040 | 1000 | 922 |
|  5.00%, 03/01/2026 | 10150 | 10283 |
|  5.00%, 06/01/2026 | 900 | 916 |
|  5.00%, 06/15/2029 | 1000 | 1074 |
|  5.00%, 06/15/2030 | 4000 | 4221 |
|  5.00%, 06/15/2033 | 1300 | 1432 |
|  5.00%, 06/15/2033 | 5000 | 5303 |
|  5.00%, 07/01/2033 | 2000 | 2017 |
|  5.00%, 11/01/2033 | 1500 | 1637 |
|  5.00%, 06/15/2034 | 1000 | 1052 |
|  5.00%, 06/15/2035 | 1595 | 1644 |
|  5.00%, 11/01/2035 | 1415 | 1516 |
|  5.00%, 06/01/2037 | 4000 | 4048 |

---

The accompanying notes are an integral part of these financial statements.

328.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New Jersey – 3.75% – (continued)** |  |  |
|  5.00%, 10/01/2037 | $3500 | $3523 |
|  5.00%, 10/01/2039 <sup>(2)</sup> | 355 | 273 |
|  5.00%, 01/01/2040 <sup>(2)</sup> | 531 | 342 |
|  5.25%, 09/01/2025 <sup>(2)</sup> | 7075 | 7099 |
|  5.25%, 09/01/2026 <sup>(2)</sup> | 30000 | 30823 |
|  5.25%, 06/15/2036 | 1945 | 2141 |
|  5.50%, 06/15/2030 | 2000 | 2082 |
|  5.63%, 11/15/2030 | 750 | 750 |
|  New Jersey Educational Facilities Authority |  |  |
|  5.00%, 03/01/2044 | 2500 | 2620 |
|  5.00%, 07/01/2064 <sup>(1)</sup> | 24100 | 26956 |
|  New Jersey Health Care Facilities Financing Authority |  |  |
|  4.00%, 07/01/2038 | 1640 | 1534 |
|  4.00%, 07/01/2039 | 1705 | 1567 |
|  5.00%, 07/01/2028 | 155 | 158 |
|  5.00%, 09/15/2028 | 2030 | 2157 |
|  5.00%, 07/01/2029 | 26500 | 28616 |
|  5.00%, 09/15/2029 | 1645 | 1770 |
|  5.00%, 09/15/2031 | 985 | 1080 |
|  5.00%, 09/15/2033 | 1660 | 1833 |
|  5.00%, 09/15/2033 | 2785 | 3068 |
|  5.00%, 07/01/2034 | 23285 | 26126 |
|  5.00%, 07/01/2035 | 1415 | 1481 |
|  5.00%, 07/01/2036 | 1490 | 1550 |
|  5.00%, 07/01/2036 | 8000 | 8810 |
|  5.00%, 07/01/2037 | 1565 | 1618 |
|  5.00%, 07/01/2042 <sup>(1)</sup> | 2755 | 2755 |
|  5.00%, 07/01/2043 | 5805 | 5763 |
|  5.00%, 07/01/2045 <sup>(1)</sup> | 3705 | 3770 |
|  New Jersey Higher Education Student Assistance Authority |  |  |
|  3.50%, 12/01/2031 | 1860 | 1863 |
|  4.25%, 12/01/2045 | 4500 | 4388 |
|  4.50%, 12/01/2045 | 16500 | 16345 |
|  5.00%, 12/01/2025 | 490 | 493 |
|  5.00%, 12/01/2025 | 535 | 539 |
|  5.00%, 12/01/2025 | 1000 | 1005 |
|  5.00%, 12/01/2025 | 2600 | 2615 |
|  5.00%, 12/01/2026 | 1330 | 1356 |
|  5.00%, 12/01/2026 | 1550 | 1580 |
|  5.00%, 12/01/2026 | 5150 | 5250 |
|  5.00%, 12/01/2027 | 1455 | 1499 |
|  5.00%, 12/01/2027 | 1470 | 1518 |
|  5.00%, 12/01/2027 | 2965 | 3055 |
|  5.00%, 12/01/2029 | 1565 | 1642 |
|  5.00%, 12/01/2029 | 6570 | 6892 |
|  5.00%, 12/01/2030 | 4805 | 5099 |
|  5.00%, 12/01/2033 | 965 | 1019 |
|  New Jersey Housing & Mortgage Finance Agency |  |  |
|  3.38%, 11/01/2027 | 1750 | 1750 |
|  3.38%, 11/01/2027 | 3250 | 3250 |
|  3.55%, 04/01/2027 | 1690 | 1697 |
|  3.65%, 04/01/2028 | 1215 | 1211 |
|  6.00%, 10/01/2055 | 3935 | 4250 |
|  6.50%, 04/01/2056 | 1000 | 1119 |
|  New Jersey Infrastructure Bank |  |  |
|  5.00%, 09/01/2025 | 1665 | 1670 |

---

The accompanying notes are an integral part of these financial statements.

329.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New Jersey – 3.75% – (continued)** |  |  |
|  New Jersey Transportation Trust Fund Authority |  |  |
|  0.00%, 12/15/2026 | $2600 | $2490 |
|  0.00%, 12/15/2027 | 3260 | 3026 |
|  0.00%, 12/15/2028 | 1020 | 916 |
|  0.00%, 12/15/2029 | 2115 | 1839 |
|  0.00%, 12/15/2030 | 3850 | 3206 |
|  0.00%, 12/15/2030 | 4070 | 3389 |
|  0.00%, 12/15/2031 | 1985 | 1587 |
|  0.00%, 12/15/2031 | 6275 | 5018 |
|  0.00%, 12/15/2033 | 5150 | 3767 |
|  4.00%, 06/15/2034 | 1920 | 1931 |
|  4.00%, 06/15/2037 | 2000 | 1937 |
|  4.00%, 06/15/2039 | 2800 | 2653 |
|  4.00%, 06/15/2040 | 1820 | 1711 |
|  5.00%, 12/15/2025 | 1255 | 1266 |
|  5.00%, 12/15/2026 | 2000 | 2062 |
|  5.00%, 06/15/2027 | 505 | 514 |
|  5.00%, 12/15/2028 | 5510 | 5885 |
|  5.00%, 06/15/2029 | 1200 | 1220 |
|  5.00%, 12/15/2029 | 820 | 888 |
|  5.00%, 06/15/2031 | 18265 | 18539 |
|  5.00%, 06/15/2032 | 1910 | 2112 |
|  5.00%, 06/15/2032 | 2725 | 2866 |
|  5.00%, 06/15/2032 | 7440 | 8125 |
|  5.00%, 12/15/2032 | 1940 | 2035 |
|  5.00%, 06/15/2033 | 5000 | 5539 |
|  5.00%, 06/15/2033 | 6385 | 6996 |
|  5.00%, 12/15/2033 | 595 | 627 |
|  5.00%, 12/15/2033 | 2200 | 2294 |
|  5.00%, 06/15/2034 | 1500 | 1637 |
|  5.00%, 06/15/2034 | 4040 | 4387 |
|  5.00%, 06/15/2034 | 4000 | 4428 |
|  5.00%, 06/15/2034 | 9000 | 9970 |
|  5.00%, 12/15/2034 | 650 | 674 |
|  5.00%, 06/15/2035 | 1280 | 1378 |
|  5.00%, 06/15/2036 | 1720 | 1870 |
|  5.00%, 06/15/2037 | 1470 | 1562 |
|  5.00%, 06/15/2037 | 2980 | 3156 |
|  5.00%, 06/15/2037 | 5000 | 5378 |
|  5.00%, 06/15/2038 | 4350 | 4612 |
|  5.00%, 06/15/2038 | 5000 | 5279 |
|  5.00%, 06/15/2038 | 5500 | 5863 |
|  5.00%, 06/15/2038 | 12395 | 13204 |
|  5.00%, 06/15/2040 | 2040 | 2094 |
|  5.00%, 06/15/2041 | 4000 | 4139 |
|  5.00%, 06/15/2042 | 14135 | 14562 |
|  5.25%, 06/15/2036 | 2000 | 2182 |
|  5.25%, 06/15/2039 | 5000 | 5329 |
|  5.25%, 06/15/2041 | 5000 | 5251 |
|  5.25%, 06/15/2041 | 8255 | 8759 |
|  New Jersey Turnpike Authority |  |  |
|  4.00%, 01/01/2035 | 2035 | 2125 |
|  5.00%, 01/01/2028 | 2540 | 2614 |
|  5.00%, 01/01/2028 | 4895 | 5163 |
|  5.00%, 01/01/2030 | 4045 | 4411 |
|  5.00%, 01/01/2030 | 4945 | 5393 |
|  5.00%, 01/01/2031 | 3980 | 4398 |
|  5.00%, 01/01/2032 | 9870 | 11014 |

---

The accompanying notes are an integral part of these financial statements.

330.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New Jersey – 3.75% – (continued)** |  |  |
|  5.00%, 01/01/2033 | $4070 | $4571 |
|  5.00%, 01/01/2033 | 5195 | 5835 |
|  5.00%, 01/01/2034 | 1825 | 2033 |
|  5.00%, 01/01/2034 | 2445 | 2756 |
|  5.00%, 01/01/2034 | 3540 | 3991 |
|  5.00%, 01/01/2035 | 1010 | 1139 |
|  5.00%, 01/01/2042 | 3995 | 4190 |
|  5.00%, 01/01/2042 | 10950 | 11430 |
|  5.00%, 01/01/2043 | 4195 | 4379 |
|  5.00%, 01/01/2044 | 5595 | 5815 |
|  5.00%, 01/01/2045 | 19350 | 20072 |
|  Passaic County Improvement Authority |  |  |
|  4.13%, 07/01/2033 | 1000 | 1001 |
|  Sayreville School District |  |  |
|  4.00%, 01/15/2036 | 5530 | 5704 |
|  South Jersey Transportation Authority |  |  |
|  5.00%, 11/01/2027 | 500 | 524 |
|  5.00%, 11/01/2030 | 1000 | 1091 |
|  5.00%, 11/01/2031 | 1000 | 1100 |
|  State of New Jersey |  |  |
|  2.00%, 06/01/2034 | 1160 | 963 |
|  2.00%, 06/01/2036 | 1770 | 1372 |
|  4.00%, 06/01/2031 | 3145 | 3326 |
|  4.00%, 06/01/2032 | 470 | 497 |
|  5.00%, 06/01/2026 | 13725 | 14012 |
|  5.00%, 06/01/2029 | 2095 | 2270 |
|  5.00%, 06/01/2040 | 2220 | 2311 |
|  Tobacco Settlement Financing Corp. |  |  |
|  5.00%, 06/01/2046 | 1905 | 1835 |
|  Township of Freehold NJ |  |  |
|  2.00%, 10/15/2032 | 1320 | 1140 |
|  2.00%, 10/15/2037 | 1290 | 1011 |
|  Township of Stafford NJ |  |  |
|  2.00%, 10/01/2037 | 2195 | 1687 |
|  Total New Jersey | Total New Jersey | 648917 |
| **New Mexico – 0.28%** |  |  |
|  Albuquerque Bernalillo County Water Utility Authority |  |  |
|  5.00%, 07/01/2027 | 2400 | 2445 |
|  5.00%, 07/01/2028 | 1700 | 1731 |
|  City of Farmington NM |  |  |
|  2.15%, 04/01/2033 | 3000 | 2518 |
|  3.88%, 06/01/2040 <sup>(1)</sup> | 7000 | 7098 |
|  New Mexico Educational Assistance Foundation |  |  |
|  5.00%, 09/01/2026 | 1530 | 1553 |
|  5.00%, 09/01/2027 | 2130 | 2188 |
|  New Mexico Hospital Equipment Loan Council |  |  |
|  4.00%, 08/01/2036 | 1130 | 1104 |
|  5.00%, 08/01/2049 <sup>(1)</sup> | 2360 | 2363 |
|  New Mexico Mortgage Finance Authority |  |  |
|  3.00%, 07/01/2052 | 5725 | 5619 |
|  3.75%, 01/01/2050 | 330 | 330 |
|  4.25%, 07/01/2049 | 1010 | 1018 |
|  New Mexico Municipal Energy Acquisition Authority |  |  |
|  5.00%, 06/01/2054 <sup>(1)</sup> | 15750 | 16693 |

---

The accompanying notes are an integral part of these financial statements.

331.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New Mexico – 0.28% – (continued)** |  |  |
|  Silver City Consolidated School District No 1 |  |  |
|  4.00%, 08/01/2040 | $740 | $677 |
|  5.00%, 08/01/2026 | 2500 | 2546 |
|  Total New Mexico | Total New Mexico | 47883 |
| **New York – 9.89%** |  |  |
|  Albany County Airport Authority |  |  |
|  5.00%, 12/15/2043 | 1500 | 1506 |
|  Build NYC Resource Corp. |  |  |
|  5.50%, 07/01/2043 | 1230 | 1288 |
|  City of Amsterdam NY |  |  |
|  4.75%, 03/04/2026 | 3758 | 3771 |
|  City of New York NY |  |  |
|  3.00%, 08/01/2036 | 2500 | 2245 |
|  3.90%, 10/01/2046 <sup>(1)</sup> | 7935 | 7935 |
|  4.00%, 10/01/2035 | 905 | 906 |
|  4.00%, 08/01/2037 | 2500 | 2486 |
|  4.00%, 03/01/2040 | 5870 | 5573 |
|  4.00%, 08/01/2040 | 3305 | 3135 |
|  4.00%, 03/01/2042 | 530 | 494 |
|  5.00%, 08/01/2026 | 2575 | 2639 |
|  5.00%, 09/01/2026 | 5000 | 5133 |
|  5.00%, 08/01/2027 | 5510 | 5778 |
|  5.00%, 09/01/2027 | 10000 | 10505 |
|  5.00%, 08/01/2028 | 400 | 405 |
|  5.00%, 08/01/2028 | 700 | 716 |
|  5.00%, 08/01/2028 | 3975 | 3982 |
|  5.00%, 08/01/2032 | 10000 | 11202 |
|  5.00%, 11/01/2032 | 2200 | 2400 |
|  5.00%, 08/01/2033 | 1000 | 1108 |
|  5.00%, 08/01/2033 | 7000 | 7885 |
|  5.00%, 01/01/2034 | 1575 | 1657 |
|  5.00%, 08/01/2034 | 1690 | 1816 |
|  5.00%, 12/01/2034 | 5000 | 5105 |
|  5.00%, 05/01/2035 | 585 | 637 |
|  5.00%, 06/01/2035 | 10 | 10 |
|  5.00%, 02/01/2036 | 2505 | 2797 |
|  5.00%, 03/01/2038 | 2250 | 2353 |
|  5.00%, 09/01/2038 | 2200 | 2334 |
|  5.00%, 09/01/2039 | 13195 | 13913 |
|  5.00%, 08/01/2041 | 4000 | 4195 |
|  5.00%, 08/01/2041 | 4750 | 4868 |
|  5.00%, 09/01/2041 | 4880 | 5155 |
|  5.00%, 03/01/2042 | 3270 | 3416 |
|  5.00%, 09/01/2044 | 3245 | 3360 |
|  5.00%, 08/01/2047 | 770 | 781 |
|  5.00%, 09/01/2047 | 4200 | 4296 |
|  5.25%, 09/01/2040 | 6500 | 6937 |
|  5.25%, 10/01/2040 | 2275 | 2429 |
|  5.25%, 09/01/2041 | 10355 | 10974 |
|  5.25%, 02/01/2045 | 3300 | 3491 |
|  5.25%, 03/01/2047 | 2165 | 2252 |
|  5.25%, 10/01/2047 | 2750 | 2839 |
|  5.25%, 03/01/2049 | 1620 | 1680 |
|  City of Yonkers NY |  |  |
|  5.00%, 09/01/2025 | 1015 | 1018 |

---

The accompanying notes are an integral part of these financial statements.

332.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  Clinton County Capital Resource Corp. |  |  |
|  4.50%, 07/01/2040 <sup>(2)</sup> | $1145 | $1121 |
|  5.00%, 07/01/2046 <sup>(2)</sup> | 1000 | 960 |
|  County of Nassau NY |  |  |
|  5.00%, 04/01/2038 | 4265 | 4384 |
|  5.00%, 04/01/2041 | 1500 | 1591 |
|  County of Suffolk NY |  |  |
|  4.00%, 02/01/2028 | 1865 | 1935 |
|  5.00%, 10/01/2025 | 810 | 814 |
|  5.00%, 10/01/2026 | 415 | 428 |
|  5.00%, 06/15/2029 | 985 | 1074 |
|  Empire State Development Corp. |  |  |
|  3.00%, 03/15/2048 | 1000 | 721 |
|  4.00%, 03/15/2038 | 12175 | 11948 |
|  4.00%, 03/15/2045 | 790 | 706 |
|  5.00%, 03/15/2036 | 2090 | 2216 |
|  5.00%, 03/15/2037 | 8135 | 8516 |
|  5.00%, 03/15/2038 | 1275 | 1310 |
|  Genesee County Funding Corp. |  |  |
|  5.00%, 12/01/2031 | 375 | 404 |
|  5.00%, 12/01/2032 | 460 | 496 |
|  5.00%, 12/01/2033 | 750 | 803 |
|  5.00%, 12/01/2034 | 700 | 744 |
|  5.00%, 12/01/2035 | 540 | 569 |
|  Hempstead Town Local Development Corp. |  |  |
|  5.53%, 02/01/2040 | 3500 | 3222 |
|  5.89%, 02/01/2032 | 1250 | 1260 |
|  6.24%, 02/01/2047 | 1000 | 950 |
|  6.47%, 02/01/2033 | 1000 | 1026 |
|  Hudson Yards Infrastructure Corp. |  |  |
|  4.00%, 02/15/2038 | 8720 | 8704 |
|  4.00%, 02/15/2044 | 18870 | 16817 |
|  4.00%, 02/15/2047 | 2230 | 1970 |
|  5.00%, 02/15/2032 | 2325 | 2393 |
|  5.00%, 02/15/2035 | 1700 | 1740 |
|  5.00%, 02/15/2042 | 2000 | 2012 |
|  5.00%, 02/15/2045 | 5000 | 5010 |
|  Long Island Power Authority |  |  |
|  0.85%, 09/01/2050 <sup>(1)</sup> | 16125 | 16037 |
|  1.00%, 09/01/2025 | 9250 | 9201 |
|  1.50%, 09/01/2051 <sup>(1)</sup> | 11725 | 11461 |
|  3.00%, 09/01/2049 <sup>(1)</sup> | 9480 | 9125 |
|  5.00%, 09/01/2025 | 1000 | 1003 |
|  5.00%, 09/01/2026 | 2000 | 2057 |
|  5.00%, 09/01/2031 | 2185 | 2231 |
|  5.00%, 09/01/2033 | 600 | 672 |
|  5.00%, 09/01/2034 | 650 | 722 |
|  5.00%, 09/01/2039 | 1750 | 1872 |
|  5.00%, 09/01/2040 | 1915 | 2032 |
|  5.00%, 09/01/2052 <sup>(1)</sup> | 16450 | 16955 |
|  Metropolitan Transportation Authority |  |  |
|  0.00%, 11/15/2033 | 1600 | 1161 |
|  4.00%, 11/15/2045 | 5560 | 4782 |
|  4.00%, 11/15/2046 | 2545 | 2169 |
|  5.00%, 11/15/2025 | 1155 | 1163 |
|  5.00%, 11/15/2026 | 1600 | 1645 |
|  5.00%, 11/15/2026 | 2350 | 2416 |
|  5.00%, 11/15/2028 | 2970 | 3110 |

---

The accompanying notes are an integral part of these financial statements.

333.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.00%, 11/15/2028 | $4000 | $4259 |
|  5.00%, 11/15/2029 | 2220 | 2231 |
|  5.00%, 11/15/2030 | 730 | 760 |
|  5.00%, 11/15/2031 | 1055 | 1079 |
|  5.00%, 11/15/2033 | 1025 | 1027 |
|  5.00%, 11/15/2033 | 1715 | 1770 |
|  5.00%, 11/15/2033 | 3645 | 3762 |
|  5.00%, 11/15/2033 | 6000 | 6028 |
|  5.00%, 11/15/2034 | 7500 | 7712 |
|  5.00%, 11/15/2034 | 11735 | 12206 |
|  5.00%, 11/15/2035 | 1750 | 1752 |
|  5.00%, 11/15/2037 | 1500 | 1525 |
|  5.00%, 11/15/2038 | 7255 | 7532 |
|  5.00%, 11/15/2047 | 2715 | 2726 |
|  5.25%, 11/15/2049 | 4470 | 4566 |
|  Metropolitan Transportation Authority Dedicated Tax Fund |  |  |
|  5.00%, 11/15/2034 | 275 | 305 |
|  5.00%, 11/15/2036 | 820 | 831 |
|  MTA Hudson Rail Yards Trust Obligations |  |  |
|  5.00%, 11/15/2051 | 1500 | 1500 |
|  5.00%, 11/15/2056 | 4380 | 4373 |
|  New York City Housing Development Corp. |  |  |
|  0.90%, 11/01/2060 <sup>(1)</sup> | 24505 | 24147 |
|  1.50%, 11/01/2041 | 4480 | 3114 |
|  2.25%, 11/01/2036 | 835 | 663 |
|  2.40%, 08/01/2040 | 2430 | 1711 |
|  3.05%, 11/01/2032 | 2000 | 1932 |
|  3.40%, 11/01/2062 <sup>(1)</sup> | 4380 | 4380 |
|  3.40%, 11/01/2064 <sup>(1)</sup> | 3500 | 3489 |
|  3.63%, 11/01/2063 <sup>(1)</sup> | 8310 | 8381 |
|  3.70%, 05/01/2064 <sup>(1)</sup> | 14330 | 14526 |
|  3.75%, 05/01/2065 <sup>(1)</sup> | 10225 | 10293 |
|  3.80%, 11/01/2063 <sup>(1)</sup> | 1575 | 1593 |
|  4.30%, 11/01/2063 <sup>(1)</sup> | 5675 | 5786 |
|  5.00%, 05/01/2026 | 110 | 112 |
|  5.00%, 05/01/2027 | 600 | 621 |
|  5.00%, 11/01/2027 | 855 | 893 |
|  5.00%, 05/01/2028 | 875 | 922 |
|  5.00%, 11/01/2028 | 600 | 635 |
|  5.00%, 05/01/2029 | 300 | 320 |
|  5.00%, 11/01/2029 | 875 | 936 |
|  5.00%, 11/01/2030 | 500 | 539 |
|  New York City Municipal Water Finance Authority |  |  |
|  4.00%, 06/15/2039 | 5000 | 4895 |
|  4.50%, 06/15/2032 | 19680 | 19911 |
|  5.00%, 06/15/2029 | 1100 | 1156 |
|  5.00%, 06/15/2035 | 9025 | 9067 |
|  5.00%, 06/15/2037 | 2185 | 2435 |
|  5.00%, 06/15/2037 | 5000 | 5548 |
|  5.00%, 06/15/2037 | 13000 | 13277 |
|  5.00%, 06/15/2038 | 3000 | 3055 |
|  5.00%, 06/15/2040 | 1130 | 1166 |
|  5.00%, 06/15/2040 | 2115 | 2175 |
|  5.00%, 06/15/2040 | 2200 | 2239 |
|  5.00%, 06/15/2040 | 5000 | 5088 |
|  5.00%, 06/15/2046 | 13000 | 13402 |
|  5.00%, 06/15/2049 | 3375 | 3410 |

---

The accompanying notes are an integral part of these financial statements.

334.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.50%, 06/15/2038 | $1795 | $2045 |
|  5.50%, 06/15/2039 | 6325 | 7147 |
|  New York City Transitional Finance Authority |  |  |
|  5.00%, 11/01/2032 | 2000 | 2254 |
|  5.00%, 11/01/2032 | 3000 | 3381 |
|  5.00%, 11/01/2034 | 6205 | 7020 |
|  5.00%, 11/01/2035 | 2260 | 2528 |
|  5.00%, 11/01/2035 | 5090 | 5722 |
|  5.00%, 11/01/2038 | 4000 | 4349 |
|  5.00%, 02/01/2041 | 4465 | 4710 |
|  5.00%, 05/01/2041 | 930 | 982 |
|  5.00%, 05/01/2041 | 2000 | 2117 |
|  5.00%, 05/01/2041 | 6500 | 6882 |
|  5.00%, 02/01/2042 | 2120 | 2217 |
|  5.00%, 05/01/2042 | 4445 | 4660 |
|  5.00%, 05/01/2042 | 6000 | 6290 |
|  5.00%, 11/01/2042 | 10250 | 10767 |
|  5.00%, 05/01/2043 | 805 | 838 |
|  5.00%, 05/01/2043 | 5000 | 5179 |
|  5.00%, 05/01/2044 | 7315 | 7585 |
|  5.00%, 05/01/2046 | 7500 | 7672 |
|  5.00%, 11/01/2046 | 3000 | 3091 |
|  5.00%, 05/01/2048 | 1915 | 1956 |
|  5.25%, 11/01/2045 | 7590 | 8007 |
|  5.25%, 05/01/2048 | 2660 | 2773 |
|  5.25%, 05/01/2048 | 4000 | 4150 |
|  5.50%, 05/01/2041 | 8000 | 8677 |
|  5.50%, 05/01/2047 | 1750 | 1851 |
|  5.50%, 11/01/2049 | 3000 | 3192 |
|  New York City Transitional Finance Authority Building Aid Revenue |  |  |
|  5.00%, 07/15/2026 | 1995 | 2044 |
|  5.00%, 07/15/2027 | 1940 | 2033 |
|  5.00%, 07/15/2034 | 5000 | 5208 |
|  5.00%, 07/15/2035 | 10000 | 10090 |
|  5.00%, 07/15/2036 | 3005 | 3104 |
|  5.00%, 07/15/2037 | 1905 | 1961 |
|  5.00%, 07/15/2040 | 2750 | 2750 |
|  5.00%, 07/15/2043 | 3240 | 3252 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
|  3.00%, 11/01/2037 | 9000 | 7900 |
|  3.00%, 11/01/2039 | 1975 | 1656 |
|  4.00%, 05/01/2036 | 2000 | 2006 |
|  4.00%, 02/01/2038 | 9675 | 9545 |
|  4.00%, 05/01/2038 | 26755 | 26284 |
|  4.00%, 05/01/2039 | 5000 | 4861 |
|  4.00%, 05/01/2043 | 785 | 717 |
|  5.00%, 05/01/2033 | 2535 | 2646 |
|  5.00%, 08/01/2034 | 700 | 730 |
|  5.00%, 11/01/2034 | 2300 | 2521 |
|  5.00%, 08/01/2035 | 1600 | 1662 |
|  5.00%, 08/01/2035 | 11400 | 11419 |
|  5.00%, 05/01/2036 | 1750 | 1808 |
|  5.00%, 11/01/2036 | 350 | 378 |
|  5.00%, 11/01/2037 | 4165 | 4491 |
|  5.00%, 11/01/2038 | 2455 | 2461 |
|  5.00%, 02/01/2039 | 8000 | 8464 |
|  5.00%, 05/01/2039 | 4430 | 4536 |

---

The accompanying notes are an integral part of these financial statements.

335.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.00%, 02/01/2041 | $5000 | $5216 |
|  5.00%, 05/01/2042 | 4250 | 4277 |
|  5.00%, 08/01/2042 | 2750 | 2792 |
|  5.25%, 11/01/2037 | 3750 | 4086 |
|  5.25%, 11/01/2037 | 7000 | 7628 |
|  5.50%, 11/01/2045 | 6000 | 6349 |
|  New York Convention Center Development Corp. |  |  |
|  5.00%, 11/15/2033 | 3000 | 3013 |
|  5.00%, 11/15/2040 | 1085 | 1086 |
|  New York Liberty Development Corp. |  |  |
|  2.50%, 11/15/2036 | 2600 | 2109 |
|  2.75%, 11/15/2041 | 14370 | 10634 |
|  4.00%, 02/15/2043 | 3550 | 3267 |
|  4.00%, 02/15/2043 | 4250 | 3912 |
|  5.00%, 11/15/2044 <sup>(2)</sup> | 5195 | 5077 |
|  New York Power Authority |  |  |
|  5.00%, 11/15/2028 | 3000 | 3249 |
|  5.00%, 11/15/2037 | 1000 | 1101 |
|  5.25%, 11/15/2040 | 1000 | 1095 |
|  New York State Bridge Authority |  |  |
|  5.00%, 01/01/2035 | 565 | 609 |
|  5.00%, 01/01/2036 | 475 | 508 |
|  5.00%, 01/01/2037 | 535 | 566 |
|  New York State Dormitory Authority |  |  |
|  3.00%, 03/15/2041 | 3860 | 3091 |
|  4.00%, 03/15/2037 | 3030 | 3017 |
|  4.00%, 03/15/2038 | 5 | 5 |
|  4.00%, 03/15/2039 | 1200 | 1165 |
|  4.00%, 03/15/2040 | 5000 | 4761 |
|  4.00%, 03/15/2042 | 20445 | 18963 |
|  4.00%, 03/15/2043 | 5 | 5 |
|  4.00%, 03/15/2043 | 5 | 5 |
|  4.00%, 03/15/2043 | 3990 | 3659 |
|  4.00%, 03/15/2045 | 1150 | 1036 |
|  5.00%, 07/01/2025 | 5 | 5 |
|  5.00%, 07/01/2025 | 5 | 5 |
|  5.00%, 07/01/2027 | 200 | 202 |
|  5.00%, 07/01/2028 | 110 | 111 |
|  5.00%, 10/01/2029 | 1750 | 1853 |
|  5.00%, 10/01/2030 | 1910 | 1996 |
|  5.00%, 03/15/2032 | 3000 | 3188 |
|  5.00%, 03/15/2033 | 2335 | 2594 |
|  5.00%, 03/15/2033 | 4000 | 4077 |
|  5.00%, 07/01/2034 | 410 | 388 |
|  5.00%, 10/01/2034 | 1375 | 1468 |
|  5.00%, 10/01/2034 | 3745 | 3926 |
|  5.00%, 03/15/2035 | 8525 | 8679 |
|  5.00%, 03/15/2036 | 3500 | 3788 |
|  5.00%, 07/01/2036 | 735 | 677 |
|  5.00%, 07/15/2037 | 700 | 721 |
|  5.00%, 10/01/2037 | 1700 | 1754 |
|  5.00%, 10/01/2037 | 5000 | 5283 |
|  5.00%, 10/01/2038 | 1500 | 1614 |
|  5.00%, 10/01/2038 | 7200 | 7785 |
|  5.00%, 02/15/2039 | 2995 | 3066 |
|  5.00%, 07/01/2039 | 1445 | 1527 |
|  5.00%, 03/15/2040 | 5 | 6 |

---

The accompanying notes are an integral part of these financial statements.

336.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.00%, 03/15/2040 | $12995 | $13757 |
|  5.00%, 03/15/2040 | 20730 | 21127 |
|  5.00%, 03/15/2041 | 1065 | 1108 |
|  5.00%, 03/15/2041 | 1335 | 1362 |
|  5.00%, 03/15/2041 | 6720 | 6830 |
|  5.00%, 03/15/2041 | 7000 | 7453 |
|  5.00%, 03/15/2041 | 8615 | 9080 |
|  5.00%, 03/15/2042 | 11700 | 12331 |
|  5.00%, 03/15/2042 | 12085 | 12636 |
|  5.00%, 03/15/2042 | 15000 | 15748 |
|  5.00%, 07/01/2042 | 8500 | 8709 |
|  5.00%, 03/15/2044 | 6070 | 6281 |
|  5.00%, 03/15/2045 | 4350 | 4389 |
|  5.00%, 03/15/2047 | 10000 | 10232 |
|  5.00%, 05/01/2048 <sup>(1)</sup> | 1040 | 1044 |
|  5.25%, 07/01/2041 | 805 | 851 |
|  5.25%, 10/01/2041 | 1500 | 1608 |
|  5.25%, 07/01/2042 | 1000 | 1046 |
|  5.25%, 10/01/2042 | 1230 | 1307 |
|  5.25%, 10/01/2043 | 1625 | 1717 |
|  5.25%, 03/15/2052 | 2180 | 2254 |
|  5.50%, 07/01/2043 | 845 | 894 |
|  5.50%, 07/01/2044 | 1750 | 1847 |
|  5.50%, 07/01/2045 | 750 | 788 |
|  New York State Environmental Facilities Corp. |  |  |
|  5.00%, 06/15/2033 | 6000 | 6112 |
|  5.00%, 06/15/2036 | 5410 | 5568 |
|  5.25%, 06/15/2053 | 3765 | 3950 |
|  New York State Housing Finance Agency |  |  |
|  0.65%, 11/01/2056 <sup>(1)</sup> | 1920 | 1897 |
|  0.75%, 11/01/2025 | 150 | 148 |
|  1.10%, 11/01/2061 <sup>(1)</sup> | 11875 | 11324 |
|  2.50%, 11/01/2060 <sup>(1)</sup> | 4720 | 4651 |
|  3.35%, 06/15/2054 <sup>(1)</sup> | 3425 | 3422 |
|  3.45%, 06/15/2054 <sup>(1)</sup> | 3000 | 3004 |
|  3.60%, 11/01/2044 <sup>(1)</sup> | 2100 | 2098 |
|  3.60%, 11/01/2063 <sup>(1)</sup> | 20000 | 20089 |
|  3.60%, 11/01/2064 <sup>(1)</sup> | 7000 | 7014 |
|  3.80%, 11/01/2062 <sup>(1)</sup> | 7985 | 7988 |
|  3.88%, 11/01/2063 <sup>(1)</sup> | 1150 | 1154 |
|  New York State Thruway Authority |  |  |
|  4.00%, 03/15/2043 | 9000 | 8181 |
|  5.00%, 03/15/2034 | 2750 | 3056 |
|  5.00%, 03/15/2038 | 10260 | 11022 |
|  5.00%, 03/15/2042 | 5615 | 5838 |
|  New York Transportation Development Corp. |  |  |
|  4.00%, 10/01/2030 | 3860 | 3793 |
|  4.00%, 01/01/2036 | 2785 | 2612 |
|  4.00%, 12/01/2039 | 450 | 422 |
|  4.00%, 12/01/2040 | 500 | 464 |
|  4.00%, 12/01/2041 | 450 | 410 |
|  4.38%, 10/01/2045 | 10525 | 9385 |
|  5.00%, 12/01/2028 | 400 | 420 |
|  5.00%, 12/01/2028 | 1300 | 1376 |
|  5.00%, 01/01/2029 | 2080 | 2129 |
|  5.00%, 12/01/2029 | 300 | 322 |
|  5.00%, 12/01/2029 | 7000 | 7416 |
|  5.00%, 12/01/2030 | 250 | 271 |

---

The accompanying notes are an integral part of these financial statements.

337.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.00%, 12/01/2031 | $300 | $324 |
|  5.00%, 01/01/2032 | 1300 | 1324 |
|  5.00%, 12/01/2032 | 375 | 403 |
|  5.00%, 12/01/2032 | 2355 | 2523 |
|  5.00%, 01/01/2033 | 5500 | 5589 |
|  5.00%, 12/01/2033 | 985 | 1052 |
|  5.00%, 12/01/2033 | 3650 | 3877 |
|  5.00%, 12/01/2034 | 500 | 531 |
|  5.00%, 12/01/2034 | 1350 | 1404 |
|  5.00%, 12/01/2034 | 3990 | 4202 |
|  5.00%, 12/01/2035 | 500 | 528 |
|  5.00%, 12/01/2035 | 800 | 826 |
|  5.00%, 12/01/2035 | 2335 | 2435 |
|  5.00%, 12/01/2036 | 550 | 577 |
|  5.00%, 12/01/2036 | 1360 | 1406 |
|  5.00%, 12/01/2037 | 600 | 626 |
|  5.00%, 12/01/2037 | 3625 | 3716 |
|  5.00%, 12/01/2038 | 500 | 518 |
|  5.00%, 12/01/2039 | 2420 | 2443 |
|  5.00%, 07/01/2041 | 2300 | 2300 |
|  5.00%, 07/01/2046 | 42280 | 40933 |
|  5.25%, 06/30/2037 | 1500 | 1582 |
|  5.25%, 06/30/2038 | 3200 | 3341 |
|  5.25%, 06/30/2039 | 1400 | 1492 |
|  5.25%, 06/30/2040 | 3085 | 3171 |
|  5.50%, 06/30/2039 | 2000 | 2096 |
|  6.00%, 04/01/2035 | 15335 | 16681 |
|  Niagara Area Development Corp. |  |  |
|  5.00%, 07/01/2052 | 1000 | 921 |
|  Oneida County Local Development Corp. |  |  |
|  5.00%, 12/01/2025 | 320 | 320 |
|  5.00%, 12/01/2027 | 1425 | 1437 |
|  5.00%, 12/01/2028 | 1000 | 1009 |
|  Onondaga Civic Development Corp. |  |  |
|  5.00%, 12/01/2033 | 1000 | 1083 |
|  5.00%, 12/01/2038 | 1000 | 1098 |
|  5.00%, 12/01/2040 | 305 | 329 |
|  5.00%, 12/01/2041 | 700 | 747 |
|  5.25%, 12/01/2042 | 1000 | 1078 |
|  Port Authority of New York & New Jersey |  |  |
|  2.00%, 10/01/2033 | 7070 | 5640 |
|  3.00%, 12/01/2032 | 5000 | 4930 |
|  4.00%, 07/15/2036 | 2180 | 2171 |
|  5.00%, 10/15/2028 | 9085 | 9121 |
|  5.00%, 07/15/2031 | 4000 | 4255 |
|  5.00%, 10/15/2031 | 5000 | 5011 |
|  5.00%, 09/15/2032 | 2925 | 3015 |
|  5.00%, 10/15/2033 | 6000 | 6103 |
|  5.00%, 11/15/2033 | 5660 | 5740 |
|  5.00%, 08/01/2034 | 7415 | 7911 |
|  5.00%, 10/15/2034 | 2475 | 2512 |
|  5.00%, 01/15/2035 | 150 | 167 |
|  5.00%, 01/15/2036 | 200 | 221 |
|  5.00%, 04/01/2036 | 4135 | 4177 |
|  5.00%, 11/15/2037 | 3125 | 3205 |
|  5.00%, 01/15/2039 | 360 | 370 |
|  5.00%, 01/15/2039 | 450 | 484 |
|  5.00%, 01/15/2040 | 500 | 532 |

---

The accompanying notes are an integral part of these financial statements.

338.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.00%, 01/15/2041 | $475 | $500 |
|  5.00%, 10/15/2041 | 3240 | 3244 |
|  5.00%, 11/15/2041 | 1550 | 1562 |
|  5.00%, 01/15/2043 | 2850 | 2997 |
|  5.25%, 08/01/2040 | 2000 | 2097 |
|  5.50%, 08/01/2041 | 11255 | 11916 |
|  Riverhead Industrial Development Agency |  |  |
|  4.00%, 08/01/2030 | 1170 | 1174 |
|  4.50%, 08/01/2035 | 970 | 975 |
|  St Lawrence County Industrial Development Agency |  |  |
|  4.60%, 09/01/2042 <sup>(1)</sup> | 3000 | 2915 |
|  5.00%, 07/01/2032 | 350 | 386 |
|  5.00%, 07/01/2034 | 350 | 376 |
|  5.00%, 07/01/2036 | 840 | 887 |
|  5.00%, 07/01/2037 | 880 | 920 |
|  State of New York Mortgage Agency Homeowner Mortgage Revenue |  |  |
|  2.20%, 10/01/2029 | 1000 | 934 |
|  2.35%, 04/01/2031 | 1835 | 1679 |
|  3.25%, 10/01/2051 | 4660 | 4608 |
|  4.25%, 10/01/2047 | 900 | 905 |
|  Suffolk County Economic Development Corp. |  |  |
|  5.38%, 11/01/2054 <sup>(2)</sup> | 1210 | 953 |
|  Town of Oyster Bay NY |  |  |
|  2.00%, 03/01/2033 | 1415 | 1207 |
|  Town of Watertown NY |  |  |
|  5.25%, 04/09/2026 | 2000 | 2005 |
|  Triborough Bridge & Tunnel Authority |  |  |
|  2.00%, 05/15/2045 <sup>(1)</sup> | 2425 | 2304 |
|  2.00%, 05/15/2045 <sup>(1)</sup> | 6375 | 6080 |
|  4.00%, 11/15/2033 | 570 | 600 |
|  4.00%, 11/15/2034 | 115 | 120 |
|  4.00%, 05/15/2040 | 1250 | 1207 |
|  5.00%, 03/15/2027 | 22510 | 23346 |
|  5.00%, 02/01/2028 | 20000 | 21179 |
|  5.00%, 03/01/2028 | 9740 | 10288 |
|  5.00%, 03/15/2029 | 12500 | 13522 |
|  5.00%, 11/15/2032 | 5920 | 6652 |
|  5.00%, 11/15/2033 | 6000 | 6568 |
|  5.00%, 11/15/2034 | 430 | 481 |
|  5.00%, 11/15/2034 | 4165 | 4335 |
|  5.00%, 11/15/2034 | 6250 | 7030 |
|  5.00%, 11/15/2035 | 3835 | 3942 |
|  5.00%, 11/15/2035 | 5000 | 5563 |
|  5.00%, 11/15/2036 | 5000 | 5504 |
|  5.00%, 11/15/2036 | 5865 | 6564 |
|  5.00%, 11/15/2036 | 7500 | 7691 |
|  5.00%, 11/15/2036 | 20000 | 22282 |
|  5.00%, 11/15/2037 | 4130 | 4498 |
|  5.00%, 11/15/2038 | 1000 | 1004 |
|  5.00%, 11/15/2038 | 3905 | 4209 |
|  5.00%, 05/15/2039 | 5000 | 5276 |
|  5.00%, 11/15/2039 | 3000 | 3175 |
|  5.00%, 11/15/2040 | 1000 | 1063 |
|  5.00%, 05/15/2041 | 5075 | 5267 |
|  5.00%, 11/15/2042 | 1910 | 1948 |
|  5.00%, 11/15/2042 | 2900 | 3008 |
|  5.00%, 11/15/2043 <sup>(1)</sup> | 9000 | 9058 |
|  5.00%, 11/15/2049 | 1340 | 1356 |

---

The accompanying notes are an integral part of these financial statements.

339.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **New York – 9.89% – (continued)** |  |  |
|  5.00%, 05/15/2051 <sup>(1)</sup> | $1900 | $1930 |
|  5.25%, 05/15/2041 | 1895 | 2004 |
|  5.25%, 05/15/2052 | 4870 | 5008 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |  |
|  5.00%, 05/15/2040 | 340 | 362 |
|  Utility Debt Securitization Authority |  |  |
|  5.00%, 12/15/2033 | 1000 | 1007 |
|  5.00%, 12/15/2040 | 5000 | 5098 |
|  5.00%, 12/15/2041 | 7800 | 8400 |
|  Total New York | Total New York | 1712978 |
| **North Carolina – 1.12%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority |  |  |
|  5.00%, 01/15/2050 <sup>(1)</sup> | 1500 | 1593 |
|  City of Asheville NC |  |  |
|  5.00%, 04/01/2039 | 625 | 685 |
|  5.00%, 04/01/2040 | 1660 | 1800 |
|  5.00%, 04/01/2041 | 1000 | 1071 |
|  5.00%, 04/01/2042 | 1465 | 1551 |
|  5.00%, 04/01/2043 | 1525 | 1600 |
|  City of Charlotte NC |  |  |
|  4.00%, 06/01/2038 | 2450 | 2437 |
|  City of Charlotte NC Water & Sewer System Revenue |  |  |
|  5.00%, 07/01/2054 | 7065 | 7309 |
|  County of Alamance NC |  |  |
|  2.00%, 05/01/2034 | 1445 | 1201 |
|  2.00%, 05/01/2035 | 2000 | 1615 |
|  County of Forsyth NC |  |  |
|  1.63%, 03/01/2034 | 1010 | 812 |
|  County of Gaston NC |  |  |
|  5.00%, 03/01/2039 | 3625 | 3977 |
|  County of Johnston NC |  |  |
|  2.00%, 02/01/2034 | 1060 | 910 |
|  County of New Hanover NC |  |  |
|  5.00%, 10/01/2034 | 1000 | 1050 |
|  Cumberland County Industrial Facilities & Pollution Control Financing Authority |  |  |
|  3.75%, 12/01/2027 <sup>(1)</sup> | 15740 | 15747 |
|  Greater Asheville Regional Airport Authority |  |  |
|  5.00%, 07/01/2035 | 1750 | 1841 |
|  5.00%, 07/01/2036 | 1505 | 1572 |
|  5.00%, 07/01/2037 | 1520 | 1582 |
|  5.00%, 07/01/2037 | 1780 | 1845 |
|  5.25%, 07/01/2038 | 1200 | 1258 |
|  5.25%, 07/01/2040 | 500 | 520 |
|  5.25%, 07/01/2042 | 1000 | 1023 |
|  5.25%, 07/01/2042 | 1100 | 1120 |
|  5.25%, 07/01/2043 | 1850 | 1883 |
|  5.25%, 07/01/2048 | 1410 | 1430 |
|  Inlivian |  |  |
|  5.05%, 02/01/2043 | 2000 | 2024 |
|  North Carolina Capital Facilities Finance Agency |  |  |
|  5.00%, 05/01/2031 | 1000 | 1076 |
|  North Carolina Housing Finance Agency |  |  |
|  3.20%, 07/01/2056 <sup>(1)</sup> | 9870 | 9869 |
|  3.75%, 07/01/2052 | 2900 | 2905 |
|  4.00%, 01/01/2050 | 2580 | 2591 |
|  5.00%, 04/01/2029 <sup>(1)</sup> | 3841 | 4035 |
|  5.50%, 01/01/2054 | 7890 | 8411 |

---

The accompanying notes are an integral part of these financial statements.

340.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **North Carolina – 1.12% – (continued)** |  |  |
|  5.75%, 01/01/2054 | $9510 | $10111 |
|  6.00%, 07/01/2053 | 4170 | 4427 |
|  6.25%, 01/01/2055 | 3500 | 3876 |
|  6.25%, 01/01/2055 | 5425 | 5865 |
|  6.25%, 01/01/2055 | 7970 | 8641 |
|  6.25%, 07/01/2055 | 2695 | 2954 |
|  6.25%, 01/01/2056 | 3275 | 3663 |
|  6.50%, 01/01/2056 | 4695 | 5318 |
|  North Carolina Medical Care Commission |  |  |
|  2.55%, 06/01/2048 <sup>(1)</sup> | 3955 | 3931 |
|  3.00%, 02/01/2033 | 845 | 779 |
|  4.00%, 09/01/2034 | 2510 | 2448 |
|  4.05%, 01/01/2030 | 810 | 811 |
|  4.25%, 09/01/2028 | 550 | 550 |
|  5.00%, 03/01/2028 | 155 | 159 |
|  5.00%, 06/01/2038 | 6400 | 6903 |
|  5.00%, 02/01/2051 <sup>(1)</sup> | 1000 | 1009 |
|  5.00%, 06/01/2055 <sup>(1)</sup> | 4290 | 4623 |
|  North Carolina State Education Assistance Authority |  |  |
|  5.50%, 06/01/2029 | 1000 | 1064 |
|  5.50%, 06/01/2030 | 2390 | 2563 |
|  5.50%, 06/01/2033 | 3000 | 3257 |
|  North Carolina Turnpike Authority |  |  |
|  5.00%, 01/01/2028 | 1700 | 1776 |
|  5.00%, 01/01/2049 | 4030 | 4032 |
|  Raleigh Housing Authority |  |  |
|  5.00%, 08/01/2028 <sup>(1)</sup> | 265 | 275 |
|  5.00%, 08/01/2028 <sup>(1)</sup> | 350 | 364 |
|  State of North Carolina |  |  |
|  2.00%, 06/01/2030 | 2005 | 1877 |
|  2.00%, 03/01/2036 | 2230 | 1764 |
|  5.00%, 05/01/2026 | 4750 | 4841 |
|  5.00%, 05/01/2027 | 7500 | 7829 |
|  5.00%, 03/01/2036 | 3350 | 3762 |
|  5.00%, 03/01/2037 | 4515 | 5013 |
|  Winston-Salem State University |  |  |
|  5.00%, 06/01/2034 | 900 | 911 |
|  Total North Carolina | Total North Carolina | 193739 |
| **North Dakota – 0.37%** |  |  |
|  City of Grand Forks ND |  |  |
|  4.00%, 12/01/2037 | 675 | 647 |
|  4.00%, 12/01/2041 | 1830 | 1643 |
|  4.00%, 12/01/2046 | 1425 | 1205 |
|  5.00%, 12/01/2027 | 1110 | 1145 |
|  5.00%, 12/01/2028 | 1500 | 1563 |
|  5.00%, 12/01/2031 | 2650 | 2799 |
|  5.00%, 12/01/2034 | 725 | 786 |
|  5.00%, 12/01/2036 | 545 | 581 |
|  5.00%, 12/01/2038 | 500 | 523 |
|  5.00%, 12/01/2040 | 500 | 517 |
|  5.00%, 12/01/2042 | 500 | 509 |
|  City of Horace ND |  |  |
|  4.50%, 05/01/2039 | 2600 | 2502 |
|  City of Mayville ND |  |  |
|  5.00%, 05/01/2033 | 1445 | 1486 |
|  5.25%, 05/01/2038 | 1000 | 1001 |

---

The accompanying notes are an integral part of these financial statements.

341.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **North Dakota – 0.37% – (continued)** |  |  |
|  North Dakota Building Authority |  |  |
|  5.00%, 12/01/2038 | $2000 | $2089 |
|  North Dakota Housing Finance Agency |  |  |
|  3.00%, 07/01/2051 | 3885 | 3837 |
|  3.00%, 01/01/2052 | 1075 | 1060 |
|  3.25%, 01/01/2027 | 415 | 416 |
|  3.25%, 07/01/2027 | 1465 | 1471 |
|  3.30%, 07/01/2028 | 1580 | 1587 |
|  5.00%, 07/01/2042 | 2375 | 2444 |
|  5.75%, 01/01/2054 | 6335 | 6736 |
|  6.00%, 07/01/2055 | 3250 | 3585 |
|  6.25%, 01/01/2054 | 650 | 704 |
|  6.25%, 01/01/2055 | 1225 | 1357 |
|  North Dakota Public Finance Authority |  |  |
|  5.00%, 10/01/2032 | 4605 | 5211 |
|  5.00%, 10/01/2033 | 8765 | 9985 |
|  5.00%, 10/01/2042 | 2500 | 2643 |
|  Williston Basin School District No 7 |  |  |
|  4.13%, 08/01/2042 | 2340 | 2145 |
|  4.25%, 08/01/2044 | 2535 | 2316 |
|  Total North Dakota | Total North Dakota | 64493 |
| **Ohio – 1.96%** |  |  |
|  Akron Bath Copley Joint Township Hospital District |  |  |
|  4.00%, 11/15/2037 | 700 | 687 |
|  4.00%, 11/15/2038 | 450 | 439 |
|  5.25%, 11/15/2031 | 530 | 542 |
|  5.25%, 11/15/2032 | 645 | 658 |
|  5.25%, 11/15/2033 | 1770 | 1804 |
|  5.25%, 11/15/2046 | 1255 | 1257 |
|  American Municipal Power, Inc. |  |  |
|  4.00%, 02/15/2036 | 1975 | 1971 |
|  4.00%, 02/15/2038 | 1985 | 1907 |
|  5.00%, 02/15/2035 | 3285 | 3524 |
|  Bedford City School District |  |  |
|  5.50%, 12/01/2050 | 6000 | 6172 |
|  5.50%, 12/01/2055 | 7750 | 7946 |
|  Buckeye Tobacco Settlement Financing Authority |  |  |
|  3.00%, 06/01/2048 | 4100 | 2861 |
|  5.00%, 06/01/2027 | 1365 | 1398 |
|  5.00%, 06/01/2055 | 12305 | 10490 |
|  Chippewa Local School District |  |  |
|  5.00%, 12/01/2041 | 1170 | 1204 |
|  City of Cleveland OH Income Tax Revenue |  |  |
|  3.00%, 10/01/2036 | 500 | 453 |
|  3.00%, 10/01/2037 | 1000 | 888 |
|  City of Cuyahoga Falls OH |  |  |
|  5.00%, 10/29/2025 | 1955 | 1961 |
|  City of Martins Ferry OH |  |  |
|  4.25%, 12/16/2025 <sup>(2)</sup> | 1150 | 1153 |
|  City of Norwood OH |  |  |
|  5.00%, 12/01/2035 | 750 | 765 |
|  5.00%, 12/01/2041 | 500 | 488 |
|  City of Upper Arlington OH |  |  |
|  5.75%, 12/01/2042 | 500 | 503 |
|  Clear Fork Valley Local School District |  |  |
|  3.00%, 12/01/2036 | 1855 | 1578 |

---

The accompanying notes are an integral part of these financial statements.

342.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Ohio – 1.96% – (continued)** |  |  |
|  Clermont County Port Authority |  |  |
|  5.00%, 12/01/2029 | $750 | $755 |
|  5.00%, 12/01/2030 | 850 | 856 |
|  Cleveland Municipal School District |  |  |
|  5.00%, 12/01/2040 | 450 | 479 |
|  5.00%, 12/01/2041 | 700 | 737 |
|  5.00%, 12/01/2044 | 800 | 828 |
|  5.00%, 12/01/2045 | 575 | 593 |
|  5.00%, 12/01/2046 | 550 | 565 |
|  Columbus Regional Airport Authority |  |  |
|  5.00%, 01/01/2030 | 3000 | 3186 |
|  5.00%, 01/01/2031 | 4860 | 5194 |
|  5.00%, 01/01/2032 | 4485 | 4821 |
|  5.00%, 01/01/2033 | 4300 | 4624 |
|  5.00%, 01/01/2034 | 3120 | 3349 |
|  5.00%, 01/01/2036 | 2385 | 2529 |
|  5.25%, 01/01/2041 | 1510 | 1581 |
|  5.25%, 01/01/2042 | 10750 | 11162 |
|  5.25%, 01/01/2043 | 13450 | 13883 |
|  Columbus-Franklin County Finance Authority |  |  |
|  2.70%, 11/15/2033 | 550 | 488 |
|  4.82%, 11/01/2043 | 1000 | 999 |
|  5.00%, 12/01/2028 <sup>(1)</sup> | 2100 | 2194 |
|  5.13%, 01/01/2044 | 2800 | 2803 |
|  County of Allen OH Hospital Facilities Revenue |  |  |
|  4.00%, 12/01/2040 | 2000 | 1862 |
|  5.00%, 12/01/2029 | 585 | 631 |
|  5.00%, 11/01/2041 | 7250 | 7528 |
|  County of Fayette OH |  |  |
|  5.25%, 12/01/2049 | 1500 | 1519 |
|  5.25%, 12/01/2054 | 4000 | 4038 |
|  County of Franklin OH |  |  |
|  5.00%, 11/01/2048 | 4350 | 4467 |
|  5.80%, 05/20/2044 | 1150 | 1155 |
|  County of Hamilton OH |  |  |
|  5.00%, 11/15/2049 | 2540 | 2648 |
|  County of Lake OH |  |  |
|  5.00%, 12/01/2046 | 1890 | 1920 |
|  County of Montgomery OH |  |  |
|  5.00%, 08/01/2025 | 515 | 516 |
|  5.25%, 09/01/2044 | 500 | 513 |
|  5.25%, 09/01/2049 | 3500 | 3520 |
|  County of Muskingum OH |  |  |
|  5.00%, 02/15/2044 | 2480 | 2361 |
|  5.00%, 02/15/2048 | 1700 | 1588 |
|  County of Ross OH |  |  |
|  5.00%, 12/01/2039 | 1900 | 1922 |
|  County of Scioto OH |  |  |
|  5.00%, 02/15/2029 | 900 | 927 |
|  EHOVE Joint Vocational School District |  |  |
|  5.50%, 12/01/2055 | 2000 | 2062 |
|  Euclid City School District |  |  |
|  5.25%, 01/15/2044 | 3925 | 3945 |
|  Forest Hills Local School District |  |  |
|  5.00%, 12/01/2044 | 4725 | 4728 |
|  Franklin County Convention Facilities Authority |  |  |
|  5.00%, 12/01/2035 | 8000 | 8895 |
|  5.00%, 12/01/2036 | 8850 | 9747 |

---

The accompanying notes are an integral part of these financial statements.

343.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Ohio – 1.96% – (continued)** |  |  |
|  5.00%, 12/01/2037 | $9000 | $9811 |
|  5.00%, 12/01/2038 | 2795 | 3016 |
|  Lancaster Port Authority |  |  |
|  5.00%, 02/01/2055 <sup>(1)</sup> | 3500 | 3701 |
|  Miami University/Oxford OH |  |  |
|  4.00%, 09/01/2036 | 1000 | 1004 |
|  5.00%, 09/01/2030 | 475 | 523 |
|  5.00%, 09/01/2032 | 1000 | 1091 |
|  5.00%, 09/01/2034 | 700 | 710 |
|  North Olmsted City School District |  |  |
|  5.00%, 10/15/2048 | 1450 | 1464 |
|  Oberlin City School District |  |  |
|  5.00%, 11/01/2032 | 200 | 221 |
|  5.00%, 11/01/2033 | 405 | 449 |
|  5.00%, 11/01/2034 | 300 | 333 |
|  5.00%, 11/01/2035 | 405 | 448 |
|  5.00%, 11/01/2036 | 300 | 329 |
|  5.00%, 11/01/2037 | 300 | 325 |
|  5.00%, 11/01/2038 | 300 | 321 |
|  5.00%, 11/01/2039 | 300 | 317 |
|  Ohio Air Quality Development Authority |  |  |
|  2.88%, 02/01/2026 | 5400 | 5350 |
|  3.70%, 04/01/2028 | 5045 | 5012 |
|  3.75%, 01/15/2028 <sup>(2)</sup> | 7075 | 7077 |
|  3.75%, 01/01/2029 | 11000 | 10901 |
|  4.00%, 09/01/2030 <sup>(1)</sup> | 1500 | 1516 |
|  4.25%, 01/15/2038 <sup>(2)</sup> | 1500 | 1441 |
|  4.25%, 11/01/2039 <sup>(1)</sup> | 9985 | 10090 |
|  4.50%, 01/15/2048 <sup>(2)</sup> | 2790 | 2517 |
|  Ohio Higher Educational Facility Commission |  |  |
|  5.00%, 01/01/2032 | 235 | 248 |
|  5.00%, 10/01/2032 | 1000 | 1059 |
|  5.00%, 01/01/2033 | 285 | 305 |
|  5.00%, 01/01/2034 | 515 | 540 |
|  5.25%, 01/01/2035 | 685 | 734 |
|  5.25%, 01/01/2036 | 500 | 532 |
|  5.25%, 01/01/2037 | 420 | 445 |
|  Ohio Housing Finance Agency |  |  |
|  3.37%, 03/01/2028 <sup>(1)</sup> | 2700 | 2712 |
|  4.50%, 03/01/2050 | 100 | 101 |
|  5.00%, 09/01/2028 | 50 | 53 |
|  5.00%, 03/01/2029 | 50 | 53 |
|  5.00%, 09/01/2029 | 100 | 108 |
|  5.00%, 03/01/2030 | 100 | 108 |
|  5.00%, 09/01/2030 | 100 | 109 |
|  5.00%, 03/01/2031 | 100 | 109 |
|  5.00%, 09/01/2031 | 100 | 109 |
|  5.00%, 03/01/2032 | 75 | 82 |
|  5.00%, 09/01/2032 | 100 | 109 |
|  5.00%, 03/01/2033 | 150 | 164 |
|  5.00%, 09/01/2033 | 75 | 82 |
|  5.00%, 03/01/2052 | 810 | 838 |
|  6.25%, 03/01/2056 | 6200 | 6833 |
|  7.50%, 03/01/2049 | 2000 | 2387 |
|  Ohio State University |  |  |
|  4.00%, 12/01/2040 | 8135 | 7909 |

---

The accompanying notes are an integral part of these financial statements.

344.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Ohio – 1.96% – (continued)** |  |  |
|  Ohio Turnpike & Infrastructure Commission |  |  |
|  5.00%, 02/15/2039 | $1100 | $1179 |
|  Ohio Water Development Authority |  |  |
|  5.00%, 12/01/2031 | 600 | 675 |
|  5.00%, 06/01/2032 | 350 | 396 |
|  5.00%, 06/01/2033 | 350 | 396 |
|  5.00%, 12/01/2033 | 400 | 450 |
|  5.00%, 06/01/2034 | 300 | 336 |
|  5.00%, 12/01/2034 | 425 | 474 |
|  5.00%, 06/01/2035 | 500 | 556 |
|  5.00%, 12/01/2035 | 600 | 664 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
|  5.00%, 12/01/2037 | 2500 | 2769 |
|  Port of Greater Cincinnati Development Authority |  |  |
|  3.75%, 12/01/2031 <sup>(2)</sup> | 895 | 898 |
|  State of Ohio |  |  |
|  2.75%, 01/01/2052 <sup>(1)</sup> | 2215 | 2185 |
|  3.90%, 01/15/2050 <sup>(1)</sup> | 10500 | 10565 |
|  5.00%, 02/01/2028 | 1295 | 1373 |
|  5.00%, 03/01/2028 | 690 | 733 |
|  5.00%, 03/01/2028 | 860 | 913 |
|  5.00%, 03/15/2028 | 1725 | 1833 |
|  5.00%, 01/01/2030 | 1170 | 1228 |
|  5.00%, 12/15/2031 | 1000 | 1103 |
|  5.00%, 12/01/2032 | 1510 | 1572 |
|  5.00%, 12/15/2032 | 1000 | 1095 |
|  5.00%, 12/15/2033 | 1000 | 1090 |
|  5.00%, 12/15/2034 | 1000 | 1082 |
|  5.00%, 10/01/2035 | 1410 | 1455 |
|  5.00%, 12/31/2035 | 1010 | 1010 |
|  5.00%, 10/01/2036 | 2895 | 3009 |
|  5.00%, 12/31/2039 | 4110 | 4057 |
|  5.00%, 03/01/2040 | 3200 | 3393 |
|  University of Akron |  |  |
|  4.00%, 01/01/2027 | 2780 | 2826 |
|  5.00%, 01/01/2034 | 2000 | 2016 |
|  5.00%, 01/01/2035 | 2500 | 2514 |
|  5.00%, 01/01/2037 | 6675 | 6700 |
|  5.00%, 01/01/2038 | 5225 | 5220 |
|  Warren County Port Authority |  |  |
|  4.00%, 12/01/2041 | 570 | 506 |
|  Youngstown State University |  |  |
|  3.00%, 12/15/2033 | 730 | 681 |
|  Total Ohio | Total Ohio | 339415 |
| **Oklahoma – 0.82%** |  |  |
|  Cache Educational Facilities Authority |  |  |
|  5.00%, 09/01/2034 | 1500 | 1617 |
|  Canadian County Educational Facilities Authority |  |  |
|  4.00%, 09/01/2025 | 1500 | 1502 |
|  5.00%, 09/01/2026 | 330 | 338 |
|  Edmond Public Works Authority |  |  |
|  5.00%, 07/01/2037 | 400 | 426 |
|  5.00%, 07/01/2038 | 425 | 449 |
|  5.00%, 01/01/2039 | 450 | 474 |
|  Grady County School Finance Authority |  |  |
|  5.00%, 09/01/2028 | 375 | 394 |
|  5.00%, 09/01/2030 | 1235 | 1292 |

---

The accompanying notes are an integral part of these financial statements.

345.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Oklahoma – 0.82% – (continued)** |  |  |
|  Grand River Dam Authority |  |  |
|  5.00%, 06/01/2038 | $2000 | $2137 |
|  Kingston Economic Development Authority |  |  |
|  5.00%, 08/20/2029 | 410 | 438 |
|  5.00%, 08/20/2030 | 305 | 330 |
|  5.00%, 08/20/2031 | 560 | 610 |
|  Lincoln County Educational Facilities Authority |  |  |
|  3.25%, 10/15/2034 | 4945 | 4664 |
|  McClain County Economic Development Authority |  |  |
|  5.25%, 09/01/2037 | 1000 | 1082 |
|  5.25%, 09/01/2038 | 1000 | 1073 |
|  5.25%, 09/01/2039 | 1000 | 1065 |
|  Muskogee Industrial Trust |  |  |
|  4.00%, 09/01/2029 | 3010 | 3019 |
|  Oklahoma Capitol Improvement Authority |  |  |
|  5.00%, 07/01/2029 | 500 | 509 |
|  5.00%, 07/01/2035 | 750 | 853 |
|  5.00%, 07/01/2036 | 775 | 868 |
|  5.00%, 07/01/2037 | 1550 | 1716 |
|  5.00%, 07/01/2038 | 1000 | 1094 |
|  5.25%, 07/01/2050 | 1750 | 1835 |
|  Oklahoma City Airport Trust |  |  |
|  5.00%, 07/01/2026 | 2195 | 2235 |
|  5.00%, 07/01/2031 | 2820 | 2909 |
|  Oklahoma County Finance Authority |  |  |
|  5.00%, 10/01/2030 | 800 | 877 |
|  5.00%, 10/01/2031 | 1600 | 1774 |
|  5.00%, 09/01/2032 | 2870 | 2995 |
|  5.00%, 10/01/2037 | 1000 | 1100 |
|  5.00%, 10/01/2038 | 1000 | 1089 |
|  5.00%, 10/01/2039 | 1150 | 1243 |
|  5.00%, 10/01/2040 | 1500 | 1607 |
|  Oklahoma Department of Transportation |  |  |
|  5.00%, 09/01/2030 | 1015 | 1083 |
|  Oklahoma Development Finance Authority |  |  |
|  5.00%, 08/01/2026 | 75 | 76 |
|  5.00%, 08/01/2030 | 1010 | 1047 |
|  Oklahoma Housing Finance Agency |  |  |
|  6.25%, 09/01/2056 | 4500 | 5038 |
|  6.50%, 09/01/2054 | 465 | 517 |
|  6.50%, 03/01/2056 | 6435 | 7246 |
|  Oklahoma Industries Authority |  |  |
|  5.00%, 04/01/2028 | 5945 | 6271 |
|  5.00%, 04/01/2032 | 8900 | 9824 |
|  Oklahoma Turnpike Authority |  |  |
|  5.00%, 01/01/2026 | 2500 | 2528 |
|  5.00%, 01/01/2027 | 3000 | 3107 |
|  5.00%, 01/01/2028 | 2905 | 3064 |
|  5.00%, 01/01/2039 | 4400 | 4747 |
|  5.00%, 01/01/2041 | 6450 | 6861 |
|  5.00%, 01/01/2042 | 1050 | 1062 |
|  5.00%, 01/01/2042 | 4850 | 5115 |
|  5.00%, 01/01/2043 | 4300 | 4508 |
|  5.50%, 01/01/2053 | 7000 | 7299 |
|  5.50%, 01/01/2054 | 2500 | 2652 |
|  Oklahoma Water Resources Board |  |  |
|  3.00%, 10/01/2041 | 1545 | 1258 |
|  5.00%, 10/01/2038 | 565 | 610 |

---

The accompanying notes are an integral part of these financial statements.

346.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Oklahoma – 0.82% – (continued)** |  |  |
|  5.00%, 10/01/2039 | $530 | $569 |
|  5.00%, 10/01/2051 | 3000 | 3065 |
|  Stillwater Utilities Authority |  |  |
|  5.00%, 10/01/2037 | 1000 | 1079 |
|  5.00%, 10/01/2038 | 675 | 725 |
|  5.00%, 10/01/2039 | 725 | 774 |
|  Tulsa County Home Finance Authority |  |  |
|  5.75%, 01/01/2056 | 3875 | 4233 |
|  Tulsa County Independent School District No 9 Union |  |  |
|  2.00%, 04/01/2027 | 2675 | 2616 |
|  Tulsa Municipal Airport Trust Trustees/OK |  |  |
|  6.25%, 12/01/2035 | 9975 | 11019 |
|  Total Oklahoma | Total Oklahoma | 141607 |
| **Oregon – 1.23%** |  |  |
|  Astoria Hospital Facilities Authority |  |  |
|  5.00%, 08/01/2034 | 3130 | 3412 |
|  5.25%, 08/01/2037 | 1955 | 2101 |
|  5.25%, 08/01/2039 | 1100 | 1157 |
|  5.25%, 08/01/2040 | 1000 | 1042 |
|  City of Forest Grove OR |  |  |
|  5.00%, 05/01/2027 | 1195 | 1216 |
|  5.00%, 05/01/2029 | 1315 | 1361 |
|  City of Portland OR Sewer System Revenue |  |  |
|  5.00%, 12/01/2047 | 2000 | 2051 |
|  Clackamas County School District No 7J Lake Oswego |  |  |
|  5.00%, 06/01/2043 | 1000 | 1049 |
|  Coos County School District No 9 Coos Bay |  |  |
|  5.00%, 06/15/2043 | 1010 | 1019 |
|  County of Clackamas OR |  |  |
|  1.75%, 06/01/2038 | 1215 | 839 |
|  Curry Health District |  |  |
|  5.00%, 01/01/2032 | 815 | 877 |
|  5.00%, 01/01/2033 | 605 | 652 |
|  5.00%, 01/01/2034 | 900 | 970 |
|  5.00%, 01/01/2035 | 945 | 1015 |
|  Deschutes & Jefferson Counties School District No 2J Redmond/OR |  |  |
|  5.00%, 06/15/2040 | 700 | 758 |
|  5.00%, 06/15/2041 | 700 | 750 |
|  5.00%, 06/15/2042 | 1245 | 1323 |
|  5.00%, 06/15/2043 | 2300 | 2428 |
|  5.00%, 06/15/2044 | 2000 | 2100 |
|  Deschutes County Administrative School District No 1 Bend-La Pine |  |  |
|  3.00%, 06/15/2029 | 3000 | 2990 |
|  Hillsboro School District No 1J |  |  |
|  4.00%, 06/15/2037 | 2250 | 2245 |
|  5.00%, 06/15/2028 | 1525 | 1587 |
|  Medford Water Commission |  |  |
|  5.00%, 07/15/2054 | 1000 | 1032 |
|  Metro |  |  |
|  5.00%, 06/15/2042 | 5450 | 5531 |
|  Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow |  |  |
|  0.00%, 06/15/2034 | 7150 | 4898 |
|  Multnomah-Clackamas Counties Centennial School District No 28JT/OR |  |  |
|  5.00%, 06/15/2045 | 950 | 973 |
|  Oregon City School District No 62 |  |  |
|  0.00%, 06/15/2030 | 800 | 687 |
|  0.00%, 06/15/2031 | 1000 | 828 |

---

The accompanying notes are an integral part of these financial statements.

347.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Oregon – 1.23% – (continued)** |  |  |
|  Oregon Health & Science University |  |  |
|  5.00%, 07/01/2038 | $1000 | $1009 |
|  5.00%, 07/01/2046 <sup>(1)</sup> | 555 | 594 |
|  Oregon State Facilities Authority |  |  |
|  5.00%, 06/01/2030 | 5000 | 5395 |
|  Oregon State Lottery |  |  |
|  5.00%, 04/01/2037 | 1000 | 1118 |
|  5.00%, 04/01/2039 | 1500 | 1643 |
|  5.25%, 04/01/2045 | 2000 | 2133 |
|  Pacific Communities Health District |  |  |
|  5.00%, 06/01/2032 | 1150 | 1165 |
|  Port of Morrow OR |  |  |
|  5.15%, 10/01/2026 <sup>(2)</sup> | 17740 | 17757 |
|  Port of Portland OR Airport Revenue |  |  |
|  5.00%, 07/01/2028 | 1000 | 1048 |
|  5.00%, 07/01/2029 | 750 | 790 |
|  5.00%, 07/01/2031 | 1000 | 1017 |
|  5.00%, 07/01/2032 | 12930 | 14024 |
|  5.00%, 07/01/2033 | 1375 | 1434 |
|  5.00%, 07/01/2035 | 3240 | 3269 |
|  5.00%, 07/01/2036 | 2200 | 2324 |
|  5.00%, 07/01/2038 | 1370 | 1422 |
|  5.00%, 07/01/2038 | 4440 | 4624 |
|  5.00%, 07/01/2038 | 7075 | 7368 |
|  5.00%, 07/01/2039 | 4660 | 4814 |
|  5.00%, 07/01/2039 | 8790 | 9081 |
|  5.00%, 07/01/2045 | 2420 | 2398 |
|  5.25%, 07/01/2039 | 7000 | 7351 |
|  5.25%, 07/01/2042 | 2450 | 2540 |
|  5.25%, 07/01/2043 | 18730 | 19193 |
|  5.25%, 07/01/2044 | 7710 | 7909 |
|  5.50%, 07/01/2048 | 2835 | 2934 |
|  Salem Hospital Facility Authority |  |  |
|  4.00%, 05/15/2030 | 190 | 190 |
|  4.00%, 05/15/2041 | 1590 | 1433 |
|  State of Oregon |  |  |
|  5.00%, 05/01/2026 | 1780 | 1814 |
|  5.00%, 08/01/2036 | 890 | 1007 |
|  5.00%, 08/01/2037 | 710 | 795 |
|  5.00%, 08/01/2038 | 1290 | 1428 |
|  5.00%, 06/01/2039 | 3875 | 4253 |
|  5.00%, 06/01/2040 | 2500 | 2718 |
|  5.00%, 05/01/2041 | 3750 | 4035 |
|  5.25%, 05/01/2043 | 2385 | 2572 |
|  5.25%, 05/01/2044 | 2000 | 2145 |
|  5.25%, 06/01/2045 | 2500 | 2671 |
|  6.25%, 06/01/2055 | 3750 | 4149 |
|  State of Oregon Department of Transportation |  |  |
|  5.00%, 11/15/2037 | 4500 | 4700 |
|  State of Oregon Housing & Community Services Department |  |  |
|  2.65%, 07/01/2039 | 980 | 757 |
|  6.50%, 07/01/2054 | 3500 | 3881 |
|  Washington & Multnomah Counties School District No 48J Beaverton |  |  |
|  0.00%, 06/15/2037 | 2000 | 1196 |
|  0.00%, 06/15/2040 | 2750 | 1368 |
|  Total Oregon | Total Oregon | 212357 |

---

The accompanying notes are an integral part of these financial statements.

348.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Other Territory – 0.14%** |  |  |
|  FHLMC Multifamily VRD Certificates |  |  |
|  4.76%, 08/25/2041 | $21627 | $21771 |
|  Freddie Mac Multifamily ML Certificates |  |  |
|  0.00%, 07/25/2038 <sup>(1)</sup> | 542 | 558 |
|  0.00%, 12/25/2038 <sup>(1)</sup> | 1989 | 1740 |
|  Total Other Territory | Total Other Territory | 24069 |
| **Pennsylvania – 3.44%** |  |  |
|  Adams County General Authority |  |  |
|  3.60%, 06/01/2029 | 700 | 692 |
|  Allegheny County Airport Authority |  |  |
|  4.00%, 01/01/2046 | 1000 | 869 |
|  5.00%, 01/01/2033 | 2200 | 2381 |
|  5.00%, 01/01/2033 | 6365 | 6727 |
|  5.00%, 01/01/2034 | 3415 | 3684 |
|  5.25%, 01/01/2038 | 1000 | 1067 |
|  Allegheny County Higher Education Building Authority |  |  |
|  4.00%, 03/01/2032 | 300 | 309 |
|  4.00%, 03/01/2033 | 300 | 305 |
|  Allegheny County Hospital Development Authority |  |  |
|  5.00%, 07/15/2025 | 2370 | 2371 |
|  5.00%, 07/15/2033 | 3275 | 3440 |
|  Allegheny County Industrial Development Authority |  |  |
|  3.50%, 12/01/2031 | 810 | 389 |
|  4.00%, 12/01/2041 | 1720 | 826 |
|  4.25%, 12/01/2050 | 1915 | 919 |
|  Allegheny County Sanitary Authority |  |  |
|  5.00%, 12/01/2035 | 750 | 830 |
|  5.00%, 12/01/2036 | 625 | 684 |
|  5.00%, 12/01/2037 | 850 | 921 |
|  5.00%, 12/01/2038 | 1000 | 1074 |
|  5.00%, 12/01/2039 | 700 | 746 |
|  5.00%, 12/01/2045 | 2300 | 2312 |
|  Allentown City School District |  |  |
|  5.00%, 02/01/2032 | 470 | 495 |
|  5.00%, 06/01/2037 | 1300 | 1315 |
|  Allentown Commercial & Industrial Development Authority |  |  |
|  5.00%, 07/01/2032 <sup>(2)</sup> | 1115 | 1158 |
|  Allentown Neighborhood Improvement Zone Development Authority |  |  |
|  5.00%, 05/01/2027 <sup>(2)</sup> | 555 | 568 |
|  5.00%, 05/01/2028 <sup>(2)</sup> | 750 | 772 |
|  5.00%, 05/01/2032 <sup>(2)</sup> | 1055 | 1071 |
|  5.00%, 05/01/2042 <sup>(2)</sup> | 5260 | 5162 |
|  6.00%, 05/01/2042 <sup>(2)</sup> | 450 | 461 |
|  Bucks County Industrial Development Authority |  |  |
|  5.00%, 07/01/2033 | 640 | 670 |
|  5.00%, 07/01/2034 | 565 | 589 |
|  5.00%, 07/01/2035 | 435 | 451 |
|  5.00%, 07/01/2036 | 665 | 685 |
|  5.00%, 07/01/2037 | 1410 | 1445 |
|  5.00%, 07/01/2038 | 1460 | 1485 |
|  5.00%, 07/01/2039 | 1510 | 1528 |
|  Capital Region Water Revenue |  |  |
|  5.00%, 07/15/2025 | 1000 | 1001 |
|  Capital Region Water Sewer Revenue |  |  |
|  5.00%, 07/15/2042 | 1250 | 1256 |
|  Catasauqua Area School District |  |  |
|  5.00%, 05/15/2045 | 1835 | 1883 |

---

The accompanying notes are an integral part of these financial statements.

349.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Pennsylvania – 3.44% – (continued)** |  |  |
|  Chester County Health & Education Facilities Authority |  |  |
|  5.00%, 10/01/2032 | $1090 | $1124 |
|  5.00%, 10/01/2033 | 1315 | 1352 |
|  Chester County Industrial Development Authority |  |  |
|  4.00%, 10/01/2039 <sup>(2)</sup> | 1325 | 1178 |
|  5.00%, 10/15/2032 <sup>(2)</sup> | 1215 | 1222 |
|  5.13%, 10/15/2037 | 1010 | 978 |
|  Chester County School Authority |  |  |
|  5.00%, 04/01/2041 | 600 | 624 |
|  5.00%, 04/01/2042 | 500 | 516 |
|  5.00%, 04/01/2043 | 425 | 436 |
|  5.00%, 04/01/2044 | 600 | 612 |
|  5.00%, 04/01/2045 | 900 | 918 |
|  City of Erie Higher Education Building Authority |  |  |
|  5.00%, 05/01/2026 | 255 | 258 |
|  5.00%, 05/01/2027 | 285 | 292 |
|  City of Philadelphia PA |  |  |
|  5.00%, 08/01/2027 | 1500 | 1567 |
|  5.00%, 08/01/2028 | 6000 | 6009 |
|  5.00%, 02/01/2029 | 3175 | 3406 |
|  City of Philadelphia PA Airport Revenue |  |  |
|  4.00%, 07/01/2037 | 2085 | 2033 |
|  5.00%, 07/01/2026 | 1000 | 1019 |
|  5.00%, 07/01/2026 | 1155 | 1180 |
|  5.00%, 07/01/2027 | 1520 | 1588 |
|  5.00%, 07/01/2029 | 230 | 244 |
|  5.00%, 07/01/2030 | 1000 | 1024 |
|  5.00%, 07/01/2031 | 2000 | 2042 |
|  5.00%, 07/01/2032 | 3100 | 3154 |
|  5.00%, 07/01/2033 | 1000 | 1013 |
|  5.00%, 07/01/2042 | 6325 | 6307 |
|  City of Philadelphia PA Water & Wastewater Revenue |  |  |
|  5.00%, 11/01/2026 | 1165 | 1199 |
|  5.00%, 11/01/2027 | 1540 | 1616 |
|  5.00%, 10/01/2043 | 2500 | 2526 |
|  City of Reading PA |  |  |
|  5.00%, 11/01/2027 | 2330 | 2441 |
|  Coatesville School District |  |  |
|  5.00%, 08/01/2025 | 875 | 876 |
|  5.25%, 11/15/2037 | 13465 | 14090 |
|  Commonwealth Financing Authority |  |  |
|  4.00%, 06/01/2039 | 15000 | 14013 |
|  5.00%, 06/01/2027 | 1500 | 1550 |
|  5.00%, 06/01/2028 | 2555 | 2680 |
|  5.00%, 06/01/2031 | 1000 | 1041 |
|  Commonwealth of Pennsylvania |  |  |
|  3.00%, 05/15/2036 | 1045 | 934 |
|  3.20%, 03/01/2029 | 6335 | 6315 |
|  3.35%, 03/01/2030 | 9430 | 9431 |
|  3.50%, 03/01/2031 | 6220 | 6221 |
|  4.00%, 02/01/2032 | 2380 | 2389 |
|  5.00%, 09/01/2025 | 15000 | 15051 |
|  5.00%, 08/15/2031 | 2675 | 2681 |
|  5.00%, 08/15/2033 | 6000 | 6794 |
|  5.00%, 08/15/2035 | 10000 | 11177 |
|  5.00%, 08/15/2036 | 10000 | 11040 |
|  5.00%, 07/01/2043 | 4000 | 4039 |

---

The accompanying notes are an integral part of these financial statements.

350.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Pennsylvania – 3.44% – (continued)** |  |  |
|  County of Allegheny PA |  |  |
|  5.00%, 11/01/2041 | $2295 | $2324 |
|  County of Lehigh PA |  |  |
|  5.00%, 07/01/2044 | 1000 | 982 |
|  Cumberland County Municipal Authority |  |  |
|  4.00%, 01/01/2033 | 370 | 355 |
|  Cumberland Valley School District |  |  |
|  5.00%, 12/01/2040 | 250 | 260 |
|  5.00%, 12/01/2041 | 365 | 377 |
|  5.00%, 12/01/2042 | 340 | 350 |
|  5.00%, 12/01/2043 | 310 | 319 |
|  5.00%, 12/01/2046 | 635 | 648 |
|  5.00%, 12/01/2049 | 350 | 354 |
|  5.00%, 12/01/2053 | 1000 | 1007 |
|  Dauphin County General Authority |  |  |
|  5.00%, 10/15/2030 <sup>(2)</sup> | 2000 | 1735 |
|  5.00%, 06/01/2034 | 2745 | 2768 |
|  5.00%, 06/01/2035 | 1145 | 1153 |
|  Delaware County Authority |  |  |
|  5.00%, 08/01/2030 | 1150 | 1152 |
|  Delaware County Vocational & Technical School Authority |  |  |
|  4.00%, 11/01/2054 | 10000 | 8621 |
|  Delaware River Joint Toll Bridge Commission |  |  |
|  5.00%, 07/01/2044 | 760 | 769 |
|  Delaware River Port Authority |  |  |
|  5.00%, 01/01/2037 | 9800 | 9803 |
|  Doylestown Hospital Authority |  |  |
|  5.00%, 07/01/2031 <sup>(2)</sup> | 500 | 527 |
|  5.00%, 07/01/2049 | 130 | 139 |
|  5.00%, 07/01/2049 | 1180 | 1154 |
|  Geisinger Authority |  |  |
|  5.00%, 02/15/2034 | 3655 | 3713 |
|  5.00%, 04/01/2043 <sup>(1)</sup> | 650 | 663 |
|  General Authority of Southcentral Pennsylvania |  |  |
|  5.00%, 06/01/2038 | 1970 | 2031 |
|  Hamburg Area School District |  |  |
|  3.00%, 04/01/2035 | 1400 | 1309 |
|  Haverford Township School District |  |  |
|  5.00%, 03/15/2044 | 500 | 514 |
|  Indiana County Industrial Development Authority |  |  |
|  5.00%, 05/01/2029 | 740 | 780 |
|  Jefferson County Hospital Authority PA |  |  |
|  4.50%, 01/15/2027 <sup>(2)</sup> | 2000 | 2009 |
|  Lancaster County Hospital Authority |  |  |
|  5.00%, 11/01/2051 | 680 | 660 |
|  Lancaster School District |  |  |
|  5.00%, 06/01/2041 | 3500 | 3689 |
|  Monroeville Finance Authority |  |  |
|  5.00%, 05/15/2034 | 640 | 704 |
|  Montgomery County Higher Education & Health Authority |  |  |
|  5.00%, 10/01/2028 | 1000 | 980 |
|  5.00%, 09/01/2031 | 1050 | 1101 |
|  5.00%, 09/01/2032 | 1000 | 1061 |
|  5.00%, 09/01/2033 | 305 | 323 |
|  5.00%, 10/01/2036 | 1320 | 1182 |
|  5.00%, 10/01/2040 | 1595 | 1333 |

---

The accompanying notes are an integral part of these financial statements.

351.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Pennsylvania – 3.44% – (continued)** |  |  |
|  Municipality of Penn Hills PA |  |  |
|  0.00%, 12/01/2030 | $365 | $295 |
|  Northampton County General Purpose Authority |  |  |
|  4.00%, 08/15/2042 | 17080 | 15493 |
|  5.00%, 08/15/2034 | 6100 | 6637 |
|  5.00%, 08/15/2036 | 455 | 457 |
|  Oxford Area School District |  |  |
|  5.25%, 09/01/2043 | 250 | 259 |
|  5.25%, 09/01/2044 | 250 | 258 |
|  Pennsylvania Economic Development Financing Authority |  |  |
|  4.25%, 08/01/2038 <sup>(1)</sup> | 33000 | 33008 |
|  5.00%, 05/15/2031 | 7175 | 7785 |
|  5.00%, 05/15/2032 | 700 | 765 |
|  5.00%, 05/15/2032 | 850 | 929 |
|  5.00%, 05/15/2033 | 525 | 576 |
|  5.00%, 05/15/2033 | 550 | 603 |
|  5.00%, 05/15/2034 | 700 | 762 |
|  5.00%, 05/15/2034 | 750 | 817 |
|  5.00%, 08/01/2049 | 5900 | 6036 |
|  5.25%, 06/30/2036 | 3000 | 3195 |
|  5.25%, 07/01/2046 | 1535 | 1548 |
|  5.50%, 06/30/2037 | 5450 | 5842 |
|  5.50%, 06/30/2038 | 5450 | 5785 |
|  Pennsylvania Higher Education Assistance Agency |  |  |
|  4.75%, 06/01/2046 | 3500 | 3444 |
|  5.00%, 06/01/2029 | 1550 | 1623 |
|  5.00%, 06/01/2030 | 800 | 839 |
|  5.00%, 06/01/2030 | 4730 | 4968 |
|  5.00%, 06/01/2031 | 2600 | 2731 |
|  5.00%, 06/01/2031 | 4630 | 4858 |
|  5.00%, 06/01/2032 | 4000 | 4207 |
|  5.00%, 06/01/2033 | 1875 | 1977 |
|  5.00%, 06/01/2033 | 3910 | 4117 |
|  5.00%, 06/01/2034 | 3375 | 3504 |
|  Pennsylvania Higher Educational Facilities Authority |  |  |
|  5.00%, 08/15/2029 | 1600 | 1658 |
|  5.00%, 10/01/2034 | 1250 | 1256 |
|  5.00%, 08/15/2036 | 2320 | 2547 |
|  5.00%, 12/01/2038 | 1710 | 1711 |
|  5.00%, 08/15/2042 | 2750 | 2762 |
|  5.25%, 11/01/2048 | 1000 | 1022 |
|  Pennsylvania Housing Finance Agency |  |  |
|  2.60%, 04/01/2046 | 1500 | 1002 |
|  3.00%, 10/01/2049 | 3265 | 3231 |
|  3.00%, 10/01/2051 | 4820 | 4674 |
|  3.50%, 04/01/2051 | 235 | 234 |
|  4.25%, 10/01/2052 | 4620 | 4660 |
|  4.90%, 06/01/2041 | 1250 | 1264 |
|  5.75%, 10/01/2053 | 3725 | 3949 |
|  6.00%, 10/01/2054 | 1990 | 2152 |
|  6.25%, 10/01/2053 | 11515 | 12474 |
|  6.50%, 10/01/2055 | 15370 | 17421 |
|  Pennsylvania Turnpike Commission |  |  |
|  4.00%, 12/01/2038 | 360 | 357 |
|  5.00%, 06/01/2027 | 14000 | 14260 |
|  5.00%, 06/01/2028 | 2085 | 2123 |
|  5.00%, 12/01/2031 | 350 | 390 |

---

The accompanying notes are an integral part of these financial statements.

352.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Pennsylvania – 3.44% – (continued)** |  |  |
|  5.00%, 06/01/2032 | $2000 | $2065 |
|  5.00%, 12/01/2032 | 1295 | 1455 |
|  5.00%, 12/01/2033 | 375 | 420 |
|  5.00%, 12/01/2033 | 5250 | 5925 |
|  5.00%, 12/01/2034 | 300 | 333 |
|  5.00%, 12/01/2034 | 2155 | 2411 |
|  5.00%, 12/01/2035 | 500 | 550 |
|  5.00%, 12/01/2035 | 575 | 637 |
|  5.00%, 12/01/2035 | 1800 | 2026 |
|  5.00%, 12/01/2035 | 2000 | 2064 |
|  5.00%, 12/01/2035 | 2000 | 2251 |
|  5.00%, 12/01/2036 | 2835 | 3165 |
|  5.00%, 12/01/2037 | 450 | 483 |
|  5.00%, 12/01/2037 | 550 | 595 |
|  5.00%, 12/01/2037 | 2100 | 2314 |
|  5.00%, 12/01/2037 | 2825 | 3113 |
|  5.00%, 06/01/2039 | 3000 | 3023 |
|  5.00%, 12/01/2039 | 1000 | 1063 |
|  5.00%, 12/01/2040 | 5000 | 5011 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue |  |  |
|  5.00%, 12/01/2038 | 1035 | 1066 |
|  5.25%, 12/01/2044 | 5300 | 5356 |
|  Pennsylvania Turnpike Commission Registration Fee Revenue |  |  |
|  2.77% (SIFMA Municipal Swap Index Yield + 0.85%), 07/15/2041 <sup>(3)</sup> | 6925 | 6912 |
|  Philadelphia Authority for Industrial Development |  |  |
|  4.50%, 06/15/2034 <sup>(2)</sup> | 1385 | 1357 |
|  5.00%, 05/01/2030 | 760 | 769 |
|  5.00%, 05/01/2031 | 2275 | 2388 |
|  5.00%, 07/01/2033 | 2000 | 2059 |
|  Philadelphia Gas Works Co. |  |  |
|  4.00%, 08/01/2036 | 1000 | 1004 |
|  5.00%, 08/01/2025 | 450 | 451 |
|  5.00%, 08/01/2028 | 625 | 666 |
|  5.00%, 08/01/2029 | 1000 | 1083 |
|  5.00%, 08/01/2032 | 1000 | 1090 |
|  5.00%, 08/01/2033 | 1250 | 1354 |
|  5.00%, 08/01/2034 | 1410 | 1521 |
|  5.00%, 08/01/2035 | 1000 | 1072 |
|  5.00%, 08/01/2036 | 1690 | 1799 |
|  Pittsburgh School District |  |  |
|  3.00%, 09/01/2039 | 3290 | 2713 |
|  Pittsburgh Water & Sewer Authority |  |  |
|  5.00%, 09/01/2036 | 400 | 420 |
|  5.00%, 09/01/2038 | 1000 | 1039 |
|  5.00%, 09/01/2046 | 2360 | 2421 |
|  Plum Boro School District |  |  |
|  5.00%, 05/15/2034 | 430 | 460 |
|  5.00%, 05/15/2040 | 995 | 1030 |
|  5.00%, 05/15/2044 | 1415 | 1446 |
|  5.00%, 05/15/2045 | 1475 | 1504 |
|  Reading School District |  |  |
|  5.00%, 03/01/2036 | 1250 | 1273 |
|  Ridley School District |  |  |
|  5.00%, 11/15/2043 | 3055 | 3122 |
|  School District of Philadelphia |  |  |
|  5.00%, 09/01/2029 | 1500 | 1607 |
|  5.00%, 09/01/2030 | 3985 | 4062 |

---

The accompanying notes are an integral part of these financial statements.

353.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Pennsylvania – 3.44% – (continued)** |  |  |
|  5.00%, 09/01/2031 | $1000 | $1019 |
|  5.00%, 09/01/2031 | 1200 | 1261 |
|  5.00%, 09/01/2032 | 1200 | 1257 |
|  5.00%, 09/01/2032 | 2200 | 2342 |
|  5.00%, 09/01/2033 | 960 | 1022 |
|  5.00%, 09/01/2036 | 2200 | 2275 |
|  5.00%, 09/01/2043 | 1690 | 1708 |
|  Scranton School District |  |  |
|  5.00%, 06/01/2033 | 530 | 560 |
|  5.00%, 06/01/2035 | 515 | 540 |
|  State Public School Building Authority |  |  |
|  5.00%, 06/01/2026 | 180 | 180 |
|  5.00%, 03/01/2031 | 810 | 864 |
|  5.00%, 06/01/2031 | 2500 | 2539 |
|  5.00%, 12/01/2032 | 725 | 748 |
|  5.00%, 12/01/2032 | 2335 | 2368 |
|  5.25%, 09/15/2030 | 990 | 1035 |
|  Steel Valley School District |  |  |
|  5.00%, 11/01/2041 | 885 | 911 |
|  Steelton-Highspire School District |  |  |
|  5.13%, 06/30/2026 | 3500 | 3508 |
|  Tulpehocken Area School District |  |  |
|  5.25%, 10/01/2041 | 4340 | 4503 |
|  Westmoreland County Municipal Authority |  |  |
|  5.00%, 08/15/2047 | 4000 | 4063 |
|  5.00%, 08/15/2049 | 1000 | 1011 |
|  Wilkes-Barre Area School District |  |  |
|  5.00%, 08/01/2036 | 2125 | 2159 |
|  York County School of Technology Authority |  |  |
|  5.00%, 02/15/2028 | 400 | 401 |
|  Total Pennsylvania | Total Pennsylvania | 596277 |
| **Puerto Rico – 1.46%** |  |  |
|  Commonwealth of Puerto Rico |  |  |
|  0.00%, 11/01/2043 <sup>(1)</sup> | 38397 | 23614 |
|  0.00%, 11/01/2051 <sup>(1)</sup> | 43079 | 27194 |
|  4.00%, 07/01/2033 | 13272 | 12948 |
|  4.00%, 07/01/2035 | 4835 | 4655 |
|  4.00%, 07/01/2046 | 2560 | 2187 |
|  5.38%, 07/01/2025 | 895 | 895 |
|  5.63%, 07/01/2027 | 17133 | 17631 |
|  5.63%, 07/01/2029 | 1552 | 1637 |
|  5.75%, 07/01/2031 | 11771 | 12697 |
|  GDB Debt Recovery Authority of Puerto Rico |  |  |
|  7.50%, 08/20/2040 | 7395 | 7083 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority |  |  |
|  4.00%, 07/01/2042 <sup>(2)</sup> | 2900 | 2521 |
|  4.00%, 07/01/2042 <sup>(2)</sup> | 6000 | 5211 |
|  5.00%, 07/01/2028 <sup>(2)</sup> | 2075 | 2132 |
|  5.00%, 07/01/2033 <sup>(2)</sup> | 4540 | 4720 |
|  5.00%, 07/01/2035 <sup>(2)</sup> | 5555 | 5707 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 2425 | 2485 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 3060 | 3146 |
|  5.00%, 07/01/2047 <sup>(2)</sup> | 13525 | 13126 |
|  Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth |  |  |
|  4.00%, 07/01/2037 | 240 | 222 |
|  5.00%, 07/01/2032 | 250 | 263 |

---

The accompanying notes are an integral part of these financial statements.

354.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Puerto Rico – 1.46% – (continued)** |  |  |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |  |
|  0.00%, 07/01/2027 | $2061 | $1905 |
|  0.00%, 07/01/2033 | 8101 | 5758 |
|  4.33%, 07/01/2040 | 507 | 476 |
|  4.33%, 07/01/2040 | 56739 | 53239 |
|  4.55%, 07/01/2040 | 21604 | 20708 |
|  4.75%, 07/01/2053 | 3974 | 3654 |
|  5.00%, 07/01/2058 | 17365 | 16325 |
|  Total Puerto Rico | Total Puerto Rico | 252139 |
| **Rhode Island – 0.68%** |  |  |
|  City of Pawtucket RI |  |  |
|  4.50%, 10/24/2025 | 3145 | 3150 |
|  Providence Redevelopment Agency |  |  |
|  5.00%, 04/01/2028 | 1200 | 1201 |
|  Rhode Island Commerce Corp. |  |  |
|  5.00%, 05/15/2036 | 10530 | 11653 |
|  Rhode Island Health & Educational Building Corp. |  |  |
|  5.00%, 09/01/2031 | 2215 | 2220 |
|  5.00%, 06/01/2033 | 650 | 722 |
|  5.00%, 05/15/2034 | 13705 | 14851 |
|  5.00%, 05/15/2035 | 480 | 517 |
|  5.00%, 05/15/2037 | 265 | 281 |
|  5.00%, 05/15/2038 | 320 | 336 |
|  5.00%, 05/15/2038 | 1710 | 1839 |
|  5.00%, 05/15/2040 | 265 | 273 |
|  5.00%, 05/15/2041 | 290 | 295 |
|  5.00%, 06/01/2041 | 1485 | 1525 |
|  5.00%, 05/15/2043 | 285 | 285 |
|  5.00%, 05/15/2044 | 200 | 199 |
|  5.25%, 05/15/2043 | 1520 | 1597 |
|  5.50%, 05/15/2040 | 1205 | 1293 |
|  5.50%, 05/15/2041 | 1570 | 1670 |
|  5.50%, 05/15/2047 | 4130 | 4338 |
|  5.50%, 05/15/2049 | 1500 | 1590 |
|  Rhode Island Housing & Mortgage Finance Corp. |  |  |
|  3.30%, 04/01/2028 | 2000 | 2003 |
|  3.35%, 10/01/2055 <sup>(1)</sup> | 1550 | 1551 |
|  3.50%, 10/01/2050 | 555 | 553 |
|  4.00%, 10/01/2049 | 205 | 206 |
|  5.00%, 10/01/2026 | 395 | 406 |
|  5.00%, 04/01/2027 | 215 | 223 |
|  5.00%, 10/01/2027 | 250 | 261 |
|  5.00%, 10/01/2027 | 520 | 544 |
|  5.00%, 04/01/2028 | 480 | 507 |
|  5.00%, 10/01/2028 | 275 | 292 |
|  5.00%, 10/01/2029 | 285 | 306 |
|  5.00%, 10/01/2041 | 4285 | 4415 |
|  5.25%, 10/01/2049 | 1700 | 1724 |
|  Rhode Island Student Loan Authority |  |  |
|  3.50%, 12/01/2034 | 245 | 233 |
|  4.13%, 12/01/2043 | 5000 | 4546 |
|  4.13%, 12/01/2043 | 6830 | 6253 |
|  5.00%, 12/01/2025 | 500 | 503 |
|  5.00%, 12/01/2026 | 750 | 765 |
|  5.00%, 12/01/2027 | 675 | 696 |
|  5.00%, 12/01/2027 | 1000 | 1033 |
|  5.00%, 12/01/2027 | 2000 | 2070 |

---

The accompanying notes are an integral part of these financial statements.

355.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Rhode Island – 0.68% – (continued)** |  |  |
|  5.00%, 12/01/2028 | $910 | $946 |
|  5.00%, 12/01/2028 | 1150 | 1199 |
|  5.00%, 12/01/2028 | 1200 | 1253 |
|  5.00%, 12/01/2029 | 675 | 708 |
|  5.00%, 12/01/2029 | 1830 | 1918 |
|  5.00%, 12/01/2030 | 1645 | 1732 |
|  5.00%, 12/01/2032 | 1900 | 2008 |
|  5.00%, 12/01/2033 | 1775 | 1869 |
|  5.00%, 12/01/2044 | 9500 | 9303 |
|  State of Rhode Island |  |  |
|  4.13%, 08/01/2042 | 4350 | 4176 |
|  5.00%, 05/01/2036 | 4240 | 4738 |
|  5.00%, 05/01/2037 | 3865 | 4277 |
|  5.00%, 05/01/2038 | 5000 | 5474 |
|  Total Rhode Island | Total Rhode Island | 118526 |
| **South Carolina – 1.52%** |  |  |
|  Anderson County Detention Facilities Corp. |  |  |
|  5.00%, 10/01/2040 | 1985 | 2094 |
|  Beaufort County School District |  |  |
|  2.00%, 03/01/2034 | 1400 | 1175 |
|  Charleston Housing Authority |  |  |
|  5.00%, 12/01/2041 | 3000 | 2939 |
|  City of Charleston SC Waterworks & Sewer System Revenue |  |  |
|  5.00%, 01/01/2052 | 5150 | 5283 |
|  Greater Greenville Sanitation District |  |  |
|  4.25%, 03/01/2055 | 3600 | 3320 |
|  Patriots Energy Group Financing Agency |  |  |
|  4.82% (SOFR + 1.90%), 02/01/2054 <sup>(3)</sup> | 5350 | 5509 |
|  5.25%, 02/01/2054 <sup>(1)</sup> | 33700 | 36179 |
|  5.25%, 10/01/2054 <sup>(1)</sup> | 9600 | 10147 |
|  Richland County School District No 2 |  |  |
|  3.00%, 03/01/2033 | 3000 | 2874 |
|  SCAGO Educational Facilities Corp. for Pickens School District |  |  |
|  5.00%, 12/01/2030 | 500 | 501 |
|  South Carolina Jobs-Economic Development Authority |  |  |
|  3.00%, 08/15/2038 | 1440 | 1142 |
|  4.00%, 11/01/2042 | 3025 | 2815 |
|  4.00%, 03/01/2062 <sup>(1)</sup> | 6200 | 6005 |
|  5.00%, 11/01/2031 | 12000 | 13213 |
|  5.00%, 11/15/2031 | 600 | 629 |
|  5.00%, 11/01/2032 | 1700 | 1878 |
|  5.00%, 11/15/2032 | 960 | 1002 |
|  5.00%, 11/01/2033 | 2030 | 2245 |
|  5.00%, 11/15/2033 | 400 | 415 |
|  5.00%, 11/01/2034 | 19875 | 22010 |
|  5.00%, 05/01/2038 | 2000 | 2030 |
|  5.00%, 11/01/2038 | 6350 | 6709 |
|  5.00%, 05/01/2043 | 5955 | 5940 |
|  5.25%, 11/15/2039 | 1000 | 1032 |
|  5.25%, 11/01/2040 | 8425 | 8908 |
|  5.25%, 11/01/2041 | 2500 | 2621 |
|  5.25%, 11/01/2042 | 2125 | 2229 |
|  5.50%, 11/15/2044 | 500 | 496 |
|  South Carolina Ports Authority |  |  |
|  5.00%, 07/01/2026 | 1940 | 1977 |
|  5.00%, 07/01/2027 | 3120 | 3224 |
|  5.00%, 07/01/2028 | 1100 | 1151 |

---

The accompanying notes are an integral part of these financial statements.

356.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **South Carolina – 1.52% – (continued)** |  |  |
|  South Carolina Public Service Authority |  |  |
|  4.00%, 12/01/2037 | $4000 | $3894 |
|  4.13%, 12/01/2044 | 765 | 695 |
|  5.00%, 12/01/2031 | 2860 | 3114 |
|  5.00%, 12/01/2032 | 1500 | 1512 |
|  5.00%, 12/01/2032 | 2500 | 2525 |
|  5.00%, 12/01/2032 | 3670 | 3963 |
|  5.00%, 12/01/2034 | 1750 | 1947 |
|  5.00%, 12/01/2034 | 2355 | 2620 |
|  5.00%, 12/01/2035 | 1500 | 1505 |
|  5.00%, 12/01/2035 | 2000 | 2202 |
|  5.00%, 12/01/2035 | 4750 | 5210 |
|  5.00%, 12/01/2036 | 2000 | 2182 |
|  5.00%, 12/01/2039 | 1425 | 1505 |
|  5.00%, 12/01/2040 | 3925 | 4131 |
|  5.00%, 12/01/2041 | 1600 | 1600 |
|  5.00%, 12/01/2042 | 4520 | 4663 |
|  5.00%, 12/01/2043 | 6000 | 6135 |
|  5.00%, 12/01/2046 | 7500 | 7569 |
|  5.00%, 12/01/2048 | 2000 | 2003 |
|  5.25%, 12/01/2038 | 10000 | 10741 |
|  South Carolina State Housing Finance & Development Authority |  |  |
|  3.75%, 01/01/2050 | 4505 | 4513 |
|  4.00%, 01/01/2050 | 390 | 393 |
|  4.00%, 07/01/2050 | 395 | 398 |
|  5.00%, 10/01/2026 <sup>(1)</sup> | 4000 | 4015 |
|  5.00%, 01/01/2030 | 210 | 226 |
|  5.00%, 01/01/2030 | 595 | 641 |
|  5.00%, 07/01/2030 | 470 | 509 |
|  5.00%, 01/01/2031 | 480 | 521 |
|  5.00%, 07/01/2031 | 475 | 518 |
|  5.00%, 01/01/2032 | 500 | 545 |
|  5.00%, 07/01/2032 | 525 | 574 |
|  5.00%, 01/01/2033 | 485 | 530 |
|  6.50%, 07/01/2055 | 4915 | 5557 |
|  6.50%, 07/01/2055 | 7000 | 7911 |
|  South Carolina Transportation Infrastructure Bank |  |  |
|  5.00%, 10/01/2025 | 305 | 307 |
|  5.00%, 10/01/2035 | 5325 | 5488 |
|  Spartanburg County School District No 4 |  |  |
|  5.25%, 03/01/2052 | 3295 | 3418 |
|  Total South Carolina | Total South Carolina | 263472 |
| **South Dakota – 0.14%** |  |  |
|  Baltic School District No 49-1 |  |  |
|  5.50%, 12/01/2051 | 1000 | 1037 |
|  City of Watertown SD Sales Tax Revenue |  |  |
|  3.00%, 12/01/2030 | 1280 | 1238 |
|  South Dakota Health & Educational Facilities Authority |  |  |
|  5.00%, 09/01/2025 | 880 | 882 |
|  5.00%, 09/01/2026 | 2000 | 2046 |
|  5.00%, 11/01/2029 | 800 | 804 |
|  5.00%, 11/01/2030 | 1000 | 1005 |
|  South Dakota Housing Development Authority |  |  |
|  3.00%, 11/01/2051 | 720 | 710 |
|  4.00%, 11/01/2047 | 1350 | 1351 |
|  5.00%, 05/01/2053 | 810 | 837 |
|  6.25%, 05/01/2055 | 920 | 997 |

---

The accompanying notes are an integral part of these financial statements.

357.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **South Dakota – 0.14% – (continued)** |  |  |
|  6.25%, 11/01/2055 | $3735 | $4138 |
|  6.25%, 11/01/2056 | 1500 | 1660 |
|  6.50%, 11/01/2055 | 7035 | 7964 |
|  Total South Dakota | Total South Dakota | 24669 |
| **Tennessee – 1.39%** |  |  |
|  Chattanooga Health Educational & Housing Facility Board |  |  |
|  5.00%, 08/01/2026 | 265 | 270 |
|  5.00%, 08/01/2044 | 1500 | 1494 |
|  5.25%, 12/01/2049 | 3905 | 3927 |
|  City of Memphis TN |  |  |
|  5.00%, 04/01/2037 | 4520 | 4927 |
|  City of Memphis TN Electric System Revenue |  |  |
|  5.00%, 12/01/2054 | 1010 | 1018 |
|  County of Knox TN |  |  |
|  2.80%, 06/01/2031 | 3000 | 2880 |
|  County of Shelby TN |  |  |
|  5.00%, 04/01/2043 | 4010 | 4209 |
|  Franklin Health & Educational Facilities Board |  |  |
|  3.60%, 11/01/2029 <sup>(1)</sup> | 1500 | 1514 |
|  Hamilton County & Chattanooga Sports Authority |  |  |
|  5.50%, 12/01/2045 | 725 | 792 |
|  5.75%, 12/01/2050 | 1000 | 1097 |
|  Health Educational & Housing Facility Board of the City of Memphis |  |  |
|  3.25%, 11/01/2029 <sup>(1)</sup> | 4000 | 4011 |
|  5.00%, 07/01/2027 <sup>(1)</sup> | 4220 | 4297 |
|  5.00%, 07/01/2027 <sup>(1)</sup> | 7157 | 7288 |
|  Johnson City Health & Educational Facilities Board |  |  |
|  5.00%, 07/01/2025 | 1425 | 1425 |
|  Knox County Health Educational & Housing Facility Board |  |  |
|  4.05%, 12/01/2027 <sup>(1)</sup> | 5710 | 5785 |
|  4.63%, 12/01/2043 | 1850 | 1815 |
|  5.00%, 04/01/2027 | 1740 | 1778 |
|  5.00%, 12/01/2027 <sup>(1)</sup> | 1603 | 1645 |
|  5.00%, 07/01/2032 | 275 | 301 |
|  5.00%, 07/01/2033 | 325 | 357 |
|  5.00%, 07/01/2036 | 500 | 536 |
|  5.00%, 07/01/2037 | 900 | 956 |
|  5.00%, 07/01/2038 | 1070 | 1126 |
|  Memphis-Shelby County Airport Authority |  |  |
|  5.00%, 07/01/2038 | 530 | 534 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd |  |  |
|  4.75%, 02/01/2048 | 469 | 447 |
|  5.00%, 10/01/2034 | 4310 | 4884 |
|  5.00%, 07/01/2035 | 2490 | 2505 |
|  5.10%, 07/01/2044 | 3500 | 3515 |
|  Metropolitan Government of Nashville & Davidson County TN |  |  |
|  1.75%, 01/01/2036 | 6820 | 5150 |
|  Metropolitan Government of Nashville & Davidson County TN Electric Revenue |  |  |
|  5.25%, 05/15/2049 | 1480 | 1557 |
|  Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue |  |  |
|  5.00%, 07/01/2037 | 5000 | 5519 |
|  5.00%, 07/01/2038 | 7270 | 7938 |
|  Metropolitan Knoxville Airport Authority |  |  |
|  5.00%, 06/01/2038 | 500 | 540 |
|  5.00%, 06/01/2039 | 350 | 374 |
|  5.00%, 06/01/2041 | 330 | 346 |
|  5.00%, 06/01/2042 | 1545 | 1603 |

---

The accompanying notes are an integral part of these financial statements.

358.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Tennessee – 1.39% – (continued)** |  |  |
|  Metropolitan Nashville Airport Authority |  |  |
|  5.00%, 07/01/2030 | $1950 | $2085 |
|  5.00%, 07/01/2031 | 1920 | 2065 |
|  5.00%, 07/01/2036 | 2050 | 2111 |
|  5.25%, 07/01/2032 | 1150 | 1267 |
|  5.25%, 07/01/2033 | 1000 | 1095 |
|  5.25%, 07/01/2034 | 1250 | 1360 |
|  5.25%, 07/01/2035 | 1375 | 1485 |
|  5.25%, 07/01/2047 | 7415 | 7665 |
|  5.50%, 07/01/2036 | 1125 | 1227 |
|  5.50%, 07/01/2037 | 2400 | 2599 |
|  5.50%, 07/01/2038 | 3225 | 3462 |
|  5.50%, 07/01/2039 | 2300 | 2453 |
|  5.50%, 07/01/2040 | 2000 | 2124 |
|  Nashville Metropolitan Development & Housing Agency |  |  |
|  4.50%, 06/01/2028 <sup>(2)</sup> | 315 | 318 |
|  New Memphis Arena Public Building Authority |  |  |
|  0.00%, 04/01/2029 | 625 | 604 |
|  0.00%, 04/01/2030 | 750 | 721 |
|  0.00%, 04/01/2031 | 650 | 622 |
|  Shelby County Health Educational & Housing Facilities Board |  |  |
|  5.00%, 05/01/2028 | 1070 | 1100 |
|  5.00%, 05/01/2031 | 1515 | 1552 |
|  5.00%, 06/01/2035 | 18500 | 19832 |
|  5.00%, 09/01/2049 <sup>(1)</sup> | 16630 | 17430 |
|  5.25%, 09/01/2039 | 14870 | 15491 |
|  Tennergy Corp. |  |  |
|  5.50%, 10/01/2053 <sup>(1)</sup> | 5000 | 5248 |
|  Tennessee Energy Acquisition Corp. |  |  |
|  4.00%, 11/01/2049 <sup>(1)</sup> | 9955 | 9969 |
|  5.00%, 05/01/2053 <sup>(1)</sup> | 4065 | 4191 |
|  Tennessee Housing Development Agency |  |  |
|  2.15%, 07/01/2040 | 860 | 604 |
|  2.60%, 07/01/2039 | 395 | 302 |
|  2.80%, 07/01/2044 | 480 | 346 |
|  2.90%, 07/01/2039 | 875 | 715 |
|  3.00%, 01/01/2052 | 1260 | 1238 |
|  3.50%, 01/01/2056 <sup>(1)</sup> | 2280 | 2280 |
|  3.75%, 07/01/2052 | 1855 | 1858 |
|  3.85%, 07/01/2043 | 1360 | 1194 |
|  5.00%, 01/01/2053 | 2835 | 2915 |
|  6.25%, 01/01/2054 | 6410 | 6932 |
|  Tennessee State School Bond Authority |  |  |
|  5.00%, 11/01/2040 | 25000 | 25178 |
|  Total Tennessee | Total Tennessee | 239998 |
| **Texas – 10.53%** |  |  |
|  Academy Independent School District |  |  |
|  3.00%, 08/15/2046 | 1475 | 1065 |
|  Alamito Public Facility Corp. |  |  |
|  5.00%, 08/01/2044 <sup>(1)</sup> | 6600 | 6665 |
|  Allen Independent School District |  |  |
|  5.00%, 02/15/2043 | 3500 | 3648 |
|  Arlington Higher Education Finance Corp. |  |  |
|  4.00%, 08/15/2040 | 1630 | 1549 |
|  4.00%, 02/15/2044 | 3500 | 3162 |
|  4.25%, 08/15/2034 | 500 | 493 |
|  4.50%, 08/15/2039 | 1535 | 1462 |

---

The accompanying notes are an integral part of these financial statements.

359.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 08/15/2033 | $2000 | $2110 |
|  5.00%, 08/15/2038 | 500 | 533 |
|  5.00%, 08/15/2038 | 1000 | 949 |
|  5.00%, 08/15/2039 | 665 | 703 |
|  5.00%, 08/15/2041 | 2000 | 2095 |
|  Austin Affordable Pfc, Inc. |  |  |
|  4.35%, 05/01/2043 | 1100 | 1036 |
|  Austin Community College District Public Facility Corp. |  |  |
|  5.00%, 08/01/2031 | 300 | 313 |
|  5.00%, 08/01/2031 | 580 | 604 |
|  Austin Independent School District |  |  |
|  4.00%, 08/01/2032 | 2835 | 2962 |
|  4.00%, 08/01/2033 | 3160 | 3277 |
|  4.00%, 08/01/2034 | 3620 | 3730 |
|  4.00%, 08/01/2035 | 2465 | 2520 |
|  5.00%, 08/01/2039 | 3600 | 3870 |
|  5.00%, 08/01/2040 | 2725 | 2883 |
|  5.00%, 08/01/2042 | 4145 | 4312 |
|  5.00%, 08/01/2048 | 1500 | 1518 |
|  Austin-Bergstrom Landhost Enterprises, Inc. |  |  |
|  5.00%, 10/01/2025 | 1780 | 1785 |
|  5.00%, 10/01/2026 | 1400 | 1425 |
|  5.00%, 10/01/2028 | 1925 | 1983 |
|  5.00%, 10/01/2030 | 2175 | 2232 |
|  5.00%, 10/01/2033 | 2000 | 2040 |
|  5.00%, 10/01/2034 | 2000 | 2035 |
|  5.00%, 10/01/2036 | 1000 | 1011 |
|  Barbers Hill Independent School District |  |  |
|  4.00%, 02/15/2041 | 1625 | 1562 |
|  5.00%, 02/15/2042 | 1200 | 1260 |
|  Bastrop Independent School District |  |  |
|  5.00%, 02/15/2041 | 5240 | 5505 |
|  Baybrook Municipal Utility District No 1 |  |  |
|  4.00%, 05/01/2041 | 205 | 189 |
|  Birdville Independent School District |  |  |
|  5.00%, 02/15/2026 | 725 | 735 |
|  Board of Regents of the University of Texas System |  |  |
|  5.00%, 08/15/2036 | 18000 | 20209 |
|  Boerne Independent School District |  |  |
|  3.13%, 02/01/2053 <sup>(1)</sup> | 2220 | 2218 |
|  Boling Independent School District |  |  |
|  5.00%, 08/15/2037 | 825 | 896 |
|  5.00%, 08/15/2038 | 865 | 931 |
|  5.00%, 08/15/2039 | 910 | 972 |
|  5.00%, 08/15/2040 | 955 | 1014 |
|  5.00%, 08/15/2041 | 1000 | 1053 |
|  Brazoria County Municipal Utility District No 22 |  |  |
|  4.38%, 09/01/2049 | 2435 | 2233 |
|  Brazos Higher Education Authority, Inc. |  |  |
|  5.00%, 04/01/2032 | 1175 | 1247 |
|  Brazosport Independent School District |  |  |
|  2.13%, 02/15/2033 | 1310 | 1140 |
|  Celina Independent School District |  |  |
|  5.00%, 02/15/2039 | 450 | 486 |
|  5.00%, 02/15/2040 | 375 | 400 |
|  5.00%, 02/15/2041 | 540 | 571 |
|  5.00%, 02/15/2042 | 1000 | 1048 |
|  5.00%, 02/15/2043 | 500 | 520 |

---

The accompanying notes are an integral part of these financial statements.

360.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 02/15/2044 | $1000 | $1034 |
|  Central Texas Regional Mobility Authority |  |  |
|  4.00%, 01/01/2033 | 965 | 985 |
|  4.00%, 01/01/2033 | 1000 | 1012 |
|  5.00%, 01/01/2029 | 750 | 795 |
|  5.00%, 01/01/2031 | 600 | 647 |
|  Central Texas Turnpike System |  |  |
|  0.00%, 08/15/2025 | 5500 | 5478 |
|  5.00%, 08/15/2039 | 3500 | 3650 |
|  5.00%, 08/15/2042 <sup>(1)</sup> | 5800 | 6102 |
|  City of Amarillo TX |  |  |
|  2.00%, 02/15/2041 | 1510 | 1007 |
|  City of Amarillo TX Waterworks & Sewer System Revenue |  |  |
|  4.00%, 04/01/2039 | 1310 | 1253 |
|  4.00%, 04/01/2040 | 1450 | 1357 |
|  City of Austin TX |  |  |
|  5.00%, 09/01/2037 | 2900 | 3131 |
|  City of Austin TX Airport System Revenue |  |  |
|  5.00%, 11/15/2026 | 1140 | 1169 |
|  5.00%, 11/15/2028 | 1000 | 1001 |
|  City of Austin TX Water & Wastewater System Revenue |  |  |
|  5.00%, 11/15/2032 | 750 | 846 |
|  5.00%, 11/15/2034 | 500 | 555 |
|  5.00%, 11/15/2036 | 15 | 15 |
|  5.00%, 11/15/2036 | 2985 | 2997 |
|  5.00%, 11/15/2039 | 1575 | 1662 |
|  5.00%, 11/15/2039 | 3675 | 3930 |
|  5.00%, 11/15/2040 | 2820 | 2958 |
|  5.00%, 11/15/2040 | 4100 | 4352 |
|  5.00%, 11/15/2041 | 2500 | 2602 |
|  5.00%, 11/15/2041 | 6185 | 6504 |
|  City of Bryan TX |  |  |
|  2.00%, 08/15/2032 | 1000 | 874 |
|  2.25%, 08/15/2035 | 2465 | 2032 |
|  City of Cedar Park TX |  |  |
|  1.88%, 02/15/2038 | 1625 | 1139 |
|  City of College Station TX |  |  |
|  2.13%, 02/15/2040 | 2000 | 1390 |
|  2.25%, 02/15/2041 | 1000 | 685 |
|  City of Corpus Christi TX Utility System Revenue |  |  |
|  5.00%, 07/15/2025 | 2495 | 2497 |
|  5.00%, 07/15/2028 | 2000 | 2129 |
|  5.00%, 07/15/2029 | 3890 | 4205 |
|  5.00%, 07/15/2031 | 1920 | 2126 |
|  5.00%, 07/15/2032 | 1000 | 1114 |
|  5.00%, 07/15/2032 | 3130 | 3496 |
|  5.00%, 07/15/2033 | 2000 | 2238 |
|  City of Crandall TX |  |  |
|  3.38%, 09/15/2026 <sup>(2)</sup> | 15 | 15 |
|  City of Dallas Housing Finance Corp. |  |  |
|  4.63%, 10/01/2043 | 3275 | 3214 |
|  5.00%, 09/01/2026 <sup>(1)</sup> | 2310 | 2317 |
|  City of Dallas TX |  |  |
|  5.00%, 02/15/2026 | 3500 | 3544 |
|  5.00%, 02/15/2026 | 10800 | 10937 |
|  5.00%, 02/15/2027 | 8125 | 8418 |
|  5.00%, 02/15/2027 | 10000 | 10360 |

---

The accompanying notes are an integral part of these financial statements.

361.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  City of Dallas TX Hotel Occupancy Tax Revenue |  |  |
|  4.00%, 08/15/2029 | $1110 | $1115 |
|  4.00%, 08/15/2030 | 2085 | 2091 |
|  City of Dallas TX Waterworks & Sewer System Revenue |  |  |
|  4.00%, 10/01/2032 | 3210 | 3278 |
|  5.00%, 10/01/2040 | 5095 | 5441 |
|  City of Denton TX |  |  |
|  2.00%, 02/15/2039 | 1340 | 936 |
|  City of Denton TX Utility System Revenue |  |  |
|  5.00%, 12/01/2036 | 1600 | 1617 |
|  City of Eagle Pass TX Waterworks & Sewer System Revenue |  |  |
|  5.00%, 12/01/2042 | 1015 | 1043 |
|  5.00%, 12/01/2044 | 1120 | 1141 |
|  City of El Paso TX |  |  |
|  5.00%, 08/15/2033 | 670 | 747 |
|  5.00%, 08/15/2035 | 785 | 869 |
|  City of El Paso TX Water & Sewer Revenue |  |  |
|  5.00%, 03/01/2034 | 1725 | 1872 |
|  5.00%, 03/01/2035 | 1035 | 1115 |
|  5.00%, 03/01/2036 | 2355 | 2519 |
|  5.00%, 03/01/2040 | 1700 | 1780 |
|  City of Fort Worth TX |  |  |
|  2.00%, 03/01/2040 | 3000 | 2004 |
|  City of Fort Worth TX Water & Sewer System Revenue |  |  |
|  5.00%, 02/15/2040 | 5950 | 6230 |
|  City of Frisco TX |  |  |
|  2.00%, 02/15/2041 | 820 | 547 |
|  City of Galveston TX Wharves & Terminal Revenue |  |  |
|  5.25%, 08/01/2033 | 790 | 851 |
|  5.25%, 08/01/2038 | 1175 | 1215 |
|  5.25%, 08/01/2039 | 1000 | 1027 |
|  City of Garland TX |  |  |
|  2.00%, 02/15/2040 | 2205 | 1464 |
|  5.00%, 02/15/2031 | 1000 | 1099 |
|  5.00%, 02/15/2032 | 1000 | 1107 |
|  5.00%, 02/15/2035 | 2760 | 3057 |
|  5.00%, 02/15/2036 | 1000 | 1096 |
|  5.00%, 02/15/2039 | 1100 | 1165 |
|  5.00%, 02/15/2041 | 1600 | 1666 |
|  City of Georgetown TX Utility System Revenue |  |  |
|  5.00%, 08/15/2032 | 1250 | 1381 |
|  5.00%, 08/15/2034 | 1300 | 1417 |
|  City of Grand Prairie TX |  |  |
|  4.00%, 02/15/2039 | 1300 | 1281 |
|  City of Greenville TX Waterworks & Sewer System Revenue |  |  |
|  5.00%, 02/15/2029 | 1865 | 1993 |
|  5.00%, 02/15/2041 | 2155 | 2254 |
|  5.00%, 02/15/2043 | 3760 | 3881 |
|  City of Houston TX |  |  |
|  5.00%, 03/01/2028 | 1000 | 1033 |
|  5.00%, 03/01/2031 | 2880 | 3068 |
|  5.00%, 03/01/2034 | 3000 | 3326 |
|  5.00%, 03/01/2038 | 535 | 573 |
|  5.25%, 03/01/2042 | 2525 | 2652 |
|  City of Houston TX Airport System Revenue |  |  |
|  5.00%, 07/01/2027 | 3000 | 3134 |
|  5.00%, 07/01/2029 | 1000 | 1042 |
|  5.00%, 07/15/2030 | 4665 | 4665 |

---

The accompanying notes are an integral part of these financial statements.

362.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 07/01/2033 | $1770 | $1878 |
|  5.00%, 07/01/2034 | 2815 | 2970 |
|  5.25%, 07/01/2041 | 2770 | 2885 |
|  5.50%, 07/15/2037 | 1000 | 1039 |
|  5.50%, 07/15/2038 | 2000 | 2057 |
|  5.50%, 07/15/2039 | 5150 | 5267 |
|  City of Houston TX Combined Utility System Revenue |  |  |
|  4.00%, 11/15/2035 | 300 | 304 |
|  4.00%, 11/15/2036 | 300 | 302 |
|  5.00%, 11/15/2026 | 11105 | 11467 |
|  5.00%, 11/15/2027 | 9575 | 10082 |
|  5.00%, 11/15/2035 | 15000 | 16780 |
|  City of Houston TX Hotel Occupancy Tax & Special Revenue |  |  |
|  5.00%, 09/01/2036 | 2100 | 2163 |
|  City of Lowry Crossing TX |  |  |
|  4.25%, 09/15/2030 <sup>(2)</sup> | 400 | 401 |
|  City of Mansfield TX |  |  |
|  5.00%, 02/15/2034 | 485 | 550 |
|  5.00%, 02/15/2035 | 1145 | 1287 |
|  5.00%, 02/15/2036 | 695 | 774 |
|  5.00%, 02/15/2037 | 1745 | 1930 |
|  5.00%, 02/15/2038 | 1900 | 2082 |
|  5.00%, 02/15/2039 | 615 | 669 |
|  5.00%, 02/15/2040 | 970 | 1044 |
|  5.00%, 02/15/2041 | 1525 | 1624 |
|  City of Odessa TX |  |  |
|  4.00%, 03/01/2035 | 1020 | 957 |
|  City of Plano TX |  |  |
|  5.00%, 09/01/2034 | 1950 | 1956 |
|  5.00%, 09/01/2035 | 4035 | 4531 |
|  City of Princeton TX |  |  |
|  5.38%, 09/01/2045 <sup>(2)</sup> | 420 | 404 |
|  City of Round Rock TX |  |  |
|  4.63%, 08/15/2047 | 5000 | 4834 |
|  City of San Antonio TX |  |  |
|  3.00%, 08/01/2029 | 3545 | 3466 |
|  4.00%, 08/01/2033 | 1185 | 1231 |
|  City of San Antonio TX Airport System |  |  |
|  5.00%, 07/01/2027 | 2000 | 2068 |
|  5.00%, 07/01/2028 | 1750 | 1830 |
|  City of San Antonio TX Electric & Gas Systems Revenue |  |  |
|  1.13%, 12/01/2045 <sup>(1)</sup> | 22440 | 21663 |
|  1.75%, 02/01/2049 <sup>(1)</sup> | 4000 | 3966 |
|  2.00%, 02/01/2049 <sup>(1)</sup> | 15940 | 15234 |
|  5.00%, 02/01/2030 | 1000 | 1040 |
|  5.25%, 02/01/2041 | 20000 | 21335 |
|  5.25%, 02/01/2049 | 4860 | 5076 |
|  City of Texas City TX |  |  |
|  5.00%, 02/15/2041 | 2630 | 2756 |
|  5.00%, 02/15/2043 | 4790 | 4947 |
|  City of Waco TX |  |  |
|  4.00%, 02/01/2039 | 1605 | 1556 |
|  Clear Lake City Water Authority |  |  |
|  3.00%, 03/01/2050 | 6575 | 4561 |
|  Clifton Higher Education Finance Corp. |  |  |
|  3.00%, 08/15/2032 | 295 | 280 |
|  3.00%, 08/15/2033 | 260 | 242 |
|  3.00%, 08/15/2040 | 935 | 751 |

---

The accompanying notes are an integral part of these financial statements.

363.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.25%, 02/15/2043 | $3900 | $4080 |
|  Club Municipal Management District No 1 |  |  |
|  5.10%, 09/01/2044 <sup>(2)</sup> | 1000 | 955 |
|  Collin County Community College District |  |  |
|  4.00%, 08/15/2038 | 3300 | 3254 |
|  Collin County Municipal Utility District No 2 |  |  |
|  4.00%, 09/01/2043 | 525 | 473 |
|  Comal County Water Control & Improvement District No 6 |  |  |
|  4.00%, 09/01/2045 | 1790 | 1571 |
|  4.00%, 09/01/2048 | 2085 | 1824 |
|  5.25%, 09/01/2030 | 2375 | 2476 |
|  Comal Independent School District |  |  |
|  1.63%, 02/01/2032 | 2485 | 2123 |
|  3.00%, 02/15/2038 | 1430 | 1255 |
|  3.00%, 02/15/2039 | 1185 | 1012 |
|  3.00%, 02/01/2040 | 7150 | 5702 |
|  3.00%, 02/15/2041 | 2500 | 2026 |
|  5.00%, 02/15/2035 | 15000 | 16795 |
|  Como-Pickton Consolidated Independent School District |  |  |
|  5.00%, 08/15/2037 | 310 | 337 |
|  Conroe Independent School District |  |  |
|  5.00%, 02/15/2041 | 3365 | 3553 |
|  County of Collin TX |  |  |
|  4.00%, 02/15/2037 | 1105 | 1111 |
|  5.00%, 02/15/2040 | 5700 | 6080 |
|  County of Denton TX |  |  |
|  3.00%, 07/15/2033 | 5215 | 4936 |
|  County of Ector TX |  |  |
|  5.00%, 02/15/2050 | 3675 | 3700 |
|  County of El Paso TX |  |  |
|  5.00%, 02/15/2029 | 1500 | 1560 |
|  County of Harris TX |  |  |
|  5.00%, 10/01/2027 | 5000 | 5259 |
|  5.00%, 08/15/2032 | 1000 | 1122 |
|  5.00%, 09/15/2034 | 750 | 850 |
|  5.00%, 09/15/2034 | 3515 | 3982 |
|  5.00%, 08/15/2041 | 8500 | 8578 |
|  County of Harris TX Toll Road Revenue |  |  |
|  5.00%, 08/15/2039 | 7275 | 7773 |
|  5.00%, 08/15/2040 | 5500 | 5822 |
|  County of Johnson TX |  |  |
|  5.00%, 02/15/2039 | 365 | 390 |
|  5.00%, 02/15/2040 | 390 | 412 |
|  5.00%, 02/15/2042 | 880 | 912 |
|  County of Lubbock TX |  |  |
|  4.00%, 02/15/2040 | 3385 | 3214 |
|  5.00%, 02/15/2035 | 765 | 837 |
|  County of Tarrant TX |  |  |
|  5.00%, 07/15/2037 | 945 | 1016 |
|  5.00%, 07/15/2038 | 2500 | 2665 |
|  Crowley Independent School District |  |  |
|  5.00%, 02/01/2040 | 4650 | 4910 |
|  Cypress-Fairbanks Independent School District |  |  |
|  2.25%, 02/15/2043 | 2000 | 1320 |
|  3.00%, 02/15/2034 | 2420 | 2292 |
|  4.00%, 02/15/2033 | 575 | 592 |
|  5.00%, 02/15/2027 | 470 | 476 |

---

The accompanying notes are an integral part of these financial statements.

364.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 02/15/2038 | $3470 | $3726 |
|  5.00%, 02/15/2039 | 11225 | 11965 |
|  5.00%, 02/15/2040 | 13055 | 13802 |
|  Dallas Fort Worth International Airport |  |  |
|  4.00%, 11/01/2034 | 1930 | 1960 |
|  4.00%, 11/01/2035 | 3870 | 3879 |
|  4.00%, 11/01/2046 | 3950 | 3578 |
|  5.00%, 11/01/2031 | 2310 | 2533 |
|  5.00%, 11/01/2032 | 1500 | 1683 |
|  5.00%, 11/01/2039 | 2645 | 2814 |
|  5.00%, 11/01/2043 | 1500 | 1523 |
|  5.25%, 11/01/2048 | 4850 | 5051 |
|  Dallas Independent School District |  |  |
|  2.00%, 02/15/2042 | 3900 | 2510 |
|  4.00%, 02/15/2026 | 1000 | 1007 |
|  5.00%, 02/15/2041 | 13295 | 13957 |
|  5.00%, 02/15/2055 <sup>(1)</sup> | 8500 | 9275 |
|  Denton County Municipal Utility District No 6 |  |  |
|  3.25%, 09/01/2049 | 1470 | 1086 |
|  Denton Independent School District |  |  |
|  0.00%, 08/15/2025 | 500 | 498 |
|  5.00%, 08/15/2040 | 2780 | 2944 |
|  5.00%, 08/15/2041 | 5250 | 5522 |
|  Dickinson Independent School District |  |  |
|  3.50%, 08/01/2037 <sup>(1)</sup> | 2760 | 2759 |
|  Eagle Mountain & Saginaw Independent School District |  |  |
|  5.00%, 08/15/2032 | 800 | 899 |
|  5.00%, 08/15/2034 | 1225 | 1354 |
|  East Montgomery County Improvement District Sales Tax Revenue |  |  |
|  5.25%, 08/15/2049 | 4385 | 4566 |
|  Edinburg Consolidated Independent School District |  |  |
|  5.00%, 02/15/2035 | 1235 | 1249 |
|  El Paso County Hospital District |  |  |
|  5.00%, 08/15/2028 | 1140 | 1168 |
|  5.00%, 08/15/2030 | 1455 | 1487 |
|  5.00%, 02/15/2036 | 450 | 491 |
|  5.00%, 02/15/2037 | 1150 | 1242 |
|  5.00%, 08/15/2043 | 545 | 553 |
|  EP Essential Housing WF PFC |  |  |
|  4.25%, 12/01/2034 | 8000 | 7932 |
|  Forney Independent School District |  |  |
|  5.00%, 08/15/2034 | 2540 | 2766 |
|  5.00%, 08/15/2036 | 1000 | 1071 |
|  5.00%, 08/15/2038 | 610 | 656 |
|  5.00%, 08/15/2039 | 1200 | 1277 |
|  5.00%, 08/15/2040 | 1200 | 1269 |
|  Fort Bend County Municipal Utility District No 134B |  |  |
|  6.00%, 03/01/2029 | 1860 | 1960 |
|  Fort Bend County Municipal Utility District No 184 |  |  |
|  4.00%, 04/01/2040 | 630 | 599 |
|  4.00%, 04/01/2041 | 660 | 613 |
|  Fort Bend County Municipal Utility District No 190 |  |  |
|  3.25%, 09/01/2049 | 2135 | 1511 |
|  Fort Bend County Municipal Utility District No 245 |  |  |
|  6.25%, 09/01/2033 | 125 | 140 |
|  7.00%, 09/01/2032 | 120 | 139 |

---

The accompanying notes are an integral part of these financial statements.

365.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  Fort Bend Independent School District |  |  |
|  0.72%, 08/01/2051 <sup>(1)</sup> | $8500 | $8220 |
|  0.88%, 08/01/2050 <sup>(1)</sup> | 2670 | 2665 |
|  4.00%, 08/01/2054 <sup>(1)</sup> | 15205 | 15487 |
|  Fort Worth Independent School District |  |  |
|  2.38%, 02/15/2033 | 775 | 698 |
|  5.00%, 02/15/2035 | 1125 | 1260 |
|  5.00%, 02/15/2036 | 560 | 621 |
|  Fourth Ward Redevelopment Authority |  |  |
|  4.00%, 09/01/2038 | 255 | 249 |
|  4.00%, 09/01/2039 | 330 | 319 |
|  4.25%, 09/01/2041 | 700 | 675 |
|  4.25%, 09/01/2043 | 1000 | 943 |
|  5.00%, 09/01/2034 | 295 | 322 |
|  5.00%, 09/01/2035 | 365 | 395 |
|  5.00%, 09/01/2036 | 300 | 322 |
|  5.00%, 09/01/2037 | 210 | 224 |
|  Frisco Independent School District |  |  |
|  5.00%, 02/15/2038 | 1000 | 1077 |
|  5.00%, 02/15/2039 | 5465 | 5837 |
|  5.00%, 02/15/2040 | 2870 | 3036 |
|  Georgetown Independent School District |  |  |
|  2.50%, 08/15/2035 | 3000 | 2549 |
|  Glasscock County Independent School District |  |  |
|  5.00%, 02/15/2034 | 700 | 727 |
|  5.00%, 02/15/2035 | 700 | 725 |
|  Grand Parkway Transportation Corp. |  |  |
|  5.00%, 10/01/2031 | 2630 | 2758 |
|  5.00%, 10/01/2033 | 1205 | 1256 |
|  5.00%, 10/01/2037 | 2000 | 2057 |
|  5.00%, 10/01/2038 | 5000 | 5123 |
|  5.00%, 10/01/2043 | 5700 | 5764 |
|  5.00%, 10/01/2052 <sup>(1)</sup> | 16195 | 16958 |
|  5.80%, 10/01/2046 | 1620 | 1675 |
|  5.85%, 10/01/2048 | 2000 | 2067 |
|  Guadalupe-Blanco River Authority |  |  |
|  5.00%, 08/15/2037 | 760 | 814 |
|  6.00%, 08/15/2035 | 895 | 1022 |
|  6.00%, 08/15/2036 | 760 | 864 |
|  Harlandale Independent School District |  |  |
|  5.00%, 08/01/2030 | 1305 | 1347 |
|  Harris County Cultural Education Facilities Finance Corp. |  |  |
|  5.00%, 07/01/2031 | 5950 | 6534 |
|  5.00%, 07/01/2034 | 12420 | 13803 |
|  5.00%, 07/01/2039 | 2500 | 2644 |
|  5.00%, 07/01/2040 | 1500 | 1574 |
|  5.00%, 10/01/2051 <sup>(1)</sup> | 12000 | 13118 |
|  5.00%, 07/01/2054 <sup>(1)</sup> | 4070 | 4339 |
|  Harris County Flood Control District |  |  |
|  4.00%, 10/01/2036 | 480 | 483 |
|  4.00%, 10/01/2037 | 4400 | 4385 |
|  Harris County Municipal Utility District No 165 |  |  |
|  3.38%, 03/01/2042 | 2190 | 1790 |
|  4.75%, 03/01/2033 | 1525 | 1611 |
|  Harris County Municipal Utility District No 171 |  |  |
|  5.00%, 12/01/2030 | 1620 | 1679 |
|  Harris County Municipal Utility District No 491 |  |  |
|  6.50%, 09/01/2030 | 1005 | 1096 |

---

The accompanying notes are an integral part of these financial statements.

366.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  Harris County-Houston Sports Authority |  |  |
|  5.00%, 11/15/2029 | $1480 | $1600 |
|  5.00%, 11/15/2030 | 2000 | 2185 |
|  5.00%, 11/15/2043 | 2845 | 2919 |
|  Harris-Waller Counties Municipal Utility District No 3 |  |  |
|  3.25%, 09/01/2049 | 1875 | 1387 |
|  3.50%, 09/01/2049 | 2255 | 1764 |
|  4.00%, 09/01/2037 | 660 | 657 |
|  4.00%, 09/01/2040 | 750 | 717 |
|  4.00%, 09/01/2041 | 825 | 773 |
|  4.00%, 09/01/2042 | 860 | 795 |
|  4.13%, 09/01/2043 | 855 | 796 |
|  Hays Consolidated Independent School District |  |  |
|  5.00%, 02/15/2040 | 6800 | 7173 |
|  Henrietta Independent School District |  |  |
|  5.00%, 06/15/2039 | 705 | 753 |
|  Hidalgo County Drain District No 1 |  |  |
|  3.13%, 09/01/2029 | 1800 | 1800 |
|  Housing Synergy PFC |  |  |
|  5.00%, 02/01/2027 <sup>(1)</sup> | 5000 | 5049 |
|  Houston Higher Education Finance Corp. |  |  |
|  5.00%, 05/15/2034 | 5000 | 5649 |
|  Humble Independent School District |  |  |
|  5.00%, 02/15/2043 | 10000 | 10078 |
|  Irving Hospital Authority |  |  |
|  5.00%, 10/15/2038 | 1200 | 1200 |
|  5.00%, 10/15/2039 | 1090 | 1086 |
|  Irving Independent School District |  |  |
|  5.00%, 02/15/2039 | 5100 | 5414 |
|  5.00%, 02/15/2042 | 5000 | 5192 |
|  La Porte Independent School District |  |  |
|  5.00%, 02/15/2041 | 1000 | 1056 |
|  5.00%, 02/15/2042 | 1000 | 1046 |
|  5.00%, 02/15/2044 | 1000 | 1034 |
|  La Vega Independent School District |  |  |
|  4.00%, 02/15/2037 | 1485 | 1480 |
|  Lamar Consolidated Independent School District |  |  |
|  5.00%, 02/15/2040 | 4675 | 4924 |
|  Leander Independent School District |  |  |
|  0.00%, 08/15/2034 | 2000 | 1429 |
|  0.00%, 08/15/2035 | 3000 | 2040 |
|  5.00%, 08/15/2038 | 9955 | 9977 |
|  5.00%, 08/15/2039 | 5000 | 5429 |
|  Leander Municipal Utility District No 2 |  |  |
|  4.00%, 08/15/2041 | 575 | 527 |
|  4.00%, 08/15/2042 | 605 | 548 |
|  4.13%, 08/15/2043 | 580 | 528 |
|  Lewisville Independent School District |  |  |
|  3.13%, 08/15/2034 | 1800 | 1703 |
|  5.00%, 08/15/2042 | 15000 | 15685 |
|  5.00%, 08/15/2043 | 10360 | 10777 |
|  Love Field Airport Modernization Corp. |  |  |
|  4.00%, 11/01/2034 | 5000 | 5002 |
|  4.00%, 11/01/2035 | 5000 | 4946 |
|  4.00%, 11/01/2038 | 1000 | 952 |
|  5.00%, 11/01/2030 | 1080 | 1082 |
|  Lower Colorado River Authority |  |  |
|  5.00%, 05/15/2026 | 1000 | 1018 |

---

The accompanying notes are an integral part of these financial statements.

367.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 05/15/2031 | $3740 | $3745 |
|  5.00%, 05/15/2032 | 705 | 782 |
|  5.00%, 05/15/2035 | 8740 | 9731 |
|  5.00%, 05/15/2036 | 1425 | 1489 |
|  5.00%, 05/15/2036 | 2900 | 3192 |
|  5.00%, 05/15/2039 | 3250 | 3437 |
|  5.00%, 05/15/2040 | 3275 | 3439 |
|  5.00%, 05/15/2040 | 5250 | 5386 |
|  Magnolia Independent School District |  |  |
|  5.00%, 08/15/2037 | 1450 | 1563 |
|  5.00%, 08/15/2038 | 515 | 548 |
|  Mansfield Economic Development Corp. |  |  |
|  5.00%, 08/01/2037 | 420 | 459 |
|  5.00%, 08/01/2038 | 440 | 476 |
|  5.00%, 08/01/2039 | 200 | 215 |
|  5.00%, 08/01/2040 | 305 | 324 |
|  5.00%, 08/01/2041 | 400 | 421 |
|  5.00%, 08/01/2042 | 410 | 428 |
|  5.00%, 08/01/2043 | 710 | 738 |
|  5.00%, 08/01/2044 | 745 | 770 |
|  5.00%, 08/01/2045 | 580 | 597 |
|  Matagorda County Navigation District No 1 |  |  |
|  2.60%, 11/01/2029 | 3605 | 3436 |
|  4.25%, 05/01/2030 | 5925 | 6081 |
|  Medina Valley Independent School District |  |  |
|  5.00%, 02/15/2040 | 7385 | 7812 |
|  Mesquite Independent School District |  |  |
|  5.00%, 08/15/2043 | 1790 | 1807 |
|  Midland Independent School District |  |  |
|  4.00%, 02/15/2039 | 4000 | 3923 |
|  4.00%, 02/15/2040 | 2450 | 2378 |
|  Mission Economic Development Corp. |  |  |
|  0.00%, 06/01/2048 <sup>(1)</sup> | 4750 | 4790 |
|  4.00%, 06/01/2054 <sup>(1)</sup> | 1605 | 1542 |
|  Montgomery County Municipal Utility District No 138 |  |  |
|  6.00%, 03/01/2032 | 345 | 387 |
|  Montgomery County Municipal Utility District No 144 |  |  |
|  7.00%, 05/01/2030 | 1335 | 1468 |
|  Montgomery County Municipal Utility District No 191 |  |  |
|  4.00%, 09/01/2042 | 1330 | 1202 |
|  4.25%, 09/01/2044 | 1445 | 1311 |
|  New Caney Independent School District |  |  |
|  2.00%, 02/15/2039 | 1000 | 707 |
|  5.00%, 02/15/2040 | 1500 | 1589 |
|  5.00%, 02/15/2041 | 1350 | 1422 |
|  New Hope Cultural Education Facilities Finance Corp. |  |  |
|  4.00%, 08/15/2028 <sup>(2)</sup> | 1075 | 1069 |
|  4.00%, 08/15/2029 <sup>(2)</sup> | 1000 | 990 |
|  4.00%, 08/15/2031 <sup>(2)</sup> | 1210 | 1180 |
|  4.00%, 08/15/2036 <sup>(2)</sup> | 1545 | 1412 |
|  4.25%, 10/01/2030 | 5350 | 5356 |
|  5.00%, 08/15/2026 | 200 | 204 |
|  5.00%, 08/15/2027 | 375 | 391 |
|  5.00%, 08/15/2030 | 3500 | 3632 |
|  5.00%, 11/01/2033 | 695 | 742 |
|  5.00%, 11/01/2035 | 610 | 646 |
|  5.00%, 12/01/2049 | 775 | 682 |

---

The accompanying notes are an integral part of these financial statements.

368.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  Newark Higher Education Finance Corp. |  |  |
|  5.00%, 04/01/2029 | $505 | $511 |
|  North East Independent School District |  |  |
|  4.00%, 08/01/2032 | 13400 | 13402 |
|  North East Texas Regional Mobility Authority |  |  |
|  5.00%, 01/01/2036 | 1185 | 1190 |
|  North Texas Municipal Water District Water System Revenue |  |  |
|  3.00%, 09/01/2032 | 2525 | 2448 |
|  5.00%, 09/01/2032 | 6000 | 6722 |
|  North Texas Tollway Authority |  |  |
|  0.00%, 01/01/2038 | 10025 | 5920 |
|  3.00%, 01/01/2038 | 4000 | 3468 |
|  5.00%, 01/01/2027 | 6100 | 6318 |
|  5.00%, 01/01/2030 | 75 | 76 |
|  5.00%, 01/01/2031 | 105 | 106 |
|  5.00%, 01/01/2031 | 500 | 505 |
|  5.00%, 01/01/2031 | 1100 | 1150 |
|  5.00%, 01/01/2032 | 1100 | 1147 |
|  5.00%, 01/01/2033 | 500 | 511 |
|  5.00%, 01/01/2033 | 1250 | 1300 |
|  5.00%, 01/01/2034 | 1280 | 1432 |
|  5.00%, 01/01/2034 | 1400 | 1451 |
|  5.00%, 01/01/2035 | 1500 | 1549 |
|  5.00%, 01/01/2035 | 4145 | 4598 |
|  5.00%, 01/01/2035 | 4580 | 5048 |
|  5.00%, 01/01/2036 | 550 | 553 |
|  5.00%, 01/01/2037 | 1395 | 1511 |
|  5.00%, 01/01/2039 | 4915 | 4931 |
|  5.25%, 01/01/2038 | 5400 | 5811 |
|  5.25%, 01/01/2042 | 1355 | 1433 |
|  Northlake Municipal Management District No 1 |  |  |
|  3.00%, 03/01/2035 | 545 | 498 |
|  3.00%, 03/01/2036 | 570 | 511 |
|  Northside Independent School District |  |  |
|  3.00%, 08/01/2053 <sup>(1)</sup> | 18020 | 17937 |
|  Northwest Independent School District |  |  |
|  5.00%, 02/15/2033 | 1060 | 1106 |
|  5.00%, 02/15/2040 | 2500 | 2618 |
|  Pearland Independent School District |  |  |
|  5.25%, 02/15/2032 | 335 | 340 |
|  5.25%, 02/15/2032 | 1665 | 1685 |
|  Pecos Barstow Toyah Independent School District |  |  |
|  5.00%, 02/15/2036 | 2000 | 2066 |
|  5.00%, 02/15/2037 | 1300 | 1338 |
|  5.00%, 02/15/2038 | 1650 | 1661 |
|  5.00%, 02/15/2039 | 2445 | 2460 |
|  5.00%, 02/15/2040 | 2750 | 2764 |
|  5.00%, 02/15/2041 | 5735 | 5760 |
|  5.00%, 02/15/2042 | 2970 | 2980 |
|  5.00%, 02/15/2043 | 1825 | 1830 |
|  Permanent University Fund – Texas A&M University System |  |  |
|  5.00%, 07/01/2037 | 6585 | 7120 |
|  Permanent University Fund – University of Texas System |  |  |
|  5.00%, 07/01/2029 | 235 | 240 |
|  Plano Independent School District |  |  |
|  5.00%, 02/15/2031 | 7985 | 8867 |
|  5.00%, 02/15/2033 | 2600 | 2883 |

---

The accompanying notes are an integral part of these financial statements.

369.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 02/15/2034 | $2175 | $2396 |
|  Port Authority of Houston of Harris County Texas |  |  |
|  5.00%, 10/01/2040 | 4150 | 4380 |
|  Port of Beaumont Navigation District |  |  |
|  1.88%, 01/01/2026 <sup>(2)</sup> | 850 | 840 |
|  2.00%, 01/01/2027 <sup>(2)</sup> | 550 | 532 |
|  2.13%, 01/01/2028 <sup>(2)</sup> | 575 | 545 |
|  2.25%, 01/01/2029 <sup>(2)</sup> | 820 | 764 |
|  2.50%, 01/01/2030 <sup>(2)</sup> | 1000 | 921 |
|  2.63%, 01/01/2031 <sup>(2)</sup> | 800 | 728 |
|  Port of Port Arthur Navigation District |  |  |
|  3.95%, 04/01/2040 <sup>(1)</sup> | 41365 | 41365 |
|  4.00%, 04/01/2040 <sup>(1)</sup> | 7490 | 7490 |
|  4.00%, 04/01/2040 <sup>(1)</sup> | 11085 | 11085 |
|  Pottsboro Independent School District |  |  |
|  5.00%, 02/15/2039 | 2075 | 2199 |
|  Prosper Independent School District |  |  |
|  3.00%, 02/15/2040 | 3000 | 2544 |
|  5.00%, 02/15/2047 | 5565 | 5720 |
|  Richardson Independent School District |  |  |
|  5.00%, 02/15/2042 | 1545 | 1612 |
|  Riverfield Municipal Utility District No 1 |  |  |
|  6.75%, 09/01/2033 | 180 | 206 |
|  6.88%, 09/01/2031 | 165 | 191 |
|  6.88%, 09/01/2032 | 170 | 196 |
|  Round Rock Independent School District |  |  |
|  5.00%, 08/01/2036 | 220 | 220 |
|  5.00%, 08/01/2045 | 3800 | 3931 |
|  Sabine-Neches Navigation District |  |  |
|  5.25%, 02/15/2036 | 500 | 541 |
|  5.25%, 02/15/2038 | 650 | 692 |
|  5.25%, 02/15/2040 | 1890 | 1981 |
|  5.25%, 02/15/2042 | 1500 | 1555 |
|  San Antonio Education Facilities Corp. |  |  |
|  5.00%, 10/01/2027 | 500 | 514 |
|  5.00%, 10/01/2029 | 805 | 837 |
|  San Antonio Independent School District |  |  |
|  5.00%, 08/15/2039 | 3500 | 3723 |
|  5.00%, 08/15/2040 | 4330 | 4581 |
|  San Antonio Water System |  |  |
|  5.00%, 05/15/2032 | 270 | 303 |
|  5.00%, 05/15/2033 | 1500 | 1521 |
|  5.00%, 05/15/2035 | 540 | 593 |
|  5.00%, 05/15/2036 | 590 | 643 |
|  5.00%, 05/15/2036 | 7400 | 7527 |
|  5.25%, 05/15/2052 | 4000 | 4106 |
|  Sienna Municipal Utility District No 6 |  |  |
|  3.00%, 09/01/2049 | 2000 | 1402 |
|  Spring Branch Independent School District |  |  |
|  3.00%, 02/01/2032 | 1985 | 1934 |
|  State of Texas |  |  |
|  3.00%, 08/01/2034 | 1045 | 945 |
|  4.00%, 08/01/2028 | 2215 | 2215 |
|  4.00%, 08/01/2029 | 3345 | 3345 |
|  4.00%, 08/01/2031 | 8850 | 8826 |
|  5.00%, 08/01/2025 | 2035 | 2038 |
|  5.00%, 08/01/2026 | 1000 | 1002 |
|  5.00%, 10/01/2032 | 9460 | 10665 |

---

The accompanying notes are an integral part of these financial statements.

370.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  5.00%, 04/01/2033 | $1315 | $1330 |
|  5.00%, 10/01/2036 | 1500 | 1548 |
|  5.00%, 10/01/2036 | 8500 | 8511 |
|  5.00%, 10/01/2036 | 9310 | 9323 |
|  5.00%, 08/01/2040 | 1650 | 1650 |
|  5.00%, 08/01/2042 | 5490 | 5575 |
|  Sunfield Municipal Utility District No 4 |  |  |
|  3.13%, 09/01/2040 | 1000 | 791 |
|  Taft Independent School District |  |  |
|  5.00%, 08/15/2039 | 1140 | 1217 |
|  Tarrant County College District |  |  |
|  5.00%, 08/15/2038 | 5000 | 5320 |
|  5.00%, 08/15/2039 | 7000 | 7399 |
|  Tarrant County Cultural Education Facilities Finance Corp. |  |  |
|  2.75%, 02/15/2036 <sup>(1)</sup> | 270 | 250 |
|  4.00%, 12/01/2034 | 2500 | 2529 |
|  4.00%, 10/01/2041 | 1950 | 1805 |
|  4.00%, 10/01/2042 | 1385 | 1268 |
|  5.00%, 07/01/2026 | 1775 | 1810 |
|  5.00%, 07/01/2037 | 18225 | 18662 |
|  5.00%, 07/01/2038 | 4615 | 4702 |
|  5.00%, 10/01/2038 | 1775 | 1867 |
|  5.00%, 10/01/2039 | 1650 | 1721 |
|  5.00%, 11/15/2040 | 1650 | 1615 |
|  5.00%, 07/01/2043 | 2400 | 2402 |
|  5.00%, 11/15/2052 <sup>(1)</sup> | 3100 | 3335 |
|  5.00%, 07/01/2053 <sup>(1)</sup> | 19500 | 20610 |
|  Tarrant County Hospital District |  |  |
|  5.25%, 08/15/2034 | 3200 | 3560 |
|  Tarrant Regional Water District Water Supply System Revenue |  |  |
|  5.00%, 03/01/2035 | 2290 | 2562 |
|  Texas A&M University |  |  |
|  5.00%, 05/15/2035 | 1500 | 1645 |
|  Texas Department of Housing & Community Affairs |  |  |
|  2.50%, 09/01/2040 | 1500 | 1125 |
|  2.95%, 07/01/2036 | 1535 | 1327 |
|  3.50%, 03/01/2051 | 4260 | 4237 |
|  3.50%, 07/01/2052 | 9805 | 9747 |
|  3.90%, 07/01/2044 | 1945 | 1677 |
|  4.00%, 03/01/2050 | 895 | 902 |
|  5.13%, 01/01/2048 | 3000 | 3020 |
|  5.13%, 07/01/2055 | 2775 | 2781 |
|  5.75%, 01/01/2056 | 8690 | 9512 |
|  6.00%, 03/01/2053 | 5410 | 5869 |
|  6.00%, 03/01/2054 | 23155 | 25254 |
|  Texas Municipal Gas Acquisition & Supply Corp. I |  |  |
|  5.25%, 12/15/2025 | 3000 | 3022 |
|  6.25%, 12/15/2026 | 1400 | 1437 |
|  Texas Municipal Gas Acquisition & Supply Corp. II |  |  |
|  3.71% (3 Month Term SOFR + 0.86%), 09/15/2027 <sup>(3)</sup> | 34640 | 34657 |
|  Texas Municipal Gas Acquisition & Supply Corp. III |  |  |
|  5.00%, 12/15/2026 | 1905 | 1943 |
|  5.00%, 12/15/2027 | 4500 | 4645 |
|  5.00%, 12/15/2028 | 15315 | 15974 |
|  5.00%, 12/15/2032 | 4430 | 4717 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV |  |  |
|  5.50%, 01/01/2054 <sup>(1)</sup> | 11800 | 12943 |

---

The accompanying notes are an integral part of these financial statements.

371.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  Texas Municipal Gas Acquisition & Supply Corp. V |  |  |
|  5.00%, 01/01/2055 <sup>(1)</sup> | $38900 | $41348 |
|  Texas Private Activity Bond Surface Transportation Corp. |  |  |
|  4.00%, 12/31/2032 | 2500 | 2507 |
|  4.00%, 12/31/2033 | 2040 | 2033 |
|  4.00%, 06/30/2036 | 1175 | 1138 |
|  5.00%, 06/30/2034 | 790 | 832 |
|  5.00%, 12/31/2034 | 995 | 1044 |
|  5.13%, 06/30/2035 | 3290 | 3461 |
|  5.13%, 12/31/2035 | 785 | 823 |
|  5.25%, 06/30/2036 | 865 | 910 |
|  5.25%, 12/31/2036 | 735 | 771 |
|  5.38%, 06/30/2037 | 475 | 500 |
|  5.38%, 06/30/2039 | 3250 | 3373 |
|  Texas Public Finance Authority |  |  |
|  5.00%, 02/01/2028 | 2300 | 2431 |
|  Texas State Technical College |  |  |
|  5.25%, 08/01/2035 | 2750 | 3049 |
|  5.25%, 08/01/2036 | 2675 | 2941 |
|  Texas State University System |  |  |
|  5.00%, 03/15/2027 | 2790 | 2904 |
|  5.00%, 03/15/2029 | 610 | 631 |
|  5.00%, 03/15/2033 | 10000 | 11255 |
|  5.00%, 03/15/2040 | 2725 | 2892 |
|  5.25%, 03/15/2054 | 8000 | 8220 |
|  Texas Transportation Commission |  |  |
|  0.65%, 10/01/2041 <sup>(1)</sup> | 15145 | 14757 |
|  Texas Transportation Commission State Highway 249 System |  |  |
|  0.00%, 08/01/2034 | 1060 | 727 |
|  0.00%, 08/01/2037 | 725 | 420 |
|  0.00%, 08/01/2038 | 800 | 436 |
|  0.00%, 08/01/2039 | 710 | 364 |
|  0.00%, 08/01/2040 | 1500 | 722 |
|  Texas Water Development Board |  |  |
|  3.00%, 10/15/2033 | 1310 | 1233 |
|  3.00%, 10/15/2034 | 1550 | 1431 |
|  4.00%, 08/01/2035 | 2640 | 2667 |
|  4.00%, 10/15/2036 | 8740 | 8657 |
|  4.00%, 10/15/2045 | 5000 | 4499 |
|  4.60%, 10/15/2039 | 5000 | 5089 |
|  4.88%, 10/15/2048 | 6000 | 6061 |
|  5.00%, 04/15/2028 | 1500 | 1597 |
|  5.00%, 10/15/2028 | 2370 | 2548 |
|  5.00%, 04/15/2029 | 2000 | 2169 |
|  5.00%, 10/15/2029 | 4100 | 4485 |
|  5.00%, 04/15/2032 | 1420 | 1536 |
|  5.00%, 04/15/2033 | 1000 | 1125 |
|  5.00%, 10/15/2033 | 3420 | 3834 |
|  5.00%, 10/15/2034 | 1900 | 2114 |
|  5.00%, 08/01/2040 | 950 | 1016 |
|  5.00%, 10/15/2047 | 1425 | 1456 |
|  Thrall Independent School District |  |  |
|  5.25%, 02/15/2049 | 1000 | 1041 |
|  5.25%, 02/15/2054 | 1640 | 1698 |
|  5.50%, 02/15/2038 | 1750 | 1963 |
|  Tomball Independent School District |  |  |
|  5.00%, 02/15/2041 | 1395 | 1419 |
|  5.00%, 02/15/2041 | 2605 | 2760 |

---

The accompanying notes are an integral part of these financial statements.

