Form N-CSR Tidal Trust IV For: Mar 31
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STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-24061)
(Exact name of
registrant as specified in charter)
234 West Florida Street, Suite 700
Milwaukee,
Wisconsin 53204
(Address
of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal
Trust IV
234
West Florida Street, Suite 203
Milwaukee,
Wisconsin 53204
(Name and
address of agent for service)
(844) 986-7700
Registrant's telephone number, including area code
Date of fiscal year end: March 31
Date
of reporting period:
Item 1. Reports to Stockholders.
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 substantive 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 herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Luis Berruga is the “audit committee financial experts” 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.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” 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 the fiscal year. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
Voya Core Bond ETF
| FYE 3/31/2026 | FYE 3/31/2025 | |
| Audit Fees | $11,000 | N/A |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3,000 | N/A |
| All Other Fees | N/A | N/A |
Voya Multi-Sector Income ETF
| FYE 3/31/2026 | FYE 3/31/2025 | |
| Audit Fees | $11,000 | N/A |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3,000 | N/A |
| All Other Fees | N/A | N/A |
Voya Ultra Short Income ETF
| FYE 3/31/2026 | FYE 3/31/2025 | |
| Audit Fees | $11,000 | N/A |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3,000 | N/A |
| All Other Fees | N/A | N/A |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 3/31/2026 | FYE 3/31/2025 | |
| Audit-Related Fees | 0% | N/A |
| Tax Fees | 0% | N/A |
| All Other Fees | 0% | N/A |
(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) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 3/31/2026 | FYE 3/31/2025 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore.
(b) Not applicable
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
Financial Statements
March 31, 2026
Tidal Trust IV
| Voya Core Bond ETF | | VCOB | NYSE Arca, Inc. |
| Voya Multi-Sector Income ETF | | VMSB | NYSE Arca, Inc. |
| Voya Ultra Short Income ETF | | VUSI | NYSE Arca, Inc. |
Table of Contents
Voya Core Bond ETF
Schedule of Investments
March 31, 2026
| Principal | ||||||||
| COLLATERALIZED LOAN OBLIGATIONS - 21.1% | Amount | Value | ||||||
| AREIT | ||||||||
| Series 2025-CRE11, Class A, 5.21%, (TSFR1M + 1.55%), 07/25/2043 | 500,000 | $ | 501,360 | |||||
| BBCMS Mortgage Trust | ||||||||
| Series 2017-C1, Class A4, 3.67%, 02/15/2050 | 500,000 | 495,694 | ||||||
| BDS LLC | ||||||||
| Series 2025-FL16, Class A, 5.07%, (TSFR1M + 1.41%), 06/19/2043 | 500,000 | 500,429 | ||||||
| Benefit Street Partners CLO XV Ltd. | ||||||||
| Series 2018-15A, Class A1R, 5.06%, (TSFR3M + 1.38%), 07/15/2037 | 492,500 | 492,689 | ||||||
| Benefit Street Partners CLO XXIX Ltd. | ||||||||
| Series 2022-29A, Class AR, 4.86%, (TSFR3M + 1.18%), 01/25/2038 | 500,000 | 498,754 | ||||||
| BlueMountain CLO XXVIII Ltd. | ||||||||
| Series 2021-28A, Class A1R, 5.07%, (TSFR3M + 1.39%), 03/31/2038 | 440,000 | 440,232 | ||||||
| BSPRT Issuer LLC | ||||||||
| Series 2025-FL12, Class A, 5.07%, (TSFR1M + 1.41%), 01/17/2043 | 500,000 | 499,857 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2026-ALOHA, Class A, 0.00%, 04/15/2043 | 300,000 | 300,375 | ||||||
| BX Trust | ||||||||
| Series 2025-DELC, Class A, 5.21%, (TSFR1M + 1.55%), 12/15/2042 | 500,000 | 501,215 | ||||||
| Chase Home Lending Mortgage Trust(a) | ||||||||
| Series 2024-7, Class A4, 6.00%, 06/25/2055(a) | 693,579 | 696,583 | ||||||
| Corporate One Auto Receivables Trust | ||||||||
| Series 2026-1, 4.15%, 03/15/2030 | 300,000 | 298,765 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2026-1, 4.03%, 03/15/2030 | 500,000 | 498,604 | ||||||
| GS Mortgage-Backed Securities Trust(a) | ||||||||
| Series 2025-PJ4, Class A13, 6.00%, 09/25/2055(a) | 1,000,000 | 1,001,449 | ||||||
| JGWPT XXX LLC | ||||||||
| Series 2013-3A, Class A, 4.08%, 01/17/2073 | 246,775 | 235,768 | ||||||
| JPMorgan Mortgage Trust(a) | ||||||||
| Series 2024-11, Class A6, 6.00%, 04/25/2055(a) | 535,853 | 537,160 | ||||||
| KKR CLO Ltd. | ||||||||
| Series 40A, Class AR, 4.97%, (TSFR3M + 1.29%), 10/20/2034 | 500,000 | 499,803 | ||||||
| Magnetite XXIII Ltd | ||||||||
| Series 2019-23A, Class AR2, 4.65%, (TSFR3M + 0.97%), 01/25/2035 | 250,000 | 249,552 | ||||||
| MED Commercial Mortgage Trust | ||||||||
| Series 2024-MOB, Class A, 5.30%, (TSFR1M + 1.64%), 05/15/2041 | 500,000 | 496,616 | ||||||
| MF1 Ltd. | ||||||||
| Series 2021-FL7, Class A, 4.88%, (TSFR1M + 1.22%), 10/16/2036 | 341,878 | 341,686 | ||||||
1
| Nelnet Student Loan Trust | ||||||||
| Series 2025-DA, Class A1A, 4.65%, 08/20/2054 | 374,937 | $ | 370,622 | |||||
| NYC Trust(a) | ||||||||
| Series 2025-77C, Class B, 4.98%, 01/10/2036(a) | 300,000 | 298,039 | ||||||
| Ocean Trails CLO XI | ||||||||
| Series 2021-11A, Class AR, 4.70%, (TSFR3M + 1.02%), 07/20/2034 | 425,000 | 424,500 | ||||||
| OCP CLO Ltd. | ||||||||
| Series 2021-21A, Class AR, 4.85%, (TSFR3M + 1.17%), 01/20/2038 | 500,000 | 499,293 | ||||||
| Octagon Investment Partners Ltd. | ||||||||
| Series 2019-1A, Class A1RR, 4.72%, (TSFR3M + 1.04%), 01/20/2035 | 375,000 | 374,349 | ||||||
| Series 2020-3A, Class A1R2, 5.03%, (TSFR3M + 1.35%), 01/15/2038 | 500,000 | 500,006 | ||||||
| Santander Drive Auto Receivables Trust | ||||||||
| Series 2022-7, Class C, 6.69%, 03/17/2031 | 143,425 | 145,791 | ||||||
| Series 2024-2, Class C, 5.84%, 06/17/2030 | 400,000 | 407,306 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2022-A, Class APT, 2.85%, 11/16/2054 | 235,768 | 221,785 | ||||||
| Series 2024-C, Class A1A, 5.50%, 06/17/2052 | 188,374 | 192,236 | ||||||
| Stellantis Financial Underwritten Enhanced Lease Trust | ||||||||
| Series 2025-CA, Class A3, 4.11%, 04/20/2029 | 900,000 | 896,696 | ||||||
| Textainer Marine Containers VII Ltd. | ||||||||
| Series 2021-2A, Class A, 2.23%, 04/20/2046 | 728,000 | 687,560 | ||||||
| TIF Funding II LLC | ||||||||
| Series 2021-1A, Class A, 1.65%, 02/20/2046 | 310,746 | 283,907 | ||||||
| United Airlines Pass Through Trust | ||||||||
| Series 2014-2, Class A, 3.75%, 09/03/2026 | 21,348 | 21,301 | ||||||
| WCORE Commercial Mortgage Trust | ||||||||
| Series 2024-CORE, Class A, 5.16%, (TSFR1M + 1.50%), 11/15/2041 | 470,000 | 470,719 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2026-1, 4.01%, 07/16/2029 | 450,000 | 449,066 | ||||||
| Wise CLO Ltd. | ||||||||
| Series 2024-2A, Class A, 5.13%, (TSFR3M + 1.45%), 07/15/2037 | 375,000 | 375,007 | ||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $15,762,591) | 15,704,774 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 6.5% | Par | Value | ||||||
| Fannie Mae or Freddie Mac | ||||||||
| 2.50%, 04/15/2056 | 817,000 | 687,462 | ||||||
| Federal Home Loan Mortgage Corp. REMICs | ||||||||
| Series 4764, Class IB, 4.00%, 01/15/2048 | 2,007,747 | 398,629 | ||||||
| Series 5510, Class Z, 5.50%, 02/25/2055 | 901,932 | 901,523 | ||||||
| Federal Home Loan Mortgage Corp. Strips | ||||||||
| Series 304, Class C13, 4.50%, 12/15/2042 | 5,744,405 | 1,022,402 | ||||||
| Federal National Mortgage Association REMICs | ||||||||
| Series 2018-40, Class SB, 2.42%, 06/25/2048 | 6,854,116 | 818,061 | ||||||
| Government National Mortgage Association | ||||||||
| Series 2011-145, Class S, 2.31%, 11/16/2041 | 9,448,199 | 1,024,972 | ||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,834,049) | 4,853,049 | |||||||
2
| Maturity | Principal | ||||||||||||||
| CORPORATE BONDS - 35.5% | Coupon | Date | Amount | Value | |||||||||||
| Advertising & Marketing - 0.0%(b) | |||||||||||||||
| AppLovin Corp. | 5.13% | 12/01/2029 | 26,000 | $ | 26,143 | ||||||||||
| Aerospace & Defense - 0.2% | |||||||||||||||
| HEICO Corp. | 5.25% | 08/01/2028 | 109,000 | 111,107 | |||||||||||
| Huntington Ingalls Industries, Inc. | 4.20% | 05/01/2030 | 31,000 | 30,439 | |||||||||||
| Northrop Grumman Corp. | 5.15% | 05/01/2040 | 14,000 | 13,668 | |||||||||||
| RTX Corp. | 4.45% | 11/16/2038 | 21,000 | 19,430 | |||||||||||
| 174,644 | |||||||||||||||
| Airlines - 0.0%(b) | |||||||||||||||
| American Airlines Group, Inc.(c) | 3.35% | 10/15/2029 | 10,099 | 9,775 | |||||||||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd.(c) | 4.75% | 10/20/2028 | 4,583 | 4,578 | |||||||||||
| United Airlines Pass Through Trust - Class A(c) | 5.88% | 10/15/2027 | 2,605 | 2,650 | |||||||||||
| United Airlines Pass Through Trust - Class AA(c) | 2.88% | 10/07/2028 | 9,033 | 8,722 | |||||||||||
| 25,725 | |||||||||||||||
| Automobiles Manufacturing - 2.2% | |||||||||||||||
| American Honda Finance Corp.(d) | 4.70% | 01/12/2028 | 48,000 | 48,104 | |||||||||||
| American Honda Finance Corp.(d) | 5.65% | 11/15/2028 | 26,000 | 26,636 | |||||||||||
| American Honda Finance Corp.(d) | 4.85% | 10/23/2031 | 20,000 | 19,833 | |||||||||||
| BMW US Capital LLC(d) | 4.15% | 08/11/2027 | 300,000 | 299,374 | |||||||||||
| BMW US Capital LLC | 5.05% | 03/21/2030 | 29,000 | 29,335 | |||||||||||
| General Motors Financial Co., Inc. | 5.55% | 07/15/2029 | 89,000 | 91,012 | |||||||||||
| General Motors Financial Co., Inc. | 4.90% | 10/06/2029 | 52,000 | 52,271 | |||||||||||
| General Motors Financial Co., Inc. | 2.35% | 01/08/2031 | 60,000 | 53,467 | |||||||||||
| General Motors Financial Co., Inc. | 6.15% | 07/15/2035 | 36,000 | 37,261 | |||||||||||
| Honda Motor Co. Ltd. | 4.69% | 07/08/2030 | 129,000 | 128,058 | |||||||||||
| Hyundai Capital America | 5.68% | 06/26/2028 | 47,000 | 47,927 | |||||||||||
| Hyundai Capital America | 6.10% | 09/21/2028 | 101,000 | 104,299 | |||||||||||
| Hyundai Capital America | 6.50% | 01/16/2029 | 47,000 | 49,081 | |||||||||||
| Hyundai Capital America | 5.30% | 06/24/2029 | 41,000 | 41,653 | |||||||||||
| Hyundai Capital America | 5.15% | 03/27/2030 | 39,000 | 39,434 | |||||||||||
| Hyundai Capital America | 5.40% | 03/29/2032 | 55,000 | 55,924 | |||||||||||
| Toyota Motor Corp. (Callable 05/30/2030) | 4.45% | 06/30/2030 | 136,000 | 136,146 | |||||||||||
| Toyota Motor Credit Corp.(d) | 4.35% | 10/08/2027 | 42,000 | 42,135 | |||||||||||
| Toyota Motor Credit Corp.(d) | 4.45% | 06/29/2029 | 27,000 | 27,105 | |||||||||||
| Toyota Motor Credit Corp.(d) | 4.55% | 08/09/2029 | 32,000 | 32,197 | |||||||||||
| Toyota Motor Credit Corp.(d) | 4.80% | 05/15/2030 | 125,000 | 126,425 | |||||||||||
| Toyota Motor Credit Corp.(d) | 5.55% | 11/20/2030 | 123,000 | 128,141 | |||||||||||
| 1,615,818 | |||||||||||||||
| Banks - 0.7% | |||||||||||||||
| Huntington Bancshares, Inc.(a) | 5.61% | 01/28/2041 | 92,000 | 89,876 | |||||||||||
| M&T Bank Corp.(a) | 5.40% | 07/30/2035 | 149,000 | 148,590 | |||||||||||
| PNC Financial Services Group, Inc.(a) | 6.04% | 10/28/2033 | 35,000 | 37,019 | |||||||||||
| US Bancorp(a) | 5.03% | 01/26/2037 | 93,000 | 91,578 | |||||||||||
3
| Wells Fargo & Co.(a) | 3.58% | 05/22/2028 | 10,000 | $ | 9,907 | ||||||||||
| Wells Fargo & Co.(a) | 6.49% | 10/23/2034 | 8,000 | 8,661 | |||||||||||
| Wells Fargo & Co.(a) | 5.50% | 01/23/2035 | 7,000 | 7,130 | |||||||||||
| Wells Fargo & Co.(a) | 5.61% | 04/23/2036 | 92,000 | 94,207 | |||||||||||
| 486,968 | |||||||||||||||
| Biotechnology - 0.2% | |||||||||||||||
| Royalty Pharma PLC | 1.75% | 09/02/2027 | 109,000 | 105,093 | |||||||||||
| Royalty Pharma PLC | 2.20% | 09/02/2030 | 36,000 | 32,420 | |||||||||||
| 137,513 | |||||||||||||||
| Cable & Satellite - 0.4% | |||||||||||||||
| Charter Communications Operating LLC / Charter Communications | |||||||||||||||
| Operating Capital | 6.10% | 06/01/2029 | 64,000 | 66,304 | |||||||||||
| Charter Communications Operating LLC / Charter Communications | |||||||||||||||
| Operating Capital | 2.80% | 04/01/2031 | 17,000 | 15,267 | |||||||||||
| Charter Communications Operating LLC | 6.55% | 06/01/2034 | 19,000 | 19,746 | |||||||||||
| Comcast Corp. | 1.95% | 01/15/2031 | 18,000 | 15,976 | |||||||||||
| Comcast Corp. | 1.50% | 02/15/2031 | 151,000 | 130,900 | |||||||||||
| Comcast Corp. | 5.30% | 06/01/2034 | 11,000 | 11,177 | |||||||||||
| Comcast Corp. | 3.90% | 03/01/2038 | 30,000 | 25,803 | |||||||||||
| 285,173 | |||||||||||||||
| Chemicals - 0.2% | |||||||||||||||
| Nutrien Ltd.(d) | 5.88% | 12/01/2036 | 3,000 | 3,095 | |||||||||||
| Sherwin-Williams Co. | 4.30% | 08/15/2028 | 150,000 | 149,612 | |||||||||||
| 152,707 | |||||||||||||||
| Commercial Finance - 0.3% | |||||||||||||||
| Gabx Leasing LLC | 5.30% | 04/15/2036 | 6,000 | 5,893 | |||||||||||
| GATX Corp. | 4.00% | 06/30/2030 | 88,000 | 85,671 | |||||||||||
| Penske Truck Leasing Co. LP / PTL Finance Corp. | 1.70% | 06/15/2026 | 38,000 | 37,789 | |||||||||||
| Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.35% | 03/30/2029 | 8,000 | 8,139 | |||||||||||
| Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.25% | 07/01/2029 | 65,000 | 65,986 | |||||||||||
| Penske Truck Leasing Co. LP / PTL Finance Corp. | 5.25% | 02/01/2030 | 45,000 | 45,688 | |||||||||||
| 249,166 | |||||||||||||||
| Communications Equipment - 0.2% | |||||||||||||||
| Cisco Systems, Inc. | 4.95% | 02/26/2031 | 54,000 | 55,338 | |||||||||||
| Cisco Systems, Inc. | 4.95% | 02/24/2032 | 62,000 | 63,292 | |||||||||||
| 118,630 | |||||||||||||||
| Consumer Finance - 0.1% | |||||||||||||||
| American Express Co. (Callable 04/25/2030)(a) | 5.02% | 04/25/2031 | 2,000 | 2,034 | |||||||||||
| American Express Co.(a) | 4.46% | 02/10/2032 | 15,000 | 14,847 | |||||||||||
| Capital One Financial Corp.(a) | 1.88% | 11/02/2027 | 33,000 | 32,453 | |||||||||||
| Fiserv, Inc. | 5.15% | 03/15/2027 | 46,000 | 46,234 | |||||||||||
| 95,568 | |||||||||||||||
| Consumer Products - 0.0%(b) | |||||||||||||||
| Kenvue, Inc. | 4.85% | 05/22/2032 | 28,000 | 28,280 |
4
| Consumer Services - 0.1% | |||||||||||||||
| Automatic Data Processing, Inc. | 4.75% | 05/08/2032 | 43,000 | $ | 43,468 | ||||||||||
| Containers & Packaging - 0.3% | |||||||||||||||
| Amcor Group GmbH | 5.45% | 05/23/2029 | 20,000 | 20,495 | |||||||||||
| Berry Global Group, Inc. | 1.65% | 01/15/2027 | 42,000 | 41,122 | |||||||||||
| Graphic Packaging International LLC | 1.51% | 04/15/2026 | 134,000 | 133,809 | |||||||||||
| Sealed Air Corp. | 1.57% | 10/15/2026 | 35,000 | 34,936 | |||||||||||
| Sonoco Products Co. | 4.60% | 09/01/2029 | 25,000 | 24,936 | |||||||||||
| 255,298 | |||||||||||||||
| Design, Manufacturing & Distribution - 0.1% | |||||||||||||||
| Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 52,000 | 52,573 | |||||||||||
| Diversified Banks - 3.4% | |||||||||||||||
| Bank of America Corp.(a) | 1.73% | 07/22/2027 | 164,000 | 162,638 | |||||||||||
| Bank of America Corp.(a) | 2.55% | 02/04/2028 | 29,000 | 28,563 | |||||||||||
| Bank of America Corp.(a) | 3.59% | 07/21/2028 | 55,000 | 54,420 | |||||||||||
| Bank of America Corp.(a) | 3.42% | 12/20/2028 | 28,000 | 27,515 | |||||||||||
| Bank of America Corp.(a) | 3.97% | 03/05/2029 | 8,000 | 7,929 | |||||||||||
| Bank of America Corp.(a) | 2.09% | 06/14/2029 | 48,000 | 45,679 | |||||||||||
| Bank of America Corp.(a) | 2.88% | 10/22/2030 | 135,000 | 127,669 | |||||||||||
| Bank of America Corp.(a) | 2.50% | 02/13/2031 | 8,000 | 7,399 | |||||||||||
| Bank of America Corp.(a) | 2.59% | 04/29/2031 | 139,000 | 128,420 | |||||||||||
| Bank of America Corp.(a) | 2.30% | 07/21/2032 | 122,000 | 107,717 | |||||||||||
| Bank of America Corp.(a) | 2.97% | 02/04/2033 | 60,000 | 54,303 | |||||||||||
| Bank of America Corp.(a) | 5.87% | 09/15/2034 | 76,000 | 79,633 | |||||||||||
| Bank of America Corp.(a) | 5.52% | 10/25/2035 | 53,000 | 53,031 | |||||||||||
| Bank of America Corp.(a) | 5.74% | 02/12/2036 | 39,000 | 39,712 | |||||||||||
| Bank of Montreal(a) | 4.64% | 09/10/2030 | 70,000 | 70,145 | |||||||||||
| JPMorgan Chase & Co.(a) | 1.58% | 04/22/2027 | 77,000 | 76,876 | |||||||||||
| JPMorgan Chase & Co.(a) | 1.47% | 09/22/2027 | 78,000 | 76,948 | |||||||||||
| JPMorgan Chase & Co.(a) | 2.95% | 02/24/2028 | 116,000 | 114,550 | |||||||||||
| JPMorgan Chase & Co.(a) | 5.57% | 04/22/2028 | 34,000 | 34,429 | |||||||||||
| JPMorgan Chase & Co.(a) | 3.51% | 01/23/2029 | 13,000 | 12,794 | |||||||||||
| JPMorgan Chase & Co.(a) | 2.07% | 06/01/2029 | 59,000 | 56,126 | |||||||||||
| JPMorgan Chase & Co.(a) | 4.45% | 12/05/2029 | 69,000 | 69,073 | |||||||||||
| JPMorgan Chase & Co.(a) | 5.01% | 01/23/2030 | 13,000 | 13,188 | |||||||||||
| JPMorgan Chase & Co. (Callable 04/22/2029)(a) | 5.58% | 04/22/2030 | 19,000 | 19,584 | |||||||||||
| JPMorgan Chase & Co.(a) | 3.70% | 05/06/2030 | 15,000 | 14,641 | |||||||||||