372.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Texas – 10.53% – (continued)** |  |  |
|  Travis County Housing Finance Corp. |  |  |
|  3.40%, 01/01/2059 <sup>(1)</sup> | $5000 | $5007 |
|  University of Houston |  |  |
|  5.00%, 02/15/2030 | 860 | 870 |
|  University of North Texas System |  |  |
|  5.00%, 04/15/2032 | 210 | 235 |
|  5.00%, 04/15/2033 | 205 | 226 |
|  5.00%, 04/15/2034 | 280 | 307 |
|  5.00%, 04/15/2035 | 295 | 321 |
|  5.00%, 04/15/2036 | 280 | 302 |
|  5.00%, 04/15/2037 | 370 | 396 |
|  5.00%, 04/15/2038 | 425 | 451 |
|  5.00%, 04/15/2039 | 465 | 490 |
|  Uptown Development Authority |  |  |
|  5.00%, 09/01/2033 | 715 | 720 |
|  Viridian Municipal Management District |  |  |
|  4.00%, 12/01/2032 | 620 | 633 |
|  4.00%, 12/01/2033 | 760 | 772 |
|  4.00%, 12/01/2036 | 1150 | 1145 |
|  4.00%, 12/01/2037 | 1150 | 1130 |
|  6.25%, 12/01/2026 | 620 | 645 |
|  6.25%, 12/01/2027 | 300 | 321 |
|  6.25%, 12/01/2027 | 350 | 375 |
|  6.25%, 12/01/2028 | 340 | 373 |
|  6.25%, 12/01/2028 | 395 | 433 |
|  6.25%, 12/01/2030 | 680 | 773 |
|  Wichita Falls Independent School District |  |  |
|  1.63%, 02/01/2032 | 3150 | 2731 |
|  Williamson County Municipal Utility District No 19F |  |  |
|  6.75%, 08/15/2033 | 190 | 221 |
|  Willis Independent School District |  |  |
|  2.00%, 02/15/2037 | 1755 | 1341 |
|  Wylie Independent School District/Collin County |  |  |
|  5.25%, 08/15/2049 | 5000 | 5194 |
|  Total Texas | Total Texas | 1824606 |
| **Utah – 0.95%** |  |  |
|  Canyons School District |  |  |
|  1.50%, 06/15/2034 | 3545 | 2744 |
|  1.50%, 06/15/2035 | 2000 | 1486 |
|  2.50%, 06/15/2030 | 1965 | 1867 |
|  Central Utah Water Conservancy District |  |  |
|  4.00%, 10/01/2039 | 1460 | 1400 |
|  City of Lehi UT Franchise & Sales Tax Revenue |  |  |
|  5.25%, 02/01/2055 | 1640 | 1674 |
|  City of Salt Lake City UT Airport Revenue |  |  |
|  5.00%, 07/01/2026 | 1700 | 1730 |
|  5.00%, 07/01/2026 | 3000 | 3053 |
|  5.00%, 07/01/2030 | 3000 | 3108 |
|  5.00%, 07/01/2032 | 6900 | 7115 |
|  5.00%, 07/01/2033 | 4200 | 4318 |
|  5.25%, 07/01/2036 | 1850 | 1992 |
|  5.25%, 07/01/2037 | 1000 | 1068 |
|  5.25%, 07/01/2038 | 1250 | 1322 |
|  5.25%, 07/01/2041 | 4330 | 4478 |
|  5.25%, 07/01/2042 | 7555 | 7755 |
|  5.25%, 07/01/2043 | 4125 | 4213 |

---

The accompanying notes are an integral part of these financial statements.

373.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Utah – 0.95% – (continued)** |  |  |
|  City of St George UT Electric Revenue |  |  |
|  4.00%, 06/01/2032 | $1270 | $1273 |
|  County of Utah UT |  |  |
|  5.00%, 05/15/2046 | 7500 | 7437 |
|  5.00%, 05/15/2060 <sup>(1)</sup> | 510 | 520 |
|  Davis County Municipal Building Authority |  |  |
|  2.00%, 11/01/2038 | 1000 | 701 |
|  Downtown Revitalization Public Infrastructure District |  |  |
|  5.00%, 06/01/2032 | 1000 | 1099 |
|  5.00%, 06/01/2033 | 1000 | 1104 |
|  5.00%, 06/01/2035 | 1650 | 1833 |
|  5.00%, 06/01/2036 | 1165 | 1267 |
|  5.00%, 06/01/2038 | 3165 | 3265 |
|  5.00%, 06/01/2039 | 1300 | 1334 |
|  5.00%, 06/01/2040 | 1185 | 1234 |
|  5.00%, 06/01/2040 | 2200 | 2327 |
|  5.25%, 06/01/2041 | 1105 | 1169 |
|  5.25%, 06/01/2042 | 2000 | 2125 |
|  5.25%, 06/01/2044 | 1400 | 1457 |
|  5.25%, 06/01/2045 | 750 | 778 |
|  5.25%, 06/01/2045 | 4200 | 4396 |
|  Intermountain Power Agency |  |  |
|  4.00%, 07/01/2036 | 1860 | 1843 |
|  5.00%, 07/01/2034 | 2000 | 2166 |
|  5.00%, 07/01/2037 | 2565 | 2708 |
|  5.00%, 07/01/2040 | 2015 | 2099 |
|  5.00%, 07/01/2041 | 1225 | 1256 |
|  5.00%, 07/01/2042 | 5000 | 5102 |
|  5.00%, 07/01/2044 | 1280 | 1298 |
|  5.25%, 07/01/2044 | 8285 | 8537 |
|  Mida Mountain Village Public Infrastructure District |  |  |
|  5.50%, 06/15/2039 <sup>(2)</sup> | 2125 | 2126 |
|  Nebo School District |  |  |
|  2.00%, 07/01/2032 | 2510 | 2164 |
|  Point Phase 1 Public Infrastructure District No 1 |  |  |
|  5.13%, 03/01/2035 | 1500 | 1524 |
|  5.88%, 03/01/2045 | 3071 | 3120 |
|  Unified Fire Service Area |  |  |
|  4.00%, 04/01/2032 | 2265 | 2265 |
|  Utah Charter School Finance Authority |  |  |
|  4.00%, 04/15/2040 | 2440 | 2248 |
|  5.00%, 10/15/2046 | 1000 | 993 |
|  5.00%, 04/15/2055 | 1625 | 1593 |
|  Utah Housing Corp. |  |  |
|  6.25%, 07/01/2055 | 4755 | 5278 |
|  6.50%, 07/01/2055 | 5000 | 5562 |
|  6.75%, 07/01/2055 | 11800 | 13463 |
|  Utah Infrastructure Agency |  |  |
|  4.00%, 10/15/2031 | 750 | 745 |
|  4.00%, 10/15/2041 | 3350 | 2943 |
|  5.00%, 10/15/2027 | 1070 | 1103 |
|  5.25%, 10/15/2033 | 965 | 992 |
|  5.25%, 10/15/2035 | 1335 | 1432 |
|  5.25%, 10/15/2039 | 400 | 425 |
|  5.50%, 10/15/2033 | 2865 | 3176 |
|  5.50%, 10/15/2049 | 1000 | 1033 |

---

The accompanying notes are an integral part of these financial statements.

374.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Utah – 0.95% – (continued)** |  |  |
|  Weber School District |  |  |
|  2.50%, 06/15/2037 | $1735 | $1393 |
|  2.50%, 06/15/2038 | 2000 | 1560 |
|  2.63%, 06/15/2039 | 2050 | 1584 |
|  Total Utah | Total Utah | 164373 |
| **Vermont – 0.06%** |  |  |
|  Vermont Educational & Health Buildings Financing Agency |  |  |
|  5.00%, 10/15/2027 | 1000 | 999 |
|  5.00%, 10/15/2029 | 890 | 884 |
|  Vermont Housing Finance Agency |  |  |
|  3.00%, 11/01/2051 | 1457 | 1422 |
|  3.65%, 07/01/2028 <sup>(1)</sup> | 1635 | 1646 |
|  4.95%, 01/01/2043 | 3000 | 2977 |
|  Vermont Student Assistance Corp. |  |  |
|  5.00%, 06/15/2026 | 100 | 101 |
|  5.00%, 06/15/2027 | 700 | 708 |
|  5.00%, 06/15/2030 | 1000 | 1044 |
|  5.00%, 06/15/2031 | 500 | 523 |
|  Total Vermont | Total Vermont | 10304 |
| **Virgin Islands – 0.18%** |  |  |
|  Matching Fund Special Purpose Securitization Corp. |  |  |
|  5.00%, 10/01/2026 | 5995 | 6044 |
|  5.00%, 10/01/2027 | 14870 | 15083 |
|  5.00%, 10/01/2028 | 4145 | 4223 |
|  5.00%, 10/01/2030 | 4035 | 4126 |
|  5.00%, 10/01/2039 | 2580 | 2532 |
|  Total Virgin Islands | Total Virgin Islands | 32008 |
| **Virginia – 1.29%** |  |  |
|  Albemarle County Economic Development Authority |  |  |
|  5.00%, 06/01/2038 | 5570 | 6018 |
|  Arlington County Industrial Development Authority |  |  |
|  5.00%, 01/01/2026 | 3710 | 3746 |
|  5.00%, 07/01/2027 | 905 | 942 |
|  5.00%, 07/01/2053 <sup>(1)</sup> | 6680 | 7199 |
|  Chesapeake Bay Bridge & Tunnel District |  |  |
|  5.00%, 07/01/2041 | 4835 | 4858 |
|  Chesapeake Economic Development Authority |  |  |
|  3.65%, 02/01/2032 <sup>(1)</sup> | 1000 | 1013 |
|  City of Chesapeake VA Chesapeake Expressway Toll Road Revenue |  |  |
|  4.88%, 07/15/2040 | 4460 | 4467 |
|  City of Harrisonburg VA |  |  |
|  1.75%, 07/15/2035 | 595 | 464 |
|  1.75%, 07/15/2036 | 4000 | 2999 |
|  City of Newport News VA Water Revenue |  |  |
|  1.63%, 07/15/2034 | 2980 | 2365 |
|  County of Fairfax VA |  |  |
|  4.00%, 10/01/2028 | 4920 | 4965 |
|  4.00%, 10/01/2038 | 2660 | 2653 |
|  Fairfax County Industrial Development Authority |  |  |
|  4.00%, 05/15/2042 | 4740 | 4394 |
|  5.00%, 05/15/2032 | 10000 | 11176 |
|  Fairfax County Redevelopment & Housing Authority |  |  |
|  5.00%, 10/01/2035 | 1075 | 1123 |
|  5.00%, 01/01/2045 <sup>(1)</sup> | 1645 | 1703 |

---

The accompanying notes are an integral part of these financial statements.

375.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Virginia – 1.29% – (continued)** |  |  |
|  Gloucester County Economic Development Authority |  |  |
|  4.25%, 09/01/2038 <sup>(1)</sup> | $2000 | $2020 |
|  Halifax County Industrial Development Authority |  |  |
|  3.80%, 12/01/2041 <sup>(1)</sup> | 5125 | 5197 |
|  Hampton Roads Transportation Accountability Commission |  |  |
|  5.00%, 07/01/2026 | 9300 | 9514 |
|  Isle Wight County Industrial Development Authority |  |  |
|  5.25%, 07/01/2043 | 1900 | 1986 |
|  5.25%, 07/01/2053 | 1260 | 1273 |
|  Louisa Industrial Development Authority |  |  |
|  3.65%, 11/01/2035 <sup>(1)</sup> | 1100 | 1115 |
|  Petersburg Redevelopment & Housing Authority |  |  |
|  4.00%, 05/01/2045 <sup>(1)</sup> | 11500 | 11666 |
|  Rockingham County Economic Development Authority |  |  |
|  4.00%, 12/01/2029 | 1045 | 1052 |
|  4.00%, 12/01/2030 | 1085 | 1087 |
|  Salem Economic Development Authority |  |  |
|  5.00%, 04/01/2030 | 710 | 745 |
|  5.00%, 04/01/2031 | 400 | 417 |
|  5.00%, 04/01/2032 | 700 | 725 |
|  5.00%, 04/01/2033 | 350 | 361 |
|  5.00%, 04/01/2034 | 925 | 946 |
|  Stafford County Economic Development Authority |  |  |
|  4.00%, 06/15/2037 | 50 | 47 |
|  5.00%, 06/15/2030 | 150 | 152 |
|  5.00%, 06/15/2033 | 150 | 152 |
|  5.00%, 06/15/2034 | 500 | 505 |
|  Virginia College Building Authority |  |  |
|  3.00%, 02/01/2036 | 1320 | 1196 |
|  3.00%, 02/01/2039 | 1165 | 978 |
|  4.00%, 02/01/2034 | 1235 | 1241 |
|  4.00%, 06/01/2036 | 1525 | 1466 |
|  4.00%, 09/01/2036 | 6500 | 6528 |
|  4.00%, 09/01/2041 | 1690 | 1594 |
|  5.00%, 02/01/2026 | 1000 | 1013 |
|  5.00%, 02/01/2030 | 1500 | 1581 |
|  5.00%, 02/01/2034 | 1000 | 1076 |
|  5.00%, 02/01/2039 | 18215 | 19396 |
|  5.00%, 02/01/2040 | 5750 | 6143 |
|  5.25%, 02/01/2041 | 6400 | 6804 |
|  Virginia Commonwealth Transportation Board |  |  |
|  4.00%, 05/15/2031 | 1250 | 1258 |
|  Virginia Housing Development Authority |  |  |
|  3.63%, 07/01/2055 <sup>(1)</sup> | 14175 | 14174 |
|  Virginia Port Authority |  |  |
|  5.00%, 07/01/2041 | 2460 | 2451 |
|  Virginia Public Building Authority |  |  |
|  5.00%, 08/01/2029 | 1000 | 1018 |
|  5.00%, 08/01/2029 | 4570 | 4578 |
|  5.00%, 08/01/2033 | 3000 | 3035 |
|  Virginia Public School Authority |  |  |
|  5.00%, 08/01/2036 | 4220 | 4680 |
|  Virginia Small Business Financing Authority |  |  |
|  4.00%, 01/01/2033 | 3250 | 3212 |
|  4.00%, 07/01/2033 | 1160 | 1142 |
|  4.00%, 01/01/2034 | 2500 | 2450 |
|  4.00%, 07/01/2034 | 1785 | 1741 |
|  4.00%, 01/01/2048 | 2955 | 2446 |

---

The accompanying notes are an integral part of these financial statements.

376.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Virginia – 1.29% – (continued)** |  |  |
|  5.00%, 01/01/2026 | $750 | $755 |
|  5.00%, 01/01/2027 | 1000 | 1022 |
|  5.00%, 01/01/2033 | 4000 | 4208 |
|  5.00%, 07/01/2033 | 2325 | 2439 |
|  5.00%, 01/01/2036 | 6500 | 6712 |
|  5.00%, 07/01/2037 | 1355 | 1386 |
|  5.00%, 01/01/2038 | 2000 | 2041 |
|  5.00%, 07/01/2038 | 2000 | 2033 |
|  5.00%, 12/31/2047 | 1500 | 1500 |
|  5.00%, 06/15/2060 <sup>(1)</sup> | 2000 | 2130 |
|  Williamsburg Economic Development Authority |  |  |
|  4.00%, 07/01/2043 | 4000 | 3685 |
|  Winchester Economic Development Authority |  |  |
|  5.00%, 01/01/2029 | 1250 | 1334 |
|  York County Economic Development Authority |  |  |
|  3.65%, 05/01/2033 <sup>(1)</sup> | 3650 | 3699 |
|  Total Virginia | Total Virginia | 223190 |
| **Washington – 2.90%** |  |  |
|  Auburn School District No 408 of King & Pierce Counties |  |  |
|  5.00%, 12/01/2033 | 2000 | 2077 |
|  Central Puget Sound Regional Transit Authority |  |  |
|  4.00%, 11/01/2040 | 7500 | 7345 |
|  5.00%, 11/01/2035 | 960 | 967 |
|  5.00%, 11/01/2041 | 14900 | 15056 |
|  Central Washington University |  |  |
|  4.00%, 05/01/2027 | 1000 | 1000 |
|  City of Seattle WA Municipal Light & Power Revenue |  |  |
|  4.00%, 07/01/2035 | 3430 | 3511 |
|  4.00%, 07/01/2041 | 2360 | 2283 |
|  5.00%, 04/01/2039 | 3405 | 3536 |
|  City of Tacoma WA Electric System Revenue |  |  |
|  5.00%, 01/01/2039 | 675 | 685 |
|  County of Grant WA |  |  |
|  5.25%, 12/01/2050 | 550 | 572 |
|  5.50%, 12/01/2055 | 2100 | 2220 |
|  County of King WA Sewer Revenue |  |  |
|  2.15% (SIFMA Municipal Swap Index Yield + 0.23%), 01/01/2040 <sup>(3)</sup> | 13060 | 12896 |
|  4.00%, 07/01/2041 | 4000 | 3773 |
|  County of Pierce WA |  |  |
|  2.60%, 07/01/2036 | 2040 | 1710 |
|  County of Spokane WA Airport Revenue |  |  |
|  5.25%, 01/01/2041 | 1375 | 1434 |
|  Energy Northwest |  |  |
|  5.00%, 07/01/2034 | 6890 | 7430 |
|  5.00%, 07/01/2037 | 2000 | 2213 |
|  5.00%, 07/01/2037 | 10000 | 10458 |
|  5.00%, 07/01/2039 | 2835 | 3072 |
|  5.00%, 07/01/2039 | 10400 | 11198 |
|  5.00%, 07/01/2040 | 14500 | 15489 |
|  King & Snohomish Counties School District No 417 Northshore |  |  |
|  5.00%, 12/01/2026 | 2575 | 2660 |
|  5.00%, 12/01/2039 | 1250 | 1344 |
|  5.00%, 12/01/2040 | 1380 | 1476 |
|  5.00%, 12/01/2041 | 2655 | 2815 |
|  5.00%, 12/01/2042 | 2245 | 2361 |

---

The accompanying notes are an integral part of these financial statements.

377.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Washington – 2.90% – (continued)** |  |  |
|  King County Housing Authority |  |  |
|  4.00%, 12/01/2026 | $430 | $435 |
|  4.00%, 06/01/2027 | 585 | 592 |
|  4.00%, 12/01/2027 | 400 | 406 |
|  4.00%, 11/01/2031 | 1640 | 1657 |
|  4.00%, 11/01/2032 | 1705 | 1728 |
|  5.00%, 11/01/2027 | 1000 | 1042 |
|  5.00%, 11/01/2028 | 1430 | 1508 |
|  5.00%, 11/01/2029 | 750 | 798 |
|  King County Public Hospital District No 1 |  |  |
|  5.00%, 12/01/2032 | 3900 | 3979 |
|  King County School District No 403 Renton |  |  |
|  5.00%, 12/01/2038 | 2410 | 2593 |
|  King County School District No 414 Lake Washington |  |  |
|  5.00%, 12/01/2035 | 1600 | 1662 |
|  Pasco Public Facilities District Sales Tax Revenue |  |  |
|  4.25%, 11/01/2054 | 1400 | 1269 |
|  Pierce & King Counties School District No 417 Fife |  |  |
|  4.00%, 12/01/2038 | 2000 | 1974 |
|  4.00%, 12/01/2039 | 2500 | 2436 |
|  Pierce County School District No 403 Bethel |  |  |
|  4.00%, 12/01/2038 | 6500 | 6428 |
|  Port of Seattle WA |  |  |
|  3.75%, 06/01/2027 | 3000 | 3001 |
|  5.00%, 05/01/2028 | 2860 | 2944 |
|  5.00%, 04/01/2030 | 2000 | 2001 |
|  5.00%, 08/01/2031 | 12510 | 13422 |
|  5.00%, 04/01/2033 | 3205 | 3333 |
|  5.00%, 05/01/2035 | 3000 | 3038 |
|  5.00%, 05/01/2035 | 5925 | 6001 |
|  5.00%, 04/01/2036 | 3940 | 4036 |
|  5.00%, 08/01/2038 | 12000 | 12318 |
|  5.00%, 08/01/2039 | 1380 | 1408 |
|  5.00%, 08/01/2041 | 2930 | 2964 |
|  5.00%, 05/01/2043 | 8220 | 8201 |
|  5.25%, 07/01/2039 | 14585 | 15303 |
|  5.25%, 07/01/2041 | 6750 | 6993 |
|  5.50%, 08/01/2047 | 6930 | 7154 |
|  Port of Tacoma WA |  |  |
|  5.00%, 12/01/2043 | 8000 | 8081 |
|  Seattle Housing Authority |  |  |
|  1.00%, 06/01/2026 | 2365 | 2300 |
|  Skagit County Public Hospital District No 1 |  |  |
|  5.50%, 12/01/2040 | 500 | 523 |
|  5.50%, 12/01/2043 | 1010 | 1037 |
|  Snohomish County Public Utility District No 1 Electric System Revenue |  |  |
|  5.00%, 12/01/2037 | 5530 | 5546 |
|  5.00%, 12/01/2040 | 3500 | 3508 |
|  Snohomish County School District No 15 Edmonds |  |  |
|  5.00%, 12/01/2037 | 8560 | 9372 |
|  5.00%, 12/01/2039 | 3450 | 3713 |
|  5.00%, 12/01/2040 | 5000 | 5357 |
|  5.00%, 12/01/2041 | 6500 | 6911 |
|  South Correctional Entity Facility Public Development Authority |  |  |
|  3.00%, 12/01/2038 | 900 | 728 |
|  Spokane Public Facilities District |  |  |
|  5.00%, 12/01/2038 | 1175 | 1189 |

---

The accompanying notes are an integral part of these financial statements.

378.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Washington – 2.90% – (continued)** |  |  |
|  State of Washington |  |  |
|  4.00%, 07/01/2035 | $1600 | $1642 |
|  4.00%, 07/01/2035 | 3700 | 3794 |
|  5.00%, 08/01/2026 | 9630 | 9876 |
|  5.00%, 08/01/2027 | 235 | 240 |
|  5.00%, 08/01/2027 | 10025 | 10512 |
|  5.00%, 08/01/2028 | 235 | 240 |
|  5.00%, 08/01/2030 | 235 | 240 |
|  5.00%, 07/01/2032 | 5655 | 6383 |
|  5.00%, 06/01/2034 | 660 | 691 |
|  5.00%, 08/01/2034 | 15000 | 15488 |
|  5.00%, 08/01/2037 | 1200 | 1311 |
|  5.00%, 08/01/2037 | 2500 | 2531 |
|  5.00%, 08/01/2038 | 4535 | 4583 |
|  5.00%, 08/01/2038 | 12455 | 13598 |
|  5.00%, 02/01/2039 | 2135 | 2191 |
|  5.00%, 06/01/2039 | 2000 | 2052 |
|  5.00%, 02/01/2040 | 15000 | 15951 |
|  5.00%, 08/01/2040 | 980 | 1052 |
|  5.00%, 02/01/2041 | 1585 | 1613 |
|  5.00%, 07/01/2042 | 6750 | 7069 |
|  5.00%, 08/01/2047 | 1750 | 1800 |
|  University of Washington |  |  |
|  4.00%, 05/01/2048 <sup>(1)</sup> | 10000 | 10159 |
|  5.00%, 12/01/2036 | 6000 | 6073 |
|  5.00%, 04/01/2037 | 5000 | 5514 |
|  5.25%, 12/01/2046 | 1500 | 1505 |
|  Vancouver Housing Authority |  |  |
|  4.50%, 10/01/2042 | 500 | 487 |
|  4.50%, 10/01/2042 | 2000 | 1947 |
|  5.00%, 12/01/2042 | 3035 | 2908 |
|  Washington Health Care Facilities Authority |  |  |
|  4.00%, 03/01/2041 | 2405 | 2232 |
|  4.00%, 08/15/2041 | 1100 | 1006 |
|  5.00%, 07/01/2025 | 360 | 360 |
|  5.00%, 08/01/2028 | 1005 | 1061 |
|  5.00%, 07/01/2029 | 115 | 118 |
|  5.00%, 07/01/2030 | 410 | 420 |
|  5.00%, 08/01/2030 | 3500 | 3745 |
|  5.00%, 08/15/2030 | 1000 | 1018 |
|  5.00%, 08/15/2031 | 845 | 858 |
|  5.00%, 08/15/2032 | 480 | 486 |
|  5.00%, 07/01/2034 | 105 | 107 |
|  5.00%, 03/01/2037 | 2500 | 2738 |
|  5.00%, 03/01/2038 | 2000 | 2192 |
|  5.00%, 10/01/2038 | 1725 | 1788 |
|  5.00%, 07/01/2042 | 2415 | 2373 |
|  5.00%, 08/01/2044 | 1500 | 1494 |
|  5.00%, 08/01/2049 <sup>(1)</sup> | 10000 | 10017 |
|  5.00%, 08/15/2055 <sup>(1)</sup> | 2750 | 2932 |
|  Washington Higher Education Facilities Authority |  |  |
|  4.00%, 01/01/2043 | 1765 | 1605 |
|  5.00%, 10/01/2029 | 1855 | 1873 |
|  5.00%, 10/01/2033 | 735 | 738 |
|  Washington State Convention Center Public Facilities District |  |  |
|  3.00%, 07/01/2043 | 810 | 606 |
|  4.00%, 07/01/2031 | 13860 | 14043 |

---

The accompanying notes are an integral part of these financial statements.

379.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Washington – 2.90% – (continued)** |  |  |
|  Washington State Housing Finance Commission |  |  |
|  4.09%, 03/20/2040 <sup>(1)</sup> | $5973 | $5608 |
|  4.20%, 07/01/2029 <sup>(2)</sup> | 1130 | 1130 |
|  5.00%, 01/01/2026 <sup>(2)</sup> | 300 | 301 |
|  5.00%, 12/01/2026 | 350 | 361 |
|  5.00%, 06/01/2028 | 500 | 529 |
|  5.00%, 06/01/2029 | 500 | 536 |
|  5.00%, 06/01/2030 | 500 | 541 |
|  5.00%, 12/01/2030 | 500 | 544 |
|  5.00%, 07/01/2033 <sup>(2)</sup> | 635 | 688 |
|  5.00%, 07/01/2034 <sup>(2)</sup> | 1000 | 1079 |
|  5.00%, 07/01/2037 | 1045 | 1114 |
|  5.00%, 07/01/2038 <sup>(2)</sup> | 1500 | 1568 |
|  5.00%, 07/01/2045 <sup>(2)</sup> | 2000 | 1995 |
|  5.25%, 07/01/2055 <sup>(2)</sup> | 3050 | 3045 |
|  6.25%, 06/01/2054 | 2495 | 2741 |
|  Whatcom County Public Utility District No 1 |  |  |
|  5.00%, 12/01/2033 | 1300 | 1396 |
|  5.00%, 12/01/2034 | 1000 | 1072 |
|  5.00%, 12/01/2035 | 1000 | 1062 |
|  5.25%, 12/01/2036 | 850 | 911 |
|  5.25%, 12/01/2038 | 1400 | 1484 |
|  Total Washington | Total Washington | 501435 |
| **West Virginia – 0.42%** |  |  |
|  Morgantown Utility Board, Inc. |  |  |
|  5.00%, 12/01/2041 | 2000 | 2011 |
|  Ohio County Board of Education |  |  |
|  3.00%, 06/01/2030 | 2275 | 2252 |
|  Parkersburg Municipal Building Commission |  |  |
|  4.00%, 11/01/2039 | 320 | 299 |
|  4.25%, 11/01/2044 | 320 | 292 |
|  4.38%, 11/01/2054 | 710 | 626 |
|  State of West Virginia |  |  |
|  5.00%, 06/01/2041 | 1330 | 1364 |
|  5.00%, 06/01/2041 | 5000 | 5085 |
|  West Virginia Economic Development Authority |  |  |
|  3.00%, 06/01/2037 <sup>(1)</sup> | 2130 | 2099 |
|  3.38%, 03/01/2040 <sup>(1)</sup> | 5245 | 5234 |
|  4.70%, 04/01/2036 <sup>(1)</sup> | 2450 | 2462 |
|  West Virginia Hospital Finance Authority |  |  |
|  5.00%, 01/01/2031 | 620 | 638 |
|  5.00%, 06/01/2036 | 4000 | 4324 |
|  5.00%, 06/01/2039 | 4030 | 4227 |
|  5.00%, 09/01/2039 | 3125 | 3141 |
|  5.00%, 06/01/2040 | 3000 | 3117 |
|  5.00%, 01/01/2043 | 1405 | 1360 |
|  5.00%, 06/01/2055 <sup>(1)</sup> | 10115 | 10797 |
|  5.13%, 09/01/2042 | 3500 | 3636 |
|  5.25%, 06/01/2042 | 2865 | 2988 |
|  5.25%, 06/01/2043 | 3000 | 3107 |
|  5.25%, 06/01/2044 | 4270 | 4396 |
|  5.25%, 06/01/2045 | 3000 | 3070 |
|  West Virginia Housing Development Fund |  |  |
|  2.90%, 11/01/2026 | 1255 | 1242 |
|  5.00%, 08/01/2027 <sup>(1)</sup> | 3170 | 3274 |

---

The accompanying notes are an integral part of these financial statements.

380.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **West Virginia – 0.42% – (continued)** |  |  |
|  West Virginia Parkways Authority |  |  |
|  5.00%, 06/01/2037 | $2000 | $2064 |
|  Total West Virginia | Total West Virginia | 73105 |
| **Wisconsin – 1.42%** |  |  |
|  Beaver Dam Unified School District |  |  |
|  5.00%, 04/01/2042 | 7210 | 7554 |
|  City of Madison WI |  |  |
|  2.00%, 10/01/2025 | 7690 | 7655 |
|  City of Milwaukee WI |  |  |
|  5.00%, 04/01/2028 | 1000 | 1050 |
|  County of Marathon WI |  |  |
|  2.00%, 02/01/2033 | 1005 | 861 |
|  2.00%, 02/01/2033 | 1380 | 1182 |
|  2.00%, 02/01/2034 | 1025 | 847 |
|  2.00%, 02/01/2034 | 1330 | 1099 |
|  2.00%, 02/01/2035 | 945 | 755 |
|  2.00%, 02/01/2035 | 1355 | 1082 |
|  2.00%, 02/01/2036 | 985 | 762 |
|  Hudson School District |  |  |
|  2.25%, 03/01/2027 | 1185 | 1164 |
|  Kewaunee School District/WI |  |  |
|  5.00%, 04/01/2039 | 1000 | 1061 |
|  5.00%, 04/01/2040 | 1000 | 1053 |
|  Madison Metropolitan School District/WI |  |  |
|  5.00%, 03/01/2037 | 1500 | 1647 |
|  5.00%, 03/01/2038 | 1105 | 1200 |
|  5.00%, 03/01/2040 | 1560 | 1667 |
|  Marinette School District |  |  |
|  1.75%, 03/01/2035 | 825 | 795 |
|  1.75%, 03/01/2035 | 2055 | 1559 |
|  Milwaukee Redevelopment Authority |  |  |
|  5.00%, 11/15/2031 | 570 | 586 |
|  Monroe School District |  |  |
|  4.00%, 03/01/2041 | 1485 | 1407 |
|  Mukwonago Area School District |  |  |
|  5.00%, 04/01/2035 | 1400 | 1565 |
|  5.00%, 04/01/2036 | 3120 | 3421 |
|  New Glarus School District |  |  |
|  3.00%, 04/01/2029 | 500 | 497 |
|  Public Finance Authority |  |  |
|  3.00%, 12/01/2026 <sup>(2)</sup> | 1000 | 968 |
|  4.00%, 06/15/2031 <sup>(2)</sup> | 450 | 433 |
|  4.00%, 04/01/2032 <sup>(2)</sup> | 1550 | 1499 |
|  4.00%, 07/15/2034 <sup>(2)</sup> | 500 | 478 |
|  4.00%, 08/01/2035 | 5830 | 5532 |
|  4.00%, 07/15/2039 <sup>(2)</sup> | 250 | 223 |
|  4.00%, 06/15/2042 <sup>(2)</sup> | 750 | 624 |
|  4.00%, 06/01/2045 | 7495 | 6605 |
|  4.13%, 05/01/2026 <sup>(2)</sup> | 135 | 134 |
|  5.00%, 10/01/2026 <sup>(2)</sup> | 590 | 597 |
|  5.00%, 10/01/2027 <sup>(2)</sup> | 610 | 623 |
|  5.00%, 12/01/2027 | 4920 | 4997 |
|  5.00%, 05/15/2028 <sup>(2)</sup> | 200 | 202 |
|  5.00%, 10/01/2029 <sup>(2)</sup> | 155 | 160 |
|  5.00%, 06/15/2030 | 170 | 179 |
|  5.00%, 06/15/2031 | 490 | 529 |
|  5.00%, 06/15/2032 | 345 | 374 |

---

The accompanying notes are an integral part of these financial statements.

381.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Wisconsin – 1.42% – (continued)** |  |  |
|  5.00%, 06/15/2034 | $275 | $297 |
|  5.00%, 10/01/2034 <sup>(2)</sup> | 6495 | 6617 |
|  5.00%, 12/01/2034 <sup>(2)</sup> | 3835 | 3891 |
|  5.00%, 07/01/2035 | 5000 | 5182 |
|  5.00%, 06/15/2036 | 425 | 451 |
|  5.00%, 07/01/2036 | 55 | 56 |
|  5.00%, 01/01/2037 | 500 | 517 |
|  5.00%, 01/01/2038 | 350 | 360 |
|  5.00%, 10/01/2039 <sup>(2)</sup> | 600 | 592 |
|  5.00%, 03/01/2041 | 5640 | 5669 |
|  5.00%, 10/01/2043 <sup>(2)</sup> | 360 | 343 |
|  5.00%, 10/01/2044 | 1840 | 1816 |
|  5.00%, 12/15/2044 <sup>(2)</sup> | 690 | 628 |
|  5.00%, 03/01/2046 | 6900 | 6922 |
|  5.00%, 10/01/2048 <sup>(2)</sup> | 380 | 350 |
|  5.25%, 06/01/2027 <sup>(2)</sup> | 590 | 604 |
|  5.25%, 06/01/2028 <sup>(2)</sup> | 1590 | 1638 |
|  5.25%, 07/01/2028 | 2290 | 2292 |
|  5.25%, 06/01/2029 <sup>(2)</sup> | 1590 | 1649 |
|  5.25%, 06/01/2030 <sup>(2)</sup> | 1590 | 1655 |
|  5.25%, 12/01/2031 | 555 | 598 |
|  5.25%, 12/01/2032 | 590 | 636 |
|  5.25%, 06/15/2035 | 300 | 320 |
|  5.25%, 05/15/2037 <sup>(2)</sup> | 120 | 120 |
|  5.25%, 03/01/2042 | 1575 | 1547 |
|  5.25%, 06/15/2045 | 300 | 304 |
|  5.25%, 12/01/2054 | 2250 | 2097 |
|  6.45%, 04/01/2060 <sup>(2)</sup> | 1500 | 1399 |
|  School District of Maple |  |  |
|  4.00%, 10/15/2025 | 2540 | 2540 |
|  State of Wisconsin |  |  |
|  5.00%, 05/01/2034 | 2400 | 2446 |
|  5.00%, 05/01/2035 | 1750 | 2010 |
|  5.00%, 05/01/2043 | 6000 | 6323 |
|  University of Wisconsin Hospitals & Clinics |  |  |
|  4.00%, 04/01/2037 | 1375 | 1360 |
|  4.00%, 04/01/2038 | 2010 | 1931 |
|  5.00%, 04/01/2038 | 550 | 598 |
|  5.00%, 04/01/2040 | 1125 | 1194 |
|  5.00%, 04/01/2054 <sup>(1)</sup> | 7945 | 8663 |
|  Waunakee Community School District |  |  |
|  3.63%, 04/01/2030 | 6000 | 6045 |
|  4.38%, 04/01/2044 | 4000 | 3771 |
|  Wisconsin Center District |  |  |
|  0.00%, 12/15/2028 | 1025 | 911 |
|  0.00%, 12/15/2030 | 550 | 451 |
|  0.00%, 12/15/2030 | 1045 | 857 |
|  Wisconsin Health & Educational Facilities Authority |  |  |
|  3.00%, 10/15/2038 | 1790 | 1491 |
|  3.00%, 10/15/2039 | 930 | 756 |
|  3.63%, 11/01/2029 | 800 | 797 |
|  4.00%, 02/15/2026 | 510 | 510 |
|  4.00%, 02/15/2031 | 460 | 460 |
|  4.00%, 02/15/2033 | 550 | 550 |
|  4.00%, 11/01/2034 | 1000 | 1000 |
|  4.00%, 11/15/2043 | 3630 | 3256 |
|  4.20%, 08/15/2028 | 2050 | 2040 |
|  4.38%, 11/01/2039 | 1345 | 1336 |

---

The accompanying notes are an integral part of these financial statements.

382.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Wisconsin – 1.42% – (continued)** |  |  |
|  4.50%, 02/15/2054 | $1660 | $1567 |
|  5.00%, 04/01/2026 | 1000 | 1014 |
|  5.00%, 02/15/2027 | 300 | 300 |
|  5.00%, 04/01/2027 | 1700 | 1760 |
|  5.00%, 08/01/2027 <sup>(2)</sup> | 3500 | 3553 |
|  5.00%, 04/01/2028 | 900 | 949 |
|  5.00%, 11/01/2029 | 760 | 782 |
|  5.00%, 02/15/2030 | 2390 | 2414 |
|  5.00%, 04/01/2030 | 1670 | 1765 |
|  5.00%, 02/15/2033 | 2130 | 2321 |
|  5.00%, 12/15/2033 | 1450 | 1520 |
|  5.00%, 11/15/2035 | 5500 | 5544 |
|  5.00%, 09/01/2036 | 400 | 418 |
|  5.00%, 08/15/2039 | 5395 | 5629 |
|  5.00%, 10/01/2041 | 640 | 643 |
|  5.00%, 04/01/2044 | 1850 | 1828 |
|  5.00%, 08/15/2054 <sup>(1)</sup> | 830 | 844 |
|  5.00%, 08/15/2054 <sup>(1)</sup> | 1770 | 1888 |
|  5.00%, 08/15/2054 <sup>(1)</sup> | 2565 | 2735 |
|  5.00%, 10/01/2054 <sup>(1)</sup> | 1335 | 1456 |
|  5.25%, 02/15/2035 | 4890 | 5347 |
|  5.50%, 02/15/2054 | 1775 | 1859 |
|  Wisconsin Housing & Economic Development Authority |  |  |
|  5.00%, 12/01/2027 <sup>(1)</sup> | 6060 | 6219 |
|  5.00%, 08/01/2058 <sup>(1)</sup> | 1145 | 1165 |
|  Wisconsin Housing & Economic Development Authority Home Ownership Revenue |  |  |
|  3.00%, 03/01/2052 | 975 | 957 |
|  3.50%, 09/01/2031 | 5000 | 4982 |
|  3.50%, 09/01/2050 | 1205 | 1200 |
|  3.63%, 03/01/2034 | 3605 | 3549 |
|  4.25%, 09/01/2044 | 3075 | 2812 |
|  5.00%, 09/01/2039 | 3100 | 3231 |
|  6.00%, 03/01/2054 | 2695 | 2937 |
|  6.00%, 09/01/2054 | 4830 | 5212 |
|  6.00%, 03/01/2055 | 2150 | 2343 |
|  Total Wisconsin | Total Wisconsin | 245215 |
| **Wyoming – 0.06%** |  |  |
|  County of Campbell WY |  |  |
|  3.63%, 07/15/2039 | 5160 | 4503 |
|  County of Laramie WY |  |  |
|  4.00%, 05/01/2026 | 200 | 201 |
|  Wyoming Community Development Authority |  |  |
|  3.00%, 06/01/2049 | 3770 | 3712 |
|  4.30%, 12/01/2040 | 2410 | 2349 |
|  Total Wyoming | Total Wyoming | 10765 |
|  **Total Municipal Bonds**<br> (Cost: $17,259,380) | **Total Municipal Bonds**<br> (Cost: $17,259,380) | **17056268** |
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **SHORT-TERM INVESTMENTS – 1.48%** |  |  |
| **Money Market Funds – 1.47%** |  |  |
|  Fidelity Institutional Money Market Government Portfolio – Class I, 4.27% <sup>(6)</sup> | 254648 | 254648 |
|  **Total Money Market Funds**<br> (Cost: $254,648) |  | **254648** |

---

The accompanying notes are an integral part of these financial statements.

383.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**<br>**(000s)** | **Value**<br>**(000s)** |
| **Time Deposits – 0.01%** |  |  |
|  Citibank, New York, 3.83% due 07/01/2025 | $205 | $205 |
|  Sumitomo Trust Bank, London, 3.83% due 07/01/2025 | 1289 | 1289 |
|  **Total Time Deposits**<br> (Cost: $1,494) |  | **1494** |
|  **Total Short-Term Investments**<br> (Cost: $256,142) | **Total Short-Term Investments**<br> (Cost: $256,142) | **256142** |
|  **TOTAL INVESTMENTS IN SECURITIES – 100.00%**<br> (Cost: $17,515,522) |  | **17312410** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.00%** |  | **107** |
|  **TOTAL NET ASSETS – 100.00%** |  | $**17312517** |

---

Percentages are stated as a percent of net assets.

<sup>(1)</sup> Adjustable rate security. The rate reported is the rate in effect as of June 30, 2025.

<sup>(2)</sup> Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $425,283, which represents 2.46% of total net assets. 

<sup>(3)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2025.

<sup>(4)</sup> Security in default as of June 30, 2025. The value of these securities totals $710, which represents 0.00% of total net assets. 

<sup>(5)</sup> Non-income producing security.

<sup>(6)</sup> Represents annualized seven-day yield as of the close of the reporting period.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Sold** | **Reference Entity** | **Expiration**<br>**Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| (385) | U.S. Long Bond Future | Sep. 2025 | $(43146) | $(44455) | $(1309) |
| (900) | U.S. Ultra 10 Year Note Future | Sep. 2025 | (100838) | (102839) | (2001) |
|  |  |  |  |  | $**(3310)** |

---

---

| | |
|:---|:---|
| **MUNICIPAL BONDS** | **Percentages of<br>Net Assets** |
|  Education | 4.90% |
|  General Obligation | 20.43 |
|  General Revenue | 28.95 |
|  Healthcare | 10.36 |
|  Housing | 8.46 |
|  Transportation | 15.45 |
|  Utilities | 9.97 |
|  **Total Municipal Bonds** | **98.52** |
|  **SHORT-TERM INVESTMENTS** | **1.48** |
|  **TOTAL INVESTMENTS** | **100.00** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES** | **0.00** |
|  **TOTAL NET ASSETS** | **100.00%** |

---

The accompanying notes are an integral part of these financial statements.

384.0 ------

### Bridge Builder Municipal High-Income Bond Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **MUNICIPAL BONDS – 98.67%** |  |  |
| **Alabama – 2.21%** |  |  |
|  Baldwin County Industrial Development Authority |  |  |
|  5.00%, 06/01/2055 <sup>(1)(2)</sup> | $3350 | $3377 |
|  Black Belt Energy Gas District |  |  |
|  4.00%, 06/01/2051 <sup>(1)</sup> | 2500 | 2530 |
|  4.00%, 10/01/2052 <sup>(1)</sup> | 1075 | 1078 |
|  4.00%, 10/01/2052 <sup>(1)</sup> | 3380 | 3389 |
|  4.00%, 12/01/2052 <sup>(1)</sup> | 1500 | 1489 |
|  4.00%, 04/01/2053 <sup>(1)</sup> | 500 | 502 |
|  5.00%, 03/01/2055 <sup>(1)</sup> | 6075 | 6427 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 900 | 943 |
|  5.00%, 10/01/2055 <sup>(1)</sup> | 3115 | 3279 |
|  5.25%, 12/01/2053 <sup>(1)</sup> | 3775 | 4046 |
|  5.25%, 01/01/2054 <sup>(1)</sup> | 4160 | 4425 |
|  County of Jefferson AL Sewer Revenue |  |  |
|  5.00%, 10/01/2025 | 1515 | 1521 |
|  5.00%, 10/01/2026 | 1050 | 1076 |
|  5.25%, 10/01/2040 | 1000 | 1055 |
|  5.25%, 10/01/2043 | 2095 | 2169 |
|  5.25%, 10/01/2045 | 100 | 102 |
|  5.25%, 10/01/2049 | 1990 | 2012 |
|  5.50%, 10/01/2053 | 2450 | 2512 |
|  Energy Southeast A Cooperative District |  |  |
|  5.25%, 07/01/2054 <sup>(1)</sup> | 2575 | 2755 |
|  5.50%, 11/01/2053 <sup>(1)</sup> | 6665 | 7192 |
|  Health Care Authority of the City of Huntsville |  |  |
|  4.00%, 06/01/2045 | 2500 | 2203 |
|  Homewood Educational Building Authority |  |  |
|  5.00%, 10/01/2056 | 275 | 257 |
|  Hoover Industrial Development Board |  |  |
|  5.75%, 10/01/2049 | 920 | 928 |
|  Huntsville-Redstone Village Special Care Facilities Financing Authority |  |  |
|  5.50%, 01/01/2028 <sup>(3)(4)</sup> | 250 | 138 |
|  5.50%, 01/01/2043 <sup>(3)(4)</sup> | 195 | 107 |
|  6.88%, 01/01/2043 <sup>(3)(4)</sup> | 135 | 74 |
|  7.50%, 01/01/2047 <sup>(3)(4)</sup> | 245 | 135 |
|  Jacksonville Public Educational Building Authority |  |  |
|  5.00%, 08/01/2056 | 125 | 123 |
|  Mobile County Industrial Development Authority |  |  |
|  4.75%, 12/01/2054 | 4740 | 4361 |
|  5.00%, 06/01/2054 | 3525 | 3378 |
|  Phenix City Industrial Development Board |  |  |
|  4.13%, 05/15/2035 | 855 | 820 |
|  Prattville Industrial Development Board |  |  |
|  5.30%, 09/01/2028 | 1325 | 1397 |
|  Selma Industrial Development Board |  |  |
|  3.45%, 11/01/2033 <sup>(1)</sup> | 375 | 367 |
|  4.20%, 05/01/2034 | 1155 | 1167 |
|  Southeast Alabama Gas Supply District |  |  |
|  5.00%, 06/01/2049 <sup>(1)</sup> | 2400 | 2530 |
|  Southeast Energy Authority A Cooperative District |  |  |
|  4.00%, 12/01/2051 <sup>(1)</sup> | 5815 | 5747 |
|  5.00%, 11/01/2035 | 1500 | 1550 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 500 | 528 |
|  5.00%, 10/01/2055 <sup>(1)</sup> | 2600 | 2740 |
|  5.00%, 01/01/2056 <sup>(1)</sup> | 1660 | 1694 |
|  5.25%, 03/01/2055 <sup>(1)</sup> | 1715 | 1792 |

---

The accompanying notes are an integral part of these financial statements.

385.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Alabama – 2.21% – (Continued)** |  |  |
|  5.50%, 01/01/2053 <sup>(1)</sup> | $2000 | $2134 |
|  Tuscaloosa County Industrial Development Authority |  |  |
|  5.25%, 05/01/2044 <sup>(2)</sup> | 7860 | 7765 |
|  Total Alabama | Total Alabama | 93814 |
| **Alaska – 0.13%** |  |  |
|  Alaska Housing Finance Corp. |  |  |
|  4.00%, 12/01/2048 | 410 | 412 |
|  6.00%, 06/01/2054 | 95 | 103 |
|  Alaska Industrial Development & Export Authority |  |  |
|  5.00%, 01/01/2030 | 1415 | 1416 |
|  5.00%, 01/01/2034 | 1000 | 1000 |
|  Northern Tobacco Securitization Corp. |  |  |
|  0.00%, 06/01/2066 | 17575 | 2100 |
|  4.00%, 06/01/2050 | 525 | 502 |
|  Total Alaska | Total Alaska | 5533 |
| **Arizona – 2.85%** |  |  |
|  Arizona Board of Regents |  |  |
|  5.00%, 07/01/2054 | 800 | 811 |
|  Arizona Health Facilities Authority |  |  |
|  3.75% (S&P 7 Day Municipal High Grade Rate + 0.81%), 01/01/2037 <sup>(5)</sup> | 970 | 939 |
|  Arizona Industrial Development Authority |  |  |
|  0.00%, 05/20/2033 <sup>(1)</sup> | 4787 | 167 |
|  3.63%, 05/20/2033 | 1767 | 1693 |
|  3.75%, 02/01/2048 <sup>(1)</sup> | 4170 | 4170 |
|  4.00%, 07/15/2030 <sup>(2)</sup> | 230 | 226 |
|  4.00%, 11/01/2037 | 100 | 95 |
|  4.00%, 07/15/2040 <sup>(2)</sup> | 990 | 872 |
|  4.00%, 07/01/2041 | 575 | 509 |
|  4.00%, 07/15/2041 <sup>(2)</sup> | 265 | 213 |
|  4.00%, 12/15/2041 <sup>(2)</sup> | 850 | 717 |
|  4.00%, 07/01/2042 | 100 | 83 |
|  4.00%, 11/01/2045 | 500 | 422 |
|  4.00%, 07/15/2050 <sup>(2)</sup> | 1610 | 1267 |
|  4.00%, 11/01/2050 | 1500 | 1222 |
|  4.00%, 07/01/2051 | 2250 | 1851 |
|  4.00%, 07/15/2051 <sup>(2)</sup> | 500 | 357 |
|  4.00%, 12/15/2051 <sup>(2)</sup> | 1150 | 866 |
|  4.00%, 07/15/2056 <sup>(2)</sup> | 1425 | 983 |
|  4.25%, 07/01/2042 | 3215 | 2751 |
|  4.50%, 07/15/2029 <sup>(2)</sup> | 3250 | 3139 |
|  4.50%, 07/01/2054 | 1000 | 810 |
|  5.00%, 07/01/2032 | 425 | 445 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 225 | 225 |
|  5.00%, 07/01/2039 <sup>(2)</sup> | 100 | 96 |
|  5.00%, 07/15/2039 | 190 | 184 |
|  5.00%, 07/15/2040 <sup>(2)</sup> | 505 | 502 |
|  5.00%, 07/15/2040 <sup>(2)</sup> | 1450 | 1388 |
|  5.00%, 07/01/2047 <sup>(2)</sup> | 225 | 210 |
|  5.00%, 07/01/2049 <sup>(2)</sup> | 100 | 89 |
|  5.00%, 07/01/2049 <sup>(2)</sup> | 945 | 830 |
|  5.00%, 07/15/2049 | 2590 | 2290 |
|  5.00%, 07/15/2050 <sup>(2)</sup> | 2665 | 2343 |
|  5.00%, 07/01/2051 <sup>(2)</sup> | 255 | 233 |
|  5.00%, 07/01/2054 <sup>(2)</sup> | 500 | 444 |
|  5.00%, 07/01/2054 <sup>(2)</sup> | 1000 | 868 |
|  5.00%, 07/01/2057 | 1250 | 1151 |

---

The accompanying notes are an integral part of these financial statements.

386.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Arizona – 2.85% – (Continued)** |  |  |
|  5.25%, 07/01/2037 <sup>(2)</sup> | $205 | $205 |
|  5.25%, 07/01/2060 | 1500 | 1429 |
|  5.38%, 07/01/2050 <sup>(2)</sup> | 510 | 494 |
|  5.50%, 07/01/2038 <sup>(2)</sup> | 945 | 950 |
|  5.50%, 07/01/2052 <sup>(2)</sup> | 3535 | 3285 |
|  5.75%, 07/15/2048 <sup>(2)</sup> | 250 | 251 |
|  6.75%, 12/01/2055 <sup>(2)</sup> | 4100 | 4109 |
|  6.88%, 02/01/2065 <sup>(2)</sup> | 5000 | 4896 |
|  Chandler Industrial Development Authority |  |  |
|  5.00%, 09/01/2052 <sup>(1)</sup> | 5525 | 5622 |
|  City of Phoenix Civic Improvement Corp. |  |  |
|  4.00%, 07/01/2045 | 2000 | 1743 |
|  Glendale Industrial Development Authority |  |  |
|  4.00%, 07/01/2028 | 245 | 243 |
|  5.00%, 07/01/2033 | 435 | 438 |
|  5.00%, 07/01/2038 | 1070 | 1055 |
|  5.00%, 07/01/2048 | 2990 | 2644 |
|  5.00%, 05/15/2056 | 700 | 585 |
|  Industrial Development Authority of the City of Phoenix Arizona |  |  |
|  4.10%, 12/01/2035 <sup>(1)</sup> | 9820 | 9821 |
|  5.00%, 07/01/2030 | 700 | 719 |
|  5.00%, 07/01/2035 <sup>(2)</sup> | 375 | 375 |
|  5.00%, 07/01/2035 <sup>(2)</sup> | 970 | 970 |
|  5.00%, 07/01/2037 | 4750 | 4762 |
|  5.00%, 07/01/2044 | 85 | 81 |
|  5.00%, 07/01/2045 <sup>(2)</sup> | 150 | 141 |
|  5.00%, 07/01/2045 <sup>(2)</sup> | 290 | 275 |
|  5.00%, 07/01/2049 | 1390 | 1299 |
|  5.00%, 07/01/2059 | 145 | 131 |
|  Industrial Development Authority of the County of Pima |  |  |
|  4.00%, 06/15/2041 <sup>(2)</sup> | 2380 | 2010 |
|  4.00%, 06/15/2051 <sup>(2)</sup> | 1215 | 930 |
|  4.00%, 06/15/2057 <sup>(2)</sup> | 1245 | 921 |
|  5.00%, 06/15/2049 <sup>(2)</sup> | 125 | 114 |
|  7.00%, 11/15/2057 <sup>(2)</sup> | 250 | 262 |
|  La Paz County Industrial Development Authority |  |  |
|  4.00%, 02/15/2046 | 345 | 276 |
|  4.00%, 02/15/2051 | 580 | 439 |
|  5.00%, 02/15/2036 <sup>(2)</sup> | 1200 | 1201 |
|  Maricopa County Industrial Development Authority |  |  |
|  3.50%, 07/01/2044 <sup>(2)</sup> | 520 | 398 |
|  4.00%, 07/01/2029 <sup>(2)</sup> | 295 | 296 |
|  4.00%, 10/15/2047 <sup>(2)</sup> | 6730 | 5587 |
|  4.00%, 07/01/2050 | 100 | 81 |
|  4.00%, 07/01/2056 <sup>(2)</sup> | 1350 | 1042 |
|  4.25%, 07/01/2044 | 800 | 695 |
|  5.00%, 07/01/2036 <sup>(2)</sup> | 150 | 149 |
|  5.00%, 07/01/2047 <sup>(2)</sup> | 1500 | 1340 |
|  5.00%, 07/01/2049 <sup>(2)</sup> | 150 | 141 |
|  5.00%, 07/01/2049 | 900 | 872 |
|  5.00%, 07/01/2054 <sup>(2)</sup> | 1000 | 923 |
|  5.50%, 07/01/2060 | 1040 | 1021 |
|  5.88%, 07/01/2060 <sup>(2)</sup> | 105 | 102 |
|  6.00%, 01/01/2048 <sup>(2)</sup> | 250 | 195 |
|  Maricopa County Pollution Control Corp. |  |  |
|  2.40%, 06/01/2035 | 115 | 92 |
|  3.60%, 02/01/2040 | 415 | 361 |
|  3.60%, 04/01/2040 | 1000 | 869 |

---

The accompanying notes are an integral part of these financial statements.

387.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Arizona – 2.85% – (Continued)** |  |  |
|  4.50%, 08/01/2042 | $1220 | $1148 |
|  Salt Verde Financial Corp. |  |  |
|  5.00%, 12/01/2037 | 5545 | 5775 |
|  Sierra Vista Industrial Development Authority |  |  |
|  5.00%, 06/15/2044 <sup>(2)</sup> | 2220 | 2119 |
|  5.00%, 06/15/2054 <sup>(2)</sup> | 2095 | 1897 |
|  5.00%, 06/15/2059 <sup>(2)</sup> | 2075 | 1855 |
|  5.00%, 06/15/2064 <sup>(2)</sup> | 3075 | 2714 |
|  Tempe Industrial Development Authority |  |  |
|  4.00%, 12/01/2038 | 1190 | 1086 |
|  4.00%, 12/01/2046 | 1170 | 967 |
|  5.00%, 12/01/2050 | 500 | 447 |
|  5.00%, 12/01/2054 | 750 | 660 |
|  Total Arizona | Total Arizona | 120969 |
| **Arkansas – 0.98%** |  |  |
|  Arkansas Development Finance Authority |  |  |
|  4.50%, 09/01/2049 <sup>(2)</sup> | 13240 | 12726 |
|  4.65%, 07/01/2050 | 2685 | 2562 |
|  4.70%, 07/01/2055 | 2650 | 2562 |
|  4.75%, 09/01/2049 <sup>(2)</sup> | 7630 | 7393 |
|  5.00%, 09/01/2027 | 1000 | 1026 |
|  5.45%, 09/01/2052 | 4305 | 4312 |
|  5.70%, 05/01/2053 | 600 | 608 |
|  6.88%, 07/01/2048 <sup>(2)</sup> | 2500 | 2682 |
|  7.38%, 07/01/2048 <sup>(2)</sup> | 2500 | 2710 |
|  City of Osceola AR |  |  |
|  5.50%, 04/01/2036 <sup>(1)</sup> | 5125 | 5125 |
|  Total Arkansas | Total Arkansas | 41706 |
| **California – 9.13%** |  |  |
|  Alameda Corridor Transportation Authority |  |  |
|  5.00%, 10/01/2036 | 2500 | 2528 |
|  5.00%, 10/01/2037 | 2000 | 2020 |
|  California Community Choice Financing Authority |  |  |
|  4.00%, 02/01/2052 <sup>(1)</sup> | 1620 | 1610 |
|  5.00%, 12/01/2053 <sup>(1)</sup> | 5995 | 6262 |
|  5.00%, 05/01/2054 <sup>(1)</sup> | 500 | 527 |
|  5.00%, 01/01/2055 <sup>(1)</sup> | 1085 | 1121 |
|  5.00%, 02/01/2055 <sup>(1)</sup> | 2835 | 3012 |
|  5.00%, 02/01/2055 <sup>(1)</sup> | 8310 | 8781 |
|  5.00%, 08/01/2055 <sup>(1)</sup> | 1200 | 1265 |
|  5.00%, 11/01/2055 <sup>(1)</sup> | 2000 | 2064 |
|  5.00%, 01/01/2056 <sup>(1)</sup> | 500 | 516 |
|  5.25%, 01/01/2054 | 2500 | 2620 |
|  5.25%, 11/01/2054 <sup>(1)</sup> | 200 | 212 |
|  5.50%, 10/01/2054 <sup>(1)</sup> | 2960 | 3174 |
|  California Community Housing Agency |  |  |
|  3.00%, 08/01/2056 <sup>(2)</sup> | 200 | 129 |
|  4.00%, 08/01/2046 <sup>(2)</sup> | 920 | 754 |
|  4.00%, 08/01/2047 <sup>(2)</sup> | 3500 | 2618 |
|  4.00%, 02/01/2050 <sup>(2)</sup> | 980 | 726 |
|  4.00%, 08/01/2050 <sup>(2)</sup> | 3350 | 2500 |
|  4.00%, 08/01/2051 <sup>(2)</sup> | 1000 | 452 |
|  4.00%, 02/01/2056 <sup>(2)</sup> | 9050 | 6297 |
|  4.00%, 02/01/2056 <sup>(2)</sup> | 13075 | 8098 |
|  5.00%, 08/01/2049 <sup>(2)</sup> | 7540 | 6685 |

---

The accompanying notes are an integral part of these financial statements.

388.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **California – 9.13% – (Continued)** |  |  |
|  California Educational Facilities Authority |  |  |
|  5.00%, 12/01/2035 | $1000 | $1024 |
|  5.25%, 10/01/2044 | 1000 | 984 |
|  5.50%, 10/01/2053 | 2130 | 2087 |
|  California Enterprise Development Authority |  |  |
|  5.00%, 06/01/2064 <sup>(2)</sup> | 2300 | 2056 |
|  California Health Facilities Financing Authority |  |  |
|  3.00%, 08/15/2051 | 1385 | 960 |
|  5.00%, 12/01/2028 | 500 | 528 |
|  5.00%, 12/01/2039 | 520 | 531 |
|  5.25%, 11/15/2058 | 255 | 249 |
|  California Housing Finance Agency |  |  |
|  3.25%, 08/20/2036 | 4433 | 4131 |
|  3.50%, 11/20/2035 | 2663 | 2485 |
|  4.00%, 03/20/2033 | 3022 | 3025 |
|  4.25%, 01/15/2035 | 1383 | 1402 |
|  4.38%, 09/20/2036 | 1473 | 1472 |
|  California Infrastructure & Economic Development Bank |  |  |
|  0.00%, 01/01/2061 <sup>(2)</sup> | 29000 | 2088 |
|  4.00%, 10/01/2041 | 2235 | 2213 |
|  5.00%, 11/01/2047 | 155 | 153 |
|  5.00%, 01/01/2056 <sup>(2)</sup> | 355 | 295 |
|  California Municipal Finance Authority |  |  |
|  3.00%, 10/01/2049 | 100 | 68 |
|  3.00%, 05/15/2054 | 405 | 287 |
|  3.88%, 03/01/2054 <sup>(1)</sup> | 150 | 143 |
|  4.00%, 11/15/2027 | 200 | 199 |
|  4.00%, 07/15/2029 | 6150 | 6021 |
|  4.00%, 08/15/2037 | 1560 | 1515 |
|  4.00%, 10/01/2038 | 1000 | 942 |
|  4.00%, 10/01/2039 | 1495 | 1389 |
|  4.00%, 09/01/2041 | 550 | 494 |
|  4.00%, 08/15/2042 | 1635 | 1482 |
|  4.00%, 12/31/2047 | 1470 | 1222 |
|  4.00%, 03/01/2050 | 250 | 198 |
|  4.00%, 02/01/2051 | 1215 | 991 |
|  4.00%, 11/15/2056 | 875 | 642 |
|  4.38%, 09/01/2053 <sup>(1)</sup> | 125 | 124 |
|  5.00%, 10/01/2026 | 400 | 408 |
|  5.00%, 05/15/2027 | 150 | 154 |
|  5.00%, 07/01/2027 | 300 | 309 |
|  5.00%, 06/30/2029 | 335 | 345 |
|  5.00%, 12/31/2031 | 1240 | 1268 |
|  5.00%, 07/01/2032 | 1055 | 1073 |
|  5.00%, 04/01/2035 | 1235 | 1202 |
|  5.00%, 05/15/2036 | 2680 | 2741 |
|  5.00%, 10/01/2039 <sup>(2)</sup> | 1115 | 1066 |
|  5.00%, 11/01/2039 <sup>(2)</sup> | 195 | 182 |
|  5.00%, 12/31/2043 | 21445 | 20930 |
|  5.00%, 10/01/2044 | 1200 | 1170 |
|  5.00%, 06/01/2046 | 750 | 722 |
|  5.00%, 11/01/2046 <sup>(2)</sup> | 1500 | 1386 |
|  5.00%, 12/31/2047 | 1000 | 957 |
|  5.00%, 06/01/2048 | 1000 | 954 |
|  5.00%, 10/01/2049 <sup>(2)</sup> | 515 | 456 |
|  5.00%, 09/01/2054 | 295 | 281 |
|  5.00%, 10/01/2057 <sup>(2)</sup> | 1000 | 859 |
|  5.13%, 09/01/2050 | 1725 | 1704 |

---

The accompanying notes are an integral part of these financial statements.

389.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **California – 9.13% – (Continued)** |  |  |
|  5.13%, 09/01/2059 | $110 | $107 |
|  5.25%, 11/01/2052 | 2165 | 2202 |
|  5.25%, 06/01/2053 | 2655 | 2743 |
|  5.38%, 07/01/2045 <sup>(2)</sup> | 500 | 465 |
|  5.38%, 09/01/2055 | 1500 | 1502 |
|  5.50%, 11/01/2045 <sup>(2)</sup> | 1000 | 971 |
|  5.50%, 01/01/2060 <sup>(2)</sup> | 2000 | 1874 |
|  5.88%, 05/01/2059 <sup>(2)</sup> | 15 | 15 |
|  California Pollution Control Financing Authority |  |  |
|  3.70%, 07/01/2043 <sup>(1)(2)</sup> | 650 | 650 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 5000 | 5001 |
|  California Public Finance Authority |  |  |
|  5.00%, 11/15/2036 <sup>(2)</sup> | 250 | 241 |
|  5.00%, 11/15/2046 <sup>(2)</sup> | 50 | 44 |
|  5.00%, 10/15/2047 | 3075 | 2905 |
|  6.38%, 06/01/2059 <sup>(2)</sup> | 3555 | 3198 |
|  6.50%, 06/01/2054 <sup>(2)</sup> | 4395 | 4106 |
|  6.75%, 07/01/2065 <sup>(2)</sup> | 7000 | 7312 |
|  California School Finance Authority |  |  |
|  4.00%, 06/01/2061 <sup>(2)</sup> | 1000 | 633 |
|  5.00%, 07/01/2025 <sup>(2)</sup> | 375 | 375 |
|  5.00%, 06/01/2029 <sup>(2)</sup> | 250 | 251 |
|  5.00%, 06/01/2030 <sup>(2)</sup> | 300 | 304 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 690 | 696 |
|  5.00%, 10/01/2042 <sup>(2)</sup> | 500 | 488 |
|  5.00%, 07/01/2047 <sup>(2)</sup> | 500 | 462 |
|  5.00%, 07/01/2047 <sup>(2)</sup> | 1235 | 1181 |
|  5.00%, 07/01/2052 <sup>(2)</sup> | 1340 | 1209 |
|  5.13%, 06/01/2047 <sup>(2)</sup> | 250 | 230 |
|  6.38%, 07/01/2046 <sup>(2)</sup> | 1000 | 1000 |
|  California Statewide Communities Development Authority |  |  |
|  3.00%, 04/01/2051 | 550 | 366 |
|  4.00%, 09/02/2028 | 20 | 20 |
|  4.00%, 09/02/2029 | 20 | 20 |
|  4.00%, 09/02/2030 | 20 | 20 |
|  4.00%, 09/02/2031 | 15 | 15 |
|  4.00%, 09/02/2031 | 75 | 74 |
|  4.00%, 04/01/2038 | 2400 | 2264 |
|  4.00%, 09/02/2041 | 110 | 99 |
|  4.00%, 09/02/2041 | 110 | 99 |
|  4.00%, 09/02/2041 | 135 | 117 |
|  4.00%, 09/02/2051 | 1070 | 876 |
|  4.00%, 09/02/2051 | 1315 | 1060 |
|  4.00%, 09/02/2051 | 1340 | 1097 |
|  4.31%, 07/01/2032 | 220 | 202 |
|  5.00%, 12/01/2027 <sup>(2)</sup> | 205 | 208 |
|  5.00%, 11/01/2032 <sup>(2)</sup> | 1135 | 1151 |
|  5.00%, 01/01/2038 | 750 | 768 |
|  5.00%, 09/02/2039 | 745 | 754 |
|  5.00%, 05/15/2040 | 1000 | 1001 |
|  5.00%, 11/01/2041 <sup>(2)</sup> | 1375 | 1315 |
|  5.00%, 09/02/2042 | 1590 | 1603 |
|  5.00%, 01/01/2043 | 1000 | 1010 |
|  5.00%, 09/02/2044 | 700 | 695 |
|  5.00%, 09/02/2044 | 1000 | 1013 |
|  5.00%, 09/02/2044 | 1350 | 1359 |
|  5.00%, 12/01/2046 <sup>(2)</sup> | 270 | 255 |
|  5.00%, 01/01/2048 | 2840 | 2855 |

---

The accompanying notes are an integral part of these financial statements.

390.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **California – 9.13% – (Continued)** |  |  |
|  5.00%, 09/02/2049 | $35 | $35 |
|  5.00%, 09/02/2049 | 700 | 685 |
|  5.00%, 09/02/2049 | 1000 | 981 |
|  5.00%, 09/02/2052 | 2315 | 2253 |
|  5.25%, 12/01/2044 | 1105 | 1074 |
|  5.25%, 12/01/2048 <sup>(2)</sup> | 800 | 776 |
|  5.25%, 12/01/2056 <sup>(2)</sup> | 14530 | 13920 |
|  5.50%, 12/01/2054 | 5225 | 5133 |
|  5.50%, 12/01/2058 <sup>(2)</sup> | 8575 | 8366 |
|  California Statewide Financing Authority |  |  |
|  6.00%, 05/01/2043 | 100 | 102 |
|  Central Valley Energy Authority |  |  |
|  5.00%, 12/01/2055 <sup>(1)</sup> | 525 | 560 |
|  Chino Community Facilities District |  |  |
|  4.00%, 09/01/2051 | 1500 | 1242 |
|  City & County of San Francisco CA Community Facilities District No 2016-1 |  |  |
|  4.00%, 09/01/2032 <sup>(2)</sup> | 345 | 343 |
|  City & County of San Francisco CA Special Tax District No 2020-1 |  |  |
|  4.00%, 09/01/2041 <sup>(2)</sup> | 1600 | 1427 |
|  4.00%, 09/01/2046 <sup>(2)</sup> | 875 | 725 |
|  4.00%, 09/01/2051 <sup>(2)</sup> | 980 | 785 |
|  5.75%, 09/01/2053 <sup>(2)</sup> | 95 | 98 |
|  5.75%, 09/01/2053 <sup>(2)</sup> | 2050 | 2115 |
|  City of Fontana CA |  |  |
|  5.00%, 09/01/2033 | 540 | 578 |
|  City of Irvine CA |  |  |
|  4.00%, 09/02/2027 | 20 | 20 |
|  4.00%, 09/02/2028 | 30 | 30 |
|  City of Los Angeles Department of Airports |  |  |
|  4.00%, 05/15/2044 | 3000 | 2703 |
|  5.00%, 05/15/2051 | 1000 | 999 |
|  5.50%, 05/15/2047 | 2725 | 2807 |
|  City of Palm Desert CA |  |  |
|  4.00%, 09/01/2041 | 1225 | 1115 |
|  4.00%, 09/01/2051 | 750 | 619 |
|  City of Rancho Cordova CA |  |  |
|  5.00%, 09/01/2040 | 360 | 363 |
|  5.00%, 09/01/2049 | 1000 | 996 |
|  5.00%, 09/01/2049 | 1250 | 1249 |
|  City of Sacramento CA |  |  |
|  5.00%, 09/01/2049 | 1500 | 1428 |
|  City of Santa Clarita CA Community Facilities District No 2002-1 |  |  |
|  4.00%, 09/01/2035 <sup>(2)</sup> | 800 | 760 |
|  City of Vernon CA Electric System Revenue |  |  |
|  5.00%, 10/01/2025 | 500 | 502 |
|  CMFA Special Finance Agency |  |  |
|  3.00%, 12/01/2056 <sup>(2)</sup> | 1000 | 629 |
|  4.00%, 08/01/2045 <sup>(2)</sup> | 1205 | 1018 |
|  4.00%, 12/01/2045 <sup>(2)</sup> | 650 | 493 |
|  CMFA Special Finance Agency VII |  |  |
|  4.00%, 08/01/2047 <sup>(2)</sup> | 3570 | 3170 |
|  CMFA Special Finance Agency XII |  |  |
|  3.25%, 02/01/2057 <sup>(2)</sup> | 1500 | 1034 |
|  4.38%, 08/01/2049 <sup>(2)</sup> | 1980 | 1621 |
|  County of Los Angeles CA Community Facilities District No 2021-01 |  |  |
|  5.00%, 09/01/2052 | 150 | 150 |
|  CSCDA Community Improvement Authority |  |  |
|  2.65%, 12/01/2046 <sup>(2)</sup> | 700 | 538 |

---

The accompanying notes are an integral part of these financial statements.

391.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **California – 9.13% – (Continued)** |  |  |
|  2.80%, 03/01/2047 <sup>(2)</sup> | $150 | $113 |
|  2.88%, 08/01/2041 <sup>(2)</sup> | 100 | 88 |
|  3.00%, 07/01/2045 <sup>(2)</sup> | 2000 | 1507 |
|  3.00%, 06/01/2047 <sup>(2)</sup> | 500 | 334 |
|  3.00%, 06/01/2048 <sup>(2)</sup> | 100 | 69 |
|  3.00%, 12/01/2056 <sup>(2)</sup> | 5500 | 3618 |
|  3.10%, 07/01/2045 <sup>(2)</sup> | 250 | 201 |
|  3.13%, 07/01/2056 <sup>(2)</sup> | 7600 | 4831 |
|  3.13%, 08/01/2056 <sup>(2)</sup> | 1530 | 1099 |
|  3.13%, 06/01/2057 <sup>(2)</sup> | 1850 | 1068 |
|  3.38%, 07/01/2043 <sup>(2)</sup> | 300 | 232 |
|  4.00%, 10/01/2046 <sup>(2)</sup> | 1275 | 968 |
|  4.00%, 07/01/2056 <sup>(2)</sup> | 2500 | 1888 |
|  4.00%, 07/01/2056 <sup>(2)</sup> | 7237 | 5356 |
|  4.00%, 08/01/2056 <sup>(2)</sup> | 4625 | 3957 |
|  4.00%, 09/01/2056 <sup>(2)</sup> | 1015 | 726 |
|  4.00%, 10/01/2056 <sup>(2)</sup> | 1000 | 778 |
|  4.00%, 10/01/2056 <sup>(2)</sup> | 6210 | 4584 |
|  4.00%, 12/01/2056 <sup>(2)</sup> | 5695 | 4137 |
|  4.00%, 02/01/2057 <sup>(2)</sup> | 1500 | 1084 |
|  4.00%, 04/01/2057 <sup>(2)</sup> | 1050 | 723 |
|  4.00%, 05/01/2057 <sup>(2)</sup> | 250 | 169 |
|  4.00%, 12/01/2058 <sup>(2)</sup> | 750 | 516 |
|  4.00%, 12/01/2059 <sup>(2)</sup> | 1905 | 988 |
|  4.00%, 12/01/2059 <sup>(2)</sup> | 2625 | 1262 |
|  5.00%, 07/01/2051 <sup>(2)</sup> | 165 | 149 |
|  5.00%, 01/01/2054 <sup>(2)</sup> | 970 | 866 |
|  East County Advanced Water Purification Joint Powers Authority |  |  |
|  3.13%, 09/01/2026 | 5000 | 5015 |
|  Foothill-Eastern Transportation Corridor Agency |  |  |
|  4.00%, 01/15/2046 | 9000 | 8469 |
|  Freddie Mac Multifamily ML Certificates |  |  |
|  3.35%, 11/25/2033 | 2273 | 2165 |
|  Golden State Tobacco Securitization Corp. |  |  |
|  0.00%, 06/01/2066 | 72925 | 7702 |
|  5.00%, 06/01/2051 | 290 | 285 |
|  Hastings Campus Housing Finance Authority |  |  |
|  5.00%, 07/01/2061 <sup>(2)</sup> | 4950 | 4228 |
|  Hayward Unified School District |  |  |
|  4.00%, 08/01/2050 | 1380 | 1221 |
|  Inglewood Unified School District |  |  |
|  5.50%, 08/01/2044 | 155 | 168 |
|  Inland Empire Tobacco Securitization Corp. |  |  |
|  0.00%, 06/01/2036 | 3000 | 1349 |
|  Irvine Unified School District |  |  |
|  5.00%, 03/01/2057 | 795 | 782 |
|  Lake Elsinore Public Financing Authority |  |  |
|  5.00%, 09/01/2031 | 1190 | 1194 |
|  Lodi Unified School District |  |  |
|  3.00%, 08/01/2046 | 500 | 380 |
|  Los Angeles Department of Water & Power |  |  |
|  5.00%, 07/01/2036 | 100 | 108 |
|  5.00%, 07/01/2036 | 1000 | 1072 |
|  5.00%, 07/01/2038 | 640 | 676 |
|  5.00%, 07/01/2040 | 155 | 162 |
|  5.00%, 07/01/2040 | 300 | 314 |
|  5.00%, 07/01/2048 | 500 | 507 |
|  5.00%, 07/01/2050 | 315 | 317 |

---

The accompanying notes are an integral part of these financial statements.

392.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **California – 9.13% – (Continued)** |  |  |
|  5.00%, 07/01/2052 | $1770 | $1775 |
|  5.25%, 07/01/2044 | 150 | 159 |
|  5.25%, 07/01/2046 | 100 | 105 |
|  Los Angeles Department of Water & Power Water System Revenue |  |  |
|  5.00%, 07/01/2034 | 500 | 551 |
|  5.00%, 07/01/2038 | 340 | 358 |
|  5.00%, 07/01/2039 | 1015 | 1058 |
|  5.25%, 07/01/2053 | 500 | 510 |
|  Los Angeles Housing Authority |  |  |
|  6.00%, 12/01/2062 <sup>(2)</sup> | 1420 | 1318 |
|  Menifee Union School District |  |  |
|  4.00%, 09/01/2036 | 500 | 484 |
|  Morongo Band of Mission Indians |  |  |
|  5.00%, 10/01/2042 <sup>(2)</sup> | 115 | 115 |
|  Mountain House Community Facilities District |  |  |
|  5.00%, 09/01/2045 | 635 | 618 |
|  5.00%, 09/01/2055 | 625 | 598 |
|  5.13%, 09/01/2045 | 500 | 495 |
|  New Hampshire Business Finance Authority |  |  |
|  3.93%, 07/20/2039 <sup>(1)</sup> | 2475 | 2296 |
|  Northern California Gas Authority No 1 |  |  |
|  3.78% (3 Month Term SOFR + 0.72%), 07/01/2027 <sup>(5)</sup> | 260 | 260 |
|  Orange County Community Facilities District |  |  |
|  5.00%, 08/15/2037 | 250 | 262 |
|  5.00%, 08/15/2038 | 260 | 272 |
|  5.25%, 08/15/2045 | 1975 | 1975 |
|  Palomar Health |  |  |
|  5.00%, 11/01/2042 | 1350 | 1026 |
|  Pasadena Public Financing Authority |  |  |
|  0.00%, 06/01/2042 | 215 | 96 |
|  Rancho Mirage Community Facilities District |  |  |
|  5.00%, 09/01/2054 | 1000 | 966 |
|  Regents of the University of California Medical Center Pooled Revenue |  |  |
|  5.00%, 05/15/2047 | 3000 | 3048 |
|  River Islands Public Financing Authority |  |  |
|  4.00%, 09/01/2041 | 605 | 546 |
|  5.00%, 09/01/2039 | 635 | 644 |
|  5.00%, 09/01/2048 | 500 | 487 |
|  5.00%, 09/01/2048 | 750 | 725 |
|  5.00%, 09/01/2054 | 1235 | 1180 |
|  Riverside County Redevelopment Successor Agency |  |  |
|  0.00%, 10/01/2039 | 1000 | 535 |
|  Riverside County Transportation Commission |  |  |
|  3.00%, 06/01/2049 | 250 | 185 |
|  4.00%, 06/01/2046 | 5250 | 4685 |
|  4.00%, 06/01/2047 | 563 | 491 |
|  San Diego County Regional Airport Authority |  |  |
|  4.00%, 07/01/2046 | 1000 | 862 |
|  4.00%, 07/01/2056 | 1000 | 873 |
|  5.00%, 07/01/2048 | 100 | 100 |
|  5.50%, 07/01/2055 | 2425 | 2545 |
|  San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
|  5.00%, 05/01/2026 | 1375 | 1395 |
|  5.25%, 05/01/2049 | 200 | 202 |
|  5.50%, 05/01/2055 | 2400 | 2490 |
|  San Francisco Community College District |  |  |
|  3.00%, 06/15/2045 | 100 | 75 |

---

The accompanying notes are an integral part of these financial statements.

393.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **California – 9.13% – (Continued)** |  |  |
|  San Joaquin Valley Clean Energy Authority |  |  |
|  5.50%, 01/01/2056 <sup>(1)</sup> | $750 | $823 |
|  Southern California Public Power Authority |  |  |
|  5.00%, 07/01/2033 | 500 | 554 |
|  5.00%, 07/01/2053 | 500 | 506 |
|  5.00%, 04/01/2055 <sup>(1)</sup> | 345 | 363 |
|  State of California |  |  |
|  3.00%, 11/01/2040 | 500 | 420 |
|  5.00%, 03/01/2055 | 865 | 895 |
|  Tejon Ranch Public Facilities Finance Authority |  |  |
|  5.00%, 09/01/2054 | 155 | 149 |
|  Transbay Joint Powers Authority |  |  |
|  5.00%, 10/01/2033 | 250 | 258 |
|  5.00%, 10/01/2034 | 250 | 257 |
|  5.00%, 10/01/2035 | 240 | 245 |
|  5.00%, 10/01/2038 | 600 | 603 |
|  University of California |  |  |
|  5.25%, 05/15/2055 | 550 | 575 |
|  West Sacramento Financing Authority |  |  |
|  5.00%, 09/01/2034 | 135 | 148 |
|  Total California |  | 387047 |
| **Colorado – 6.42%** |  |  |
|  2000 Holly Metropolitan District |  |  |
|  5.00%, 12/01/2050 | 910 | 821 |
|  9th Avenue Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2048 | 1562 | 1467 |
|  Aerotropolis Regional Transportation Authority |  |  |
|  4.38%, 12/01/2052 | 8080 | 6450 |
|  5.50%, 12/01/2044 <sup>(2)</sup> | 2000 | 1933 |
|  5.75%, 12/01/2054 <sup>(2)</sup> | 650 | 637 |
|  Amber Creek Metropolitan District |  |  |
|  5.00%, 12/01/2037 | 693 | 672 |
|  5.13%, 12/01/2047 | 1550 | 1456 |
|  Arista Metropolitan District |  |  |
|  8.25%, 12/15/2039 | 500 | 506 |
|  Arkansas River Power Authority |  |  |
|  5.00%, 10/01/2033 | 500 | 511 |
|  5.00%, 10/01/2043 | 225 | 221 |
|  Aurora Crossroads Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2040 | 1000 | 978 |
|  5.00%, 12/01/2050 | 1500 | 1399 |
|  Aviation Station North Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2039 | 750 | 733 |
|  5.00%, 12/01/2048 | 3850 | 3548 |
|  Banning Lewis Ranch Metropolitan District No 8 |  |  |
|  4.88%, 12/01/2051 <sup>(2)</sup> | 500 | 423 |
|  Belford North Metropolitan District |  |  |
|  5.50%, 12/01/2050 | 1100 | 949 |
|  Berthoud-Heritage Metropolitan District No 1 |  |  |
|  5.63%, 12/01/2048 | 3490 | 3262 |
|  Berthoud-Heritage Metropolitan District No 10 |  |  |
|  4.75%, 12/01/2052 | 500 | 400 |
|  Board of Water Commissioners City & County of Denver |  |  |
|  3.00%, 09/15/2045 | 2000 | 1493 |
|  Brighton Crossing Metropolitan District No 6 |  |  |
|  5.00%, 12/01/2040 | 515 | 492 |
|  5.00%, 12/01/2050 | 3485 | 3179 |

---

The accompanying notes are an integral part of these financial statements.

394.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Colorado – 6.42% – (Continued)** |  |  |
|  Broadway Park North Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2040 <sup>(2)</sup> | $2255 | $2078 |
|  5.00%, 12/01/2049 <sup>(2)</sup> | 730 | 644 |
|  Buffalo Highlands Metropolitan District |  |  |
|  5.25%, 12/01/2038 | 500 | 492 |
|  Canyon Pines Metropolitan District Special Improvement District No 1 |  |  |
|  3.75%, 12/01/2040 | 500 | 383 |
|  Canyons Metropolitan District No 5 |  |  |
|  6.50%, 12/15/2054 | 2300 | 2294 |
|  Cascade Ridge Metropolitan District |  |  |
|  5.00%, 12/01/2051 | 1330 | 1106 |
|  Centerra Metropolitan District No 1 |  |  |
|  5.00%, 12/01/2051 | 1000 | 932 |
|  Chambers Highpoint Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2041 | 1285 | 1097 |
|  5.00%, 12/01/2051 | 705 | 541 |
|  City & County of Denver CO |  |  |
|  5.00%, 10/01/2032 | 13175 | 13174 |
|  City & County of Denver CO Airport System Revenue |  |  |
|  5.00%, 12/01/2048 | 340 | 334 |
|  City & County of Denver CO Pledged Excise Tax Revenue |  |  |
|  0.00%, 08/01/2034 | 500 | 341 |
|  Clear Creek Transit Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2050 | 1309 | 929 |
|  Colorado Crossing Metropolitan District No 2 |  |  |
|  4.00%, 12/01/2030 | 500 | 483 |
|  5.00%, 12/01/2050 | 3705 | 3329 |
|  Colorado Educational & Cultural Facilities Authority |  |  |
|  4.00%, 05/01/2051 | 1100 | 868 |
|  4.00%, 05/01/2061 | 1835 | 1374 |
|  5.75%, 04/01/2059 <sup>(2)</sup> | 675 | 658 |
|  5.80%, 04/01/2054 <sup>(2)</sup> | 1345 | 1334 |
|  6.88%, 02/01/2059 <sup>(2)</sup> | 7000 | 7130 |
|  Colorado Health Facilities Authority |  |  |
|  3.25%, 08/01/2049 | 670 | 495 |
|  4.00%, 05/15/2031 | 40 | 40 |
|  4.00%, 05/15/2032 | 50 | 49 |
|  4.00%, 05/15/2033 | 55 | 54 |
|  4.00%, 05/15/2034 | 55 | 54 |
|  4.00%, 05/15/2035 | 55 | 53 |
|  4.00%, 05/15/2036 | 60 | 57 |
|  4.00%, 11/01/2039 | 3775 | 3532 |
|  4.00%, 12/01/2040 | 250 | 228 |
|  4.00%, 05/15/2041 | 100 | 89 |
|  4.00%, 01/01/2042 | 600 | 511 |
|  4.00%, 05/15/2048 | 150 | 122 |
|  4.00%, 09/01/2050 | 375 | 396 |
|  4.00%, 12/01/2050 | 500 | 405 |
|  5.00%, 01/01/2037 | 255 | 255 |
|  5.00%, 01/01/2038 | 400 | 401 |
|  5.00%, 12/01/2043 | 1925 | 1892 |
|  5.00%, 05/15/2054 | 850 | 852 |
|  5.13%, 12/01/2055 | 760 | 742 |
|  5.25%, 05/15/2028 | 500 | 509 |
|  5.75%, 12/01/2035 <sup>(2)</sup> | 100 | 68 |
|  6.13%, 12/01/2045 <sup>(2)</sup> | 875 | 534 |
|  6.25%, 12/01/2050 <sup>(2)</sup> | 485 | 297 |

---

The accompanying notes are an integral part of these financial statements.

395.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Colorado – 6.42% – (Continued)** |  |  |
|  Colorado High Performance Transportation Enterprise |  |  |
|  5.00%, 12/31/2047 | $3330 | $3282 |
|  5.00%, 12/31/2051 | 5000 | 4796 |
|  5.00%, 12/31/2056 | 5760 | 5496 |
|  Colorado Housing & Finance Authority |  |  |
|  3.00%, 05/01/2051 | 1155 | 1138 |
|  5.75%, 11/01/2054 | 850 | 930 |
|  6.50%, 05/01/2055 | 825 | 929 |
|  Colorado International Center Metropolitan District No 14 |  |  |
|  5.88%, 12/01/2046 | 1090 | 1049 |
|  Conexus Metropolitan District No 1 |  |  |
|  6.25%, 12/01/2055 | 2720 | 2643 |
|  Copper Ridge Metropolitan District |  |  |
|  5.00%, 12/01/2039 | 500 | 472 |
|  Cornerstar Metropolitan District |  |  |
|  5.13%, 12/01/2037 | 500 | 485 |
|  Cottonwood Hollow Residential Metropolitan District |  |  |
|  5.00%, 12/01/2051 | 500 | 385 |
|  Creekside Village Metropolitan District |  |  |
|  5.00%, 12/01/2039 | 1232 | 1148 |
|  5.00%, 12/01/2049 | 528 | 451 |
|  Creekwalk Marketplace Business Improvement District |  |  |
|  6.00%, 12/01/2054 | 3000 | 2787 |
|  Crystal Crossing Metropolitan District |  |  |
|  5.25%, 12/01/2040 | 500 | 500 |
|  Denver Convention Center Hotel Authority |  |  |
|  5.00%, 12/01/2030 | 2000 | 2028 |
|  Denver Gateway Center Metropolitan District |  |  |
|  5.50%, 12/01/2038 | 2393 | 2356 |
|  5.63%, 12/01/2048 | 2130 | 2024 |
|  Denver Health & Hospital Authority |  |  |
|  5.00%, 12/01/2048 | 1800 | 1746 |
|  6.00%, 12/01/2055 | 415 | 438 |
|  Denver International Business Center Metropolitan District No 1 |  |  |
|  6.00%, 12/01/2048 | 600 | 602 |
|  Denver Urban Renewal Authority |  |  |
|  5.25%, 12/01/2039 <sup>(2)</sup> | 900 | 872 |
|  DIATC Metropolitan District |  |  |
|  3.25%, 12/01/2029 <sup>(2)</sup> | 295 | 277 |
|  5.00%, 12/01/2039 <sup>(2)</sup> | 500 | 476 |
|  E-470 Public Highway Authority |  |  |
|  3.69% (SOFR + 0.75%), 09/01/2039 <sup>(5)</sup> | 900 | 895 |
|  5.00%, 09/01/2040 | 105 | 111 |
|  Elbert & Highway 86 Commercial Metropolitan District |  |  |
|  5.00%, 12/01/2041 <sup>(2)</sup> | 500 | 477 |
|  5.00%, 12/01/2051 <sup>(2)</sup> | 2500 | 2219 |
|  Fitzsimons Village Metropolitan District No 1 |  |  |
|  5.00%, 12/01/2049 | 1530 | 1396 |
|  Fitzsimons Village Metropolitan District No 3 |  |  |
|  4.25%, 12/01/2055 | 1250 | 997 |
|  Four Corners Business Improvement District |  |  |
|  6.00%, 12/01/2052 | 500 | 491 |
|  Gardens on Havana Metropolitan District No 3 |  |  |
|  5.13%, 12/01/2037 | 500 | 484 |
|  Gold Hill North Business Improvement District |  |  |
|  5.60%, 12/01/2054 <sup>(2)</sup> | 2800 | 2614 |
|  Granary Metropolitan District No 9 Special Assessment District No 1 |  |  |
|  5.45%, 12/01/2044 <sup>(2)</sup> | 920 | 849 |

---

The accompanying notes are an integral part of these financial statements.

396.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Colorado – 6.42% – (Continued)** |  |  |
|  Great Western Metropolitan District |  |  |
|  4.75%, 12/01/2050 | $623 | $523 |
|  Greenways Metropolitan District No 1 |  |  |
|  4.63%, 12/01/2051 | 500 | 373 |
|  Haskins Station Metropolitan District |  |  |
|  5.00%, 12/01/2049 | 500 | 427 |
|  Haymeadow Metropolitan District No 1 |  |  |
|  6.13%, 12/01/2054 | 2125 | 2139 |
|  Highlands Metropolitan District No 1 |  |  |
|  4.00%, 12/01/2031 | 175 | 161 |
|  5.00%, 12/01/2041 | 550 | 492 |
|  5.00%, 12/01/2051 | 575 | 481 |
|  HM Metropolitan District No 2 |  |  |
|  0.00%, 12/01/2051 | 14200 | 11362 |
|  Hogback Metropolitan District |  |  |
|  5.00%, 12/01/2041 | 1450 | 1349 |
|  5.00%, 12/01/2051 | 7995 | 7127 |
|  Hunters Overlook Metropolitan District No 5 |  |  |
|  4.25%, 12/01/2054 | 1100 | 999 |
|  Independence Metropolitan District No 3 |  |  |
|  5.38%, 12/01/2054 | 1000 | 953 |
|  7.13%, 12/15/2054 | 564 | 567 |
|  Jacoby Farm Metropolitan District |  |  |
|  5.00%, 12/15/2046 <sup>(2)</sup> | 500 | 436 |
|  Jefferson Center Metropolitan District No 1 |  |  |
|  5.75%, 12/15/2050 | 665 | 665 |
|  Karl's Farm Metropolitan District No 2 |  |  |
|  6.20%, 12/15/2044 | 567 | 569 |
|  Kinston Metropolitan District No 5 |  |  |
|  5.13%, 12/01/2050 | 500 | 450 |
|  Lafferty Canyon Metropolitan District |  |  |
|  5.63%, 12/01/2055 | 2000 | 1905 |
|  Lambertson Farms Metropolitan District No 1 |  |  |
|  6.25%, 12/20/2054 <sup>(2)</sup> | 500 | 495 |
|  Larkridge Metropolitan District No 2 |  |  |
|  5.25%, 12/01/2048 | 500 | 466 |
|  Longs Peak Metropolitan District |  |  |
|  5.25%, 12/01/2051 <sup>(2)</sup> | 900 | 837 |
|  Mead Place Metropolitan District No 4 |  |  |
|  0.00%, 12/01/2054 <sup>(2)</sup> | 2200 | 1517 |
|  Mineral Business Improvement District |  |  |
|  5.75%, 12/01/2054 <sup>(2)</sup> | 1780 | 1722 |
|  Newlin Crossing Metropolitan District |  |  |
|  5.38%, 12/01/2054 <sup>(2)</sup> | 500 | 467 |
|  Nexus North at DIA Metropolitan District |  |  |
|  5.00%, 12/01/2041 | 500 | 453 |
|  Nine Mile Metropolitan District |  |  |
|  5.13%, 12/01/2040 | 1000 | 978 |
|  North Holly Metropolitan District |  |  |
|  5.50%, 12/01/2048 | 1510 | 1455 |
|  North Range Metropolitan District No 2 |  |  |
|  5.75%, 12/01/2047 | 1000 | 967 |
|  North Range Metropolitan District No 3 |  |  |
|  5.25%, 12/01/2050 | 2500 | 2433 |
|  Painted Prairie Metropolitan District No 2 |  |  |
|  5.25%, 12/01/2048 | 2313 | 2098 |
|  Palisade Metropolitan District No 2 |  |  |
|  0.00%, 12/15/2054 <sup>(2)</sup> | 500 | 462 |

---

The accompanying notes are an integral part of these financial statements.

397.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Colorado – 6.42% – (Continued)** |  |  |
|  Palisade Park North Metropolitan District No 1 |  |  |
|  5.25%, 12/15/2051 | $500 | $435 |
|  Park Creek Metropolitan District |  |  |
|  5.00%, 12/01/2027 | 50 | 50 |
|  Peak Metropolitan District No 1 |  |  |
|  5.00%, 12/01/2041 <sup>(2)</sup> | 1000 | 874 |
|  Prairie Corner Metropolitan District |  |  |
|  4.88%, 12/01/2051 | 2500 | 2007 |
|  Pronghorn Valley Metropolitan District |  |  |
|  3.75%, 12/01/2041 | 515 | 425 |
|  4.00%, 12/01/2051 | 2650 | 2063 |
|  Public Authority for Colorado Energy |  |  |
|  6.25%, 11/15/2028 | 345 | 361 |
|  6.50%, 11/15/2038 | 1690 | 1986 |
|  Pueblo Urban Renewal Authority |  |  |
|  0.00%, 12/01/2025 <sup>(2)</sup> | 250 | 244 |
|  4.75%, 12/01/2045 <sup>(2)</sup> | 2390 | 2070 |
|  Rampart Range Metropolitan District No 1 |  |  |
|  5.00%, 12/01/2047 | 650 | 661 |
|  Rampart Range Metropolitan District No 5 |  |  |
|  4.00%, 12/01/2036 | 1250 | 1164 |
|  4.00%, 12/01/2051 | 8560 | 6724 |
|  Red Barn Metropolitan District |  |  |
|  5.50%, 12/01/2055 | 500 | 485 |
|  Redtail Ridge Metropolitan District |  |  |
|  0.00%, 12/01/2032 | 7250 | 4295 |
|  Regional Transportation District |  |  |
|  3.00%, 07/15/2037 | 1150 | 995 |
|  4.00%, 07/15/2038 | 1150 | 1104 |
|  Reunion Metropolitan District |  |  |
|  3.63%, 12/01/2044 | 703 | 492 |
|  Ridgeline Vista Metropolitan District |  |  |
|  5.25%, 12/01/2060 | 1730 | 1544 |
|  Riverwalk Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2052 | 1865 | 1521 |
|  RM Mead Metropolitan District |  |  |
|  5.25%, 12/01/2050 | 1370 | 1324 |
|  Rocky Mountain Rail Park Metropolitan District |  |  |
|  5.00%, 12/01/2031 <sup>(2)</sup> | 500 | 500 |
|  5.00%, 12/01/2051 <sup>(2)</sup> | 4390 | 3903 |
|  Sabell Metropolitan District |  |  |
|  5.00%, 12/01/2050 <sup>(2)</sup> | 905 | 842 |
|  Second Creek Farm Metropolitan District No 3 |  |  |
|  5.00%, 12/01/2049 | 1195 | 1067 |
|  Senac South Metropolitan District No 1 |  |  |
|  5.25%, 12/01/2051 | 1000 | 871 |
|  Silver Peaks Metropolitan District No 3 |  |  |
|  5.00%, 12/01/2050 | 533 | 484 |
|  Sky Dance Metropolitan District No 2 |  |  |
|  6.00%, 12/01/2054 | 500 | 496 |
|  8.50%, 12/15/2054 | 500 | 503 |
|  Southglenn Metropolitan District |  |  |
|  5.00%, 12/01/2036 | 810 | 785 |
|  5.00%, 12/01/2046 | 2721 | 2410 |
|  Southlands Metropolitan District No 1 |  |  |
|  3.50%, 12/01/2027 | 100 | 98 |
|  5.00%, 12/01/2047 | 1000 | 925 |

---

The accompanying notes are an integral part of these financial statements.

398.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Colorado – 6.42% – (Continued)** |  |  |
|  St Vrain Lakes Metropolitan District No 2 |  |  |
|  6.38%, 11/15/2054 | $500 | $502 |
|  St Vrain Lakes Metropolitan District No 4 |  |  |
|  0.00%, 09/20/2054 <sup>(2)</sup> | 2500 | 1684 |
|  STC Metropolitan District No 2 |  |  |
|  6.25%, 12/01/2055 <sup>(2)</sup> | 750 | 760 |
|  Sterling Ranch Community Authority Board |  |  |
|  5.63%, 12/01/2043 | 2300 | 2303 |
|  5.75%, 12/01/2054 <sup>(2)</sup> | 2500 | 2428 |
|  8.25%, 12/15/2054 <sup>(2)</sup> | 525 | 526 |
|  8.75%, 12/15/2054 | 830 | 832 |
|  Sunset Parks Metropolitan District |  |  |
|  5.13%, 12/01/2054 <sup>(2)</sup> | 1910 | 1760 |
|  Talon Pointe Metropolitan District |  |  |
|  5.25%, 12/01/2051 | 1000 | 711 |
|  Thompson Crossing Metropolitan District No 4 |  |  |
|  5.00%, 12/01/2049 | 580 | 522 |
|  Tree Farm Metropolitan District |  |  |
|  4.50%, 12/01/2041 <sup>(2)</sup> | 500 | 429 |
|  Vail Home Partners Corp. |  |  |
|  5.88%, 10/01/2055 <sup>(2)</sup> | 2150 | 2148 |
|  6.00%, 10/01/2064 <sup>(2)</sup> | 4000 | 4005 |
|  Vauxmont Metropolitan District |  |  |
|  5.00%, 12/15/2030 | 375 | 387 |
|  Velocity Metropolitan District No 3 |  |  |
|  5.13%, 12/01/2034 | 1985 | 1923 |
|  5.38%, 12/01/2039 | 500 | 474 |
|  5.50%, 12/01/2048 | 7500 | 6904 |
|  Village at Dry Creek Metropolitan District No 2 |  |  |
|  4.38%, 12/01/2044 | 665 | 608 |
|  Waters' Edge Metropolitan District No 2 |  |  |
|  5.00%, 12/01/2051 | 500 | 443 |
|  Waterview II Metropolitan District |  |  |
|  4.50%, 12/01/2031 | 525 | 513 |
|  5.00%, 12/01/2041 | 730 | 703 |
|  5.00%, 12/01/2051 | 500 | 460 |
|  Waterview North Metropolitan District No 1 |  |  |
|  5.75%, 12/01/2054 <sup>(2)</sup> | 630 | 578 |
|  Westcreek Metropolitan District No 2 |  |  |
|  5.38%, 12/01/2048 | 1138 | 1073 |
|  Westerly Metropolitan District No 4 |  |  |
|  5.00%, 12/01/2040 | 2325 | 2204 |
|  5.00%, 12/01/2050 | 5200 | 4731 |
|  Willow Bend Metropolitan District |  |  |
|  5.00%, 12/01/2039 | 597 | 578 |
|  5.00%, 12/01/2049 | 1500 | 1341 |
|  Willow Springs Metropolitan District |  |  |
|  6.50%, 10/15/2054 <sup>(2)</sup> | 500 | 498 |
|  Windler Public Improvement Authority |  |  |
|  0.00%, 12/01/2041 | 5000 | 3519 |
|  4.13%, 12/01/2051 | 9500 | 7374 |
|  Total Colorado | Total Colorado | 272486 |
| **Connecticut – 0.80%** |  |  |
|  Connecticut Housing Finance Authority |  |  |
|  4.75%, 11/15/2049 | 1750 | 1702 |
|  4.80%, 11/15/2054 | 1500 | 1468 |
|  6.00%, 11/15/2054 | 30 | 32 |

---

The accompanying notes are an integral part of these financial statements.

399.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Connecticut – 0.80% – (Continued)** |  |  |
|  6.00%, 11/15/2054 | $300 | $329 |
|  Connecticut State Health & Educational Facilities Authority |  |  |
|  4.00%, 07/01/2030 | 400 | 391 |
|  4.00%, 07/01/2041 | 275 | 237 |
|  4.00%, 07/01/2044 | 2195 | 1690 |
|  4.00%, 07/01/2045 | 250 | 217 |
|  4.00%, 07/01/2049 | 3730 | 2723 |
|  4.00%, 07/01/2051 | 250 | 191 |
|  5.00%, 07/01/2031 | 1080 | 1084 |
|  5.00%, 07/01/2032 | 280 | 281 |
|  5.00%, 07/01/2033 | 175 | 175 |
|  5.00%, 07/01/2034 | 125 | 125 |
|  5.00%, 12/01/2035 | 250 | 254 |
|  5.00%, 12/01/2040 | 2970 | 2947 |
|  5.00%, 07/01/2043 | 2445 | 2247 |
|  5.00%, 09/01/2046 <sup>(2)</sup> | 1000 | 927 |
|  5.00%, 09/01/2053 <sup>(2)</sup> | 110 | 98 |
|  5.38%, 07/01/2054 | 1750 | 1626 |
|  Connecticut State Higher Education Supplement Loan Authority |  |  |
|  3.25%, 11/15/2036 | 15 | 14 |
|  4.13%, 11/15/2040 | 105 | 100 |
|  5.00%, 11/15/2040 | 55 | 54 |
|  Harbor Point Infrastructure Improvement District |  |  |
|  5.00%, 04/01/2039 <sup>(2)</sup> | 1750 | 1755 |
|  Mashantucket Western Pequot Tribe |  |  |
|  6.05%, 07/01/2031 | 1985 | 457 |
|  Mohegan Tribe of Indians of Connecticut |  |  |
|  6.25%, 02/01/2030 <sup>(2)</sup> | 1000 | 1006 |
|  6.75%, 02/01/2045 <sup>(2)</sup> | 519 | 523 |
|  Stamford Housing Authority |  |  |
|  4.75%, 10/01/2032 | 470 | 476 |
|  5.38%, 10/01/2033 | 1000 | 1003 |
|  6.25%, 10/01/2060 | 185 | 179 |
|  6.50%, 10/01/2055 | 235 | 235 |
|  Steel Point Infrastructure Improvement District |  |  |
|  4.00%, 04/01/2036 <sup>(2)</sup> | 850 | 817 |
|  4.00%, 04/01/2041 <sup>(2)</sup> | 235 | 211 |
|  4.00%, 04/01/2051 <sup>(2)</sup> | 2500 | 2024 |
|  5.63%, 04/01/2044 <sup>(2)</sup> | 200 | 203 |
|  6.00%, 04/01/2052 <sup>(2)</sup> | 2410 | 2511 |
|  Town of Hamden CT |  |  |
|  5.00%, 01/01/2040 | 2485 | 2345 |
|  5.00%, 01/01/2050 | 1345 | 1153 |
|  Total Connecticut | Total Connecticut | 33810 |
| **Delaware – 0.83%** |  |  |
|  County of Kent DE |  |  |
|  5.00%, 07/01/2032 | 20 | 20 |
|  5.00%, 07/01/2040 | 2195 | 2172 |
|  5.00%, 07/01/2048 | 2505 | 2341 |
|  5.00%, 07/01/2053 | 295 | 268 |
|  5.00%, 07/01/2058 | 250 | 224 |
|  County of Sussex DE |  |  |
|  5.00%, 01/01/2036 | 2530 | 2521 |
|  Delaware State Economic Development Authority |  |  |
|  1.25%, 10/01/2045 <sup>(1)</sup> | 15 | 15 |
|  4.00%, 09/01/2030 | 195 | 196 |
|  4.00%, 09/01/2041 | 550 | 480 |

---

The accompanying notes are an integral part of these financial statements.

400.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Delaware – 0.83% – (Continued)** |  |  |
|  4.00%, 06/01/2042 | $1700 | $1395 |
|  4.00%, 06/01/2052 | 110 | 81 |
|  4.00%, 06/01/2057 | 105 | 75 |
|  5.00%, 09/01/2036 | 1225 | 1234 |
|  5.00%, 08/01/2039 | 715 | 698 |
|  5.00%, 09/01/2040 | 340 | 341 |
|  5.00%, 09/01/2046 | 700 | 683 |
|  5.00%, 11/15/2048 | 2050 | 1974 |
|  5.00%, 08/01/2049 | 900 | 813 |
|  5.00%, 09/01/2050 | 370 | 353 |
|  5.00%, 08/01/2054 | 835 | 741 |
|  Delaware State Health Facilities Authority |  |  |
|  5.00%, 06/01/2027 | 700 | 716 |
|  5.00%, 06/01/2037 | 1455 | 1458 |
|  5.00%, 06/01/2043 | 1420 | 1347 |
|  5.00%, 06/01/2048 | 675 | 633 |
|  5.00%, 06/01/2050 | 3165 | 2943 |
|  Delaware State Housing Authority |  |  |
|  4.60%, 07/01/2049 | 3965 | 3773 |
|  4.65%, 07/01/2049 | 2210 | 2118 |
|  6.00%, 01/01/2055 | 3990 | 4353 |
|  Town of Bridgeville DE |  |  |
|  5.63%, 07/01/2053 <sup>(2)</sup> | 1135 | 1135 |
|  Total Delaware | Total Delaware | 35101 |
| **District of Columbia – 1.18%** |  |  |
|  District of Columbia |  |  |
|  0.00%, 06/01/2041 <sup>(2)</sup> | 1000 | 595 |
|  0.00%, 06/01/2046 <sup>(2)</sup> | 1440 | 1067 |
|  0.00%, 06/01/2049 <sup>(2)</sup> | 2175 | 1263 |
|  5.00%, 07/01/2025 | 460 | 460 |
|  5.00%, 07/01/2027 | 225 | 233 |
|  5.00%, 06/01/2036 | 205 | 206 |
|  5.00%, 07/01/2037 | 245 | 246 |
|  5.00%, 07/01/2039 | 115 | 116 |
|  5.00%, 06/01/2041 | 580 | 567 |
|  5.00%, 06/01/2041 <sup>(2)</sup> | 1190 | 1123 |
|  5.00%, 07/01/2042 | 2520 | 2409 |
|  5.00%, 06/01/2046 | 4065 | 3870 |
|  5.00%, 07/01/2052 | 2265 | 2014 |
|  5.13%, 01/01/2035 | 60 | 54 |
|  5.25%, 01/01/2039 | 45 | 38 |
|  5.63%, 06/01/2044 | 2205 | 2208 |
|  5.75%, 06/01/2054 | 1000 | 985 |
|  District of Columbia Tobacco Settlement Financing Corp. |  |  |
|  0.00%, 06/15/2046 | 3560 | 753 |
|  0.00%, 06/15/2046 | 33945 | 8444 |
|  Metropolitan Washington Airports Authority Aviation Revenue |  |  |
|  5.00%, 10/01/2027 | 2310 | 2398 |
|  5.00%, 10/01/2042 | 4000 | 3999 |
|  5.00%, 10/01/2043 | 6410 | 6412 |
|  5.50%, 10/01/2054 | 1000 | 1032 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue |  |  |
|  0.00%, 10/01/2035 | 6025 | 3997 |
|  0.00%, 10/01/2037 | 1870 | 1102 |
|  0.00%, 10/01/2038 | 680 | 371 |
|  0.00%, 10/01/2039 | 135 | 69 |
|  0.00%, 10/01/2040 | 340 | 163 |

---

The accompanying notes are an integral part of these financial statements.

401.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **District of Columbia – 1.18% – (Continued)** |  |  |
|  4.00%, 10/01/2053 | $1000 | $859 |
|  6.50%, 10/01/2044 | 950 | 1007 |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
|  4.00%, 07/15/2046 | 2260 | 1995 |
|  Total District of Columbia | Total District of Columbia | 50055 |
| **Florida – 6.39%** |  |  |
|  Alachua County Health Facilities Authority |  |  |
|  4.00%, 10/01/2040 | 325 | 290 |
|  4.00%, 12/01/2049 | 5000 | 4181 |
|  5.00%, 12/01/2036 | 1000 | 1000 |
|  5.00%, 12/01/2044 | 3160 | 3160 |
|  6.00%, 11/15/2034 <sup>(3)(4)</sup> | 16 | 12 |
|  6.25%, 11/15/2044 <sup>(3)(4)</sup> | 124 | 98 |
|  6.38%, 11/15/2049 <sup>(3)(4)</sup> | 292 | 231 |
|  Artisan Lakes East Community Development District |  |  |
|  4.00%, 05/01/2051 | 650 | 506 |
|  Avenir Community Development District |  |  |
|  5.38%, 05/01/2043 | 165 | 163 |
|  5.63%, 05/01/2054 | 1690 | 1684 |
|  Babcock Ranch Community Independent Special District |  |  |
|  5.00%, 05/01/2044 <sup>(2)</sup> | 1490 | 1413 |
|  5.25%, 05/01/2055 <sup>(2)</sup> | 190 | 179 |
|  Boggy Branch Community Development District |  |  |
|  4.00%, 05/01/2051 | 1110 | 868 |
|  Boggy Creek Improvement District |  |  |
|  5.13%, 05/01/2043 | 555 | 537 |
|  Capital Projects Finance Authority |  |  |
|  5.00%, 10/01/2034 | 585 | 605 |
|  5.00%, 10/01/2035 | 500 | 514 |
|  5.00%, 06/01/2054 <sup>(2)</sup> | 625 | 589 |
|  5.00%, 06/01/2058 <sup>(2)</sup> | 1625 | 1518 |
|  7.13%, 01/01/2065 <sup>(2)</sup> | 1000 | 968 |
|  7.25%, 01/01/2055 <sup>(2)</sup> | 2000 | 2004 |
|  Capital Trust Agency, Inc. |  |  |
|  0.00%, 07/01/2061 <sup>(2)</sup> | 22750 | 1758 |
|  4.00%, 10/15/2029 <sup>(2)</sup> | 100 | 99 |
|  4.00%, 06/15/2031 <sup>(2)</sup> | 800 | 766 |
|  4.00%, 06/15/2041 <sup>(2)</sup> | 505 | 415 |
|  4.00%, 06/15/2051 <sup>(2)</sup> | 235 | 168 |
|  5.00%, 10/15/2037 <sup>(2)</sup> | 160 | 158 |
|  5.00%, 10/15/2047 <sup>(2)</sup> | 190 | 175 |
|  5.00%, 07/01/2049 <sup>(2)</sup> | 265 | 240 |
|  5.00%, 10/15/2052 <sup>(2)</sup> | 135 | 121 |
|  5.00%, 07/01/2054 <sup>(2)</sup> | 290 | 258 |
|  5.00%, 06/01/2056 <sup>(2)</sup> | 515 | 427 |
|  5.00%, 07/01/2056 <sup>(2)</sup> | 5120 | 4397 |
|  5.13%, 06/15/2037 <sup>(2)</sup> | 250 | 242 |
|  5.25%, 12/01/2058 <sup>(2)</sup> | 3270 | 3073 |
|  Capital Trust Authority |  |  |
|  5.00%, 12/15/2044 | 250 | 232 |
|  5.00%, 06/01/2064 <sup>(2)</sup> | 5275 | 4532 |
|  5.13%, 12/15/2054 | 600 | 535 |
|  5.13%, 12/15/2059 | 500 | 439 |
|  6.25%, 06/15/2053 <sup>(2)</sup> | 200 | 202 |
|  6.38%, 06/15/2058 <sup>(2)</sup> | 210 | 213 |
|  6.50%, 12/15/2058 <sup>(2)</sup> | 370 | 352 |

---

The accompanying notes are an integral part of these financial statements.

402.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Florida – 6.39% – (Continued)** |  |  |
|  Celebration Pointe Community Development District No 1 |  |  |
|  3.00%, 05/01/2031 <sup>(3)(4)</sup> | $715 | $572 |
|  3.38%, 05/01/2041 <sup>(3)(4)</sup> | 90 | 72 |
|  4.00%, 05/01/2053 <sup>(3)(4)</sup> | 2445 | 1956 |
|  5.00%, 05/01/2032 <sup>(3)(4)</sup> | 630 | 504 |
|  5.13%, 05/01/2045 <sup>(3)(4)</sup> | 65 | 52 |
|  Charles Cove Community Development District |  |  |
|  3.75%, 05/01/2030 | 355 | 353 |
|  4.00%, 05/01/2052 | 500 | 402 |
|  4.25%, 05/01/2040 | 250 | 234 |
|  4.38%, 05/01/2050 | 1250 | 1089 |
|  City of Atlantic Beach FL |  |  |
|  5.00%, 11/15/2037 | 1240 | 1240 |
|  5.00%, 11/15/2043 | 500 | 473 |
|  5.00%, 11/15/2048 | 500 | 459 |
|  5.00%, 11/15/2053 | 750 | 673 |
|  City of Cape Coral FL Water & Sewer Revenue |  |  |
|  2.75%, 09/01/2025 | 1255 | 1253 |
|  City of Jacksonville FL |  |  |
|  5.00%, 06/01/2053 <sup>(2)</sup> | 2265 | 1843 |
|  City of Pompano Beach FL |  |  |
|  3.50%, 09/01/2030 | 1125 | 1097 |
|  3.50%, 09/01/2035 | 1075 | 983 |
|  4.00%, 09/01/2036 | 1090 | 1030 |
|  4.00%, 09/01/2040 | 275 | 246 |
|  4.00%, 09/01/2041 | 570 | 500 |
|  4.00%, 09/01/2051 | 540 | 423 |
|  4.00%, 09/01/2056 | 1625 | 1234 |
|  5.00%, 09/01/2035 | 410 | 410 |
|  City Of South Miami Health Facilities Authority, Inc. |  |  |
|  5.00%, 08/15/2026 | 1000 | 1019 |
|  City of Tampa FL |  |  |
|  0.00%, 09/01/2036 | 800 | 488 |
|  0.00%, 09/01/2037 | 800 | 459 |
|  4.00%, 04/01/2050 | 1155 | 973 |
|  5.00%, 04/01/2040 | 1115 | 1115 |
|  City of Venice FL |  |  |
|  4.25%, 01/01/2030 <sup>(2)</sup> | 900 | 901 |
|  4.63%, 01/01/2030 <sup>(2)</sup> | 500 | 501 |
|  5.00%, 01/01/2047 | 850 | 761 |
|  5.50%, 01/01/2055 <sup>(2)</sup> | 250 | 236 |
|  5.63%, 01/01/2060 <sup>(2)</sup> | 3715 | 3530 |
|  Collier County Health Facilities Authority |  |  |
|  5.00%, 05/01/2045 | 140 | 134 |
|  County of Escambia FL |  |  |
|  3.45%, 11/01/2033 <sup>(1)</sup> | 250 | 246 |
|  County of Miami-Dade FL Aviation Revenue |  |  |
|  4.00%, 10/01/2041 | 1500 | 1410 |
|  5.00%, 10/01/2040 | 2500 | 2502 |
|  County of Miami-Dade FL Water & Sewer System Revenue |  |  |
|  4.00%, 10/01/2048 | 2085 | 1814 |
|  Crossings At Fleming Island Community Development District |  |  |
|  4.50%, 05/01/2030 | 2800 | 2794 |
|  Esplanade Lake Club Community Development District |  |  |
|  4.00%, 11/01/2040 | 500 | 445 |
|  Everest GMR Community Development District |  |  |
|  6.20%, 05/01/2054 | 3425 | 3442 |

---

The accompanying notes are an integral part of these financial statements.

403.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Florida – 6.39% – (Continued)** |  |  |
|  Fiddlers Creek Community Development District No 2 |  |  |
|  6.00%, 05/01/2045 | $2140 | $2195 |
|  Firelight Community Development District |  |  |
|  5.90%, 05/01/2045 | 1850 | 1858 |
|  Florida Development Finance Corp. |  |  |
|  3.00%, 06/01/2032 | 8860 | 8027 |
|  4.00%, 09/15/2030 <sup>(2)</sup> | 250 | 239 |
|  4.00%, 06/01/2036 <sup>(2)</sup> | 500 | 447 |
|  4.00%, 06/15/2042 | 610 | 525 |
|  4.00%, 07/01/2051 <sup>(2)</sup> | 1250 | 979 |
|  4.00%, 02/01/2052 | 255 | 203 |
|  4.00%, 06/01/2055 <sup>(2)</sup> | 250 | 171 |
|  4.38%, 10/01/2054 <sup>(1)(2)</sup> | 6565 | 6540 |
|  5.00%, 06/15/2028 | 310 | 319 |
|  5.00%, 06/15/2028 | 360 | 370 |
|  5.00%, 05/01/2029 <sup>(2)</sup> | 5655 | 5711 |
|  5.00%, 06/15/2029 | 470 | 483 |
|  5.00%, 06/15/2030 | 375 | 384 |
|  5.00%, 06/15/2030 | 395 | 405 |
|  5.00%, 02/15/2031 | 465 | 471 |
|  5.00%, 06/15/2031 | 260 | 266 |
|  5.00%, 06/15/2035 | 145 | 147 |
|  5.00%, 02/01/2038 | 250 | 255 |
|  5.00%, 02/15/2038 | 600 | 590 |
|  5.00%, 09/15/2040 <sup>(2)</sup> | 975 | 891 |
|  5.00%, 06/15/2042 | 400 | 393 |
|  5.00%, 10/01/2042 <sup>(2)</sup> | 150 | 141 |
|  5.00%, 06/15/2047 | 350 | 335 |
|  5.00%, 02/15/2048 | 1600 | 1452 |
|  5.00%, 06/15/2050 | 200 | 188 |
|  5.00%, 09/15/2050 <sup>(2)</sup> | 500 | 423 |
|  5.00%, 02/01/2052 | 2955 | 2716 |
|  5.00%, 06/15/2052 | 530 | 495 |
|  5.00%, 06/15/2056 | 200 | 185 |
|  5.25%, 07/01/2053 | 450 | 449 |
|  5.50%, 06/01/2059 <sup>(2)</sup> | 500 | 463 |
|  6.13%, 07/01/2032 <sup>(1)(2)</sup> | 6500 | 6580 |
|  Florida Higher Educational Facilities Financing Authority |  |  |
|  4.50%, 06/01/2033 <sup>(2)</sup> | 2000 | 1884 |
|  4.75%, 06/01/2038 <sup>(2)</sup> | 215 | 191 |
|  5.00%, 06/01/2048 <sup>(2)</sup> | 4155 | 3503 |
|  Florida Housing Finance Corp. |  |  |
|  6.25%, 01/01/2055 | 45 | 49 |
|  6.25%, 01/01/2055 | 120 | 131 |
|  6.25%, 07/01/2055 | 55 | 61 |
|  6.25%, 01/01/2056 | 450 | 496 |
|  Florida Municipal Loan Council |  |  |
|  4.50%, 05/01/2031 | 175 | 176 |
|  5.15%, 05/01/2044 | 650 | 639 |
|  5.40%, 05/01/2054 | 825 | 799 |
|  Golden Gem Community Development District |  |  |
|  5.70%, 05/01/2044 | 2900 | 2825 |
|  Greater Orlando Aviation Authority |  |  |
|  5.00%, 10/01/2046 | 2000 | 1988 |
|  Halifax Hospital Medical Center |  |  |
|  5.00%, 06/01/2036 | 3000 | 3008 |
|  Hammock Oaks Community Development District |  |  |
|  4.50%, 05/01/2032 <sup>(2)</sup> | 295 | 298 |

---

The accompanying notes are an integral part of these financial statements.

404.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Florida – 6.39% – (Continued)** |  |  |
|  5.55%, 05/01/2045 <sup>(2)</sup> | $1000 | $976 |
|  Harbor Bay Community Development District |  |  |
|  3.88%, 05/01/2039 | 1000 | 907 |
|  Hickory Tree Community Development District |  |  |
|  5.45%, 05/01/2055 | 1500 | 1396 |
|  Hillsborough County Industrial Development Authority |  |  |
|  3.50%, 08/01/2055 | 1035 | 747 |
|  Hobe-St Lucie Conservancy District |  |  |
|  5.60%, 05/01/2044 | 1305 | 1305 |
|  5.88%, 05/01/2055 | 225 | 223 |
|  JEA Electric System Revenue |  |  |
|  4.00%, 10/01/2036 | 250 | 248 |
|  Kingston One Community Development District |  |  |
|  6.00%, 05/01/2057 <sup>(2)</sup> | 1050 | 1045 |
|  Lakes of Sarasota Community Development District |  |  |
|  3.88%, 05/01/2031 | 95 | 94 |
|  3.90%, 05/01/2041 | 285 | 244 |
|  4.10%, 05/01/2051 | 265 | 208 |
|  4.13%, 05/01/2031 | 755 | 753 |
|  4.13%, 05/01/2041 | 200 | 176 |
|  4.30%, 05/01/2051 | 325 | 263 |
|  5.25%, 05/01/2034 | 1225 | 1222 |
|  Lakes of Sarasota Community Development District 2 |  |  |
|  5.20%, 05/01/2035 | 975 | 970 |
|  5.50%, 05/01/2045 | 630 | 607 |
|  Lakewood Ranch Stewardship District |  |  |
|  3.40%, 05/01/2030 | 370 | 361 |
|  4.00%, 05/01/2040 | 600 | 544 |
|  4.00%, 05/01/2050 <sup>(2)</sup> | 1000 | 804 |
|  4.00%, 05/01/2050 | 1000 | 806 |
|  5.00%, 05/01/2036 | 100 | 101 |
|  5.13%, 05/01/2046 | 200 | 193 |
|  5.25%, 05/01/2037 | 245 | 248 |
|  5.38%, 05/01/2047 | 310 | 311 |
|  5.45%, 05/01/2048 | 115 | 116 |
|  Laurel Road Community Development District |  |  |
|  3.00%, 05/01/2031 | 200 | 185 |
|  3.13%, 05/01/2031 | 705 | 656 |
|  3.25%, 05/01/2041 | 200 | 158 |
|  4.00%, 05/01/2052 | 1450 | 1123 |
|  Lee County Industrial Development Authority |  |  |
|  5.00%, 11/15/2054 | 2880 | 2719 |
|  5.25%, 11/15/2054 | 540 | 530 |
|  LTC Ranch West Residential Community Development District |  |  |
|  4.75%, 05/01/2031 | 300 | 301 |
|  5.38%, 05/01/2044 | 875 | 827 |
|  5.65%, 05/01/2054 | 1250 | 1176 |
|  5.70%, 05/01/2044 | 315 | 308 |
|  5.75%, 05/01/2044 | 1150 | 1129 |
|  Malabar Springs Community Development District |  |  |
|  5.50%, 05/01/2054 | 1100 | 1022 |
|  Miami Beach Health Facilities Authority |  |  |
|  3.00%, 11/15/2051 | 550 | 371 |
|  Miami-Dade County Educational Facilities Authority |  |  |
|  5.25%, 04/01/2044 | 2500 | 2580 |
|  5.25%, 04/01/2045 | 5000 | 5136 |
|  Miami-Dade County Industrial Development Authority |  |  |
|  6.25%, 01/01/2059 <sup>(2)</sup> | 500 | 491 |

---

The accompanying notes are an integral part of these financial statements.

405.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Florida – 6.39% – (Continued)** |  |  |
|  Middleton Community Development District A |  |  |
|  4.55%, 05/01/2044 | $855 | $799 |
|  4.75%, 05/01/2055 | 680 | 623 |
|  Midtown Miami Community Development District |  |  |
|  5.00%, 05/01/2029 | 410 | 410 |
|  Mirada Community Development District |  |  |
|  5.63%, 05/01/2044 | 1235 | 1193 |
|  6.00%, 05/01/2055 | 735 | 715 |
|  Mirada II Community Development District |  |  |
|  4.00%, 05/01/2051 | 235 | 187 |
|  North AR-1 Pasco Community Development District |  |  |
|  5.75%, 05/01/2044 | 1050 | 1029 |
|  North River Ranch Community Development District |  |  |
|  4.00%, 05/01/2040 | 405 | 363 |
|  4.25%, 05/01/2051 | 960 | 801 |
|  Orange County Health Facilities Authority |  |  |
|  4.00%, 10/01/2052 | 395 | 332 |
|  5.00%, 08/01/2035 | 1500 | 1501 |
|  5.00%, 08/01/2054 | 6505 | 6102 |
|  5.25%, 10/01/2056 | 600 | 610 |
|  Palm Beach County Health Facilities Authority |  |  |
|  4.00%, 06/01/2041 | 1950 | 1709 |
|  4.00%, 11/15/2041 | 850 | 767 |
|  4.25%, 06/01/2056 | 3350 | 2657 |
|  5.00%, 11/15/2032 | 165 | 168 |
|  5.00%, 11/15/2045 | 1250 | 1224 |
|  5.00%, 06/01/2055 | 3000 | 2733 |
|  5.00%, 11/15/2055 | 1380 | 1302 |
|  Parrish Lakes Community Development District |  |  |
|  5.00%, 05/01/2031 | 205 | 207 |
|  5.50%, 05/01/2044 | 950 | 920 |
|  Pinellas County Educational Facilities Authority |  |  |
|  5.00%, 06/01/2056 <sup>(2)</sup> | 100 | 82 |
|  Pinellas County Industrial Development Authority |  |  |
|  5.00%, 07/01/2039 | 400 | 388 |
|  Polk County Industrial Development Authority |  |  |
|  5.00%, 01/01/2039 | 510 | 507 |
|  5.00%, 01/01/2049 | 1000 | 906 |
|  5.00%, 01/01/2055 | 1585 | 1398 |
|  Portico Community Development District |  |  |
|  3.50%, 05/01/2037 | 500 | 439 |
|  River Hall Community Development District |  |  |
|  3.00%, 05/01/2036 | 150 | 127 |
|  River Landing Community Development District |  |  |
|  4.13%, 05/01/2040 | 360 | 322 |
|  Sandridge Community Development District |  |  |
|  3.88%, 05/01/2041 | 250 | 219 |
|  Sarasota County Health Facilities Authority |  |  |
|  5.00%, 01/01/2037 | 1445 | 1447 |
|  5.00%, 01/01/2042 | 940 | 904 |
|  5.00%, 01/01/2047 | 1095 | 1006 |
|  5.00%, 01/01/2052 | 460 | 409 |
|  Sawyers Landing Community Development District |  |  |
|  3.75%, 05/01/2031 | 680 | 672 |
|  4.13%, 05/01/2041 | 1030 | 911 |
|  4.25%, 05/01/2053 | 5695 | 4668 |
|  Seminole County Industrial Development Authority |  |  |
|  4.00%, 06/15/2041 <sup>(2)</sup> | 425 | 358 |

---

The accompanying notes are an integral part of these financial statements.

406.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Florida – 6.39% – (Continued)** |  |  |
|  4.00%, 06/15/2051 <sup>(2)</sup> | $830 | $633 |
|  4.00%, 06/15/2056 <sup>(2)</sup> | 705 | 522 |
|  Seminole Palms Community Development District |  |  |
|  5.20%, 05/01/2044 <sup>(2)</sup> | 1235 | 1142 |
|  Shadowlawn Community Development District |  |  |
|  5.85%, 05/01/2054 | 1850 | 1757 |
|  Southeast Overtown Park West Community Redevelopment Agency |  |  |
|  5.00%, 03/01/2030 <sup>(2)</sup> | 1250 | 1252 |
|  St Johns County Industrial Development Authority |  |  |
|  4.00%, 12/15/2050 | 1020 | 737 |
|  4.00%, 08/01/2055 | 1075 | 841 |
|  Tolomato Community Development District |  |  |
|  3.25%, 05/01/2040 | 1000 | 817 |
|  4.25%, 05/01/2037 | 845 | 823 |
|  Town of Davie FL |  |  |
|  5.00%, 04/01/2048 | 1440 | 1430 |
|  Tradition Community Development District No 9 |  |  |
|  4.00%, 05/01/2052 | 500 | 388 |
|  5.40%, 05/01/2045 | 1425 | 1365 |
|  5.65%, 05/01/2056 | 880 | 838 |
|  Two Lakes Community Development District |  |  |
|  5.00%, 05/01/2055 | 3110 | 2973 |
|  Two Rivers West Community Development District |  |  |
|  5.63%, 05/01/2044 | 250 | 248 |
|  5.88%, 05/01/2054 | 1000 | 995 |
|  V-Dana Community Development District |  |  |
|  3.50%, 05/01/2031 <sup>(2)</sup> | 525 | 511 |
|  5.55%, 05/01/2055 | 1250 | 1189 |
|  Viera Stewardship District |  |  |
|  3.13%, 05/01/2041 | 820 | 632 |
|  4.00%, 05/01/2053 | 110 | 83 |
|  5.30%, 05/01/2043 | 2000 | 2001 |
|  5.50%, 05/01/2054 | 2245 | 2164 |
|  Village Community Development District No 12 |  |  |
|  3.88%, 05/01/2047 | 210 | 173 |
|  4.25%, 05/01/2043 | 1595 | 1443 |
|  4.38%, 05/01/2050 | 265 | 230 |
|  Village Community Development District No 13 |  |  |
|  3.00%, 05/01/2029 | 840 | 813 |
|  3.25%, 05/01/2052 | 1740 | 1196 |
|  3.38%, 05/01/2034 | 945 | 883 |
|  3.50%, 05/01/2051 <sup>(2)</sup> | 950 | 699 |
|  Village Community Development District No 14 |  |  |
|  5.38%, 05/01/2042 | 3890 | 3948 |
|  Village Community Development District No 15 |  |  |
|  4.00%, 05/01/2034 <sup>(2)</sup> | 500 | 490 |
|  4.20%, 05/01/2039 <sup>(2)</sup> | 1375 | 1287 |
|  4.55%, 05/01/2044 <sup>(2)</sup> | 2850 | 2655 |
|  4.80%, 05/01/2055 <sup>(2)</sup> | 7375 | 6713 |
|  4.85%, 05/01/2038 <sup>(2)</sup> | 500 | 504 |
|  5.25%, 05/01/2054 <sup>(2)</sup> | 5735 | 5620 |
|  West Villages Improvement District |  |  |
|  5.38%, 05/01/2044 | 990 | 962 |
|  5.63%, 05/01/2054 | 545 | 519 |
|  Westside Haines City Community Development District |  |  |
|  3.25%, 05/01/2041 | 750 | 605 |
|  5.75%, 05/01/2044 | 1190 | 1178 |

---

The accompanying notes are an integral part of these financial statements.

407.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Florida – 6.39% – (Continued)** |  |  |
|  Westview South Community Development District |  |  |
|  5.38%, 05/01/2043 | $1355 | $1338 |
|  5.60%, 05/01/2053 | 1190 | 1169 |
|  Winter Garden Village at Fowler Groves Community Development District |  |  |
|  3.75%, 05/01/2031 | 325 | 321 |
|  Total Florida | Total Florida | 271316 |
| **Georgia – 2.58%** |  |  |
|  Atlanta Development Authority |  |  |
|  0.00%, 12/15/2048 <sup>(2)</sup> | 10073 | 8802 |
|  5.00%, 04/01/2034 <sup>(2)</sup> | 2575 | 2580 |
|  5.25%, 07/01/2044 | 5500 | 5500 |
|  5.50%, 04/01/2039 <sup>(2)</sup> | 600 | 604 |
|  6.50%, 01/01/2029 <sup>(3)(4)</sup> | 665 | 346 |
|  6.75%, 01/01/2035 <sup>(3)(4)</sup> | 4585 | 2384 |
|  7.00%, 01/01/2040 <sup>(3)(4)</sup> | 3315 | 1724 |
|  Atlanta Urban Redevelopment Agency |  |  |
|  2.88%, 07/01/2031 <sup>(2)</sup> | 440 | 420 |
|  3.63%, 07/01/2042 <sup>(2)</sup> | 1870 | 1598 |
|  3.88%, 07/01/2051 <sup>(2)</sup> | 1405 | 1139 |
|  3.88%, 07/01/2051 <sup>(2)</sup> | 1780 | 1487 |
|  Augusta GA Airport Revenue |  |  |
|  5.00%, 01/01/2027 | 370 | 370 |
|  City of Atlanta GA Department of Aviation |  |  |
|  5.25%, 07/01/2049 | 665 | 680 |
|  Cobb County Kennestone Hospital Authority |  |  |
|  5.00%, 04/01/2047 | 1150 | 1144 |
|  Coweta County Residential Care Facilities for the Elderly Authority |  |  |
|  4.00%, 03/01/2031 | 1260 | 1221 |
|  4.00%, 03/01/2041 | 935 | 773 |
|  Development Authority for Fulton County |  |  |
|  5.00%, 04/01/2047 | 1500 | 1492 |
|  Development Authority of Burke County |  |  |
|  3.60%, 01/01/2040 <sup>(1)</sup> | 750 | 754 |
|  4.13%, 11/01/2045 | 400 | 352 |
|  Development Authority of Cobb County |  |  |
|  6.25%, 06/01/2055 <sup>(2)</sup> | 560 | 567 |
|  6.40%, 06/15/2053 <sup>(2)</sup> | 100 | 98 |
|  Development Authority of Rockdale County |  |  |
|  4.00%, 01/01/2038 <sup>(2)</sup> | 5055 | 4742 |
|  Development Authority Of The City Of Marietta |  |  |
|  5.00%, 11/01/2027 <sup>(2)</sup> | 135 | 136 |
|  5.00%, 11/01/2037 <sup>(2)</sup> | 3815 | 3632 |
|  5.00%, 11/01/2047 <sup>(2)</sup> | 1245 | 1092 |
|  Fayette County Development Authority |  |  |
|  5.00%, 10/01/2037 | 175 | 186 |
|  5.00%, 10/01/2038 | 95 | 100 |
|  5.00%, 10/01/2039 | 100 | 104 |
|  5.00%, 10/01/2040 | 75 | 78 |
|  5.25%, 10/01/2054 | 110 | 111 |
|  Fulton County Residential Care Facilities for the Elderly Authority |  |  |
|  4.00%, 04/01/2041 <sup>(2)</sup> | 205 | 178 |
|  4.00%, 04/01/2051 <sup>(2)</sup> | 2075 | 1588 |
|  5.00%, 04/01/2047 <sup>(2)</sup> | 935 | 859 |
|  5.00%, 04/01/2054 <sup>(2)</sup> | 735 | 654 |
|  Gainesville & Hall County Development Authority |  |  |
|  5.63%, 06/01/2050 | 2795 | 2727 |
|  5.75%, 06/01/2055 | 1000 | 980 |

---

The accompanying notes are an integral part of these financial statements.

408.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Georgia – 2.58% – (Continued)** |  |  |
|  Gainesville & Hall County Hospital Authority |  |  |
|  5.50%, 02/15/2042 | $1330 | $1352 |
|  George L Smith II Congress Center Authority |  |  |
|  2.38%, 01/01/2031 | 190 | 176 |
|  3.63%, 01/01/2031 <sup>(2)</sup> | 2105 | 2010 |
|  4.00%, 01/01/2036 | 100 | 100 |
|  4.00%, 01/01/2054 | 7480 | 6093 |
|  5.00%, 01/01/2036 <sup>(2)</sup> | 2125 | 2131 |
|  5.00%, 01/01/2054 <sup>(2)</sup> | 6620 | 5926 |
|  Macon-Bibb County Urban Development Authority |  |  |
|  5.00%, 06/15/2027 <sup>(2)</sup> | 10 | 10 |
|  5.75%, 06/15/2037 <sup>(2)</sup> | 1105 | 1120 |
|  5.88%, 06/15/2047 <sup>(2)</sup> | 240 | 241 |
|  6.00%, 06/15/2052 <sup>(2)</sup> | 105 | 105 |
|  Main Street Natural Gas, Inc. |  |  |
|  4.00%, 08/01/2052 <sup>(1)(2)</sup> | 2000 | 1994 |
|  5.00%, 05/15/2043 | 4520 | 4526 |
|  5.00%, 12/01/2052 <sup>(1)</sup> | 6490 | 6736 |
|  5.00%, 06/01/2053 <sup>(1)</sup> | 240 | 252 |
|  5.00%, 07/01/2053 <sup>(1)</sup> | 790 | 832 |
|  5.00%, 09/01/2053 <sup>(1)</sup> | 400 | 423 |
|  5.00%, 04/01/2054 <sup>(1)</sup> | 1360 | 1442 |
|  5.00%, 05/01/2054 <sup>(1)</sup> | 2975 | 3144 |
|  5.00%, 12/01/2054 <sup>(1)</sup> | 1445 | 1518 |
|  5.00%, 12/01/2054 <sup>(1)</sup> | 2510 | 2653 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 1700 | 1789 |
|  5.00%, 06/01/2055 <sup>(1)</sup> | 820 | 872 |
|  Municipal Electric Authority of Georgia |  |  |
|  5.00%, 01/01/2031 | 180 | 190 |
|  5.00%, 01/01/2034 | 500 | 521 |
|  5.00%, 01/01/2038 | 1250 | 1272 |
|  5.00%, 01/01/2048 | 1350 | 1319 |
|  5.00%, 01/01/2049 | 6455 | 6380 |
|  5.25%, 07/01/2064 | 2000 | 2046 |
|  Private Colleges & Universities Authority |  |  |
|  4.00%, 04/01/2044 | 1000 | 899 |
|  Total Georgia | Total Georgia | 109274 |
| **Guam – 0.49%** |  |  |
|  Antonio B Won Pat International Airport Authority |  |  |
|  5.00%, 10/01/2029 | 225 | 237 |
|  5.13%, 10/01/2034 | 780 | 818 |
|  5.25%, 10/01/2029 | 1145 | 1200 |
|  5.25%, 10/01/2039 | 200 | 207 |
|  5.25%, 10/01/2041 | 50 | 51 |
|  5.38%, 10/01/2033 | 1050 | 1126 |
|  5.38%, 10/01/2043 | 1250 | 1271 |
|  Guam Power Authority |  |  |
|  5.00%, 10/01/2033 | 765 | 780 |
|  5.00%, 10/01/2042 | 350 | 355 |
|  5.00%, 10/01/2043 | 1965 | 1990 |
|  5.00%, 10/01/2044 | 1145 | 1153 |
|  Territory of Guam |  |  |
|  4.00%, 11/15/2039 | 750 | 679 |
|  4.00%, 01/01/2042 | 2430 | 2151 |
|  5.00%, 12/01/2025 | 1000 | 1005 |
|  5.00%, 11/15/2027 | 1000 | 1003 |
|  5.00%, 11/01/2028 | 250 | 260 |

---

The accompanying notes are an integral part of these financial statements.

409.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Guam – 0.49% – (Continued)** |  |  |
|  5.00%, 01/01/2030 | $1000 | $1052 |
|  5.00%, 11/01/2030 | 250 | 265 |
|  5.00%, 01/01/2031 | 625 | 662 |
|  5.00%, 11/15/2031 | 1575 | 1606 |
|  5.00%, 11/01/2035 | 875 | 904 |
|  5.00%, 11/01/2040 | 2200 | 2202 |
|  Total Guam | Total Guam | 20977 |
| **Hawaii – 0.27%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue |  |  |
|  3.00%, 07/01/2041 | 1000 | 789 |
|  5.25%, 07/01/2054 | 320 | 333 |
|  State of Hawaii Airports System Revenue |  |  |
|  5.50%, 07/01/2054 | 1355 | 1413 |
|  State of Hawaii Department of Budget & Finance |  |  |
|  3.20%, 07/01/2039 | 1765 | 1482 |
|  3.35%, 07/01/2051 <sup>(1)</sup> | 4000 | 4000 |
|  4.00%, 03/01/2037 | 3640 | 3425 |
|  Total Hawaii | Total Hawaii | 11442 |
| **Idaho – 0.38%** |  |  |
|  Avimor Community Infrastructure District No 1 |  |  |
|  5.50%, 09/01/2053 <sup>(2)</sup> | 3000 | 2911 |
|  Idaho Health Facilities Authority |  |  |
|  4.00%, 10/01/2033 | 1250 | 1132 |
|  4.25%, 10/01/2039 | 200 | 174 |
|  4.55%, 10/01/2056 | 545 | 429 |
|  Idaho Housing & Finance Association |  |  |
|  4.00%, 08/15/2049 | 800 | 702 |
|  4.00%, 08/15/2050 | 1315 | 1146 |
|  5.00%, 07/01/2040 <sup>(2)</sup> | 250 | 231 |
|  6.00%, 07/01/2054 | 190 | 208 |
|  Power County Industrial Development Corp. |  |  |
|  6.45%, 08/01/2032 | 310 | 311 |
|  Spring Valley Community Infrastructure District No 1 |  |  |
|  3.75%, 09/01/2051 <sup>(2)</sup> | 5690 | 5099 |
|  6.25%, 09/01/2053 <sup>(2)</sup> | 3800 | 3809 |
|  Total Idaho | Total Idaho | 16152 |
| **Illinois – 4.70%** |  |  |
|  Chicago Board of Education |  |  |
|  0.00%, 12/01/2025 | 700 | 689 |
|  0.00%, 12/01/2025 | 1250 | 1229 |
|  0.00%, 12/01/2027 | 1055 | 963 |
|  0.00%, 12/01/2028 | 170 | 149 |
|  0.00%, 12/01/2029 | 55 | 46 |
|  0.00%, 12/01/2029 | 660 | 555 |
|  0.00%, 12/01/2029 | 965 | 818 |
|  0.00%, 12/01/2030 | 1765 | 1421 |
|  0.00%, 12/01/2031 | 290 | 223 |
|  4.00%, 12/01/2035 | 1000 | 959 |
|  4.00%, 12/01/2041 | 2000 | 1729 |
|  4.00%, 12/01/2047 | 500 | 395 |
|  5.00%, 12/01/2027 | 500 | 513 |
|  5.00%, 12/01/2033 | 1930 | 1948 |
|  5.00%, 12/01/2034 | 320 | 327 |
|  5.00%, 12/01/2034 | 585 | 584 |
|  5.00%, 12/01/2034 | 3750 | 3819 |

---

The accompanying notes are an integral part of these financial statements.

410.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Illinois – 4.70% – (Continued)** |  |  |
|  5.00%, 12/01/2035 | $2550 | $2587 |
|  5.00%, 12/01/2036 | 335 | 326 |
|  5.00%, 12/01/2041 | 600 | 580 |
|  5.00%, 12/01/2042 | 1960 | 1838 |
|  5.00%, 12/01/2046 | 3500 | 3176 |
|  5.00%, 12/01/2047 | 1650 | 1523 |
|  5.50%, 12/01/2026 | 115 | 117 |
|  7.00%, 12/01/2042 <sup>(2)</sup> | 100 | 103 |
|  7.00%, 12/01/2044 | 1100 | 1106 |
|  7.00%, 12/01/2046 <sup>(2)</sup> | 2500 | 2569 |
|  Chicago Midway International Airport |  |  |
|  5.00%, 01/01/2046 | 300 | 299 |
|  Chicago O'Hare International Airport |  |  |
|  5.00%, 01/01/2039 | 5000 | 5040 |
|  5.00%, 07/01/2048 | 500 | 479 |
|  5.50%, 01/01/2059 | 2975 | 3058 |
|  Chicago Transit Authority Sales Tax Receipts Fund |  |  |
|  4.00%, 12/01/2049 | 2265 | 1915 |
|  City of Chicago IL |  |  |
|  0.00%, 01/01/2027 | 680 | 649 |
|  0.00%, 01/01/2031 | 450 | 364 |
|  4.00%, 01/01/2035 | 680 | 657 |
|  5.00%, 01/01/2028 | 1290 | 1333 |
|  5.00%, 01/01/2034 | 385 | 400 |
|  5.00%, 01/01/2035 | 750 | 751 |
|  5.00%, 01/01/2038 | 2500 | 2480 |
|  5.00%, 01/01/2039 | 1290 | 1292 |
|  5.00%, 01/01/2040 | 205 | 203 |
|  5.00%, 01/01/2044 | 1000 | 941 |
|  5.25%, 01/01/2038 | 1000 | 1022 |
|  5.50%, 01/01/2035 | 270 | 280 |
|  5.50%, 01/01/2039 | 335 | 345 |
|  5.50%, 01/01/2040 | 3640 | 3730 |
|  5.50%, 01/01/2041 | 180 | 182 |
|  5.50%, 01/01/2041 | 875 | 902 |
|  5.50%, 01/01/2043 | 1830 | 1839 |
|  6.00%, 01/01/2050 | 2800 | 2889 |
|  City of Chicago IL Wastewater Transmission Revenue |  |  |
|  5.00%, 01/01/2044 | 530 | 541 |
|  5.25%, 01/01/2053 | 940 | 953 |
|  City of Chicago IL Waterworks Revenue |  |  |
|  5.00%, 11/01/2026 | 500 | 513 |
|  5.00%, 11/01/2038 | 525 | 551 |
|  County of Cook IL |  |  |
|  5.00%, 11/15/2031 | 200 | 204 |
|  Illinois Development Finance Authority |  |  |
|  8.00%, 06/01/2032 | 1050 | 1051 |
|  Illinois Finance Authority |  |  |
|  2.45%, 10/01/2039 <sup>(1)</sup> | 250 | 232 |
|  3.00%, 07/15/2040 | 235 | 195 |
|  4.00%, 10/15/2030 | 230 | 221 |
|  4.00%, 10/15/2031 | 1135 | 1077 |
|  4.00%, 05/01/2040 | 140 | 126 |
|  4.00%, 10/15/2044 | 200 | 151 |
|  4.00%, 05/01/2050 | 440 | 352 |
|  4.13%, 08/15/2037 | 2355 | 2358 |
|  4.60%, 10/01/2053 <sup>(1)</sup> | 250 | 252 |
|  5.00%, 11/01/2031 | 245 | 248 |

---

The accompanying notes are an integral part of these financial statements.

411.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Illinois – 4.70% – (Continued)** |  |  |
|  5.00%, 05/15/2033 | $1440 | $1339 |
|  5.00%, 02/15/2034 | 20 | 21 |
|  5.00%, 02/15/2034 | 100 | 102 |
|  5.00%, 05/15/2034 | 300 | 299 |
|  5.00%, 12/01/2034 | 50 | 50 |
|  5.00%, 05/15/2035 | 315 | 312 |
|  5.00%, 07/01/2035 | 100 | 93 |
|  5.00%, 08/15/2035 | 1495 | 1498 |
|  5.00%, 02/15/2036 | 30 | 31 |
|  5.00%, 02/15/2036 | 140 | 142 |
|  5.00%, 05/15/2037 | 655 | 657 |
|  5.00%, 10/01/2038 | 30 | 25 |
|  5.00%, 12/01/2040 | 1500 | 1501 |
|  5.00%, 02/15/2041 | 115 | 119 |
|  5.00%, 02/15/2041 | 120 | 121 |
|  5.00%, 05/15/2041 | 400 | 372 |
|  5.00%, 08/15/2041 | 625 | 638 |
|  5.00%, 10/01/2041 | 425 | 422 |
|  5.00%, 08/15/2044 | 750 | 752 |
|  5.00%, 08/01/2046 | 200 | 193 |
|  5.00%, 12/01/2046 | 1510 | 1510 |
|  5.00%, 02/15/2047 | 1255 | 1163 |
|  5.00%, 05/15/2047 | 205 | 190 |
|  5.00%, 07/01/2047 | 515 | 430 |
|  5.00%, 08/01/2049 | 420 | 396 |
|  5.00%, 02/15/2050 | 160 | 146 |
|  5.00%, 05/15/2051 | 1000 | 852 |
|  5.00%, 05/15/2056 | 1630 | 1355 |
|  5.13%, 05/15/2038 | 1935 | 1667 |
|  5.25%, 05/15/2042 | 170 | 138 |
|  5.25%, 04/01/2045 | 2050 | 2124 |
|  5.25%, 05/15/2054 | 1575 | 1139 |
|  5.63%, 08/01/2053 <sup>(2)</sup> | 1705 | 1727 |
|  6.00%, 10/01/2045 <sup>(2)</sup> | 2015 | 2001 |
|  6.13%, 11/15/2035 | 190 | 190 |
|  6.13%, 10/01/2050 <sup>(2)</sup> | 1125 | 1118 |
|  6.38%, 11/15/2043 | 270 | 270 |
|  7.25%, 09/01/2052 <sup>(1)(2)</sup> | 500 | 535 |
|  Illinois Housing Development Authority |  |  |
|  3.00%, 04/01/2051 | 370 | 363 |
|  3.00%, 04/01/2051 | 1190 | 1172 |
|  4.88%, 04/01/2050 | 6225 | 6154 |
|  5.00%, 10/01/2046 | 95 | 95 |
|  5.25%, 10/01/2052 | 820 | 857 |
|  6.00%, 10/01/2054 | 340 | 367 |
|  6.00%, 10/01/2055 | 695 | 767 |
|  6.25%, 10/01/2052 | 90 | 97 |
|  6.25%, 04/01/2054 | 1220 | 1324 |
|  6.25%, 10/01/2054 | 440 | 488 |
|  6.25%, 10/01/2055 | 145 | 159 |
|  6.25%, 10/01/2055 | 5000 | 5608 |
|  Illinois Sports Facilities Authority |  |  |
|  0.00%, 06/15/2026 | 150 | 145 |
|  Illinois State Toll Highway Authority |  |  |
|  4.00%, 01/01/2046 | 1500 | 1332 |
|  5.00%, 01/01/2042 | 250 | 252 |

---

The accompanying notes are an integral part of these financial statements.

412.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Illinois – 4.70% – (Continued)** |  |  |
|  Metropolitan Pier & Exposition Authority |  |  |
|  0.00%, 12/15/2025 | $65 | $64 |
|  0.00%, 06/15/2028 | 500 | 451 |
|  0.00%, 12/15/2029 | 1000 | 857 |
|  0.00%, 12/15/2030 | 260 | 213 |
|  0.00%, 12/15/2031 | 120 | 94 |
|  0.00%, 12/15/2032 | 1000 | 747 |
|  0.00%, 12/15/2033 | 3950 | 2809 |
|  0.00%, 12/15/2034 | 550 | 371 |
|  0.00%, 12/15/2035 | 10000 | 6396 |
|  0.00%, 06/15/2036 | 3050 | 1897 |
|  0.00%, 06/15/2036 | 3065 | 1906 |
|  0.00%, 12/15/2036 | 1650 | 997 |
|  0.00%, 06/15/2037 | 1585 | 930 |
|  0.00%, 12/15/2038 | 205 | 110 |
|  0.00%, 06/15/2039 | 1575 | 811 |
|  0.00%, 12/15/2039 | 3000 | 1498 |
|  0.00%, 06/15/2041 | 1535 | 686 |
|  0.00%, 12/15/2041 | 510 | 222 |
|  0.00%, 06/15/2044 | 2200 | 841 |
|  0.00%, 06/15/2045 | 1500 | 542 |
|  0.00%, 12/15/2051 | 690 | 164 |
|  0.00%, 12/15/2056 | 310 | 59 |
|  4.00%, 12/15/2042 | 1040 | 930 |
|  4.00%, 12/15/2047 | 210 | 177 |
|  4.00%, 06/15/2050 | 1335 | 1101 |
|  4.00%, 06/15/2052 | 2030 | 1650 |
|  5.00%, 12/15/2027 | 2500 | 2515 |
|  5.00%, 06/15/2042 | 4600 | 4645 |
|  5.00%, 12/15/2045 | 50 | 50 |
|  5.00%, 06/15/2050 | 19630 | 19190 |
|  5.00%, 06/15/2057 | 4070 | 3918 |
|  Northern Illinois University |  |  |
|  4.00%, 10/01/2039 | 875 | 821 |
|  4.00%, 04/01/2040 | 100 | 92 |
|  4.00%, 10/01/2040 | 800 | 741 |
|  4.00%, 04/01/2041 | 450 | 409 |
|  4.00%, 10/01/2041 | 800 | 731 |
|  4.00%, 10/01/2043 | 1005 | 900 |
|  Regional Transportation Authority |  |  |
|  5.75%, 06/01/2034 | 130 | 147 |
|  6.00%, 07/01/2033 | 510 | 580 |
|  Sales Tax Securitization Corp. |  |  |
|  5.00%, 01/01/2037 | 400 | 433 |
|  State of Illinois |  |  |
|  4.00%, 06/01/2036 | 540 | 514 |
|  4.00%, 03/01/2039 | 2055 | 1891 |
|  4.00%, 11/01/2039 | 2000 | 1825 |
|  4.00%, 10/01/2045 | 3000 | 2549 |
|  4.25%, 10/01/2045 | 130 | 116 |
|  5.00%, 02/01/2026 | 95 | 96 |
|  5.00%, 11/01/2027 | 100 | 102 |
|  5.00%, 10/01/2031 | 955 | 996 |
|  5.00%, 10/01/2032 | 215 | 223 |
|  5.00%, 11/01/2037 | 2240 | 2253 |
|  5.25%, 05/01/2047 | 1605 | 1620 |
|  5.50%, 03/01/2042 | 3410 | 3558 |
|  5.50%, 03/01/2047 | 435 | 444 |
|  5.50%, 05/01/2047 | 160 | 163 |

---

The accompanying notes are an integral part of these financial statements.

413.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Illinois – 4.70% – (Continued)** |  |  |
|  State of Illinois Sales Tax Revenue |  |  |
|  5.00%, 06/15/2027 | $230 | $239 |
|  Upper Illinois River Valley Development Authority |  |  |
|  5.00%, 12/01/2032 <sup>(2)</sup> | 180 | 178 |
|  5.25%, 12/01/2037 <sup>(2)</sup> | 2005 | 1918 |
|  5.25%, 12/01/2047 <sup>(2)</sup> | 550 | 487 |
|  6.00%, 12/01/2055 <sup>(2)</sup> | 2450 | 2429 |
|  Village of Volo IL Special Service Area No 17 |  |  |
|  5.50%, 03/01/2047 | 1000 | 962 |
|  Total Illinois | Total Illinois | 199443 |
| **Indiana – 1.25%** |  |  |
|  City of East Chicago IN |  |  |
|  5.50%, 09/01/2028 | 120 | 117 |
|  City of Valparaiso IN |  |  |
|  4.88%, 01/01/2044 <sup>(2)</sup> | 450 | 432 |
|  5.00%, 01/01/2054 <sup>(2)</sup> | 3105 | 2914 |
|  City of Whiting IN |  |  |
|  4.20%, 06/01/2044 <sup>(1)</sup> | 920 | 919 |
|  4.40%, 11/01/2045 <sup>(1)</sup> | 575 | 584 |
|  4.40%, 03/01/2046 <sup>(1)</sup> | 900 | 914 |
|  5.00%, 12/01/2044 <sup>(1)</sup> | 2725 | 2749 |
|  Indiana Finance Authority |  |  |
|  1.40%, 08/01/2029 | 115 | 103 |
|  2.50%, 11/01/2030 | 1565 | 1465 |
|  3.00%, 11/01/2030 | 110 | 107 |
|  3.00%, 11/01/2030 | 1000 | 972 |
|  4.00%, 11/15/2037 | 1000 | 923 |
|  4.00%, 11/15/2041 | 100 | 88 |
|  4.00%, 11/15/2043 | 155 | 129 |
|  4.13%, 12/01/2026 | 5830 | 5848 |
|  4.25%, 11/01/2030 | 11780 | 11999 |
|  5.00%, 11/15/2038 | 600 | 604 |
|  5.00%, 06/01/2041 | 960 | 862 |
|  5.00%, 06/01/2053 | 1800 | 1720 |
|  5.00%, 11/15/2053 | 1350 | 1225 |
|  5.00%, 07/01/2059 | 2025 | 1914 |
|  5.25%, 11/15/2046 | 1000 | 982 |
|  5.50%, 09/15/2039 | 1900 | 1985 |
|  5.50%, 09/15/2044 | 2730 | 2768 |
|  5.50%, 07/01/2052 | 4145 | 4149 |
|  5.75%, 03/01/2054 | 4520 | 4642 |
|  5.75%, 07/01/2060 | 1370 | 1312 |
|  Indiana Housing & Community Development Authority |  |  |
|  3.00%, 01/01/2052 | 790 | 775 |
|  Total Indiana | Total Indiana | 53201 |
| **Iowa – 0.39%** |  |  |
|  Iowa Finance Authority |  |  |
|  4.75%, 08/01/2042 | 2605 | 2506 |
|  5.00%, 11/01/2026 <sup>(1)</sup> | 200 | 201 |
|  5.00%, 03/01/2038 | 350 | 349 |
|  5.00%, 05/15/2049 | 600 | 557 |
|  5.13%, 05/15/2059 | 600 | 564 |
|  5.75%, 12/01/2055 | 1850 | 1884 |
|  6.00%, 12/01/2055 | 3650 | 3365 |
|  Iowa Student Loan Liquidity Corp. |  |  |
|  3.00%, 12/01/2039 | 210 | 199 |

---

The accompanying notes are an integral part of these financial statements.