| JPMorgan Chase & Co.(a) | 5.00% | 07/22/2030 | 25,000 | 25,364 | |||||||||||
| JPMorgan Chase & Co.(a) | 2.74% | 10/15/2030 | 11,000 | 10,357 | |||||||||||
| JPMorgan Chase & Co.(a) | 4.60% | 10/22/2030 | 200,000 | 200,493 | |||||||||||
| JPMorgan Chase & Co.(a) | 1.95% | 02/04/2032 | 140,000 | 123,306 | |||||||||||
| JPMorgan Chase & Co.(a) | 5.77% | 04/22/2035 | 22,000 | 22,932 | |||||||||||
| JPMorgan Chase & Co. (Callable 04/22/2035)(a) | 5.57% | 04/22/2036 | 45,000 | 46,371 | |||||||||||
| JPMorgan Chase & Co.(a) | 5.58% | 07/23/2036 | 11,000 | 11,191 | |||||||||||
| JPMorgan Chase & Co.(a) | 4.81% | 10/22/2036 | 99,000 | 96,231 | |||||||||||
| Royal Bank of Canada(a) | 4.97% | 08/02/2030 | 25,000 | 25,321 | |||||||||||
| Royal Bank of Canada(a) | 4.65% | 10/18/2030 | 127,000 | 127,347 | |||||||||||
| Royal Bank of Canada(a) | 5.15% | 02/04/2031 | 127,000 | 129,094 | |||||||||||
| Royal Bank of Canada(a) | 4.70% | 08/06/2031 | 130,000 | 129,779 | |||||||||||
5
| Toronto-Dominion Bank(d) | 5.52% | 07/17/2028 | 85,000 | $ | 87,110 | ||||||||||
| 2,517,878 | |||||||||||||||
| Electrical Equipment Manufacturing - 0.0%(b) | |||||||||||||||
| Carrier Global Corp. | 2.72% | 02/15/2030 | 31,000 | 28,962 | |||||||||||
| Exploration & Production - 0.4% | |||||||||||||||
| Canadian Natural Resources Ltd. | 5.40% | 12/15/2034 | 24,000 | 24,304 | |||||||||||
| Devon Energy Corp. (Callable 06/15/2034) | 5.20% | 09/15/2034 | 42,000 | 42,155 | |||||||||||
| EOG Resources, Inc. | 5.00% | 07/15/2032 | 64,000 | 64,799 | |||||||||||
| EOG Resources, Inc. | 5.35% | 01/15/2036 | 39,000 | 39,600 | |||||||||||
| Hess Corp. | 4.30% | 04/01/2027 | 67,000 | 67,060 | |||||||||||
| Occidental Petroleum Corp. | 5.38% | 01/01/2032 | 17,000 | 17,307 | |||||||||||
| Ovintiv, Inc. | 5.65% | 05/15/2028 | 18,000 | 18,486 | |||||||||||
| Viper Energy Partners LLC | 5.70% | 08/01/2035 | 51,000 | 51,429 | |||||||||||
| 325,140 | |||||||||||||||
| Financial Services - 2.3% | |||||||||||||||
| Blackstone Holdings I LP | 1.63% | 08/05/2028 | 70,000 | 65,619 | |||||||||||
| Blackstone Holdings I LP | 2.50% | 01/10/2030 | 8,000 | 7,423 | |||||||||||
| Brookfield Finance, Inc. | 4.25% | 06/02/2026 | 62,000 | 61,990 | |||||||||||
| Charles Schwab Corp.(a) | 6.20% | 11/17/2029 | 21,000 | 21,929 | |||||||||||
| CME Group, Inc. | 4.40% | 03/15/2030 | 92,000 | 92,320 | |||||||||||
| Goldman Sachs Group, Inc.(a) | 6.48% | 10/24/2029 | 3,000 | 3,139 | |||||||||||
| Goldman Sachs Group, Inc.(a) | 5.73% | 04/25/2030 | 24,000 | 24,763 | |||||||||||
| Goldman Sachs Group, Inc. (Callable 01/21/2031)(a) | 4.52% | 01/21/2032 | 15,000 | 14,777 | |||||||||||
| Goldman Sachs Group, Inc.(a) | 5.33% | 07/23/2035 | 23,000 | 23,072 | |||||||||||
| Goldman Sachs Group, Inc.(a) | 5.54% | 01/28/2036 | 6,000 | 6,099 | |||||||||||
| Intercontinental Exchange, Inc. | 2.10% | 06/15/2030 | 142,000 | 129,146 | |||||||||||
| LPL Holdings, Inc. | 5.70% | 05/20/2027 | 49,000 | 49,498 | |||||||||||
| LPL Holdings, Inc. | 5.20% | 03/15/2030 | 46,000 | 46,376 | |||||||||||
| LPL Holdings, Inc. | 5.15% | 06/15/2030 | 60,000 | 60,370 | |||||||||||
| Main Street Capital Corp. (Callable 02/01/2029) | 6.95% | 03/01/2029 | 54,000 | 55,571 | |||||||||||
| Morgan Stanley(d) | 3.13% | 07/27/2026 | 22,000 | 21,925 | |||||||||||
| Morgan Stanley(a) | 1.59% | 05/04/2027 | 35,000 | 34,903 | |||||||||||
| Morgan Stanley(a) | 3.59% | 07/22/2028 | 20,000 | 19,768 | |||||||||||
| Morgan Stanley(a) | 6.30% | 10/18/2028 | 11,000 | 11,286 | |||||||||||
| Morgan Stanley(a) | 5.16% | 04/20/2029 | 34,000 | 34,395 | |||||||||||
| Morgan Stanley(a) | 5.17% | 01/16/2030 | 7,000 | 7,099 | |||||||||||
| Morgan Stanley(a) | 5.04% | 07/19/2030 | 18,000 | 18,211 | |||||||||||
| Morgan Stanley(a) | 5.19% | 04/17/2031 | 5,000 | 5,076 | |||||||||||
| Morgan Stanley(a) | 5.66% | 04/17/2036 | 105,000 | 107,660 | |||||||||||
| Morgan Stanley(a) | 5.07% | 01/30/2037 | 239,000 | 234,493 | |||||||||||
| Nuveen LLC | 5.55% | 01/15/2030 | 157,000 | 161,123 | |||||||||||
| State Street Corp. | 4.73% | 02/28/2030 | 200,000 | 202,533 | |||||||||||
| State Street Corp.(a) | 3.03% | 11/01/2034 | 108,000 | 101,644 | |||||||||||
| TPG Operating Group II LP | 4.88% | 05/15/2031 | 55,000 | 54,012 | |||||||||||
| 1,676,220 | |||||||||||||||
| Food & Beverage - 0.8% | |||||||||||||||
| Campbell Soup Co. | 5.20% | 03/21/2029 | 45,000 | 45,452 | |||||||||||
| Cargill, Inc. | 2.13% | 04/23/2030 | 141,000 | 128,631 | |||||||||||
| Cargill, Inc. | 1.70% | 02/02/2031 | 33,000 | 29,030 | |||||||||||
| Coca-Cola Co. | 5.25% | 06/01/2029 | 36,000 | 36,786 |
6
| Hershey Co. | 4.95% | 02/24/2032 | 70,000 | $ | 71,714 | ||||||||||
| Mars, Inc. | 3.20% | 04/01/2030 | 12,000 | 11,454 | |||||||||||
| Mars, Inc. | 5.00% | 03/01/2032 | 31,000 | 31,379 | |||||||||||
| Mars, Inc. | 5.20% | 03/01/2035 | 53,000 | 53,558 | |||||||||||
| Mars, Inc. | 5.65% | 05/01/2045 | 7,000 | 6,928 | |||||||||||
| PepsiCo, Inc. | 4.10% | 01/15/2029 | 163,000 | 162,971 | |||||||||||
| Tyson Foods, Inc. | 5.40% | 03/15/2029 | 29,000 | 29,760 | |||||||||||
| 607,663 | |||||||||||||||
| Funds & Trusts - 0.1% | |||||||||||||||
| Prologis Targeted US Logistics Fund LP | 5.25% | 04/01/2029 | 62,000 | 63,209 | |||||||||||
| Prologis Targeted US Logistics Fund LP | 5.50% | 04/01/2034 | 18,000 | 18,306 | |||||||||||
| 81,515 | |||||||||||||||
| Hardware - 0.1% | |||||||||||||||
| Dell International LLC / EMC Corp. | 4.75% | 04/01/2028 | 26,000 | 26,191 | |||||||||||
| FLIR Systems, Inc. | 2.50% | 08/01/2030 | 31,000 | 28,534 | |||||||||||
| NetApp, Inc. (Callable 01/17/2032) | 5.50% | 03/17/2032 | 27,000 | 27,667 | |||||||||||
| 82,392 | |||||||||||||||
| Health Care Facilities & Services - 1.1% | |||||||||||||||
| Cardinal Health, Inc.(d) | 4.70% | 11/15/2026 | 51,000 | 51,097 | |||||||||||
| Cencora, Inc. | 5.13% | 02/15/2034 | 31,000 | 31,286 | |||||||||||
| CVS Health Corp. | 5.13% | 02/21/2030 | 135,000 | 136,954 | |||||||||||
| CVS Health Corp. | 5.45% | 09/15/2035 | 49,000 | 49,140 | |||||||||||
| HCA Healthcare, Inc. | 4.50% | 02/15/2027 | 58,000 | 58,005 | |||||||||||
| HCA Healthcare, Inc. | 4.13% | 06/15/2029 | 150,000 | 147,868 | |||||||||||
| HCA Healthcare, Inc. | 3.50% | 09/01/2030 | 50,000 | 47,505 | |||||||||||
| HCA Healthcare, Inc. | 5.45% | 04/01/2031 | 39,000 | 39,996 | |||||||||||
| HCA Healthcare, Inc. | 2.38% | 07/15/2031 | 13,000 | 11,492 | |||||||||||
| HCA Healthcare, Inc. | 3.63% | 03/15/2032 | 22,000 | 20,447 | |||||||||||
| HCA Healthcare, Inc. | 5.13% | 06/15/2039 | 27,000 | 25,480 | |||||||||||
| McKesson Corp. | 4.25% | 09/15/2029 | 27,000 | 26,930 | |||||||||||
| McKesson Corp. | 4.95% | 05/30/2032 | 27,000 | 27,434 | |||||||||||
| McKesson Corp. | 5.25% | 05/30/2035 | 36,000 | 36,730 | |||||||||||
| Quest Diagnostics, Inc. | 4.63% | 12/15/2029 | 79,000 | 79,581 | |||||||||||
| Quest Diagnostics, Inc. | 2.80% | 06/30/2031 | 22,000 | 20,083 | |||||||||||
| Quest Diagnostics, Inc. | 5.00% | 12/15/2034 | 11,000 | 10,929 | |||||||||||
| Universal Health Services, Inc. | 4.63% | 10/15/2029 | 18,000 | 17,799 | |||||||||||
| 838,756 | |||||||||||||||
| Home Improvement - 0.1% | |||||||||||||||
| Fortune Brands Innovations, Inc. | 3.25% | 09/15/2029 | 31,000 | 29,567 | |||||||||||
| Fortune Brands Innovations, Inc. | 4.00% | 03/25/2032 | 17,000 | 16,016 | |||||||||||
| Mohawk Industries, Inc. | 5.85% | 09/18/2028 | 7,000 | 7,208 | |||||||||||
| 52,791 | |||||||||||||||
| Industrial Other - 0.2% | |||||||||||||||
| Honeywell International, Inc. | 4.75% | 02/01/2032 | 4,000 | 4,010 | |||||||||||
| Jacobs Solutions, Inc. | 4.75% | 03/03/2031 | 30,000 | 29,612 | |||||||||||
| Quanta Services, Inc. | 4.30% | 08/09/2028 | 22,000 | 21,971 |
7
| WSP Global, Inc. | 5.04% | 09/18/2031 | 60,000 | $ | 59,509 | ||||||||||
| 115,102 | |||||||||||||||
| Integrated Oils - 0.2% | |||||||||||||||
| BP Capital Markets America, Inc. | 4.89% | 09/11/2033 | 11,000 | 11,065 | |||||||||||
| BP Capital Markets America, Inc. | 4.99% | 04/10/2034 | 10,000 | 10,078 | |||||||||||
| BP Capital Markets America, Inc. | 5.23% | 11/17/2034 | 35,000 | 35,746 | |||||||||||
| Chevron U.S.A., Inc. | 4.05% | 08/13/2028 | 50,000 | 50,066 | |||||||||||
| Chevron U.S.A., Inc. | 4.50% | 10/15/2032 | 13,000 | 13,038 | |||||||||||
| Chevron U.S.A., Inc. | 4.85% | 10/15/2035 | 38,000 | 38,140 | |||||||||||
| 158,133 | |||||||||||||||
| Internet Media - 0.7% | |||||||||||||||
| Alphabet, Inc. | 4.40% | 02/15/2033 | 95,000 | 93,911 | |||||||||||
| Alphabet, Inc. | 4.70% | 11/15/2035 | 49,000 | 48,494 | |||||||||||
| Alphabet, Inc. | 4.80% | 02/15/2036 | 45,000 | 44,858 | |||||||||||
| Meta Platforms, Inc. | 4.20% | 11/15/2030 | 56,000 | 55,445 | |||||||||||
| Meta Platforms, Inc. | 4.60% | 11/15/2032 | 43,000 | 42,604 | |||||||||||
| Meta Platforms, Inc. | 5.40% | 08/15/2054 | 18,000 | 16,343 | |||||||||||
| Meta Platforms, Inc. | 5.75% | 05/15/2063 | 17,000 | 15,901 | |||||||||||
| Meta Platforms, Inc. | 5.75% | 11/15/2065 | 5,000 | 4,658 | |||||||||||
| Uber Technologies, Inc. | 4.50% | 08/15/2029 | 25,000 | 24,808 | |||||||||||
| Uber Technologies, Inc. | 4.30% | 01/15/2030 | 150,000 | 148,767 | |||||||||||
| Uber Technologies, Inc. | 4.80% | 09/15/2035 | 8,000 | 7,786 | |||||||||||
| 503,575 | |||||||||||||||
| Life Insurance - 1.0% | |||||||||||||||
| Athene Holding Ltd. | 6.25% | 04/01/2054 | 49,000 | 45,059 | |||||||||||
| CNO Financial Group, Inc.(d) | 5.88% | 06/04/2027 | 63,000 | 63,886 | |||||||||||
| Corebridge Financial, Inc. | 3.90% | 04/05/2032 | 20,000 | 18,761 | |||||||||||
| Corebridge Financial, Inc. | 6.05% | 09/15/2033 | 39,000 | 40,866 | |||||||||||
| Corebridge Financial, Inc. | 5.75% | 01/15/2034 | 17,000 | 17,450 | |||||||||||
| Corebridge Global Funding(d) | 4.25% | 08/21/2028 | 105,000 | 104,299 | |||||||||||
| Equitable Financial Life Global Funding(d) | 5.00% | 03/27/2030 | 67,000 | 67,577 | |||||||||||
| Northwestern Mutual Global Funding(d) | 1.70% | 06/01/2028 | 98,000 | 92,873 | |||||||||||
| RGA Global Funding(d) | 4.35% | 08/25/2028 | 200,000 | 199,058 | |||||||||||
| RGA Global Funding(d) | 5.45% | 05/24/2029 | 59,000 | 60,454 | |||||||||||
| 710,283 | |||||||||||||||
| Machinery Manufacturing - 1.0% | |||||||||||||||
| Agco Corp. | 5.45% | 03/21/2027 | 39,000 | 39,273 | |||||||||||
| Caterpillar Financial Services Corp.(d) | 4.70% | 11/15/2029 | 125,000 | 126,885 | |||||||||||
| CNH Industrial NV | 5.50% | 01/12/2029 | 55,000 | 56,364 | |||||||||||
| Ingersoll Rand, Inc. | 5.18% | 06/15/2029 | 24,000 | 24,564 | |||||||||||
| Ingersoll Rand, Inc. | 5.45% | 06/15/2034 | 9,000 | 9,198 | |||||||||||
| John Deere Capital Corp.(d) | 4.85% | 06/11/2029 | 33,000 | 33,626 | |||||||||||
| John Deere Capital Corp.(d) | 4.70% | 06/10/2030 | 160,000 | 162,182 | |||||||||||
| John Deere Capital Corp.(d) | 4.90% | 03/07/2031 | 158,000 | 161,335 | |||||||||||
| John Deere Capital Corp.(d) | 4.40% | 09/08/2031 | 163,000 | 162,864 | |||||||||||
| 776,291 | |||||||||||||||
| Managed Care - 0.8% | |||||||||||||||
| Centene Corp. | 3.00% | 10/15/2030 | 121,000 | 106,096 | |||||||||||
| Cigna Group | 2.38% | 03/15/2031 | 237,000 | 212,978 |
8
| Cigna Group | 5.40% | 03/15/2033 | 21,000 | $ | 21,628 | ||||||||||
| Cigna Group | 5.25% | 01/15/2036 | 23,000 | 23,055 | |||||||||||
| Elevance Health, Inc. | 4.95% | 11/01/2031 | 52,000 | 52,340 | |||||||||||
| Elevance Health, Inc. | 4.60% | 09/15/2032 | 28,000 | 27,569 | |||||||||||
| Elevance Health, Inc. | 5.50% | 10/15/2032 | 34,000 | 35,065 | |||||||||||
| Health Care Service Corp. | 5.20% | 06/15/2029 | 57,000 | 57,819 | |||||||||||
| UnitedHealth Group, Inc. | 4.95% | 01/15/2032 | 49,000 | 49,569 | |||||||||||
| UnitedHealth Group, Inc. | 5.15% | 07/15/2034 | 11,000 | 11,109 | |||||||||||
| 597,228 | |||||||||||||||
| Medical Equipment & Devices Manufacturing - 0.6% | |||||||||||||||
| Becton, Dickinson and Co. | 4.69% | 02/13/2028 | 51,000 | 51,267 | |||||||||||
| Solventum Corp. | 5.45% | 03/13/2031 | 125,000 | 128,285 | |||||||||||
| Stryker Corp. | 4.85% | 02/10/2030 | 100,000 | 101,394 | |||||||||||
| Thermo Fisher Scientific, Inc. | 4.98% | 08/10/2030 | 127,000 | 129,839 | |||||||||||
| Thermo Fisher Scientific, Inc. | 4.55% | 06/15/2033 | 45,000 | 44,511 | |||||||||||
| 455,296 | |||||||||||||||
| Metals & Mining - 0.5% | |||||||||||||||
| BHP Billiton Finance USA Ltd. | 5.25% | 09/08/2030 | 38,000 | 39,126 | |||||||||||
| Codelco, Inc.(d) | 5.63% | 09/21/2035 | 225,000 | 225,739 | |||||||||||
| Rio Tinto Finance USA PLC (Callable 01/14/2032) | 5.00% | 03/14/2032 | 39,000 | 39,791 | |||||||||||
| Steel Dynamics, Inc. | 1.65% | 10/15/2027 | 28,000 | 26,876 | |||||||||||
| 331,532 | |||||||||||||||
| Oil & Gas Services & Equipment - 0.3% | |||||||||||||||
| Schlumberger Holdings Corp. | 5.00% | 11/15/2029 | 65,000 | 65,785 | |||||||||||
| Schlumberger Holdings Corp. | 2.65% | 06/26/2030 | 174,000 | 161,572 | |||||||||||
| 227,357 | |||||||||||||||
| Pharmaceuticals - 1.3% | |||||||||||||||
| Abbvie, Inc. | 2.95% | 11/21/2026 | 34,000 | 33,749 | |||||||||||
| Abbvie, Inc. | 3.20% | 11/21/2029 | 434,000 | 418,473 | |||||||||||
| Abbvie, Inc. | 4.50% | 05/14/2035 | 10,000 | 9,677 | |||||||||||
| Astrazeneca Finance LLC | 4.90% | 02/26/2031 | 69,000 | 70,518 | |||||||||||
| GSK PLC | 4.88% | 04/15/2035 | 50,000 | 49,857 | |||||||||||
| Johnson & Johnson | 4.90% | 06/01/2031 | 99,000 | 102,327 | |||||||||||
| Novartis Capital Corp. | 4.60% | 03/18/2033 | 75,000 | 74,772 | |||||||||||
| Novartis Capital Corp. | 5.60% | 03/18/2046 | 4,000 | 4,019 | |||||||||||
| Pfizer Investment Enterprises Pte. Ltd. | 4.65% | 05/19/2030 | 128,000 | 128,963 | |||||||||||
| Pfizer Investment Enterprises Pte. Ltd. | 4.75% | 05/19/2033 | 21,000 | 20,942 | |||||||||||
| Viatris, Inc. | 2.70% | 06/22/2030 | 35,000 | 31,724 | |||||||||||
| Zoetis, Inc. | 4.15% | 08/17/2028 | 2,000 | 1,994 | |||||||||||
| 947,015 | |||||||||||||||
| Pipeline - 1.2% | |||||||||||||||
| Cheniere Energy, Inc. | 4.50% | 10/01/2029 | 24,000 | 23,900 | |||||||||||
| Colonial Enterprises, Inc. | 3.25% | 05/15/2030 | 7,000 | 6,555 | |||||||||||
| Columbia Pipeline Group, Inc. | 6.04% | 08/15/2028 | 65,000 | 67,090 | |||||||||||
| Columbia Pipeline Group, Inc. | 5.10% | 10/01/2031 | 34,000 | 34,203 | |||||||||||
| Enbridge, Inc.(a) | 5.75% | 07/15/2080 | 45,000 | 44,895 | |||||||||||
| Energy Transfer LP | 3.75% | 05/15/2030 | 132,000 | 127,638 | |||||||||||
| Energy Transfer LP | 4.55% | 01/15/2031 | 56,000 | 55,497 | |||||||||||
| Energy Transfer LP | 5.35% | 01/15/2036 | 48,000 | 47,701 |
9
| Kinder Morgan, Inc. | 5.30% | 12/01/2034 | 71,000 | $ | 71,634 | ||||||||||
| Sabine Pass Liquefaction LLC | 5.00% | 03/15/2027 | 201,000 | 201,395 | |||||||||||
| Targa Resources Corp. | 5.40% | 07/30/2036 | 51,000 | 50,659 | |||||||||||
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 4.88% | 02/01/2031 | 25,000 | 24,970 | |||||||||||
| Transcontinental Gas Pipe Line Co. LLC | 3.25% | 05/15/2030 | 135,000 | 128,372 | |||||||||||
| Williams Cos., Inc. | 4.90% | 03/15/2029 | 18,000 | 18,213 | |||||||||||
| 902,722 | |||||||||||||||
| Power Generation - 0.1% | |||||||||||||||
| Liberty Utilities Co. | 5.58% | 01/31/2029 | 34,000 | 34,693 | |||||||||||
| Liberty Utilities Co. | 5.87% | 01/31/2034 | 47,000 | 48,783 | |||||||||||
| 83,476 | |||||||||||||||
| Property & Casualty Insurance - 0.7% | |||||||||||||||
| American International Group, Inc. | 3.40% | 06/30/2030 | 137,000 | 130,808 | |||||||||||
| Aon North America, Inc. | 5.13% | 03/01/2027 | 18,000 | 18,095 | |||||||||||
| Aon North America, Inc. | 5.15% | 03/01/2029 | 4,000 | 4,086 | |||||||||||
| Assurant, Inc. | 5.55% | 02/15/2036 | 88,000 | 88,022 | |||||||||||
| Brown & Brown, Inc. | 4.90% | 06/23/2030 | 51,000 | 50,976 | |||||||||||
| Chubb INA Holdings, Inc. | 4.90% | 08/15/2035 | 76,000 | 74,892 | |||||||||||
| Hanover Insurance Group, Inc. | 5.50% | 09/01/2035 | 120,000 | 119,267 | |||||||||||
| Horace Mann Educators Corp. | 4.70% | 10/01/2030 | 42,000 | 41,386 | |||||||||||
| 527,532 | |||||||||||||||
| Railroad - 0.4% | |||||||||||||||
| Canadian National Railway Co. | 4.20% | 03/12/2031 | 77,000 | 76,105 | |||||||||||
| Canadian Pacific Railway Co. | 2.88% | 11/15/2029 | 190,000 | 180,511 | |||||||||||
| Norfolk Southern Corp. | 5.05% | 08/01/2030 | 4,000 | 4,087 | |||||||||||
| Norfolk Southern Corp. | 5.55% | 03/15/2034 | 11,000 | 11,416 | |||||||||||
| Westinghouse Air Brake Technologies Corp. | 4.70% | 09/15/2028 | 34,000 | 34,106 | |||||||||||
| 306,225 | |||||||||||||||
| Real Estate - 1.4% | |||||||||||||||
| American Homes 4 Rent | 5.50% | 02/01/2034 | 58,000 | 58,592 | |||||||||||
| American Tower Corp. | 3.65% | 03/15/2027 | 27,000 | 26,811 | |||||||||||