414.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Iowa – 0.39% – (Continued)** |  |  |
|  5.00%, 12/01/2034 | $195 | $204 |
|  5.00%, 12/01/2054 | 225 | 198 |
|  Iowa Tobacco Settlement Authority |  |  |
|  0.00%, 06/01/2065 | 38545 | 5626 |
|  4.00%, 06/01/2036 | 775 | 755 |
|  Total Iowa | Total Iowa | 16408 |
| **Kansas – 0.19%** |  |  |
|  City of Lenexa KS |  |  |
|  5.00%, 05/15/2027 | 135 | 136 |
|  5.00%, 05/15/2030 | 85 | 86 |
|  5.00%, 05/15/2032 | 330 | 333 |
|  5.00%, 05/15/2039 | 705 | 691 |
|  City of Manhattan KS |  |  |
|  4.00%, 06/01/2027 | 300 | 300 |
|  4.00%, 06/01/2036 | 535 | 487 |
|  4.00%, 06/01/2046 | 675 | 538 |
|  City of Overland Park KS Sales Tax Revenue |  |  |
|  6.00%, 11/15/2034 <sup>(2)</sup> | 100 | 104 |
|  6.50%, 11/15/2042 <sup>(2)</sup> | 4025 | 4182 |
|  Wyandotte County-Kansas City Unified Government |  |  |
|  5.75%, 09/01/2032 | 250 | 234 |
|  5.75%, 09/01/2039 <sup>(2)</sup> | 950 | 972 |
|  Total Kansas | Total Kansas | 8063 |
| **Kentucky – 0.95%** |  |  |
|  City of Ashland KY |  |  |
|  4.00%, 02/01/2034 | 500 | 482 |
|  4.00%, 02/01/2038 | 620 | 570 |
|  City of Henderson KY |  |  |
|  3.70%, 01/01/2032 <sup>(2)</sup> | 1495 | 1467 |
|  4.45%, 01/01/2042 <sup>(2)</sup> | 1165 | 1078 |
|  4.70%, 01/01/2052 <sup>(2)</sup> | 2495 | 2270 |
|  4.70%, 01/01/2052 <sup>(2)</sup> | 5000 | 4548 |
|  County of Boyle KY |  |  |
|  5.25%, 06/01/2049 | 1900 | 1917 |
|  Kenton County Airport Board |  |  |
|  5.25%, 01/01/2049 | 2325 | 2362 |
|  Kentucky Economic Development Finance Authority |  |  |
|  5.00%, 06/01/2026 | 2700 | 2724 |
|  5.00%, 05/15/2031 | 350 | 340 |
|  5.00%, 06/01/2037 | 785 | 788 |
|  5.00%, 06/01/2041 | 570 | 560 |
|  5.00%, 06/01/2045 | 2175 | 2100 |
|  5.00%, 05/15/2046 | 980 | 776 |
|  5.00%, 05/15/2051 | 575 | 437 |
|  5.25%, 06/01/2041 | 1240 | 1242 |
|  5.25%, 06/01/2050 | 955 | 921 |
|  5.38%, 11/15/2042 | 305 | 254 |
|  5.50%, 11/15/2045 | 115 | 94 |
|  6.00%, 11/15/2036 | 275 | 216 |
|  6.25%, 11/15/2046 | 2565 | 1783 |
|  6.38%, 11/15/2051 | 645 | 438 |
|  Kentucky Higher Education Student Loan Corp. |  |  |
|  4.00%, 06/01/2037 | 555 | 518 |
|  4.75%, 06/01/2040 | 350 | 352 |
|  Kentucky Housing Corp. |  |  |
|  6.25%, 01/01/2055 | 100 | 109 |

---

The accompanying notes are an integral part of these financial statements.

415.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Kentucky – 0.95% – (Continued)** |  |  |
|  6.25%, 07/01/2055 | $200 | $220 |
|  Kentucky Public Energy Authority |  |  |
|  4.00%, 02/01/2050 <sup>(1)</sup> | 4805 | 4829 |
|  5.00%, 01/01/2055 <sup>(1)</sup> | 2005 | 2118 |
|  5.00%, 05/01/2055 <sup>(1)</sup> | 200 | 210 |
|  5.25%, 04/01/2054 <sup>(1)</sup> | 2000 | 2137 |
|  5.25%, 06/01/2055 <sup>(1)</sup> | 1440 | 1522 |
|  Louisville/Jefferson County Metropolitan Government |  |  |
|  2.00%, 10/01/2033 | 1000 | 831 |
|  3.00%, 10/01/2043 | 185 | 137 |
|  5.00%, 05/15/2052 | 100 | 95 |
|  Total Kentucky | Total Kentucky | 40445 |
| **Louisiana – 1.29%** |  |  |
|  Jefferson Parish Economic Development & Port District |  |  |
|  5.50%, 06/15/2038 <sup>(2)</sup> | 765 | 756 |
|  5.63%, 06/15/2048 <sup>(2)</sup> | 1750 | 1658 |
|  Louisiana Housing Corp. |  |  |
|  5.75%, 06/01/2054 | 590 | 633 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth |  |  |
|  2.50%, 04/01/2036 | 4195 | 3395 |
|  3.50%, 11/01/2032 | 14360 | 13816 |
|  5.00%, 11/15/2037 <sup>(2)</sup> | 290 | 288 |
|  5.00%, 11/15/2044 <sup>(2)</sup> | 100 | 93 |
|  5.25%, 11/15/2059 <sup>(2)</sup> | 125 | 112 |
|  Louisiana Public Facilities Authority |  |  |
|  4.00%, 06/01/2031 <sup>(2)</sup> | 185 | 176 |
|  4.00%, 06/01/2031 <sup>(2)</sup> | 435 | 413 |
|  4.00%, 06/01/2041 <sup>(2)</sup> | 325 | 259 |
|  5.00%, 12/15/2043 <sup>(2)</sup> | 450 | 418 |
|  5.00%, 07/01/2051 | 500 | 483 |
|  5.00%, 07/01/2059 | 100 | 98 |
|  5.50%, 09/01/2059 | 600 | 609 |
|  5.75%, 09/01/2064 | 6070 | 6248 |
|  6.00%, 06/15/2059 <sup>(2)</sup> | 5325 | 5211 |
|  6.15%, 06/15/2055 <sup>(2)</sup> | 1915 | 1923 |
|  6.38%, 06/15/2053 <sup>(2)</sup> | 2000 | 1992 |
|  6.50%, 10/01/2053 <sup>(1)(2)</sup> | 250 | 262 |
|  6.75%, 10/01/2053 <sup>(1)(2)</sup> | 2100 | 2217 |
|  New Orleans Aviation Board |  |  |
|  5.00%, 01/01/2034 | 145 | 155 |
|  5.00%, 01/01/2036 | 500 | 504 |
|  5.00%, 01/01/2037 | 500 | 503 |
|  5.00%, 01/01/2048 | 525 | 515 |
|  Parish of St James LA |  |  |
|  6.10%, 06/01/2038 <sup>(1)(2)</sup> | 2360 | 2513 |
|  6.10%, 12/01/2040 <sup>(1)(2)</sup> | 4045 | 4308 |
|  6.35%, 07/01/2040 <sup>(2)</sup> | 3380 | 3628 |
|  6.35%, 10/01/2040 <sup>(2)</sup> | 440 | 472 |
|  Parish of St John the Baptist LA |  |  |
|  2.38%, 06/01/2037 <sup>(1)</sup> | 1075 | 1063 |
|  Total Louisiana | Total Louisiana | 54721 |
| **Maine – 0.06%** |  |  |
|  Finance Authority of Maine |  |  |
|  4.63%, 12/01/2047 <sup>(1)(2)</sup> | 1620 | 1577 |

---

The accompanying notes are an integral part of these financial statements.

416.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Maine – 0.06% – (Continued)** |  |  |
|  Maine Health & Higher Educational Facilities Authority |  |  |
|  5.00%, 07/01/2046 | $1250 | $1118 |
|  Total Maine | Total Maine | 2695 |
|  **Maryland – 2.29%** |  |  |
|  City of Baltimore MD |  |  |
|  3.63%, 06/01/2046 <sup>(2)</sup> | 3435 | 2788 |
|  4.00%, 09/01/2027 | 450 | 450 |
|  5.00%, 09/01/2030 | 990 | 1004 |
|  5.00%, 09/01/2031 | 1400 | 1418 |
|  5.00%, 09/01/2036 | 2790 | 2794 |
|  5.00%, 09/01/2039 | 500 | 487 |
|  5.00%, 09/01/2042 | 695 | 660 |
|  5.00%, 09/01/2046 | 4010 | 3762 |
|  City of Gaithersburg MD |  |  |
|  5.00%, 01/01/2027 | 1435 | 1451 |
|  5.00%, 01/01/2028 | 135 | 138 |
|  5.00%, 01/01/2033 | 635 | 644 |
|  5.00%, 01/01/2037 | 400 | 403 |
|  5.13%, 01/01/2042 | 250 | 248 |
|  City of Rockville MD |  |  |
|  4.25%, 11/01/2037 | 110 | 99 |
|  4.50%, 11/01/2043 | 135 | 116 |
|  5.00%, 11/01/2029 | 35 | 35 |
|  5.00%, 11/01/2031 | 960 | 969 |
|  5.00%, 11/01/2032 | 35 | 35 |
|  5.00%, 11/01/2035 | 70 | 70 |
|  5.00%, 11/01/2037 | 1285 | 1260 |
|  5.00%, 11/01/2042 | 2480 | 2293 |
|  5.00%, 11/01/2047 | 2835 | 2523 |
|  City of Westminster MD |  |  |
|  6.25%, 07/01/2044 | 2775 | 2730 |
|  County of Anne Arundel MD |  |  |
|  6.50%, 07/01/2033<sup>(11)</sup> | 200 | 200 |
|  6.75%, 07/01/2043<sup>(11)</sup> | 390 | 387 |
|  County of Baltimore MD |  |  |
|  4.00%, 01/01/2031 | 505 | 511 |
|  4.00%, 01/01/2050 | 300 | 245 |
|  County of Howard MD |  |  |
|  4.00%, 02/15/2028 <sup>(2)</sup> | 200 | 200 |
|  5.00%, 04/01/2044 | 500 | 436 |
|  County of Montgomery MD |  |  |
|  5.38%, 07/01/2048 | 1065 | 882 |
|  County of Prince George's MD |  |  |
|  4.38%, 07/01/2048 <sup>(2)</sup> | 500 | 442 |
|  5.13%, 07/01/2039 <sup>(2)</sup> | 1500 | 1495 |
|  County of Washington MD |  |  |
|  4.00%, 05/01/2026 | 120 | 120 |
|  4.00%, 05/01/2027 | 120 | 121 |
|  4.00%, 05/01/2030 | 140 | 142 |
|  4.00%, 05/01/2031 | 75 | 76 |
|  4.00%, 05/01/2036 | 1690 | 1640 |
|  4.00%, 05/01/2042 | 3770 | 3392 |
|  Maryland Community Development Administration |  |  |
|  6.00%, 03/01/2053 | 2580 | 2747 |
|  6.25%, 03/01/2054 | 490 | 531 |
|  Maryland Economic Development Corp. |  |  |
|  4.00%, 06/01/2038 | 350 | 305 |

---

The accompanying notes are an integral part of these financial statements.

417.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  **Maryland – 2.29% – (Continued)** |  |  |
|  4.00%, 07/01/2040 | $450 | $388 |
|  4.00%, 09/01/2040 | 150 | 134 |
|  4.00%, 06/01/2048 | 125 | 96 |
|  4.00%, 09/01/2050 | 950 | 764 |
|  4.38%, 07/01/2036 | 400 | 379 |
|  4.50%, 07/01/2044 | 500 | 444 |
|  5.00%, 06/01/2027 | 265 | 272 |
|  5.00%, 07/01/2027 | 690 | 691 |
|  5.00%, 06/01/2028 | 100 | 104 |
|  5.00%, 07/01/2028 | 100 | 102 |
|  5.00%, 11/12/2028 | 3145 | 3177 |
|  5.00%, 06/01/2029 <sup>(2)</sup> | 165 | 165 |
|  5.00%, 07/01/2029 | 75 | 77 |
|  5.00%, 06/01/2030 | 70 | 72 |
|  5.00%, 06/01/2032 | 70 | 72 |
|  5.00%, 06/01/2033 <sup>(2)</sup> | 170 | 170 |
|  5.00%, 06/01/2035 | 1590 | 1622 |
|  5.00%, 07/01/2036 | 100 | 101 |
|  5.00%, 06/01/2044 | 425 | 412 |
|  5.00%, 07/01/2045 | 1105 | 1107 |
|  5.00%, 07/01/2048 <sup>(1)(2)</sup> | 950 | 961 |
|  5.00%, 06/01/2058 | 945 | 916 |
|  5.00%, 07/01/2060 | 705 | 690 |
|  5.25%, 06/30/2053 | 2395 | 2402 |
|  5.25%, 06/30/2055 | 18375 | 17992 |
|  Maryland Health & Higher Educational Facilities Authority |  |  |
|  4.00%, 06/01/2046 | 1080 | 904 |
|  4.00%, 06/01/2051 | 2655 | 2146 |
|  4.00%, 06/01/2055 | 1125 | 888 |
|  5.00%, 07/01/2030 | 600 | 618 |
|  5.00%, 07/01/2032 | 40 | 41 |
|  5.00%, 07/01/2033 | 105 | 106 |
|  5.00%, 07/01/2034 | 120 | 121 |
|  5.00%, 07/01/2035 | 110 | 111 |
|  5.00%, 07/01/2036 | 100 | 101 |
|  5.00%, 08/15/2038 | 1945 | 1945 |
|  5.00%, 07/01/2043 | 500 | 501 |
|  5.00%, 07/01/2054 | 1000 | 1002 |
|  5.25%, 07/01/2054 | 1555 | 1592 |
|  5.50%, 01/01/2036 | 465 | 472 |
|  5.50%, 01/01/2046 | 3410 | 3415 |
|  5.50%, 06/01/2047 | 500 | 506 |
|  Maryland Stadium Authority |  |  |
|  4.00%, 06/01/2046 | 3000 | 2673 |
|  Montgomery County Housing Opportunities Commission |  |  |
|  4.90%, 07/01/2055 | 1000 | 986 |
|  Prince George's County Revenue Authority |  |  |
|  4.75%, 07/01/2036 <sup>(2)</sup> | 120 | 120 |
|  5.00%, 07/01/2046 <sup>(2)</sup> | 670 | 646 |
|  State of Maryland Department of Transportation |  |  |
|  5.25%, 08/01/2049 | 4600 | 4676 |
|  Washington Suburban Sanitary Commission |  |  |
|  4.00%, 06/01/2038 | 100 | 100 |
|  Total Maryland | Total Maryland | 97229 |
| **Massachusetts – 0.75%** |  |  |
|  Massachusetts Development Finance Agency |  |  |
|  4.00%, 10/01/2039 | 340 | 316 |

---

The accompanying notes are an integral part of these financial statements.

418.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Massachusetts – 0.75% – (Continued)** |  |  |
|  5.00%, 07/15/2036 | $235 | $258 |
|  5.00%, 07/15/2037 | 245 | 269 |
|  5.00%, 10/01/2037 <sup>(2)</sup> | 645 | 652 |
|  5.00%, 11/15/2038 <sup>(2)</sup> | 180 | 184 |
|  5.00%, 10/01/2041 | 825 | 800 |
|  5.00%, 07/01/2044 <sup>(2)</sup> | 1000 | 950 |
|  5.00%, 07/01/2044 | 4000 | 3837 |
|  5.00%, 07/15/2046 | 1000 | 1096 |
|  5.00%, 10/01/2048 | 9700 | 8890 |
|  5.00%, 10/01/2057 <sup>(2)</sup> | 4880 | 4494 |
|  5.13%, 01/01/2040 | 1740 | 1655 |
|  5.13%, 11/15/2046 <sup>(2)</sup> | 1050 | 1056 |
|  5.25%, 01/01/2050 | 430 | 380 |
|  5.25%, 07/01/2052 | 1000 | 976 |
|  5.25%, 07/01/2055 | 1000 | 955 |
|  5.25%, 06/01/2060 | 700 | 712 |
|  5.25%, 06/01/2065 | 700 | 707 |
|  5.50%, 08/15/2050 | 2000 | 2052 |
|  6.00%, 07/01/2050 | 400 | 421 |
|  Massachusetts Educational Financing Authority |  |  |
|  2.00%, 07/01/2037 | 245 | 208 |
|  2.63%, 07/01/2036 | 100 | 97 |
|  3.63%, 07/01/2038 | 410 | 396 |
|  4.25%, 07/01/2032 | 125 | 125 |
|  4.25%, 07/01/2044 | 500 | 492 |
|  Total Massachusetts | Total Massachusetts | 31978 |
| **Michigan – 1.19%** |  |  |
|  Calhoun County Hospital Finance Authority |  |  |
|  5.00%, 02/15/2037 | 1765 | 1765 |
|  5.00%, 02/15/2041 | 385 | 363 |
|  5.00%, 02/15/2047 | 1080 | 970 |
|  City of Detroit MI |  |  |
|  4.00%, 04/01/2040 | 950 | 864 |
|  4.00%, 04/01/2041 | 325 | 290 |
|  5.00%, 04/01/2029 | 570 | 592 |
|  5.00%, 04/01/2030 | 555 | 574 |
|  5.00%, 04/01/2031 | 595 | 615 |
|  5.00%, 04/01/2032 | 420 | 433 |
|  5.00%, 04/01/2033 | 250 | 257 |
|  5.00%, 04/01/2034 | 1000 | 1025 |
|  5.00%, 04/01/2037 | 145 | 147 |
|  5.00%, 04/01/2038 | 100 | 101 |
|  5.00%, 04/01/2039 | 170 | 174 |
|  5.00%, 04/01/2046 | 1000 | 987 |
|  5.00%, 04/01/2050 | 750 | 726 |
|  5.50%, 04/01/2031 | 560 | 607 |
|  5.50%, 04/01/2033 | 470 | 505 |
|  5.50%, 04/01/2035 | 350 | 373 |
|  5.50%, 04/01/2037 | 465 | 490 |
|  5.50%, 04/01/2039 | 645 | 672 |
|  5.50%, 04/01/2045 | 750 | 763 |
|  5.50%, 04/01/2050 | 605 | 611 |
|  Flint Hospital Building Authority |  |  |
|  4.00%, 07/01/2038 | 500 | 468 |
|  5.25%, 07/01/2039 | 100 | 100 |

---

The accompanying notes are an integral part of these financial statements.

419.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Michigan – 1.19% – (Continued)** |  |  |
|  Gerald R Ford International Airport Authority |  |  |
|  5.00%, 01/01/2046 | $1500 | $1504 |
|  Grand Rapids Economic Development Corp. |  |  |
|  5.00%, 11/01/2032 | 145 | 143 |
|  5.00%, 11/01/2037 | 580 | 542 |
|  5.00%, 11/01/2047 | 500 | 419 |
|  5.00%, 11/01/2052 | 515 | 415 |
|  Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
|  5.25%, 07/01/2047 | 4330 | 4507 |
|  Ivywood Classical Academy |  |  |
|  6.25%, 01/01/2059 | 2750 | 2624 |
|  Kentwood Economic Development Corp. |  |  |
|  4.00%, 11/15/2031 | 925 | 897 |
|  4.00%, 11/15/2037 | 690 | 618 |
|  4.00%, 11/15/2043 | 1100 | 894 |
|  4.00%, 11/15/2045 | 1000 | 797 |
|  5.00%, 11/15/2037 | 1425 | 1406 |
|  5.00%, 11/15/2041 | 750 | 713 |
|  Michigan Finance Authority |  |  |
|  4.00%, 12/01/2040 | 165 | 152 |
|  4.00%, 11/15/2050 | 160 | 136 |
|  5.00%, 06/01/2029 | 1500 | 1562 |
|  Michigan State Housing Development Authority |  |  |
|  5.00%, 06/01/2053 | 745 | 774 |
|  6.00%, 06/01/2054 | 240 | 259 |
|  Michigan Strategic Fund |  |  |
|  4.00%, 10/01/2061 <sup>(1)</sup> | 6600 | 6562 |
|  5.00%, 05/15/2037 | 250 | 250 |
|  5.00%, 11/15/2043 | 750 | 695 |
|  5.00%, 05/15/2044 | 250 | 234 |
|  5.00%, 11/15/2049 | 1340 | 1206 |
|  Michigan Tobacco Settlement Finance Authority |  |  |
|  0.00%, 06/01/2052 | 4030 | 482 |
|  State of Michigan Trunk Line Revenue |  |  |
|  4.00%, 11/15/2046 | 250 | 226 |
|  University of Michigan |  |  |
|  3.90%, 04/01/2042 <sup>(1)</sup> | 1700 | 1700 |
|  Wayne County Airport Authority |  |  |
|  5.00%, 12/01/2037 | 250 | 256 |
|  5.00%, 12/01/2040 | 3000 | 3001 |
|  5.00%, 12/01/2042 | 900 | 897 |
|  5.00%, 12/01/2047 | 2000 | 1963 |
|  Total Michigan | Total Michigan | 50306 |
| **Minnesota – 0.51%** |  |  |
|  City of Apple Valley MN |  |  |
|  5.38%, 09/01/2045 | 375 | 371 |
|  5.50%, 09/01/2055 | 600 | 593 |
|  5.63%, 09/01/2065 | 1000 | 990 |
|  City of Deephaven MN |  |  |
|  6.13%, 06/15/2061 <sup>(2)</sup> | 6000 | 5400 |
|  City of Rochester MN |  |  |
|  5.00%, 12/01/2025 | 250 | 249 |
|  5.00%, 11/15/2057 | 3120 | 3154 |
|  5.25%, 12/01/2038 | 1000 | 932 |
|  City of Woodbury MN |  |  |
|  4.00%, 07/01/2041 | 60 | 48 |
|  4.00%, 07/01/2051 | 45 | 32 |

---

The accompanying notes are an integral part of these financial statements.

420.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Minnesota – 0.51% – (Continued)** |  |  |
|  4.00%, 07/01/2056 | $40 | $28 |
|  5.25%, 06/01/2045 <sup>(2)</sup> | 1000 | 923 |
|  5.50%, 06/01/2063 <sup>(2)</sup> | 1250 | 1129 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota |  |  |
|  4.00%, 11/01/2042 | 675 | 542 |
|  Minnesota Agricultural & Economic Development Board |  |  |
|  5.25%, 01/01/2054 | 2300 | 2327 |
|  Minnesota Housing Finance Agency |  |  |
|  4.25%, 01/01/2049 | 665 | 670 |
|  6.25%, 01/01/2054 | 2320 | 2517 |
|  6.50%, 07/01/2054 | 930 | 1021 |
|  Minnesota Office of Higher Education |  |  |
|  2.65%, 11/01/2038 | 455 | 414 |
|  4.00%, 11/01/2042 | 495 | 457 |
|  Total Minnesota | Total Minnesota | 21797 |
| **Mississippi – 0.06%** |  |  |
|  County of Lowndes MS |  |  |
|  2.65%, 04/01/2037 <sup>(1)</sup> | 155 | 153 |
|  Mississippi Business Finance Corp. |  |  |
|  2.38%, 06/01/2044 | 400 | 240 |
|  5.00%, 02/01/2036 <sup>(1)(2)</sup> | 1350 | 1365 |
|  Mississippi Home Corp. |  |  |
|  4.00%, 12/01/2044 | 305 | 306 |
|  Mississippi Hospital Equipment & Facilities Authority |  |  |
|  5.00%, 09/01/2046 | 500 | 478 |
|  Total Mississippi | Total Mississippi | 2542 |
| **Missouri – 1.37%** |  |  |
|  Cape Girardeau County Industrial Development Authority |  |  |
|  3.00%, 03/01/2046 | 350 | 257 |
|  4.00%, 03/01/2041 | 285 | 268 |
|  5.00%, 03/01/2036 | 100 | 101 |
|  5.50%, 05/01/2044 <sup>(2)</sup> | 465 | 427 |
|  Health & Educational Facilities Authority of the State of Missouri |  |  |
|  4.00%, 02/01/2028 | 250 | 251 |
|  4.00%, 08/01/2031 | 310 | 303 |
|  4.00%, 08/01/2036 | 590 | 543 |
|  4.00%, 08/01/2041 | 745 | 633 |
|  4.00%, 02/01/2042 | 275 | 236 |
|  4.00%, 02/01/2048 | 3220 | 2565 |
|  4.00%, 11/15/2048 | 550 | 476 |
|  5.00%, 02/01/2035 | 2045 | 2048 |
|  5.00%, 08/01/2040 | 1145 | 1110 |
|  5.00%, 02/01/2042 | 4310 | 4233 |
|  5.00%, 08/01/2045 | 250 | 233 |
|  5.00%, 02/01/2046 | 1190 | 1096 |
|  5.00%, 02/01/2046 | 1350 | 1244 |
|  5.25%, 02/01/2048 | 250 | 244 |
|  Industrial Development Authority of the City of St Louis Missouri |  |  |
|  3.88%, 11/15/2029 | 110 | 105 |
|  4.38%, 11/15/2035 | 1540 | 1394 |
|  4.75%, 11/15/2047 | 1635 | 1387 |
|  Joplin Industrial Development Authority |  |  |
|  3.50%, 11/01/2040 | 135 | 123 |
|  Kansas City Industrial Development Authority |  |  |
|  4.00%, 03/01/2050 | 4515 | 3733 |
|  4.00%, 03/01/2057 | 7365 | 5911 |

---

The accompanying notes are an integral part of these financial statements.

421.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Missouri – 1.37% – (Continued)** |  |  |
|  5.00%, 06/01/2046 <sup>(2)</sup> | $700 | $651 |
|  Kirkwood Industrial Development Authority |  |  |
|  5.25%, 05/15/2037 | 135 | 131 |
|  5.25%, 05/15/2042 | 115 | 105 |
|  Lees Summit Industrial Development Authority |  |  |
|  5.00%, 08/15/2039 | 600 | 609 |
|  5.63%, 08/15/2054 | 70 | 69 |
|  5.75%, 08/15/2059 | 60 | 59 |
|  Missouri Housing Development Commission |  |  |
|  5.50%, 05/01/2055 | 695 | 743 |
|  5.75%, 05/01/2055 | 2185 | 2375 |
|  5.75%, 05/01/2056 | 3700 | 4012 |
|  6.00%, 05/01/2055 | 775 | 851 |
|  6.00%, 05/01/2055 | 3580 | 3930 |
|  6.00%, 05/01/2056 | 1165 | 1272 |
|  Plaza at Noah's Ark Community Improvement District |  |  |
|  3.00%, 05/01/2030 | 600 | 565 |
|  St Louis County Industrial Development Authority |  |  |
|  5.00%, 12/01/2025 | 165 | 165 |
|  5.00%, 08/15/2030 | 70 | 70 |
|  5.00%, 08/15/2035 | 50 | 49 |
|  5.00%, 12/01/2035 | 135 | 131 |
|  5.00%, 09/01/2038 | 820 | 822 |
|  5.00%, 09/01/2048 | 1845 | 1713 |
|  5.13%, 08/15/2045 | 315 | 271 |
|  5.13%, 12/01/2045 | 145 | 128 |
|  5.13%, 09/01/2048 | 5425 | 5124 |
|  5.25%, 09/01/2053 | 650 | 613 |
|  St Louis Land Clearance for Redevelopment Authority |  |  |
|  5.00%, 06/01/2029 | 1000 | 1013 |
|  5.13%, 06/01/2046 | 330 | 310 |
|  5.38%, 06/01/2043 | 2995 | 2965 |
|  Taney County Industrial Development Authority |  |  |
|  6.00%, 10/01/2049 <sup>(2)</sup> | 300 | 287 |
|  Total Missouri | Total Missouri | 57954 |
| **Montana – 0.10%** |  |  |
|  City of Forsyth MT |  |  |
|  3.88%, 10/01/2032 | 1500 | 1496 |
|  City of Kalispell MT |  |  |
|  5.25%, 05/15/2037 | 810 | 807 |
|  5.25%, 05/15/2047 | 1040 | 922 |
|  5.25%, 05/15/2052 | 560 | 483 |
|  Montana Board of Housing |  |  |
|  3.50%, 06/01/2050 | 280 | 279 |
|  5.75%, 06/01/2055 | 50 | 54 |
|  Total Montana | Total Montana | 4041 |
| **Nebraska – 0.10%** |  |  |
|  Central Plains Energy Project |  |  |
|  5.00%, 09/01/2033 | 1500 | 1608 |
|  5.00%, 09/01/2035 | 1025 | 1093 |
|  5.00%, 05/01/2053 <sup>(1)</sup> | 100 | 104 |
|  Nebraska Educational Health Cultural & Social Services Finance Authority |  |  |
|  4.00%, 01/01/2037 | 400 | 381 |
|  4.00%, 01/01/2049 | 700 | 594 |

---

The accompanying notes are an integral part of these financial statements.

422.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Nebraska – 0.10% – (Continued)** |  |  |
|  Nebraska Investment Finance Authority |  |  |
|  6.00%, 09/01/2054 | $420 | $463 |
|  Total Nebraska | Total Nebraska | 4243 |
| **Nevada – 0.52%** |  |  |
|  City of Las Vegas NV Special Improvement District No 611 |  |  |
|  4.13%, 06/01/2050 | 630 | 507 |
|  City of Las Vegas NV Special Improvement District No 612 Skye Hills |  |  |
|  4.00%, 06/01/2050 | 485 | 389 |
|  City of Las Vegas NV Special Improvement District No 613 |  |  |
|  5.25%, 12/01/2047 | 550 | 528 |
|  5.50%, 12/01/2053 | 250 | 245 |
|  City of Las Vegas NV Special Improvement District No 812 |  |  |
|  5.00%, 12/01/2035 | 125 | 125 |
|  City of Las Vegas NV Special Improvement District No 814 |  |  |
|  4.00%, 06/01/2039 | 420 | 383 |
|  4.00%, 06/01/2049 | 1515 | 1214 |
|  City of Las Vegas NV Special Improvement District No 815 |  |  |
|  4.75%, 12/01/2040 | 850 | 814 |
|  5.00%, 12/01/2049 | 855 | 804 |
|  City of Las Vegas NV Special Improvement District No 816 |  |  |
|  3.00%, 06/01/2041 | 625 | 464 |
|  3.13%, 06/01/2046 | 1765 | 1217 |
|  3.13%, 06/01/2051 | 100 | 66 |
|  City of Las Vegas NV Special Improvement District No 817 |  |  |
|  6.00%, 06/01/2053 | 30 | 31 |
|  City of Las Vegas NV Special Improvement District No 818 |  |  |
|  4.50%, 12/01/2029 | 710 | 720 |
|  5.00%, 12/01/2054 | 710 | 654 |
|  City of North Las Vegas NV |  |  |
|  4.50%, 06/01/2039 | 470 | 442 |
|  4.63%, 06/01/2043 | 335 | 305 |
|  4.63%, 06/01/2049 | 580 | 511 |
|  City of Reno NV |  |  |
|  0.00%, 07/01/2058 <sup>(2)</sup> | 9500 | 1412 |
|  5.00%, 06/01/2041 <sup>(2)</sup> | 500 | 489 |
|  5.13%, 06/01/2047 <sup>(2)</sup> | 2000 | 1875 |
|  5.25%, 06/01/2054 <sup>(2)</sup> | 250 | 232 |
|  City of Sparks NV Special Improvement District No 1 |  |  |
|  5.00%, 06/01/2044 | 400 | 386 |
|  5.13%, 06/01/2054 | 1000 | 935 |
|  County of Clark NV |  |  |
|  2.10%, 06/01/2031 | 700 | 612 |
|  Las Vegas Convention & Visitors Authority |  |  |
|  5.00%, 07/01/2043 | 2500 | 2508 |
|  Las Vegas Redevelopment Agency |  |  |
|  5.00%, 06/15/2030 | 1030 | 1040 |
|  5.00%, 06/15/2040 | 990 | 989 |
|  5.00%, 06/15/2045 | 540 | 523 |
|  Las Vegas Valley Water District |  |  |
|  4.00%, 06/01/2051 | 500 | 435 |
|  Nevada Housing Division |  |  |
|  3.00%, 04/01/2051 | 250 | 246 |
|  State of Nevada Department of Business & Industry |  |  |
|  5.00%, 12/15/2048 <sup>(2)</sup> | 250 | 225 |
|  9.50%, 01/01/2065 <sup>(1)(2)</sup> | 850 | 805 |
|  Total Nevada | Total Nevada | 22131 |

---

The accompanying notes are an integral part of these financial statements.

423.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **New Hampshire – 1.99%** |  |  |
|  New Hampshire Business Finance Authority |  |  |
|  0.00%, 12/15/2033 <sup>(2)</sup> | $2800 | $1688 |
|  0.00%, 12/01/2034 <sup>(2)</sup> | 16900 | 9064 |
|  0.00%, 02/01/2035 <sup>(2)</sup> | 2500 | 1364 |
|  0.00%, 08/20/2039 <sup>(1)</sup> | 1748 | 69 |
|  0.00%, 10/20/2041 <sup>(1)</sup> | 5848 | 5422 |
|  0.00%, 07/01/2051 <sup>(1)</sup> | 3401 | 125 |
|  2.95%, 04/01/2029 <sup>(2)</sup> | 900 | 864 |
|  3.63%, 08/20/2039 | 397 | 364 |
|  3.63%, 07/01/2043 <sup>(1)(2)</sup> | 250 | 201 |
|  3.75%, 07/01/2045 <sup>(1)(2)</sup> | 3280 | 2631 |
|  3.88%, 01/20/2038 | 4747 | 4333 |
|  3.93%, 07/20/2040 <sup>(1)</sup> | 3900 | 3394 |
|  4.00%, 11/01/2027 <sup>(2)</sup> | 195 | 195 |
|  4.00%, 10/20/2036 | 4744 | 4467 |
|  4.00%, 01/01/2041 | 3425 | 2932 |
|  4.00%, 01/01/2051 | 3550 | 2625 |
|  4.06%, 11/20/2039 <sup>(1)</sup> | 3128 | 3016 |
|  4.09%, 01/20/2041 <sup>(1)</sup> | 1437 | 1293 |
|  4.09%, 01/20/2041 <sup>(1)</sup> | 1931 | 1833 |
|  4.13%, 01/20/2034 | 4072 | 4026 |
|  4.15%, 10/20/2040 <sup>(1)</sup> | 2165 | 2092 |
|  4.18%, 05/20/2042 <sup>(1)</sup> | 1905 | 1626 |
|  4.25%, 07/20/2041 | 5299 | 5054 |
|  4.38%, 09/20/2036 | 2943 | 2850 |
|  4.53%, 10/15/2034 <sup>(2)</sup> | 650 | 648 |
|  4.63%, 11/01/2042 <sup>(2)</sup> | 500 | 451 |
|  4.88%, 11/01/2042 <sup>(2)</sup> | 3220 | 2960 |
|  5.05%, 06/15/2035 <sup>(2)</sup> | 1150 | 1152 |
|  5.25%, 07/01/2039 <sup>(2)</sup> | 345 | 345 |
|  5.50%, 06/01/2055 | 1170 | 1196 |
|  5.63%, 12/15/2033 <sup>(2)</sup> | 2190 | 2228 |
|  5.63%, 07/01/2046 <sup>(2)</sup> | 185 | 181 |
|  5.75%, 07/01/2054 <sup>(2)</sup> | 1465 | 1420 |
|  5.88%, 12/15/2032 <sup>(2)</sup> | 3000 | 2947 |
|  6.25%, 12/15/2038 <sup>(2)</sup> | 1100 | 1114 |
|  New Hampshire Health & Education Facilities Authority Act |  |  |
|  4.00%, 06/01/2041 <sup>(1)</sup> | 6380 | 6380 |
|  4.00%, 11/01/2044 | 35 | 32 |
|  5.00%, 10/01/2036 | 55 | 55 |
|  5.00%, 10/01/2040 | 50 | 50 |
|  5.00%, 11/01/2043 | 80 | 81 |
|  5.00%, 10/01/2046 | 415 | 413 |
|  5.50%, 08/01/2050 | 850 | 886 |
|  New Hampshire Housing Finance Authority |  |  |
|  6.25%, 01/01/2055 | 200 | 218 |
|  6.25%, 07/01/2055 | 250 | 278 |
|  Total New Hampshire | Total New Hampshire | 84563 |
| **New Jersey – 2.14%** |  |  |
|  Essex County Improvement Authority |  |  |
|  4.00%, 06/15/2046 | 135 | 118 |
|  4.00%, 06/15/2056 | 150 | 123 |
|  New Jersey Economic Development Authority |  |  |
|  0.00%, 07/01/2026 | 170 | 165 |
|  4.00%, 11/01/2038 | 825 | 776 |
|  4.00%, 11/01/2044 | 1555 | 1366 |
|  4.00%, 08/01/2059 | 355 | 288 |

---

The accompanying notes are an integral part of these financial statements.

424.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **New Jersey – 2.14% – (Continued)** |  |  |
|  4.88%, 01/01/2029 | $1770 | $1767 |
|  5.00%, 01/01/2030 | 635 | 635 |
|  5.00%, 01/01/2031 | 500 | 502 |
|  5.00%, 01/01/2034 | 135 | 134 |
|  5.00%, 01/01/2035 | 375 | 367 |
|  5.00%, 06/15/2037 | 85 | 84 |
|  5.00%, 10/01/2037 | 6080 | 6121 |
|  5.00%, 07/01/2047 | 250 | 228 |
|  5.00%, 10/01/2047 | 7690 | 7391 |
|  5.00%, 01/01/2048 | 4220 | 3808 |
|  5.00%, 01/01/2049 | 400 | 357 |
|  5.00%, 06/15/2054 <sup>(2)</sup> | 3750 | 3440 |
|  5.13%, 01/01/2034 | 705 | 705 |
|  5.13%, 06/15/2043 | 2570 | 2433 |
|  5.25%, 09/15/2029 | 1375 | 1375 |
|  5.25%, 01/01/2044 | 560 | 511 |
|  5.50%, 01/01/2027 | 500 | 501 |
|  5.63%, 11/15/2030 | 2095 | 2096 |
|  5.63%, 11/15/2030 | 3840 | 3842 |
|  5.63%, 01/01/2052 | 3155 | 3156 |
|  5.75%, 09/15/2027 | 1050 | 1051 |
|  6.38%, 01/01/2035 <sup>(2)</sup> | 1150 | 1172 |
|  6.63%, 01/01/2045 <sup>(2)</sup> | 1470 | 1501 |
|  New Jersey Educational Facilities Authority |  |  |
|  5.00%, 07/01/2040 | 270 | 276 |
|  New Jersey Health Care Facilities Financing Authority |  |  |
|  5.00%, 07/01/2033 | 500 | 506 |
|  New Jersey Higher Education Student Assistance Authority |  |  |
|  2.50%, 12/01/2040 | 290 | 266 |
|  3.25%, 12/01/2029 | 180 | 180 |
|  3.25%, 12/01/2030 | 175 | 175 |
|  3.50%, 12/01/2039 | 1010 | 979 |
|  4.00%, 12/01/2041 | 360 | 355 |
|  4.00%, 12/01/2044 | 600 | 558 |
|  4.25%, 12/01/2045 | 310 | 302 |
|  4.50%, 12/01/2045 | 630 | 624 |
|  5.50%, 12/01/2055 | 500 | 491 |
|  New Jersey Housing & Mortgage Finance Agency |  |  |
|  6.00%, 10/01/2055 | 100 | 108 |
|  New Jersey Transportation Trust Fund Authority |  |  |
|  0.00%, 12/15/2031 | 2075 | 1659 |
|  0.00%, 12/15/2034 | 200 | 139 |
|  0.00%, 12/15/2039 | 4500 | 2373 |
|  4.00%, 06/15/2039 | 1050 | 995 |
|  4.00%, 12/15/2039 | 1500 | 1416 |
|  4.00%, 06/15/2040 | 1750 | 1645 |
|  4.00%, 06/15/2042 | 1210 | 1109 |
|  4.00%, 06/15/2046 | 1790 | 1593 |
|  4.00%, 06/15/2050 | 1565 | 1361 |
|  5.00%, 12/15/2030 | 250 | 265 |
|  5.00%, 06/15/2038 | 1675 | 1760 |
|  5.00%, 06/15/2046 | 500 | 506 |
|  5.25%, 06/15/2041 | 570 | 605 |
|  5.25%, 06/15/2046 | 695 | 716 |
|  5.25%, 06/15/2046 | 730 | 842 |
|  5.50%, 06/15/2050 | 1185 | 1387 |
|  New Jersey Turnpike Authority |  |  |
|  5.25%, 01/01/2055 | 600 | 624 |

---

The accompanying notes are an integral part of these financial statements.

425.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **New Jersey – 2.14% – (Continued)** |  |  |
|  South Jersey Transportation Authority |  |  |
|  5.00%, 11/01/2025 | $500 | $503 |
|  5.00%, 11/01/2045 | 825 | 829 |
|  Tobacco Settlement Financing Corp. |  |  |
|  5.00%, 06/01/2046 | 11050 | 10647 |
|  5.25%, 06/01/2046 | 8770 | 8828 |
|  Total New Jersey | Total New Jersey | 90635 |
| **New Mexico – 0.03%** |  |  |
|  City of Farmington NM |  |  |
|  2.15%, 04/01/2033 | 550 | 462 |
|  City of Santa Fe NM |  |  |
|  5.00%, 05/15/2044 | 200 | 188 |
|  New Mexico Mortgage Finance Authority |  |  |
|  3.50%, 07/01/2050 | 555 | 553 |
|  5.75%, 03/01/2056 | 230 | 251 |
|  Total New Mexico | Total New Mexico | 1454 |
| **New York – 5.50%** |  |  |
|  Albany Capital Resource Corp. |  |  |
|  4.75%, 06/01/2054 | 550 | 499 |
|  5.00%, 06/01/2064 | 820 | 757 |
|  Brooklyn Arena Local Development Corp. |  |  |
|  5.00%, 07/15/2026 | 2500 | 2534 |
|  5.00%, 07/15/2042 | 3990 | 3967 |
|  Build NYC Resource Corp. |  |  |
|  4.00%, 06/15/2031 <sup>(2)</sup> | 405 | 392 |
|  4.00%, 06/15/2041 <sup>(2)</sup> | 100 | 84 |
|  4.88%, 05/01/2031 <sup>(2)</sup> | 555 | 559 |
|  5.00%, 01/01/2035 <sup>(2)</sup> | 3000 | 3001 |
|  5.00%, 12/01/2041 <sup>(2)</sup> | 2550 | 2283 |
|  5.00%, 06/01/2051 <sup>(2)</sup> | 170 | 135 |
|  5.00%, 06/15/2051 <sup>(2)</sup> | 8890 | 7865 |
|  5.00%, 12/01/2051 <sup>(2)</sup> | 1760 | 1472 |
|  5.00%, 12/01/2055 <sup>(2)</sup> | 1500 | 1230 |
|  5.50%, 09/01/2045 <sup>(2)</sup> | 350 | 344 |
|  5.50%, 05/01/2048 <sup>(2)</sup> | 1390 | 1346 |
|  City of New York NY |  |  |
|  4.00%, 08/01/2050 | 350 | 303 |
|  5.00%, 03/01/2042 | 140 | 146 |
|  5.25%, 02/01/2050 | 1000 | 1040 |
|  5.25%, 02/01/2053 | 500 | 519 |
|  County of Nassau NY |  |  |
|  5.00%, 01/01/2058 <sup>(6)(7)</sup> | 2484 |  |
|  County of Sullivan NY |  |  |
|  5.35%, 11/01/2049 <sup>(2)</sup> | 350 | 336 |
|  5.35%, 11/01/2049 <sup>(2)</sup> | 1000 | 960 |
|  5.35%, 11/01/2049 <sup>(2)</sup> | 1160 | 1113 |
|  Empire State Development Corp. |  |  |
|  3.00%, 03/15/2049 | 5000 | 3547 |
|  4.00%, 03/15/2043 | 710 | 646 |
|  4.00%, 03/15/2049 | 500 | 436 |
|  5.00%, 03/15/2057 | 1000 | 1010 |
|  Glen Cove Local Economic Assistance Corp. |  |  |
|  0.00%, 01/01/2045 | 4935 | 1288 |
|  5.00%, 01/01/2056 | 2280 | 1793 |
|  5.63%, 01/01/2055 | 7115 | 6130 |

---

The accompanying notes are an integral part of these financial statements.

426.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **New York – 5.50% – (Continued)** |  |  |
|  Metropolitan Transportation Authority |  |  |
|  4.00%, 11/15/2042 | $1230 | $1090 |
|  4.00%, 11/15/2045 | 1000 | 860 |
|  4.00%, 11/15/2050 | 700 | 584 |
|  5.00%, 11/15/2050 | 225 | 223 |
|  5.00%, 11/15/2052 | 1000 | 983 |
|  New York City Housing Development Corp. |  |  |
|  5.25%, 12/15/2031 | 2525 | 2585 |
|  New York City Industrial Development Agency |  |  |
|  3.00%, 01/01/2037 | 1205 | 1057 |
|  3.00%, 01/01/2046 | 870 | 626 |
|  3.00%, 03/01/2049 | 380 | 270 |
|  4.00%, 03/01/2045 | 3500 | 3159 |
|  5.00%, 01/01/2026 | 1035 | 1044 |
|  New York City Municipal Water Finance Authority |  |  |
|  4.00%, 06/15/2052 | 1000 | 863 |
|  4.13%, 06/15/2047 | 605 | 548 |
|  New York City Transitional Finance Authority |  |  |
|  5.00%, 11/01/2046 | 200 | 206 |
|  5.00%, 11/01/2047 | 830 | 850 |
|  5.00%, 05/01/2048 | 1475 | 1507 |
|  5.00%, 05/01/2049 | 510 | 520 |
|  5.00%, 05/01/2053 | 500 | 506 |
|  5.00%, 11/01/2053 | 750 | 761 |
|  5.25%, 02/01/2053 | 1300 | 1345 |
|  5.50%, 11/01/2049 | 380 | 404 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
|  4.00%, 05/01/2044 | 315 | 284 |
|  4.00%, 02/01/2051 | 1000 | 864 |
|  4.00%, 02/01/2051 | 1000 | 877 |
|  5.00%, 02/01/2047 | 3375 | 3427 |
|  New York Liberty Development Corp. |  |  |
|  2.63%, 09/15/2069 | 400 | 368 |
|  2.80%, 09/15/2069 | 1025 | 935 |
|  2.88%, 11/15/2046 | 240 | 164 |
|  3.00%, 11/15/2051 | 1000 | 672 |
|  5.00%, 11/15/2044 <sup>(2)</sup> | 2800 | 2736 |
|  5.15%, 11/15/2034 <sup>(2)</sup> | 2920 | 2920 |
|  5.25%, 10/01/2035 | 2405 | 2697 |
|  5.38%, 11/15/2040 <sup>(2)</sup> | 7910 | 7910 |
|  New York State Dormitory Authority |  |  |
|  3.00%, 02/01/2050 | 150 | 104 |
|  4.00%, 03/15/2043 | 1000 | 917 |
|  4.00%, 03/15/2047 | 1585 | 1404 |
|  4.00%, 03/15/2054 | 2350 | 2029 |
|  4.00%, 05/01/2054 | 2735 | 2262 |
|  5.00%, 12/01/2026 <sup>(2)</sup> | 300 | 300 |
|  5.00%, 12/01/2026 <sup>(2)</sup> | 1500 | 1509 |
|  5.00%, 12/01/2027 <sup>(2)</sup> | 500 | 500 |
|  5.00%, 12/01/2028 <sup>(2)</sup> | 600 | 600 |
|  5.00%, 12/01/2028 <sup>(2)</sup> | 3300 | 3320 |
|  5.00%, 07/01/2029 | 2240 | 2241 |
|  5.00%, 12/01/2029 <sup>(2)</sup> | 450 | 450 |
|  5.00%, 12/01/2030 <sup>(2)</sup> | 1000 | 1000 |
|  5.00%, 12/01/2031 <sup>(2)</sup> | 1200 | 1203 |
|  5.00%, 12/01/2033 <sup>(2)</sup> | 700 | 695 |
|  5.00%, 12/01/2036 <sup>(2)</sup> | 100 | 95 |
|  5.00%, 03/15/2049 | 1245 | 1269 |

---

The accompanying notes are an integral part of these financial statements.

427.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **New York – 5.50% – (Continued)** |  |  |
|  5.25%, 10/01/2049 | $2940 | $2959 |
|  5.25%, 03/15/2052 | 1175 | 1215 |
|  5.50%, 11/01/2047 | 1470 | 1512 |
|  New York State Environmental Facilities Corp. |  |  |
|  2.75%, 09/01/2050 <sup>(1)</sup> | 1500 | 1494 |
|  3.13%, 12/01/2044 <sup>(1)(2)</sup> | 500 | 494 |
|  5.13%, 09/01/2050 <sup>(1)(2)</sup> | 510 | 525 |
|  New York Transportation Development Corp. |  |  |
|  0.00%, 12/31/2054 | 2210 | 1365 |
|  2.25%, 08/01/2026 | 4795 | 4720 |
|  3.00%, 08/01/2031 | 8535 | 7844 |
|  4.00%, 10/01/2030 | 775 | 762 |
|  4.00%, 01/01/2036 | 100 | 94 |
|  4.00%, 12/01/2039 | 100 | 94 |
|  4.00%, 12/01/2042 | 1315 | 1134 |
|  4.38%, 10/01/2045 | 2940 | 2622 |
|  5.00%, 08/01/2026 | 1195 | 1195 |
|  5.00%, 12/01/2026 | 365 | 374 |
|  5.00%, 12/01/2026 | 400 | 409 |
|  5.00%, 01/01/2027 | 4000 | 4059 |
|  5.00%, 12/01/2028 | 925 | 970 |
|  5.00%, 12/01/2028 | 1200 | 1259 |
|  5.00%, 01/01/2029 | 1545 | 1581 |
|  5.00%, 01/01/2030 | 100 | 102 |
|  5.00%, 01/01/2031 | 4015 | 4096 |
|  5.00%, 08/01/2031 | 11175 | 11174 |
|  5.00%, 01/01/2032 | 965 | 983 |
|  5.00%, 01/01/2033 | 500 | 508 |
|  5.00%, 01/01/2034 | 1750 | 1774 |
|  5.00%, 12/01/2034 | 400 | 416 |
|  5.00%, 12/01/2034 | 1395 | 1482 |
|  5.00%, 10/01/2035 | 6210 | 6312 |
|  5.00%, 12/01/2035 | 1250 | 1304 |
|  5.00%, 01/01/2036 | 3565 | 3593 |
|  5.00%, 12/01/2037 | 500 | 510 |
|  5.00%, 12/01/2039 | 885 | 894 |
|  5.00%, 10/01/2040 | 2460 | 2447 |
|  5.00%, 12/01/2040 | 560 | 563 |
|  5.00%, 07/01/2041 | 685 | 685 |
|  5.00%, 12/01/2041 | 810 | 807 |
|  5.00%, 12/01/2042 | 560 | 551 |
|  5.00%, 07/01/2046 | 1955 | 1893 |
|  5.13%, 06/30/2060 | 750 | 736 |
|  5.25%, 08/01/2031 | 1200 | 1227 |
|  5.25%, 01/01/2050 | 1325 | 1305 |
|  5.25%, 12/31/2054 | 2380 | 2382 |
|  5.38%, 08/01/2036 | 1415 | 1443 |
|  5.50%, 06/30/2054 | 2300 | 2315 |
|  5.50%, 12/31/2060 | 9180 | 9178 |
|  5.63%, 04/01/2040 | 1415 | 1454 |
|  6.00%, 04/01/2035 | 1790 | 1947 |
|  6.00%, 06/30/2054 | 4350 | 4494 |
|  Niagara Area Development Corp. |  |  |
|  4.75%, 11/01/2042 <sup>(2)</sup> | 4645 | 4207 |
|  Oneida Indian Nation of New York |  |  |
|  6.00%, 09/01/2043 <sup>(2)</sup> | 300 | 316 |
|  7.25%, 09/01/2034 <sup>(2)</sup> | 825 | 829 |

---

The accompanying notes are an integral part of these financial statements.

428.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **New York – 5.50% – (Continued)** |  |  |
|  Onondaga Civic Development Corp. |  |  |
|  5.38%, 08/01/2054 | $480 | $378 |
|  5.50%, 12/01/2056 | 400 | 424 |
|  Port Authority of New York & New Jersey |  |  |
|  5.50%, 08/01/2052 | 1000 | 1029 |
|  State of New York Mortgage Agency Homeowner Mortgage Revenue |  |  |
|  3.25%, 10/01/2051 | 460 | 455 |
|  4.65%, 10/01/2050 | 1675 | 1611 |
|  Suffolk Regional Off-Track Betting Corp. |  |  |
|  5.75%, 12/01/2044 | 750 | 767 |
|  6.00%, 12/01/2053 | 550 | 562 |
|  Tompkins County Development Corp. |  |  |
|  5.00%, 07/01/2034 | 160 | 160 |
|  Triborough Bridge & Tunnel Authority |  |  |
|  4.00%, 11/15/2054 | 1500 | 1276 |
|  5.00%, 11/15/2054 | 1500 | 1514 |
|  5.25%, 05/15/2054 | 950 | 981 |
|  5.50%, 12/01/2059 | 1235 | 1297 |
|  Westchester County Local Development Corp. |  |  |
|  5.00%, 01/01/2037 | 525 | 544 |
|  5.00%, 01/01/2041 | 500 | 506 |
|  5.00%, 11/01/2046 | 600 | 538 |
|  5.75%, 11/01/2048 | 1150 | 1233 |
|  5.75%, 11/01/2049 | 1250 | 1336 |
|  Yonkers Economic Development Corp. |  |  |
|  4.00%, 10/15/2029 | 200 | 198 |
|  5.00%, 10/15/2039 | 315 | 310 |
|  Total New York | Total New York | 233205 |
| **North Carolina – 1.36%** |  |  |
|  City of Charlotte NC Airport Revenue |  |  |
|  4.00%, 07/01/2038 | 1525 | 1476 |
|  4.00%, 07/01/2039 | 1670 | 1594 |
|  4.00%, 07/01/2040 | 2030 | 1910 |
|  4.00%, 07/01/2041 | 1500 | 1374 |
|  Greater Asheville Regional Airport Authority |  |  |
|  5.50%, 07/01/2047 | 3950 | 4070 |
|  North Carolina Housing Finance Agency |  |  |
|  3.00%, 07/01/2051 | 690 | 680 |
|  3.20%, 07/01/2056 <sup>(1)</sup> | 850 | 850 |
|  5.00%, 07/01/2047 | 135 | 130 |
|  6.25%, 01/01/2055 | 150 | 163 |
|  6.25%, 01/01/2055 | 170 | 188 |
|  6.25%, 01/01/2056 | 875 | 979 |
|  North Carolina Medical Care Commission |  |  |
|  4.00%, 03/01/2031 | 575 | 572 |
|  4.00%, 03/01/2036 | 160 | 152 |
|  4.00%, 10/01/2040 | 110 | 98 |
|  4.00%, 03/01/2041 | 2225 | 1969 |
|  4.00%, 09/01/2041 | 75 | 66 |
|  4.00%, 03/01/2042 | 1830 | 1597 |
|  4.00%, 09/01/2047 | 1065 | 867 |
|  4.00%, 03/01/2051 | 4240 | 3314 |
|  4.00%, 09/01/2051 | 65 | 51 |
|  4.00%, 01/01/2052 | 60 | 45 |
|  4.70%, 07/01/2037 | 735 | 567 |
|  4.88%, 07/01/2040 | 915 | 673 |
|  5.00%, 10/01/2025 | 385 | 385 |

---

The accompanying notes are an integral part of these financial statements.

429.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **North Carolina – 1.36% – (Continued)** |  |  |
|  5.00%, 10/01/2025 | $1000 | $1002 |
|  5.00%, 10/01/2030 | 550 | 550 |
|  5.00%, 10/01/2030 | 2100 | 2101 |
|  5.00%, 01/01/2031 | 625 | 623 |
|  5.00%, 10/01/2031 | 3070 | 3103 |
|  5.00%, 10/01/2035 | 325 | 328 |
|  5.00%, 10/01/2037 | 355 | 356 |
|  5.00%, 01/01/2038 | 2945 | 2963 |
|  5.00%, 01/01/2039 | 1225 | 1131 |
|  5.00%, 07/01/2039 | 1110 | 1099 |
|  5.00%, 10/01/2040 | 1325 | 1328 |
|  5.00%, 10/01/2043 | 2000 | 1746 |
|  5.00%, 07/01/2044 | 1100 | 1036 |
|  5.00%, 09/01/2044 | 1260 | 1223 |
|  5.00%, 07/01/2045 | 300 | 206 |
|  5.00%, 10/01/2045 | 1270 | 1233 |
|  5.00%, 07/01/2047 | 80 | 53 |
|  5.00%, 01/01/2049 | 785 | 745 |
|  5.00%, 07/01/2049 | 1900 | 1732 |
|  5.00%, 10/01/2049 | 750 | 728 |
|  5.00%, 10/01/2050 | 500 | 443 |
|  5.25%, 10/01/2037 | 360 | 350 |
|  5.38%, 10/01/2045 | 1800 | 1632 |
|  5.50%, 09/01/2044 | 1405 | 1405 |
|  5.50%, 09/01/2054 | 175 | 168 |
|  North Carolina State Education Assistance Authority |  |  |
|  5.00%, 06/01/2043 | 350 | 355 |
|  5.00%, 06/01/2045 | 705 | 713 |
|  North Carolina Turnpike Authority |  |  |
|  4.00%, 01/01/2055 | 3730 | 3063 |
|  5.00%, 01/01/2032 | 1000 | 1022 |
|  5.00%, 07/01/2051 | 1055 | 1034 |
|  5.00%, 07/01/2054 | 585 | 566 |
|  Total North Carolina | Total North Carolina | 57807 |
| **North Dakota – 0.10%** |  |  |
|  City of Horace ND |  |  |
|  4.50%, 05/01/2039 | 500 | 481 |
|  5.00%, 05/01/2050 | 1500 | 1421 |
|  County of Ward ND |  |  |
|  5.00%, 06/01/2038 | 500 | 482 |
|  5.00%, 06/01/2043 | 50 | 47 |
|  North Dakota Housing Finance Agency |  |  |
|  6.00%, 07/01/2054 | 35 | 38 |
|  6.00%, 07/01/2055 | 985 | 1086 |
|  6.25%, 01/01/2055 | 565 | 626 |
|  Total North Dakota | Total North Dakota | 4181 |
| **Ohio – 4.08%** |  |  |
|  Akron Bath Copley Joint Township Hospital District |  |  |
|  4.00%, 11/15/2033 | 425 | 426 |
|  4.00%, 11/15/2034 | 500 | 499 |
|  4.00%, 11/15/2036 | 2000 | 1974 |
|  4.00%, 11/15/2037 | 1600 | 1570 |
|  Buckeye Tobacco Settlement Financing Authority |  |  |
|  4.00%, 06/01/2048 | 300 | 249 |
|  5.00%, 06/01/2034 | 890 | 921 |
|  5.00%, 06/01/2055 | 67690 | 57707 |

---

The accompanying notes are an integral part of these financial statements.

430.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Ohio – 4.08% – (Continued)** |  |  |
|  Butler County Port Authority |  |  |
|  4.00%, 05/15/2033 | $110 | $107 |
|  4.00%, 05/15/2046 | 1000 | 811 |
|  City of Centerville OH |  |  |
|  5.00%, 11/01/2025 | 420 | 420 |
|  5.25%, 11/01/2037 | 600 | 585 |
|  5.25%, 11/01/2047 | 150 | 133 |
|  City of Norwood OH |  |  |
|  5.00%, 12/01/2035 | 1500 | 1529 |
|  Cleveland-Cuyahoga County Port Authority |  |  |
|  4.00%, 12/01/2055 <sup>(2)</sup> | 1140 | 862 |
|  4.50%, 12/01/2055 <sup>(2)</sup> | 400 | 319 |
|  5.25%, 12/01/2038 | 500 | 505 |
|  5.50%, 12/01/2043 | 240 | 241 |
|  5.50%, 12/01/2053 | 2700 | 2619 |
|  5.88%, 01/01/2049 <sup>(2)</sup> | 275 | 266 |
|  Columbus-Franklin County Finance Authority |  |  |
|  5.00%, 12/01/2051 | 1000 | 942 |
|  County of Butler OH |  |  |
|  5.00%, 11/15/2045 | 75 | 72 |
|  County of Cuyahoga OH |  |  |
|  5.00%, 02/15/2042 | 5355 | 5163 |
|  5.00%, 02/15/2052 | 1000 | 918 |
|  5.00%, 02/15/2057 | 205 | 189 |
|  5.50%, 02/15/2052 | 5895 | 5767 |
|  5.50%, 02/15/2057 | 7850 | 7616 |
|  County of Franklin OH |  |  |
|  4.00%, 07/01/2033 | 385 | 370 |
|  4.00%, 07/01/2033 | 665 | 639 |
|  4.00%, 07/01/2036 | 625 | 569 |
|  County of Hamilton OH |  |  |
|  5.00%, 01/01/2037 | 230 | 231 |
|  5.00%, 01/01/2042 | 1000 | 984 |
|  5.00%, 01/01/2046 | 2235 | 2140 |
|  5.00%, 01/01/2047 | 500 | 479 |
|  5.00%, 09/15/2050 | 2040 | 1920 |
|  5.00%, 01/01/2052 | 570 | 538 |
|  5.50%, 01/01/2043 | 500 | 512 |
|  5.50%, 08/01/2051 | 585 | 577 |
|  5.75%, 01/01/2053 | 400 | 408 |
|  County of Lucas OH |  |  |
|  5.25%, 11/15/2048 | 2840 | 2735 |
|  County of Marion OH |  |  |
|  5.00%, 12/01/2039 | 110 | 89 |
|  5.13%, 12/01/2049 | 700 | 516 |
|  County of Muskingum OH |  |  |
|  5.00%, 02/15/2033 | 1000 | 1004 |
|  5.00%, 02/15/2044 | 340 | 324 |
|  5.00%, 02/15/2048 | 2080 | 1943 |
|  County of Warren OH |  |  |
|  4.00%, 07/01/2045 | 460 | 395 |
|  5.00%, 07/01/2039 | 800 | 800 |
|  5.00%, 07/01/2054 | 500 | 471 |
|  County of Washington OH |  |  |
|  6.75%, 12/01/2052 | 1140 | 1182 |
|  Franklin County Convention Facilities Authority Hotel Project Revenue |  |  |
|  5.00%, 12/01/2044 | 3165 | 2951 |
|  5.00%, 12/01/2051 | 2645 | 2346 |

---

The accompanying notes are an integral part of these financial statements.

431.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Ohio – 4.08% – (Continued)** |  |  |
|  Hickory Chase Community Authority |  |  |
|  5.00%, 12/01/2040 <sup>(2)</sup> | $400 | $388 |
|  Ohio Air Quality Development Authority |  |  |
|  1.50%, 02/01/2026 <sup>(1)</sup> | 300 | 296 |
|  2.50%, 11/01/2042 <sup>(1)</sup> | 500 | 470 |
|  2.60%, 06/01/2041 <sup>(1)</sup> | 1665 | 1572 |
|  2.88%, 02/01/2026 | 1000 | 991 |
|  3.25%, 09/01/2029 | 2585 | 2526 |
|  3.65%, 12/01/2027 | 1075 | 1070 |
|  3.70%, 07/01/2028 | 3760 | 3731 |
|  3.70%, 10/01/2028 | 2750 | 2725 |
|  3.75%, 01/01/2029 | 925 | 917 |
|  4.00%, 09/01/2030 <sup>(1)</sup> | 85 | 86 |
|  4.25%, 01/15/2038 <sup>(2)</sup> | 2000 | 1922 |
|  4.25%, 11/01/2039 <sup>(1)</sup> | 4220 | 4264 |
|  4.25%, 11/01/2040 <sup>(1)</sup> | 1785 | 1805 |
|  4.50%, 01/15/2048 <sup>(2)</sup> | 3385 | 3054 |
|  5.00%, 07/01/2049 <sup>(2)</sup> | 11720 | 10376 |
|  Ohio Higher Educational Facility Commission |  |  |
|  3.60%, 01/01/2039 <sup>(1)</sup> | 1700 | 1700 |
|  5.00%, 12/01/2045 | 300 | 279 |
|  5.00%, 12/01/2050 | 725 | 654 |
|  5.25%, 01/01/2047 | 500 | 497 |
|  5.25%, 01/01/2052 | 250 | 246 |
|  Ohio Housing Finance Agency |  |  |
|  5.70%, 08/01/2043 <sup>(2)</sup> | 1275 | 1290 |
|  6.00%, 01/01/2045 <sup>(2)</sup> | 1930 | 1827 |
|  6.25%, 03/01/2055 | 445 | 484 |
|  6.25%, 03/01/2056 | 1055 | 1163 |
|  6.38%, 01/01/2045 <sup>(2)</sup> | 2365 | 2372 |
|  Port of Greater Cincinnati Development Authority |  |  |
|  6.50%, 01/01/2045 <sup>(2)</sup> | 2500 | 2521 |
|  Southeastern Ohio Port Authority |  |  |
|  5.50%, 12/01/2043 | 1000 | 878 |
|  State of Ohio |  |  |
|  4.00%, 01/15/2038 | 70 | 67 |
|  4.00%, 01/15/2039 | 135 | 128 |
|  5.00%, 12/01/2048 <sup>(2)</sup> | 800 | 699 |
|  5.00%, 01/15/2050 | 1170 | 1148 |
|  Summit County Development Finance Authority |  |  |
|  5.63%, 12/01/2048 | 1630 | 1678 |
|  5.75%, 12/01/2053 | 2570 | 2643 |
|  Total Ohio | Total Ohio | 173000 |
| **Oklahoma – 0.65%** |  |  |
|  Norman Regional Hospital Authority |  |  |
|  3.25%, 09/01/2039 | 350 | 249 |
|  4.00%, 09/01/2037 | 495 | 397 |
|  4.00%, 09/01/2045 | 3060 | 2206 |
|  5.00%, 09/01/2027 | 280 | 275 |
|  5.00%, 09/01/2037 | 780 | 701 |
|  5.00%, 09/01/2045 | 820 | 684 |
|  Oklahoma County Finance Authority |  |  |
|  2.00%, 12/01/2047 | 510 | 25 |
|  5.88%, 12/01/2047 | 2478 | 1541 |
|  6.25%, 06/15/2054 <sup>(2)</sup> | 2120 | 2009 |
|  6.50%, 06/15/2064 <sup>(2)</sup> | 155 | 150 |

---

The accompanying notes are an integral part of these financial statements.

432.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Oklahoma – 0.65% – (Continued)** |  |  |
|  Oklahoma Development Finance Authority |  |  |
|  5.25%, 08/15/2048 | $3710 | $3582 |
|  5.50%, 08/15/2052 | 250 | 247 |
|  5.50%, 08/15/2057 | 2555 | 2501 |
|  7.25%, 09/01/2051 <sup>(2)</sup> | 500 | 481 |
|  Oklahoma Housing Finance Agency |  |  |
|  6.00%, 09/01/2054 | 320 | 349 |
|  6.25%, 09/01/2055 | 345 | 382 |
|  6.25%, 09/01/2056 | 1395 | 1562 |
|  Oklahoma Turnpike Authority |  |  |
|  4.50%, 01/01/2053 | 1500 | 1437 |
|  5.50%, 01/01/2053 | 1500 | 1564 |
|  5.50%, 01/01/2054 | 315 | 334 |
|  Tulsa County Industrial Authority |  |  |
|  5.00%, 11/15/2029 | 400 | 406 |
|  5.25%, 11/15/2037 | 1085 | 1090 |
|  5.25%, 11/15/2045 | 1595 | 1549 |
|  Tulsa Municipal Airport Trust Trustees |  |  |
|  5.50%, 12/01/2035 | 745 | 745 |
|  6.25%, 12/01/2035 | 2275 | 2513 |
|  6.25%, 12/01/2040 | 550 | 597 |
|  Total Oklahoma | Total Oklahoma | 27576 |
| **Oregon – 0.57%** |  |  |
|  City of Portland OR Sewer System Revenue |  |  |
|  5.00%, 10/01/2049 | 450 | 462 |
|  5.00%, 10/01/2054 | 565 | 576 |
|  Clackamas County Hospital Facility Authority |  |  |
|  5.00%, 11/15/2032 | 35 | 35 |
|  5.00%, 11/15/2037 | 35 | 35 |
|  5.00%, 11/15/2047 | 95 | 87 |
|  5.00%, 11/15/2052 | 645 | 573 |
|  Hospital Facilities Authority of Multnomah County Oregon |  |  |
|  4.00%, 12/01/2036 | 825 | 751 |
|  4.00%, 12/01/2041 | 1170 | 968 |
|  4.00%, 12/01/2051 | 1050 | 755 |
|  4.00%, 12/01/2056 | 905 | 628 |
|  Klamath Falls Intercommunity Hospital Authority |  |  |
|  5.00%, 09/01/2031 | 200 | 202 |
|  5.00%, 09/01/2032 | 270 | 272 |
|  5.00%, 09/01/2046 | 1000 | 989 |
|  Oregon State Facilities Authority |  |  |
|  5.00%, 06/01/2052 | 325 | 318 |
|  5.50%, 06/15/2045 <sup>(2)</sup> | 375 | 368 |
|  5.63%, 06/15/2055 <sup>(2)</sup> | 810 | 784 |
|  6.00%, 06/15/2065 <sup>(2)</sup> | 590 | 592 |
|  Polk County Hospital Facility Authority |  |  |
|  5.50%, 07/01/2050 | 25 | 24 |
|  Port of Portland OR Airport Revenue |  |  |
|  4.00%, 07/01/2040 | 5800 | 5440 |
|  Salem Hospital Facility Authority |  |  |
|  4.00%, 05/15/2040 | 1975 | 1758 |
|  4.00%, 05/15/2047 | 975 | 779 |
|  4.00%, 05/15/2057 | 3400 | 2524 |
|  5.00%, 05/15/2048 | 750 | 690 |
|  5.00%, 05/15/2053 | 2000 | 1797 |
|  State of Oregon |  |  |
|  3.50%, 12/01/2050 | 330 | 329 |

---

The accompanying notes are an integral part of these financial statements.

433.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Oregon – 0.57% – (Continued)** |  |  |
|  5.25%, 05/01/2045 | $450 | $481 |
|  State of Oregon Housing & Community Services Department |  |  |
|  6.50%, 07/01/2054 | 1900 | 2107 |
|  Total Oregon | Total Oregon | 24324 |
| **Other Territory – 0.25%** |  |  |
|  Freddie Mac Multifamily ML Certificates |  |  |
|  0.00%, 06/25/2035 <sup>(1)(2)</sup> | 4883 | 301 |
|  0.00%, 11/25/2038 <sup>(1)</sup> | 2480 | 2313 |
|  0.00%, 12/25/2038 <sup>(1)</sup> | 3480 | 3045 |
|  0.00%, 05/25/2041 <sup>(1)</sup> | 893 | 852 |
|  0.00%, 04/25/2043 <sup>(1)</sup> | 345 | 300 |
|  2.75%, 11/25/2035 <sup>(2)</sup> | 241 | 218 |
|  4.14%, 01/25/2040 <sup>(1)</sup> | 735 | 707 |
|  4.53%, 11/25/2042 <sup>(8)</sup> | 2065 | 2047 |
|  4.76%, 08/25/2041 <sup>(8)</sup> | 847 | 853 |
|  Total Other Territory | Total Other Territory | 10636 |
| **Pennsylvania – 4.01%** |  |  |
|  Adams County General Authority |  |  |
|  5.00%, 06/01/2054 | 415 | 383 |
|  5.00%, 06/01/2059 | 75 | 68 |
|  Allentown Neighborhood Improvement Zone Development Authority |  |  |
|  5.00%, 05/01/2027 <sup>(2)</sup> | 500 | 512 |
|  5.00%, 05/01/2028 | 20 | 21 |
|  5.00%, 05/01/2030 | 25 | 26 |
|  5.00%, 05/01/2032 <sup>(2)</sup> | 2260 | 2294 |
|  5.00%, 05/01/2036 | 850 | 888 |
|  5.00%, 05/01/2042 <sup>(2)</sup> | 2675 | 2608 |
|  5.00%, 05/01/2042 | 3875 | 3916 |
|  5.00%, 05/01/2042 <sup>(2)</sup> | 4955 | 4825 |
|  5.00%, 05/01/2042 <sup>(2)</sup> | 5925 | 5815 |
|  5.25%, 05/01/2042 <sup>(2)</sup> | 535 | 529 |
|  5.38%, 05/01/2042 <sup>(2)</sup> | 645 | 635 |
|  6.00%, 05/01/2042 <sup>(2)</sup> | 295 | 297 |
|  Berks County Industrial Development Authority |  |  |
|  5.00%, 05/15/2047 | 280 | 258 |
|  Berks County Municipal Authority |  |  |
|  0.00%, 06/30/2044 | 2595 | 1474 |
|  0.00%, 06/30/2044 | 10572 | 7633 |
|  5.00%, 06/30/2039 | 5505 | 5082 |
|  6.00%, 06/30/2034 | 817 | 865 |
|  7.00%, 06/30/2039 | 4026 | 3532 |
|  8.00%, 06/30/2034 | 1129 | 1152 |
|  Bucks County Industrial Development Authority |  |  |
|  4.00%, 08/15/2050 | 250 | 210 |
|  4.00%, 07/01/2051 | 250 | 194 |
|  5.00%, 07/01/2028 | 500 | 518 |
|  5.00%, 07/01/2029 | 500 | 523 |
|  5.00%, 07/01/2030 | 675 | 711 |
|  Butler County Hospital Authority |  |  |
|  5.00%, 07/01/2035 | 570 | 553 |
|  5.00%, 07/01/2039 | 320 | 289 |
|  Chester County Industrial Development Authority |  |  |
|  4.50%, 10/01/2049 <sup>(2)</sup> | 500 | 421 |
|  4.50%, 10/01/2064 <sup>(2)</sup> | 2285 | 1795 |
|  5.00%, 03/01/2027 | 555 | 563 |
|  5.00%, 03/01/2038 <sup>(2)</sup> | 380 | 368 |

---

The accompanying notes are an integral part of these financial statements.

434.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Pennsylvania – 4.01% – (Continued)** |  |  |
|  5.13%, 03/01/2048 <sup>(2)</sup> | $760 | $690 |
|  5.88%, 10/15/2047 <sup>(2)</sup> | 3385 | 3372 |
|  Crawford County Hospital Authority |  |  |
|  6.00%, 06/01/2036 | 200 | 202 |
|  Cumberland County Municipal Authority |  |  |
|  4.50%, 01/01/2036 <sup>(2)</sup> | 270 | 255 |
|  4.50%, 01/01/2040 <sup>(2)</sup> | 3825 | 3392 |
|  4.50%, 01/01/2041 <sup>(2)</sup> | 285 | 249 |
|  5.00%, 01/01/2031 | 500 | 501 |
|  5.00%, 01/01/2034 | 100 | 100 |
|  5.00%, 01/01/2039 | 610 | 582 |
|  5.00%, 01/01/2045 | 375 | 330 |
|  Doylestown Hospital Authority |  |  |
|  4.00%, 07/01/2045 | 675 | 587 |
|  5.00%, 07/01/2046 | 340 | 334 |
|  5.00%, 07/01/2049 | 160 | 172 |
|  5.00%, 07/01/2049 | 2170 | 2121 |
|  5.38%, 07/01/2039 <sup>(2)</sup> | 145 | 154 |
|  DuBois Hospital Authority |  |  |
|  4.00%, 07/15/2043 | 545 | 443 |
|  4.00%, 07/15/2048 | 585 | 447 |
|  4.00%, 07/15/2051 | 1250 | 916 |
|  5.00%, 07/15/2035 | 205 | 202 |
|  East Hempfield Township Industrial Development Authority |  |  |
|  5.00%, 07/01/2030 | 55 | 55 |
|  5.00%, 07/01/2035 | 70 | 70 |
|  Franklin County Industrial Development Authority |  |  |
|  5.00%, 12/01/2043 | 180 | 161 |
|  5.00%, 12/01/2048 | 90 | 77 |
|  5.00%, 12/01/2053 | 595 | 495 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia |  |  |
|  5.00%, 07/01/2028 | 340 | 348 |
|  5.00%, 07/01/2030 | 850 | 866 |
|  5.00%, 07/01/2031 | 1915 | 1947 |
|  5.00%, 07/01/2033 | 560 | 566 |
|  5.00%, 07/01/2034 | 2000 | 2018 |
|  Lancaster County Hospital Authority |  |  |
|  5.00%, 07/01/2030 | 220 | 221 |
|  5.00%, 07/01/2031 | 560 | 563 |
|  5.00%, 07/01/2032 | 560 | 561 |
|  5.00%, 12/01/2032 | 250 | 242 |
|  5.00%, 12/01/2037 | 820 | 738 |
|  5.00%, 07/01/2045 | 1970 | 1828 |
|  5.00%, 12/01/2047 | 2010 | 1577 |
|  5.25%, 07/01/2035 | 15 | 15 |
|  5.50%, 07/01/2045 | 70 | 66 |
|  Lancaster Industrial Development Authority |  |  |
|  4.00%, 07/01/2051 | 250 | 195 |
|  Latrobe Industrial Development Authority |  |  |
|  4.00%, 03/01/2037 | 450 | 404 |
|  4.00%, 03/01/2039 | 320 | 276 |
|  4.00%, 03/01/2040 | 500 | 421 |
|  4.00%, 03/01/2046 | 750 | 581 |
|  4.00%, 03/01/2051 | 800 | 598 |
|  Monroe County Hospital Authority |  |  |
|  5.10%, 06/15/2039 <sup>(2)</sup> | 2005 | 1910 |
|  8.00%, 06/15/2039 <sup>(2)</sup> | 1485 | 1476 |

---

The accompanying notes are an integral part of these financial statements.

435.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Pennsylvania – 4.01% – (Continued)** |  |  |
|  Montgomery County Higher Education & Health Authority |  |  |
|  4.00%, 12/01/2048 | $220 | $175 |
|  5.00%, 12/01/2037 | 710 | 713 |
|  5.00%, 09/01/2043 | 345 | 346 |
|  Montgomery County Industrial Development Authority |  |  |
|  4.10%, 04/01/2053 <sup>(1)</sup> | 1230 | 1257 |
|  5.00%, 11/15/2036 | 145 | 146 |
|  5.00%, 12/01/2046 | 250 | 229 |
|  5.00%, 11/15/2055 | 1500 | 1416 |
|  5.25%, 01/01/2040 | 1750 | 1662 |
|  5.38%, 01/01/2050 | 960 | 843 |
|  Pennsylvania Economic Development Financing Authority |  |  |
|  3.00%, 10/15/2046 | 200 | 146 |
|  3.25%, 08/01/2039 <sup>(2)</sup> | 1030 | 821 |
|  4.00%, 07/01/2033 | 500 | 499 |
|  4.00%, 07/01/2046 | 565 | 475 |
|  4.25%, 08/01/2038 <sup>(1)</sup> | 3000 | 3001 |
|  5.00%, 12/31/2026 | 500 | 507 |
|  5.00%, 12/31/2034 | 1250 | 1254 |
|  5.00%, 12/31/2038 | 4750 | 4731 |
|  5.00%, 06/30/2042 | 2120 | 2072 |
|  5.25%, 07/01/2046 | 55 | 55 |
|  5.25%, 07/01/2049 | 350 | 351 |
|  5.25%, 06/30/2053 | 1000 | 1000 |
|  5.45%, 01/01/2051 <sup>(1)(2)</sup> | 4130 | 4214 |
|  5.50%, 06/30/2040 | 270 | 283 |
|  5.50%, 06/30/2041 | 160 | 166 |
|  5.50%, 06/30/2043 | 160 | 164 |
|  5.50%, 11/01/2044 | 595 | 595 |
|  5.75%, 06/30/2048 | 8345 | 8599 |
|  6.00%, 06/30/2061 | 4715 | 4938 |
|  Pennsylvania Higher Education Assistance Agency |  |  |
|  2.45%, 06/01/2041 | 265 | 235 |
|  2.63%, 06/01/2042 | 1760 | 1548 |
|  4.00%, 06/01/2044 | 350 | 340 |
|  4.13%, 06/01/2045 | 150 | 143 |
|  4.75%, 06/01/2046 | 645 | 635 |
|  5.00%, 06/01/2031 | 1075 | 1128 |
|  5.50%, 06/01/2052 | 910 | 893 |
|  Pennsylvania Higher Educational Facilities Authority |  |  |
|  3.71% (3 Month Term SOFR + 0.65%), 07/01/2039 <sup>(5)</sup> | 570 | 525 |
|  Pennsylvania Housing Finance Agency |  |  |
|  3.50%, 04/01/2049 | 95 | 95 |
|  5.00%, 10/01/2052 | 750 | 771 |
|  5.75%, 10/01/2053 | 3140 | 3329 |
|  6.00%, 10/01/2054 | 345 | 373 |
|  6.00%, 10/01/2054 | 590 | 637 |
|  6.25%, 10/01/2054 | 125 | 137 |
|  Pennsylvania Turnpike Commission |  |  |
|  4.00%, 12/01/2045 | 2000 | 1804 |
|  4.00%, 12/01/2046 | 2000 | 1788 |
|  4.00%, 12/01/2050 | 1880 | 1626 |
|  4.00%, 12/01/2051 | 1310 | 1143 |
|  5.25%, 12/01/2052 | 2385 | 2451 |
|  5.25%, 12/01/2054 | 480 | 499 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue |  |  |
|  4.00%, 12/01/2051 | 3995 | 3473 |

---

The accompanying notes are an integral part of these financial statements.

436.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Pennsylvania – 4.01% – (Continued)** |  |  |
|  Philadelphia Authority for Industrial Development |  |  |
|  4.00%, 06/01/2031 | $520 | $507 |
|  4.00%, 06/01/2041 | 750 | 634 |
|  4.00%, 06/01/2051 | 800 | 605 |
|  4.00%, 06/01/2056 | 850 | 623 |
|  5.00%, 08/01/2030 | 185 | 189 |
|  5.00%, 08/01/2030 | 255 | 262 |
|  5.00%, 07/01/2031 | 205 | 207 |
|  5.00%, 07/01/2032 | 600 | 604 |
|  5.00%, 07/01/2037 | 365 | 361 |
|  5.00%, 06/15/2039 <sup>(2)</sup> | 305 | 299 |
|  5.00%, 06/15/2039 | 500 | 466 |
|  5.00%, 06/15/2040 <sup>(2)</sup> | 900 | 862 |
|  5.00%, 08/01/2040 | 620 | 615 |
|  5.00%, 07/01/2042 | 145 | 136 |
|  5.00%, 06/15/2043 <sup>(2)</sup> | 215 | 204 |
|  5.00%, 06/15/2050 | 1375 | 1167 |
|  5.00%, 06/15/2050 <sup>(2)</sup> | 1700 | 1530 |
|  5.00%, 08/01/2050 | 340 | 309 |
|  5.00%, 08/01/2050 | 1050 | 998 |
|  5.25%, 11/01/2052 | 3030 | 2982 |
|  Quakertown General Authority |  |  |
|  6.50%, 03/01/2055 <sup>(2)</sup> | 950 | 934 |
|  Susquehanna Area Regional Airport Authority |  |  |
|  5.00%, 01/01/2035 | 2600 | 2607 |
|  5.00%, 01/01/2038 | 4125 | 4106 |
|  West Cornwall Township Municipal Authority |  |  |
|  4.00%, 11/15/2041 | 845 | 736 |
|  4.00%, 11/15/2046 | 1050 | 853 |
|  5.00%, 12/15/2038 | 250 | 244 |
|  Westmoreland County Industrial Development Authority |  |  |
|  4.00%, 07/01/2037 | 435 | 402 |
|  Total Pennsylvania | Total Pennsylvania | 169955 |
|  **Puerto Rico – 8.06%** |  |  |
|  Commonwealth of Puerto Rico |  |  |
|  0.00%, 07/01/2033 | 4897 | 3386 |
|  0.00%, 11/01/2043 <sup>(1)</sup> | 37097 | 22815 |
|  0.00%, 11/01/2051 <sup>(1)</sup> | 8907 | 2928 |
|  0.00%, 11/01/2051 <sup>(1)</sup> | 18191 | 9732 |
|  0.00%, 11/01/2051 <sup>(1)</sup> | 42819 | 27030 |
|  4.00%, 07/01/2033 | 9112 | 8890 |
|  4.00%, 07/01/2035 | 5767 | 5552 |
|  4.00%, 07/01/2037 | 6595 | 6284 |
|  4.00%, 07/01/2041 | 8001 | 7110 |
|  4.00%, 07/01/2046 | 4477 | 3825 |
|  5.38%, 07/01/2025 | 13011 | 13011 |
|  5.63%, 07/01/2027 | 4652 | 4788 |
|  5.63%, 07/01/2029 | 3342 | 3525 |
|  5.75%, 07/01/2031 | 8248 | 8896 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority |  |  |
|  4.00%, 07/01/2042 <sup>(2)</sup> | 2320 | 2020 |
|  4.00%, 07/01/2042 <sup>(2)</sup> | 8960 | 7790 |
|  4.00%, 07/01/2042 <sup>(2)</sup> | 15915 | 13821 |
|  4.00%, 07/01/2047 <sup>(2)</sup> | 1250 | 1024 |
|  4.00%, 07/01/2047 <sup>(2)</sup> | 4680 | 3833 |
|  5.00%, 07/01/2027 <sup>(2)</sup> | 1070 | 1090 |
|  5.00%, 07/01/2029 <sup>(2)</sup> | 1660 | 1717 |

---

The accompanying notes are an integral part of these financial statements.

437.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Puerto Rico – 8.06% – (Continued)** |  |  |
|  5.00%, 07/01/2029 <sup>(2)</sup> | $3395 | $3511 |
|  5.00%, 07/01/2030 <sup>(2)</sup> | 16360 | 17002 |
|  5.00%, 07/01/2033 <sup>(2)</sup> | 475 | 494 |
|  5.00%, 07/01/2033 <sup>(2)</sup> | 5620 | 5825 |
|  5.00%, 07/01/2035 <sup>(2)</sup> | 11815 | 12138 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 1145 | 1173 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 3080 | 3167 |
|  5.00%, 07/01/2037 <sup>(2)</sup> | 6215 | 6368 |
|  5.00%, 07/01/2047 <sup>(2)</sup> | 7660 | 7434 |
|  Puerto Rico Electric Power Authority |  |  |
|  3.63%, 07/01/2021 <sup>(3)(4)</sup> | 5 | 3 |
|  3.70%, 07/01/2017 <sup>(3)(4)</sup> | 30 | 16 |
|  4.25%, 07/01/2018 <sup>(3)(4)</sup> | 25 | 14 |
|  4.63%, 07/01/2025 <sup>(3)(4)</sup> | 65 | 36 |
|  4.63%, 07/01/2030 <sup>(3)(4)</sup> | 15 | 8 |
|  4.75%, 07/01/2033 | 165 | 158 |
|  5.00%, 07/01/2017 <sup>(3)(4)</sup> | 15 | 8 |
|  5.00%, 07/01/2018 <sup>(3)(4)</sup> | 6905 | 3772 |
|  5.00%, 07/01/2019 <sup>(3)(4)</sup> | 250 | 137 |
|  5.00%, 07/01/2020 <sup>(3)(4)</sup> | 70 | 38 |
|  5.00%, 07/01/2020 <sup>(3)(4)</sup> | 115 | 63 |
|  5.00%, 07/01/2021 <sup>(3)(4)</sup> | 140 | 76 |
|  5.00%, 07/01/2021 <sup>(3)(4)</sup> | 2585 | 1412 |
|  5.00%, 07/01/2022 <sup>(3)(4)</sup> | 5 | 3 |
|  5.00%, 07/01/2022 <sup>(3)(4)</sup> | 220 | 120 |
|  5.00%, 07/01/2023 <sup>(3)(4)</sup> | 50 | 27 |
|  5.00%, 07/01/2024 <sup>(3)(4)</sup> | 570 | 311 |
|  5.00%, 07/01/2025 <sup>(3)(4)</sup> | 75 | 41 |
|  5.00%, 07/01/2026 <sup>(3)(4)</sup> | 125 | 68 |
|  5.00%, 07/01/2027 <sup>(3)(4)</sup> | 25 | 14 |
|  5.00%, 07/01/2027 <sup>(3)(4)</sup> | 35 | 19 |
|  5.00%, 07/01/2028 <sup>(3)(4)</sup> | 45 | 25 |
|  5.00%, 07/01/2028 <sup>(3)(4)</sup> | 170 | 93 |
|  5.00%, 07/01/2029 <sup>(3)(4)</sup> | 755 | 412 |
|  5.00%, 07/01/2032 <sup>(3)(4)</sup> | 130 | 71 |
|  5.00%, 07/01/2032 <sup>(3)(4)</sup> | 900 | 492 |
|  5.00%, 07/01/2037 <sup>(3)(4)</sup> | 3515 | 1920 |
|  5.00%, 07/01/2042 <sup>(3)(4)</sup> | 3740 | 2043 |
|  5.05%, 07/01/2042 <sup>(3)(4)</sup> | 225 | 123 |
|  5.25%, 07/01/2019 <sup>(3)(4)</sup> | 395 | 216 |
|  5.25%, 07/01/2021 <sup>(3)(4)</sup> | 240 | 131 |
|  5.25%, 07/01/2023 <sup>(3)(4)</sup> | 110 | 60 |
|  5.25%, 07/01/2023 <sup>(3)(4)</sup> | 3530 | 1928 |
|  5.25%, 07/01/2024 <sup>(3)(4)</sup> | 125 | 68 |
|  5.25%, 07/01/2024 <sup>(3)(4)</sup> | 465 | 254 |
|  5.25%, 07/01/2025 <sup>(3)(4)</sup> | 315 | 173 |
|  5.25%, 07/01/2026 <sup>(3)(4)</sup> | 155 | 85 |
|  5.25%, 07/01/2026 <sup>(3)(4)</sup> | 160 | 87 |
|  5.25%, 07/01/2026 <sup>(3)(4)</sup> | 2825 | 1543 |
|  5.25%, 07/01/2027 <sup>(3)(4)</sup> | 215 | 117 |
|  5.25%, 07/01/2027 <sup>(3)(4)</sup> | 410 | 224 |
|  5.25%, 07/01/2027 <sup>(3)(4)</sup> | 415 | 227 |
|  5.25%, 07/01/2028 <sup>(3)(4)</sup> | 295 | 161 |
|  5.25%, 07/01/2029 <sup>(3)(4)</sup> | 340 | 186 |
|  5.25%, 07/01/2033 <sup>(3)(4)</sup> | 2000 | 1093 |
|  5.25%, 07/01/2035 <sup>(3)(4)</sup> | 300 | 164 |
|  5.25%, 07/01/2040 <sup>(3)(4)</sup> | 4730 | 2584 |

---

The accompanying notes are an integral part of these financial statements.

438.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Puerto Rico – 8.06% – (Continued)** |  |  |
|  5.50%, 07/01/2018 <sup>(3)(4)</sup> | $40 | $22 |
|  5.50%, 07/01/2020 <sup>(3)(4)</sup> | 40 | 22 |
|  5.50%, 07/01/2038 <sup>(3)(4)</sup> | 6890 | 3764 |
|  5.75%, 07/01/2036 <sup>(3)(4)</sup> | 150 | 82 |
|  5.75%, 07/01/2036 <sup>(3)(4)</sup> | 1400 | 765 |
|  6.75%, 07/01/2036 <sup>(3)(4)</sup> | 2265 | 1237 |
|  7.00%, 07/01/2040 <sup>(3)(4)</sup> | 5 | 3 |
|  7.25%, 07/01/2030 <sup>(3)(4)</sup> | 265 | 145 |
|  Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth |  |  |
|  4.13%, 10/01/2027 | 25 | 25 |
|  4.50%, 10/01/2029 | 50 | 50 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |  |
|  0.00%, 07/01/2029 | 3394 | 2896 |
|  0.00%, 07/01/2031 | 7092 | 5533 |
|  0.00%, 07/01/2033 | 5431 | 3860 |
|  0.00%, 07/01/2046 | 80715 | 25558 |
|  0.00%, 07/01/2051 | 7735 | 1795 |
|  4.33%, 07/01/2040 | 3050 | 2862 |
|  4.33%, 07/01/2040 | 8800 | 8257 |
|  4.54%, 07/01/2053 | 205 | 178 |
|  4.55%, 07/01/2040 | 1442 | 1382 |
|  4.75%, 07/01/2053 | 13686 | 12582 |
|  4.78%, 07/01/2058 | 16438 | 14979 |
|  5.00%, 07/01/2058 | 19679 | 18501 |
|  University of Puerto Rico |  |  |
|  5.00%, 06/01/2026 | 100 | 99 |
|  5.00%, 06/01/2030 | 5 | 5 |
|  5.00%, 06/01/2030 | 60 | 58 |
|  5.00%, 06/01/2036 | 75 | 71 |
|  Total Puerto Rico | Total Puerto Rico | 341734 |
| **Rhode Island – 0.16%** |  |  |
|  Central Falls Detention Facility Corp. |  |  |
|  7.25%, 07/15/2035 <sup>(3)(4)</sup> | 855 | 333 |
|  Rhode Island Health & Educational Building Corp. |  |  |
|  5.00%, 09/01/2036 | 340 | 333 |
|  5.25%, 05/15/2049 | 850 | 849 |
|  5.25%, 05/15/2054 | 970 | 961 |
|  Rhode Island Student Loan Authority |  |  |
|  3.50%, 12/01/2034 | 250 | 238 |
|  3.63%, 12/01/2037 | 1245 | 1198 |
|  4.13%, 12/01/2041 | 1165 | 1103 |
|  4.13%, 12/01/2043 | 150 | 136 |
|  4.13%, 12/01/2043 | 290 | 266 |
|  5.00%, 12/01/2026 | 750 | 764 |
|  5.00%, 12/01/2028 | 300 | 313 |
|  5.00%, 12/01/2044 | 265 | 260 |
|  Total Rhode Island | Total Rhode Island | 6754 |
| **South Carolina – 0.98%** |  |  |
|  Connector 2000 Association, Inc. |  |  |
|  0.00%, 01/01/2032 | 880 | 423 |
|  0.00%, 01/01/2032 | 3733 | 2426 |
|  0.00%, 01/01/2042 | 9070 | 2873 |
|  0.00%, 07/22/2051 | 132 | 5 |
|  0.00%, 07/22/2051 | 1750 | 187 |
|  0.00%, 07/22/2051 | 29781 | 4222 |

---

The accompanying notes are an integral part of these financial statements.

439.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **South Carolina – 0.98% – (Continued)** |  |  |
|  South Carolina Jobs-Economic Development Authority |  |  |
|  3.75%, 05/01/2048 <sup>(1)</sup> | $1200 | $1200 |
|  4.00%, 04/01/2033 <sup>(1)</sup> | 1730 | 1735 |
|  4.00%, 06/01/2046 <sup>(2)</sup> | 200 | 142 |
|  5.00%, 05/01/2037 | 500 | 457 |
|  5.00%, 05/01/2042 | 500 | 424 |
|  5.00%, 11/15/2042 | 585 | 552 |
|  5.00%, 05/01/2043 | 4675 | 4664 |
|  5.00%, 04/01/2047 | 2000 | 1839 |
|  5.00%, 11/15/2047 | 1150 | 1112 |
|  5.00%, 04/01/2052 | 1750 | 1557 |
|  5.00%, 11/15/2054 | 1750 | 1538 |
|  5.50%, 11/01/2046 | 2000 | 2096 |
|  5.75%, 11/15/2029 | 1500 | 1500 |
|  6.00%, 02/01/2035 <sup>(2)(3)(4)</sup> | 955 | 86 |
|  6.25%, 02/01/2045 <sup>(2)(3)(4)</sup> | 1860 | 167 |
|  7.13%, 06/15/2053 <sup>(2)</sup> | 135 | 136 |
|  7.50%, 11/15/2053 | 1275 | 1323 |
|  7.75%, 11/15/2058 | 400 | 420 |
|  8.00%, 12/06/2029 <sup>(3)(4)</sup> | 135 | 108 |
|  South Carolina Public Service Authority |  |  |
|  4.00%, 12/01/2050 | 1599 | 1354 |
|  4.00%, 12/01/2055 | 1000 | 860 |
|  5.00%, 12/01/2037 | 500 | 500 |
|  5.00%, 12/01/2041 | 500 | 500 |
|  5.00%, 12/01/2050 | 220 | 220 |
|  5.00%, 12/01/2055 | 205 | 204 |
|  5.00%, 12/01/2056 | 1070 | 1063 |
|  5.25%, 12/01/2055 | 910 | 911 |
|  South Carolina State Housing Finance & Development Authority |  |  |
|  5.00%, 01/01/2052 | 920 | 956 |
|  6.00%, 01/01/2054 | 195 | 212 |
|  6.25%, 07/01/2054 | 1955 | 2149 |
|  Spartanburg Regional Health Services District |  |  |
|  5.00%, 04/15/2032 | 1340 | 1479 |
|  Total South Carolina | Total South Carolina | 41600 |
| **South Dakota – 0.22%** |  |  |
|  City of Sioux Falls SD |  |  |
|  5.00%, 11/01/2028 | 100 | 100 |
|  5.00%, 11/01/2030 | 105 | 105 |
|  5.00%, 11/01/2032 | 95 | 94 |
|  5.00%, 11/01/2042 | 1885 | 1682 |
|  County of Lincoln SD |  |  |
|  4.00%, 08/01/2051 | 2060 | 1590 |
|  South Dakota Health & Educational Facilities Authority |  |  |
|  5.00%, 11/01/2045 | 1500 | 1482 |
|  South Dakota Housing Development Authority |  |  |
|  4.00%, 11/01/2047 | 155 | 155 |
|  6.25%, 05/01/2055 | 2350 | 2555 |
|  6.25%, 11/01/2055 | 250 | 277 |
|  6.50%, 11/01/2055 | 1255 | 1421 |
|  Total South Dakota | Total South Dakota | 9461 |
| **Tennessee – 0.99%** |  |  |
|  Chattanooga Health Educational & Housing Facility Board |  |  |
|  5.00%, 10/01/2030 | 500 | 501 |
|  5.00%, 10/01/2032 | 1215 | 1218 |

---

The accompanying notes are an integral part of these financial statements.

440.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Tennessee – 0.99% – (Continued)** |  |  |
|  5.00%, 10/01/2035 | $2445 | $2448 |
|  City of Memphis TN Electric System Revenue |  |  |
|  5.00%, 12/01/2042 | 350 | 364 |
|  5.00%, 12/01/2054 | 200 | 201 |
|  Clarksville Public Building Authority |  |  |
|  4.13%, 01/01/2033 <sup>(1)</sup> | 3500 | 3500 |
|  Greeneville Health & Educational Facilities Board |  |  |
|  5.00%, 07/01/2035 | 1275 | 1307 |
|  Industrial Development Board Of The City Of Kingsport Tennessee |  |  |
|  5.25%, 12/01/2054 <sup>(1)(2)</sup> | 3325 | 3309 |
|  Knox County Health Educational & Housing Facility Board |  |  |
|  4.50%, 07/01/2046 | 1100 | 1037 |
|  5.00%, 07/01/2049 | 750 | 742 |
|  5.25%, 07/01/2064 | 575 | 574 |
|  5.50%, 07/01/2054 | 10 | 10 |
|  Memphis-Shelby County Industrial Development Board |  |  |
|  4.75%, 07/01/2027 | 340 | 309 |
|  5.50%, 07/01/2037 | 1600 | 1174 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd |  |  |
|  5.25%, 05/01/2053 | 2500 | 2490 |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board |  |  |
|  0.00%, 06/01/2043 <sup>(2)</sup> | 235 | 92 |
|  4.00%, 06/01/2051 <sup>(2)</sup> | 4050 | 3298 |
|  Metropolitan Nashville Airport Authority |  |  |
|  5.50%, 07/01/2052 | 2050 | 2093 |
|  Montgomery County Public Building Authority |  |  |
|  4.10%, 07/01/2034 <sup>(1)</sup> | 4725 | 4725 |
|  4.10%, 07/01/2038 <sup>(1)</sup> | 2715 | 2715 |
|  Nashville Metropolitan Development & Housing Agency |  |  |
|  4.50%, 06/01/2028 <sup>(2)</sup> | 230 | 232 |
|  5.13%, 06/01/2036 <sup>(2)</sup> | 3290 | 3313 |
|  Shelby County Health & Educational Facilities Board |  |  |
|  5.25%, 06/01/2056 <sup>(2)</sup> | 1000 | 922 |
|  Shelby County Health Educational & Housing Facilities Board |  |  |
|  5.00%, 12/01/2034 | 35 | 34 |
|  5.00%, 09/01/2037 <sup>(2)</sup> | 1590 | 1380 |
|  5.00%, 09/01/2049 <sup>(1)</sup> | 1335 | 1399 |
|  5.25%, 12/01/2044 | 80 | 71 |
|  5.25%, 12/01/2049 | 230 | 195 |
|  Tennessee Energy Acquisition Corp. |  |  |
|  5.00%, 05/01/2052 <sup>(1)</sup> | 1000 | 1053 |
|  5.25%, 09/01/2026 | 810 | 822 |
|  Tennessee Housing Development Agency |  |  |
|  3.50%, 01/01/2050 | 395 | 393 |
|  Total Tennessee | Total Tennessee | 41921 |
| **Texas – 6.07%** |  |  |
|  Arlington Higher Education Finance Corp. |  |  |
|  4.00%, 08/15/2036 | 250 | 224 |
|  4.00%, 08/15/2041 | 1520 | 1252 |
|  4.00%, 08/15/2046 | 350 | 275 |
|  4.00%, 02/15/2054 | 350 | 297 |
|  4.13%, 06/15/2054 | 120 | 105 |
|  4.38%, 02/15/2051 | 1000 | 713 |
|  4.50%, 06/15/2044 <sup>(2)</sup> | 500 | 450 |
|  4.75%, 08/15/2044 | 495 | 454 |
|  4.88%, 06/15/2059 <sup>(2)</sup> | 190 | 167 |
|  5.00%, 12/01/2036 | 1405 | 1406 |

---

The accompanying notes are an integral part of these financial statements.

441.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Texas – 6.07% – (Continued)** |  |  |
|  5.00%, 08/15/2041 | $300 | $234 |
|  5.00%, 08/15/2049 | 925 | 858 |
|  5.00%, 08/15/2054 | 1930 | 1754 |
|  5.00%, 06/15/2064 <sup>(2)</sup> | 190 | 169 |
|  5.75%, 08/15/2062 | 1600 | 1224 |
|  Austin Convention Enterprises, Inc. |  |  |
|  5.00%, 01/01/2027 | 400 | 402 |
|  5.00%, 01/01/2028 | 575 | 579 |
|  5.00%, 01/01/2028 | 1630 | 1645 |
|  5.00%, 01/01/2029 | 555 | 558 |
|  5.00%, 01/01/2029 | 1045 | 1054 |
|  5.00%, 01/01/2030 | 140 | 141 |
|  5.00%, 01/01/2030 | 720 | 723 |
|  5.00%, 01/01/2031 | 200 | 201 |
|  5.00%, 01/01/2032 | 155 | 155 |
|  5.00%, 01/01/2032 | 1925 | 1935 |
|  5.00%, 01/01/2033 | 210 | 211 |
|  5.00%, 01/01/2034 | 240 | 241 |
|  5.00%, 01/01/2034 | 1215 | 1212 |
|  Baytown Municipal Development District |  |  |
|  4.00%, 10/01/2050 | 1770 | 1310 |
|  Board of Managers Joint Guadalupe County-City of Seguin Hospital |  |  |
|  5.00%, 12/01/2028 | 95 | 95 |
|  5.00%, 12/01/2030 | 115 | 115 |
|  5.00%, 12/01/2040 | 200 | 190 |
|  5.00%, 12/01/2045 | 740 | 685 |
|  5.25%, 12/01/2035 | 665 | 666 |
|  Board of Regents of the University of Texas System |  |  |
|  5.00%, 08/15/2044 | 750 | 781 |
|  Brazoria County Industrial Development Corp. |  |  |
|  0.00%, 06/01/2042 <sup>(1)(2)</sup> | 350 | 263 |
|  7.00%, 03/01/2039 <sup>(3)(4)</sup> | 250 | 150 |
|  8.50%, 03/01/2039 <sup>(2)</sup> | 1400 | 840 |
|  12.00%, 06/01/2043 <sup>(2)</sup> | 500 | 375 |
|  Brazos Higher Education Authority, Inc. |  |  |
|  3.00%, 04/01/2040 | 500 | 384 |
|  4.00%, 04/01/2045 | 350 | 303 |
|  Capital Area Housing Finance Corp. |  |  |
|  3.50%, 01/01/2041 <sup>(1)</sup> | 1000 | 1000 |
|  Cedar Hill Independent School District |  |  |
|  4.00%, 02/15/2050 | 810 | 708 |
|  Celina Independent School District |  |  |
|  4.00%, 02/15/2054 | 1000 | 858 |
|  Central Texas Turnpike System |  |  |
|  0.00%, 08/15/2028 | 150 | 136 |
|  5.00%, 08/15/2039 | 1225 | 1298 |
|  5.00%, 08/15/2042 | 1500 | 1551 |
|  City of Aubrey TX |  |  |
|  5.38%, 12/31/2045 <sup>(2)</sup> | 500 | 469 |
|  City of Austin TX |  |  |
|  5.00%, 11/01/2044 <sup>(2)</sup> | 560 | 524 |
|  City of Austin TX Airport System Revenue |  |  |
|  5.00%, 11/15/2041 | 35 | 35 |
|  5.00%, 11/15/2043 | 80 | 80 |
|  5.25%, 11/15/2047 | 2160 | 2186 |
|  City of Buda TX |  |  |
|  5.88%, 09/01/2045 <sup>(2)</sup> | 193 | 185 |
|  6.00%, 09/01/2055 <sup>(2)</sup> | 100 | 94 |

---

The accompanying notes are an integral part of these financial statements.

442.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Texas – 6.07% – (Continued)** |  |  |
|  6.63%, 09/01/2045 <sup>(2)</sup> | $342 | $328 |
|  6.75%, 09/01/2055 <sup>(2)</sup> | 293 | 277 |
|  City of Celina TX |  |  |
|  5.50%, 09/01/2054 <sup>(2)</sup> | 650 | 621 |
|  City of Dallas TX |  |  |
|  6.00%, 08/15/2053 <sup>(1)(2)</sup> | 905 | 906 |
|  City of Friendswood TX |  |  |
|  7.00%, 09/15/2054 | 2665 | 2576 |
|  City of Houston TX Airport System Revenue |  |  |
|  4.00%, 07/01/2041 | 3770 | 3272 |
|  4.00%, 07/15/2041 | 8140 | 7062 |
|  5.00%, 07/01/2025 | 1250 | 1250 |
|  5.00%, 07/01/2027 | 1725 | 1732 |
|  5.00%, 07/15/2027 | 600 | 603 |
|  5.00%, 07/15/2027 | 5075 | 5096 |
|  5.00%, 07/15/2028 | 3170 | 3186 |
|  5.00%, 07/01/2029 | 1250 | 1250 |
|  5.00%, 07/15/2030 | 4220 | 4220 |
|  5.00%, 07/15/2035 | 1700 | 1700 |
|  5.25%, 07/15/2033 | 2790 | 2880 |
|  5.25%, 07/15/2034 | 3070 | 3163 |
|  5.50%, 07/15/2035 | 3000 | 3134 |
|  5.50%, 07/15/2036 | 2490 | 2590 |
|  5.50%, 07/15/2037 | 3100 | 3220 |
|  5.50%, 07/15/2038 | 5700 | 5863 |
|  5.50%, 07/15/2039 | 4950 | 5063 |
|  6.63%, 07/15/2038 | 2000 | 2005 |
|  City of Justin TX |  |  |
|  4.00%, 09/01/2051 <sup>(2)</sup> | 350 | 273 |
|  City of Lavon TX |  |  |
|  4.38%, 09/15/2031 <sup>(2)</sup> | 294 | 290 |
|  5.13%, 09/15/2044 <sup>(2)</sup> | 600 | 586 |
|  5.50%, 09/15/2054 <sup>(2)</sup> | 729 | 701 |
|  City of Lowry Crossing TX |  |  |
|  5.75%, 09/15/2045 <sup>(2)</sup> | 500 | 501 |
|  6.00%, 09/15/2055 <sup>(2)</sup> | 1300 | 1304 |
|  City of Pflugerville TX |  |  |
|  5.13%, 09/01/2045 <sup>(2)</sup> | 1200 | 1114 |
|  5.38%, 09/01/2055 <sup>(2)</sup> | 650 | 606 |
|  City of Princeton TX |  |  |
|  5.25%, 09/01/2054 <sup>(2)</sup> | 1000 | 962 |
|  City of San Antonio TX Electric & Gas Systems Revenue |  |  |
|  5.00%, 02/01/2048 | 195 | 196 |
|  City of Seagoville TX |  |  |
|  6.00%, 09/15/2044 <sup>(2)</sup> | 1000 | 959 |
|  6.25%, 09/15/2054 <sup>(2)</sup> | 1500 | 1420 |
|  Clifton Higher Education Finance Corp. |  |  |
|  4.00%, 08/15/2029 | 250 | 254 |
|  4.00%, 08/15/2054 | 1470 | 1246 |
|  4.13%, 08/15/2049 | 3885 | 3397 |
|  4.25%, 08/15/2053 | 2800 | 2455 |
|  4.50%, 12/01/2044 | 670 | 587 |
|  5.75%, 06/15/2044 <sup>(2)</sup> | 100 | 93 |
|  6.00%, 06/15/2054 <sup>(2)</sup> | 850 | 783 |
|  6.13%, 08/15/2048 | 4000 | 4014 |
|  6.25%, 06/15/2053 <sup>(2)</sup> | 350 | 334 |
|  Conroe Local Government Corp. |  |  |
|  3.50%, 10/01/2031 <sup>(2)</sup> | 20 | 17 |

---

The accompanying notes are an integral part of these financial statements.

443.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Texas – 6.07% – (Continued)** |  |  |
|  4.00%, 10/01/2050 | $855 | $633 |
|  5.00%, 10/01/2050 <sup>(2)</sup> | 120 | 89 |
|  Corpus Christi Independent School District |  |  |
|  4.00%, 08/15/2054 | 950 | 814 |
|  County of Denton TX |  |  |
|  5.25%, 12/31/2044 <sup>(2)</sup> | 149 | 142 |
|  5.38%, 12/31/2045 <sup>(2)</sup> | 170 | 171 |
|  5.63%, 12/31/2055 <sup>(2)</sup> | 1690 | 1705 |
|  5.88%, 12/31/2045 <sup>(2)</sup> | 1035 | 1042 |
|  6.00%, 12/31/2044 <sup>(2)</sup> | 157 | 151 |
|  6.13%, 12/31/2054 <sup>(2)</sup> | 112 | 107 |
|  6.13%, 12/31/2055 <sup>(2)</sup> | 1445 | 1455 |
|  6.25%, 12/31/2054 <sup>(2)</sup> | 237 | 223 |
|  County of Harris TX |  |  |
|  5.00%, 09/15/2054 | 300 | 305 |
|  5.00%, 09/15/2054 | 350 | 356 |
|  County of Harris TX Toll Road Revenue |  |  |
|  4.00%, 08/15/2054 | 2000 | 1717 |
|  County of Medina TX |  |  |
|  5.50%, 09/01/2044 <sup>(2)</sup> | 255 | 246 |
|  Cypress-Fairbanks Independent School District |  |  |
|  4.00%, 02/15/2048 | 250 | 219 |
|  Dallas Area Rapid Transit |  |  |
|  4.00%, 12/01/2051 | 1500 | 1306 |
|  El Paso County Hospital District |  |  |
|  4.25%, 02/15/2054 | 235 | 209 |
|  Fort Bend County Industrial Development Corp. |  |  |
|  4.75%, 05/01/2038 | 1010 | 995 |
|  4.75%, 11/01/2042 | 955 | 913 |
|  Frenship Independent School District |  |  |
|  5.00%, 02/15/2055 | 485 | 492 |
|  Garland Independent School District |  |  |
|  5.00%, 02/15/2048 | 460 | 468 |
|  Greenwood Independent School District |  |  |
|  4.00%, 02/15/2054 | 250 | 216 |
|  Harris County Cultural Education Facilities Finance Corp. |  |  |
|  5.00%, 01/01/2038 | 35 | 35 |
|  5.00%, 07/01/2038 | 2275 | 2426 |
|  5.00%, 01/01/2043 | 365 | 349 |
|  5.00%, 01/01/2048 | 1410 | 1303 |
|  Harris County Municipal Utility District No 478 |  |  |
|  5.00%, 12/01/2050 | 1020 | 964 |
|  Harris County-Houston Sports Authority |  |  |
|  5.00%, 11/15/2041 | 850 | 883 |
|  5.00%, 11/15/2042 | 250 | 258 |
|  5.00%, 11/15/2043 | 2450 | 2514 |
|  Hidalgo County Regional Mobility Authority |  |  |
|  4.00%, 12/01/2038 | 1350 | 1267 |
|  4.00%, 12/01/2039 | 500 | 463 |
|  4.00%, 12/01/2040 | 70 | 64 |
|  4.00%, 12/01/2041 | 420 | 374 |
|  Katy Independent School District |  |  |
|  4.00%, 02/15/2053 | 1000 | 861 |
|  Kaufman Independent School District |  |  |
|  5.00%, 02/15/2054 | 200 | 203 |
|  Love Field Airport Modernization Corp. |  |  |
|  5.00%, 11/01/2028 | 875 | 875 |

---

The accompanying notes are an integral part of these financial statements.

444.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Texas – 6.07% – (Continued)** |  |  |
|  Lower Colorado River Authority |  |  |
|  6.00%, 05/15/2052 | $1825 | $1953 |
|  Matagorda County Navigation District No 1 |  |  |
|  4.25%, 05/01/2030 | 500 | 513 |
|  4.40%, 05/01/2030 | 500 | 518 |
|  Mission Economic Development Corp. |  |  |
|  4.00%, 06/01/2054 <sup>(1)</sup> | 550 | 528 |
|  4.63%, 10/01/2031 <sup>(2)</sup> | 10710 | 10725 |
|  5.00%, 12/01/2064 <sup>(1)</sup> | 800 | 818 |
|  Montgomery County Toll Road Authority |  |  |
|  5.00%, 09/15/2032 | 85 | 85 |
|  5.00%, 09/15/2033 | 310 | 311 |
|  5.00%, 09/15/2034 | 95 | 95 |
|  5.00%, 09/15/2035 | 1185 | 1187 |
|  5.00%, 09/15/2036 | 170 | 170 |
|  5.00%, 09/15/2037 | 1245 | 1247 |
|  5.00%, 09/15/2038 | 215 | 215 |
|  5.00%, 09/15/2043 | 645 | 645 |
|  5.00%, 09/15/2048 | 1335 | 1335 |
|  New Hope Cultural Education Facilities Finance Corp. |  |  |
|  0.00%, 11/15/2061 <sup>(1)</sup> | 494 | 124 |
|  3.38%, 08/15/2029 <sup>(2)</sup> | 400 | 377 |
|  4.00%, 01/01/2041 | 1385 | 1159 |
|  4.00%, 11/01/2049 | 175 | 144 |
|  4.25%, 10/01/2030 | 395 | 395 |
|  4.63%, 10/01/2030 | 470 | 470 |
|  5.00%, 04/01/2031 | 335 | 339 |
|  5.00%, 10/01/2031 | 230 | 229 |
|  5.00%, 10/01/2032 | 30 | 30 |
|  5.00%, 10/01/2033 | 70 | 69 |
|  5.00%, 10/01/2034 | 255 | 250 |
|  5.00%, 07/01/2035 | 2100 | 2064 |
|  5.00%, 04/01/2036 | 820 | 831 |
|  5.00%, 01/01/2039 | 250 | 226 |
|  5.00%, 10/01/2039 | 350 | 326 |
|  5.00%, 07/01/2040 | 3965 | 2990 |
|  5.00%, 04/01/2042 | 135 | 139 |
|  5.00%, 04/01/2046 | 1060 | 1039 |
|  5.00%, 07/01/2047 | 1075 | 1017 |
|  5.00%, 08/15/2049 <sup>(2)</sup> | 250 | 221 |
|  5.00%, 08/15/2054 <sup>(2)</sup> | 1500 | 1336 |
|  5.00%, 01/01/2055 | 150 | 115 |
|  5.00%, 11/01/2055 | 2105 | 1954 |
|  5.00%, 07/01/2057 | 1045 | 677 |
|  5.00%, 07/01/2058 | 475 | 452 |
|  5.00%, 11/01/2060 | 2650 | 2430 |
|  5.25%, 10/01/2049 | 1020 | 917 |
|  5.38%, 11/15/2036 | 35 | 31 |
|  5.50%, 07/01/2045 | 1600 | 1318 |
|  5.50%, 11/15/2046 | 70 | 56 |
|  5.50%, 11/15/2052 | 320 | 244 |
|  5.50%, 07/01/2054 | 1190 | 926 |
|  6.50%, 07/01/2056 <sup>(2)</sup> | 1500 | 1356 |
|  Newark Higher Education Finance Corp. |  |  |
|  4.00%, 08/15/2041 | 250 | 210 |
|  4.00%, 08/15/2051 | 225 | 171 |
|  North Texas Higher Education Authority, Inc. |  |  |
|  4.13%, 06/01/2045 | 380 | 367 |

---

The accompanying notes are an integral part of these financial statements.

445.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Texas – 6.07% – (Continued)** |  |  |
|  North Texas Tollway Authority |  |  |
|  4.25%, 01/01/2049 | $500 | $428 |
|  5.00%, 01/01/2039 | 170 | 171 |
|  Northwest Independent School District |  |  |
|  5.00%, 02/15/2049 | 2000 | 2042 |
|  Port of Beaumont Navigation District |  |  |
|  2.88%, 01/01/2041 <sup>(2)</sup> | 1000 | 730 |
|  3.63%, 01/01/2035 <sup>(2)</sup> | 3770 | 3380 |
|  4.00%, 01/01/2050 <sup>(2)</sup> | 1295 | 991 |
|  5.13%, 01/01/2044 <sup>(2)</sup> | 1400 | 1306 |
|  Prosper Independent School District |  |  |
|  4.00%, 02/15/2054 | 550 | 474 |
|  San Antonio Water System |  |  |
|  5.00%, 05/15/2050 | 250 | 251 |
|  Tarrant County Cultural Education Facilities Finance Corp. |  |  |
|  4.00%, 05/15/2027 | 55 | 54 |
|  4.00%, 05/15/2031 | 130 | 125 |
|  5.00%, 11/15/2035 <sup>(3)(4)(7)</sup> | 830 | 0 |
|  5.00%, 11/15/2035 | 1750 | 1750 |
|  5.00%, 05/15/2037 | 20 | 19 |
|  5.00%, 11/15/2037 | 170 | 170 |
|  5.00%, 11/15/2040 | 265 | 259 |
|  5.00%, 11/15/2040 | 1800 | 1778 |
|  5.00%, 05/15/2045 | 100 | 89 |
|  5.00%, 11/15/2045 <sup>(3)(4)(7)</sup> | 1542 | 0 |
|  5.00%, 11/15/2046 | 1900 | 1764 |
|  5.25%, 11/15/2047 <sup>(3)(4)(7)</sup> | 108 | 0 |
|  5.75%, 12/01/2054 | 1747 | 1463 |
|  Tarrant County Hospital District |  |  |
|  5.25%, 08/15/2048 | 2145 | 2193 |
|  Texas City Independent School District |  |  |
|  4.00%, 08/15/2053 | 255 | 219 |
|  Texas Department of Housing & Community Affairs |  |  |
|  5.75%, 07/01/2054 | 1990 | 2153 |
|  6.00%, 03/01/2054 | 95 | 104 |
|  Texas Municipal Gas Acquisition & Supply Corp. I |  |  |
|  6.25%, 12/15/2026 | 1195 | 1226 |
|  Texas Municipal Gas Acquisition & Supply Corp. II |  |  |
|  3.71% (3 Month Term SOFR + 0.86%), 09/15/2027 <sup>(5)</sup> | 400 | 400 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV |  |  |
|  5.50%, 01/01/2054 <sup>(1)</sup> | 1000 | 1062 |
|  5.50%, 01/01/2054 <sup>(1)</sup> | 1100 | 1207 |
|  Texas Municipal Gas Acquisition & Supply Corp. V |  |  |
|  5.00%, 01/01/2055 <sup>(1)</sup> | 8725 | 9274 |
|  Texas Private Activity Bond Surface Transportation Corp. |  |  |
|  4.00%, 06/30/2039 | 1650 | 1525 |
|  5.00%, 12/31/2032 | 1110 | 1175 |
|  5.00%, 12/31/2034 | 3000 | 3145 |
|  5.00%, 06/30/2058 | 11515 | 10996 |
|  5.50%, 12/31/2058 | 1875 | 1922 |
|  Texas Transportation Commission State Highway 249 System |  |  |
|  5.00%, 08/01/2057 | 3680 | 3681 |
|  Texas Water Development Board |  |  |
|  4.00%, 10/15/2051 | 1000 | 867 |
|  Town of Little Elm TX |  |  |
|  5.38%, 09/01/2051 <sup>(2)</sup> | 700 | 672 |
|  5.75%, 09/01/2053 <sup>(2)</sup> | 650 | 651 |

---

The accompanying notes are an integral part of these financial statements.

446.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Texas – 6.07% – (Continued)** |  |  |
|  Travis County Development Authority |  |  |
|  5.00%, 09/01/2044 <sup>(2)</sup> | $605 | $575 |
|  University Hills Municipal Management District |  |  |
|  5.88%, 09/01/2055 <sup>(2)</sup> | 2200 | 2140 |
|  5.88%, 09/01/2055 | 3575 | 3477 |
|  Waxahachie Independent School District |  |  |
|  4.00%, 02/15/2053 | 1775 | 1541 |
|  Total Texas | Total Texas | 257615 |
| **Utah – 2.07%** |  |  |
|  Arrowhead Springs Public Infrastructure District |  |  |
|  5.63%, 12/01/2054 <sup>(2)</sup> | 325 | 315 |
|  Black Desert Public Infrastructure District |  |  |
|  5.63%, 12/01/2053 <sup>(2)</sup> | 4350 | 4301 |
|  Black Rock Mountain Resort Public Infrastructure District |  |  |
|  5.88%, 12/01/2054 <sup>(2)</sup> | 1275 | 1279 |
|  City of Salt Lake City UT Airport Revenue |  |  |
|  5.00%, 07/01/2043 | 235 | 233 |
|  5.00%, 07/01/2046 | 395 | 390 |
|  5.00%, 07/01/2047 | 3000 | 2945 |
|  5.25%, 07/01/2048 | 3000 | 3005 |
|  Downtown Revitalization Public Infrastructure District |  |  |
|  5.00%, 07/15/2035 <sup>(2)</sup> | 200 | 201 |
|  Fiddlers Canyon Infrastructure Financing District |  |  |
|  5.63%, 12/01/2053 <sup>(2)</sup> | 965 | 888 |
|  Firefly Public Infrastructure District No 1 |  |  |
|  6.63%, 03/01/2054 <sup>(2)</sup> | 1340 | 1353 |
|  Firefly Public Infrastructure District No 1 Assessment Area No 1 |  |  |
|  5.63%, 12/01/2043 <sup>(2)</sup> | 3325 | 3253 |
|  Intermountain Power Agency |  |  |
|  5.00%, 07/01/2041 | 265 | 274 |
|  5.00%, 07/01/2042 | 375 | 385 |
|  5.00%, 07/01/2043 | 350 | 357 |
|  Jordanelle Ridge Public Infrastructure District No 2 |  |  |
|  7.75%, 03/01/2054 <sup>(2)</sup> | 1000 | 1028 |
|  Mida Cormont Public Infrastructure District |  |  |
|  0.00%, 06/01/2055 <sup>(2)</sup> | 2385 | 1942 |
|  6.25%, 06/01/2055 <sup>(2)</sup> | 1650 | 1691 |
|  MIDA Mountain Veterans Program Public Infrastructure District |  |  |
|  5.00%, 06/01/2044 <sup>(2)</sup> | 500 | 480 |
|  5.20%, 06/01/2054 <sup>(2)</sup> | 825 | 768 |
|  Mida Mountain Village Public Infrastructure District |  |  |
|  4.00%, 08/01/2027 <sup>(2)</sup> | 1385 | 1388 |
|  4.00%, 08/01/2030 <sup>(2)</sup> | 450 | 446 |
|  4.00%, 08/01/2031 <sup>(2)</sup> | 1000 | 985 |
|  4.00%, 08/01/2050 <sup>(2)</sup> | 4610 | 3786 |
|  4.25%, 08/01/2035 <sup>(2)</sup> | 455 | 443 |
|  4.50%, 08/01/2040 <sup>(2)</sup> | 1250 | 1187 |
|  5.00%, 08/01/2050 <sup>(2)</sup> | 250 | 234 |
|  5.13%, 06/15/2054 <sup>(2)</sup> | 2240 | 2091 |
|  5.75%, 06/15/2044 <sup>(2)</sup> | 860 | 858 |
|  6.00%, 06/15/2054 <sup>(2)</sup> | 3635 | 3654 |
|  Military Installation Development Authority |  |  |
|  4.00%, 06/01/2036 | 1750 | 1624 |
|  4.00%, 06/01/2041 | 200 | 175 |
|  4.00%, 06/01/2041 | 3455 | 3043 |
|  4.00%, 06/01/2052 | 1220 | 967 |
|  4.00%, 06/01/2052 | 7400 | 5870 |

---

The accompanying notes are an integral part of these financial statements.

447.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Utah – 2.07% – (Continued)** |  |  |
|  NS Public Infrastructure District No 1 |  |  |
|  6.00%, 12/01/2044 <sup>(2)</sup> | $1000 | $903 |
|  Point Phase 1 Public Infrastructure District No 1 |  |  |
|  0.00%, 03/01/2055 | 500 | 378 |
|  5.88%, 03/01/2045 | 700 | 711 |
|  6.13%, 03/01/2055 | 3449 | 3495 |
|  Red Bridge Public Infrastructure District No 1 |  |  |
|  3.63%, 02/01/2035 <sup>(2)</sup> | 600 | 502 |
|  4.13%, 02/01/2041 <sup>(2)</sup> | 1000 | 809 |
|  Sawmill Infrastructure Financing District |  |  |
|  6.00%, 12/01/2054 <sup>(2)</sup> | 1500 | 1501 |
|  SkyRidge Pegasus Infrastructure Financing District |  |  |
|  5.25%, 12/01/2044 <sup>(2)</sup> | 4136 | 3906 |
|  Soleil Hills Public Infrastructure District No 1 |  |  |
|  5.88%, 03/01/2055 <sup>(2)</sup> | 500 | 477 |
|  Sun Stone Infrastructure Financing District |  |  |
|  6.75%, 06/01/2054 <sup>(2)</sup> | 2415 | 2239 |
|  Tech Ridge Public Infrastructure District |  |  |
|  6.25%, 12/01/2054 <sup>(2)</sup> | 4500 | 4526 |
|  Three Bridges Public Infrastructure District No 1 |  |  |
|  5.00%, 12/01/2036 <sup>(2)</sup> | 2510 | 2429 |
|  6.00%, 12/01/2053 <sup>(2)</sup> | 3615 | 3484 |
|  UIPA Crossroads Public Infrastructure District |  |  |
|  4.38%, 06/01/2052 <sup>(2)</sup> | 5865 | 5041 |
|  University of Utah |  |  |
|  5.00%, 08/01/2042 | 900 | 951 |
|  Utah Housing Corp. |  |  |
|  6.00%, 07/01/2054 | 50 | 55 |
|  6.25%, 07/01/2055 | 395 | 440 |
|  Wakara Ridge Public Infrastructure District |  |  |
|  5.63%, 12/01/2054 <sup>(2)</sup> | 860 | 858 |
|  Wolf Creek Infrastructure Financing District No 1 |  |  |
|  5.75%, 12/01/2044 | 1870 | 1842 |
|  Wood Ranch Public Infrastructure District |  |  |
|  5.63%, 12/01/2053 <sup>(2)</sup> | 1520 | 1482 |
|  Total Utah | Total Utah | 87868 |
| **Vermont – 0.08%** |  |  |
|  Vermont Economic Development Authority |  |  |
|  4.00%, 05/01/2037 | 275 | 254 |
|  4.00%, 05/01/2045 | 1165 | 949 |
|  4.38%, 06/01/2052 <sup>(1)(2)</sup> | 535 | 527 |
|  Vermont Student Assistance Corp. |  |  |
|  2.38%, 06/15/2039 | 605 | 567 |
|  4.00%, 06/15/2041 | 170 | 158 |
|  4.38%, 06/15/2040 | 105 | 102 |
|  5.00%, 06/15/2039 | 215 | 211 |
|  5.13%, 06/15/2040 | 325 | 318 |
|  5.25%, 06/15/2041 | 295 | 288 |
|  Total Vermont | Total Vermont | 3374 |
| **Virgin Islands – 0.22%** |  |  |
|  Matching Fund Special Purpose Securitization Corp. |  |  |
|  5.00%, 10/01/2028 | 1245 | 1268 |
|  5.00%, 10/01/2030 | 775 | 792 |
|  5.00%, 10/01/2039 | 4100 | 4025 |
|  Virgin Islands Public Finance Authority |  |  |
|  5.00%, 10/01/2032 | 2600 | 2607 |

---

The accompanying notes are an integral part of these financial statements.

448.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Virgin Islands – 0.22% – (Continued)** |  |  |
|  5.00%, 10/01/2039 <sup>(2)</sup> | $600 | $562 |
|  Total Virgin Islands | Total Virgin Islands | 9254 |
| **Virginia – 2.86%** |  |  |
|  Chesapeake Bay Bridge & Tunnel District |  |  |
|  5.00%, 07/01/2046 | 5610 | 5537 |
|  5.00%, 07/01/2051 | 1670 | 1630 |
|  City of Chesapeake VA Chesapeake Expressway Toll Road Revenue |  |  |
|  4.88%, 07/15/2040 | 510 | 511 |
|  Fairfax County Industrial Development Authority |  |  |
|  4.00%, 05/15/2044 | 1000 | 920 |
|  Farmville Industrial Development Authority |  |  |
|  5.00%, 01/01/2032 | 1000 | 1025 |
|  5.00%, 01/01/2033 | 250 | 255 |
|  5.00%, 01/01/2038 | 250 | 250 |
|  5.00%, 01/01/2040 | 190 | 183 |
|  5.00%, 01/01/2048 | 500 | 453 |
|  5.00%, 01/01/2050 | 1000 | 894 |
|  Hanover County Economic Development Authority |  |  |
|  4.00%, 07/01/2040 <sup>(2)</sup> | 2000 | 1712 |
|  4.00%, 07/01/2047 <sup>(2)</sup> | 2000 | 1544 |
|  5.00%, 07/01/2038 | 500 | 499 |
|  5.00%, 07/01/2048 | 500 | 456 |
|  Henrico County Economic Development Authority |  |  |
|  3.00%, 10/01/2035 | 225 | 210 |
|  5.00%, 06/01/2039 | 300 | 299 |
|  5.00%, 10/01/2047 | 1185 | 1192 |
|  5.00%, 12/01/2047 | 265 | 259 |
|  5.00%, 11/01/2048 | 2500 | 2512 |
|  Isle Wight County Industrial Development Authority |  |  |
|  5.25%, 07/01/2053 | 1740 | 1759 |
|  James City County Economic Development Authority |  |  |
|  4.00%, 12/01/2040 | 665 | 574 |
|  4.00%, 06/01/2041 | 125 | 104 |
|  4.00%, 06/01/2047 | 385 | 291 |
|  4.00%, 12/01/2050 | 1000 | 754 |
|  5.50%, 12/01/2028 | 1270 | 1271 |
|  6.88%, 12/01/2058 | 170 | 180 |
|  Lexington Industrial Development Authority |  |  |
|  4.00%, 01/01/2037 | 750 | 706 |
|  Louisa Industrial Development Authority |  |  |
|  3.80%, 11/01/2035 <sup>(1)</sup> | 1405 | 1425 |
|  Lynchburg Economic Development Authority |  |  |
|  3.00%, 01/01/2051 | 250 | 170 |
|  4.00%, 01/01/2055 | 345 | 276 |
|  Newport News Industrial Development Authority |  |  |
|  5.00%, 07/01/2046 <sup>(2)</sup> | 4900 | 4641 |
|  Norfolk Redevelopment & Housing Authority |  |  |
|  5.00%, 01/01/2035 | 275 | 275 |
|  5.00%, 01/01/2046 | 590 | 528 |
|  5.00%, 01/01/2049 | 720 | 632 |
|  5.38%, 01/01/2035 | 425 | 425 |
|  5.38%, 01/01/2046 | 290 | 274 |
|  Tobacco Settlement Financing Corp. |  |  |
|  0.00%, 06/01/2047 | 4835 | 1221 |
|  5.00%, 06/01/2047 | 13005 | 11285 |
|  Virginia Beach Development Authority |  |  |
|  7.00%, 09/01/2059 | 550 | 598 |

---

The accompanying notes are an integral part of these financial statements.

449.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Virginia – 2.86% – (Continued)** |  |  |
|  Virginia College Building Authority |  |  |
|  5.00%, 07/01/2025 <sup>(2)</sup> | $100 | $100 |
|  5.00%, 07/01/2030 <sup>(2)</sup> | 820 | 763 |
|  5.00%, 07/01/2045 <sup>(2)</sup> | 710 | 543 |
|  5.00%, 07/01/2045 <sup>(2)</sup> | 5905 | 4519 |
|  5.25%, 07/01/2030 <sup>(2)</sup> | 100 | 94 |
|  5.25%, 07/01/2035 <sup>(2)</sup> | 1120 | 994 |
|  Virginia Housing Development Authority |  |  |
|  4.65%, 09/01/2055 | 1600 | 1515 |
|  4.70%, 07/01/2055 | 3700 | 3560 |
|  5.25%, 11/01/2057 | 1350 | 1369 |
|  Virginia Small Business Financing Authority |  |  |
|  4.00%, 07/01/2029 | 1220 | 1232 |
|  4.00%, 01/01/2036 | 2000 | 1919 |
|  4.00%, 01/01/2037 | 1515 | 1439 |
|  4.00%, 01/01/2038 | 330 | 310 |
|  4.00%, 01/01/2039 | 6770 | 6281 |
|  4.00%, 01/01/2040 | 8765 | 7956 |
|  4.00%, 01/01/2041 | 185 | 165 |
|  4.00%, 12/01/2041 | 295 | 267 |
|  4.00%, 01/01/2042 | 205 | 180 |
|  4.00%, 01/01/2045 | 650 | 556 |
|  4.00%, 01/01/2048 | 9475 | 7844 |
|  4.00%, 01/01/2051 | 600 | 489 |
|  4.00%, 12/01/2051 | 2050 | 1653 |
|  5.00%, 01/01/2031 | 100 | 105 |
|  5.00%, 12/01/2034 | 195 | 208 |
|  5.00%, 01/01/2036 | 70 | 72 |
|  5.00%, 07/01/2037 | 160 | 164 |
|  5.00%, 12/01/2039 | 325 | 334 |
|  5.00%, 12/31/2047 | 5025 | 5026 |
|  5.00%, 01/01/2048 <sup>(1)(2)</sup> | 500 | 478 |
|  5.00%, 12/31/2049 | 4390 | 4196 |
|  5.00%, 12/31/2052 | 10620 | 10023 |
|  5.00%, 12/31/2056 | 6315 | 5907 |
|  5.00%, 12/31/2057 | 2255 | 2188 |
|  5.25%, 06/15/2055 | 1180 | 1193 |
|  5.50%, 12/01/2054 | 115 | 117 |
|  Total Virginia | Total Virginia | 121489 |
| **Washington – 1.56%** |  |  |
|  Adams County Public Hospital District No 2 |  |  |
|  5.13%, 12/01/2044 | 1180 | 1089 |
|  Kalispel Tribe of Indians |  |  |
|  5.00%, 01/01/2032 <sup>(2)</sup> | 1225 | 1249 |
|  5.25%, 01/01/2038 <sup>(2)</sup> | 250 | 253 |
|  5.25%, 01/01/2038 <sup>(2)</sup> | 770 | 780 |
|  Port of Seattle WA |  |  |
|  5.00%, 08/01/2042 | 150 | 151 |
|  Skagit County Public Hospital District No 1 |  |  |
|  5.50%, 12/01/2041 | 300 | 311 |
|  5.50%, 12/01/2054 | 2715 | 2760 |
|  Washington Health Care Facilities Authority |  |  |
|  4.00%, 10/01/2045 | 1585 | 1351 |
|  5.00%, 08/15/2025 | 1800 | 1803 |
|  5.00%, 08/15/2033 | 1750 | 1767 |
|  5.00%, 12/01/2036 | 275 | 282 |
|  5.00%, 10/01/2041 | 1250 | 1250 |

---

The accompanying notes are an integral part of these financial statements.

450.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Washington – 1.56% – (Continued)** |  |  |
|  Washington Higher Education Facilities Authority |  |  |
|  4.00%, 05/01/2045 | $1000 | $881 |
|  4.00%, 05/01/2050 | 950 | 802 |
|  Washington State Convention Center Public Facilities District |  |  |
|  3.00%, 07/01/2034 | 375 | 344 |
|  3.00%, 07/01/2035 | 295 | 265 |
|  3.00%, 07/01/2048 | 2290 | 1566 |
|  3.00%, 07/01/2058 | 25 | 16 |
|  3.00%, 07/01/2058 | 225 | 145 |
|  3.00%, 07/01/2058 | 1275 | 799 |
|  4.00%, 07/01/2031 | 2560 | 2594 |
|  4.00%, 07/01/2058 | 100 | 76 |
|  4.00%, 07/01/2058 | 100 | 78 |
|  5.00%, 07/01/2033 | 100 | 103 |
|  5.00%, 07/01/2034 | 550 | 579 |
|  5.00%, 07/01/2048 | 200 | 196 |
|  5.00%, 07/01/2058 | 2000 | 1910 |
|  5.00%, 07/01/2058 | 2000 | 1910 |
|  Washington State Housing Finance Commission |  |  |
|  3.38%, 04/20/2037 | 2905 | 2640 |
|  3.50%, 12/20/2035 | 14286 | 13435 |
|  4.00%, 07/01/2026 <sup>(2)</sup> | 270 | 269 |
|  4.00%, 01/01/2057 <sup>(2)</sup> | 250 | 155 |
|  4.09%, 03/20/2040 <sup>(1)</sup> | 4788 | 4495 |
|  5.00%, 07/01/2031 <sup>(2)</sup> | 1000 | 1006 |
|  5.00%, 07/01/2033 <sup>(2)</sup> | 285 | 287 |
|  5.00%, 07/01/2033 | 325 | 346 |
|  5.00%, 01/01/2038 <sup>(2)</sup> | 150 | 141 |
|  5.00%, 07/01/2038 <sup>(2)</sup> | 100 | 99 |
|  5.00%, 01/01/2046 <sup>(2)</sup> | 1220 | 1119 |
|  5.00%, 07/01/2046 <sup>(2)</sup> | 625 | 561 |
|  5.00%, 07/01/2048 | 100 | 97 |
|  5.00%, 07/01/2048 <sup>(2)</sup> | 145 | 128 |
|  5.00%, 07/01/2048 <sup>(2)</sup> | 195 | 134 |
|  5.00%, 01/01/2051 <sup>(2)</sup> | 455 | 406 |
|  5.00%, 07/01/2051 <sup>(2)</sup> | 900 | 784 |
|  5.00%, 07/01/2053 <sup>(2)</sup> | 480 | 316 |
|  5.00%, 07/01/2054 | 4395 | 4218 |
|  5.00%, 01/01/2055 <sup>(2)</sup> | 4480 | 3935 |
|  5.00%, 01/01/2056 <sup>(2)</sup> | 1150 | 976 |
|  5.50%, 01/01/2044 <sup>(2)</sup> | 275 | 260 |
|  5.75%, 07/01/2060 <sup>(2)</sup> | 3310 | 3325 |
|  5.88%, 01/01/2059 <sup>(2)</sup> | 100 | 94 |
|  6.00%, 07/01/2059 <sup>(2)</sup> | 170 | 169 |
|  6.00%, 07/01/2060 <sup>(2)</sup> | 1500 | 1492 |
|  Total Washington | Total Washington | 66197 |
| **West Virginia – 0.51%** |  |  |
|  Monongalia County Commission Excise Tax District |  |  |
|  4.13%, 06/01/2043 <sup>(2)</sup> | 835 | 699 |
|  4.88%, 06/01/2043 <sup>(2)</sup> | 325 | 297 |
|  5.50%, 06/01/2037 <sup>(2)</sup> | 365 | 368 |
|  5.75%, 06/01/2043 <sup>(2)</sup> | 365 | 367 |
|  7.00%, 06/01/2043 <sup>(2)</sup> | 315 | 324 |
|  West Virginia Economic Development Authority |  |  |
|  2.05%, 02/01/2036 <sup>(1)</sup> | 2200 | 2200 |
|  4.63%, 04/15/2055 <sup>(1)</sup> | 1505 | 1498 |
|  4.70%, 04/01/2036 <sup>(1)</sup> | 9150 | 9196 |

---

The accompanying notes are an integral part of these financial statements.

451.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **West Virginia – 0.51% – (Continued)** |  |  |
|  5.45%, 01/01/2055 <sup>(1)(2)</sup> | $2775 | $2829 |
|  West Virginia Hospital Finance Authority |  |  |
|  5.00%, 01/01/2026 | 1370 | 1376 |
|  6.00%, 09/01/2053 | 1330 | 1414 |
|  West Virginia Parkways Authority |  |  |
|  4.00%, 06/01/2051 | 1155 | 982 |
|  Total West Virginia | Total West Virginia | 21550 |
| **Wisconsin – 3.85%** |  |  |
|  Public Finance Authority |  |  |
|  0.00%, 12/15/2034 <sup>(2)</sup> | 700 | 397 |
|  0.00%, 12/15/2041 <sup>(2)</sup> | 12572 | 4318 |
|  0.00%, 07/01/2062 <sup>(1)(2)</sup> | 5325 | 3873 |
|  3.30%, 10/01/2046 <sup>(1)</sup> | 165 | 164 |
|  4.00%, 06/15/2029 <sup>(2)</sup> | 35 | 34 |
|  4.00%, 07/01/2030 <sup>(2)</sup> | 475 | 455 |
|  4.00%, 12/01/2031 <sup>(2)</sup> | 250 | 245 |
|  4.00%, 04/01/2032 <sup>(2)</sup> | 190 | 184 |
|  4.00%, 10/01/2034 | 290 | 285 |
|  4.00%, 08/01/2035 | 7810 | 7409 |
|  4.00%, 06/01/2036 <sup>(2)</sup> | 100 | 89 |
|  4.00%, 11/15/2037 | 165 | 159 |
|  4.00%, 07/01/2041 | 2335 | 2017 |
|  4.00%, 12/01/2041 | 1000 | 868 |
|  4.00%, 12/01/2041 <sup>(2)</sup> | 1150 | 995 |
|  4.00%, 01/01/2042 | 325 | 289 |
|  4.00%, 04/01/2042 <sup>(2)</sup> | 2200 | 1855 |
|  4.00%, 01/01/2046 | 750 | 591 |
|  4.00%, 07/01/2046 | 1125 | 866 |
|  4.00%, 01/01/2047 | 1300 | 1104 |
|  4.00%, 06/01/2051 <sup>(2)</sup> | 815 | 575 |
|  4.00%, 07/01/2051 <sup>(2)</sup> | 450 | 344 |
|  4.00%, 07/01/2051 | 1085 | 788 |
|  4.00%, 09/30/2051 | 1000 | 789 |
|  4.00%, 04/01/2052 <sup>(2)</sup> | 1350 | 1038 |
|  4.00%, 06/01/2056 <sup>(2)</sup> | 2675 | 1936 |
|  4.00%, 07/01/2059 | 250 | 208 |
|  4.00%, 06/01/2061 <sup>(2)</sup> | 100 | 67 |
|  4.00%, 07/01/2061 <sup>(2)</sup> | 1280 | 926 |
|  4.05%, 11/01/2030 | 170 | 168 |
|  4.25%, 07/15/2044 <sup>(2)</sup> | 305 | 264 |
|  4.25%, 07/01/2054 | 9510 | 7519 |
|  4.30%, 11/01/2030 | 3505 | 3487 |
|  4.50%, 07/15/2049 <sup>(2)</sup> | 800 | 686 |
|  4.75%, 07/01/2045 <sup>(2)</sup> | 110 | 98 |
|  4.75%, 03/01/2052 | 285 | 246 |
|  5.00%, 12/01/2025 | 2405 | 2409 |
|  5.00%, 06/01/2029 <sup>(2)</sup> | 170 | 171 |
|  5.00%, 07/15/2030 <sup>(2)</sup> | 1175 | 1176 |
|  5.00%, 09/01/2030 <sup>(2)</sup> | 55 | 55 |
|  5.00%, 06/15/2034 | 675 | 690 |
|  5.00%, 12/15/2036 <sup>(2)</sup> | 4402 | 4337 |
|  5.00%, 06/01/2037 <sup>(2)</sup> | 1035 | 1029 |
|  5.00%, 06/15/2037 <sup>(2)</sup> | 1130 | 1044 |
|  5.00%, 07/01/2037 | 880 | 880 |
|  5.00%, 09/01/2038 <sup>(2)</sup> | 115 | 114 |
|  5.00%, 06/15/2039 <sup>(2)</sup> | 70 | 63 |
|  5.00%, 06/15/2039 <sup>(2)</sup> | 500 | 473 |

---

The accompanying notes are an integral part of these financial statements.

452.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Wisconsin – 3.85% – (Continued)** |  |  |
|  5.00%, 06/15/2039 | $500 | $500 |
|  5.00%, 06/15/2039 <sup>(2)</sup> | 640 | 610 |
|  5.00%, 08/01/2039 | 1675 | 1626 |
|  5.00%, 04/01/2040 <sup>(2)</sup> | 400 | 387 |
|  5.00%, 07/01/2040 <sup>(2)</sup> | 650 | 585 |
|  5.00%, 10/15/2041 <sup>(2)</sup> | 570 | 514 |
|  5.00%, 11/15/2041 | 475 | 478 |
|  5.00%, 10/01/2043 <sup>(2)</sup> | 155 | 148 |
|  5.00%, 12/15/2044 <sup>(2)</sup> | 40 | 36 |
|  5.00%, 01/01/2045 | 140 | 133 |
|  5.00%, 01/01/2046 | 750 | 706 |
|  5.00%, 07/01/2047 | 135 | 124 |
|  5.00%, 10/01/2048 <sup>(2)</sup> | 1735 | 1597 |
|  5.00%, 06/15/2049 <sup>(2)</sup> | 420 | 377 |
|  5.00%, 06/15/2049 <sup>(2)</sup> | 870 | 712 |
|  5.00%, 06/15/2049 | 1100 | 1028 |
|  5.00%, 09/01/2049 <sup>(2)</sup> | 125 | 111 |
|  5.00%, 04/01/2050 <sup>(2)</sup> | 1950 | 1757 |
|  5.00%, 06/01/2050 <sup>(2)</sup> | 750 | 628 |
|  5.00%, 06/15/2051 <sup>(2)</sup> | 200 | 170 |
|  5.00%, 02/01/2052 | 2155 | 2049 |
|  5.00%, 06/01/2052 <sup>(2)</sup> | 1235 | 1083 |
|  5.00%, 07/01/2052 | 290 | 260 |
|  5.00%, 10/01/2053 <sup>(2)</sup> | 915 | 824 |
|  5.00%, 02/01/2054 | 500 | 466 |
|  5.00%, 06/15/2054 <sup>(2)</sup> | 655 | 575 |
|  5.00%, 09/01/2054 <sup>(2)</sup> | 625 | 549 |
|  5.00%, 12/15/2054 <sup>(2)</sup> | 1000 | 860 |
|  5.00%, 01/01/2055 <sup>(2)</sup> | 3150 | 2592 |
|  5.00%, 07/01/2055 <sup>(2)</sup> | 650 | 525 |
|  5.00%, 07/01/2055 <sup>(2)</sup> | 880 | 778 |
|  5.00%, 01/01/2056 <sup>(2)</sup> | 1000 | 820 |
|  5.00%, 06/15/2056 <sup>(2)</sup> | 130 | 108 |
|  5.00%, 10/15/2056 <sup>(2)</sup> | 625 | 521 |
|  5.00%, 05/01/2060 <sup>(2)</sup> | 5245 | 3286 |
|  5.00%, 07/01/2060 <sup>(2)</sup> | 140 | 122 |
|  5.00%, 02/01/2062 | 1025 | 961 |
|  5.00%, 02/01/2064 | 500 | 455 |
|  5.13%, 07/15/2037 <sup>(2)</sup> | 1250 | 1251 |
|  5.13%, 06/15/2047 <sup>(2)</sup> | 180 | 152 |
|  5.25%, 05/15/2037 <sup>(2)</sup> | 485 | 487 |
|  5.25%, 07/01/2042 | 1405 | 1448 |
|  5.25%, 03/01/2047 | 900 | 860 |
|  5.25%, 05/15/2047 <sup>(2)</sup> | 835 | 774 |
|  5.25%, 05/15/2052 <sup>(2)</sup> | 655 | 592 |
|  5.25%, 07/01/2061 <sup>(2)</sup> | 2285 | 1849 |
|  5.25%, 11/15/2061 | 1345 | 1339 |
|  5.25%, 06/15/2065 | 2175 | 2031 |
|  5.38%, 12/15/2032 <sup>(2)</sup> | 1200 | 1200 |
|  5.38%, 06/15/2039 <sup>(2)</sup> | 150 | 143 |
|  5.38%, 07/01/2047 | 2135 | 2166 |
|  5.38%, 07/15/2047 <sup>(2)</sup> | 100 | 95 |
|  5.50%, 09/01/2030 <sup>(2)</sup> | 150 | 156 |
|  5.50%, 11/15/2032 <sup>(2)</sup> | 1205 | 1194 |
|  5.50%, 12/15/2032 <sup>(2)</sup> | 1933 | 1885 |
|  5.63%, 06/15/2054 <sup>(2)</sup> | 1435 | 1293 |
|  5.63%, 07/01/2055 | 1020 | 1031 |
|  5.63%, 06/15/2059 <sup>(2)</sup> | 2000 | 1764 |

---

The accompanying notes are an integral part of these financial statements.

453.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Wisconsin – 3.85% – (Continued)** |  |  |
|  5.70%, 06/15/2044 <sup>(2)</sup> | $400 | $380 |
|  5.75%, 09/01/2035 <sup>(2)</sup> | 375 | 389 |
|  5.75%, 07/01/2049 | 1110 | 1132 |
|  5.75%, 07/01/2053 <sup>(2)</sup> | 385 | 366 |
|  5.75%, 07/01/2054 | 850 | 863 |
|  5.75%, 12/01/2054 <sup>(2)</sup> | 3400 | 3367 |
|  5.75%, 07/01/2062 | 3436 | 3445 |
|  5.75%, 07/01/2063 <sup>(2)</sup> | 5440 | 5068 |
|  5.88%, 11/15/2027 <sup>(2)</sup> | 750 | 749 |
|  5.88%, 06/15/2054 <sup>(2)</sup> | 750 | 701 |
|  6.00%, 02/01/2062 <sup>(2)</sup> | 1150 | 1172 |
|  6.00%, 06/15/2064 <sup>(2)</sup> | 1565 | 1459 |
|  6.13%, 12/15/2029 <sup>(2)</sup> | 150 | 151 |
|  6.13%, 11/15/2037 <sup>(2)</sup> | 1000 | 959 |
|  6.25%, 11/15/2029 | 137 | 137 |
|  6.25%, 04/01/2045 <sup>(2)</sup> | 800 | 757 |
|  6.25%, 09/01/2046 <sup>(2)</sup> | 1405 | 1423 |
|  6.25%, 06/15/2053 <sup>(2)</sup> | 1930 | 1860 |
|  6.45%, 04/01/2060 <sup>(2)</sup> | 2000 | 1866 |
|  6.63%, 07/01/2053 <sup>(2)</sup> | 500 | 505 |
|  7.25%, 01/01/2061 <sup>(2)</sup> | 500 | 514 |
|  9.00%, 05/01/2071 <sup>(2)</sup> | 2425 | 1175 |
|  9.75%, 09/01/2054 <sup>(2)</sup> | 1705 | 1786 |
|  10.00%, 11/01/2038 <sup>(2)</sup> | 950 | 1074 |
|  Wisconsin Health & Educational Facilities Authority |  |  |
|  3.00%, 12/01/2031 | 80 | 67 |
|  4.00%, 09/15/2036 | 55 | 51 |
|  4.00%, 09/15/2041 | 50 | 44 |
|  4.00%, 09/15/2041 | 1010 | 881 |
|  4.00%, 09/15/2045 | 45 | 37 |
|  4.00%, 09/15/2045 | 950 | 782 |
|  4.20%, 08/15/2028 | 400 | 398 |
|  4.25%, 08/01/2034 | 500 | 482 |
|  4.50%, 02/15/2054 | 3990 | 3767 |
|  5.00%, 06/01/2037 | 275 | 264 |
|  5.00%, 06/01/2041 | 570 | 524 |
|  5.00%, 08/01/2049 | 500 | 455 |
|  5.50%, 02/15/2054 | 1335 | 1398 |
|  5.63%, 07/01/2045 | 1405 | 1354 |
|  5.88%, 07/01/2055 | 4315 | 4160 |
|  6.00%, 07/01/2060 | 1320 | 1283 |
|  6.13%, 10/01/2059 | 1385 | 1389 |
|  6.63%, 07/01/2060 | 3260 | 3355 |
|  Wisconsin Housing & Economic Development Authority Home Ownership Revenue |  |  |
|  6.00%, 03/01/2054 | 675 | 736 |
|  6.00%, 03/01/2055 | 395 | 427 |
|  6.00%, 03/01/2055 | 1615 | 1760 |
|  Total Wisconsin | Total Wisconsin | 163460 |
|  **Total Municipal Bonds**<br> (Cost: $4,268,474) | **Total Municipal Bonds**<br> (Cost: $4,268,474) | **4186492** |

---

The accompanying notes are an integral part of these financial statements.

454.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 0.00% <sup>(9)</sup>** |  |  |
| **Basic Materials – 0.00% <sup>(9)</sup>** |  |  |
|  Ingevity Corp. <sup>(4)(7)</sup> | 0 | 3 |
|  Total Basic Materials | Total Basic Materials | 3 |
| **Consumer, Cyclical – 0.00% <sup>(9)</sup>** |  |  |
|  United Airlines Holdings, Inc. <sup>(4)(7)</sup> | 0 | 2 |
|  Total Consumer, Cyclical | Total Consumer, Cyclical | 2 |
|  **Total Common Stocks**<br> (Cost: $6) | **Total Common Stocks**<br> (Cost: $6) | **5** |
|  **SHORT-TERM INVESTMENTS – 0.28%** |  |  |
| **Money Market Funds – 0.18%** |  |  |
|  Fidelity Institutional Money Market Government Portfolio—Class I, 4.27% <sup>(10)</sup> | 7602 | 7602 |
|  **Total Money Market Funds**<br> (Cost: $7,602) |  | **7602** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.10%** |  |  |
|  JP Morgan, New York, 3.83% due 07/01/2025 | $1449 | 1449 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 3.83% due 07/01/2025 | 2690 | 2690 |
|  **Total Time Deposits**<br> (Cost: $4,139) |  | **4139** |
|  **Total Short-Term Investments**<br> (Cost: $11,741) | **Total Short-Term Investments**<br> (Cost: $11,741) | **11741** |
|  **TOTAL INVESTMENTS IN SECURITIES – 98.95%**<br> (Cost: $4,280,221) |  | **4198238** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.05%** |  | **44470** |
|  **TOTAL NET ASSETS – 100.00%** |  | $**4242708** |

---

Percentages are stated as a percent of net assets.

<sup>(1)</sup> Adjustable rate security. The rate reported is the rate in effect as of June 30, 2025.

<sup>(2)</sup> Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $1,035,980, which represents 24.42% of total net assets.

<sup>(3)</sup> Security in default as of June 30, 2025. The value of these securities totals $35,955, which represents 0.85% of total net assets.

<sup>(4)</sup> Non-income producing security.

<sup>(5)</sup> Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2025.

<sup>(6)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $–, which represents 0.00% of total net assets.

<sup>(7)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(8)</sup> Variable rate security. The coupon is based on an underlying pool of assets. The rate reported is the rate in effect as of June 30, 2025.

<sup>(9)</sup> Amount calculated is less than 0.005%.

<sup>(10)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(11)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $587, which represents 0.01% of total net assets.

The accompanying notes are an integral part of these financial statements.

455.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | |
|:---|:---|
| **MUNICIPAL BONDS** | **Percentages of<br>Net Assets** |
|  Education | 8.80% |
|  General Obligation | 5.60 |
|  General Revenue | 42.44 |
|  Healthcare | 17.33 |
|  Housing | 9.57 |
|  Transportation | 10.01 |
|  Utilities | 4.92 |
|  **Total Municipal Bonds** | **98.67** |

---

---

| | |
|:---|:---|
| **COMMON STOCKS** | **Percentages of<br>Net Assets** |
|  Basic Materials | 0.00<sup>(1)</sup> |
|  Consumer, Cyclical | 0.00<sup>(1)</sup> |
|  **Total Common Stocks** | **0.00** **<sup>(1)</sup>** |
|  **SHORT-TERM INVESTMENTS** | **0.28** |
|  **TOTAL INVESTMENTS** | **98.95** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES** | **1.05** |
|  **TOTAL NET ASSETS** | **100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount calculated is less than 0.005%.

The accompanying notes are an integral part of these financial statements.