| Camden Property Trust | 5.85% | 11/03/2026 | 49,000 | 49,377 | |||||||||||
| Crown Castle, Inc. | 2.90% | 03/15/2027 | 27,000 | 26,600 | |||||||||||
| Crown Castle, Inc. | 4.80% | 09/01/2028 | 58,000 | 58,315 | |||||||||||
| Crown Castle, Inc. | 5.60% | 06/01/2029 | 34,000 | 34,806 | |||||||||||
| Crown Castle, Inc. | 3.30% | 07/01/2030 | 31,000 | 29,058 | |||||||||||
| Crown Castle, Inc. | 2.10% | 04/01/2031 | 15,000 | 13,065 | |||||||||||
| Crown Castle, Inc. | 5.10% | 05/01/2033 | 10,000 | 9,867 | |||||||||||
| Crown Castle, Inc. | 5.80% | 03/01/2034 | 15,000 | 15,368 | |||||||||||
| CubeSmart LP | 2.25% | 12/15/2028 | 35,000 | 33,043 | |||||||||||
| Extra Space Storage, Inc. | 5.35% | 01/15/2035 | 17,000 | 17,102 | |||||||||||
| First Industrial LP | 5.25% | 01/15/2031 | 64,000 | 64,702 | |||||||||||
| Invitation Homes, Inc. | 2.30% | 11/15/2028 | 57,000 | 53,656 | |||||||||||
| Invitation Homes, Inc. | 2.00% | 08/15/2031 | 36,000 | 30,824 | |||||||||||
| Invitation Homes, Inc. | 5.50% | 08/15/2033 | 21,000 | 21,046 | |||||||||||
| Kite Realty Group LP | 4.00% | 10/01/2026 | 15,000 | 14,960 | |||||||||||
| Mid-America Apartments LP | 5.30% | 02/15/2032 | 23,000 | 23,664 | |||||||||||
| NNN REIT, Inc. | 4.60% | 02/15/2031 | 130,000 | 129,266 | |||||||||||
| Piedmont Operating Partnership LP | 2.75% | 04/01/2032 | 10,000 | 8,406 | |||||||||||
| Realty Income Corp. | 3.95% | 08/15/2027 | 58,000 | 57,726 |
10
| Rexford Industrial Realty LP | 2.15% | 09/01/2031 | 105,000 | $ | 91,128 | ||||||||||
| Sabra Health Care LP | 3.20% | 12/01/2031 | 16,000 | 14,450 | |||||||||||
| Welltower OP LLC | 4.50% | 07/01/2030 | 119,000 | 119,091 | |||||||||||
| Weyerhaeuser Co.(d) | 4.75% | 05/15/2026 | 6,000 | 6,001 | |||||||||||
| 1,006,924 | |||||||||||||||
| Refining & Marketing - 0.0%(b) | |||||||||||||||
| Marathon Petroleum Corp. | 5.13% | 12/15/2026 | 33,000 | 33,112 | |||||||||||
| Retail - Consumer Discretionary - 0.7% | |||||||||||||||
| Amazon.com, Inc. | 4.25% | 03/13/2031 | 63,000 | 62,533 | |||||||||||
| Amazon.com, Inc. | 2.10% | 05/12/2031 | 46,000 | 41,226 | |||||||||||
| Amazon.com, Inc. | 4.55% | 03/13/2033 | 93,000 | 92,185 | |||||||||||
| Amazon.com, Inc. | 4.35% | 03/20/2033 | 44,000 | 43,244 | |||||||||||
| Amazon.com, Inc. | 4.65% | 11/20/2035 | 41,000 | 40,200 | |||||||||||
| Home Depot, Inc. | 1.38% | 03/15/2031 | 125,000 | 108,101 | |||||||||||
| Lowe’s Cos., Inc. | 4.00% | 10/15/2028 | 99,000 | 98,221 | |||||||||||
| Lowe’s Cos., Inc. | 4.50% | 10/15/2032 | 63,000 | 61,979 | |||||||||||
| 547,689 | |||||||||||||||
| Semiconductors - 0.5% | |||||||||||||||
| Applied Materials, Inc. | 4.60% | 01/15/2036 | 133,000 | 129,153 | |||||||||||
| Broadcom, Inc. | 5.05% | 04/15/2030 | 29,000 | 29,563 | |||||||||||
| Broadcom, Inc. | 2.45% | 02/15/2031 | 27,000 | 24,525 | |||||||||||
| Broadcom, Inc. | 4.80% | 10/15/2034 | 32,000 | 31,545 | |||||||||||
| Broadcom, Inc. | 3.19% | 11/15/2036 | 49,000 | 41,007 | |||||||||||
| Intel Corp. | 5.20% | 02/10/2033 | 3,000 | 3,025 | |||||||||||
| Micron Technology, Inc. | 5.80% | 01/15/2035 | 34,000 | 36,215 | |||||||||||
| Micron Technology, Inc. | 3.37% | 11/01/2041 | 25,000 | 19,448 | |||||||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. | 4.30% | 06/18/2029 | 28,000 | 27,759 | |||||||||||
| 342,240 | |||||||||||||||
| Software & Services - 1.4% | |||||||||||||||
| Accenture Capital, Inc. | 4.25% | 10/04/2031 | 90,000 | 88,981 | |||||||||||
| Adobe, Inc. | 4.95% | 01/17/2030 | 43,000 | 43,867 | |||||||||||
| Booz Allen Hamilton, Inc. (Callable 04/09/2026) | 3.88% | 09/01/2028 | 52,000 | 50,626 | |||||||||||
| International Business Machines Corp. | 4.95% | 02/03/2036 | 102,000 | 99,436 | |||||||||||
| Intuit, Inc. | 5.20% | 09/15/2033 | 35,000 | 35,628 | |||||||||||
| MSCI, Inc. | 3.63% | 09/01/2030 | 59,000 | 55,785 | |||||||||||
| Oracle Corp. | 2.30% | 03/25/2028 | 66,000 | 62,877 | |||||||||||
| Oracle Corp. | 2.95% | 04/01/2030 | 39,000 | 35,588 | |||||||||||
| Oracle Corp. | 4.95% | 02/04/2031 | 55,000 | 53,868 | |||||||||||
| Oracle Corp. | 4.90% | 02/06/2033 | 47,000 | 44,589 | |||||||||||
| Oracle Corp. | 3.90% | 05/15/2035 | 29,000 | 24,571 | |||||||||||
| Oracle Corp. | 5.20% | 09/26/2035 | 21,000 | 19,670 | |||||||||||
| Oracle Corp. | 3.85% | 07/15/2036 | 46,000 | 38,161 | |||||||||||
| Oracle Corp. | 3.80% | 11/15/2037 | 31,000 | 24,649 | |||||||||||
| Oracle Corp. | 5.88% | 09/26/2045 | 17,000 | 14,730 | |||||||||||
| Oracle Corp. | 5.38% | 09/27/2054 | 48,000 | 37,306 | |||||||||||
| Oracle Corp. | 6.00% | 08/03/2055 | 22,000 | 18,519 | |||||||||||
| Roper Technologies, Inc. | 4.25% | 09/15/2028 | 22,000 | 21,868 | |||||||||||
| S&P Global, Inc. | 2.95% | 03/01/2029 | 41,000 | 39,500 | |||||||||||
| S&P Global, Inc. | 1.25% | 08/15/2030 | 46,000 | 40,115 | |||||||||||
| Salesforce, Inc. | 4.90% | 09/15/2031 | 53,000 | 52,914 |
11
| Salesforce, Inc. | 5.20% | 03/15/2033 | 64,000 | $ | 63,937 | ||||||||||
| Salesforce, Inc. | 5.55% | 03/15/2036 | 45,000 | 44,892 | |||||||||||
| Synopsys, Inc. | 5.00% | 04/01/2032 | 27,000 | 27,245 | |||||||||||
| 1,039,322 | |||||||||||||||
| Sovereigns - 0.7% | |||||||||||||||
| Mexico Government International Bond | 5.63% | 09/22/2035 | 200,000 | 192,800 | |||||||||||
| Mexico Government International Bond | 6.63% | 01/29/2038 | 200,000 | 203,224 | |||||||||||
| Republic of Poland Government International Bond | 5.38% | 02/12/2035 | 100,000 | 102,105 | |||||||||||
| 498,129 | |||||||||||||||
| Supermarkets & Pharmacies - 0.5% | |||||||||||||||
| Alimentation Couche-Tard, Inc. | 4.15% | 09/29/2028 | 357,000 | 354,484 | |||||||||||
| Tobacco - 0.3% | |||||||||||||||
| BAT Capital Corp. | 3.56% | 08/15/2027 | 22,000 | 21,766 | |||||||||||
| BAT Capital Corp. | 5.83% | 02/20/2031 | 13,000 | 13,606 | |||||||||||
| Philip Morris International, Inc. | 4.88% | 02/13/2029 | 53,000 | 53,795 | |||||||||||
| Philip Morris International, Inc. | 4.75% | 11/01/2031 | 125,000 | 125,594 | |||||||||||
| 214,761 | |||||||||||||||
| Transportation & Logistics - 0.4% | |||||||||||||||
| FedEx Corp.(c) | 1.88% | 02/20/2034 | 23,295 | 20,109 | |||||||||||
| PACCAR Financial Corp.(d) | 4.00% | 08/08/2028 | 66,000 | 65,969 | |||||||||||
| Ryder System, Inc. | 5.50% | 06/01/2029 | 44,000 | 45,264 | |||||||||||
| Ryder System, Inc. | 5.00% | 03/15/2030 | 108,000 | 109,331 | |||||||||||
| Ryder System, Inc. | 6.60% | 12/01/2033 | 24,000 | 26,322 | |||||||||||
| 266,995 | |||||||||||||||
| Travel & Lodging - 0.4% | |||||||||||||||
| Marriott International, Inc. | 2.85% | 04/15/2031 | 108,000 | 98,924 | |||||||||||
| Marriott International, Inc. | 4.50% | 10/15/2031 | 131,000 | 129,525 | |||||||||||
| Marriott International, Inc. | 5.35% | 03/15/2035 | 17,000 | 17,128 | |||||||||||
| Marriott International, Inc. | 5.25% | 10/15/2035 | 52,000 | 51,776 | |||||||||||
| 297,353 | |||||||||||||||
| Utilities - 5.7% | |||||||||||||||
| Aes Corp. | 5.80% | 03/15/2032 | 45,000 | 45,242 | |||||||||||
| Alabama Power Co. | 5.85% | 11/15/2033 | 21,000 | 22,252 | |||||||||||
| Algonquin Power & Utilities Corp.(d) | 5.37% | 06/15/2026 | 33,000 | 33,015 | |||||||||||
| American Electric Power Co., Inc. | 5.63% | 03/01/2033 | 15,000 | 15,513 | |||||||||||
| American Transmission Systems, Inc. | 2.65% | 01/15/2032 | 18,000 | 16,146 | |||||||||||
| Arizona Public Service Co. | 2.95% | 09/15/2027 | 60,000 | 58,708 | |||||||||||
| Avangrid, Inc. (Callable 03/01/2029) | 3.80% | 06/01/2029 | 23,000 | 22,448 | |||||||||||
| Black Hills Corp. | 3.05% | 10/15/2029 | 15,000 | 14,253 | |||||||||||
| Black Hills Corp. | 4.55% | 01/31/2031 | 37,000 | 36,635 | |||||||||||
| Black Hills Corp. | 6.00% | 01/15/2035 | 17,000 | 17,653 | |||||||||||
| CenterPoint Energy, Inc. | 5.40% | 06/01/2029 | 30,000 | 30,757 | |||||||||||
| Cleveland Electric Illuminating Co. | 3.50% | 04/01/2028 | 104,000 | 101,888 | |||||||||||
| CMS Energy Corp.(a) | 4.75% | 06/01/2050 | 41,000 | 39,776 | |||||||||||
| DTE Energy Co. | 5.20% | 04/01/2030 | 158,000 | 161,200 | |||||||||||
| Duke Energy Carolinas LLC | 2.55% | 04/15/2031 | 178,000 | 162,902 | |||||||||||
| Duke Energy Florida LLC | 2.40% | 12/15/2031 | 28,000 | 25,047 | |||||||||||
| Duke Energy Florida LLC | 5.88% | 11/15/2033 | 10,000 | 10,629 |
12
| Duquesne Light Holdings, Inc. | 2.53% | 10/01/2030 | 14,000 | $ | 12,752 | ||||||||||
| Enel Finance International NV(d) | 4.13% | 09/30/2028 | 200,000 | 198,406 | |||||||||||
| Entergy Corp. | 2.80% | 06/15/2030 | 139,000 | 129,302 | |||||||||||
| Entergy Corp. | 2.40% | 06/15/2031 | 146,000 | 129,706 | |||||||||||
| Entergy Texas, Inc. | 4.00% | 03/30/2029 | 22,000 | 21,821 | |||||||||||
| Essential Utilities, Inc. | 2.70% | 04/15/2030 | 141,000 | 130,926 | |||||||||||
| Essential Utilities, Inc. | 5.38% | 01/15/2034 | 14,000 | 14,197 | |||||||||||
| Essential Utilities, Inc. | 5.25% | 08/15/2035 | 18,000 | 17,996 | |||||||||||
| Evergy Kansas Central, Inc. | 5.25% | 03/15/2035 | 14,000 | 14,136 | |||||||||||
| Eversource Energy | 1.40% | 08/15/2026 | 35,000 | 34,614 | |||||||||||
| Eversource Energy | 2.90% | 03/01/2027 | 57,000 | 56,277 | |||||||||||
| Eversource Energy | 5.95% | 02/01/2029 | 48,000 | 49,725 | |||||||||||
| Eversource Energy | 5.50% | 01/01/2034 | 18,000 | 18,270 | |||||||||||
| Exelon Corp. | 5.15% | 03/15/2028 | 59,000 | 59,703 | |||||||||||
| FirstEnergy Corp. | 3.90% | 07/15/2027 | 72,000 | 71,419 | |||||||||||
| Florida Power & Light Co. | 4.63% | 05/15/2030 | 125,000 | 126,304 | |||||||||||
| Florida Power & Light Co. | 5.30% | 06/15/2034 | 20,000 | 20,562 | |||||||||||
| Georgia Power Co. | 4.65% | 05/16/2028 | 21,000 | 21,172 | |||||||||||
| Idaho Power Co. | 4.85% | 03/01/2036 | 40,000 | 39,189 | |||||||||||
| IPALCO Enterprises, Inc. | 4.25% | 05/01/2030 | 27,000 | 26,016 | |||||||||||
| Kentucky Utilities Co. | 5.45% | 04/15/2033 | 10,000 | 10,344 | |||||||||||
| Louisville Gas and Electric Co. | 5.45% | 04/15/2033 | 17,000 | 17,595 | |||||||||||
| Monongahela Power Co. | 3.55% | 05/15/2027 | 25,000 | 24,759 | |||||||||||
| Monongahela Power Co. | 5.85% | 02/15/2034 | 24,000 | 25,200 | |||||||||||
| Narragansett Electric Co. | 3.40% | 04/09/2030 | 15,000 | 14,347 | |||||||||||
| National Grid PLC | 5.42% | 01/11/2034 | 38,000 | 38,743 | |||||||||||
| National Rural Utilities Cooperative Finance Corp. | 2.40% | 03/15/2030 | 141,000 | 130,969 | |||||||||||
| National Rural Utilities Cooperative Finance Corp. | 1.65% | 06/15/2031 | 160,000 | 137,945 | |||||||||||
| National Rural Utilities Cooperative Finance Corp. | 2.75% | 04/15/2032 | 18,000 | 16,156 | |||||||||||
| National Rural Utilities Cooperative Finance Corp. | 4.15% | 12/15/2032 | 31,000 | 30,080 | |||||||||||
| National Rural Utilities Cooperative Finance Corp. | 5.80% | 01/15/2033 | 4,000 | 4,242 | |||||||||||
| NextEra Energy Capital Holdings, Inc. | 5.30% | 03/15/2032 | 32,000 | 32,754 | |||||||||||
| NextEra Energy Capital Holdings, Inc. | 5.85% | 03/01/2056 | 5,000 | 4,883 | |||||||||||
| NextEra Energy Capital Holdings, Inc.(a) | 3.80% | 03/15/2082 | 48,000 | 46,373 | |||||||||||
| Niagara Mohawk Power Corp. | 1.96% | 06/27/2030 | 189,000 | 170,071 | |||||||||||
| NiSource, Inc. | 5.85% | 04/01/2055 | 11,000 | 10,713 | |||||||||||
| NorthWestern Corp. | 5.07% | 03/21/2030 | 83,000 | 84,366 | |||||||||||
| NSTAR Electric Co. | 1.95% | 08/15/2031 | 22,000 | 19,255 | |||||||||||
| NSTAR Electric Co. | 5.40% | 06/01/2034 | 9,000 | 9,211 | |||||||||||
| OGE Energy Corp. | 5.45% | 05/15/2029 | 24,000 | 24,592 | |||||||||||
| ONE Gas, Inc. | 5.10% | 04/01/2029 | 71,000 | 72,466 | |||||||||||
| Pacific Gas and Electric Co. | 4.45% | 04/15/2042 | 3,000 | 2,481 | |||||||||||
| PPL Capital Funding, Inc. | 3.10% | 05/15/2026 | 70,000 | 69,894 | |||||||||||
| Public Service Electric and Gas Co. | 5.20% | 03/01/2034 | 25,000 | 25,447 | |||||||||||
| Public Service Enterprise Group, Inc. | 5.20% | 04/01/2029 | 28,000 | 28,549 | |||||||||||
| Public Service Enterprise Group, Inc. | 4.90% | 03/15/2030 | 127,000 | 128,275 | |||||||||||
| Public Service Enterprise Group, Inc. | 2.45% | 11/15/2031 | 32,000 | 28,396 | |||||||||||
| Public Service Enterprise Group, Inc. | 5.40% | 03/15/2035 | 10,000 | 10,137 | |||||||||||
| SCE Recovery Funding LLC(c) | 4.45% | 03/15/2036 | 450,000 | 446,063 | |||||||||||
| Southern Co.(d) | 5.11% | 08/01/2027 | 35,000 | 35,309 | |||||||||||
| Southern Co.(a) | 3.75% | 09/15/2051 | 45,000 | 44,703 | |||||||||||
| Southern Power Co. | 4.25% | 10/01/2030 | 164,000 | 161,708 | |||||||||||
| Southwestern Public Service Co. | 5.30% | 05/15/2035 | 76,000 | 76,312 | |||||||||||
| Tucson Electric Power Co. | 5.20% | 09/15/2034 | 27,000 | 27,192 |
13
| Virginia Electric and Power Co. | 4.95% | 03/15/2036 | 59,000 | $ | 57,540 | ||||||||||
| WEC Energy Group, Inc. | 5.15% | 10/01/2027 | 64,000 | 64,698 | |||||||||||
| WEC Energy Group, Inc. | 1.38% | 10/15/2027 | 38,000 | 36,298 | |||||||||||
| Wisconsin Electric Power Co. | 1.70% | 06/15/2028 | 25,000 | 23,717 | |||||||||||
| Wisconsin Power and Light Co. | 5.38% | 03/30/2034 | 17,000 | 17,274 | |||||||||||
| Xcel Energy, Inc. | 5.60% | 04/15/2035 | 32,000 | 32,558 | |||||||||||
| 4,248,172 | |||||||||||||||
| Wireless Telecommunications Services - 0.6% | |||||||||||||||
| Sprint Capital Corp.(d) | 6.88% | 11/15/2028 | 89,000 | 94,110 | |||||||||||
| Sprint Capital Corp.(d) | 8.75% | 03/15/2032 | 56,000 | 66,613 | |||||||||||
| T-Mobile USA, Inc. | 2.05% | 02/15/2028 | 11,000 | 10,556 | |||||||||||
| T-Mobile USA, Inc. | 3.38% | 04/15/2029 | 10,000 | 9,693 | |||||||||||
| T-Mobile USA, Inc. | 3.88% | 04/15/2030 | 2,000 | 1,948 | |||||||||||
| T-Mobile USA, Inc. | 3.50% | 04/15/2031 | 137,000 | 129,617 | |||||||||||
| T-Mobile USA, Inc. | 5.30% | 05/15/2035 | 35,000 | 35,331 | |||||||||||
| Verizon Communications, Inc. | 2.55% | 03/21/2031 | 64,000 | 58,136 | |||||||||||
| Verizon Communications, Inc. | 4.40% | 11/01/2034 | 14,000 | 13,342 | |||||||||||
| Verizon Communications, Inc. | 5.00% | 01/15/2036 | 42,000 | 41,187 | |||||||||||
| Verizon Communications, Inc.(d) | 4.81% | 03/15/2039 | 10,000 | 9,332 | |||||||||||
| 469,865 | |||||||||||||||
| Wireline Telecommunications Services - 0.6% | |||||||||||||||
| NTT Finance Corp. | 1.16% | 04/03/2026 | 200,000 | 199,963 | |||||||||||
| NTT Finance Corp.(d) | 4.57% | 07/16/2027 | 250,000 | 250,622 | |||||||||||
| 450,585 | |||||||||||||||
| TOTAL CORPORATE BONDS (Cost $26,619,024) | 26,370,389 | ||||||||||||||
| MORTGAGE-BACKED SECURITIES - 23.9% | Par | Value | |||||||||||||
| Fannie Mae Pool | |||||||||||||||
| Pool Fn Fa2839, 2.50%, 07/01/2052 | 1,454,301 | 1,227,420 | |||||||||||||
| Pool Fn Fs5050, 3.00%, 06/01/2052 | 2,319,910 | 2,046,246 | |||||||||||||
| Pool Fn Fs9860, 2.00%, 06/01/2052 | 2,489,783 | 2,009,494 | |||||||||||||
| Pool Fn Ma5759, 5.00%, 07/01/2055 | 1,999,687 | 1,973,936 | |||||||||||||
| Pool Fn Ma5853, 5.50%, 10/01/2055 | 978,746 | 983,970 | |||||||||||||
| Pool Fn Ma5877, 4.50%, 11/01/2055 | 1,964,790 | 1,897,623 | |||||||||||||
| Freddie Mac Pool | |||||||||||||||
| Pool Fr Rq0028, 6.00%, 07/01/2055 | 1,695,296 | 1,728,931 | |||||||||||||
| Pool Fr Rq0056, 5.50%, 10/01/2055 | 1,961,051 | 1,971,519 | |||||||||||||
| Ginnie Mae II Pool | |||||||||||||||
| Pool G2 Ma7471, 2.00%, 07/20/2051 | 2,291,420 | 1,892,789 | |||||||||||||
| Pool G2 Ma7472, 2.50%, 07/20/2051 | 1,177,963 | 1,014,102 | |||||||||||||
| Pool G2 Ma7988, 3.00%, 04/20/2052 | 1,078,803 | 964,349 | |||||||||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $17,794,561) | 17,710,379 | ||||||||||||||
| Principal | |||||||||||||||
| U.S. TREASURY SECURITIES - 10.2% | Amount | Value | |||||||||||||
| U.S. Treasury Note/Bond | |||||||||||||||
| 4.63%, 11/15/2055 | 311,300 | 298,289 | |||||||||||||
| 4.63%, 02/15/2046 | 1,602,400 | 1,547,943 | |||||||||||||
| 4.25%, 03/31/2033 | 1,701,200 | 1,713,826 | |||||||||||||
| 3.88%, 03/31/2028 | 624,700 | 625,615 | |||||||||||||
| 3.50%, 03/15/2029 | 1,669,700 | 1,654,894 | |||||||||||||
| 3.88%, 03/31/2031 | 1,708,500 | 1,703,228 | |||||||||||||
| TOTAL U.S. TREASURY SECURITIES (Cost $7,593,279) | 7,543,795 | ||||||||||||||
14
| SHORT-TERM INVESTMENTS - 2.5% | ||||||||
| Principal | ||||||||
| U.S. Treasury Bills - 2.5% | Amount | Value | ||||||
| U.S. Treasury Bill, 5/7/2026, 0%(e) | 1,850,000 | $ | 1,843,257 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,843,270) | 1,843,257 | |||||||
| TOTAL INVESTMENTS - 99.7% (Cost $74,446,774) | $ | 74,025,643 | ||||||
| Other Assets in Excess of Liabilities - 0.3% | 250,320 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 74,275,963 | ||||||
Percentages are stated as a percent of net assets.