456.0 ------

### Bridge Builder Large Cap Growth Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 97.78%** |  |  |
| **Communication Services – 11.53%** |  |  |
|  Alphabet, Inc. – Class A | 4340 | $764902 |
|  Alphabet, Inc. – Class C | 1799 | 319103 |
|  AST SpaceMobile, Inc. – Class A <sup>(1)</sup> | 15 | 720 |
|  DoubleVerify Holdings, Inc. – Class Rights <sup>(1)</sup> | 8 | 125 |
|  Liberty Broadband Corp. – Class C <sup>(1)</sup> | 3 | 250 |
|  Liberty Media Corp.-Liberty Formula One – Class C <sup>(1)</sup> | 7 | 721 |
|  Live Nation Entertainment, Inc. <sup>(1)</sup> | 15 | 2247 |
|  Meta Platforms, Inc. – Class A | 1602 | 1182527 |
|  Netflix, Inc. <sup>(1)</sup> | 517 | 692894 |
|  Nexstar Media Group, Inc. – Class A | 1 | 187 |
|  Pinterest, Inc. – Class A <sup>(1)</sup> | 28 | 1018 |
|  Reddit, Inc. – Class A <sup>(1)</sup> | 11 | 1699 |
|  ROBLOX Corp. – Class A <sup>(1)</sup> | 55 | 5737 |
|  Roku, Inc. – Class A <sup>(1)</sup> | 2 | 157 |
|  Spotify Technology SA <sup>(1)</sup> | 147 | 112545 |
|  Take-Two Interactive Software, Inc. <sup>(1)</sup> | 6 | 1427 |
|  TKO Group Holdings, Inc. – Class A | 3 | 516 |
|  Trade Desk, Inc. – Class A <sup>(1)</sup> | 711 | 51201 |
|  Trump Media & Technology Group Corp. <sup>(1)</sup> | 3 | 50 |
|  Walt Disney Co. | 931 | 115432 |
|  Total Communication Services | Total Communication Services | 3253458 |
| **Consumer Discretionary – 12.10%** |  |  |
|  Airbnb, Inc. – Class A <sup>(1)</sup> | 278 | 36811 |
|  Amazon.com, Inc. <sup>(1)</sup> | 8445 | 1852711 |
|  AutoZone, Inc. <sup>(1)(2)</sup> | 0 | 939 |
|  Booking Holdings, Inc. | 22 | 127751 |
|  Bright Horizons Family Solutions, Inc. <sup>(1)</sup> | 1 | 100 |
|  Burlington Stores, Inc. <sup>(1)</sup> | 6 | 1388 |
|  Carnival Corp. <sup>(1)</sup> | 32 | 907 |
|  Carvana Co. – Class A <sup>(1)</sup> | 12 | 4188 |
|  Cava Group, Inc. <sup>(1)</sup> | 339 | 28595 |
|  Chewy, Inc. – Class A <sup>(1)</sup> | 20 | 863 |
|  Chipotle Mexican Grill, Inc. – Class A <sup>(1)</sup> | 4601 | 258320 |
|  Choice Hotels International, Inc. | 2 | 283 |
|  Churchill Downs, Inc. | 7 | 662 |
|  Coupang, Inc. – Class A <sup>(1)</sup> | 2368 | 70936 |
|  Darden Restaurants, Inc. | 11 | 2341 |
|  Deckers Outdoor Corp. <sup>(1)</sup> | 14 | 1472 |
|  Domino's Pizza, Inc. | 1 | 504 |
|  DoorDash, Inc. – Class A <sup>(1)</sup> | 35 | 8561 |
|  DraftKings, Inc. – Class A <sup>(1)</sup> | 43 | 1827 |
|  Duolingo, Inc. – Class A <sup>(1)</sup> | 3 | 1416 |
|  Dutch Bros, Inc. – Class A <sup>(1)</sup> | 11 | 765 |
|  Etsy, Inc. <sup>(1)</sup> | 7 | 343 |
|  Expedia Group, Inc. | 12 | 2008 |
|  Floor & Decor Holdings, Inc. – Class A <sup>(1)</sup> | 4 | 274 |
|  Flutter Entertainment Plc <sup>(1)</sup> | 14 | 4009 |
|  Grand Canyon Education, Inc. <sup>(1)</sup> | 1 | 168 |
|  H&R Block, Inc. | 5 | 278 |
|  Hilton Worldwide Holdings, Inc. | 23 | 6013 |
|  Home Depot, Inc. | 374 | 137083 |
|  Industria de Diseno Textil SA | 652 | 34004 |
|  Las Vegas Sands Corp. | 32 | 1380 |
|  Light & Wonder, Inc. <sup>(1)</sup> | 8 | 802 |
|  Lululemon Athletica, Inc. <sup>(1)</sup> | 6 | 1395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Marriott International, Inc. – Class A | 17 | $4619 |
|  McDonald's Corp. | 389 | 113604 |
|  MercadoLibre, Inc. <sup>(1)</sup> | 60 | 157403 |
|  Murphy USA, Inc. | 2 | 701 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(1)</sup> | 40 | 817 |
|  On Holding AG – Class A <sup>(1)</sup> | 21 | 1110 |
|  O'Reilly Automotive, Inc. <sup>(1)</sup> | 76 | 6833 |
|  Planet Fitness, Inc. – Class A <sup>(1)</sup> | 8 | 886 |
|  Pool Corp. | 1 | 189 |
|  Restaurant Brands International, Inc. | 20 | 1323 |
|  Ross Stores, Inc. | 7 | 903 |
|  Royal Caribbean Cruises Ltd. | 23 | 7327 |
|  SharkNinja, Inc. <sup>(1)</sup> | 1 | 121 |
|  Somnigroup International, Inc. | 20 | 1332 |
|  Starbucks Corp. | 788 | 72180 |
|  Tapestry, Inc. | 18 | 1612 |
|  Tesla, Inc. <sup>(1)</sup> | 613 | 194671 |
|  Texas Roadhouse, Inc. – Class A | 6 | 1169 |
|  TJX Companies, Inc. | 54 | 6685 |
|  TopBuild Corp. <sup>(1)(2)</sup> | 0 | 54 |
|  Tractor Supply Co. | 50 | 2632 |
|  Ulta Beauty, Inc. <sup>(1)</sup> | 1 | 511 |
|  Vail Resorts, Inc. | 3 | 465 |
|  Valvoline, Inc. <sup>(1)</sup> | 12 | 455 |
|  Viking Holdings Ltd. <sup>(1)</sup> | 20 | 1048 |
|  Wendy's Co. | 8 | 91 |
|  Williams-Sonoma, Inc. | 2 | 280 |
|  Wingstop, Inc. | 3 | 1062 |
|  Wyndham Hotels & Resorts, Inc. | 7 | 535 |
|  Yum! Brands, Inc. | 1638 | 242738 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 3412453 |
| **Consumer Staples – 2.44%** |  |  |
|  BJ's Wholesale Club Holdings, Inc. <sup>(1)</sup> | 2 | 202 |
|  Casey's General Stores, Inc. | 1 | 302 |
|  Celsius Holdings, Inc. <sup>(1)</sup> | 16 | 737 |
|  Coca-Cola Co. | 1785 | 126255 |
|  Colgate-Palmolive Co. | 37 | 3352 |
|  Costco Wholesale Corp. | 183 | 180925 |
|  Freshpet, Inc. <sup>(1)</sup> | 1 | 76 |
|  Hershey Co. | 2 | 316 |
|  Kimberly-Clark Corp. | 12 | 1493 |
|  Mondelez International, Inc. – Class A | 1116 | 75296 |
|  Monster Beverage Corp. <sup>(1)</sup> | 68 | 4229 |
|  PepsiCo, Inc. | 18 | 2398 |
|  Performance Food Group Co. <sup>(1)</sup> | 2 | 180 |
|  Procter & Gamble Co. | 1024 | 163204 |
|  Sprouts Farmers Market, Inc. <sup>(1)</sup> | 9 | 1560 |
|  Sysco Corp. | 25 | 1905 |
|  Walmart, Inc. | 1280 | 125157 |
|  Total Consumer Staples | Total Consumer Staples | 687587 |
| **Energy – 0.92%** |  |  |
|  Cheniere Energy, Inc. | 10 | 2340 |
|  ConocoPhillips | 763 | 68504 |
|  Exxon Mobil Corp. | 1436 | 154798 |
|  Phillips 66 | 3 | 337 |
|  Schlumberger NV | 791 | 26719 |
|  Targa Resources Corp. | 20 | 3543 |
|  Texas Pacific Land Corp. | 2 | 1868 |

---

The accompanying notes are an integral part of these financial statements.

457.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Williams Companies, Inc. | 6 | $393 |
|  Total Energy | Total Energy | 258502 |
| **Financials – 12.09%** |  |  |
|  Affirm Holdings, Inc. – Class A <sup>(1)</sup> | 274 | 18949 |
|  Ally Financial, Inc. | 4 | 137 |
|  American Express Co. | 754 | 240445 |
|  Ameriprise Financial, Inc. | 8 | 4406 |
|  Aon Plc – Class A | 669 | 238779 |
|  Apollo Global Management, Inc. | 28 | 3943 |
|  Ares Management Corp. – Class A | 199 | 34469 |
|  Arthur J. Gallagher & Co. | 2 | 511 |
|  Bank of America Corp. | 4182 | 197886 |
|  Bank of New York Mellon Corp. | 5 | 458 |
|  Blackstone, Inc. – Class A | 1019 | 152362 |
|  Block, Inc. – Class A <sup>(1)</sup> | 2605 | 176937 |
|  Blue Owl Capital, Inc. – Class A | 59 | 1134 |
|  Brookfield Asset Management Ltd. – Class A | 13 | 706 |
|  Brown & Brown, Inc. | 3 | 313 |
|  Charles Schwab Corp. | 1390 | 126828 |
|  Chubb Ltd. | 357 | 103539 |
|  Citigroup, Inc. | 32 | 2725 |
|  Coinbase Global, Inc. – Class A <sup>(1)</sup> | 2 | 683 |
|  Corpay, Inc. <sup>(1)</sup> | 6 | 2065 |
|  Credit Acceptance Corp. <sup>(1)(2)</sup> | 0 | 36 |
|  Equitable Holdings, Inc. | 31 | 1744 |
|  Everest Group Ltd. | 1 | 224 |
|  FactSet Research Systems, Inc. <sup>(2)</sup> | 0 | 107 |
|  Fiserv, Inc. <sup>(1)</sup> | 447 | 77061 |
|  Freedom Holding Corp. <sup>(1)</sup> | 1 | 212 |
|  Goldman Sachs Group, Inc. | 204 | 144402 |
|  Hamilton Lane, Inc. – Class A | 3 | 358 |
|  Houlihan Lokey, Inc. – Class A | 2 | 359 |
|  Intercontinental Exchange, Inc. | 1257 | 230656 |
|  Jefferies Financial Group, Inc. | 5 | 253 |
|  Kinsale Capital Group, Inc. | 2 | 1003 |
|  KKR & Co., Inc. – Class Miscella | 151 | 20087 |
|  Lazard, Inc. – Class A | 2 | 99 |
|  LPL Financial Holdings, Inc. | 7 | 2791 |
|  Markel Group, Inc. <sup>(1)(2)</sup> | 0 | 561 |
|  Marsh & McLennan Companies, Inc. | 446 | 97607 |
|  Mastercard, Inc. – Class A | 718 | 403442 |
|  Moody's Corp. | 15 | 7547 |
|  Morningstar, Inc. | 2 | 485 |
|  MSCI, Inc. – Class A | 4 | 2065 |
|  NU Holdings Ltd. – Class A <sup>(1)</sup> | 309 | 4240 |
|  Progressive Corp. | 3 | 759 |
|  Robinhood Markets, Inc. – Class A <sup>(1)</sup> | 10 | 898 |
|  Ryan Specialty Holdings, Inc. – Class A | 10 | 655 |
|  S&P Global, Inc. | 457 | 240717 |
|  Shift4 Payments, Inc. – Class A <sup>(1)</sup> | 6 | 572 |
|  SoFi Technologies, Inc. <sup>(1)</sup> | 15 | 279 |
|  Toast, Inc. – Class A <sup>(1)</sup> | 44 | 1929 |
|  TPG, Inc. – Class A | 12 | 617 |
|  Tradeweb Markets, Inc. – Class A | 212 | 31077 |
|  Visa, Inc. – Class A | 2336 | 829313 |
|  XP, Inc. – Class A | 4 | 78 |
|  Total Financials | Total Financials | 3409508 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Healthcare – 10.06%** |  |  |
|  AbbVie, Inc. | 171 | $31829 |
|  Alnylam Pharmaceuticals, Inc. <sup>(1)</sup> | 12 | 3939 |
|  Amgen, Inc. | 38 | 10723 |
|  Apellis Pharmaceuticals, Inc. <sup>(1)</sup> | 10 | 174 |
|  Argenx SE – ADR <sup>(1)</sup> | 69 | 37840 |
|  Boston Scientific Corp. <sup>(1)</sup> | 1193 | 128131 |
|  Bristol-Myers Squibb Co. | 38 | 1757 |
|  Cardinal Health, Inc. | 12 | 1974 |
|  Cencora, Inc. – Class A | 18 | 5314 |
|  Chemed Corp. <sup>(2)</sup> | 0 | 68 |
|  Cigna Group | 205 | 67644 |
|  Cooper Companies, Inc. <sup>(1)</sup> | 2110 | 150140 |
|  Corcept Therapeutics, Inc. <sup>(1)</sup> | 9 | 668 |
|  Danaher Corp. | 1579 | 311882 |
|  DaVita, Inc. <sup>(1)</sup> | 4 | 621 |
|  DexCom, Inc. <sup>(1)</sup> | 408 | 35596 |
|  Doximity, Inc. – Class A <sup>(1)</sup> | 13 | 775 |
|  Eli Lilly & Co. | 641 | 500038 |
|  Exact Sciences Corp. <sup>(1)</sup> | 1 | 53 |
|  Exelixis, Inc. <sup>(1)</sup> | 22 | 990 |
|  Gilead Sciences, Inc. | 32 | 3598 |
|  Halozyme Therapeutics, Inc. <sup>(1)</sup> | 12 | 617 |
|  HCA Healthcare, Inc. | 4 | 1372 |
|  IDEXX Laboratories, Inc. <sup>(1)</sup> | 8 | 4189 |
|  Incyte Corp. <sup>(1)</sup> | 4 | 270 |
|  Insmed, Inc. <sup>(1)</sup> | 16 | 1630 |
|  Inspire Medical Systems, Inc. <sup>(1)</sup> | 3 | 358 |
|  Insulet Corp. <sup>(1)</sup> | 7 | 2066 |
|  Intuitive Surgical, Inc. <sup>(1)</sup> | 411 | 223559 |
|  Ionis Pharmaceuticals, Inc. <sup>(1)</sup> | 14 | 541 |
|  Labcorp Holdings, Inc. | 128 | 33503 |
|  Masimo Corp. <sup>(1)</sup> | 4 | 734 |
|  McKesson Corp. | 11 | 8216 |
|  Medpace Holdings, Inc. <sup>(1)</sup> | 2 | 738 |
|  Medtronic Plc | 1173 | 102234 |
|  Merck & Co., Inc. | 1190 | 94211 |
|  Molina Healthcare, Inc. <sup>(1)</sup> | 3 | 1002 |
|  Natera, Inc. <sup>(1)</sup> | 283 | 47759 |
|  Neurocrine Biosciences, Inc. <sup>(1)</sup> | 9 | 1173 |
|  Novo Nordisk – ADR | 3627 | 250321 |
|  Penumbra, Inc. <sup>(1)</sup> | 3 | 891 |
|  Repligen Corp. <sup>(1)</sup> | 1 | 93 |
|  ResMed, Inc. | 4 | 965 |
|  Sarepta Therapeutics, Inc. <sup>(1)</sup> | 9 | 151 |
|  Sonova Holding AG – ADR | 568 | 33902 |
|  Stryker Corp. | 238 | 94019 |
|  Summit Therapeutics, Inc. <sup>(1)</sup> | 11 | 241 |
|  Tempus AI, Inc. – Class A <sup>(1)</sup> | 8 | 506 |
|  Thermo Fisher Scientific, Inc. | 166 | 67219 |
|  UCB SA | 170 | 33414 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(1)</sup> | 8 | 308 |
|  UnitedHealth Group, Inc. | 983 | 306809 |
|  Veeva Systems, Inc. – Class A <sup>(1)</sup> | 11 | 3275 |
|  Vertex Pharmaceuticals, Inc. <sup>(1)</sup> | 385 | 171277 |
|  Viking Therapeutics, Inc. <sup>(1)</sup> | 7 | 197 |
|  Waters Corp. <sup>(1)</sup> | 3 | 1180 |
|  Zoetis, Inc. – Class A | 361 | 56355 |
|  Total Healthcare | Total Healthcare | 2839049 |

---

The accompanying notes are an integral part of these financial statements.

458.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Industrials – 7.60%** |  |  |
|  3M Co. | 8 | $1278 |
|  AAON, Inc. | 6 | 474 |
|  AMETEK, Inc. | 416 | 75204 |
|  Armstrong World Industries, Inc. | 1 | 224 |
|  Automatic Data Processing, Inc. | 37 | 11277 |
|  Axon Enterprise, Inc. <sup>(1)</sup> | 7 | 5978 |
|  AZEK Co., Inc. – Class A <sup>(1)</sup> | 9 | 516 |
|  Boeing Co. <sup>(1)</sup> | 1423 | 298247 |
|  Booz Allen Hamilton Holding Corp. – Class A | 12 | 1232 |
|  Broadridge Financial Solutions, Inc. | 10 | 2446 |
|  BWX Technologies, Inc. | 2 | 250 |
|  Canadian Pacific Kansas City Ltd. | 2950 | 233885 |
|  Carlisle Companies, Inc. | 1 | 351 |
|  Caterpillar, Inc. | 6 | 2142 |
|  Cintas Corp. | 33 | 7417 |
|  Comfort Systems USA, Inc. | 3 | 1774 |
|  Copart, Inc. <sup>(1)</sup> | 80 | 3912 |
|  Core & Main, Inc. – Class A <sup>(1)</sup> | 12 | 716 |
|  Dayforce, Inc. <sup>(1)</sup> | 684 | 37888 |
|  Deere & Co. | 71 | 36193 |
|  EMCOR Group, Inc. | 2 | 925 |
|  Equifax, Inc. | 490 | 127183 |
|  ExlService Holdings, Inc. <sup>(1)</sup> | 15 | 671 |
|  Fastenal Co. | 91 | 3817 |
|  Ferguson Enterprises, Inc. | 1 | 240 |
|  FTAI Aviation Ltd. | 10 | 1134 |
|  GE Vernova, Inc. | 26 | 14002 |
|  General Electric Co. | 635 | 163471 |
|  HEICO Corp. | 4 | 1353 |
|  HEICO Corp. – Class A | 8 | 1978 |
|  Howmet Aerospace, Inc. | 516 | 96135 |
|  Illinois Tool Works, Inc. | 9 | 2296 |
|  Ingersoll Rand, Inc. | 533 | 44349 |
|  Jacobs Solutions, Inc. | 686 | 90140 |
|  KBR, Inc. | 1 | 57 |
|  Lennox International, Inc. | 3 | 1730 |
|  Loar Holdings, Inc. <sup>(1)</sup> | 3 | 222 |
|  Lockheed Martin Corp. | 6 | 2606 |
|  Lyft, Inc. – Class A <sup>(1)</sup> | 6 | 97 |
|  MasTec, Inc. <sup>(1)</sup> | 1 | 216 |
|  Nordson Corp. | 353 | 75712 |
|  Old Dominion Freight Line, Inc. | 458 | 74296 |
|  Paychex, Inc. | 11 | 1566 |
|  Paycom Software, Inc. | 3 | 698 |
|  Paylocity Holding Corp. <sup>(1)</sup> | 4 | 748 |
|  Quanta Services, Inc. | 11 | 4175 |
|  RBC Bearings, Inc. <sup>(1)</sup> | 1 | 234 |
|  Rocket Lab Corp. <sup>(1)</sup> | 38 | 1355 |
|  Rockwell Automation, Inc. | 152 | 50512 |
|  Rollins, Inc. | 26 | 1470 |
|  Simpson Manufacturing Co., Inc. <sup>(2)</sup> | 0 | 57 |
|  SiteOne Landscape Supply, Inc. <sup>(1)</sup> | 2 | 187 |
|  Tetra Tech, Inc. | 9 | 310 |
|  Trane Technologies Plc | 196 | 85914 |
|  TransDigm Group, Inc. | 1 | 1565 |
|  Uber Technologies, Inc. <sup>(1)</sup> | 992 | 92557 |
|  U-Haul Holding Co. – Class B | 4 | 222 |
|  Union Pacific Corp. | 5 | 1051 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  United Rentals, Inc. | 48 | $35866 |
|  Veralto Corp. | 10 | 1053 |
|  Verisk Analytics, Inc. – Class A | 8 | 2532 |
|  Vertiv Holdings Co. – Class A | 37 | 4728 |
|  Waste Management, Inc. | 1875 | 429055 |
|  WillScot Holdings Corp. – Class A | 5 | 136 |
|  WW Grainger, Inc. | 4 | 3701 |
|  XPO, Inc. <sup>(1)</sup> | 2 | 288 |
|  Total Industrials | Total Industrials | 2144014 |
| **Information Technology – 39.48%** |  |  |
|  Accenture Plc – Class A | 242 | 72475 |
|  Adobe, Inc. <sup>(1)</sup> | 41 | 15937 |
|  Advanced Micro Devices, Inc. <sup>(1)</sup> | 641 | 90986 |
|  Amphenol Corp. – Class A | 2615 | 258223 |
|  Analog Devices, Inc. | 463 | 110109 |
|  Appfolio, Inc. – Class A <sup>(1)</sup> | 2 | 483 |
|  Apple, Inc. | 8278 | 1698303 |
|  Applied Materials, Inc. | 546 | 99870 |
|  AppLovin Corp. – Class A <sup>(1)</sup> | 202 | 70851 |
|  Arista Networks, Inc. <sup>(1)</sup> | 100 | 10216 |
|  ARM Holdings Plc – ADR <sup>(1)</sup> | 914 | 147860 |
|  ASML Holding NV – Class REG | 28 | 22760 |
|  Astera Labs, Inc. <sup>(1)</sup> | 14 | 1253 |
|  Atlassian Corp. – Class A <sup>(1)</sup> | 15 | 3088 |
|  Autodesk, Inc. <sup>(1)</sup> | 21 | 6384 |
|  Bentley Systems, Inc. – Class B | 13 | 700 |
|  Broadcom, Inc. | 3161 | 871275 |
|  Cadence Design Systems, Inc. <sup>(1)</sup> | 437 | 134649 |
|  CDW Corp. | 1 | 164 |
|  Cloudflare, Inc. – Class A <sup>(1)</sup> | 30 | 5849 |
|  Confluent, Inc. – Class A <sup>(1)</sup> | 23 | 582 |
|  Crowdstrike Holdings, Inc. – Class A <sup>(1)</sup> | 307 | 156451 |
|  Datadog, Inc. – Class A <sup>(1)</sup> | 264 | 35517 |
|  Dell Technologies, Inc. – Class C | 4 | 496 |
|  Docusign, Inc. – Class A <sup>(1)</sup> | 15 | 1144 |
|  Dropbox, Inc. – Class A <sup>(1)</sup> | 7 | 194 |
|  Dynatrace, Inc. <sup>(1)</sup> | 617 | 34041 |
|  Elastic NV <sup>(1)</sup> | 9 | 740 |
|  Enphase Energy, Inc. <sup>(1)</sup> | 13 | 498 |
|  Entegris, Inc. | 776 | 62586 |
|  Fair Isaac Corp. <sup>(1)</sup> | 17 | 31936 |
|  First Solar, Inc. <sup>(1)</sup> | 196 | 32504 |
|  Fortinet, Inc. <sup>(1)</sup> | 62 | 6511 |
|  Gartner, Inc. <sup>(1)</sup> | 475 | 191992 |
|  Gen Digital, Inc. | 6 | 170 |
|  Gitlab, Inc. – Class A <sup>(1)</sup> | 12 | 536 |
|  Globant SA <sup>(1)(2)</sup> | 0 | 37 |
|  GoDaddy, Inc. – Class A <sup>(1)</sup> | 13 | 2397 |
|  Guidewire Software, Inc. <sup>(1)</sup> | 8 | 1908 |
|  HubSpot, Inc. <sup>(1)</sup> | 91 | 50600 |
|  Intuit, Inc. | 681 | 536339 |
|  Jabil, Inc. | 7 | 1453 |
|  KLA Corp. | 13 | 11538 |
|  Lam Research Corp. | 124 | 12047 |
|  Lattice Semiconductor Corp. <sup>(1)</sup> | 586 | 28718 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(1)</sup> | 2 | 218 |
|  Manhattan Associates, Inc. <sup>(1)</sup> | 6 | 1139 |

---

The accompanying notes are an integral part of these financial statements.

459.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Marvell Technology, Inc. | 1110 | $85942 |
|  Microsoft Corp. | 5553 | 2761955 |
|  MicroStrategy, Inc. – Class A <sup>(1)</sup> | 1 | 553 |
|  MongoDB, Inc. – Class A <sup>(1)</sup> | 1 | 153 |
|  Monolithic Power Systems, Inc. | 4 | 3234 |
|  Motorola Solutions, Inc. | 7 | 2856 |
|  nCino, Inc. <sup>(1)</sup> | 5 | 136 |
|  NetApp, Inc. | 9 | 926 |
|  Nutanix, Inc. – Class A <sup>(1)</sup> | 8 | 597 |
|  NVIDIA Corp. | 13179 | 2082211 |
|  Okta, Inc. – Class A <sup>(1)</sup> | 7 | 673 |
|  Onto Innovation, Inc. <sup>(1)</sup> | 1 | 120 |
|  Oracle Corp. | 160 | 35041 |
|  Palantir Technologies, Inc. – Class A <sup>(1)</sup> | 211 | 28822 |
|  Palo Alto Networks, Inc. <sup>(1)</sup> | 64 | 13011 |
|  Pegasystems, Inc. | 3 | 151 |
|  Procore Technologies, Inc. <sup>(1)</sup> | 10 | 690 |
|  PTC, Inc. <sup>(1)</sup> | 1 | 230 |
|  Pure Storage, Inc. – Class A <sup>(1)</sup> | 25 | 1451 |
|  QUALCOMM, Inc. | 560 | 89190 |
|  RingCentral, Inc. – Class A <sup>(1)</sup> | 8 | 219 |
|  Rubrik, Inc. – Class A <sup>(1)</sup> | 6 | 503 |
|  Salesforce, Inc. | 850 | 231816 |
|  Samsara, Inc. – Class A <sup>(1)</sup> | 26 | 1033 |
|  SentinelOne, Inc. – Class A <sup>(1)</sup> | 20 | 372 |
|  ServiceNow, Inc. <sup>(1)</sup> | 383 | 394148 |
|  Shopify, Inc. – Class A <sup>(1)</sup> | 494 | 57010 |
|  Snowflake, Inc. – Class A <sup>(1)</sup> | 276 | 61796 |
|  Super Micro Computer, Inc. <sup>(1)</sup> | 23 | 1117 |
|  Synopsys, Inc. <sup>(1)</sup> | 451 | 231409 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 403 | 91367 |
|  Teradata Corp. <sup>(1)</sup> | 9 | 194 |
|  Texas Instruments, Inc. | 36 | 7472 |
|  Twilio, Inc. – Class A <sup>(1)</sup> | 3 | 396 |
|  Tyler Technologies, Inc. <sup>(1)</sup> | 3 | 2012 |
|  Unity Software, Inc. <sup>(1)</sup> | 2 | 43 |
|  Workday, Inc. – Class A <sup>(1)</sup> | 504 | 121045 |
|  Zscaler, Inc. <sup>(1)</sup> | 9 | 2967 |
|  Total Information Technology | Total Information Technology | 11136588 |
| **Materials – 0.86%** |  |  |
|  Anglogold Ashanti Plc | 6 | 269 |
|  Avery Dennison Corp. | 247 | 43409 |
|  Carpenter Technology Corp. | 1 | 227 |
|  Eagle Materials, Inc. <sup>(2)</sup> | 0 | 39 |
|  Ecolab, Inc. | 436 | 117417 |
|  Linde Plc | 161 | 75569 |
|  Sherwin-Williams Co. | 20 | 7027 |
|  Total Materials | Total Materials | 243957 |
| **Real Estate – 0.37%** |  |  |
|  American Tower Corp. | 45 | 10007 |
|  CBRE Group, Inc. – Class A <sup>(1)</sup> | 650 | 91063 |
|  CoStar Group, Inc. <sup>(1)</sup> | 5 | 403 |
|  Jones Lang LaSalle, Inc. <sup>(1)</sup> | 1 | 353 |
|  Lamar Advertising Co. – Class A | 8 | 1029 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Public Storage | 2 | $658 |
|  Simon Property Group, Inc. | 8 | 1253 |
|  Sun Communities, Inc. | 2 | 296 |
|  Total Real Estate | Total Real Estate | 105062 |
| **Utilities – 0.33%** |  |  |
|  Constellation Energy Corp. | 259 | 83591 |
|  NRG Energy, Inc. | 19 | 3080 |
|  Vistra Corp. | 33 | 6346 |
|  Total Utilities | Total Utilities | 93017 |
|  **Total Common Stocks**<br> (Cost: $16,490,156) | **Total Common Stocks**<br> (Cost: $16,490,156) | **27583195** |
|  **SHORT-TERM INVESTMENTS – 2.14%** | **SHORT-TERM INVESTMENTS – 2.14%** |  |
| **Money Market Funds – 2.12%** |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(3)</sup> | 599482 | 599482 |
|  **Total Money Market Funds**<br> (Cost: $599,482) | **Total Money Market Funds**<br> (Cost: $599,482) | **599482** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.02%** |  |  |
|  ANZ, London, 3.83% due 07/01/2025 | $1844 | 1844 |
|  Citibank, London, 1.11% due 07/01/2025 <sup>(2)</sup> | 0 | 0 |
|  Citibank, New York, 3.83% due 07/01/2025 | $1226 | 1226 |
|  Royal Bank of Canada, Toronto, 3.83% due 07/01/2025 | 255 | 255 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 3.83% due 07/01/2025 | 632 | 632 |
|  Sumitomo Trust Bank, London, 3.83% due 07/01/2025 | 1415 | 1415 |
|  **Total Time Deposits**<br> (Cost: $5,372) | **Total Time Deposits**<br> (Cost: $5,372) | **5372** |
|  **Total Short-Term Investments**<br> (Cost: $604,854) | **Total Short-Term Investments**<br> (Cost: $604,854) | **604854** |
| TOTAL INVESTMENTS IN SECURITIES – 99.92%<br>(Cost: $17,095,010) | TOTAL INVESTMENTS IN SECURITIES – 99.92%<br>(Cost: $17,095,010) | **28188049** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.08% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.08% | **23063** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**28211112** |

---

The accompanying notes are an integral part of these financial statements.

460.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

EUR Euro

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

<sup>(3)</sup> Represents annualized seven-day yield as of the close of the reporting period.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 79 | E-mini Russell 1000 Future | Sep. 2025 | $16490 | $17053 | $563 |
|  |  |  |  |  | $**563** |

---

The accompanying notes are an integral part of these financial statements.

461.0 ------

### Bridge Builder Large Cap Value Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 97.08%** |  |  |
| **Communication Services – 5.91%** |  |  |
|  Alphabet, Inc. – Class A | 1182 | $208221 |
|  Alphabet, Inc. – Class C | 1608 | 285300 |
|  AT&T, Inc. | 2228 | 64473 |
|  Charter Communications, Inc. – Class A <sup>(1)</sup> | 4 | 1590 |
|  Comcast Corp. – Class A | 6804 | 242840 |
|  DoubleVerify Holdings, Inc. – Class Rights <sup>(1)</sup> | 3 | 42 |
|  Electronic Arts, Inc. | 482 | 77023 |
|  ESC GCI Liberty, Inc. <sup>(1)(2)(3)</sup> | 4 |  |
|  Fox Corp. – Class A | 468 | 26252 |
|  Fox Corp. – Class B | 6 | 293 |
|  Frontier Communications Parent, Inc. <sup>(1)</sup> | 10 | 366 |
|  IAC, Inc. <sup>(1)</sup> | 3 | 126 |
|  Interpublic Group of Companies, Inc. | 16 | 387 |
|  Iridium Communications, Inc. | 4 | 113 |
|  Liberty Broadband Corp. – Class A <sup>(1)</sup> | 1 | 55 |
|  Liberty Broadband Corp. – Class C <sup>(1)</sup> | 4 | 367 |
|  Liberty Global Ltd. – Class A <sup>(1)</sup> | 7 | 74 |
|  Liberty Global Ltd. – Class C <sup>(1)</sup> | 8 | 79 |
|  Liberty Media Corp.-Liberty Formula One – Class A <sup>(1)</sup> | 1 | 64 |
|  Liberty Media Corp.-Liberty Formula One – Class C <sup>(1)</sup> | 6 | 651 |
|  Liberty Media Corp.-Liberty Live – Class A <sup>(1)</sup> | 1 | 67 |
|  Liberty Media Corp.-Liberty Live – Class C <sup>(1)</sup> | 2 | 159 |
|  Madison Square Garden Sports Corp. – Class A <sup>(1)</sup> | 1 | 160 |
|  Match Group, Inc. | 10 | 324 |
|  Meta Platforms, Inc. – Class A | 200 | 147524 |
|  Millicom International Cellular SA | 4 | 165 |
|  New York Times Co. – Class A | 7 | 403 |
|  News Corp. – Class A | 1535 | 45628 |
|  News Corp. – Class B | 5 | 165 |
|  Nexstar Media Group, Inc. – Class A | 55 | 9429 |
|  Omnicom Group, Inc. | 8 | 597 |
|  Paramount Global – Class A | 1 | 21 |
|  Paramount Global – Class B | 27 | 351 |
|  Pinterest, Inc. – Class A <sup>(1)</sup> | 13 | 457 |
|  Playtika Holding Corp. | 496 | 2344 |
|  Roku, Inc. – Class A <sup>(1)</sup> | 5 | 423 |
|  Shutterstock, Inc. | 79 | 1502 |
|  Sirius XM Holdings, Inc. | 332 | 7629 |
|  Take-Two Interactive Software, Inc. <sup>(1)</sup> | 5 | 1232 |
|  TEGNA, Inc. | 350 | 5868 |
|  TKO Group Holdings, Inc. – Class A | 2 | 308 |
|  T-Mobile U.S., Inc. | 19 | 4642 |
|  Trump Media & Technology Group Corp. <sup>(1)</sup> | 1 | 18 |
|  Verizon Communications, Inc. | 1173 | 50746 |
|  Walt Disney Co. | 1318 | 163438 |
|  Warner Bros Discovery, Inc. <sup>(1)</sup> | 96 | 1097 |
|  Warner Music Group Corp. – Class A | 2825 | 76950 |
|  ZoomInfo Technologies, Inc. – Class A <sup>(1)</sup> | 14 | 141 |
|  Total Communication Services | Total Communication Services | 1430104 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Consumer Discretionary – 6.95%** |  |  |
|  Academy Sports & Outdoors, Inc. | 205 | $9177 |
|  ADT, Inc. | 1472 | 12467 |
|  Adtalem Global Education, Inc. <sup>(1)</sup> | 61 | 7799 |
|  Amazon.com, Inc. <sup>(1)</sup> | 430 | 94376 |
|  Amer Sports, Inc. <sup>(1)</sup> | 5 | 189 |
|  Aptiv Plc <sup>(1)</sup> | 980 | 66888 |
|  Aramark | 11 | 474 |
|  Autoliv, Inc. | 102 | 11403 |
|  AutoNation, Inc. <sup>(1)</sup> | 50 | 10003 |
|  AutoZone, Inc. <sup>(1)</sup> | 1 | 2242 |
|  Bath & Body Works, Inc. | 9 | 274 |
|  Best Buy Co., Inc. | 79 | 5283 |
|  Birkenstock Holding Plc <sup>(1)</sup> | 2 | 79 |
|  Bloomin' Brands, Inc. | 260 | 2236 |
|  Booking Holdings, Inc. | 23 | 130866 |
|  BorgWarner, Inc. | 371 | 12406 |
|  Boyd Gaming Corp. | 2 | 195 |
|  Bright Horizons Family Solutions, Inc. <sup>(1)</sup> | 2 | 262 |
|  Brunswick Corp. | 3 | 170 |
|  Caesars Entertainment, Inc. <sup>(1)</sup> | 10 | 273 |
|  CarMax, Inc. <sup>(1)</sup> | 7 | 440 |
|  Carnival Corp. <sup>(1)</sup> | 5234 | 147188 |
|  Carter's, Inc. | 91 | 2751 |
|  Choice Hotels International, Inc. | 1 | 102 |
|  Columbia Sportswear Co. | 1 | 68 |
|  Crocs, Inc. <sup>(1)</sup> | 42 | 4252 |
|  Darden Restaurants, Inc. <sup>(3)</sup> | 0 | 55 |
|  Dick's Sporting Goods, Inc. | 39 | 7718 |
|  Dillard's, Inc. – Class A <sup>(3)</sup> | 0 | 58 |
|  Domino's Pizza, Inc. | 1 | 428 |
|  DR Horton, Inc. | 12 | 1517 |
|  eBay, Inc. | 404 | 30079 |
|  Etsy, Inc. <sup>(1)</sup> | 2 | 91 |
|  Expedia Group, Inc. | 70 | 11757 |
|  Five Below, Inc. <sup>(1)</sup> | 2 | 303 |
|  Floor & Decor Holdings, Inc. – Class A <sup>(1)</sup> | 3 | 227 |
|  Flutter Entertainment Plc <sup>(1)</sup> | 1 | 371 |
|  Ford Motor Co. | 1039 | 11278 |
|  GameStop Corp. – Class A <sup>(1)</sup> | 18 | 436 |
|  Gap, Inc. | 319 | 6966 |
|  Garmin Ltd. | 7 | 1475 |
|  General Motors Co. | 536 | 26384 |
|  Gentex Corp. | 10 | 228 |
|  Genuine Parts Co. | 6 | 722 |
|  Grand Canyon Education, Inc. <sup>(1)</sup> | 1 | 167 |
|  H&R Block, Inc. | 5 | 275 |
|  Harley-Davidson, Inc. | 233 | 5504 |
|  Hasbro, Inc. | 6 | 419 |
|  Home Depot, Inc. | 372 | 136273 |
|  Hyatt Hotels Corp. – Class A | 2 | 234 |
|  Las Vegas Sands Corp. | 1041 | 45298 |
|  La-Z-Boy, Inc. | 211 | 7832 |
|  Lear Corp. | 2 | 216 |
|  Lennar Corp. – Class A | 640 | 70842 |
|  Lennar Corp. – Class B | 1 | 53 |
|  Lithia Motors, Inc. – Class A | 1 | 329 |
|  LKQ Corp. | 11 | 412 |
|  Lowe's Companies, Inc. | 24 | 5335 |
|  Lucid Group, Inc. – Class A <sup>(1)</sup> | 43 | 90 |

---

The accompanying notes are an integral part of these financial statements.

462.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Lululemon Athletica, Inc. <sup>(1)</sup> | 2 | $454 |
|  Macy's, Inc. | 195 | 2274 |
|  Marriott International, Inc. – Class A | 133 | 36460 |
|  Marriott Vacations Worldwide Corp. | 34 | 2487 |
|  Mattel, Inc. <sup>(1)</sup> | 1227 | 24204 |
|  McDonald's Corp. | 483 | 141230 |
|  MGM Resorts International <sup>(1)</sup> | 160 | 5492 |
|  Mohawk Industries, Inc. <sup>(1)</sup> | 2 | 231 |
|  Newell Brands, Inc. | 18 | 99 |
|  NIKE, Inc. – Class B | 1814 | 128891 |
|  NVR, Inc. <sup>(1)(3)</sup> | 0 | 886 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(1)</sup> | 3 | 360 |
|  O'Reilly Automotive, Inc. <sup>(1)</sup> | 3 | 277 |
|  Penn Entertainment, Inc. <sup>(1)</sup> | 7 | 125 |
|  Penske Automotive Group, Inc. | 73 | 12615 |
|  Phinia, Inc. | 30 | 1332 |
|  Pool Corp. | 1 | 366 |
|  PulteGroup, Inc. | 167 | 17564 |
|  PVH Corp. | 85 | 5801 |
|  QuantumScape Corp. – Class A <sup>(1)</sup> | 15 | 98 |
|  Ralph Lauren Corp. – Class A | 2 | 427 |
|  Restaurant Brands International, Inc. | 5 | 334 |
|  RH <sup>(1)</sup> | 1 | 101 |
|  Rivian Automotive, Inc. – Class A <sup>(1)</sup> | 33 | 457 |
|  Ross Stores, Inc. | 11 | 1411 |
|  Service Corp. International | 6 | 486 |
|  SharkNinja, Inc. <sup>(1)</sup> | 2 | 235 |
|  Skechers USA, Inc. – Class A <sup>(1)</sup> | 6 | 349 |
|  Starbucks Corp. | 42 | 3880 |
|  Tapestry, Inc. | 1 | 65 |
|  Thor Industries, Inc. | 2 | 202 |
|  TJX Companies, Inc. | 1391 | 171807 |
|  Toll Brothers, Inc. | 4 | 484 |
|  TopBuild Corp. <sup>(1)</sup> | 152 | 49234 |
|  Travel + Leisure Co. | 2 | 93 |
|  Ulta Beauty, Inc. <sup>(1)</sup> | 1 | 680 |
|  Under Armour, Inc. – Class A <sup>(1)</sup> | 8 | 56 |
|  Under Armour, Inc. – Class C <sup>(1)</sup> | 9 | 55 |
|  United Parks & Resorts, Inc. <sup>(1)</sup> | 1543 | 72744 |
|  Vail Resorts, Inc. <sup>(3)</sup> | 0 | 43 |
|  VF Corp. | 16 | 184 |
|  Wayfair, Inc. – Class A <sup>(1)</sup> | 3 | 169 |
|  Wendy's Co. | 4 | 45 |
|  Whirlpool Corp. | 70 | 7096 |
|  Williams-Sonoma, Inc. | 4 | 706 |
|  Wyndham Hotels & Resorts, Inc. <sup>(3)</sup> | 0 | 28 |
|  Wynn Resorts Ltd. | 975 | 91366 |
|  YETI Holdings, Inc. <sup>(1)</sup> | 3 | 84 |
|  Yum! Brands, Inc. | 8 | 1176 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 1680478 |
| **Consumer Staples – 8.94%** |  |  |
|  Albertsons Companies, Inc. – Class A | 637 | 13693 |
|  Altria Group, Inc. | 1217 | 71345 |
|  Archer-Daniels-Midland Co. | 175 | 9221 |
|  BellRing Brands, Inc. <sup>(1)</sup> | 5 | 315 |
|  BJ's Wholesale Club Holdings, Inc. <sup>(1)</sup> | 5 | 515 |
|  Boston Beer Co., Inc. – Class A <sup>(1)(3)</sup> | 0 | 62 |
|  Brown-Forman Corp. – Class A | 2 | 60 |
|  Brown-Forman Corp. – Class B | 6 | 171 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Bunge Global SA | 95 | $7594 |
|  Casey's General Stores, Inc. | 1 | 689 |
|  Church & Dwight Co., Inc. | 11 | 1015 |
|  Clorox Co. | 5 | 635 |
|  Coca-Cola Co. | 1638 | 115859 |
|  Coca-Cola Consolidated, Inc. | 2 | 214 |
|  Colgate-Palmolive Co. | 1575 | 143172 |
|  Conagra Brands, Inc. | 940 | 19235 |
|  Constellation Brands, Inc. – Class A | 6 | 912 |
|  Coty, Inc. – Class A <sup>(1)</sup> | 18 | 82 |
|  Darling Ingredients, Inc. <sup>(1)</sup> | 6 | 226 |
|  Diageo Plc | 4298 | 108370 |
|  Diageo Plc – ADR | 1079 | 108777 |
|  Dollar General Corp. | 819 | 93714 |
|  Dollar Tree, Inc. <sup>(1)</sup> | 9 | 863 |
|  Edgewell Personal Care Co. | 115 | 2700 |
|  elf Beauty, Inc. <sup>(1)</sup> | 2 | 292 |
|  Estee Lauder Companies, Inc. – Class A | 10 | 810 |
|  Flowers Foods, Inc. | 9 | 148 |
|  Freshpet, Inc. <sup>(1)</sup> | 1 | 97 |
|  General Mills, Inc. | 246 | 12750 |
|  Heineken Holding NV | 2125 | 158552 |
|  Herbalife Ltd. <sup>(1)</sup> | 208 | 1790 |
|  Hershey Co. | 5 | 912 |
|  Hormel Foods Corp. | 12 | 375 |
|  Ingredion, Inc. | 91 | 12347 |
|  J.M. Smucker Co. | 106 | 10394 |
|  Kellanova | 12 | 956 |
|  Kenvue, Inc. | 2846 | 59568 |
|  Kerry Group Plc – Class A | 1170 | 129255 |
|  Keurig Dr Pepper, Inc. | 3288 | 108695 |
|  Kimberly-Clark Corp. | 557 | 71768 |
|  Kraft Heinz Co. | 532 | 13734 |
|  Kroger Co. | 472 | 33872 |
|  Lamb Weston Holdings, Inc. | 6 | 303 |
|  Maplebear, Inc. <sup>(1)</sup> | 8 | 349 |
|  McCormick & Co., Inc. | 11 | 824 |
|  Molson Coors Beverage Co. – Class B | 400 | 19221 |
|  Mondelez International, Inc. – Class A | 56 | 3748 |
|  Nestle SA | 1147 | 114059 |
|  PepsiCo, Inc. | 692 | 91356 |
|  Performance Food Group Co. <sup>(1)</sup> | 6 | 502 |
|  Philip Morris International, Inc. | 1916 | 348938 |
|  Pilgrim's Pride Corp. | 2 | 79 |
|  Post Holdings, Inc. <sup>(1)</sup> | 2 | 236 |
|  Primo Brands Corp. – Class A | 11 | 326 |
|  Procter & Gamble Co. | 1101 | 175372 |
|  Reynolds Consumer Products, Inc. | 2 | 50 |
|  Seaboard Corp. <sup>(3)</sup> | 0 | 40 |
|  Smithfield Foods, Inc. | 1 | 28 |
|  Spectrum Brands Holdings, Inc. | 68 | 3625 |
|  Sysco Corp. | 10 | 732 |
|  Target Corp. | 19 | 1924 |
|  The Campbell's Co. | 199 | 6096 |
|  Tyson Foods, Inc. – Class A | 586 | 32768 |
|  US Foods Holding Corp. <sup>(1)</sup> | 10 | 759 |
|  Walgreens Boots Alliance, Inc. | 239 | 2748 |
|  Walmart, Inc. | 430 | 42061 |
|  Total Consumer Staples | Total Consumer Staples | 2161898 |

---

The accompanying notes are an integral part of these financial statements.

463.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Energy – 5.88%** |  |  |
|  Antero Midstream Corp. | 14 | $272 |
|  Antero Resources Corp. <sup>(1)</sup> | 12 | 501 |
|  APA Corp. | 223 | 4070 |
|  Baker Hughes Co. – Class A | 43 | 1631 |
|  Cheniere Energy, Inc. | 5 | 1255 |
|  Chevron Corp. | 753 | 107886 |
|  Chord Energy Corp. | 3 | 268 |
|  Civitas Resources, Inc. | 3 | 89 |
|  ConocoPhillips | 838 | 75212 |
|  Coterra Energy, Inc. | 33 | 843 |
|  Devon Energy Corp. | 27 | 849 |
|  Diamondback Energy, Inc. | 669 | 91954 |
|  DT Midstream, Inc. | 4 | 478 |
|  Enbridge, Inc. | 1402 | 63546 |
|  EOG Resources, Inc. | 1364 | 163131 |
|  EQT Corp. | 437 | 25470 |
|  Expand Energy Corp. | 214 | 24978 |
|  Exxon Mobil Corp. | 2048 | 220797 |
|  Halliburton Co. | 2832 | 57715 |
|  Hess Corp. | 118 | 16291 |
|  HF Sinclair Corp. | 190 | 7796 |
|  Kinder Morgan, Inc. | 83 | 2453 |
|  Marathon Petroleum Corp. | 111 | 18433 |
|  Matador Resources Co. | 200 | 9542 |
|  Murphy Oil Corp. | 210 | 4718 |
|  NOV, Inc. | 16 | 199 |
|  Occidental Petroleum Corp. | 29 | 1214 |
|  ONEOK, Inc. | 27 | 2188 |
|  Ovintiv, Inc. | 11 | 424 |
|  Permian Resources Corp. – Class A | 4638 | 63172 |
|  Phillips 66 | 992 | 118299 |
|  Plains GP Holdings LP – Class A <sup>(1)</sup> | 3120 | 60614 |
|  Range Resources Corp. | 10 | 412 |
|  Schlumberger NV | 3905 | 131990 |
|  Scorpio Tankers, Inc. | 95 | 3702 |
|  South Bow Corp. | 671 | 17429 |
|  TC Energy Corp. | 361 | 17635 |
|  TechnipFMC Plc | 18 | 614 |
|  TotalEnergies SE – ADR | 162 | 9920 |
|  TotalEnergies SE | 887 | 54208 |
|  Valero Energy Corp. | 92 | 12352 |
|  Viper Energy, Inc. – Class A | 4 | 157 |
|  Weatherford International Plc | 3 | 154 |
|  Williams Companies, Inc. | 456 | 28645 |
|  Total Energy | Total Energy | 1423506 |
| **Financials – 21.67%** |  |  |
|  Affiliated Managers Group, Inc. | 50 | 9897 |
|  Affirm Holdings, Inc. – Class A <sup>(1)</sup> | 5 | 323 |
|  Aflac, Inc. | 102 | 10757 |
|  AGNC Investment Corp. | 40 | 365 |
|  Allstate Corp. | 453 | 91235 |
|  Ally Financial, Inc. | 11 | 414 |
|  American Express Co. | 894 | 285092 |
|  American Financial Group, Inc. | 67 | 8398 |
|  American International Group, Inc. | 1900 | 162585 |
|  Ameriprise Financial, Inc. | 19 | 10192 |
|  Annaly Capital Management, Inc. | 153 | 2880 |
|  Aon Plc – Class A | 1 | 245 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Apollo Global Management, Inc. | 83 | $11713 |
|  Arch Capital Group Ltd. | 1055 | 96065 |
|  Ares Capital Corp. | 394 | 8650 |
|  Arthur J. Gallagher & Co. | 10 | 3271 |
|  Associated Banc-Corp. | 243 | 5915 |
|  Assurant, Inc. | 2 | 429 |
|  Assured Guaranty Ltd. | 2 | 174 |
|  Axis Capital Holdings Ltd. | 3 | 338 |
|  Bank of America Corp. | 7822 | 370159 |
|  Bank of New York Mellon Corp. | 448 | 40824 |
|  Bank OZK | 172 | 8104 |
|  Berkshire Hathaway, Inc. – Class B <sup>(1)</sup> | 232 | 112794 |
|  Blackrock, Inc. | 7 | 6867 |
|  Block, Inc. – Class A <sup>(1)</sup> | 15 | 1027 |
|  Blue Owl Capital Corp. | 276 | 3955 |
|  BOK Financial Corp. | 1 | 99 |
|  Brighthouse Financial, Inc. <sup>(1)</sup> | 2 | 132 |
|  Brookfield Asset Management Ltd. – Class A | 11 | 594 |
|  Brown & Brown, Inc. | 11 | 1172 |
|  Capital One Financial Corp. | 540 | 114931 |
|  Carlyle Group, Inc. | 10 | 530 |
|  CBOE Global Markets, Inc. | 4 | 1048 |
|  Charles Schwab Corp. | 936 | 85387 |
|  Chubb Ltd. | 961 | 278293 |
|  Cincinnati Financial Corp. | 7 | 984 |
|  Citigroup, Inc. | 1331 | 113302 |
|  Citizens Financial Group, Inc. | 496 | 22181 |
|  CME Group, Inc. – Class A | 324 | 89429 |
|  CNA Financial Corp. | 139 | 6478 |
|  Coinbase Global, Inc. – Class A <sup>(1)</sup> | 8 | 2799 |
|  Columbia Banking System, Inc. | 9 | 214 |
|  Comerica, Inc. | 1353 | 80717 |
|  Commerce Bancshares, Inc. | 5 | 324 |
|  Corebridge Financial, Inc. | 926 | 32857 |
|  Credit Acceptance Corp. <sup>(1)(3)</sup> | 0 | 134 |
|  Cullen/Frost Bankers, Inc. | 3 | 339 |
|  East West Bancorp, Inc. | 6 | 592 |
|  Equitable Holdings, Inc. | 1138 | 63843 |
|  Essent Group Ltd. | 99 | 6030 |
|  Euronet Worldwide, Inc. <sup>(1)</sup> | 2 | 196 |
|  Evercore, Inc. – Class A | 2 | 444 |
|  Everest Group Ltd. | 20 | 6778 |
|  FactSet Research Systems, Inc. | 2 | 681 |
|  Fidelity National Financial, Inc. | 11 | 625 |
|  Fidelity National Information Services, Inc. | 1333 | 108510 |
|  Fifth Third Bancorp | 1227 | 50453 |
|  First American Financial Corp. | 4 | 259 |
|  First Citizens BancShares, Inc. – Class A <sup>(3)</sup> | 0 | 828 |
|  First Hawaiian, Inc. | 6 | 147 |
|  First Horizon Corp. | 872 | 18496 |
|  Fiserv, Inc. <sup>(1)</sup> | 811 | 139758 |
|  FNB Corp. | 401 | 5841 |
|  Franklin Resources, Inc. | 13 | 314 |
|  Global Payments, Inc. | 116 | 9307 |
|  Globe Life, Inc. | 4 | 442 |
|  Goldman Sachs Group, Inc. | 217 | 153777 |
|  Hamilton Lane, Inc. – Class A | 1 | 85 |

---

The accompanying notes are an integral part of these financial statements.

464.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Hanover Insurance Group, Inc. | 2 | $261 |
|  Hartford Insurance Group, Inc. | 612 | 77691 |
|  Houlihan Lokey, Inc. – Class A | 1 | 258 |
|  Huntington Bancshares, Inc. | 2509 | 42046 |
|  Interactive Brokers Group, Inc. – Class A | 17 | 953 |
|  Intercontinental Exchange, Inc. | 24 | 4490 |
|  Invesco Ltd. | 16 | 246 |
|  Jack Henry & Associates, Inc. | 3 | 561 |
|  Janus Henderson Group Plc | 6 | 225 |
|  Jefferies Financial Group, Inc. | 1266 | 69224 |
|  JP Morgan Chase & Co. | 548 | 158911 |
|  Kemper Corp. | 3 | 180 |
|  KeyCorp | 41 | 707 |
|  KKR & Co., Inc. – Class Miscella | 22 | 2905 |
|  Lazard, Inc. – Class A | 4 | 182 |
|  Lincoln National Corp. | 132 | 4566 |
|  Loews Corp. | 453 | 41561 |
|  M&T Bank Corp. | 35 | 6707 |
|  Markel Group, Inc. <sup>(1)(3)</sup> | 0 | 849 |
|  MarketAxess Holdings, Inc. | 2 | 369 |
|  Marsh & McLennan Companies, Inc. | 552 | 120676 |
|  Mastercard, Inc. – Class A | 304 | 171102 |
|  MetLife, Inc. | 1312 | 105549 |
|  MGIC Investment Corp. | 476 | 13258 |
|  Morgan Stanley | 787 | 110808 |
|  Morningstar, Inc. <sup>(3)</sup> | 0 | 102 |
|  Mr Cooper Group, Inc. <sup>(1)</sup> | 75 | 11160 |
|  MSCI, Inc. – Class A | 2 | 945 |
|  Nasdaq, Inc. | 18 | 1582 |
|  Navient Corp. | 415 | 5852 |
|  Northern Trust Corp. | 8 | 1052 |
|  Old Republic International Corp. | 10 | 377 |
|  OneMain Holdings, Inc. – Class A | 5 | 289 |
|  PayPal Holdings, Inc. <sup>(1)</sup> | 2484 | 184612 |
|  Pinnacle Financial Partners, Inc. | 3 | 337 |
|  PNC Financial Services Group, Inc. | 566 | 105426 |
|  Popular, Inc. | 3 | 291 |
|  Primerica, Inc. | 1 | 387 |
|  Principal Financial Group, Inc. | 10 | 757 |
|  Progressive Corp. | 24 | 6372 |
|  Prosperity Bancshares, Inc. | 4 | 287 |
|  Prudential Financial, Inc. | 15 | 1635 |
|  Radian Group, Inc. | 311 | 11191 |
|  Raymond James Financial, Inc. | 8 | 1203 |
|  Regions Financial Corp. | 674 | 15857 |
|  Reinsurance Group of America, Inc. – Class A | 44 | 8753 |
|  RenaissanceRe Holdings Ltd. | 2 | 498 |
|  Rithm Capital Corp. | 558 | 6297 |
|  RLI Corp. | 4 | 253 |
|  Robinhood Markets, Inc. – Class A <sup>(1)</sup> | 27 | 2575 |
|  Rocket Companies, Inc. – Class A | 10 | 141 |
|  S&P Global, Inc. | 175 | 92079 |
|  SEI Investments Co. | 5 | 407 |
|  SLM Corp. | 3236 | 106104 |
|  SoFi Technologies, Inc. <sup>(1)</sup> | 39 | 711 |
|  South State Corp. | 4 | 396 |
|  Starwood Property Trust, Inc. | 14 | 274 |
|  State Street Corp. | 495 | 52641 |
|  Stifel Financial Corp. | 69 | 7116 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Synchrony Financial | 233 | $15532 |
|  Synovus Financial Corp. | 6 | 308 |
|  T Rowe Price Group, Inc. | 9 | 906 |
|  TFS Financial Corp. | 4 | 46 |
|  TPG, Inc. – Class A <sup>(3)</sup> | 0 | 18 |
|  Tradeweb Markets, Inc. – Class A | 5 | 671 |
|  Travelers Companies, Inc. | 10 | 2595 |
|  Truist Financial Corp. | 195 | 8375 |
|  Unum Group | 132 | 10622 |
|  US Bancorp | 1738 | 78663 |
|  UWM Holdings Corp. | 3 | 11 |
|  Virtu Financial, Inc. – Class A | 3 | 155 |
|  Visa, Inc. – Class A | 775 | 275128 |
|  Voya Financial, Inc. | 77 | 5462 |
|  Webster Financial Corp. | 7 | 392 |
|  Wells Fargo & Co. | 5499 | 440542 |
|  Western Alliance Bancorp | 1062 | 82778 |
|  Western Union Co. | 398 | 3348 |
|  WEX, Inc. <sup>(1)</sup> | 1 | 197 |
|  White Mountains Insurance Group Ltd. <sup>(3)</sup> | 0 | 192 |
|  Willis Towers Watson Plc | 298 | 91424 |
|  Wintrust Financial Corp. | 3 | 362 |
|  WR Berkley Corp. | 13 | 957 |
|  XP, Inc. – Class A | 17 | 334 |
|  Zions Bancorp N.A. | 207 | 10753 |
|  Total Financials | Total Financials | 5244033 |
| **Healthcare – 12.55%** |  |  |
|  Abbott Laboratories | 845 | 114990 |
|  Acadia Healthcare Co., Inc. <sup>(1)</sup> | 4 | 99 |
|  Agilent Technologies, Inc. | 12 | 1443 |
|  Align Technology, Inc. <sup>(1)</sup> | 3 | 557 |
|  Amedisys, Inc. <sup>(1)</sup> | 2 | 149 |
|  Amgen, Inc. | 6 | 1690 |
|  AstraZeneca Plc – ADR | 356 | 24869 |
|  Avantor, Inc. <sup>(1)</sup> | 5204 | 70042 |
|  Baxter International, Inc. | 3366 | 101929 |
|  Becton Dickinson & Co. | 343 | 59167 |
|  Biogen, Inc. <sup>(1)</sup> | 162 | 20382 |
|  BioMarin Pharmaceutical, Inc. <sup>(1)</sup> | 8 | 448 |
|  Bio-Rad Laboratories, Inc. – Class A <sup>(1)</sup> | 1 | 209 |
|  Bio-Techne Corp. | 7 | 346 |
|  Boston Scientific Corp. <sup>(1)</sup> | 52 | 5629 |
|  Bristol Myers Squibb Co. | 870 | 40259 |
|  Bruker Corp. | 4 | 183 |
|  Cardinal Health, Inc. | 108 | 18104 |
|  Centene Corp. <sup>(1)</sup> | 329 | 17880 |
|  Certara, Inc. <sup>(1)</sup> | 5 | 63 |
|  Charles River Laboratories International, Inc. <sup>(1)</sup> | 2 | 318 |
|  Chemed Corp. | 1 | 291 |
|  Cigna Group | 526 | 173898 |
|  Cooper Companies, Inc. <sup>(1)</sup> | 9 | 608 |
|  CVS Health Corp. | 1167 | 80530 |
|  Danaher Corp. | 767 | 151508 |
|  DaVita, Inc. <sup>(1)</sup> | 63 | 8989 |
|  Dentsply Sirona, Inc. | 10 | 159 |
|  Edwards Lifesciences Corp. <sup>(1)</sup> | 25 | 1931 |
|  Elanco Animal Health, Inc. <sup>(1)</sup> | 5246 | 74915 |
|  Elevance Health, Inc. | 349 | 135800 |

---

The accompanying notes are an integral part of these financial statements.

465.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Eli Lilly & Co. | 142 | $110439 |
|  Encompass Health Corp. | 4 | 524 |
|  Envista Holdings Corp. <sup>(1)</sup> | 8 | 152 |
|  Exact Sciences Corp. <sup>(1)</sup> | 8 | 401 |
|  Exelixis, Inc. <sup>(1)</sup> | 319 | 14039 |
|  GE HealthCare Technologies, Inc. | 19 | 1408 |
|  Gilead Sciences, Inc. | 343 | 37978 |
|  Globus Medical, Inc. – Class A <sup>(1)</sup> | 5 | 296 |
|  HCA Healthcare, Inc. | 61 | 23528 |
|  Henry Schein, Inc. <sup>(1)</sup> | 5 | 343 |
|  Hologic, Inc. <sup>(1)</sup> | 10 | 624 |
|  Humana, Inc. | 471 | 115261 |
|  Illumina, Inc. <sup>(1)</sup> | 7 | 647 |
|  Incyte Corp. <sup>(1)</sup> | 200 | 13649 |
|  Inmode Ltd. <sup>(1)</sup> | 116 | 1681 |
|  Ionis Pharmaceuticals, Inc. <sup>(1)</sup> | 1 | 35 |
|  IQVIA Holdings, Inc. <sup>(1)</sup> | 7 | 1168 |
|  Jazz Pharmaceuticals Plc <sup>(1)</sup> | 121 | 12822 |
|  Johnson & Johnson | 707 | 108066 |
|  Koninklijke Philips NV | 3922 | 94166 |
|  Labcorp Holdings, Inc. | 4 | 941 |
|  Lantheus Holdings, Inc. <sup>(1)</sup> | 53 | 4330 |
|  McKesson Corp. <sup>(3)</sup> | 0 | 303 |
|  Medtronic Plc | 2616 | 228037 |
|  Merck & Co., Inc. | 3631 | 287426 |
|  Mettler-Toledo International, Inc. <sup>(1)</sup> | 1 | 1048 |
|  Moderna, Inc. <sup>(1)</sup> | 15 | 417 |
|  Molina Healthcare, Inc. <sup>(1)</sup> | 1 | 286 |
|  Neurocrine Biosciences, Inc. <sup>(1)</sup> | 1 | 75 |
|  Organon & Co. | 235 | 2278 |
|  Perrigo Co. Plc | 6 | 162 |
|  Pfizer, Inc. | 1573 | 38130 |
|  QIAGEN NV <sup>(1)</sup> | 9 | 439 |
|  Quest Diagnostics, Inc. | 5 | 859 |
|  Regeneron Pharmaceuticals, Inc. | 4 | 2332 |
|  Repligen Corp. <sup>(1)</sup> | 2 | 266 |
|  ResMed, Inc. | 5 | 1247 |
|  Revolution Medicines, Inc. <sup>(1)</sup> | 7 | 274 |
|  Revvity, Inc. | 5 | 498 |
|  Roivant Sciences Ltd. <sup>(1)</sup> | 16 | 183 |
|  Royalty Pharma Plc – Class A | 17 | 603 |
|  Sanofi SA | 186 | 18008 |
|  Sanofi SA – ADR | 1816 | 87719 |
|  Solventum Corp. <sup>(1)</sup> | 6 | 452 |
|  Sotera Health Co. <sup>(1)</sup> | 7 | 78 |
|  STERIS Plc | 4 | 1012 |
|  Stryker Corp. | 364 | 144086 |
|  Teleflex, Inc. | 2 | 226 |
|  Tenet Healthcare Corp. <sup>(1)</sup> | 4 | 691 |
|  Thermo Fisher Scientific, Inc. | 325 | 131697 |
|  United Therapeutics Corp. <sup>(1)</sup> | 32 | 9053 |
|  UnitedHealth Group, Inc. | 665 | 207445 |
|  Universal Health Services, Inc. – Class B | 55 | 9899 |
|  Veeva Systems, Inc. – Class A <sup>(1)</sup> | 1 | 372 |
|  Viatris, Inc. | 3795 | 33889 |
|  Viking Therapeutics, Inc. <sup>(1)</sup> | 4 | 114 |
|  Waters Corp. <sup>(1)</sup> | 1 | 383 |
|  West Pharmaceutical Services, Inc. | 3 | 672 |
|  Zimmer Biomet Holdings, Inc. | 613 | 55911 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Zoetis, Inc. – Class A | 763 | $119016 |
|  Total Healthcare | Total Healthcare | 3035469 |
| **Industrials – 12.64%** |  |  |
|  3M Co. | 103 | 15687 |
|  Acuity, Inc. | 1 | 395 |
|  Advanced Drainage Systems, Inc. | 3 | 348 |
|  AECOM | 884 | 99800 |
|  AGCO Corp. | 290 | 29966 |
|  Air Lease Corp. – Class A | 4 | 261 |
|  Airbus SE | 584 | 122175 |
|  Alaska Air Group, Inc. <sup>(1)</sup> | 4 | 215 |
|  Allegion Plc | 4 | 532 |
|  Allison Transmission Holdings, Inc. | 132 | 12580 |
|  Amentum Holdings, Inc. <sup>(1)</sup> | 7 | 169 |
|  American Airlines Group, Inc. <sup>(1)</sup> | 243 | 2723 |
|  AMETEK, Inc. | 10 | 1788 |
|  AO Smith Corp. | 5 | 325 |
|  API Group Corp. <sup>(1)</sup> | 11 | 546 |
|  Applied Industrial Technologies, Inc. | 2 | 380 |
|  Armstrong World Industries, Inc. | 1 | 210 |
|  ATI, Inc. <sup>(1)</sup> | 6 | 501 |
|  Atkore, Inc. | 68 | 4819 |
|  Automatic Data Processing, Inc. | 363 | 112025 |
|  Avis Budget Group, Inc. <sup>(1)(3)</sup> | 0 | 79 |
|  AZEK Co., Inc. – Class A <sup>(1)</sup> | 2 | 104 |
|  Boeing Co. <sup>(1)</sup> | 300 | 62785 |
|  Boise Cascade Co. | 47 | 4115 |
|  Brink's Co. | 72 | 6384 |
|  Broadridge Financial Solutions, Inc. <sup>(3)</sup> | 0 | 111 |
|  Builders FirstSource, Inc. <sup>(1)</sup> | 5 | 559 |
|  BWX Technologies, Inc. | 624 | 89832 |
|  CACI International, Inc. – Class A <sup>(1)</sup> | 249 | 118741 |
|  Canadian National Railway Co. | 1036 | 107832 |
|  Carlisle Companies, Inc. | 2 | 606 |
|  Carrier Global Corp. | 35 | 2529 |
|  Caterpillar, Inc. | 53 | 20583 |
|  CH Robinson Worldwide, Inc. | 5 | 483 |
|  Clarivate Plc <sup>(1)</sup> | 18 | 79 |
|  Clean Harbors, Inc. <sup>(1)</sup> | 2 | 502 |
|  CNH Industrial NV | 1240 | 16066 |
|  Concentrix Corp. | 2 | 113 |
|  Copart, Inc. <sup>(1)</sup> | 3 | 130 |
|  Core & Main, Inc. – Class A <sup>(1)</sup> | 3 | 184 |
|  Crane Co. | 2 | 401 |
|  CSX Corp. | 1361 | 44408 |
|  Cummins, Inc. | 119 | 38855 |
|  Curtiss-Wright Corp. | 2 | 788 |
|  Dayforce, Inc. <sup>(1)</sup> | 6 | 345 |
|  Deere & Co. | 194 | 98830 |
|  Delta Air Lines, Inc. | 216 | 10637 |
|  Donaldson Co., Inc. | 5 | 354 |
|  Dover Corp. | 6 | 1066 |
|  Dun & Bradstreet Holdings, Inc. | 14 | 129 |
|  Eaton Corp. Plc | 17 | 6002 |
|  EMCOR Group, Inc. | 1 | 674 |
|  Emerson Electric Co. | 24 | 3224 |
|  Equifax, Inc. | 4 | 1138 |
|  Esab Corp. | 3 | 305 |
|  Everus Construction Group, Inc. <sup>(1)</sup> | 1764 | 112053 |

---

The accompanying notes are an integral part of these financial statements.

466.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Expeditors International of Washington, Inc. | 6 | $672 |
|  Fastenal Co. | 8 | 338 |
|  FedEx Corp. | 88 | 19898 |
|  Ferguson Enterprises, Inc. | 42 | 9169 |
|  Flowserve Corp. | 6 | 307 |
|  Fortive Corp. | 1488 | 77580 |
|  Fortune Brands Innovations, Inc. | 6 | 288 |
|  FTI Consulting, Inc. <sup>(1)</sup> | 1 | 231 |
|  Gates Industrial Corp. Plc <sup>(1)</sup> | 477 | 10992 |
|  Generac Holdings, Inc. <sup>(1)</sup> | 3 | 359 |
|  General Dynamics Corp. | 87 | 25308 |
|  General Electric Co. | 209 | 53688 |
|  Genpact Ltd. | 204 | 8996 |
|  GMS, Inc. <sup>(1)</sup> | 46 | 4992 |
|  Graco, Inc. | 7 | 612 |
|  Griffon Corp. | 111 | 8033 |
|  GXO Logistics, Inc. <sup>(1)</sup> | 5 | 240 |
|  Hayward Holdings, Inc. <sup>(1)</sup> | 6 | 83 |
|  Hexcel Corp. | 3 | 194 |
|  Hillenbrand, Inc. | 56 | 1120 |
|  Honeywell International, Inc. | 665 | 154816 |
|  Hubbell, Inc. – Class B | 2 | 937 |
|  Huntington Ingalls Industries, Inc. | 26 | 6295 |
|  IDEX Corp. | 3 | 569 |
|  Illinois Tool Works, Inc. | 8 | 2096 |
|  Ingersoll Rand, Inc. | 17 | 1440 |
|  ITT, Inc. | 3 | 542 |
|  Jacobs Solutions, Inc. | 5 | 684 |
|  JB Hunt Transport Services, Inc. | 316 | 45403 |
|  Johnson Controls International Plc | 1214 | 128213 |
|  KBR, Inc. | 5 | 261 |
|  Kirby Corp. <sup>(1)</sup> | 3 | 295 |
|  Knight-Swift Transportation Holdings, Inc. – Class A | 7 | 310 |
|  L3Harris Technologies, Inc. | 298 | 74820 |
|  Landstar System, Inc. | 2 | 221 |
|  Leidos Holdings, Inc. | 5 | 863 |
|  Leonardo DRS, Inc. | 2 | 91 |
|  Lincoln Electric Holdings, Inc. | 2 | 482 |
|  Loar Holdings, Inc. <sup>(1)(3)</sup> | 0 | 20 |
|  Lockheed Martin Corp. | 169 | 78373 |
|  Lyft, Inc. – Class A <sup>(1)</sup> | 14 | 226 |
|  ManpowerGroup, Inc. | 2 | 96 |
|  Masco Corp. | 9 | 583 |
|  MasTec, Inc. <sup>(1)</sup> | 2 | 359 |
|  Matson, Inc. | 61 | 6759 |
|  Middleby Corp. <sup>(1)</sup> | 2 | 311 |
|  MSA Safety, Inc. | 2 | 279 |
|  MSC Industrial Direct Co., Inc. – Class A | 2 | 183 |
|  Mueller Industries, Inc. | 115 | 9135 |
|  Nordson Corp. | 2 | 496 |
|  Norfolk Southern Corp. | 109 | 28011 |
|  Northrop Grumman Corp. | 254 | 126792 |
|  nVent Electric Plc | 7 | 512 |
|  Old Dominion Freight Line, Inc. | 8 | 1224 |
|  Oshkosh Corp. | 112 | 12699 |
|  Otis Worldwide Corp. | 17 | 1679 |
|  Owens Corning | 85 | 11722 |
|  PACCAR, Inc. | 22 | 2102 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Parker-Hannifin Corp. | 6 | $3856 |
|  Parsons Corp. <sup>(1)</sup> | 2 | 147 |
|  Paychex, Inc. | 10 | 1388 |
|  Paycom Software, Inc. | 1 | 195 |
|  Pentair Plc | 7 | 720 |
|  Quanta Services, Inc. | 1 | 538 |
|  QXO, Inc. <sup>(1)</sup> | 22 | 474 |
|  RB Global, Inc. | 7 | 793 |
|  RBC Bearings, Inc. <sup>(1)</sup> | 1 | 408 |
|  Regal Rexnord Corp. | 3 | 411 |
|  Republic Services, Inc. – Class A | 9 | 2143 |
|  Robert Half, Inc. | 5 | 188 |
|  Rockwell Automation, Inc. | 88 | 29073 |
|  RTX Corp. | 57 | 8381 |
|  Ryder System, Inc. | 101 | 16095 |
|  Safran SA | 511 | 166778 |
|  Saia, Inc. <sup>(1)</sup> | 1 | 313 |
|  Schneider National, Inc. – Class B | 3 | 64 |
|  Science Applications International Corp. | 71 | 8031 |
|  Sensata Technologies Holding Plc | 6 | 187 |
|  Siemens AG | 210 | 54040 |
|  Simpson Manufacturing Co., Inc. | 2 | 267 |
|  SiteOne Landscape Supply, Inc. <sup>(1)</sup> | 1 | 170 |
|  Snap-on, Inc. | 40 | 12599 |
|  Southwest Airlines Co. | 1349 | 43770 |
|  Spirit AeroSystems Holdings, Inc. – Class A <sup>(1)</sup> | 5 | 181 |
|  SS&C Technologies Holdings, Inc. | 9 | 751 |
|  StandardAero, Inc. <sup>(1)</sup> | 4 | 135 |
|  Stanley Black & Decker, Inc. | 719 | 48706 |
|  Tetra Tech, Inc. | 9 | 335 |
|  Textron, Inc. | 285 | 22860 |
|  Timken Co. | 3 | 186 |
|  Toro Co. | 4 | 302 |
|  Trane Technologies Plc | 150 | 65734 |
|  TransDigm Group, Inc. | 2 | 2976 |
|  TransUnion | 8 | 743 |
|  Trex Co., Inc. <sup>(1)</sup> | 5 | 249 |
|  U-Haul Holding Co. <sup>(1)(3)</sup> | 0 | 24 |
|  U-Haul Holding Co. – Class B | 3 | 138 |
|  Union Pacific Corp. | 447 | 102770 |
|  United Airlines Holdings, Inc. <sup>(1)</sup> | 168 | 13351 |
|  United Parcel Service, Inc. – Class B | 1736 | 175281 |
|  United Rentals, Inc. | 3 | 2095 |
|  Upwork, Inc. <sup>(1)</sup> | 232 | 3121 |
|  Valmont Industries, Inc. | 1 | 290 |
|  Veralto Corp. | 6 | 638 |
|  Verisk Analytics, Inc. – Class A | 2 | 748 |
|  Vertiv Holdings Co. – Class A | 931 | 119602 |
|  Watsco, Inc. | 1 | 659 |
|  WESCO International, Inc. | 334 | 61921 |
|  Westinghouse Air Brake Technologies Corp. | 7 | 1523 |
|  WillScot Holdings Corp. – Class A | 6 | 160 |
|  Woodward, Inc. | 3 | 623 |
|  WW Grainger, Inc. <sup>(3)</sup> | 0 | 265 |
|  XPO, Inc. <sup>(1)</sup> | 4 | 493 |
|  Xylem, Inc. | 10 | 1350 |
|  Total Industrials | Total Industrials | 3058709 |

---

The accompanying notes are an integral part of these financial statements.

467.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Information Technology – 12.90%** |  |  |
|  Accenture Plc – Class A | 594 | $177438 |
|  Adobe, Inc. <sup>(1)</sup> | 29 | 11367 |
|  Advanced Micro Devices, Inc. <sup>(1)</sup> | 167 | 23749 |
|  Akamai Technologies, Inc. <sup>(1)</sup> | 6 | 491 |
|  Allegro MicroSystems, Inc. <sup>(1)</sup> | 6 | 190 |
|  Amdocs Ltd. | 190 | 17375 |
|  Amkor Technology, Inc. | 223 | 4686 |
|  Analog Devices, Inc. | 21 | 5066 |
|  ANSYS, Inc. <sup>(1)</sup> | 4 | 1321 |
|  Apple, Inc. | 799 | 163986 |
|  Applied Materials, Inc. | 277 | 50647 |
|  Arrow Electronics, Inc. <sup>(1)</sup> | 93 | 11802 |
|  ASML Holding NV | 151 | 121096 |
|  Aurora Innovation, Inc. – Class A <sup>(1)</sup> | 42 | 221 |
|  Avnet, Inc. | 110 | 5821 |
|  BILL Holdings, Inc. <sup>(1)</sup> | 3 | 159 |
|  Broadcom, Inc. | 732 | 201838 |
|  CCC Intelligent Solutions Holdings, Inc. <sup>(1)</sup> | 23 | 220 |
|  CDW Corp. | 5 | 935 |
|  Ciena Corp. <sup>(1)</sup> | 1115 | 90721 |
|  Cirrus Logic, Inc. <sup>(1)</sup> | 72 | 7549 |
|  Cisco Systems, Inc. | 607 | 42096 |
|  Cognex Corp. | 7 | 231 |
|  Cognizant Technology Solutions Corp. – Class A | 988 | 77097 |
|  Coherent Corp. <sup>(1)</sup> | 6 | 528 |
|  Corning, Inc. | 33 | 1761 |
|  Crane NXT Co. | 47 | 2539 |
|  Dell Technologies, Inc. – Class C | 203 | 24884 |
|  Docusign, Inc. – Class A <sup>(1)</sup> | 2 | 164 |
|  Dolby Laboratories, Inc. – Class A | 3 | 205 |
|  Dropbox, Inc. – Class A <sup>(1)</sup> | 340 | 9712 |
|  DXC Technology Co. <sup>(1)</sup> | 175 | 2675 |
|  Entegris, Inc. | 983 | 79265 |
|  EPAM Systems, Inc. <sup>(1)</sup> | 2 | 412 |
|  F5, Inc. <sup>(1)</sup> | 2 | 727 |
|  Fair Isaac Corp. <sup>(1)(3)</sup> | 0 | 303 |
|  First Solar, Inc. <sup>(1)</sup> | 4 | 721 |
|  Flex Ltd. <sup>(1)</sup> | 354 | 17659 |
|  Gen Digital, Inc. | 233 | 6850 |
|  GlobalFoundries, Inc. <sup>(1)</sup> | 4 | 172 |
|  Globant SA <sup>(1)</sup> | 2 | 152 |
|  Hewlett Packard Enterprise Co. | 528 | 10803 |
|  HP, Inc. | 616 | 15079 |
|  Informatica, Inc. – Class A <sup>(1)</sup> | 4 | 91 |
|  Ingram Micro Holding Corp. | 1 | 23 |
|  Intel Corp. | 907 | 20322 |
|  International Business Machines Corp. | 40 | 11766 |
|  Intuit, Inc. | 235 | 184888 |
|  IPG Photonics Corp. <sup>(1)</sup> | 1 | 74 |
|  Jabil, Inc. | 107 | 23265 |
|  Juniper Networks, Inc. | 14 | 566 |
|  Keysight Technologies, Inc. <sup>(1)</sup> | 7 | 1209 |
|  Kyndryl Holdings, Inc. <sup>(1)</sup> | 9 | 389 |
|  Lam Research Corp. | 1219 | 118682 |
|  Lattice Semiconductor Corp. <sup>(1)</sup> | 1 | 40 |
|  Littelfuse, Inc. | 284 | 64335 |
|  Lumentum Holdings, Inc. <sup>(1)</sup> | 3 | 259 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  MACOM Technology Solutions Holdings, Inc. <sup>(1)</sup> | 2 | $292 |
|  Marvell Technology, Inc. | 34 | 2670 |
|  Microchip Technology, Inc. | 1341 | 94355 |
|  Micron Technology, Inc. | 48 | 5908 |
|  Microsoft Corp. | 614 | 305499 |
|  MicroStrategy, Inc. – Class A <sup>(1)</sup> | 10 | 4048 |
|  MKS, Inc. | 3 | 280 |
|  MongoDB, Inc. – Class A <sup>(1)</sup> | 3 | 643 |
|  Motorola Solutions, Inc. | 4 | 1739 |
|  nCino, Inc. <sup>(1)</sup> | 4 | 110 |
|  NetApp, Inc. | 5 | 569 |
|  Nice Ltd. – ADR <sup>(1)</sup> | 603 | 101896 |
|  Nutanix, Inc. – Class A <sup>(1)</sup> | 8 | 625 |
|  NXP Semiconductors NV | 544 | 118911 |
|  Okta, Inc. – Class A <sup>(1)</sup> | 4 | 411 |
|  ON Semiconductor Corp. <sup>(1)</sup> | 18 | 948 |
|  Onto Innovation, Inc. <sup>(1)</sup> | 2 | 165 |
|  Oracle Corp. | 454 | 99335 |
|  Pegasystems, Inc. | 2 | 135 |
|  PTC, Inc. <sup>(1)</sup> | 5 | 780 |
|  Pure Storage, Inc. – Class A <sup>(1)</sup> | 2 | 96 |
|  Qorvo, Inc. <sup>(1)</sup> | 4 | 339 |
|  QUALCOMM, Inc. | 1379 | 219601 |
|  Ralliant Corp. <sup>(1)</sup> | 496 | 24054 |
|  Roper Technologies, Inc. | 5 | 2611 |
|  Rubrik, Inc. – Class A <sup>(1)</sup> | 2 | 150 |
|  SailPoint, Inc. <sup>(1)</sup> | 3 | 59 |
|  Salesforce, Inc. | 204 | 55658 |
|  Samsung Electronics Co. Ltd. | 741 | 32789 |
|  Sandisk Corp. <sup>(1)</sup> | 42 | 1906 |
|  SentinelOne, Inc. – Class A <sup>(1)</sup> | 3 | 64 |
|  Skyworks Solutions, Inc. | 73 | 5460 |
|  Super Micro Computer, Inc. <sup>(1)</sup> | 12 | 585 |
|  Synopsys, Inc. <sup>(1)</sup> | 1 | 416 |
|  TD SYNNEX Corp. | 90 | 12235 |
|  TE Connectivity Plc | 56 | 9466 |
|  Teledyne Technologies, Inc. <sup>(1)</sup> | 2 | 1022 |
|  Teradata Corp. <sup>(1)</sup> | 3 | 70 |
|  Teradyne, Inc. | 7 | 620 |
|  Texas Instruments, Inc. | 1814 | 376634 |
|  Trimble, Inc. <sup>(1)</sup> | 10 | 777 |
|  Twilio, Inc. – Class A <sup>(1)</sup> | 5 | 626 |
|  Tyler Technologies, Inc. <sup>(1)(3)</sup> | 0 | 169 |
|  UiPath, Inc. – Class A <sup>(1)</sup> | 19 | 239 |
|  Unity Software, Inc. <sup>(1)</sup> | 13 | 310 |
|  Universal Display Corp. | 2 | 291 |
|  VeriSign, Inc. | 3 | 991 |
|  Vontier Corp. | 7 | 255 |
|  Western Digital Corp. | 122 | 7829 |
|  Zebra Technologies Corp. – Class A <sup>(1)</sup> | 2 | 672 |
|  Zoom Communications, Inc. – Class A <sup>(1)</sup> | 125 | 9714 |
|  Total Information Technology | Total Information Technology | 3121649 |
| **Materials – 3.55%** |  |  |
|  Air Products & Chemicals, Inc. | 329 | 92714 |
|  Albemarle Corp. | 5 | 329 |
|  Alcoa Corp. | 11 | 332 |
|  Amcor Plc | 98 | 897 |
|  Anglogold Ashanti Plc | 19 | 865 |

---

The accompanying notes are an integral part of these financial statements.

468.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  AptarGroup, Inc. | 3 | $439 |
|  Ashland, Inc. | 2 | 96 |
|  Avery Dennison Corp. | 3 | 586 |
|  Axalta Coating Systems Ltd. <sup>(1)</sup> | 2408 | 71485 |
|  Ball Corp. | 12 | 680 |
|  Cabot Corp. | 121 | 9045 |
|  Carpenter Technology Corp. | 2 | 470 |
|  Celanese Corp. – Class A | 5 | 265 |
|  CF Industries Holdings, Inc. | 753 | 69263 |
|  Cleveland-Cliffs, Inc. <sup>(1)</sup> | 14 | 107 |
|  Corteva, Inc. | 29 | 2187 |
|  CRH Plc | 814 | 74758 |
|  Crown Holdings, Inc. | 5 | 511 |
|  Dow, Inc. | 30 | 804 |
|  DuPont de Nemours, Inc. | 920 | 63097 |
|  Eagle Materials, Inc. | 1 | 268 |
|  Eastman Chemical Co. | 102 | 7626 |
|  Ecolab, Inc. | 413 | 111156 |
|  Element Solutions, Inc. | 10 | 227 |
|  FMC Corp. | 6 | 234 |
|  Freeport-McMoRan, Inc. | 61 | 2660 |
|  Graphic Packaging Holding Co. | 264 | 5557 |
|  Huntsman Corp. | 8 | 82 |
|  International Flavors & Fragrances, Inc. | 11 | 808 |
|  International Paper Co. | 1183 | 55377 |
|  Knife River Corp. <sup>(1)</sup> | 695 | 56742 |
|  Linde Plc | 346 | 162285 |
|  Louisiana-Pacific Corp. | 3 | 232 |
|  LyondellBasell Industries NV – Class A | 72 | 4148 |
|  Magnera Corp. <sup>(1)</sup> | 16 | 197 |
|  Martin Marietta Materials, Inc. | 3 | 1412 |
|  Mosaic Co. | 14 | 494 |
|  MP Materials Corp. <sup>(1)</sup> | 5 | 172 |
|  NewMarket Corp. | 16 | 11022 |
|  Newmont Corp. | 306 | 17825 |
|  Nucor Corp. | 10 | 1276 |
|  Olin Corp. | 5 | 107 |
|  Packaging Corp. of America | 4 | 714 |
|  PPG Industries, Inc. | 10 | 1109 |
|  Reliance, Inc. | 2 | 711 |
|  Royal Gold, Inc. | 3 | 501 |
|  RPM International, Inc. | 5 | 599 |
|  Scotts Miracle-Gro Co. | 2 | 125 |
|  Sealed Air Corp. | 5 | 166 |
|  Sherwin-Williams Co. | 1 | 321 |
|  Silgan Holdings, Inc. | 4 | 221 |
|  Smurfit WestRock Plc | 22 | 964 |
|  Sonoco Products Co. | 5 | 202 |
|  Southern Copper Corp. | 4 | 355 |
|  Steel Dynamics, Inc. | 45 | 5779 |
|  Vulcan Materials Co. | 6 | 1479 |
|  West Fraser Timber Co. Ltd. | 212 | 15558 |
|  Westlake Corp. | 2 | 118 |
|  Total Materials | Total Materials | 857759 |
| **Real Estate – 2.73%** |  |  |
|  Agree Realty Corp. | 5 | 355 |
|  Alexandria Real Estate Equities, Inc. | 7 | 534 |
|  American Assets Trust, Inc. | 216 | 4262 |
|  American Homes 4 Rent – Class A | 15 | 529 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Americold Realty Trust, Inc. | 13 | $212 |
|  AvalonBay Communities, Inc. | 6 | 1242 |
|  Brandywine Realty Trust | 330 | 1417 |
|  Brixmor Property Group, Inc. | 13 | 348 |
|  BXP, Inc. | 7 | 458 |
|  Camden Property Trust | 5 | 520 |
|  CBRE Group, Inc. – Class A <sup>(1)</sup> | 11 | 1591 |
|  CoStar Group, Inc. <sup>(1)</sup> | 16 | 1262 |
|  Cousins Properties, Inc. | 293 | 8787 |
|  Crown Castle, Inc. | 19 | 1912 |
|  CubeSmart | 10 | 413 |
|  Digital Realty Trust, Inc. | 14 | 2523 |
|  EastGroup Properties, Inc. | 2 | 380 |
|  EPR Properties | 3 | 200 |
|  Equinix, Inc. | 4 | 3357 |
|  Equity LifeStyle Properties, Inc. | 8 | 501 |
|  Equity Residential | 929 | 62701 |
|  Essex Property Trust, Inc. | 3 | 775 |
|  Extra Space Storage, Inc. | 9 | 1332 |
|  Federal Realty Investment Trust | 4 | 366 |
|  First Industrial Realty Trust, Inc. | 5 | 264 |
|  Gaming & Leisure Properties, Inc. | 11 | 528 |
|  Healthcare Realty Trust, Inc. – Class A | 14 | 223 |
|  Healthpeak Properties, Inc. | 30 | 521 |
|  Highwoods Properties, Inc. | 5 | 144 |
|  Host Hotels & Resorts, Inc. | 701 | 10766 |
|  Howard Hughes Holdings, Inc. <sup>(1)</sup> | 2 | 109 |
|  Invitation Homes, Inc. | 26 | 861 |
|  Iron Mountain, Inc. | 13 | 1291 |
|  Jones Lang LaSalle, Inc. <sup>(1)</sup> | 1 | 373 |
|  Kilroy Realty Corp. | 5 | 173 |
|  Kimco Realty Corp. | 29 | 603 |
|  Lineage, Inc. | 3 | 121 |
|  Medical Properties Trust, Inc. | 21 | 92 |
|  Mid-America Apartment Communities, Inc. | 404 | 59838 |
|  Millrose Properties, Inc. | 43 | 1218 |
|  National Storage Affiliates Trust | 3 | 92 |
|  NNN REIT, Inc. | 8 | 346 |
|  Omega Healthcare Investors, Inc. | 181 | 6644 |
|  Outfront Media, Inc. | 358 | 5841 |
|  Park Hotels & Resorts, Inc. | 9 | 95 |
|  Prologis, Inc. | 831 | 87340 |
|  Public Storage | 426 | 124891 |
|  Rayonier, Inc. | 959 | 21267 |
|  Realty Income Corp. | 38 | 2207 |
|  Regency Centers Corp. | 8 | 552 |
|  Rexford Industrial Realty, Inc. | 656 | 23343 |
|  SBA Communications Corp. – Class A | 281 | 65951 |
|  Simon Property Group, Inc. | 11 | 1738 |
|  STAG Industrial, Inc. | 8 | 293 |
|  Sun Communities, Inc. | 64 | 8084 |
|  UDR, Inc. | 13 | 547 |
|  Ventas, Inc. | 19 | 1182 |
|  VICI Properties, Inc. – Class A | 2744 | 89465 |
|  Vornado Realty Trust | 8 | 300 |
|  Welltower, Inc. | 28 | 4321 |
|  Weyerhaeuser Co. | 1666 | 42805 |
|  WP Carey, Inc. | 9 | 580 |
|  Zillow Group, Inc. – Class A <sup>(1)</sup> | 2 | 147 |

---

The accompanying notes are an integral part of these financial statements.

469.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** | **Value<br>(000s)** |
|  Zillow Group, Inc. – Class C <sup>(1)</sup> | 7 | $| 498 |
|  Total Real Estate | Total Real Estate |  | 661631 |
| **Utilities – 3.36%** |  |  |  |
|  AES Corp. | 32 |  | 334 |
|  Alliant Energy Corp. | 11 |  | 666 |
|  Ameren Corp. | 550 |  | 52785 |
|  American Electric Power Co., Inc. | 23 |  | 2381 |
|  American Water Works Co., Inc. | 8 |  | 1162 |
|  Atmos Energy Corp. | 7 |  | 1046 |
|  Brookfield Renewable Corp. | 6 |  | 204 |
|  CenterPoint Energy, Inc. | 2682 |  | 98546 |
|  Clearway Energy, Inc. – Class A | 1 |  | 45 |
|  Clearway Energy, Inc. – Class C | 3 |  | 112 |
|  CMS Energy Corp. | 13 |  | 884 |
|  Consolidated Edison, Inc. | 15 |  | 1552 |
|  Constellation Energy Corp. | 13 |  | 4337 |
|  Dominion Energy, Inc. | 583 |  | 32972 |
|  DTE Energy Co. | 9 |  | 1177 |
|  Duke Energy Corp. | 33 |  | 3938 |
|  Edison International | 16 |  | 844 |
|  Entergy Corp. | 1266 |  | 105249 |
|  Essential Utilities, Inc. | 12 |  | 442 |
|  Evergy, Inc. | 10 |  | 681 |
|  Eversource Energy | 16 |  | 1003 |
|  Exelon Corp. | 43 |  | 1883 |
|  FirstEnergy Corp. | 24 |  | 948 |
|  IDACORP, Inc. – Class Rights | 2 |  | 286 |
|  MDU Resources Group, Inc. | 5391 |  | 89868 |
|  National Fuel Gas Co. | 131 |  | 11118 |
|  NextEra Energy, Inc. | 488 |  | 33861 |
|  NiSource, Inc. | 20 |  | 814 |
|  NRG Energy, Inc. | 132 |  | 21213 |
|  OGE Energy Corp. | 9 |  | 382 |
|  PG&E Corp. | 247 |  | 3443 |
|  Pinnacle West Capital Corp. | 1031 |  | 92252 |
|  PPL Corp. | 32 |  | 1076 |
|  Public Service Enterprise Group, Inc. | 21 |  | 1803 |
|  Sempra | 479 |  | 36316 |
|  Southern Co. | 986 |  | 90531 |
|  Talen Energy Corp. <sup>(1)</sup> | 2 |  | 566 |
|  UGI Corp. | 313 |  | 11408 |
|  WEC Energy Group, Inc. | 14 |  | 1428 |
|  Xcel Energy, Inc. | 1536 |  | 104620 |
|  Total Utilities | Total Utilities |  | 814176 |
|  **Total Common Stocks**<br> (Cost: $17,423,250) | **Total Common Stocks**<br> (Cost: $17,423,250) |  | **23489412** |
|  **CONVERTIBLE PREFERRED STOCKS – 0.10%** | **CONVERTIBLE PREFERRED STOCKS – 0.10%** | **CONVERTIBLE PREFERRED STOCKS – 0.10%** | **CONVERTIBLE PREFERRED STOCKS – 0.10%** |
| **Industrials – 0.07%** |  |  |  |
|  Boeing Co., 6.00% | 262 |  | 17836 |
|  Total Industrials | Total Industrials |  | 17836 |
| **Utilities – 0.03%** |  |  |  |
|  NextEra Energy, Inc., 6.93% | 167 |  | 6623 |
|  Total Utilities | Total Utilities |  | 6623 |
|  **Total Convertible Preferred Stocks**<br> (Cost: $20,819) | **Total Convertible Preferred Stocks**<br> (Cost: $20,819) |  | **24459** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **PREFERRED STOCKS – 0.08%** |  |  |
| **Consumer Discretionary – 0.08%** |  |  |
|  Volkswagen AG | 183 | $19316 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 19316 |
|  **Total Preferred Stocks**<br> (Cost: $26,668) | **Total Preferred Stocks**<br> (Cost: $26,668) | **19316** |
|  **SHORT-TERM INVESTMENTS – 2.50%** | **SHORT-TERM INVESTMENTS – 2.50%** | **SHORT-TERM INVESTMENTS – 2.50%** |
| **Money Market Funds – 2.46%** |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(4)</sup> | 594545 | 594545 |
|  **Total Money Market Funds**<br> (Cost: $594,545) | **Total Money Market Funds**<br> (Cost: $594,545) | **594545** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.04%** |  |  |
|  ANZ, London, 3.83% due 07/01/2025 | $542 | 542 |
|  Citibank, London, 1.11% due 07/01/2025 | 3551 | 4182 |
|  Citibank, London, 3.42% due 07/01/2025 | 2 | 2 |
|  Citibank, New York, 3.83% due 07/01/2025 | $202 | 202 |
|  JP Morgan, New York, 3.83% due 07/01/2025 | 752 | 752 |
|  Royal Bank of Canada, Toronto, 1.80% due 07/02/2025 <sup>(3)</sup> | 0 | 0 |
|  Royal Bank of Canada, Toronto, 3.83% due 07/01/2025 | $4415 | 4415 |
|  Skandinaviska Enskilda Banken AB, Stockholm, -0.31% due 07/01/2025 <sup>(3)</sup> | 0 | 0 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 1.05% due 07/01/2025 <sup>(3)</sup> | 0 | 0 |
|  **Total Time Deposits**<br> (Cost: $10,095) | **Total Time Deposits**<br> (Cost: $10,095) | **10095** |
|  **Total Short-Term Investments**<br> (Cost: $604,640) | **Total Short-Term Investments**<br> (Cost: $604,640) | **604640** |
| TOTAL INVESTMENTS IN SECURITIES – 99.76%<br>(Cost: $18,075,377) | TOTAL INVESTMENTS IN SECURITIES – 99.76%<br>(Cost: $18,075,377) | **24137827** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.24% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.24% | **57816** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**24195643** |

---

The accompanying notes are an integral part of these financial statements.

470.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

SEK Swedish Krona

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $–, which represents 0.00% of total net assets. 

<sup>(3)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

<sup>(4)</sup> Represents annualized seven-day yield as of the close of the reporting period.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 52 | E-mini Russell 1000 Future | Sep. 2025 | $4888 | $5005 | $117 |
|  |  |  |  |  | $**117** |

---

The accompanying notes are an integral part of these financial statements.

471.0 ------

### Bridge Builder Tax Managed Large Cap Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 98.36%** |  |  |
| **Communication Services – 9.35%** |  |  |
|  Alphabet, Inc. – Class A | 723 | $127381 |
|  Alphabet, Inc. – Class C | 326 | 57770 |
|  AT&T, Inc. | 144 | 4180 |
|  Comcast Corp. – Class A | 484 | 17275 |
|  Electronic Arts, Inc. | 130 | 20763 |
|  Fox Corp. – Class B | 42 | 2171 |
|  Live Nation Entertainment, Inc. <sup>(1)</sup> | 13 | 1947 |
|  Meta Platforms, Inc. – Class A | 270 | 199249 |
|  Netflix, Inc. <sup>(1)</sup> | 73 | 97120 |
|  Spotify Technology SA <sup>(1)</sup> | 14 | 10539 |
|  T-Mobile U.S., Inc. | 95 | 22743 |
|  Trade Desk, Inc. – Class A <sup>(1)</sup> | 20 | 1449 |
|  Walt Disney Co. | 313 | 38863 |
|  Warner Music Group Corp. – Class A | 444 | 12091 |
|  Total Communication Services | Total Communication Services | 613541 |
| **Consumer Discretionary – 8.56%** |  |  |
|  Airbnb, Inc. – Class A <sup>(1)</sup> | 12 | 1600 |
|  Amazon.com, Inc. <sup>(1)</sup> | 996 | 218604 |
|  Aptiv Plc <sup>(1)</sup> | 298 | 20316 |
|  Aramark | 284 | 11896 |
|  AutoZone, Inc. <sup>(1)(2)</sup> | 0 | 709 |
|  Booking Holdings, Inc. | 5 | 28830 |
|  Caesars Entertainment, Inc. <sup>(1)</sup> | 60 | 1690 |
|  Carnival Corp. <sup>(1)</sup> | 1580 | 44421 |
|  Chipotle Mexican Grill, Inc. – Class A <sup>(1)</sup> | 204 | 11477 |
|  Coupang, Inc. – Class A <sup>(1)</sup> | 452 | 13540 |
|  Darden Restaurants, Inc. <sup>(2)</sup> | 0 | 1 |
|  Domino's Pizza, Inc. | 2 | 837 |
|  DR Horton, Inc. | 8 | 987 |
|  eBay, Inc. | 30 | 2209 |
|  General Motors Co. | 40 | 1987 |
|  Hilton Worldwide Holdings, Inc. | 8 | 2081 |
|  Home Depot, Inc. | 31 | 11455 |
|  Las Vegas Sands Corp. | 102 | 4457 |
|  Lennar Corp. – Class A | 162 | 17908 |
|  Lithia Motors, Inc. – Class A | 13 | 4303 |
|  Marriott International, Inc. – Class A | 15 | 4149 |
|  McDonald's Corp. | 7 | 1964 |
|  MercadoLibre, Inc. <sup>(1)</sup> | 4 | 11620 |
|  MGM Resorts International <sup>(1)</sup> | 50 | 1704 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(1)</sup> | 86 | 1740 |
|  O'Reilly Automotive, Inc. <sup>(1)</sup> | 16 | 1403 |
|  Pool Corp. | 1 | 363 |
|  PulteGroup, Inc. | 3 | 306 |
|  Ralph Lauren Corp. – Class A | 1 | 312 |
|  Ross Stores, Inc. | 80 | 10146 |
|  SharkNinja, Inc. <sup>(1)</sup> | 38 | 3756 |
|  Starbucks Corp. | 78 | 7105 |
|  Tesla, Inc. <sup>(1)</sup> | 71 | 22458 |
|  TJX Companies, Inc. | 307 | 37852 |
|  TopBuild Corp. <sup>(1)</sup> | 44 | 14205 |
|  United Parks & Resorts, Inc. <sup>(1)</sup> | 338 | 15937 |
|  Wynn Resorts Ltd. | 294 | 27542 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 561870 |
| **Consumer Staples – 3.76%** |  |  |
|  Altria Group, Inc. | 29 | 1713 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  BJ's Wholesale Club Holdings, Inc. <sup>(1)</sup> | 65 | $6984 |
|  Coca-Cola Co. | 421 | 29792 |
|  Colgate-Palmolive Co. | 5 | 435 |
|  Constellation Brands, Inc. – Class A | 16 | 2632 |
|  Costco Wholesale Corp. | 4 | 3941 |
|  Dollar General Corp. | 15 | 1724 |
|  Dollar Tree, Inc. <sup>(1)</sup> | 60 | 5984 |
|  Hormel Foods Corp. | 83 | 2509 |
|  Keurig Dr Pepper, Inc. | 904 | 29896 |
|  Kimberly-Clark Corp. | 24 | 3093 |
|  Kroger Co. | 4 | 252 |
|  Lamb Weston Holdings, Inc. | 25 | 1279 |
|  McCormick & Co., Inc. | 238 | 18078 |
|  Mondelez International, Inc. – Class A | 57 | 3817 |
|  Monster Beverage Corp. <sup>(1)</sup> | 80 | 5024 |
|  Philip Morris International, Inc. | 184 | 33572 |
|  Procter & Gamble Co. | 225 | 35852 |
|  Walmart, Inc. | 618 | 60426 |
|  Total Consumer Staples | Total Consumer Staples | 247003 |
| **Energy – 4.11%** |  |  |
|  Baker Hughes Co. – Class A | 187 | 7163 |
|  Chevron Corp. | 277 | 39631 |
|  ConocoPhillips | 13 | 1199 |
|  Devon Energy Corp. | 79 | 2517 |
|  Enbridge, Inc. | 540 | 24471 |
|  EOG Resources, Inc. | 27 | 3262 |
|  EQT Corp. | 241 | 14038 |
|  Exxon Mobil Corp. | 655 | 70589 |
|  Halliburton Co. | 137 | 2788 |
|  Hess Corp. | 85 | 11813 |
|  Kinder Morgan, Inc. | 688 | 20236 |
|  Marathon Petroleum Corp. | 9 | 1504 |
|  ONEOK, Inc. | 1 | 97 |
|  Permian Resources Corp. – Class A | 1251 | 17037 |
|  Phillips 66 | 207 | 24753 |
|  Plains GP Holdings LP – Class A <sup>(1)</sup> | 911 | 17691 |
|  Schlumberger NV | 248 | 8392 |
|  Targa Resources Corp. | 5 | 833 |
|  Valero Energy Corp. | 6 | 813 |
|  Williams Companies, Inc. | 10 | 610 |
|  Total Energy | Total Energy | 269437 |
| **Financials – 15.76%** |  |  |
|  Affirm Holdings, Inc. – Class A <sup>(1)</sup> | 103 | 7097 |
|  Aflac, Inc. | 7 | 698 |
|  Allstate Corp. | 105 | 21075 |
|  American Express Co. | 76 | 24374 |
|  American International Group, Inc. | 249 | 21334 |
|  Ameriprise Financial, Inc. <sup>(2)</sup> | 0 | 53 |
|  Aon Plc – Class A | 2 | 861 |
|  Ares Management Corp. – Class A | 35 | 6057 |
|  Arthur J. Gallagher & Co. <sup>(2)</sup> | 0 | 89 |
|  Axis Capital Holdings Ltd. | 127 | 13222 |
|  Bank of America Corp. | 1905 | 90150 |
|  Berkshire Hathaway, Inc. – Class B <sup>(1)</sup> | 179 | 87049 |
|  Blackrock, Inc. | 8 | 8049 |
|  Blackstone, Inc. – Class A | 7 | 987 |
|  Block, Inc. – Class A <sup>(1)</sup> | 664 | 45099 |
|  Brown & Brown, Inc. | 10 | 1118 |

---

The accompanying notes are an integral part of these financial statements.

472.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Capital One Financial Corp. | 144 | $30631 |
|  Charles Schwab Corp. | 148 | 13480 |
|  Chubb Ltd. | 57 | 16503 |
|  Citigroup, Inc. | 27 | 2281 |
|  Citizens Financial Group, Inc. | 74 | 3316 |
|  CME Group, Inc. – Class A | 44 | 12264 |
|  Comerica, Inc. | 257 | 15313 |
|  FactSet Research Systems, Inc. | 3 | 1194 |
|  Fidelity National Information Services, Inc. | 394 | 32069 |
|  Fifth Third Bancorp | 50 | 2072 |
|  Fiserv, Inc. <sup>(1)</sup> | 172 | 29692 |
|  Globe Life, Inc. | 34 | 4227 |
|  Goldman Sachs Group, Inc. | 8 | 5502 |
|  Hartford Insurance Group, Inc. | 77 | 9783 |
|  Intercontinental Exchange, Inc. | 126 | 23141 |
|  Jefferies Financial Group, Inc. | 413 | 22583 |
|  JP Morgan Chase & Co. | 306 | 88768 |
|  KeyCorp | 103 | 1803 |
|  M&T Bank Corp. | 69 | 13442 |
|  MarketAxess Holdings, Inc. | 7 | 1554 |
|  Marsh & McLennan Companies, Inc. | 20 | 4271 |
|  Mastercard, Inc. – Class A | 101 | 56919 |
|  Moody's Corp. | 2 | 1049 |
|  MSCI, Inc. – Class A | 1 | 716 |
|  PayPal Holdings, Inc. <sup>(1)</sup> | 44 | 3306 |
|  PNC Financial Services Group, Inc. | 11 | 2004 |
|  Progressive Corp. | 96 | 25501 |
|  Prudential Financial, Inc. | 21 | 2228 |
|  Raymond James Financial, Inc. | 14 | 2217 |
|  Regions Financial Corp. | 50 | 1181 |
|  S&P Global, Inc. | 3 | 1392 |
|  SLM Corp. | 863 | 28289 |
|  State Street Corp. | 2 | 173 |
|  Tradeweb Markets, Inc. – Class A | 80 | 11711 |
|  Travelers Companies, Inc. | 127 | 33996 |
|  Truist Financial Corp. | 37 | 1610 |
|  US Bancorp | 231 | 10456 |
|  Visa, Inc. – Class A | 319 | 113296 |
|  Wells Fargo & Co. | 469 | 37588 |
|  Western Alliance Bancorp | 201 | 15683 |
|  Willis Towers Watson Plc | 72 | 22139 |
|  WR Berkley Corp. | 21 | 1517 |
|  Total Financials | Total Financials | 1034172 |
| **Healthcare – 8.29%** |  |  |
|  Abbott Laboratories | 44 | 6025 |
|  AbbVie, Inc. | 168 | 31235 |
|  Agilent Technologies, Inc. | 13 | 1490 |
|  Amgen, Inc. | 18 | 5098 |
|  Argenx SE – ADR <sup>(1)</sup> | 14 | 7956 |
|  Avantor, Inc. <sup>(1)</sup> | 801 | 10781 |
|  Biogen, Inc. <sup>(1)</sup> | 12 | 1449 |
|  Boston Scientific Corp. <sup>(1)</sup> | 11 | 1179 |
|  Bristol Myers Squibb Co. | 63 | 2901 |
|  Cencora, Inc. – Class A <sup>(2)</sup> | 0 | 113 |
|  Charles River Laboratories International, Inc. <sup>(1)</sup> | 11 | 1638 |
|  Cigna Group | 61 | 20277 |
|  Danaher Corp. | 55 | 10897 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  DaVita, Inc. <sup>(1)</sup> | 9 | $1303 |
|  DexCom, Inc. <sup>(1)</sup> | 15 | 1334 |
|  Edwards Lifesciences Corp. <sup>(1)</sup> | 50 | 3896 |
|  Elanco Animal Health, Inc. <sup>(1)</sup> | 1621 | 23144 |
|  Elevance Health, Inc. | 64 | 24792 |
|  Eli Lilly & Co. | 102 | 79801 |
|  GE HealthCare Technologies, Inc. | 17 | 1256 |
|  Gilead Sciences, Inc. | 25 | 2717 |
|  HCA Healthcare, Inc. | 2 | 829 |
|  Hologic, Inc. <sup>(1)</sup> | 27 | 1787 |
|  Humana, Inc. | 16 | 3816 |
|  IDEXX Laboratories, Inc. <sup>(1)</sup> | 1 | 521 |
|  Incyte Corp. <sup>(1)</sup> | 27 | 1857 |
|  Intuitive Surgical, Inc. <sup>(1)</sup> | 69 | 37708 |
|  IQVIA Holdings, Inc. <sup>(1)</sup> | 13 | 2122 |
|  Johnson & Johnson | 220 | 33604 |
|  Labcorp Holdings, Inc. | 2 | 611 |
|  McKesson Corp. | 3 | 2174 |
|  Medtronic Plc | 320 | 27922 |
|  Merck & Co., Inc. | 408 | 32258 |
|  Mettler-Toledo International, Inc. <sup>(1)</sup> | 1 | 1487 |
|  Moderna, Inc. <sup>(1)</sup> | 46 | 1281 |
|  Natera, Inc. <sup>(1)</sup> | 59 | 9983 |
|  Penumbra, Inc. <sup>(1)</sup> | 13 | 3211 |
|  Pfizer, Inc. | 141 | 3420 |
|  Regeneron Pharmaceuticals, Inc. | 7 | 3881 |
|  ResMed, Inc. | 4 | 1000 |
|  Sanofi SA – ADR | 474 | 22915 |
|  Solventum Corp. <sup>(1)</sup> | 6 | 448 |
|  Sonova Holding AG – ADR | 92 | 5468 |
|  Stryker Corp. | 124 | 48916 |
|  Thermo Fisher Scientific, Inc. | 15 | 5886 |
|  UnitedHealth Group, Inc. | 125 | 39055 |
|  Vertex Pharmaceuticals, Inc. <sup>(1)</sup> | 15 | 6776 |
|  Viatris, Inc. | 135 | 1210 |
|  West Pharmaceutical Services, Inc. | 16 | 3501 |
|  Zoetis, Inc. – Class A | 5 | 797 |
|  Total Healthcare | Total Healthcare | 543726 |
| **Industrials – 10.19%** |  |  |
|  3M Co. | 24 | 3600 |
|  AECOM | 254 | 28641 |
|  AerCap Holdings NV | 115 | 13481 |
|  Amentum Holdings, Inc. <sup>(1)</sup> | 5 | 121 |
|  Automatic Data Processing, Inc. | 112 | 34462 |
|  Boeing Co. <sup>(1)</sup> | 201 | 42020 |
|  BWX Technologies, Inc. | 215 | 31037 |
|  CACI International, Inc. – Class A <sup>(1)</sup> | 76 | 36415 |
|  Canadian Pacific Kansas City Ltd. | 131 | 10353 |
|  Carrier Global Corp. | 42 | 3056 |
|  Caterpillar, Inc. | 16 | 6397 |
|  Cintas Corp. | 6 | 1286 |
|  Copart, Inc. <sup>(1)</sup> | 32 | 1585 |
|  CSX Corp. | 41 | 1336 |
|  Cummins, Inc. <sup>(2)</sup> | 0 | 66 |
|  Dayforce, Inc. <sup>(1)</sup> | 148 | 8179 |
|  Deere & Co. | 6 | 2996 |
|  Delta Air Lines, Inc. | 41 | 2038 |
|  Dover Corp. | 3 | 581 |
|  Eaton Corp. Plc | 128 | 45597 |

---

The accompanying notes are an integral part of these financial statements.

473.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Emerson Electric Co. | 182 | $24319 |
|  Equifax, Inc. | 44 | 11332 |
|  Everus Construction Group, Inc. <sup>(1)</sup> | 541 | 34401 |
|  Expeditors International of Washington, Inc. | 21 | 2431 |
|  Fastenal Co. | 3 | 134 |
|  Fortive Corp. | 182 | 9501 |
|  GE Vernova, Inc. | 2 | 1301 |
|  General Dynamics Corp. <sup>(2)</sup> | 0 | 81 |
|  General Electric Co. | 16 | 3998 |
|  Honeywell International, Inc. | 174 | 40509 |
|  Howmet Aerospace, Inc. | 95 | 17724 |
|  Hubbell, Inc. – Class B | 5 | 1898 |
|  Illinois Tool Works, Inc. | 21 | 5187 |
|  Ingersoll Rand, Inc. | 133 | 11038 |
|  Jacobs Solutions, Inc. | 85 | 11109 |
|  JB Hunt Transport Services, Inc. | 88 | 12581 |
|  Johnson Controls International Plc | 361 | 38155 |
|  L3Harris Technologies, Inc. | 8 | 1977 |
|  Leidos Holdings, Inc. | 23 | 3584 |
|  Lockheed Martin Corp. | 5 | 2181 |
|  Norfolk Southern Corp. | 7 | 1772 |
|  Northrop Grumman Corp. | 6 | 2995 |
|  Old Dominion Freight Line, Inc. | 77 | 12500 |
|  Otis Worldwide Corp. | 10 | 955 |
|  PACCAR, Inc. | 7 | 682 |
|  Parker-Hannifin Corp. <sup>(2)</sup> | 0 | 341 |
|  Paychex, Inc. | 12 | 1785 |
|  Pentair Plc | 21 | 2165 |
|  Quanta Services, Inc. | 11 | 4286 |
|  Republic Services, Inc. – Class A | 4 | 924 |
|  Rockwell Automation, Inc. | 1 | 463 |
|  Rollins, Inc. | 22 | 1269 |
|  RTX Corp. | 207 | 30161 |
|  Trane Technologies Plc | 6 | 2802 |
|  Uber Technologies, Inc. <sup>(1)</sup> | 14 | 1327 |
|  U-Haul Holding Co. – Class B | 58 | 3167 |
|  Union Pacific Corp. | 44 | 10150 |
|  Vertiv Holdings Co. – Class A | 309 | 39667 |
|  Waste Management, Inc. | 134 | 30576 |
|  WESCO International, Inc. | 74 | 13677 |
|  Westinghouse Air Brake Technologies Corp. <sup>(2)</sup> | 0 | 1 |
|  Total Industrials | Total Industrials | 668353 |
| **Information Technology – 29.28%** |  |  |
|  Accenture Plc – Class A | 7 | 2219 |
|  Adobe, Inc. <sup>(1)</sup> | 23 | 8967 |
|  Advanced Micro Devices, Inc. <sup>(1)</sup> | 89 | 12564 |
|  Akamai Technologies, Inc. <sup>(1)</sup> | 14 | 1153 |
|  Amphenol Corp. – Class A | 363 | 35825 |
|  Analog Devices, Inc. | 7 | 1696 |
|  ANSYS, Inc. <sup>(1)</sup> | 6 | 2017 |
|  Apple, Inc. | 1282 | 262958 |
|  Applied Materials, Inc. | 7 | 1332 |
|  AppLovin Corp. – Class A <sup>(1)</sup> | 35 | 12373 |
|  Arista Networks, Inc. <sup>(1)</sup> | 129 | 13157 |
|  ASML Holding NV – Class REG | 49 | 39033 |
|  Atlassian Corp. – Class A <sup>(1)</sup> | 23 | 4625 |
|  Autodesk, Inc. <sup>(1)</sup> | 13 | 4082 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Broadcom, Inc. | 544 | $149967 |
|  Cadence Design Systems, Inc. <sup>(1)</sup> | 37 | 11317 |
|  CDW Corp. | 12 | 2120 |
|  Ciena Corp. <sup>(1)</sup> | 268 | 21798 |
|  Cisco Systems, Inc. | 131 | 9101 |
|  Cognizant Technology Solutions Corp. – Class A | 254 | 19844 |
|  Corning, Inc. | 74 | 3873 |
|  Dynatrace, Inc. <sup>(1)</sup> | 70 | 3873 |
|  Entegris, Inc. | 484 | 39049 |
|  Fair Isaac Corp. <sup>(1)</sup> | 7 | 12598 |
|  First Solar, Inc. <sup>(1)</sup> | 42 | 6997 |
|  Fortinet, Inc. <sup>(1)</sup> | 24 | 2527 |
|  Gen Digital, Inc. | 47 | 1382 |
|  Hewlett Packard Enterprise Co. | 8 | 156 |
|  HubSpot, Inc. <sup>(1)</sup> | 15 | 8195 |
|  Intel Corp. | 65 | 1459 |
|  Intuit, Inc. | 73 | 57273 |
|  KLA Corp. | 6 | 5074 |
|  Lam Research Corp. | 80 | 7750 |
|  Lattice Semiconductor Corp. <sup>(1)</sup> | 123 | 6022 |
|  Littelfuse, Inc. | 75 | 17066 |
|  Microchip Technology, Inc. | 432 | 30375 |
|  Micron Technology, Inc. | 37 | 4587 |
|  Microsoft Corp. | 939 | 467303 |
|  Motorola Solutions, Inc. | 2 | 772 |
|  Nice Ltd. – ADR <sup>(1)</sup> | 159 | 26871 |
|  NVIDIA Corp. | 2355 | 371987 |
|  NXP Semiconductors NV | 6 | 1317 |
|  ON Semiconductor Corp. <sup>(1)</sup> | 44 | 2315 |
|  Oracle Corp. | 276 | 60264 |
|  Palantir Technologies, Inc. – Class A <sup>(1)</sup> | 25 | 3453 |
|  Palo Alto Networks, Inc. <sup>(1)</sup> | 65 | 13349 |
|  QUALCOMM, Inc. | 181 | 28775 |
|  Ralliant Corp. <sup>(1)</sup> | 61 | 2946 |
|  Salesforce, Inc. | 42 | 11382 |
|  ServiceNow, Inc. <sup>(1)</sup> | 28 | 28450 |
|  Shopify, Inc. – Class A <sup>(1)</sup> | 150 | 17250 |
|  Synopsys, Inc. <sup>(1)</sup> | 55 | 28292 |
|  TE Connectivity Plc | 7 | 1242 |
|  Teledyne Technologies, Inc. <sup>(1)</sup> | 4 | 2243 |
|  Teradyne, Inc. | 16 | 1425 |
|  Texas Instruments, Inc. | 99 | 20478 |
|  Trimble, Inc. <sup>(1)</sup> | 22 | 1669 |
|  VeriSign, Inc. | 14 | 3956 |
|  Total Information Technology | Total Information Technology | 1920143 |
| **Materials – 3.65%** |  |  |
|  Air Products & Chemicals, Inc. | 100 | 28112 |
|  Albemarle Corp. | 22 | 1383 |
|  Amcor Plc | 252 | 2313 |
|  Axalta Coating Systems Ltd. <sup>(1)</sup> | 605 | 17969 |
|  Ball Corp. | 55 | 3085 |
|  Corteva, Inc. | 8 | 603 |
|  CRH Plc | 348 | 31961 |
|  Crown Holdings, Inc. | 129 | 13306 |
|  Dow, Inc. | 222 | 5885 |
|  DuPont de Nemours, Inc. | 291 | 19969 |
|  Ecolab, Inc. | 75 | 20326 |
|  Freeport-McMoRan, Inc. | 10 | 441 |

---

The accompanying notes are an integral part of these financial statements.

474.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  International Flavors & Fragrances, Inc. | 15 | $1125 |
|  Knife River Corp. <sup>(1)</sup> | 266 | 21685 |
|  Linde Plc | 62 | 29252 |
|  Newmont Corp. | 63 | 3644 |
|  Nucor Corp. | 9 | 1127 |
|  PPG Industries, Inc. | 39 | 4463 |
|  Sherwin-Williams Co. | 36 | 12377 |
|  Vulcan Materials Co. | 78 | 20325 |
|  Total Materials | Total Materials | 239351 |
|  **Real Estate – 2.34%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 29 | 2088 |
|  American Tower Corp. | 122 | 26872 |
|  AvalonBay Communities, Inc. | 5 | 985 |
|  BXP, Inc. | 22 | 1482 |
|  CBRE Group, Inc. – Class A <sup>(1)</sup> | 1 | 147 |
|  CoStar Group, Inc. <sup>(1)</sup> | 23 | 1870 |
|  Crown Castle, Inc. | 28 | 2895 |
|  Digital Realty Trust, Inc. | 10 | 1771 |
|  Equinix, Inc. | 2 | 1762 |
|  Equity Residential | 82 | 5529 |
|  Extra Space Storage, Inc. | 9 | 1265 |
|  Host Hotels & Resorts, Inc. | 162 | 2496 |
|  Howard Hughes Holdings, Inc. <sup>(1)</sup> | 33 | 2258 |
|  Iron Mountain, Inc. | 10 | 1023 |
|  Mid-America Apartment Communities, Inc. | 92 | 13638 |
|  Prologis, Inc. | 247 | 25912 |
|  Public Storage | 65 | 18984 |
|  Realty Income Corp. | 21 | 1187 |
|  SBA Communications Corp. – Class A | 73 | 17101 |
|  Simon Property Group, Inc. | 10 | 1653 |
|  VICI Properties, Inc. – Class A | 687 | 22402 |
|  Total Real Estate | Total Real Estate | 153320 |
| **Utilities – 3.07%** |  |  |
|  Alliant Energy Corp. | 44 | 2673 |
|  Ameren Corp. | 15 | 1435 |
|  American Electric Power Co., Inc. | 34 | 3551 |
|  Atmos Energy Corp. | 17 | 2659 |
|  CenterPoint Energy, Inc. | 721 | 26474 |
|  Consolidated Edison, Inc. | 35 | 3473 |
|  Constellation Energy Corp. | 19 | 6015 |
|  DTE Energy Co. | 2 | 287 |
|  Duke Energy Corp. | 22 | 2643 |
|  Entergy Corp. | 559 | 46489 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Eversource Energy | 70 | $4470 |
|  Exelon Corp. | 79 | 3446 |
|  FirstEnergy Corp. | 100 | 4030 |
|  MDU Resources Group, Inc. | 1390 | 23177 |
|  NextEra Energy, Inc. | 81 | 5620 |
|  NiSource, Inc. | 6 | 247 |
|  Pinnacle West Capital Corp. | 306 | 27420 |
|  PPL Corp. | 46 | 1565 |
|  Sempra | 45 | 3412 |
|  Southern Co. | 41 | 3772 |
|  WEC Energy Group, Inc. | 17 | 1754 |
|  Xcel Energy, Inc. | 396 | 26971 |
|  Total Utilities | Total Utilities | 201583 |
|  **Total Common Stocks**<br> (Cost: $4,582,216) | **Total Common Stocks**<br> (Cost: $4,582,216) | **6452499** |
|  **SHORT-TERM INVESTMENTS – 1.43%** | **SHORT-TERM INVESTMENTS – 1.43%** | **SHORT-TERM INVESTMENTS – 1.43%** |
| **Money Market Funds – 1.41%** |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(3)</sup> | 92968 | 92968 |
|  **Total Money Market Funds**<br> (Cost: $92,968) | **Total Money Market Funds**<br> (Cost: $92,968) | **92968** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.02%** |  |  |
|  Royal Bank of Canada, Toronto, 3.83% due 07/01/2025 | $1090 | 1090 |
|  **Total Time Deposits**<br> (Cost: $1,090) | **Total Time Deposits**<br> (Cost: $1,090) | **1090** |
|  **Total Short-Term Investments**<br> (Cost: $94,058) | **Total Short-Term Investments**<br> (Cost: $94,058) | **94058** |
| TOTAL INVESTMENTS IN SECURITIES – 99.79%<br>(Cost: $4,676,274) | TOTAL INVESTMENTS IN SECURITIES – 99.79%<br>(Cost: $4,676,274) | **6546557** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.21% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.21% | **14077** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**6560634** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(3)</sup> Represents annualized seven-day yield as of the close of the reporting period.

The accompanying notes are an integral part of these financial statements.

475.0 ------

### Bridge Builder Small/Mid Cap Growth Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 97.79%** |  |  |
| **Communication Services – 4.73%** |  |  |
|  Altice USA, Inc. – Class A <sup>(1)</sup> | 8 | $17 |
|  Anterix, Inc. <sup>(1)</sup> | 3 | 69 |
|  Arena Group Holdings, Inc. <sup>(1)</sup> | 2 | 14 |
|  AST SpaceMobile, Inc. – Class A <sup>(1)</sup> | 31 | 1451 |
|  Atlanta Braves Holdings, Inc. – Class A <sup>(1)</sup> | 2 | 83 |
|  Atlanta Braves Holdings, Inc. – Class C <sup>(1)</sup> | 9 | 444 |
|  Bandwidth, Inc. – Class A <sup>(1)</sup> | 1 | 23 |
|  Boston Omaha Corp. – Class A <sup>(1)(2)</sup> | 0 | 3 |
|  Bumble, Inc. – Class A <sup>(1)</sup> | 2 | 11 |
|  Cardlytics, Inc. <sup>(1)</sup> | 1 | 1 |
|  Cargurus, Inc. – Class A <sup>(1)</sup> | 17 | 574 |
|  Cinemark Holdings, Inc. | 22 | 669 |
|  Cogent Communications Holdings, Inc. | 9 | 453 |
|  CuriosityStream, Inc. | 6 | 34 |
|  DoubleVerify Holdings, Inc. – Class Rights <sup>(1)</sup> | 13 | 190 |
|  Electronic Arts, Inc. | 89 | 14262 |
|  Emerald Holding, Inc. | 2 | 11 |
|  Entravision Communications Corp. – Class A | 2 | 5 |
|  EverQuote, Inc. – Class A <sup>(1)</sup> | 6 | 137 |
|  fuboTV, Inc. <sup>(1)</sup> | 69 | 267 |
|  Gambling.com Group Ltd. <sup>(1)</sup> | 3 | 40 |
|  Gannett Co., Inc. <sup>(1)</sup> | 26 | 92 |
|  Globalstar, Inc. <sup>(1)</sup> | 10 | 245 |
|  Gogo, Inc. <sup>(1)</sup> | 14 | 208 |
|  Golden Matrix Group, Inc. <sup>(1)</sup> | 4 | 7 |
|  Grindr, Inc. <sup>(1)</sup> | 7 | 159 |
|  Ibotta, Inc. – Class A <sup>(1)</sup> | 3 | 99 |
|  IDT Corp. – Class B | 3 | 180 |
|  IMAX Corp. <sup>(1)</sup> | 9 | 253 |
|  Integral Ad Science Holding Corp. <sup>(1)</sup> | 2 | 20 |
|  Iridium Communications, Inc. <sup>(2)</sup> | 0 | 15 |
|  John Wiley & Sons, Inc. – Class A | 206 | 9196 |
|  Liberty Broadband Corp. – Class A <sup>(1)</sup> | 1 | 84 |
|  Liberty Broadband Corp. – Class C <sup>(1)</sup> | 4 | 438 |
|  Liberty Media Corp.-Liberty Formula One – Class A <sup>(1)</sup> | 2 | 142 |
|  Liberty Media Corp.-Liberty Formula One – Class C <sup>(1)</sup> | 481 | 50226 |
|  Live Nation Entertainment, Inc. <sup>(1)</sup> | 485 | 73302 |
|  LiveOne, Inc. <sup>(1)</sup> | 1 | 1 |
|  Lumen Technologies, Inc. <sup>(1)</sup> | 175 | 766 |
|  Madison Square Garden Entertainment Corp. – Class A <sup>(1)</sup> | 8 | 327 |
|  Magnite, Inc. <sup>(1)</sup> | 29 | 702 |
|  MediaAlpha, Inc. – Class A <sup>(1)</sup> | 7 | 76 |
|  Nexstar Media Group, Inc. – Class A <sup>(2)</sup> | 0 | 28 |
|  Pinterest, Inc. – Class A <sup>(1)</sup> | 57 | 2052 |
|  Playtika Holding Corp. | 3 | 12 |
|  QuinStreet, Inc. <sup>(1)</sup> | 11 | 181 |
|  Reddit, Inc. – Class A <sup>(1)</sup> | 163 | 24563 |
|  ROBLOX Corp. – Class A <sup>(1)</sup> | 545 | 57371 |
|  Roku, Inc. – Class A <sup>(1)</sup> | 3 | 284 |
|  Rumble, Inc. <sup>(1)</sup> | 4 | 34 |
|  Spotify Technology SA <sup>(1)</sup> | 112 | 86114 |
|  Stagwell, Inc. – Class A <sup>(1)</sup> | 23 | 105 |
|  Take-Two Interactive Software, Inc. <sup>(1)</sup> | 281 | 68185 |
|  TechTarget, Inc. <sup>(1)</sup> | 1 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Thryv Holdings, Inc. <sup>(1)</sup> | 8 | $97 |
|  TKO Group Holdings, Inc. – Class A | 122 | 22136 |
|  Trade Desk, Inc. – Class A <sup>(1)</sup> | 372 | 26786 |
|  Travelzoo <sup>(1)</sup> | 1 | 15 |
|  TripAdvisor, Inc. <sup>(1)</sup> | 12 | 151 |
|  Trump Media & Technology Group Corp. <sup>(1)</sup> | 11 | 196 |
|  Vimeo, Inc. <sup>(1)</sup> | 13 | 55 |
|  Vivid Seats, Inc. – Class A <sup>(1)</sup> | 10 | 16 |
|  VTEX – Class A <sup>(1)</sup> | 12 | 77 |
|  Yelp, Inc. – Class A <sup>(1)</sup> | 13 | 439 |
|  ZipRecruiter, Inc. – Class A <sup>(1)</sup> | 15 | 73 |
|  Total Communication Services | Total Communication Services | 444272 |
| **Consumer Discretionary – 11.37%** |  |  |
|  1stdibs.com, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Abercrombie & Fitch Co. – Class A <sup>(1)</sup> | 10 | 811 |
|  Academy Sports & Outdoors, Inc. | 168 | 7550 |
|  Accel Entertainment, Inc. – Class A <sup>(1)</sup> | 11 | 128 |
|  Acushnet Holdings Corp. | 167 | 12125 |
|  Adtalem Global Education, Inc. <sup>(1)</sup> | 8 | 973 |
|  Amer Sports, Inc. <sup>(1)</sup> | 243 | 9419 |
|  American Public Education, Inc. <sup>(1)</sup> | 3 | 103 |
|  Arhaus, Inc. – Class A <sup>(1)</sup> | 11 | 91 |
|  Arko Corp. | 1 | 6 |
|  AutoZone, Inc. <sup>(1)</sup> | 11 | 39290 |
|  Bally's Corp. <sup>(1)</sup> | 1 | 13 |
|  BARK, Inc. <sup>(1)</sup> | 14 | 12 |
|  Birkenstock Holding Plc <sup>(1)</sup> | 122 | 6021 |
|  BJ's Restaurants, Inc. <sup>(1)</sup> | 3 | 126 |
|  Bloomin' Brands, Inc. | 11 | 93 |
|  Boot Barn Holdings, Inc. <sup>(1)</sup> | 187 | 28495 |
|  Bright Horizons Family Solutions, Inc. <sup>(1)</sup> | 339 | 41910 |
|  Brinker International, Inc. <sup>(1)</sup> | 9 | 1660 |
|  Buckle, Inc. | 6 | 281 |
|  Build-A-Bear Workshop, Inc. | 3 | 135 |
|  Burlington Stores, Inc. <sup>(1)</sup> | 79 | 18437 |
|  Camping World Holdings, Inc. – Class A | 13 | 215 |
|  Carnival Corp. <sup>(1)</sup> | 65 | 1842 |
|  Carriage Services, Inc. – Class A | 3 | 132 |
|  Carvana Co. – Class A <sup>(1)</sup> | 166 | 55788 |
|  Cava Group, Inc. <sup>(1)</sup> | 434 | 36521 |
|  Cavco Industries, Inc. <sup>(1)</sup> | 2 | 692 |
|  Champion Homes, Inc. <sup>(1)</sup> | 104 | 6488 |
|  Cheesecake Factory, Inc. | 108 | 6775 |
|  Chewy, Inc. – Class A <sup>(1)</sup> | 382 | 16261 |
|  Choice Hotels International, Inc. | 1 | 174 |
|  Churchill Downs, Inc. | 10 | 1044 |
|  Coupang, Inc. – Class A <sup>(1)</sup> | 242 | 7239 |
|  Coursera, Inc. <sup>(1)</sup> | 29 | 253 |
|  Cracker Barrel Old Country Store, Inc. | 1 | 78 |
|  Darden Restaurants, Inc. | 21 | 4673 |
|  Dave & Buster's Entertainment, Inc. <sup>(1)</sup> | 6 | 170 |
|  Deckers Outdoor Corp. <sup>(1)</sup> | 29 | 3037 |
|  Denny's Corp. <sup>(1)</sup> | 1 | 6 |
|  Dine Brands Global, Inc. | 1 | 13 |
|  Domino's Pizza, Inc. | 84 | 37858 |
|  DoorDash, Inc. – Class A <sup>(1)</sup> | 234 | 57705 |
|  Dorman Products, Inc. <sup>(1)</sup> | 6 | 702 |
|  DraftKings, Inc. – Class A <sup>(1)</sup> | 94 | 4022 |
|  Dream Finders Homes, Inc. – Class A <sup>(1)</sup> | 2 | 40 |

---

The accompanying notes are an integral part of these financial statements.

476.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Duolingo, Inc. – Class A <sup>(1)</sup> | 63 | $25627 |
|  Dutch Bros, Inc. – Class A <sup>(1)</sup> | 461 | 31550 |
|  Ermenegildo Zegna NV | 13 | 107 |
|  Etsy, Inc. <sup>(1)</sup> | 171 | 8587 |
|  European Wax Center, Inc. – Class A <sup>(1)</sup> | 6 | 32 |
|  Everi Holdings, Inc. <sup>(1)</sup> | 18 | 250 |
|  EVgo, Inc. – Class A <sup>(1)</sup> | 4 | 14 |
|  Expedia Group, Inc. | 24 | 3985 |
|  Figs, Inc. – Class A <sup>(1)</sup> | 18 | 102 |
|  First Watch Restaurant Group, Inc. <sup>(1)</sup> | 8 | 135 |
|  Five Below, Inc. <sup>(1)</sup> | 280 | 36709 |
|  Floor & Decor Holdings, Inc. – Class A <sup>(1)</sup> | 184 | 13954 |
|  Flutter Entertainment Plc <sup>(1)</sup> | 28 | 8059 |
|  Fox Factory Holding Corp. <sup>(1)</sup> | 2 | 55 |
|  Frontdoor, Inc. <sup>(1)</sup> | 15 | 912 |
|  Genesco, Inc. <sup>(1)(2)</sup> | 0 | 3 |
|  Genius Sports Ltd. <sup>(1)</sup> | 46 | 478 |
|  Global Business Travel Group I <sup>(1)</sup> | 18 | 112 |
|  Grand Canyon Education, Inc. <sup>(1)</sup> | 101 | 19054 |
|  Green Brick Partners, Inc. <sup>(1)</sup> | 2 | 137 |
|  Group 1 Automotive, Inc. | 1 | 499 |
|  Groupon, Inc. – Class A <sup>(1)</sup> | 5 | 174 |
|  H&R Block, Inc. | 4 | 209 |
|  Hanesbrands, Inc. <sup>(1)</sup> | 73 | 335 |
|  Hilton Grand Vacations, Inc. <sup>(1)</sup> | 13 | 529 |
|  Hilton Worldwide Holdings, Inc. | 45 | 12065 |
|  Inspired Entertainment, Inc. <sup>(1)</sup> | 4 | 36 |
|  Installed Building Products, Inc. | 90 | 16156 |
|  Jack in the Box, Inc. | 3 | 59 |
|  KinderCare Learning Companies, Inc. <sup>(1)</sup> | 6 | 65 |
|  Kontoor Brands, Inc. | 9 | 614 |
|  Krispy Kreme, Inc. | 3 | 8 |
|  Kura Sushi USA, Inc. – Class A <sup>(1)</sup> | 1 | 113 |
|  Las Vegas Sands Corp. | 61 | 2673 |
|  Latham Group, Inc. <sup>(1)</sup> | 8 | 52 |
|  Laureate Education, Inc. – Class A <sup>(1)</sup> | 10 | 225 |
|  LCI Industries | 1 | 53 |
|  Leslie's, Inc. <sup>(1)</sup> | 2 | 1 |
|  Life Time Group Holdings, Inc. <sup>(1)</sup> | 758 | 23004 |
|  Light & Wonder, Inc. <sup>(1)</sup> | 16 | 1515 |
|  Lincoln Educational Services Corp. <sup>(1)</sup> | 6 | 139 |
|  Lindblad Expeditions Holdings, Inc. <sup>(1)</sup> | 8 | 89 |
|  Lithia Motors, Inc. – Class A | 1 | 197 |
|  Livewire Group, Inc. <sup>(1)</sup> | 7 | 34 |
|  Lovesac Co. <sup>(1)</sup> | 2 | 32 |
|  Lululemon Athletica, Inc. <sup>(1)</sup> | 12 | 2812 |
|  Luminar Technologies, Inc. – Class A <sup>(1)</sup> | 4 | 13 |
|  Marine Products Corp. | 1 | 7 |
|  MarineMax, Inc. <sup>(1)(2)</sup> | 0 | 6 |
|  Mister Car Wash, Inc. <sup>(1)</sup> | 18 | 109 |
|  Modine Manufacturing Co. <sup>(1)</sup> | 192 | 18867 |
|  Monarch Casino & Resort, Inc. | 3 | 234 |
|  Murphy USA, Inc. | 3 | 1389 |
|  Nathan's Famous, Inc. <sup>(2)</sup> | 0 | 54 |
|  Nerdy, Inc. <sup>(1)</sup> | 12 | 20 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(1)</sup> | 78 | 1589 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(1)</sup> | 293 | 38558 |
|  On Holding AG – Class A <sup>(1)</sup> | 193 | 10062 |
|  ONE Group Hospitality, Inc. <sup>(1)(2)</sup> | 0 | 2 |
|  OneSpaWorld Holdings Ltd. | 1043 | 21273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Papa John's International, Inc. | 1 | $29 |
|  Patrick Industries, Inc. | 97 | 8970 |
|  Peloton Interactive, Inc. – Class A <sup>(1)</sup> | 27 | 189 |
|  Petco Health & Wellness Co., Inc. – Class A <sup>(1)</sup> | 2 | 6 |
|  Planet Fitness, Inc. – Class A <sup>(1)</sup> | 335 | 36546 |
|  Pool Corp. | 20 | 5802 |
|  Potbelly Corp. <sup>(1)</sup> | 5 | 59 |
|  Pursuit Attractions & Hospitality, Inc. <sup>(1)(2)</sup> | 0 | 11 |
|  Ralph Lauren Corp. – Class A | 1 | 159 |
|  RCI Hospitality Holdings, Inc. | 1 | 34 |
|  RealReal, Inc. <sup>(1)</sup> | 5 | 26 |
|  Red Rock Resorts, Inc. – Class A | 6 | 291 |
|  Restaurant Brands International, Inc. | 40 | 2621 |
|  Revolve Group, Inc. – Class A <sup>(1)</sup> | 8 | 168 |
|  RH <sup>(1)</sup> | 1 | 101 |
|  Ross Stores, Inc. | 12 | 1563 |
|  Royal Caribbean Cruises Ltd. | 48 | 14881 |
|  Rush Street Interactive, Inc. <sup>(1)</sup> | 18 | 275 |
|  Sabre Corp. <sup>(1)</sup> | 20 | 62 |
|  Savers Value Village, Inc. <sup>(1)</sup> | 5 | 51 |
|  Serve Robotics, Inc. <sup>(1)</sup> | 7 | 75 |
|  Shake Shack, Inc. – Class A <sup>(1)</sup> | 8 | 1136 |
|  SharkNinja, Inc. <sup>(1)</sup> | 102 | 10144 |
|  Six Flags Entertainment Corp. <sup>(1)</sup> | 16 | 484 |
|  Solid Power, Inc. <sup>(1)</sup> | 3 | 7 |
|  Somnigroup International, Inc. | 40 | 2689 |
|  Sonic Automotive, Inc. – Class A | 1 | 88 |
|  Sonos, Inc. <sup>(1)</sup> | 22 | 242 |
|  Sportradar Group AG – Class A <sup>(1)</sup> | 680 | 19104 |
|  Steven Madden Ltd. | 1 | 34 |
|  Stitch Fix, Inc. – Class A <sup>(1)</sup> | 2 | 6 |
|  Stride, Inc. <sup>(1)</sup> | 9 | 1290 |
|  Sturm Ruger & Co., Inc. | 1 | 40 |
|  Super Group SGHC Ltd. | 33 | 364 |
|  Sweetgreen, Inc. – Class A <sup>(1)</sup> | 409 | 6090 |
|  Tapestry, Inc. | 155 | 13593 |
|  Texas Roadhouse, Inc. – Class A | 41 | 7752 |
|  ThredUp, Inc. – Class A <sup>(1)</sup> | 19 | 141 |
|  Tile Shop Holdings, Inc. <sup>(1)</sup> | 2 | 10 |
|  TopBuild Corp. <sup>(1)(2)</sup> | 0 | 138 |
|  Tractor Supply Co. | 270 | 14268 |
|  Travel + Leisure Co. | 3 | 177 |
|  Udemy, Inc. <sup>(1)</sup> | 20 | 141 |
|  Ulta Beauty, Inc. <sup>(1)</sup> | 73 | 34244 |
|  United Homes Group, Inc. – Class A <sup>(1)(2)</sup> | 0 | 1 |
|  United Parks & Resorts, Inc. <sup>(1)</sup> | 5 | 252 |
|  Universal Technical Institute, Inc. <sup>(1)</sup> | 243 | 8238 |
|  Upbound Group, Inc. | 4 | 99 |
|  Urban Outfitters, Inc. <sup>(1)</sup> | 5 | 333 |
|  Vail Resorts, Inc. | 5 | 864 |
|  Valvoline, Inc. <sup>(1)</sup> | 21 | 798 |
|  Victoria's Secret & Co. <sup>(1)</sup> | 4 | 77 |
|  Viking Holdings Ltd. <sup>(1)</sup> | 766 | 40825 |
|  Warby Parker, Inc. – Class A <sup>(1)</sup> | 344 | 7546 |
|  Wayfair, Inc. – Class A <sup>(1)</sup> | 3 | 166 |
|  Wendy's Co. | 11 | 129 |
|  Williams-Sonoma, Inc. | 3 | 564 |
|  Wingstop, Inc. | 297 | 100158 |
|  Winmark Corp. | 20 | 7412 |

---

The accompanying notes are an integral part of these financial statements.

477.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Wolverine World Wide, Inc. | 17 | $303 |
|  Wyndham Hotels & Resorts, Inc. | 13 | 1042 |
|  XPEL, Inc. <sup>(1)</sup> | 5 | 180 |
|  Xponential Fitness, Inc. – Class A <sup>(1)</sup> | 6 | 42 |
|  Yum! Brands, Inc. | 18 | 2662 |
|  Zspace, Inc. <sup>(1)(2)</sup> | 0 | 2 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 1068934 |
| **Consumer Staples – 4.12%** |  |  |
|  Beauty Health Co. <sup>(1)</sup> | 19 | 37 |
|  BellRing Brands, Inc. <sup>(1)</sup> | 340 | 19670 |
|  Beyond Meat, Inc. <sup>(1)</sup> | 2 | 6 |
|  BJ's Wholesale Club Holdings, Inc. <sup>(1)</sup> | 104 | 11264 |
|  BRC, Inc. – Class A <sup>(1)</sup> | 13 | 18 |
|  Calavo Growers, Inc. | 3 | 84 |
|  Cal-Maine Foods, Inc. | 10 | 950 |
|  Casey's General Stores, Inc. | 19 | 9517 |
|  Celsius Holdings, Inc. <sup>(1)</sup> | 463 | 21494 |
|  Chefs' Warehouse, Inc. <sup>(1)</sup> | 8 | 485 |
|  Clorox Co. | 165 | 19812 |
|  Coca-Cola Consolidated, Inc. | 1 | 157 |
|  Darling Ingredients, Inc. <sup>(1)</sup> | 3 | 100 |
|  elf Beauty, Inc. <sup>(1)</sup> | 507 | 63136 |
|  Energizer Holdings, Inc. | 11 | 221 |
|  FitLife Brands, Inc. <sup>(1)(2)</sup> | 0 | 6 |
|  Forafric Global Plc <sup>(1)</sup> | 1 | 5 |
|  Freshpet, Inc. <sup>(1)</sup> | 343 | 23281 |
|  Guardian Pharmacy Services, Inc. – Class A <sup>(1)</sup> | 3 | 56 |
|  Herbalife Ltd. <sup>(1)</sup> | 15 | 133 |
|  Hershey Co. | 3 | 537 |
|  Honest Co., Inc. <sup>(1)</sup> | 1859 | 9462 |
|  Hormel Foods Corp. | 682 | 20631 |
|  Interparfums, Inc. | 114 | 14998 |
|  Ispire Technology, Inc. <sup>(1)</sup> | 4 | 11 |
|  J&J Snack Foods Corp. | 3 | 364 |
|  John B Sanfilippo & Son, Inc. | 1 | 64 |
|  Lancaster Colony Corp. | 4 | 721 |
|  Lifevantage Corp. | 2 | 21 |
|  Lifeway Foods, Inc. <sup>(1)</sup> | 1 | 27 |
|  Mama's Creations, Inc. <sup>(1)</sup> | 7 | 59 |
|  Maplebear, Inc. <sup>(1)</sup> | 463 | 20946 |
|  McCormick & Co., Inc. | 414 | 31389 |
|  Monster Beverage Corp. <sup>(1)</sup> | 325 | 20358 |
|  National Beverage Corp. <sup>(1)</sup> | 5 | 214 |
|  Natural Grocers by Vitamin Cottage, Inc. | 201 | 7891 |
|  Nature's Sunshine Products, Inc. <sup>(1)</sup> | 1 | 12 |
|  Oil-Dri Corp. of America | 2 | 95 |
|  Performance Food Group Co. <sup>(1)</sup> | 4 | 322 |
|  PriceSmart, Inc. | 5 | 558 |
|  Simply Good Foods Co. <sup>(1)</sup> | 153 | 4831 |
|  Sprouts Farmers Market, Inc. <sup>(1)</sup> | 146 | 24065 |
|  SunOpta, Inc. <sup>(1)</sup> | 20 | 114 |
|  Sysco Corp. | 50 | 3786 |
|  Tootsie Roll Industries, Inc. | 3 | 109 |
|  Turning Point Brands, Inc. | 3 | 240 |
|  US Foods Holding Corp. <sup>(1)</sup> | 506 | 38945 |
|  Vita Coco Co., Inc. <sup>(1)</sup> | 147 | 5323 |
|  Vital Farms, Inc. <sup>(1)</sup> | 7 | 277 |
|  WD-40 Co. | 45 | 10344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Westrock Coffee Co. <sup>(1)</sup> | 7 | $41 |
|  WK Kellogg Co. | 12 | 193 |
|  Zevia PBC – Class A <sup>(1)</sup> | 6 | 20 |
|  Total Consumer Staples | Total Consumer Staples | 387400 |
| **Energy – 2.81%** |  |  |
|  Antero Resources Corp. <sup>(1)</sup> | 967 | 38965 |
|  Archrock, Inc. | 282 | 7010 |
|  Aris Water Solutions, Inc. – Class A | 6 | 151 |
|  Atlas Energy Solutions, Inc. – Class A | 12 | 156 |
|  Baker Hughes Co. – Class A | 1154 | 44246 |
|  Cactus, Inc. – Class A | 14 | 623 |
|  Calumet, Inc. <sup>(1)</sup> | 1 | 23 |
|  Cameco Corp. | 317 | 23535 |
|  Centrus Energy Corp. – Class A <sup>(1)</sup> | 2 | 436 |
|  ChampionX Corp. | 34 | 847 |
|  Cheniere Energy, Inc. | 19 | 4658 |
|  Chord Energy Corp. | 67 | 6497 |
|  Comstock Resources, Inc. <sup>(1)</sup> | 11 | 297 |
|  Core Laboratories, Inc. | 196 | 2253 |
|  Core Natural Resources, Inc. | 4 | 263 |
|  CVR Energy, Inc. | 6 | 174 |
|  Delek U.S. Holdings, Inc. | 13 | 268 |
|  DMC Global, Inc. <sup>(1)</sup> | 1 | 8 |
|  Empire Petroleum Corp. <sup>(1)</sup> | 3 | 15 |
|  Energy Fuels, Inc. <sup>(1)</sup> | 11 | 66 |
|  Energy Services of America Corp. | 2 | 21 |
|  Evolution Petroleum Corp. | 5 | 22 |
|  Expand Energy Corp. | 133 | 15497 |
|  FLEX LNG Ltd. | 1 | 26 |
|  Flowco Holdings, Inc. – Class A | 2 | 37 |
|  Gulfport Energy Corp. <sup>(1)</sup> | 60 | 12000 |
|  Helix Energy Solutions Group, Inc. <sup>(1)</sup> | 7 | 42 |
|  HF Sinclair Corp. | 3 | 135 |
|  Infinity Natural Resources, Inc. – Class A <sup>(1)</sup> | 1 | 13 |
|  Kinetik Holdings, Inc. – Class A | 7 | 294 |
|  Kodiak Gas Services, Inc. | 11 | 385 |
|  Kolibri Global Energy, Inc. <sup>(1)</sup> | 1 | 10 |
|  Lightbridge Corp. <sup>(1)</sup> | 3 | 40 |
|  Magnolia Oil & Gas Corp. – Class A | 373 | 8387 |
|  Matador Resources Co. | 160 | 7650 |
|  National Energy Services Reunited Corp. <sup>(1)</sup> | 1 | 5 |
|  Natural Gas Services Group, Inc. <sup>(1)(2)</sup> | 0 | 9 |
|  NexGen Energy Ltd. <sup>(1)</sup> | 2532 | 17571 |
|  NextDecade Corp. <sup>(1)</sup> | 28 | 247 |
|  Oceaneering International, Inc. <sup>(1)</sup> | 18 | 364 |
|  OPAL Fuels, Inc. – Class A <sup>(1)</sup> | 3 | 7 |
|  Par Pacific Holdings, Inc. <sup>(1)</sup> | 3 | 84 |
|  Permian Resources Corp. – Class A | 292 | 3982 |
|  Phillips 66 | 5 | 645 |
|  REX American Resources Corp. <sup>(1)</sup> | 1 | 39 |
|  Riley Exploration Permian, Inc. | 1 | 14 |
|  Sable Offshore Corp. <sup>(1)</sup> | 14 | 313 |
|  Seadrill Ltd. <sup>(1)</sup> | 5 | 124 |
|  Select Water Solutions, Inc. – Class A | 1 | 7 |
|  SM Energy Co. | 293 | 7240 |
|  Solaris Energy Infrastructure, Inc. – Class A | 8 | 214 |
|  Targa Resources Corp. | 42 | 7276 |
|  TechnipFMC Plc | 945 | 32561 |
|  Texas Pacific Land Corp. | 4 | 3961 |

---

The accompanying notes are an integral part of these financial statements.

478.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Tidewater, Inc. <sup>(1)</sup> | 10 | $458 |
|  Uranium Energy Corp. <sup>(1)</sup> | 88 | 601 |
|  Ur-Energy, Inc. <sup>(1)</sup> | 4 | 4 |
|  VAALCO Energy, Inc. | 2 | 8 |
|  Verde Clean Fuels, Inc. <sup>(1)</sup> | 1 | 4 |
|  Viper Energy, Inc. – Class A | 158 | 6032 |
|  Weatherford International Plc | 142 | 7164 |
|  World Kinect Corp. | 1 | 38 |
|  Total Energy | Total Energy | 264022 |
| **Financials – 10.23%** |  |  |
|  Acadian Asset Management, Inc. | 6 | 207 |
|  Affirm Holdings, Inc. – Class A <sup>(1)</sup> | 410 | 28373 |
|  Ally Financial, Inc. | 6 | 217 |
|  Amerant Bancorp, Inc. – Class A | 3 | 57 |
|  American Coastal Insurance Corp. | 3 | 30 |
|  Ameriprise Financial, Inc. | 17 | 8945 |
|  AMERISAFE, Inc. | 2 | 96 |
|  Angel Oak Mortgage REIT, Inc. | 1 | 13 |
|  Apollo Commercial Real Estate Finance, Inc. | 14 | 140 |
|  Arch Capital Group Ltd. | 225 | 20486 |
|  Ares Management Corp. – Class A | 130 | 22544 |
|  Arrow Financial Corp. <sup>(2)</sup> | 0 | 9 |
|  Artisan Partners Asset Management, Inc. – Class A | 7 | 331 |
|  Assured Guaranty Ltd. | 60 | 5231 |
|  Atlanticus Holdings Corp. <sup>(1)(2)</sup> | 0 | 7 |
|  AvidXchange Holdings, Inc. <sup>(1)</sup> | 35 | 346 |
|  Axos Financial, Inc. <sup>(1)</sup> | 1 | 106 |
|  Baldwin Insurance Group, Inc. – Class A <sup>(1)</sup> | 188 | 8029 |
|  Banc of California, Inc. | 2 | 26 |
|  BancFirst Corp. | 4 | 492 |
|  Bancorp, Inc. <sup>(1)</sup> | 9 | 540 |
|  Bank First Corp. <sup>(2)</sup> | 0 | 39 |
|  Bank of Hawaii Corp. | 6 | 431 |
|  Bank of New York Mellon Corp. | 10 | 936 |
|  Bank7 Corp. <sup>(2)</sup> | 0 | 6 |
|  Bankwell Financial Group, Inc. <sup>(2)</sup> | 0 | 6 |
|  Banner Corp. | 64 | 4098 |
|  BGC Group, Inc. – Class A | 74 | 762 |
|  Block, Inc. – Class A <sup>(1)</sup> | 39 | 2672 |
|  Blue Owl Capital, Inc. – Class A | 120 | 2297 |
|  Bowhead Specialty Holdings, Inc. <sup>(1)</sup> | 3 | 124 |
|  Bridgewater Bancshares, Inc. <sup>(1)</sup> | 2 | 31 |
|  Brown & Brown, Inc. | 5 | 598 |
|  Burford Capital Ltd. | 25 | 359 |
|  California BanCorp <sup>(1)</sup> | 1 | 8 |
|  Cantaloupe, Inc. <sup>(1)</sup> | 11 | 122 |
|  Capital Bancorp, Inc. | 1 | 20 |
|  Carter Bankshares, Inc. <sup>(1)</sup> | 1 | 14 |
|  Cass Information Systems, Inc. | 2 | 103 |
|  Chime Financial, Inc. – Class A <sup>(1)</sup> | 233 | 8033 |
|  Citizens Financial Services, Inc. <sup>(2)</sup> | 0 | 5 |
|  City Holding Co. | 2 | 230 |
|  Coastal Financial Corp. <sup>(1)</sup> | 3 | 261 |
|  Cohen & Steers, Inc. | 139 | 10501 |
|  Coinbase Global, Inc. – Class A <sup>(1)</sup> | 4 | 1378 |
|  Columbia Financial, Inc. <sup>(1)(2)</sup> | 0 | 6 |
|  Community Financial System, Inc. | 2 | 141 |
|  Community West Bancshares | 1 | 13 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  ConnectOne Bancorp, Inc. | 3 | $58 |
|  Corpay, Inc. <sup>(1)</sup> | 13 | 4383 |
|  Crawford & Co. – Class A | 3 | 33 |
|  Credit Acceptance Corp. <sup>(1)(2)</sup> | 0 | 87 |
|  Cullen/Frost Bankers, Inc. | 236 | 30335 |
|  Customers Bancorp, Inc. <sup>(1)(2)</sup> | 0 | 29 |
|  Dave, Inc. <sup>(1)</sup> | 2 | 518 |
|  Diamond Hill Investment Group, Inc. <sup>(2)</sup> | 0 | 27 |
|  Dime Community Bancshares, Inc. | 2 | 44 |
|  Donnelley Financial Solutions, Inc. <sup>(1)</sup> | 4 | 245 |
|  Eagle Bancorp, Inc. | 1 | 24 |
|  Encore Capital Group, Inc. <sup>(1)</sup> | 178 | 6880 |
|  Enova International, Inc. <sup>(1)</sup> | 5 | 569 |
|  Equitable Holdings, Inc. | 49 | 2750 |
|  Esquire Financial Holdings, Inc. | 2 | 147 |
|  Euronet Worldwide, Inc. <sup>(1)</sup> | 86 | 8743 |
|  Evercore, Inc. – Class A | 49 | 13128 |
|  Everest Group Ltd. | 82 | 27888 |
|  EVERTEC, Inc. | 13 | 481 |
|  F&G Annuities & Life, Inc. <sup>(2)</sup> | 0 | 6 |
|  FactSet Research Systems, Inc. | 66 | 29314 |
|  Federal Agricultural Mortgage Corp. – Class C | 40 | 7743 |
|  Finwise Bancorp <sup>(1)</sup> | 1 | 12 |
|  First Bancorp | 18 | 378 |
|  First Business Financial Services, Inc. <sup>(2)</sup> | 0 | 4 |
|  First Community Corp. <sup>(2)</sup> | 0 | 9 |
|  First Financial Bankshares, Inc. | 28 | 1013 |
|  First Financial Corp. <sup>(2)</sup> | 0 | 21 |
|  First Internet Bancorp | 1 | 17 |
|  First Interstate BancSystem, Inc. – Class A | 323 | 9303 |
|  First Merchants Corp. | 231 | 8864 |
|  First Western Financial, Inc. <sup>(1)</sup> | 1 | 14 |
|  FirstCash Holdings, Inc. | 184 | 24844 |
|  Five Star Bancorp | 2 | 51 |
|  Flywire Corp. <sup>(1)</sup> | 22 | 259 |
|  Freedom Holding Corp. <sup>(1)</sup> | 3 | 439 |
|  GBank Financial Holdings, Inc. <sup>(1)(2)</sup> | 0 | 5 |
|  GCM Grosvenor, Inc. – Class A | 9 | 104 |
|  Glacier Bancorp, Inc. | 5 | 217 |
|  Goosehead Insurance, Inc. – Class A | 4 | 417 |
|  Greene County Bancorp, Inc. | 1 | 29 |
|  Guaranty Bancshares, Inc. <sup>(2)</sup> | 0 | 7 |
|  Hamilton Lane, Inc. – Class A | 147 | 20951 |
|  HCI Group, Inc. | 2 | 274 |
|  Heritage Insurance Holdings, Inc. <sup>(1)</sup> | 4 | 90 |
|  Hingham Institution for Savings <sup>(2)</sup> | 0 | 7 |
|  Hippo Holdings, Inc. <sup>(1)</sup> | 2 | 56 |
|  Hope Bancorp, Inc. | 2 | 20 |
|  Houlihan Lokey, Inc. – Class A | 153 | 27593 |
|  International Bancshares Corp. | 1 | 87 |
|  International Money Express, Inc. <sup>(1)</sup> | 6 | 64 |
|  Investors Title Co. <sup>(2)</sup> | 0 | 9 |
|  Jack Henry & Associates, Inc. | 64 | 11475 |
|  Jefferies Financial Group, Inc. | 8 | 421 |
|  Kestrel Group Ltd. <sup>(1)(2)</sup> | 0 | 6 |
|  Kingstone Companies, Inc. <sup>(1)</sup> | 2 | 25 |
|  Kingsway Financial Services, Inc. <sup>(1)</sup> | 4 | 50 |
|  Kinsale Capital Group, Inc. | 92 | 44543 |
|  Lakeland Financial Corp. | 130 | 7980 |

---

The accompanying notes are an integral part of these financial statements.