| PLC | Public Limited Company |
| (a) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2026. |
| (b) | Does not round to 0.1% or (0.1)%, as applicable. |
| (c) | Sinkable security. |
| (d) | At maturity security. Interest is paid in full at the maturity date. |
| (e) | The rate shown is the annualized effective yield as of March 31, 2026. |
15
Voya Core Bond ETF
Schedule of Written Options Contracts
March 31, 2026
WRITTEN OPTIONS - 0.0%(a)(b)(c)
Payer Swaptions - 0.0%(a)
| Description | Contracts | Counterparty | (Pay)/Receive Fixed Rate |
Expiration Date |
Premiums Received |
Value | ||||||||||||
| CDX North American Investment | ||||||||||||||||||
| Grade Series 45 Index, Expiration: | ||||||||||||||||||
| 5/20/2026; Exercise Rate: 0.60% | 5,539,000 | Morgan Stanley | Receive | 12/20/2030 | $ | (10,041 | ) | $ | (13,783 | ) | ||||||||
| TOTAL WRITTEN OPTIONS | ||||||||||||||||||
| (Premiums received $(10,041)) | (13,783 | ) | ||||||||||||||||
Percentages are stated as a percent of net assets.
| (a) | Does not round to 0.1% or (0.1)%, as applicable. |
| (b) | 100 shares per contract. |
| (c) | Exchange-traded. |
16
Voya Core Bond ETF
Schedule of Futures Contracts
March 31, 2026
The Voya Core Bond ETF had the following futures contracts outstanding with Morgan Stanley & Co., LLC as of March 31, 2026:
EXCHANGE TRADED FUTURES CONTRACTS - (0.3)%
| Description |
Contracts Purchased |
Expiration Date |
Notional Value |
Value / Unrealized Appreciation (Depreciation) |
||||||||||
| U.S. 2-Year Treasury Note | 57 | 06/30/2026 | $ | 11,824,383 | $ | 4,579 | ||||||||
| U.S. 5-Year Treasury Note | 38 | 06/30/2026 | 4,110,828 | (10,479 | ) | |||||||||
| U.S. Treasury Long Bond | 13 | 06/18/2026 | 1,480,375 | (42,684 | ) | |||||||||
| U.S. Treasury Ultra 10-Year Note | 34 | 06/18/2026 | 3,859,531 | 2,954 | ||||||||||
| U.S. Treasury Ultra Bond | 50 | 06/18/2026 | 5,828,125 | (140,580 | ) | |||||||||
| (186,210 | ) | |||||||||||||
| Description |
Contracts Sold |
Expiration Date |
Notional Value |
Value / Unrealized Appreciation (Depreciation) |
||||||||||
| U.S. 10-Year Treasury Note | (28 | ) | 06/18/2026 | (3,109,313 | ) | (6,620 | ) | |||||||
| Net Unrealized Appreciation (Depreciation) | (192,830 | ) | ||||||||||||
The Company has recorded an asset of $27,714 as of March 31, 2026, related to the current day's variation margin related to these contracts.
17
Voya Core Bond ETF
Schedule of Credit Default Swaps Contracts
March 31, 2026
CENTRALLY CLEARED CREDIT DEFAULT SWAPS - 0.0%
| Reference Entity |
Pay/ Receive Reference Entity |
Financing Rate | Payment Frequency |
Maturity Date |
Notional Value |
Upfront Payments |
Value / Unrealized Appreciation (Depreciation) |
|||||||||||||||
| CDX High Yield Index Series 46, Version 1 | Receive | 5.00 | % | Quarterly | 06/20/2031 | $ | 2,090,000 | $ | 81,941 | $ | 21,676 | |||||||||||
| CDX Investment Grade Index Series 46, Version 1 | Receive | 1.00 | % | Quarterly | 06/20/2031 | 5,000,000 | 93,028 | 4,943 | ||||||||||||||
| 26,619 | ||||||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 26,619 | |||||||||||||||||||||
The Company has recorded an asset of $30,074 as of March 31, 2026, related to the current day's variation margin related to these contracts.
18
Voya Core Bond ETF
Schedule of Interest Rate Swaps Contracts
March 31, 2026
CENTRALLY CLEARED INTEREST RATE SWAPS - 0.2%
|
Fund Pays Fixed Rate |
Payment Frequency |
Rate Received |
Payment Frequency |
Maturity Date |
Notional Amount |
Upfront payments/ (receipts) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| 3.3660 | % | Annually | USD-SOFR-COMPOUND | Annually | 02/23/2031 | $ | 3,430,000 | - | $ | 38,687 | ||||||||||||
| 3.3890 | % | Monthly | USD-SOFR-COMPOUND. | Monthly | 02/04/2029 | 4,260,000 | - | 16,522 | ||||||||||||||
| 3.3000 | % | Annually | USD-SOFR-COMPOUND | Annually | 02/24/2028 | 3,300,000 | - | 21,233 | ||||||||||||||
| 3.4571 | % | Annually | USD-SOFR-COMPOUND | Annually | 02/25/2027 | 3,500,000 | - | 8,384 | ||||||||||||||
| 3.4993 | % | Annually | USD-SOFR-COMPOUND | Annually | 02/24/2033 | 2,375,000 | - | 30,101 | ||||||||||||||
| 3.6072 | % | Annually | USD-SOFR-COMPOUND | Annually | 02/25/2036 | 1,100,000 | - | 21,702 | ||||||||||||||
| 136,629 | ||||||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 136,629 | |||||||||||||||||||||
The Company has recorded a liability of $15,131 as of March 31, 2026, related to the current day's variation margin related to these contracts.
19
Voya Multi-Sector Income ETF
Schedule of Investments
March 31, 2026
| BANK LOANS - 0.5% | Principal Amount | Value | ||||||
| Consumer Discretionary Products - 0.0%(a) | ||||||||
| Chariot Buyer, Term Loan, 6.41%, (TSFR1M + 2.75%), 09/08/2032 | 100,000 | $ | 99,148 | |||||
| Osmosis Buyer, Term Loan, 6.41%, (TSFR1M + 2.75%), 07/31/2028 | 50,000 | 49,895 | ||||||
| 149,043 | ||||||||
| Consumer Discretionary Services - 0.1% | ||||||||
| AmaWaterways, Term Loan, 6.16%, (TSFR1M + 2.50%), 05/01/2031 | 50,000 | 49,594 | ||||||
| Flynn Restaurant Group, Term Loan, 6.16%, (TSFR1M + 2.50%), 01/31/2032 | 50,000 | 49,187 | ||||||
| Fugue Finance, Term Loan, 5.91%, (TSFR1M + 2.25%), 01/09/2032 | 100,000 | 99,000 | ||||||
| PCI Gaming Authority, Term Loan, 5.66%, (TSFR1M + 2.00%), 07/31/2031 | 50,000 | 50,045 | ||||||
| 247,826 | ||||||||
| Consumer Staple Products - 0.0%(a) | ||||||||
| Primo Brands, Term Loan, 6.41%, (TSFR1M + 2.75%), 03/19/2031 | 50,000 | 50,141 | ||||||
| Financial Services - 0.0%(a) | ||||||||
| CPI Holdco LLC, Term Loan, 5.66%, (TSFR1M + 2.00%), 05/17/2031 | 24,390 | 24,251 | ||||||
| Jupiter Borrower, Inc., Term Loan, 6.41%, (TSFR1M + 2.75%), 03/25/2033 | 50,000 | 50,000 | ||||||
| 74,251 | ||||||||
| Health Care - 0.1% | ||||||||
| Bausch + Lomb, Term Loan, 7.41%, (TSFR1M + 3.75%), 01/15/2031 | 50,000 | 50,172 | ||||||
| ExamWorks BidCo, Term Loan, 6.16%, (TSFR1M + 2.50%), 01/30/2033 | 50,000 | 49,973 | ||||||
| Hologic, Term Loan, 5.91%, (TSFR1M + 2.25%), 01/14/2033 | 50,000 | 49,434 | ||||||
| 149,579 | ||||||||
| Industrial Products - 0.1% | ||||||||
| Hillenbrand Term, Term Loan, 7.16%, (TSFR1M + 3.50%), 01/22/2033 | 100,000 | 98,750 | ||||||
20
| Pro Mach Group I, Term Loan, 6.41%, (TSFR1M + 2.75%), 10/16/2032 | 100,000 | $ | 99,894 | |||||
| 198,644 | ||||||||
| Industrial Services - 0.0%(a) | ||||||||
| AlixPartners, Term Loan, 5.66%, (TSFR1M + 2.00%), 08/12/2032 | 50,000 | 49,605 | ||||||
| Azuria Water Solutions, Term Loan, 6.41%, (TSFR1M + 2.75%), 01/27/2033 | 44,118 | 43,787 | ||||||
| Azuria Water Solutions, Term Loan, 6.41%, (TSFR1M + 2.75%), 01/27/2033 | 5,882 | 5,832 | ||||||
| GardaWorld Security, Term Loan, 6.41%, (TSFR1M + 2.75%), 02/01/2029 | 50,000 | 49,750 | ||||||
| 148,974 | ||||||||
| Materials - 0.0%(a) | ||||||||
| Graham Packaging, Term Loan, 5.91%, (TSFR1M + 2.25%), 01/26/2033 | 100,000 | 99,063 | ||||||
| Windsor Holdings II, Term Loan, 6.41%, (TSFR1M + 2.75%), 08/01/2030 | 50,000 | 49,479 | ||||||
| 148,542 | ||||||||
| Oil & Gas - 0.1% | ||||||||
| CPPIB OVM Member, Term Loan, 5.91%, (TSFR1M + 2.25%), 08/20/2031 | 50,000 | 50,042 | ||||||
| EG Group, Term Loan, 6.91%, (TSFR1M + 3.25%), 02/10/2031 | 50,000 | 50,125 | ||||||
| Pelican Pipeline, Term Loan, 6.41%, (TSFR1M + 2.75%), 03/23/2033 | 50,000 | 50,094 | ||||||
| 150,261 | ||||||||
| Retail - Consumer Discretionary - 0.1% | ||||||||
| Great Outdoors Group, Term Loan, 6.91%, (TSFR1M + 3.25%), 01/23/2032 | 50,000 | 49,973 | ||||||
| Mister Car Wash, Term Loan, 6.66%, (TSFR1M + 3.00%), 01/27/2033 | 50,000 | 49,532 | ||||||
| Peer Holding I B.V., Term Loan, 5.91%, (TSFR1M + 2.25%), 09/27/2032 | 15,000 | 14,890 | ||||||
| Peer Holding III B.V., Term Loan, 6.18%, (TSFR3M + 2.50%), 07/01/2031 | 37,179 | 37,210 | ||||||
| 151,605 | ||||||||
| Software & Services - 0.0%(a) | ||||||||
| Amentum Holdings, Term Loan, 5.91%, (TSFR1M + 2.25%), 09/29/2031 | 50,000 | 50,039 |
21
| Utilities - 0.0%(a) | ||||||||
| Discovery Energy, Term Loan, 6.68%, (TSFR3M + 3.00%), 05/01/2031 | 50,000 | $ | 50,000 | |||||
| TOTAL BANK LOANS (Cost $1,574,012) | 1,568,905 | |||||||
| COLLATERALIZED LOAN OBLIGATIONS - 19.0% | Principal Amount | Value | ||||||
| ACE Securities Corp Mortgage Loan Trust | ||||||||
| Series 2007-D1, Class A2, 6.34%, 02/25/2038 | 346,252 | 284,478 | ||||||
| Agate Bay Mortgage Trust(b) | ||||||||
| Series 2015-1, Class B4, 3.61%, 01/25/2045(b) | 780,872 | 629,206 | ||||||
| AMMC CLO 30 Ltd. | ||||||||
| Series 2024-30A, Class CR, 7.45%, (TSFR3M + 3.77%), 04/15/2039 | 500,000 | 498,405 | ||||||
| Apidos CLO XXXVI | ||||||||
| Series 2021-36A, Class CR, 5.52%, (TSFR3M + 1.84%), 01/20/2039 | 500,000 | 499,882 | ||||||
| Aqua Finance Trust | ||||||||
| Series 2020-AA, Class A, 1.90%, 07/17/2046 | 7,144 | 6,749 | ||||||
| Arbor Realty Commercial Real Estate Notes LLC | ||||||||
| Series 2025-FL1, Class A, 5.04%, (TSFR1M + 1.38%), 01/20/2043 | 400,000 | 399,452 | ||||||
| Series 2026-FL1, 5.41%, (TSFR1M + 1.75%), 09/20/2043 | 500,000 | 500,770 | ||||||
| AREIT | ||||||||
| Series 2025-CRE11, Class A, 5.21%, (TSFR1M + 1.55%), 07/25/2043 | 500,000 | 501,360 | ||||||
| ARES LX CLO Ltd. | ||||||||
| Series 2021-60A, Class AR2, 4.64%, (TSFR3M + 0.96%), 07/18/2034 | 250,000 | 249,463 | ||||||
| ARES1 | ||||||||
| Series 2024-IND2, Class A, 5.11%, (TSFR1M + 1.45%), 10/15/2034 | 1,500,000 | 1,501,742 | ||||||
| Bain Capital Credit CLO Ltd. | ||||||||
| Series 2021-2, 5.28%, (TSFR3M + 1.60%), 07/16/2034 | 1,000,000 | 993,750 | ||||||
| Ballyrock CLO 20 Ltd. | ||||||||
| Series 2022-20A, Class A1A3, 4.73%, (TSFR3M + 1.05%), 10/15/2036 | 250,000 | 249,628 | ||||||
| BANK | ||||||||
| Series 2021-BNK35, 2.46%, 06/15/2064 | 655,000 | 568,384 | ||||||
| BANK5(b) | ||||||||
| Series 2026-5YR21, Class B4, 0.00%, 04/15/2059(b) | 500,000 | 516,285 | ||||||
| BBCMS Mortgage Trust(b) | ||||||||
| Series 2022-C16, Class A5, 4.60%, 06/15/2055(b) | 490,000 | 481,189 | ||||||
| Beacon Container Finance II LLC | ||||||||
| Series 2021-1A, Class A, 2.25%, 10/22/2046 | 1,200,417 | 1,118,285 | ||||||
| Bear Stearns ALT-A Trust(b) | ||||||||
| Series 2005-7, Class 21A1, 5.50%, 09/25/2035(b) | 14,743 | 11,441 | ||||||
| Bellemeade Re Ltd. | ||||||||
| Series 2024-1, Class M1C, 7.48%, (SOFR30A + 3.83%), 08/25/2034 | 1,000,000 | 1,017,322 | ||||||
| Benchmark Mortgage Trust(b) | ||||||||
| Series 2018-B3, Class D, 3.05%, 04/10/2051(b) | 1,000,000 | 701,221 | ||||||
22
| BOCA Commercial Mortgage Trust | ||||||||
| Series 2025-BOCA, Class A, 5.26%, (TSFR1M + 1.60%), 12/15/2042 | 750,000 | $ | 751,701 | |||||
| BOFAS Re-REMIC Trust(b) | ||||||||
| Series 2026-FRR8, 1.42%, 04/27/2054(b) | 275,000 | 234,401 | ||||||
| Bowling Green Park CLO LLC | ||||||||
| Series 2019-1A, Class CRR, 5.44%, (TSFR3M + 1.76%), 04/18/2035 | 750,000 | 746,430 | ||||||
| Brant Point CLO Ltd. | ||||||||
| Series 2024-3, 5.48%, (TSFR3M + 1.80%), 01/20/2039 | 500,000 | 500,433 | ||||||
| BSPDF Issuer LLC | ||||||||
| Series 2026-FL3, 5.10%, (TSFR1M + 1.44%), 09/18/2043 | 500,000 | 500,403 | ||||||
| BSPRT Issuer LLC | ||||||||
| Series 2025-FL12, Class A, 5.07%, (TSFR1M + 1.41%), 01/17/2043 | 500,000 | 499,857 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2026-CSMO, 5.06%, (TSFR1M + 1.40%), 02/15/2043 | 500,000 | 500,749 | ||||||
| BX Trust | ||||||||
| Series 2025-ARIA, Class C, 5.52%, 12/13/2042(b) | 500,000 | 499,059 | ||||||
| Series 2026-RISE, Class A, 0.00%, 04/15/2041 | 750,000 | 750,938 | ||||||
| BXMT Ltd. | ||||||||
| Series 2026-FL6, 5.12%, (TSFR1M + 1.46%), 08/19/2043 | 1,500,000 | 1,500,657 | ||||||
| Chase Funding Trust | ||||||||
| Series 2003-5, Class 2A2, 4.37%, (TSFR1M + 0.71%), 07/25/2033 | 9,423 | 9,470 | ||||||
| Chase Home Lending Mortgage Trust Series(b) | ||||||||
| Series 2026-3, 5.00%, 01/25/2057(b) | 800,000 | 782,088 | ||||||
| CIFC Funding Ltd. | ||||||||
| Series 2023-II, 4.80%, (TSFR3M + 1.12%), 01/21/2037 | 500,000 | 499,047 | ||||||
| CIM Trust(b) | ||||||||
| Series 2019-INV2, Class A3, 4.00%, 05/25/2049(b) | 107,587 | 102,111 | ||||||
| Series 2019-J1, Class B2, 3.94%, 08/25/2049(b) | 357,285 | 337,853 | ||||||
| Series 2019-J2, Class A13, 3.50%, 10/25/2049(b) | 85,947 | 77,841 | ||||||
| Citigroup Commercial Mortgage Trust(b) | ||||||||
| Series 2016-P4, Class C, 3.92%, 07/10/2049(b) | 725,000 | 680,530 | ||||||
| Series 2016-P5, Class B, 3.70%, 10/10/2049(b) | 200,000 | 183,756 | ||||||
| Series 2017-P7, 4.14%, 04/14/2050(b) | 990,000 | 935,049 | ||||||
| Series 2017-P8, Class AS, 3.79%, 09/15/2050(b) | 500,000 | 474,023 | ||||||
| Series 2020-GC46, 2.72%, 02/15/2053 | 850,000 | 785,379 | ||||||
| Citigroup Mortgage Loan Trust(b) | ||||||||
| Series 2006-AR2, Class 1A1, 5.37%, 03/25/2036(b) | 40,607 | 30,108 | ||||||
| Series 2007-10, Class 22AA, 4.45%, 09/25/2037(b) | 18,663 | 17,742 | ||||||
| CLI Funding VI LLC | ||||||||
| Series 2020-1A, Class A, 2.08%, 09/18/2045 | 44,563 | 41,951 | ||||||
| COMM 2018-COR3 Mortgage Trust | ||||||||
| Series 2018-COR3, Class A3, 4.23%, 05/10/2051 | 250,000 | 245,354 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2017-BGS, Class A1, 2.68%, 09/25/2042 | 13,873 | 13,110 | ||||||
| Series 2018-BGS, Class B, 3.99%, 09/25/2045 | 18,999 | 16,376 | ||||||
| Series 2020-AGS, Class A, 1.98%, 08/25/2050 | 19,247 | 17,307 | ||||||
| Connecticut Avenue Securities Trust | ||||||||
| Series 2020-R02, Class 2B1, 6.69%, (SOFR30A + 3.04%), 01/25/2040 | 100,000 | 101,304 | ||||||
| Series 2022-R06, Class 1M2, 7.31%, (SOFR30A + 3.66%), 05/25/2042 | 500,000 | 513,827 | ||||||
23
| Series 2023-R06, 6.22%, (SOFR30A + 2.57%), 07/25/2043 | 1,000,000 | $ | 1,022,935 | |||||
| Series 2024-R01, Class 1M2, 5.41%, (SOFR30A + 1.76%), 01/25/2044 | 500,000 | 504,508 | ||||||
| Countrywide Alternative Loan Trust | ||||||||
| Series 2004-J7, Class M1, 4.83%, (TSFR1M + 1.17%), 10/25/2034 | 24,891 | 24,799 | ||||||
| Series 2005-65CB, Class 2A4, 5.50%, 12/25/2035 | 29,183 | 19,277 | ||||||
| Series 2005-J2, Class 1A12, 5.35%, (TSFR1M + 1.69%), 04/25/2035 | 55,438 | 43,410 | ||||||
| Series 2006-13T1, Class A9, 6.00%, 05/25/2036 | 13,919 | 6,475 | ||||||
| Series 2006-19CB, Class A12, 10.15%, (TSFR1M + 6.49%), 08/25/2036 | 68,483 | 28,293 | ||||||
| Series 2007-23CB, Class A3, 12.86%, (TSFR1M + 9.20%), 09/25/2037 | 21,354 | 7,129 | ||||||
| Series 2007-2CB, Class 2A1, 11.61%, (TSFR1M + 7.95%), 03/25/2037 | 91,346 | 34,573 | ||||||
| DBWF Mortgage Trust(b) | ||||||||
| Series 2015-LCM, Class D, 3.42%, 06/10/2034(b) | 1,130,000 | 1,022,650 | ||||||
| Elevation CLO Ltd. | ||||||||
| Series 2026-19, 6.18%, (TSFR3M + 2.50%), 03/31/2038 | 250,000 | 249,424 | ||||||
| Flagstar Mortgage Trust(b) | ||||||||
| Series 2018-1, Class B3, 3.91%, 03/25/2048(b) | 71,616 | 65,714 | ||||||
| Series 2018-3INV, Class A3, 4.00%, 05/25/2048(b) | 269,716 | 252,086 | ||||||