479.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Lazard, Inc. – Class A | 5 | $220 |
|  Lemonade, Inc. <sup>(1)</sup> | 12 | 507 |
|  LendingTree, Inc. <sup>(1)</sup> | 2 | 81 |
|  Live Oak Bancshares, Inc. | 3 | 101 |
|  LPL Financial Holdings, Inc. | 84 | 31655 |
|  Marex Group Plc | 5 | 182 |
|  Markel Group, Inc. <sup>(1)(2)</sup> | 0 | 955 |
|  Marqeta, Inc. – Class A <sup>(1)</sup> | 37 | 216 |
|  Meridian Corp. | 1 | 6 |
|  Metrocity Bankshares, Inc. | 2 | 65 |
|  Metropolitan Bank Holding Corp. <sup>(1)(2)</sup> | 0 | 34 |
|  Moelis & Co. – Class A | 12 | 754 |
|  Morningstar, Inc. | 3 | 979 |
|  Mr Cooper Group, Inc. <sup>(1)(2)</sup> | 0 | 30 |
|  MSCI, Inc. – Class A | 66 | 38135 |
|  NBT Bancorp, Inc. | 207 | 8591 |
|  NCR Atleos Corp. <sup>(1)</sup> | 15 | 433 |
|  NerdWallet, Inc. – Class A <sup>(1)</sup> | 9 | 95 |
|  Nicolet Bankshares, Inc. | 1 | 105 |
|  Northeast Bank | 1 | 82 |
|  Northfield Bancorp, Inc. | 1 | 13 |
|  Northrim BanCorp, Inc. | 1 | 58 |
|  Old National Bancorp | 8 | 175 |
|  Old Point Financial Corp. <sup>(2)</sup> | 0 | 13 |
|  OppFi, Inc. | 5 | 70 |
|  Orange County Bancorp, Inc. <sup>(2)</sup> | 0 | 12 |
|  Origin Bancorp, Inc. <sup>(2)</sup> | 0 | 15 |
|  Oscar Health, Inc. – Class A <sup>(1)</sup> | 38 | 817 |
|  P10, Inc. – Class A | 10 | 101 |
|  Pagseguro Digital Ltd. – Class A | 23 | 220 |
|  Palomar Holdings, Inc. – Class A <sup>(1)</sup> | 127 | 19538 |
|  Pathward Financial, Inc. | 5 | 382 |
|  Patria Investments Ltd. – Class A | 13 | 183 |
|  Patriot National Bancorp, Inc. <sup>(1)</sup> | 8 | 13 |
|  Paymentus Holdings, Inc. – Class A <sup>(1)</sup> | 683 | 22356 |
|  Payoneer Global, Inc. <sup>(1)</sup> | 1533 | 10504 |
|  Paysign, Inc. <sup>(1)</sup> | 7 | 48 |
|  PCB Bancorp <sup>(2)</sup> | 0 | 7 |
|  Peapack Gladstone Financial Corp. | 1 | 36 |
|  Peoples Financial Services Corp. <sup>(2)</sup> | 0 | 22 |
|  Perella Weinberg Partners – Class A | 13 | 251 |
|  Pinnacle Financial Partners, Inc. | 1 | 126 |
|  Piper Sandler Companies | 48 | 13288 |
|  PJT Partners, Inc. – Class A | 96 | 15836 |
|  Popular, Inc. | 1 | 144 |
|  Priority Technology Holdings, Inc. <sup>(1)</sup> | 5 | 40 |
|  Regional Management Corp. <sup>(2)</sup> | 0 | 8 |
|  Remitly Global, Inc. <sup>(1)</sup> | 32 | 606 |
|  RLI Corp. | 1 | 47 |
|  Robinhood Markets, Inc. – Class A <sup>(1)</sup> | 841 | 78716 |
|  Root, Inc. – Class A <sup>(1)</sup> | 2 | 283 |
|  Ryan Specialty Holdings, Inc. – Class A | 722 | 49087 |
|  Selective Insurance Group, Inc. | 175 | 15142 |
|  Selectquote, Inc. <sup>(1)</sup> | 20 | 48 |
|  ServisFirst Bancshares, Inc. | 271 | 20984 |
|  Sezzle, Inc. <sup>(1)</sup> | 3 | 502 |
|  Shift4 Payments, Inc. – Class A <sup>(1)</sup> | 13 | 1285 |
|  Shore Bancshares, Inc. | 2 | 24 |
|  SiriusPoint Ltd. <sup>(1)</sup> | 1 | 23 |
|  Skyward Specialty Insurance Group, Inc. <sup>(1)</sup> | 7 | 431 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  SLM Corp. | 6 | $185 |
|  SmartFinancial, Inc. | 1 | 18 |
|  SoFi Technologies, Inc. <sup>(1)</sup> | 29 | 527 |
|  Southern Missouri Bancorp, Inc. <sup>(2)</sup> | 0 | 9 |
|  StepStone Group, Inc. – Class A | 13 | 736 |
|  Stock Yards Bancorp, Inc. | 5 | 402 |
|  StoneCo Ltd. – Class A <sup>(1)</sup> | 50 | 808 |
|  StoneX Group, Inc. <sup>(1)</sup> | 167 | 15233 |
|  Texas Capital Bancshares, Inc. <sup>(1)</sup> | 1 | 104 |
|  Tiptree, Inc. | 1 | 35 |
|  Toast, Inc. – Class A <sup>(1)</sup> | 1326 | 58741 |
|  TPG, Inc. – Class A | 24 | 1260 |
|  Tradeweb Markets, Inc. – Class A | 454 | 66405 |
|  Triumph Financial, Inc. <sup>(1)</sup> | 2 | 124 |
|  Trupanion, Inc. <sup>(1)</sup> | 8 | 428 |
|  TWFG, Inc. – Class A <sup>(1)</sup> | 127 | 4439 |
|  Two Harbors Investment Corp. | 11 | 118 |
|  UMB Financial Corp. | 1 | 145 |
|  Union Bankshares, Inc. | 1 | 15 |
|  Unity Bancorp, Inc. | 1 | 32 |
|  Universal Insurance Holdings, Inc. | 1 | 37 |
|  Upstart Holdings, Inc. <sup>(1)</sup> | 198 | 12809 |
|  USCB Financial Holdings, Inc. | 1 | 15 |
|  UWM Holdings Corp. | 5 | 20 |
|  Valley National Bancorp | 25 | 225 |
|  Value Line, Inc. <sup>(2)</sup> | 0 | 5 |
|  Victory Capital Holdings, Inc. – Class A | 9 | 596 |
|  Walker & Dunlop, Inc. | 22 | 1530 |
|  WesBanco, Inc. | 1 | 43 |
|  West BanCorp, Inc. <sup>(2)</sup> | 0 | 6 |
|  Western Alliance Bancorp | 5 | 358 |
|  WEX, Inc. <sup>(1)</sup> | 1 | 75 |
|  Wintrust Financial Corp. | 107 | 13303 |
|  WisdomTree, Inc. | 1037 | 11939 |
|  WSFS Financial Corp. | 242 | 13318 |
|  XP, Inc. – Class A | 7 | 143 |
|  Total Financials | Total Financials | 961375 |
| **Healthcare – 18.85%** |  |  |
|  10X Genomics, Inc. – Class A <sup>(1)</sup> | 6 | 66 |
|  89bio, Inc. <sup>(1)</sup> | 9 | 87 |
|  Aardvark Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 5 |
|  Abeona Therapeutics, Inc. <sup>(1)</sup> | 9 | 48 |
|  Absci Corp. <sup>(1)</sup> | 18 | 46 |
|  ACADIA Pharmaceuticals, Inc. <sup>(1)</sup> | 26 | 558 |
|  Accuray, Inc. <sup>(1)</sup> | 17 | 24 |
|  Actinium Pharmaceuticals, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Actuate Therapeutics, Inc. <sup>(1)</sup> | 1 | 5 |
|  Adaptive Biotechnologies Corp. <sup>(1)</sup> | 942 | 10976 |
|  ADC Therapeutics SA <sup>(1)</sup> | 15 | 40 |
|  Addus HomeCare Corp. <sup>(1)</sup> | 2 | 209 |
|  ADMA Biologics, Inc. <sup>(1)</sup> | 48 | 877 |
|  Aduro Bioteech, Inc. <sup>(1)(3)</sup> | 5 | 10 |
|  Agilent Technologies, Inc. | 146 | 17229 |
|  agilon health, Inc. <sup>(1)</sup> | 63 | 144 |
|  AirSculpt Technologies, Inc. <sup>(1)</sup> | 2 | 11 |
|  Akebia Therapeutics, Inc. <sup>(1)</sup> | 6 | 21 |
|  Akero Therapeutics, Inc. <sup>(1)</sup> | 15 | 775 |
|  Akoya Biosciences, Inc. <sup>(1)</sup> | 1 | 1 |
|  Aldeyra Therapeutics, Inc. <sup>(1)</sup> | 9 | 34 |

---

The accompanying notes are an integral part of these financial statements.

480.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Alector, Inc. <sup>(1)</sup> | 3 | $5 |
|  Alignment Healthcare, Inc. <sup>(1)</sup> | 27 | 371 |
|  Alimera Sciences, Inc. <sup>(1)(2)(3)</sup> | 4 | 0 |
|  Alkermes Plc <sup>(1)</sup> | 25 | 726 |
|  Alnylam Pharmaceuticals, Inc. <sup>(1)</sup> | 84 | 27514 |
|  Alpha Teknova, Inc. <sup>(1)</sup> | 2 | 10 |
|  Alphatec Holdings, Inc. <sup>(1)</sup> | 24 | 268 |
|  Altimmune, Inc. <sup>(1)</sup> | 16 | 62 |
|  Alto Neuroscience, Inc. <sup>(1)</sup> | 1 | 1 |
|  ALX Oncology Holdings, Inc. <sup>(1)(2)</sup> | 1 | 0 |
|  Amicus Therapeutics, Inc. <sup>(1)</sup> | 58 | 334 |
|  Amneal Pharmaceuticals, Inc. <sup>(1)</sup> | 27 | 219 |
|  Amphastar Pharmaceuticals, Inc. <sup>(1)</sup> | 1 | 15 |
|  Amylyx Pharmaceuticals, Inc. <sup>(1)</sup> | 10 | 65 |
|  AnaptysBio, Inc. <sup>(1)</sup> | 253 | 5616 |
|  Anavex Life Sciences Corp. <sup>(1)</sup> | 17 | 160 |
|  AngioDynamics, Inc. <sup>(1)</sup> | 2 | 18 |
|  ANI Pharmaceuticals, Inc. <sup>(1)</sup> | 4 | 245 |
|  Anteris Technologies Global Corp. <sup>(1)</sup> | 4 | 16 |
|  Apellis Pharmaceuticals, Inc. <sup>(1)</sup> | 21 | 362 |
|  Apogee Therapeutics, Inc. <sup>(1)</sup> | 436 | 18932 |
|  Applied Therapeutics, Inc. <sup>(1)</sup> | 3 | 1 |
|  Aquestive Therapeutics, Inc. <sup>(1)</sup> | 6 | 20 |
|  Arbutus Biopharma Corp. <sup>(1)</sup> | 30 | 93 |
|  Arcellx, Inc. <sup>(1)</sup> | 100 | 6580 |
|  Arcturus Therapeutics Holdings, Inc. <sup>(1)</sup> | 2 | 28 |
|  Arcus Biosciences, Inc. <sup>(1)</sup> | 10 | 85 |
|  Arcutis Biotherapeutics, Inc. <sup>(1)</sup> | 22 | 311 |
|  Ardelyx, Inc. <sup>(1)</sup> | 48 | 188 |
|  Ardent Health, Inc. <sup>(1)</sup> | 1 | 8 |
|  Argenx SE – ADR <sup>(1)</sup> | 173 | 95169 |
|  ArriVent Biopharma, Inc. <sup>(1)</sup> | 5 | 104 |
|  Arrowhead Pharmaceuticals, Inc. <sup>(1)</sup> | 25 | 396 |
|  ARS Pharmaceuticals, Inc. <sup>(1)</sup> | 11 | 199 |
|  Artiva Biotherapeutics, Inc. <sup>(1)</sup> | 1 | 1 |
|  Artivion, Inc. <sup>(1)</sup> | 6 | 202 |
|  Arvinas, Inc. <sup>(1)</sup> | 2 | 12 |
|  Ascendis Pharma – ADR <sup>(1)</sup> | 625 | 107820 |
|  Astrana Health, Inc. <sup>(1)</sup> | 9 | 212 |
|  AtriCure, Inc. <sup>(1)</sup> | 190 | 6211 |
|  aTyr Pharma, Inc. <sup>(1)</sup> | 15 | 77 |
|  Aura Biosciences, Inc. <sup>(1)</sup> | 2 | 14 |
|  Aurinia Pharmaceuticals, Inc. <sup>(1)</sup> | 25 | 208 |
|  Avadel Pharmaceuticals Plc <sup>(1)</sup> | 18 | 163 |
|  Aveanna Healthcare Holdings, Inc. <sup>(1)</sup> | 8 | 39 |
|  Avidity Biosciences, Inc. <sup>(1)</sup> | 22 | 621 |
|  Avita Medical, Inc. <sup>(1)</sup> | 5 | 29 |
|  Axogen, Inc. <sup>(1)</sup> | 9 | 96 |
|  Axsome Therapeutics, Inc. <sup>(1)</sup> | 8 | 879 |
|  Azenta, Inc. <sup>(1)</sup> | 116 | 3584 |
|  Beam Therapeutics, Inc. <sup>(1)</sup> | 20 | 337 |
|  Benitec Biopharma, Inc. <sup>(1)</sup> | 2 | 26 |
|  Beta Bionics, Inc. <sup>(1)</sup> | 2 | 36 |
|  Bicara Therapeutics, Inc. <sup>(1)</sup> | 1 | 6 |
|  BioCryst Pharmaceuticals, Inc. <sup>(1)</sup> | 44 | 391 |
|  Biohaven Ltd. <sup>(1)</sup> | 19 | 265 |
|  BioLife Solutions, Inc. <sup>(1)</sup> | 337 | 7254 |
|  Biomea Fusion, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Biote Corp. – Class A <sup>(1)</sup> | 2 | 10 |
|  Bio-Techne Corp. | 801 | 41199 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Bioventus, Inc. – Class A <sup>(1)</sup> | 9 | $62 |
|  Black Diamond Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Blueprint Medicines Corp. <sup>(1)</sup> | 13 | 1705 |
|  Bridgebio Pharma, Inc. <sup>(1)</sup> | 458 | 19783 |
|  Bright Minds Biosciences, Inc. <sup>(1)</sup> | 1 | 23 |
|  BrightSpring Health Services, Inc. <sup>(1)</sup> | 18 | 415 |
|  Brookdale Senior Living, Inc. <sup>(1)</sup> | 42 | 293 |
|  Butterfly Network, Inc. – Class A <sup>(1)</sup> | 40 | 79 |
|  CAMP4 Therapeutics Corp. <sup>(1)(2)</sup> | 0 | 0 |
|  Candel Therapeutics, Inc. <sup>(1)</sup> | 7 | 37 |
|  Capricor Therapeutics, Inc. <sup>(1)</sup> | 8 | 80 |
|  Cardiff Oncology, Inc. <sup>(1)</sup> | 6 | 19 |
|  Cardinal Health, Inc. | 23 | 3924 |
|  CareDx, Inc. <sup>(1)</sup> | 11 | 221 |
|  Cartesian Therapeutics, Inc. <sup>(1)</sup> | 1 | 6 |
|  Cassava Sciences, Inc. <sup>(1)</sup> | 1 | 1 |
|  Catalyst Pharmaceuticals, Inc. <sup>(1)</sup> | 24 | 523 |
|  Celcuity, Inc. <sup>(1)</sup> | 6 | 77 |
|  Cencora, Inc. – Class A | 122 | 36662 |
|  Ceribell, Inc. <sup>(1)</sup> | 5 | 96 |
|  Cerus Corp. <sup>(1)</sup> | 35 | 49 |
|  CervoMed, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  CG oncology, Inc. <sup>(1)</sup> | 12 | 302 |
|  Chemed Corp. <sup>(2)</sup> | 0 | 95 |
|  Chinook Therapeutics, Inc. <sup>(1)(3)</sup> | 3 | 1 |
|  Claritev Corp. <sup>(1)</sup> | 1 | 64 |
|  ClearPoint Neuro, Inc. <sup>(1)</sup> | 5 | 61 |
|  Climb Bio, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Clover Health Investments Corp. – Class A <sup>(1)</sup> | 84 | 234 |
|  Codexis, Inc. <sup>(1)</sup> | 13 | 33 |
|  Cogent Biosciences, Inc. <sup>(1)</sup> | 21 | 149 |
|  Coherus Oncology, Inc. <sup>(1)</sup> | 6 | 4 |
|  Collegium Pharmaceutical, Inc. <sup>(1)</sup> | 7 | 197 |
|  Community Health Systems, Inc. <sup>(1)</sup> | 17 | 58 |
|  Compass Therapeutics, Inc. <sup>(1)</sup> | 10 | 26 |
|  Concentra Group Holdings Parent, Inc. | 23 | 468 |
|  CONMED Corp. | 145 | 7552 |
|  Cooper Companies, Inc. <sup>(1)</sup> | 446 | 31737 |
|  Corbus Pharmaceuticals Holdings, Inc. <sup>(1)(2)</sup> | 0 | 2 |
|  Corcept Therapeutics, Inc. <sup>(1)</sup> | 119 | 8757 |
|  CorMedix, Inc. <sup>(1)</sup> | 13 | 165 |
|  CorVel Corp. <sup>(1)</sup> | 6 | 622 |
|  Corvus Pharmaceuticals, Inc. <sup>(1)</sup> | 11 | 43 |
|  Crinetics Pharmaceuticals, Inc. <sup>(1)</sup> | 1014 | 29175 |
|  CryoPort, Inc. <sup>(1)</sup> | 2 | 19 |
|  CVRx, Inc. <sup>(1)</sup> | 3 | 18 |
|  Cytokinetics, Inc. <sup>(1)</sup> | 3 | 89 |
|  DaVita, Inc. <sup>(1)</sup> | 7 | 1027 |
|  Day One Biopharmaceuticals, Inc. <sup>(1)</sup> | 1 | 9 |
|  Delcath Systems, Inc. <sup>(1)</sup> | 6 | 82 |
|  Denali Therapeutics, Inc. <sup>(1)</sup> | 2 | 25 |
|  DexCom, Inc. <sup>(1)</sup> | 1076 | 93908 |
|  DiaMedica Therapeutics, Inc. <sup>(1)</sup> | 5 | 20 |
|  Dianthus Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 6 |
|  Disc Medicine, Inc. – Class A <sup>(1)</sup> | 95 | 5026 |
|  Doximity, Inc. – Class A <sup>(1)</sup> | 25 | 1562 |
|  Dynavax Technologies Corp. – Class A <sup>(1)</sup> | 22 | 215 |
|  Dyne Therapeutics, Inc. <sup>(1)</sup> | 6 | 61 |
|  Edgewise Therapeutics, Inc. <sup>(1)</sup> | 15 | 198 |

---

The accompanying notes are an integral part of these financial statements.

481.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Edwards Lifesciences Corp. <sup>(1)</sup> | 476 | $37228 |
|  Electromed, Inc. <sup>(1)</sup> | 1 | 29 |
|  Embecta Corp. | 2 | 16 |
|  Enliven Therapeutics, Inc. <sup>(1)</sup> | 7 | 135 |
|  Ensign Group, Inc. | 12 | 1801 |
|  Esperion Therapeutics, Inc. <sup>(1)</sup> | 16 | 15 |
|  Eton Pharmaceuticals, Inc. <sup>(1)</sup> | 5 | 69 |
|  Evolent Health, Inc. – Class A <sup>(1)</sup> | 8 | 91 |
|  Evolus, Inc. <sup>(1)</sup> | 11 | 101 |
|  Exact Sciences Corp. <sup>(1)</sup> | 631 | 33518 |
|  Exelixis, Inc. <sup>(1)</sup> | 714 | 31477 |
|  Fennec Pharmaceuticals, Inc. <sup>(1)</sup> | 1 | 6 |
|  Fibrobiologics, Inc. <sup>(1)</sup> | 2 | 1 |
|  Foghorn Therapeutics, Inc. <sup>(1)</sup> | 4 | 21 |
|  Fractyl Health, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Fulcrum Therapeutics, Inc. <sup>(1)</sup> | 1 | 8 |
|  Galectin Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  GeneDx Holdings Corp. – Class A <sup>(1)</sup> | 4 | 360 |
|  Geron Corp. <sup>(1)</sup> | 125 | 177 |
|  Glaukos Corp. <sup>(1)</sup> | 149 | 15413 |
|  Globus Medical, Inc. – Class A <sup>(1)</sup> | 287 | 16924 |
|  Gossamer Bio, Inc. <sup>(1)</sup> | 38 | 47 |
|  Greenwich Lifesciences, Inc. <sup>(1)</sup> | 1 | 10 |
|  GTX, Inc. <sup>(1)(2)(3)</sup> | 0 |  |
|  Guardant Health, Inc. <sup>(1)</sup> | 762 | 39630 |
|  Gyre Therapeutics, Inc. <sup>(1)</sup> | 3 | 20 |
|  Haemonetics Corp. <sup>(1)</sup> | 10 | 782 |
|  Halozyme Therapeutics, Inc. <sup>(1)</sup> | 323 | 16790 |
|  Harmony Biosciences Holdings, Inc. <sup>(1)</sup> | 9 | 287 |
|  Harrow, Inc. <sup>(1)</sup> | 7 | 200 |
|  HealthEquity, Inc. <sup>(1)</sup> | 216 | 22597 |
|  HealthStream, Inc. | 2 | 57 |
|  Heron Therapeutics, Inc. <sup>(1)</sup> | 2 | 5 |
|  Hims & Hers Health, Inc. <sup>(1)</sup> | 114 | 5681 |
|  Hinge Health, Inc. – Class A <sup>(1)</sup> | 164 | 8468 |
|  Hologic, Inc. <sup>(1)</sup> | 97 | 6328 |
|  Humacyte, Inc. <sup>(1)</sup> | 7 | 15 |
|  ICON Plc <sup>(1)</sup> | 65 | 9478 |
|  ICU Medical, Inc. <sup>(1)</sup> | 4 | 496 |
|  IDEXX Laboratories, Inc. <sup>(1)</sup> | 73 | 38941 |
|  IGM Biosciences, Inc. <sup>(1)</sup> | 1 | 1 |
|  Illumina, Inc. <sup>(1)</sup> | 44 | 4243 |
|  ImmunityBio, Inc. <sup>(1)</sup> | 39 | 104 |
|  Immunome, Inc. <sup>(1)</sup> | 15 | 142 |
|  Immunovant, Inc. <sup>(1)</sup> | 14 | 227 |
|  Incyte Corp. <sup>(1)</sup> | 8 | 511 |
|  Indivior Plc <sup>(1)</sup> | 19 | 284 |
|  InfuSystem Holdings, Inc. <sup>(1)(2)</sup> | 0 | 2 |
|  Inhibrx, Inc. <sup>(1)(3)</sup> | 4 | 3 |
|  Inmode Ltd. <sup>(1)(2)</sup> | 0 | 1 |
|  Inmune Bio, Inc. <sup>(1)</sup> | 3 | 7 |
|  Innovage Holding Corp. <sup>(1)</sup> | 1 | 5 |
|  Innoviva, Inc. <sup>(1)</sup> | 11 | 229 |
|  Insmed, Inc. <sup>(1)</sup> | 543 | 54665 |
|  Inspire Medical Systems, Inc. <sup>(1)</sup> | 18 | 2352 |
|  Insulet Corp. <sup>(1)</sup> | 209 | 65732 |
|  Integer Holdings Corp. <sup>(1)</sup> | 98 | 12077 |
|  Ionis Pharmaceuticals, Inc. <sup>(1)</sup> | 27 | 1077 |
|  iRadimed Corp. | 2 | 100 |
|  iRhythm Technologies, Inc. <sup>(1)</sup> | 468 | 72061 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Ironwood Pharmaceuticals, Inc. – Class A <sup>(1)</sup> | 28 | $20 |
|  Janux Therapeutics, Inc. <sup>(1)</sup> | 92 | 2114 |
|  Jasper Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Joint Corp. <sup>(1)</sup> | 3 | 34 |
|  Journey Medical Corp. <sup>(1)</sup> | 2 | 15 |
|  KalVista Pharmaceuticals, Inc. <sup>(1)</sup> | 8 | 89 |
|  Kestra Medical Technologies Ltd. <sup>(1)</sup> | 2 | 38 |
|  Kiniksa Pharmaceuticals International Plc – Class A <sup>(1)</sup> | 1 | 22 |
|  KORU Medical Systems, Inc. <sup>(1)</sup> | 8 | 28 |
|  Krystal Biotech, Inc. <sup>(1)</sup> | 30 | 4057 |
|  Kymera Therapeutics, Inc. <sup>(1)</sup> | 10 | 427 |
|  Kyverna Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Lantheus Holdings, Inc. <sup>(1)</sup> | 56 | 4546 |
|  LeMaitre Vascular, Inc. | 4 | 360 |
|  LENSAR, Inc. <sup>(1)</sup> | 2 | 24 |
|  LENZ Therapeutics, Inc. <sup>(1)</sup> | 4 | 108 |
|  Lifecore Biomedical, Inc. <sup>(1)</sup> | 4 | 32 |
|  LifeMD, Inc. <sup>(1)</sup> | 5 | 74 |
|  LifeStance Health Group, Inc. <sup>(1)</sup> | 15 | 79 |
|  Ligand Pharmaceuticals, Inc. <sup>(1)</sup> | 92 | 10501 |
|  Liquidia Corp. <sup>(1)</sup> | 13 | 168 |
|  Lucid Diagnostics, Inc. <sup>(1)</sup> | 6 | 6 |
|  MacroGenics, Inc. <sup>(1)</sup> | 1 | 1 |
|  Madrigal Pharmaceuticals, Inc. <sup>(1)</sup> | 4 | 1063 |
|  MannKind Corp. <sup>(1)</sup> | 63 | 234 |
|  Masimo Corp. <sup>(1)</sup> | 9 | 1479 |
|  Maze Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 4 |
|  MediWound Ltd. <sup>(1)</sup> | 1 | 29 |
|  Medpace Holdings, Inc. <sup>(1)</sup> | 41 | 12920 |
|  MeiraGTx Holdings Plc <sup>(1)</sup> | 7 | 44 |
|  Merit Medical Systems, Inc. <sup>(1)</sup> | 43 | 4012 |
|  Mersana Therapeutics, Inc. <sup>(1)</sup> | 3 | 1 |
|  Merus NV <sup>(1)</sup> | 56 | 2927 |
|  Mesa Laboratories, Inc. | 55 | 5181 |
|  Metagenomi, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Metsera, Inc. <sup>(1)</sup> | 2 | 59 |
|  Mettler-Toledo International, Inc. <sup>(1)</sup> | 24 | 27606 |
|  MiMedx Group, Inc. <sup>(1)</sup> | 24 | 149 |
|  Mind Medicine MindMed, Inc. <sup>(1)</sup> | 5 | 34 |
|  Mineralys Therapeutics, Inc. <sup>(1)</sup> | 8 | 110 |
|  Mirum Pharmaceuticals, Inc. <sup>(1)</sup> | 9 | 461 |
|  ModivCare, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Molina Healthcare, Inc. <sup>(1)</sup> | 6 | 1670 |
|  Monopar Therapeutics, Inc. <sup>(1)</sup> | 1 | 29 |
|  MoonLake Immunotherapeutics – Class A <sup>(1)</sup> | 61 | 2881 |
|  Myomo, Inc. <sup>(1)</sup> | 7 | 14 |
|  Nano-X Imaging Ltd. <sup>(1)</sup> | 4 | 18 |
|  Natera, Inc. <sup>(1)</sup> | 301 | 50800 |
|  National Research Corp. | 3 | 44 |
|  NeoGenomics, Inc. <sup>(1)</sup> | 2 | 17 |
|  Neumora Therapeutics, Inc. <sup>(1)</sup> | 4 | 3 |
|  Neurocrine Biosciences, Inc. <sup>(1)</sup> | 16 | 2005 |
|  Neuronetics, Inc. <sup>(1)</sup> | 8 | 26 |
|  NeuroPace, Inc. <sup>(1)</sup> | 5 | 52 |
|  Niagen Bioscience, Inc. <sup>(1)</sup> | 11 | 157 |
|  Novavax, Inc. <sup>(1)</sup> | 26 | 161 |
|  Novocure Ltd. <sup>(1)</sup> | 21 | 377 |
|  Nutex Health, Inc. <sup>(1)</sup> | 1 | 88 |
|  Nuvalent, Inc. – Class A <sup>(1)</sup> | 9 | 682 |

---

The accompanying notes are an integral part of these financial statements.

482.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Nuvation Bio, Inc. <sup>(1)</sup> | 4 | $8 |
|  Nuvectis Pharma, Inc. <sup>(1)</sup> | 3 | 19 |
|  Ocugen, Inc. <sup>(1)</sup> | 6 | 6 |
|  Ocular Therapeutix, Inc. <sup>(1)</sup> | 29 | 273 |
|  Omeros Corp. <sup>(1)</sup> | 10 | 31 |
|  OmniAb, Inc. <sup>(1)</sup> | 2 | 3 |
|  OmniAb, Inc. – Class CR3 <sup>(1)(2)(3)</sup><sup>(6)</sup> | 19 |  |
|  OmniAb, Inc. – Class CR4 <sup>(1)(2)(3)</sup><sup>(6)</sup> | 19 |  |
|  Oncology Institute, Inc. <sup>(1)</sup> | 12 | 25 |
|  OptimizeRx Corp. <sup>(1)</sup> | 4 | 51 |
|  Option Care Health, Inc. <sup>(1)</sup> | 34 | 1112 |
|  Organogenesis Holdings, Inc. – Class A <sup>(1)</sup> | 14 | 51 |
|  ORIC Pharmaceuticals, Inc. <sup>(1)</sup> | 3 | 27 |
|  OrthoPediatrics Corp. <sup>(1)</sup> | 1 | 17 |
|  Outlook Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Outset Medical, Inc. <sup>(1)</sup> | 1 | 20 |
|  Ovid therapeutics, Inc. <sup>(1)</sup> | 3 | 1 |
|  Pacira BioSciences, Inc. <sup>(1)</sup> | 1 | 21 |
|  PACS Group, Inc. <sup>(1)</sup> | 8 | 106 |
|  Palvella Therapeutics, Inc. <sup>(1)</sup> | 1 | 29 |
|  Pennant Group, Inc. <sup>(1)</sup> | 7 | 211 |
|  Penumbra, Inc. <sup>(1)</sup> | 203 | 52027 |
|  PepGen, Inc. <sup>(1)</sup> | 1 | 1 |
|  Performant Healthcare, Inc. <sup>(1)</sup> | 11 | 44 |
|  Phathom Pharmaceuticals, Inc. <sup>(1)</sup> | 2 | 23 |
|  Phibro Animal Health Corp. – Class A | 4 | 108 |
|  Phreesia, Inc. <sup>(1)</sup> | 264 | 7518 |
|  Praxis Precision Medicines, Inc. <sup>(1)(2)</sup> | 0 | 15 |
|  Precigen, Inc. <sup>(1)</sup> | 28 | 40 |
|  Prestige Consumer Healthcare, Inc. <sup>(1)</sup> | 173 | 13851 |
|  Privia Health Group, Inc. <sup>(1)</sup> | 24 | 550 |
|  PROCEPT BioRobotics Corp. <sup>(1)</sup> | 93 | 5332 |
|  Pro-Dex, Inc. <sup>(1)(2)</sup> | 0 | 19 |
|  Progyny, Inc. <sup>(1)</sup> | 14 | 314 |
|  ProKidney Corp. – Class A <sup>(1)</sup> | 1 | 1 |
|  Protagonist Therapeutics, Inc. <sup>(1)</sup> | 12 | 672 |
|  Protalix BioTherapeutics, Inc. <sup>(1)</sup> | 14 | 20 |
|  Prothena Corp. Plc <sup>(1)</sup> | 1 | 6 |
|  PTC Therapeutics, Inc. <sup>(1)</sup> | 190 | 9278 |
|  Pulmonx Corp. <sup>(1)</sup> | 8 | 21 |
|  Pulse Biosciences, Inc. <sup>(1)</sup> | 4 | 54 |
|  QuidelOrtho Corp. <sup>(1)</sup> | 6 | 174 |
|  RadNet, Inc. <sup>(1)</sup> | 156 | 8899 |
|  Recursion Pharmaceuticals, Inc. – Class A <sup>(1)</sup> | 70 | 357 |
|  Renovaro, Inc. <sup>(1)</sup> | 3 | 1 |
|  Repligen Corp. <sup>(1)</sup> | 271 | 33704 |
|  ResMed, Inc. | 60 | 15427 |
|  Revolution Medicines, Inc. <sup>(1)</sup> | 147 | 5404 |
|  Rezolute, Inc. <sup>(1)</sup> | 12 | 52 |
|  Rhythm Pharmaceuticals, Inc. <sup>(1)</sup> | 11 | 716 |
|  Rigel Pharmaceuticals, Inc. <sup>(1)</sup> | 4 | 68 |
|  Rocket Pharmaceuticals, Inc. <sup>(1)</sup> | 3 | 8 |
|  RxSight, Inc. <sup>(1)</sup> | 8 | 100 |
|  Sana Biotechnology, Inc. <sup>(1)</sup> | 4 | 10 |
|  Sanara Medtech, Inc. <sup>(1)</sup> | 1 | 23 |
|  SANUWAVE Health, Inc. <sup>(1)</sup> | 1 | 35 |
|  Sarepta Therapeutics, Inc. <sup>(1)</sup> | 13 | 227 |
|  Savara, Inc. <sup>(1)</sup> | 26 | 58 |
|  Scholar Rock Holding Corp. <sup>(1)</sup> | 16 | 549 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Schrodinger, Inc. <sup>(1)</sup> | 358 | $7200 |
|  scPharmaceuticals, Inc. <sup>(1)</sup> | 8 | 29 |
|  SELLAS Life Sciences Group, Inc. <sup>(1)</sup> | 16 | 36 |
|  Semler Scientific, Inc. <sup>(1)(2)</sup> | 0 | 12 |
|  Shattuck Labs, Inc. <sup>(1)</sup> | 1 | 1 |
|  SI-BONE, Inc. <sup>(1)</sup> | 253 | 4769 |
|  SIGA Technologies, Inc. | 7 | 43 |
|  Sight Sciences, Inc. <sup>(1)</sup> | 8 | 34 |
|  Simulations Plus, Inc. | 4 | 62 |
|  Sionna Therapeutics, Inc. <sup>(1)</sup> | 2 | 32 |
|  Soleno Therapeutics, Inc. <sup>(1)</sup> | 8 | 700 |
|  Sonida Senior Living, Inc. <sup>(1)</sup> | 1 | 17 |
|  Sotera Health Co. <sup>(1)(2)</sup> | 0 | 4 |
|  SpringWorks Therapeutics, Inc. <sup>(1)</sup> | 15 | 711 |
|  Spyre Therapeutics, Inc. <sup>(1)</sup> | 194 | 2899 |
|  STAAR Surgical Co. <sup>(1)</sup> | 9 | 151 |
|  Stereotaxis, Inc. <sup>(1)</sup> | 10 | 21 |
|  STERIS Plc | 90 | 21620 |
|  Stevanato Group SpA | 257 | 6267 |
|  Stoke Therapeutics, Inc. <sup>(1)</sup> | 8 | 96 |
|  Summit Therapeutics, Inc. <sup>(1)</sup> | 23 | 486 |
|  Supernus Pharmaceuticals, Inc. <sup>(1)</sup> | 253 | 7985 |
|  Surmodics, Inc. <sup>(1)</sup> | 3 | 84 |
|  Syndax Pharmaceuticals, Inc. <sup>(1)</sup> | 17 | 155 |
|  Talkspace, Inc. <sup>(1)</sup> | 25 | 70 |
|  Tandem Diabetes Care, Inc. <sup>(1)</sup> | 261 | 4872 |
|  Tarsus Pharmaceuticals, Inc. <sup>(1)</sup> | 8 | 327 |
|  Taysha Gene Therapies, Inc. <sup>(1)</sup> | 36 | 84 |
|  Tectonic Therapeutic, Inc. <sup>(1)(2)</sup> | 0 | 7 |
|  Teladoc Health, Inc. <sup>(1)</sup> | 7 | 61 |
|  Telomir Pharmaceuticals, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  Tempus AI, Inc. – Class A <sup>(1)</sup> | 16 | 1021 |
|  Tenaya Therapeutics, Inc. <sup>(1)(2)</sup> | 1 | 0 |
|  Tevogen Bio Holdings, Inc. <sup>(1)</sup> | 3 | 4 |
|  TG Therapeutics, Inc. <sup>(1)</sup> | 30 | 1086 |
|  Theravance Biopharma, Inc. <sup>(1)</sup> | 6 | 68 |
|  TransMedics Group, Inc. <sup>(1)</sup> | 144 | 19362 |
|  Travere Therapeutics, Inc. – Class Preferre <sup>(1)</sup> | 17 | 254 |
|  Treace Medical Concepts, Inc. <sup>(1)</sup> | 10 | 61 |
|  Trevi Therapeutics, Inc. <sup>(1)</sup> | 16 | 86 |
|  TruBridge, Inc. <sup>(1)</sup> | 2 | 48 |
|  TScan Therapeutics, Inc. <sup>(1)(2)</sup> | 0 | 0 |
|  TuHURA Biosciences, Inc. <sup>(1)</sup> | 4 | 9 |
|  Twist Bioscience Corp. <sup>(1)</sup> | 619 | 22788 |
|  UFP Technologies, Inc. <sup>(1)</sup> | 2 | 382 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(1)</sup> | 175 | 6373 |
|  UroGen Pharma Ltd. <sup>(1)</sup> | 6 | 83 |
|  US Physical Therapy, Inc. | 2 | 154 |
|  Vaxcyte, Inc. <sup>(1)</sup> | 85 | 2780 |
|  Veeva Systems, Inc. – Class A <sup>(1)</sup> | 263 | 75619 |
|  Vera Therapeutics, Inc. – Class A <sup>(1)</sup> | 11 | 252 |
|  Veracyte, Inc. <sup>(1)</sup> | 657 | 17767 |
|  Verastem, Inc. <sup>(1)</sup> | 6 | 24 |
|  Vericel Corp. <sup>(1)</sup> | 378 | 16065 |
|  Veru, Inc. <sup>(1)</sup> | 1 | 1 |
|  Viemed Healthcare, Inc. <sup>(1)</sup> | 6 | 45 |
|  Viking Therapeutics, Inc. <sup>(1)</sup> | 2 | 44 |
|  Viridian Therapeutics, Inc. <sup>(1)</sup> | 277 | 3874 |
|  Waters Corp. <sup>(1)</sup> | 147 | 51357 |

---

The accompanying notes are an integral part of these financial statements.

483.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  WaVe Life Sciences Ltd. <sup>(1)</sup> | 21 | $134 |
|  Waystar Holding Corp. <sup>(1)</sup> | 129 | 5252 |
|  Werewolf Therapeutics, Inc. <sup>(1)</sup> | 1 | 1 |
|  West Pharmaceutical Services, Inc. | 336 | 73474 |
|  X4 Pharmaceuticals, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Xenon Pharmaceuticals, Inc. <sup>(1)</sup> | 382 | 11955 |
|  Xeris Biopharma Holdings, Inc. <sup>(1)</sup> | 31 | 146 |
|  XOMA Royalty Corp. <sup>(1)</sup> | 1 | 33 |
|  Y-mAbs Therapeutics, Inc. <sup>(1)</sup> | 7 | 32 |
|  Zevra Therapeutics, Inc. <sup>(1)</sup> | 11 | 100 |
|  Zura Bio Ltd. – Class A <sup>(1)</sup> | 1 | 1 |
|  Zymeworks, Inc. <sup>(1)</sup> | 10 | 126 |
|  Zynex, Inc. <sup>(1)</sup> | 1 | 1 |
|  Total Healthcare | Total Healthcare | 1771591 |
| **Industrials – 19.48%** |  |  |
|  374Water, Inc. <sup>(1)</sup> | 4 | 1 |
|  AAON, Inc. | 423 | 31163 |
|  AAR Corp. <sup>(1)</sup> | 2 | 127 |
|  Acuren Corp. <sup>(1)</sup> | 8 | 87 |
|  ACV Auctions, Inc. – Class A <sup>(1)</sup> | 35 | 565 |
|  Aerovironment, Inc. <sup>(1)</sup> | 182 | 51966 |
|  Alamo Group, Inc. | 1 | 148 |
|  Alaska Air Group, Inc. <sup>(1)</sup> | 4 | 206 |
|  Albany International Corp. – Class A | 2 | 132 |
|  Allegiant Travel Co. – Class A <sup>(1)</sup> | 1 | 30 |
|  Allient, Inc. <sup>(2)</sup> | 0 | 5 |
|  Allison Transmission Holdings, Inc. | 3 | 274 |
|  Alta Equipment Group, Inc. | 1 | 7 |
|  American Airlines Group, Inc. <sup>(1)</sup> | 9 | 102 |
|  American Superconductor Corp. <sup>(1)</sup> | 8 | 291 |
|  AMETEK, Inc. | 247 | 44697 |
|  Amprius Technologies, Inc. <sup>(1)</sup> | 19 | 81 |
|  API Group Corp. <sup>(1)</sup> | 795 | 40610 |
|  Applied Industrial Technologies, Inc. | 59 | 13825 |
|  Archer Aviation, Inc. – Class A <sup>(1)</sup> | 113 | 1229 |
|  Arcosa, Inc. | 3 | 241 |
|  Argan, Inc. | 3 | 608 |
|  Armstrong World Industries, Inc. | 3 | 408 |
|  Array Technologies, Inc. <sup>(1)</sup> | 7 | 41 |
|  Astronics Corp. <sup>(1)</sup> | 6 | 192 |
|  Atmus Filtration Technologies, Inc. | 206 | 7505 |
|  Avis Budget Group, Inc. <sup>(1)</sup> | 1 | 191 |
|  Axon Enterprise, Inc. <sup>(1)</sup> | 128 | 106106 |
|  AZEK Co., Inc. – Class A <sup>(1)</sup> | 156 | 8498 |
|  AZZ, Inc. | 6 | 583 |
|  Barrett Business Services, Inc. | 5 | 211 |
|  BlackSky Technology, Inc. – Class A <sup>(1)</sup> | 6 | 119 |
|  Blink Charging Co. <sup>(1)</sup> | 1 | 1 |
|  Bloom Energy Corp. – Class A <sup>(1)</sup> | 43 | 1018 |
|  Blue Bird Corp. <sup>(1)</sup> | 7 | 288 |
|  Booz Allen Hamilton Holding Corp. – Class A | 24 | 2492 |
|  Bowman Consulting Group Ltd. – Class A <sup>(1)</sup> | 3 | 79 |
|  Brink's Co. | 9 | 800 |
|  Broadridge Financial Solutions, Inc. | 20 | 4958 |
|  Brookfield Business Corp. – Class A | 2 | 53 |
|  BWX Technologies, Inc. | 460 | 66196 |
|  Byrna Technologies, Inc. <sup>(1)</sup> | 4 | 116 |
|  CACI International, Inc. – Class A <sup>(1)</sup> | 25 | 11803 |
|  Cadre Holdings, Inc. | 168 | 5361 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Carlisle Companies, Inc. | 1 | $336 |
|  Casella Waste Systems, Inc. – Class A <sup>(1)</sup> | 67 | 7720 |
|  CBIZ, Inc. <sup>(1)</sup> | 11 | 780 |
|  CECO Environmental Corp. <sup>(1)</sup> | 6 | 173 |
|  Centuri Holdings, Inc. <sup>(1)</sup> | 3 | 78 |
|  Chart Industries, Inc. <sup>(1)</sup> | 58 | 9606 |
|  Cimpress Plc <sup>(1)</sup> | 1 | 33 |
|  Comfort Systems USA, Inc. | 88 | 47047 |
|  Complete Solaria, Inc. <sup>(1)</sup> | 3 | 6 |
|  CompX International, Inc. <sup>(2)</sup> | 0 | 7 |
|  Construction Partners, Inc. – Class A <sup>(1)</sup> | 10 | 1038 |
|  Core & Main, Inc. – Class A <sup>(1)</sup> | 408 | 24622 |
|  CoreCivic, Inc. <sup>(1)</sup> | 3 | 73 |
|  Costamare Bulkers Holdings Ltd. <sup>(1)(2)</sup> | 0 | 1 |
|  Covenant Logistics Group, Inc. – Class A | 1 | 18 |
|  CRA International, Inc. | 41 | 7680 |
|  Crane Co. | 138 | 26179 |
|  CSG Systems International, Inc. | 5 | 343 |
|  CSW Industrials, Inc. | 3 | 974 |
|  Curtiss-Wright Corp. | 68 | 33181 |
|  Dayforce, Inc. <sup>(1)</sup> | 3 | 154 |
|  Distribution Solutions Group, Inc. <sup>(1)</sup> | 2 | 48 |
|  Douglas Dynamics, Inc. | 4 | 123 |
|  Driven Brands Holdings, Inc. <sup>(1)</sup> | 12 | 219 |
|  DXP Enterprises, Inc. <sup>(1)</sup> | 3 | 236 |
|  Dycom Industries, Inc. <sup>(1)</sup> | 6 | 1423 |
|  EMCOR Group, Inc. | 3 | 1597 |
|  Energy Recovery, Inc. <sup>(1)</sup> | 11 | 143 |
|  Enerpac Tool Group Corp. – Class A | 11 | 459 |
|  EnerSys <sup>(2)</sup> | 0 | 43 |
|  Enovix Corp. <sup>(1)</sup> | 34 | 354 |
|  Enpro, Inc. | 1 | 108 |
|  Eos Energy Enterprises, Inc. <sup>(1)</sup> | 46 | 237 |
|  Equifax, Inc. | 4 | 1098 |
|  Esab Corp. | 363 | 43762 |
|  ESCO Technologies, Inc. | 58 | 11181 |
|  Eve Holding, Inc. <sup>(1)</sup> | 11 | 74 |
|  ExlService Holdings, Inc. <sup>(1)</sup> | 525 | 23001 |
|  Exponent, Inc. | 11 | 788 |
|  Fastenal Co. | 882 | 37062 |
|  Federal Signal Corp. | 12 | 1328 |
|  Ferguson Enterprises, Inc. | 97 | 21140 |
|  First Advantage Corp. <sup>(1)</sup> | 11 | 186 |
|  FiscalNote Holdings, Inc. <sup>(1)</sup> | 1 | 1 |
|  Flowserve Corp. | 236 | 12357 |
|  Fluence Energy, Inc. – Class A <sup>(1)</sup> | 13 | 89 |
|  Fortive Corp. | 371 | 19340 |
|  Forward Air Corp. <sup>(1)</sup> | 2 | 43 |
|  Franklin Covey Co. <sup>(1)</sup> | 2 | 47 |
|  Franklin Electric Co., Inc. | 8 | 750 |
|  Frontier Group Holdings, Inc. <sup>(1)</sup> | 12 | 43 |
|  FTAI Aviation Ltd. | 342 | 39347 |
|  FTAI Infrastructure, Inc. | 20 | 124 |
|  Gates Industrial Corp. Plc <sup>(1)</sup> | 656 | 15102 |
|  GATX Corp. | 1 | 87 |
|  Generac Holdings, Inc. <sup>(1)</sup> | 28 | 4077 |
|  GEO Group, Inc. <sup>(1)</sup> | 28 | 681 |
|  Global Industrial Co. | 3 | 77 |
|  GMS, Inc. <sup>(1)</sup> | 4 | 389 |
|  Gorman-Rupp Co. | 4 | 159 |

---

The accompanying notes are an integral part of these financial statements.

484.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Graco, Inc. | 227 | $19515 |
|  GrafTech International Ltd. <sup>(1)</sup> | 5 | 5 |
|  Graham Corp. <sup>(1)</sup> | 2 | 105 |
|  Granite Construction, Inc. | 8 | 733 |
|  Griffon Corp. | 8 | 590 |
|  Hayward Holdings, Inc. <sup>(1)</sup> | 713 | 9842 |
|  Healthcare Services Group, Inc. <sup>(1)</sup> | 7 | 102 |
|  HEICO Corp. | 8 | 2691 |
|  HEICO Corp. – Class A | 87 | 22463 |
|  Herc Holdings, Inc. | 7 | 894 |
|  Hertz Global Holdings, Inc. <sup>(1)</sup> | 24 | 167 |
|  Hillman Solutions Corp. <sup>(1)</sup> | 833 | 5950 |
|  HireQuest, Inc. | 1 | 11 |
|  HNI Corp. | 6 | 273 |
|  Howmet Aerospace, Inc. | 162 | 30151 |
|  Hubbell, Inc. – Class B | 57 | 23221 |
|  Huron Consulting Group, Inc. <sup>(1)</sup> | 4 | 489 |
|  IBEX Holdings Ltd. <sup>(1)</sup> | 2 | 58 |
|  IDEX Corp. | 218 | 38274 |
|  IES Holdings, Inc. <sup>(1)</sup> | 2 | 556 |
|  Ingersoll Rand, Inc. | 303 | 25231 |
|  Innodata, Inc. <sup>(1)</sup> | 6 | 323 |
|  Insperity, Inc. | 7 | 451 |
|  Insteel Industries, Inc. | 2 | 79 |
|  Interface, Inc. – Class A | 1 | 27 |
|  Intuitive Machines, Inc. – Class A <sup>(1)</sup> | 1 | 15 |
|  Janus International Group, Inc. <sup>(1)</sup> | 11 | 88 |
|  JB Hunt Transport Services, Inc. | 32 | 4569 |
|  JBT Marel Corp. | 5 | 628 |
|  Joby Aviation, Inc. <sup>(1)</sup> | 96 | 1012 |
|  Kadant, Inc. | 2 | 777 |
|  Karat Packaging, Inc. | 1 | 37 |
|  Karman Holdings, Inc. <sup>(1)</sup> | 5 | 244 |
|  KBR, Inc. | 1 | 61 |
|  Kforce, Inc. | 3 | 133 |
|  Korn Ferry | 69 | 5074 |
|  Kornit Digital Ltd. <sup>(1)</sup> | 185 | 3691 |
|  Kratos Defense & Security Solutions, Inc. <sup>(1)</sup> | 467 | 21712 |
|  KULR Technology Group, Inc. <sup>(1)</sup> | 7 | 49 |
|  Landstar System, Inc. | 39 | 5449 |
|  LanzaTech Global, Inc. <sup>(1)</sup> | 5 | 1 |
|  Legalzoom.com, Inc. <sup>(1)</sup> | 23 | 206 |
|  Lennox International, Inc. | 6 | 3567 |
|  Leonardo DRS, Inc. | 481 | 22335 |
|  Limbach Holdings, Inc. <sup>(1)</sup> | 2 | 310 |
|  Lincoln Electric Holdings, Inc. | 124 | 25708 |
|  Lindsay Corp. | 2 | 323 |
|  Liquidity Services, Inc. <sup>(1)</sup> | 5 | 113 |
|  Loar Holdings, Inc. <sup>(1)</sup> | 156 | 13406 |
|  LSI Industries, Inc. | 4 | 73 |
|  Lyft, Inc. – Class A <sup>(1)</sup> | 13 | 197 |
|  MasTec, Inc. <sup>(1)</sup> | 3 | 439 |
|  Matrix Service Co. <sup>(1)</sup> | 1 | 16 |
|  Maximus, Inc. | 80 | 5627 |
|  Mayville Engineering Co., Inc. <sup>(1)(2)</sup> | 0 | 5 |
|  McGrath RentCorp | 4 | 455 |
|  Mercury Systems, Inc. <sup>(1)</sup> | 2 | 134 |
|  Microvast Holdings, Inc. <sup>(1)</sup> | 26 | 95 |
|  Moog, Inc. – Class A | 44 | 7954 |
|  MSA Safety, Inc. | 194 | 32501 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Mueller Water Products, Inc. – Class A | 456 | $10971 |
|  MYR Group, Inc. <sup>(1)</sup> | 3 | 583 |
|  NANO Nuclear Energy, Inc. <sup>(1)</sup> | 5 | 180 |
|  NEXTracker, Inc. – Class A <sup>(1)</sup> | 201 | 10948 |
|  Nordson Corp. | 176 | 37729 |
|  NuScale Power Corp. <sup>(1)</sup> | 25 | 1003 |
|  nVent Electric Plc | 484 | 35453 |
|  Old Dominion Freight Line, Inc. | 2 | 323 |
|  Omega Flex, Inc. | 1 | 24 |
|  Orion Group Holdings, Inc. <sup>(1)</sup> | 2 | 14 |
|  Park Aerospace Corp. | 2 | 26 |
|  Parsons Corp. <sup>(1)</sup> | 252 | 18109 |
|  Paychex, Inc. | 20 | 2871 |
|  Paycom Software, Inc. | 5 | 1266 |
|  Paylocity Holding Corp. <sup>(1)</sup> | 24 | 4381 |
|  Perma-Fix Environmental Services, Inc. <sup>(1)</sup> | 1 | 10 |
|  Pitney Bowes, Inc. | 9 | 101 |
|  Planet Labs PBC <sup>(1)</sup> | 44 | 271 |
|  Powell Industries, Inc. | 42 | 8880 |
|  Power Solutions International, Inc. <sup>(1)</sup> | 1 | 80 |
|  Preformed Line Products Co. <sup>(2)</sup> | 0 | 5 |
|  Primoris Services Corp. | 286 | 22302 |
|  Quad/Graphics, Inc. | 5 | 26 |
|  Quanta Services, Inc. | 121 | 45767 |
|  Quest Resource Holding Corp. <sup>(1)(2)</sup> | 0 | 1 |
|  QXO, Inc. <sup>(1)</sup> | 655 | 14116 |
|  RB Global, Inc. | 2 | 236 |
|  RBC Bearings, Inc. <sup>(1)</sup> | 193 | 74281 |
|  RCM Technologies, Inc. <sup>(1)</sup> | 1 | 18 |
|  Redwire Corp. <sup>(1)</sup> | 7 | 114 |
|  Resolute Holdings Management, Inc. <sup>(1)(2)</sup> | 0 | 12 |
|  REV Group, Inc. | 11 | 508 |
|  Richtech Robotics, Inc. – Class B <sup>(1)</sup> | 14 | 28 |
|  Rocket Lab Corp. <sup>(1)</sup> | 413 | 14759 |
|  Rockwell Automation, Inc. | 134 | 44598 |
|  Rollins, Inc. | 55 | 3083 |
|  Rush Enterprises, Inc. – Class A | 7 | 364 |
|  Rush Enterprises, Inc. – Class B | 1 | 49 |
|  RXO, Inc. <sup>(1)</sup> | 2 | 36 |
|  Saia, Inc. <sup>(1)</sup> | 18 | 5032 |
|  Satellogic, Inc. – Class A <sup>(1)</sup> | 11 | 40 |
|  Shoals Technologies Group, Inc. – Class A <sup>(1)</sup> | 6 | 25 |
|  Shyft Group, Inc. | 1 | 7 |
|  Simpson Manufacturing Co., Inc. | 54 | 8409 |
|  SiteOne Landscape Supply, Inc. <sup>(1)</sup> | 71 | 8578 |
|  Sky Harbour Group Corp. – Class A <sup>(1)</sup> | 4 | 42 |
|  SKYX Platforms Corp. <sup>(1)</sup> | 11 | 12 |
|  Southwest Airlines Co. | 11 | 341 |
|  Spire Global, Inc. <sup>(1)</sup> | 6 | 68 |
|  Spirit AeroSystems Holdings, Inc. – Class A <sup>(1)</sup> | 2 | 85 |
|  SPX Technologies, Inc. <sup>(1)</sup> | 88 | 14696 |
|  StandardAero, Inc. <sup>(1)</sup> | 2 | 48 |
|  Standex International Corp. | 61 | 9567 |
|  Sterling Infrastructure, Inc. <sup>(1)</sup> | 99 | 22732 |
|  Sun Country Airlines Holdings, Inc. <sup>(1)</sup> | 6 | 71 |
|  Tecnoglass, Inc. | 116 | 8949 |
|  Tetra Tech, Inc. | 10 | 347 |
|  Thermon Group Holdings, Inc. <sup>(1)</sup> | 1 | 24 |

---

The accompanying notes are an integral part of these financial statements.

485.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Toro Co. | 135 | $9561 |
|  Transcat, Inc. <sup>(1)</sup> | 1 | 84 |
|  Trex Co., Inc. <sup>(1)</sup> | 254 | 13835 |
|  TriNet Group, Inc. | 6 | 456 |
|  Trinity Industries, Inc. | 8 | 221 |
|  Triumph Group, Inc. <sup>(1)</sup> | 6 | 155 |
|  UFP Industries, Inc. | 1 | 69 |
|  U-Haul Holding Co. <sup>(1)(2)</sup> | 0 | 6 |
|  U-Haul Holding Co. – Class B | 7 | 377 |
|  UL Solutions, Inc. – Class A | 230 | 16732 |
|  Upwork, Inc. <sup>(1)</sup> | 26 | 348 |
|  V2X, Inc. <sup>(1)(2)</sup> | 0 | 13 |
|  Veralto Corp. | 360 | 36347 |
|  Verisk Analytics, Inc. – Class A | 90 | 28036 |
|  Verra Mobility Corp. – Class A <sup>(1)</sup> | 33 | 844 |
|  Vertiv Holdings Co. – Class A | 182 | 23397 |
|  Vicor Corp. <sup>(1)</sup> | 5 | 219 |
|  VirTra, Inc. <sup>(1)(2)</sup> | 0 | 3 |
|  VSE Corp. | 4 | 475 |
|  Watts Water Technologies, Inc. – Class A | 21 | 5100 |
|  Werner Enterprises, Inc. | 2 | 47 |
|  Wheels Up Experience, Inc. <sup>(1)</sup> | 2 | 2 |
|  Willdan Group, Inc. <sup>(1)</sup> | 2 | 122 |
|  Willis Lease Finance Corp. <sup>(2)</sup> | 0 | 10 |
|  WillScot Holdings Corp. – Class A | 9 | 251 |
|  WNS Holdings Ltd. <sup>(1)</sup> | 8 | 532 |
|  Worthington Enterprises, Inc. | 2 | 136 |
|  WW Grainger, Inc. | 33 | 34702 |
|  Xometry, Inc. – Class A <sup>(1)</sup> | 9 | 303 |
|  XPO, Inc. <sup>(1)</sup> | 5 | 584 |
|  Xylem, Inc. | 608 | 78713 |
|  Zurn Elkay Water Solutions Corp. | 169 | 6194 |
|  Total Industrials | Total Industrials | 1830464 |
| **Information Technology – 22.81%** |  |  |
|  908 Devices, Inc. <sup>(1)</sup> | 4 | 30 |
|  A10 Networks, Inc. | 13 | 255 |
|  ACI Worldwide, Inc. <sup>(1)</sup> | 222 | 10213 |
|  Adeia, Inc. | 20 | 280 |
|  ADTRAN Holdings, Inc. <sup>(1)</sup> | 15 | 138 |
|  Advanced Energy Industries, Inc. | 8 | 1037 |
|  Aehr Test Systems <sup>(1)</sup> | 5 | 62 |
|  Aeluma, Inc. <sup>(1)(2)</sup> | 0 | 5 |
|  Aeva Technologies, Inc. <sup>(1)</sup> | 6 | 231 |
|  Agilysys, Inc. <sup>(1)</sup> | 127 | 14526 |
|  Airship AI Holdings, Inc. <sup>(1)</sup> | 3 | 19 |
|  Akamai Technologies, Inc. <sup>(1)</sup> | 162 | 12921 |
|  Alarm.com Holdings, Inc. <sup>(1)</sup> | 10 | 556 |
|  Alkami Technology, Inc. <sup>(1)</sup> | 164 | 4957 |
|  Ambarella, Inc. <sup>(1)</sup> | 87 | 5753 |
|  Amplitude, Inc. – Class A <sup>(1)</sup> | 18 | 225 |
|  ANSYS, Inc. <sup>(1)</sup> | 9 | 3004 |
|  Appfolio, Inc. – Class A <sup>(1)</sup> | 21 | 4849 |
|  Appian Corp. – Class A <sup>(1)</sup> | 8 | 247 |
|  Applied Digital Corp. <sup>(1)</sup> | 28 | 283 |
|  Applied Optoelectronics, Inc. <sup>(1)</sup> | 9 | 228 |
|  Arista Networks, Inc. <sup>(1)</sup> | 258 | 26376 |
|  Arlo Technologies, Inc. <sup>(1)</sup> | 21 | 351 |
|  Arteris, Inc. <sup>(1)</sup> | 1 | 9 |
|  Asana, Inc. – Class A <sup>(1)</sup> | 19 | 262 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Astera Labs, Inc. <sup>(1)</sup> | 427 | $38580 |
|  Atlassian Corp. – Class A <sup>(1)</sup> | 255 | 51795 |
|  Atomera, Inc. <sup>(1)</sup> | 6 | 28 |
|  AudioEye, Inc. <sup>(1)</sup> | 1 | 16 |
|  Autodesk, Inc. <sup>(1)</sup> | 68 | 21051 |
|  AvePoint, Inc. <sup>(1)</sup> | 629 | 12139 |
|  Axcelis Technologies, Inc. <sup>(1)</sup> | 1 | 37 |
|  Backblaze, Inc. – Class A <sup>(1)</sup> | 11 | 60 |
|  Badger Meter, Inc. | 22 | 5448 |
|  Belden, Inc. | 8 | 949 |
|  Bentley Systems, Inc. – Class B | 31 | 1657 |
|  BigBear.ai Holdings, Inc. <sup>(1)</sup> | 14 | 95 |
|  BigCommerce Holdings, Inc. <sup>(1)</sup> | 15 | 75 |
|  Bitdeer Technologies Group – Class A <sup>(1)</sup> | 394 | 4527 |
|  BK Technologies Corp. <sup>(1)</sup> | 1 | 26 |
|  Blackbaud, Inc. <sup>(1)</sup> | 6 | 414 |
|  BlackLine, Inc. <sup>(1)</sup> | 125 | 7077 |
|  Blend Labs, Inc. – Class A <sup>(1)</sup> | 44 | 146 |
|  Box, Inc. – Class A <sup>(1)</sup> | 276 | 9419 |
|  Braze, Inc. – Class A <sup>(1)</sup> | 370 | 10387 |
|  C3.ai, Inc. – Class A <sup>(1)</sup> | 25 | 618 |
|  Calix, Inc. <sup>(1)</sup> | 12 | 653 |
|  CCC Intelligent Solutions Holdings, Inc. <sup>(1)</sup> | 3729 | 35085 |
|  CDW Corp. | 2 | 332 |
|  Celestica, Inc. <sup>(1)</sup> | 120 | 18671 |
|  Cerence, Inc. <sup>(1)</sup> | 3 | 29 |
|  CEVA, Inc. <sup>(1)</sup> | 4 | 95 |
|  Ciena Corp. <sup>(1)</sup> | 108 | 8771 |
|  Circle Internet Group, Inc. – Class A <sup>(1)</sup> | 41 | 7475 |
|  Clear Secure, Inc. – Class A | 17 | 483 |
|  Clearfield, Inc. <sup>(1)</sup> | 1 | 46 |
|  Clearwater Analytics Holdings, Inc. – Class A <sup>(1)</sup> | 734 | 16095 |
|  Climb Global Solutions, Inc. | 1 | 94 |
|  Cloudflare, Inc. – Class A <sup>(1)</sup> | 205 | 40209 |
|  Cognex Corp. | 131 | 4158 |
|  Coherent Corp. <sup>(1)</sup> | 231 | 20564 |
|  CommScope Holding Co., Inc. <sup>(1)</sup> | 27 | 226 |
|  Commvault Systems, Inc. <sup>(1)</sup> | 172 | 29932 |
|  CompoSecure, Inc. – Class A <sup>(1)</sup> | 8 | 115 |
|  Confluent, Inc. – Class A <sup>(1)</sup> | 2280 | 56849 |
|  Core Scientific, Inc. <sup>(1)</sup> | 770 | 13141 |
|  CoreCard Corp. <sup>(1)</sup> | 1 | 27 |
|  Couchbase, Inc. <sup>(1)</sup> | 9 | 218 |
|  CPI Card Group, Inc. <sup>(1)</sup> | 1 | 30 |
|  Credo Technology Group Holding Ltd. <sup>(1)</sup> | 434 | 40172 |
|  Crexendo, Inc. <sup>(1)</sup> | 2 | 15 |
|  CS Disco, Inc. <sup>(1)</sup> | 4 | 16 |
|  CSP, Inc. | 1 | 12 |
|  CTS Corp. | 1 | 50 |
|  CyberArk Software Ltd. <sup>(1)</sup> | 177 | 71989 |
|  Daily Journal Corp. <sup>(1)(2)</sup> | 0 | 84 |
|  Daktronics, Inc. <sup>(1)</sup> | 2 | 25 |
|  Datadog, Inc. – Class A <sup>(1)</sup> | 320 | 42989 |
|  Diebold Nixdorf, Inc. <sup>(1)</sup> | 5 | 276 |
|  Digimarc Corp. <sup>(1)</sup> | 3 | 41 |
|  Digital Turbine, Inc. <sup>(1)</sup> | 14 | 81 |
|  DigitalOcean Holdings, Inc. <sup>(1)</sup> | 14 | 387 |
|  Docusign, Inc. – Class A <sup>(1)</sup> | 30 | 2305 |
|  Domo, Inc. – Class B <sup>(1)</sup> | 6 | 88 |

---

The accompanying notes are an integral part of these financial statements.

486.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Dropbox, Inc. – Class A <sup>(1)</sup> | 11 | $303 |
|  D-Wave Quantum, Inc. <sup>(1)</sup> | 60 | 877 |
|  Dynatrace, Inc. <sup>(1)</sup> | 155 | 8547 |
|  eGain Corp. <sup>(1)</sup> | 3 | 18 |
|  Elastic NV <sup>(1)</sup> | 18 | 1491 |
|  Enphase Energy, Inc. <sup>(1)</sup> | 25 | 984 |
|  Entegris, Inc. | 5 | 385 |
|  EverCommerce, Inc. <sup>(1)</sup> | 3 | 34 |
|  Everspin Technologies, Inc. <sup>(1)</sup> | 1 | 5 |
|  Evolv Technologies Holdings, Inc. <sup>(1)</sup> | 24 | 152 |
|  Expensify, Inc. – Class A <sup>(1)</sup> | 6 | 16 |
|  Extreme Networks, Inc. <sup>(1)</sup> | 27 | 492 |
|  Fabrinet <sup>(1)</sup> | 163 | 48111 |
|  Fair Isaac Corp. <sup>(1)</sup> | 17 | 31695 |
|  FARO Technologies, Inc. <sup>(1)</sup> | 2 | 81 |
|  Five9, Inc. <sup>(1)</sup> | 16 | 414 |
|  FormFactor, Inc. <sup>(1)</sup> | 12 | 419 |
|  Frequency Electronics, Inc. | 1 | 30 |
|  Freshworks, Inc. – Class A <sup>(1)</sup> | 616 | 9189 |
|  Gartner, Inc. <sup>(1)</sup> | 14 | 5841 |
|  Gen Digital, Inc. | 12 | 351 |
|  Gitlab, Inc. – Class A <sup>(1)</sup> | 862 | 38876 |
|  Globant SA <sup>(1)</sup> | 1 | 73 |
|  GoDaddy, Inc. – Class A <sup>(1)</sup> | 27 | 4811 |
|  Grid Dynamics Holdings, Inc. <sup>(1)</sup> | 11 | 129 |
|  Guidewire Software, Inc. <sup>(1)</sup> | 357 | 84127 |
|  Hackett Group, Inc. | 5 | 123 |
|  Harmonic, Inc. <sup>(1)</sup> | 6 | 59 |
|  HubSpot, Inc. <sup>(1)</sup> | 38 | 21013 |
|  I3 Verticals, Inc. – Class A <sup>(1)(2)</sup> | 0 | 6 |
|  Impinj, Inc. <sup>(1)</sup> | 5 | 599 |
|  indie Semiconductor, Inc. – Class A <sup>(1)</sup> | 15 | 54 |
|  Information Services Group, Inc. | 2 | 12 |
|  Inseego Corp. <sup>(1)</sup> | 1 | 6 |
|  Insight Enterprises, Inc. <sup>(1)</sup> | 2 | 273 |
|  Intapp, Inc. <sup>(1)</sup> | 12 | 596 |
|  InterDigital, Inc. | 5 | 1208 |
|  IonQ, Inc. <sup>(1)</sup> | 237 | 10195 |
|  Itron, Inc. <sup>(1)</sup> | 49 | 6465 |
|  Jabil, Inc. | 13 | 2937 |
|  Jamf Holding Corp. <sup>(1)</sup> | 14 | 137 |
|  JFrog Ltd. <sup>(1)</sup> | 311 | 13633 |
|  Kaltura, Inc. <sup>(1)</sup> | 20 | 40 |
|  Klaviyo, Inc. – Class A <sup>(1)</sup> | 165 | 5553 |
|  Knowles Corp. <sup>(1)</sup> | 504 | 8886 |
|  Kopin Corp. <sup>(1)</sup> | 30 | 46 |
|  Kulicke & Soffa Industries, Inc. | 6 | 224 |
|  Kyndryl Holdings, Inc. <sup>(1)</sup> | 3 | 129 |
|  Lattice Semiconductor Corp. <sup>(1)</sup> | 632 | 30943 |
|  Life360, Inc. <sup>(1)</sup> | 104 | 6795 |
|  Lightwave Logic, Inc. <sup>(1)</sup> | 2 | 3 |
|  Littelfuse, Inc. | 38 | 8618 |
|  LiveRamp Holdings, Inc. <sup>(1)</sup> | 13 | 443 |
|  Lumentum Holdings, Inc. <sup>(1)</sup> | 184 | 17455 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(1)</sup> | 439 | 62868 |
|  Manhattan Associates, Inc. <sup>(1)</sup> | 70 | 13892 |
|  MaxLinear, Inc. – Class A <sup>(1)</sup> | 2 | 33 |
|  MeridianLink, Inc. <sup>(1)</sup> | 6 | 105 |
|  Microchip Technology, Inc. | 113 | 7983 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  MicroVision, Inc. <sup>(1)</sup> | 32 | $36 |
|  Mirion Technologies, Inc. – Class A <sup>(1)</sup> | 1073 | 23106 |
|  Mitek Systems, Inc. <sup>(1)</sup> | 2 | 20 |
|  MKS, Inc. | 48 | 4736 |
|  Monday.com Ltd. <sup>(1)</sup> | 72 | 22530 |
|  MongoDB, Inc. – Class A <sup>(1)</sup> | 150 | 31596 |
|  Monolithic Power Systems, Inc. | 43 | 31250 |
|  M-Tron Industries, Inc. <sup>(1)(2)</sup> | 0 | 19 |
|  Napco Security Technologies, Inc. | 7 | 216 |
|  Navitas Semiconductor Corp. – Class A <sup>(1)</sup> | 5 | 30 |
|  nCino, Inc. <sup>(1)</sup> | 3 | 82 |
|  Neonode, Inc. <sup>(1)</sup> | 1 | 36 |
|  NetApp, Inc. | 16 | 1667 |
|  NextNav, Inc. <sup>(1)</sup> | 18 | 278 |
|  nLight, Inc. <sup>(1)</sup> | 1 | 11 |
|  Novanta, Inc. <sup>(1)</sup> | 76 | 9815 |
|  Nutanix, Inc. – Class A <sup>(1)</sup> | 1035 | 79138 |
|  NVE Corp. | 1 | 74 |
|  Okta, Inc. – Class A <sup>(1)</sup> | 435 | 43493 |
|  Olo, Inc. – Class A <sup>(1)</sup> | 14 | 125 |
|  OneSpan, Inc. | 1 | 21 |
|  Onto Innovation, Inc. <sup>(1)</sup> | 81 | 8188 |
|  Ooma, Inc. <sup>(1)</sup> | 5 | 67 |
|  OSI Systems, Inc. <sup>(1)</sup> | 3 | 750 |
|  Ouster, Inc. <sup>(1)</sup> | 11 | 256 |
|  Pagaya Technologies Ltd. – Class A <sup>(1)</sup> | 9 | 186 |
|  PagerDuty, Inc. <sup>(1)</sup> | 18 | 271 |
|  Palo Alto Networks, Inc. <sup>(1)</sup> | 141 | 28854 |
|  PAR Technology Corp. <sup>(1)</sup> | 5 | 341 |
|  PDF Solutions, Inc. <sup>(1)</sup> | 7 | 142 |
|  Pegasystems, Inc. | 6 | 306 |
|  Plexus Corp. <sup>(1)</sup> | 5 | 700 |
|  Porch Group, Inc. <sup>(1)</sup> | 14 | 161 |
|  Power Integrations, Inc. | 129 | 7236 |
|  Procore Technologies, Inc. <sup>(1)</sup> | 555 | 37994 |
|  Progress Software Corp. | 9 | 568 |
|  PROS Holdings, Inc. <sup>(1)</sup> | 396 | 6208 |
|  PTC, Inc. <sup>(1)</sup> | 65 | 11228 |
|  Pure Storage, Inc. – Class A <sup>(1)</sup> | 1463 | 84217 |
|  Q2 Holdings, Inc. <sup>(1)</sup> | 145 | 13576 |
|  Qualys, Inc. <sup>(1)</sup> | 8 | 1087 |
|  Quantum Computing, Inc. <sup>(1)</sup> | 18 | 345 |
|  QuickLogic Corp. <sup>(1)</sup> | 1 | 3 |
|  Rackspace Technology, Inc. <sup>(1)</sup> | 5 | 6 |
|  Ralliant Corp. <sup>(1)</sup> | 93 | 4493 |
|  Rambus, Inc. <sup>(1)</sup> | 154 | 9870 |
|  Rapid7, Inc. <sup>(1)</sup> | 13 | 305 |
|  Red Cat Holdings, Inc. <sup>(1)</sup> | 16 | 113 |
|  Red Violet, Inc. | 2 | 116 |
|  Rekor Systems, Inc. <sup>(1)</sup> | 1 | 1 |
|  ReposiTrak, Inc. | 2 | 44 |
|  Rezolve AI Plc <sup>(1)</sup> | 18 | 56 |
|  Rigetti Computing, Inc. <sup>(1)</sup> | 59 | 698 |
|  Rimini Street, Inc. <sup>(1)</sup> | 1 | 5 |
|  RingCentral, Inc. – Class A <sup>(1)</sup> | 16 | 441 |
|  Rubrik, Inc. – Class A <sup>(1)</sup> | 105 | 9425 |
|  SailPoint, Inc. <sup>(1)</sup> | 242 | 5528 |
|  Samsara, Inc. – Class A <sup>(1)</sup> | 700 | 27849 |
|  Sanmina Corp. <sup>(1)</sup> | 5 | 473 |
|  Sapiens International Corp. NV | 7 | 191 |

---

The accompanying notes are an integral part of these financial statements.

487.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  SEMrush Holdings, Inc. – Class A <sup>(1)</sup> | 9 | $86 |
|  Semtech Corp. <sup>(1)</sup> | 209 | 9446 |
|  SentinelOne, Inc. – Class A <sup>(1)</sup> | 362 | 6612 |
|  ServiceTitan, Inc. – Class A <sup>(1)</sup> | 79 | 8473 |
|  Shopify, Inc. – Class A <sup>(1)</sup> | 378 | 43604 |
|  Silicon Laboratories, Inc. <sup>(1)</sup> | 124 | 18200 |
|  SiTime Corp. <sup>(1)</sup> | 78 | 16535 |
|  SkyWater Technology, Inc. <sup>(1)</sup> | 5 | 52 |
|  Snowflake, Inc. – Class A <sup>(1)</sup> | 256 | 57343 |
|  SoundHound AI, Inc. – Class A <sup>(1)</sup> | 76 | 817 |
|  SoundThinking, Inc. <sup>(1)</sup> | 2 | 23 |
|  Sprinklr, Inc. – Class A <sup>(1)</sup> | 23 | 196 |
|  Sprout Social, Inc. – Class A <sup>(1)</sup> | 11 | 224 |
|  SPS Commerce, Inc. <sup>(1)</sup> | 8 | 1076 |
|  Super Micro Computer, Inc. <sup>(1)</sup> | 46 | 2251 |
|  Synaptics, Inc. <sup>(1)</sup> | 1 | 46 |
|  Synchronoss Technologies, Inc. <sup>(1)</sup> | 2 | 12 |
|  Synopsys, Inc. <sup>(1)</sup> | 132 | 67496 |
|  Teledyne Technologies, Inc. <sup>(1)</sup> | 18 | 9253 |
|  Tenable Holdings, Inc. <sup>(1)</sup> | 171 | 5784 |
|  Teradata Corp. <sup>(1)</sup> | 3 | 64 |
|  Terawulf, Inc. <sup>(1)</sup> | 52 | 229 |
|  TSS, Inc. <sup>(1)</sup> | 4 | 109 |
|  Tucows, Inc. – Class A <sup>(1)(2)</sup> | 0 | 7 |
|  Turtle Beach Corp. <sup>(1)</sup> | 2 | 27 |
|  Twilio, Inc. – Class A <sup>(1)</sup> | 207 | 25744 |
|  Tyler Technologies, Inc. <sup>(1)</sup> | 144 | 85457 |
|  Ubiquiti, Inc. | 1 | 339 |
|  Ultra Clean Holdings, Inc. <sup>(1)</sup> | 1 | 17 |
|  Unisys Corp. <sup>(1)</sup> | 11 | 49 |
|  Unity Software, Inc. <sup>(1)</sup> | 239 | 5784 |
|  Varonis Systems, Inc. – Class B <sup>(1)</sup> | 560 | 28397 |
|  Veeco Instruments, Inc. <sup>(1)</sup> | 338 | 6873 |
|  Vertex, Inc. – Class A <sup>(1)</sup> | 14 | 477 |
|  Viant Technology, Inc. – Class A <sup>(1)</sup> | 3 | 40 |
|  Viavi Solutions, Inc. <sup>(1)</sup> | 46 | 461 |
|  Vuzix Corp. <sup>(1)</sup> | 12 | 36 |
|  Weave Communications, Inc. <sup>(1)</sup> | 12 | 100 |
|  WM Technology, Inc. <sup>(1)</sup> | 19 | 17 |
|  Workday, Inc. – Class A <sup>(1)</sup> | 164 | 39360 |
|  Workiva, Inc. – Class A <sup>(1)</sup> | 10 | 716 |
|  Yext, Inc. <sup>(1)</sup> | 22 | 186 |
|  Zeta Global Holdings Corp. – Class A <sup>(1)</sup> | 132 | 2048 |
|  Zscaler, Inc. <sup>(1)</sup> | 216 | 67810 |
|  Total Information Technology | Total Information Technology | 2144425 |
| **Materials – 1.65%** |  |  |
|  Alamos Gold, Inc. – Class A | 445 | 11810 |
|  Alpha Metallurgical Resources, Inc. <sup>(1)</sup> | 1 | 83 |
|  American Battery Technology Co. <sup>(1)</sup> | 8 | 13 |
|  Anglogold Ashanti Plc | 12 | 548 |
|  Ardagh Metal Packaging SA | 8 | 34 |
|  Ashland, Inc. | 116 | 5845 |
|  ASP Isotopes, Inc. <sup>(1)</sup> | 12 | 86 |
|  Avient Corp. | 127 | 4110 |
|  Balchem Corp. | 108 | 17190 |
|  Cabot Corp. | 11 | 793 |
|  Carpenter Technology Corp. | 123 | 33876 |
|  Century Aluminum Co. <sup>(1)</sup> | 11 | 197 |
|  Chemours Co. | 31 | 357 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Coeur Mining, Inc. <sup>(1)</sup> | 67 | $589 |
|  Compass Minerals International, Inc. <sup>(1)</sup> | 5 | 110 |
|  Constellium SE – Class A <sup>(1)</sup> | 11 | 147 |
|  Contango ORE, Inc. <sup>(1)</sup> | 2 | 34 |
|  Critical Metals Corp. <sup>(1)</sup> | 2 | 6 |
|  Dakota Gold Corp. <sup>(1)</sup> | 18 | 65 |
|  Eagle Materials, Inc. <sup>(2)</sup> | 0 | 81 |
|  Flotek Industries, Inc. <sup>(1)</sup> | 1 | 11 |
|  Ginkgo Bioworks Holdings, Inc. <sup>(1)</sup> | 1 | 7 |
|  Hawkins, Inc. | 4 | 576 |
|  Hecla Mining Co. | 29 | 176 |
|  Idaho Strategic Resources, Inc. <sup>(1)</sup> | 2 | 31 |
|  Ingevity Corp. <sup>(1)</sup> | 8 | 327 |
|  Innospec, Inc. | 68 | 5718 |
|  Ivanhoe Electric, Inc. <sup>(1)</sup> | 16 | 141 |
|  Kaiser Aluminum Corp. | 2 | 143 |
|  Knife River Corp. <sup>(1)</sup> | 153 | 12457 |
|  Lifezone Metals Ltd. <sup>(1)</sup> | 5 | 21 |
|  Materion Corp. | 1 | 71 |
|  Mosaic Co. | 559 | 20399 |
|  Myers Industries, Inc. | 1 | 18 |
|  NioCorp Developments Ltd. <sup>(1)</sup> | 10 | 24 |
|  Northern Technologies International Corp. <sup>(2)</sup> | 0 | 2 |
|  Novagold Resources, Inc. <sup>(1)</sup> | 48 | 196 |
|  O-I Glass, Inc. <sup>(1)</sup> | 8 | 113 |
|  Perpetua Resources Corp. <sup>(1)</sup> | 10 | 117 |
|  Piedmont Lithium, Inc. <sup>(1)</sup> | 4 | 22 |
|  PureCycle Technologies, Inc. <sup>(1)</sup> | 27 | 369 |
|  Ramaco Resources, Inc. – Class A | 7 | 97 |
|  Ramaco Resources, Inc. – Class B <sup>(2)</sup> | 0 | 2 |
|  Royal Gold, Inc. | 87 | 15394 |
|  Sensient Technologies Corp. | 99 | 9708 |
|  Silgan Holdings, Inc. | 176 | 9515 |
|  Smith-Midland Corp. <sup>(1)</sup> | 1 | 25 |
|  Solesence, Inc. <sup>(1)</sup> | 3 | 14 |
|  Steel Dynamics, Inc. | 3 | 339 |
|  Sylvamo Corp. | 2 | 96 |
|  Titan America SA <sup>(1)</sup> | 220 | 2751 |
|  United States Antimony Corp. <sup>(1)</sup> | 19 | 41 |
|  United States Lime & Minerals, Inc. | 2 | 224 |
|  US Gold Corp. <sup>(1)</sup> | 2 | 27 |
|  Vox Royalty Corp. | 7 | 23 |
|  Total Materials | Total Materials | 155169 |
| **Real Estate – 1.19%** |  |  |
|  Agree Realty Corp. | 107 | 7826 |
|  Alexander's, Inc. <sup>(2)</sup> | 0 | 103 |
|  American Healthcare REIT, Inc. | 12 | 434 |
|  Apartment Investment & Management Co. – Class A | 16 | 135 |
|  CareTrust REIT, Inc. | 416 | 12724 |
|  CBL & Associates Properties, Inc. | 3 | 79 |
|  CBRE Group, Inc. – Class A <sup>(1)</sup> | 229 | 32095 |
|  Compass, Inc. – Class A <sup>(1)</sup> | 95 | 595 |
|  COPT Defense Properties | 299 | 8257 |
|  CoStar Group, Inc. <sup>(1)</sup> | 201 | 16199 |
|  DiamondRock Hospitality Co. | 24 | 183 |
|  eXp World Holdings, Inc. | 17 | 152 |
|  FirstService Corp. | 40 | 6988 |
|  Gladstone Commercial Corp. | 2 | 28 |

---

The accompanying notes are an integral part of these financial statements.

488.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Jones Lang LaSalle, Inc. <sup>(1)</sup> | 2 | $639 |
|  Lamar Advertising Co. – Class A | 17 | 2032 |
|  Maui Land & Pineapple Co., Inc. <sup>(1)</sup> | 1 | 25 |
|  National Health Investors, Inc. | 2 | 153 |
|  National Storage Affiliates Trust | 114 | 3638 |
|  NETSTREIT Corp. | 4 | 72 |
|  Newmark Group, Inc. – Class A | 495 | 6009 |
|  NexPoint Residential Trust, Inc. | 1 | 48 |
|  Outfront Media, Inc. | 29 | 471 |
|  Phillips Edison & Co., Inc. | 5 | 169 |
|  PotlatchDeltic Corp. | 1 | 34 |
|  Real Brokerage, Inc. <sup>(1)</sup> | 22 | 99 |
|  Ryman Hospitality Properties, Inc. | 12 | 1209 |
|  Saul Centers, Inc. | 2 | 76 |
|  Simon Property Group, Inc. | 14 | 2212 |
|  St Joe Co. | 8 | 377 |
|  Strawberry Fields REIT, Inc. | 2 | 22 |
|  Sun Communities, Inc. | 4 | 564 |
|  Sunstone Hotel Investors, Inc. | 3 | 24 |
|  Tanger, Inc. | 21 | 642 |
|  Terreno Realty Corp. | 125 | 7005 |
|  UDR, Inc. | 3 | 114 |
|  UMH Properties, Inc. | 16 | 269 |
|  Universal Health Realty Income Trust | 2 | 92 |
|  Xenia Hotels & Resorts, Inc. | 3 | 38 |
|  Total Real Estate | Total Real Estate | 111831 |
| **Utilities – 0.55%** |  |  |
|  American States Water Co. | 5 | 403 |
|  Cadiz, Inc. <sup>(1)</sup> | 11 | 33 |
|  Chesapeake Utilities Corp. | 2 | 192 |
|  Consolidated Water Co. Ltd. | 1 | 29 |
|  Genie Energy Ltd. – Class B | 1 | 14 |
|  Global Water Resources, Inc. | 2 | 21 |
|  Hallador Energy Co. <sup>(1)</sup> | 6 | 95 |
|  MGE Energy, Inc. | 4 | 353 |
|  Middlesex Water Co. | 1 | 32 |
|  Montauk Renewables, Inc. <sup>(1)</sup> | 4 | 10 |
|  NRG Energy, Inc. | 39 | 6197 |
|  Oklo, Inc. – Class A <sup>(1)</sup> | 5 | 280 |
|  Ormat Technologies, Inc. | 119 | 9995 |
|  Otter Tail Corp. | 1 | 50 |
|  Vistra Corp. | 175 | 33856 |
|  York Water Co. <sup>(2)</sup> | 0 | 15 |
|  Total Utilities | Total Utilities | 51575 |
|  **Total Common Stocks**<br> (Cost: $6,936,121) | **Total Common Stocks**<br> (Cost: $6,936,121) | **9191058** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **WARRANTS – 0.00% <sup>(4)</sup>** |  |  |
| **Healthcare – 0.00% <sup>(4)</sup>** |  |  |
|  Pulse Biosciences, Inc., expires 06/27/2029 <sup>(1)(2)(3)</sup> | 0 | $0 |
|  Total Healthcare | Total Healthcare | 0 |
|  **Total Warrants**<br> (Cost: $0) | **Total Warrants**<br> (Cost: $0) | **0** |
|  **SHORT-TERM INVESTMENTS – 2.12%** | **SHORT-TERM INVESTMENTS – 2.12%** | **SHORT-TERM INVESTMENTS – 2.12%** |
| **Money Market Funds – 2.10%** |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(5)</sup> | 197272 | 197272 |
|  **Total Money Market Funds**<br> (Cost: $197,272) | **Total Money Market Funds**<br> (Cost: $197,272) | **197272** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.02%** |  |  |
|  Citibank, New York, 3.83% due 07/01/2025 | $105 | 105 |
|  JP Morgan, New York, 3.83% due 07/01/2025 | 1247 | 1247 |
|  Sumitomo Trust Bank, London, 3.83% due 07/01/2025 | 380 | 380 |
|  **Total Time Deposits**<br> (Cost: $1,732) | **Total Time Deposits**<br> (Cost: $1,732) | **1732** |
|  **Total Short-Term Investments**<br> (Cost: $199,004) | **Total Short-Term Investments**<br> (Cost: $199,004) | **199004** |
| TOTAL INVESTMENTS IN SECURITIES – 99.91%<br>(Cost: $7,135,125) | TOTAL INVESTMENTS IN SECURITIES – 99.91%<br>(Cost: $7,135,125) | **9390062** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.09% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.09% | **8688** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**9398750** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(3)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $14, which represents 0.00% of total net assets.

The accompanying notes are an integral part of these financial statements.

489.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

<sup>(4)</sup> Amount calculated is less than 0.005%.

<sup>(5)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(6)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $-, which represents 0.00% of total net assets.

#### Open Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 21 | E-mini Russell 2000 Future | Sep. 2025 | $2272 | $2301 | $29 |
| 6 | S&P 500 E-mini Future | Sep. 2025 | 1867 | 1876 | 9 |
| 3 | S&P MidCap 400 E-mini Future<sup>(1)</sup> | Sep. 2025 | 938 | 938 | (0) |
|  |  |  |  |  | $**38** |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

The accompanying notes are an integral part of these financial statements.

490.0 ------

### Bridge Builder Small/Mid Cap Value Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 97.83%** |  |  |
| **Communication Services – 1.11%** |  |  |
|  Advantage Solutions, Inc. <sup>(1)</sup> | 49 | $65 |
|  Altice USA, Inc. – Class A <sup>(1)</sup> | 106 | 226 |
|  AMC Entertainment Holdings, Inc. – Class A <sup>(1)</sup> | 209 | 648 |
|  AMC Networks, Inc. – Class A <sup>(1)</sup> | 82 | 515 |
|  Angi, Inc. – Class A <sup>(1)</sup> | 21 | 320 |
|  AST SpaceMobile, Inc. – Class A <sup>(1)</sup> | 5 | 234 |
|  ATN International, Inc. | 5 | 81 |
|  Bandwidth, Inc. – Class A <sup>(1)</sup> | 10 | 160 |
|  Boston Omaha Corp. – Class A <sup>(1)</sup> | 10 | 144 |
|  Bumble, Inc. – Class A <sup>(1)</sup> | 31 | 206 |
|  Cable One, Inc. | 11 | 1560 |
|  Cars.com, Inc. <sup>(1)</sup> | 28 | 335 |
|  Charter Communications, Inc. – Class A <sup>(1)</sup> | 3 | 1033 |
|  CuriosityStream, Inc. | 3 | 17 |
|  DoubleVerify Holdings, Inc. – Class Rights <sup>(1)</sup> | 2 | 26 |
|  EchoStar Corp. – Class A <sup>(1)</sup> | 66 | 1819 |
|  Electronic Arts, Inc. | 7 | 1160 |
|  Entravision Communications Corp. – Class A | 690 | 1602 |
|  ESC GCI Liberty, Inc. <sup>(1)(2)(3)</sup> | 3 |  |
|  Eventbrite, Inc. – Class A <sup>(1)</sup> | 36 | 95 |
|  EW Scripps Co. – Class A <sup>(1)</sup> | 35 | 104 |
|  Fox Corp. – Class A | 235 | 13155 |
|  Fox Corp. – Class B | 4 | 195 |
|  Frontier Communications Parent, Inc. <sup>(1)</sup> | 7 | 237 |
|  Gaia, Inc. – Class A <sup>(1)</sup> | 8 | 34 |
|  Gannett Co., Inc. <sup>(1)</sup> | 9 | 31 |
|  Getty Images Holdings, Inc. <sup>(1)</sup> | 52 | 87 |
|  Gray Media, Inc. | 44 | 199 |
|  IAC, Inc. <sup>(1)</sup> | 2 | 69 |
|  IDT Corp. – Class B | 2 | 120 |
|  iHeartMedia, Inc. – Class A <sup>(1)</sup> | 52 | 92 |
|  Integral Ad Science Holding Corp. <sup>(1)</sup> | 31 | 255 |
|  Interpublic Group of Companies, Inc. | 10 | 255 |
|  Iridium Communications, Inc. | 2 | 73 |
|  John Wiley & Sons, Inc. – Class A | 1 | 54 |
|  Liberty Broadband Corp. – Class A <sup>(1)(3)</sup> | 0 | 43 |
|  Liberty Broadband Corp. – Class C <sup>(1)</sup> | 2 | 229 |
|  Liberty Global Ltd. – Class A <sup>(1)</sup> | 5 | 46 |
|  Liberty Global Ltd. – Class C <sup>(1)</sup> | 4 | 44 |
|  Liberty Latin America Ltd. – Class A <sup>(1)</sup> | 20 | 119 |
|  Liberty Latin America Ltd. – Class C <sup>(1)</sup> | 57 | 355 |
|  Liberty Media Corp.-Liberty Formula One – Class A <sup>(1)(3)</sup> | 0 | 34 |
|  Liberty Media Corp.-Liberty Formula One – Class C <sup>(1)</sup> | 138 | 14428 |
|  Liberty Media Corp.-Liberty Live – Class A <sup>(1)</sup> | 1 | 46 |
|  Liberty Media Corp.-Liberty Live – Class C <sup>(1)</sup> | 1 | 105 |
|  Lionsgate Studios Corp. <sup>(1)</sup> | 94 | 547 |
|  LiveOne, Inc. <sup>(1)(3)</sup> | 1 | 0 |
|  Lumen Technologies, Inc. <sup>(1)</sup> | 54 | 236 |
|  Madison Square Garden Sports Corp. – Class A <sup>(1)(3)</sup> | 0 | 90 |
|  Marcus Corp. | 12 | 196 |
|  Match Group, Inc. | 139 | 4282 |
|  Millicom International Cellular SA | 3 | 107 |
|  National CineMedia, Inc. | 33 | 158 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  New York Times Co. – Class A | 4 | $252 |
|  News Corp. – Class A | 11 | 315 |
|  News Corp. – Class B | 3 | 106 |
|  Newsmax, Inc. – Class B <sup>(1)</sup> | 3 | 50 |
|  Nexstar Media Group, Inc. – Class A | 82 | 14125 |
|  Nextdoor Holdings, Inc. <sup>(1)</sup> | 100 | 167 |
|  Nexxen International Ltd. <sup>(1)</sup> | 17 | 177 |
|  Omnicom Group, Inc. | 5 | 390 |
|  Paramount Global – Class A <sup>(3)</sup> | 0 | 4 |
|  Paramount Global – Class B | 17 | 215 |
|  Pinterest, Inc. – Class A <sup>(1)</sup> | 8 | 297 |
|  Playstudios, Inc. <sup>(1)</sup> | 41 | 54 |
|  Playtika Holding Corp. | 435 | 2060 |
|  PubMatic, Inc. – Class A <sup>(1)</sup> | 20 | 252 |
|  Reservoir Media, Inc. <sup>(1)</sup> | 8 | 63 |
|  Roku, Inc. – Class A <sup>(1)</sup> | 3 | 275 |
|  Rumble, Inc. <sup>(1)</sup> | 29 | 260 |
|  Scholastic Corp. | 11 | 226 |
|  Shenandoah Telecommunications Co. | 24 | 334 |
|  Shutterstock, Inc. | 105 | 1998 |
|  Sinclair, Inc. | 19 | 263 |
|  Sirius XM Holdings, Inc. | 151 | 3472 |
|  Sphere Entertainment Co. <sup>(1)</sup> | 14 | 567 |
|  Spok Holdings, Inc. | 9 | 164 |
|  Starz Entertainment Corp. <sup>(1)</sup> | 6 | 96 |
|  Take-Two Interactive Software, Inc. <sup>(1)</sup> | 3 | 801 |
|  Teads Holding Co. <sup>(1)</sup> | 19 | 48 |
|  TechTarget, Inc. <sup>(1)</sup> | 11 | 88 |
|  TEGNA, Inc. | 292 | 4896 |
|  Telephone & Data Systems, Inc. | 47 | 1686 |
|  Thryv Holdings, Inc. <sup>(1)</sup> | 654 | 7953 |
|  TKO Group Holdings, Inc. – Class A | 1 | 200 |
|  Townsquare Media, Inc. – Class A | 56 | 443 |
|  TripAdvisor, Inc. <sup>(1)</sup> | 29 | 378 |
|  TrueCar, Inc. <sup>(1)</sup> | 42 | 80 |
|  Trump Media & Technology Group Corp. <sup>(1)</sup> | 1 | 26 |
|  Vimeo, Inc. <sup>(1)</sup> | 45 | 180 |
|  Vivid Seats, Inc. – Class A <sup>(1)</sup> | 11 | 19 |
|  Warner Bros Discovery, Inc. <sup>(1)</sup> | 62 | 711 |
|  Webtoon Entertainment, Inc. <sup>(1)</sup> | 9 | 78 |
|  WideOpenWest, Inc. <sup>(1)</sup> | 24 | 99 |
|  Yelp, Inc. – Class A <sup>(1)</sup> | 104 | 3578 |
|  Ziff Davis, Inc. <sup>(1)</sup> | 21 | 636 |
|  ZoomInfo Technologies, Inc. – Class A <sup>(1)</sup> | 8 | 81 |
|  Total Communication Services | Total Communication Services | 94434 |
| **Consumer Discretionary – 11.64%** |  |  |
|  1-800-Flowers.com, Inc. – Class A <sup>(1)</sup> | 9 | 44 |
|  1stdibs.com, Inc. <sup>(1)</sup> | 1 | 2 |
|  Academy Sports & Outdoors, Inc. | 32 | 1449 |
|  Accel Entertainment, Inc. – Class A <sup>(1)</sup> | 50 | 590 |
|  Adient Plc <sup>(1)</sup> | 40 | 778 |
|  ADT, Inc. | 477 | 4041 |
|  Adtalem Global Education, Inc. <sup>(1)</sup> | 45 | 5769 |
|  Advance Auto Parts, Inc. | 29 | 1355 |
|  A-Mark Precious Metals, Inc. | 126 | 2795 |
|  Amer Sports, Inc. <sup>(1)</sup> | 4 | 161 |
|  American Axle & Manufacturing Holdings, Inc. <sup>(1)</sup> | 56 | 229 |
|  American Eagle Outfitters, Inc. | 1696 | 16315 |

---

The accompanying notes are an integral part of these financial statements.

491.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  American Outdoor Brands, Inc. <sup>(1)</sup> | 5 | $48 |
|  American Public Education, Inc. <sup>(1)</sup> | 1 | 17 |
|  America's Car-Mart, Inc. <sup>(1)</sup> | 4 | 206 |
|  Aptiv Plc <sup>(1)</sup> | 6 | 435 |
|  Aramark | 7 | 307 |
|  Arko Corp. | 35 | 148 |
|  Asbury Automotive Group, Inc. <sup>(1)</sup> | 49 | 11797 |
|  AutoNation, Inc. <sup>(1)</sup> | 1 | 146 |
|  AutoZone, Inc. <sup>(1)</sup> | 17 | 61295 |
|  BARK, Inc. <sup>(1)</sup> | 16 | 14 |
|  Barnes & Noble Education, Inc. <sup>(1)</sup> | 7 | 83 |
|  Bassett Furniture Industries, Inc. | 3 | 51 |
|  Bath & Body Works, Inc. | 6 | 175 |
|  Beazer Homes USA, Inc. <sup>(1)</sup> | 14 | 320 |
|  Best Buy Co., Inc. | 73 | 4889 |
|  Beyond, Inc. <sup>(1)</sup> | 27 | 183 |
|  Biglari Holdings, Inc. – Class B <sup>(1)(3)</sup> | 0 | 95 |
|  Birkenstock Holding Plc <sup>(1)</sup> | 1 | 51 |
|  BJ's Restaurants, Inc. <sup>(1)</sup> | 4 | 169 |
|  Bloomin' Brands, Inc. | 169 | 1459 |
|  BorgWarner, Inc. | 211 | 7052 |
|  Boyd Gaming Corp. | 296 | 23134 |
|  Bright Horizons Family Solutions, Inc. <sup>(1)</sup> | 1 | 171 |
|  Brunswick Corp. | 222 | 12287 |
|  Buckle, Inc. | 1 | 42 |
|  Burlington Stores, Inc. <sup>(1)</sup> | 183 | 42596 |
|  Caesars Entertainment, Inc. <sup>(1)</sup> | 6 | 163 |
|  Caleres, Inc. | 16 | 197 |
|  Capri Holdings Ltd. <sup>(1)</sup> | 244 | 4323 |
|  CarMax, Inc. <sup>(1)</sup> | 97 | 6551 |
|  Carnival Corp. <sup>(1)</sup> | 316 | 8893 |
|  Carter's, Inc. | 17 | 518 |
|  Cavco Industries, Inc. <sup>(1)</sup> | 9 | 3871 |
|  Century Communities, Inc. | 13 | 724 |
|  Champion Homes, Inc. <sup>(1)</sup> | 158 | 9913 |
|  Chegg, Inc. <sup>(1)</sup> | 4 | 5 |
|  Choice Hotels International, Inc. | 1 | 65 |
|  Churchill Downs, Inc. | 81 | 8213 |
|  Citi Trends, Inc. <sup>(1)</sup> | 2 | 77 |
|  Clarus Corp. | 13 | 44 |
|  Columbia Sportswear Co. | 66 | 4013 |
|  Cooper-Standard Holdings, Inc. <sup>(1)</sup> | 8 | 177 |
|  Cracker Barrel Old Country Store, Inc. | 8 | 476 |
|  Cricut, Inc. – Class A | 23 | 153 |
|  Crocs, Inc. <sup>(1)</sup> | 147 | 14917 |
|  Dana, Inc. | 548 | 9392 |
|  Darden Restaurants, Inc. | 50 | 10958 |
|  Denny's Corp. <sup>(1)</sup> | 22 | 91 |
|  Designer Brands, Inc. – Class A | 18 | 43 |
|  Dick's Sporting Goods, Inc. | 26 | 5125 |
|  Dillard's, Inc. – Class A <sup>(3)</sup> | 0 | 37 |
|  Dine Brands Global, Inc. | 31 | 761 |
|  Domino's Pizza, Inc. | 50 | 22737 |
|  Dorman Products, Inc. <sup>(1)</sup> | 91 | 11196 |
|  DR Horton, Inc. | 151 | 19488 |
|  Dream Finders Homes, Inc. – Class A <sup>(1)</sup> | 11 | 274 |
|  eBay, Inc. | 531 | 39503 |
|  El Pollo Loco Holdings, Inc. <sup>(1)</sup> | 13 | 141 |
|  Escalade, Inc. | 5 | 64 |
|  Ethan Allen Interiors, Inc. | 11 | 311 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Etsy, Inc. <sup>(1)</sup> | 1 | $64 |
|  European Wax Center, Inc. – Class A <sup>(1)</sup> | 1 | 4 |
|  EVgo, Inc. – Class A <sup>(1)</sup> | 52 | 189 |
|  Expedia Group, Inc. | 37 | 6224 |
|  Faraday Future Intelligent Electric, Inc. <sup>(1)</sup> | 41 | 68 |
|  Five Below, Inc. <sup>(1)</sup> | 1 | 197 |
|  Flexsteel Industries, Inc. | 2 | 66 |
|  Floor & Decor Holdings, Inc. – Class A <sup>(1)</sup> | 303 | 23020 |
|  Flutter Entertainment Plc <sup>(1)</sup> | 1 | 240 |
|  Foot Locker, Inc. <sup>(1)</sup> | 42 | 1025 |
|  Ford Motor Co. | 425 | 4613 |
|  Fox Factory Holding Corp. <sup>(1)</sup> | 15 | 394 |
|  Frontdoor, Inc. <sup>(1)</sup> | 289 | 17062 |
|  Full House Resorts, Inc. <sup>(1)</sup> | 2 | 8 |
|  Funko, Inc. – Class A <sup>(1)</sup> | 19 | 90 |
|  GameStop Corp. – Class A <sup>(1)</sup> | 11 | 278 |
|  Gap, Inc. | 260 | 5678 |
|  Garmin Ltd. | 5 | 947 |
|  Garrett Motion, Inc. | 61 | 640 |
|  General Motors Co. | 248 | 12199 |
|  Genesco, Inc. <sup>(1)</sup> | 5 | 93 |
|  Gentex Corp. | 383 | 8424 |
|  Gentherm, Inc. <sup>(1)</sup> | 14 | 409 |
|  Genuine Parts Co. | 4 | 470 |
|  GigaCloud Technology, Inc. – Class A <sup>(1)</sup> | 13 | 252 |
|  G-III Apparel Group Ltd. <sup>(1)</sup> | 79 | 1762 |
|  Global Business Travel Group I <sup>(1)</sup> | 6 | 37 |
|  Golden Entertainment, Inc. | 10 | 285 |
|  Goodyear Tire & Rubber Co. <sup>(1)</sup> | 273 | 2827 |
|  GoPro, Inc. – Class A <sup>(1)</sup> | 2 | 1 |
|  Graham Holdings Co. – Class B | 2 | 1484 |
|  Grand Canyon Education, Inc. <sup>(1)</sup> | 47 | 8842 |
|  Green Brick Partners, Inc. <sup>(1)</sup> | 10 | 625 |
|  Group 1 Automotive, Inc. | 12 | 5430 |
|  GrowGeneration Corp. <sup>(1)</sup> | 7 | 6 |
|  H&R Block, Inc. | 341 | 18693 |
|  Hamilton Beach Brands Holding Co. – Class A | 4 | 69 |
|  Harley-Davidson, Inc. | 417 | 9849 |
|  Hasbro, Inc. | 106 | 7829 |
|  Haverty Furniture Companies, Inc. | 7 | 137 |
|  Helen of Troy Ltd. <sup>(1)</sup> | 11 | 321 |
|  Holley, Inc. <sup>(1)</sup> | 26 | 52 |
|  Hooker Furnishings Corp. | 1 | 7 |
|  Hovnanian Enterprises, Inc. – Class A <sup>(1)</sup> | 2 | 238 |
|  Hyatt Hotels Corp. – Class A | 1 | 156 |
|  Installed Building Products, Inc. | 53 | 9509 |
|  International Game Technology Plc | 497 | 7863 |
|  J Jill, Inc. | 4 | 52 |
|  Jack in the Box, Inc. | 38 | 665 |
|  JAKKS Pacific, Inc. | 4 | 86 |
|  Johnson Outdoors, Inc. – Class A | 2 | 71 |
|  KB Home | 87 | 4583 |
|  KinderCare Learning Companies, Inc. <sup>(1)</sup> | 331 | 3343 |
|  Kohl's Corp. | 53 | 449 |
|  Kontoor Brands, Inc. | 5 | 336 |
|  Krispy Kreme, Inc. | 33 | 95 |
|  Lakeland Industries, Inc. | 4 | 56 |
|  Lands' End, Inc. <sup>(1)</sup> | 5 | 56 |
|  Latham Group, Inc. <sup>(1)</sup> | 3 | 19 |

---

The accompanying notes are an integral part of these financial statements.

492.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Laureate Education, Inc. – Class A <sup>(1)</sup> | 40 | $942 |
|  La-Z-Boy, Inc. | 407 | 15137 |
|  LCI Industries | 11 | 981 |
|  Lear Corp. | 70 | 6650 |
|  Legacy Housing Corp. <sup>(1)</sup> | 4 | 83 |
|  Leggett & Platt, Inc. | 64 | 569 |
|  Lennar Corp. – Class A | 6 | 700 |
|  Lennar Corp. – Class B <sup>(3)</sup> | 0 | 34 |
|  Leslie's, Inc. <sup>(1)</sup> | 3 | 1 |
|  LGI Homes, Inc. <sup>(1)</sup> | 10 | 511 |
|  Lithia Motors, Inc. – Class A | 1 | 215 |
|  LKQ Corp. | 404 | 14953 |
|  Lovesac Co. <sup>(1)</sup> | 3 | 56 |
|  Lucid Group, Inc. – Class A <sup>(1)</sup> | 35 | 73 |
|  Lululemon Athletica, Inc. <sup>(1)</sup> | 1 | 295 |
|  Luminar Technologies, Inc. – Class A <sup>(1)</sup> | 11 | 31 |
|  M/I Homes, Inc. <sup>(1)</sup> | 119 | 13359 |
|  Macy's, Inc. | 142 | 1650 |
|  Malibu Boats, Inc. – Class A <sup>(1)</sup> | 9 | 284 |
|  Marine Products Corp. | 2 | 15 |
|  MarineMax, Inc. <sup>(1)</sup> | 216 | 5424 |
|  Marriott International, Inc. – Class A | 46 | 12561 |
|  Marriott Vacations Worldwide Corp. | 16 | 1144 |
|  MasterCraft Boat Holdings, Inc. <sup>(1)</sup> | 7 | 136 |
|  Mattel, Inc. <sup>(1)</sup> | 209 | 4115 |
|  Matthews International Corp. – Class A | 14 | 338 |
|  Meritage Homes Corp. | 100 | 6724 |
|  MGM Resorts International <sup>(1)</sup> | 133 | 4588 |
|  Mister Car Wash, Inc. <sup>(1)</sup> | 6 | 36 |
|  Mohawk Industries, Inc. <sup>(1)</sup> | 22 | 2299 |
|  Monro, Inc. | 15 | 216 |
|  Motorcar Parts of America, Inc. <sup>(1)</sup> | 9 | 97 |
|  Movado Group, Inc. | 7 | 109 |
|  National Vision Holdings, Inc. <sup>(1)</sup> | 37 | 862 |
|  Newell Brands, Inc. | 1071 | 5782 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(1)</sup> | 1 | 24 |
|  NVR, Inc. <sup>(1)</sup> | 5 | 35001 |
|  ODP Corp. <sup>(1)</sup> | 83 | 1497 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(1)</sup> | 2 | 226 |
|  OneWater Marine, Inc. – Class A <sup>(1)</sup> | 161 | 2162 |
|  Outdoor Holding Co. <sup>(1)</sup> | 48 | 62 |
|  Oxford Industries, Inc. | 151 | 6075 |
|  Papa John's International, Inc. | 15 | 720 |
|  Patrick Industries, Inc. | 225 | 20759 |
|  Peloton Interactive, Inc. – Class A <sup>(1)</sup> | 115 | 796 |
|  Penn Entertainment, Inc. <sup>(1)</sup> | 4 | 76 |
|  Penske Automotive Group, Inc. | 33 | 5685 |
|  Perdoceo Education Corp. | 30 | 972 |
|  Pet Valu Holdings Ltd. | 251 | 6099 |
|  Petco Health & Wellness Co., Inc. – Class A <sup>(1)</sup> | 35 | 99 |
|  Phinia, Inc. | 69 | 3092 |
|  Polaris, Inc. | 26 | 1043 |
|  Pool Corp. | 1 | 238 |
|  Portillo's, Inc. – Class A <sup>(1)</sup> | 27 | 316 |
|  Potbelly Corp. <sup>(1)</sup> | 1 | 18 |
|  PulteGroup, Inc. | 116 | 12252 |
|  Purple Innovation, Inc. – Class A <sup>(1)</sup> | 6 | 5 |
|  Pursuit Attractions & Hospitality, Inc. <sup>(1)</sup> | 9 | 270 |
|  PVH Corp. | 52 | 3578 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  QuantumScape Corp. – Class A <sup>(1)</sup> | 11 | $74 |
|  Ralph Lauren Corp. – Class A | 46 | 12671 |
|  RCI Hospitality Holdings, Inc. | 1 | 56 |
|  RealReal, Inc. <sup>(1)</sup> | 34 | 163 |
|  Red Rock Resorts, Inc. – Class A | 730 | 37977 |
|  Restaurant Brands International, Inc. | 3 | 217 |
|  RH <sup>(1)(3)</sup> | 0 | 64 |
|  Rivian Automotive, Inc. – Class A <sup>(1)</sup> | 22 | 297 |
|  Rocky Brands, Inc. | 3 | 76 |
|  Ross Stores, Inc. | 95 | 12134 |
|  Royal Caribbean Cruises Ltd. | 25 | 7911 |
|  Sabre Corp. <sup>(1)</sup> | 129 | 408 |
|  Sally Beauty Holdings, Inc. <sup>(1)</sup> | 49 | 454 |
|  Savers Value Village, Inc. <sup>(1)</sup> | 2 | 17 |
|  Serve Robotics, Inc. <sup>(1)</sup> | 2 | 23 |
|  Service Corp. International | 4 | 315 |
|  SharkNinja, Inc. <sup>(1)</sup> | 2 | 161 |
|  Shoe Carnival, Inc. | 9 | 172 |
|  Signet Jewelers Ltd. | 20 | 1604 |
|  Six Flags Entertainment Corp. <sup>(1)</sup> | 9 | 285 |
|  Skechers USA, Inc. – Class A <sup>(1)</sup> | 4 | 229 |
|  Sleep Number Corp. <sup>(1)</sup> | 11 | 77 |
|  Smith & Wesson Brands, Inc. | 22 | 190 |
|  Smith Douglas Homes Corp. – Class A <sup>(1)</sup> | 141 | 2737 |
|  Solid Power, Inc. <sup>(1)</sup> | 63 | 137 |
|  Somnigroup International, Inc. | 350 | 23833 |
|  Sonic Automotive, Inc. – Class A | 5 | 372 |
|  Sonos, Inc. <sup>(1)</sup> | 6 | 66 |
|  Standard Motor Products, Inc. | 10 | 312 |
|  Steven Madden Ltd. | 30 | 728 |
|  Stitch Fix, Inc. – Class A <sup>(1)</sup> | 50 | 187 |
|  Stoneridge, Inc. <sup>(1)</sup> | 2 | 12 |
|  Strategic Education, Inc. | 11 | 979 |
|  Strattec Security Corp. <sup>(1)</sup> | 2 | 94 |
|  Sturm Ruger & Co., Inc. | 5 | 176 |
|  Superior Group of Companies, Inc. | 5 | 53 |
|  Tapestry, Inc. <sup>(3)</sup> | 0 | 43 |
|  Target Hospitality Corp. <sup>(1)</sup> | 16 | 112 |
|  Taylor Morrison Home Corp. – Class A <sup>(1)</sup> | 135 | 8269 |
|  Thor Industries, Inc. | 1 | 128 |
|  Tile Shop Holdings, Inc. <sup>(1)</sup> | 9 | 60 |
|  Tilly's, Inc. – Class A <sup>(1)</sup> | 1 | 1 |
|  Toll Brothers, Inc. | 339 | 38649 |
|  TopBuild Corp. <sup>(1)</sup> | 44 | 14138 |
|  Topgolf Callaway Brands Corp. <sup>(1)</sup> | 63 | 510 |
|  Torrid Holdings, Inc. <sup>(1)</sup> | 11 | 33 |
|  Traeger, Inc. <sup>(1)</sup> | 16 | 27 |
|  Travel + Leisure Co. | 111 | 5731 |
|  TRI Pointe Homes, Inc. <sup>(1)</sup> | 43 | 1385 |
|  Ulta Beauty, Inc. <sup>(1)</sup> | 1 | 441 |
|  Under Armour, Inc. – Class A <sup>(1)</sup> | 5 | 33 |
|  Under Armour, Inc. – Class C <sup>(1)</sup> | 968 | 6285 |
|  United Parks & Resorts, Inc. <sup>(1)</sup> | 1 | 34 |
|  Upbound Group, Inc. | 16 | 412 |
|  Urban Outfitters, Inc. <sup>(1)</sup> | 20 | 1454 |
|  Vail Resorts, Inc. <sup>(3)</sup> | 0 | 27 |
|  Valvoline, Inc. <sup>(1)</sup> | 257 | 9716 |
|  Vera Bradley, Inc. <sup>(1)</sup> | 1 | 1 |
|  VF Corp. | 10 | 118 |
|  Victoria's Secret & Co. <sup>(1)</sup> | 23 | 434 |

---

The accompanying notes are an integral part of these financial statements.

493.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Visteon Corp. <sup>(1)</sup> | 272 | $25334 |
|  Wayfair, Inc. – Class A <sup>(1)</sup> | 2 | 109 |
|  Wendy's Co. | 2 | 27 |
|  Weyco Group, Inc. | 3 | 105 |
|  Whirlpool Corp. | 53 | 5415 |
|  Williams-Sonoma, Inc. | 3 | 458 |
|  Winmark Corp. | 1 | 529 |
|  Winnebago Industries, Inc. | 13 | 389 |
|  Wyndham Hotels & Resorts, Inc. | 118 | 9582 |
|  Wynn Resorts Ltd. | 2 | 219 |
|  YETI Holdings, Inc. <sup>(1)</sup> | 2 | 71 |
|  Yum! Brands, Inc. | 5 | 762 |
|  Zumiez, Inc. <sup>(1)</sup> | 7 | 99 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 991035 |
| **Consumer Staples – 4.66%** |  |  |
|  Albertsons Companies, Inc. – Class A | 369 | 7947 |
|  Alico, Inc. | 2 | 79 |
|  Andersons, Inc. | 16 | 585 |
|  Archer-Daniels-Midland Co. | 123 | 6498 |
|  B&G Foods, Inc. | 37 | 158 |
|  Beauty Health Co. <sup>(1)</sup> | 9 | 17 |
|  BellRing Brands, Inc. <sup>(1)</sup> | 4 | 204 |
|  Beyond Meat, Inc. <sup>(1)</sup> | 32 | 111 |
|  BJ's Wholesale Club Holdings, Inc. <sup>(1)</sup> | 278 | 29997 |
|  Boston Beer Co., Inc. – Class A <sup>(1)(3)</sup> | 0 | 45 |
|  Brown-Forman Corp. – Class A | 1 | 33 |
|  Brown-Forman Corp. – Class B | 4 | 111 |
|  Bunge Global SA | 68 | 5427 |
|  Calavo Growers, Inc. | 1 | 20 |
|  Casey's General Stores, Inc. | 1 | 448 |
|  Central Garden & Pet Co. – Class A <sup>(1)</sup> | 5 | 191 |
|  Central Garden & Pet Co. – Class A <sup>(1)</sup> | 291 | 9113 |
|  Chefs' Warehouse, Inc. <sup>(1)</sup> | 88 | 5621 |
|  Church & Dwight Co., Inc. | 7 | 658 |
|  Clorox Co. | 3 | 412 |
|  Coca-Cola Consolidated, Inc. | 161 | 17963 |
|  Coca-Cola Europacific Partners Plc | 119 | 11072 |
|  Conagra Brands, Inc. | 162 | 3310 |
|  Constellation Brands, Inc. – Class A | 4 | 592 |
|  Coty, Inc. – Class A <sup>(1)</sup> | 10 | 45 |
|  Darling Ingredients, Inc. <sup>(1)</sup> | 4 | 147 |
|  Dole Plc | 33 | 461 |
|  Dollar General Corp. | 6 | 700 |
|  Dollar Tree, Inc. <sup>(1)</sup> | 6 | 560 |
|  Edgewell Personal Care Co. | 320 | 7488 |
|  elf Beauty, Inc. <sup>(1)</sup> | 2 | 190 |
|  Energizer Holdings, Inc. | 7 | 135 |
|  Estee Lauder Companies, Inc. – Class A | 7 | 526 |
|  Flowers Foods, Inc. | 5 | 84 |
|  Fresh Del Monte Produce, Inc. | 16 | 528 |
|  Freshpet, Inc. <sup>(1)</sup> | 1 | 62 |
|  General Mills, Inc. | 214 | 11078 |
|  Grocery Outlet Holding Corp. <sup>(1)</sup> | 45 | 563 |
|  Hain Celestial Group, Inc. <sup>(1)</sup> | 41 | 63 |
|  Herbalife Ltd. <sup>(1)</sup> | 13 | 111 |
|  Hershey Co. | 4 | 595 |
|  HF Foods Group, Inc. <sup>(1)</sup> | 20 | 64 |
|  Honest Co., Inc. <sup>(1)</sup> | 21 | 109 |
|  Hormel Foods Corp. | 8 | 239 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Ingles Markets, Inc. – Class A | 7 | $435 |
|  Ingredion, Inc. | 60 | 8080 |
|  J.M. Smucker Co. | 60 | 5901 |
|  John B Sanfilippo & Son, Inc. | 1 | 87 |
|  Kellanova | 8 | 615 |
|  Kenvue, Inc. | 53 | 1109 |
|  Kraft Heinz Co. | 236 | 6089 |
|  Kroger Co. | 279 | 20026 |
|  Lamb Weston Holdings, Inc. | 178 | 9241 |
|  Lancaster Colony Corp. | 88 | 15169 |
|  Limoneira Co. | 8 | 118 |
|  Maplebear, Inc. <sup>(1)</sup> | 257 | 11628 |
|  McCormick & Co., Inc. | 7 | 535 |
|  Medifast, Inc. <sup>(1)</sup> | 5 | 66 |
|  MGP Ingredients, Inc. | 7 | 202 |
|  Mission Produce, Inc. <sup>(1)</sup> | 23 | 269 |
|  Molson Coors Beverage Co. – Class B | 221 | 10641 |
|  Nature's Sunshine Products, Inc. <sup>(1)</sup> | 5 | 81 |
|  Nomad Foods Ltd. | 664 | 11281 |
|  Nu Skin Enterprises, Inc. – Class A | 23 | 185 |
|  Oil-Dri Corp. of America | 1 | 59 |
|  Olaplex Holdings, Inc. <sup>(1)</sup> | 74 | 104 |
|  Performance Food Group Co. <sup>(1)</sup> | 381 | 33321 |
|  Pilgrim's Pride Corp. | 1 | 55 |
|  Post Holdings, Inc. <sup>(1)</sup> | 268 | 29257 |
|  Primo Brands Corp. – Class A | 490 | 14523 |
|  Reynolds Consumer Products, Inc. | 1 | 32 |
|  Seaboard Corp. <sup>(3)</sup> | 0 | 17 |
|  Seneca Foods Corp. – Class A <sup>(1)</sup> | 2 | 228 |
|  Simply Good Foods Co. <sup>(1)</sup> | 517 | 16338 |
|  Smithfield Foods, Inc. | 1 | 16 |
|  SpartanNash Co. | 16 | 417 |
|  Spectrum Brands Holdings, Inc. | 160 | 8461 |
|  Sysco Corp. | 394 | 29845 |
|  The Campbell's Co. | 102 | 3135 |
|  TreeHouse Foods, Inc. <sup>(1)</sup> | 24 | 469 |
|  Turning Point Brands, Inc. | 45 | 3385 |
|  Tyson Foods, Inc. – Class A | 8 | 435 |
|  United Natural Foods, Inc. <sup>(1)</sup> | 29 | 686 |
|  Universal Corp. | 12 | 686 |
|  US Foods Holding Corp. <sup>(1)</sup> | 302 | 23284 |
|  USANA Health Sciences, Inc. <sup>(1)</sup> | 6 | 170 |
|  Utz Brands, Inc. | 359 | 4501 |
|  Village Super Market, Inc. – Class A | 5 | 176 |
|  Waldencast Plc – Class A <sup>(1)</sup> | 19 | 46 |
|  Walgreens Boots Alliance, Inc. | 20 | 225 |
|  Weis Markets, Inc. | 8 | 580 |
|  WK Kellogg Co. | 2 | 36 |
|  Total Consumer Staples | Total Consumer Staples | 396605 |
| **Energy – 5.43%** |  |  |
|  Aemetis, Inc. <sup>(1)</sup> | 1 | 2 |
|  Antero Midstream Corp. | 9 | 177 |
|  Antero Resources Corp. <sup>(1)</sup> | 284 | 11451 |
|  APA Corp. | 197 | 3602 |
|  Ardmore Shipping Corp. | 17 | 161 |
|  Atlas Energy Solutions, Inc. – Class A | 10 | 139 |
|  Baker Hughes Co. – Class A | 28 | 1061 |
|  Berry Corp. | 37 | 104 |
|  BKV Corp. <sup>(1)</sup> | 8 | 192 |

---

The accompanying notes are an integral part of these financial statements.

494.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Borr Drilling Ltd. <sup>(1)</sup> | 108 | $197 |
|  Bristow Group, Inc. <sup>(1)</sup> | 14 | 449 |
|  California Resources Corp. | 32 | 1453 |
|  Calumet, Inc. <sup>(1)</sup> | 26 | 415 |
|  Centrus Energy Corp. – Class A <sup>(1)</sup> | 2 | 293 |
|  ChampionX Corp. | 196 | 4868 |
|  Cheniere Energy, Inc. | 3 | 823 |
|  Chord Energy Corp. | 207 | 20068 |
|  Civitas Resources, Inc. | 219 | 6025 |
|  Clean Energy Fuels Corp. <sup>(1)</sup> | 85 | 166 |
|  CNX Resources Corp. <sup>(1)</sup> | 69 | 2322 |
|  Comstock Resources, Inc. <sup>(1)</sup> | 11 | 305 |
|  Core Laboratories, Inc. | 22 | 258 |
|  Core Natural Resources, Inc. | 17 | 1164 |
|  Coterra Energy, Inc. | 441 | 11183 |
|  Crescent Energy Co. – Class A | 1097 | 9433 |
|  Devon Energy Corp. | 17 | 553 |
|  DHT Holdings, Inc. | 61 | 660 |
|  Diamondback Energy, Inc. | 136 | 18677 |
|  Diversified Energy Co. Plc | 26 | 385 |
|  DMC Global, Inc. <sup>(1)</sup> | 6 | 50 |
|  Dorian LPG Ltd. | 18 | 434 |
|  DT Midstream, Inc. | 3 | 309 |
|  Encore Energy Corp. <sup>(1)</sup> | 87 | 249 |
|  Energy Fuels, Inc. <sup>(1)</sup> | 73 | 419 |
|  Epsilon Energy Ltd. | 7 | 51 |
|  EQT Corp. | 342 | 19955 |
|  Excelerate Energy, Inc. – Class A | 11 | 333 |
|  Expand Energy Corp. | 6 | 716 |
|  Expro Group Holdings NV <sup>(1)</sup> | 774 | 6649 |
|  FLEX LNG Ltd. | 12 | 273 |
|  Flowco Holdings, Inc. – Class A | 233 | 4150 |
|  Forum Energy Technologies, Inc. <sup>(1)</sup> | 5 | 98 |
|  FutureFuel Corp. | 12 | 48 |
|  Geospace Technologies Corp. <sup>(1)</sup> | 1 | 18 |
|  Gevo, Inc. <sup>(1)</sup> | 109 | 144 |
|  Golar LNG Ltd. | 48 | 1972 |
|  Granite Ridge Resources, Inc. | 24 | 153 |
|  Green Plains, Inc. <sup>(1)</sup> | 32 | 193 |
|  Halliburton Co. | 362 | 7379 |
|  Helix Energy Solutions Group, Inc. <sup>(1)</sup> | 53 | 330 |
|  Helmerich & Payne, Inc. | 47 | 707 |
|  Hess Corp. | 8 | 1089 |
|  HF Sinclair Corp. | 136 | 5569 |
|  HighPeak Energy, Inc. | 9 | 92 |
|  Infinity Natural Resources, Inc. – Class A <sup>(1)</sup> | 104 | 1898 |
|  Innovex International, Inc. <sup>(1)</sup> | 18 | 288 |
|  International Seaways, Inc. | 19 | 704 |
|  Kinder Morgan, Inc. | 54 | 1593 |
|  Kinetik Holdings, Inc. – Class A | 6 | 259 |
|  Kolibri Global Energy, Inc. <sup>(1)</sup> | 13 | 89 |
|  Kosmos Energy Ltd. <sup>(1)</sup> | 228 | 393 |
|  Liberty Energy, Inc. – Class A | 76 | 874 |
|  Mach Natural Resources LP | 236 | 3413 |
|  Magnolia Oil & Gas Corp. – Class A | 1119 | 25144 |
|  Mammoth Energy Services, Inc. <sup>(1)</sup> | 12 | 35 |
|  Marathon Petroleum Corp. | 195 | 32378 |
|  Matador Resources Co. | 700 | 33382 |
|  Murphy Oil Corp. | 228 | 5123 |
|  Nabors Industries Ltd. <sup>(1)</sup> | 7 | 189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  NACCO Industries, Inc. – Class A | 2 | $99 |
|  National Energy Services Reunited Corp. <sup>(1)</sup> | 23 | 141 |
|  Natural Gas Services Group, Inc. <sup>(1)</sup> | 4 | 93 |
|  Navigator Holdings Ltd. | 15 | 215 |
|  New Fortress Energy, Inc. – Class A | 81 | 270 |
|  NextNRG, Inc. <sup>(1)</sup> | 5 | 15 |
|  Noble Corp. Plc | 61 | 1626 |
|  Nordic American Tankers Ltd. | 96 | 252 |
|  Northern Oil & Gas, Inc. | 425 | 12037 |
|  NOV, Inc. | 227 | 2824 |
|  Occidental Petroleum Corp. | 19 | 787 |
|  Oceaneering International, Inc. <sup>(1)</sup> | 6 | 115 |
|  Oil States International, Inc. <sup>(1)</sup> | 30 | 159 |
|  ONEOK, Inc. | 116 | 9488 |
|  Ovintiv, Inc. | 100 | 3800 |
|  Par Pacific Holdings, Inc. <sup>(1)</sup> | 18 | 488 |
|  Patterson-UTI Energy, Inc. | 170 | 1007 |
|  PBF Energy, Inc. – Class A | 40 | 875 |
|  Peabody Energy Corp. | 60 | 805 |
|  Permian Resources Corp. – Class A | 1784 | 24297 |
|  Phillips 66 | 132 | 15698 |
|  Plains GP Holdings LP – Class A <sup>(1)</sup> | 623 | 12112 |
|  Prairie Operating Co. <sup>(1)</sup> | 9 | 28 |
|  PrimeEnergy Resources Corp. <sup>(1)(3)</sup> | 0 | 31 |
|  ProFrac Holding Corp. – Class A <sup>(1)</sup> | 6 | 46 |
|  ProPetro Holding Corp. <sup>(1)</sup> | 40 | 237 |
|  Range Resources Corp. | 804 | 32688 |
|  Ranger Energy Services, Inc. – Class A | 9 | 108 |
|  REX American Resources Corp. <sup>(1)</sup> | 5 | 252 |
|  Riley Exploration Permian, Inc. | 5 | 141 |
|  RPC, Inc. | 43 | 204 |
|  SandRidge Energy, Inc. | 17 | 185 |
|  Scorpio Tankers, Inc. | 91 | 3560 |
|  SEACOR Marine Holdings, Inc. <sup>(1)</sup> | 11 | 56 |
|  Seadrill Ltd. <sup>(1)</sup> | 19 | 508 |
|  Select Water Solutions, Inc. – Class A | 43 | 375 |
|  SFL Corp. Ltd. – Class B | 58 | 480 |
|  Sitio Royalties Corp. – Class A | 37 | 683 |
|  SM Energy Co. | 56 | 1382 |
|  Summit Midstream Corp. <sup>(1)</sup> | 5 | 110 |
|  Talos Energy, Inc. <sup>(1)</sup> | 59 | 498 |
|  TechnipFMC Plc | 1422 | 48986 |
|  Teekay Corp. Ltd. | 26 | 213 |
|  Teekay Tankers Ltd. – Class A | 12 | 494 |
|  TETRA Technologies, Inc. <sup>(1)</sup> | 60 | 203 |
|  Tidewater, Inc. <sup>(1)</sup> | 142 | 6537 |
|  Transocean Ltd. <sup>(1)</sup> | 364 | 942 |
|  TXO Partners LP | 122 | 1840 |
|  Ur-Energy, Inc. <sup>(1)</sup> | 1 | 1 |
|  VAALCO Energy, Inc. | 44 | 157 |
|  Valaris Ltd. <sup>(1)</sup> | 31 | 1311 |
|  Valero Energy Corp. | 34 | 4596 |
|  Viper Energy, Inc. – Class A | 210 | 8002 |
|  Vital Energy, Inc. <sup>(1)</sup> | 15 | 236 |
|  Vitesse Energy, Inc. | 13 | 297 |
|  W&T Offshore, Inc. | 47 | 77 |
|  Weatherford International Plc | 2 | 99 |
|  World Kinect Corp. | 210 | 5955 |
|  Total Energy | Total Energy | 462449 |

---

The accompanying notes are an integral part of these financial statements.

495.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Financials – 21.53%** |  |  |
|  1st Source Corp. | 9 | $580 |
|  Acacia Research Corp. <sup>(1)</sup> | 16 | 57 |
|  ACNB Corp. | 5 | 209 |
|  ACRES Commercial Realty Corp. <sup>(1)</sup> | 3 | 51 |
|  Advanced Flower Capital, Inc. | 10 | 44 |
|  Affiliated Managers Group, Inc. | 102 | 20006 |
|  Affirm Holdings, Inc. – Class A <sup>(1)</sup> | 3 | 210 |
|  AG Mortgage Investment Trust, Inc. | 15 | 116 |
|  AGNC Investment Corp. | 26 | 241 |
|  Alerus Financial Corp. | 11 | 229 |
|  Allstate Corp. | 7 | 1483 |
|  Ally Financial, Inc. | 188 | 7320 |
|  AlTi Global, Inc. <sup>(1)</sup> | 20 | 81 |
|  Amalgamated Financial Corp. | 12 | 359 |
|  Ambac Financial Group, Inc. <sup>(1)</sup> | 23 | 161 |
|  Amerant Bancorp, Inc. – Class A | 11 | 192 |
|  American Coastal Insurance Corp. | 7 | 76 |
|  American Financial Group, Inc. | 27 | 3468 |
|  American International Group, Inc. | 577 | 49399 |
|  Ameriprise Financial, Inc. | 85 | 45541 |
|  Ameris Bancorp | 164 | 10636 |
|  AMERISAFE, Inc. | 4 | 191 |
|  Ames National Corp. | 4 | 74 |
|  Angel Oak Mortgage REIT, Inc. | 4 | 40 |
|  Annaly Capital Management, Inc. | 202 | 3799 |
|  Apollo Commercial Real Estate Finance, Inc. | 35 | 340 |
|  Arbor Realty Trust, Inc. | 76 | 818 |
|  Arch Capital Group Ltd. | 10 | 929 |
|  Ares Commercial Real Estate Corp. | 27 | 129 |
|  Ares Management Corp. – Class A | 66 | 11403 |
|  ARMOUR Residential REIT, Inc. | 39 | 663 |
|  Arrow Financial Corp. | 8 | 199 |
|  Artisan Partners Asset Management, Inc. – Class A | 14 | 600 |
|  Aspen Insurance Holdings Ltd. – Class A <sup>(1)</sup> | 299 | 9410 |
|  Associated Banc-Corp. | 329 | 8016 |
|  Assurant, Inc. | 1 | 291 |
|  Assured Guaranty Ltd. | 1 | 116 |
|  Atlantic Union Bankshares Corp. | 443 | 13851 |
|  Atlanticus Holdings Corp. <sup>(1)</sup> | 3 | 140 |
|  Axis Capital Holdings Ltd. | 329 | 34114 |
|  Axos Financial, Inc. <sup>(1)</sup> | 102 | 7732 |
|  Bakkt Holdings, Inc. – Class A <sup>(1)</sup> | 2 | 22 |
|  Baldwin Insurance Group, Inc. – Class A <sup>(1)</sup> | 14 | 588 |
|  Banc of California, Inc. | 458 | 6439 |
|  BancFirst Corp. | 13 | 1629 |
|  Banco Latinoamericano de Comercio Exterior SA – Class E | 14 | 564 |
|  Bank First Corp. | 4 | 438 |
|  Bank of Hawaii Corp. | 4 | 301 |
|  Bank of Marin Bancorp | 8 | 175 |
|  Bank of New York Mellon Corp. | 174 | 15885 |
|  Bank of NT Butterfield & Son Ltd. | 21 | 936 |
|  Bank OZK | 3 | 143 |
|  Bank7 Corp. | 2 | 94 |
|  BankFinancial Corp. | 4 | 43 |
|  BankUnited, Inc. | 35 | 1244 |
|  Bankwell Financial Group, Inc. | 3 | 112 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Banner Corp. | 16 | $1054 |
|  Bar Harbor Bankshares | 8 | 232 |
|  BayCom Corp. | 5 | 142 |
|  BCB Bancorp, Inc. | 9 | 73 |
|  Berkshire Hills Bancorp, Inc. | 20 | 494 |
|  Better Home & Finance Holding Co. <sup>(1)</sup> | 2 | 27 |
|  Blackstone Mortgage Trust, Inc. – Class A | 80 | 1545 |
|  Block, Inc. – Class A <sup>(1)</sup> | 10 | 649 |
|  Blue Foundry Bancorp <sup>(1)</sup> | 9 | 85 |
|  Blue Owl Capital Corp. | 243 | 3489 |
|  Blue Owl Capital, Inc. – Class A | 1108 | 21286 |
|  Blue Ridge Bankshares, Inc. <sup>(1)</sup> | 28 | 101 |
|  BOK Financial Corp. | 1 | 64 |
|  Bowhead Specialty Holdings, Inc. <sup>(1)</sup> | 12 | 432 |
|  Bread Financial Holdings, Inc. | 13 | 727 |
|  Bridgewater Bancshares, Inc. <sup>(1)</sup> | 6 | 90 |
|  Brighthouse Financial, Inc. <sup>(1)</sup> | 2 | 92 |
|  BrightSpire Capital, Inc. – Class A | 62 | 311 |
|  Brookline Bancorp, Inc. | 42 | 440 |
|  Brown & Brown, Inc. | 105 | 11664 |
|  Burford Capital Ltd. | 34 | 487 |
|  Burke & Herbert Financial Services Corp. | 6 | 381 |
|  Business First Bancshares, Inc. | 14 | 337 |
|  BV Financial, Inc. <sup>(1)</sup> | 4 | 59 |
|  Byline Bancorp, Inc. | 14 | 372 |
|  C&F Financial Corp. | 1 | 91 |
|  Cadence Bank | 635 | 20322 |
|  California BanCorp <sup>(1)</sup> | 9 | 141 |
|  Camden National Corp. | 8 | 328 |
|  Cannae Holdings, Inc. | 28 | 585 |
|  Capital Bancorp, Inc. | 4 | 144 |
|  Capital City Bank Group, Inc. | 7 | 259 |
|  Capital One Financial Corp. | 31 | 6503 |
|  Capitol Federal Financial, Inc. | 59 | 358 |
|  Carlyle Group, Inc. | 449 | 23054 |
|  Carter Bankshares, Inc. <sup>(1)</sup> | 10 | 165 |
|  Cass Information Systems, Inc. | 1 | 50 |
|  Cathay General Bancorp | 353 | 16068 |
|  CB Financial Services, Inc. | 2 | 59 |
|  CBOE Global Markets, Inc. | 3 | 681 |
|  Central Pacific Financial Corp. | 12 | 349 |
|  CF Bankshares, Inc. | 2 | 42 |
|  Chain Bridge Bancorp, Inc. – Class A <sup>(1)</sup> | 1 | 28 |
|  Chemung Financial Corp. | 2 | 97 |
|  Chicago Atlantic Real Estate Finance, Inc. | 9 | 119 |
|  Chimera Investment Corp. | 39 | 547 |
|  ChoiceOne Financial Services, Inc. | 7 | 193 |
|  Cincinnati Financial Corp. | 4 | 645 |
|  Citizens & Northern Corp. | 7 | 134 |
|  Citizens Community Bancorp, Inc. | 4 | 58 |
|  Citizens Financial Group, Inc. | 228 | 10219 |
|  Citizens Financial Services, Inc. | 2 | 131 |
|  Citizens, Inc. – Class A <sup>(1)</sup> | 22 | 78 |
|  City Holding Co. | 3 | 309 |
|  Civista Bancshares, Inc. | 8 | 186 |
|  Claros Mortgage Trust, Inc. | 45 | 129 |
|  CNA Financial Corp. | 76 | 3522 |
|  CNB Financial Corp. | 10 | 236 |
|  CNO Financial Group, Inc. | 157 | 6059 |
|  Cohen & Steers, Inc. | 1 | 86 |

---

The accompanying notes are an integral part of these financial statements.

496.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Coinbase Global, Inc. – Class A <sup>(1)</sup> | 5 | $1817 |
|  Colony Bankcorp, Inc. | 8 | 134 |
|  Columbia Banking System, Inc. | 906 | 21178 |
|  Columbia Financial, Inc. <sup>(1)</sup> | 12 | 173 |
|  Comerica, Inc. | 344 | 20496 |
|  Commerce Bancshares, Inc. | 3 | 209 |
|  Community Financial System, Inc. | 20 | 1146 |
|  Community Trust Bancorp, Inc. | 8 | 408 |
|  Community West Bancshares | 6 | 125 |
|  Compass Diversified Holdings | 466 | 2926 |
|  ConnectOne Bancorp, Inc. | 18 | 411 |
|  Consumer Portfolio Services, Inc. <sup>(1)</sup> | 5 | 47 |
|  Corebridge Financial, Inc. | 184 | 6525 |
|  Credit Acceptance Corp. <sup>(1)(3)</sup> | 0 | 87 |
|  Cullen/Frost Bankers, Inc. | 2 | 213 |
|  Customers Bancorp, Inc. <sup>(1)</sup> | 13 | 780 |
|  CVB Financial Corp. | 1483 | 29348 |
|  Diamond Hill Investment Group, Inc. | 1 | 151 |
|  DigitalBridge Group, Inc. | 82 | 853 |
|  Dime Community Bancshares, Inc. | 16 | 434 |
|  Donegal Group, Inc. – Class A | 9 | 171 |
|  Donnelley Financial Solutions, Inc. <sup>(1)</sup> | 4 | 222 |
|  Dynex Capital, Inc. | 51 | 618 |
|  Eagle Bancorp Montana, Inc. | 3 | 53 |
|  Eagle Bancorp, Inc. | 12 | 225 |
|  Eagle Financial Services, Inc. | 2 | 70 |
|  East West Bancorp, Inc. | 350 | 35365 |
|  Eastern Bankshares, Inc. | 658 | 10043 |
|  ECB Bancorp, Inc. <sup>(1)</sup> | 4 | 61 |
|  eHealth, Inc. <sup>(1)</sup> | 14 | 60 |
|  Ellington Financial, Inc. | 45 | 588 |
|  Employers Holdings, Inc. | 11 | 507 |
|  Enact Holdings, Inc. | 14 | 532 |
|  Encore Capital Group, Inc. <sup>(1)</sup> | 11 | 428 |
|  Enstar Group Ltd. <sup>(1)</sup> | 6 | 1968 |
|  Enterprise Bancorp, Inc. | 5 | 203 |
|  Enterprise Financial Services Corp. | 18 | 1003 |
|  Equitable Holdings, Inc. | 220 | 12355 |
|  Equity Bancshares, Inc. – Class A | 8 | 329 |
|  ESSA Bancorp, Inc. | 5 | 92 |
|  Essent Group Ltd. | 116 | 7071 |
|  Euronet Worldwide, Inc. <sup>(1)</sup> | 116 | 11709 |
|  Evercore, Inc. – Class A | 97 | 26270 |
|  Everest Group Ltd. | 13 | 4461 |
|  EVERTEC, Inc. | 376 | 13541 |
|  F&G Annuities & Life, Inc. | 10 | 307 |
|  FactSet Research Systems, Inc. | 1 | 441 |
|  Farmers & Merchants Bancorp, Inc. | 6 | 147 |
|  Farmers National Banc Corp. | 17 | 238 |
|  FB Bancorp, Inc. <sup>(1)</sup> | 8 | 95 |
|  FB Financial Corp. | 17 | 786 |
|  Federal Agricultural Mortgage Corp. – Class C <sup>(3)</sup> | 0 | 92 |
|  Federated Hermes, Inc. – Class B | 152 | 6728 |
|  Fidelis Insurance Holdings Ltd. | 204 | 3385 |
|  Fidelity D&D Bancorp, Inc. | 3 | 116 |
|  Fidelity National Financial, Inc. | 7 | 406 |
|  Fidelity National Information Services, Inc. | 262 | 21331 |
|  Fifth Third Bancorp | 467 | 19214 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Finance Of America Companies, Inc. – Class A <sup>(1)</sup> | 2 | $51 |
|  Financial Institutions, Inc. | 9 | 233 |
|  Finward Bancorp | 1 | 38 |
|  Finwise Bancorp <sup>(1)</sup> | 1 | 21 |
|  First American Financial Corp. | 218 | 13403 |
|  First Bancorp | 19 | 845 |
|  First Bancorp | 322 | 6714 |
|  First Bancorp, Inc. | 5 | 129 |
|  First Bank | 11 | 164 |
|  First Busey Corp. | 41 | 945 |
|  First Business Financial Services, Inc. | 4 | 202 |
|  First Capital, Inc. | 1 | 60 |
|  First Citizens BancShares, Inc. – Class A <sup>(3)</sup> | 0 | 538 |
|  First Commonwealth Financial Corp. | 49 | 800 |
|  First Community Bankshares, Inc. | 7 | 294 |
|  First Community Corp. | 2 | 57 |
|  First Financial Bancorp | 46 | 1110 |
|  First Financial Corp. | 5 | 276 |
|  First Foundation, Inc. <sup>(1)</sup> | 30 | 151 |
|  First Hawaiian, Inc. | 490 | 12229 |
|  First Horizon Corp. | 420 | 8912 |
|  First Internet Bancorp | 3 | 69 |
|  First Interstate BancSystem, Inc. – Class A | 418 | 12044 |
|  First Merchants Corp. | 93 | 3579 |
|  First Mid Bancshares, Inc. | 10 | 385 |
|  First National Corp. | 3 | 61 |
|  First Savings Financial Group, Inc. | 3 | 63 |
|  First United Corp. | 3 | 89 |
|  First Western Financial, Inc. <sup>(1)</sup> | 3 | 61 |
|  Firstsun Capital Bancorp <sup>(1)</sup> | 6 | 206 |
|  Five Star Bancorp | 4 | 102 |
|  Flagstar Financial, Inc. | 147 | 1563 |
|  Flushing Financial Corp. | 15 | 181 |
|  Flywire Corp. <sup>(1)</sup> | 6 | 66 |
|  FNB Corp. | 1065 | 15523 |
|  Forge Global Holdings, Inc. <sup>(1)</sup> | 5 | 94 |
|  Franklin BSP Realty Trust, Inc. | 41 | 436 |
|  Franklin Financial Services Corp. | 2 | 64 |
|  Franklin Resources, Inc. | 9 | 203 |
|  Freedom Holding Corp. <sup>(1)(3)</sup> | 0 | 11 |
|  FS Bancorp, Inc. | 3 | 133 |
|  FS KKR Capital Corp. | 122 | 2534 |
|  Fulton Financial Corp. | 83 | 1495 |
|  FVCBankcorp, Inc. <sup>(1)</sup> | 8 | 100 |
|  GBank Financial Holdings, Inc. <sup>(1)</sup> | 4 | 136 |
|  GCM Grosvenor, Inc. – Class A | 2 | 27 |
|  Genworth Financial, Inc. – Class A <sup>(1)</sup> | 601 | 4677 |
|  German American Bancorp, Inc. | 17 | 672 |
|  Glacier Bancorp, Inc. | 449 | 19327 |
|  Global Payments, Inc. | 7 | 545 |
|  Globe Life, Inc. | 2 | 299 |
|  GoHealth, Inc. – Class A <sup>(1)</sup> | 2 | 12 |
|  Goosehead Insurance, Inc. – Class A | 2 | 253 |
|  Great Southern Bancorp, Inc. | 4 | 242 |
|  Green Dot Corp. – Class A <sup>(1)</sup> | 27 | 289 |
|  Greene County Bancorp, Inc. | 1 | 23 |
|  Greenlight Capital Re Ltd. – Class A <sup>(1)</sup> | 14 | 202 |
|  Guaranty Bancshares, Inc. | 4 | 175 |
|  HA Sustainable Infrastructure Capital, Inc. | 59 | 1596 |

---

The accompanying notes are an integral part of these financial statements.

497.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Hamilton Insurance Group Ltd. – Class B <sup>(1)</sup> | 195 | $4225 |
|  Hamilton Lane, Inc. – Class A <sup>(3)</sup> | 0 | 55 |
|  Hancock Whitney Corp. | 246 | 14139 |
|  Hanmi Financial Corp. | 14 | 354 |
|  Hanover Bancorp, Inc. | 2 | 44 |
|  Hanover Insurance Group, Inc. | 57 | 9766 |
|  HarborOne Bancorp, Inc. | 18 | 210 |
|  Hartford Insurance Group, Inc. | 261 | 33086 |
|  Hawthorn Bancshares, Inc. | 2 | 71 |
|  HBT Financial, Inc. | 7 | 165 |
|  Heritage Commerce Corp. | 29 | 291 |
|  Heritage Financial Corp. | 16 | 392 |
|  Heritage Insurance Holdings, Inc. <sup>(1)</sup> | 3 | 67 |
|  Hilltop Holdings, Inc. | 23 | 687 |
|  Hingham Institution for Savings | 1 | 167 |
|  Hippo Holdings, Inc. <sup>(1)</sup> | 4 | 113 |
|  Home Bancorp, Inc. | 3 | 178 |
|  Home Bancshares, Inc. | 497 | 14133 |
|  HomeStreet, Inc. <sup>(1)</sup> | 10 | 131 |
|  HomeTrust Bancshares, Inc. | 8 | 291 |
|  Hope Bancorp, Inc. | 57 | 607 |
|  Horace Mann Educators Corp. | 19 | 835 |
|  Horizon Bancorp, Inc. | 22 | 331 |
|  Houlihan Lokey, Inc. – Class A | 1 | 167 |
|  Huntington Bancshares, Inc. | 1447 | 24254 |
|  Independent Bank Corp. | 10 | 323 |
|  Independent Bank Corp. | 168 | 10533 |
|  International Bancshares Corp. | 145 | 9621 |
|  Invesco Ltd. | 10 | 161 |
|  Invesco Mortgage Capital, Inc. | 35 | 275 |
|  Investar Holding Corp. | 5 | 91 |
|  Investors Title Co. | 1 | 132 |
|  Jack Henry & Associates, Inc. | 2 | 365 |
|  Jackson Financial, Inc. – Class A | 102 | 9014 |
|  James River Group Holdings Ltd. | 19 | 110 |
|  Janus Henderson Group Plc | 4 | 136 |
|  Jefferies Financial Group, Inc. | 3 | 177 |
|  John Marshall Bancorp, Inc. | 6 | 114 |
|  Kearny Financial Corp. | 26 | 168 |
|  Kemper Corp. | 102 | 6598 |
|  Kestrel Group Ltd. <sup>(1)</sup> | 2 | 65 |
|  KeyCorp | 26 | 456 |
|  Kingstone Companies, Inc. <sup>(1)</sup> | 1 | 13 |
|  KKR Real Estate Finance Trust, Inc. | 27 | 239 |
|  Ladder Capital Corp. – Class A | 57 | 616 |
|  Lakeland Financial Corp. | 230 | 14142 |
|  Landmark Bancorp, Inc. | 3 | 70 |
|  Lazard, Inc. – Class A | 2 | 119 |
|  LCNB Corp. | 6 | 88 |
|  LendingClub Corp. <sup>(1)</sup> | 55 | 661 |
|  LendingTree, Inc. <sup>(1)</sup> | 1 | 19 |
|  Lincoln National Corp. | 309 | 10695 |
|  LINKBANCORP, Inc. | 10 | 75 |
|  Live Oak Bancshares, Inc. | 10 | 289 |
|  loanDepot, Inc. – Class A <sup>(1)</sup> | 38 | 49 |
|  Loews Corp. | 5 | 442 |
|  LPL Financial Holdings, Inc. | 130 | 48605 |
|  Lument Finance Trust, Inc. | 27 | 60 |
|  M&T Bank Corp. | 5 | 879 |
|  MainStreet Bancshares, Inc. | 3 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Marex Group Plc | 75 | $2961 |
|  Markel Group, Inc. <sup>(1)</sup> | 12 | 24927 |
|  MarketAxess Holdings, Inc. | 1 | 227 |
|  MarketWise, Inc. | 1 | 28 |
|  Marqeta, Inc. – Class A <sup>(1)</sup> | 101 | 587 |
|  MBIA, Inc. <sup>(1)</sup> | 22 | 97 |
|  Medallion Financial Corp. | 9 | 89 |
|  Mercantile Bank Corp. | 8 | 369 |
|  Merchants Bancorp | 13 | 414 |
|  Mercury General Corp. | 13 | 897 |
|  Meridian Corp. | 4 | 46 |
|  Metrocity Bankshares, Inc. | 4 | 124 |
|  Metropolitan Bank Holding Corp. <sup>(1)</sup> | 4 | 263 |
|  MFA Financial, Inc. | 50 | 476 |
|  MGIC Investment Corp. | 280 | 7804 |
|  Mid Penn Bancorp, Inc. | 10 | 285 |
|  Middlefield Banc Corp. | 3 | 103 |
|  Midland States Bancorp, Inc. | 10 | 178 |
|  MidWestOne Financial Group, Inc. | 10 | 278 |
|  Morningstar, Inc. <sup>(3)</sup> | 0 | 64 |
|  Mr Cooper Group, Inc. <sup>(1)</sup> | 165 | 24673 |
|  MSCI, Inc. – Class A | 1 | 613 |
|  MVB Financial Corp. | 6 | 137 |
|  Nasdaq, Inc. | 288 | 25720 |
|  National Bank Holdings Corp. – Class A | 18 | 684 |
|  National Bankshares, Inc. | 3 | 76 |
|  Navient Corp. | 259 | 3657 |
|  NB Bancorp, Inc. <sup>(1)</sup> | 17 | 298 |
|  NBT Bancorp, Inc. | 220 | 9126 |
|  NCR Atleos Corp. <sup>(1)</sup> | 435 | 12423 |
|  Nelnet, Inc. – Class A | 7 | 816 |
|  New York Mortgage Trust, Inc. | 40 | 267 |
|  NewtekOne, Inc. | 13 | 144 |
|  Nexpoint Real Estate Finance, Inc. | 5 | 66 |
|  NI Holdings, Inc. <sup>(1)</sup> | 4 | 51 |
|  Nicolet Bankshares, Inc. | 17 | 2115 |
|  NMI Holdings, Inc. – Class A <sup>(1)</sup> | 38 | 1615 |
|  Northeast Bank | 1 | 132 |
|  Northeast Community Bancorp, Inc. | 7 | 155 |
|  Northern Trust Corp. | 5 | 686 |
|  Northfield Bancorp, Inc. | 17 | 191 |
|  Northpointe Bancshares, Inc. | 5 | 66 |
|  Northrim BanCorp, Inc. | 1 | 129 |
|  Northwest Bancshares, Inc. | 60 | 768 |
|  Norwood Financial Corp. | 4 | 93 |
|  Oak Valley Bancorp | 3 | 89 |
|  OceanFirst Financial Corp. | 29 | 504 |
|  OFG Bancorp | 21 | 891 |
|  Ohio Valley Banc Corp. | 2 | 62 |
|  Old National Bancorp | 1853 | 39544 |
|  Old Point Financial Corp. | 1 | 44 |
|  Old Republic International Corp. | 242 | 9301 |
|  Old Second Bancorp, Inc. | 21 | 378 |
|  OneMain Holdings, Inc. – Class A | 3 | 187 |
|  Onity Group, Inc. <sup>(1)</sup> | 3 | 124 |
|  OP Bancorp | 5 | 69 |
|  Open Lending Corp. – Class A <sup>(1)</sup> | 48 | 93 |
|  Oportun Financial Corp. <sup>(1)</sup> | 16 | 116 |
|  Orange County Bancorp, Inc. | 4 | 92 |
|  Orchid Island Capital, Inc. – Class A | 51 | 354 |

---

The accompanying notes are an integral part of these financial statements.

498.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Origin Bancorp, Inc. | 261 | $9321 |
|  Orrstown Financial Services, Inc. | 9 | 275 |
|  P10, Inc. – Class A | 774 | 7912 |
|  Pacific Premier Bancorp, Inc. | 631 | 13313 |
|  Pagseguro Digital Ltd. – Class A | 33 | 319 |
|  Park National Corp. | 7 | 1212 |
|  Parke Bancorp, Inc. | 5 | 109 |
|  Paysafe Ltd. <sup>(1)</sup> | 17 | 210 |
|  PCB Bancorp | 5 | 111 |
|  Peapack Gladstone Financial Corp. | 5 | 141 |
|  PennantPark Investment Corp. | 164 | 1118 |
|  Penns Woods Bancorp, Inc. | 3 | 104 |
|  PennyMac Financial Services, Inc. | 92 | 9156 |
|  PennyMac Mortgage Investment Trust | 44 | 566 |
|  Peoples Bancorp of North Carolina, Inc. | 2 | 65 |
|  Peoples Bancorp, Inc. | 17 | 516 |
|  Peoples Financial Services Corp. | 4 | 185 |
|  Pinnacle Financial Partners, Inc. | 2 | 217 |
|  Pioneer Bancorp, Inc. <sup>(1)</sup> | 5 | 60 |
|  Plumas Bancorp | 3 | 122 |
|  Ponce Financial Group, Inc. <sup>(1)</sup> | 10 | 134 |
|  Popular, Inc. | 241 | 26513 |
|  PRA Group, Inc. <sup>(1)</sup> | 19 | 282 |
|  Preferred Bank | 3 | 270 |
|  Primerica, Inc. | 1 | 264 |
|  Primis Financial Corp. | 9 | 99 |
|  Princeton Bancorp, Inc. | 2 | 67 |
|  Principal Financial Group, Inc. | 6 | 504 |
|  ProAssurance Corp. <sup>(1)</sup> | 24 | 545 |
|  PROG Holdings, Inc. | 20 | 575 |
|  Prosperity Bancshares, Inc. | 182 | 12811 |
|  Provident Bancorp, Inc. <sup>(1)</sup> | 8 | 100 |
|  Provident Financial Services, Inc. | 52 | 917 |
|  Prudential Financial, Inc. | 10 | 1074 |
|  QCR Holdings, Inc. | 8 | 554 |
|  Radian Group, Inc. | 69 | 2471 |
|  Raymond James Financial, Inc. | 5 | 784 |
|  RBB Bancorp | 9 | 146 |
|  Ready Capital Corp. | 82 | 360 |
|  Red River Bancshares, Inc. | 2 | 137 |
|  Redwood Trust, Inc. | 64 | 378 |
|  Regional Management Corp. | 4 | 118 |
|  Regions Financial Corp. | 503 | 11838 |
|  Reinsurance Group of America, Inc. – Class A | 181 | 35965 |
|  RenaissanceRe Holdings Ltd. | 41 | 9877 |
|  Renasant Corp. | 45 | 1626 |
|  Repay Holdings Corp. – Class A <sup>(1)</sup> | 570 | 2745 |
|  Republic Bancorp, Inc. – Class A | 4 | 294 |
|  Rhinebeck Bancorp, Inc. <sup>(1)</sup> | 3 | 35 |
|  Richmond Mutual Bancorporation, Inc. | 5 | 63 |
|  Rithm Capital Corp. | 15 | 171 |
|  Rithm Property Trust, Inc. | 17 | 47 |
|  Riverview Bancorp, Inc. | 9 | 49 |
|  RLI Corp. | 2 | 158 |
|  Robinhood Markets, Inc. – Class A <sup>(1)</sup> | 18 | 1672 |
|  Rocket Companies, Inc. – Class A | 969 | 13746 |
|  S&T Bancorp, Inc. | 18 | 690 |
|  Safety Insurance Group, Inc. | 7 | 581 |
|  SB Financial Group, Inc. | 3 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Seacoast Banking Corp. of Florida | 41 | $1126 |
|  Security National Financial Corp. – Class A <sup>(1)</sup> | 7 | 65 |
|  SEI Investments Co. | 3 | 258 |
|  Selective Insurance Group, Inc. | 160 | 13899 |
|  Selectquote, Inc. <sup>(1)</sup> | 21 | 50 |
|  Seven Hills Realty Trust | 8 | 94 |
|  Sezzle, Inc. <sup>(1)</sup> | 1 | 119 |
|  Shore Bancshares, Inc. | 12 | 195 |
|  Siebert Financial Corp. <sup>(1)</sup> | 6 | 29 |
|  Sierra Bancorp | 7 | 203 |
|  Silvercrest Asset Management Group, Inc. – Class A | 4 | 58 |
|  Simmons First National Corp. – Class A | 60 | 1143 |
|  SiriusPoint Ltd. <sup>(1)</sup> | 163 | 3315 |
|  Slide Insurance Holdings, Inc. <sup>(1)</sup> | 103 | 2223 |
|  SLM Corp. | 823 | 26983 |
|  SmartFinancial, Inc. | 6 | 206 |
|  SoFi Technologies, Inc. <sup>(1)</sup> | 26 | 466 |
|  Sound Financial Bancorp, Inc. | 1 | 54 |
|  South Plains Financial, Inc. | 6 | 230 |
|  South State Corp. | 222 | 20420 |
|  Southern First Bancshares, Inc. <sup>(1)</sup> | 4 | 145 |
|  Southern Missouri Bancorp, Inc. | 4 | 239 |
|  Southern States Bancshares, Inc. | 4 | 153 |
|  Southside Bancshares, Inc. | 14 | 399 |
|  SR Bancorp, Inc. | 3 | 41 |
|  Starwood Property Trust, Inc. | 9 | 181 |
|  State Street Corp. | 200 | 21232 |
|  Stellar Bancorp, Inc. | 23 | 638 |
|  Sterling Bancorp, Inc. <sup>(1)(2)(3)</sup> | 10 |  |
|  Stewart Information Services Corp. | 111 | 7229 |
|  Stifel Financial Corp. | 221 | 22942 |
|  Stock Yards Bancorp, Inc. | 1 | 80 |
|  StoneX Group, Inc. <sup>(1)</sup> | 81 | 7426 |
|  Sunrise Realty Trust, Inc. | 5 | 51 |
|  SWK Holdings Corp. | 1 | 16 |
|  Synchrony Financial | 829 | 55305 |
|  Synovus Financial Corp. | 4 | 201 |
|  T Rowe Price Group, Inc. | 6 | 592 |
|  Texas Capital Bancshares, Inc. <sup>(1)</sup> | 143 | 11378 |
|  TFS Financial Corp. | 1 | 19 |
|  Third Coast Bancshares, Inc. <sup>(1)</sup> | 6 | 206 |
|  Timberland Bancorp, Inc. | 4 | 110 |
|  Tiptree, Inc. | 8 | 200 |
|  Tompkins Financial Corp. | 7 | 411 |
|  Towne Bank | 35 | 1190 |
|  TPG RE Finance Trust, Inc. | 33 | 258 |
|  TPG, Inc. – Class A <sup>(3)</sup> | 0 | 13 |
|  Tradeweb Markets, Inc. – Class A | 280 | 40934 |
|  Travelers Companies, Inc. | 45 | 12055 |
|  TriCo Bancshares | 15 | 612 |
|  Triller Group, Inc. <sup>(1)</sup> | 41 | 39 |
|  Triumph Financial, Inc. <sup>(1)</sup> | 6 | 323 |
|  Truist Financial Corp. | 141 | 6049 |
|  TrustCo Bank Corp. NY | 9 | 300 |
|  Trustmark Corp. | 28 | 1027 |
|  Two Harbors Investment Corp. | 537 | 5788 |
|  UMB Financial Corp. | 233 | 24509 |
|  United Bankshares, Inc. | 428 | 15609 |

---

The accompanying notes are an integral part of these financial statements.

499.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  United Community Banks, Inc. | 404 | $12024 |
|  United Fire Group, Inc. | 11 | 302 |
|  United Security Bancshares | 8 | 65 |
|  Unity Bancorp, Inc. | 2 | 104 |
|  Universal Insurance Holdings, Inc. | 35 | 960 |
|  Univest Financial Corp. | 15 | 436 |
|  Unum Group | 103 | 8284 |
|  USCB Financial Holdings, Inc. | 3 | 52 |
|  UWM Holdings Corp. | 4 | 16 |
|  Valley National Bancorp | 178 | 1592 |
|  Velocity Financial, Inc. <sup>(1)</sup> | 5 | 96 |
|  Veritex Holdings, Inc. | 25 | 664 |
|  Virginia National Bankshares Corp. | 2 | 80 |
|  Virtu Financial, Inc. – Class A | 2 | 103 |
|  Virtus Investment Partners, Inc. | 3 | 580 |
|  Voya Financial, Inc. | 173 | 12295 |
|  Vroom, Inc. <sup>(1)</sup> | 1 | 15 |
|  WaFd, Inc. | 35 | 1036 |
|  Walker & Dunlop, Inc. | 16 | 1129 |
|  Washington Trust Bancorp, Inc. | 9 | 252 |
|  Waterstone Financial, Inc. | 8 | 107 |
|  Webster Financial Corp. | 452 | 24671 |
|  WesBanco, Inc. | 44 | 1385 |
|  West BanCorp, Inc. | 7 | 130 |
|  Westamerica BanCorp | 12 | 581 |
|  Western Alliance Bancorp | 461 | 35945 |
|  Western New England Bancorp, Inc. | 8 | 77 |
|  Western Union Co. | 190 | 1604 |
|  Westwood Holdings Group, Inc. | 3 | 40 |
|  WEX, Inc. <sup>(1)</sup> | 56 | 8158 |
|  White Mountains Insurance Group Ltd. <sup>(3)</sup> | 0 | 124 |
|  Willis Towers Watson Plc | 55 | 16734 |
|  Wintrust Financial Corp. | 2 | 227 |
|  World Acceptance Corp. <sup>(1)</sup> | 2 | 272 |
|  WR Berkley Corp. | 8 | 624 |
|  WSFS Financial Corp. | 27 | 1463 |
|  XP, Inc. – Class A | 11 | 214 |
|  Zions Bancorp N.A. | 778 | 40389 |
|  Total Financials | Total Financials | 1834523 |
| **Healthcare – 6.13%** |  |  |
|  10X Genomics, Inc. – Class A <sup>(1)</sup> | 37 | 432 |
|  4D Molecular Therapeutics, Inc. <sup>(1)</sup> | 19 | 70 |
|  89bio, Inc. <sup>(1)</sup> | 39 | 387 |
|  Aardvark Therapeutics, Inc. <sup>(1)</sup> | 1 | 11 |
|  Abeona Therapeutics, Inc. <sup>(1)</sup> | 3 | 17 |
|  Absci Corp. <sup>(1)</sup> | 10 | 26 |
|  Acadia Healthcare Co., Inc. <sup>(1)</sup> | 3 | 58 |
|  Aclaris Therapeutics, Inc. <sup>(1)</sup> | 42 | 60 |
|  Acrivon Therapeutics, Inc. <sup>(1)</sup> | 1 | 1 |
|  Acumen Pharmaceuticals, Inc. <sup>(1)</sup> | 1 | 1 |
|  AdaptHealth Corp. – Class A <sup>(1)</sup> | 44 | 419 |
|  Addus HomeCare Corp. <sup>(1)</sup> | 119 | 13716 |
|  Aduro Bioteech, Inc. <sup>(1)(2)</sup> | 1 | 2 |
|  Adverum Biotechnologies, Inc. <sup>(1)</sup> | 1 | 2 |
|  Agenus, Inc. <sup>(1)</sup> | 1 | 4 |
|  Agilent Technologies, Inc. | 110 | 12953 |
|  Agios Pharmaceuticals, Inc. <sup>(1)</sup> | 28 | 916 |
|  AirSculpt Technologies, Inc. <sup>(1)</sup> | 3 | 16 |
|  Akebia Therapeutics, Inc. <sup>(1)</sup> | 107 | 390 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Aldeyra Therapeutics, Inc. <sup>(1)</sup> | 5 | $21 |
|  Alector, Inc. <sup>(1)</sup> | 46 | 65 |
|  Align Technology, Inc. <sup>(1)</sup> | 2 | 361 |
|  Alimera Sciences, Inc. <sup>(1)(2)(3)</sup> | 3 | 0 |
|  Alkermes Plc <sup>(1)</sup> | 20 | 562 |
|  Allogene Therapeutics, Inc. <sup>(1)</sup> | 72 | 81 |
|  Alto Neuroscience, Inc. <sup>(1)</sup> | 1 | 2 |
|  Alumis, Inc. <sup>(1)</sup> | 22 | 65 |
|  Amedisys, Inc. <sup>(1)</sup> | 1 | 87 |
|  AMN Healthcare Services, Inc. <sup>(1)</sup> | 18 | 379 |
|  Amneal Pharmaceuticals, Inc. <sup>(1)</sup> | 10 | 79 |
|  Amphastar Pharmaceuticals, Inc. <sup>(1)</sup> | 17 | 380 |
|  Amylyx Pharmaceuticals, Inc. <sup>(1)</sup> | 7 | 44 |
|  AngioDynamics, Inc. <sup>(1)</sup> | 15 | 145 |
|  Anika Therapeutics, Inc. <sup>(1)</sup> | 5 | 55 |
|  Annexon, Inc. <sup>(1)</sup> | 50 | 120 |
|  Applied Therapeutics, Inc. <sup>(1)</sup> | 4 | 1 |
|  Aquestive Therapeutics, Inc. <sup>(1)</sup> | 30 | 99 |
|  Arbutus Biopharma Corp. <sup>(1)</sup> | 5 | 17 |
|  Arcturus Therapeutics Holdings, Inc. <sup>(1)</sup> | 7 | 97 |
|  Arcus Biosciences, Inc. <sup>(1)</sup> | 9 | 70 |
|  Ardent Health, Inc. <sup>(1)</sup> | 11 | 144 |
|  Artiva Biotherapeutics, Inc. <sup>(1)(3)</sup> | 0 | 1 |
|  Artivion, Inc. <sup>(1)</sup> | 3 | 106 |
|  Arvinas, Inc. <sup>(1)</sup> | 28 | 208 |
|  Astria Therapeutics, Inc. <sup>(1)</sup> | 20 | 108 |
|  Atea Pharmaceuticals, Inc. <sup>(1)</sup> | 36 | 130 |
|  Atossa Therapeutics, Inc. <sup>(1)</sup> | 1 | 1 |
|  aTyr Pharma, Inc. <sup>(1)</sup> | 3 | 15 |
|  Aura Biosciences, Inc. <sup>(1)</sup> | 12 | 78 |
|  Avanos Medical, Inc. <sup>(1)</sup> | 22 | 263 |
|  Avantor, Inc. <sup>(1)</sup> | 18 | 248 |
|  Aveanna Healthcare Holdings, Inc. <sup>(1)</sup> | 5 | 25 |
|  Avidity Biosciences, Inc. <sup>(1)</sup> | 4 | 127 |
|  Azenta, Inc. <sup>(1)</sup> | 17 | 531 |
|  Baxter International, Inc. | 180 | 5447 |
|  Beta Bionics, Inc. <sup>(1)</sup> | 1 | 10 |
|  Bicara Therapeutics, Inc. <sup>(1)</sup> | 15 | 143 |
|  BioAge Labs, Inc. <sup>(1)</sup> | 11 | 46 |
|  Biogen, Inc. <sup>(1)</sup> | 33 | 4142 |
|  BioMarin Pharmaceutical, Inc. <sup>(1)</sup> | 5 | 290 |
|  Bio-Rad Laboratories, Inc. – Class A <sup>(1)</sup> | 1 | 132 |
|  Biote Corp. – Class A <sup>(1)</sup> | 9 | 35 |
|  Bio-Techne Corp. | 4 | 222 |
|  Black Diamond Therapeutics, Inc. <sup>(1)(3)</sup> | 0 | 0 |
|  Boston Scientific Corp. <sup>(1)</sup> | 167 | 17905 |
|  Brookdale Senior Living, Inc. <sup>(1)</sup> | 13 | 90 |
|  Bruker Corp. | 3 | 118 |
|  C4 Therapeutics, Inc. <sup>(1)</sup> | 2 | 3 |
|  Cabaletta Bio, Inc. <sup>(1)</sup> | 1 | 1 |
|  CAMP4 Therapeutics Corp. <sup>(1)</sup> | 1 | 1 |
|  Candel Therapeutics, Inc. <sup>(1)</sup> | 4 | 18 |
|  Cardiff Oncology, Inc. <sup>(1)</sup> | 17 | 53 |
|  Cardinal Health, Inc. | 43 | 7198 |
|  Cargo Therapeutics, Inc. <sup>(1)</sup> | 18 | 75 |
|  Caribou Biosciences, Inc. <sup>(1)</sup> | 4 | 5 |
|  Cartesian Therapeutics, Inc. <sup>(1)</sup> | 4 | 38 |
|  Castle Biosciences, Inc. <sup>(1)</sup> | 14 | 278 |
|  Celcuity, Inc. <sup>(1)</sup> | 1 | 9 |
|  Celldex Therapeutics, Inc. <sup>(1)</sup> | 31 | 637 |

---

The accompanying notes are an integral part of these financial statements.

500.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Cencora, Inc. – Class A | 88 | $26295 |
|  Centene Corp. <sup>(1)</sup> | 231 | 12532 |
|  Century Therapeutics, Inc. <sup>(1)</sup> | 3 | 2 |
|  Certara, Inc. <sup>(1)</sup> | 3 | 39 |
|  Charles River Laboratories International, Inc. <sup>(1)</sup> | 1 | 206 |
|  Chemed Corp. <sup>(3)</sup> | 0 | 175 |
|  Chinook Therapeutics, Inc. <sup>(1)(2)</sup> | 17 | 3 |
|  Cibus, Inc. – Class A <sup>(1)</sup> | 2 | 2 |
|  Cidara Therapeutics, Inc. <sup>(1)</sup> | 8 | 393 |
|  Climb Bio, Inc. <sup>(1)</sup> | 1 | 1 |
|  Codexis, Inc. <sup>(1)</sup> | 8 | 20 |
|  Cogent Biosciences, Inc. <sup>(1)</sup> | 3 | 22 |
|  Coherus Oncology, Inc. <sup>(1)</sup> | 36 | 26 |
|  Community Health Systems, Inc. <sup>(1)</sup> | 21 | 73 |
|  Compass Therapeutics, Inc. <sup>(1)</sup> | 21 | 56 |
|  Concentra Group Holdings Parent, Inc. | 464 | 9544 |
|  CONMED Corp. | 164 | 8529 |
|  Cooper Companies, Inc. <sup>(1)</sup> | 6 | 398 |
|  Corbus Pharmaceuticals Holdings, Inc. <sup>(1)(3)</sup> | 0 | 3 |
|  CRISPR Therapeutics AG <sup>(1)</sup> | 30 | 1482 |
|  Cross Country Healthcare, Inc. <sup>(1)</sup> | 15 | 197 |
|  CryoPort, Inc. <sup>(1)</sup> | 18 | 133 |
|  Cullinan Therapeutics, Inc. <sup>(1)</sup> | 24 | 182 |
|  Cytek Biosciences, Inc. <sup>(1)</sup> | 60 | 203 |
|  Cytokinetics, Inc. <sup>(1)</sup> | 50 | 1654 |
|  DaVita, Inc. <sup>(1)</sup> | 38 | 5427 |
|  Day One Biopharmaceuticals, Inc. <sup>(1)</sup> | 32 | 210 |
|  Definitive Healthcare Corp. – Class A <sup>(1)</sup> | 18 | 68 |
|  Denali Therapeutics, Inc. <sup>(1)</sup> | 60 | 837 |
|  Dentsply Sirona, Inc. | 5 | 85 |
|  Design Therapeutics, Inc. <sup>(1)</sup> | 18 | 60 |
|  Dianthus Therapeutics, Inc. <sup>(1)</sup> | 9 | 159 |
|  DocGo, Inc. <sup>(1)</sup> | 51 | 79 |
|  Dyne Therapeutics, Inc. <sup>(1)</sup> | 31 | 291 |
|  Editas Medicine, Inc. – Class A <sup>(1)</sup> | 40 | 88 |
|  Elanco Animal Health, Inc. <sup>(1)</sup> | 14 | 197 |
|  Eledon Pharmaceuticals, Inc. <sup>(1)</sup> | 26 | 70 |
|  Elevation Oncology, Inc. <sup>(1)(3)</sup> | 1 | 0 |
|  Embecta Corp. | 453 | 4389 |
|  Emergent BioSolutions, Inc. <sup>(1)</sup> | 24 | 151 |
|  Enanta Pharmaceuticals, Inc. <sup>(1)</sup> | 11 | 86 |
|  Encompass Health Corp. | 3 | 340 |
|  Enhabit, Inc. <sup>(1)</sup> | 24 | 228 |
|  Enovis Corp. <sup>(1)</sup> | 571 | 17903 |
|  Entrada Therapeutics, Inc. <sup>(1)</sup> | 15 | 102 |
|  Envista Holdings Corp. <sup>(1)</sup> | 869 | 16988 |
|  Erasca, Inc. <sup>(1)</sup> | 80 | 101 |
|  Esperion Therapeutics, Inc. <sup>(1)</sup> | 62 | 61 |
|  Evolent Health, Inc. – Class A <sup>(1)</sup> | 38 | 427 |
|  Exact Sciences Corp. <sup>(1)</sup> | 5 | 260 |
|  Exelixis, Inc. <sup>(1)</sup> | 263 | 11610 |
|  EyePoint Pharmaceuticals, Inc. <sup>(1)</sup> | 29 | 277 |
|  Fate Therapeutics, Inc. <sup>(1)</sup> | 62 | 70 |
|  Fennec Pharmaceuticals, Inc. <sup>(1)</sup> | 8 | 66 |
|  Foghorn Therapeutics, Inc. <sup>(1)</sup> | 4 | 21 |
|  Fortrea Holdings, Inc. <sup>(1)</sup> | 44 | 217 |
|  Fractyl Health, Inc. <sup>(1)(3)</sup> | 0 | 1 |
|  Fulcrum Therapeutics, Inc. <sup>(1)</sup> | 24 | 163 |
|  Fulgent Genetics, Inc. <sup>(1)</sup> | 10 | 204 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  GE HealthCare Technologies, Inc. | 13 | $945 |
|  Generation Bio Co. <sup>(1)</sup> | 5 | 2 |
|  Globus Medical, Inc. – Class A <sup>(1)</sup> | 3 | 178 |
|  GRAIL, Inc. <sup>(1)</sup> | 14 | 729 |
|  Haemonetics Corp. <sup>(1)</sup> | 149 | 11095 |
|  Harmony Biosciences Holdings, Inc. <sup>(1)</sup> | 147 | 4633 |
|  Harvard Bioscience, Inc. <sup>(1)</sup> | 3 | 1 |
|  Health Catalyst, Inc. <sup>(1)</sup> | 32 | 122 |
|  HealthStream, Inc. | 7 | 187 |
|  Henry Schein, Inc. <sup>(1)</sup> | 3 | 223 |
|  Heron Therapeutics, Inc. <sup>(1)</sup> | 65 | 134 |
|  Hologic, Inc. <sup>(1)</sup> | 6 | 405 |
|  Humacyte, Inc. <sup>(1)</sup> | 46 | 95 |
|  Humana, Inc. | 61 | 14891 |
|  ICON Plc <sup>(1)</sup> | 112 | 16271 |
|  Icosavax, Inc. <sup>(1)(2)</sup> | 11 | 3 |
|  ICU Medical, Inc. <sup>(1)</sup> | 85 | 11203 |
|  Ideaya Biosciences, Inc. <sup>(1)</sup> | 40 | 842 |
|  IGM Biosciences, Inc. <sup>(1)(3)</sup> | 0 | 0 |
|  Illumina, Inc. <sup>(1)</sup> | 125 | 11913 |
|  ImmunityBio, Inc. <sup>(1)</sup> | 21 | 55 |
|  Incyte Corp. <sup>(1)</sup> | 161 | 10996 |
|  Indivior Plc <sup>(1)</sup> | 8 | 114 |
|  Inhibikase Therapeutics, Inc. <sup>(1)</sup> | 24 | 46 |
|  Inhibrx Biosciences, Inc. <sup>(1)</sup> | 4 | 62 |
|  Inhibrx, Inc. <sup>(1)(2)</sup> | 5 | 3 |
|  Inmode Ltd. <sup>(1)</sup> | 1 | 20 |
|  Innovage Holding Corp. <sup>(1)</sup> | 7 | 26 |
|  Innoviva, Inc. <sup>(1)</sup> | 4 | 75 |
|  Inogen, Inc. <sup>(1)</sup> | 12 | 83 |
|  Inovio Pharmaceuticals, Inc. <sup>(1)</sup> | 1 | 2 |
|  Insmed, Inc. <sup>(1)(3)</sup> | 0 | 31 |
|  Integer Holdings Corp. <sup>(1)</sup> | 150 | 18430 |
|  Integra LifeSciences Holdings Corp. <sup>(1)</sup> | 33 | 400 |
|  Intellia Therapeutics, Inc. <sup>(1)</sup> | 50 | 470 |
|  Invivyd, Inc. <sup>(1)</sup> | 8 | 6 |
|  Ionis Pharmaceuticals, Inc. <sup>(1)(3)</sup> | 0 | 11 |
|  Iovance Biotherapeutics, Inc. <sup>(1)</sup> | 122 | 210 |
|  IQVIA Holdings, Inc. <sup>(1)</sup> | 5 | 770 |
|  Ironwood Pharmaceuticals, Inc. – Class A <sup>(1)</sup> | 8 | 6 |
|  iTeos Therapeutics, Inc. <sup>(1)</sup> | 14 | 143 |
|  Jade Biosciences, Inc. | 12 | 123 |
|  Janux Therapeutics, Inc. <sup>(1)</sup> | 13 | 295 |
|  Jazz Pharmaceuticals Plc <sup>(1)</sup> | 104 | 11061 |
|  Keros Therapeutics, Inc. <sup>(1)</sup> | 16 | 215 |
|  Kestra Medical Technologies Ltd. <sup>(1)</sup> | 1 | 16 |
|  Kodiak Sciences, Inc. <sup>(1)</sup> | 15 | 56 |
|  Korro Bio, Inc. <sup>(1)</sup> | 3 | 43 |
|  Kura Oncology, Inc. <sup>(1)</sup> | 38 | 217 |
|  Kyverna Therapeutics, Inc. <sup>(1)</sup> | 1 | 3 |
|  Labcorp Holdings, Inc. | 56 | 14828 |
|  Lantheus Holdings, Inc. <sup>(1)</sup> | 195 | 15944 |
|  Larimar Therapeutics, Inc. <sup>(1)</sup> | 20 | 57 |
|  Lexeo Therapeutics, Inc. <sup>(1)</sup> | 11 | 45 |
|  Lifecore Biomedical, Inc. <sup>(1)</sup> | 4 | 31 |
|  LifeMD, Inc. <sup>(1)</sup> | 6 | 85 |
|  LifeStance Health Group, Inc. <sup>(1)</sup> | 28 | 147 |
|  Ligand Pharmaceuticals, Inc. <sup>(1)</sup> | 8 | 925 |
|  LivaNova Plc <sup>(1)</sup> | 103 | 4645 |
|  Lucid Diagnostics, Inc. <sup>(1)</sup> | 17 | 19 |

---

The accompanying notes are an integral part of these financial statements.

501.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  MacroGenics, Inc. <sup>(1)</sup> | 1 | $1 |
|  Maravai LifeSciences Holdings, Inc. – Class A <sup>(1)</sup> | 58 | 140 |
|  MaxCyte, Inc. <sup>(1)</sup> | 46 | 101 |
|  Maze Therapeutics, Inc. <sup>(1)</sup> | 4 | 45 |
|  MBX Biosciences, Inc. <sup>(1)</sup> | 7 | 81 |
|  McKesson Corp. | 13 | 9680 |
|  MediWound Ltd. <sup>(1)</sup> | 1 | 18 |
|  MeiraGTx Holdings Plc <sup>(1)</sup> | 5 | 34 |
|  Merit Medical Systems, Inc. <sup>(1)</sup> | 2 | 186 |
|  Mersana Therapeutics, Inc. <sup>(1)</sup> | 7 | 2 |
|  Metagenomi, Inc. <sup>(1)(3)</sup> | 0 | 1 |
|  Metsera, Inc. <sup>(1)</sup> | 4 | 107 |
|  Mettler-Toledo International, Inc. <sup>(1)</sup> | 1 | 681 |
|  Mind Medicine MindMed, Inc. <sup>(1)</sup> | 25 | 160 |
|  Moderna, Inc. <sup>(1)</sup> | 10 | 273 |
|  ModivCare, Inc. <sup>(1)</sup> | 1 | 2 |
|  Molina Healthcare, Inc. <sup>(1)</sup> | 33 | 9867 |
|  Monte Rosa Therapeutics, Inc. <sup>(1)</sup> | 23 | 103 |
|  Myriad Genetics, Inc. <sup>(1)</sup> | 43 | 230 |
|  Nano-X Imaging Ltd. <sup>(1)</sup> | 23 | 120 |
|  National HealthCare Corp. | 6 | 651 |
|  Nautilus Biotechnology, Inc. – Class A <sup>(1)</sup> | 4 | 3 |
|  Nektar Therapeutics – Class A <sup>(1)(3)</sup> | 0 | 10 |
|  Neogen Corp. <sup>(1)</sup> | 104 | 497 |
|  NeoGenomics, Inc. <sup>(1)</sup> | 57 | 416 |
|  Neurocrine Biosciences, Inc. <sup>(1)(3)</sup> | 0 | 49 |
|  Neurogene, Inc. <sup>(1)</sup> | 5 | 70 |
|  Nkarta, Inc. <sup>(1)</sup> | 24 | 40 |
|  Novavax, Inc. <sup>(1)</sup> | 13 | 81 |
|  Nurix Therapeutics, Inc. <sup>(1)</sup> | 36 | 410 |
|  Nuvation Bio, Inc. <sup>(1)</sup> | 110 | 214 |
|  Olema Pharmaceuticals, Inc. <sup>(1)</sup> | 28 | 121 |
|  Omeros Corp. <sup>(1)</sup> | 3 | 10 |
|  OmniAb, Inc. <sup>(1)</sup> | 46 | 80 |
|  OmniAb, Inc. – Class CR3 <sup>(1)(2)(3)</sup><sup>(6)</sup> | 2 |  |
|  OmniAb, Inc. – Class CR4 <sup>(1)(2)(3)</sup><sup>(6)</sup> | 2 |  |
|  Omnicell, Inc. <sup>(1)</sup> | 23 | 665 |
|  OPKO Health, Inc. <sup>(1)</sup> | 174 | 230 |
|  Option Care Health, Inc. <sup>(1)</sup> | 315 | 10240 |
|  OraSure Technologies, Inc. <sup>(1)</sup> | 33 | 100 |
|  Organon & Co. | 623 | 6034 |
|  ORIC Pharmaceuticals, Inc. <sup>(1)</sup> | 16 | 158 |
|  Orthofix Medical, Inc. <sup>(1)</sup> | 18 | 204 |
|  OrthoPediatrics Corp. <sup>(1)</sup> | 6 | 132 |
|  Oruka Therapeutics, Inc. | 11 | 129 |
|  Outlook Therapeutics, Inc. <sup>(1)(3)</sup> | 0 | 0 |
|  Outset Medical, Inc. <sup>(1)</sup> | 4 | 74 |
|  Owens & Minor, Inc. <sup>(1)</sup> | 36 | 329 |
|  Pacific Biosciences of California, Inc. <sup>(1)</sup> | 137 | 170 |
|  Pacira BioSciences, Inc. <sup>(1)</sup> | 21 | 491 |
|  PACS Group, Inc. <sup>(1)</sup> | 1 | 19 |
|  Pediatrix Medical Group, Inc. <sup>(1)</sup> | 41 | 585 |
|  Performant Healthcare, Inc. <sup>(1)</sup> | 8 | 30 |
|  Perrigo Co. Plc | 4 | 106 |
|  Personalis, Inc. <sup>(1)</sup> | 19 | 126 |
|  Perspective Therapeutics, Inc. <sup>(1)</sup> | 28 | 97 |
|  Phathom Pharmaceuticals, Inc. <sup>(1)</sup> | 15 | 139 |
|  Pliant Therapeutics, Inc. <sup>(1)</sup> | 6 | 7 |
|  Praxis Precision Medicines, Inc. <sup>(1)</sup> | 8 | 329 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Precigen, Inc. <sup>(1)</sup> | 6 | $8 |
|  Prelude Therapeutics, Inc. <sup>(1)</sup> | 2 | 2 |
|  Premier, Inc. – Class A | 187 | 4103 |
|  Prestige Consumer Healthcare, Inc. <sup>(1)</sup> | 173 | 13849 |
|  Prime Medicine, Inc. <sup>(1)</sup> | 27 | 68 |
|  ProKidney Corp. – Class A <sup>(1)</sup> | 2 | 1 |
|  Protara Therapeutics, Inc. <sup>(1)</sup> | 15 | 46 |
|  Prothena Corp. Plc <sup>(1)</sup> | 17 | 102 |
|  PTC Therapeutics, Inc. <sup>(1)</sup> | 7 | 340 |
|  Puma Biotechnology, Inc. <sup>(1)</sup> | 22 | 77 |
|  Pyxis Oncology, Inc. <sup>(1)</sup> | 2 | 2 |
|  Q32 Bio, Inc. <sup>(1)</sup> | 1 | 1 |
|  QIAGEN NV <sup>(1)</sup> | 6 | 285 |
|  Quanterix Corp. <sup>(1)</sup> | 17 | 116 |
|  Quantum-Si, Inc. <sup>(1)</sup> | 67 | 132 |
|  Quest Diagnostics, Inc. | 51 | 9162 |
|  QuidelOrtho Corp. <sup>(1)</sup> | 295 | 8512 |
|  Quipt Home Medical Corp. <sup>(1)</sup> | 2 | 4 |
|  RadNet, Inc. <sup>(1)</sup> | 6 | 339 |
|  Rapport Therapeutics, Inc. <sup>(1)</sup> | 8 | 94 |
|  REGENXBIO, Inc. <sup>(1)</sup> | 23 | 188 |
|  Relay Therapeutics, Inc. <sup>(1)</sup> | 66 | 227 |
|  Renovaro, Inc. <sup>(1)</sup> | 5 | 2 |
|  Repligen Corp. <sup>(1)</sup> | 1 | 160 |
|  Replimune Group, Inc. – Class Rights <sup>(1)</sup> | 32 | 298 |
|  ResMed, Inc. | 3 | 800 |
|  Revolution Medicines, Inc. <sup>(1)</sup> | 6 | 225 |
|  Revvity, Inc. | 3 | 325 |
|  Rezolute, Inc. <sup>(1)</sup> | 4 | 18 |
|  Rocket Pharmaceuticals, Inc. <sup>(1)</sup> | 34 | 83 |
|  Roivant Sciences Ltd. <sup>(1)</sup> | 11 | 120 |
|  Royalty Pharma Plc – Class A | 11 | 391 |
|  Sage Therapeutics, Inc. <sup>(1)</sup> | 29 | 261 |
|  Sana Biotechnology, Inc. <sup>(1)</sup> | 56 | 154 |
|  Sarepta Therapeutics, Inc. <sup>(1)(3)</sup> | 0 | 8 |
|  SBC Medical Group Holdings, Inc. <sup>(1)</sup> | 4 | 19 |
|  Scholar Rock Holding Corp. <sup>(1)</sup> | 3 | 114 |
|  Select Medical Holdings Corp. | 54 | 816 |
|  Semler Scientific, Inc. <sup>(1)</sup> | 3 | 130 |
|  Septerna, Inc. <sup>(1)</sup> | 10 | 107 |
|  Shattuck Labs, Inc. <sup>(1)</sup> | 1 | 1 |
|  SIGA Technologies, Inc. | 5 | 35 |
|  Skye Bioscience, Inc. <sup>(1)</sup> | 1 | 4 |
|  Solid Biosciences, Inc. <sup>(1)</sup> | 31 | 152 |
|  Solventum Corp. <sup>(1)</sup> | 325 | 24655 |
|  Sonida Senior Living, Inc. <sup>(1)</sup> | 1 | 35 |
|  Sotera Health Co. <sup>(1)</sup> | 4 | 40 |
|  Spyre Therapeutics, Inc. <sup>(1)</sup> | 8 | 118 |
|  STAAR Surgical Co. <sup>(1)</sup> | 3 | 57 |
|  Standard BioTools, Inc. <sup>(1)</sup> | 142 | 170 |
|  STERIS Plc | 3 | 657 |
|  Supernus Pharmaceuticals, Inc. <sup>(1)</sup> | 24 | 749 |
|  Surgery Partners, Inc. <sup>(1)</sup> | 38 | 835 |
|  Sutro Biopharma, Inc. <sup>(1)</sup> | 4 | 3 |
|  Syndax Pharmaceuticals, Inc. <sup>(1)</sup> | 3 | 24 |
|  Tactile Systems Technology, Inc. <sup>(1)</sup> | 12 | 117 |
|  Tango Therapeutics, Inc. <sup>(1)</sup> | 35 | 181 |
|  Tectonic Therapeutic, Inc. <sup>(1)</sup> | 4 | 78 |
|  Teladoc Health, Inc. <sup>(1)</sup> | 69 | 599 |
|  Teleflex, Inc. | 98 | 11655 |

---

The accompanying notes are an integral part of these financial statements.

502.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Telomir Pharmaceuticals, Inc. <sup>(1)(3)</sup> | 0 | $0 |
|  Tenaya Therapeutics, Inc. <sup>(1)</sup> | 4 | 2 |
|  Tenet Healthcare Corp. <sup>(1)</sup> | 114 | 20004 |
|  Terns Pharmaceuticals, Inc. <sup>(1)</sup> | 35 | 130 |
|  Tevogen Bio Holdings, Inc. <sup>(1)</sup> | 13 | 17 |
|  Theravance Biopharma, Inc. <sup>(1)</sup> | 4 | 41 |
|  Third Harmonic Bio, Inc. <sup>(1)</sup> | 12 | 65 |
|  Tonix Pharmaceuticals Holding Corp. <sup>(1)</sup> | 3 | 98 |
|  Tourmaline Bio, Inc. <sup>(1)</sup> | 9 | 147 |
|  Travere Therapeutics, Inc. – Class Preferre <sup>(1)</sup> | 3 | 42 |
|  TriSalus Life Sciences, Inc. <sup>(1)</sup> | 5 | 25 |
|  TScan Therapeutics, Inc. <sup>(1)(3)</sup> | 0 | 1 |
|  Tvardi Therapeutics, Inc. <sup>(1)</sup> | 1 | 33 |
|  Tyra Biosciences, Inc. <sup>(1)</sup> | 11 | 109 |
|  United Therapeutics Corp. <sup>(1)</sup> | 31 | 9007 |
|  Universal Health Services, Inc. – Class B | 35 | 6292 |
|  Upstream Bio, Inc. <sup>(1)</sup> | 17 | 182 |
|  UroGen Pharma Ltd. <sup>(1)</sup> | 3 | 47 |
|  US Physical Therapy, Inc. | 3 | 227 |
|  Utah Medical Products, Inc. | 1 | 60 |
|  Vanda Pharmaceuticals, Inc. <sup>(1)</sup> | 26 | 123 |
|  Varex Imaging Corp. <sup>(1)</sup> | 21 | 179 |
|  Vaxcyte, Inc. <sup>(1)</sup> | 61 | 1978 |
|  Veeva Systems, Inc. – Class A <sup>(1)</sup> | 1 | 240 |
|  Ventyx Biosciences, Inc. <sup>(1)</sup> | 2 | 5 |
|  Verastem, Inc. <sup>(1)</sup> | 10 | 40 |
|  Veru, Inc. <sup>(1)</sup> | 1 | 1 |
|  Verve Therapeutics, Inc. <sup>(1)</sup> | 33 | 369 |
|  Viatris, Inc. | 442 | 3951 |
|  Viking Therapeutics, Inc. <sup>(1)</sup> | 3 | 74 |
|  Vir Biotechnology, Inc. <sup>(1)</sup> | 42 | 214 |
|  Viridian Therapeutics, Inc. <sup>(1)</sup> | 7 | 97 |
|  Voyager Therapeutics, Inc. <sup>(1)</sup> | 21 | 64 |
|  Waters Corp. <sup>(1)</sup> | 1 | 276 |
|  WaVe Life Sciences Ltd. <sup>(1)</sup> | 6 | 42 |
|  Waystar Holding Corp. <sup>(1)</sup> | 7 | 284 |
|  Werewolf Therapeutics, Inc. <sup>(1)</sup> | 2 | 2 |
|  West Pharmaceutical Services, Inc. | 2 | 436 |
|  XBiotech, Inc. <sup>(1)</sup> | 1 | 2 |
|  Xencor, Inc. <sup>(1)</sup> | 34 | 264 |
|  XOMA Royalty Corp. <sup>(1)</sup> | 1 | 35 |
|  Zenas Biopharma, Inc. <sup>(1)</sup> | 8 | 74 |
|  Zentalis Pharmaceuticals, Inc. <sup>(1)</sup> | 4 | 5 |
|  Zimmer Biomet Holdings, Inc. | 6 | 504 |
|  Zimvie, Inc. <sup>(1)</sup> | 12 | 117 |
|  Total Healthcare | Total Healthcare | 521721 |
| **Industrials – 20.29%** |  |  |
|  3D Systems Corp. <sup>(1)</sup> | 66 | 102 |
|  3M Co. | 69 | 10504 |
|  AAR Corp. <sup>(1)</sup> | 13 | 904 |
|  ABM Industries, Inc. | 376 | 17753 |
|  ACCO Brands Corp. | 42 | 149 |
|  Acme United Corp. | 1 | 55 |
|  Acuity, Inc. | 1 | 258 |
|  Acuren Corp. <sup>(1)</sup> | 30 | 332 |
|  Advanced Drainage Systems, Inc. | 2 | 226 |
|  AECOM | 4 | 415 |
|  AerSale Corp. <sup>(1)</sup> | 15 | 88 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  AGCO Corp. | 50 | $5146 |
|  Air Lease Corp. – Class A | 212 | 12405 |
|  AirJoule Technologies Corp. <sup>(1)</sup> | 9 | 40 |
|  Alamo Group, Inc. | 3 | 763 |
|  Alaska Air Group, Inc. <sup>(1)</sup> | 105 | 5189 |
|  Albany International Corp. – Class A | 144 | 10090 |
|  Alight, Inc. – Class A | 208 | 1180 |
|  Allegiant Travel Co. – Class A <sup>(1)</sup> | 6 | 316 |
|  Allegion Plc | 262 | 37779 |
|  Allient, Inc. | 7 | 240 |
|  Allison Transmission Holdings, Inc. | 112 | 10599 |
|  Alta Equipment Group, Inc. | 8 | 49 |
|  Amentum Holdings, Inc. <sup>(1)</sup> | 4 | 106 |
|  Ameresco, Inc. – Class A <sup>(1)</sup> | 16 | 236 |
|  American Airlines Group, Inc. <sup>(1)</sup> | 18 | 197 |
|  American Woodmark Corp. <sup>(1)</sup> | 7 | 380 |
|  AMETEK, Inc. | 184 | 33230 |
|  AO Smith Corp. | 3 | 210 |
|  API Group Corp. <sup>(1)</sup> | 7 | 348 |
|  Apogee Enterprises, Inc. | 10 | 412 |
|  Applied Industrial Technologies, Inc. | 1 | 245 |
|  ArcBest Corp. | 55 | 4255 |
|  Arcosa, Inc. | 182 | 15759 |
|  Armstrong World Industries, Inc. | 1 | 141 |
|  Array Technologies, Inc. <sup>(1)</sup> | 57 | 336 |
|  Astec Industries, Inc. | 11 | 461 |
|  Astronics Corp. <sup>(1)</sup> | 1 | 45 |
|  Asure Software, Inc. <sup>(1)</sup> | 13 | 127 |
|  ATI, Inc. <sup>(1)</sup> | 4 | 336 |
|  Atkore, Inc. | 79 | 5589 |
|  Atmus Filtration Technologies, Inc. | 315 | 11482 |
|  Avis Budget Group, Inc. <sup>(1)(3)</sup> | 0 | 50 |
|  Axon Enterprise, Inc. <sup>(1)</sup> | 46 | 37833 |
|  AZEK Co., Inc. – Class A <sup>(1)</sup> | 1 | 77 |
|  Blade Air Mobility, Inc. <sup>(1)</sup> | 30 | 120 |
|  Blink Charging Co. <sup>(1)</sup> | 3 | 3 |
|  Blue Bird Corp. <sup>(1)</sup> | 155 | 6671 |
|  BlueLinx Holdings, Inc. <sup>(1)</sup> | 4 | 280 |
|  Boise Cascade Co. | 109 | 9499 |
|  Bowman Consulting Group Ltd. – Class A <sup>(1)</sup> | 1 | 18 |
|  BrightView Holdings, Inc. <sup>(1)</sup> | 29 | 483 |
|  Brink's Co. | 368 | 32850 |
|  Broadridge Financial Solutions, Inc. <sup>(3)</sup> | 0 | 70 |
|  Brookfield Business Corp. – Class A | 8 | 235 |
|  Builders FirstSource, Inc. <sup>(1)</sup> | 94 | 10973 |
|  BWX Technologies, Inc. | 2 | 303 |
|  CACI International, Inc. – Class A <sup>(1)</sup> | 84 | 40194 |
|  Caesarstone Ltd. <sup>(1)</sup> | 1 | 2 |
|  Carlisle Companies, Inc. | 1 | 394 |
|  Casella Waste Systems, Inc. – Class A <sup>(1)</sup> | 103 | 11921 |
|  CBIZ, Inc. <sup>(1)</sup> | 170 | 12209 |
|  CH Robinson Worldwide, Inc. | 3 | 317 |
|  Chart Industries, Inc. <sup>(1)</sup> | 22 | 3561 |
|  Cimpress Plc <sup>(1)</sup> | 6 | 268 |
|  Clarivate Plc <sup>(1)</sup> | 10 | 41 |
|  Clean Harbors, Inc. <sup>(1)</sup> | 1 | 334 |
|  CNH Industrial NV | 1101 | 14265 |
|  Columbus McKinnon Corp. | 14 | 208 |
|  Complete Solaria, Inc. <sup>(1)</sup> | 19 | 36 |
|  CompX International, Inc. | 1 | 14 |

---

The accompanying notes are an integral part of these financial statements.

503.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Concentrix Corp. | 55 | $2928 |
|  Concrete Pumping Holdings, Inc. | 12 | 74 |
|  Conduent, Inc. <sup>(1)</sup> | 79 | 208 |
|  Core & Main, Inc. – Class A <sup>(1)</sup> | 2 | 133 |
|  CoreCivic, Inc. <sup>(1)</sup> | 44 | 926 |
|  Costamare Bulkers Holdings Ltd. <sup>(1)</sup> | 4 | 32 |
|  Costamare, Inc. | 21 | 193 |
|  Covenant Logistics Group, Inc. – Class A | 7 | 163 |
|  Crane Co. | 110 | 20835 |
|  CSG Systems International, Inc. | 38 | 2476 |
|  Cummins, Inc. | 48 | 15633 |
|  Curtiss-Wright Corp. | 1 | 512 |
|  Custom Truck One Source, Inc. <sup>(1)</sup> | 32 | 158 |
|  Dayforce, Inc. <sup>(1)</sup> | 4 | 216 |
|  Delta Air Lines, Inc. | 177 | 8691 |
|  Deluxe Corp. | 209 | 3321 |
|  DIRTT Environmental Solutions <sup>(1)</sup> | 229 | 138 |
|  DNOW, Inc. <sup>(1)</sup> | 52 | 775 |
|  Donaldson Co., Inc. | 3 | 227 |
|  Douglas Dynamics, Inc. | 1 | 41 |
|  Dover Corp. | 57 | 10408 |
|  Ducommun, Inc. <sup>(1)</sup> | 7 | 553 |
|  Dun & Bradstreet Holdings, Inc. | 9 | 80 |
|  DXP Enterprises, Inc. <sup>(1)</sup> | 45 | 3980 |
|  Eastern Co. | 3 | 68 |
|  Element Fleet Management Corp. | 317 | 7930 |
|  Embraer SA – ADR | 600 | 34118 |
|  EMCOR Group, Inc. | 1 | 430 |
|  Energy Vault Holdings, Inc. <sup>(1)</sup> | 3 | 2 |
|  EnerSys | 18 | 1524 |
|  Ennis, Inc. | 12 | 213 |
|  Enpro, Inc. | 9 | 1711 |
|  Enviri Corp. <sup>(1)</sup> | 36 | 316 |
|  Equifax, Inc. | 65 | 16924 |
|  Esab Corp. | 63 | 7635 |
|  ESCO Technologies, Inc. | 123 | 23671 |
|  Everus Construction Group, Inc. <sup>(1)</sup> | 105 | 6666 |
|  EVI Industries, Inc. | 2 | 46 |
|  Expeditors International of Washington, Inc. | 167 | 19106 |
|  Fastenal Co. | 6 | 237 |
|  Federal Signal Corp. | 118 | 12566 |
|  Ferguson Enterprises, Inc. | 64 | 14025 |
|  First Advantage Corp. <sup>(1)</sup> | 12 | 198 |
|  Flowserve Corp. | 515 | 26939 |
|  Fluence Energy, Inc. – Class A <sup>(1)</sup> | 7 | 46 |
|  Fluor Corp. <sup>(1)</sup> | 81 | 4150 |
|  Forrester Research, Inc. <sup>(1)</sup> | 5 | 52 |
|  Fortive Corp. | 9 | 493 |
|  Fortune Brands Innovations, Inc. | 163 | 8371 |
|  Forward Air Corp. <sup>(1)</sup> | 12 | 288 |
|  Franklin Covey Co. <sup>(1)</sup> | 1 | 17 |
|  Frontier Group Holdings, Inc. <sup>(1)</sup> | 14 | 49 |
|  FTI Consulting, Inc. <sup>(1)</sup> | 27 | 4326 |
|  FuelCell Energy, Inc. <sup>(1)(3)</sup> | 0 | 1 |
|  Gates Industrial Corp. Plc <sup>(1)</sup> | 689 | 15872 |
|  GATX Corp. | 16 | 2453 |
|  GE Vernova, Inc. | 57 | 30177 |
|  Genco Shipping & Trading Ltd. | 19 | 248 |
|  Gencor Industries, Inc. <sup>(1)</sup> | 4 | 63 |
|  Generac Holdings, Inc. <sup>(1)</sup> | 120 | 17128 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Genpact Ltd. | 104 | $4563 |
|  Gibraltar Industries, Inc. <sup>(1)</sup> | 187 | 11048 |
|  GMS, Inc. <sup>(1)</sup> | 126 | 13652 |
|  Golden Ocean Group Ltd. | 49 | 360 |
|  Graco, Inc. | 5 | 393 |
|  GrafTech International Ltd. <sup>(1)</sup> | 1 | 1 |
|  Granite Construction, Inc. | 3 | 298 |
|  Great Lakes Dredge & Dock Corp. <sup>(1)</sup> | 32 | 390 |
|  Greenbrier Companies, Inc. | 15 | 691 |
|  Griffon Corp. | 72 | 5240 |
|  GXO Logistics, Inc. <sup>(1)</sup> | 3 | 156 |
|  Hayward Holdings, Inc. <sup>(1)</sup> | 636 | 8775 |
|  Healthcare Services Group, Inc. <sup>(1)</sup> | 19 | 290 |
|  Heartland Express, Inc. | 23 | 197 |
|  Heidrick & Struggles International, Inc. | 10 | 448 |
|  Helios Technologies, Inc. | 438 | 14623 |
|  Herc Holdings, Inc. | 270 | 35519 |
|  Hexcel Corp. | 162 | 9140 |
|  Hillenbrand, Inc. | 34 | 675 |
|  Hillman Solutions Corp. <sup>(1)</sup> | 705 | 5036 |
|  Himalaya Shipping Ltd. <sup>(1)</sup> | 16 | 93 |
|  HireQuest, Inc. | 2 | 17 |
|  HNI Corp. | 10 | 476 |
|  Howmet Aerospace, Inc. | 191 | 35570 |
|  Hub Group, Inc. – Class A | 29 | 975 |
|  Hubbell, Inc. – Class B | 115 | 47081 |
|  Hudson Technologies, Inc. <sup>(1)</sup> | 19 | 157 |
|  Huntington Ingalls Industries, Inc. | 110 | 26633 |
|  Hyliion Holdings Corp. <sup>(1)</sup> | 63 | 83 |
|  Hyster-Yale, Inc. | 6 | 227 |
|  IBEX Holdings Ltd. <sup>(1)</sup> | 30 | 863 |
|  ICF International, Inc. | 81 | 6863 |
|  IDEX Corp. | 2 | 370 |
|  Ingersoll Rand, Inc. | 11 | 934 |
|  Insteel Industries, Inc. | 4 | 150 |
|  Interface, Inc. – Class A | 25 | 517 |
|  Intuitive Machines, Inc. – Class A <sup>(1)</sup> | 49 | 538 |
|  ITT, Inc. | 47 | 7350 |
|  Jacobs Solutions, Inc. | 3 | 445 |
|  Janus International Group, Inc. <sup>(1)</sup> | 762 | 6202 |
|  JB Hunt Transport Services, Inc. | 2 | 321 |
|  JBT Marel Corp. | 13 | 1580 |
|  JELD-WEN Holding, Inc. <sup>(1)</sup> | 41 | 159 |
|  JetBlue Airways Corp. <sup>(1)</sup> | 155 | 654 |
|  Johnson Controls International Plc | 101 | 10654 |
|  Kadant, Inc. | 16 | 5108 |
|  KBR, Inc. | 134 | 6411 |
|  Kelly Services, Inc. – Class A | 15 | 172 |
|  Kennametal, Inc. | 37 | 856 |
|  Kforce, Inc. | 1 | 50 |
|  Kirby Corp. <sup>(1)</sup> | 2 | 178 |
|  Knight-Swift Transportation Holdings, Inc. – Class A | 4 | 194 |
|  Korn Ferry | 113 | 8275 |
|  L3Harris Technologies, Inc. | 114 | 28511 |
|  Landstar System, Inc. | 67 | 9375 |
|  LB Foster Co. – Class A <sup>(1)</sup> | 5 | 107 |
|  Leidos Holdings, Inc. | 89 | 14068 |
|  Leonardo DRS, Inc. | 1 | 59 |
|  Lincoln Electric Holdings, Inc. | 185 | 38435 |

---

The accompanying notes are an integral part of these financial statements.

504.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Loar Holdings, Inc. <sup>(1)(3)</sup> | 0 | $8 |
|  Loomis AB – Class B | 111 | 4683 |
|  LSI Industries, Inc. | 3 | 48 |
|  Luxfer Holdings Plc | 34 | 415 |
|  Lyft, Inc. – Class A <sup>(1)</sup> | 9 | 147 |
|  Manitowoc Co., Inc. <sup>(1)</sup> | 17 | 206 |
|  ManpowerGroup, Inc. | 74 | 3006 |
|  Marten Transport Ltd. | 27 | 351 |
|  Masco Corp. | 337 | 21657 |
|  MasTec, Inc. <sup>(1)</sup> | 1 | 233 |
|  Masterbrand, Inc. <sup>(1)</sup> | 494 | 5395 |
|  Matrix Service Co. <sup>(1)</sup> | 10 | 134 |
|  Matson, Inc. | 16 | 1753 |
|  Mayville Engineering Co., Inc. <sup>(1)</sup> | 6 | 96 |
|  McGrath RentCorp | 3 | 316 |
|  Mercury Systems, Inc. <sup>(1)</sup> | 19 | 1041 |
|  Microvast Holdings, Inc. <sup>(1)</sup> | 34 | 125 |
|  Middleby Corp. <sup>(1)</sup> | 1 | 202 |
|  Miller Industries, Inc. | 5 | 237 |
|  MillerKnoll, Inc. | 33 | 643 |
|  Mistras Group, Inc. <sup>(1)</sup> | 8 | 62 |
|  Mobile Infrastructure Corp. – Class A <sup>(1)</sup> | 6 | 25 |
|  Montrose Environmental Group, Inc. <sup>(1)</sup> | 16 | 340 |
|  MRC Global, Inc. <sup>(1)</sup> | 42 | 570 |
|  MSA Safety, Inc. | 1 | 173 |
|  MSC Industrial Direct Co., Inc. – Class A | 114 | 9667 |
|  Mueller Industries, Inc. | 87 | 6931 |
|  NANO Nuclear Energy, Inc. <sup>(1)</sup> | 1 | 30 |
|  National Presto Industries, Inc. | 2 | 239 |
|  Net Power, Inc. <sup>(1)</sup> | 18 | 45 |
|  NEXTracker, Inc. – Class A <sup>(1)</sup> | 14 | 743 |
|  NL Industries, Inc. | 5 | 32 |
|  Nordson Corp. | 2 | 322 |
|  Norfolk Southern Corp. | 124 | 31650 |
|  NPK International, Inc. <sup>(1)</sup> | 38 | 327 |
|  NV5 Global, Inc. <sup>(1)</sup> | 132 | 3055 |
|  nVent Electric Plc | 122 | 8917 |
|  NWPX Infrastructure, Inc. <sup>(1)</sup> | 5 | 189 |
|  Old Dominion Freight Line, Inc. | 5 | 794 |
|  OPENLANE, Inc. <sup>(1)</sup> | 52 | 1262 |
|  Orion Group Holdings, Inc. <sup>(1)</sup> | 14 | 131 |
|  Oshkosh Corp. | 80 | 9104 |
|  Otis Worldwide Corp. | 11 | 1089 |
|  Owens Corning | 59 | 8150 |
|  Palladyne AI Corp. <sup>(1)</sup> | 12 | 107 |
|  PAMT Corp. <sup>(1)</sup> | 3 | 37 |
|  Pangaea Logistics Solutions Ltd. | 15 | 68 |
|  Park Aerospace Corp. | 4 | 62 |
|  Parker-Hannifin Corp. | 83 | 58091 |
|  Park-Ohio Holdings Corp. | 5 | 84 |
|  Parsons Corp. <sup>(1)</sup> | 1 | 106 |
|  Paychex, Inc. | 6 | 899 |
|  Paycom Software, Inc. | 1 | 150 |
|  Paylocity Holding Corp. <sup>(1)(3)</sup> | 0 | 19 |
|  Pentair Plc | 5 | 467 |
|  Perma-Fix Environmental Services, Inc. <sup>(1)</sup> | 7 | 70 |
|  Pitney Bowes, Inc. | 38 | 410 |
|  Plug Power, Inc. <sup>(1)</sup> | 452 | 674 |
|  Power Solutions International, Inc. <sup>(1)(3)</sup> | 0 | 18 |
|  Preformed Line Products Co. | 1 | 176 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Primoris Services Corp. | 2 | $139 |
|  Proficient Auto Logistics, Inc. <sup>(1)</sup> | 146 | 1058 |
|  Proto Labs, Inc. <sup>(1)</sup> | 11 | 453 |
|  Quad/Graphics, Inc. | 7 | 37 |
|  Quanex Building Products Corp. | 22 | 421 |
|  Quanta Services, Inc. | 1 | 349 |
|  QXO, Inc. <sup>(1)</sup> | 17 | 357 |
|  Radiant Logistics, Inc. <sup>(1)</sup> | 14 | 86 |
|  RB Global, Inc. | 211 | 22392 |
|  RBC Bearings, Inc. <sup>(1)</sup> | 1 | 264 |
|  Regal Rexnord Corp. | 259 | 37488 |
|  Republic Services, Inc. – Class A | 74 | 18163 |
|  Resideo Technologies, Inc. <sup>(1)</sup> | 456 | 10068 |
|  Resolute Holdings Management, Inc. <sup>(1)</sup> | 1 | 35 |
|  Resources Connection, Inc. | 14 | 75 |
|  Robert Half, Inc. | 3 | 110 |
|  Rockwell Automation, Inc. | 72 | 23781 |
|  Rush Enterprises, Inc. – Class A | 14 | 708 |
|  Rush Enterprises, Inc. – Class B | 2 | 117 |
|  RXO, Inc. <sup>(1)</sup> | 321 | 5052 |
|  Ryder System, Inc. | 48 | 7589 |
|  Safe Bulkers, Inc. | 30 | 109 |
|  Saia, Inc. <sup>(1)</sup> | 1 | 203 |
|  Satellogic, Inc. – Class A <sup>(1)</sup> | 7 | 26 |
|  Schneider National, Inc. – Class B | 1 | 32 |
|  Science Applications International Corp. | 149 | 16827 |
|  Sensata Technologies Holding Plc | 133 | 4015 |
|  Shoals Technologies Group, Inc. – Class A <sup>(1)</sup> | 67 | 287 |
|  Shyft Group, Inc. | 14 | 180 |
|  Simpson Manufacturing Co., Inc. | 1 | 166 |
|  SiteOne Landscape Supply, Inc. <sup>(1)</sup> | 1 | 103 |
|  Skillsoft Corp. <sup>(1)</sup> | 2 | 32 |
|  SkyWest, Inc. <sup>(1)</sup> | 20 | 2033 |
|  Snap-on, Inc. | 25 | 7882 |
|  SolarMax Technology, Inc. <sup>(1)</sup> | 1 | 1 |
|  Southland Holdings, Inc. <sup>(1)</sup> | 7 | 28 |
|  Southwest Airlines Co. | 13 | 413 |
|  Spirit AeroSystems Holdings, Inc. – Class A <sup>(1)</sup> | 3 | 114 |
|  Spirit Aviation Holdings, Inc. <sup>(1)</sup> | 7 | 35 |
|  SS&C Technologies Holdings, Inc. | 6 | 490 |
|  StandardAero, Inc. <sup>(1)</sup> | 230 | 7277 |
|  Standex International Corp. | 86 | 13407 |
|  Stanley Black & Decker, Inc. | 4 | 292 |
|  Steelcase, Inc. – Class A | 41 | 433 |
|  Stem, Inc. <sup>(1)</sup> | 1 | 3 |
|  Sun Country Airlines Holdings, Inc. <sup>(1)</sup> | 248 | 2911 |
|  Sunrun, Inc. <sup>(1)</sup> | 101 | 823 |
|  T1 Energy, Inc. <sup>(1)</sup> | 50 | 62 |
|  Tecnoglass, Inc. | 32 | 2480 |
|  Tennant Co. | 25 | 1910 |
|  Terex Corp. | 32 | 1472 |
|  Tetra Tech, Inc. | 6 | 217 |
|  Textron, Inc. | 538 | 43203 |
|  Thermon Group Holdings, Inc. <sup>(1)</sup> | 14 | 394 |
|  Timken Co. | 329 | 23877 |
|  Titan International, Inc. <sup>(1)</sup> | 212 | 2180 |
|  Titan Machinery, Inc. <sup>(1)</sup> | 112 | 2225 |
|  Toro Co. | 3 | 196 |

---

The accompanying notes are an integral part of these financial statements.

505.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  TPI Composites, Inc. <sup>(1)</sup> | 2 | $2 |
|  Transcat, Inc. <sup>(1)</sup> | 2 | 185 |
|  TransUnion | 109 | 9554 |
|  Trex Co., Inc. <sup>(1)</sup> | 197 | 10726 |
|  TriNet Group, Inc. | 199 | 14575 |
|  Trinity Industries, Inc. | 21 | 563 |
|  Triumph Group, Inc. <sup>(1)</sup> | 22 | 563 |
|  TrueBlue, Inc. <sup>(1)</sup> | 14 | 93 |
|  TTEC Holdings, Inc. <sup>(1)</sup> | 10 | 46 |
|  Tutor Perini Corp. <sup>(1)</sup> | 22 | 1019 |
|  UFP Industries, Inc. | 144 | 14356 |
|  U-Haul Holding Co. <sup>(1)(3)</sup> | 0 | 9 |
|  U-Haul Holding Co. – Class B | 2 | 95 |
|  UniFirst Corp. | 7 | 1379 |
|  United Airlines Holdings, Inc. <sup>(1)</sup> | 100 | 7952 |
|  United Rentals, Inc. | 2 | 1361 |
|  Universal Logistics Holdings, Inc. | 3 | 82 |
|  Upwork, Inc. <sup>(1)</sup> | 270 | 3630 |
|  V2X, Inc. <sup>(1)</sup> | 8 | 372 |
|  Valmont Industries, Inc. | 1 | 178 |
|  Veralto Corp. | 4 | 404 |
|  Verisk Analytics, Inc. – Class A | 2 | 483 |
|  Vertiv Holdings Co. – Class A | 194 | 24946 |
|  Vestis Corp. | 55 | 316 |
|  Virco Mfg. Corp. | 6 | 46 |
|  VSE Corp. | 1 | 181 |
|  Wabash National Corp. | 20 | 213 |
|  Watsco, Inc. | 1 | 428 |
|  Watts Water Technologies, Inc. – Class A | 57 | 14123 |
|  Werner Enterprises, Inc. | 24 | 657 |
|  WESCO International, Inc. | 237 | 43933 |
|  Westinghouse Air Brake Technologies Corp. | 145 | 30364 |
|  Willdan Group, Inc. <sup>(1)</sup> | 2 | 135 |
|  Willis Lease Finance Corp. | 2 | 222 |
|  WillScot Holdings Corp. – Class A | 4 | 100 |
|  Woodward, Inc. | 2 | 405 |
|  Worthington Enterprises, Inc. | 11 | 670 |
|  WW Grainger, Inc. <sup>(3)</sup> | 0 | 184 |
|  XPO, Inc. <sup>(1)</sup> | 131 | 16548 |
|  Xylem, Inc. | 7 | 876 |
|  Total Industrials | Total Industrials | 1727707 |
| **Information Technology – 10.20%** |  |  |
|  8x8, Inc. <sup>(1)</sup> | 61 | 119 |
|  908 Devices, Inc. <sup>(1)</sup> | 3 | 23 |
|  A10 Networks, Inc. | 5 | 100 |
|  ACI Worldwide, Inc. <sup>(1)</sup> | 167 | 7683 |
|  ACM Research, Inc. – Class A <sup>(1)</sup> | 25 | 647 |
|  Adeia, Inc. | 7 | 98 |
|  Advanced Energy Industries, Inc. | 153 | 20300 |
|  Aehr Test Systems <sup>(1)</sup> | 3 | 33 |
|  Aeluma, Inc. <sup>(1)</sup> | 3 | 49 |
|  Airship AI Holdings, Inc. <sup>(1)</sup> | 3 | 19 |
|  Akamai Technologies, Inc. <sup>(1)</sup> | 4 | 319 |
|  Allegro MicroSystems, Inc. <sup>(1)</sup> | 3 | 119 |
|  Alpha & Omega Semiconductor Ltd. <sup>(1)</sup> | 12 | 306 |
|  Amdocs Ltd. | 78 | 7099 |
|  Amkor Technology, Inc. | 487 | 10229 |
|  ANSYS, Inc. <sup>(1)</sup> | 2 | 858 |
|  Applied Digital Corp. <sup>(1)</sup> | 21 | 209 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Applied Optoelectronics, Inc. <sup>(1)</sup> | 5 | $138 |
|  Arrow Electronics, Inc. <sup>(1)</sup> | 157 | 19964 |
|  Arteris, Inc. <sup>(1)</sup> | 12 | 116 |
|  ASGN, Inc. <sup>(1)</sup> | 21 | 1056 |
|  Aurora Innovation, Inc. – Class A <sup>(1)</sup> | 27 | 144 |
|  Aviat Networks, Inc. <sup>(1)</sup> | 6 | 142 |
|  Avnet, Inc. | 156 | 8276 |
|  Axcelis Technologies, Inc. <sup>(1)</sup> | 149 | 10390 |
|  Bel Fuse, Inc. – Class A | 1 | 72 |
|  Bel Fuse, Inc. – Class B | 106 | 10340 |
|  Belden, Inc. | 132 | 15326 |
|  Benchmark Electronics, Inc. | 17 | 667 |
|  BigBear.ai Holdings, Inc. <sup>(1)</sup> | 107 | 726 |
|  BILL Holdings, Inc. <sup>(1)</sup> | 3 | 119 |
|  Bit Digital, Inc. <sup>(1)</sup> | 88 | 193 |
|  Blackbaud, Inc. <sup>(1)</sup> | 4 | 228 |
|  Box, Inc. – Class A <sup>(1)</sup> | 16 | 532 |
|  CCC Intelligent Solutions Holdings, Inc. <sup>(1)</sup> | 14 | 135 |
|  CDW Corp. | 142 | 25437 |
|  Cerence, Inc. <sup>(1)</sup> | 15 | 150 |
|  CEVA, Inc. <sup>(1)</sup> | 2 | 36 |
|  Check Point Software Technologies Ltd. <sup>(1)</sup> | 136 | 30069 |
|  Ciena Corp. <sup>(1)</sup> | 437 | 35503 |
|  Cipher Mining, Inc. <sup>(1)</sup> | 128 | 610 |
|  Cirrus Logic, Inc. <sup>(1)</sup> | 77 | 8011 |
|  Cleanspark, Inc. <sup>(1)</sup> | 135 | 1489 |
|  Clearfield, Inc. <sup>(1)</sup> | 3 | 141 |
|  Cognex Corp. | 5 | 150 |
|  Cognizant Technology Solutions Corp. – Class A | 14 | 1075 |
|  Coherent Corp. <sup>(1)</sup> | 551 | 49117 |
|  Cohu, Inc. <sup>(1)</sup> | 22 | 418 |
|  CommScope Holding Co., Inc. <sup>(1)</sup> | 40 | 330 |
|  CompoSecure, Inc. – Class A <sup>(1)</sup> | 2 | 33 |
|  Consensus Cloud Solutions, Inc. <sup>(1)</sup> | 10 | 222 |
|  Core Scientific, Inc. <sup>(1)</sup> | 22 | 382 |
|  Corning, Inc. | 22 | 1144 |
|  Corsair Gaming, Inc. <sup>(1)</sup> | 23 | 214 |
|  Crane NXT Co. | 1 | 71 |
|  CS Disco, Inc. <sup>(1)</sup> | 6 | 26 |
|  CSP, Inc. | 1 | 19 |
|  CTS Corp. | 12 | 509 |
|  Daily Journal Corp. <sup>(1)(3)</sup> | 0 | 59 |
|  Daktronics, Inc. <sup>(1)</sup> | 16 | 241 |
|  Dell Technologies, Inc. – Class C | 129 | 15861 |
|  Diebold Nixdorf, Inc. <sup>(1)</sup> | 1 | 60 |
|  Digi International, Inc. <sup>(1)</sup> | 18 | 616 |
|  Digital Turbine, Inc. <sup>(1)</sup> | 18 | 104 |
|  Diodes, Inc. <sup>(1)</sup> | 22 | 1172 |
|  Docusign, Inc. – Class A <sup>(1)</sup> | 1 | 106 |
|  Dolby Laboratories, Inc. – Class A | 2 | 123 |
|  Domo, Inc. – Class B <sup>(1)</sup> | 2 | 31 |
|  Dropbox, Inc. – Class A <sup>(1)</sup> | 377 | 10787 |
|  DXC Technology Co. <sup>(1)</sup> | 120 | 1830 |
|  E2open Parent Holdings, Inc. <sup>(1)</sup> | 88 | 286 |
|  Eastman Kodak Co. <sup>(1)</sup> | 34 | 189 |
|  eGain Corp. <sup>(1)</sup> | 3 | 17 |
|  Entegris, Inc. | 3 | 281 |
|  EPAM Systems, Inc. <sup>(1)</sup> | 2 | 270 |
|  ePlus, Inc. <sup>(1)</sup> | 130 | 9379 |

---

The accompanying notes are an integral part of these financial statements.

506.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Everspin Technologies, Inc. <sup>(1)</sup> | 1 | $4 |
|  Expensify, Inc. – Class A <sup>(1)</sup> | 14 | 35 |
|  F5, Inc. <sup>(1)</sup> | 2 | 471 |
|  Fabrinet <sup>(1)</sup> | 96 | 28245 |
|  Fair Isaac Corp. <sup>(1)(3)</sup> | 0 | 212 |
|  FARO Technologies, Inc. <sup>(1)</sup> | 5 | 216 |
|  Fastly, Inc. – Class A <sup>(1)</sup> | 66 | 466 |
|  First Solar, Inc. <sup>(1)</sup> | 3 | 468 |
|  Flex Ltd. <sup>(1)</sup> | 331 | 16539 |
|  FormFactor, Inc. <sup>(1)</sup> | 460 | 15835 |
|  Gen Digital, Inc. | 809 | 23782 |
|  GlobalFoundries, Inc. <sup>(1)</sup> | 3 | 108 |
|  Globant SA <sup>(1)</sup> | 1 | 99 |
|  GoDaddy, Inc. – Class A <sup>(1)</sup> | 47 | 8411 |
|  Grid Dynamics Holdings, Inc. <sup>(1)</sup> | 7 | 76 |
|  Hackett Group, Inc. | 1 | 26 |
|  Harmonic, Inc. <sup>(1)</sup> | 40 | 382 |
|  Hewlett Packard Enterprise Co. | 469 | 9597 |
|  HP, Inc. | 443 | 10825 |
|  Hut 8 Corp. <sup>(1)</sup> | 215 | 3990 |
|  I3 Verticals, Inc. – Class A <sup>(1)</sup> | 11 | 291 |
|  Ichor Holdings Ltd. <sup>(1)</sup> | 16 | 321 |
|  Immersion Corp. | 14 | 110 |
|  indie Semiconductor, Inc. – Class A <sup>(1)</sup> | 57 | 201 |
|  Informatica, Inc. – Class A <sup>(1)</sup> | 3 | 71 |
|  Information Services Group, Inc. | 13 | 62 |
|  Ingram Micro Holding Corp. | 218 | 4534 |
|  Inseego Corp. <sup>(1)</sup> | 5 | 40 |
|  Insight Enterprises, Inc. <sup>(1)</sup> | 78 | 10708 |
|  InterDigital, Inc. | 54 | 12200 |
|  IPG Photonics Corp. <sup>(1)</sup> | 1 | 44 |
|  Itron, Inc. <sup>(1)</sup> | 11 | 1497 |
|  Jabil, Inc. | 146 | 31886 |
|  Juniper Networks, Inc. | 9 | 368 |
|  Keysight Technologies, Inc. <sup>(1)</sup> | 138 | 22623 |
|  Kimball Electronics, Inc. <sup>(1)</sup> | 12 | 239 |
|  Knowles Corp. <sup>(1)</sup> | 39 | 679 |
|  Kulicke & Soffa Industries, Inc. | 189 | 6543 |
|  Kyndryl Holdings, Inc. <sup>(1)</sup> | 6 | 253 |
|  Lam Research Corp. | 158 | 15403 |
|  Lattice Semiconductor Corp. <sup>(1)(3)</sup> | 0 | 24 |
|  Littelfuse, Inc. | 1 | 158 |
|  Lumentum Holdings, Inc. <sup>(1)</sup> | 2 | 168 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(1)</sup> | 1 | 189 |
|  MARA Holdings, Inc. <sup>(1)</sup> | 168 | 2632 |
|  Marvell Technology, Inc. | 378 | 29243 |
|  MaxLinear, Inc. – Class A <sup>(1)</sup> | 34 | 483 |
|  Mercurity Fintech Holding, Inc. <sup>(1)</sup> | 14 | 56 |
|  Methode Electronics, Inc. | 18 | 167 |
|  Microchip Technology, Inc. | 299 | 21070 |
|  MicroVision, Inc. <sup>(1)</sup> | 43 | 49 |
|  Mirion Technologies, Inc. – Class A <sup>(1)</sup> | 314 | 6756 |
|  Mitek Systems, Inc. <sup>(1)</sup> | 17 | 168 |
|  MKS, Inc. | 2 | 190 |
|  MongoDB, Inc. – Class A <sup>(1)</sup> | 2 | 417 |
|  Monolithic Power Systems, Inc. | 36 | 26370 |
|  N-able, Inc. <sup>(1)</sup> | 35 | 280 |
|  Navitas Semiconductor Corp. – Class A <sup>(1)</sup> | 54 | 352 |
|  nCino, Inc. <sup>(1)</sup> | 208 | 5820 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  NCR Voyix Corp. <sup>(1)</sup> | 68 | $798 |
|  Neonode, Inc. <sup>(1)</sup> | 1 | 16 |
|  NetApp, Inc. | 184 | 19571 |
|  NETGEAR, Inc. <sup>(1)</sup> | 13 | 389 |
|  NetScout Systems, Inc. <sup>(1)</sup> | 167 | 4144 |
|  nLight, Inc. <sup>(1)</sup> | 22 | 433 |
|  Nutanix, Inc. – Class A <sup>(1)</sup> | 5 | 410 |
|  Okta, Inc. – Class A <sup>(1)</sup> | 3 | 278 |
|  Olo, Inc. – Class A <sup>(1)</sup> | 24 | 210 |
|  ON Semiconductor Corp. <sup>(1)</sup> | 12 | 616 |
|  ON24, Inc. <sup>(1)</sup> | 18 | 95 |
|  OneSpan, Inc. | 15 | 255 |
|  Onto Innovation, Inc. <sup>(1)</sup> | 1 | 103 |
|  PAR Technology Corp. <sup>(1)</sup> | 8 | 557 |
|  PC Connection, Inc. | 6 | 362 |
|  Pegasystems, Inc. | 2 | 87 |
|  Penguin Solutions, Inc. <sup>(1)</sup> | 26 | 515 |
|  Photronics, Inc. <sup>(1)</sup> | 169 | 3180 |
|  Plexus Corp. <sup>(1)</sup> | 154 | 20830 |
|  Porch Group, Inc. <sup>(1)</sup> | 8 | 91 |
|  Powerfleet, Inc. <sup>(1)</sup> | 60 | 258 |
|  PTC, Inc. <sup>(1)</sup> | 3 | 506 |
|  Pure Storage, Inc. – Class A <sup>(1)</sup> | 1 | 67 |
|  Qorvo, Inc. <sup>(1)</sup> | 48 | 4064 |
|  Rackspace Technology, Inc. <sup>(1)</sup> | 32 | 41 |
|  Ralliant Corp. <sup>(1)</sup> | 3 | 153 |
|  Rambus, Inc. <sup>(1)</sup> | 118 | 7566 |
|  Rekor Systems, Inc. <sup>(1)</sup> | 1 | 1 |
|  Ribbon Communications, Inc. <sup>(1)</sup> | 45 | 181 |
|  Richardson Electronics Ltd. | 6 | 57 |
|  Rimini Street, Inc. <sup>(1)</sup> | 23 | 88 |
|  Riot Platforms, Inc. <sup>(1)</sup> | 161 | 1815 |
|  Roadzen, Inc. <sup>(1)</sup> | 5 | 5 |
|  Rogers Corp. <sup>(1)</sup> | 9 | 600 |
|  Rubrik, Inc. – Class A <sup>(1)</sup> | 1 | 98 |
|  SailPoint, Inc. <sup>(1)</sup> | 2 | 38 |
|  Sandisk Corp. <sup>(1)</sup> | 22 | 995 |
|  Sanmina Corp. <sup>(1)</sup> | 96 | 9366 |
|  ScanSource, Inc. <sup>(1)</sup> | 11 | 452 |
|  Seagate Technology Holdings Plc | 85 | 12267 |
|  SentinelOne, Inc. – Class A <sup>(1)</sup> | 2 | 42 |
|  Silvaco Group, Inc. <sup>(1)</sup> | 5 | 23 |
|  Skyworks Solutions, Inc. | 4 | 318 |
|  SmartRent, Inc. – Class A <sup>(1)</sup> | 3 | 3 |
|  Super Micro Computer, Inc. <sup>(1)</sup> | 8 | 380 |
|  Synaptics, Inc. <sup>(1)</sup> | 17 | 1114 |
|  TD SYNNEX Corp. | 48 | 6517 |
|  TE Connectivity Plc | 81 | 13618 |
|  Teledyne Technologies, Inc. <sup>(1)</sup> | 18 | 9392 |
|  Telos Corp. <sup>(1)</sup> | 26 | 83 |
|  Teradata Corp. <sup>(1)</sup> | 2 | 45 |
|  Teradyne, Inc. | 4 | 402 |
|  Terawulf, Inc. <sup>(1)</sup> | 8 | 37 |
|  Trimble, Inc. <sup>(1)</sup> | 7 | 505 |
|  TTM Technologies, Inc. <sup>(1)</sup> | 361 | 14725 |
|  Tucows, Inc. – Class A <sup>(1)</sup> | 3 | 50 |
|  Turtle Beach Corp. <sup>(1)</sup> | 3 | 48 |
|  Twilio, Inc. – Class A <sup>(1)</sup> | 3 | 406 |
|  Tyler Technologies, Inc. <sup>(1)</sup> | 51 | 30060 |
|  UiPath, Inc. – Class A <sup>(1)</sup> | 12 | 155 |

---

The accompanying notes are an integral part of these financial statements.

507.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Ultra Clean Holdings, Inc. <sup>(1)</sup> | 20 | $452 |
|  Unisys Corp. <sup>(1)</sup> | 8 | 36 |
|  Unity Software, Inc. <sup>(1)</sup> | 8 | 201 |
|  Universal Display Corp. | 1 | 188 |
|  Veeco Instruments, Inc. <sup>(1)</sup> | 27 | 556 |
|  Verint Systems, Inc. <sup>(1)</sup> | 31 | 603 |
|  VeriSign, Inc. | 60 | 17428 |
|  Viasat, Inc. <sup>(1)</sup> | 56 | 814 |
|  Vishay Intertechnology, Inc. | 59 | 931 |
|  Vishay Precision Group, Inc. <sup>(1)</sup> | 6 | 156 |
|  Vontier Corp. | 372 | 13709 |
|  Vuzix Corp. <sup>(1)</sup> | 6 | 18 |
|  Western Digital Corp. | 64 | 4125 |
|  Wolfspeed, Inc. <sup>(1)</sup> | 73 | 29 |
|  Xerox Holdings Corp. | 58 | 308 |
|  Xperi, Inc. <sup>(1)</sup> | 23 | 181 |
|  Zebra Technologies Corp. – Class A <sup>(1)</sup> | 62 | 18967 |
|  Zoom Communications, Inc. – Class A <sup>(1)</sup> | 54 | 4197 |
|  Total Information Technology | Total Information Technology | 868174 |
| **Materials – 5.17%** |  |  |
|  AdvanSix, Inc. | 13 | 313 |
|  Albemarle Corp. | 3 | 205 |
|  Alcoa Corp. | 7 | 216 |
|  Alpha Metallurgical Resources, Inc. <sup>(1)</sup> | 4 | 445 |
|  Amcor Plc | 64 | 585 |
|  American Battery Technology Co. <sup>(1)</sup> | 17 | 27 |
|  American Vanguard Corp. <sup>(1)</sup> | 12 | 48 |
|  Anglogold Ashanti Plc | 12 | 561 |
|  AptarGroup, Inc. | 2 | 283 |
|  Ardagh Metal Packaging SA | 50 | 213 |
|  Arq, Inc. <sup>(1)</sup> | 16 | 87 |
|  Ascent Industries Co. <sup>(1)</sup> | 3 | 43 |
|  Ashland, Inc. | 355 | 17860 |
|  Aspen Aerogels, Inc. <sup>(1)</sup> | 32 | 187 |
|  Avery Dennison Corp. | 2 | 379 |
|  Avient Corp. | 556 | 17950 |
|  Axalta Coating Systems Ltd. <sup>(1)</sup> | 200 | 5935 |
|  Ball Corp. | 250 | 14016 |
|  Cabot Corp. | 41 | 3074 |
|  Caledonia Mining Corp. Plc | 8 | 145 |
|  Carpenter Technology Corp. | 1 | 305 |
|  Celanese Corp. – Class A | 3 | 172 |
|  CF Industries Holdings, Inc. | 204 | 18798 |
|  Chemours Co. | 385 | 4412 |
|  Clearwater Paper Corp. <sup>(1)</sup> | 7 | 203 |
|  Cleveland-Cliffs, Inc. <sup>(1)</sup> | 13 | 102 |
|  Coeur Mining, Inc. <sup>(1)</sup> | 154 | 1363 |
|  Commercial Metals Co. | 284 | 13900 |
|  Compass Minerals International, Inc. <sup>(1)</sup> | 4 | 80 |
|  Constellium SE – Class A <sup>(1)</sup> | 43 | 575 |
|  Core Molding Technologies, Inc. <sup>(1)</sup> | 4 | 67 |
|  Corteva, Inc. | 19 | 1420 |
|  Critical Metals Corp. <sup>(1)</sup> | 8 | 30 |
|  Crown Holdings, Inc. | 48 | 4955 |
|  Dow, Inc. | 20 | 524 |
|  DuPont de Nemours, Inc. | 171 | 11704 |
|  Eagle Materials, Inc. | 1 | 174 |
|  Eastman Chemical Co. | 64 | 4810 |
|  Ecovyst, Inc. <sup>(1)</sup> | 220 | 1813 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Element Solutions, Inc. | 990 | $22417 |
|  Ferroglobe Plc | 59 | 216 |
|  Flotek Industries, Inc. <sup>(1)</sup> | 5 | 69 |
|  FMC Corp. | 3 | 144 |
|  Freeport-McMoRan, Inc. | 722 | 31298 |
|  Friedman Industries, Inc. | 3 | 45 |
|  Ginkgo Bioworks Holdings, Inc. <sup>(1)</sup> | 16 | 177 |
|  Graphic Packaging Holding Co. | 1166 | 24564 |
|  Greif, Inc. – Class A | 12 | 811 |
|  Greif, Inc. – Class B | 2 | 159 |
|  HB Fuller Co. | 139 | 8356 |
|  Hecla Mining Co. | 223 | 1336 |
|  Huntsman Corp. | 4 | 46 |
|  i-80 Gold Corp. <sup>(1)</sup> | 9 | 5 |
|  Ingevity Corp. <sup>(1)</sup> | 138 | 5947 |
|  Innospec, Inc. | 11 | 945 |
|  International Flavors & Fragrances, Inc. | 7 | 524 |
|  International Paper Co. | 175 | 8199 |
|  Intrepid Potash, Inc. <sup>(1)</sup> | 5 | 190 |
|  Ivanhoe Electric, Inc. <sup>(1)</sup> | 6 | 51 |
|  Kaiser Aluminum Corp. | 4 | 295 |
|  Knife River Corp. <sup>(1)</sup> | 158 | 12864 |
|  Koppers Holdings, Inc. | 93 | 3005 |
|  Kronos Worldwide, Inc. | 10 | 63 |
|  Louisiana-Pacific Corp. | 2 | 150 |
|  LSB Industries, Inc. <sup>(1)</sup> | 26 | 203 |
|  LyondellBasell Industries NV – Class A | 7 | 415 |
|  MAC Copper Ltd. – Class A <sup>(1)</sup> | 35 | 428 |
|  Magnera Corp. <sup>(1)</sup> | 41 | 491 |
|  Martin Marietta Materials, Inc. | 24 | 13126 |
|  Materion Corp. | 62 | 4901 |
|  Mativ Holdings, Inc. | 27 | 186 |
|  Metallus, Inc. <sup>(1)</sup> | 18 | 276 |
|  Minerals Technologies, Inc. | 115 | 6328 |
|  Mosaic Co. | 589 | 21476 |
|  MP Materials Corp. <sup>(1)</sup> | 3 | 112 |
|  Myers Industries, Inc. | 15 | 220 |
|  NewMarket Corp. | 12 | 8128 |
|  Novagold Resources, Inc. <sup>(1)</sup> | 8 | 34 |
|  Nucor Corp. | 6 | 829 |
|  O-I Glass, Inc. <sup>(1)</sup> | 57 | 844 |
|  Olin Corp. | 3 | 68 |
|  Olympic Steel, Inc. | 5 | 148 |
|  Orion SA | 27 | 280 |
|  Packaging Corp. of America | 88 | 16527 |
|  Perimeter Solutions, Inc. <sup>(1)</sup> | 67 | 930 |
|  PPG Industries, Inc. | 6 | 722 |
|  Quaker Chemical Corp. | 72 | 8053 |
|  Radius Recycling, Inc. – Class A | 13 | 398 |
|  Ranpak Holdings Corp. – Class A <sup>(1)</sup> | 25 | 90 |
|  Rayonier Advanced Materials, Inc. <sup>(1)</sup> | 30 | 116 |
|  Reliance, Inc. | 66 | 20708 |
|  Royal Gold, Inc. | 2 | 323 |
|  RPM International, Inc. | 4 | 388 |
|  Ryerson Holding Corp. | 13 | 285 |
|  Scotts Miracle-Gro Co. | 1 | 78 |
|  Sealed Air Corp. | 90 | 2780 |
|  Silgan Holdings, Inc. | 202 | 10968 |
|  Smurfit WestRock Plc | 15 | 626 |
|  Sonoco Products Co. | 3 | 123 |

---

The accompanying notes are an integral part of these financial statements.

508.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  SSR Mining, Inc. <sup>(1)</sup> | 98 | $1255 |
|  Steel Dynamics, Inc. | 40 | 5178 |
|  Stepan Co. | 10 | 564 |
|  SunCoke Energy, Inc. | 323 | 2773 |
|  Sylvamo Corp. | 116 | 5788 |
|  Titan America SA <sup>(1)</sup> | 199 | 2486 |
|  Tredegar Corp. <sup>(1)</sup> | 14 | 124 |
|  TriMas Corp. | 270 | 7730 |
|  Trinseo Plc | 16 | 49 |
|  Tronox Holdings Plc – Class A | 58 | 294 |
|  Valhi, Inc. | 1 | 20 |
|  Vulcan Materials Co. | 157 | 41041 |
|  Warrior Met Coal, Inc. | 25 | 1166 |
|  Westlake Corp. | 1 | 72 |
|  Worthington Steel, Inc. | 16 | 475 |
|  Total Materials | Total Materials | 440478 |
| **Real Estate – 6.87%** |  |  |
|  Acadia Realty Trust | 65 | 1209 |
|  Agree Realty Corp. | 3 | 219 |
|  Alexander & Baldwin, Inc. | 34 | 614 |
|  Alexandria Real Estate Equities, Inc. | 5 | 345 |
|  Alpine Income Property Trust, Inc. | 6 | 83 |
|  American Assets Trust, Inc. | 213 | 4215 |
|  American Healthcare REIT, Inc. | 125 | 4586 |
|  American Homes 4 Rent – Class A | 9 | 341 |
|  American Realty Investors, Inc. <sup>(1)</sup> | 1 | 9 |
|  Americold Realty Trust, Inc. | 440 | 7313 |
|  Anywhere Real Estate, Inc. <sup>(1)</sup> | 52 | 189 |
|  Apartment Investment & Management Co. – Class A | 27 | 232 |
|  Apple Hospitality REIT, Inc. | 531 | 6199 |
|  Armada Hoffler Properties, Inc. | 39 | 265 |
|  AvalonBay Communities, Inc. | 4 | 807 |
|  Braemar Hotels & Resorts, Inc. | 33 | 80 |
|  Brandywine Realty Trust | 305 | 1306 |
|  Brixmor Property Group, Inc. | 504 | 13125 |
|  Broadstone Net Lease, Inc. – Class A | 338 | 5426 |
|  BRT Apartments Corp. | 6 | 88 |
|  BXP, Inc. | 197 | 13258 |
|  Camden Property Trust | 3 | 335 |
|  CareTrust REIT, Inc. | 82 | 2498 |
|  CBL & Associates Properties, Inc. | 3 | 67 |
|  CBRE Group, Inc. – Class A <sup>(1)</sup> | 7 | 1032 |
|  Centerspace | 179 | 10785 |
|  Chatham Lodging Trust | 130 | 907 |
|  City Office REIT, Inc. | 135 | 721 |
|  Clipper Realty, Inc. | 6 | 21 |
|  Community Healthcare Trust, Inc. | 13 | 217 |
|  COPT Defense Properties | 56 | 1535 |
|  CoStar Group, Inc. <sup>(1)</sup> | 10 | 820 |
|  Cousins Properties, Inc. | 539 | 16192 |
|  Crown Castle, Inc. | 12 | 1242 |
|  CTO Realty Growth, Inc. | 14 | 242 |
|  CubeSmart | 471 | 20024 |
|  Curbline Properties Corp. | 47 | 1064 |
|  Cushman & Wakefield Plc <sup>(1)</sup> | 2361 | 26133 |
|  DiamondRock Hospitality Co. | 47 | 358 |
|  Digital Realty Trust, Inc. | 9 | 1638 |
|  Diversified Healthcare Trust | 108 | 386 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Douglas Elliman, Inc. <sup>(1)</sup> | 35 | $82 |
|  Douglas Emmett, Inc. | 467 | 7026 |
|  Easterly Government Properties, Inc. – Class A | 19 | 424 |
|  EastGroup Properties, Inc. | 220 | 36722 |
|  Elme Communities | 43 | 682 |
|  Empire State Realty Trust, Inc. – Class A | 68 | 552 |
|  EPR Properties | 250 | 14580 |
|  Equity LifeStyle Properties, Inc. | 190 | 11744 |
|  Equity Residential | 166 | 11222 |
|  Essential Properties Realty Trust, Inc. | 460 | 14686 |
|  Essex Property Trust, Inc. | 57 | 16227 |
|  Extra Space Storage, Inc. | 227 | 33433 |
|  Farmland Partners, Inc. | 21 | 244 |
|  Federal Realty Investment Trust | 2 | 225 |
|  First Industrial Realty Trust, Inc. | 4 | 172 |
|  Forestar Group, Inc. <sup>(1)</sup> | 9 | 187 |
|  Four Corners Property Trust, Inc. | 338 | 9092 |
|  Franklin Street Properties Corp. | 44 | 72 |
|  FrontView REIT, Inc. | 8 | 99 |
|  FRP Holdings, Inc. <sup>(1)</sup> | 6 | 149 |
|  Gaming & Leisure Properties, Inc. | 7 | 346 |
|  Getty Realty Corp. | 25 | 686 |
|  Gladstone Commercial Corp. | 18 | 257 |
|  Gladstone Land Corp. | 17 | 169 |
|  Global Medical REIT, Inc. | 31 | 214 |
|  Global Net Lease, Inc. | 95 | 714 |
|  Healthcare Realty Trust, Inc. – Class A | 9 | 144 |
|  Healthpeak Properties, Inc. | 19 | 340 |
|  Highwoods Properties, Inc. | 192 | 5970 |
|  Host Hotels & Resorts, Inc. | 392 | 6015 |
|  Howard Hughes Holdings, Inc. <sup>(1)</sup> | 1 | 55 |
|  Hudson Pacific Properties, Inc. <sup>(1)</sup> | 154 | 422 |
|  Independence Realty Trust, Inc. | 636 | 11250 |
|  Industrial Logistics Properties Trust | 25 | 115 |
|  Innovative Industrial Properties, Inc. – Class A | 49 | 2711 |
|  InvenTrust Properties Corp. | 38 | 1049 |
|  Invitation Homes, Inc. | 17 | 559 |
|  Iron Mountain, Inc. | 8 | 838 |
|  JBG SMITH Properties | 36 | 617 |
|  Jones Lang LaSalle, Inc. <sup>(1)</sup> | 1 | 244 |
|  Kennedy-Wilson Holdings, Inc. | 58 | 394 |
|  Kilroy Realty Corp. | 3 | 110 |
|  Kimco Realty Corp. | 19 | 392 |
|  Kite Realty Group Trust | 107 | 2430 |
|  Lamar Advertising Co. – Class A | 146 | 17779 |
|  Lineage, Inc. | 2 | 85 |
|  Logistic Properties Of The Americas <sup>(1)</sup> | 3 | 18 |
|  LTC Properties, Inc. | 22 | 761 |
|  LXP Industrial Trust | 142 | 1174 |
|  Macerich Co. | 124 | 2000 |
|  Marcus & Millichap, Inc. | 12 | 355 |
|  Maui Land & Pineapple Co., Inc. <sup>(1)</sup> | 1 | 14 |
|  Medical Properties Trust, Inc. | 14 | 60 |
|  Mid-America Apartment Communities, Inc. | 110 | 16237 |
|  Millrose Properties, Inc. | 3 | 95 |
|  Modiv Industrial, Inc. – Class C | 4 | 59 |
|  National Health Investors, Inc. | 18 | 1230 |
|  National Storage Affiliates Trust | 2 | 64 |

---

The accompanying notes are an integral part of these financial statements.

509.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  NET Lease Office Properties <sup>(1)</sup> | 7 | $240 |
|  NETSTREIT Corp. | 29 | 495 |
|  Newmark Group, Inc. – Class A | 67 | 813 |
|  NexPoint Diversified Real Estate Trust | 19 | 79 |
|  NexPoint Residential Trust, Inc. | 7 | 247 |
|  NNN REIT, Inc. | 5 | 224 |
|  Offerpad Solutions, Inc. <sup>(1)</sup> | 1 | 1 |
|  Omega Healthcare Investors, Inc. | 105 | 3846 |
|  One Liberty Properties, Inc. | 9 | 211 |
|  Outfront Media, Inc. | 264 | 4310 |
|  Paramount Group, Inc. <sup>(1)</sup> | 90 | 552 |
|  Park Hotels & Resorts, Inc. | 6 | 62 |
|  Peakstone Realty Trust | 19 | 250 |
|  Pebblebrook Hotel Trust | 57 | 572 |
|  Phillips Edison & Co., Inc. | 317 | 11088 |
|  Piedmont Realty Trust, Inc. – Class A | 253 | 1848 |
|  Plymouth Industrial REIT, Inc. | 413 | 6635 |
|  Postal Realty Trust, Inc. – Class A | 10 | 147 |
|  PotlatchDeltic Corp. | 392 | 15051 |
|  Rayonier, Inc. | 5 | 101 |
|  Realty Income Corp. | 25 | 1435 |
|  Regency Centers Corp. | 230 | 16370 |
|  REX Holdings, Inc. – Class A <sup>(1)</sup> | 10 | 79 |
|  Rexford Industrial Realty, Inc. | 230 | 8177 |
|  RLJ Lodging Trust | 73 | 534 |
|  RMR Group, Inc. – Class A | 9 | 141 |
|  Ryman Hospitality Properties, Inc. | 224 | 22110 |
|  Sabra Health Care REIT, Inc. | 542 | 9994 |
|  Safehold, Inc. | 27 | 424 |
|  Saul Centers, Inc. <sup>(3)</sup> | 0 | 14 |
|  SBA Communications Corp. – Class A | 48 | 11325 |
|  Seaport Entertainment Group, Inc. <sup>(1)</sup> | 3 | 64 |
|  Service Properties Trust | 233 | 557 |
|  Sila Realty Trust, Inc. | 27 | 649 |
|  Simon Property Group, Inc. | 163 | 26216 |
|  SITE Centers Corp. | 25 | 287 |
|  SL Green Realty Corp. | 35 | 2159 |
|  Smartstop Self Storage REIT, Inc. | 288 | 10443 |
|  STAG Industrial, Inc. | 5 | 185 |
|  Star Holdings <sup>(1)</sup> | 1 | 9 |
|  Stratus Properties, Inc. <sup>(1)</sup> | 3 | 54 |
|  Summit Hotel Properties, Inc. | 54 | 277 |
|  Sun Communities, Inc. | 3 | 359 |
|  Sunstone Hotel Investors, Inc. | 87 | 757 |
|  Tanger, Inc. | 6 | 172 |
|  Tejon Ranch Co. <sup>(1)</sup> | 10 | 165 |
|  Terreno Realty Corp. | 186 | 10455 |
|  Transcontinental Realty Investors, Inc. <sup>(1)</sup> | 1 | 41 |
|  UDR, Inc. | 9 | 357 |
|  UMH Properties, Inc. | 194 | 3256 |
|  Uniti Group, Inc. <sup>(1)</sup> | 418 | 1805 |
|  Universal Health Realty Income Trust | 1 | 34 |
|  Urban Edge Properties | 404 | 7530 |
|  Ventas, Inc. | 139 | 8798 |
|  Veris Residential, Inc. | 38 | 563 |
|  VICI Properties, Inc. – Class A | 320 | 10419 |
|  Vornado Realty Trust | 5 | 189 |
|  Weyerhaeuser Co. | 20 | 519 |
|  Whitestone REIT – Class B | 22 | 274 |
|  WP Carey, Inc. | 6 | 377 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Xenia Hotels & Resorts, Inc. | 43 | $536 |
|  Zillow Group, Inc. – Class A <sup>(1)</sup> | 1 | 92 |
|  Zillow Group, Inc. – Class C <sup>(1)</sup> | 5 | 321 |
|  Total Real Estate | Total Real Estate | 585012 |
| **Utilities – 4.80%** |  |  |
|  AES Corp. | 20 | 207 |
|  ALLETE, Inc. | 28 | 1802 |
|  Alliant Energy Corp. | 449 | 27124 |
|  Ameren Corp. | 8 | 723 |
|  American States Water Co. | 6 | 481 |
|  American Water Works Co., Inc. | 5 | 755 |
|  Atmos Energy Corp. | 4 | 673 |
|  Avista Corp. | 39 | 1473 |
|  Black Hills Corp. | 179 | 10027 |
|  Brookfield Infrastructure Corp. – Class A | 200 | 8328 |
|  Brookfield Renewable Corp. | 4 | 124 |
|  California Water Service Group | 29 | 1314 |
|  CenterPoint Energy, Inc. | 312 | 11460 |
|  Chesapeake Utilities Corp. | 7 | 868 |
|  Clearway Energy, Inc. – Class A | 1 | 40 |
|  Clearway Energy, Inc. – Class C | 2 | 65 |
|  CMS Energy Corp. | 395 | 27400 |
|  Consolidated Edison, Inc. | 10 | 1007 |
|  Consolidated Water Co. Ltd. | 5 | 148 |
|  DTE Energy Co. | 165 | 21892 |
|  Edison International | 11 | 548 |
|  Entergy Corp. | 193 | 16065 |
|  Essential Utilities, Inc. | 8 | 285 |
|  Evergy, Inc. | 415 | 28591 |
|  Eversource Energy | 100 | 6390 |
|  Exelon Corp. | 28 | 1224 |
|  FirstEnergy Corp. | 268 | 10776 |
|  Genie Energy Ltd. – Class B | 10 | 263 |
|  H2O America | 15 | 790 |
|  Hallador Energy Co. <sup>(1)</sup> | 1 | 18 |
|  Hawaiian Electric Industries, Inc. <sup>(1)</sup> | 84 | 894 |
|  IDACORP, Inc. – Class Rights | 1 | 168 |
|  MDU Resources Group, Inc. | 258 | 4294 |
|  MGE Energy, Inc. | 83 | 7353 |
|  Middlesex Water Co. | 7 | 385 |
|  Montauk Renewables, Inc. <sup>(1)</sup> | 24 | 54 |
|  National Fuel Gas Co. | 140 | 11838 |
|  New Jersey Resources Corp. | 232 | 10378 |
|  NiSource, Inc. | 13 | 530 |
|  Northwest Natural Holding Co. | 19 | 764 |
|  Northwestern Energy Group, Inc. | 252 | 12907 |
|  NRG Energy, Inc. | 112 | 18008 |
|  OGE Energy Corp. | 372 | 16510 |
|  Oklo, Inc. – Class A <sup>(1)</sup> | 38 | 2115 |
|  ONE Gas, Inc. | 274 | 19720 |
|  Ormat Technologies, Inc. | 29 | 2471 |
|  Otter Tail Corp. | 65 | 4983 |
|  PG&E Corp. | 61 | 851 |
|  Pinnacle West Capital Corp. | 3 | 296 |
|  Portland General Electric Co. | 316 | 12853 |
|  PPL Corp. | 21 | 699 |
|  Public Service Enterprise Group, Inc. | 14 | 1171 |
|  Pure Cycle Corp. <sup>(1)</sup> | 10 | 106 |
|  RGC Resources, Inc. | 4 | 83 |

---

The accompanying notes are an integral part of these financial statements.

510.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** | **Value<br>(000s)** |
|  Southwest Gas Holdings, Inc. | 31 | $| 2331 |
|  Spire, Inc. | 28 |  | 2051 |
|  Talen Energy Corp. <sup>(1)</sup> | 1 |  | 368 |
|  TXNM Energy, Inc. | 45 |  | 2531 |
|  UGI Corp. | 854 |  | 31116 |
|  Unitil Corp. | 8 |  | 397 |
|  Vistra Corp. | 153 |  | 29649 |
|  WEC Energy Group, Inc. | 275 |  | 28668 |
|  Xcel Energy, Inc. | 16 |  | 1096 |
|  York Water Co. | 5 |  | 163 |
|  Total Utilities | Total Utilities |  | 408662 |
|  **Total Common Stocks**<br> (Cost: $6,658,276) | **Total Common Stocks**<br> (Cost: $6,658,276) |  | **8330800** |
|  **WARRANTS – 0.00% <sup>(4)</sup>** |  |  |  |
| **Healthcare – 0.00% <sup>(4)</sup>** |  |  |  |
|  Pulse Biosciences, Inc., expires 06/27/2029 <sup>(1)(2)</sup> | 1 |  | 1 |
|  Total Healthcare | Total Healthcare |  | 1 |
|  **Total Warrants**<br> (Cost: $0) | **Total Warrants**<br> (Cost: $0) |  | **1** |
|  **SHORT-TERM INVESTMENTS – 2.11%** | **SHORT-TERM INVESTMENTS – 2.11%** | **SHORT-TERM INVESTMENTS – 2.11%** | **SHORT-TERM INVESTMENTS – 2.11%** |
| **Money Market Funds – 2.01%** |  |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(5)</sup> | 170559 |  | 170559 |
|  **Total Money Market Funds**<br> (Cost: $170,559) | **Total Money Market Funds**<br> (Cost: $170,559) |  | **170559** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.10%** |  |  |  |
|  ANZ, London, 3.83% due 07/01/2025 | $| 3697 | $3697 |
|  Citibank, New York, 3.83% due 07/01/2025 |  | 569 | 569 |
|  JP Morgan, New York, 3.83% due 07/01/2025 |  | 896 | 896 |
|  Royal Bank of Canada, Toronto, 1.80% due 07/02/2025 <sup>(3)</sup> | CAD | 0 | 0 |
|  Royal Bank of Canada, Toronto, 3.83% due 07/01/2025 | $| 3596 | 3596 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 1.05% due 07/01/2025 <sup>(3)</sup> | SEK | 0 | 0 |
|  **Total Time Deposits**<br> (Cost: $8,758) | **Total Time Deposits**<br> (Cost: $8,758) | **Total Time Deposits**<br> (Cost: $8,758) | **8758** |
|  **Total Short-Term Investments**<br> (Cost: $179,317) | **Total Short-Term Investments**<br> (Cost: $179,317) | **Total Short-Term Investments**<br> (Cost: $179,317) | **179317** |
| **TOTAL INVESTMENTS IN SECURITIES – 99.94%**<br> (Cost: $6,837,593) | **TOTAL INVESTMENTS IN SECURITIES – 99.94%**<br> (Cost: $6,837,593) | **TOTAL INVESTMENTS IN SECURITIES – 99.94%**<br> (Cost: $6,837,593) | **8510118** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.06% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.06% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.06% | **5397** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**8515515** |

---

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

CAD Canadian Dollar

SEK Swedish Krona

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $12, which represents 0.00% of total net assets. 

<sup>(3)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

<sup>(4)</sup> Amount calculated is less than 0.005%. 

<sup>(5)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(6)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $-, which represents 0.00% of total net assets. 

**Open Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 11 | E-mini Russell 1000 Future | Sep. 2025 | $1035 | $1059 | $24 |
| 32 | E-mini Russell 2000 Future | Sep. 2025 | 3464 | 3506 | 42 |
| 3 | S&P MidCap 400 E-mini Future | Sep. 2025 | 925 | 938 | 13 |
|  |  |  |  |  | $**79** |

---

The accompanying notes are an integral part of these financial statements.

511.0 ------

### Bridge Builder Tax Managed Small/Mid Cap Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 98.22%** |  |  |
| **Communication Services – 2.25%** |  |  |
|  AST SpaceMobile, Inc. – Class A <sup>(1)</sup> | 24 | $1141 |
|  Atlanta Braves Holdings, Inc. – Class C <sup>(1)</sup> | 23 | 1096 |
|  Cargurus, Inc. – Class A <sup>(1)</sup> | 18 | 605 |
|  Criteo SA – ADR <sup>(1)</sup> | 76 | 1829 |
|  EchoStar Corp. – Class A <sup>(1)</sup> | 25 | 706 |
|  Frontier Communications Parent, Inc. <sup>(1)</sup> | 12 | 422 |
|  IAC, Inc. <sup>(1)</sup> | 15 | 573 |
|  John Wiley & Sons, Inc. – Class A | 107 | 4790 |
|  Liberty Broadband Corp. – Class C <sup>(1)</sup> | 5 | 448 |
|  Liberty Media Corp.-Liberty Formula One – Class C <sup>(1)</sup> | 48 | 5042 |
|  Liberty Media Corp.-Liberty Live – Class C <sup>(1)</sup> | 1 | 74 |
|  Lumen Technologies, Inc. <sup>(1)</sup> | 97 | 424 |
|  Madison Square Garden Entertainment Corp. – Class A <sup>(1)</sup> | 12 | 477 |
|  Madison Square Garden Sports Corp. – Class A <sup>(1)</sup> | 1 | 106 |
|  News Corp. – Class B | 1 | 49 |
|  Nexstar Media Group, Inc. – Class A | 72 | 12399 |
|  Nextdoor Holdings, Inc. <sup>(1)</sup> | 292 | 485 |
|  Omnicom Group, Inc. <sup>(2)</sup> | 0 | 24 |
|  Pinterest, Inc. – Class A <sup>(1)</sup> | 23 | 821 |
|  Reddit, Inc. – Class A <sup>(1)</sup> | 22 | 3312 |
|  ROBLOX Corp. – Class A <sup>(1)</sup> | 42 | 4450 |
|  Roku, Inc. – Class A <sup>(1)</sup> | 4 | 329 |
|  Scholastic Corp. | 33 | 689 |
|  Shutterstock, Inc. | 21 | 392 |
|  Sphere Entertainment Co. <sup>(1)</sup> | 1 | 48 |
|  Spotify Technology SA <sup>(1)</sup> | 2 | 1674 |
|  Take-Two Interactive Software, Inc. <sup>(1)</sup> | 14 | 3435 |
|  TEGNA, Inc. | 35 | 586 |
|  Telephone & Data Systems, Inc. | 23 | 802 |
|  Thryv Holdings, Inc. <sup>(1)</sup> | 55 | 663 |
|  Trade Desk, Inc. – Class A <sup>(1)</sup> | 24 | 1705 |
|  TrueCar, Inc. <sup>(1)</sup> | 33 | 62 |
|  Vimeo, Inc. <sup>(1)</sup> | 116 | 468 |
|  Webtoon Entertainment, Inc. <sup>(1)</sup> | 45 | 408 |
|  Yelp, Inc. – Class A <sup>(1)</sup> | 20 | 684 |
|  Ziff Davis, Inc. <sup>(1)</sup> | 14 | 412 |
|  ZipRecruiter, Inc. – Class A <sup>(1)</sup> | 157 | 788 |
|  Total Communication Services | Total Communication Services | 52418 |
| **Consumer Discretionary – 11.32%** |  |  |
|  Abercrombie & Fitch Co. – Class A <sup>(1)</sup> | 2 | 153 |
|  Academy Sports & Outdoors, Inc. | 6 | 273 |
|  Accel Entertainment, Inc. – Class A <sup>(1)</sup> | 10 | 118 |
|  Adient Plc <sup>(1)</sup> | 88 | 1711 |
|  ADT, Inc. | 635 | 5382 |
|  Adtalem Global Education, Inc. <sup>(1)</sup> | 1 | 98 |
|  Amer Sports, Inc. <sup>(1)</sup> | 132 | 5111 |
|  Aptiv Plc <sup>(1)</sup> | 59 | 4032 |
|  Aramark | 14 | 604 |
|  Asbury Automotive Group, Inc. <sup>(1)</sup> | 1 | 268 |
|  AutoNation, Inc. <sup>(1)</sup> | 36 | 7249 |
|  AutoZone, Inc. <sup>(1)</sup> | 1 | 2806 |
|  Bath & Body Works, Inc. | 143 | 4273 |
|  Best Buy Co., Inc. | 3 | 206 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Birkenstock Holding Plc <sup>(1)</sup> | 136 | $6685 |
|  Boot Barn Holdings, Inc. <sup>(1)</sup> | 5 | 768 |
|  BorgWarner, Inc. | 168 | 5638 |
|  Bright Horizons Family Solutions, Inc. <sup>(1)</sup> | 68 | 8418 |
|  Brinker International, Inc. <sup>(1)</sup> | 32 | 5695 |
|  Brunswick Corp. | 73 | 4057 |
|  Burlington Stores, Inc. <sup>(1)</sup> | 10 | 2419 |
|  Caesars Entertainment, Inc. <sup>(1)</sup> | 1 | 37 |
|  Camping World Holdings, Inc. – Class A | 64 | 1104 |
|  CarMax, Inc. <sup>(1)</sup> | 2 | 156 |
|  Carvana Co. – Class A <sup>(1)</sup> | 9 | 2930 |
|  Cava Group, Inc. <sup>(1)</sup> | 20 | 1713 |
|  Cavco Industries, Inc. <sup>(1)</sup> | 1 | 600 |
|  Century Communities, Inc. | 3 | 183 |
|  Champion Homes, Inc. <sup>(1)</sup> | 15 | 959 |
|  Chipotle Mexican Grill, Inc. – Class A <sup>(1)</sup> | 27 | 1513 |
|  Choice Hotels International, Inc. <sup>(2)</sup> | 0 | 55 |
|  Churchill Downs, Inc. | 9 | 934 |
|  Coupang, Inc. – Class A <sup>(1)</sup> | 11 | 325 |
|  Coursera, Inc. <sup>(1)</sup> | 73 | 642 |
|  Cracker Barrel Old Country Store, Inc. | 38 | 2340 |
|  Crocs, Inc. <sup>(1)</sup> | 56 | 5700 |
|  Darden Restaurants, Inc. | 5 | 1003 |
|  Dave & Buster's Entertainment, Inc. <sup>(1)</sup> | 1 | 20 |
|  Deckers Outdoor Corp. <sup>(1)</sup> | 21 | 2146 |
|  Dick's Sporting Goods, Inc. | 20 | 3928 |
|  Dillard's, Inc. – Class A | 2 | 871 |
|  Domino's Pizza, Inc. | 4 | 1652 |
|  DoorDash, Inc. – Class A <sup>(1)</sup> | 17 | 4092 |
|  Dorman Products, Inc. <sup>(1)</sup> | 1 | 157 |
|  DR Horton, Inc. | 49 | 6329 |
|  Duolingo, Inc. – Class A <sup>(1)</sup> | 1 | 527 |
|  Dutch Bros, Inc. – Class A <sup>(1)</sup> | 54 | 3683 |
|  eBay, Inc. | 2 | 144 |
|  Everi Holdings, Inc. <sup>(1)</sup> | 38 | 545 |
|  Expedia Group, Inc. | 2 | 381 |
|  Five Below, Inc. <sup>(1)</sup> | 13 | 1695 |
|  Floor & Decor Holdings, Inc. – Class A <sup>(1)</sup> | 26 | 1971 |
|  Flutter Entertainment Plc <sup>(1)</sup> | 20 | 5835 |
|  Foot Locker, Inc. <sup>(1)</sup> | 68 | 1672 |
|  Frontdoor, Inc. <sup>(1)</sup> | 10 | 570 |
|  GameStop Corp. – Class A <sup>(1)</sup> | 15 | 375 |
|  Garmin Ltd. | 12 | 2446 |
|  G-III Apparel Group Ltd. <sup>(1)</sup> | 14 | 306 |
|  Global Business Travel Group I <sup>(1)</sup> | 72 | 454 |
|  Goodyear Tire & Rubber Co. <sup>(1)</sup> | 70 | 730 |
|  Graham Holdings Co. – Class B <sup>(2)</sup> | 0 | 56 |
|  Green Brick Partners, Inc. <sup>(1)</sup> | 1 | 80 |
|  Group 1 Automotive, Inc. | 14 | 6196 |
|  Hanesbrands, Inc. <sup>(1)</sup> | 40 | 185 |
|  Hasbro, Inc. | 11 | 807 |
|  Hilton Worldwide Holdings, Inc. | 27 | 7265 |
|  Hovnanian Enterprises, Inc. – Class A <sup>(1)</sup> | 5 | 471 |
|  Installed Building Products, Inc. | 12 | 2250 |
|  International Game Technology Plc | 33 | 525 |
|  KB Home | 15 | 819 |
|  KinderCare Learning Companies, Inc. <sup>(1)</sup> | 46 | 468 |
|  Las Vegas Sands Corp. | 26 | 1135 |
|  La-Z-Boy, Inc. | 1 | 24 |
|  LCI Industries | 1 | 83 |

---

The accompanying notes are an integral part of these financial statements.

512.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Lear Corp. | 8 | $717 |
|  LGI Homes, Inc. <sup>(1)</sup> | 12 | 638 |
|  Light & Wonder, Inc. <sup>(1)</sup> | 4 | 354 |
|  Lithia Motors, Inc. – Class A | 1 | 209 |
|  Macy's, Inc. | 20 | 235 |
|  Malibu Boats, Inc. – Class A <sup>(1)</sup> | 14 | 438 |
|  MarineMax, Inc. <sup>(1)</sup> | 23 | 568 |
|  Marriott Vacations Worldwide Corp. | 12 | 888 |
|  Meritage Homes Corp. | 4 | 253 |
|  Mister Car Wash, Inc. <sup>(1)</sup> | 76 | 457 |
|  Murphy USA, Inc. | 7 | 2971 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(1)</sup> | 14 | 278 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(1)</sup> | 37 | 4865 |
|  On Holding AG – Class A <sup>(1)</sup> | 125 | 6485 |
|  Patrick Industries, Inc. | 1 | 106 |
|  Penske Automotive Group, Inc. <sup>(2)</sup> | 0 | 57 |
|  Phinia, Inc. | 13 | 586 |
|  Planet Fitness, Inc. – Class A <sup>(1)</sup> | 25 | 2764 |
|  Pool Corp. | 7 | 2030 |
|  PulteGroup, Inc. | 32 | 3332 |
|  PVH Corp. | 57 | 3882 |
|  Ralph Lauren Corp. – Class A | 8 | 2154 |
|  Red Rock Resorts, Inc. – Class A | 11 | 556 |
|  Revolve Group, Inc. – Class A <sup>(1)</sup> | 13 | 258 |
|  RH <sup>(1)</sup> | 7 | 1404 |
|  Ross Stores, Inc. | 17 | 2211 |
|  Royal Caribbean Cruises Ltd. | 28 | 8670 |
|  Rush Street Interactive, Inc. <sup>(1)</sup> | 39 | 574 |
|  Shake Shack, Inc. – Class A <sup>(1)</sup> | 50 | 7059 |
|  SharkNinja, Inc. <sup>(1)</sup> | 71 | 7056 |
|  Signet Jewelers Ltd. | 11 | 852 |
|  Six Flags Entertainment Corp. <sup>(1)</sup> | 15 | 449 |
|  Somnigroup International, Inc. | 74 | 5019 |
|  Sonic Automotive, Inc. – Class A | 1 | 92 |
|  Sonos, Inc. <sup>(1)</sup> | 68 | 731 |
|  Sturm Ruger & Co., Inc. | 11 | 385 |
|  Tapestry, Inc. | 28 | 2439 |
|  Taylor Morrison Home Corp. – Class A <sup>(1)</sup> | 50 | 3077 |
|  Texas Roadhouse, Inc. – Class A | 71 | 13337 |
|  Thor Industries, Inc. | 12 | 1096 |
|  TopBuild Corp. <sup>(1)</sup> | 4 | 1431 |
|  Tractor Supply Co. | 172 | 9052 |
|  Travel + Leisure Co. | 1 | 50 |
|  Ulta Beauty, Inc. <sup>(1)</sup> | 7 | 3307 |
|  Urban Outfitters, Inc. <sup>(1)</sup> | 2 | 149 |
|  Victoria's Secret & Co. <sup>(1)</sup> | 10 | 192 |
|  Viking Holdings Ltd. <sup>(1)</sup> | 121 | 6461 |
|  Visteon Corp. <sup>(1)</sup> | 8 | 769 |
|  Williams-Sonoma, Inc. | 12 | 1975 |
|  Wingstop, Inc. | 5 | 1775 |
|  Wyndham Hotels & Resorts, Inc. | 8 | 654 |
|  XPEL, Inc. <sup>(1)</sup> | 14 | 496 |
|  YETI Holdings, Inc. <sup>(1)</sup> | 5 | 171 |
|  Yum China Holdings, Inc. | 26 | 1163 |
|  Yum! Brands, Inc. <sup>(2)</sup> | 0 | 24 |
|  Total Consumer Discretionary | Total Consumer Discretionary | 264252 |
| **Consumer Staples – 3.71%** |  |  |
|  Andersons, Inc. | 4 | 164 |
|  BJ's Wholesale Club Holdings, Inc. <sup>(1)</sup> | 120 | 12951 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Cal-Maine Foods, Inc. | 14 | $1434 |
|  Casey's General Stores, Inc. | 24 | 12454 |
|  Celsius Holdings, Inc. <sup>(1)</sup> | 15 | 695 |
|  Central Garden & Pet Co. – Class A <sup>(1)</sup> | 8 | 252 |
|  Church & Dwight Co., Inc. | 102 | 9776 |
|  Clorox Co. | 1 | 165 |
|  Coca-Cola Consolidated, Inc. | 10 | 1105 |
|  Darling Ingredients, Inc. <sup>(1)</sup> | 14 | 546 |
|  Dollar General Corp. | 9 | 999 |
|  Dollar Tree, Inc. <sup>(1)</sup> | 52 | 5181 |
|  elf Beauty, Inc. <sup>(1)</sup> | 8 | 1018 |
|  Ingles Markets, Inc. – Class A | 11 | 683 |
|  Interparfums, Inc. | 4 | 495 |
|  J.M. Smucker Co. | 4 | 412 |
|  John B Sanfilippo & Son, Inc. | 1 | 52 |
|  Kellanova | 10 | 763 |
|  Keurig Dr Pepper, Inc. | 337 | 11141 |
|  Kroger Co. | 5 | 373 |
|  Medifast, Inc. <sup>(1)</sup> | 30 | 426 |
|  Nature's Sunshine Products, Inc. <sup>(1)</sup> | 12 | 182 |
|  Nomad Foods Ltd. | 352 | 5984 |
|  Performance Food Group Co. <sup>(1)</sup> | 11 | 948 |
|  Post Holdings, Inc. <sup>(1)</sup> | 3 | 273 |
|  PriceSmart, Inc. | 1 | 139 |
|  Primo Brands Corp. – Class A | 49 | 1437 |
|  Reynolds Consumer Products, Inc. | 115 | 2456 |
|  Simply Good Foods Co. <sup>(1)</sup> | 16 | 507 |
|  Sprouts Farmers Market, Inc. <sup>(1)</sup> | 47 | 7814 |
|  Universal Corp. | 2 | 88 |
|  Utz Brands, Inc. | 46 | 582 |
|  Village Super Market, Inc. – Class A | 1 | 26 |
|  Walgreens Boots Alliance, Inc. | 77 | 879 |
|  WD-40 Co. | 17 | 3967 |
|  Weis Markets, Inc. | 4 | 325 |
|  Total Consumer Staples | Total Consumer Staples | 86692 |
| **Energy – 3.99%** |  |  |
|  Antero Resources Corp. <sup>(1)</sup> | 19 | 771 |
|  Baker Hughes Co. – Class A | 146 | 5584 |
|  Berry Corp. | 170 | 471 |
|  Bristow Group, Inc. <sup>(1)</sup> | 19 | 629 |
|  Cactus, Inc. – Class A | 11 | 489 |
|  California Resources Corp. | 10 | 458 |
|  Cameco Corp. | 72 | 5379 |
|  ChampionX Corp. | 46 | 1149 |
|  Cheniere Energy, Inc. | 16 | 3805 |
|  Chord Energy Corp. | 7 | 723 |
|  CNX Resources Corp. <sup>(1)</sup> | 244 | 8235 |
|  Comstock Resources, Inc. <sup>(1)</sup> | 26 | 727 |
|  Core Natural Resources, Inc. | 7 | 467 |
|  Coterra Energy, Inc. | 40 | 1004 |
|  CVR Energy, Inc. | 22 | 585 |
|  Diamondback Energy, Inc. | 3 | 382 |
|  Diversified Energy Co. Plc | 31 | 456 |
|  Dorian LPG Ltd. | 5 | 133 |
|  Encore Energy Corp. <sup>(1)</sup> | 251 | 717 |
|  EOG Resources, Inc. | 56 | 6671 |
|  Epsilon Energy Ltd. | 11 | 83 |
|  EQT Corp. | 108 | 6295 |
|  Excelerate Energy, Inc. – Class A | 23 | 687 |

---

The accompanying notes are an integral part of these financial statements.

513.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Expand Energy Corp. | 8 | $887 |
|  Expro Group Holdings NV <sup>(1)</sup> | 57 | 489 |
|  FLEX LNG Ltd. | 47 | 1041 |
|  Flowco Holdings, Inc. – Class A | 32 | 572 |
|  Golar LNG Ltd. | 15 | 600 |
|  Helmerich & Payne, Inc. | 32 | 490 |
|  Hess Corp. | 4 | 565 |
|  HF Sinclair Corp. | 45 | 1841 |
|  Innovex International, Inc. <sup>(1)</sup> | 48 | 753 |
|  International Seaways, Inc. | 12 | 445 |
|  Kinetik Holdings, Inc. – Class A | 9 | 408 |
|  Liberty Energy, Inc. – Class A | 13 | 146 |
|  Magnolia Oil & Gas Corp. – Class A | 227 | 5112 |
|  Matador Resources Co. | 59 | 2796 |
|  Noble Corp. Plc | 34 | 915 |
|  Northern Oil & Gas, Inc. | 148 | 4201 |
|  ONEOK, Inc. <sup>(2)</sup> | 0 | 31 |
|  Permian Resources Corp. – Class A | 83 | 1127 |
|  REX American Resources Corp. <sup>(1)</sup> | 3 | 163 |
|  Scorpio Tankers, Inc. | 11 | 421 |
|  Sitio Royalties Corp. – Class A | 176 | 3237 |
|  SM Energy Co. | 25 | 627 |
|  Solaris Energy Infrastructure, Inc. – Class A | 2 | 65 |
|  Targa Resources Corp. | 13 | 2345 |
|  TechnipFMC Plc | 107 | 3695 |
|  Teekay Corp. Ltd. | 35 | 290 |
|  Tidewater, Inc. <sup>(1)</sup> | 125 | 5783 |
|  Transocean Ltd. <sup>(1)</sup> | 173 | 449 |
|  Uranium Energy Corp. <sup>(1)</sup> | 111 | 754 |
|  Valero Energy Corp. | 27 | 3659 |
|  Viper Energy, Inc. – Class A | 11 | 401 |
|  Vital Energy, Inc. <sup>(1)</sup> | 57 | 923 |
|  Vitesse Energy, Inc. | 16 | 351 |
|  Williams Companies, Inc. | 27 | 1673 |
|  Total Energy | Total Energy | 93155 |
| **Financials – 14.86%** |  |  |
|  1st Source Corp. | 1 | 45 |
|  Affiliated Managers Group, Inc. | 1 | 153 |
|  Aflac, Inc. | 2 | 224 |
|  AGNC Investment Corp. | 15 | 137 |
|  Allstate Corp. | 13 | 2652 |
|  Ally Financial, Inc. | 9 | 338 |
|  Amerant Bancorp, Inc. – Class A | 9 | 167 |
|  American Financial Group, Inc. | 35 | 4378 |
|  Ameriprise Financial, Inc. | 1 | 302 |
|  Annaly Capital Management, Inc. | 414 | 7796 |
|  Apollo Commercial Real Estate Finance, Inc. | 74 | 718 |
|  Apollo Global Management, Inc. | 4 | 572 |
|  Arch Capital Group Ltd. | 117 | 10688 |
|  Ares Management Corp. – Class A | 25 | 4275 |
|  ARMOUR Residential REIT, Inc. | 54 | 902 |
|  Arthur J. Gallagher & Co. | 7 | 2286 |
|  Artisan Partners Asset Management, Inc. – Class A | 19 | 844 |
|  Associated Banc-Corp. | 2 | 44 |
|  Atlantic Union Bankshares Corp. | 21 | 665 |
|  AvidXchange Holdings, Inc. <sup>(1)</sup> | 63 | 612 |
|  Axis Capital Holdings Ltd. | 21 | 2146 |
|  Axos Financial, Inc. <sup>(1)</sup> | 6 | 458 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Baldwin Insurance Group, Inc. – Class A <sup>(1)</sup> | 10 | $415 |
|  Banc of California, Inc. | 63 | 880 |
|  BancFirst Corp. | 5 | 581 |
|  Banco Latinoamericano de Comercio Exterior SA – Class E | 9 | 377 |
|  Bank First Corp. | 1 | 79 |
|  Bank of Hawaii Corp. | 7 | 496 |
|  Bank of Marin Bancorp | 9 | 211 |
|  BankUnited, Inc. | 74 | 2647 |
|  Blackstone Mortgage Trust, Inc. – Class A | 22 | 420 |
|  Blue Owl Capital, Inc. – Class A | 25 | 474 |
|  Bread Financial Holdings, Inc. | 5 | 311 |
|  Bridgewater Bancshares, Inc. <sup>(1)</sup> | 32 | 505 |
|  Brookline Bancorp, Inc. | 30 | 314 |
|  Brown & Brown, Inc. | 91 | 10066 |
|  Burford Capital Ltd. | 44 | 624 |
|  Burke & Herbert Financial Services Corp. | 10 | 577 |
|  Byline Bancorp, Inc. | 1 | 28 |
|  Cadence Bank | 18 | 583 |
|  Capital One Financial Corp. | 13 | 2685 |
|  CBOE Global Markets, Inc. | 27 | 6236 |
|  Central Pacific Financial Corp. | 11 | 311 |
|  Cincinnati Financial Corp. <sup>(2)</sup> | 0 | 63 |
|  Citizens Financial Group, Inc. | 13 | 578 |
|  City Holding Co. | 1 | 136 |
|  CNA Financial Corp. | 15 | 691 |
|  CNO Financial Group, Inc. | 18 | 678 |
|  Cohen & Steers, Inc. | 5 | 360 |
|  Coinbase Global, Inc. – Class A <sup>(1)</sup> | 9 | 2986 |
|  Comerica, Inc. | 90 | 5382 |
|  Commerce Bancshares, Inc. | 9 | 573 |
|  Community Financial System, Inc. | 97 | 5489 |
|  Community Trust Bancorp, Inc. <sup>(2)</sup> | 0 | 1 |
|  Compass Diversified Holdings | 79 | 496 |
|  ConnectOne Bancorp, Inc. | 7 | 165 |
|  Corpay, Inc. <sup>(1)</sup> | 1 | 425 |
|  Credit Acceptance Corp. <sup>(1)</sup> | 1 | 422 |
|  Cullen/Frost Bankers, Inc. | 38 | 4930 |
|  Customers Bancorp, Inc. <sup>(1)</sup> | 9 | 509 |
|  CVB Financial Corp. | 21 | 409 |
|  Dime Community Bancshares, Inc. | 17 | 462 |
|  Eastern Bankshares, Inc. | 41 | 629 |
|  Enact Holdings, Inc. | 22 | 811 |
|  Enstar Group Ltd. <sup>(1)</sup> | 2 | 539 |
|  Enterprise Financial Services Corp. | 13 | 714 |
|  Equitable Holdings, Inc. | 73 | 4086 |
|  Essent Group Ltd. | 16 | 958 |
|  Euronet Worldwide, Inc. <sup>(1)</sup> | 69 | 6972 |
|  Evercore, Inc. – Class A <sup>(2)</sup> | 0 | 67 |
|  Everest Group Ltd. | 4 | 1434 |
|  EVERTEC, Inc. | 3 | 97 |
|  FactSet Research Systems, Inc. | 5 | 2202 |
|  FB Financial Corp. | 13 | 584 |
|  Fidelity National Financial, Inc. | 4 | 216 |
|  Fifth Third Bancorp | 183 | 7508 |
|  Financial Institutions, Inc. | 18 | 473 |
|  First Bancorp | 270 | 5620 |
|  First Citizens BancShares, Inc. – Class A | 4 | 6967 |
|  First Commonwealth Financial Corp. | 47 | 762 |
|  First Community Bankshares, Inc. | 1 | 52 |

---

The accompanying notes are an integral part of these financial statements.

514.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  First Financial Bancorp | 2 | $47 |
|  First Financial Bankshares, Inc. | 18 | 630 |
|  First Foundation, Inc. <sup>(1)</sup> | 54 | 274 |
|  First Hawaiian, Inc. | 187 | 4655 |
|  First Interstate BancSystem, Inc. – Class A | 10 | 295 |
|  FirstCash Holdings, Inc. | 6 | 836 |
|  Flagstar Financial, Inc. | 238 | 2526 |
|  Flushing Financial Corp. | 19 | 221 |
|  FNB Corp. | 2 | 30 |
|  Franklin BSP Realty Trust, Inc. | 8 | 84 |
|  Fulton Financial Corp. | 31 | 566 |
|  Genworth Financial, Inc. – Class A <sup>(1)</sup> | 39 | 300 |
|  German American Bancorp, Inc. | 1 | 52 |
|  Glacier Bancorp, Inc. | 22 | 956 |
|  HA Sustainable Infrastructure Capital, Inc. | 59 | 1588 |
|  Hamilton Lane, Inc. – Class A | 16 | 2319 |
|  Hancock Whitney Corp. | 4 | 228 |
|  Hanover Insurance Group, Inc. | 31 | 5252 |
|  HBT Financial, Inc. | 4 | 107 |
|  Heritage Commerce Corp. | 19 | 192 |
|  Heritage Financial Corp. | 22 | 525 |
|  HomeStreet, Inc. <sup>(1)</sup> | 25 | 330 |
|  Horace Mann Educators Corp. | 16 | 675 |
|  Horizon Bancorp, Inc. | 23 | 357 |
|  Houlihan Lokey, Inc. – Class A | 21 | 3859 |
|  Independent Bank Corp. | 3 | 92 |
|  Independent Bank Corp. | 42 | 2651 |
|  Interactive Brokers Group, Inc. – Class A | 69 | 3797 |
|  International Bancshares Corp. | 14 | 938 |
|  Invesco Ltd. | 398 | 6272 |
|  Jack Henry & Associates, Inc. | 2 | 397 |
|  Jackson Financial, Inc. – Class A | 6 | 575 |
|  Jefferies Financial Group, Inc. | 307 | 16770 |
|  Kemper Corp. | 37 | 2398 |
|  KeyCorp | 55 | 964 |
|  Kinsale Capital Group, Inc. | 16 | 7821 |
|  Ladder Capital Corp. – Class A | 21 | 222 |
|  Lincoln National Corp. | 12 | 398 |
|  Live Oak Bancshares, Inc. | 14 | 422 |
|  Loews Corp. | 70 | 6403 |
|  LPL Financial Holdings, Inc. | 11 | 4083 |
|  M&T Bank Corp. | 2 | 325 |
|  Marqeta, Inc. – Class A <sup>(1)</sup> | 166 | 967 |
|  Mercury General Corp. | 13 | 863 |
|  Metropolitan Bank Holding Corp. <sup>(1)</sup> | 4 | 246 |
|  MFA Financial, Inc. | 6 | 61 |
|  Moelis & Co. – Class A | 34 | 2138 |
|  Morningstar, Inc. | 4 | 1396 |
|  Mr Cooper Group, Inc. <sup>(1)</sup> | 2 | 236 |
|  MSCI, Inc. – Class A | 5 | 2997 |
|  NBT Bancorp, Inc. | 1 | 45 |
|  NCR Atleos Corp. <sup>(1)</sup> | 229 | 6544 |
|  Nelnet, Inc. – Class A | 2 | 281 |
|  NerdWallet, Inc. – Class A <sup>(1)</sup> | 16 | 181 |
|  NMI Holdings, Inc. – Class A <sup>(1)</sup> | 2 | 100 |
|  Northeast Bank | 5 | 414 |
|  NU Holdings Ltd. – Class A <sup>(1)</sup> | 175 | 2404 |
|  OFG Bancorp | 2 | 107 |
|  Old Second Bancorp, Inc. | 5 | 85 |
|  Pacific Premier Bancorp, Inc. | 17 | 360 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Pagseguro Digital Ltd. – Class A | 66 | $636 |
|  Park National Corp. | 2 | 375 |
|  Pinnacle Financial Partners, Inc. | 3 | 283 |
|  PRA Group, Inc. <sup>(1)</sup> | 9 | 130 |
|  Primis Financial Corp. | 44 | 482 |
|  PROG Holdings, Inc. | 1 | 32 |
|  Prosperity Bancshares, Inc. | 63 | 4427 |
|  Provident Financial Services, Inc. | 51 | 894 |
|  Prudential Financial, Inc. <sup>(2)</sup> | 0 | 36 |
|  QCR Holdings, Inc. <sup>(2)</sup> | 0 | 29 |
|  Radian Group, Inc. | 10 | 360 |
|  Raymond James Financial, Inc. | 12 | 1878 |
|  RBB Bancorp | 19 | 333 |
|  Redwood Trust, Inc. | 9 | 51 |
|  Regions Financial Corp. | 162 | 3814 |
|  Reinsurance Group of America, Inc. – Class A | 9 | 1738 |
|  Remitly Global, Inc. <sup>(1)</sup> | 61 | 1138 |
|  Renasant Corp. | 25 | 912 |
|  Republic Bancorp, Inc. – Class A | 8 | 553 |
|  RLI Corp. | 31 | 2218 |
|  Robinhood Markets, Inc. – Class A <sup>(1)</sup> | 75 | 7041 |
|  Rocket Companies, Inc. – Class A | 150 | 2122 |
|  Ryan Specialty Holdings, Inc. – Class A | 81 | 5482 |
|  S&T Bancorp, Inc. | 19 | 725 |
|  Safety Insurance Group, Inc. | 4 | 333 |
|  Seacoast Banking Corp. of Florida | 12 | 335 |
|  SEI Investments Co. <sup>(2)</sup> | 0 | 30 |
|  Selective Insurance Group, Inc. | 12 | 998 |
|  ServisFirst Bancshares, Inc. | 8 | 603 |
|  Shift4 Payments, Inc. – Class A <sup>(1)</sup> | 29 | 2893 |
|  SiriusPoint Ltd. <sup>(1)</sup> | 20 | 416 |
|  South State Corp. | 13 | 1218 |
|  Southern First Bancshares, Inc. <sup>(1)</sup> | 8 | 302 |
|  Stellar Bancorp, Inc. | 12 | 324 |
|  Stewart Information Services Corp. | 64 | 4170 |
|  Stifel Financial Corp. | 51 | 5275 |
|  StoneX Group, Inc. <sup>(1)</sup> | 4 | 408 |
|  Synchrony Financial | 1 | 95 |
|  T Rowe Price Group, Inc. | 2 | 179 |
|  Texas Capital Bancshares, Inc. <sup>(1)</sup> | 66 | 5266 |
|  TFS Financial Corp. | 18 | 230 |
|  Toast, Inc. – Class A <sup>(1)</sup> | 184 | 8154 |
|  Tompkins Financial Corp. | 4 | 244 |
|  TPG, Inc. – Class A | 67 | 3539 |
|  Tradeweb Markets, Inc. – Class A | 32 | 4750 |
|  TriCo Bancshares | 5 | 194 |
|  Triumph Financial, Inc. <sup>(1)</sup> | 12 | 678 |
|  TrustCo Bank Corp. NY | 1 | 40 |
|  UMB Financial Corp. | 80 | 8408 |
|  United Community Banks, Inc. | 30 | 893 |
|  Universal Insurance Holdings, Inc. | 12 | 320 |
|  Valley National Bancorp | 92 | 819 |
|  Virtu Financial, Inc. – Class A | 14 | 614 |
|  WaFd, Inc. | 22 | 659 |
|  Walker & Dunlop, Inc. | 58 | 4087 |
|  Washington Trust Bancorp, Inc. | 11 | 322 |
|  Webster Financial Corp. | 84 | 4601 |
|  WesBanco, Inc. | 32 | 997 |
|  Westamerica BanCorp | 4 | 188 |
|  Western Alliance Bancorp | 3 | 224 |

---

The accompanying notes are an integral part of these financial statements.

515.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  White Mountains Insurance Group Ltd. | 3 | $5148 |
|  Wintrust Financial Corp. | 45 | 5519 |
|  Zions Bancorp N.A. | 44 | 2297 |
|  Total Financials | Total Financials | 346984 |
| **Healthcare – 11.34%** |  |  |
|  10X Genomics, Inc. – Class A <sup>(1)</sup> | 40 | 460 |
|  Abiomed, Inc. <sup>(1)(2)(3)</sup> | 0 | 0 |
|  Acadia Healthcare Co., Inc. <sup>(1)</sup> | 22 | 503 |
|  ADMA Biologics, Inc. <sup>(1)</sup> | 28 | 504 |
|  Agilent Technologies, Inc. | 14 | 1657 |
|  Agios Pharmaceuticals, Inc. <sup>(1)</sup> | 6 | 211 |
|  Akero Therapeutics, Inc. <sup>(1)</sup> | 13 | 708 |
|  Alcon AG | 72 | 6343 |
|  Alignment Healthcare, Inc. <sup>(1)</sup> | 22 | 314 |
|  Alkermes Plc <sup>(1)</sup> | 29 | 839 |
|  Alnylam Pharmaceuticals, Inc. <sup>(1)</sup> | 17 | 5519 |
|  Amedisys, Inc. <sup>(1)</sup> | 4 | 426 |
|  Amicus Therapeutics, Inc. <sup>(1)</sup> | 73 | 418 |
|  Amneal Pharmaceuticals, Inc. <sup>(1)</sup> | 59 | 479 |
|  Amphastar Pharmaceuticals, Inc. <sup>(1)</sup> | 30 | 686 |
|  Anavex Life Sciences Corp. <sup>(1)</sup> | 116 | 1072 |
|  Arcellx, Inc. <sup>(1)</sup> | 9 | 606 |
|  Arrowhead Pharmaceuticals, Inc. <sup>(1)</sup> | 29 | 456 |
|  Ascendis Pharma – ADR <sup>(1)</sup> | 12 | 2134 |
|  Astria Therapeutics, Inc. <sup>(1)</sup> | 112 | 600 |
|  Aurinia Pharmaceuticals, Inc. <sup>(1)</sup> | 35 | 292 |
|  Avidity Biosciences, Inc. <sup>(1)</sup> | 20 | 578 |
|  Biohaven Ltd. <sup>(1)</sup> | 31 | 438 |
|  Bio-Techne Corp. | 72 | 3716 |
|  Blueprint Medicines Corp. <sup>(1)</sup> | 22 | 2786 |
|  Bridgebio Pharma, Inc. <sup>(1)</sup> | 71 | 3083 |
|  Bruker Corp. | 56 | 2311 |
|  Cargo Therapeutics, Inc. <sup>(1)</sup> | 103 | 425 |
|  Celldex Therapeutics, Inc. <sup>(1)</sup> | 19 | 395 |
|  Cencora, Inc. – Class A <sup>(2)</sup> | 0 | 84 |
|  Ceribell, Inc. <sup>(1)</sup> | 30 | 558 |
|  Certara, Inc. <sup>(1)</sup> | 47 | 552 |
|  Charles River Laboratories International, Inc. <sup>(1)</sup> | 48 | 7211 |
|  Chemed Corp. | 15 | 7218 |
|  Concentra Group Holdings Parent, Inc. | 41 | 845 |
|  CONMED Corp. | 10 | 500 |
|  Cooper Companies, Inc. <sup>(1)</sup> | 67 | 4739 |
|  CorVel Corp. <sup>(1)</sup> | 5 | 483 |
|  Crinetics Pharmaceuticals, Inc. <sup>(1)</sup> | 6 | 171 |
|  CRISPR Therapeutics AG <sup>(1)</sup> | 10 | 484 |
|  Cross Country Healthcare, Inc. <sup>(1)</sup> | 61 | 794 |
|  Cytokinetics, Inc. <sup>(1)</sup> | 23 | 756 |
|  DaVita, Inc. <sup>(1)</sup> | 2 | 304 |
|  Denali Therapeutics, Inc. <sup>(1)</sup> | 47 | 664 |
|  Dentsply Sirona, Inc. | 36 | 575 |
|  DexCom, Inc. <sup>(1)</sup> | 42 | 3681 |
|  Doximity, Inc. – Class A <sup>(1)</sup> | 7 | 431 |
|  Dynavax Technologies Corp. – Class A <sup>(1)</sup> | 43 | 427 |
|  Embecta Corp. | 45 | 433 |
|  Encompass Health Corp. | 97 | 11920 |
|  Enovis Corp. <sup>(1)</sup> | 40 | 1248 |
|  Ensign Group, Inc. | 26 | 4036 |
|  Envista Holdings Corp. <sup>(1)</sup> | 299 | 5851 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Exact Sciences Corp. <sup>(1)</sup> | 23 | $1248 |
|  Exelixis, Inc. <sup>(1)</sup> | 121 | 5318 |
|  Fulgent Genetics, Inc. <sup>(1)</sup> | 23 | 461 |
|  GE HealthCare Technologies, Inc. | 8 | 605 |
|  Glaukos Corp. <sup>(1)</sup> | 8 | 866 |
|  Globus Medical, Inc. – Class A <sup>(1)</sup> | 48 | 2842 |
|  Haemonetics Corp. <sup>(1)</sup> | 115 | 8574 |
|  Halozyme Therapeutics, Inc. <sup>(1)</sup> | 19 | 1001 |
|  HealthEquity, Inc. <sup>(1)</sup> | 4 | 456 |
|  Hims & Hers Health, Inc. <sup>(1)</sup> | 15 | 726 |
|  Hologic, Inc. <sup>(1)</sup> | 12 | 803 |
|  Humana, Inc. | 12 | 3028 |
|  ICON Plc <sup>(1)</sup> | 67 | 9695 |
|  Ideaya Biosciences, Inc. <sup>(1)</sup> | 21 | 440 |
|  IDEXX Laboratories, Inc. <sup>(1)</sup> | 2 | 1117 |
|  Innoviva, Inc. <sup>(1)</sup> | 28 | 564 |
|  Inogen, Inc. <sup>(1)</sup> | 32 | 227 |
|  Insmed, Inc. <sup>(1)</sup> | 106 | 10702 |
|  Inspire Medical Systems, Inc. <sup>(1)</sup> | 6 | 799 |
|  Insulet Corp. <sup>(1)</sup> | 3 | 1036 |
|  Integer Holdings Corp. <sup>(1)</sup> | 52 | 6422 |
|  Intellia Therapeutics, Inc. <sup>(1)</sup> | 75 | 704 |
|  Ionis Pharmaceuticals, Inc. <sup>(1)</sup> | 95 | 3749 |
|  iRhythm Technologies, Inc. <sup>(1)</sup> | 9 | 1449 |
|  Jazz Pharmaceuticals Plc <sup>(1)</sup> | 22 | 2332 |
|  Joint Corp. <sup>(1)</sup> | 18 | 209 |
|  Krystal Biotech, Inc. <sup>(1)</sup> | 6 | 774 |
|  Labcorp Holdings, Inc. | 41 | 10795 |
|  Lantheus Holdings, Inc. <sup>(1)</sup> | 7 | 539 |
|  LeMaitre Vascular, Inc. | 3 | 288 |
|  LifeMD, Inc. <sup>(1)</sup> | 57 | 771 |
|  LifeStance Health Group, Inc. <sup>(1)</sup> | 92 | 473 |
|  Ligand Pharmaceuticals, Inc. <sup>(1)(2)</sup> | 0 | 29 |
|  LivaNova Plc <sup>(1)</sup> | 11 | 510 |
|  Madrigal Pharmaceuticals, Inc. <sup>(1)</sup> | 10 | 2900 |
|  McKesson Corp. | 5 | 3348 |
|  Medpace Holdings, Inc. <sup>(1)</sup> | 3 | 902 |
|  Merit Medical Systems, Inc. <sup>(1)</sup> | 63 | 5859 |
|  Mesa Laboratories, Inc. | 6 | 543 |
|  Mettler-Toledo International, Inc. <sup>(1)</sup> | 2 | 2314 |
|  Mineralys Therapeutics, Inc. <sup>(1)</sup> | 23 | 306 |
|  Molina Healthcare, Inc. <sup>(1)</sup> | 2 | 450 |
|  Mural Oncology Plc <sup>(1)</sup> | 1 | 1 |
|  Natera, Inc. <sup>(1)</sup> | 70 | 11860 |
|  National HealthCare Corp. | 6 | 611 |
|  NeoGenomics, Inc. <sup>(1)</sup> | 18 | 128 |
|  Neurocrine Biosciences, Inc. <sup>(1)</sup> | 62 | 7821 |
|  Nuvalent, Inc. – Class A <sup>(1)</sup> | 14 | 1031 |
|  OmniAb, Inc. – Class CR3 <sup>(1)(2)(3)</sup><sup>(5)</sup> | 0 |  |
|  OmniAb, Inc. – Class CR4 <sup>(1)(2)(3)</sup><sup>(5)</sup> | 0 |  |
|  Omnicell, Inc. <sup>(1)</sup> | 9 | 260 |
|  Organon & Co. | 53 | 512 |
|  Pacira BioSciences, Inc. <sup>(1)</sup> | 37 | 894 |
|  Pediatrix Medical Group, Inc. <sup>(1)</sup> | 149 | 2139 |
|  Penumbra, Inc. <sup>(1)</sup> | 16 | 4219 |
|  Phibro Animal Health Corp. – Class A | 4 | 102 |
|  Premier, Inc. – Class A | 8 | 165 |
|  Prestige Consumer Healthcare, Inc. <sup>(1)</sup> | 4 | 349 |
|  PTC Therapeutics, Inc. <sup>(1)</sup> | 7 | 319 |
|  Pulse Biosciences, Inc. <sup>(1)</sup> | 26 | 385 |

---

The accompanying notes are an integral part of these financial statements.

516.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  QIAGEN NV <sup>(1)</sup> | 65 | $3143 |
|  Quanterix Corp. <sup>(1)</sup> | 71 | 470 |
|  Quest Diagnostics, Inc. <sup>(2)</sup> | 0 | 40 |
|  RadNet, Inc. <sup>(1)</sup> | 77 | 4398 |
|  Rapport Therapeutics, Inc. <sup>(1)</sup> | 41 | 468 |
|  ResMed, Inc. | 5 | 1235 |
|  Revolution Medicines, Inc. <sup>(1)</sup> | 56 | 2077 |
|  Roivant Sciences Ltd. <sup>(1)</sup> | 225 | 2537 |
|  Royalty Pharma Plc – Class A | 18 | 638 |
|  Sarepta Therapeutics, Inc. <sup>(1)</sup> | 26 | 449 |
|  Select Medical Holdings Corp. | 16 | 247 |
|  Solventum Corp. <sup>(1)</sup> | 7 | 511 |
|  Sotera Health Co. <sup>(1)</sup> | 41 | 457 |
|  SpringWorks Therapeutics, Inc. <sup>(1)</sup> | 7 | 321 |
|  STERIS Plc | 3 | 783 |
|  Supernus Pharmaceuticals, Inc. <sup>(1)</sup> | 19 | 597 |
|  Surgery Partners, Inc. <sup>(1)</sup> | 21 | 476 |
|  Surmodics, Inc. <sup>(1)</sup> | 9 | 281 |
|  Teladoc Health, Inc. <sup>(1)</sup> | 58 | 502 |
|  Teleflex, Inc. | 4 | 501 |
|  Tenet Healthcare Corp. <sup>(1)</sup> | 36 | 6379 |
|  TransMedics Group, Inc. <sup>(1)</sup> | 6 | 810 |
|  Travere Therapeutics, Inc. – Class Preferre <sup>(1)</sup> | 25 | 367 |
|  Twist Bioscience Corp. <sup>(1)</sup> | 12 | 443 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(1)</sup> | 31 | 1144 |
|  Universal Health Services, Inc. – Class B | 5 | 993 |
|  US Physical Therapy, Inc. | 8 | 625 |
|  Varex Imaging Corp. <sup>(1)</sup> | 54 | 471 |
|  Vaxcyte, Inc. <sup>(1)</sup> | 15 | 501 |
|  Veeva Systems, Inc. – Class A <sup>(1)</sup> | 16 | 4715 |
|  Veracyte, Inc. <sup>(1)</sup> | 21 | 580 |
|  Vericel Corp. <sup>(1)</sup> | 11 | 474 |
|  Viking Therapeutics, Inc. <sup>(1)</sup> | 31 | 814 |
|  Voyager Therapeutics, Inc. <sup>(1)</sup> | 74 | 231 |
|  Waters Corp. <sup>(1)</sup> | 2 | 722 |
|  Waystar Holding Corp. <sup>(1)</sup> | 87 | 3553 |
|  West Pharmaceutical Services, Inc. | 11 | 2368 |
|  Xenon Pharmaceuticals, Inc. <sup>(1)</sup> | 15 | 476 |
|  Total Healthcare | Total Healthcare | 264691 |
| **Industrials – 23.15%** |  |  |
|  AAON, Inc. | 73 | 5378 |
|  AAR Corp. <sup>(1)</sup> | 7 | 511 |
|  ABM Industries, Inc. | 33 | 1581 |
|  Advanced Drainage Systems, Inc. | 2 | 275 |
|  AECOM | 16 | 1767 |
|  AerCap Holdings NV | 132 | 15393 |
|  Aerovironment, Inc. <sup>(1)</sup> | 2 | 516 |
|  Air Lease Corp. – Class A | 34 | 2018 |
|  Alamo Group, Inc. | 3 | 728 |
|  Alaska Air Group, Inc. <sup>(1)</sup> | 9 | 445 |
|  Albany International Corp. – Class A | 9 | 635 |
|  Allegiant Travel Co. – Class A <sup>(1)</sup> | 9 | 480 |
|  Allegion Plc | 15 | 2164 |
|  Amentum Holdings, Inc. <sup>(1)</sup> | 32 | 755 |
|  American Woodmark Corp. <sup>(1)</sup> | 2 | 99 |
|  AMETEK, Inc. | 11 | 1979 |
|  AO Smith Corp. | 1 | 88 |
|  API Group Corp. <sup>(1)</sup> | 107 | 5449 |
|  Applied Industrial Technologies, Inc. | 24 | 5667 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  ArcBest Corp. | 72 | $5517 |
|  Archer Aviation, Inc. – Class A <sup>(1)</sup> | 54 | 590 |
|  Arcosa, Inc. | 59 | 5127 |
|  Armstrong World Industries, Inc. | 27 | 4426 |
|  ATI, Inc. <sup>(1)</sup> | 27 | 2320 |
|  Atkore, Inc. | 7 | 473 |
|  Atmus Filtration Technologies, Inc. | 11 | 407 |
|  Axon Enterprise, Inc. <sup>(1)</sup> | 6 | 4681 |
|  AZEK Co., Inc. – Class A <sup>(1)</sup> | 21 | 1130 |
|  AZZ, Inc. | 3 | 289 |
|  Barrett Business Services, Inc. | 15 | 608 |
|  Boise Cascade Co. | 4 | 336 |
|  Booz Allen Hamilton Holding Corp. – Class A | 27 | 2777 |
|  Brady Corp. – Class A | 50 | 3426 |
|  BrightView Holdings, Inc. <sup>(1)</sup> | 27 | 446 |
|  Brink's Co. | 11 | 1018 |
|  Builders FirstSource, Inc. <sup>(1)</sup> | 14 | 1664 |
|  BWX Technologies, Inc. | 5 | 761 |
|  CACI International, Inc. – Class A <sup>(1)</sup> | 11 | 5204 |
|  Canadian Pacific Kansas City Ltd. | 97 | 7697 |
|  Carlisle Companies, Inc. | 32 | 12098 |
|  Casella Waste Systems, Inc. – Class A <sup>(1)</sup> | 51 | 5837 |
|  CBIZ, Inc. <sup>(1)</sup> | 4 | 314 |
|  CH Robinson Worldwide, Inc. | 64 | 6126 |
|  Chart Industries, Inc. <sup>(1)</sup> | 4 | 734 |
|  Cintas Corp. | 12 | 2589 |
|  CNH Industrial NV | 268 | 3468 |
|  Columbus McKinnon Corp. | 39 | 591 |
|  Comfort Systems USA, Inc. | 4 | 2356 |
|  Copart, Inc. <sup>(1)</sup> | 62 | 3037 |
|  Core & Main, Inc. – Class A <sup>(1)</sup> | 207 | 12491 |
|  Crane Co. | 63 | 11926 |
|  CSW Industrials, Inc. <sup>(2)</sup> | 0 | 51 |
|  CSX Corp. | 54 | 1766 |
|  Cummins, Inc. <sup>(2)</sup> | 0 | 31 |
|  Custom Truck One Source, Inc. <sup>(1)</sup> | 91 | 450 |
|  Delta Air Lines, Inc. | 21 | 1030 |
|  Donaldson Co., Inc. | 39 | 2694 |
|  Driven Brands Holdings, Inc. <sup>(1)</sup> | 25 | 446 |
|  Ducommun, Inc. <sup>(1)</sup> | 1 | 69 |
|  Dycom Industries, Inc. <sup>(1)</sup> | 11 | 2695 |
|  EMCOR Group, Inc. | 11 | 5692 |
|  Enerpac Tool Group Corp. – Class A | 101 | 4112 |
|  EnerSys | 7 | 634 |
|  Enpro, Inc. | 3 | 641 |
|  Equifax, Inc. | 4 | 1001 |
|  Esab Corp. | 45 | 5457 |
|  ESCO Technologies, Inc. | 13 | 2523 |
|  ExlService Holdings, Inc. <sup>(1)</sup> | 6 | 265 |
|  Expeditors International of Washington, Inc. | 3 | 365 |
|  Fastenal Co. | 15 | 647 |
|  Federal Signal Corp. | 46 | 4874 |
|  Ferguson Enterprises, Inc. | 7 | 1590 |
|  First Advantage Corp. <sup>(1)</sup> | 206 | 3414 |
|  Fluor Corp. <sup>(1)</sup> | 124 | 6337 |
|  Fortune Brands Innovations, Inc. | 1 | 66 |
|  Forward Air Corp. <sup>(1)</sup> | 27 | 653 |
|  Franklin Electric Co., Inc. | 1 | 130 |
|  FTAI Aviation Ltd. | 7 | 748 |
|  FTI Consulting, Inc. <sup>(1)</sup> | 5 | 808 |

---

The accompanying notes are an integral part of these financial statements.

517.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Gates Industrial Corp. Plc <sup>(1)</sup> | 611 | $14080 |
|  GATX Corp. | 9 | 1445 |
|  Generac Holdings, Inc. <sup>(1)</sup> | 2 | 238 |
|  Gibraltar Industries, Inc. <sup>(1)</sup> | 9 | 522 |
|  Global Industrial Co. | 6 | 172 |
|  Graco, Inc. | 25 | 2142 |
|  Granite Construction, Inc. | 1 | 69 |
|  GXO Logistics, Inc. <sup>(1)</sup> | 127 | 6194 |
|  HEICO Corp. | 8 | 2744 |
|  HEICO Corp. – Class A | 20 | 5112 |
|  Heidrick & Struggles International, Inc. | 3 | 127 |
|  Herc Holdings, Inc. | 35 | 4624 |
|  Hexcel Corp. | 55 | 3089 |
|  Hillenbrand, Inc. | 42 | 844 |
|  Hillman Solutions Corp. <sup>(1)</sup> | 21 | 151 |
|  HNI Corp. | 2 | 114 |
|  Howmet Aerospace, Inc. | 39 | 7191 |
|  Hub Group, Inc. – Class A | 17 | 575 |
|  Hubbell, Inc. – Class B | 13 | 5417 |
|  Hudson Technologies, Inc. <sup>(1)</sup> | 73 | 597 |
|  IDEX Corp. | 5 | 827 |
|  Ingersoll Rand, Inc. | 41 | 3380 |
|  ITT, Inc. | 80 | 12490 |
|  Jacobs Solutions, Inc. | 58 | 7654 |
|  JBT Marel Corp. | 45 | 5413 |
|  JetBlue Airways Corp. <sup>(1)</sup> | 68 | 286 |
|  Kadant, Inc. | 9 | 2767 |
|  Karman Holdings, Inc. <sup>(1)</sup> | 42 | 2103 |
|  Kirby Corp. <sup>(1)</sup> | 105 | 11884 |
|  Knight-Swift Transportation Holdings, Inc. – Class A | 60 | 2657 |
|  Korn Ferry | 25 | 1856 |
|  Kratos Defense & Security Solutions, Inc. <sup>(1)</sup> | 37 | 1728 |
|  L3Harris Technologies, Inc. | 48 | 12041 |
|  Landstar System, Inc. | 2 | 319 |
|  Lennox International, Inc. | 1 | 524 |
|  Lincoln Electric Holdings, Inc. | 47 | 9846 |
|  Loar Holdings, Inc. <sup>(1)</sup> | 91 | 7876 |
|  Marten Transport Ltd. | 49 | 643 |
|  MasTec, Inc. <sup>(1)</sup> | 33 | 5699 |
|  Masterbrand, Inc. <sup>(1)</sup> | 1 | 14 |
|  Matson, Inc. | 6 | 675 |
|  Maximus, Inc. | 1 | 46 |
|  Mercury Systems, Inc. <sup>(1)</sup> | 17 | 908 |
|  Middleby Corp. <sup>(1)</sup> | 14 | 1956 |
|  Miller Industries, Inc. | 8 | 360 |
|  MillerKnoll, Inc. | 190 | 3688 |
|  Moog, Inc. – Class A | 21 | 3846 |
|  MSA Safety, Inc. | 10 | 1713 |
|  Mueller Industries, Inc. | 18 | 1410 |
|  National Presto Industries, Inc. | 1 | 144 |
|  NEXTracker, Inc. – Class A <sup>(1)</sup> | 16 | 852 |
|  Nordson Corp. | 23 | 5027 |
|  nVent Electric Plc | 26 | 1902 |
|  Old Dominion Freight Line, Inc. | 5 | 839 |
|  OPENLANE, Inc. <sup>(1)</sup> | 14 | 352 |
|  Oshkosh Corp. | 20 | 2327 |
|  Parker-Hannifin Corp. <sup>(2)</sup> | 0 | 76 |
|  Parsons Corp. <sup>(1)</sup> | 46 | 3269 |
|  Paycom Software, Inc. | 3 | 735 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Pentair Plc | 57 | $5808 |
|  Quanex Building Products Corp. | 2 | 46 |
|  Quanta Services, Inc. | 15 | 5562 |
|  RB Global, Inc. | 9 | 938 |
|  RBC Bearings, Inc. <sup>(1)</sup> | 38 | 14469 |
|  Regal Rexnord Corp. | 38 | 5545 |
|  Republic Services, Inc. – Class A | 38 | 9412 |
|  Resideo Technologies, Inc. <sup>(1)</sup> | 13 | 297 |
|  Robert Half, Inc. | 11 | 454 |
|  Rocket Lab Corp. <sup>(1)</sup> | 40 | 1436 |
|  Rockwell Automation, Inc. <sup>(2)</sup> | 0 | 151 |
|  Rollins, Inc. | 90 | 5075 |
|  Rush Enterprises, Inc. – Class A | 12 | 632 |
|  RXO, Inc. <sup>(1)</sup> | 23 | 366 |
|  Schneider National, Inc. – Class B | 2 | 59 |
|  Shyft Group, Inc. | 18 | 226 |
|  Simpson Manufacturing Co., Inc. | 27 | 4211 |
|  SiteOne Landscape Supply, Inc. <sup>(1)</sup> | 12 | 1491 |
|  SkyWest, Inc. <sup>(1)</sup> | 6 | 653 |
|  Spirit AeroSystems Holdings, Inc. – Class A <sup>(1)</sup> | 28 | 1082 |
|  SPX Technologies, Inc. <sup>(1)</sup> | 31 | 5224 |
|  StandardAero, Inc. <sup>(1)</sup> | 206 | 6515 |
|  Standex International Corp. <sup>(2)</sup> | 0 | 65 |
|  Stanley Black & Decker, Inc. | 1 | 68 |
|  Star Bulk Carriers Corp. | 135 | 2333 |
|  Steelcase, Inc. – Class A | 8 | 78 |
|  Sunrun, Inc. <sup>(1)</sup> | 60 | 492 |
|  Terex Corp. | 14 | 676 |
|  Tetra Tech, Inc. | 333 | 11973 |
|  Timken Co. | 13 | 937 |
|  Toro Co. | 122 | 8602 |
|  Trane Technologies Plc | 9 | 3935 |
|  TransDigm Group, Inc. <sup>(2)</sup> | 0 | 87 |
|  Trex Co., Inc. <sup>(1)</sup> | 18 | 970 |
|  Trinity Industries, Inc. | 17 | 470 |
|  Tutor Perini Corp. <sup>(1)</sup> | 19 | 874 |
|  Uber Technologies, Inc. <sup>(1)</sup> | 9 | 793 |
|  UFP Industries, Inc. | 4 | 446 |
|  U-Haul Holding Co. <sup>(1)</sup> | 4 | 268 |
|  U-Haul Holding Co. – Class B | 17 | 911 |
|  UL Solutions, Inc. – Class A | 76 | 5528 |
|  United Airlines Holdings, Inc. <sup>(1)</sup> | 1 | 106 |
|  United Rentals, Inc. | 1 | 701 |
|  V2X, Inc. <sup>(1)</sup> | 13 | 616 |
|  Valmont Industries, Inc. | 28 | 9080 |
|  Verisk Analytics, Inc. – Class A | 4 | 1145 |
|  Verra Mobility Corp. – Class A <sup>(1)</sup> | 22 | 554 |
|  Vertiv Holdings Co. – Class A | 43 | 5500 |
|  Vicor Corp. <sup>(1)</sup> | 13 | 610 |
|  VSE Corp. | 8 | 1016 |
|  Watsco, Inc. | 22 | 9629 |
|  Watts Water Technologies, Inc. – Class A | 11 | 2613 |
|  WESCO International, Inc. | 47 | 8646 |
|  Westinghouse Air Brake Technologies Corp. | 8 | 1582 |
|  WillScot Holdings Corp. – Class A | 92 | 2528 |
|  WNS Holdings Ltd. <sup>(1)</sup> | 28 | 1749 |
|  Woodward, Inc. | 4 | 909 |
|  Worthington Enterprises, Inc. <sup>(2)</sup> | 0 | 29 |
|  WW Grainger, Inc. <sup>(2)</sup> | 0 | 108 |
|  XPO, Inc. <sup>(1)</sup> | 14 | 1705 |

---

The accompanying notes are an integral part of these financial statements.