| FS Trust | ||||||||
| Series 2026-HULA, 5.11%, (TSFR1M + 1.45%), 03/15/2041 | 500,000 | 500,635 | ||||||
| Galaxy 32 CLO Ltd. | ||||||||
| Series 2023-32A, Class CR, 5.43%, (TSFR3M + 1.75%), 01/20/2039 | 500,000 | 499,209 | ||||||
| Galaxy XXII CLO Ltd. | ||||||||
| Series 2016-22A, Class AR4, 4.69%, (TSFR3M + 1.01%), 04/16/2034 | 300,000 | 299,628 | ||||||
| GAM RE-REMIC Trust(c) | ||||||||
| Series 2022-FRR3, Class DK47, 0.00%, 05/27/2048 | 10,804 | 10,611 | ||||||
| Great Wolf Trust | ||||||||
| Series 2024-WOLF, 5.21%, (TSFR1M + 1.55%), 03/15/2039 | 500,000 | 500,385 | ||||||
| GS Mortgage-Backed Securities Corp. Trust(b) | ||||||||
| Series 2019-PJ2, Class A1, 4.00%, 11/25/2049(b) | 24,275 | 22,867 | ||||||
| GS Mortgage-Backed Securities Trust(b) | ||||||||
| Series 2020-NQM1, Class A2, 1.79%, 09/27/2060(b) | 93,232 | 88,783 | ||||||
| GSJP Trust | ||||||||
| Series 2025-BEDS, Class A, 5.20%, (TSFR1M + 1.54%), 12/15/2042 | 500,000 | 497,621 | ||||||
| GWT | ||||||||
| Series 2024-WLF2, 5.36%, (TSFR1M + 1.70%), 05/15/2041 | 1,500,000 | 1,501,808 | ||||||
| HERO Funding Trust | ||||||||
| Series 2015-2A, Class A, 3.99%, 09/20/2040 | 7,588 | 7,281 | ||||||
| HomeBanc Mortgage Trust | ||||||||
| Series 2004-1, Class 2A, 4.72%, (TSFR1M + 1.06%), 08/25/2029 | 8,128 | 8,011 | ||||||
| Invesco US CLO Ltd. | ||||||||
| Series 2026-1A, Class C, 0.00%, 04/15/2039 | 400,000 | 399,783 | ||||||
| JP Morgan Mortgage Trust Series(b) | ||||||||
| Series 2024-4, 7.05%, 10/25/2054(b) | 973,555 | 985,463 | ||||||
| Series 2024-8, 5.50%, 01/25/2055(b) | 876,290 | 872,600 |
24
| JP Morgan Mortgage Trust(b) | ||||||||
| Series 2026-1, 5.50%, 07/25/2056(b) | 293,571 | $ | 292,335 | |||||
| JPMorgan Mortgage Trust(b) | ||||||||
| Series 2016-4, Class A13, 3.50%, 10/25/2046(b) | 310,449 | 282,896 | ||||||
| Series 2017-5, Class B2, 4.70%, 10/26/2048(b) | 573,679 | 566,067 | ||||||
| Series 2018-8, Class A13, 4.00%, 01/25/2049(b) | 90,570 | 84,472 | ||||||
| Series 2019-1, Class A3, 4.00%, 05/25/2049(b) | 32,892 | 30,789 | ||||||
| Series 2019-2, Class A15, 3.99%, 08/25/2049(b) | 18,833 | 17,784 | ||||||
| Series 2019-5, Class A3, 4.00%, 11/25/2049(b) | 26,384 | 24,870 | ||||||
| Series 2019-8, Class A15, 3.50%, 03/25/2050(b) | 12,157 | 11,021 | ||||||
| Series 2019-LTV2, Class B3, 4.67%, 12/25/2049(b) | 384,021 | 370,491 | ||||||
| Series 2020-3, Class A15, 3.50%, 08/25/2050(b) | 122,982 | 110,782 | ||||||
| Series 2020-5, Class A15, 3.00%, 12/25/2050(b) | 114,875 | 99,705 | ||||||
| Series 2024-8, Class A9, 6.00%, 01/25/2055(b) | 438,145 | 441,178 | ||||||
| Series 2024-CCM1, Class A3, 5.50%, 04/25/2055(b) | 524,414 | 522,206 | ||||||
| LoanCore Issuer LLC | ||||||||
| Series 2025-CRE9, 5.12%, (TSFR1M + 1.46%), 08/18/2042 | 1,000,000 | 1,000,937 | ||||||
| Loanpal Solar Loan Ltd. | ||||||||
| Series 2020-2GF, Class A, 2.75%, 07/20/2047 | 49,823 | 41,574 | ||||||
| Series 2021-1GS, Class A, 2.29%, 01/20/2048 | 48,936 | 40,627 | ||||||
| Series 2021-2GS, Class A, 2.22%, 03/20/2048 | 84,599 | 66,853 | ||||||
| Madison Park Funding XXII Ltd. | ||||||||
| Series 2016-22A, Class CR2, 5.64%, (TSFR3M + 1.96%), 01/15/2038 | 500,000 | 498,500 | ||||||
| Magnetite XXXI Ltd. | ||||||||
| Series 2021-31A, Class A1R, 4.68%, (TSFR3M + 1.00%), 07/15/2034 | 250,000 | 249,375 | ||||||
| Series 2021-31A, Class DR, 6.30%, (TSFR3M + 2.62%), 07/15/2034 | 250,000 | 238,986 | ||||||
| Mill City Mortgage Loan Trust(b) | ||||||||
| Series 2017-2, Class M2, 3.25%, 07/25/2059(b) | 200,000 | 195,780 | ||||||
| Mill City Solar Loan Ltd. | ||||||||
| Series 2019-2GS, Class A, 3.69%, 07/20/2043 | 211,959 | 192,260 | ||||||
| Morgan Stanley Capital I Trust(b) | ||||||||
| Series 2022-L8, 3.79%, 04/15/2055(b) | 1,500,000 | 1,369,619 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust(b) | ||||||||
| Series 2024-3, Class A7, 6.00%, 07/25/2054(b) | 674,330 | 674,829 | ||||||
| Mosaic Solar Loan Trust | ||||||||
| Series 2018-1A, Class A, 4.01%, 06/22/2043 | 21,127 | 19,932 | ||||||
| Series 2018-2GS, Class B, 4.74%, 02/22/2044 | 16,064 | 14,595 | ||||||
| Series 2020-2A, Class A, 1.44%, 08/20/2046 | 34,336 | 29,058 | ||||||
| Series 2021-1A, Class B, 2.05%, 12/20/2046 | 41,820 | 32,783 | ||||||
| Mosaic Solar Loans LLC | ||||||||
| Series 2017-2A, Class A, 3.82%, 06/22/2043 | 543,259 | 513,994 | ||||||
| Navesink CLO Ltd. | ||||||||
| Series 2024-2A, Class CR, 5.77%, (TSFR3M + 2.09%), 01/15/2036 | 250,000 | 247,875 | ||||||
| Navient Private Education Refi Loan Trust | ||||||||
| Series 2019-A, Class A2A, 3.42%, 01/15/2043 | 2,347 | 2,343 | ||||||
| Neuberger Berman CLO XVII Ltd. | ||||||||
| Series 2014-17A, Class CR3, 5.81%, (TSFR3M + 2.13%), 07/22/2038 | 620,000 | 620,780 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd. | ||||||||
25
| Series 2017-25A, Class CR2, 5.76%, (TSFR3M + 2.08%), 07/18/2038 | 1,000,000 | $ | 1,001,258 | |||||
| Series 2019-33A, Class CR2, 5.66%, (TSFR3M + 1.98%), 04/16/2039 | 750,000 | 751,630 | ||||||
| NYC Trust(b) | ||||||||
| Series 2025-77C, Class B, 4.98%, 01/10/2036(b) | 500,000 | 496,731 | ||||||
| Oaktree CLO Ltd. | ||||||||
| Series 2022-3A, Class CR, 5.76%, (TSFR3M + 2.08%), 10/15/2037 | 350,000 | 350,445 | ||||||
| OBX Trust(b) | ||||||||
| Series 2019-INV2, Class A25, 4.00%, 05/27/2049(b) | 75,899 | 70,929 | ||||||
| Palmer Square CLO Ltd. | ||||||||
| Series 2021-1A, Class BR, 5.50%, (TSFR3M + 1.82%), 04/20/2038 | 250,000 | 248,470 | ||||||
| Palmer Square Loan Funding Ltd | ||||||||
| Series 2024-3, 4.81%, (TSFR3M + 1.13%), 08/08/2032 | 325,000 | 324,794 | ||||||
| Park Blue CLO Ltd | ||||||||
| Series 2023-IV, 5.48%, (TSFR3M + 1.80%), 01/25/2039 | 350,000 | 348,698 | ||||||
| PCY Trust(b) | ||||||||
| Series 2026-FCMT, Class A, 0.00%, 04/05/2041(b) | 750,000 | 754,968 | ||||||
| PMT Loan Trust(b) | ||||||||
| Series 2025-J2, 5.50%, 08/25/2056(b) | 898,809 | 895,024 | ||||||
| Prime Mortgage Trust | ||||||||
| Series 2007-1, Class A4, 5.50%, 03/25/2037 | 5,004 | 4,452 | ||||||
| Provident Funding Mortgage Trust(b) | ||||||||
| Series 2021-J1, Class A10, 2.00%, 10/25/2051(b) | 400,000 | 251,199 | ||||||
| RATE Mortgage Trust(b) | ||||||||
| Series 2021-HB1, Class A31, 2.50%, 12/25/2051(b) | 392,583 | 324,374 | ||||||
| RCKT Mortgage Trust(b) | ||||||||
| Series 2021-1, Class B3, 2.71%, 03/25/2051(b) | 427,065 | 360,855 | ||||||
| Renaissance Home Equity Loan Trust | ||||||||
| Series 2005-3, Class AF4, 5.64%, 11/25/2035 | 14,138 | 14,143 | ||||||
| Riverbank Park CLO Ltd. | ||||||||
| Series 2024-1A, Class C, 5.49%, (TSFR3M + 1.81%), 01/25/2038 | 750,000 | 746,542 | ||||||
| Sequoia Mortgage Trust(b) | ||||||||
| Series 2019-4, Class A19, 3.50%, 11/25/2049(b) | 63,558 | 57,698 | ||||||
| Series 2019-5, Class A7, 3.50%, 12/25/2049(b) | 278,902 | 252,274 | ||||||
| Series 2024-3, Class A19, 6.00%, 04/25/2054(b) | 153,213 | 153,757 | ||||||
| Series 2025-2, Class A19, 6.00%, 03/25/2055(b) | 432,287 | 433,432 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2021-A, 1.59%, 01/15/2053 | 1,140,168 | 1,056,382 | ||||||
| Series 2022-B, 3.94%, 02/16/2055 | 1,351,881 | 1,311,162 | ||||||
| Series 2022-C, 4.48%, 05/16/2050 | 1,214,708 | 1,203,828 | ||||||
| Sofi Professional Loan Program Trust | ||||||||
| Series 2018-D, Class A2FX, 3.60%, 02/25/2048 | 5,362 | 5,335 | ||||||
| Sound Point CLO XXVIII Ltd. | ||||||||
| Series 2020-3A, Class A1R, 4.94%, (TSFR3M + 1.26%), 01/25/2032 | 173,220 | 173,457 | ||||||
| Storm King Park CLO Ltd. | ||||||||
| Series 2022-1A, Class CR, 5.70%, (TSFR3M + 2.02%), 10/15/2037 | 1,250,000 | 1,244,399 | ||||||
26
| STWD LLC | ||||||||
| Series 2025-FL4, Class AS, 5.37%, (TSFR1M + 1.71%), 11/19/2042 | 800,000 | $ | 800,749 | |||||
| Sunnova Helios IX Issuer LLC | ||||||||
| Series 2022-B, Class A, 5.00%, 08/20/2049 | 332,687 | 286,804 | ||||||
| Sunnova Helios XI Issuer LLC | ||||||||
| Series 2023-A, Class A, 5.30%, 05/20/2050 | 340,873 | 308,293 | ||||||
| Sunnova Sol II Issuer LLC | ||||||||
| Series 2020-2A, Class A, 2.73%, 11/01/2055 | 168,540 | 146,476 | ||||||
| Sunnova Sol III Issuer LLC | ||||||||
| Series 2021-1, Class A, 2.58%, 04/28/2056 | 73,513 | 62,880 | ||||||
| Sunrun Bacchus Issuer LLC | ||||||||
| Series 2025-1A, Class A2A, 6.41%, 04/30/2060 | 592,352 | 594,701 | ||||||
| Sunrun Xanadu Issuer LLC | ||||||||
| Series 2019-1A, Class A, 3.98%, 06/30/2054 | 194,894 | 187,459 | ||||||
| Symphony CLO XVI Ltd. | ||||||||
| Series 2015-16A, Class ARR, 4.87%, (TSFR3M + 1.19%), 10/15/2031 | 45,108 | 45,131 | ||||||
| Symphony CLO XX Ltd. | ||||||||
| Series 2018-20A, Class AR2, 4.76%, (TSFR3M + 1.08%), 01/16/2032 | 105,737 | 105,923 | ||||||
| UBS Commercial Mortgage Trust | ||||||||
| Series 2019-C17, Class A4, 2.92%, 10/15/2052 | 60,000 | 56,685 | ||||||
| Washington Mutual Mortgage Pass-Through Certificates Trust(b) | ||||||||
| Series 2005-AR11, Class A1C3, 4.94%, (TSFR1M + 1.28%), 08/25/2045 | 23,584 | 22,973 | ||||||
| Series 2005-AR13, Class A1C3, 4.92%, (TSFR1M + 1.26%), 10/25/2045 | 11,123 | 10,781 | ||||||
| Series 2006-AR12, Class 2A3, 3.66%, 10/25/2036(b) | 11,313 | 10,406 | ||||||
| Series 2006-AR6, Class 2A, 8.21%, (12MTA + 4.44%), 08/25/2046 | 110,899 | 65,059 | ||||||
| Series 2007-HY2, Class 1A1, 4.11%, 12/25/2036(b) | 80,584 | 74,521 | ||||||
| Wells Fargo Alternative Loan Trust | ||||||||
| Series 2007-PA2, Class 2A1, 4.80%, (TSFR1M + 1.14%), 06/25/2037 | 7,702 | 6,778 | ||||||
| Wells Fargo Commercial Mortgage Trust(b) | ||||||||
| Series 2017-C38, Class B, 3.92%, 07/15/2050(b) | 437,000 | 414,133 | ||||||
| Wells Fargo Mortgage Backed Securities Trust(b) | ||||||||
| Series 2006-AR4, Class 2A4, 5.72%, 04/25/2036(b) | 4,998 | 4,983 | ||||||
| Series 2007-AR7, Class A1, 6.02%, 12/28/2037(b) | 7,720 | 7,037 | ||||||
|
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $58,665,754) |
57,507,128 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 8.5% | Par | Value | ||||||
| Fannie Mae Interest Strip | ||||||||
| Series 367, Class 2, 5.50%, 01/25/2036 | 1,954,564 | 342,672 | ||||||
| Series 407, Class C8, 5.50%, 01/25/2039 | 2,514,349 | 508,845 | ||||||
| Series 427, Class C100, 2.67%, 01/25/2052(b) | 3,200,822 | 430,023 | ||||||
| Series 441, Class C2, 3.00%, 04/25/2039 | 2,547,637 | 243,123 | ||||||
| Federal Home Loan Mortgage Corp. REMICs | ||||||||
| Series 3318, Class KS, 2.62%, 05/15/2037 | 216,418 | 19,193 | ||||||
| Series 3788, Class IO, 6.00%, 01/15/2041 | 3,835,356 | 787,120 | ||||||
| Series 3879, Class SL, 2.81%, 01/15/2041 | 239,299 | 9,128 | ||||||
| Series 3990, Class SG, 2.76%, 01/15/2042 | 6,203,518 | 630,011 | ||||||
27
| Series 3998, Class SA, 2.66%, 02/15/2042 | 1,366,298 | $ | 153,527 | |||||
| Series 4094, Class SP, 2.26%, 08/15/2042 | 4,843,178 | 460,633 | ||||||
| Series 4120, Class CS, 2.41%, 10/15/2032 | 1,283,919 | 66,868 | ||||||
| Series 4120, Class JS, 2.41%, 10/15/2032 | 1,035,434 | 54,073 | ||||||
| Series 4143, Class MS, 2.91%, 12/15/2042 | 2,684,715 | 327,368 | ||||||
| Series 4153, Class IB, 2.50%, 01/15/2028 | 282,232 | 3,479 | ||||||
| Series 4517, Class KI, 0.00%, 04/15/2043 | 1,538,260 | 9,201 | ||||||
| Series 4596, Class DI, 3.50%, 06/15/2046 | 1,756,075 | 315,520 | ||||||
| Series 4619, Class KS, 0.47%, 06/15/2039 | 1,462,429 | 57,995 | ||||||
| Series 4906, Class DI, 4.50%, 09/25/2049 | 4,435,130 | 916,398 | ||||||
| Series 5013, Class IP, 2.00%, 09/25/2050 | 1,004,291 | 120,418 | ||||||
| Series 5037, Class IO, 3.00%, 11/25/2050 | 1,883,299 | 345,959 | ||||||
| Series 5095, Class BI, 3.50%, 04/25/2041 | 5,658,344 | 668,842 | ||||||
| Series 5138, Class IB, 3.50%, 02/25/2050 | 17,593,980 | 3,695,901 | ||||||
| Series 5901, Class IL, 4.50%, 03/25/2051 | 15,521,404 | 3,550,299 | ||||||
| Federal Home Loan Mortgage Corp. Strips | ||||||||
| Series 239, Class S30, 3.91%, 08/15/2036 | 115,801 | 14,986 | ||||||
| Series 365, Class C57, 3.50%, 11/15/2048 | 1,681,534 | 335,465 | ||||||
| Series 365, Class C9, 3.50%, 05/15/2049 | 1,537,594 | 310,186 | ||||||
| Series 389, Class C32, 2.50%, 07/15/2037 | 18,791,984 | 1,081,828 | ||||||
| Series 389, Class C6, 3.50%, 10/15/2037 | 2,862,231 | 259,566 | ||||||
| Federal National Mortgage Association REMICs | ||||||||
| Series 2005-66, Class LS, 2.85%, 07/25/2035 | 430,233 | 35,374 | ||||||
| Series 2008-36, Class YI, 3.42%, 07/25/2036 | 414,169 | 30,257 | ||||||
| Series 2010-59, Class NS, 1.99%, 06/25/2040 | 272,804 | 17,783 | ||||||
| Series 2012-121, Class ID, 3.00%, 11/25/2027 | 386,956 | 6,062 | ||||||
| Series 2012-144, Class SC, 2.32%, 01/25/2043 | 2,183,686 | 219,764 | ||||||
| Series 2012-151, Class WS, 2.42%, 03/25/2042 | 702,500 | 32,923 | ||||||
| Series 2012-30, Class SA, 2.17%, 04/25/2042 | 4,628,046 | 400,486 | ||||||
| Series 2012-35, Class LS, 2.82%, 04/25/2041 | 1,009,111 | 36,055 | ||||||
| Series 2013-130, Class SB, 2.27%, 01/25/2044 | 2,944,807 | 264,442 | ||||||
| Series 2013-20, Class SK, 2.42%, 05/25/2041 | 307,323 | 2,462 | ||||||
| Series 2013-67, Class IL, 6.50%, 07/25/2043 | 1,504,194 | 191,058 | ||||||
| Series 2013-71, Class AI, 3.00%, 07/25/2028 | 515,456 | 10,180 | ||||||
| Series 2014-38, Class S, 2.32%, 07/25/2044 | 3,889,606 | 392,583 | ||||||
| Series 2016-29, Class SB, 2.27%, 05/25/2046 | 4,385,217 | 458,571 | ||||||
| Series 2019-13, Class IB, 6.00%, 09/25/2039 | 978,288 | 195,878 | ||||||
| Series 2020-14, Class AI, 3.50%, 03/25/2050 | 2,651,272 | 460,940 | ||||||
| Freddie Mac Multiclass Certificates Series 2021-P011(b) | ||||||||
| Series 2021-P011, Class X1, 1.74%, 09/25/2045(b) | 1,045,026 | 105,737 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates(b) | ||||||||
| Series K-1518, Class X1, 0.86%, 10/25/2035(b) | 1,255,527 | 71,359 | ||||||
| Series KL06, Class XFX, 1.36%, 12/25/2029(b) | 828,037 | 27,039 | ||||||
| Freddie Mac STACR REMIC Trust 2021-DNA5 | ||||||||
| Series 2021-DNA5, Class M2, 5.31%, 01/25/2034 | 47,964 | 47,973 | ||||||
| Freddie Mac STACR REMIC Trust 2021-HQA4 | ||||||||
| Series 2021-HQA4, Class B1, 7.41%, 12/25/2041 | 600,000 | 609,761 | ||||||
| Freddie Mac STACR REMIC Trust 2022-DNA4 | ||||||||
| Series 2022-DNA4, Class M1B, 7.01%, 05/25/2042 | 400,000 | 408,746 | ||||||
| Freddie Mac STACR REMIC Trust 2022-HQA1 | ||||||||
| Series 2022-HQA1, Class M2, 8.91%, 03/25/2042 | 1,000,000 | 1,035,296 | ||||||
| Freddie Mac STACR REMIC Trust 2024-HQA2 | ||||||||
| Series 2024-HQA2, Class M2, 5.46%, 08/25/2044 | 1,100,000 | 1,103,458 | ||||||
| Freddie Mac STACR REMIC Trust 2026-DNA2 |
28
| Series 2026-DNA2, Class M2, 5.27%, 03/25/2046 | 1,000,000 | $ | 1,001,713 | |||||||||||||
| Government National Mortgage Association | ||||||||||||||||
| Series 2015-20, Class CI, 3.50%, 02/20/2030 | 1,689,961 | 74,384 | ||||||||||||||
| Series 2015-42, Class IY, 5.50%, 08/20/2039 | 83,541 | 2,291 | ||||||||||||||