518.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Xylem, Inc. | 8 | $1002 |
|  Zurn Elkay Water Solutions Corp. | 8 | 286 |
|  Total Industrials | Total Industrials | 540432 |
| **Information Technology – 14.70%** |  |  |
|  ACI Worldwide, Inc. <sup>(1)</sup> | 101 | 4655 |
|  Advanced Energy Industries, Inc. | 2 | 324 |
|  Agilysys, Inc. <sup>(1)</sup> | 6 | 635 |
|  Akamai Technologies, Inc. <sup>(1)</sup> | 3 | 202 |
|  Ambarella, Inc. <sup>(1)</sup> | 11 | 703 |
|  Amdocs Ltd. | 91 | 8278 |
|  Amkor Technology, Inc. | 44 | 920 |
|  ANSYS, Inc. <sup>(1)</sup> | 1 | 334 |
|  AppLovin Corp. – Class A <sup>(1)</sup> | 11 | 3687 |
|  Arista Networks, Inc. <sup>(1)</sup> | 23 | 2398 |
|  Arlo Technologies, Inc. <sup>(1)</sup> | 42 | 715 |
|  Arrow Electronics, Inc. <sup>(1)(2)</sup> | 0 | 49 |
|  Astera Labs, Inc. <sup>(1)</sup> | 55 | 5006 |
|  Atlassian Corp. – Class A <sup>(1)</sup> | 7 | 1516 |
|  AvePoint, Inc. <sup>(1)</sup> | 6 | 116 |
|  Avnet, Inc. | 59 | 3156 |
|  Badger Meter, Inc. | 26 | 6302 |
|  Belden, Inc. | 45 | 5263 |
|  Benchmark Electronics, Inc. | 3 | 131 |
|  Bentley Systems, Inc. – Class B | 95 | 5143 |
|  BigCommerce Holdings, Inc. <sup>(1)</sup> | 23 | 115 |
|  Blackbaud, Inc. <sup>(1)</sup> | 3 | 199 |
|  BlackLine, Inc. <sup>(1)</sup> | 11 | 617 |
|  Box, Inc. – Class A <sup>(1)</sup> | 5 | 180 |
|  C3.ai, Inc. – Class A <sup>(1)</sup> | 12 | 301 |
|  Calix, Inc. <sup>(1)</sup> | 55 | 2905 |
|  Ciena Corp. <sup>(1)</sup> | 5 | 443 |
|  Cleanspark, Inc. <sup>(1)</sup> | 45 | 501 |
|  Cloudflare, Inc. – Class A <sup>(1)</sup> | 24 | 4637 |
|  Coherent Corp. <sup>(1)</sup> | 11 | 1020 |
|  Commvault Systems, Inc. <sup>(1)</sup> | 40 | 6946 |
|  Confluent, Inc. – Class A <sup>(1)</sup> | 55 | 1361 |
|  Corsair Gaming, Inc. <sup>(1)</sup> | 54 | 513 |
|  Crane NXT Co. | 47 | 2544 |
|  Credo Technology Group Holding Ltd. <sup>(1)</sup> | 89 | 8257 |
|  Crowdstrike Holdings, Inc. – Class A <sup>(1)</sup> | 7 | 3607 |
|  CyberArk Software Ltd. <sup>(1)</sup> | 19 | 7628 |
|  Daily Journal Corp. <sup>(1)</sup> | 1 | 245 |
|  Datadog, Inc. – Class A <sup>(1)</sup> | 29 | 3852 |
|  DigitalOcean Holdings, Inc. <sup>(1)</sup> | 16 | 470 |
|  Diodes, Inc. <sup>(1)</sup> | 17 | 887 |
|  Docusign, Inc. – Class A <sup>(1)</sup> | 5 | 418 |
|  Domo, Inc. – Class B <sup>(1)</sup> | 48 | 673 |
|  Dynatrace, Inc. <sup>(1)</sup> | 97 | 5342 |
|  Elastic NV <sup>(1)</sup> | 16 | 1345 |
|  Entegris, Inc. | 43 | 3444 |
|  EPAM Systems, Inc. <sup>(1)</sup> | 3 | 469 |
|  ePlus, Inc. <sup>(1)</sup> | 2 | 146 |
|  EverCommerce, Inc. <sup>(1)</sup> | 29 | 301 |
|  F5, Inc. <sup>(1)</sup> | 16 | 4790 |
|  Fabrinet <sup>(1)</sup> | 13 | 3783 |
|  Fair Isaac Corp. <sup>(1)</sup> | 5 | 9889 |
|  FormFactor, Inc. <sup>(1)</sup> | 82 | 2809 |
|  Gartner, Inc. <sup>(1)</sup> | 9 | 3494 |
|  Gen Digital, Inc. | 82 | 2402 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  GlobalFoundries, Inc. <sup>(1)</sup> | 20 | $748 |
|  Globant SA <sup>(1)</sup> | 58 | 5280 |
|  GoDaddy, Inc. – Class A <sup>(1)</sup> | 12 | 2194 |
|  Guidewire Software, Inc. <sup>(1)</sup> | 26 | 6171 |
|  HubSpot, Inc. <sup>(1)</sup> | 8 | 4577 |
|  Impinj, Inc. <sup>(1)</sup> | 4 | 452 |
|  Informatica, Inc. – Class A <sup>(1)</sup> | 26 | 626 |
|  Insight Enterprises, Inc. <sup>(1)</sup> | 1 | 146 |
|  Intel Corp. | 29 | 639 |
|  IonQ, Inc. <sup>(1)</sup> | 17 | 738 |
|  IPG Photonics Corp. <sup>(1)</sup> | 63 | 4344 |
|  Itron, Inc. <sup>(1)</sup> | 9 | 1179 |
|  Jabil, Inc. | 7 | 1517 |
|  Keysight Technologies, Inc. <sup>(1)</sup> | 2 | 402 |
|  Klaviyo, Inc. – Class A <sup>(1)</sup> | 114 | 3824 |
|  Lattice Semiconductor Corp. <sup>(1)</sup> | 214 | 10497 |
|  Littelfuse, Inc. | 30 | 6857 |
|  Lumentum Holdings, Inc. <sup>(1)</sup> | 75 | 7130 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(1)</sup> | 45 | 6448 |
|  Manhattan Associates, Inc. <sup>(1)</sup> | 56 | 11126 |
|  MARA Holdings, Inc. <sup>(1)</sup> | 31 | 490 |
|  Marvell Technology, Inc. | 11 | 836 |
|  MaxLinear, Inc. – Class A <sup>(1)</sup> | 32 | 461 |
|  MicroStrategy, Inc. – Class A <sup>(1)</sup> | 3 | 1237 |
|  Mirion Technologies, Inc. – Class A <sup>(1)</sup> | 44 | 945 |
|  MKS, Inc. | 49 | 4909 |
|  Monday.com Ltd. <sup>(1)</sup> | 20 | 6157 |
|  MongoDB, Inc. – Class A <sup>(1)</sup> | 7 | 1529 |
|  Monolithic Power Systems, Inc. | 3 | 2188 |
|  nCino, Inc. <sup>(1)</sup> | 4 | 115 |
|  NCR Voyix Corp. <sup>(1)</sup> | 42 | 498 |
|  NetApp, Inc. | 4 | 397 |
|  Nice Ltd. – ADR <sup>(1)</sup> | 23 | 3898 |
|  Novanta, Inc. <sup>(1)</sup> | 34 | 4373 |
|  Nutanix, Inc. – Class A <sup>(1)</sup> | 92 | 7053 |
|  Okta, Inc. – Class A <sup>(1)</sup> | 11 | 1066 |
|  ON Semiconductor Corp. <sup>(1)</sup> | 220 | 11508 |
|  Onto Innovation, Inc. <sup>(1)</sup> | 6 | 637 |
|  OSI Systems, Inc. <sup>(1)(2)</sup> | 0 | 106 |
|  Palantir Technologies, Inc. – Class A <sup>(1)</sup> | 43 | 5881 |
|  Palo Alto Networks, Inc. <sup>(1)</sup> | 14 | 2806 |
|  Pegasystems, Inc. | 2 | 92 |
|  Power Integrations, Inc. | 107 | 5970 |
|  Procore Technologies, Inc. <sup>(1)</sup> | 35 | 2421 |
|  PTC, Inc. <sup>(1)</sup> | 6 | 1091 |
|  Pure Storage, Inc. – Class A <sup>(1)</sup> | 45 | 2607 |
|  Q2 Holdings, Inc. <sup>(1)</sup> | 6 | 586 |
|  Qualys, Inc. <sup>(1)</sup> | 9 | 1339 |
|  Rambus, Inc. <sup>(1)</sup> | 38 | 2433 |
|  Riot Platforms, Inc. <sup>(1)</sup> | 54 | 606 |
|  Rubrik, Inc. – Class A <sup>(1)</sup> | 56 | 4996 |
|  SailPoint, Inc. <sup>(1)</sup> | 119 | 2726 |
|  Samsara, Inc. – Class A <sup>(1)</sup> | 30 | 1175 |
|  Sandisk Corp. <sup>(1)</sup> | 1 | 50 |
|  Sanmina Corp. <sup>(1)</sup> | 4 | 410 |
|  ScanSource, Inc. <sup>(1)</sup> | 4 | 147 |
|  SentinelOne, Inc. – Class A <sup>(1)</sup> | 15 | 281 |
|  ServiceTitan, Inc. – Class A <sup>(1)</sup> | 27 | 2883 |
|  Silicon Laboratories, Inc. <sup>(1)</sup> | 5 | 790 |

---

The accompanying notes are an integral part of these financial statements.

519.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  SiTime Corp. <sup>(1)</sup> | 4 | $933 |
|  Skyworks Solutions, Inc. | 11 | 815 |
|  Snowflake, Inc. – Class A <sup>(1)</sup> | 10 | 2293 |
|  SPS Commerce, Inc. <sup>(1)</sup> | 27 | 3627 |
|  Super Micro Computer, Inc. <sup>(1)</sup> | 17 | 845 |
|  TD SYNNEX Corp. | 42 | 5712 |
|  Teledyne Technologies, Inc. <sup>(1)</sup> | 4 | 2137 |
|  Teradyne, Inc. | 102 | 9188 |
|  Trimble, Inc. <sup>(1)</sup> | 6 | 423 |
|  Twilio, Inc. – Class A <sup>(1)</sup> | 12 | 1438 |
|  Tyler Technologies, Inc. <sup>(1)</sup> | 14 | 8421 |
|  Ubiquiti, Inc. | 1 | 596 |
|  Varonis Systems, Inc. – Class B <sup>(1)</sup> | 75 | 3792 |
|  Veeco Instruments, Inc. <sup>(1)</sup> | 31 | 631 |
|  Viavi Solutions, Inc. <sup>(1)</sup> | 49 | 491 |
|  Vishay Intertechnology, Inc. | 47 | 742 |
|  Western Digital Corp. | 3 | 211 |
|  Zebra Technologies Corp. – Class A <sup>(1)</sup> | 4 | 1248 |
|  Zoom Communications, Inc. – Class A <sup>(1)</sup> | 7 | 555 |
|  Zscaler, Inc. <sup>(1)</sup> | 2 | 476 |
|  Total Information Technology | Total Information Technology | 343228 |
| **Materials – 3.98%** |  |  |
|  Albemarle Corp. | 7 | 444 |
|  Alcoa Corp. | 6 | 189 |
|  Alpha Metallurgical Resources, Inc. <sup>(1)(2)</sup> | 0 | 19 |
|  Amcor Plc | 233 | 2144 |
|  AptarGroup, Inc. | 65 | 10179 |
|  Ashland, Inc. | 47 | 2367 |
|  Avery Dennison Corp. | 8 | 1388 |
|  Avient Corp. | 88 | 2848 |
|  Axalta Coating Systems Ltd. <sup>(1)</sup> | 6 | 178 |
|  Balchem Corp. | 17 | 2644 |
|  Ball Corp. | 13 | 749 |
|  Cabot Corp. | 7 | 499 |
|  Carpenter Technology Corp. | 4 | 1054 |
|  Celanese Corp. – Class A | 11 | 586 |
|  CF Industries Holdings, Inc. | 2 | 218 |
|  Chemours Co. | 34 | 392 |
|  Coeur Mining, Inc. <sup>(1)</sup> | 82 | 726 |
|  Commercial Metals Co. | 14 | 666 |
|  Corteva, Inc. | 1 | 92 |
|  Crown Holdings, Inc. | 3 | 285 |
|  Eagle Materials, Inc. | 19 | 3849 |
|  Element Solutions, Inc. | 95 | 2159 |
|  Freeport-McMoRan, Inc. | 104 | 4506 |
|  Graphic Packaging Holding Co. | 698 | 14717 |
|  Greif, Inc. – Class B | 5 | 378 |
|  HB Fuller Co. | 14 | 868 |
|  Hecla Mining Co. | 136 | 817 |
|  Innospec, Inc. | 8 | 633 |
|  International Flavors & Fragrances, Inc. | 5 | 362 |
|  International Paper Co. | 2 | 98 |
|  Louisiana-Pacific Corp. | 3 | 295 |
|  Martin Marietta Materials, Inc. | 3 | 1713 |
|  Mativ Holdings, Inc. | 69 | 473 |
|  Novagold Resources, Inc. <sup>(1)</sup> | 129 | 530 |
|  O-I Glass, Inc. <sup>(1)</sup> | 269 | 3959 |
|  Packaging Corp. of America <sup>(2)</sup> | 0 | 26 |
|  PPG Industries, Inc. | 1 | 145 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Radius Recycling, Inc. – Class A | 23 | $677 |
|  Reliance, Inc. | 3 | 909 |
|  Royal Gold, Inc. <sup>(2)</sup> | 0 | 62 |
|  RPM International, Inc. | 135 | 14855 |
|  Scotts Miracle-Gro Co. | 3 | 207 |
|  Sealed Air Corp. | 9 | 287 |
|  Silgan Holdings, Inc. | 1 | 56 |
|  Sonoco Products Co. | 14 | 607 |
|  SSR Mining, Inc. <sup>(1)</sup> | 97 | 1235 |
|  Steel Dynamics, Inc. | 2 | 275 |
|  Titan America SA <sup>(1)</sup> | 31 | 392 |
|  Tronox Holdings Plc – Class A | 77 | 388 |
|  United States Lime & Minerals, Inc. | 4 | 430 |
|  Vulcan Materials Co. | 36 | 9399 |
|  Worthington Steel, Inc. <sup>(2)</sup> | 0 | 14 |
|  Total Materials | Total Materials | 92988 |
| **Real Estate – 5.25%** |  |  |
|  Acadia Realty Trust | 5 | 95 |
|  Alexander & Baldwin, Inc. | 39 | 688 |
|  Alexander's, Inc. | 2 | 443 |
|  Alexandria Real Estate Equities, Inc. | 11 | 778 |
|  American Assets Trust, Inc. | 35 | 686 |
|  American Healthcare REIT, Inc. | 134 | 4936 |
|  American Homes 4 Rent – Class A | 12 | 442 |
|  Apartment Investment & Management Co. – Class A | 6 | 53 |
|  Brixmor Property Group, Inc. | 9 | 233 |
|  Broadstone Net Lease, Inc. – Class A | 169 | 2720 |
|  BXP, Inc. | 115 | 7765 |
|  Camden Property Trust | 2 | 236 |
|  CareTrust REIT, Inc. | 15 | 444 |
|  CBL & Associates Properties, Inc. | 37 | 939 |
|  CBRE Group, Inc. – Class A <sup>(1)</sup> | 109 | 15255 |
|  Colliers International Group, Inc. | 51 | 6603 |
|  Community Healthcare Trust, Inc. | 32 | 528 |
|  COPT Defense Properties | 183 | 5059 |
|  CoStar Group, Inc. <sup>(1)</sup> | 7 | 523 |
|  Cousins Properties, Inc. | 19 | 579 |
|  Crown Castle, Inc. | 12 | 1208 |
|  CubeSmart | 167 | 7099 |
|  Curbline Properties Corp. | 29 | 663 |
|  Cushman & Wakefield Plc <sup>(1)</sup> | 93 | 1030 |
|  DiamondRock Hospitality Co. | 77 | 589 |
|  Douglas Emmett, Inc. | 92 | 1377 |
|  EastGroup Properties, Inc. <sup>(2)</sup> | 0 | 46 |
|  Elme Communities | 42 | 665 |
|  Empire State Realty Trust, Inc. – Class A | 12 | 98 |
|  Essential Properties Realty Trust, Inc. | 25 | 801 |
|  Essex Property Trust, Inc. | 1 | 197 |
|  Extra Space Storage, Inc. | 5 | 756 |
|  First Industrial Realty Trust, Inc. | 73 | 3529 |
|  FirstService Corp. | 33 | 5806 |
|  Forestar Group, Inc. <sup>(1)</sup> | 19 | 370 |
|  Four Corners Property Trust, Inc. | 16 | 420 |
|  FRP Holdings, Inc. <sup>(1)</sup> | 1 | 27 |
|  Gaming & Leisure Properties, Inc. | 124 | 5783 |
|  Getty Realty Corp. | 1 | 39 |
|  Global Net Lease, Inc. | 53 | 397 |
|  Healthcare Realty Trust, Inc. – Class A | 12 | 184 |

---

The accompanying notes are an integral part of these financial statements.

520.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Highwoods Properties, Inc. | 22 | $676 |
|  Howard Hughes Holdings, Inc. <sup>(1)</sup> | 8 | 562 |
|  Independence Realty Trust, Inc. | 304 | 5381 |
|  Innovative Industrial Properties, Inc. – Class A | 9 | 480 |
|  InvenTrust Properties Corp. | 10 | 264 |
|  Iron Mountain, Inc. | 10 | 1020 |
|  Jones Lang LaSalle, Inc. <sup>(1)</sup> | 25 | 6340 |
|  Kennedy-Wilson Holdings, Inc. | 86 | 587 |
|  Kilroy Realty Corp. | 5 | 168 |
|  Kimco Realty Corp. | 12 | 258 |
|  Kite Realty Group Trust | 61 | 1374 |
|  Lamar Advertising Co. – Class A | 4 | 512 |
|  LTC Properties, Inc. | 22 | 748 |
|  Macerich Co. | 9 | 142 |
|  Marcus & Millichap, Inc. | 1 | 19 |
|  National Health Investors, Inc. | 3 | 231 |
|  NexPoint Diversified Real Estate Trust | 1 | 3 |
|  NexPoint Residential Trust, Inc. | 19 | 618 |
|  Outfront Media, Inc. | 16 | 266 |
|  Pebblebrook Hotel Trust | 56 | 559 |
|  Phillips Edison & Co., Inc. | 9 | 323 |
|  Plymouth Industrial REIT, Inc. | 4 | 60 |
|  Postal Realty Trust, Inc. – Class A | 48 | 704 |
|  PotlatchDeltic Corp. | 33 | 1252 |
|  Redfin Corp. <sup>(1)</sup> | 28 | 310 |
|  Rexford Industrial Realty, Inc. | 19 | 693 |
|  Ryman Hospitality Properties, Inc. | 34 | 3377 |
|  Sabra Health Care REIT, Inc. | 8 | 139 |
|  Safehold, Inc. | 62 | 970 |
|  Saul Centers, Inc. | 13 | 430 |
|  SBA Communications Corp. – Class A | 3 | 718 |
|  Seaport Entertainment Group, Inc. <sup>(1)(2)</sup> | 0 | 1 |
|  Simon Property Group, Inc. <sup>(2)</sup> | 0 | 58 |
|  SL Green Realty Corp. | 8 | 517 |
|  STAG Industrial, Inc. | 94 | 3426 |
|  Summit Hotel Properties, Inc. | 90 | 457 |
|  Sunstone Hotel Investors, Inc. | 19 | 164 |
|  Tanger, Inc. | 13 | 399 |
|  Terreno Realty Corp. | 11 | 597 |
|  Veris Residential, Inc. | 48 | 714 |
|  Vornado Realty Trust | 9 | 343 |
|  Weyerhaeuser Co. | 260 | 6675 |
|  Total Real Estate | Total Real Estate | 122624 |
| **Utilities – 3.67%** |  |  |
|  ALLETE, Inc. | 11 | 699 |
|  Alliant Energy Corp. | 116 | 7029 |
|  American Electric Power Co., Inc. | 106 | 11043 |
|  American States Water Co. | 58 | 4440 |
|  American Water Works Co., Inc. | 56 | 7757 |
|  Avista Corp. | 11 | 416 |
|  Black Hills Corp. | 22 | 1250 |
|  Brookfield Infrastructure Corp. – Class A | 54 | 2232 |
|  California Water Service Group | 21 | 943 |
|  CenterPoint Energy, Inc. | 27 | 991 |
|  Chesapeake Utilities Corp. | 5 | 616 |
|  Clearway Energy, Inc. – Class A | 15 | 459 |
|  Consolidated Edison, Inc. | 2 | 176 |
|  Constellation Energy Corp. | 1 | 288 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  DTE Energy Co. | 2 | $273 |
|  Essential Utilities, Inc. | 30 | 1127 |
|  Exelon Corp. | 15 | 630 |
|  FirstEnergy Corp. | 203 | 8176 |
|  Hawaiian Electric Industries, Inc. <sup>(1)</sup> | 40 | 424 |
|  IDACORP, Inc. – Class Rights | 51 | 5914 |
|  MGE Energy, Inc. | 10 | 852 |
|  New Jersey Resources Corp. | 6 | 287 |
|  Northwest Natural Holding Co. | 23 | 922 |
|  Northwestern Energy Group, Inc. | 15 | 757 |
|  NRG Energy, Inc. | 5 | 831 |
|  OGE Energy Corp. | 12 | 517 |
|  Oklo, Inc. – Class A <sup>(1)</sup> | 8 | 465 |
|  ONE Gas, Inc. | 48 | 3461 |
|  Ormat Technologies, Inc. | 24 | 2016 |
|  Otter Tail Corp. | 2 | 169 |
|  Pinnacle West Capital Corp. | 13 | 1132 |
|  Portland General Electric Co. | 39 | 1578 |
|  Pure Cycle Corp. <sup>(1)</sup> | 6 | 67 |
|  Southwest Gas Holdings, Inc. | 11 | 809 |
|  TXNM Energy, Inc. | 134 | 7548 |
|  Vistra Corp. | 42 | 8056 |
|  WEC Energy Group, Inc. <sup>(2)</sup> | 0 | 17 |
|  Xcel Energy, Inc. | 11 | 716 |
|  York Water Co. | 20 | 622 |
|  Total Utilities | Total Utilities | 85705 |
|  **Total Common Stocks**<br> (Cost: $1,859,578) | **Total Common Stocks**<br> (Cost: $1,859,578) | **2293169** |
|  **SHORT-TERM INVESTMENTS – 1.61%** | **SHORT-TERM INVESTMENTS – 1.61%** |  |
| **Money Market Funds – 1.60%** |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(4)</sup> | 37358 | 37358 |
|  **Total Money Market Funds**<br> (Cost: $37,358) | **Total Money Market Funds**<br> (Cost: $37,358) | **37358** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.01%** |  |  |
|  Sumitomo, Tokyo, 3.83% due 07/01/2025 | $182 | 182 |
|  **Total Time Deposits**<br> (Cost: $182) | **Total Time Deposits**<br> (Cost: $182) | **182** |
|  **Total Short-Term Investments**<br> (Cost: $37,540) | **Total Short-Term Investments**<br> (Cost: $37,540) | **37540** |
| TOTAL INVESTMENTS IN SECURITIES – 99.83%<br>(Cost: $1,897,118) | TOTAL INVESTMENTS IN SECURITIES – 99.83%<br>(Cost: $1,897,118) | **2330709** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.17% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.17% | **4067** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**2334776** |

---

The accompanying notes are an integral part of these financial statements.

521.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(3)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $0, which represents 0.00% of total net assets.

<sup>(4)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(5)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $-, which represents 0.00% of total net assets.

The accompanying notes are an integral part of these financial statements.

522.0 ------

### Bridge Builder International Equity Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 97.82%** |  |  |
| **Australia – 1.41%** |  |  |
|  ALS Ltd. | 906 | $10209 |
|  ANZ Group Holdings Ltd. | 171 | 3281 |
|  APA Group | 77 | 416 |
|  Aristocrat Leisure Ltd. | 365 | 15645 |
|  ASX Ltd. | 11 | 487 |
|  Atlassian Corp. – Class A <sup>(1)</sup> | 212 | 42964 |
|  BHP Group Ltd. | 2983 | 71771 |
|  BlueScope Steel Ltd. | 25 | 377 |
|  Brambles Ltd. | 76 | 1168 |
|  CAR Group Ltd. | 21 | 513 |
|  Cochlear Ltd. | 4 | 713 |
|  Coles Group Ltd. | 74 | 1013 |
|  Commonwealth Bank of Australia | 93 | 11267 |
|  Computershare Ltd. | 29 | 760 |
|  CSL Ltd. | 184 | 28990 |
|  Deterra Royalties Ltd. | 49 | 122 |
|  Domino's Pizza Enterprises Ltd. | 159 | 2020 |
|  Evolution Mining Ltd. | 722 | 3758 |
|  Fortescue Ltd. | 97 | 972 |
|  Goodman Group | 115 | 2586 |
|  Insurance Australia Group Ltd. | 135 | 803 |
|  IPH Ltd. | 1198 | 3610 |
|  Lottery Corp. Ltd. | 124 | 435 |
|  Macquarie Group Ltd. | 21 | 3139 |
|  Medibank Pvt Ltd. | 155 | 516 |
|  National Australia Bank Ltd. | 176 | 4562 |
|  Northern Star Resources Ltd. | 75 | 924 |
|  Origin Energy Ltd. | 102 | 726 |
|  Orora Ltd. | 392 | 488 |
|  Pro Medicus Ltd. | 3 | 592 |
|  Qantas Airways Ltd. | 2071 | 14633 |
|  QBE Insurance Group Ltd. | 1606 | 24729 |
|  REA Group Ltd. | 3 | 458 |
|  Reece Ltd. | 13 | 119 |
|  Rio Tinto Ltd. | 21 | 1501 |
|  Santos Ltd. | 4624 | 23313 |
|  Scentre Group | 298 | 699 |
|  SGH Ltd. | 11 | 399 |
|  Sigma Healthcare Ltd. | 254 | 501 |
|  Sonic Healthcare Ltd. | 26 | 460 |
|  South32 Ltd. | 258 | 493 |
|  Stockland | 138 | 489 |
|  Suncorp Group Ltd. | 62 | 882 |
|  Telstra Group Ltd. | 230 | 733 |
|  Transurban Group | 171 | 1576 |
|  Treasury Wine Estates Ltd. | 693 | 3565 |
|  Vicinity Ltd. | 222 | 362 |
|  Washington H Soul Pattinson & Co. Ltd. | 14 | 382 |
|  Wesfarmers Ltd. | 63 | 3517 |
|  Westpac Banking Corp. | 197 | 4384 |
|  WiseTech Global Ltd. | 11 | 796 |
|  Woodside Energy Group Ltd. | 110 | 1703 |
|  Woolworths Group Ltd. | 67 | 1379 |
|  Total Australia | Total Australia | 301900 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Austria – 0.23%** |  |  |
|  Andritz AG | 238 | $17722 |
|  Erste Group Bank AG | 18 | 1497 |
|  OMV AG | 8 | 447 |
|  Verbund AG | 4 | 288 |
|  Wienerberger AG – Class Bearer | 796 | 29759 |
|  Total Austria | Total Austria | 49713 |
| **Belgium – 0.35%** |  |  |
|  Ageas SA | 9 | 584 |
|  Anheuser-Busch InBev SA | 1018 | 70044 |
|  D'ieteren Group | 1 | 245 |
|  Elia Group SA – Class B | 3 | 324 |
|  Groupe Bruxelles Lambert NV | 5 | 400 |
|  KBC Group NV | 13 | 1354 |
|  Lotus Bakeries NV <sup>(2)</sup> | 0 | 222 |
|  Sofina SA | 1 | 305 |
|  Syensqo SA | 4 | 328 |
|  UCB SA | 7 | 1370 |
|  Total Belgium | Total Belgium | 75176 |
| **Bermuda – 0.43%** |  |  |
|  Arch Capital Group Ltd. | 800 | 72864 |
|  Hiscox Ltd. | 1158 | 19981 |
|  Total Bermuda | Total Bermuda | 92845 |
| **Brazil – 0.80%** |  |  |
|  Ambev SA | 6488 | 15907 |
|  B3 SA – Brasil Bolsa Balcao | 16617 | 44593 |
|  Banco do Brasil SA | 4104 | 16687 |
|  NU Holdings Ltd. – Class A <sup>(1)</sup> | 4309 | 59117 |
|  PRIO SA <sup>(1)</sup> | 595 | 4640 |
|  Raia Drogasil SA | 11123 | 30954 |
|  Total Brazil | Total Brazil | 171898 |
| **Canada – 1.68%** |  |  |
|  Alimentation Couche-Tard, Inc. | 544 | 27026 |
|  Canadian Natural Resources Ltd. | 1410 | 44327 |
|  Canadian Pacific Kansas City Ltd. | 1556 | 123396 |
|  First Quantum Minerals Ltd. <sup>(1)</sup> | 153 | 2712 |
|  Magna International, Inc. | 1463 | 56516 |
|  Shopify, Inc. – Class A <sup>(1)</sup> | 508 | 58542 |
|  Waste Connections, Inc. | 251 | 46800 |
|  Total Canada | Total Canada | 359319 |
| **Chile – 0.29%** |  |  |
|  Antofagasta Plc | 22 | 551 |
|  Banco de Chile – ADR | 1850 | 56281 |
|  Embotelladora Andina SA – Class B | 1033 | 4213 |
|  Total Chile | Total Chile | 61045 |
| **China – 2.65%** |  |  |
|  Alibaba Group Holding Ltd. | 7410 | 104890 |
|  Centre Testing International Group Co. Ltd. – Class A | 10690 | 17473 |
|  China Merchants Bank Co. Ltd. – Class H | 2383 | 16717 |
|  Contemporary Amperex Technology Co. Ltd. – Class A | 1096 | 38693 |
|  Haier Smart Home Co. Ltd. – Class A | 10495 | 30157 |

---

The accompanying notes are an integral part of these financial statements.

523.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Kweichow Moutai Co. Ltd. – Class A | 74 | $14641 |
|  Li Ning Co. Ltd. | 8077 | 17505 |
|  Meituan – Class B <sup>(1)(3)</sup> | 4031 | 64848 |
|  Midea Group Co. Ltd. – Class A | 2747 | 27721 |
|  Sany Heavy Industry Co. Ltd. – Class A | 1943 | 4874 |
|  Shenzhou International Group Holdings Ltd. | 460 | 3285 |
|  Silergy Corp. | 1861 | 22669 |
|  Tencent Holdings Ltd. | 2488 | 160329 |
|  Tencent Music Entertainment Group – ADR | 265 | 5165 |
|  Vipshop Holdings Ltd. – ADR | 325 | 4895 |
|  Weichai Power Co. Ltd. – Class H | 6602 | 13442 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 144 | 251 |
|  Yifeng Pharmacy Chain Co. Ltd. – Class A | 5171 | 17692 |
|  Zhongsheng Group Holdings Ltd. | 1287 | 1990 |
|  Total China | Total China | 567237 |
| **Denmark – 1.93%** |  |  |
|  AP Moller – Maersk – Class A <sup>(2)</sup> | 0 | 304 |
|  AP Moller – Maersk – Class B <sup>(2)</sup> | 0 | 461 |
|  Carlsberg AS – Class B | 280 | 39742 |
|  Coloplast – Class B | 297 | 28281 |
|  Danske Bank | 1888 | 77114 |
|  Demant <sup>(1)</sup> | 589 | 24625 |
|  DSV | 268 | 64237 |
|  Genmab <sup>(1)</sup> | 4 | 734 |
|  GN Store Nord AS <sup>(1)</sup> | 239 | 3693 |
|  Novo Nordisk – Class B | 2154 | 149243 |
|  Novonesis (Novozymes) B – Class B | 19 | 1394 |
|  Orsted AS <sup>(1)(3)</sup> | 10 | 414 |
|  Pandora | 5 | 796 |
|  ROCKWOOL – Class B | 5 | 251 |
|  Tryg | 20 | 508 |
|  Vestas Wind Systems | 1435 | 21561 |
|  Total Denmark | Total Denmark | 413358 |
| **Faroe Islands – 0.05%** |  |  |
|  Bakkafrost P/F | 253 | 11366 |
|  Total Faroe Islands | Total Faroe Islands | 11366 |
| **Finland – 0.40%** |  |  |
|  Elisa OYJ | 8 | 462 |
|  Fortum OYJ | 26 | 487 |
|  Kesko OYJ – Class B | 15 | 381 |
|  Kone OYJ – Class B | 19 | 1250 |
|  Metso OYJ | 34 | 444 |
|  Neste OYJ | 25 | 340 |
|  Nokia OYJ – ADR | 1306 | 6766 |
|  Nokia OYJ | 4676 | 24261 |
|  Nordea Bank Abp | 179 | 2663 |
|  Orion OYJ – Class B | 6 | 449 |
|  Sampo OYJ – Class A | 2955 | 31802 |
|  Stora Enso OYJ – Class R | 32 | 352 |
|  UPM-Kymmene OYJ | 30 | 833 |
|  Wartsila OYJ Abp | 654 | 15461 |
|  Total Finland | Total Finland | 85951 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **France – 8.53%** |  |  |
|  Accor SA | 519 | $27215 |
|  Aeroports de Paris SA | 2 | 239 |
|  Air Liquide SA | 339 | 69951 |
|  Airbus SE | 33 | 6879 |
|  Alstom SA <sup>(1)</sup> | 20 | 462 |
|  Alten SA | 144 | 12695 |
|  Amundi SA <sup>(3)</sup> | 763 | 61872 |
|  Arkema SA | 783 | 57793 |
|  AXA SA | 102 | 4997 |
|  BioMerieux | 76 | 10568 |
|  BNP Paribas SA | 58 | 5242 |
|  Bollore SE | 40 | 252 |
|  Bouygues SA | 3446 | 155857 |
|  Bureau Veritas SA | 18 | 598 |
|  Capgemini SE | 306 | 52371 |
|  Carrefour SA | 31 | 438 |
|  Cie de Saint-Gobain SA | 26 | 3014 |
|  Cie Generale des Etablissements Michelin SCA | 2086 | 77599 |
|  Covivio | 3 | 211 |
|  Credit Agricole SA | 61 | 1145 |
|  Danone SA | 37 | 3018 |
|  Dassault Aviation SA | 1 | 382 |
|  Dassault Systemes SE | 342 | 12396 |
|  Edenred SE | 932 | 28941 |
|  Eiffage SA | 4 | 562 |
|  Elis SA | 532 | 15265 |
|  Engie SA | 106 | 2480 |
|  EssilorLuxottica SA | 110 | 30184 |
|  Eurazeo SE | 2 | 174 |
|  FDJ UNITED <sup>(3)</sup> | 6 | 245 |
|  Gecina SA | 3 | 286 |
|  Getlink SE | 19 | 370 |
|  Hermes International SCA | 2 | 4730 |
|  Ipsen SA | 2 | 249 |
|  Kering SA | 351 | 76370 |
|  Klepierre SA | 12 | 486 |
|  Legrand SA | 156 | 20857 |
|  L'Oreal SA | 13 | 5702 |
|  LVMH Moet Hennessy Louis Vuitton SE | 117 | 61362 |
|  Orange SA | 106 | 1620 |
|  Pernod Ricard SA | 1482 | 147812 |
|  Publicis Groupe SA | 13 | 1477 |
|  Remy Cointreau SA | 349 | 17826 |
|  Renault SA | 11 | 507 |
|  Rexel SA | 3097 | 95520 |
|  Safran SA | 352 | 114740 |
|  Sanofi SA | 1923 | 186171 |
|  Sartorius Stedim Biotech | 2 | 398 |
|  Schneider Electric SE | 258 | 69342 |
|  Societe Generale SA | 42 | 2381 |
|  Sodexo SA | 5 | 307 |
|  SOITEC <sup>(1)</sup> | 216 | 11889 |
|  Technip Energies NV | 564 | 23745 |
|  Teleperformance SE | 838 | 81369 |
|  Thales SA | 5 | 1508 |
|  TotalEnergies SE | 1295 | 79127 |
|  Unibail-Rodamco-Westfield | 7 | 668 |

---

The accompanying notes are an integral part of these financial statements.

524.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Veolia Environnement SA | 37 | $1311 |
|  Vinci SA | 1188 | 175170 |
|  Total France | Total France | 1826345 |
| **Germany – 8.14%** |  |  |
|  Adidas AG | 122 | 28463 |
|  Allianz SE | 483 | 195983 |
|  BASF SE | 1446 | 71535 |
|  Bayer AG | 1564 | 47128 |
|  Bayerische Motoren Werke AG | 142 | 12679 |
|  Beiersdorf AG | 5 | 687 |
|  Brenntag SE | 366 | 24273 |
|  Commerzbank AG | 52 | 1626 |
|  Continental AG | 829 | 72341 |
|  Covestro AG <sup>(1)</sup> | 10 | 730 |
|  CTS Eventim AG & Co. KGaA | 4 | 441 |
|  Daimler Truck Holding AG | 2128 | 100964 |
|  Delivery Hero SE – Class A <sup>(1)(3)</sup> | 11 | 288 |
|  Deutsche Bank AG | 107 | 3162 |
|  Deutsche Boerse AG | 197 | 64246 |
|  Deutsche Lufthansa AG | 35 | 296 |
|  Deutsche Post AG | 3917 | 181451 |
|  Deutsche Telekom AG | 198 | 7233 |
|  E.ON SE | 124 | 2279 |
|  Evonik Industries AG | 6738 | 139197 |
|  Fresenius Medical Care AG | 1538 | 88339 |
|  Fresenius SE & Co. KGaA | 24 | 1214 |
|  GEA Group AG | 304 | 21292 |
|  Gerresheimer AG | 120 | 6803 |
|  Hannover Rueck SE | 91 | 28707 |
|  Heidelberg Materials AG | 8 | 1800 |
|  Henkel AG & Co. KGaA | 6 | 448 |
|  Infineon Technologies AG | 74 | 3154 |
|  Knorr-Bremse AG | 4 | 400 |
|  LEG Immobilien SE | 4 | 386 |
|  Mercedes-Benz Group AG – Class REGISTERED | 586 | 34155 |
|  Merck KGaA | 870 | 112761 |
|  MTU Aero Engines AG | 3 | 1318 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 8 | 4988 |
|  Nemetschek SE | 340 | 49293 |
|  Rational AG <sup>(2)</sup> | 0 | 250 |
|  Rheinmetall AG | 29 | 61542 |
|  RWE AG | 37 | 1536 |
|  SAP SE | 475 | 145192 |
|  Scout24 SE <sup>(3)</sup> | 4 | 571 |
|  Siemens AG | 43 | 11012 |
|  Siemens Energy AG <sup>(1)</sup> | 1738 | 203091 |
|  Siemens Healthineers AG <sup>(3)</sup> | 19 | 1035 |
|  Stabilus SE | 133 | 4348 |
|  Symrise AG – Class A | 7 | 767 |
|  Talanx AG | 4 | 461 |
|  Vonovia SE | 42 | 1473 |
|  Zalando SE <sup>(1)(3)</sup> | 12 | 408 |
|  Total Germany | Total Germany | 1741746 |
| **Greece – 0.03%** |  |  |
|  National Bank of Greece SA | 508 | 6482 |
|  Total Greece | Total Greece | 6482 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Hong Kong – 3.08%** |  |  |
|  AIA Group Ltd. | 24026 | $217638 |
|  BOC Hong Kong Holdings Ltd. | 212 | 921 |
|  China Overseas Land & Investment Ltd. | 16362 | 28522 |
|  China Resources Land Ltd. | 829 | 2824 |
|  CK Asset Holdings Ltd. | 111 | 488 |
|  CK Hutchison Holdings Ltd. | 18312 | 112759 |
|  CK Infrastructure Holdings Ltd. | 37 | 245 |
|  CLP Holdings Ltd. | 91 | 764 |
|  Futu Holdings Ltd. – ADR | 3 | 419 |
|  Galaxy Entertainment Group Ltd. | 19052 | 84926 |
|  Hang Seng Bank Ltd. | 43 | 645 |
|  Henderson Land Development Co. Ltd. | 1959 | 6880 |
|  HKT Trust & HKT Ltd. – Class Miscella | 209 | 312 |
|  Hong Kong & China Gas Co. Ltd. | 617 | 519 |
|  Hong Kong Exchanges & Clearing Ltd. | 1237 | 66531 |
|  Hongkong Land Holdings Ltd. | 63 | 365 |
|  Jardine Matheson Holdings Ltd. | 238 | 11449 |
|  Johnson Electric Holdings Ltd. | 1345 | 3710 |
|  Link Real Estate Investment Trust | 149 | 800 |
|  MTR Corp. Ltd. | 88 | 315 |
|  Power Assets Holdings Ltd. | 81 | 521 |
|  Prudential Plc | 47 | 585 |
|  Prudential Plc | 3307 | 41390 |
|  Sino Land Co. Ltd. | 238 | 254 |
|  SITC International Holdings Co. Ltd. | 77 | 247 |
|  Sun Hung Kai Properties Ltd. | 84 | 962 |
|  Swire Pacific Ltd. – Class A | 1006 | 8619 |
|  Techtronic Industries Co. Ltd. | 5878 | 64862 |
|  WH Group Ltd. <sup>(3)</sup> | 466 | 449 |
|  Wharf Holdings Ltd. | 58 | 177 |
|  Wharf Real Estate Investment Co. Ltd. | 99 | 281 |
|  Total Hong Kong | Total Hong Kong | 659379 |
| **India – 1.00%** |  |  |
|  Havells India Ltd. | 201 | 3641 |
|  HDFC Bank Ltd. | 3700 | 86231 |
|  ICICI Bank Ltd. – ADR | 2083 | 70082 |
|  MakeMyTrip Ltd. <sup>(1)</sup> | 461 | 45183 |
|  Marico Ltd. | 611 | 5144 |
|  Tata Consultancy Services Ltd. | 109 | 4390 |
|  Total India | Total India | 214671 |
| **Indonesia – 0.13%** |  |  |
|  Bank Central Asia Tbk PT | 13498 | 7215 |
|  Bank Rakyat Indonesia Persero Tbk PT | 92168 | 21250 |
|  Total Indonesia | Total Indonesia | 28465 |
| **Ireland – 1.87%** |  |  |
|  AerCap Holdings NV | 11 | 1242 |
|  AIB Group Plc | 120 | 988 |
|  Bank of Ireland Group Plc | 7717 | 109968 |
|  DCC Plc | 322 | 20902 |
|  Experian Plc | 2939 | 151531 |
|  Irish Continental Group Plc | 1018 | 6596 |
|  James Hardie Industries Plc <sup>(1)</sup> | 32 | 859 |
|  Kerry Group Plc – Class A | 9 | 1018 |
|  Kingspan Group Plc | 9 | 726 |
|  Medtronic Plc | 479 | 41732 |

---

The accompanying notes are an integral part of these financial statements.

525.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Ryanair Holdings Plc | 47 | $1329 |
|  Ryanair Holdings Plc – ADR | 1088 | 62739 |
|  Total Ireland | Total Ireland | 399630 |
| **Israel – 0.39%** |  |  |
|  Azrieli Group Ltd. | 2 | 220 |
|  Bank Hapoalim BM | 72 | 1377 |
|  Bank Leumi Le-Israel BM | 86 | 1594 |
|  Check Point Software Technologies Ltd. <sup>(1)</sup> | 5 | 1057 |
|  CyberArk Software Ltd. <sup>(1)</sup> | 3 | 1053 |
|  Elbit Systems Ltd. | 1 | 658 |
|  ICL Group Ltd. | 44 | 304 |
|  Israel Discount Bank Ltd. – Class A | 68 | 683 |
|  Mizrahi Tefahot Bank Ltd. | 9 | 583 |
|  Monday.com Ltd. <sup>(1)</sup> | 233 | 73211 |
|  Nice Ltd. <sup>(1)</sup> | 4 | 598 |
|  Teva Pharmaceutical Industries Ltd. – ADR <sup>(1)</sup> | 66 | 1110 |
|  Wix.com Ltd. <sup>(1)</sup> | 3 | 484 |
|  Total Israel | Total Israel | 82932 |
| **Italy – 3.21%** |  |  |
|  Amplifon SpA | 340 | 7993 |
|  Banca Mediolanum SpA | 13 | 220 |
|  Banco BPM SpA | 65 | 758 |
|  BPER Banca SPA | 57 | 516 |
|  Davide Campari-Milano NV | 3838 | 25838 |
|  DiaSorin SpA | 1 | 133 |
|  Enel SpA | 29375 | 278787 |
|  ENI SpA | 126 | 2033 |
|  Ferrari NV | 135 | 65967 |
|  FinecoBank Banca Fineco SpA | 35 | 765 |
|  Generali | 49 | 1754 |
|  Infrastrutture Wireless Italiane SpA <sup>(3)</sup> | 18 | 223 |
|  Intesa Sanpaolo SpA | 869 | 5007 |
|  Leonardo SpA | 22 | 1258 |
|  Mediobanca Banca di Credito Finanziario SpA | 29 | 675 |
|  Moncler SpA | 13 | 734 |
|  Nexi SpA <sup>(3)</sup> | 28 | 169 |
|  Poste Italiane SpA <sup>(3)</sup> | 26 | 561 |
|  Prysmian SpA | 15 | 1096 |
|  Recordati Industria Chimica e Farmaceutica SpA | 6 | 390 |
|  Snam SpA | 33150 | 200679 |
|  Telecom Italia SpA <sup>(1)</sup> | 613 | 303 |
|  Terna – Rete Elettrica Nazionale | 83 | 853 |
|  UniCredit SpA | 1342 | 90006 |
|  Unipol Assicurazioni SpA | 21 | 413 |
|  Total Italy | Total Italy | 687131 |
| **Japan – 17.67%** |  |  |
|  ABC-Mart, Inc. | 773 | 15880 |
|  Advantest Corp. | 43 | 3165 |
|  Aeon Co. Ltd. | 41 | 1257 |
|  AGC, Inc. | 11 | 317 |
|  Air Water, Inc. | 514 | 7673 |
|  Aisin Corp. | 31 | 399 |
|  Ajinomoto Co., Inc. | 50 | 1352 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  ANA Holdings, Inc. | 9 | $178 |
|  Asahi Group Holdings Ltd. | 2288 | 30589 |
|  Asahi Kasei Corp. | 71 | 505 |
|  Asics Corp. | 36 | 923 |
|  Astellas Pharma, Inc. | 103 | 1012 |
|  Bandai Namco Holdings, Inc. | 33 | 1190 |
|  Bridgestone Corp. | 1693 | 69243 |
|  Canon, Inc. | 52 | 1511 |
|  Capcom Co. Ltd. | 19 | 652 |
|  Central Japan Railway Co. | 44 | 986 |
|  Chiba Bank Ltd. | 34 | 311 |
|  Chubu Electric Power Co., Inc. | 37 | 454 |
|  Chugai Pharmaceutical Co. Ltd. | 642 | 33503 |
|  Concordia Financial Group Ltd. | 58 | 378 |
|  Cosmos Pharmaceutical Corp. | 756 | 48005 |
|  Dai Nippon Printing Co. Ltd. | 22 | 328 |
|  Daiei Kankyo Co. Ltd. | 255 | 5581 |
|  Daifuku Co. Ltd. | 18 | 453 |
|  Dai-ichi Life Holdings, Inc. | 449 | 3415 |
|  Daiichi Sankyo Co. Ltd. | 96 | 2215 |
|  Daikin Industries Ltd. | 425 | 49935 |
|  Daito Trust Construction Co. Ltd. | 3 | 359 |
|  Daiwa House Industry Co. Ltd. | 905 | 31088 |
|  Daiwa Securities Group, Inc. | 77 | 547 |
|  Denso Corp. | 107 | 1441 |
|  Dentsu Group, Inc. | 11 | 253 |
|  Disco Corp. | 5 | 1511 |
|  Dowa Holdings Co. Ltd. | 297 | 9606 |
|  East Japan Railway Co. | 727 | 15647 |
|  Eisai Co. Ltd. | 16 | 448 |
|  ENEOS Holdings, Inc. | 154 | 763 |
|  FANUC Corp. | 52 | 1414 |
|  Fast Retailing Co. Ltd. | 11 | 3634 |
|  Fuji Electric Co. Ltd. | 8 | 355 |
|  FUJIFILM Holdings Corp. | 7643 | 165509 |
|  Fujikura Ltd. | 14 | 752 |
|  Fujitsu Ltd. | 7945 | 192737 |
|  Fukuoka Financial Group, Inc. | 778 | 20786 |
|  Hakuhodo DY Holdings, Inc. | 1171 | 9698 |
|  Hankyu Hanshin Holdings, Inc. | 14 | 367 |
|  Hikari Tsushin, Inc. | 1 | 295 |
|  Hitachi Ltd. | 4484 | 130333 |
|  Honda Motor Co. Ltd. | 10551 | 101742 |
|  Hoshizaki Corp. | 6 | 207 |
|  Hoya Corp. | 19 | 2268 |
|  Hulic Co. Ltd. | 27 | 271 |
|  Idemitsu Kosan Co. Ltd. | 1790 | 10855 |
|  IHI Corp. | 171 | 18539 |
|  Iida Group Holdings Co. Ltd. | 860 | 12111 |
|  Inpex Corp. | 850 | 11936 |
|  Isuzu Motors Ltd. | 31 | 397 |
|  ITOCHU Corp. | 66 | 3430 |
|  Japan Airlines Co. Ltd. | 8 | 165 |
|  Japan Exchange Group, Inc. | 56 | 563 |
|  Japan Post Bank Co. Ltd. | 2522 | 27192 |
|  Japan Post Holdings Co. Ltd. | 1929 | 17864 |
|  Japan Post Insurance Co. Ltd. | 12 | 260 |
|  Japan Tobacco, Inc. | 69 | 2021 |
|  JFE Holdings, Inc. | 33 | 384 |
|  Kajima Corp. | 24 | 631 |

---

The accompanying notes are an integral part of these financial statements.

526.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Kansai Electric Power Co., Inc. | 54 | $642 |
|  Kao Corp. | 26 | 1174 |
|  Kawasaki Kisen Kaisha Ltd. | 20 | 280 |
|  KDDI Corp. | 10067 | 172856 |
|  Keyence Corp. | 116 | 46314 |
|  Kikkoman Corp. | 37 | 346 |
|  Kinden Corp. | 382 | 11211 |
|  Kirin Holdings Co. Ltd. | 1648 | 23099 |
|  Kobe Bussan Co. Ltd. | 8 | 261 |
|  Komatsu Ltd. | 2302 | 75964 |
|  Konami Group Corp. | 6 | 870 |
|  Kubota Corp. | 836 | 9425 |
|  Kyocera Corp. | 73 | 880 |
|  Kyowa Kirin Co. Ltd. | 14 | 235 |
|  Lasertec Corp. | 5 | 617 |
|  LY Corp. | 162 | 595 |
|  M3, Inc. | 1009 | 13853 |
|  Makita Corp. | 14 | 419 |
|  Marubeni Corp. | 82 | 1653 |
|  MatsukiyoCocokara & Co. | 19 | 381 |
|  Medipal Holdings Corp. | 162 | 2621 |
|  Megmilk Snow Brand Co. Ltd. | 229 | 4337 |
|  MEIJI Holdings Co. Ltd. | 14 | 305 |
|  Minebea Mitsumi, Inc. | 3359 | 49126 |
|  Mitsubishi Chemical Group Corp. | 79 | 417 |
|  Mitsubishi Corp. | 724 | 14461 |
|  Mitsubishi Electric Corp. | 5006 | 107680 |
|  Mitsubishi Estate Co. Ltd. | 60 | 1125 |
|  Mitsubishi HC Capital, Inc. | 49 | 362 |
|  Mitsubishi Heavy Industries Ltd. | 6155 | 154013 |
|  Mitsubishi Logistics Corp. | 1250 | 10241 |
|  Mitsubishi Motors Corp. | 4433 | 12533 |
|  Mitsubishi UFJ Financial Group, Inc. | 2494 | 33999 |
|  Mitsui & Co. Ltd. | 141 | 2876 |
|  Mitsui Fudosan Co. Ltd. | 151 | 1462 |
|  Mitsui OSK Lines Ltd. | 20 | 658 |
|  Mizuho Financial Group, Inc. | 137 | 3814 |
|  Monotaro Co. Ltd. | 15 | 287 |
|  MS&AD Insurance Group Holdings, Inc. | 74 | 1644 |
|  Murata Manufacturing Co. Ltd. | 4584 | 67761 |
|  NEC Corp. | 545 | 15900 |
|  Nexon Co. Ltd. | 18 | 354 |
|  NH Foods Ltd. | 320 | 11072 |
|  Nidec Corp. | 46 | 894 |
|  Nikon Corp. | 600 | 6152 |
|  Nintendo Co. Ltd. | 904 | 86849 |
|  Nippon Building Fund, Inc. <sup>(2)</sup> | 0 | 404 |
|  Nippon Paint Holdings Co. Ltd. | 5885 | 47330 |
|  Nippon Sanso Holdings Corp. | 9 | 356 |
|  Nippon Steel Corp. | 55 | 1046 |
|  Nippon Telegraph & Telephone Corp. | 60119 | 64274 |
|  Nippon Television Holdings, Inc. | 659 | 15265 |
|  Nippon Yusen KK | 25 | 899 |
|  Nissan Motor Co. Ltd. <sup>(1)</sup> | 130 | 314 |
|  Nisshinbo Holdings, Inc. | 40 | 257 |
|  Nissin Foods Holdings Co. Ltd. | 11 | 218 |
|  Nitori Holdings Co. Ltd. | 107 | 10260 |
|  Nitto Denko Corp. | 40 | 780 |
|  Nomura Holdings, Inc. | 3599 | 23718 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Nomura Research Institute Ltd. | 21 | $833 |
|  NS Solutions Corp. | 65 | 1848 |
|  NTT Data Group Corp. | 14 | 385 |
|  Obayashi Corp. | 1367 | 20713 |
|  Obic Co. Ltd. | 18 | 712 |
|  Olympus Corp. | 10708 | 127193 |
|  Omron Corp. | 10 | 270 |
|  Ono Pharmaceutical Co. Ltd. | 20 | 220 |
|  Oracle Corp. | 67 | 8022 |
|  Oriental Land Co. Ltd. | 60 | 1370 |
|  ORIX Corp. | 66 | 1498 |
|  Osaka Gas Co. Ltd. | 21 | 549 |
|  Otsuka Corp. | 15 | 299 |
|  Otsuka Holdings Co. Ltd. | 25 | 1235 |
|  Pan Pacific International Holdings Corp. | 21 | 722 |
|  Panasonic Holdings Corp. | 133 | 1425 |
|  Rakuten Group, Inc. <sup>(1)</sup> | 83 | 458 |
|  Recruit Holdings Co. Ltd. | 891 | 52407 |
|  Renesas Electronics Corp. | 96 | 1190 |
|  Resona Holdings, Inc. | 7625 | 70423 |
|  Ricoh Co. Ltd. | 30 | 287 |
|  Sanrio Co. Ltd. | 10 | 479 |
|  SBI Holdings, Inc. | 15 | 537 |
|  SCREEN Holdings Co. Ltd. | 4 | 358 |
|  SCSK Corp. | 10 | 301 |
|  Secom Co. Ltd. | 2991 | 107448 |
|  Sega Sammy Holdings, Inc. | 733 | 17555 |
|  Sekisui Chemical Co. Ltd. | 22 | 393 |
|  Sekisui House Ltd. | 34 | 751 |
|  Seria Co. Ltd. | 202 | 3757 |
|  Seven & i Holdings Co. Ltd. | 1295 | 20835 |
|  SG Holdings Co. Ltd. | 18 | 199 |
|  Shimadzu Corp. | 13 | 326 |
|  Shimano, Inc. | 307 | 44465 |
|  Shin-Etsu Chemical Co. Ltd. | 100 | 3308 |
|  Shionogi & Co. Ltd. | 43 | 778 |
|  Ship Healthcare Holdings, Inc. | 574 | 7728 |
|  Shiseido Co. Ltd. | 2297 | 41034 |
|  SMC Corp. | 70 | 25147 |
|  SoftBank Corp. | 1653 | 2560 |
|  SoftBank Group Corp. | 54 | 3933 |
|  Sompo Holdings, Inc. | 49 | 1480 |
|  Sony Group Corp. | 8727 | 226909 |
|  Subaru Corp. | 34 | 589 |
|  Sumitomo Corp. | 62 | 1608 |
|  Sumitomo Electric Industries Ltd. | 41 | 875 |
|  Sumitomo Metal Mining Co. Ltd. | 1090 | 26868 |
|  Sumitomo Mitsui Financial Group, Inc. | 789 | 19863 |
|  Sumitomo Mitsui Trust Group, Inc. | 1452 | 38630 |
|  Sumitomo Realty & Development Co. Ltd. | 18 | 684 |
|  Suntory Beverage & Food Ltd. | 1566 | 50093 |
|  Suzuki Motor Corp. | 90 | 1079 |
|  Sysmex Corp. | 2102 | 36585 |
|  T&D Holdings, Inc. | 684 | 15014 |
|  Taiheiyo Cement Corp. | 664 | 16482 |
|  Taisei Corp. | 282 | 16407 |
|  Takeda Pharmaceutical Co. Ltd. | 859 | 26514 |
|  TBS Holdings, Inc. | 411 | 14396 |

---

The accompanying notes are an integral part of these financial statements.

527.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  TDK Corp. | 5739 | $66985 |
|  Terumo Corp. | 73 | 1347 |
|  TIS, Inc. | 12 | 392 |
|  Toho Co. Ltd. | 6 | 366 |
|  Tokio Marine Holdings, Inc. | 1203 | 50989 |
|  Tokyo Electron Ltd. | 290 | 55557 |
|  Tokyo Gas Co. Ltd. | 18 | 605 |
|  Tokyo Metro Co. Ltd. | 16 | 189 |
|  Tokyu Corp. | 28 | 334 |
|  TOPPAN Holdings, Inc. | 14 | 378 |
|  Toray Industries, Inc. | 3953 | 27060 |
|  Toyo Seikan Group Holdings Ltd. | 617 | 12070 |
|  Toyo Suisan Kaisha Ltd. | 126 | 8382 |
|  Toyota Industries Corp. | 1619 | 182724 |
|  Toyota Motor Corp. | 544 | 9377 |
|  Toyota Tsusho Corp. | 37 | 834 |
|  Trend Micro, Inc. | 7 | 484 |
|  Tsumura & Co. | 441 | 10644 |
|  Unicharm Corp. | 3914 | 28260 |
|  USS Co. Ltd. | 1950 | 21492 |
|  West Japan Railway Co. | 875 | 20013 |
|  Yakult Honsha Co. Ltd. | 14 | 266 |
|  Yamaha Motor Co. Ltd. | 51 | 382 |
|  Yokogawa Electric Corp. | 12 | 331 |
|  Zensho Holdings Co. Ltd. | 5 | 315 |
|  ZOZO, Inc. | 1306 | 14106 |
|  Total Japan | Total Japan | 3778837 |
| **Luxembourg – 0.69%** |  |  |
|  ArcelorMittal SA | 3549 | 112693 |
|  Befesa SA <sup>(3)</sup> | 163 | 5325 |
|  CVC Capital Partners Plc <sup>(3)</sup> | 12 | 252 |
|  Eurofins Scientific SE | 411 | 29269 |
|  Tenaris SA | 23 | 426 |
|  Total Luxembourg | Total Luxembourg | 147965 |
| **Macau – 0.00% <sup>(4)</sup>** |  |  |
|  Sands China Ltd. <sup>(1)</sup> | 138 | 288 |
|  Total Macau | Total Macau | 288 |
| **Mexico – 0.42%** |  |  |
|  Arca Continental SAB de CV | 483 | 5118 |
|  Cemex SAB de CV – ADR | 544 | 3771 |
|  Fomento Economico Mexicano SAB de CV – ADR | 332 | 34195 |
|  Gruma SAB de CV – Class B | 229 | 3952 |
|  Grupo Financiero Banorte SAB de CV – Class O | 557 | 5112 |
|  Wal-Mart de Mexico SAB de CV | 11555 | 38229 |
|  Total Mexico | Total Mexico | 90377 |
| **Netherlands – 4.85%** |  |  |
|  ABN AMRO Bank NV <sup>(3)</sup> | 26 | 715 |
|  Adyen NV <sup>(1)(3)</sup> | 82 | 150117 |
|  Aegon Ltd. | 78 | 567 |
|  Akzo Nobel NV | 10 | 685 |
|  Argenx SE <sup>(1)</sup> | 3 | 1863 |
|  ASM International NV | 95 | 60666 |
|  ASML Holding NV | 229 | 183779 |
|  ASML Holding NV – Class REG | 92 | 73407 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  ASR Nederland NV | 9 | $576 |
|  BE Semiconductor Industries NV | 4 | 669 |
|  Euronext NV <sup>(3)</sup> | 4 | 748 |
|  EXOR NV | 527 | 53153 |
|  Ferrovial SE | 28 | 1507 |
|  Heineken Holding NV | 7 | 553 |
|  Heineken NV | 16 | 1418 |
|  IMCD NV | 321 | 43178 |
|  ING Groep NV | 3464 | 75915 |
|  JDE Peet's NV | 10 | 285 |
|  Koninklijke Ahold Delhaize NV | 746 | 31177 |
|  Koninklijke KPN NV | 222 | 1084 |
|  Koninklijke Philips NV | 6919 | 166146 |
|  NN Group NV | 15 | 1023 |
|  Prosus NV <sup>(1)</sup> | 823 | 46177 |
|  QIAGEN NV <sup>(1)</sup> | 12 | 584 |
|  Randstad NV | 1522 | 70348 |
|  Stellantis NV | 115 | 1154 |
|  Topicus.com, Inc. <sup>(1)</sup> | 530 | 66397 |
|  Universal Music Group NV | 61 | 1993 |
|  Wolters Kluwer NV | 13 | 2198 |
|  Total Netherlands | Total Netherlands | 1038082 |
| **New Zealand – 0.01%** |  |  |
|  Auckland International Airport Ltd. | 93 | 437 |
|  Contact Energy Ltd. | 47 | 256 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 32 | 710 |
|  Infratil Ltd. | 51 | 327 |
|  Meridian Energy Ltd. | 72 | 260 |
|  Xero Ltd. <sup>(1)</sup> | 8 | 948 |
|  Total New Zealand | Total New Zealand | 2938 |
| **Norway – 0.68%** |  |  |
|  Aker BP ASA | 18 | 461 |
|  DNB Bank ASA | 1579 | 43676 |
|  Equinor ASA | 3368 | 85045 |
|  Gjensidige Forsikring ASA | 11 | 275 |
|  Kongsberg Gruppen ASA | 24 | 940 |
|  Mowi ASA | 26 | 495 |
|  Norsk Hydro ASA | 79 | 452 |
|  Orkla ASA | 39 | 426 |
|  Salmar ASA | 302 | 13090 |
|  Telenor ASA | 36 | 558 |
|  Yara International ASA | 9 | 349 |
|  Total Norway | Total Norway | 145767 |
| **Poland – 0.00% <sup>(4)</sup>** |  |  |
|  InPost SA <sup>(1)</sup> | 13 | 215 |
|  Total Poland | Total Poland | 215 |
| **Portugal – 0.28%** |  |  |
|  EDP SA | 183 | 793 |
|  Galp Energia SGPS SA | 22 | 411 |
|  Jeronimo Martins SGPS SA | 2282 | 57768 |
|  Total Portugal | Total Portugal | 58972 |
| **Russia – 0.00% <sup>(4)</sup>** |  |  |
|  Severstal PAO – GDR <sup>(1)(2)(5)</sup><sup>(7)</sup> | 147 |  |
|  X5 Retail Group NV – GDR <sup>(1)(2)(5)</sup><sup>(7)</sup> | 65 |  |
|  Total Russia | Total Russia |  |

---

The accompanying notes are an integral part of these financial statements.

528.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Singapore – 2.51%** |  |  |
|  ASMPT Ltd. | 325 | $2390 |
|  BOC Aviation Ltd. <sup>(3)</sup> | 303 | 2513 |
|  CapitaLand Ascendas REIT | 218 | 460 |
|  CapitaLand Integrated Commercial Trust | 338 | 578 |
|  Capitaland Investment Ltd. | 134 | 279 |
|  DBS Group Holdings Ltd. | 1201 | 42408 |
|  Genting Singapore Ltd. | 338 | 190 |
|  Grab Holdings Ltd. – Class A <sup>(1)</sup> | 133 | 670 |
|  Keppel Ltd. | 85 | 498 |
|  Oversea-Chinese Banking Corp. Ltd. | 193 | 2480 |
|  Sea Ltd. – ADR <sup>(1)</sup> | 1012 | 161860 |
|  Sembcorp Industries Ltd. | 51 | 275 |
|  Singapore Airlines Ltd. | 85 | 467 |
|  Singapore Exchange Ltd. | 47 | 549 |
|  Singapore Technologies Engineering Ltd. | 86 | 527 |
|  Singapore Telecommunications Ltd. | 419 | 1264 |
|  United Overseas Bank Ltd. | 11317 | 320321 |
|  Wilmar International Ltd. | 107 | 242 |
|  Total Singapore | Total Singapore | 537971 |
| **South Africa – 0.14%** |  |  |
|  AVI Ltd. | 614 | 3266 |
|  Bid Corp. Ltd. | 166 | 4388 |
|  Capitec Bank Holdings Ltd. | 36 | 7179 |
|  Naspers Ltd. – Class N | 38 | 11772 |
|  Valterra Platinum Ltd. | 61 | 2711 |
|  Total South Africa | Total South Africa | 29316 |
| **South Korea – 0.71%** |  |  |
|  Samsung Electronics Co. Ltd. | 2897 | 128108 |
|  Shinhan Financial Group Co. Ltd. | 535 | 24261 |
|  Total South Korea | Total South Korea | 152369 |
| **Spain – 1.57%** |  |  |
|  Acciona SA | 1 | 250 |
|  Acerinox SA | 357 | 4554 |
|  ACS Actividades de Construccion y Servicios SA | 10 | 676 |
|  Aena SME SA <sup>(3)</sup> | 41 | 1103 |
|  Amadeus IT Group SA | 25 | 2097 |
|  Banco Bilbao Vizcaya Argentaria SA | 331 | 5096 |
|  Banco de Sabadell SA | 312 | 993 |
|  Banco Santander SA | 23995 | 198703 |
|  Bankinter SA | 39 | 503 |
|  CaixaBank SA | 9091 | 78771 |
|  Cellnex Telecom SA <sup>(3)</sup> | 27 | 1061 |
|  EDP Renovaveis SA | 17 | 189 |
|  Endesa SA | 18 | 555 |
|  Fluidra SA | 862 | 21603 |
|  Grifols SA <sup>(1)</sup> | 17 | 203 |
|  Iberdrola SA | 334 | 6425 |
|  Industria de Diseno Textil SA | 61 | 3161 |
|  Redeia Corp. SA | 18 | 381 |
|  Repsol SA | 68 | 993 |
|  Telefonica SA | 216 | 1135 |
|  Viscofan SA | 116 | 8233 |
|  Total Spain | Total Spain | 336685 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Sweden – 3.05%** |  |  |
|  AddTech AB – Class B | 14 | $488 |
|  Alfa Laval AB | 218 | 9169 |
|  Assa Abloy AB – Class B | 3183 | 99515 |
|  Atlas Copco AB – Class A | 5011 | 81007 |
|  Atlas Copco AB – Class B | 86 | 1224 |
|  Beijer Ref AB – Class B | 22 | 342 |
|  Boliden AB <sup>(1)</sup> | 16 | 507 |
|  Epiroc AB – Class A | 2256 | 49096 |
|  Epiroc AB – Class B | 22 | 427 |
|  EQT AB | 21 | 688 |
|  Essity AB – Class B | 33 | 919 |
|  Evolution AB <sup>(3)</sup> | 8 | 649 |
|  Fastighets AB Balder – Class B <sup>(1)</sup> | 39 | 294 |
|  H & M Hennes & Mauritz AB – Class B | 31 | 434 |
|  Hexagon AB – Class B | 114 | 1153 |
|  Holmen AB – Class B | 4 | 169 |
|  Industrivarden AB – Class A | 7 | 244 |
|  Industrivarden AB – Class C | 9 | 316 |
|  Indutrade AB | 15 | 411 |
|  Investment AB Latour – Class B | 8 | 217 |
|  Investor AB – Class B | 2583 | 76534 |
|  L E Lundbergforetagen AB – Class B | 4 | 221 |
|  Lifco AB – Class B | 13 | 513 |
|  Nibe Industrier AB – Class B | 85 | 362 |
|  Saab AB – Class B | 18 | 987 |
|  Sagax AB – Class B | 12 | 277 |
|  Sandvik AB | 781 | 17933 |
|  Securitas AB – Class B | 28 | 421 |
|  Skandinaviska Enskilda Banken AB – Class A | 3887 | 67747 |
|  Skanska AB – Class B | 19 | 446 |
|  SKF AB – Class B | 20 | 449 |
|  Spotify Technology SA <sup>(1)</sup> | 273 | 209596 |
|  Svenska Cellulosa AB SCA – Class B | 35 | 451 |
|  Svenska Handelsbanken AB – Class A | 1731 | 23178 |
|  Swedbank AB | 49 | 1285 |
|  Swedish Orphan Biovitrum AB <sup>(1)</sup> | 11 | 337 |
|  Tele2 AB – Class B | 32 | 469 |
|  Telefonaktiebolaget LM Ericsson – Class B | 159 | 1356 |
|  Telia Co. AB | 135 | 485 |
|  Trelleborg AB – Class B | 11 | 415 |
|  Volvo AB – Class B | 92 | 2580 |
|  Total Sweden | Total Sweden | 653311 |
| **Switzerland – 4.97%** |  |  |
|  ABB Ltd. | 88 | 5250 |
|  Alcon AG | 28 | 2469 |
|  Avolta AG | 5 | 264 |
|  Baloise Holding AG | 2 | 536 |
|  Banque Cantonale Vaudoise | 2 | 201 |
|  Barry Callebaut AG <sup>(2)</sup> | 0 | 220 |
|  BKW AG | 1 | 260 |
|  Chocoladefabriken Lindt & Spruengli AG <sup>(2)</sup> | 0 | 910 |
|  Chocoladefabriken Lindt & Spruengli AG – REG <sup>(2)</sup> | 0 | 1000 |
|  Cie Financiere Richemont SA | 544 | 102849 |
|  Coca-Cola HBC AG <sup>(1)</sup> | 12 | 628 |

---

The accompanying notes are an integral part of these financial statements.

529.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  DSM-Firmenich AG | 11 | $1130 |
|  EMS-Chemie Holding AG <sup>(2)</sup> | 0 | 297 |
|  Galderma Group AG | 7 | 956 |
|  Geberit AG | 55 | 43332 |
|  Givaudan SA | 1 | 2468 |
|  Glencore Plc <sup>(1)</sup> | 10509 | 40951 |
|  Helvetia Holding AG | 2 | 498 |
|  Holcim AG <sup>(1)</sup> | 257 | 19106 |
|  Julius Baer Group Ltd. | 883 | 59929 |
|  Kuehne & Nagel International AG | 3 | 597 |
|  Logitech International SA | 8 | 760 |
|  Lonza Group AG | 95 | 67599 |
|  Nestle SA | 1905 | 189365 |
|  Novartis AG | 107 | 13004 |
|  Partners Group Holding AG | 39 | 51416 |
|  Roche Holding AG | 2 | 613 |
|  Roche Holding AG | 695 | 226824 |
|  Sandoz Group AG | 24 | 1336 |
|  Schindler Holding AG | 1 | 491 |
|  Schindler Holding AG | 2 | 851 |
|  SGS SA | 9 | 927 |
|  SIG Group AG <sup>(1)</sup> | 17 | 319 |
|  Sika AG | 114 | 30925 |
|  Sonova Holding AG | 3 | 833 |
|  STMicroelectronics NV | 39 | 1186 |
|  Straumann Holding AG | 6 | 805 |
|  Swatch Group AG – BR | 2 | 266 |
|  Swiss Life Holding AG | 2 | 1661 |
|  Swiss Prime Site AG | 5 | 688 |
|  Swiss Re AG | 17 | 3007 |
|  Swisscom AG | 1 | 1051 |
|  Temenos AG | 4 | 260 |
|  UBS Group AG | 5259 | 178555 |
|  VAT Group AG <sup>(3)</sup> | 1 | 631 |
|  Zurich Insurance Group AG | 8 | 5881 |
|  Total Switzerland | Total Switzerland | 1063105 |
| **Taiwan – 2.20%** |  |  |
|  Advantech Co. Ltd. | 422 | 4892 |
|  Chroma ATE, Inc. | 1897 | 28722 |
|  Delta Electronics, Inc. | 263 | 3722 |
|  MediaTek, Inc. | 128 | 5485 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 702 | 158951 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 7369 | 269479 |
|  Total Taiwan | Total Taiwan | 471251 |
| **United Kingdom – 19.17%** |  |  |
|  3i Group Plc | 3929 | 222354 |
|  Admiral Group Plc | 287 | 12881 |
|  Anglo American Plc | 64 | 1885 |
|  Aon Plc – Class A | 124 | 44185 |
|  Ashtead Group Plc | 671 | 43047 |
|  Associated British Foods Plc | 4200 | 118666 |
|  AstraZeneca Plc | 500 | 69646 |
|  Auto Trader Group Plc <sup>(3)</sup> | 6293 | 71278 |
|  Aviva Plc | 153 | 1301 |
|  BAE Systems Plc | 7993 | 207431 |
|  Barclays Plc | 23484 | 108515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Barratt Redrow Plc | 1394 | $8731 |
|  BP Plc | 33982 | 169310 |
|  British American Tobacco Plc | 4269 | 202962 |
|  BT Group Plc – Class A | 353 | 941 |
|  Bunzl Plc | 2689 | 85703 |
|  Capita Plc <sup>(1)</sup> | 505 | 2315 |
|  Centrica Plc | 287 | 637 |
|  Close Brothers Group Plc <sup>(1)</sup> | 603 | 3058 |
|  CNH Industrial NV | 2253 | 29197 |
|  Coca-Cola Europacific Partners Plc | 177 | 16407 |
|  Compass Group Plc | 3163 | 107129 |
|  ConvaTec Group Plc <sup>(3)</sup> | 6598 | 26133 |
|  Croda International Plc | 8 | 304 |
|  Diageo Plc | 1730 | 43614 |
|  easyJet Plc | 2378 | 17402 |
|  Entain Plc | 2984 | 36964 |
|  Future Plc | 562 | 5639 |
|  Games Workshop Group Plc | 224 | 49877 |
|  Greggs Plc | 1059 | 27922 |
|  GSK Plc | 11598 | 221124 |
|  Haleon Plc | 497 | 2556 |
|  Halma Plc | 21 | 920 |
|  Hikma Pharmaceuticals Plc | 9 | 251 |
|  HSBC Holdings Plc | 6263 | 75756 |
|  IG Group Holdings Plc | 868 | 12691 |
|  Imperial Brands Plc | 1708 | 67494 |
|  Inchcape Plc | 855 | 8522 |
|  Informa Plc | 73 | 805 |
|  InterContinental Hotels Group Plc | 197 | 22557 |
|  International Consolidated Airlines Group SA | 68 | 323 |
|  Intertek Group Plc | 998 | 65007 |
|  ITV Plc | 8083 | 9158 |
|  J Sainsbury Plc | 17470 | 69527 |
|  JD Sports Fashion Plc | 148 | 180 |
|  John Wood Group Plc <sup>(1)(5)</sup> | 3378 | 855 |
|  Jupiter Fund Management Plc | 2251 | 3089 |
|  Kingfisher Plc | 101 | 405 |
|  Land Securities Group Plc | 41 | 356 |
|  Legal & General Group Plc | 335 | 1174 |
|  Lloyds Banking Group Plc | 211338 | 222225 |
|  London Stock Exchange Group Plc | 26 | 3866 |
|  M&G Plc | 129 | 455 |
|  Marks & Spencer Group Plc | 116 | 565 |
|  Melrose Industries Plc | 69 | 501 |
|  Mondi Plc | 26 | 428 |
|  National Grid Plc | 280 | 4107 |
|  NatWest Group Plc | 2663 | 18703 |
|  Next Plc | 6 | 1098 |
|  Pagegroup Plc | 3115 | 11444 |
|  Pearson Plc | 34 | 494 |
|  Pets at Home Group Plc | 2805 | 10099 |
|  Phoenix Group Holdings Plc | 42 | 376 |
|  Rathbones Group Plc | 294 | 7029 |
|  Reckitt Benckiser Group Plc | 1522 | 103683 |
|  RELX Plc | 1204 | 65248 |
|  Rentokil Initial Plc | 144 | 696 |
|  Rightmove Plc | 7476 | 80920 |
|  Rio Tinto Plc | 65 | 3780 |
|  Rolls-Royce Holdings Plc | 21060 | 279104 |

---

The accompanying notes are an integral part of these financial statements.

530.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Rotork Plc | 2537 | $11195 |
|  Sage Group Plc | 54 | 929 |
|  Schroders Plc | 46 | 228 |
|  Segro Plc | 73 | 688 |
|  Serco Group Plc | 6485 | 17991 |
|  Severn Trent Plc | 16 | 592 |
|  Shell Plc | 1565 | 54963 |
|  Shell Plc | 4006 | 139771 |
|  Smith & Nephew Plc | 46 | 702 |
|  Smiths Group Plc | 20 | 603 |
|  Softcat Plc | 1908 | 44959 |
|  Spirax Group Plc | 352 | 28750 |
|  SSE Plc | 8843 | 222680 |
|  SSP Group Plc | 7349 | 17406 |
|  Standard Chartered Plc | 4659 | 77103 |
|  Tesco Plc | 6585 | 36304 |
|  Trainline Plc <sup>(1)(3)</sup> | 4812 | 18482 |
|  Travis Perkins Plc | 3039 | 25338 |
|  Unilever Plc | 1266 | 77241 |
|  United Utilities Group Plc | 39 | 612 |
|  Vodafone Group Plc | 1142 | 1222 |
|  Weir Group Plc | 1536 | 52530 |
|  WH Smith Plc | 1011 | 15149 |
|  Whitbread Plc | 254 | 9863 |
|  Wise Plc – Class A <sup>(1)</sup> | 2358 | 33681 |
|  WPP Plc | 14096 | 99250 |
|  Total United Kingdom | Total United Kingdom | 4101237 |
| **United States – 1.63%** |  |  |
|  Amrize Ltd. <sup>(1)</sup> | 257 | 12834 |
|  Coupang, Inc. – Class A <sup>(1)</sup> | 2908 | 87135 |
|  Laureate Education, Inc. – Class A <sup>(1)</sup> | 153 | 3569 |
|  Linde Plc | 122 | 57456 |
|  Newmont Corp. | 143 | 8360 |
|  Philip Morris International, Inc. | 729 | 132735 |
|  Reliance Worldwide Corp. Ltd. | 122 | 329 |
|  Samsonite Group SA <sup>(3)</sup> | 4932 | 9187 |
|  Southern Copper Corp. | 62 | 6251 |
|  STERIS Plc | 129 | 30876 |
|  Total United States | Total United States | 348732 |
| **Uruguay – 0.67%** |  |  |
|  MercadoLibre, Inc. <sup>(1)</sup> | 55 | 142469 |
|  Total Uruguay | Total Uruguay | 142469 |
|  **Total Common Stocks**<br> (Cost: $15,902,661) | **Total Common Stocks**<br> (Cost: $15,902,661) | **20936476** |
|  **PREFERRED STOCKS – 0.02%** |  |  |
| **Germany – 0.02%** |  |  |
|  Bayerische Motoren Werke AG | 3 | 244 |
|  Dr Ing hc F Porsche AG <sup>(3)</sup> | 7 | 322 |
|  Henkel AG & Co. KGaA | 10 | 760 |
|  Porsche Automobil Holding SE | 8 | 335 |
|  Sartorius AG | 1 | 365 |
|  Volkswagen AG | 12 | 1245 |
|  Total Germany | Total Germany | 3271 |
|  **Total Preferred Stocks**<br> (Cost: $3,766) | **Total Preferred Stocks**<br> (Cost: $3,766) | **3271** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **SHORT-TERM INVESTMENTS – 1.58%** | **SHORT-TERM INVESTMENTS – 1.58%** | **SHORT-TERM INVESTMENTS – 1.58%** |
| **Money Market Funds – 1.36%** |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(6)</sup> | 293021 | $293021 |
|  **Total Money Market Funds**<br> (Cost: $293,021) | **Total Money Market Funds**<br> (Cost: $293,021) | **293021** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.22%** |  |  |
|  ANZ, London, 2.86% due 07/01/2025 | 167 | 110 |
|  BNP Paribas, Paris, 0.77% due 07/01/2025 | 257 | 41 |
|  Brown Brothers Harriman, 0.02% due 07/02/2025 <sup>(2)</sup> | 0 | 0 |
|  Brown Brothers Harriman, 2.25% due 07/01/2025 | 19 | 12 |
|  Brown Brothers Harriman, 2.86% due 07/01/2025 <sup>(2)</sup> | 0 | 0 |
|  Citibank, London, 1.11% due 07/01/2025 | 3065 | 3610 |
|  Citibank, London, 3.42% due 07/01/2025 | 3241 | 4449 |
|  Citibank, New York, 3.83% due 07/01/2025 | $690 | 690 |
|  HSBC, Hong Kong, 0.02% due 07/02/2025 | 10984 | 1399 |
|  HSBC, Singapore, 0.56% due 07/01/2025 | 72 | 56 |
|  JP Morgan, New York, 3.83% due 07/01/2025 | $2009 | 2009 |
|  Nordea Bank, Oslo, 3.19% due 07/01/2025 | 255 | 25 |
|  Royal Bank of Canada, Toronto, 1.80% due 07/02/2025 <sup>(2)</sup> | 0 | 0 |
|  Skandinaviska Enskilda Banken AB, Stockholm, -0.31% due 07/01/2025 | 70 | 88 |
|  Skandinaviska Enskilda Banken AB, Stockholm, 1.05% due 07/01/2025 | 546 | 58 |
|  Standard Chartered Bank, Johannesburg, 5.41% due 07/01/2025 <sup>(2)</sup> | 3 | 0 |
|  Sumitomo Trust Bank, London, 3.83% due 07/01/2025 | $265 | 265 |
|  Sumitomo, Tokyo, 0.12% due 07/01/2025 | 4803913 | 33359 |
|  **Total Time Deposits**<br> (Cost: $46,171) | **Total Time Deposits**<br> (Cost: $46,171) | **46171** |
|  **Total Short-Term Investments**<br> (Cost: $339,192) | **Total Short-Term Investments**<br> (Cost: $339,192) | **339192** |

---

The accompanying notes are an integral part of these financial statements.

531.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | |
|:---|:---|
|  | **Value<br>(000s)** |
| TOTAL INVESTMENTS IN SECURITIES – 99.42%<br>(Cost: $16,245,619) | $**21278939** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.58% | **124234** |
| TOTAL NET ASSETS – 100.00% | $**21403173** |

---

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

ZAR South African Rand

<sup>(1)</sup> Non-income producing security.

<sup>(2)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(3)</sup> Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $419,599, which represents 1.96% of total net assets.

<sup>(4)</sup> Amount calculated is less than 0.005%.

<sup>(5)</sup> Security that is categorized as Level 3 per the Trust's fair value hierarchy. The value of these securities totals $855, which represents 0.00% of total net assets.

<sup>(6)</sup> Represents annualized seven-day yield as of the close of the reporting period.

<sup>(7)</sup> Security that is restricted at June 30, 2025. The value of these securities totals $-, which represents 0.00% of total net assets.

#### Open Futures Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of Contracts<br>Purchased** | **Reference Entity** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 48 | Euro Stoxx 50 Future <sup>(1)</sup> | Sep. 2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | $3012 | $(0) |
| 15 | FTSE 100 INDEX Future | Sep. 2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | 1810 | (20) |
| 8 | TOPIX INDEX Future | Sep. 2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222956 | 1586 | 38 |
|  |  |  |  |  |  | $18 |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

The accompanying notes are an integral part of these financial statements.

532.0 ------

### Bridge Builder International Equity Fund
Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | |
|:---|:---|
| **COMMON STOCKS** | **Percentages of<br>Net Assets** |
|  Communication Services | 5.62% |
|  Consumer Discretionary | 10.58 |
|  Consumer Staples | 9.27 |
|  Energy | 3.06 |
|  Financials | 19.92 |
|  Healthcare | 8.90 |
|  Industrials | 22.03 |
|  Information Technology | 10.27 |
|  Materials | 4.33 |
|  Real Estate | 0.41 |
|  Utilities | 3.43 |
|  **Total Common Stocks** | **97.82** |

---

---

| | |
|:---|:---|
| **PREFERRED STOCKS** | **Percentages of<br>Net Assets** |
|  Consumer Discretionary | 0.01 |
|  Consumer Staples | 0.01 |
|  Healthcare | 0.00<sup>(1)</sup> |
|  **Total Preferred Stocks** | **0.02** |
|  **SHORT-TERM INVESTMENTS** | **1.58** |
|  **TOTAL INVESTMENTS** | **99.42** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES** | **0.58** |
|  **TOTAL NET ASSETS** | **100.00%** |

---

<sup>(1)</sup> Amount calculated is less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

533.0 ------

### Bridge Builder Tax Managed International Equity Fund
Schedule of Investments

June 30, 2025

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  **COMMON STOCKS – 96.61%** |  |  |
| **Australia – 2.89%** |  |  |
|  ANZ Group Holdings Ltd. | 132 | $2540 |
|  BHP Group Ltd. | 17 | 402 |
|  BHP Group Ltd. | 65 | 1568 |
|  Brambles Ltd. | 30 | 464 |
|  Cochlear Ltd. | 37 | 7328 |
|  Coles Group Ltd. | 76 | 1043 |
|  Commonwealth Bank of Australia | 25 | 3084 |
|  Computershare Ltd. | 5 | 129 |
|  CSL Ltd. | 64 | 10058 |
|  Fortescue Ltd. | 77 | 777 |
|  Goodman Group | 20 | 458 |
|  Macquarie Group Ltd. | 23 | 3415 |
|  Medibank Pvt Ltd. | 738 | 2451 |
|  National Australia Bank Ltd. | 30 | 778 |
|  Northern Star Resources Ltd. | 11 | 131 |
|  Qantas Airways Ltd. | 75 | 532 |
|  QBE Insurance Group Ltd. | 422 | 6506 |
|  REA Group Ltd. <sup>(1)</sup> | 0 | 53 |
|  Reece Ltd. | 87 | 823 |
|  Rio Tinto Ltd. | 43 | 3049 |
|  Santos Ltd. | 397 | 2002 |
|  Scentre Group | 682 | 1601 |
|  Sonic Healthcare Ltd. | 51 | 902 |
|  South32 Ltd. | 167 | 319 |
|  Telstra Group Ltd. | 1430 | 4561 |
|  Transurban Group | 83 | 762 |
|  Washington H Soul Pattinson & Co. Ltd. | 4 | 98 |
|  Wesfarmers Ltd. | 36 | 2036 |
|  Westpac Banking Corp. | 83 | 1846 |
|  Whitehaven Coal Ltd. | 228 | 812 |
|  WiseTech Global Ltd. | 15 | 1108 |
|  Woodside Energy Group Ltd. | 72 | 1116 |
|  Total Australia | Total Australia | 62752 |
| **Austria – 0.29%** |  |  |
|  Erste Group Bank AG | 75 | 6403 |
|  Total Austria | Total Austria | 6403 |
| **Belgium – 0.91%** |  |  |
|  Anheuser-Busch InBev SA | 68 | 4656 |
|  D'ieteren Group | 4 | 896 |
|  Elia Group SA/NV – Class B | 15 | 1721 |
|  KBC Group NV | 121 | 12519 |
|  Total Belgium | Total Belgium | 19792 |
| **Brazil – 0.32%** |  |  |
|  Ambev SA – ADR | 1198 | 2887 |
|  Ambev SA | 1622 | 3976 |
|  Total Brazil | Total Brazil | 6863 |
| **Canada – 1.55%** |  |  |
|  Alimentation Couche-Tard, Inc. | 200 | 9933 |
|  Brookfield Corp. | 39 | 2410 |
|  Canadian National Railway Co. | 112 | 11628 |
|  CCL Industries, Inc. – Class B | 16 | 931 |
|  Element Fleet Management Corp. | 108 | 2696 |
|  Magna International, Inc. | 146 | 5658 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Sun Life Financial, Inc. | 6 | $411 |
|  Total Canada | Total Canada | 33667 |
| **Chile – 0.10%** |  |  |
|  Antofagasta Plc | 90 | 2242 |
|  Total Chile | Total Chile | 2242 |
| **China – 0.84%** |  |  |
|  Alibaba Group Holding Ltd. | 662 | 9372 |
|  China Merchants Bank Co. Ltd. – Class H | 256 | 1792 |
|  Haier Smart Home Co. Ltd. – Class A | 1205 | 3463 |
|  Tencent Holdings Ltd. | 8 | 535 |
|  Weichai Power Co. Ltd. – Class H | 1544 | 3144 |
|  Total China | Total China | 18306 |
| **Denmark – 2.28%** |  |  |
|  Carlsberg AS – Class B | 42 | 5975 |
|  Coloplast – Class B | 74 | 7078 |
|  Danske Bank | 204 | 8350 |
|  Demant A/S <sup>(2)</sup> | 12 | 495 |
|  DSV | 2 | 404 |
|  Novo Nordisk – Class B | 311 | 21555 |
|  Novonesis (Novozymes) B – Class B | 48 | 3418 |
|  Pandora A/S | 7 | 1311 |
|  Tryg | 36 | 930 |
|  Total Denmark | Total Denmark | 49516 |
| **Finland – 1.24%** |  |  |
|  Fortum OYJ | 3 | 60 |
|  Kone OYJ – Class B | 184 | 12106 |
|  Nokia OYJ | 1242 | 6443 |
|  Nordea Bank Abp | 458 | 6798 |
|  Stora Enso OYJ – Class R | 72 | 780 |
|  UPM-Kymmene OYJ | 26 | 710 |
|  Total Finland | Total Finland | 26897 |
| **France – 13.25%** |  |  |
|  Accor SA | 187 | 9807 |
|  Air Liquide SA | 127 | 26268 |
|  Airbus SE | 28 | 5877 |
|  Alstom SA <sup>(2)</sup> | 28 | 660 |
|  Amundi SA <sup>(3)</sup> | 142 | 11481 |
|  Arkema SA | 116 | 8579 |
|  AXA SA | 110 | 5405 |
|  BNP Paribas SA | 62 | 5543 |
|  Bouygues SA | 37 | 1671 |
|  Bureau Veritas SA | 72 | 2450 |
|  Capgemini SE | 45 | 7752 |
|  Cie de Saint-Gobain SA | 24 | 2783 |
|  Cie Generale des Etablissements Michelin SCA | 470 | 17463 |
|  Covivio | 6 | 399 |
|  Credit Agricole SA | 25 | 468 |
|  Danone SA | 14 | 1112 |
|  Dassault Systemes SE | 269 | 9734 |
|  Eiffage SA <sup>(1)</sup> | 0 | 32 |
|  Engie SA | 253 | 5957 |
|  EssilorLuxottica SA | 16 | 4278 |
|  Eurazeo SE | 4 | 257 |
|  FDJ UNITED <sup>(3)</sup> | 8 | 302 |

---

The accompanying notes are an integral part of these financial statements.

534.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Gecina SA | 5 | $523 |
|  Hermes International SCA | 4 | 10152 |
|  Ipsen SA | 4 | 510 |
|  Kering SA | 11 | 2385 |
|  Legrand SA | 65 | 8746 |
|  L'Oreal SA | 36 | 15601 |
|  LVMH Moet Hennessy Louis Vuitton SE | 16 | 8608 |
|  Pernod Ricard SA | 7 | 723 |
|  Publicis Groupe SA | 29 | 3226 |
|  Renault SA | 8 | 379 |
|  Rexel SA | 409 | 12612 |
|  Safran SA | 46 | 14991 |
|  Sanofi SA | 213 | 20646 |
|  Schneider Electric SE | 29 | 7845 |
|  Societe Generale SA | 105 | 6017 |
|  Sodexo SA | 3 | 165 |
|  Teleperformance SE | 109 | 10548 |
|  TotalEnergies SE | 319 | 19507 |
|  Unibail – Rodamco-Westfield | 4 | 429 |
|  Veolia Environnement SA | 165 | 5903 |
|  Vinci SA | 69 | 10146 |
|  Total France | Total France | 287940 |
| **Germany – 10.69%** |  |  |
|  Adidas AG | 38 | 8876 |
|  Allianz SE | 30 | 12148 |
|  BASF SE | 191 | 9471 |
|  Bayer AG | 195 | 5878 |
|  Beiersdorf AG | 1 | 169 |
|  Continental AG | 107 | 9332 |
|  Covestro AG <sup>(2)</sup> | 58 | 4094 |
|  Daimler Truck Holding AG | 285 | 13512 |
|  Delivery Hero SE – Class A <sup>(2)(3)</sup> | 18 | 476 |
|  Deutsche Bank AG | 22 | 661 |
|  Deutsche Boerse AG | 43 | 14158 |
|  Deutsche Post AG | 107 | 4939 |
|  Deutsche Telekom AG | 353 | 12912 |
|  E.ON SE | 23 | 418 |
|  Evonik Industries AG | 238 | 4919 |
|  Fresenius Medical Care AG | 134 | 7717 |
|  Fresenius SE & Co. KGaA | 46 | 2304 |
|  Hannover Rueck SE | 1 | 195 |
|  Heidelberg Materials AG | 31 | 7368 |
|  Infineon Technologies AG | 574 | 24479 |
|  K+S AG | 87 | 1602 |
|  KION Group AG | 21 | 1199 |
|  Mercedes-Benz Group AG – ADR | 67 | 970 |
|  Mercedes-Benz Group AG – Class REGISTERED | 26 | 1524 |
|  Merck KGaA | 92 | 11871 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 16 | 10330 |
|  Rheinmetall AG <sup>(1)</sup> | 0 | 944 |
|  SAP SE | 125 | 38271 |
|  Siemens AG | 64 | 16504 |
|  Siemens Healthineers AG <sup>(3)</sup> | 18 | 1022 |
|  Symrise AG – Class A | 6 | 607 |
|  Vonovia SE | 13 | 444 |
|  Zalando SE <sup>(2)(3)</sup> | 87 | 2875 |
|  Total Germany | Total Germany | 232189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
| **Hong Kong – 2.43%** |  |  |
|  AIA Group Ltd. | 2880 | $26088 |
|  China Overseas Land & Investment Ltd. | 1654 | 2882 |
|  CK Asset Holdings Ltd. | 474 | 2092 |
|  CK Hutchison Holdings Ltd. | 592 | 3645 |
|  CLP Holdings Ltd. | 250 | 2111 |
|  Galaxy Entertainment Group Ltd. | 1462 | 6518 |
|  Hang Seng Bank Ltd. | 28 | 420 |
|  Hong Kong Exchanges & Clearing Ltd. | 98 | 5276 |
|  Jardine Matheson Holdings Ltd. | 57 | 2720 |
|  Power Assets Holdings Ltd. | 50 | 321 |
|  Techtronic Industries Co. Ltd. | 69 | 756 |
|  Total Hong Kong | Total Hong Kong | 52829 |
| **Hungary – 0.15%** |  |  |
|  OTP Bank Nyrt | 41 | 3292 |
|  Total Hungary | Total Hungary | 3292 |
| **Indonesia – 0.05%** |  |  |
|  Bank Rakyat Indonesia Persero Tbk PT | 4650 | 1072 |
|  Total Indonesia | Total Indonesia | 1072 |
| **Ireland – 2.17%** |  |  |
|  AerCap Holdings NV | 39 | 4565 |
|  AIB Group Plc | 406 | 3347 |
|  Bank of Ireland Group Plc | 686 | 9773 |
|  DCC Plc | 48 | 3138 |
|  Experian Plc | 256 | 13205 |
|  James Hardie Industries Plc <sup>(2)</sup> | 5 | 146 |
|  Kerry Group Plc – Class A | 12 | 1338 |
|  Kingspan Group Plc | 30 | 2555 |
|  Medtronic Plc | 58 | 5080 |
|  Ryanair Holdings Plc – ADR | 22 | 1291 |
|  Ryanair Holdings Plc | 72 | 2051 |
|  Smurfit WestRock Plc | 17 | 717 |
|  Total Ireland | Total Ireland | 47206 |
| **Israel – 0.34%** |  |  |
|  Bank Leumi Le-Israel BM | 110 | 2049 |
|  Check Point Software Technologies Ltd. <sup>(2)</sup> | 18 | 4013 |
|  ICL Group Ltd. | 181 | 1244 |
|  Wix.com Ltd. <sup>(2)</sup> | 1 | 82 |
|  Total Israel | Total Israel | 7388 |
| **Italy – 1.83%** |  |  |
|  Enel SpA | 1345 | 12762 |
|  Ferrari NV | 17 | 8117 |
|  FinecoBank Banca Fineco SpA | 26 | 567 |
|  Generali | 25 | 890 |
|  Intesa Sanpaolo SpA | 535 | 3083 |
|  Moncler SpA | 16 | 892 |
|  Poste Italiane SpA <sup>(3)</sup> | 3 | 70 |
|  Prysmian SpA | 65 | 4618 |
|  Recordati SpA | 5 | 305 |
|  Snam SpA | 18 | 111 |
|  UniCredit SpA | 125 | 8397 |
|  Total Italy | Total Italy | 39812 |
| **Japan – 17.79%** |  |  |
|  Advantest Corp. | 5 | 356 |

---

The accompanying notes are an integral part of these financial statements.

535.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Aeon Co. Ltd. | 10 | $303 |
|  Aisin Corp. | 20 | 249 |
|  Ajinomoto Co., Inc. | 161 | 4361 |
|  Asahi Kasei Corp. | 119 | 850 |
|  Astellas Pharma, Inc. | 144 | 1411 |
|  Bridgestone Corp. | 92 | 3742 |
|  Canon, Inc. | 28 | 812 |
|  Chugai Pharmaceutical Co. Ltd. | 35 | 1802 |
|  CyberAgent, Inc. | 57 | 646 |
|  Dai-ichi Life Holdings, Inc. | 72 | 550 |
|  Daiichi Sankyo Co. Ltd. | 37 | 866 |
|  Daikin Industries Ltd. | 120 | 14050 |
|  Denso Corp. | 85 | 1150 |
|  Disco Corp. | 3 | 889 |
|  East Japan Railway Co. | 12 | 252 |
|  ENEOS Holdings, Inc. | 54 | 269 |
|  FANUC Corp. | 108 | 2924 |
|  Fast Retailing Co. Ltd. | 2 | 514 |
|  Fuji Electric Co. Ltd. | 23 | 1045 |
|  FUJIFILM Holdings Corp. | 12 | 260 |
|  Fujitsu Ltd. | 289 | 7016 |
|  Fukuoka Financial Group, Inc. | 127 | 3380 |
|  Hankyu Hanshin Holdings, Inc. | 26 | 712 |
|  Hikari Tsushin, Inc. | 1 | 177 |
|  Hitachi Ltd. | 455 | 13235 |
|  Honda Motor Co. Ltd. | 245 | 2360 |
|  Hoya Corp. | 142 | 16863 |
|  IHI Corp. | 50 | 5376 |
|  Iida Group Holdings Co. Ltd. | 51 | 721 |
|  Inpex Corp. | 8 | 107 |
|  Isuzu Motors Ltd. | 69 | 870 |
|  ITOCHU Corp. | 207 | 10844 |
|  Japan Post Bank Co. Ltd. | 5 | 50 |
|  Japan Post Holdings Co. Ltd. | 15 | 139 |
|  Japan Tobacco, Inc. | 14 | 412 |
|  JFE Holdings, Inc. | 60 | 699 |
|  Kao Corp. | 152 | 6815 |
|  KDDI Corp. | 28 | 484 |
|  Keyence Corp. | 45 | 17791 |
|  Komatsu Ltd. | 290 | 9562 |
|  Kyocera Corp. | 170 | 2036 |
|  Lasertec Corp. | 20 | 2668 |
|  LY Corp. | 316 | 1162 |
|  Makita Corp. | 12 | 379 |
|  Marubeni Corp. | 7 | 135 |
|  MEIJI Holdings Co. Ltd. | 50 | 1108 |
|  Minebea Co. Ltd. | 309 | 4511 |
|  MISUMI Group, Inc. | 258 | 3440 |
|  Mitsubishi Corp. | 178 | 3561 |
|  Mitsubishi Electric Corp. | 172 | 3695 |
|  Mitsubishi HC Capital, Inc. | 193 | 1422 |
|  Mitsubishi UFJ Financial Group, Inc. | 389 | 5301 |
|  Mitsui & Co. Ltd. | 133 | 2719 |
|  Mitsui Fudosan Co. Ltd. | 506 | 4898 |
|  Mizuho Financial Group, Inc. | 9 | 239 |
|  MS&AD Insurance Group Holdings, Inc. | 121 | 2709 |
|  Murata Manufacturing Co. Ltd. | 414 | 6121 |
|  Nintendo Co. Ltd. | 42 | 4033 |
|  Nomura Research Institute Ltd. | 86 | 3420 |
|  Obic Co. Ltd. | 25 | 984 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Olympus Corp. | 750 | $8903 |
|  Ono Pharmaceutical Co. Ltd. | 106 | 1143 |
|  Oriental Land Co. Ltd. | 42 | 963 |
|  ORIX Corp. | 159 | 3586 |
|  Otsuka Holdings Co. Ltd. | 37 | 1810 |
|  Panasonic Holdings Corp. | 108 | 1153 |
|  Rakuten Group, Inc. <sup>(2)</sup> | 351 | 1933 |
|  Recruit Holdings Co. Ltd. | 91 | 5346 |
|  Renesas Electronics Corp. | 69 | 859 |
|  Resona Holdings, Inc. | 743 | 6866 |
|  Sanrio Co. Ltd. | 32 | 1523 |
|  SBI Holdings, Inc. | 93 | 3251 |
|  Secom Co. Ltd. | 18 | 654 |
|  Seven & i Holdings Co. Ltd. | 649 | 10438 |
|  Shimano, Inc. | 5 | 783 |
|  Shin-Etsu Chemical Co. Ltd. | 316 | 10418 |
|  Shiseido Co. Ltd. | 50 | 884 |
|  SMC Corp. | 22 | 7848 |
|  Softbank Corp. | 282 | 437 |
|  SoftBank Group Corp. | 11 | 771 |
|  Sony Group Corp. | 1092 | 28378 |
|  Subaru Corp. | 51 | 881 |
|  Sumitomo Corp. | 106 | 2723 |
|  Sumitomo Mitsui Financial Group, Inc. | 649 | 16352 |
|  Sumitomo Mitsui Trust Group, Inc. | 60 | 1596 |
|  Suntory Beverage & Food Ltd. | 210 | 6709 |
|  Suzuki Motor Corp. | 474 | 5716 |
|  Sysmex Corp. | 374 | 6512 |
|  T&D Holdings, Inc. | 113 | 2472 |
|  Takeda Pharmaceutical Co. Ltd. | 143 | 4409 |
|  TDK Corp. | 958 | 11177 |
|  Terumo Corp. | 808 | 14822 |
|  Tokio Marine Holdings, Inc. | 188 | 7951 |
|  Tokyo Electron Ltd. | 12 | 2375 |
|  Toray Industries, Inc. | 766 | 5246 |
|  Toyota Industries Corp. | 50 | 5621 |
|  Toyota Motor Corp. | 200 | 3448 |
|  Yakult Honsha Co. Ltd. | 38 | 723 |
|  Yokogawa Electric Corp. | 4 | 110 |
|  Total Japan | Total Japan | 386245 |
| **Luxembourg – 0.81%** |  |  |
|  ArcelorMittal | 442 | 14032 |
|  Eurofins Scientific SE | 36 | 2555 |
|  Tenaris SA | 57 | 1066 |
|  Total Luxembourg | Total Luxembourg | 17653 |
| **Macau – 0.10%** |  |  |
|  Sands China Ltd. <sup>(2)</sup> | 992 | 2073 |
|  Total Macau | Total Macau | 2073 |
| **Netherlands – 6.35%** |  |  |
|  Adyen NV <sup>(2)(3)</sup> | 1 | 1152 |
|  Aegon Ltd. | 14 | 103 |
|  Akzo Nobel NV | 6 | 426 |
|  Argenx SE <sup>(2)</sup> | 1 | 421 |
|  Argenx SE – ADR <sup>(2)</sup> | 1 | 746 |
|  ASM International NV | 19 | 12207 |
|  ASML Holding NV | 49 | 38869 |
|  BE Semiconductor Industries NV | 15 | 2231 |

---

The accompanying notes are an integral part of these financial statements.

536.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  EXOR NV | 10 | $1052 |
|  Ferrovial SE | 6 | 308 |
|  Heineken Holding NV | 17 | 1285 |
|  Heineken NV | 50 | 4405 |
|  IMCD NV | 5 | 608 |
|  ING Groep NV | 770 | 16871 |
|  Koninklijke Ahold Delhaize NV | 176 | 7344 |
|  Koninklijke KPN NV | 1959 | 9557 |
|  Koninklijke Philips NV | 292 | 7022 |
|  NN Group NV | 14 | 921 |
|  Prosus NV <sup>(2)</sup> | 86 | 4840 |
|  Randstad NV | 113 | 5214 |
|  Universal Music Group NV | 360 | 11673 |
|  Wolters Kluwer NV | 64 | 10658 |
|  Total Netherlands | Total Netherlands | 137913 |
| **New Zealand – 0.02%** |  |  |
|  Xero Ltd. <sup>(2)</sup> | 4 | 438 |
|  Total New Zealand | Total New Zealand | 438 |
| **Norway – 0.86%** |  |  |
|  Aker BP ASA | 211 | 5390 |
|  DNB Bank ASA | 113 | 3125 |
|  Equinor ASA | 360 | 9092 |
|  Storebrand ASA | 46 | 646 |
|  Telenor ASA | 31 | 476 |
|  Total Norway | Total Norway | 18729 |
| **Singapore – 1.09%** |  |  |
|  DBS Group Holdings Ltd. | 463 | 16353 |
|  Oversea-Chinese Banking Corp. Ltd. | 78 | 998 |
|  Sea Ltd. – ADR <sup>(2)</sup> | 14 | 2167 |
|  Singapore Airlines Ltd. | 54 | 295 |
|  Singapore Exchange Ltd. | 44 | 511 |
|  Singapore Telecommunications Ltd. | 41 | 123 |
|  United Overseas Bank Ltd. | 86 | 2440 |
|  Wilmar International Ltd. | 309 | 697 |
|  Total Singapore | Total Singapore | 23584 |
| **South Africa – 0.01%** |  |  |
|  Valterra Platinum Ltd. <sup>(2)</sup> | 3 | 143 |
|  Total South Africa | Total South Africa | 143 |
| **South Korea – 0.69%** |  |  |
|  Samsung Electronics Co. Ltd. | 304 | 13437 |
|  Shinhan Financial Group Co. Ltd. | 37 | 1657 |
|  Total South Korea | Total South Korea | 15094 |
| **Spain – 2.95%** |  |  |
|  ACS Actividades Co. | 3 | 215 |
|  Aena SME SA <sup>(3)</sup> | 86 | 2304 |
|  Amadeus IT Group SA | 154 | 13019 |
|  Banco Bilbao Vizcaya Argentaria SA | 44 | 676 |
|  Banco Santander SA | 898 | 7432 |
|  CaixaBank SA | 900 | 7794 |
|  EDP Renovaveis SA | 50 | 557 |
|  Iberdrola SA | 612 | 11769 |
|  Industria de Diseno Textil SA | 349 | 18195 |
|  Repsol SA | 120 | 1758 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Telefonica SA | 50 | $263 |
|  Total Spain | Total Spain | 63982 |
| **Sweden – 1.95%** |  |  |
|  Alleima AB | 1 | 6 |
|  Assa Abloy AB – Class B | 15 | 471 |
|  Atlas Copco AB – Class A | 391 | 6314 |
|  Atlas Copco AB – Class B | 490 | 6972 |
|  Boliden AB <sup>(2)</sup> | 45 | 1401 |
|  EQT AB | 12 | 409 |
|  Essity AB – Class B | 122 | 3369 |
|  Fastighets AB Balder – Class B <sup>(2)</sup> | 54 | 402 |
|  Hexagon AB – Class B | 184 | 1854 |
|  Industrivarden AB – Class C | 4 | 137 |
|  Indutrade AB | 31 | 853 |
|  Investment AB Latour – Class B | 13 | 339 |
|  Investor AB – Class B | 20 | 578 |
|  Nibe Industrier AB – Class B | 193 | 824 |
|  Sagax AB – Class B | 13 | 304 |
|  Sandvik AB | 61 | 1410 |
|  Securitas AB – Class B | 6 | 83 |
|  Skandinaviska Enskilda Banken AB – Class A | 96 | 1667 |
|  Svenska Handelsbanken AB – Class A | 125 | 1672 |
|  Telefonaktiebolaget LM Ericsson – Class B | 314 | 2681 |
|  Volvo AB – Class B | 379 | 10659 |
|  Total Sweden | Total Sweden | 42405 |
| **Switzerland – 7.03%** |  |  |
|  ABB Ltd. | 136 | 8131 |
|  Accelleron Industries AG | 1 | 69 |
|  Alcon AG | 22 | 1919 |
|  Chocoladefabriken Lindt & Spruengli AG <sup>(1)</sup> | 0 | 1079 |
|  Cie Financiere Richemont SA | 56 | 10617 |
|  DSM-Firmenich AG | 5 | 482 |
|  Geberit AG | 1 | 455 |
|  Givaudan SA <sup>(1)</sup> | 0 | 475 |
|  Glencore Plc <sup>(2)</sup> | 237 | 922 |
|  Holcim AG <sup>(2)</sup> | 3 | 192 |
|  Julius Baer Group Ltd. | 128 | 8674 |
|  Kuehne & Nagel International AG | 6 | 1292 |
|  Logitech International SA | 10 | 909 |
|  Lonza Group AG | 26 | 18427 |
|  Nestle SA | 198 | 19679 |
|  Novartis AG | 139 | 16872 |
|  Partners Group Holding AG <sup>(1)</sup> | 0 | 606 |
|  Roche Holding AG | 3 | 1171 |
|  Roche Holding AG | 90 | 29261 |
|  Sandoz Group AG | 28 | 1555 |
|  SGS SA | 88 | 8917 |
|  Sonova Holding AG | 1 | 355 |
|  STMicroelectronics NV | 91 | 2798 |
|  Swatch Group AG – BR | 3 | 419 |
|  UBS Group AG | 324 | 10996 |
|  VAT Group AG <sup>(3)</sup> | 8 | 3561 |
|  Zurich Insurance Group AG | 4 | 2950 |
|  Total Switzerland | Total Switzerland | 152783 |
| **Taiwan – 1.54%** |  |  |
|  Hon Hai Precision Industry Co. Ltd. | 194 | 1070 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 84 | 3072 |

---

The accompanying notes are an integral part of these financial statements.

537.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 129 | $29321 |
|  Total Taiwan | Total Taiwan | 33463 |
| **United Kingdom – 13.95%** |  |  |
|  3i Group Plc | 245 | 13881 |
|  Anglo American Plc | 28 | 824 |
|  Ashtead Group Plc | 60 | 3846 |
|  AstraZeneca Plc – ADR | 38 | 2684 |
|  AstraZeneca Plc | 70 | 9686 |
|  Aviva Plc | 541 | 4601 |
|  BAE Systems Plc | 29 | 759 |
|  Barclays Plc | 1826 | 8438 |
|  Barratt Redrow Plc | 244 | 1529 |
|  BP Plc | 902 | 4492 |
|  Bridgepoint Group Plc <sup>(3)</sup> | 167 | 711 |
|  British American Tobacco Plc | 14 | 661 |
|  BT Group Plc – Class A | 960 | 2557 |
|  Burberry Group Plc <sup>(2)</sup> | 89 | 1439 |
|  CNH Industrial NV | 176 | 2283 |
|  Coca-Cola Europacific Partners Plc | 16 | 1456 |
|  Compass Group Plc | 641 | 21729 |
|  Diageo Plc | 148 | 3730 |
|  GSK Plc – ADR | 28 | 1079 |
|  GSK Plc | 601 | 11459 |
|  Haleon Plc | 246 | 1267 |
|  Halma Plc | 115 | 5051 |
|  HSBC Holdings Plc | 1051 | 12712 |
|  Inchcape Plc | 165 | 1645 |
|  InterContinental Hotels Group Plc | 49 | 5596 |
|  Intertek Group Plc | 11 | 745 |
|  J Sainsbury Plc | 2076 | 8263 |
|  Kingfisher Plc | 790 | 3155 |
|  Land Securities Group Plc | 16 | 139 |
|  Legal & General Group Plc | 865 | 3027 |
|  Lloyds Banking Group Plc | 4671 | 4911 |
|  London Stock Exchange Group Plc | 57 | 8353 |
|  Melrose Industries Plc | 314 | 2289 |
|  Mondi Plc | 51 | 834 |
|  National Grid Plc | 463 | 6792 |
|  NatWest Group Plc | 1827 | 12832 |
|  Next Plc | 47 | 8044 |
|  Pearson Plc | 54 | 798 |
|  Persimmon Plc | 85 | 1506 |
|  Reckitt Benckiser Group Plc | 192 | 13049 |
|  RELX Plc | 249 | 13504 |
|  Rio Tinto Plc | 91 | 5290 |
|  Sage Group Plc | 898 | 15424 |
|  Segro Plc | 64 | 601 |
|  Severn Trent Plc | 4 | 152 |
|  Shell Plc – ADR | 42 | 2926 |
|  Shell Plc | 303 | 10652 |
|  Shell Plc | 447 | 15611 |
|  Smith & Nephew Plc | 31 | 468 |
|  Spirax Group Plc | 10 | 793 |
|  SSE Plc | 223 | 5616 |
|  Standard Chartered Plc | 459 | 7591 |
|  TechnipFMC Plc | 36 | 1239 |
|  Tesco Plc | 2378 | 13113 |
|  Travis Perkins Plc | 211 | 1761 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares<br>(000s)** | **Value<br>(000s)** | **Value<br>(000s)** |
|  Unilever Plc | 143 | $| 8733 |
|  United Utilities Group Plc | 11 |  | 171 |
|  Vodafone Group Plc | 363 |  | 388 |
|  Whitbread Plc | 6 |  | 246 |
|  Total United Kingdom | Total United Kingdom |  | 303131 |
| **United States – 0.14%** |  |  |  |
|  Amrize Ltd. <sup>(2)</sup> | 3 |  | 129 |
|  Broadcom, Inc. | 7 |  | 1905 |
|  Flutter Entertainment Plc <sup>(2)</sup> | 2 |  | 437 |
|  Linde Plc | 1 |  | 471 |
|  Total United States | Total United States |  | 2942 |
|  **Total Common Stocks**<br> (Cost: $1,599,973) | **Total Common Stocks**<br> (Cost: $1,599,973) |  | **2098744** |
|  **PREFERRED STOCKS – 0.05%** |  |  |  |
| **Germany – 0.05%** |  |  |  |
|  Dr Ing hc F Porsche AG <sup>(3)</sup> | 15 |  | 749 |
|  Henkel AG & Co. KGaA | 5 |  | 426 |
|  Total Germany | Total Germany |  | 1175 |
|  **Total Preferred Stocks**<br> (Cost: $1,173) | **Total Preferred Stocks**<br> (Cost: $1,173) |  | **1175** |
|  **SHORT-TERM INVESTMENTS – 2.96%** | **SHORT-TERM INVESTMENTS – 2.96%** | **SHORT-TERM INVESTMENTS – 2.96%** | **SHORT-TERM INVESTMENTS – 2.96%** |
| **Money Market Funds – 2.71%** |  |  |  |
|  Goldman Sachs Financial Square Government Fund – Class I, 4.21% <sup>(4)</sup> | 58855 |  | 58855 |
|  **Total Money Market Funds**<br> (Cost: $58,855) | **Total Money Market Funds**<br> (Cost: $58,855) |  | **58855** |
|  | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** | **Value<br>(000s)** |
| **Time Deposits – 0.25%** |  |  |  |
|  ANZ, London, 2.86% due 07/01/2025 | 63 |  | 42 |
|  Brown Brothers Harriman, 0.77% due 07/01/2025 <sup>(1)</sup> | 0 |  | 0 |
|  Brown Brothers Harriman, 2.25% due 07/01/2025 <sup>(1)</sup> | 0 |  | 0 |
|  Citibank, London, 1.11% due 07/01/2025 | 287 |  | 338 |
|  Citibank, London, 3.42% due 07/01/2025 | 583 |  | 801 |
|  Citibank, New York, 3.83% due 07/01/2025 | $1536 |  | 1536 |
|  HSBC, Hong Kong, 0.02% due 07/02/2025 | 60 |  | 8 |
|  HSBC, Singapore, 0.56% due 07/01/2025 | 348 |  | 274 |
|  Nordea Bank, Oslo, 3.19% due 07/01/2025 | 322 |  | 32 |
|  Royal Bank of Canada, Toronto, 1.80% due 07/02/2025 | 94 |  | 69 |
|  Skandinaviska Enskilda Banken AB, Stockholm, -0.31% due 07/01/2025 | 2 |  | 2 |

---

The accompanying notes are an integral part of these financial statements.

538.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000s)** | **Principal<br>Amount<br>(000s)** | **Value<br>(000s)** |
|  Skandinaviska Enskilda Banken AB, Stockholm, 1.05% due 07/01/2025 | SEK | 73 | $8 |
|  Sumitomo, Tokyo, 0.12% due 07/01/2025 | JPY | 324384 | 2252 |
|  **Total Time Deposits**<br> (Cost: $5,362) | **Total Time Deposits**<br> (Cost: $5,362) | **Total Time Deposits**<br> (Cost: $5,362) | **5362** |
|  **Total Short-Term Investments**<br> (Cost: $64,217) | **Total Short-Term Investments**<br> (Cost: $64,217) | **Total Short-Term Investments**<br> (Cost: $64,217) | **64217** |
| **TOTAL INVESTMENTS IN SECURITIES – 99.62%**<br> (Cost: $1,665,363) | **TOTAL INVESTMENTS IN SECURITIES – 99.62%**<br> (Cost: $1,665,363) | **TOTAL INVESTMENTS IN SECURITIES – 99.62%**<br> (Cost: $1,665,363) | **2164136** |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.38% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.38% | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.38% | **8242** |
| TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | TOTAL NET ASSETS – 100.00% | $**2172378** |

---

Percentages are stated as a percent of net assets.

Principal amounts are denominated in the currency in which the security was purchased.

ADR American Depositary Receipt

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

<sup>(2)</sup> Non-income producing security.

<sup>(3)</sup> Security was purchased exempt from registration in the U.S. pursuant to Rule 144(A) under the Securities Act of 1933. The value of these securities totals $24,703, which represents 1.14% of total net assets. 

<sup>(4)</sup> Represents annualized seven-day yield as of the close of the reporting period.

The accompanying notes are an integral part of these financial statements.

539.0 ------

Schedule of Investments

June 30, 2025 (Continued)

(Amounts in thousands, except number of contracts)

---

| | |
|:---|:---|
| **COMMON STOCKS** | **Percentage of<br>Net Assets** |
|  Communication Services | 2.58% |
|  Consumer Discretionary | 12.03 |
|  Consumer Staples | 7.64 |
|  Energy | 3.50 |
|  Financials | 19.04 |
|  Healthcare | 12.54 |
|  Industrials | 17.56 |
|  Information Technology | 12.89 |
|  Materials | 5.62 |
|  Real Estate | 0.70 |
|  Utilities | 2.51 |
|  **Total Common Stocks** | **96.61** |

---

---

| | |
|:---|:---|
| **PREFERRED STOCKS** | **Percentage of<br>Net Assets** |
|  Consumer Discretionary | 0.03 |
|  Consumer Staples | 0.02 |
|  **Total Preferred Stocks** | **0.05** |
|  **SHORT-TERM INVESTMENTS** | **2.96** |
|  **TOTAL INVESTMENTS** | **99.62** |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES** | **0.38** |
|  **TOTAL NET ASSETS** | **100.00%** |

---

The accompanying notes are an integral part of these financial statements.

540.0 ------

### Bridge Builder Mutual Funds
Statements of Assets and Liabilities

June 30, 2025

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Core Bond Fund | Bridge Builder<br>Core Plus<br> Bond Fund | Bridge Builder<br>Municipal<br> Bond Fund | Bridge Builder<br>Municipal<br> High-Income<br>Bond Fund |
|  **Assets** |  |  |  |  |
|  Investments, at value <sup>(1)</sup> | $22125642 | $49695325 | $17312410 | $4198238 |
|  Cash\* | 73 | 6381 |  | 0 |
|  Over-the-counter credit default swap contracts, at value |  | 136 |  |  |
|  Over-the-counter total return swap contracts, at value |  | 565 |  |  |
|  Receivable for foreign currency transactions |  | 433 |  |  |
|  Receivable for investments sold | 567876 | 6923766 | 50097 | 2546 |
|  Receivable for fund shares sold | 28330 | 57738 | 35140 | 9507 |
|  Unrealized appreciation on forward foreign currency exchange contracts |  | 18381 |  |  |
|  Unrealized appreciation on unfunded loan commitments |  | 3 |  |  |
|  Dividend and interest receivable | 155480 | 291405 | 208873 | 51643 |
|  Tax reclaim receivable |  | 41 |  |  |
|  Deposits at broker for futures contracts | 11962 |  |  |  |
|  Variation margin on futures contracts | 3670 | 74420 | 2899 | 50 |
|  Deposits at broker for centrally cleared swap contracts |  | 604 |  |  |
|  Variation margin on centrally cleared swap contracts | 1 | 60613 |  |  |
|  Deposits at broker for TBA commitments |  | 17979 |  |  |
|  Prepaid expenses and other assets | 287 | 181 | 210 | 87 |
|  **Total Assets** | 22893321 | 57147971 | 17609629 | 4262071 |
|  **Liabilities** |  |  |  |  |
|  TBA sale commitments, at value <sup>(2)</sup> | 66673 | 286974 |  |  |
|  Over-the-counter credit default swap contracts, at value |  | 783 |  |  |
|  Due to broker for swap contracts |  | 5930 |  |  |
|  Due to broker for TBA commitments | 2914 | 66685 |  |  |
|  Payable for investments purchased | 1105687 | 15803521 | 286489 | 16523 |
|  Payable for fund shares redeemed | 7937 | 14080 | 8351 | 1975 |
|  Interest payable | 127 | 219 |  |  |
|  Payable for reverse repurchase agreements |  | 9833 |  |  |
|  Unrealized depreciation on forward foreign currency exchange contracts |  | 87911 |  |  |
|  Payable to Sub-advisers for Investment Advisory Fee | 1837 | 4034 | 1473 | 494 |
|  Payable to Trustees | 2 | 2 | 1 | 6 |
|  Accrued expenses and other liabilities | 1196 | 16136 | 798 | 365 |
|  **Total Liabilities** | 1186373 | 16296108 | 297112 | 19363 |
|  **Net Assets** | $**21706948** | $**40851863** | $**17312517** | $**4242708** |
|  **Net Assets Consist of** |  |  |  |  |
|  Paid in capital ($0.00 par value common stock unlimited authorized shares) | $23910122 | $45391440 | $17915474 | $4328909 |
|  Total distributable earnings/(loss) | (2203174) | (4539577) | (602957) | (86201) |
|  **Net Assets** | $**21706948** | $**40851863** | $**17312517** | $**4242708** |
|  **Net Assets** | $21706948 | $40851863 | $17312517 | $4242708 |
|  **Shares Outstanding** | 2406485 | 4596030 | 1772653 | 432900 |
|  **Net Asset Value** | $**9.02** | $**8.89** | $**9.77** | $**9.80** |
| (1) Cost of investments | 22879778 | 50319492 | 17515522 | 4280221 |
| (2) Proceeds from TBA sale commitments | (65583) | (283022) |  |  |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

541.0 ------

Statements of Assets and Liabilities

June 30, 2025 (Continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Large Cap<br>Growth Fund | Bridge Builder<br>Large Cap<br> Value Fund | Bridge Builder<br>Tax Managed<br>Large Cap Fund | Bridge Builder<br>Small/Mid Cap<br>Growth Fund |
|  **Assets** |  |  |  |  |
|  Investments, at value <sup>(1)</sup> | $28188049 | $24137827 | $6546557 | $9390062 |
|  Cash\* | 0 | 319 |  |  |
|  Receivable for investments sold | 18199 | 22768 | 31797 | 22310 |
|  Receivable for fund shares sold | 29026 | 28548 | 13493 | 12287 |
|  Dividend and interest receivable | 12271 | 35408 | 4909 | 2942 |
|  Tax reclaim receivable | 1544 | 3801 | 70 | 16 |
|  Variation margin on futures contracts | 1310 | 488 |  | 662 |
|  Prepaid expenses and other assets | 165 | 155 | 81 | 93 |
|  **Total Assets** | 28250564 | 24229314 | 6596907 | 9428372 |
|  **Liabilities** |  |  |  |  |
|  Payable for investments purchased | 16958 | 18533 | 30757 | 23095 |
|  Payable for fund shares redeemed | 17689 | 10318 | 4061 | 3806 |
|  Payable for foreign currency transactions |  | 53 |  |  |
|  Payable to Sub-advisers for Investment Advisory Fee | 4083 | 4011 | 1091 | 2446 |
|  Payable to Trustees | 2 | 2 | 1 | 1 |
|  Accrued expenses and other liabilities | 720 | 754 | 363 | 274 |
|  **Total Liabilities** | 39452 | 33671 | 36273 | 29622 |
|  **Net Assets** | $**28211112** | $**24195643** | $**6560634** | $**9398750** |
|  **Net Assets Consist of** |  |  |  |  |
|  Paid in capital ($0.00 par value common stock unlimited authorized shares) | $15413810 | $17032078 | $4843381 | $7110087 |
|  Total distributable earnings/(loss) | 12797302 | 7163565 | 1717253 | 2288663 |
|  **Net Assets** | $**28211112** | $**24195643** | $**6560634** | $**9398750** |
|  **Net Assets** | $28211112 | $24195643 | $6560634 | $9398750 |
|  **Shares Outstanding** | 1047294 | 1358654 | 423617 | 572902 |
|  **Net Asset Value** | $**26.94** | $**17.81** | $**15.49** | $**16.41** |
|  <sup>(1)</sup> Cost of investments | 17095010 | 18075377 | 4676274 | 7135125 |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

542.0 ------

Statements of Assets and Liabilities

June 30, 2025 (Continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Small/Mid Cap<br>Value Fund | Bridge Builder<br>Tax Managed<br>Small/Mid<br> Cap Fund | Bridge Builder<br>International<br>Equity Fund | Bridge Builder<br>Tax Managed<br>International<br>Equity Fund |
|  **Assets** |  |  |  |  |
|  Investments, at value <sup>(1)</sup> | $8510118 | $2330709 | $21278939 | $2164136 |
|  Cash\* |  | 0 | 108 | 202 |
|  Receivable for foreign currency transactions |  |  |  | 12 |
|  Receivable for investments sold | 11851 | 68030 | 50804 | 4159 |
|  Receivable for fund shares sold | 10363 | 4994 | 27227 | 4854 |
|  Dividend and interest receivable | 10751 | 2332 | 42449 | 3186 |
|  Tax reclaim receivable | 19 | 11 | 55669 | 6391 |
|  Variation margin on futures contracts | 656 |  | 479 |  |
|  Prepaid expenses and other assets | 115 | 56 | 136 | 50 |
|  **Total Assets** | 8543873 | 2406132 | 21455811 | 2182990 |
|  **Liabilities** |  |  |  |  |
|  Payable for investments purchased | 22484 | 69543 | 30858 | 8542 |
|  Payable for fund shares redeemed | 3113 | 930 | 12899 | 1235 |
|  Payable for foreign currency transactions |  |  | 252 |  |
|  Foreign withholding tax payable |  |  | 2229 |  |
|  Payable to Sub-advisers for Investment Advisory Fee | 2438 | 673 | 5471 | 621 |
|  Payable to Trustees\* | 1 | 0 | 2 | 0 |
|  Accrued expenses and other liabilities | 322 | 210 | 927 | 214 |
|  **Total Liabilities** | 28358 | 71356 | 52638 | 10612 |
|  **Net Assets** | $**8515515** | $**2334776** | $**21403173** | $**2172378** |
|  **Net Assets Consist of** |  |  |  |  |
|  Paid in capital ($0.00 par value common stock unlimited authorized shares) | $6420404 | $2102327 | $15986990 | $1705332 |
|  Total distributable earnings/(loss) | 2095111 | 232449 | 5416183 | 467046 |
|  **Net Assets** | $**8515515** | $**2334776** | $**21403173** | $**2172378** |
|  **Net Assets** | $8515515 | $2334776 | $21403173 | $2172378 |
|  **Shares Outstanding** | 592405 | 187523 | 1443012 | 167653 |
|  **Net Asset Value** | $**14.37** | $**12.45** | $**14.83** | $**12.96** |
|  <sup>(1)</sup> Cost of investments | 6837593 | 1897118 | 16245619 | 1665363 |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

543.0 ------

Statements of Operations

Year Ended June 30, 2025

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Core Bond Fund | Bridge Builder<br>Core Plus<br> Bond Fund | Bridge Builder<br>Municipal<br>Bond Fund | Bridge Builder<br>Municipal<br>High-Income<br>Bond Fund |
|  **Investment Income** |  |  |  |  |
|  Dividend income | $22962 | $48110 | $12927 | $764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld and issuance fees\* |  | (41) |  | 0 |
|  Interest | 806262 | 1851753 | 566182 | 178001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld |  | (149) |  |  |
|  Other Income | 1 | 2354 | 35 |  |
|  **Total investment income** | 829225 | 1902027 | 579144 | 178765 |
|  **Expenses** |  |  |  |  |
|  Investment advisory fee | 60211 | 135148 | 57419 | 13299 |
|  Professional fees | 335 | 675 | 299 | 108 |
|  Administration fee | 13 | 13 | 13 | 13 |
|  Fund accounting fees | 1105 | 1924 | 988 | 400 |
|  Transfer agent fees and expenses | 49 | 68 | 46 | 34 |
|  Trustees fees and expenses | 269 | 529 | 226 | 26 |
|  Printing and mailing expense | 134 | 83 |  | 24 |
|  Custody fees | 403 | 1200 | 150 | 69 |
|  Insurance expense | 46 | 95 | 41 | 10 |
|  Interest expense |  | 2644 |  |  |
|  Registration fees | 917 | 1504 | 920 | 226 |
|  Other expenses | 191 | 367 | 163 | 52 |
|  Total expenses before fee waivers | 63673 | 144250 | 60265 | 14261 |
|  Fee waivers and/or expense reimbursements by Adviser | (40328) | (88455) | (40826) | (8305) |
|  **Net expenses** | 23345 | 55795 | 19439 | 5956 |
|  **Net Investment Income** | 805880 | 1846232 | 559705 | 172809 |
|  **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (174643) | (189677) | (104983) | (3686) |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | 1405 | (6366) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | (4065) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (6993) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1593) | (240090) | 6092 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1) | 60431 |  |  |
|  **Net realized gain/(loss)** | (174832) | (386760) | (98891) | (3598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 521524 | 994341 | (99400) | (134239) |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | (1090) | (5296) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | (77624) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 762 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 17292 | 114833 | (3310) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 117 | 99116 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments |  | 1 |  |  |
|  **Net change in unrealized appreciation/(depreciation)** | 537843 | 1126133 | (102710) | (134310) |
|  **Net realized gain/(loss) and net change in unrealized appreciation/(depreciation)** | 363011 | 739373 | (201601) | (137908) |
|  **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**1168891** | $**2585605** | $**358104** | $**34901** |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

544.0 ------

Statements of Operations

Year Ended June 30, 2025 (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Large Cap<br>Growth Fund | Bridge Builder<br>Large Cap<br>Value Fund | Bridge Builder<br>Tax Managed<br>Large Cap Fund | Bridge Builder<br>Small/Mid Cap<br>Growth Fund |
|  **Investment Income** |  |  |  |  |
|  Dividend income | $219545 | $507814 | $71426 | $51586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld and issuance fees | (1481) | (5698) | (476) | (74) |
|  Interest | 431 | 592 | 162 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld |  |  |  |  |
|  Other Income\* | 65 | 6 | 0 | 25 |
|  **Total investment income** | 218560 | 502714 | 71112 | 51776 |
|  **Expenses** |  |  |  |  |
|  Investment advisory fee | 114735 | 100466 | 23536 | 56842 |
|  Professional fees | 602 | 352 | 125 | 183 |
|  Administration fee | 13 | 13 | 13 | 13 |
|  Fund accounting fees | 826 | 743 | 190 | 308 |
|  Transfer agent fees and expenses | 56 | 53 | 36 | 39 |
|  Trustees fees and expenses | 369 | 324 | 75 | 126 |
|  Printing and mailing expense | 556 | 63 | 33 | 69 |
|  Custody fees | 202 | 300 | 49 | 168 |
|  Insurance expense | 69 | 60 | 14 | 24 |
|  Registration fees | 519 | 722 | 376 | 128 |
|  Other expenses | 482 | 704 | 95 | 317 |
|  Total expenses before fee waivers | 118429 | 103800 | 24542 | 58217 |
|  Fee waivers and/or expense reimbursements by Adviser | (68968) | (53463) | (12168) | (27755) |
|  **Net expenses** | 49461 | 50337 | 12374 | 30462 |
|  **Net Investment Income** | 169099 | 452377 | 58738 | 21314 |
|  **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2340103 | 1863787 | (81361) | 386069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 82 | 126 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 877 | 44 |  | (128) |
|  **Net realized gain/(loss)** | 2341062 | 1863957 | (81361) | 385941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 800660 | 205847 | 761711 | 381341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions\* | 0 | 475 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 565 | 113 |  | 14 |
|  **Net change in unrealized appreciation/(depreciation)** | 801225 | 206435 | 761711 | 381355 |
|  **Net realized gain/(loss) and net change in unrealized appreciation/(depreciation)** | 3142287 | 2070392 | 680350 | 767296 |
|  **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**3311386** | $**2522769** | $**739088** | $**788610** |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

545.0 ------

Statements of Operations

Year Ended June 30, 2025 (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Small/Mid<br>Cap Value Fund | Bridge Builder<br>Tax Managed<br>Small/Mid Cap<br>Fund | Bridge Builder<br>International<br>Equity Fund | Bridge Builder<br>Tax Managed<br>International<br>Equity Fund |
|  **Investment Income** |  |  |  |  |
|  Dividend income | $150497 | $26556 | $605981 | $61686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld and issuance fees | (301) | (61) | (51072) | (6154) |
|  Interest | 246 | 90 | 9792 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld\* |  |  | 0 |  |
|  Other Income\* | 37 | 0 | 29 | 1 |
|  **Total investment income** | 150479 | 26585 | 564730 | 55641 |
|  **Expenses** |  |  |  |  |
|  Investment advisory fee | 53763 | 12912 | 117810 | 11254 |
|  Professional fees | 183 | 101 | 357 | 96 |
|  Administration fee | 13 | 13 | 13 | 13 |
|  Fund accounting fees | 302 | 87 | 722 | 101 |
|  Transfer agent fees and expenses | 39 | 33 | 50 | 32 |
|  Trustees fees and expenses | 120 | 29 | 280 | 27 |
|  Printing and mailing expense | 12 | 26 | 95 | 38 |
|  Custody fees | 177 | 33 | 2287 | 281 |
|  Insurance expense | 22 | 6 | 50 | 5 |
|  Registration fees | 213 | 196 | 368 | 146 |
|  Other expenses | 209 | 69 | 549 | 36 |
|  Total expenses before fee waivers | 55053 | 13505 | 122581 | 12029 |
|  Fee waivers and/or expense reimbursements by Adviser | (23605) | (5546) | (55121) | (4669) |
|  **Net expenses** | 31448 | 7959 | 67460 | 7360 |
|  **Net Investment Income** | 119031 | 18626 | 497270 | 48281 |
|  **Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 661243 | (135382) | 981264 | (19584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3 |  | 5747 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (15) |  | (103) |  |
|  **Net realized gain/(loss)** | 661231 | (135382) | 986908 | (19163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (48394) | 210719 | 2256186 | 234931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions\* | 0 |  | 6173 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 45 |  | (8) |  |
|  **Net change in unrealized appreciation/(depreciation)** | (48349) | 210719 | 2262351 | 235526 |
|  **Net realized gain/(loss) and net change in unrealized appreciation/(depreciation)** | 612882 | 75337 | 3249259 | 216363 |
|  **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**731913** | $**93963** | $**3746529** | $**264644** |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

The accompanying notes are an integral part of these financial statements.

546.0 ------

Statements of Changes in Net Assets

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Core Bond Fund | Bridge Builder<br>Core Bond Fund | Bridge Builder Core<br>Plus Bond Fund | Bridge Builder Core<br>Plus Bond Fund |
|  | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 |
|  **Operations** |  |  |  |  |
|  Net investment income | $805880 | $688246 | $1846232 | $1533041 |
|  Net realized gain/(loss) | (174832) | (400813) | (386760) | (1218183) |
|  Net change in unrealized appreciation/(depreciation) | 537843 | 330166 | 1126133 | 952608 |
|  **Net increase/(decrease) in net assets resulting from operations** | 1168891 | 617599 | 2585605 | 1267466 |
|  **Distributions to Shareholders** |  |  |  |  |
|  From distributable earnings | (813071) | (694935) | (1775469) | (1506112) |
|  **Total distributions** | (813071) | (694935) | (1775469) | (1506112) |
|  **Capital Transactions** |  |  |  |  |
|  Proceeds from shares sold | 5881421 | 2795821 | 8273085 | 6823606 |
|  Reinvestment of dividends | 813071 | 694935 | 1775469 | 1506112 |
|  Cost of shares redeemed | (2415621) | (2772403) | (4368077) | (3954439) |
|  **Net increase/(decrease) from capital transactions** | 4278871 | 718353 | 5680477 | 4375279 |
|  **Net increase/(decrease) in net assets** | 4634691 | 641017 | 6490613 | 4136633 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 17072257 | 16431240 | 34361250 | 30224617 |
|  **End of period** | $**21706948** | $**17072257** | $**40851863** | $**34361250** |
|  **Change in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1930531 | 1847932 | 3951458 | 3440557 |
|  Shares sold | 655081 | 319100 | 939943 | 794349 |
|  Shares issued to holders in reinvestments of dividends | 90378 | 79148 | 201091 | 174106 |
|  Shares redeemed | (269505) | (315649) | (496462) | (457554) |
|  **Shares outstanding, end of period** | **2406485** | **1930531** | **4596030** | **3951458** |

---

The accompanying notes are an integral part of these financial statements.

547.0 ------

Statements of Changes in Net Assets (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Municipal Bond Fund | Bridge Builder<br>Municipal Bond Fund | Bridge Builder<br>Municipal High-Income Bond Fund | Bridge Builder<br>Municipal High-Income Bond Fund |
|  | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 |
|  **Operations** |  |  |  |  |
|  Net investment income | $559705 | $412687 | $172809 | $123288 |
|  Net realized gain/(loss) | (98891) | (93409) | (3598) | (1646) |
|  Net change in unrealized appreciation/(depreciation) | (102710) | 192801 | (134310) | 68150 |
|  **Net increase/(decrease) in net assets resulting from operations** | 358104 | 512079 | 34901 | 189792 |
|  **Distributions to Shareholders** |  |  |  |  |
|  From distributable earnings | (559711) | (412371) | (172674) | (122373) |
|  **Total distributions** | (559711) | (412371) | (172674) | (122373) |
|  **Capital Transactions** |  |  |  |  |
|  Proceeds from shares sold | 4949882 | 4226924 | 1610105 | 954122 |
|  Reinvestment of dividends | 559711 | 412371 | 172674 | 122373 |
|  Cost of shares redeemed | (2576418) | (1865644) | (568345) | (375395) |
|  **Net increase/(decrease) from capital transactions** | 2933175 | 2773651 | 1214434 | 701100 |
|  **Net increase/(decrease) in net assets** | 2731568 | 2873359 | 1076661 | 768519 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 14580949 | 11707590 | 3166047 | 2397528 |
|  **End of period** | $**17312517** | $**14580949** | $**4242708** | $**3166047** |
|  **Change in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1475863 | 1194640 | 312398 | 241940 |
|  Shares sold | 501762 | 429849 | 160040 | 96194 |
|  Shares issued to holders in reinvestments of dividends | 56682 | 42075 | 17143 | 12398 |
|  Shares redeemed | (261654) | (190701) | (56681) | (38134) |
|  **Shares outstanding, end of period** | **1772653** | **1475863** | **432900** | **312398** |

---

The accompanying notes are an integral part of these financial statements.

548.0 ------

Statements of Changes in Net Assets (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Large Cap Growth Fund | Bridge Builder<br>Large Cap Growth Fund | Bridge Builder<br>Large Cap Value Fund | Bridge Builder<br>Large Cap Value Fund |
|  | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 |
|  **Operations** |  |  |  |  |
|  Net investment income | $169099 | $196119 | $452377 | $394743 |
|  Net realized gain/(loss) | 2341062 | 1757942 | 1863957 | 1007229 |
|  Net change in unrealized appreciation/(depreciation) | 801225 | 3538925 | 206435 | 1416039 |
|  **Net increase/(decrease) in net assets resulting from operations** | 3311386 | 5492986 | 2522769 | 2818011 |
|  **Distributions to Shareholders** |  |  |  |  |
|  From distributable earnings | (1795136) | (190323) | (1814686) | (982206) |
|  **Total distributions** | (1795136) | (190323) | (1814686) | (982206) |
|  **Capital Transactions** |  |  |  |  |
|  Proceeds from shares sold | 3599467 | 3300472 | 3668318 | 3723473 |
|  Reinvestment of dividends | 1795136 | 190323 | 1814686 | 982206 |
|  Cost of shares redeemed | (3691197) | (6662121) | (3119562) | (2470116) |
|  **Net increase/(decrease) from capital transactions** | 1703406 | (3171326) | 2363442 | 2235563 |
|  **Net increase/(decrease) in net assets** | 3219656 | 2131337 | 3071525 | 4071368 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 24991456 | 22860119 | 21124118 | 17052750 |
|  **End of period** | $**28211112** | $**24991456** | $**24195643** | $**21124118** |
|  **Change in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 980374 | 1112706 | 1223012 | 1080442 |
|  Shares sold | 140564 | 147526 | 206987 | 232116 |
|  Shares issued to holders in reinvestments of dividends | 69348 | 8470 | 104650 | 59965 |
|  Shares redeemed | (142992) | (288328) | (175995) | (149511) |
|  **Shares outstanding, end of period** | **1047294** | **980374** | **1358654** | **1223012** |

---

The accompanying notes are an integral part of these financial statements.

549.0 ------

Statements of Changes in Net Assets (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Tax Managed Large Cap Fund | Bridge Builder<br>Tax Managed Large Cap Fund | Bridge Builder<br>Small/Mid Cap Growth Fund | Bridge Builder<br>Small/Mid Cap Growth Fund |
|  | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 |
|  **Operations** |  |  |  |  |
|  Net investment income | $58738 | $39493 | $21314 | $19938 |
|  Net realized gain/(loss) | (81361) | (52960) | 385941 | 478467 |
|  Net change in unrealized appreciation/(depreciation) | 761711 | 743726 | 381355 | 449924 |
|  **Net increase/(decrease) in net assets resulting from operations** | 739088 | 730259 | 788610 | 948329 |
|  **Distributions to Shareholders** |  |  |  |  |
|  From distributable earnings | (48609) | (32394) | (52856) | (24210) |
|  **Total distributions** | (48609) | (32394) | (52856) | (24210) |
|  **Capital Transactions** |  |  |  |  |
|  Proceeds from shares sold | 2129117 | 1698836 | 1822585 | 1240224 |
|  Reinvestment of dividends | 48609 | 32394 | 52856 | 24210 |
|  Cost of shares redeemed | (770361) | (492529) | (1549090) | (968254) |
|  **Net increase/(decrease) from capital transactions** | 1407365 | 1238701 | 326351 | 296180 |
|  **Net increase/(decrease) in net assets** | 2097844 | 1936566 | 1062105 | 1220299 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 4462790 | 2526224 | 8336645 | 7116346 |
|  **End of period** | $**6560634** | $**4462790** | $**9398750** | $**8336645** |
|  **Change in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 326155 | 228526 | 552274 | 531498 |
|  Shares sold | 148149 | 135399 | 117456 | 87220 |
|  Shares issued to holders in reinvestments of dividends | 3269 | 2725 | 3235 | 1693 |
|  Shares redeemed | (53956) | (40495) | (100063) | (68137) |
|  **Shares outstanding, end of period** | **423617** | **326155** | **572902** | **552274** |

---

The accompanying notes are an integral part of these financial statements.

550.0 ------

Statements of Changes in Net Assets (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>Small/Mid Cap Value Fund | Bridge Builder<br>Small/Mid Cap Value Fund | Bridge Builder<br>Tax Managed Small/Mid Cap Fund | Bridge Builder<br>Tax Managed Small/Mid Cap Fund |
|  | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 |
|  **Operations** |  |  |  |  |
|  Net investment income | $119031 | $111737 | $18626 | $10019 |
|  Net realized gain/(loss) | 661231 | 502003 | (135382) | (37929) |
|  Net change in unrealized appreciation/(depreciation) | (48349) | 299254 | 210719 | 122726 |
|  **Net increase/(decrease) in net assets resulting from operations** | 731913 | 912994 | 93963 | 94816 |
|  **Distributions to Shareholders** |  |  |  |  |
|  From distributable earnings | (647087) | (283211) | (15135) | (7908) |
|  **Total distributions** | (647087) | (283211) | (15135) | (7908) |
|  **Capital Transactions** |  |  |  |  |
|  Proceeds from shares sold | 1508437 | 1035679 | 934249 | 844193 |
|  Reinvestment of dividends | 647087 | 283211 | 15135 | 7908 |
|  Cost of shares redeemed | (1606408) | (839589) | (336237) | (129639) |
|  **Net increase/(decrease) from capital transactions** | 549116 | 479301 | 613147 | 722462 |
|  **Net increase/(decrease) in net assets** | 633942 | 1109084 | 691975 | 809370 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 7881573 | 6772489 | 1642801 | 833431 |
|  **End of period** | $**8515515** | $**7881573** | $**2334776** | $**1642801** |
|  **Change in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 554843 | 519776 | 138368 | 77205 |
|  Shares sold | 105335 | 76248 | 76319 | 72030 |
|  Shares issued to holders in reinvestments of dividends | 44963 | 20428 | 1205 | 692 |
|  Shares redeemed | (112736) | (61609) | (28369) | (11559) |
|  **Shares outstanding, end of period** | **592405** | **554843** | **187523** | **138368** |

---

The accompanying notes are an integral part of these financial statements.

551.0 ------

Statements of Changes in Net Assets (Continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Bridge Builder<br>International Equity Fund | Bridge Builder<br>International Equity Fund | Bridge Builder<br>Tax Managed International Equity Fund | Bridge Builder<br>Tax Managed International Equity Fund |
|  | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 | Year Ended<br>June 30, 2025 | Year Ended<br>June 30, 2024 |
|  **Operations** |  |  |  |  |
|  Net investment income | $497270 | $410738 | $48281 | $35241 |
|  Net realized gain/(loss) | 986908 | 136946 | (19163) | (30128) |
|  Net change in unrealized appreciation/(depreciation) | 2262351 | 1179515 | 235526 | 120138 |
|  **Net increase/(decrease) in net assets resulting from operations** | 3746529 | 1727199 | 264644 | 125251 |
|  **Distributions to Shareholders** |  |  |  |  |
|  From distributable earnings | (961912) | (432043) | (43477) | (25281) |
|  **Total distributions** | (961912) | (432043) | (43477) | (25281) |
|  **Capital Transactions** |  |  |  |  |
|  Proceeds from shares sold | 3611363 | 3309207 | 692341 | 721292 |
|  Reinvestment of dividends | 961912 | 432043 | 43477 | 25281 |
|  Cost of shares redeemed | (4189561) | (3205748) | (433374) | (334142) |
|  **Net increase/(decrease) from capital transactions** | 383714 | 535502 | 302444 | 412431 |
|  **Net increase/(decrease) in net assets** | 3168331 | 1830658 | 523611 | 512401 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period | 18234842 | 16404184 | 1648767 | 1136366 |
|  **End of period** | $**21403173** | $**18234842** | $**2172378** | $**1648767** |
|  **Change in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period | 1408134 | 1356688 | 141950 | 104627 |
|  Shares sold | 268909 | 274026 | 58284 | 64824 |
|  Shares issued to holders in reinvestments of dividends | 76961 | 35125 | 3882 | 2284 |
|  Shares redeemed | (310992) | (257705) | (36463) | (29785) |
|  **Shares outstanding, end of period** | **1443012** | **1408134** | **167653** | **141950** |

---

The accompanying notes are an integral part of these financial statements.

552.0 ------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** |
|  | **Change in Net Assets Resulting from<br>Operations** | **Change in Net Assets Resulting from<br>Operations** | **Change in Net Assets Resulting from<br>Operations** | **Change in Net Assets Resulting from<br>Operations** | **Less Distributions** | **Less Distributions** | **Less Distributions** |
|  | **Net asset<br>value,<br>beginning of<br>period** | **Net<br>investment<br>income<sup>(2)</sup>** | **Net realized<br>and<br>unrealized<br>gain/(loss)** | **Net<br>increase/<br>(decrease)<br>in net asset<br>value from<br>operations** | **Distributions<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>Distributions** |
|  **Bridge Builder Core Bond Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $8.84 | 0.38 | 0.19 | 0.57 | (0.39) |  | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $8.89 | 0.36 | (0.05) | 0.31 | (0.36) |  | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $9.23 | 0.31 | (0.34) | (0.03) | (0.31) |  | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $10.55 | 0.21 | (1.28) | (1.07) | (0.23) | (0.02) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $10.91 | 0.23 | (0.10) | 0.13 | (0.26) | (0.23) | (0.49) |
|  **Bridge Builder Core Plus Bond Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $8.70 | 0.43 | 0.18 | 0.61 | (0.42) |  | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $8.78 | 0.41 | (0.08) | 0.33 | (0.41) |  | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $9.10 | 0.33 | (0.28) | 0.05 | (0.37) |  | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $10.43 | 0.20 | (1.28) | (1.08) | (0.22) | (0.03) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $10.56 | 0.22 | 0.12 | 0.34 | (0.25) | (0.22) | (0.47) |
|  **Bridge Builder Municipal Bond Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $9.88 | 0.35 | (0.11) | 0.24 | (0.35) |  | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $9.80 | 0.32 | 0.07 | 0.39 | (0.31) |  | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $9.78 | 0.27 | 0.02 | 0.29 | (0.27) |  | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $10.81 | 0.20 | (1.03) | (0.83) | (0.20) |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $10.49 | 0.22 | 0.32 | 0.54 | (0.22) |  | (0.22) |
|  **Bridge Builder Municipal High-Income Bond Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $10.13 | 0.47 | (0.33) | 0.14 | (0.47) |  | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $9.91 | 0.46 | 0.22 | 0.68 | (0.46) |  | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period 4/13/23<sup>(6)</sup> - 6/30/23 | $10.00 | 0.09 | (0.09) |  | (0.09) |  | (0.09) |
|  **Bridge Builder Large Cap Growth Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $25.49 | 0.17 | 3.10 | 3.27 | (0.18) | (1.64) | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $20.54 | 0.18 | 4.94 | 5.12 | (0.17) |  | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $17.13 | 0.16 | 3.37 | 3.53 | (0.12) |  | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $23.32 | 0.13 | (4.51) | (4.38) | (0.12) | (1.69) | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $17.11 | 0.13 | 6.83 | 6.96 | (0.11) | (0.64) | (0.75) |
|  **Bridge Builder Large Cap Value Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $17.27 | 0.35 | 1.63 | 1.98 | (0.35) | (1.09) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $15.78 | 0.34 | 2.00 | 2.34 | (0.34) | (0.51) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $15.20 | 0.32 | 1.63 | 1.95 | (0.32) | (1.05) | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $17.24 | 0.30 | (1.10) | (0.80) | (0.30) | (0.94) | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $11.77 | 0.26 | 5.48 | 5.74 | (0.27) |  | (0.27) |
|  **Bridge Builder Tax Managed Large Cap Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $13.68 | 0.16 | 1.78 | 1.94 | (0.13) |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $11.05 | 0.15 | 2.61 | 2.76 | (0.13) |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $9.31 | 0.14 | 1.63 | 1.77 | (0.03) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period 6/01/22<sup>(6)</sup> - 6/30/22 | $10.00 | 0.01 | (0.70) | (0.69) |  |  |  |
|  **Bridge Builder Small/Mid Cap Growth Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $15.10 | 0.04 | 1.36 | 1.40 | (0.09) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $13.39 | 0.04 | 1.71 | 1.75 | (0.04) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $11.60 | 0.03 | 1.78 | 1.81 | (0.02) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $19.02 | 0.02 | (4.42) | (4.40) | (0.01) | (3.01) | (3.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $14.73 | 0.02 | 6.42 | 6.44 | (0.04) | (2.11) | (2.15) |
|  **Bridge Builder Small/Mid Cap Value Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $14.21 | 0.21 | 1.10 | 1.31 | (0.19) | (0.96) | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $13.03 | 0.21 | 1.50 | 1.71 | (0.19) | (0.34) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $12.56 | 0.20 | 1.21 | 1.41 | (0.15) | (0.79) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $15.55 | 0.19 | (1.57) | (1.38) | (0.16) | (1.45) | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $9.92 | 0.14 | 5.64 | 5.78 | (0.15) |  | (0.15) |
|  **Bridge Builder Tax Managed Small/Mid Cap Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $11.87 | 0.11 | 0.56 | 0.67 | (0.09) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $10.80 | 0.10 | 1.06 | 1.16 | (0.09) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $9.29 | 0.10 | 1.44 | 1.54 | (0.03) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period 6/01/22<sup>(6)</sup> - 6/30/22 | $10.00 | 0.01 | (0.72) | (0.71) |  |  |  |
|  **Bridge Builder International Equity Fund** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $12.95 | 0.34 | 2.19 | 2.53 | (0.36) | (0.29) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $12.09 | 0.29 | 0.87 | 1.16 | (0.30) |  | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $10.55 | 0.27 | 1.52 | 1.79 | (0.20) | (0.05) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2022 | $14.73 | 0.29 | (3.11) | (2.82) | (0.32) | (1.04) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2021 | $10.97 | 0.29 | 3.72 | 4.01 | (0.25) |  | (0.25) |
|  **Bridge Builder Tax Managed International Equity Fund** | **Bridge Builder Tax Managed International Equity Fund** | **Bridge Builder Tax Managed International Equity Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2025 | $11.62 | 0.31 | 1.31 | 1.62 | (0.28) |  | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2024 | $10.86 | 0.29 | 0.68 | 0.97 | (0.21) |  | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended June 30, 2023 | $9.12 | 0.30 | 1.47 | 1.77 | (0.03) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the period 6/01/22<sup>(6)</sup> - 6/30/22 | $10.00 | 0.01 | (0.89) | (0.88) |  |  |  |

---

<sup>(1)</sup> Annualized for periods less than one year.

<sup>(2)</sup> Per share amounts based on average number of shares outstanding during the year/period. 

<sup>(3)</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized. 

<sup>(4)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 

<sup>(5)</sup> Ratios do not include the impact of the expenses of the underlying funds in which the fund invests.

<sup>(6)</sup> Inception Date.

<sup>(7)</sup> Since inception return.

<sup>(8)</sup> Portfolio turnover rate does not include securities received as part of an in-kind capital contribution.

The accompanying notes are an integral part of these financial statements.

554.0 ------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets of:<sup>(1)</sup>** | **Ratios to Average Net Assets of:<sup>(1)</sup>** | **Ratios to Average Net Assets of:<sup>(1)</sup>** | |
| **Net asset**<br> **value, end of**<br> **period** | **Total<br>return<sup>(3)(4)</sup>** | **Net assets,**<br> **end of period<br>(millions)** | **Expenses,**<br> **before**<br> **waivers<sup>(5)</sup>** | **Expenses,<br>net of<br>waivers<sup>(5)</sup>** | **Net investment<br>income/**<br> (loss) | **Portfolio<br>turnover<br>rate** |
| $9.02 | 6.52% | $21707 | 0.34% | 0.12% | 4.28% | 125% |
| $8.84 | 3.65% | $17072 | 0.34% | 0.12% | 4.11% | 127% |
| $8.89 | (0.30)% | $16431 | 0.34% | 0.13% | 3.40% | 151% |
| $9.23 | (10.36)% | $17105 | 0.34% | 0.13% | 2.12% | 157% |
| $10.55 | 1.18% | $17891 | 0.34% | 0.13% | 2.19% | 153% |
| $8.89 | 7.13% | $40852 | 0.38% | 0.15% | 4.92% | 430% |
| $8.70 | 3.86% | $34361 | 0.44% | 0.21% | 4.78% | 331% |
| $8.78 | 0.55% | $30225 | 0.39% | 0.17% | 3.72% | 228% |
| $9.10 | (10.59)% | $31334 | 0.38% | 0.15% | 2.00% | 283% |
| $10.43 | 3.18% | $32690 | 0.38% | 0.15% | 2.06% | 281% |
| $9.77 | 2.41% | $17313 | 0.38% | 0.12% | 3.51% | 37% |
| $9.88 | 4.11% | $14581 | 0.38% | 0.13% | 3.22% | 31% |
| $9.80 | 3.03% | $11708 | 0.38% | 0.15% | 2.79% | 26% |
| $9.78 | (7.73)% | $10813 | 0.38% | 0.15% | 1.96% | 22% |
| $10.81 | 5.19% | $9889 | 0.38% | 0.16% | 2.03% | 18% |
| $9.80 | 1.36% | $4243 | 0.39% | 0.16% | 4.68% | 30% |
| $10.13 | 7.06% | $3166 | 0.43% | 0.20% | 4.66% | 19% |
| $9.91 | 0.01%<sup>(7)</sup> | $2398 | 0.41% | 0.18% | 4.38% | 6%<sup>(8)</sup> |
| $26.94 | 13.17% | $28211 | 0.45% | 0.19% | 0.65% | 44% |
| $25.49 | 25.06% | $24991 | 0.45% | 0.18% | 0.81% | 24% |
| $20.54 | 20.76% | $22860 | 0.46% | 0.19% | 0.88% | 21% |
| $17.13 | (20.83)% | $15381 | 0.46% | 0.19% | 0.60% | 23% |
| $23.32 | 41.44% | $17606 | 0.45% | 0.19% | 0.65% | 31% |
| $17.81 | 11.83% | $24196 | 0.45% | 0.22% | 1.98% | 29% |
| $17.27 | 15.15% | $21124 | 0.45% | 0.23% | 2.08% | 20% |
| $15.78 | 13.52% | $17053 | 0.45% | 0.23% | 2.06% | 21% |
| $15.20 | (5.27)% | $17033 | 0.46% | 0.23% | 1.76% | 24% |
| $17.24 | 49.10% | $17397 | 0.45% | 0.24% | 1.80% | 26% |
| $15.49 | 14.25% | $6561 | 0.46% | 0.23% | 1.10% | 31% |
| $13.68 | 25.17% | $4463 | 0.46% | 0.25% | 1.24% | 22% |
| $11.05 | 19.07% | $2526 | 0.50% | 0.30% | 1.38% | 19% |
| $9.31 | (6.90)%<sup>(7)</sup> | $152 | 0.66% | 0.51% | 1.36% | 0% |
| $16.41 | 9.30% | $9399 | 0.66% | 0.34% | 0.24% | 74% |
| $15.10 | 13.12% | $8337 | 0.66% | 0.36% | 0.26% | 66% |
| $13.39 | 15.65% | $7116 | 0.66% | 0.38% | 0.25% | 63% |
| $11.60 | (27.88)% | $5332 | 0.67% | 0.38% | 0.12% | 84% |
| $19.02 | 46.08% | $5976 | 0.66% | 0.37% | 0.13% | 37% |
| $14.37 | 9.29% | $8516 | 0.66% | 0.37% | 1.42% | 58% |
| $14.21 | 13.28% | $7882 | 0.66% | 0.39% | 1.54% | 46% |
| $13.03 | 11.65% | $6772 | 0.66% | 0.40% | 1.54% | 41% |
| $12.56 | (10.21)% | $6045 | 0.66% | 0.40% | 1.26% | 33% |
| $15.55 | 58.63% | $7008 | 0.65% | 0.40% | 1.12% | 34% |
| $12.45 | 5.64% | $2335 | 0.67% | 0.39% | 0.92% | 52% |
| $11.87 | 10.90% | $1643 | 0.68% | 0.42% | 0.93% | 29% |
| $10.80 | 16.46% | $833 | 0.76% | 0.52% | 0.99% | 36% |
| $9.29 | (7.10)%<sup>(7)</sup> | $89 | 1.13% | 0.73% | 0.84% | 0% |
| $14.83 | 20.61% | $21403 | 0.62% | 0.34% | 2.53% | 30% |
| $12.95 | 9.75% | $18235 | 0.63% | 0.35% | 2.37% | 32% |
| $12.09 | 17.27% | $16404 | 0.63% | 0.36% | 2.45% | 19% |
| $10.55 | (21.02)% | $13609 | 0.64% | 0.37% | 2.18% | 23% |
| $14.73 | 36.84% | $15213 | 0.63% | 0.32% | 2.21% | 52% |
| $12.96 | 14.30% | $2172 | 0.64% | 0.39% | 2.57% | 44% |
| $11.62 | 9.06% | $1649 | 0.65% | 0.39% | 2.63% | 18% |
| $10.86 | 19.47% | $1136 | 0.73% | 0.47% | 2.99% | 12% |
| $9.12 | (8.80)%<sup>(7)</sup> | $104 | 1.20% | 0.67% | 1.10% | 0% |

---

The accompanying notes are an integral part of these financial statements.