| Series 2015-60, Class PI, 4.00%, 04/20/2045 | 4,582,872 | 858,007 | ||||||||||||||
| Series 2019-23, Class MT, 0.60%, 03/20/2042 | 2,233,041 | 32,068 | ||||||||||||||
| Series 2019-78, Class IC, 4.50%, 06/20/2049 | 1,977,639 | 439,952 | ||||||||||||||
| Series 2020-146, Class IM, 2.50%, 10/20/2050 | 6,527,714 | 968,400 | ||||||||||||||
| Series 2020-79, Class IO, 3.50%, 06/20/2050 | 2,637,332 | 490,453 | ||||||||||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||||||||||||||
| (Cost $26,596,012) | 25,750,082 | |||||||||||||||
| Maturity | ||||||||||||||||
| CORPORATE BONDS - 56.4% | Coupon | Date | Principal Amount | Value | ||||||||||||
| Advertising & Marketing - 0.5% | ||||||||||||||||
| Midas OpCo Holdings LLC | 5.63 | % | 08/15/2029 | $ | 254,000 | $ | 241,887 | |||||||||
| Omnicom Group, Inc. | 4.20 | % | 03/02/2029 | 456,000 | 451,332 | |||||||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | 4.25 | % | 01/15/2029 | 425,000 | 409,926 | |||||||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | 4.63 | % | 03/15/2030 | 275,000 | 265,454 | |||||||||||
| 1,368,599 | ||||||||||||||||
| Aerospace & Defense - 0.7% | ||||||||||||||||
| AAR Escrow Issuer LLC | 6.75 | % | 03/15/2029 | 190,000 | 193,519 | |||||||||||
| Bombardier, Inc. | 6.75 | % | 06/15/2033 | 320,000 | 330,885 | |||||||||||
| L3Harris Technologies, Inc.(d) | 5.40 | % | 01/15/2027 | 33,000 | 33,265 | |||||||||||
| RTX Corp. | 3.13 | % | 05/04/2027 | 39,000 | 38,506 | |||||||||||
| RTX Corp.(d) | 7.20 | % | 08/15/2027 | 37,000 | 38,452 | |||||||||||
| TransDigm, Inc. | 6.38 | % | 03/01/2029 | 425,000 | 432,031 | |||||||||||
| TransDigm, Inc. | 6.63 | % | 03/01/2032 | 473,000 | 482,755 | |||||||||||
| TransDigm, Inc. | 6.38 | % | 05/31/2033 | 70,000 | 69,656 | |||||||||||
| TransDigm, Inc. | 6.75 | % | 01/31/2034 | 402,000 | 407,521 | |||||||||||
| 2,026,590 | ||||||||||||||||
| Airlines - 0.2% | ||||||||||||||||
| American Airlines, Inc. | 7.25 | % | 02/15/2028 | 230,000 | 231,181 | |||||||||||
| American Airlines, Inc.(e) | 5.75 | % | 04/20/2029 | 425,000 | 422,940 | |||||||||||
| 654,121 | ||||||||||||||||
| Auto Parts Manufacturing - 0.9% | ||||||||||||||||
| Adient Global Holdings Ltd. | 7.50 | % | 02/15/2033 | 399,000 | 403,623 | |||||||||||
| American Axle & Manufacturing Holdings, Inc. | 7.75 | % | 10/15/2033 | 527,000 | 510,558 | |||||||||||
| Clarios Global LP / Clarios US Finance Co. | 6.75 | % | 09/15/2032 | 283,000 | 285,442 | |||||||||||
| Goodyear Tire & Rubber Co. | 6.63 | % | 07/15/2030 | 195,000 | 190,339 | |||||||||||
| LG Energy Solution Ltd.(d) | 5.25 | % | 04/02/2031 | 500,000 | 498,960 | |||||||||||
| Tenneco, Inc. | 8.00 | % | 11/17/2028 | 671,000 | 668,774 | |||||||||||
| Tenneco, Inc. | 8.00 | % | 11/17/2028 | 50,000 | 49,834 | |||||||||||
| 2,607,530 | ||||||||||||||||
| Automobiles Manufacturing - 2.2% | ||||||||||||||||
| American Honda Finance Corp.(d) | 4.55 | % | 07/09/2027 | 13,000 | 13,010 | |||||||||||
| American Honda Finance Corp.(d) | 4.45 | % | 10/22/2027 | 591,000 | 590,418 | |||||||||||
| Ford Motor Credit Co LLC | 5.80 | % | 03/08/2029 | 683,000 | 690,854 |
29
| Ford Motor Credit Co LLC | 7.12 | % | 11/07/2033 | 1,400,000 | $ | 1,472,081 | ||||||||||
| General Motors Financial Co., Inc.(d) | 5.05 | % | 04/04/2028 | 437,000 | 440,831 | |||||||||||
| General Motors Financial Co., Inc. | 5.90 | % | 01/07/2035 | 393,000 | 400,484 | |||||||||||
| Toyota Motor Corp. (Callable 05/30/2030) | 4.45 | % | 06/30/2030 | 2,464,000 | 2,466,653 | |||||||||||
| Volkswagen Group of America Finance LLC | 4.55 | % | 09/11/2028 | 452,000 | 450,932 | |||||||||||
| 6,525,263 | ||||||||||||||||
| Banks - 2.5% | ||||||||||||||||
| CaixaBank SA(b) | 5.67 | % | 03/15/2030 | 585,000 | 601,181 | |||||||||||
| Credit Agricol CIB Financial Solutions(d) | 4.28 | % | 11/27/2026 | 50,000 | 49,912 | |||||||||||
| Fifth Third Bancorp(b) | 4.97 | % | 01/28/2028 | 250,000 | 250,831 | |||||||||||
| Morgan Stanley Bank, N.A.(b) | 5.50 | % | 05/26/2028 | 250,000 | 252,882 | |||||||||||
| Truist Financial Corp.(b) | 5.44 | % | 01/24/2030 | 584,000 | 597,715 | |||||||||||
| US Bancorp(b) | 2.22 | % | 01/27/2028 | 33,000 | 32,424 | |||||||||||
| Wells Fargo & Co.(b) | 5.57 | % | 07/25/2029 | 583,000 | 596,407 | |||||||||||
| Wells Fargo & Co.(b) | 4.90 | % | 01/24/2028 | 29,000 | 29,110 | |||||||||||
| Wells Fargo & Co.(b) | 6.13 | % | 06/15/2174 | 5,000,000 | 5,013,984 | |||||||||||
| 7,424,446 | ||||||||||||||||
| Biotechnology - 0.1% | ||||||||||||||||
| Amgen, Inc. | 2.20 | % | 02/21/2027 | 38,000 | 37,323 | |||||||||||
| Genmab A/S / Genmab Finance LLC | 7.25 | % | 12/15/2033 | 370,000 | 387,482 | |||||||||||
| 424,805 | ||||||||||||||||
| Cable & Satellite - 2.0% | ||||||||||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | 5.00 | % | 02/01/2028 | 480,000 | 476,388 | |||||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | 5.38 | % | 06/01/2029 | 425,000 | 419,412 | |||||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | 4.50 | % | 08/15/2030 | 553,000 | 517,067 | |||||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | 4.50 | % | 05/01/2032 | 479,000 | 427,313 | |||||||||||
| Charter Communications Operating LLC / Charter | ||||||||||||||||
| Communications Operating Capital | 2.25 | % | 01/15/2029 | 350,000 | 327,138 | |||||||||||
| Charter Communications Operating LLC / Charter | ||||||||||||||||
| Communications Operating Capital | 5.05 | % | 03/30/2029 | 350,000 | 351,819 | |||||||||||
| Charter Communications Operating LLC / Charter | ||||||||||||||||
| Communications Operating Capital | 6.10 | % | 06/01/2029 | 350,000 | 362,600 | |||||||||||
| Charter Communications Operating LLC / Charter | ||||||||||||||||
| Communications Operating Capital | 2.80 | % | 04/01/2031 | 350,000 | 314,327 | |||||||||||
| Charter Communications Operating LLC / Charter | ||||||||||||||||
| Communications Operating Capital | 2.30 | % | 02/01/2032 | 350,000 | 300,094 | |||||||||||
| Charter Communications Operating LLC / Charter | ||||||||||||||||
| Communications Operating Capital | 4.40 | % | 04/01/2033 | 350,000 | 327,716 | |||||||||||
| Comcast Corp. | 2.35 | % | 01/15/2027 | 38,000 | 37,464 | |||||||||||
| Comcast Corp. | 3.30 | % | 04/01/2027 | 24,000 | 23,768 | |||||||||||
| DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. | 5.88 | % | 08/15/2027 | 646,000 | 644,748 | |||||||||||
| DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. | 8.88 | % | 02/01/2030 | 630,000 | 628,895 | |||||||||||
| Sirius XM Radio LLC | 5.00 | % | 08/01/2027 | 49,000 | 48,961 | |||||||||||
| Sirius XM Radio LLC | 4.00 | % | 07/15/2028 | 425,000 | 410,387 | |||||||||||
| Sirius XM Radio LLC | 5.88 | % | 04/15/2032 | 295,000 | 293,299 | |||||||||||
| 5,911,396 | ||||||||||||||||
| Casinos & Gaming - 1.3% | ||||||||||||||||
| Brightstar Lottery PLC | 5.25 | % | 01/15/2029 | 345,000 | 342,381 | |||||||||||
| Caesars Entertainment, Inc. | 4.63 | % | 10/15/2029 | 200,000 | 192,477 | |||||||||||
| Caesars Entertainment, Inc. | 7.00 | % | 02/15/2030 | 400,000 | 405,146 |
30
| Caesars Entertainment, Inc. | 6.00 | % | 10/15/2032 | 120,000 | $ | 110,533 | ||||||||||
| Light & Wonder International, Inc. | 7.50 | % | 09/01/2031 | 290,000 | 297,831 | |||||||||||
| Light & Wonder International, Inc. | 6.25 | % | 10/01/2033 | 291,000 | 285,317 | |||||||||||
| Melco Resorts Finance Ltd. | 7.63 | % | 04/17/2032 | 350,000 | 355,497 | |||||||||||
| MGM Resorts International | 4.75 | % | 10/15/2028 | 215,000 | 211,059 | |||||||||||
| MGM Resorts International | 6.50 | % | 04/15/2032 | 20,000 | 20,173 | |||||||||||
| Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | 6.63 | % | 03/01/2030 | 275,000 | 236,812 | |||||||||||
| Station Casinos LLC | 4.50 | % | 02/15/2028 | 352,000 | 345,183 | |||||||||||
| Voyager Parent LLC | 9.25 | % | 07/01/2032 | 255,000 | 264,899 | |||||||||||
| Wynn Macau Ltd. | 5.63 | % | 08/26/2028 | 750,000 | 739,097 | |||||||||||
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | 6.25 | % | 03/15/2033 | 270,000 | 267,200 | |||||||||||
| 4,073,605 | ||||||||||||||||
| Chemicals - 1.1% | ||||||||||||||||
| Avient Corp. | 6.25 | % | 11/01/2031 | $ | 295,000 | 297,262 | ||||||||||
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV | 4.75 | % | 06/15/2027 | 350,000 | 347,795 | |||||||||||
| Celanese US Holdings LLC | 6.85 | % | 11/15/2028 | 820,000 | 851,974 | |||||||||||
| Celanese US Holdings LLC | 6.75 | % | 04/15/2033 | 66,000 | 67,684 | |||||||||||
| Chemours Co. | 5.75 | % | 11/15/2028 | 38,000 | 37,655 | |||||||||||
| Chemours Co. | 5.75 | % | 11/15/2028 | 425,000 | 421,140 | |||||||||||
| Chemours Co. | 7.88 | % | 03/15/2034 | 295,000 | 295,191 | |||||||||||
| GC Treasury Center Co. Ltd. | 4.40 | % | 03/30/2032 | 100,000 | 93,260 | |||||||||||
| OCP SA | 6.75 | % | 05/02/2034 | 200,000 | 208,177 | |||||||||||
| OCP SA | 6.75 | % | 05/02/2034 | 300,000 | 312,266 | |||||||||||
| Olin Corp. | 5.00 | % | 02/01/2030 | 155,000 | 148,376 | |||||||||||
| Sasol Financing USA LLC | 8.75 | % | 04/10/2033 | 350,000 | 350,000 | |||||||||||
| 3,430,780 | ||||||||||||||||
| Commercial Finance - 1.1% | ||||||||||||||||
| Avolon Holdings Funding Ltd. | 2.53 | % | 11/18/2027 | 617,000 | 596,237 | |||||||||||
| Burford Capital Global Finance LLC | 6.88 | % | 04/15/2030 | 325,000 | 287,247 | |||||||||||
| FTAI Aviation Ltd. | 5.50 | % | 05/01/2028 | 232,000 | 232,068 | |||||||||||
| FTAI Aviation Ltd. | 5.88 | % | 04/15/2033 | 164,000 | 160,611 | |||||||||||
| Gabx Leasing LLC | 5.30 | % | 04/15/2036 | 8,000 | 7,857 | |||||||||||
| GATX Corp | 5.40 | % | 03/15/2027 | 447,000 | 450,466 | |||||||||||
| Macquarie Airfinance Holdings Ltd. | 5.15 | % | 03/17/2030 | 350,000 | 348,366 | |||||||||||
| Macquarie Airfinance Holdings Ltd. | 6.50 | % | 03/26/2031 | 318,000 | 333,210 | |||||||||||
| Midcap Financial Issuer Trust | 6.50 | % | 05/01/2028 | 575,000 | 558,506 | |||||||||||
| Midcap Financial Issuer Trust | 5.63 | % | 01/15/2030 | 350,000 | 326,482 | |||||||||||
| 3,301,050 | ||||||||||||||||
| Communications Equipment - 0.3% | ||||||||||||||||
| Motorola Solutions, Inc. | 5.00 | % | 04/15/2029 | 273,000 | 276,744 | |||||||||||
| Motorola Solutions, Inc. | 5.55 | % | 08/15/2035 | 500,000 | 511,885 | |||||||||||
| Viavi Solutions, Inc. | 3.75 | % | 10/01/2029 | 150,000 | 140,666 | |||||||||||
| 929,295 | ||||||||||||||||
| Construction Materials Manufacturing - 1.0% | ||||||||||||||||
| Ameritex Holdings LLC | 7.63 | % | 08/15/2033 | 347,000 | 357,189 | |||||||||||
| Carlisle Cos., Inc. | 3.75 | % | 12/01/2027 | 29,000 | 28,659 | |||||||||||
| Quikrete Holdings, Inc. | 6.38 | % | 03/01/2032 | 581,000 | 589,284 | |||||||||||
| Sisecam UK PLC | 8.38 | % | 01/23/2033 | 500,000 | 498,285 | |||||||||||
| Smyrna Ready Mix Concrete LLC | 6.00 | % | 11/01/2028 | 425,000 | 421,786 |
31
| Smyrna Ready Mix Concrete LLC | 8.88 | % | 11/15/2031 | 362,000 | $ | 373,355 | ||||||||||
| Standard Industries, Inc. | 4.75 | % | 01/15/2028 | 425,000 | 420,405 | |||||||||||
| Standard Industries, Inc. | 3.38 | % | 01/15/2031 | 448,000 | 401,729 | |||||||||||
| 3,090,692 | ||||||||||||||||
| Consumer Finance - 2.1% | ||||||||||||||||
| Ally Financial, Inc. | 6.70 | % | 02/14/2033 | 217,000 | 218,742 | |||||||||||
| Capital One Financial Corp(b) | 5.70 | % | 02/01/2030 | 582,000 | 597,490 | |||||||||||
| CPI CG, Inc. | 10.00 | % | 07/15/2029 | 235,000 | 248,208 | |||||||||||
| Fiserv, Inc. | 5.45 | % | 03/02/2028 | 591,000 | 599,668 | |||||||||||
| Freedom Mortgage Corp. | 12.25 | % | 10/01/2030 | 243,000 | 262,167 | |||||||||||
| Freedom Mortgage Holdings LLC | 9.25 | % | 02/01/2029 | 200,000 | 203,575 | |||||||||||
| Freedom Mortgage Holdings LLC | 8.38 | % | 04/01/2032 | 3,000 | 2,954 | |||||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 5.50 | % | 08/01/2030 | 350,000 | 350,787 | |||||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | 7.00 | % | 07/15/2031 | 100,000 | 103,433 | |||||||||||
| Mastercard, Inc. | 3.30 | % | 03/26/2027 | 40,000 | 39,706 | |||||||||||
| Navient Corp. | 5.00 | % | 03/15/2027 | 647,000 | 632,953 | |||||||||||
| Navient Corp. | 4.88 | % | 03/15/2028 | 4,000 | 3,778 | |||||||||||
| OneMain Finance Corp. | 3.88 | % | 09/15/2028 | 425,000 | 404,189 | |||||||||||
| OneMain Finance Corp. | 5.38 | % | 11/15/2029 | 589,000 | 568,417 | |||||||||||
| OneMain Finance Corp. | 6.50 | % | 03/15/2033 | 146,000 | 139,225 | |||||||||||
| PennyMac Financial Services, Inc. | 4.25 | % | 02/15/2029 | 425,000 | 402,988 | |||||||||||
| PennyMac Financial Services, Inc. | 7.88 | % | 12/15/2029 | 135,000 | 138,118 | |||||||||||
| PennyMac Financial Services, Inc. | 6.88 | % | 02/15/2033 | 298,000 | 285,128 | |||||||||||
| Rocket Cos., Inc. | 6.13 | % | 08/01/2030 | 370,000 | 373,604 | |||||||||||
| Rocket Cos., Inc. | 6.38 | % | 08/01/2033 | 315,000 | 318,724 | |||||||||||
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. | 6.75 | % | 08/15/2032 | 222,000 | 218,070 | |||||||||||
| Starwood Property Trust, Inc. | 5.25 | % | 10/15/2028 | 135,000 | 133,531 | |||||||||||
| Starwood Property Trust, Inc. | 6.50 | % | 07/01/2030 | 5,000 | 5,106 | |||||||||||
| 6,250,561 | ||||||||||||||||
| Consumer Products - 0.8% | ||||||||||||||||
| Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige | ||||||||||||||||
| International US LLC | 6.63 | % | 07/15/2030 | 1,400,000 | 1,385,613 | |||||||||||
| Energizer Holdings, Inc. | 4.75 | % | 06/15/2028 | 215,000 | 211,773 | |||||||||||
| Energizer Holdings, Inc. | 4.38 | % | 03/31/2029 | 425,000 | 404,603 | |||||||||||
| Energizer Holdings, Inc. | 6.00 | % | 09/15/2033 | 195,000 | 182,725 | |||||||||||
| Perrigo Finance Unlimited Co. | 6.13 | % | 09/30/2032 | 270,000 | 243,503 | |||||||||||
| Procter & Gamble Co.(d) | 2.80 | % | 03/25/2027 | 10,000 | 9,894 | |||||||||||
| 2,438,111 | ||||||||||||||||
| Consumer Services - 0.7% | ||||||||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas | ||||||||||||||||
| Luxco 4 Sarl | 4.63 | % | 06/01/2028 | 380,000 | 371,453 | |||||||||||
| Brink’s Co. | 6.75 | % | 06/15/2032 | 235,000 | 238,038 | |||||||||||
| Cimpress PLC | 7.38 | % | 09/15/2032 | 245,000 | 242,436 | |||||||||||
| Raven Acquisition Holdings LLC | 6.88 | % | 11/15/2031 | 253,000 | 244,017 | |||||||||||
| Service Corp International | 4.63 | % | 12/15/2027 | 100,000 | 99,021 | |||||||||||
| Service Corp. International | 5.75 | % | 10/15/2032 | 189,000 | 188,735 | |||||||||||
| Williams Scotsman, Inc. | 4.63 | % | 08/15/2028 | 325,000 | 319,823 | |||||||||||
| Williams Scotsman, Inc. | 6.63 | % | 06/15/2029 | 425,000 | 430,323 |
32
| Williams Scotsman, Inc. | 7.38 | % | 10/01/2031 | 101,000 | $ | 103,611 | ||||||||||
| 2,237,457 | ||||||||||||||||
| Containers & Packaging - 0.7% | ||||||||||||||||
| Amcor Flexibles North America, Inc.(d) | 4.80 | % | 03/17/2028 | 598,000 | 601,942 | |||||||||||
| Cascades, Inc. / Cascades USA, Inc. | 5.38 | % | 01/15/2028 | 238,000 | 235,747 | |||||||||||
| Clydesdale Acquisition Holdings, Inc. | 6.63 | % | 04/15/2029 | 425,000 | 416,412 | |||||||||||
| Clydesdale Acquisition Holdings, Inc. | 6.75 | % | 04/15/2032 | 353,000 | 334,852 | |||||||||||
| Crown Americas LLC | 5.88 | % | 06/01/2033 | 165,000 | 165,065 | |||||||||||
| Owens-Brockway Glass Container, Inc. | 6.63 | % | 05/13/2027 | 15,000 | 15,040 | |||||||||||
| Owens-Brockway Glass Container, Inc. | 7.25 | % | 05/15/2031 | 329,000 | 313,840 | |||||||||||
| 2,082,898 | ||||||||||||||||
| Department Stores - 0.1% | ||||||||||||||||
| Macy's Retail Holdings LLC | 5.88 | % | 03/15/2030 | 200,000 | 198,727 | |||||||||||
| Macy's Retail Holdings LLC | 6.13 | % | 03/15/2032 | 55,000 | 54,073 | |||||||||||
| 252,800 | ||||||||||||||||
| Design, Manufacturing & Distribution - 0.4% | ||||||||||||||||
| Flex Ltd. | 5.25 | % | 01/15/2032 | 500,000 | 502,248 | |||||||||||
| Imola Merger Corp. | 4.75 | % | 05/15/2029 | 752,000 | 728,553 | |||||||||||
| 1,230,801 | ||||||||||||||||
| Diversified Banks - 0.5% | ||||||||||||||||
| Bank of America Corp.(b) | 4.38 | % | 04/27/2028 | 592,000 | 591,716 | |||||||||||
| Bank of Nova Scotia(b) | 4.04 | % | 09/15/2028 | 36,000 | 35,786 | |||||||||||
| Citigroup, Inc.(b) | 3.89 | % | 01/10/2028 | 32,000 | 31,850 | |||||||||||
| Credit Agricole SA(b) | 5.34 | % | 01/10/2030 | 585,000 | 595,582 | |||||||||||
| JPMorgan Chase & Co. | 1.05 | % | 06/23/2027 | 40,000 | 38,523 | |||||||||||
| JPMorgan Chase & Co.(b) | 3.78 | % | 02/01/2028 | 65,000 | 64,689 | |||||||||||
| JPMorgan Chase & Co.(b) | 3.54 | % | 05/01/2028 | 36,000 | 35,673 | |||||||||||
| JPMorgan Chase & Co.(b) | 4.51 | % | 10/22/2028 | 38,000 | 38,046 | |||||||||||
| Royal Bank of Canada(b) | 4.72 | % | 03/27/2028 | 34,000 | 34,132 | |||||||||||
| Royal Bank of Canada(b) | 4.00 | % | 11/03/2028 | 40,000 | 39,729 | |||||||||||
| 1,505,726 | ||||||||||||||||
| Electrical Equipment Manufacturing - 0.5% | ||||||||||||||||
| Carrier Global Corp. | 2.49 | % | 02/15/2027 | 30,000 | 29,521 | |||||||||||
| Emerald Borrower LP / Emerald Co-Issuer, Inc. | 6.63 | % | 12/15/2030 | 413,000 | 420,583 | |||||||||||
| Gates Industrial Corp. | 6.88 | % | 07/01/2029 | 210,000 | 215,695 | |||||||||||
| Hubbell, Inc. | 3.15 | % | 08/15/2027 | 71,000 | 69,885 | |||||||||||
| Keysight Technologies, Inc. | 4.60 | % | 04/06/2027 | 36,000 | 36,043 | |||||||||||
| Otis Worldwide Corp. | 2.29 | % | 04/05/2027 | 39,000 | 38,261 | |||||||||||
| Sensata Technologies, Inc. | 3.75 | % | 02/15/2031 | 290,000 | 268,396 | |||||||||||
| WESCO Distribution, Inc. | 5.50 | % | 04/15/2034 | 295,000 | 291,917 | |||||||||||
| 1,370,301 | ||||||||||||||||
| Entertainment Content - 0.5% | ||||||||||||||||
| Paramount Global(d) | 7.88 | % | 07/30/2030 | 215,000 | 224,513 | |||||||||||
| Paramount Global(d) | 6.88 | % | 04/30/2036 | 265,000 | 232,650 | |||||||||||
| Time Warner Cable Enterprises LLC(d) | 8.38 | % | 07/15/2033 | 200,000 | 226,605 | |||||||||||
| Versant Media Group, Inc. | 7.25 | % | 01/30/2031 | 245,000 | 250,822 |
33
| Warnermedia Holdings, Inc. | 4.28 | % | 03/15/2032 | 698,000 | $ | 615,761 | ||||||||||
| 1,550,351 | ||||||||||||||||
| Entertainment Resources - 0.4% | ||||||||||||||||
| Cinemark USA, Inc. | 5.25 | % | 07/15/2028 | 425,000 | 421,640 | |||||||||||
| Cinemark USA, Inc. | 7.00 | % | 08/01/2032 | 234,000 | 240,648 | |||||||||||
| SeaWorld Parks & Entertainment, Inc. | 5.25 | % | 08/15/2029 | 497,000 | 474,815 | |||||||||||
| 1,137,103 | ||||||||||||||||
| Exploration & Production - 1.6% | ||||||||||||||||
| Antero Resources Corp. | 5.38 | % | 03/01/2030 | 747,000 | 751,142 | |||||||||||
| Civitas Resources, Inc. | 8.75 | % | 07/01/2031 | 44,000 | 46,003 | |||||||||||
| CNX Resources Corp. | 7.38 | % | 01/15/2031 | 155,000 | 159,397 | |||||||||||
| CNX Resources Corp. | 7.25 | % | 03/01/2032 | 11,000 | 11,341 | |||||||||||
| Crescent Energy Co. | 7.63 | % | 04/01/2032 | 44,000 | 44,670 | |||||||||||
| Crescent Energy Finance LLC | 9.75 | % | 10/15/2030 | 205,000 | 220,498 | |||||||||||
| Hess Corp.(d) | 7.88 | % | 10/01/2029 | 350,000 | 391,313 | |||||||||||
| Hess Corp.(d) | 7.13 | % | 03/15/2033 | 350,000 | 399,117 | |||||||||||
| Hilcorp Energy I LP / Hilcorp Finance Co. | 6.00 | % | 04/15/2030 | 160,000 | 155,794 | |||||||||||
| Hilcorp Energy I LP / Hilcorp Finance Co. | 6.25 | % | 04/15/2032 | 111,000 | 107,506 | |||||||||||
| Northern Oil & Gas, Inc. | 8.75 | % | 06/15/2031 | 359,000 | 373,413 | |||||||||||
| Permian Resources Operating LLC | 5.88 | % | 07/01/2029 | 390,000 | 390,686 | |||||||||||
| Permian Resources Operating LLC | 7.00 | % | 01/15/2032 | 350,000 | 362,852 | |||||||||||
| Permian Resources Operating LLC | 6.25 | % | 02/01/2033 | 40,000 | 40,776 | |||||||||||
| Pioneer Natural Resources Co. | 1.90 | % | 08/15/2030 | 350,000 | 315,018 | |||||||||||
| Pioneer Natural Resources Co. | 2.15 | % | 01/15/2031 | 350,000 | 315,323 | |||||||||||
| SM Energy Co. | 6.75 | % | 08/01/2029 | 710,000 | 721,220 | |||||||||||
| 4,806,069 | ||||||||||||||||
| Financial Services - 1.4% | ||||||||||||||||
| Focus Financial Partners, Inc. | 6.75 | % | 09/15/2031 | 528,000 | 525,862 | |||||||||||
| Goldman Sachs Group, Inc.(b) | 6.48 | % | 10/24/2029 | 701,000 | 733,521 | |||||||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | 10.00 | % | 11/15/2029 | 397,000 | 391,598 | |||||||||||
| Jane Street Group LLC | 4.50 | % | 11/15/2029 | 100,000 | 96,966 | |||||||||||
| Jane Street Group LLC | 6.13 | % | 11/01/2032 | 335,000 | 331,313 | |||||||||||
| LPL Holdings, Inc. | 4.63 | % | 11/15/2027 | 537,000 | 533,413 | |||||||||||
| MSD Investment Corp. | 6.25 | % | 05/31/2030 | 350,000 | 342,509 | |||||||||||
| PRA Group, Inc. | 8.38 | % | 02/01/2028 | 717,000 | 722,476 | |||||||||||
| PRA Group, Inc. | 5.00 | % | 10/01/2029 | 63,000 | 58,197 | |||||||||||
| State Street Corp.(b) | 2.20 | % | 02/07/2028 | 67,000 | 65,848 | |||||||||||
| State Street Corp.(b) | 4.54 | % | 04/24/2028 | 36,000 | 36,080 | |||||||||||
| VFH Parent LLC / Valor Co-Issuer, Inc. | 7.50 | % | 06/15/2031 | 245,000 | 251,907 | |||||||||||
| 4,089,690 | ||||||||||||||||
| Food & Beverage - 1.3% | ||||||||||||||||
| BellRing Brands, Inc. | 7.00 | % | 03/15/2030 | 245,000 | 245,169 | |||||||||||
| Fiesta Purchaser, Inc. | 7.88 | % | 03/01/2031 | 292,000 | 297,350 | |||||||||||
| General Mills, Inc. | 4.70 | % | 01/30/2027 | 35,000 | 35,053 | |||||||||||
| Industrial F&B Investments III, Inc. | 7.75 | % | 02/11/2033 | 215,000 | 216,170 | |||||||||||
| Pilgrim's Pride Corp. | 4.25 | % | 04/15/2031 | 1,400,000 | 1,338,222 | |||||||||||
| Pilgrim's Pride Corp. | 3.50 | % | 03/01/2032 | 350,000 | 317,754 | |||||||||||
| Post Holdings, Inc. | 4.63 | % | 04/15/2030 | 295,000 | 283,395 | |||||||||||
| Post Holdings, Inc. | 6.38 | % | 03/01/2033 | 187,000 | 184,274 | |||||||||||
| Post Holdings, Inc. | 6.25 | % | 10/15/2034 | 295,000 | 289,147 |
34
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc. | 6.25 | % | 04/01/2029 | 40,000 | $ | 40,091 | ||||||||||
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc. | 4.38 | % | 04/30/2029 | 425,000 | 413,248 | |||||||||||
| Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed | 4.63 | % | 03/01/2029 | 357,000 | 343,295 | |||||||||||
| 4,003,168 | ||||||||||||||||
| Hardware - 0.0%(a) | ||||||||||||||||
| Dell, Inc.(d) | 7.10 | % | 04/15/2028 | 25,000 | 26,241 | |||||||||||
| Health Care Facilities & Services - 1.6% | ||||||||||||||||
| Acadia Healthcare Co., Inc. | 5.50 | % | 07/01/2028 | 464,000 | 462,380 | |||||||||||
| Acadia Healthcare Co., Inc. | 5.00 | % | 04/15/2029 | 220,000 | 214,226 | |||||||||||
| Cardinal Health, Inc. | 3.41 | % | 06/15/2027 | 37,000 | 36,571 | |||||||||||
| Cencora, Inc. | 4.63 | % | 12/15/2027 | 18,000 | 18,072 | |||||||||||
| Community Health Systems, Inc. | 5.25 | % | 05/15/2030 | 244,000 | 230,010 | |||||||||||
| Concentra Group Holdings Parent, Inc. | 6.88 | % | 07/15/2032 | 493,000 | 510,345 | |||||||||||
| DaVita, Inc. | 4.63 | % | 06/01/2030 | 400,000 | 384,446 | |||||||||||
| DaVita, Inc. | 6.75 | % | 07/15/2033 | 191,000 | 194,375 | |||||||||||
| Express Scripts, Inc. | 3.40 | % | 03/01/2027 | 14,000 | 13,868 | |||||||||||
| Global Medical Response, Inc. | 7.38 | % | 10/01/2032 | 479,000 | 497,822 | |||||||||||
| LifePoint Health, Inc. | 9.88 | % | 08/15/2030 | 335,000 | 354,646 | |||||||||||
| LifePoint Health, Inc. | 8.38 | % | 02/15/2032 | 105,000 | 112,180 | |||||||||||
| Quest Diagnostics, Inc. | 4.60 | % | 12/15/2027 | 89,000 | 89,411 | |||||||||||
| Select Medical Corp. | 6.25 | % | 12/01/2032 | 265,000 | 251,476 | |||||||||||
| Sotera Health Holdings LLC | 7.38 | % | 06/01/2031 | 251,000 | 259,293 | |||||||||||
| Star Parent, Inc. | 9.00 | % | 10/01/2030 | 175,000 | 182,219 | |||||||||||
| Tenet Healthcare Corp. | 6.00 | % | 11/15/2033 | 940,000 | 951,697 | |||||||||||
| 4,763,037 | ||||||||||||||||
| Home & Office Products Manufacturing - 0.5% | ||||||||||||||||
| Newell Brands, Inc. | 6.38 | % | 09/15/2027 | 775,000 | 781,113 | |||||||||||
| Newell Brands, Inc. | 8.50 | % | 06/01/2028 | 344,000 | 355,174 | |||||||||||
| Somnigroup International, Inc. | 3.88 | % | 10/15/2031 | 335,000 | 304,832 | |||||||||||
| 1,441,119 | ||||||||||||||||
| Homebuilders - 0.1% | ||||||||||||||||
| Weekley Homes LLC / Weekley Finance Corp. | 4.88 | % | 09/15/2028 | 231,000 | 222,915 | |||||||||||
| Industrial Other - 0.9% | ||||||||||||||||
| Albion Financing 1 SARL / Aggreko Holdings, Inc. | 7.00 | % | 05/21/2030 | 305,000 | 311,872 | |||||||||||
| APi Group Corp. | 4.13 | % | 07/15/2029 | 200,000 | 190,594 | |||||||||||
| Arcosa, Inc. | 4.38 | % | 04/15/2029 | 160,000 | 154,438 | |||||||||||
| Arcosa, Inc. | 6.88 | % | 08/15/2032 | 20,000 | 20,495 | |||||||||||
| EquipmentShare.com, Inc. | 8.00 | % | 03/15/2033 | 317,000 | 327,404 | |||||||||||
| Global Infrastructure Solutions, Inc. | 7.50 | % | 04/15/2032 | 244,000 | 255,316 | |||||||||||
| Herc Holdings, Inc. | 7.00 | % | 06/15/2030 | 204,000 | 209,309 | |||||||||||
| Herc Holdings, Inc. | 7.25 | % | 06/15/2033 | 185,000 | 189,644 | |||||||||||
| Jacobs Solutions, Inc. | 5.38 | % | 03/03/2036 | 634,000 | 618,457 | |||||||||||
| Quanta Services, Inc. | 4.75 | % | 08/09/2027 | 68,000 | 68,360 | |||||||||||
| United Rentals North America, Inc. | 6.13 | % | 03/15/2034 | 270,000 | 273,564 | |||||||||||
| 2,619,453 | ||||||||||||||||
| Integrated Oils - 0.2% | ||||||||||||||||
| Chevron U.S.A., Inc.(d) | 4.41 | % | 02/26/2027 | 36,000 | 36,137 |
35
| Ecopetrol SA | 8.38 | % | 01/19/2036 | 500,000 | $ | 508,094 | ||||||||||
| 544,231 | ||||||||||||||||
| Internet Media - 0.5% | ||||||||||||||||
| Arches Buyer, Inc. | 4.25 | % | 06/01/2028 | 270,000 | 260,871 | |||||||||||
| Match Group Holdings II LLC | 4.63 | % | 06/01/2028 | 217,000 | 212,258 | |||||||||||
| Match Group Holdings II LLC | 5.63 | % | 02/15/2029 | 600,000 | 593,135 | |||||||||||
| Snap, Inc. | 6.88 | % | 03/15/2034 | 501,000 | 471,520 | |||||||||||
| 1,537,784 | ||||||||||||||||
| Leisure Products Manufacturing - 0.1% | ||||||||||||||||
| Acushnet Co. | 5.63 | % | 12/01/2033 | 235,000 | 233,774 | |||||||||||
| Life Insurance - 1.1% | ||||||||||||||||
| CNO Global Funding(d) | 4.38 | % | 09/08/2028 | 606,000 | 601,210 | |||||||||||
| Corebridge Financial, Inc. | 3.65 | % | 04/05/2027 | 596,000 | 590,717 | |||||||||||
| Corebridge Global Funding(d) | 4.25 | % | 08/21/2028 | 604,000 | 599,966 | |||||||||||
| Equitable Financial Life Global Funding(d) | 5.00 | % | 03/27/2030 | 500,000 | 504,306 | |||||||||||
| MassMutual Global Funding II(d) | 4.70 | % | 04/01/2031 | 350,000 | 350,347 | |||||||||||
| RGA Global Funding(d) | 4.35 | % | 08/25/2028 | 603,000 | 600,161 | |||||||||||
| 3,246,707 | ||||||||||||||||
| Machinery Manufacturing - 0.6% | ||||||||||||||||
| Amsted Industries, Inc. | 6.38 | % | 03/15/2033 | 160,000 | 160,908 | |||||||||||
| Caterpillar Financial Services Corp.(d) | 4.50 | % | 01/07/2027 | 25,000 | 25,080 | |||||||||||
| CNH Industrial NV | 3.85 | % | 11/15/2027 | 61,000 | 60,415 | |||||||||||
| CNH Industrial NV | 5.10 | % | 04/20/2029 | 582,000 | 589,300 | |||||||||||
| Ingersoll Rand, Inc. | 5.20 | % | 06/15/2027 | 35,000 | 35,318 | |||||||||||
| John Deere Capital Corp.(d) | 4.50 | % | 01/08/2027 | 12,000 | 12,040 | |||||||||||
| Regal Rexnord Corp. | 6.30 | % | 02/15/2030 | 350,000 | 366,896 | |||||||||||
| Regal Rexnord Corp. | 6.40 | % | 04/15/2033 | 350,000 | 369,937 | |||||||||||
| Terex Corp. | 6.25 | % | 10/15/2032 | 170,000 | 170,771 | |||||||||||
| 1,790,665 | ||||||||||||||||
| Managed Care - 0.3% | ||||||||||||||||
| Centene Corp. | 2.50 | % | 03/01/2031 | 350,000 | 293,165 | |||||||||||
| Cigna Group | 3.40 | % | 03/01/2027 | 29,000 | 28,726 | |||||||||||
| Cigna Group | 3.05 | % | 10/15/2027 | 42,000 | 41,246 | |||||||||||
| Elevance Health, Inc. | 3.65 | % | 12/01/2027 | 44,000 | 43,518 | |||||||||||
| Humana, Inc. | 5.75 | % | 03/01/2028 | 589,000 | 600,523 | |||||||||||
| 1,007,178 | ||||||||||||||||
| Medical Equipment & Devices Manufacturing - 0.7% | ||||||||||||||||
| Bausch + Lomb Corp. | 8.38 | % | 10/01/2028 | 245,000 | 253,269 | |||||||||||
| Becton, Dickinson and Co. | 3.70 | % | 06/06/2027 | 35,000 | 34,720 | |||||||||||
| Embecta Corp. | 5.00 | % | 02/15/2030 | 275,000 | 253,894 | |||||||||||
| GE HealthCare Technologies, Inc. | 5.65 | % | 11/15/2027 | 125,000 | 127,517 | |||||||||||
| Insulet Corp. | 6.50 | % | 04/01/2033 | 270,000 | 275,130 | |||||||||||
| Medline Borrower LP | 5.25 | % | 10/01/2029 | 634,000 | 628,736 | |||||||||||
| Solventum Corp. | 5.40 | % | 03/01/2029 | 586,000 | 599,692 | |||||||||||
| Zimmer Biomet Holdings, Inc.(d) | 4.70 | % | 02/19/2027 | 35,000 | 35,093 | |||||||||||
| 2,208,051 |
36
| Metals & Mining - 1.0% | ||||||||||||||||
| Capstone Copper Corp. | 6.75 | % | 03/31/2033 | 358,000 | $ | 357,218 | ||||||||||
| Cleveland Electric Illuminating Co. | 4.63 | % | 03/01/2029 | 105,000 | 100,028 | |||||||||||
| Cleveland-Cliffs, Inc. | 6.88 | % | 11/01/2029 | 910,000 | 908,711 | |||||||||||
| Commercial Metals Co. | 5.75 | % | 11/15/2033 | 135,000 | 133,686 | |||||||||||
| Commercial Metals Co. | 6.00 | % | 12/15/2035 | 190,000 | 187,441 | |||||||||||
| Constellium SE | 3.75 | % | 04/15/2029 | 318,000 | 303,470 | |||||||||||
| Corp. Nacional del Cobre de Chile | 5.95 | % | 01/08/2034 | 200,000 | 204,471 | |||||||||||
| Corp. Nacional del Cobre de Chile | 6.44 | % | 01/26/2036 | 200,000 | 210,904 | |||||||||||
| New Gold, Inc. | 6.88 | % | 04/01/2032 | 435,000 | 449,909 | |||||||||||
| Novelis Corp. | 4.75 | % | 01/30/2030 | 269,000 | 253,116 | |||||||||||