555.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements

1. ORGANIZATION

The Bridge Builder Trust (the "Trust") is a Delaware statutory trust organized under the laws of the State of Delaware on December 19, 2012, and is registered with the Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of June 30, 2025 the Trust consisted of fifteen series, of which twelve are active series, identified below and presented in this report (each a "Fund," and collectively, the "Funds"). The three remaining series are inactive and currently not available for purchase.

Olive Street Investment Advisers, LLC (the "Adviser") acts as investment adviser to the Funds.

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| **Bridge Builder Core Bond Fund<br>("Core Bond Fund")** | To provide total return (capital appreciation plus income) |
| **Bridge Builder Core Plus Bond Fund<br>("Core Plus Bond Fund")** | To provide total return (capital appreciation plus income) |
| **Bridge Builder Municipal Bond Fund<br>("Municipal Bond Fund")** | To provide current income exempt from federal tax, with a secondary goal of preservation of investment principal |
| **Bridge Builder Municipal High-Income Bond Fund<br>("Municipal High-Income Bond Fund")** | To provide current income exempt from federal tax |
| **Bridge Builder Large Cap Growth Fund<br>("Large Cap Growth Fund")** | To provide capital appreciation |
| **Bridge Builder Large Cap Value Fund<br>("Large Cap Value Fund")** | To provide capital appreciation |
| **Bridge Builder Tax Managed Large Cap Fund<br>("Tax Managed Large Cap Fund")** | To seek to provide a tax-efficient investment return consisting of capital appreciation |
| **Bridge Builder Small/Mid Cap Growth Fund<br>("Small/Mid Cap Growth Fund")** | To provide capital appreciation |
| **Bridge Builder Small/Mid Cap Value Fund<br>("Small/Mid Cap Value Fund")** | To provide capital appreciation |
| **Bridge Builder Tax Managed Small/Mid Cap Fund<br>("Tax Managed Small/Mid Cap Fund")** | To seek to provide a tax-efficient investment return consisting of capital appreciation |
| **Bridge Builder International Equity Fund<br>("International Equity Fund")** | To provide capital appreciation |
| **Bridge Builder Tax Managed International Equity Fund ("Tax Managed International Equity Fund")** | To seek to provide a tax-efficient investment return consisting of capital appreciation |

---

Each Fund is diversified, except for the Large Cap Growth Fund, which is non-diversified, and each currently offers a single class of shares. The Funds are available for investment exclusively to eligible clients participating in certain investment advisory programs sponsored by Edward Jones (the "Advisory Programs"), as described in greater detail in the Funds' prospectuses, and to current and former Trustees of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.

The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 – Investment Companies, which is part of GAAP.

**a) Use of Estimates –** The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

556.0 ------

Notes to Financial Statements (Continued)

**b) Investment Valuation –** All securities and other investments are recorded at their estimated fair value, as described in Note 4.

**c) Federal Income Taxes –** Each Fund is treated as a separate taxable entity for federal income tax purposes. The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of their net investment income and capital gains to shareholders. Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction. As a result, no provision for federal income tax is recorded in the financial statements.

The Adviser has reviewed the Funds' tax positions for all open tax years (the prior three years of tax filings or since inception, if shorter, are considered open for examination) and has concluded that there is no tax liability/benefit resulting from uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

As of June 30, 2025, the Funds had no tax examinations or audits in progress.

**d) Distributions to Shareholders –** Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income for the Core Bond, Core Plus Bond, Municipal Bond and Municipal High-Income Bond Funds are generally declared daily and paid monthly. The Large Cap Value Fund will generally declare and pay distributions of net investment income quarterly. The Large Cap Growth, Tax Managed Large Cap, Small/Mid Cap Growth, Small/Mid Cap Value, Tax Managed Small/Mid Cap, International Equity and Tax Managed International Equity Funds will generally declare and pay distributions of net investment income annually, as necessary. Realized capital gains, if any, are distributed by each Fund at least annually, as necessary. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature, these amounts are reclassified within the capital accounts in the financial statements to reflect their tax character.

**e) Indemnifications –** In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims against the Trust that have not yet occurred.

**f) Investment Transactions**, **Income and Expense Allocation –** Investment transactions are recorded on trade date. Securities gains and losses, net of foreign taxes withheld, if any, are calculated on the basis of identified cost. Dividend income (expense), net of foreign taxes withheld, if any, is recognized on ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as the information becomes available, which may be after the published ex-dividend date. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Issuance fees, if any, are custodial fees on American Depositary Receipts ("ADRs") charged by ADR agents on ADR dividends and are recorded when paid. Interest income is recognized on an accrual basis, while discounts and premiums on securities purchased are accreted or amortized, respectively, using the constant yield method over the life of the security. Expenses common to multiple Funds are allocated among the respective Funds based upon their relative net asset values or other reasonable allocation methods.

**g) Foreign Currency Translation and Transactions –** The books and records of the Funds are maintained in U.S. dollars. The Funds' assets and liabilities in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the valuation date. Transactions denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Funds' income earned and expense incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.

557.0 ------

Notes to Financial Statements (Continued)

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments and derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the period. Accordingly, such foreign currency gains/(losses) are included in the reported net realized gains/(losses) on investments in securities and derivatives and net change in unrealized appreciation/(depreciation) on investment securities and derivatives on the Statements of Operations.

**h) Regulatory Updates –** During the reporting period, the Funds adopted the FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

ASU 2023-07 enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). The CODM is comprised of a group of individuals, including the Principal Executive Officer and Principal Financial Officer of the Trust, who have discrete information available to them to make decisions about resources to be allocated to the segment and assess its performance. Each of the Funds is considered to be a single operating segment and the CODM monitors the performance and operating results for each Fund as a whole in order to execute strategic allocation determinations. The operating results are consistent with, but not limited to, the information presented in the Funds' Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09") Improvements to Income Tax Disclosures, to enhance income tax disclosures. Main provisions include disaggregated tax rate reconciliation as well as income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. At this time, management is currently evaluating the amendment's impact on the financial statements.

3. SECURITIES AND OTHER INVESTMENTS

**a) Delayed Delivery Securities –** In the case of delayed delivery mortgage purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a contract, with the actual principal amount being within a specified range of the estimate. Forward commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. This risk is in addition to the risk of decline in the value of the Fund's other assets. Where such purchases are made through dealers, the Fund relies on the dealer to consummate the sale. The dealer's failure to do so may result in a loss to the Fund of an advantageous yield or price. Although the Fund will generally enter into forward commitments with the intention of acquiring securities for its portfolio, the Fund may dispose of a commitment prior to settlement if it deems it appropriate to do so.

A Fund may enter into delayed delivery sale commitments to hedge its portfolio positions or to sell securities it owns under delayed delivery arrangements. Proceeds of the sale commitments are not received until the contractual settlement date. Unsettled sale commitments are valued at current market value of the underlying securities. If the sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or (loss) on the commitment without regard to any unrealized appreciation/(depreciation) on the underlying security. If the Fund delivers securities under the commitment, the Fund realizes a gain or (loss) from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Rule 18f-4 under the 1940 Act permits a Fund to enter into when-issued or forward-settling securities and nonstandard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). If a when-issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4. The requirements of Rule 18f-4 may limit a Fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund. The rule also may not be effective to limit a Fund's risk of loss.

558.0 ------

Notes to Financial Statements (Continued)

**b) Repurchase Agreements –** In a repurchase agreement, a Fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a Fund to counterparty risk, meaning that the Fund could lose money if the other party fails to perform under the terms of the agreement. A Fund mitigates this risk by ensuring that the Fund's repurchase agreements are collateralized by cash and/or U.S. government securities. All collateral is held by a Fund's custodian (or, with multiparty agreements, the agent's bank) and is monitored daily to ensure that its market value is at least equal to the repurchase price under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty. Repurchase agreements are subject to master netting agreements, which are agreements between a Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination. Repurchase agreement amounts, if any, presented on the Schedule of Investments are gross settlement amounts. During the period, the Core Plus Bond Fund participated in repurchase agreements.

**c) Reverse Repurchase Agreements** – The Core Plus Bond Fund may enter into reverse repurchase agreements with a counterparty, usually a financial institution. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would be entitled to principal and interest paid on the securities sold by the Fund. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. Reverse repurchase agreements will have the effect of leveraging the Fund's assets, and the Fund may lose money as a result of declines in the values both of the security subject to the reverse repurchase agreement and the instruments in which the Fund invested the proceeds of the reverse repurchase agreement. Use of reverse repurchase agreements by the Fund may increase the volatility and potential losses of the Fund. The Fund has elected to treat reverse repurchase agreements as derivatives transactions subject to limits on fund leverage risk calculated based on value at risk ("VaR") as permitted by Rule 18f-4 under the 1940 Act.

Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to the counterparty are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statements of Operations.

During the period, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rates for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Daily Amount<br>of Reverse Repurchase<br>Agreements** | **Weighted Average<br>Interest Rate** |
|  Core Plus Bond Fund | $2308 | 2.21% |

---

**d) Derivatives –** Certain Funds invest in derivatives as permitted by their investment strategies and policies. Derivatives are financial instruments whose value is based on the value of another underlying asset, interest rate, index or financial instrument. Derivatives may be riskier than other types of investments because derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed a Fund's original investment. Derivatives are subject to the risk that changes in the value of a derivative may not correlate with the underlying asset, rate, or index. The use of derivatives may not be successful, resulting in losses to a Fund, and the cost of such strategies may reduce a Fund's returns. Certain derivatives also expose a Fund to the risk that a counterparty will not fulfill its obligations under the derivatives contract. Certain of a Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in a Fund realizing more short-term capital gain and ordinary income

559.0 ------

Notes to Financial Statements (Continued)

subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely affect a Fund's after-tax returns. Investing in derivatives may result in a form of leverage, which may cause a Fund to be more volatile than if the Fund had not been leveraged because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Regulation relating to a Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

**Futures Contracts –** Certain Funds may enter into futures contracts, which are agreements between two parties to buy or sell a specified underlying instrument for a fixed price on a specified future date. The Funds buy and sell futures contracts to gain or hedge exposure to certain risk factors. Upon entering into a futures contract, the Funds are required to deposit with the broker cash or securities, which are referred to as initial margin. Securities deposited as initial margin are designated on the Schedule of Investments, and cash deposited is recorded as Deposits at broker for futures contracts on the Statements of Assets and Liabilities.

Exchange traded futures are marked to market daily based on the price movement of the contract. This change in value creates either a payable or receivable for the Fund as either more or less margin is required by the clearing agent. This change in value, known as variation margin, is moved daily between the Fund and its counterparty.

A change in the market value of an open futures contract is recorded as unrealized appreciation/(depreciation) until the contract is closed. When a contract is closed, the Fund will record a realized gain or (loss) equal to the difference between the proceeds of the closing transaction and the Fund's basis in the contract. Futures contracts outstanding at period end, if any, are listed within each Fund's Schedule of Investments. During the period, all Funds, except the Tax Managed Large Cap, Tax Managed Small/Mid Cap and the Tax Managed International Equity Funds, participated in futures contracts transactions.

**Forward Foreign Currency Exchange Contracts –** Core Plus Bond Fund and International Equity Fund may invest in forward foreign currency exchange contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as unrealized appreciation/ (depreciation). When the contract is closed in its foreign currency, the Funds record a realized gain or (loss) equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The Funds could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Funds are unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed within each Fund's Schedule of Investments. During the period, the Core Plus Bond Fund participated in transactions of forward foreign currency exchange contracts.

**Swap Contracts –** Certain Funds may invest in swap contracts. Swap contracts are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified, future intervals. Swap contracts may be privately negotiated in the over-the-counter market ("OTC Swaps") or may be cleared through a third-party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps").

A Fund may enter into credit default, interest rate and/or total return swap contracts to manage the Fund's exposure to credit, interest rate and equity risk. Securities or cash may be used as collateral or margin in accordance with the terms of the swap contract in order to provide assets in the event of a default or bankruptcy.

560.0 ------

Notes to Financial Statements (Continued)

Centrally Cleared Swaps are marked to market daily and the change, if any, is recorded as variation margin on centrally cleared swap contracts on the Statements of Assets and Liabilities. OTC Swaps are marked to market daily and the change, if any, is included in the over-the-counter swap contracts, at value line item on the Statements of Assets and Liabilities. Both OTC and Centrally Cleared Swaps show this component as change in unrealized appreciation/(depreciation) on the Statements of Operations. Swap variation margin is accounted for as unrealized appreciation/(depreciation) until the contract is closed, at which time the gains or (losses) are realized. Upfront premiums received/(paid) represent cash payments made upon the opening of the swap contract to compensate for differences between the stated terms of the contract and the current market value contract. These upfront payments are recorded as assets/(liabilities) and are included within the market value of the swap contract. Upon liquidation or termination of the swap contract, these payments are recorded as realized gain/(loss) on the Statements of Operations. Net periodic payments received/(paid) by the Fund are also included in the realized gain/ (loss) on swap contracts on the Statements of Operations. Swap contracts outstanding, including their respective notional amounts at period end, if any, are listed within each Fund's Schedule of Investments.

**Interest Rate Swaps –** Core Bond Fund and Core Plus Bond Fund may enter into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates or on an inflation index. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. During the period, the Core Bond and Core Plus Bond Funds entered into interest rate swap contracts.

**Credit Default Swap Contracts –** Core Plus Bond Fund may enter into credit default swap contracts to provide a measure of protection against risk of loss following a default, or other credit event in respect of issuers within an underlying index or a single issuer, or to gain credit exposure to an underlying index or issuer. In a credit default swap contract, the protection buyer typically makes an upfront payment and a periodic stream of payments to the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or other equally ranked obligations of the reference entity. As a seller of protection on a credit default swap contract, the Fund will generally receive from the protection buyer a fixed rate of income throughout the term of the swap provided there is no credit event. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. Upon the occurrence of a credit event, the difference between the par value and market value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or (loss).

Implied credit spreads are used to determine the value of credit default swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

A Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the specific Fund and the counterparty. Where a Fund is a seller of protection, the maximum potential amount of future payments the Fund may be required to make is equal to the notional amount of the relevant credit default contract. The Fund's risk of loss associated with these instruments may exceed their value, as recorded in the Schedule of Investments. During the period, the Core Plus Bond Fund entered into credit default swap contracts.

**Total Return Swap Contracts –** Core Plus Bond Fund may enter into total return swaps to obtain exposure to the underlying referenced instruments, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, security index or index component during the period of the swap. Total return swap contracts are marked to market daily and the change, if

561.0 ------

Notes to Financial Statements (Continued)

any, is recorded as net change in unrealized appreciation/(depreciation) on swap contracts in the Statements of Operations. Total return swaps normally do not involve the delivery of securities or other underlying assets. If the counterparty to a total return swap contract defaults, a Fund's risk of loss consists of the net amount of payments the Fund is contractually entitled to receive, if any. The use of long total return swap contracts subject the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities. The use of short total return swaps subject the Funds to unlimited loss. Periodic payments received (paid) by the Funds are recorded as net realized gain/(loss) on swap contracts in the Statements of Operations. Total return swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. During the period, the Core Plus Bond Fund entered into total return swap contracts.

**Master Agreements –** Certain Funds are parties to master netting arrangements with counterparties ("Master Agreements"). Master Agreements govern the terms of certain like transactions and reduce the counterparty risk associated with relevant transactions by specifying payment netting mechanisms across multiple transactions and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded by different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple Master Agreements with a counterparty and its affiliates. As the Master Agreements are specific to unique operations of different asset types, they allow the Funds to (i) close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty, (ii) exit transactions through means other than sale, such as through a negotiated agreement with the Funds' counterparty, a transfer to another party, or close out of the position through execution of an offsetting transaction.

Collateral and margin requirements differ according to the terms of each type of Master Agreement. Collateral is routinely transferred if the total net exposure, net of existing collateral already in place governed under the relevant Master Agreement, with a counterparty in a given account exceeds a specified threshold. Collateral can be in the form of cash, debt securities issued by the U.S. government, money market funds, and other securities as agreed to by the Fund and the applicable counterparty, or as permitted by the clearing house or exchange.

Collateral posted for the benefit of a Fund pursuant to a Master Agreement is held by a custodian of the Fund. Amounts which can be invested or repledged are presented in the Fund's Schedule of Investments. Segregation of a Fund's collateral in the custodian account helps mitigate counterparty risk. Collateral received is reflected as a liability within due to brokers on the Statements of Assets and Liabilities. As governed by the relevant Master Agreements, interest expense may be incurred if a counterparty charges the Fund interest on collateral posted directly to a Fund's custodian account.

For financial reporting purposes, the Funds do not offset derivative assets and liabilities subject to Master Agreements on the Statements of Assets and Liabilities.

**e) Loan Participation**, **Assignments and Unfunded Commitments –** Certain Funds may enter into loan participations and assignments. When one of the Funds purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or a third party selling such participations ("Selling Participant"), but not the borrower. In this case, the Fund assumes the credit risk of the borrower and the Selling Participant and any other persons interpositioned between the Fund and the borrower ("Intermediate Participants"). In contrast, when one of the Funds purchases an assignment, the contractual relationship is with the borrower and the credit risk assumed by the Fund is only with the borrower. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor.

The Funds may also enter into unfunded loan commitments, which are contractual obligations for future funding. These unfunded commitments represent a future obligation in full, even though a percentage of the loan may not be utilized by the borrower. These types of investments may include standby financing commitments, such as revolving

562.0 ------

Notes to Financial Statements (Continued)

credit facilities, which obligate the Funds to supply additional cash to the borrower on demand. The value of the unfunded portion of the investment is determined using pro-rata allocation, based on its par value relative to the par value of the entire investment. The unfunded loan commitments are marked daily and any unrealized appreciation/ (depreciation) from unfunded commitments is reported in the Statements of Assets and Liabilities as well as the Statements of Operations.

When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt of payments by the lender from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of the loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments, and certain loan participations and assignments which were liquid, when purchased, may become illiquid. The following table summarizes Core Plus Bond Fund's unfunded loan positions as of June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Unfunded Bank Loan<br>Commitment<br>(000s)** | **Value of<br>Underlying Bank<br>Loan Commitment<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)<br>(000s)** |
|  Core Plus Bond Fund | AmSpec Parent LLC | $68 | $68 | $0 |
|  Core Plus Bond Fund | Finastra USA, Inc. | 208 | 211 | 3 |
|  Core Plus Bond Fund | Kelso Industries LLC | 207 | 207 |  |
|  |  |  |  | $3 |

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**f) Restricted Securities –** The Funds may own investment securities that are unregistered or have other legal or contractual limitations, and thus are restricted as to resale. These securities are valued after giving due consideration to pertinent factors, including recent private sales, market conditions and the issuer's financial performance. Where future disposition of these securities requires registration under the Securities Act of 1933, a Fund may have the right to include these securities in such registration, generally without cost to the Fund. A Fund generally has no right to require registration of the unregistered securities it holds. The Funds held the following restricted securities at June 30, 2025.

#### Core Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |
|  Deutsche Bank AG | 11/17/2020 | $4855 | $4806 | 0.02% |
|  |  | $4855 | $4806 | 0.02% |

---

563.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Core Plus Bond Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |  |
|  AI Mansart Bidco S.C.S. | 6/22/2023 - 8/30/2024 | $391 | $387 | 0.00 | %\* |
|  AmSurg Corp. | 11/2/2023 - 11/6/2023 | 3101 | 4103 | 0.01 |  |
|  Andiron Financing LLC | 2/4/2025 - 5/20/2025 | 340 | 340 | 0.00 | \* |
|  Asimi Funding 2024-1 Plc | 7/19/2024 | 551 | 585 | 0.00 | \* |
|  Asimi Funding 2025-1 Plc | 5/2/2025 | 632 | 606 | 0.00 | \* |
|  Asset-Backed European Securitisation Transaction Twenty-Three Sarl | 10/24/2024 | 431 | 475 | 0.00 | \* |
|  Atlas Funding 2024-1 Plc | 5/23/2024 | 381 | 412 | 0.00 | \* |
|  Auto ABS Italian Stella Loans 2024-1 SRL | 6/13/2024 | 364 | 337 | 0.00 | \* |
|  Auto ABS Italian Stella Loans 2025-1 SRL | 5/21/2025 | 442 | 462 | 0.00 | \* |
|  Auto1 Car Funding Sarl | 7/17/2024 | 218 | 239 | 0.00 | \* |
|  AutoNoria Spain 2025 FT | 6/5/2025 | 457 | 472 | 0.00 | \* |
|  Bletchley Park Funding 2025-1 Plc | 5/29/2025 | 1213 | 1237 | 0.00 | \* |
|  Braccan Mortgage Funding 2024-1 Plc | 9/4/2024 - 11/5/2024 | 2237 | 1831 | 0.01 |  |
|  Brignole Co. | 6/18/2024 | 317 | 230 | 0.00 | \* |
|  Bundesrepublik Deutschland Bundesanleihe | 11/26/2024 - 4/2/2025 | 14747 | 14726 | 0.04 |  |
|  Cardiff Auto Receivables Securitisation 2024-1 Plc | 8/9/2024 | 1448 | 1557 | 0.00 | \* |
|  Castell 2025-1 Plc | 5/7/2025 - 5/8/2025 | 1189 | 1198 | 0.00 | \* |
|  Citadel 2024-1 Plc | 10/31/2024 | 991 | 1050 | 0.00 | \* |
|  Clean Renewable Power Mauritius Pte Ltd. | 1/7/2025 | 2418 | 2343 | 0.01 |  |
|  Continuum Energy Aura Pte Ltd. | 1/6/2025 - 1/22/2025 | 3148 | 3098 | 0.01 |  |
|  Continuum Green Energy India Pvt / Co.-Issuers | 1/23/2025 | 4545 | 4464 | 0.01 |  |
|  Credit Opportunities Partners JV | 2/20/2025 | 8400 | 8400 | 0.02 |  |
|  Deutsche Bank AG | 1/11/2023 | 801 | 891 | 0.00 | \* |
|  Diamond II Ltd. | 12/16/2024 - 1/23/2025 | 5193 | 5145 | 0.01 |  |
|  Dowson 2024-1 Plc | 10/18/2024 - 11/14/2024 | 1452 | 1538 | 0.00 | \* |
|  Edenbrook Mortgage Funding Plc | 7/3/2024 | 1193 | 1283 | 0.00 | \* |
|  European Union | 11/8/2023 - 4/2/2025 | 60343 | 62954 | 0.15 |  |
|  Exmoor Funding 2024-1 Plc | 5/30/2024 | 387 | 421 | 0.00 | \* |
|  Fortuna Consumer Loan Abs 2024-2 DAC | 9/13/2024 | 1328 | 1428 | 0.00 | \* |
|  FTA Consumo Santander | 10/30/2024 - 5/14/2025 | 1533 | 1508 | 0.00 | \* |
|  Golden Bar Securitisation Srl | 9/13/2024 | 784 | 664 | 0.00 | \* |
|  Golden Bar Securitisation Srl 2025-1 | 6/5/2025 | 248 | 257 | 0.00 | \* |
|  Golden Ray SA - Compartment 1 | 10/31/2024 | 107 | 117 | 0.00 | \* |
|  Greenko Dutch BV | 1/7/2025 | 2631 | 2591 | 0.01 |  |
|  Greenko Power II Ltd. | 1/23/2025 | 2352 | 2244 | 0.01 |  |
|  Hermitage 2024 Plc | 6/28/2024 - 1/21/2025 | 29138 | 706 | 0.00 | \* |
|  Hermitage 2025 Plc | 6/5/2025 | 648 | 657 | 0.00 | \* |
|  Hill FL 2024-2 BV | 9/26/2024 | 223 | 232 | 0.00 | \* |
|  Hilton Garden Inn Waikiki | 6/17/2024 | 5082 | 5082 | 0.01 |  |
|  Household Capital 2025-1 RMBS | 6/17/2025 | 985 | 991 | 0.00 | \* |
|  India Clean Energy Holdings | 1/6/2025 - 1/23/2025 | 4974 | 5015 | 0.01 |  |
|  India Cleantech Energy | 1/6/2025 - 1/7/2025 | 2407 | 2333 | 0.01 |  |
|  India Green Power Holdings | 1/6/2025 - 1/7/2025 | 2683 | 2517 | 0.01 |  |
|  Intelsat SA | 6/19/2017 - 7/3/2023 | 24897 | 19089 | 0.05 |  |
|  IRB Infrastructure Developers Ltd. | 1/6/2025 - 1/23/2025 | 5262 | 5213 | 0.02 |  |
|  Italian Stella Loans Srl | 11/19/2024 | 106 | 116 | 0.00 | \* |
|  Italy Buoni Poliennali Del Tesoro | 6/23/2025 | 56101 | 57572 | 0.14 |  |
|  JSW Hydro Energy Ltd. | 1/6/2025 - 1/24/2025 | 3975 | 3915 | 0.01 |  |
|  Jubilee Place 7 BV | 1/29/2025 | 104 | 117 | 0.00 | \* |
|  Kingdom of Belgium Government Bond | 2/15/2024 - 4/22/2024 | 19761 | 15149 | 0.04 |  |
|  Last Mile Logistics Pan Euro Finance DAC | 2/26/2025 | 1056 | 1169 | 0.00 | \* |
|  Medco Laurel Tree Pte Ltd. | 12/16/2024 - 2/5/2025 | 2833 | 2769 | 0.01 |  |
|  Melco Resorts Finance Ltd. | 1/6/2025 - 1/9/2025 | 5773 | 5926 | 0.02 |  |
|  MGM China Holdings Ltd. | 1/6/2025 - 1/23/2025 | 5299 | 5405 | 0.02 |  |
|  Mila 2024-1 BV | 5/23/2024 | 216 | 236 | 0.00 | \* |
|  Miltonia Mortgage Finance Srl | 5/24/2024 | 662 | 719 | 0.00 | \* |
|  Minejesa Capital BV | 1/22/2025 - 2/3/2025 | 5661 | 5776 | 0.02 |  |
|  Mong Duong Finance Holdings BV | 12/16/2024 - 2/6/2025 | 3516 | 3168 | 0.01 |  |
|  Morgan Stanley | 2/11/2020 | 12558 | 10234 | 0.03 |  |

---

564.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |  |
|  Mortimer 2024-Mix Plc | 10/31/2024 - 11/1/2024 | $561 | $596 | 0.00 | %\* |
|  NAK Naftogaz Ukraine via Kondor Finance Plc | 2/27/2024 - 3/4/2025 | 969 | 991 | 0.00 | \* |
|  New Day Funding | 6/27/2025 | 580 | 579 | 0.00 | \* |
|  New Generation Gas Gathering LLC | 9/30/2024 | 1031 | 515 | 0.00 | \* |
|  Newday Funding Master Issuer Plc - Series 2024-2 | 6/20/2024 | 1416 | 1540 | 0.00 | \* |
|  Noria DE 2024 | 7/17/2024 | 545 | 590 | 0.00 | \* |
|  Northwind Midstream Partners LLC | 3/18/2025 | 7814 | 7814 | 0.02 |  |
|  OCP SA | 9/23/2022 | 252 | 258 | 0.00 | \* |
|  Panorama Auto Trust 2025-1 | 3/18/2025 | 639 | 651 | 0.00 | \* |
|  PCL Funding IX Plc | 5/16/2024 | 429 | 463 | 0.00 | \* |
|  Pierpont BTL 2024-1 Plc | 10/23/2024 | 155 | 164 | 0.00 | \* |
|  Pierpont BTL 2025-1 Plc | 5/16/2025 | 153 | 158 | 0.00 | \* |
|  Pony SA | 6/27/2024 | 214 | 236 | 0.00 | \* |
|  Project Grange Corp. | 6/21/2024 | 4427 | 4427 | 0.01 |  |
|  Puma International Financing SA | 1/23/2025 - 1/29/2025 | 3054 | 2774 | 0.01 |  |
|  Quarzo Srl | 6/14/2024 | 292 | 265 | 0.00 | \* |
|  Rakuten Group, Inc. | 1/6/2025 - 1/23/2025 | 5658 | 5696 | 0.02 |  |
|  Red & Black Auto Italy Srl | 9/6/2024 | 121 | 129 | 0.00 | \* |
|  ReNew Pvt Ltd. | 1/6/2025 - 2/12/2025 | 5127 | 5155 | 0.01 |  |
|  Sage AR Funding | 5/9/2025 | 1732 | 1806 | 0.01 |  |
|  SC Germany SA Compartment Consumer 2024-2 | 10/17/2024 | 543 | 592 | 0.00 | \* |
|  SC Germany SA Compartment Consumer 2025-1 | 4/24/2025 | 227 | 237 | 0.00 | \* |
|  SCF Rahoituspalvelut XIII DAC | 5/23/2024 | 108 | 118 | 0.00 | \* |
|  Small Business Origination Loan Trust 2025-1 DAC | 4/25/2025 | 132 | 129 | 0.00 | \* |
|  SoftBank Group Corp. | 1/23/2025 | 4105 | 4097 | 0.01 |  |
|  Star Energy Geothermal Wayang Windu Ltd. | 1/8/2025 - 1/22/2025 | 995 | 915 | 0.00 | \* |
|  Stratton Mortgage Funding 2024-3 Plc | 5/30/2024 | 216 | 234 | 0.00 | \* |
|  Studio City Co. Ltd. | 12/18/2024 - 1/22/2025 | 3633 | 3613 | 0.01 |  |
|  TAGUS - Sociedade de Titularizacao de Creditos SA/Silk Finance No 6 | 5/21/2025 | 226 | 236 | 0.00 | \* |
|  TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 2 | 10/2/2024 | 332 | 355 | 0.00 | \* |
|  Taurus 2025-2 UK DAC | 3/19/2025 | 4759 | 4959 | 0.01 |  |
|  Thunder Logistics 2024-1 DAC | 10/16/2024 | 440 | 342 | 0.00 | \* |
|  Tower Bridge Funding 2024-3 Plc | 9/5/2024 - 3/20/2025 | 292 | 305 | 0.00 | \* |
|  UK Logistics 2024-1 DAC | 5/10/2024 | 510 | 560 | 0.00 | \* |
|  UK Logistics 2025-1 DAC | 4/4/2025 | 3269 | 3430 | 0.01 |  |
|  United Kingdom Gilt | 1/16/2025 | 9068 | 9572 | 0.03 |  |
|  Vantage Data Centers Germany Borrower Lux Sarl | 5/22/2025 | 1990 | 2079 | 0.01 |  |
|  Vantage Data Centers Jersey Borrower Spv Ltd | 5/17/2024 | 1130 | 1255 | 0.00 | \* |
|  VF Ukraine PAT via VFU Funding Plc | 11/17/2023 | 156 | 143 | 0.00 | \* |
|  Winchester 1 Plc | 10/31/2024 | 388 | 409 | 0.00 | \* |
|  WOM SA\*\* | 3/21/2025 | 40 |  | 0.00 | \* |
|  Wynn Macau Ltd. | 1/6/2025 | 5831 | 5942 | 0.02 |  |
|  |  | $393792 | $358028 | 0.88 | % |

---

#### Municipal High-Income Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |
|  County of Anne Arundel MD | 4/21/2023 | $590 | $587 | 0.01% |
|  |  | $590 | $587 | 0.01% |

---

565.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Small/Mid Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |  |
|  OmniAb, Inc. - Class CR3\*\* | 8/10/2015 - 8/22/2022 | $– $|  | 0.00 | %\* |
|  OmniAb, Inc. - Class CR4\*\* | 8/10/2015 - 8/22/2022 | – |  | 0.00 | \* |
|  |  | $– $|  | 0.00 | %\* |

---

#### Small/Mid Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |  |
|  OmniAb, Inc. - Class CR3\*\* | 6/25/2021 - 9/7/2022 | $– $|  | 0.00 | %\* |
|  OmniAb, Inc. - Class CR4\*\* | 6/25/2021 - 9/7/2022 | – |  | 0.00 | \* |
|  |  | $– $|  | 0.00 | %\* |

---

#### Tax Managed Small/Mid Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |  |
|  OmniAb, Inc. - Class CR3\*\* | 8/25/2022 | $– $|  | 0.00 | %\* |
|  OmniAb, Inc. - Class CR4\*\* | 8/25/2022 | – |  | 0.00 | \* |
|  |  | $– $|  | 0.00 | %\* |

---

#### International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Acquisition Cost<br>(000s)** | **Market Value at<br>June 30, 2025<br>(000s)** | **% of Net Assets at<br>June 30, 2025** |  |
|  Severstal PAO - GDR\*\* | 7/15/2021 - 11/29/2021 | $3360 | $– | 0.00 | %\* |
|  X5 Retail Group NV - GDR\*\* | 7/15/2021 - 1/27/2022 | 2010 | – | 0.00 | \* |
|  |  | $5370 | $– | 0.00 | %\* |

---

\* Amount less than 0.005%. 

\*\* A zero balance may reflect actual amounts rounding to less than one thousand. 

**g) Defaulted Securities –** Certain Funds may hold defaulted securities or other securities which were placed in non-accrual status as the collection of a portion or all of the interest has been deemed to be uncollectible. Debt obligations may be placed on non-accrual status and the related interest income, amortization or accretion may be reduced or stopped entirely. Additionally, current income accruals and interest receivables may be written off when the collection of the interest income has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

**h) Sale-buyback and Buy-saleback Transactions –** A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date.

566.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

During the year ended June 30, 2025, the Core Plus Bond Fund participated in sale-buyback transactions which were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Outstanding<br>Sale-Buyback Transactions<br>(000s)** | **Average Amount<br>Borrowed<br>(000s)** | **Incurred Interest<br>Expense<br>(000s)** | **% of Weighted Average<br>Interest Rate** |
|  Core Plus Bond Fund | $– $| 64385 | $2644 | 4.83% |

---

A buy-saleback lending transaction consists of a purchase of a security by a Fund from a counterparty, with a simultaneous agreement to sell the same or substantially the same security at an agreed-upon price and date. The party who sold the security is not entitled to receive principal and interest payments, if any, made on the security during the term of the agreement.

During the year ended June 30, 2025, the Core Plus Bond Fund did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements ("Master Forward Agreements"), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund's Schedule of Investments.

4. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

**a) Investment Valuation Policies –** The Net Asset Value ("NAV") of the Funds' shares are generally valued as of the close of the regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open. The NAV per share of each Fund is computed by dividing the total net assets of the Fund by the total number of shares outstanding. In calculating NAV, each Fund generally values its investment portfolio at market price. If market quotations are not readily available or they are unreliable, securities are valued at fair value. The Board has ultimate responsibility for determining the fair value of investments. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee of the Funds. The Adviser performs the fair value determination relating to the Funds' investments that do not have readily available market quotations, or that have market quotations that are unreliable, subject to Board oversight and certain reporting and other requirements. The Adviser monitors the continual appropriateness of valuation methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers. The Adviser performs a series of activities to provide reasonable assurance of the appropriateness of the prices utilized including but not limited to: periodic vendor due diligence meetings and reviewing the results of back testing on a monthly basis. The Adviser provides the Board with reporting on the results of the back testing as well as positions which were fair valued during the period.

The Adviser has established a Valuation Committee with members from relevant departments within the Adviser to assist the Adviser in carrying out its responsibilities under Rule 2a-5 and in accordance with the Adviser's valuation policy and procedures. The function of the Valuation Committee is to assess and manage any material risks associated with the determination of the fair value of the Funds' investments, review the appropriateness and accuracy of fair value methodologies and monitor for circumstances that may necessitate the use of fair value pricing or a change in fair value methodologies, and to determine fair value for the Funds' investments.

Additionally, the Adviser has adopted, and the Board has approved, valuation policies and procedures that allow for the use of fair value pricing in appropriate circumstances. For example, such circumstances may arise when trading in a security has been halted or suspended, when a security has been delisted from a national exchange, when a security has not been traded for an extended period of time, or when a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time a Fund calculates its own share price. If a readily-available market quotation for a security is unavailable or unreliable, the Adviser may utilize evaluated prices provided by independent pricing services or brokers to assist in its

567.0 ------

Notes to Financial Statements (Continued)

determination of fair value, and may rely on its Valuation Committee to determine fair value in accordance with its valuation policies and procedures adopted by the Adviser. In such circumstances where fair value pricing is necessary, securities are valued in accordance with the Adviser's valuation policies and procedures and implemented through the Adviser's Valuation Committee described above. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing services and/or independent broker dealers.

Thinly traded securities and certain foreign securities may be impacted more by the use of fair valuations than other securities. In using fair value pricing, the Adviser attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations.

When using fair value to price securities, the Adviser may value those securities higher or lower than a fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its net asset value.

**b) Fair Value Hierarchy –** The Adviser has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the following three broad categories:

• Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities.

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include, but are not limited to, quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets.

• Level 3 – Significant unobservable inputs (including the Adviser's own assumptions).

**c) Valuation Techniques –** Fixed-income securities, including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds (other than short-term securities) are valued using that day's evaluated price provided by an independent pricing service. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yields and other relevant data relating to investments or securities with similar characteristics. The independent pricing service's internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, trade information, market color, credit risks/spreads, default rates and quoted prices for similar assets and the securities' terms and conditions.

Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 of the fair value hierarchy.

Mortgage- and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by independent pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data and packaged collateral performance, as available. Mortgage- and asset-backed securities that use such valuation techniques and inputs are typically categorized as Level 2.

568.0 ------

Notes to Financial Statements (Continued)

Short-term securities without a vendor price and with 60 days or less remaining to maturity are generally valued on an amortized cost basis, which approximates fair value. These securities are typically categorized as Level 2 in the fair value hierarchy.

Equity securities traded on a national securities exchange are valued at the last reported sale price at the close of regular trading on each day the exchange is open for trading. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. These valuations are typically categorized as Level 1 in the fair value hierarchy. Securities and financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective securities in accordance with procedures adopted by the Board and are classified as Level 2 or Level 3 depending on the observability of inputs.

Foreign securities, currencies and other assets denominated in currencies other than U.S. dollars are translated to U.S. dollars using exchange rates obtained from independent pricing services. All assets denominated in foreign currencies are converted to U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern time.

Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the NYSE. These securities are generally valued using independent pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Open-ended mutual funds (including money market funds) are valued at the end of the day's net asset value and are categorized as Level 1 of the fair value hierarchy.

Exchange traded financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales or settlement price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. If there was no sale activity, the financial derivative is valued at the mean between the bid and ask price on the relevant exchange closest to the close of the NYSE, or at the bid, if no ask is available and are categorized as Level 2 of the fair value hierarchy.

OTC derivatives, including forward foreign currency exchange contracts and swap contracts, are valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. These securities are typically categorized as Level 2 of the fair value hierarchy.

The U.S. dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.

Centrally cleared credit default and interest rate swap contracts are valued daily based on quotations as provided by an independent pricing service. The independent pricing services aggregate valuation information from various market participants to create a single reference value for each credit default swap contract and interest rate swap contract. These securities are typically categorized as Level 2 of the fair value hierarchy.

The Adviser, on behalf of the Funds, values the repurchase agreements the Funds have entered into based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral). These securities are typically categorized as Level 2 of the fair value hierarchy.

569.0 ------

Notes to Financial Statements (Continued)

#### Quantitative Information
The following tables represent each Fund's valuation inputs as presented in the Schedule of Investments as of June 30, 2025.

#### Core Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Asset-Backed Obligations | $— | $2253640 | $— | $2253640 |
|  Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 209890 |  | 209890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 390934 |  | 390934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical |  | 332298 |  | 332298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical |  | 702428 |  | 702428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 699486 |  | 699486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials |  | 2631938 |  | 2631938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government |  | 4893 |  | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials |  | 333223 |  | 333223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 259237 | 10000 | 269237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 673107 |  | 673107 |
|  Government Related |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Government Related |  | 278803 |  | 278803 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 5678803 |  | 5678803 |
|  Mortgage-Backed Obligations |  | 7054946 |  | 7054946 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1412 |  |  | 1412 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 590140 |  |  | 590140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 20464 |  | 20464 |
|  Futures Contracts<sup>(1)</sup> | 21946 |  |  | 21946 |
|  Swap Contracts<sup>(1)</sup> |  | 604 |  | 604 |
|  **Total Assets** | $**613498** | $**21524694** | $**10000** | $**22148192** |
|  **Liabilities** |  |  |  |  |
|  TBA Sale Commitments | $— | $(66673) | $— | $(66673) |
|  Futures Contracts<sup>(1)</sup> | (344) |  |  | (344) |
|  Swap Contracts<sup>(1)</sup> |  | (494) |  | (494) |
|  **Total Liabilities** | $**(344)** | $**(67167)** | $**—** | $**(67511)** |

---

570.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Core Plus Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Asset-Backed Obligations | $— | $5227538 | $49169 | $5276707 |
|  Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 230224 |  | 230224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 784505 | 11 | 784516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical |  | 892983 | 375 | 893358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical |  | 1090339 |  | 1090339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1285437 | 7255 | 1292692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials |  | 3497755 | 17492 | 3515247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials |  | 724237 |  | 724237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 807887 | 4427 | 812314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 925791 |  | 925791 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 8477 |  | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical |  | 18990 |  | 18990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials |  | 750 |  | 750 |
|  Government Related |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Government Related |  | 1614273 |  | 1614273 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 8761576 |  | 8761576 |
|  Mortgage-Backed Obligations |  | 19090788 |  | 19090788 |
|  U.K. Treasury Bonds |  | 47241 |  | 47241 |
|  Bank Loans |  | 302167 | 156085 | 458252 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 3294 | 19089 | 702 | 23085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  |  | 4103 | 4103 |
|  Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 15865 |  |  | 15865 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | 24 | 24 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1213432 |  |  | 1213432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Related |  | 98527 |  | 98527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 22100 |  | 22100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 84837 |  | 84837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1921900 |  | 1921900 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 493773 |  | 493773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 271907 |  | 271907 |
|  Futures Contracts<sup>(1)</sup> | 174736 |  |  | 174736 |
|  Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | 18381 |  | 18381 |
|  Swap Contracts<sup>(1)</sup> |  | 302627 | 116 | 302743 |
|  **Total Assets** | $**1407327** | $**48544099** | $**239759** | $**50191185** |
|  **Liabilities** |  |  |  |  |
|  TBA Sale Commitments | $— | $(286974) | $— | $(286974) |
|  Futures Contracts<sup>(1)</sup> | (31301) |  |  | (31301) |
|  Forward Foreign Currency Exchange Contracts<sup>(1)</sup> |  | (87911) |  | (87911) |
|  Swap Contracts<sup>(1)</sup> |  | (14065) |  | (14065) |
|  **Total Liabilities** | $**(31301)** | $**(388950)** | $**—** | $**(420251)** |

---

571.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Education | $— | $847522 | $— | $847522 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation |  | 3537337 |  | 3537337 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Revenue |  | 5011437 |  | 5011437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  | 1792982 |  | 1792982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing |  | 1465425 |  | 1465425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 2675568 |  | 2675568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1725997 |  | 1725997 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 254648 |  |  | 254648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 1494 |  | 1494 |
|  **Total Assets** | $**254648** | $**17057762** | $**—** | $**17312410** |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts<sup>(1)</sup> | $(3310) | $— | $— | $(3310) |
|  **Total Liabilities** | $**(3310)** | $**—** | $— | $**(3310)** |

---

#### Municipal High-Income Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Education | $— | $373240 | $— | $373240 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation\* |  | 237709 | —<sup>(2)</sup> | 237709 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Revenue |  | 1800536 |  | 1800536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  | 735449 |  | 735449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing |  | 405929 |  | 405929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 424598 |  | 424598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 209031 |  | 209031 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 2 |  |  | 2 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7602 |  |  | 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 4139 |  | 4139 |
|  **Total Assets\*** | $**7607** | $**4190631** | $**—** | $**4198238** |

---

#### Large Cap Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $3253458 | $— | $— | $3253458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3378449 | 34004 |  | 3412453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 687587 |  |  | 687587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 258502 |  |  | 258502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 3409508 |  |  | 3409508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 2805635 | 33414 |  | 2839049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2144014 |  |  | 2144014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 11136588 |  |  | 11136588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 243957 |  |  | 243957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 105062 |  |  | 105062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 93017 |  |  | 93017 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 599482 |  |  | 599482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 5372 |  | 5372 |
|  Futures Contracts<sup>(1)</sup> | 563 |  |  | 563 |
|  **Total Assets** | $**28115822** | $**72790** | $**—** | $**28188612** |

---

572.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Large Cap Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services\* | $1430104 | $— | $—<sup>(2)</sup> | $1430104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1680478 |  |  | 1680478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1651662 | 510236 |  | 2161898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 1369298 | 54208 |  | 1423506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 5244033 |  |  | 5244033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 2923295 | 112174 |  | 3035469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2715716 | 342993 |  | 3058709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2967764 | 153885 |  | 3121649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 857759 |  |  | 857759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 661631 |  |  | 661631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 814176 |  |  | 814176 |
|  Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 17836 |  |  | 17836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6623 |  |  | 6623 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 19316 |  | 19316 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 594545 |  |  | 594545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 10095 |  | 10095 |
|  Futures Contracts<sup>(1)</sup> | 117 |  |  | 117 |
|  **Total Assets\*** | $**22935037** | $**1202907** | $**—** | $**24137944** |

---

#### Tax Managed Large Cap Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $613541 | $— | $— | $613541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 561870 |  |  | 561870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 247003 |  |  | 247003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 269437 |  |  | 269437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1034172 |  |  | 1034172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 543726 |  |  | 543726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 668353 |  |  | 668353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1920143 |  |  | 1920143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 239351 |  |  | 239351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 153320 |  |  | 153320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 201583 |  |  | 201583 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 92968 |  |  | 92968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 1090 |  | 1090 |
|  **Total Assets** | $**6545467** | $**1090** | $**—** | $**6546557** |

---

573.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Small/Mid Cap Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $444272 | $— | $— | $444272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1068934 |  |  | 1068934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 387400 |  |  | 387400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 264022 |  |  | 264022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 961375 |  |  | 961375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 1771577 |  | 14 | 1771591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1830464 |  |  | 1830464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2144425 |  |  | 2144425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 155169 |  |  | 155169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 111831 |  |  | 111831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 51575 |  |  | 51575 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare\* |  |  | 0 | 0 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 197272 |  |  | 197272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 1732 |  | 1732 |
|  Futures Contracts<sup>(1)</sup> | 38 |  |  | 38 |
|  **Total Assets** | $**9388354** | $**1732** | $**14** | $**9390100** |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts\*<sup>(1)</sup> | $(0) | $— | $— | $(0) |
|  **Total Liabilities\*** | $**(0)** | $**—** | **$—** | $**(0)** |

---

#### Small/Mid Cap Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services\* | $94434 | $— | $—<sup>(2)</sup> | $94434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 991035 |  |  | 991035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 396605 |  |  | 396605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 462449 |  |  | 462449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials\* | 1834479 | 44 | —<sup>(2)</sup> | 1834523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 521710 |  | 11 | 521721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1723024 | 4683 |  | 1727707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 868174 |  |  | 868174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 440478 |  |  | 440478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 585012 |  |  | 585012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 408662 |  |  | 408662 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  |  | 1 | 1 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 170559 |  |  | 170559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 8758 |  | 8758 |
|  Futures Contracts<sup>(1)</sup> | 79 |  |  | 79 |
|  **Total Assets** | $**8496700** | $**13485** | $**12** | $**8510197** |

---

574.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Tax Managed Small/Mid Cap Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $52418 | $— | $— | $52418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 264252 |  |  | 264252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 86692 |  |  | 86692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 93155 |  |  | 93155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 346984 |  |  | 346984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare\* | 264691 |  | 0 | 264691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 540432 |  |  | 540432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 343228 |  |  | 343228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 92988 |  |  | 92988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 122624 |  |  | 122624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 85705 |  |  | 85705 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 37358 |  |  | 37358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 182 |  | 182 |
|  **Total Assets\*** | $**2330527** | $**182** | $**0** | $**2330709** |

---

#### International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $376621 | $826161 | $— | $1202782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 339767 | 1924444 |  | 2264211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples\* | 316390 | 1668497 | —<sup>(2)</sup> | 1984887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 48967 | 605642 | 855 | 655464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 372429 | 3891395 |  | 4263824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 73718 | 1831686 |  | 1905404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 264481 | 4450444 |  | 4714925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 482832 | 1714572 |  | 2197404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials\* | 83754 | 842238 | —<sup>(2)</sup> | 925992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 88432 |  | 88432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 733151 |  | 733151 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 2146 |  | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 760 |  | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  | 365 |  | 365 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 293021 |  |  | 293021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 46171 |  | 46171 |
|  Futures Contracts<sup>(1)</sup> | 38 |  |  | 38 |
|  **Total Assets** | $**2652018** | $**18626104** | $**855** | $**21278977** |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts<sup>(1)</sup> | $(20) | $— | $— | $(20) |
|  **Total Liabilities** | $**(20)** | $**—** | $**—** | $**(20)** |

---

575.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

#### Tax Managed International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br>(000s) | Level 2<br>(000s) | Level 3<br>(000s) | Total<br>(000s) |
|  **Assets** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $2167 | $53857 | $— | $56024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 6628 | 254620 |  | 261248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 18252 | 147777 |  | 166029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 4165 | 71874 |  | 76039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 3532 | 410127 |  | 413659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 9589 | 262926 |  | 272515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 22463 | 358969 |  | 381432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 35321 | 244702 |  | 280023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 6485 | 115697 |  | 122182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 15172 |  | 15172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 54421 |  | 54421 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 749 |  | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 426 |  | 426 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 58855 |  |  | 58855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 5362 |  | 5362 |
|  **Total Assets** | $**167457** | $**1996679** | $**—** | $**2164136** |

---

\* A zero balance may reflect actual amounts rounding to less than one thousand. 

<sup>(1)</sup> Derivative instruments, including futures, total return swap contracts and forward foreign currency exchange contracts are reported at the cumulative unrealized appreciation/(depreciation) of the instrument within the Funds' Schedule of Investments. Credit default swaps, interest rate swaps and inflation linked swaps are reported at market value. Only current day's variation margin is reported within the Statements of Assets and Liabilities for exchange-traded and centrally cleared derivatives. 

<sup>(2)</sup> Includes a security valued at zero.

The Core Bond, Core Plus Bond, Municipal High-Income Bond, Large Cap Value, Small/Mid Cap Growth, Small/Mid Cap Value, Tax Managed Small/Mid Cap and International Equity Funds all held Level 3 securities at the end of the period. In the aggregate, securities classified as Level 3 in the Core Bond, Municipal High-Income Bond, Large Cap Value, Small/Mid Cap Growth, Small/Mid Cap Value, Tax Managed Small/Mid Cap and International Equity Funds have been deemed immaterial with respect to each Fund.

The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant

576.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

increases (decreases) in earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability may decrease (increase) the fair value measurement.

#### Quantitative Information about Level 3 Fair Value Measurements

#### Core Plus Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at<br>6/30/2025** | **Valuation Methodology** | **Unobservable Inputs** | **Input Value/Range** | **Weighted Average** |
|  Asset-Backed Obligations | $49169 | Recent Transaction | Transaction Price | 42.72 - 120.9581 | 98.79 |
|  Bank Loans | $6280 | Intrinsic Value | Early Redemption | 100.00 | 100.00 |
|  Bank Loans | $149805 | Recent Transaction | Transaction Price | 98 - 100 | 99.87 |
|  Common Stocks | $4103 | Market Approach - Comparable Companies | EBITDA Multiple | 16.50 | 16.50 |
|  Common Stocks | $579 | Reference Instrument | Stock Price with Discount | 10% | 10% |
|  Common Stocks | $123 | Recent Transaction | Transaction Price | $13.00 | $13.00 |
|  Common Stocks | $— | Intrinsic Value | Transaction Price | $0.00 | $0.00 |
|  Corporate Bonds | $29174 | Recent Transaction | Transaction Price | 98.50 - 100 | 99.67 |
|  Corporate Bonds | $375 | Reference Instrument | Comparable Security | 6.446 - 8.0014 | 7.46 |
|  Corporate Bonds | $11 | Indicative Market Quotation | Broker Quote | 6.00 | 6.00 |
|  Credit Default Swaps | $70 | Indicative Market Quotation | Broker Quote | 100.5001 - 100.5576 | 100.54 |
|  Warrants | $24 | Recent Transaction | Transaction Price | $13.00 | $13.00 |
|  Warrants | $-— | Intrinsic Value | Volatility | $0.00 | $0.00 |

---

*Value rounded to thousands* 

The realized and unrealized gains/(losses) from Level 3 transactions are included with the net realized gain/(loss) on investments and net change in unrealized appreciation/(depreciation) on investments on the Statements of Operations, respectively.

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period July 1, 2024 through June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Asset-Backed<br>Obligations<br>(000s)** | **Corporate Bonds<br>(000s)** | **Bank Loans<br>(000s)** | **Common Stocks<br>(000s)** | **Preferred Stocks<br>(000s)** | **Warrants<br>(000s)** | **Swap Contracts<br>(000s)** |
|  Balance as of June 30, 2024<sup>(1)</sup> | $31925 | $— | $— | $19183 | $12742 | $—<sup>(2)</sup> | $—<sup>(2)</sup> | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total realized gain/(loss)<sup>(1)</sup> | 7041 | 470 | 15 | 0 | 6617 | (61) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/(premium) | 11 | (16) | 15 | 12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paydown | (3814) | (3814) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payup | 447 | 447 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) | (8189) | (545) | (4629) | 2779 | (5971) | 61 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 233540 | 52627 | 38644 | 142205 | 40 |  | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales<sup>(1)</sup> | (13901) |  | (4496) | (782) | (8623) | 0 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers in\* | 5093 |  | 11 | 5082 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers out\* | (12394) |  |  | (12394) |  |  |  |  |
|  Balance as of June 30, 2025 | $**239759** | $**49169** | $**29560** | $**156085** | $**4805** | $**—** | $**24** | $**116** |
|  Change in unrealized appreciation/(depreciation) from Investments held as of June 30, 2025 | $(1836) | $(545) | $(4629) | $2779 | $443 | $— | $— | $116 |

---

\* Transfers are calculated on the ending of period value. For the period ended June 30, 2025, securities with an aggregate market value of $5,093 transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine their value and securities with an aggregate market value of $12,394 were transferred from Level 3 to Level 2. There were no other transfers between Level 1, 2 and 3. 

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(2)</sup> Includes a security valued at zero.

577.0 ------

### Bridge Builder Mutual Funds
Notes to Financial Statements (Continued)

5. DERIVATIVE INSTRUMENTS

Certain Funds use derivative instruments as part of their investment strategy to achieve their stated investment objective. The Funds' derivative contracts held at period end are not accounted for as hedging instruments under GAAP. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities across derivative types that are subject to master netting arrangements in the Statements of Assets and Liabilities. There were no financial instruments subject to a netting agreement for which the Funds are not currently netting.

The following table lists the fair value of derivative instruments held by the Funds, by primary underlying risk and contract type, as included in the Statements of Assets and Liabilities at period end.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
|  | Unrealized<br>Appreciation on<br>Futures Contracts\*<br>(000s) | Swaps at<br>Value\*<br>(000s) | Unrealized<br>Appreciation on<br>Forward Foreign<br>Currency<br>Exchange<br>Contracts<br>(000s) | Unrealized<br>Depreciation on<br>Futures Contracts\*<br>(000s) | Swaps at<br>Value\*<br>(000s) | Unrealized<br>Depreciation<br>on Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts<br>(000s) |
| **Interest Rate Risk:** |  |  |  |  |  |  |
|  Core Bond Fund | $21946 | $604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(344) | $(494) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Core Plus Bond Fund | 174736 | 237201 |  | (31301) | (13239) |  |
|  Municipal Bond Fund |  |  |  | (3310) |  |  |
| **Equity Risk:** |  |  |  |  |  |  |
|  Large Cap Growth Fund | 563 |  |  |  |  |  |
|  Large Cap Value Fund | 117 |  |  |  |  |  |
|  Small/Mid Cap Growth Fund <sup>(1)</sup> | 38 |  |  | (0) |  |  |
|  Small/Mid Cap Value Fund | 79 |  |  |  |  |  |
|  International Equity Fund | 38 |  |  | (20) |  |  |
| **Foreign Exchange Risk:** |  |  |  |  |  |  |
|  Core Plus Bond Fund |  |  | 18381 |  |  | (87911) |
| **Credit Risk:** |  |  |  |  |  |  |
|  Core Plus Bond Fund |  | 65539 |  |  | (826) |  |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

\* May include cumulative unrealized appreciation/(deprecation) as reported on the Summary Schedule of Investments. Only current day's variation margin is reported on the Statements of Assets and Liabilities for exchange traded derivatives and centrally-cleared derivatives.

578.0 ------

Notes to Financial Statements (Continued)

The following table lists the effect of derivative instruments held by the Funds, by primary underlying risk and contract type, on the Statements of Operations for the year ended June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Realized Gain/(Loss) on Derivatives<br>recognized as a result of Operations | Realized Gain/(Loss) on Derivatives<br>recognized as a result of Operations | Realized Gain/(Loss) on Derivatives<br>recognized as a result of Operations | Net Change in Unrealized<br>Appreciation/(Depreciation) on<br>Derivatives recognized as a result of<br>Operations | Net Change in Unrealized<br>Appreciation/(Depreciation) on<br>Derivatives recognized as a result of<br>Operations | Net Change in Unrealized<br>Appreciation/(Depreciation) on<br>Derivatives recognized as a result of<br>Operations |
|  | Futures Contracts<br>(000s) | Forward Foreign<br>Currency Exchange<br>Contracts<br>(000s) | Swaps<br>(000s) | Futures Contracts<br>(000s) | Forward Foreign<br>Currency Exchange<br>Contracts<br>(000s) | Swaps<br>(000s) |
| **Interest Rate Risk:** |  |  |  |  |  |  |
|  Core Bond Fund | $(1593) | $— | $(1) | $17292 | $— | $117 |
|  Core Plus Bond Fund | (240090) |  | 26690 | 114833 |  | 88854 |
|  Municipal Bond Fund | 6092 |  |  | (3310) |  |  |
|  Municipal High-Income Bond Fund | 88 |  |  | (71) |  |  |
| **Equity Risk:** |  |  |  |  |  |  |
|  Large Cap Growth Fund | 877 |  |  | 565 |  |  |
|  Large Cap Value Fund | 44 |  |  | 113 |  |  |
|  Small/Mid Cap Growth Fund | (128) |  |  | 14 |  |  |
|  Small/Mid Cap Value Fund | (15) |  |  | 45 |  |  |
|  International Equity Fund | (103) |  |  | (8) |  |  |
| **Foreign Exchange Risk:** |  |  |  |  |  |  |
|  Core Plus Bond Fund |  | (4065) |  |  | (77624) |  |
| **Credit Risk:** |  |  |  |  |  |  |
|  Core Plus Bond Fund |  |  | 33741 |  |  | 10262 |

---

The following tables present the Funds' gross OTC derivative assets and liabilities by counterparty and contract type, net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Core Plus Bond Fund |  |  |  |  |  |  |  |
|  |  | **Gross Amounts of<br>Recognized Assets<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)** |  |  | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** |  |
| **Counterparty** | **Investment<br>Type** | **Gross Amounts of<br>Recognized Assets<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | **Gross Amounts<br>Available for Offset<br>(000s)** | **Net<br>Amounts<br>(000s)** | **Financial<br>Instruments** | **Collateral<br>Received** | **Net<br>Amount<br>(000s)** |
|  Bank of America | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | $194 | $(194) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Barclays Bank | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 354 | (354) |  |  |  |  |
|  BNP Paribas | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 4210 | (4210) |  |  |  |  |
|  Citibank | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 201 | (201) |  |  |  |  |

---

579.0 ------

Notes to Financial Statements (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Core Plus Bond Fund |  |  |  |  |  |  |  |
|  |  | **Gross Amounts of<br>Recognized Assets<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)** |  |  | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** |  |
| **Counterparty** | **Investment<br>Type** | **Gross Amounts of<br>Recognized Assets<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | **Gross Amounts<br>Available for Offset<br>(000s)** | **Net<br>Amounts<br>(000s)** | **Financial<br>Instruments** | **Collateral<br>Received** | **Net<br>Amount<br>(000s)** |
|  Deutsche Bank | Credit<br>Default<br>Swap<br>Contracts | $116 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $116 |
|  Deutsche Bank | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 4497 | (4497) |  |  |  |  |
|  Goldman Sachs | Credit<br>Default<br>Swap<br>Contracts | 1 | (1) |  |  |  |  |
|  Goldman Sachs | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 3781 | (3781) |  |  |  |  |
|  J.P. Morgan | Total<br>Return<br>Swap<br>Contract | 565 |  | 565 |  |  | 565 |
|  J.P. Morgan<sup>(1)</sup> | Credit<br>Default<br>Swap<br>Contracts | 0 | (0) |  |  |  |  |
|  J.P. Morgan | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 2431 | (2431) |  |  |  |  |
|  Morgan Stanley | Credit<br>Default<br>Swap<br>Contracts | 19 | (10) | 9 |  | (9) |  |
|  Morgan Stanley | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 2685 | (2388) | 297 |  |  | 297 |
|  UBS | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 28 | (28) |  |  |  |  |
|  Total Financial Instruments Subject to a Master Netting Arrangement or Similar Arrangement |  | 19082 | (18095) | 987 |  | (9) | 978 |

---

580.0 ------

Notes to Financial Statements (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amounts of<br>Recognized Liabilities<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)**  | | | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | |
| **Counterparty** | **Investment<br>Type** | **Gross Amounts of<br>Recognized Liabilities<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)**  | **Gross Amounts<br>Available for Offset<br>(000s)** | **Net<br>Amounts<br>(000s)** | **Financial<br>Instruments** | **Collateral<br>Pledged** | **Net<br>Amount<br>(000s)** |
|  Bank of America | Credit<br>Default<br>Swap<br>Contracts | $370 | $— | $370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $370 |
|  Bank of America | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 30759 | (194) | 30565 |  |  | 30565 |
|  Barclays Bank | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 629 | (354) | 275 |  |  | 275 |
|  BNP Paribas | Credit<br>Default<br>Swap<br>Contracts | 5 |  | 5 |  |  | 5 |
|  BNP Paribas | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 13247 | (4210) | 9037 |  |  | 9037 |
|  Citibank | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 602 | (201) | 401 |  |  | 401 |
|  Deutsche Bank | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 9316 | (4497) | 4819 |  |  | 4819 |
|  Goldman Sachs | Credit<br>Default<br>Swap<br>Contracts | 387 | (1) | 386 |  |  | 386 |
|  Goldman Sachs | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 14157 | (3781) | 10376 |  |  | 10376 |
|  J.P. Morgan<sup>(1)</sup> | Credit<br>Default<br>Swap<br>Contracts | 11 | (0) | 11 |  |  | 11 |
|  J.P. Morgan | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 16386 | (2431) | 13955 |  |  | 13955 |
|  Morgan Stanley | Credit<br>Default<br>Swap<br>Contracts | 10 | (10) |  |  |  |  |

---

581.0 ------

Notes to Financial Statements (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amounts of<br>Recognized Liabilities<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)**  | | | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | **Gross Amounts<br>not offset in the<br>Statements of<br>Assets & Liabilities<br>(000s)** | |
| **Counterparty** | **Investment<br>Type** | **Gross Amounts of<br>Recognized Liabilities<br>Presented in the<br>Statements of<br>Assets & Liabilities<br>(000s)**  | **Gross Amounts<br>Available for Offset<br>(000s)** | **Net<br>Amounts<br>(000s)** | **Financial<br>Instruments** | **Collateral<br>Pledged** | **Net<br>Amount<br>(000s)** |
|  Morgan Stanley | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | $2388 | $(2388) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  UBS | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | 427 | (28) | 399 |  |  | 399 |
|  Total Financial Instruments Subject to a Master Netting Arrangement or Similar Arrangement |  | 88694 | (18095) | 70599 |  |  | 70599 |

---

<sup>(1)</sup> A zero balance may reflect actual amounts rounding to less than one thousand. 

The Funds' average monthly notional amount of derivatives during the year ended June 30, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond<br>Fund<br>(000s)** | **Core Plus<br>Bond Fund\*<br>(000s)** | **Municipal<br>Bond Fund<br>(000s)** | **Municipal<br>High-Income<br>Bond Fund<br>(000s)** | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap<br>Value Fund<br>(000s)** | **Small/Mid<br>Cap Growth<br>Fund<br>(000s)** | **Small/Mid<br>Cap Value<br>Fund<br>(000s)** | **International<br>Equity Fund\*<br>(000s)** |
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
|  Average Notional Balance – Long | $1260646 | $10018376 | $— | $15667 | $10552 | $6885 | $4194 | $5407 | $5806 |
|  Average Notional Balance – Short | (74714) | (1484631) | (105936) | (58) |  |  |  |  |  |
|  **Forward Foreign Currency Exchange Contracts** |  |  |  |  |  |  |  |  |  |
|  Average Amounts – Purchased |  | 2096611 |  |  |  |  |  |  |  |
|  Average Amounts – Sold |  | (1120149) |  |  |  |  |  |  |  |
|  **Credit Default Swaps** |  |  |  |  |  |  |  |  |  |
|  Average Amounts – Buy Protection |  | 39881 |  |  |  |  |  |  |  |
|  Average Amounts – Sell Protection |  | (674247) |  |  |  |  |  |  |  |
|  **Interest Rate Swaps** |  |  |  |  |  |  |  |  |  |
|  Average Amounts – Pays Fixed Rate | 8481 | 2198383 |  |  |  |  |  |  |  |
|  Average Amounts – Receives Fixed Rate | (9579) | (733201) |  |  |  |  |  |  |  |
|  **Total Return Swaps** |  |  |  |  |  |  |  |  |  |
|  Average Amounts – Long |  |  |  |  |  |  |  |  |  |
|  Average Amounts – Short |  | (109483) |  |  |  |  |  |  |  |
|  **Inflation Linked Swaps** |  |  |  |  |  |  |  |  |  |
|  Average Amounts – Receives Floating Rate |  | 140120 |  |  |  |  |  |  |  |
|  Average Amounts – Pays Floating Rate |  | (10326) |  |  |  |  |  |  |  |

---

\* Notional amounts shown have been converted to USD. 

582.0 ------

Notes to Financial Statements (Continued)

6. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

The Adviser acts as investment adviser to the Funds pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust. The Adviser is a wholly owned subsidiary of The Jones Financial Companies, L.L.L.P. Under the Advisory Agreement, the Funds are responsible for the payment of all of their expenses, except that the Adviser is responsible for (i) providing the personnel, office space and equipment reasonably necessary to perform its obligations thereunder; and (ii) the costs of any special Board meetings or shareholder meetings convened for the primary benefit of the Adviser.

The Adviser provides the Trust with such investment research, advice and investment supervision as the Trust may from time to time consider necessary for the proper management of the investments of the Funds and furnishes continuously an investment program for the Funds. In fulfilling this obligation, the Adviser, among other things, recommends the hiring and termination, and monitors the ongoing performance, of the investment advisers (the "Sub-advisers") and allocates Fund assets among the Sub-advisers.

In consideration of the services provided by the Adviser pursuant to the Advisory Agreement, the Funds pay the Adviser an investment advisory fee at an annual rate based on a percentage of each Fund's average daily net assets. For its advisory services, the investment advisory fee shall be accrued daily by the Fund and paid to the Adviser on the first business day of the succeeding month. In an effort to pass along lower fund expenses to shareholders, the Adviser does not retain any portion of the advisory fees. The Adviser has contractually agreed to waive its advisory fees for each Fund to the extent advisory fees to be paid to the Adviser exceed the aggregate advisory fees the Fund is required to pay its Sub-advisers. The annual advisory fee and amounts of advisory fees waived by the Adviser during the period ended June 30, 2025 are noted in the table below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Annual<br>Management Fee** | **Management Fees<br>Waived by Adviser<br>(000s)** |
|  Core Bond Fund | 0.32% | $40328 |
|  Core Plus Bond Fund | 0.36 | 88455 |
|  Municipal Bond Fund | 0.36 | 40826 |
|  Municipal High-Income Bond Fund | 0.36 | 8305 |
|  Large Cap Growth Fund | 0.44 | 68968 |
|  Large Cap Value Fund | 0.44 | 53463 |
|  Tax Managed Large Cap Fund | 0.44 | 12168 |
|  Small/Mid Cap Growth Fund | 0.64 | 27755 |
|  Small/Mid Cap Value Fund | 0.64 | 23605 |
|  Tax Managed Small/Mid Cap Fund | 0.64 | 5546 |
|  International Equity Fund | 0.60 | 55121 |
|  Tax Managed International Equity Fund | 0.60 | 4669 |

---

None of the advisory fees waived by the Adviser pursuant to the agreement described above are subject to recoupment by the Adviser.

583.0 ------

Notes to Financial Statements (Continued)

The Adviser has selected and the Board has approved the following Sub-advisers to sub-advise discrete portions of each of the Fund's assets:

---

| | |
|:---|:---|
| **Fund** | **Sub-advisers** |
| **Core Bond Fund** | Robert W. Baird & Co. Inc.<br> J.P. Morgan Investment Management Inc.<br> Loomis, Sayles & Company L.P.<br> PGIM, Inc. |
| **Core Plus Bond Fund** | Pacific Investment Management Company LLC<br> Loomis, Sayles & Company L.P.<br> Metropolitan West Asset Management, LLC<br> \* BlackRock Investment Management, LLC<br> \*\* Dodge & Cox |
| **Municipal Bond Fund** | FIAM, LLC<br> BlackRock Investment Management, LLC<br> MacKay Shields LLC<br> Robert W. Baird & Co. Inc. |
| **Municipal High-Income Bond Fund** | Capital International, Inc.<br> T. Rowe Price Associates, Inc. |
| **Large Cap Growth Fund** | Lazard Asset Management LLC<br> Sustainable Growth Advisers, LP<br> Jennison Associates LLC<br> BlackRock Investment Management, LLC<br> T. Rowe Price Associates, Inc. |
| **Large Cap Value Fund** | Barrow, Hanley, Mewhinney & Strauss, LLC<br> Wellington Management Company LLP<br> Artisan Partners Limited Partnership<br> BlackRock Investment Management, LLC<br> T. Rowe Price Associates, Inc.<br> LSV Asset Management |
| **Tax Managed Large Cap Fund** | Barrow, Hanley, Mewhinney & Strauss, LLC<br> ClearBridge Investments, LLC<br> Parametric Portfolio Associates, LLC<br> T. Rowe Price Associates, Inc. |
| **Small/Mid Cap Growth Fund** | Champlain Investment Partners, LLC<br> Eagle Asset Management, Inc.<br> Stephens Investment Management Group, LLC<br> BlackRock Investment Management, LLC<br> Artisan Partners Limited Partnership<br> Driehaus Capital Management LLC<br> Victory Capital Management Inc. |
| **Small/Mid Cap Value Fund** | Boston Partners Global Investors, Inc.<br> Vaughan Nelson Investment Management, L.P.<br> Silvercrest Asset Management Group LLC<br> BlackRock Investment Management, LLC<br> LSV Asset Management<br> MFS Investment Management<br> Diamond Hill Capital Management, Inc.<br> American Century Investment Management, Inc. |
| **Tax Managed Small/Mid Cap Fund** | AllianceBernstein L.P.<br> Goldman Sachs Asset Management L.P.<br> J.P. Morgan Investment Management Inc.<br> Neuberger Berman Investment Advisers, LLC<br> Parametric Portfolio Associates, LLC<br> Allspring Global Investments, LLC |
| **International Equity Fund** | Baillie Gifford Overseas Limited<br> Mondrian Investment Partners Limited<br> WCM Investment Management, LLC<br> BlackRock Investment Management, LLC<br> Pzena Investment Management, LLC<br> Marathon Asset Management Limited |

---

584.0 ------

Notes to Financial Statements (Continued)

---

| | |
|:---|:---|
| **Fund** | **Sub-advisers** |
| **Tax Managed International Equity Fund** | Parametric Portfolio Associates, LLC<br> Pzena Investment Management, LLC<br> Walter Scott & Partners Limited<br> J.P. Morgan Investment Management Inc.<br> Thompson, Siegel & Walmsley LLC |

---

\* Blackrock has entered into a sub-sub-advisory agreement with each of Blackrock International Limited ("BIL"), a U.K.-based affiliate of Blackrock, and Blackrock (Singapore) Limited ("BRS"), a Singapore-based affiliate of Blackrock, to facilitate the provision of advice and trading out of non-U.S. jurisdictions. BIL and BRS, each registered as an investment adviser with the SEC, organized in 1995 and 2000, respectively. 

\*\* Dodge & Cox will commence managing assets of the Fund in July 2025.

Subject to the supervision of the Adviser, the Sub-advisers provide the Funds, among other services, a continuous investment program and determine from time to time which securities or other investments shall be purchased, sold or exchanged for the Funds, including providing or obtaining such services as may be necessary in managing, acquiring or disposing of securities, cash or other investments. For their services as Sub-advisers to the Funds, each Sub-adviser is entitled to receive fees directly from each Fund it serves, except that any fees payable to BIL or BRS for their services as sub-sub-advisers to the Core Plus Bond Fund would be paid by BlackRock (and not the Adviser or the Core Plus Bond Fund).

Pursuant to an operating expense limitation agreement between the Adviser and the Funds, effective until October 28, 2026 (the "Expense Limitation Agreement"), the Adviser has contractually agreed to waive its fees and/or reimburse Fund expenses (excluding acquired fund fees and expenses, portfolio transaction expenses, interest expense in connection with investment activities, taxes and non-routine expenses) to limit total annual fund operating expenses after fee waivers and/or expense reimbursements to each of the amounts listed below (each an "Expense Cap").

---

| | |
|:---|:---|
| **Fund** | **Expense Cap** |
| **Core Bond Fund** | 0.48% |
| **Core Plus Bond Fund** | 0.42 |
| **Municipal Bond Fund** | 0.48 |
| **Municipal High-Income Bond Fund** | 0.48 |
| **Large Cap Growth Fund** | 0.51 |
| **Large Cap Value Fund** | 0.51 |
| **Tax Managed Large Cap Fund** | 0.51 |
| **Small/Mid Cap Growth Fund** | 0.73 |
| **Small/Mid Cap Value Fund** | 0.73 |
| **Tax Managed Small/Mid Cap Fund** | 0.73 |
| **International Equity Fund** | 0.67 |
| **Tax Managed International Equity Fund** | 0.67 |

---

Any fee reductions or expense payments made by the Adviser pursuant to the Expense Limitation Agreement are subject to reimbursement by a Fund, if requested by the Adviser in the thirty-six (36) month period following such fee waiver and/or expense payment, if the aggregate amount actually paid by the Fund toward its aggregate operating expenses, as accrued each month (taking into account the reimbursement) does not exceed the applicable Expense Cap accrued for such month (a) at the time of the fee waiver and/or expense payment and (b) at the time of the reimbursement.

During the year ended June 30, 2025, the Funds did not exceed their respective Expense Caps, and there are no expense reimbursements currently available for recoupment in future periods.

**Administrator –** Brown Brothers Harriman & Co. ("BBH") acts as Administrator to the Trust pursuant to an

Administrative Agency Agreement. As Administrator, BBH provides certain services to the Trust, including, among other responsibilities, administrative, tax, legal, accounting services, portfolio compliance monitoring, and financial

585.0 ------

Notes to Financial Statements (Continued)

reporting for the maintenance and operations of the Funds. In addition, BBH makes available the personnel and facilities to provide such services. In its capacity as Administrator, BBH does not have any responsibility or authority for the portfolio management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares. Pursuant to the Administrative Agency Agreement, the Trust has agreed to pay such compensation as is mutually agreed upon from time to time and such out-of-pocket expenses as incurred by BBH in the performance of its duties. The amounts paid directly to the Administrator by the Funds for administrative services are included in the Administration fee in the Statements of Operations.

**Custodian –** BBH also acts as Custodian to the Trust. In this capacity, BBH holds all cash and, directly or through a book entry system or an agent, securities of each Fund, delivers and receives payment for securities sold by such Fund, collects income from investments of each Fund and performs other duties as set forth in the Custodian Agreement between the Trust, on behalf of the Funds, and BBH. Custodian fees are paid monthly and based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. The amounts paid directly to the Custodian by the Funds for custody services are included in Custody fees in the Statements of Operations.

**Trustees –** Trustee fees and expenses displayed in the Statements of Operations include amounts accrued by the Funds to pay remuneration to each Trustee who is not an "interested person" as defined by the 1940 Act (an "Independent Trustee") of the Trust or a non-Edward Jones interested trustee. The Trustees who are affiliated with the Adviser or its parent company, are not compensated by the Trust.

**Affiliated Transactions –** The Funds may participate in purchase and sale transactions with other Funds or accounts that have a common investment adviser or Sub-adviser, commonly referred to as "cross trades." These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security.

During the year ended June 30, 2025, the aggregate value of purchases and sales of cross trades with other Funds or accounts were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases**<br>**(000s)** | **Sales**<br>**(000s)** | **Realized**<br>**Gain/(Loss)**<br>**(000s)** |
|  Municipal Bond Fund | $59845 | $176750 | $— |
|  Large Cap Growth Fund | 114823 | 173957 | 61941 |
|  Large Cap Value Fund | 139258 | 83092 | 34292 |
|  Small/Mid Cap Growth Fund | 88567 | 75187 | 2965 |
|  Small/Mid Cap Value Fund | 79094 | 110391 | 34787 |
|  International Equity Fund | 84927 | 77452 | (1511) |

---

7. INTERFUND LENDING AGREEMENT

On June 1, 2016, the Funds received exemptive relief from the SEC to enter into a master interfund lending agreement with each other that permits each Fund to lend money directly to and borrow money directly from other Funds for temporary purposes. Each Fund may lend, in the aggregate, up to 15% of its current net assets at the time of the loan but no more than 5% of its lending Fund's net assets may be loaned to a single fund. A loan under the agreement will not exceed duration of seven days and interest is charged on borrowings at a rate determined based on current short-term market interest rates and short-term lending rates available to the Funds. As of June 30, 2025, the Funds have yet to lend under this agreement.

586.0 ------

Notes to Financial Statements (Continued)

8. INVESTMENT TRANSACTIONS

For the year ended June 30, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund<br>(000s)** | **Core Plus<br>Bond Fund<br>(000s)** | **Municipal**<br>**Bond Fund<br>(000s)** | **Municipal High-<br>Income Bond<br>Fund<br>(000s)** | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap**<br>**Value Fund<br>(000s)** |
|  **Purchases:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $20142259 | $176908553 | $2900 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 7482411 | 16135671 | 8556851 | 2287466 | 11504273 | 7316287 |
|  **Sales:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | 17401083 | 173478977 | 9 | 27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 5946905 | 12402201 | 5776804 | 1088916 | 11361800 | 6448911 |
|  | **Tax<br>Managed Large<br>Cap Fund<br>(000s)** | **Small/**<br>**Mid Cap**<br>**Growth Fund<br>(000s)** | **Small/Mid Cap<br>Value Fund<br>(000s)** | **Tax<br>Managed**<br>**Small/**<br>**Mid Cap<br>Fund<br>(000s)** | **International<br>Equity Fund<br>(000s)** | **Tax Managed<br>International<br>Equity Fund<br>(000s)** |
|  **Purchases:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 3036584 | 6752928 | 4845058 | 1651867 | 5807965 | 1079014 |
|  **Sales:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1634127 | 6459274 | 4812270 | 1035466 | 5970985 | 799192 |

---

9. FEDERAL INCOME TAX INFORMATION

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended June 30, 2025, the Funds made permanent book-to-tax reclassifications primarily related to the treatment of foreign currency, passive foreign investment company sales adjustments, paydowns, utilization of earnings and profits distributed to shareholders on redemption of shares, and differences between book and tax accretion methods.

For the fiscal year ended June 30, 2025, the Funds made the following reclassifications between total distributable earnings and paid-in capital:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable<br>Earnings/(Loss)<br>(000s)** | **Paid-in Capital<br>(000s)** |
|  Core Bond Fund | $371 | $(371) |
|  Core Plus Bond Fund |  |  |
|  Municipal Bond Fund |  |  |
|  Municipal High-Income Bond Fund |  |  |
|  Large Cap Growth Fund | (104108) | 104108 |
|  Large Cap Value Fund | (78159) | 78159 |
|  Tax Managed Large Cap Fund |  |  |
|  Small/Mid Cap Growth Fund | (16722) | 16722 |
|  Small/Mid Cap Value Fund | (45743) | 45743 |
|  Tax Managed Small/Mid Cap Fund |  |  |
|  International Equity Fund | (93627) | 93627 |
|  Tax Managed International Equity Fund |  |  |

---

587.0 ------

Notes to Financial Statements (Continued)

At June 30, 2025, gross unrealized appreciation and (depreciation) of investments and derivative contracts based on cost for federal income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund<br>(000s)** | **Core Plus<br>Bond Fund<br>(000s)** | **Municipal<br>Bond Fund<br>(000s)** | **Municipal<br>High-Income<br>Bond Fund<br>(000s)** | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap<br>Value Fund<br>(000s)** |
|  Tax Cost of Portfolio | $22980160 | $50608171 | $17520047 | $4286879 | $17261336 | $18296396 |
|  Gross Unrealized App | $213341 | $1209347 | $103879 | $37208 | $11456359 | $6895408 |
|  Gross Unrealized Dep | (1046147) | (1759614) | (314826) | (125849) | (529084) | (1053860) |
|  Net Unrealized App/(Dep) | $(832806) | $(550267) | $(210947) | $(88641) | $10927275 | $5841548 |
|  | **Tax<br>Managed Large<br>Cap Fund<br>(000s)** | **Small/Mid Cap<br>Growth Fund<br>(000s)** | **Small/Mid<br>Cap Value<br>Fund<br>(000s)** | **Tax Managed<br>Small/**<br>**Mid Cap<br>Fund<br>(000s)** | **International<br>Equity Fund<br>(000s)** | **Tax Managed<br>International<br>Equity Fund<br>(000s)** |
|  Tax Cost of Portfolio | $4676274 | $7301503 | $6959320 | $1898229 | $16855814 | $1678103 |
|  Gross Unrealized App | $1919313 | $2516077 | $2085073 | $466817 | $6272567 | $545429 |
|  Gross Unrealized Dep | (49030) | (427480) | (534196) | (34338) | (1849425) | (59396) |
|  Net Unrealized App/(Dep) | $1870283 | $2088597 | $1550877 | $432479 | $4423142 | $486033 |

---

The differences between book basis and tax basis appreciation/(depreciation) on investments is primarily attributable to wash sale loss deferrals, and differences in the tax treatment of mark to market on passive foreign investment companies, mark to market on derivatives, non-REIT return of capital, outstanding partnership basis, the amortization of premiums and defaulted bond accrual.

As of June 30, 2025, the components of distributable earnings/(losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond<br>Fund<br>(000s)** | **Core Plus<br>Bond Fund<br>(000s)** | **Municipal<br>Bond Fund<br>(000s)** | **Municipal<br>High-Income<br>Bond Fund<br>(000s)** | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap<br>Value Fund<br>(000s)** |
|  Accumulated Capital and Losses <sup>(1)</sup> | $(1369190) | $(3995572) | $(397932) | $(5516) | $— | $— |
|  Other <sup>(2)</sup> | (86) | (37342) | (9) | (249) | (2) | (1) |
|  Current Year Late Year Loss Deferral |  |  |  |  |  |  |
|  Undistributed Ordinary Income |  | 46882 |  |  | 116917 | 17049 |
|  Undistributed Tax Exempt Income |  |  | 5932 | 8204 |  |  |
|  Undistributed Long Term Capital Gain |  |  |  |  | 1753109 | 1304581 |
|  Unrealized Appreciation/(Depreciation) | (833898) | (553545) | (210948) | (88640) | 10927278 | 5841936 |
|  Total Distributable Earnings/(Loss) | $(2203174) | $(4539577) | $(602957) | $(86201) | $12797302 | $7163565 |
|  | **Tax Managed<br>Large<br>Cap Fund<br>(000s)** | **Small/Mid<br>Cap<br>Growth Fund<br>(000s)** | **Small/Mid<br>Cap<br>Value Fund<br>(000s)** | **Tax Managed<br>Small/<br>Mid Cap<br>Fund<br>(000s)** | **International<br>Equity Fund<br>(000s)** | **Tax Managed<br>International<br>Equity Fund<br>(000s)** |
|  Accumulated Capital and Losses <sup>(1)</sup> | $(185009) | $— | $— | $(210113) | $— | $(63788) |
|  Other <sup>(2)</sup> |  |  |  |  | (8) |  |
|  Current Year Late Year Loss Deferral |  | (5728) |  |  |  |  |
|  Undistributed Ordinary Income | 31979 |  | 134600 | 10083 | 645669 | 44255 |
|  Undistributed Tax Exempt Income |  |  |  |  |  |  |
|  Undistributed Long Term Capital Gain |  | 205791 | 409633 |  | 350860 |  |
|  Unrealized Appreciation/(Depreciation) | 1870283 | 2088600 | 1550878 | 432479 | 4419662 | 486579 |
|  Total Distributable Earnings/(Loss) | $1717253 | $2288663 | $2095111 | $232449 | $5416183 | $467046 |

---

<sup>(1)</sup> Includes capital loss carryforwards and late year loss deferrals.

<sup>(2)</sup> Includes straddle loss deferrals and organizational costs.

588.0 ------

Notes to Financial Statements (Continued)

At June 30, 2025, the Funds had the following capital loss carryforwards. The capital loss carryforwards do not have an expiration date and will retain their character as either short-term or long-term capital losses. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions. During the year ended June 30, 2025, Small/Mid Cap Growth Fund and International Equity Fund utilized $185,957 and $18,221 of their capital loss carry forwards, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund<br>(000s)** | **Core Plus<br>Bond Fund<br>(000s)** | **Municipal<br>Bond Fund<br>(000s)** | **Municipal<br>High-Income<br>Bond Fund<br>(000s)** | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap<br>Value Fund<br>(000s)** |
|  Short-Term | $439572 | $1660428 | $103537 | $3187 | $— | $— |
|  Long-Term | 929618 | 2335144 | 294395 | 2329 |  |  |
|  | $1369190 | $3995572 | $397932 | $5516 | $— | $— |
|  | **Tax Managed<br>Large Cap Fund<br>(000s)** | **Small/Mid Cap<br>Growth Fund<br>(000s)** | **Small/Mid Cap<br>Value Fund<br>(000s)** | **Tax Managed<br>Small/Mid Cap<br>Fund<br>(000s)** | **International<br>Equity Fund<br>(000s)** | **Tax Managed<br>International<br>Equity Fund<br>(000s)** |
|  Short-Term | $185009 | $— | $— | $209313 | $— | $63788 |
|  Long-Term |  |  |  | 800 |  |  |
|  | $185009 | $— | $— | $210113 | $— | $63788 |

---

The tax character of distributions paid by the Funds during the fiscal periods ended June 30, 2025 and June 30, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund<br>(000s)** | **Core Bond Fund<br>(000s)** | **Core Plus<br>Bond Fund<br>(000s)** | **Core Plus<br>Bond Fund<br>(000s)** | **Municipal<br>Bond Fund<br>(000s)** | **Municipal<br>Bond Fund<br>(000s)** | **Municipal High-<br>Income Bond Fund<br>(000s)** | **Municipal High-<br>Income Bond Fund<br>(000s)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Distributions paid from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income <sup>(1)</sup> | $813071 | $694935 | $1775469 | $1506112 | $23323 | $21620 | $11892 | $7813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt Income |  |  |  |  | 536388 | 390751 | 160782 | 114560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term Capital Gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  |  |  |  |  |  |
|  Total Distributions Paid | $813071 | $694935 | $1775469 | $1506112 | $559711 | $412371 | $172674 | $122373 |
|  | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap<br>Growth Fund<br>(000s)** | **Large Cap<br>Value Fund<br>(000s)** | **Large Cap<br>Value Fund<br>(000s)** | **Tax Managed<br>Large Cap Fund<br>(000s)** | **Tax Managed<br>Large Cap Fund<br>(000s)** | **Small/Mid Cap<br>Growth Fund<br>(000s)** | **Small/Mid Cap<br>Growth Fund<br>(000s)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Distributions paid from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income <sup>(1)</sup> | $196463 | $190323 | $598599 | $403978 | $48609 | $32394 | $52856 | $24210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term Capital Gains | 1598673 |  | 1216087 | 578228 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  |  |  |  |  |  |
|  Total Distributions Paid | $1795136 | $190323 | $1814686 | $982206 | $48609 | $32394 | $52856 | $24210 |
|  | **Small/Mid<br>Cap Value Fund<br>(000s)** | **Small/Mid<br>Cap Value Fund<br>(000s)** | **Tax Managed<br>Small/Mid Cap Fund<br>(000s)** | **Tax Managed<br>Small/Mid Cap Fund<br>(000s)** | **International<br>Equity Fund<br>(000s)** | **International<br>Equity Fund<br>(000s)** | **Tax Managed<br>International<br>Equity Fund<br>(000s)** | **Tax Managed<br>International<br>Equity Fund<br>(000s)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Distributions paid from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Income <sup>(1)</sup> | $194648 | $104862 | $15135 | $7908 | $597610 | $432043 | $43477 | $25281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt Income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term Capital Gains | 452439 | 178349 |  |  | 364302 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  |  |  |  |  |  |
|  Total Distributions Paid | $647087 | $283211 | $15135 | $7908 | $961912 | $432043 | $43477 | $25281 |

---

<sup>(1)</sup> Ordinary Income includes net short-term capital gains, if any.

589.0 ------

Notes to Financial Statements (Continued)

10. RISKS

Investing in the Funds may involve certain risks including, but not limited to, those described below. Please refer to the Funds' prospectuses and statements of additional information for more information on risks associated with investing in the Funds.

**a) Interest Rate Risk –** Certain Funds invest in fixed-income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Alternatively, if rates fall, the value of these investments generally increases. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly. A rise in interest rates may, in turn, increase volatility and reduce liquidity in the fixed-income markets and result in a decline in the value of the fixed-income investments held by the Funds. The value of a fixed-income security with greater duration will be more sensitive to changes in interest rates than a similar security with shorter duration. Duration is a measure of the sensitivity of the price of a fixed-income security (or a portfolio of fixed-income securities) to changes in interest rates. The prices of fixed-income securities with shorter duration generally will be less affected by changes in interest rates than the prices of fixed-income securities with greater duration. For example, a five-year duration means the fixed-income security is expected to decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%, holding other factors constant. Usually, the changes in the value of fixed-income securities will not affect cash income generated, but may affect the value of an investment in the Fund. Floating rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the benchmark rate chosen, frequency of reset and reset caps or floors, among other things). Zero coupon bonds have longer durations than coupon-bearing bonds with comparable maturities and generally experience greater volatility in response to changing interest rates. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed-income securities with similar durations. Interest rate changes can be sudden and unpredictable, and a wide variety of factors can cause interest rates to rise or fall, including government and/or central bank policy and action, inflationary or deflationary pressures, supply of and demand for debt securities, and changes in general market and economic conditions. A sudden or unpredictable rise or decline in interest rates may cause volatility and reduced liquidity in the money market securities markets, which could make it more difficult for the Fund to sell its investments at a time when it may be advantageous to do so and could cause the value of the Fund's investments to decline, potentially suddenly and significantly.

**b) Liquidity Risk –** Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit or prevent a Fund from selling securities or closing derivative positions at desirable times or prices. During times of significant market or economic turmoil, usually liquid markets for certain of a Fund's investments may experience extreme reductions in buy-side demand, which may result in values of a Fund's portfolio securities declining significantly over short or extended periods of time. These reductions in value may occur regardless of whether there has been a change in interest rates or a change in the credit rating of the issuer of the security. Under certain adverse market or economic conditions, Fund investments previously determined to be liquid may be deemed to be illiquid, and, because of regulatory limitations on investments in illiquid securities, a Fund may not be able to make or gain the desired level of exposure to certain investments that it otherwise would.

**c) Redemption Risk –** A Fund may experience losses when selling securities to meet redemption requests. This risk is greater for larger redemption requests or redemption requests during adverse market conditions. Because the Funds currently are only available to participants in the Advisory Programs, a reduction in the allocation of an Advisory Program's assets to the Funds could result in one or more large redemption requests. Moreover, as a result of the requirement that a Fund satisfy redemption requests even during times of significant market or economic turmoil, a Fund may be forced to sell portfolio securities during periods of reduced liquidity when prices are rapidly declining. This may require a Fund to realize investment losses at times that a Sub-adviser believes that it would have been advisable to hold a particular investment until a more orderly sale could occur or the market

590.0 ------

Notes to Financial Statements (Continued)

recovers. These transactions could also have tax consequences for shareholders if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. In addition, a large redemption could result in a Fund's expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**d) Credit Risk –** There is a risk that issuers and counterparties will not make payments on securities, repurchase agreements or other investments held by a Fund. Such defaults could result in losses to a Fund. In addition, the credit quality of securities held by a Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of a Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security.

A Fund may invest in securities that are rated in the lowest investment grade category. Such securities may exhibit speculative characteristics similar to high yield securities, and issuers of such securities may be more vulnerable to changes in economic conditions than issuers of higher grade securities.

**e) Counterparty Risk –** When a Fund enters into an investment contract, such as a derivative or a repurchase agreement, the Fund is exposed to the risk that the other party will not fulfill its contractual obligations. For example, in a repurchase agreement, there exists the risk that a Fund buys a security from a seller (counterparty) that agrees to repurchase the security at an agreed upon price and time, but the counterparty later fails to repurchase the security.

**f) Market Risk –** Various market risks can affect the price or liquidity of an issuer's securities in which a Fund may invest. Returns from the securities in which a Fund invests may underperform returns from the various general securities markets or different asset classes. Different types of securities tend to go through cycles of outperformance and underperformance in comparison to the general securities markets. Adverse events occurring with respect to an issuer's performance or financial position can depress the value of the issuer's securities. The liquidity in a market for a particular security will affect its value and may be affected by factors relating to the issuer, as well as the depth of the market for that security. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets. As a result, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market. The interconnection of international markets means that events in one country or region may affect the markets in other countries and regions, increasing the likelihood that regulatory events, inflation, interest rates, government defaults, government shutdowns, wars, regional conflicts, social unrest, the imposition of tariffs, trade disputes, natural disasters, acts of terrorism, infectious illness or other public health issues and recessions could affect the securities market. Other market risks that can affect value include a market's current attitudes about types of securities, market reactions to political or economic events, including litigation, and tax and regulatory effects (including lack of adequate regulations for a market or particular type of instrument).

**g) Equity Securities Risk –** Since certain Funds purchase equity securities, those Funds are subject to equity risk. This is the risk that stock prices will fall over short or extended periods of time. Although the stock market has historically outperformed other asset classes over the long term, the stock market tends to move in cycles. Individual stock prices may fluctuate drastically from day-to-day and may underperform other asset classes over an extended period of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.

**h) Multi-Manager and Multi-Style Management Risk –** Fund performance is dependent upon the success of the Adviser and the Sub-advisers in implementing a Fund's investment strategies in pursuit of its objective. To a significant extent, a Fund's performance will depend on the success of the Adviser's methodology in allocating the

591.0 ------

Notes to Financial Statements (Continued)

Fund's assets to Sub-advisers and its selection and oversight of the Sub-advisers and on a Sub-adviser's skill in executing the relevant strategy and selecting investments for the Fund. There can be no assurance that the Adviser or Sub-advisers will be successful in this regard. In addition, because portions of each Fund's assets are managed by different Sub-advisers using different styles/strategies, a Fund could experience overlapping security transactions. Certain Sub-advisers may be purchasing securities at the same time that other Sub-advisers may be selling those same securities, which may lead to higher transaction expenses compared to a fund using a single investment management style. The Adviser's and the Sub-advisers' judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that the Adviser's or a Sub-adviser's judgment will produce the desired results. In addition, a Fund may allocate its assets so as to under- or over-emphasize certain strategies or investments under market conditions that are not optimal, in which case a Fund's value may be adversely affected.

**i) Foreign Securities Risk –** The securities of foreign issuers, including ADRs and GDRs and including securities of issuers in emerging market countries, may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the United States. Additionally, investments in securities of foreign issuers, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies, particularly in emerging markets, may be less stable than the U.S. Government and the U.S. economy. In addition, periodic U.S. Government prohibitions on investments in issuers from certain foreign countries may require a Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**j) Currency Risk –** While the Funds' net assets are valued in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are: (1) it may be expensive to convert foreign currencies into U.S. dollars and vice versa; (2) complex political and economic factors may significantly affect the values of various currencies, including U.S. dollars, and their exchange rates; (3) government intervention may increase risks involved in purchasing or selling foreign currency options, forward foreign currency exchange contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces; (4) there may be no systematic reporting of last sale information for foreign currencies or regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis; (5) available quotation information is generally representative of very large round-lot transactions in the inter-bank market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable; and (6) the inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate movements.

**k) Geographic Focus Risk –** To the extent that a significant portion of a Fund's portfolio is invested in the securities of companies in a particular country or region, a Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, a Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**l) High Yield Securities Risk –** High yield, or "junk", securities involve greater risks of default or downgrade and are more volatile than investment grade securities. Junk bonds involve greater risk of price declines than investment grade securities due to actual or perceived changes in the issuer's credit worthiness.

**m) Cybersecurity Risk –** The Funds and their service providers may be susceptible to operational, information, security and related risks. While the Funds' service providers have established business continuity plans in the

592.0 ------

Notes to Financial Statements (Continued)

event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders.

**n) Non-Diversification Risk –** The Large Cap Growth Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Large Cap Growth Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.

**o) Taxation Risk –** Certain Funds are managed to seek to minimize tax consequences to shareholders, but there is no guarantee that such Funds will be able to operate without incurring taxable income and gains to shareholders. Such Funds will engage in tax management techniques such as tax loss harvesting, whereby securities are sold in order to generate capital losses to offset current and future capital gains. However, there are certain risks inherent with tax loss harvesting, including the possibility that such activity does not improve the Fund's after-tax returns. During certain market conditions, such as lower volatility periods and periods of strong economic growth, a Fund's ability to generate capital losses to offset capital gains may be limited, which would limit the Fund's ability to implement its tax loss harvesting strategy. In addition, because loss harvesting continuously decreases the cost-basis of a Fund's portfolio, there is a risk that opportunities to realize losses may decrease over time.

Tax loss harvesting may also increase a Fund's portfolio turnover rates. In addition, the "wash sales" rule will limit a Fund's ability to currently recognize a loss from the tax loss harvesting strategy when selling and purchasing substantially identical assets within a 61-day window (i.e., a period beginning 30 days before the date of such purchase or the sale and ending 30 days after such date). In such a case, the basis of the newly purchased securities will be adjusted to reflect the disallowed loss.

11. SHAREHOLDER PROXY

At a special meeting of the shareholders of the Large Cap Growth Fund (the "Fund"), held on December 6, 2024, shareholders voted to change the Fund's classification under the 1940 Act from diversified to non-diversified and eliminate the Fund's related fundamental investment policy. Results of the special meeting are available on page 595 of the report.

12. SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of issuance of this report and has determined that there are no material events that would require accrual or disclosure.

593.0 ------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Bridge Builder Trust and Shareholders of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Municipal High-Income Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Tax Managed Large Cap Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund, Bridge Builder Tax Managed Small/Mid Cap Fund, Bridge Builder International Equity Fund and Bridge Builder Tax Managed International Equity Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Bridge Builder Core Bond Fund, Bridge Builder Core Plus Bond Fund, Bridge Builder Municipal Bond Fund, Bridge Builder Municipal High-Income Bond Fund, Bridge Builder Large Cap Growth Fund, Bridge Builder Large Cap Value Fund, Bridge Builder Tax Managed Large Cap Fund, Bridge Builder Small/Mid Cap Growth Fund, Bridge Builder Small/Mid Cap Value Fund, Bridge Builder Tax Managed Small/Mid Cap Fund, Bridge Builder International Equity Fund and Bridge Builder Tax Managed International Equity Fund (twelve of the funds constituting Bridge Builder Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

August 26, 2025

We have served as the auditor of one or more investment companies in the Bridge Builder Trust since 2013.

594.0 ------

### Bridge Builder Mutual Funds
Shareholder Proxy (Unaudited)

At a special meeting of shareholders held on December 6, 2024, shareholders approved a change in the Large Cap Growth Fund's (the "Fund") classification from "diversified" to "non-diversified" and to eliminate the Fund's related fundamental investment policy. The results of the voting were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **SHARES VOTED** | **% OF VOTED** | **% OF TOTAL** |
|  FOR | 946131845.588 | 99.987% | 96.294% |
|  AGAINST | 60370.677 | 0.007% | 0.006% |
|  ABS/WHD | 62791.235 | 0.006% | 0.006% |
|  TOTAL | 946255007.500 | 100.000% | 96.306% |

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595.0 ------

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board" or the "Trustees") of the Bridge Builder Trust (the "Trust"), including a majority of the Trustees who are not parties to the agreements or "interested persons" of any party, as defined in the 1940 Act (the "Independent Trustees"), must determine annually whether to approve the continuation of the Trust's investment advisory and sub-advisory agreements.

At a meeting of the Board held on May 28-29, 2025 (the "May Renewal Meeting"), the Board, including a majority of the Independent Trustees, considered and approved the continuance of an investment advisory agreement (the "Advisory Agreement") with Olive Street Investment Advisers, LLC ("Olive Street" or the "Adviser") for the Bridge Builder Core Bond Fund (the "Core Bond Fund"), the Bridge Builder Core Plus Bond Fund (the "Core Plus Bond Fund"), the Bridge Builder Municipal Bond Fund (the "Municipal Bond Fund"), the Bridge Builder Municipal High-Income Bond Fund (the "Municipal High-Income Bond Fund"), the Bridge Builder Large Cap Growth Fund (the "Large Cap Growth Fund"), the Bridge Builder Large Cap Value Fund (the "Large Cap Value Fund"), the Bridge Builder Small/Mid Cap Growth Fund (the "Small/Mid Cap Growth Fund"), the Bridge Builder Small/Mid Cap Value Fund (the "Small/Mid Cap Value Fund"), and the Bridge Builder International Equity Fund (the "International Equity Fund") (collectively, the "Funds"). The Trustees, including the Independent Trustees, also considered and approved the continuance of an investment sub-advisory agreement or investment sub-sub-advisory agreement, as applicable (each, a "Sub-advisory Agreement" and collectively, the "Sub-advisory Agreements") with each of the following Fund subadvisers or sub-subadvisers whose Sub-advisory Agreements were subject to renewal at the May Renewal Meeting (listed next to the Fund(s) for which it serves as subadviser or sub-subadviser) (each, a "Subadviser" and collectively, the "Subadvisers"):

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| | |
|:---|:---|
| **Bridge Builder Fund** | **Subadvisers and Sub-Subadvisers** |
| **Core Bond Fund** | Robert W. Baird & Co. Inc. ("Baird")<br> J.P. Morgan Investment Management, Inc. ("J.P. Morgan")<br> Loomis, Sayles & Company, L.P. ("Loomis")<br> PGIM, Inc. ("PGIM") |
| **Core Plus Bond Fund** | Pacific Investment Management Company LLC ("PIMCO")<br> Loomis<br> Metropolitan West Asset Management, LLC ("MetWest")<br> BlackRock Investment Management, LLC ("BIM")<br> BlackRock International Limited (UK) (Sub-subadviser)\*<br> BlackRock (Singapore) Limited (Sub-subadviser)\* |
| **Municipal Bond Fund** | FIAM LLC ("FIAM")<br> MacKay Shields LLC ("MacKay Shields")<br> BIM |
| **Municipal High-Income Bond Fund** | T. Rowe Price Associates, Inc. ("T. Rowe Price")<br> Capital International, Inc. ("Capital") |
| **Large Cap Growth Fund** | Lazard Asset Management LLC ("Lazard")<br> Sustainable Growth Advisers, LP ("SGA")<br> Jennison Associates LLC ("Jennison")<br> BIM |
| **Large Cap Value Fund** | Artisan Partners Limited Partnership ("Artisan Partners")<br> Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley")<br> Wellington Management Company, LLP ("Wellington")<br> BIM<br> T. Rowe Price<br> LSV Asset Management ("LSV") |
| **Small/Mid Cap Growth Fund** | Eagle Asset Management, Inc. ("Eagle")<br> Champlain Investment Partners, LLC ("Champlain")<br> Artisan Partners<br> BIM<br> Stephens Investment Management Group, LLC ("Stephens")<br> Driehaus Capital Management LLC ("Driehaus")<br> Victory Capital Management, Inc. ("Victory") |

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

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| | |
|:---|:---|
| **Bridge Builder Fund** | **Subadvisers and Sub-Subadvisers** |
| **Small/Mid Cap Value Fund** | Vaughan Nelson Investment Management, LP ("Vaughan Nelson")<br> Boston Partners Global Investors, Inc. ("Boston Partners")<br> Silvercrest Asset Management Group LLC ("Silvercrest")<br> BIM<br> LSV<br> Diamond Hill Capital Management, Inc. ("Diamond Hill")<br> Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS")<br> American Century Investment Management, Inc. ("American Century") |
| **International Equity Fund** | Baillie Gifford Overseas Limited ("Baillie Gifford")<br> BIM<br> Pzena Investment Management, LLC ("Pzena")<br> Mondrian Investment Partners Limited ("Mondrian")<br> WCM Investment Management ("WCM")<br> Marathon Asset Management Limited ("Marathon") |

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\* BlackRock International Limited (UK) ("BIL") and BlackRock (Singapore) Limited ("BSL") each serve as investment sub-subadvisers of the Core Plus Bond Fund pursuant to Investment Sub-sub-advisory Agreements between BlackRock Investment Management LLC ("BIM" and, together with BIL and BSL, "BlackRock") and BIL and BSL, respectively. 

In connection with the annual contract review process and in advance of the May Renewal Meeting, the Adviser and the Subadvisers provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board's evaluation of the Advisory Agreement and Sub-advisory Agreements (collectively, the "Agreements"). The information furnished by the Adviser and the Subadvisers included materials describing, among other matters: (i) the nature, extent, and quality of the services provided by the Adviser and the Subadvisers to the Funds; (ii) each Fund's historical investment performance and the historical investment performance of each Subadviser; (iii) the Adviser's and the Subadvisers' business, operations and personnel, including portfolio managers; (iv) the investment practices and techniques used by the Adviser and the Subadvisers in managing the Funds; (v) the management fees payable by the Funds to the Adviser and the Funds' overall fees and operating expenses, including in comparison to those of a category and a peer group of mutual funds; (vi) the sub-advisory fees payable to each Subadviser; (vii) the Adviser's and the Subadvisers' compliance programs and related policies and procedures; (viii) the financial condition of the Adviser and the Subadvisers; and (ix) other "fall-out" benefits the Adviser and/or its affiliates and the Subadvisers may receive based on their relationships with the Funds. At a meeting of the Board held on May 2, 2025 and at the May Renewal Meeting (collectively, the "May Meetings"), representatives of the Adviser made presentations to and responded to questions from the Trustees regarding services, fees, and other aspects of the Agreements.

In addition to the May Meetings, the Board met periodically over the course of the year since the most recent annual renewal of the Agreements. At these meetings, representatives of the Adviser and the Subadvisers furnished reports and other information to the Board, and engaged in discussions with the Board, regarding, among other things, the performance of the Funds and the Subadvisers, the services provided to the Funds by the Adviser and the Subadvisers, the Funds' distribution arrangements, and compliance, risk management and operational matters related to the Trust, the Funds, the Adviser, and the Subadvisers. In addition, the Board received information between regularly scheduled meetings on particular matters as the need arose.

Throughout the evaluation process, including at the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including detailed memoranda from independent legal counsel regarding the legal standards applicable to the consideration of the approval of the Agreements. In connection with their deliberations, the Independent Trustees met separately with their independent legal counsel on April 30, 2025 and in executive session and other informal meetings on several occasions, outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadvisers, to consider their responsibilities under relevant laws and to discuss the Agreements and materials

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

presented and other matters deemed relevant to their consideration of the approval of the Agreements. The Independent Trustees also used a team-based approach for purposes of facilitating the review of the materials provided by the Subadvisers.

In considering and approving the Agreements, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board's decision to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the May Meetings, as well as the knowledge gained over time through previous interactions with the Adviser and the Subadvisers. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decision to approve the continuation of the Agreements rather than to be all-inclusive.

**1. The Nature, Extent and Quality of the Services Provided by the Adviser and the Subadvisers.** The Board considered the nature, extent and quality of the services provided to the Funds by the Adviser and each Subadviser, including their respective responsibilities for management of the Funds. In this regard, the Board considered the terms of the Agreements and the range of services provided by the Adviser and Subadvisers, including the Adviser's oversight role and responsibilities with regard to the Subadvisers, and the Subadvisers' roles in the day-to-day management of each Fund's portfolio. The Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the Adviser that were not delegated to or assumed by the Subadvisers, including the Adviser's assumption of business, entrepreneurial, overall managerial and other risks by sponsoring and advising the Funds. The Board also evaluated the Adviser's ongoing oversight of the Subadvisers, which includes continuous analysis of, and regular discussions with each Subadviser about, among other things, the investment strategies, performance and trading operations of the portion of a Fund's assets managed by a particular Subadviser, and periodic on-site or virtual and other meetings with the Subadvisers. In addition, the Board considered the Adviser's ongoing assessment of the durability and financial condition of the Subadvisers. The Board further considered the Adviser's provision of advisory services in connection with setting and continuously evaluating the design of the Funds, selecting, monitoring, and terminating Subadvisers, and making asset allocation adjustments among the Subadvisers, as well as the impact of the Adviser's services on each Fund's investment performance. The Board noted that the Adviser has demonstrated a record of initiating changes to the Subadvisers and asset allocations among the Subadvisers when warranted. The Board also took into account the Adviser's oversight of the Funds' operations and the Funds' other service providers.

The Board considered the Adviser's and each Subadviser's operations, including personnel and other resources devoted to supporting such operations. The Board noted key personnel additions to and departures from the Adviser and certain Subadvisers, as well as their succession planning practices to ensure continuity of services provided to the Funds. The Board considered the Adviser's and each Subadviser's ability to attract and retain qualified personnel to service the Funds and the experience and skills of key management and investment personnel of the Adviser and the Subadvisers. With respect to the Subadvisers, the Board considered each Subadviser's investment philosophy and process, investment research capabilities and resources, trade execution capabilities, experience and reputation.

The Board also noted the compliance programs and compliance experience of the Adviser and the Subadvisers. The Board considered the Adviser's day-to-day oversight of each Fund's compliance with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of the Adviser's oversight responsibilities in this regard. The Board received and considered information regarding the Adviser's oversight of, among other things, the Subadvisers' policies and procedures regarding the aggregation and allocation of trade orders among the firms' advisory clients. In addition, the Board considered the administrative and other services that are provided to the Funds by the Adviser, including analytical and other tools the Adviser employs to

598.0 ------

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

help manage the Funds' risks and oversee the Subadvisers. The Board recognized that the Funds may benefit from the Adviser's ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the Adviser and the Subadvisers are capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Agreements.

**2. Fees and Other Expenses.** The Board received and reviewed reports prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, comparing each Fund's contractual management fee, net management fee, and gross and net total expense ratios (net of fee and expense waivers and reimbursements) to those paid by an independently-selected Morningstar category and peer group of mutual funds. The Board noted that each of the Funds' gross and net total expense ratios were below their respective peer group medians. The Board also noted that, except for the Core Plus Bond Fund and the Municipal Bond Fund, each Fund's contractual management fee was equal to or below its respective peer group median. The Board noted that, while the contractual management fee before waivers for each of the Core Plus Bond Fund and the Municipal Bond Fund was higher than its respective peer group median, each Fund's net management fee was lower than its peer group median. The Board received a description of the methodology used by Broadridge to select the mutual funds in each Fund's peer group. While the Board recognized that comparisons between a Fund and its peer group may be imprecise, the comparative, independently-selected information provided by Broadridge assisted the Board in evaluating the reasonableness of the Funds' management fees and total expenses.

The Board observed that the Adviser confirmed that it has no other clients with investment strategies similar to those of the Funds for purposes of comparison. The Board also reviewed comparative fee information provided by certain of the Subadvisers regarding fees that they charged to other clients with investment strategies similar to those of the portion of the Fund's assets allocated to the particular Subadviser, including any institutional separate account clients and registered fund clients for which the Subadviser serves as either primary investment adviser or subadviser. To the extent provided, the Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such other clients and the portion of the Fund's assets managed by the particular Subadviser.

The Board noted that the Adviser has contractually agreed to waive its management fees for each Fund to the extent fees payable to the Adviser exceed the aggregate subadvisory fees paid to each Subadviser of the Fund. The Board noted that the Adviser may terminate this waiver arrangement without Board approval effective upon the end of the then current one-year period, by providing the Board written notice of such termination by April 15. The Board further noted that the Adviser has irrevocably agreed not to exercise its right to terminate the waiver arrangement upon the end of the current one-year period, resulting in the arrangement continuing until at least October 28, 2026.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees payable under the Agreements are reasonable in light of the nature, extent and quality of the services rendered by the Adviser and the Subadvisers.

**3. Investment Performance.** The Board reviewed the investment performance of each Fund and Subadviser over different time periods and evaluated the Adviser's analysis of the Fund's and Subadviser's performance for these time periods. The Board considered the investment performance of each Fund on an absolute basis and in comparison to appropriate benchmarks and each Fund's respective Morningstar category and peer group as independently selected by Broadridge. In addition, the Board considered the investment performance of each Subadviser's allocated portion of a Fund (each, an "Allocated Portion") on an absolute basis and in comparison to appropriate benchmarks and the Fund's Morningstar categories. The Board also considered that it received detailed information on the performance of each Fund and Subadviser in connection with each of its regular quarterly meetings throughout the year. The Board considered that, at each quarterly Board meeting, the Trustees focused particular attention on information indicating

599.0 ------

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

less favorable performance of certain Funds and Subadvisers for specific time periods, and the Adviser's Portfolio Solutions Team reviewed with the Board factors contributing to such performance and the Portfolio Solutions Team's evaluation of such performance in light of the Funds' design objectives.

For purposes of the Fund-by-Fund discussion below, each performance time period for the performance of the Funds and Subadvisers is the applicable period ended December 31, 2024, and the performance of each Fund and its Subadvisers relative to "the Fund's benchmark index" refers to the applicable Fund's performance benchmark index as independently selected by Broadridge. A Fund's performance benchmark index as independently selected by Broadridge may be different than the regulatorily required broad-based securities market index identified in the Fund's prospectus and annual shareholder reports that is designed to reflect the overall domestic or international equity or debt markets, as applicable. In addition, any discussion of a Fund's Subadviser relative to its "Subadviser benchmark index" refers to the benchmark index selected by the Adviser's Portfolio Solutions Team with respect to such Subadviser's Allocated Portion of the Fund. The Subadviser benchmark index selected by the Portfolio Solutions Team for a Subadviser's Allocated Portion of a Fund may be different than the benchmark index selected by Broadridge for that Fund, as the Subadviser benchmark index is selected by the Portfolio Solutions Team to benchmark the performance of the Subadviser's Allocated Portion of the Fund rather than the performance of the Fund as a whole.

The Board reviewed the performance of the Core Bond Fund. The Board observed that the Core Bond Fund outperformed its peer group median and its Fund benchmark index for the one-, three- and five-year periods. The Board also reviewed the investment performance of each Subadviser of the Core Bond Fund. In so doing, the Board observed that J.P. Morgan, Loomis, PGIM and Baird each outperformed the Fund's benchmark index for the one-, three- and five-year periods.

The Board reviewed the performance of the Core Plus Bond Fund. The Board observed that the Core Plus Bond Fund outperformed its peer group median for the three- and five-year periods and underperformed its peer group median for the one-year period. The Board further observed that the Core Plus Bond Fund outperformed its Fund benchmark index for the one-, three- and five-year periods. The Board also reviewed the investment performance of each Subadviser of the Core Plus Bond Fund. In doing so, the Board observed that: (i) Loomis, PIMCO and Metwest each outperformed the Fund's benchmark index for the one-, three- and five-year periods; and (ii) BlackRock outperformed the Fund's benchmark index for the one- and three-year periods, while BlackRock's performance information for the five-year period was unavailable as BlackRock began managing its sleeve of the Fund in October 2021.

The Board reviewed the performance of the Municipal Bond Fund. The Board observed that the Municipal Bond Fund outperformed its peer group median for the three- and five-year periods and performed within 9 basis points of its peer group median for the one-year period. The Board further observed that the Municipal Bond Fund outperformed its Fund benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Municipal Bond Fund, the Board observed that: (i) BIM and FIAM each outperformed the Fund's benchmark index for the one- three-, and five-year periods; and (ii) MacKay Shields outperformed the Fund's benchmark index for the one- and three-year periods, while MacKay Shields' performance information for the five-year period was unavailable as MacKay Shields began managing its sleeve of the Fund in January 2021.

The Board reviewed the investment performance of the Municipal High-Income Bond Fund. The Board observed that the Municipal High-Income Bond Fund outperformed its peer group median and its Fund benchmark index for the one-year period, while the Fund's performance information for the three- and five-year periods was unavailable because the Fund launched on April 13, 2023. The Board also reviewed the investment performance of each Subadviser of the Municipal High-Income Bond Fund. In so doing, the Board observed that T. Rowe Price and Capital each outperformed the Fund's benchmark index for the one-year period, while the performance of T. Rowe Price and Capital for the three- and five-year periods was unavailable as T. Rowe Price and Capital began managing their respective sleeves of the Fund in April 2023.

600.0 ------

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

The Board reviewed the investment performance of the Large Cap Growth Fund. The Board observed that the Fund underperformed its peer group median and its Fund benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Large Cap Growth Fund, the Board noted that: (i) Jennison, SGA and Lazard each underperformed the Fund's benchmark index for the one-, three- and five-year periods; and (ii) BIM performed within 3 basis points of the Fund's benchmark index for the one-, three- and five-year periods.

The Board considered the performance of the Large Cap Value Fund. The Board noted that the Large Cap Value Fund outperformed its peer group median and its Fund benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Large Cap Value Fund, the Board noted that: (i) Wellington outperformed the Fund's benchmark index for the five-year period and underperformed the Fund's benchmark index for the one- and three-year periods; (ii) Artisan outperformed the Fund's benchmark index for the three- and five-year periods and underperformed the Fund's benchmark index for the one-year period; (iii) Barrow Hanley outperformed the Fund's benchmark index for the one-, three- and five-year periods; (iv) BIM performed withing 5 basis points of the Fund's benchmark index for the one-, three- and five-year periods; (v) LSV outperformed the Fund's benchmark index for the one- and three-year periods, while LSV's performance information for the five-year period was unavailable as LSV began managing its sleeve of the Fund in May 2020; and (vi) T. Rowe Price outperformed the Fund's benchmark index for the three-year period and underperformed the Fund's benchmark index for the one-year period, while T. Rowe Price's performance information for the five-year period was unavailable as T. Rowe Price began managing its sleeve of the Fund in May 2020.

The Board reviewed the investment performance of the Small/Mid Cap Growth Fund. The Board observed that the Fund outperformed its peer group median for the one-, three- and five-year periods. The Board noted that the Small/Mid Cap Growth Fund outperformed its Fund benchmark index for the one- and five-year periods and underperformed its Fund benchmark index for the three-year period. In reviewing the investment performance of each Subadviser of the Small/Mid Cap Growth Fund, the Board observed that: (i) Stephens outperformed the Fund's benchmark index for the five-year period and underperformed the benchmark index for the one- and three-year periods; (ii) Eagle outperformed the Fund's benchmark index for the three- and five-year periods and underperformed the Fund's benchmark index for the one-year period; (iii) Champlain outperformed the Fund's benchmark index for the five-year period and underperformed the Fund's benchmark index for the one- and three-year periods; (iv) one BIM sleeve of the Fund outperformed the Fund's benchmark index for the one-, three- and five-year periods, while the other BIM sleeve of the Fund outperformed the Fund's benchmark index for the one- and three-year periods and underperformed the Fund's benchmark index for the five-year period; (v) Victory underperformed the Fund's benchmark index for the one- and three-year periods, while the performance information for Victory for the five-year period was unavailable as Victory began managing its sleeve of the Fund in September 2021; (vi) Driehaus outperformed the Fund's benchmark index for the one- and three-year periods, while the performance information for Driehaus for the five-year period was unavailable as Driehaus began managing its sleeve of the Fund in September 2021; and (vii) Artisan underperformed the Fund's benchmark index for the one- and three-year periods, while the performance information for Artisan for the five-year period was unavailable as Artisan began managing its sleeve of the Fund in June 2020.

The Board reviewed the performance of the Small/Mid Cap Value Fund. The Board observed that the Fund outperformed its peer group median and its Fund benchmark index for the one-, three- and five-year periods. In reviewing the investment performance of each Subadviser of the Small/Mid Cap Value Fund, the Board noted that: (i) Boston Partners outperformed the Fund's benchmark index for the three- and five-year periods and performed within 15 basis points of the Fund's benchmark index for the one-year period; (ii) Vaughan Nelson and LSV outperformed the Fund's benchmark index for the one-, three- and five-year periods; (iii) Silvercrest outperformed the Fund's benchmark index for the three-year period, underperformed the Fund's benchmark index for the one-year period, and performed within 15 basis points of the Fund's benchmark index for the five-year period, while the Board also noted that Silvercrest outperformed its Subadviser benchmark index for the five-year period; (iv) one BIM sleeve

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

of the Fund outperformed the Fund's benchmark index for the one-, three- and five-year periods, while the other BIM sleeve of the Fund underperformed the Fund's benchmark index for the one-, three- and five-year periods; (v) MFS outperformed the Fund's benchmark index for the five-year period and underperformed the Fund's benchmark index for the one- and three-year periods, while the Board also noted that MFS outperformed its Subadviser benchmark index for the one- and three-year periods; (vi) Diamond Hill underperformed the Fund's benchmark index for the one-, three- and five-year periods; and (vii) American Century underperformed the Fund's benchmark index for the one- and three-year periods, while the Board also noted that American Century outperformed its Subadviser benchmark index for the three-year period, and that American Century's performance information for the five-year period was unavailable as American Century began managing its sleeve of the Fund in June 2021.

The Board considered the performance of the International Equity Fund. The Board observed that the International Equity Fund outperformed its peer group median and its Fund benchmark index for the one- and five-year periods, and underperformed its peer group median and its Fund benchmark index for the three-year period. In reviewing the performance of each Subadviser of the International Equity Fund, the Board noted that: (i) Pzena and Mondrian outperformed the Fund's benchmark index for the one-, three- and five-year periods; (ii) WCM outperformed the Fund's benchmark index for the one- and five-year periods and underperformed the Fund's benchmark index for the three-year period; (iii) one BIM sleeve of the Fund underperformed the Fund's benchmark index for the one-, three- and five-year periods, while the other BIM sleeve of the Fund outperformed the Fund's benchmark index for the one-, three- and five-year periods; (iv) Marathon outperformed the Fund's benchmark index for the one-year period and underperformed the Fund's benchmark index for the three-year period, while Marathon's performance information for the five-year period was unavailable as Marathon began managing its sleeve of the Fund in June 2021; and (v) Baillie Gifford underperformed the Fund's benchmark index for the one-, three- and five-year periods.

Taking into account the performance information above and other performance information deemed relevant by the Board, including any steps that the Adviser and Subadvisers had taken, or had agreed to take, to address underperformance, the Board concluded that the investment performance generated for each Fund was generally satisfactory, or that any steps taken, or agreed to be taken, by the Adviser and Subadvisers to address any performance issues were satisfactory.

**4. Profitability and Economies of Scale.** The Board noted that the subadvisory fees are paid directly from each Fund although, for purposes of determining compensation under the Advisory Agreement, the Fund is deemed to have paid the Adviser, and the Adviser is deemed to have received, an amount equal to any payment made by the Fund to a Subadviser pursuant to a Sub-advisory Agreement. The Board considered that the Adviser has contractually agreed to waive its management fees for each Fund to the extent fees payable to the Adviser exceed the aggregate subadvisory fees paid to each Subadviser of the Fund. The Board considered that the Adviser, therefore, does not profit from providing advisory services to the Funds or receive any differential compensation from allocating assets in any particular manner among the Subadvisers. In addition, the Board did not consider the profitability of the Subadvisers to be a material factor in their determination, given that the Subadvisers are not affiliated with the Adviser and the Board received a representation from the Adviser that the sub-advisory fees are the result of an arms' length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also received and considered information about the extent to which economies of scale may be realized as the Funds' assets grow and whether the Funds' fee structure is designed to share the benefits of economies of scale with shareholders as the Funds' assets grow. In this regard, the Board noted that most of the Subadvisers have agreed to contractual breakpoints in their sub-advisory fee schedules, which accrue to the benefit of Fund shareholders in light of the Adviser's contractual management fee waiver.

**5. Indirect Benefits.** The Board considered other benefits to the Adviser and its affiliates and the Subadvisers from their relationships with the Funds. The Board noted that Fund shares are available exclusively to investors participating in investment advisory programs (asset-based fee programs) sponsored by Edward D. Jones & Co., L.P. ("Edward Jones"), an affiliate of the Adviser, as well as current and former Trustees. Accordingly, the Board received

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Traditional Funds (Unaudited) (Continued)

and considered information about asset-based fee rates charged by Edward Jones to participants in such investment advisory programs in connection with their investments in the Funds. In addition, the Board considered information regarding potential "float" interest benefits received by Edward Jones in connection with certain investor transactions in the Funds' shares. Further, the Board considered that the Adviser, Edward Jones and each Subadviser may derive a benefit to their reputations and standing in the investment community from their relationship with the Funds. The Board also noted that certain Subadvisers use soft dollars generated from executing Fund portfolio trades to purchase research, which could be viewed as a fall-out benefit to such Subadvisers to the extent they use the research generated from such trading activities across their client base.

#### Conclusion
Based on the Board's deliberations and its evaluation of the information described above and other information it believed relevant, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Agreements for an additional year.

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### Bridge Builder Mutual Funds
Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board" or the "Trustees") of the Bridge Builder Trust (the "Trust"), including a majority of the Trustees who are not parties to the agreements or "interested persons" of any party, as defined in the 1940 Act (the "Independent Trustees"), must determine annually whether to approve the continuation of the Trust's investment advisory and sub-advisory agreements.

At a meeting of the Board held on May 28-29, 2025 (the "May Renewal Meeting"), the Board, including a majority of the Independent Trustees, considered and approved the continuance of an investment advisory agreement (the "Advisory Agreement") with Olive Street Investment Advisers, LLC ("Olive Street" or the "Adviser") for the Bridge Builder Tax Managed Large Cap Fund (the "Tax Managed Large Cap Fund"), the Bridge Builder Tax Managed Small/Mid Cap Fund (the "Tax Managed Small/Mid Cap Fund") and the Bridge Builder Tax Managed International Equity Fund (the "Tax Managed International Equity Fund") (collectively, the "Funds"). The Trustees, including the Independent Trustees, also considered and approved the continuance of an investment sub-advisory agreement (each, a "Sub-advisory Agreement" and collectively, the "Sub-advisory Agreements") with each of the following Fund subadvisers whose Sub-advisory Agreements were subject to renewal at the May Renewal Meeting (listed next to the Fund(s) for which it serves as subadviser) (each, a "Subadviser" and collectively, the "Subadvisers"):

---

| | |
|:---|:---|
| **Bridge Builder Fund** | **Subadvisers** |
| **Tax Managed Large Cap Fund** | Parametric Portfolio Associates LLC ("Parametric")<br> Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley")<br> ClearBridge Investments, LLC ("ClearBridge")<br> T. Rowe Price Associates, Inc. ("T. Rowe Price") |
| **Tax Managed Small/Mid Cap Fund** | Parametric<br> AllianceBernstein L.P. ("AllianceBernstein")<br> Goldman Sachs Asset Management, L.P. ("GSAM")<br> J.P. Morgan Investment Management Inc. ("J.P. Morgan")<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman")<br> Allspring Global Investments, LLC ("Allspring") |
| **Tax Managed International Equity Fund** | Parametric<br> Pzena Investment Management, LLC ("Pzena")<br> Walter Scott & Partners Limited ("Walter Scott") |

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Parametric serves as the tax overlay manager and as the direct indexing manager for each Fund. Each Subadviser other than Parametric is also referred to herein as a "Model Provider."

In connection with the annual contract review process and in advance of the May Renewal Meeting, the Adviser and the Subadvisers provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board's evaluation of the Advisory Agreement and Sub-advisory Agreements (collectively, the "Agreements"). The information furnished by the Adviser and the Subadvisers included materials describing, among other matters: (i) the nature, extent, and quality of the services provided by the Adviser and the Subadvisers to the Funds; (ii) each Fund's historical investment performance and the historical investment performance of each Subadviser; (iii) the Adviser's and the Subadvisers' business, operations and personnel, including portfolio managers; (iv) the investment practices and techniques used by the Adviser and the Subadvisers in managing the Funds; (v) the management fees payable by the Funds to the Adviser and the Funds' overall fees and operating expenses, including in comparison to those of a category and a peer group of mutual funds; (vi) the sub-advisory fees payable to each Subadviser; (vii) the Adviser's and the Subadvisers' compliance programs and related policies and procedures; (viii) the financial condition of the Adviser and the Subadvisers; and (ix) other "fall-out" benefits the Adviser and/or its affiliates and the Subadvisers may receive based on their relationships with the Funds. At a meeting held on May 2, 2025 and at the May Renewal Meeting (collectively, the "May Meetings"), representatives of the Adviser made presentations to and responded to questions from the Trustees regarding services, fees, and other aspects of the Agreements.

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)

In addition to the May Meetings, the Board met periodically over the course of the year since the most recent annual renewal of the Agreements. At these meetings, representatives of the Adviser and the Subadvisers furnished reports and other information to the Board, and engaged in discussions with the Board, regarding, among other things, the performance of the Funds and the Subadvisers, the services provided to the Funds by the Adviser and the Subadvisers, the Funds' distribution arrangements, and compliance, risk management and operational matters related to the Trust, the Funds, the Adviser, and the Subadvisers. In addition, the Board received information between regularly scheduled meetings on particular matters as the need arose.

Throughout the evaluation process, including at the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including detailed memoranda from independent legal counsel regarding the legal standards applicable to the consideration of the approval of Agreements. In connection with their deliberations, the Independent Trustees met separately with their independent legal counsel on April 30, 2025 and in executive session and other informal meetings on several occasions, outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadvisers, to consider their responsibilities under relevant laws and to discuss the Agreements and materials presented and other matters deemed relevant to their consideration of the approval of the Agreements. The Independent Trustees also used a team-based approach for purposes of facilitating the review of the materials provided by the Subadvisers.

In considering and approving the Agreements, the Trustees considered information that they deemed relevant, including, but not limited to, the information discussed in further detail below. The Board's decision to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the May Meetings, as well as the knowledge gained over time through previous interactions with the Adviser and the Subadvisers. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information. The discussion below is intended to summarize the broad factors that figured prominently in the Board's decision to approve the continuation of the Agreements rather than to be all-inclusive.

**1. The Nature, Extent and Quality of the Services Provided by the Adviser and the Subadvisers.** The Board considered the nature, extent and quality of the services provided to the Funds by the Adviser and each Subadviser, including their respective responsibilities for management of the Funds. In this regard, the Board considered the terms of the Agreements and the range of services provided by the Adviser, Parametric and the Model Providers, including the Adviser's oversight role and responsibilities with regard to the Subadvisers, and the Subadvisers' roles in the day-to-day management of each Fund's portfolio. The Board evaluated information about the nature and extent of responsibilities retained and risks assumed by the Adviser that were not delegated to or assumed by the Subadvisers, including the Adviser's assumption of business, entrepreneurial, overall managerial and other risks by sponsoring and advising the Funds. The Board also evaluated the Adviser's ongoing oversight of the Subadvisers, which includes continuous analysis of, and regular discussions with each Subadviser about, among other things, the Subadviser's investment results and the performance of the Subadviser's services under its Sub-advisory Agreement, and periodic on-site or virtual and other meetings with the Subadvisers. In addition, the Board considered the Adviser's ongoing assessment of the durability and financial condition of the Subadvisers. The Board further considered the Adviser's provision of advisory services in connection with setting and continuously evaluating the design of the Funds, selecting, monitoring, and terminating Subadvisers, and making asset allocation adjustments among each Model Provider and Parametric in its capacity as direct indexing manager, as well as the impact of the Adviser's services on each Fund's investment performance. The Board noted that, with respect to the other mutual funds managed by the Adviser, the Adviser has demonstrated a record of initiating changes to subadvisers and asset allocations among subadvisers when warranted. The Board also took into account the Adviser's oversight of the Funds' operations and the Funds' other service providers and the other services provided to the Funds by the Adviser, such as monitoring Parametric's process for selecting broker-dealers to execute portfolio transactions and other trading operations.

605.0 ------

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)

The Board considered the Adviser's and each Subadviser's operations, including personnel and other resources devoted to supporting such operations. The Board noted key personnel additions to and departures from the Adviser and certain Subadvisers, as well as their succession planning practices to ensure continuity of services provided to the Funds. The Board considered the Adviser's and each Subadviser's ability to attract and retain qualified personnel to service the Funds and the experience and skills of key management and investment personnel of the Adviser and the Subadvisers.

The Board also noted the compliance programs and compliance experience of the Adviser and the Subadvisers. The Board considered the Adviser's day-to-day oversight of the Funds' compliance with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of the Adviser's oversight responsibilities in this regard. In addition, the Board considered the administrative and other services that are provided to the Funds by the Adviser, including analytical and other tools the Adviser employs to help manage the Funds' risks. The Board recognized that the Funds may benefit from the Adviser's ability to use resources and capabilities of its affiliates in providing services to the Funds.

With respect to the Model Providers, the Board considered that the services provided by each Model Provider include providing a model portfolio to Parametric that represents the Model Provider's recommendation as to the securities to be purchased, sold, or retained by a Fund and monitoring and updating such model portfolio on an on-going basis. The Board considered the experience and reputation of the Model Provider and the investment research capabilities and investment philosophy and processes used by the Model Provider in constructing, maintaining and updating their model portfolios.

With respect to Parametric, the Board considered Parametric's role as tax overlay manager with respect to each Fund's portfolio. The Board considered that, in this capacity, Parametric is responsible for constructing a portfolio that represents the aggregation of the model portfolios of the Subadvisers, including with respect to the direct indexing portion of a Fund, and implementing the investment recommendations of the Subadvisers for the Fund's portfolio based on the aggregated model portfolio. The Board considered Parametric's limited authority to vary from the model portfolios of the Subadvisers, primarily for the purpose of efficient tax management of a Fund's securities transactions. The Board considered Parametric's experience with respect to portfolio implementation and the practices, techniques and systems and tools used by Parametric in delivering these services. The Board also considered Parametric's role as direct indexing manager for each Fund, pursuant to which Parametric manages an allocated portion of the Fund in a manner designed to provide exposure to a designated index.

The Board considered the special attributes of each Fund's centralized portfolio management structure that uses Parametric as a tax overlay manager and the benefits that are expected to be realized from such a structure. The Board also considered the resources committed by the Adviser and its affiliates to support the on-going operations of the Funds' portfolio management structure, including the model portfolio delivery process.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the Adviser and the Subadvisers are capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Agreements.

**2. Fees and Other Expenses.** The Board received and reviewed reports prepared by Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund industry data, comparing each Fund's contractual management fee, net management fee and gross and net total expense ratios (net of fee and expense waivers and reimbursements) to those paid by an independently-selected Morningstar category and peer group of mutual funds. The Board noted that each of the Funds' gross and net total expense ratios were below their respective peer group medians. The Board also noted that each Fund's management fee was below its respective peer group median. The Board received a description of the methodology used by Broadridge to select the mutual funds in each Fund's peer

606.0 ------

Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)

group. While the Board recognized that comparisons between a Fund and its peer group may be imprecise, the comparative, independently-selected information provided by Broadridge assisted the Board in evaluating the reasonableness of the Funds' management fees and total expenses.

The Board observed that the Adviser confirmed that it has no other clients with investments strategies similar to those of the Funds for purposes of comparison. The Board also reviewed comparative fee information provided by the Subadvisers, including information (i) from each Model Provider regarding the fees charged to other accounts and funds, if any, managed by the Model Provider that have investment objectives and investment strategies similar those that the Model Provider utilizes for a portion of a Fund and (ii) from Parametric regarding fees charged to other accounts and funds, for which Parametric serves as direct indexing manager and tax overlay manager. The Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such other accounts and funds managed by each Subadviser and the portion of each Fund's assets managed by the Subadviser.

The Board noted that the Adviser has contractually agreed to waive its management fees for each Fund to the extent fees payable to the Adviser exceed the aggregate sub-advisory fees paid to each Subadviser of the Fund. The Board noted that the Adviser may terminate this waiver arrangement without Board approval effective upon the end of the then current one-year period, by providing the Board written notice of such termination by April 15. The Board further noted that the Adviser has irrevocably agreed not to exercise its right to terminate the waiver arrangement upon the end of the current one-year period, resulting in the arrangement continuing until at least October 28, 2026.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees payable under the Agreements are reasonable in light of the nature, extent and quality of the services rendered by the Adviser and the Subadvisers.

**3. Investment Performance.** The Board reviewed the investment performance of each Fund and Subadviser over the one-year period ended December 31, 2024 and evaluated the Adviser's analysis of the Fund's and Subadviser's performance for this time period. The Board observed that performance information for the three- and five-year periods ended December 31, 2024 was unavailable because the Funds launched on June 1, 2022. The Board considered the investment performance of each Fund on an absolute basis and in comparison to appropriate benchmarks and each Fund's respective Morningstar category and peer group as independently selected by Broadridge.

The Board also considered that it received detailed information on the performance of each Fund and Subadviser in connection with each of its regular quarterly meetings throughout the year. The Board considered that, at each quarterly Board meeting, the Trustees focused particular attention on information indicating less favorable performance of certain Funds and Subadvisers for specific time periods, and the Adviser's Portfolio Solutions Team reviewed with the Board factors contributing to such performance and the Portfolio Solutions Team's evaluation of such performance in light of the Funds' design objectives. In reviewing the performance reports, the Board considered the Adviser's assessment of Parametric's ability to mitigate the impacts of taxes in connection with the Funds' securities transactions as measured by tax alpha and explanations of the factors contributing to the generation of tax alpha. The Board also considered the Adviser's assessment of Parametric's methodology for calculating a Fund's after-tax returns, including tax alpha.

For purposes of the Fund-by-Fund discussion below, the performance time period for the performance of the Funds and the Subadvisers is the period ended December 31, 2024, and the performance of each Fund and its Subadvisers relative to "the Fund's benchmark index" refers to the applicable Fund's performance benchmark index as independently selected by Broadridge. A Fund's performance benchmark index as independently selected by Broadridge may be different than the regulatorily required broad-based securities market index identified in the Fund's prospectus and annual shareholder reports that is designed to reflect the overall domestic or international

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)

equity or debt markets, as applicable. In addition, any discussion of a Fund's Subadviser relative to its "Subadviser benchmark index" refers to the benchmark index selected by the Adviser's Portfolio Solutions Team with respect to such Subadviser's allocated portion ("Allocated Portion") of the Fund. The Subadviser benchmark index selected by the Portfolio Solutions Team for a Subadviser's Allocated Portion of a Fund may be different than the benchmark index selected by Broadridge for that Fund, as the Subadviser benchmark index is selected by the Portfolio Solutions Team to benchmark the performance of the Subadviser's Allocated Portion of the Fund rather than the performance of the Fund as a whole.

The Board reviewed the performance of the Tax Managed Large Cap Fund. The Board observed that, for the one-year period, the Tax Managed Large Cap Fund underperformed its peer group median by 32 basis points and its Fund benchmark index by 25 basis points. The Board also reviewed the investment performance of each Subadviser of the Tax Managed Large Cap Fund. In so doing, the Board observed that T. Rowe Price outperformed the Fund's benchmark index for the one-year period, while Barrow Hanley and Clearbridge each underperformed the Fund's benchmark index for the one-year period. With respect to Barrow Hanley, the Board also noted that it outperformed its Subadviser benchmark index for the one-year period. With respect to Parametric's performance as tax overlay manager to the Tax Managed Large Cap Fund, the Board observed that the Fund had positive tax alpha for the one-year period.

The Board reviewed the performance of the Tax Managed Small/Mid Cap Fund. The Board observed that the Tax Managed Small/Mid Cap Fund underperformed its peer group median and its Fund benchmark index for the one-year period. The Board also reviewed the investment performance of each Subadviser of the Tax Managed Small/Mid Cap Fund. In so doing, the Board observed that Allspring, GSAM and J.P. Morgan each outperformed the Fund's benchmark index for the one-year period, while AllianceBernstein and Neuberger Berman each underperformed the Fund's benchmark index for the one-year period. With respect to Parametric's performance as tax overlay manager to the Tax Managed Small/Mid Cap Fund, the Board observed that the Fund had positive tax alpha for the one-year period.

The Board reviewed the performance of the Tax Managed International Equity Fund. The Board observed that the Tax Managed International Equity Fund underperformed its peer group median and its Fund benchmark index for the one-year period. The Board also reviewed the investment performance of each Subadviser of the Tax Managed International Equity Fund. In so doing, the Board observed that Pzena outperformed the Fund's benchmark index for the one-year period, while Walter Scott underperformed the Fund's benchmark index for the one-year period. With respect to Parametric's performance as tax overlay manager to the Tax Managed International Equity Fund, the Board observed that the Fund had positive tax alpha for the one-year period.

Taking into account the performance information above and other performance information deemed relevant by the Board, including any steps that the Adviser and Subadvisers had taken, or had agreed to take, to address underperformance, the Board concluded that the investment performance generated for each Fund was generally satisfactory, or that any steps taken, or agreed to be taken, by the Adviser and Subadvisers to address any performance issues were satisfactory.

**4. Profitability and Economies of Scale.** The Board noted that the subadvisory fees are paid directly from each Fund although, for purposes of determining compensation under the Advisory Agreement, the Fund is deemed to have paid the Adviser, and the Adviser is deemed to have received, an amount equal to any payment made by the Fund to a Subadviser pursuant to a Sub-advisory Agreement. The Board considered that the Adviser has contractually agreed to waive its management fees to the extent management fees to be paid to the Adviser exceed the aggregate sub-advisory fees to be paid to the Subadvisers. The Board considered that the Adviser, therefore, does not profit from providing advisory services to the Funds or receive any differential compensation from allocating assets in any particular manner among each Model Provider and Parametric in its capacity as direct indexing manager. In addition, the Board did not consider the profitability of the Subadvisers to be a material factor with respect to the Board's

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Board Considerations of the Investment Advisory Agreement and Investment Sub-advisory Agreements for the Tax Managed Funds (Unaudited) (Continued)

consideration of the Sub-advisory Agreements, given that the Subadvisers are not affiliated with the Adviser and the Board received a representation from the Adviser that the sub-advisory fees are the result of an arms' length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also received and considered information about the extent to which economies of scale may be realized as the Funds' assets grow and whether the Funds' fee structure is designed to share the benefits of economies of scale with shareholders as the Funds' assets grow. In this regard, the Board noted that most of the Subadvisers have agreed to contractual breakpoints in their sub-advisory fee schedules, which accrue to the benefit of Fund shareholders in light of the Adviser's contractual management fee waiver.

**5. Indirect Benefits.** The Board considered other benefits to the Adviser and its affiliates and the Subadvisers from their relationships with the Funds. The Board noted that Fund shares are available exclusively to investors participating in investment advisory programs (asset-based fee programs) sponsored by Edward D. Jones & Co., L.P. ("Edward Jones"), an affiliate of the Adviser, as well as current and former Trustees. Accordingly, the Board received and considered information about asset-based fee rates charged by Edward Jones to participants in such investment advisory programs in connection with their investments in the Funds. In addition, the Board considered information regarding potential "float" interest benefits received by Edward Jones in connection with certain investor transactions in the Funds' shares. Further, the Board considered that the Adviser, Edward Jones and each Subadviser may derive a benefit to their reputations and standing in the investment community from their relationship with the Funds.

#### Conclusion
Based on the Board's deliberations and its evaluation of the information described above and other information it believed relevant, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Agreements for an additional year.

609.0 ------

### Bridge Builder Mutual Funds
Board Considerations of a New Investment Sub-advisory Agreement with Dodge & Cox for the Bridge Builder Core Plus Bond Fund (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), a fund's advisory and sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the fund; and (ii) by a vote of a majority of the members of the board who are not parties to the agreements or "interested persons" of any party, as defined in the 1940 Act (the "Independent Trustees"), cast at a meeting called for the purpose of voting on such approval. The Board of Trustees (the "Board" or the "Trustees") of the Bridge Builder Trust (the "Trust") must determine whether to initially approve and, after an initial two year term, to approve annually the continuance of the Sub-advisory Agreement.

At a meeting of the Board held on May 28-29, 2025 (the "May Meeting"), the Board, including a majority of the Independent Trustees, considered and approved a proposed sub-advisory agreement among Olive Street Investment Advisers, LLC (the "Adviser" or "Olive Street"), Dodge & Cox (the "Subadviser"), and the Trust, on behalf of the Bridge Builder Core Plus Bond Fund (the "Fund") (the "Sub-advisory Agreement") for an initial two-year term.

Pursuant to an exemptive order obtained by the Adviser and the Trust from the U.S. Securities and Exchange Commission, the Adviser is permitted, subject to certain conditions, to select new subadvisers for each series of the Trust with the approval of the Board but without obtaining shareholder approval.

In advance of the May Meeting, the Adviser and the Subadviser provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board's evaluation of the Sub-advisory Agreement. The information furnished by the Adviser and Subadviser included materials describing, among other matters: (i) the nature, extent and quality of the services proposed to be provided by the Subadviser; (ii) the Subadviser's investment management personnel, including the portfolio manager and other investment personnel that would be involved in managing the allocated portion of the Fund's portfolio (the "Allocated Portion"); (iii) the Subadviser's financial condition; (iv) the Subadviser's investment philosophy and investment process that would be used to manage the Allocated Portion; (v) the sub-advisory fees proposed to be payable to the Subadviser; (vi) the Subadviser's compliance policies and procedures; (vii) the investment performance of another mutual fund managed by the Subadviser employing strategies similar to the strategy proposed to be employed by the Subadviser in managing the Allocated Portion; and (viii) other "fall out" benefits that the Subadviser may receive based on its relationship with the Fund. In addition, at a meeting of the Board held on May 8, 2025 and at the May Meeting, representatives of the Adviser and representatives of the Subadviser (with respect to the May 8, 2025 meeting) made presentations and responded to questions regarding the Subadviser's proposed services, fees, and other aspects of the proposed sub-advisory relationship as well as the Adviser's Fund design goals related to the proposed sub-advisory relationship.

Throughout the evaluation process, including at the May Meeting, the Trustees received advice from Fund counsel, and the Independent Trustees received separate advice from their independent legal counsel, including detailed memoranda from independent legal counsel regarding the legal standards applicable to the consideration of the approval of the Sub-advisory Agreement. The Independent Trustees met separately outside the presence of the Interested Trustees, Trust officers and representatives of the Adviser and the Subadviser to discuss the materials presented and other matters deemed relevant to their consideration of the Sub-advisory Agreement.

In considering whether to approve the Sub-advisory Agreement, the Board considered information and factors that they deemed relevant, including, but not limited to, the information and factors discussed in further detail below. The Board's determination to approve the Sub-advisory Agreement was based on a comprehensive consideration of all information provided to the Board. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors and information.

**1. The nature, extent and quality of the services to be provided by the Subadviser.** The Board considered the nature, extent and quality of the services proposed to be provided to the Allocated Portion of the Fund by the

610.0 ------

Board Considerations of a New Investment Sub-advisory Agreement with Dodge & Cox for the Bridge Builder Core Plus Bond Fund (Unaudited) (Continued)

Subadviser, including its responsibilities for day-to-day management of the Allocated Portion of the Fund's portfolio. The Board considered the portfolio management services and investment research capabilities and investment philosophy and process proposed to be provided to the Allocated Portion by the Subadviser, including how the Subadviser's investment philosophy and process complement those of the other subadvisers that manage other portions of the Fund. The Board also reviewed the background and experience of the Subadviser's portfolio management personnel that will have a role in the day-to-day management of the Allocated Portion. The Board considered the Subadviser's ability to attract and retain qualified investment professionals, the experience and skills of management and investment personnel of the Subadviser, and the Subadviser's reputation and overall financial strength. The Board also noted the Subadviser's succession planning practices to ensure continuity of services to the Fund.

The Board also considered other services to be provided to the Allocated Portion under the Adviser's oversight, such as monitoring adherence to the Fund's investment restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations, monitoring valuation and liquidity, selecting broker-dealers to execute portfolio transactions and conducting other trading operations. The Board considered the report of the chief compliance officer of the Trust regarding the due diligence review of the Subadviser's compliance program and other operational matters, and the chief compliance officer's conclusion that the Subadviser's compliance program is reasonably designed and effectively implemented to prevent violations of the federal securities laws with respect to its services to be provided to the Allocated Portion and that the Subadviser has adopted procedures reasonably necessary to prevent access persons from violating the Subadviser's code of ethics.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the Subadviser is capable of providing services of the nature, extent and quality contemplated by the terms of the Sub-advisory Agreement.

**2. Fees and Other Expenses.** The Board reviewed the sub-advisory fees proposed to be payable to the Subadviser. The Board also reviewed comparative fee information provided by the Subadviser, including information from the Subadviser regarding the fees charged to other clients with investment objectives and investment strategies similar to those that the Subadviser proposes to utilize for its Allocated Portion, including a mutual fund for which the Subadviser serves as primary investment adviser and institutional separate account clients. The Board reviewed information about structural, operational and other differences, including the amount of assets being managed and the range of services provided, between such other clients and the Allocated Portion.

The Board considered the anticipated impact of the Subadviser's fee on the Fund's overall expenses, noting that the Adviser has contractually agreed to waive its management fees for the Fund to the extent management fees to be paid to the Adviser exceed the aggregate sub-advisory fees to be paid to each subadviser to the Fund, including the Subadviser for the management of the Allocated Portion. The Board noted that the hiring of the Subadviser (together with the reallocation of assets from a then-existing subadviser of the Fund to the Subadviser) is expected to result in an increase in the Fund's overall expenses of approximately one basis point at Fund asset levels as of March 31, 2025 caused by a reduction in the Adviser's fee waiver in order for the Adviser to pay the higher aggregate sub-advisory fees to the Fund's subadvisers. The Board further noted that the increase in sub-advisory fees would not cause the Fund's shareholders to pay management fees above the Adviser's contractual management fee. The Board noted that the Adviser may not terminate this waiver arrangement without Board approval until October 28, 2026, at the earliest.

Based on these considerations, the Board concluded, within the context of its full deliberations, that the proposed sub-advisory fees payable under the Sub-advisory Agreement are reasonable in light of the nature, extent and quality of the services expected to be rendered by the Subadviser.

611.0 ------

Board Considerations of a New Investment Sub-advisory Agreement with Dodge & Cox for the Bridge Builder Core Plus Bond Fund (Unaudited) (Continued)

**3. The Subadviser's Investment Performance Record.** Because the Subadviser, if approved, would be new to the Fund, the Board was not able to evaluate the Subadviser's actual investment performance record for the Allocated Portion. However, the Board received and considered information about the investment performance of the Subadviser, including, for purposes of considering the investment skill and experience of the Subadviser, performance data showing the Subadviser's capabilities in managing another mutual fund for which the Subadviser serves as primary investment adviser and that has investment objectives and investment strategies similar to those that the Subadviser proposes to utilize for its Allocated Portion. The Board also noted that it would have an opportunity to review the Subadviser's actual performance record for the Allocated Portion of the Fund at future regular meetings of the Board and in connection with future annual reviews of the Sub-advisory Agreement.

**4. Profitability and Economies of Scale.** The Board did not consider profitability of the Subadviser to be a material factor in its determination, given that the Subadviser is not affiliated with the Adviser and the Board received representations from the Adviser and the Subadviser that the proposed sub-advisory fees are the result of an arm's length negotiation. Further, the Board was satisfied that the Adviser employed a rigorous sub-advisory fee negotiation process. The Board also considered information about whether the Fund's fee structure is designed to share the benefits of economies of scale with shareholders as the Fund's assets grow. In this regard, the Board noted that the Subadviser has agreed to contractual breakpoints in its fee schedule, which would accrue to the benefit of Fund shareholders in light of the Adviser's contractual fee waiver.

**5. Indirect Benefits.** The Board considered other benefits to the Subadviser from its proposed relationship with the Fund. The Board noted that the Subadviser may derive a benefit to its reputation and standing in the investment community from its proposed relationship with the Fund.

#### CONCLUSION
Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant, the full Board, and the Independent Trustees voting separately, approved the Sub-advisory Agreement for an initial two-year term.

612.0 ------

### Bridge Builder Mutual Funds
General Information (Unaudited)

#### Tax Notice
The following table lists the percentages of dividend income distributed by the Funds for the period ended June 30, 2025, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively.

---

| | | |
|:---|:---|:---|
|  | **% of Dividend Income Distributed** | **% of Dividend Income Distributed** |
| **Fund** | **Qualified Dividend Income** | **Corporate Dividends Received Deduction** |
| **Core Bond Fund** | —% | —% |
| **Core Plus Bond Fund** |  |  |
| **Municipal Bond Fund** |  |  |
| **Municipal High-Income Bond Fund** |  |  |
| **Large Cap Growth Fund** | 90.70 | 86.15 |
| **Large Cap Value Fund** | 76.95 | 63.69 |
| **Tax Managed Large Cap Fund** | 99.63 | 99.63 |
| **Small/Mid Cap Growth Fund** | 80.61 | 79.70 |
| **Small/Mid Cap Value Fund** | 82.98 | 81.99 |
| **Tax Managed Small/Mid Cap Fund** | 99.58 | 99.58 |
| **International Equity Fund** | 84.25 | 0.17 |
| **Tax Managed International Equity Fund** | 95.64 | 1.41 |

---

The following table lists the percentages of ordinary income distributions paid by the Funds, for the period ended June 30, 2025, that were designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(A) and qualify as interest related dividends under Internal Revenue Code Section 871(k)(1)(A), respectively.

---

| | |
|:---|:---|
|  | **% of Ordinary Income Distribution** |
| **Fund** | **Short Term Capital Gain Distribution** |
| **Core Bond Fund** | —% |
| **Core Plus Bond Fund** |  |
| **Municipal Bond Fund** |  |
| **Municipal High-Income Bond Fund** |  |
| **Large Cap Growth Fund** | 3.51 |
| **Large Cap Value Fund** | 24.40 |
| **Tax Managed Large Cap Fund** |  |
| **Small/Mid Cap Growth Fund** |  |
| **Small/Mid Cap Value Fund** | 41.54 |
| **Tax Managed Small/Mid Cap Fund** |  |
| **International Equity Fund** | 9.79 |
| **Tax Managed International Equity Fund** |  |

---

For the fiscal year ended June 30, 2025, the International Equity Fund earned foreign source income of $589,763,084 which amounts to $0.41 per share, and paid foreign taxes of $45,080,840 which amounts to $0.03 per share, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

For the fiscal year ended June 30, 2025, the Tax Managed International Equity Fund earned foreign source income of $59,268,712 which amounts to $0.35 per share, and paid foreign taxes of $6,118,718 which amounts to $0.04 per share, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

613.0 ------

### Bridge Builder Mutual Funds
General Information (Unaudited) (Continued)

As of June 30, 2025, the following Funds are designating amounts as long-term capital gain distributions under Section 852(b)(3) as follows:

---

| | |
|:---|:---|
| **Fund** | **Long-Term Capital Gain Distributions (000)** |
| **Core Bond Fund** | $— |
| **Core Plus Bond Fund** |  |
| **Municipal Bond Fund** |  |
| **Municipal High-Income Bond Fund** |  |
| **Large Cap Growth Fund <sup>(1)</sup>** | 1702781 |
| **Large Cap Value Fund <sup>(2)</sup>** | 1294246 |
| **Tax Managed Large Cap Fund** |  |
| **Small/Mid Cap Growth Fund <sup>(3)</sup>** | 16723 |
| **Small/Mid Cap Value Fund <sup>(4)</sup>** | 498183 |
| **Tax Managed Small/Mid Cap Fund** |  |
| **International Equity Fund <sup>(5)</sup>** | 457929 |
| **Tax Managed International Equity Fund** |  |

---

<sup>(1)</sup> Tax equalization of $104,108 is included in this amount. 

<sup>(2)</sup> Tax equalization of $78,158 is included in this amount. 

<sup>(3)</sup> Tax equalization of $16,723 is included in this amount. 

<sup>(4)</sup> Tax equalization of $45,744 is included in this amount. 

<sup>(5)</sup> Tax equalization of $93,627 is included in this amount. 

614.0 ------

#### Investment Adviser
Olive Street Investment Advisers, LLC

12555 Manchester Road

St. Louis, MO 63131

#### Administrator & Fund Accountant
Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

#### Transfer Agent
ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

#### Distributor
ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

#### Custodian
Brown Brothers Harriman & Co.

140 Broadway

New York, NY 10005

#### Legal Counsel
Morgan Lewis & Bockius, LLP

2222 Market Street

Philadelphia, PA 19103

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, IL 60606

IBC1

------

![LOGO](g54930ar_bc.jpg)

Bridge Builder Mutual Funds

Bridge Builder mutual funds provide investors diversified expertise from leading asset management firms. The management of Bridge Builder mutual funds is rooted in our investment philosophy of diversification, a long-term approach and high quality.

Visit www.bridgebuildermutualfunds.com for more information.

Enroll in e-delivery

Add convenience and organization to your financial life by signing up for e-delivery. Visit www.edwardjones.com/edelivery to learn more and enroll.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds' prospectus. Investors should carefully consider the investment objectives, risks and charges and expenses of the Funds prior to investing. The prospectus contains this and other important information and should be read carefully before investing.

DES-8308-A

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES.
The Funds' disclosure of proxy matters submitted to a vote of shareholders during the period covered by this report is included as part of the Financial Statements filed under Item 7 of this form.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT COMPANIES.
The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
The Funds' disclosure regarding the basis for the board's approval of any investment advisory or investment sub-advisory contracts during the period covered by this report is included as part of the Financial Statements filed under Item 7 of this form.

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.
Not applicable to open-end investment companies.

------

#### ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

#### ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is 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 open-end investment companies.

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.

(b) Not applicable.

#### ITEM 19. EXHIBITS.

---

| | | |
|:---|:---|:---|
| *(a)* | *(1)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Code of Ethics for Principal Executive Officer and Principal Financial Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1).* |
|  | *(2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
|  | *(3)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [*Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](d54930dex99cert.htm) |
|  | *(4)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to open end investment companies |
|  | *(5)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There was no change in the Registrant's independent public accountant for the period covered by this report. |
| *(b)* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [*Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](d54930dex99906cert.htm) |

---

------

#### 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.

---

| | |
|:---|:---|
| **Bridge Builder Trust** | **Bridge Builder Trust** |
| By: | /s/ Colleen R. Dean |
| Name: | Colleen R. Dean |
| Title: | Principal Executive Officer |
| Date: | September 5, 2025 |

---

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.

---

| | |
|:---|:---|
| **Bridge Builder Trust** | **Bridge Builder Trust** |
| By: | /s/ Colleen R. Dean |
| Name: | Colleen R. Dean |
| Title: | Principal Executive Officer |
| Date: | September 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Aaron J. Masek |
| Name: | Aaron J. Masek |
| Title: | Principal Financial Officer |
| Date: | September 5, 2025 |

---

## Ex-99.Cert

Exhibit 19(a)(3)

**CERTIFICATION** 

I, Colleen R. Dean, certify that:

1. I have reviewed this report on Form N-CSR of Bridge Builder Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: September 5, 2025 | /s/ Colleen R. Dean |
|  | Colleen R. Dean |
|  | Principal Executive Officer |

---

------

Exhibit 19(a)(3)

**CERTIFICATION** 

I, Aaron J. Masek, certify that:

1. I have reviewed this report on Form N-CSR of Bridge Builder Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Aaron J. Masek |
|  | Aaron J. Masek |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**<u>Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Bridge Builder Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Colleen R. Dean | /s/ Aaron J. Masek |
| Colleen R. Dean | Aaron J. Masek |
| Principal Executive Officer, Bridge Builder Trust | Principal Financial Officer, Bridge Builder Trust |

---

Dated: September 5, 2025

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Bridge Builder Trust for purposes of Section 18 of the Securities Exchange Act of 1934.