| 3,108,954 | ||||||||||||||||
| Oil & Gas Services & Equipment - 0.8% | ||||||||||||||||
| Archrock Services LP / Archrock Partners Finance Corp. | 6.00 | % | 02/01/2034 | 240,000 | 238,072 | |||||||||||
| Archrock, Inc. | 6.25 | % | 04/01/2028 | 37,000 | 37,000 | |||||||||||
| Kodiak Gas Services LLC | 7.25 | % | 02/15/2029 | 44,000 | 45,611 | |||||||||||
| Kodiak Gas Services LLC | 5.88 | % | 04/01/2031 | 520,000 | 522,936 | |||||||||||
| Schlumberger Holdings Corp. | 2.65 | % | 06/26/2030 | 1,400,000 | 1,300,005 | |||||||||||
| Transocean Aquila Ltd.(e) | 8.00 | % | 09/30/2028 | 21,736 | 22,331 | |||||||||||
| Transocean International Ltd. | 7.88 | % | 10/15/2032 | 225,000 | 240,429 | |||||||||||
| 2,406,384 | ||||||||||||||||
| Pharmaceuticals - 0.1% | ||||||||||||||||
| Eli Lilly and Co.(d) | 5.50 | % | 03/15/2027 | 36,000 | 36,505 | |||||||||||
| Eli Lilly and Co. | 4.15 | % | 08/14/2027 | 17,000 | 17,028 | |||||||||||
| Jazz Securities DAC | 4.38 | % | 01/15/2029 | 280,000 | 273,260 | |||||||||||
| Merck & Co., Inc.(d) | 3.85 | % | 09/15/2027 | 20,000 | 19,978 | |||||||||||
| 346,771 | ||||||||||||||||
| Pipeline - 1.7% | ||||||||||||||||
| Antero Midstream Corp. | 5.38 | % | 06/15/2029 | 170,000 | 169,525 | |||||||||||
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | 7.13 | % | 06/01/2028 | 100,000 | 100,194 | |||||||||||
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | 8.63 | % | 03/15/2029 | 438,000 | 453,205 | |||||||||||
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | 7.38 | % | 06/30/2033 | 32,000 | 32,239 | |||||||||||
| Energy Transfer LP(b) | 7.13 | % | 05/15/2174 | 380,000 | 387,457 | |||||||||||
| Global Partners LP / GLP Finance Corp. | 6.88 | % | 01/15/2029 | 120,000 | 120,153 | |||||||||||
| Global Partners LP / GLP Finance Corp. | 8.25 | % | 01/15/2032 | 278,000 | 288,528 | |||||||||||
| Howard Midstream Energy Partners LLC | 7.38 | % | 07/15/2032 | 120,000 | 124,533 | |||||||||||
| Kinetik Holdings LP | 5.88 | % | 06/15/2030 | 350,000 | 351,470 | |||||||||||
| MPLX LP | 4.13 | % | 03/01/2027 | 35,000 | 34,912 | |||||||||||
| Northriver Midstream Finance LP | 6.75 | % | 07/15/2032 | 270,000 | 270,826 | |||||||||||
| Northwest Pipeline LLC | 4.00 | % | 04/01/2027 | 37,000 | 36,866 | |||||||||||
| Summit Midstream Holdings LLC | 8.63 | % | 10/31/2029 | 352,000 | 362,063 | |||||||||||
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 4.88 | % | 02/01/2031 | 500,000 | 499,402 | |||||||||||
| Tennessee Gas Pipeline Co. LLC | 7.00 | % | 03/15/2027 | 33,000 | 33,787 | |||||||||||
| Venture Global LNG, Inc. | 8.13 | % | 06/01/2028 | 411,000 | 420,519 | |||||||||||
| Venture Global LNG, Inc. | 9.50 | % | 02/01/2029 | 425,000 | 458,774 | |||||||||||
| Venture Global LNG, Inc. | 8.38 | % | 06/01/2031 | 456,000 | 474,263 | |||||||||||
| Venture Global Plaquemines LNG LLC | 6.50 | % | 01/15/2034 | 409,000 | 426,185 | |||||||||||
| Venture Global Plaquemines LNG LLC | 6.75 | % | 01/15/2036 | 180,000 | 190,771 | |||||||||||
| 5,235,672 | ||||||||||||||||
37
| Power Generation - 1.5% | ||||||||||||||||
| Alpha Generation LLC | 6.75 | % | 10/15/2032 | 218,000 | $ | 220,384 | ||||||||||
| Capital Power US Holdings, Inc. | 5.26 | % | 06/01/2028 | 589,000 | 592,600 | |||||||||||
| Liberty Utilities Co. | 5.58 | % | 01/31/2029 | 586,000 | 597,945 | |||||||||||
| Liberty Utilities Co. | 5.87 | % | 01/31/2034 | 500,000 | 518,964 | |||||||||||
| Lightning Power LLC | 7.25 | % | 08/15/2032 | 245,000 | 254,837 | |||||||||||
| NRG Energy, Inc. | 5.25 | % | 06/15/2029 | 425,000 | 420,395 | |||||||||||
| NRG Energy, Inc. | 5.75 | % | 07/15/2029 | 510,000 | 509,703 | |||||||||||
| NRG Energy, Inc. | 6.25 | % | 11/01/2034 | 187,000 | 188,482 | |||||||||||
| PSEG Power LLC | 5.75 | % | 05/15/2035 | 438,000 | 445,119 | |||||||||||
| Vistra Operations Co. LLC | 4.38 | % | 05/01/2029 | 350,000 | 341,911 | |||||||||||
| Vistra Operations Co. LLC | 7.75 | % | 10/15/2031 | 417,000 | 436,953 | |||||||||||
| 4,527,293 | ||||||||||||||||
| Property & Casualty Insurance - 0.8% | ||||||||||||||||
| Acrisure LLC | 7.50 | % | 11/06/2030 | 383,000 | 384,650 | |||||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings C-Issuer | 6.75 | % | 04/15/2028 | 425,000 | 427,395 | |||||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings C-Issuer | 6.50 | % | 10/01/2031 | 502,000 | 493,454 | |||||||||||
| Brown & Brown, Inc. | 4.70 | % | 06/23/2028 | 593,000 | 594,820 | |||||||||||
| Panther Escrow Issuer LLC | 7.13 | % | 06/01/2031 | 649,000 | 651,414 | |||||||||||
| RLI Corp | 5.38 | % | 06/01/2036 | 8,000 | 7,722 | |||||||||||
| 2,559,455 | ||||||||||||||||
| Publishing & Broadcasting - 0.6% | ||||||||||||||||
| Gray Media, Inc. | 9.63 | % | 07/15/2032 | 212,000 | 212,059 | |||||||||||
| Lamar Media Corp. | 4.00 | % | 02/15/2030 | 225,000 | 214,751 | |||||||||||
| McGraw-Hill Education, Inc. | 5.75 | % | 08/01/2028 | 690,000 | 682,060 | |||||||||||
| Nexstar Media, Inc. | 4.75 | % | 11/01/2028 | 844,000 | 829,923 | |||||||||||
| 1,938,793 | ||||||||||||||||
| Railroad - 0.0%(a) | ||||||||||||||||
| Norfolk Southern Corp.(d) | 7.80 | % | 05/15/2027 | 36,000 | 37,365 | |||||||||||
| Real Estate - 2.7% | ||||||||||||||||
| Crown Castle, Inc. | 5.60 | % | 06/01/2029 | 1,452,000 | 1,486,411 | |||||||||||
| Extra Space Storage, Inc. | 5.35 | % | 01/15/2035 | 500,000 | 502,986 | |||||||||||
| GLP Capital LP / GLP Financing II, Inc. | 4.00 | % | 01/15/2030 | 1,400,000 | 1,344,471 | |||||||||||
| Iron Mountain, Inc. | 5.25 | % | 03/15/2028 | 470,000 | 468,268 | |||||||||||
| Iron Mountain, Inc. | 6.25 | % | 01/15/2033 | 95,000 | 94,782 | |||||||||||
| Kite Realty Group LP | 4.00 | % | 10/01/2026 | 455,000 | 453,772 | |||||||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | 4.88 | % | 05/15/2029 | 425,000 | 408,207 | |||||||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | 7.00 | % | 02/01/2030 | 407,000 | 412,102 | |||||||||||
| Rexford Industrial Realty LP | 2.15 | % | 09/01/2031 | 3,094,000 | 2,685,253 | |||||||||||
| RHP Hotel Properties LP / RHP Finance Corp. | 6.50 | % | 06/15/2033 | 198,000 | 201,759 | |||||||||||
| RHP Hotel Properties LP / RHP Finance Corp., PRIV PLACEMENT - Class Bond (Callable 03/25/2026) | 7.25 | % | 07/15/2028 | 200,000 | 204,357 | |||||||||||
| 8,262,368 | ||||||||||||||||
| Refining & Marketing - 1.2% | ||||||||||||||||
| EG Global Finance PLC | 12.00 | % | 11/30/2028 | 200,000 | 214,069 | |||||||||||
| Murphy Oil USA, Inc. | 4.75 | % | 09/15/2029 | 255,000 | 251,672 | |||||||||||
| Sunoco LP / Sunoco Finance Corp | 7.00 | % | 09/15/2028 | 90,000 | 92,135 | |||||||||||
38
| Sunoco LP / Sunoco Finance Corp | 4.50 | % | 05/15/2029 | 425,000 | $ | 414,731 | ||||||||||
| Sunoco LP / Sunoco Finance Corp. | 4.50 | % | 04/30/2030 | 80,000 | 77,174 | |||||||||||
| Sunoco LP | 7.00 | % | 05/01/2029 | 455,000 | 467,614 | |||||||||||
| Sunoco LP | 5.88 | % | 03/15/2034 | 79,000 | 78,163 | |||||||||||
| Valero Energy Corp | 5.15 | % | 03/10/2036 | 1,926,000 | 1,900,125 | |||||||||||
| 3,495,683 | ||||||||||||||||
| Restaurants - 0.2% | ||||||||||||||||
| 1011778 BC ULC / New Red Finance, Inc. | 6.13 | % | 06/15/2029 | 292,000 | 296,902 | |||||||||||
| Yum! Brands, Inc. | 3.63 | % | 03/15/2031 | 358,000 | 330,784 | |||||||||||
| 627,686 | ||||||||||||||||
| Retail - Consumer Discretionary - 1.1% | ||||||||||||||||
| Advance Auto Parts, Inc. | 7.00 | % | 08/01/2030 | 149,000 | 150,457 | |||||||||||
| Advance Auto Parts, Inc. | 7.38 | % | 08/01/2033 | 180,000 | 182,352 | |||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 5.75 | % | 07/15/2027 | 50,000 | 49,879 | |||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 5.75 | % | 07/15/2027 | 100,000 | 99,758 | |||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 5.75 | % | 07/15/2027 | 95,000 | 94,907 | |||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 4.75 | % | 04/01/2028 | 520,000 | 507,648 | |||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 5.38 | % | 03/01/2029 | 31,000 | 29,670 | |||||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 8.00 | % | 02/15/2031 | 216,000 | 212,588 | |||||||||||
| Bath & Body Works, Inc.(d) | 6.75 | % | 07/01/2036 | 377,000 | 361,396 | |||||||||||
| Belron UK Finance PLC | 5.75 | % | 10/15/2029 | 215,000 | 216,430 | |||||||||||
| Builders FirstSource, Inc. | 6.38 | % | 06/15/2032 | 399,000 | 398,730 | |||||||||||
| eBay, Inc. | 3.60 | % | 06/05/2027 | 36,000 | 35,692 | |||||||||||
| Gap, Inc. | 3.88 | % | 10/01/2031 | 330,000 | 298,594 | |||||||||||
| Lowe's Cos., Inc. | 3.10 | % | 05/03/2027 | 38,000 | 37,554 | |||||||||||
| Lowe's Cos., Inc.(d) | 3.95 | % | 10/15/2027 | 42,000 | 41,868 | |||||||||||
| Sally Holdings LLC / Sally Capital, Inc. | 6.75 | % | 04/01/2032 | 232,000 | 237,554 | |||||||||||
| Victoria's Secret & Co. | 4.63 | % | 07/15/2029 | 255,000 | 242,667 | |||||||||||
| Wand NewCo 3, Inc. | 7.63 | % | 01/30/2032 | 234,000 | 239,382 | |||||||||||
| 3,437,126 | ||||||||||||||||
| Retail - Consumer Staples - 0.1% | ||||||||||||||||
| Performance Food Group, Inc. | 5.63 | % | 03/01/2034 | 165,000 | 159,319 | |||||||||||
| Sysco Corp. | 3.25 | % | 07/15/2027 | 39,000 | 38,421 | |||||||||||
| 197,740 | ||||||||||||||||
| Semiconductors - 0.0%(a) | ||||||||||||||||
| Micron Technology, Inc. | 5.80 | % | 01/15/2035 | 133,000 | 141,666 | |||||||||||
| Software & Services - 5.4% | ||||||||||||||||
| Amentum Holdings, Inc. | 7.25 | % | 08/01/2032 | 215,000 | 222,641 | |||||||||||
| Autodesk, Inc. | 3.50 | % | 06/15/2027 | 36,000 | 35,593 | |||||||||||
| CACI International, Inc. | 6.38 | % | 06/15/2033 | 215,000 | 218,935 | |||||||||||
| Cloud Software Group, Inc. | 6.50 | % | 03/31/2029 | 948,000 | 926,097 | |||||||||||
| CoreWeave, Inc. | 9.25 | % | 06/01/2030 | 271,000 | 264,703 | |||||||||||
| Fair Isaac Corp | 4.00 | % | 06/15/2028 | 125,000 | 121,391 | |||||||||||
| Fair Isaac Corp. | 6.00 | % | 05/15/2033 | 5,000 | 4,909 | |||||||||||
| Fortress Intermediate 3, Inc. | 7.50 | % | 06/01/2031 | 223,000 | 221,759 | |||||||||||
| Gen Digital, Inc. | 6.25 | % | 04/01/2033 | 295,000 | 286,848 | |||||||||||
| McAfee Corp. | 7.38 | % | 02/15/2030 | 185,000 | 153,038 | |||||||||||
| OAK-Eagle Acquireco, Inc. | 7.25 | % | 07/01/2033 | 240,000 | 249,138 | |||||||||||
| OAK-Eagle Acquireco, Inc. | 8.75 | % | 07/01/2034 | 240,000 | 251,709 |
39
| Open Text Holdings, Inc. | 4.13 | % | 02/15/2030 | 383,000 | $ | 341,673 | ||||||||||
| Oracle Corp. | 4.80 | % | 08/03/2028 | 448,000 | 448,236 | |||||||||||
| Oracle Corp. | 4.55 | % | 02/04/2029 | 455,000 | 449,302 | |||||||||||
| Playtika Holding Corp. | 4.25 | % | 03/15/2029 | 250,000 | 195,775 | |||||||||||
| Roper Technologies, Inc. | 1.40 | % | 09/15/2027 | 19,000 | 18,181 | |||||||||||
| Roper Technologies, Inc. | 4.25 | % | 09/15/2028 | 605,000 | 601,360 | |||||||||||
| Salesforce, Inc. | 4.65 | % | 03/15/2029 | 600,000 | 601,074 | |||||||||||
| Salesforce, Inc. | 4.90 | % | 09/15/2031 | 5,000,000 | 4,991,851 | |||||||||||
| Salesforce, Inc. | 5.55 | % | 03/15/2036 | 5,000,000 | 4,988,026 | |||||||||||
| Synopsys, Inc.(d) | 4.55 | % | 04/01/2027 | 35,000 | 35,030 | |||||||||||
| UKG, Inc. | 6.88 | % | 02/01/2031 | 567,000 | 550,684 | |||||||||||
| 16,177,953 | ||||||||||||||||
| Sovereigns - 0.1% | ||||||||||||||||
| Chile Government International Bond | 4.95 | % | 01/05/2036 | 246,125 | 243,605 | |||||||||||
| Colombia Government International Bond | 3.13 | % | 04/15/2031 | 200,000 | 171,062 | |||||||||||
| 414,667 | ||||||||||||||||
| Supermarkets & Pharmacies - 0.2% | ||||||||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP /Albertsons LLC | 3.50 | % | 03/15/2029 | 425,000 | 405,613 | |||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP /Albertsons LLC | 5.75 | % | 03/31/2034 | 256,000 | 250,797 | |||||||||||
| 656,410 | ||||||||||||||||
| Tobacco - 0.0%(a) | ||||||||||||||||
| Philip Morris International, Inc. | 5.13 | % | 11/17/2027 | 44,000 | 44,596 | |||||||||||
| Transportation & Logistics - 0.2% | ||||||||||||||||
| Allison Transmission, Inc. | 5.88 | % | 12/01/2033 | 294,000 | 292,309 | |||||||||||
| Ryder System, Inc. | 5.30 | % | 03/15/2027 | 33,000 | 33,219 | |||||||||||
| Stonepeak Nile Parent LLC | 7.25 | % | 03/15/2032 | 270,000 | 281,610 | |||||||||||
| 607,138 | ||||||||||||||||
| Travel & Lodging - 1.0% | ||||||||||||||||
| Carnival Corp. | 5.75 | % | 08/01/2032 | 293,000 | 293,287 | |||||||||||
| Hilton Domestic Operating Co., Inc. | 5.75 | % | 09/15/2033 | 435,000 | 433,274 | |||||||||||
| Hyatt Hotels Corp. | 5.05 | % | 03/30/2028 | 746,000 | 752,614 | |||||||||||
| Marriott International, Inc.(d) | 4.20 | % | 07/15/2027 | 17,000 | 16,979 | |||||||||||
| NCL Corp. Ltd. | 6.75 | % | 02/01/2032 | 743,000 | 737,130 | |||||||||||
| Royal Caribbean Cruises Ltd. | 5.38 | % | 07/15/2027 | 445,000 | 446,729 | |||||||||||
| Viking Cruises Ltd. | 5.88 | % | 10/15/2033 | 362,000 | 357,610 | |||||||||||
| 3,037,623 | ||||||||||||||||
| Utilities - 5.0% | ||||||||||||||||
| American Electric Power Co., Inc. | 3.20 | % | 11/13/2027 | 94,000 | 92,312 | |||||||||||
| Arizona Public Service Co. | 2.95 | % | 09/15/2027 | 30,000 | 29,354 | |||||||||||
| Black Hills Corp. | 3.05 | % | 10/15/2029 | 1,172,000 | 1,113,619 | |||||||||||
| Boston Gas Co. | 5.84 | % | 01/10/2035 | 500,000 | 524,939 | |||||||||||
| CMS Energy Corp.(b) | 3.75 | % | 12/01/2050 | 81,000 | 73,922 | |||||||||||
| Comision Federal de Electricidad | 6.45 | % | 01/24/2035 | 350,000 | 349,247 | |||||||||||
| Connecticut Light and Power Co. | 3.20 | % | 03/15/2027 | 37,000 | 36,648 | |||||||||||
| Consolidated Edison Co. of New York, Inc.(d) | 5.30 | % | 03/01/2035 | 500,000 | 508,716 | |||||||||||
| Dominion Energy, Inc. | 3.60 | % | 03/15/2027 | 36,000 | 35,737 |
40
| DTE Energy Co. | 5.10 | % | 03/01/2029 | 738,000 | $ | 750,616 | ||||||||||
| Duke Energy Corp.(d) | 4.85 | % | 01/05/2027 | 34,000 | 34,156 | |||||||||||
| Duke Energy Corp. | 3.15 | % | 08/15/2027 | 41,000 | 40,391 | |||||||||||
| Entergy Mississippi LLC | 5.00 | % | 09/01/2033 | 84,000 | 84,591 | |||||||||||
| Eversource Energy | 2.55 | % | 03/15/2031 | 500,000 | 451,226 | |||||||||||
| Eversource Energy(b) | 6.35 | % | 08/15/2056 | 2,076,000 | 2,048,385 | |||||||||||
| Idaho Power Co. | 4.85 | % | 03/01/2036 | 8,000 | 7,838 | |||||||||||
| IPALCO Enterprises, Inc. | 4.25 | % | 05/01/2030 | 423,000 | 407,591 | |||||||||||
| National Rural Utilities Cooperative Finance Corp. | 4.15 | % | 12/15/2032 | 500,000 | 485,159 | |||||||||||
| NextEra Energy Capital Holdings, Inc. | 1.88 | % | 01/15/2027 | 38,000 | 37,291 | |||||||||||
| NiSource, Inc.(b) | 6.95 | % | 11/30/2054 | 350,000 | 360,028 | |||||||||||
| NiSource, Inc.(b) | 6.38 | % | 03/31/2055 | 350,000 | 359,079 | |||||||||||
| NSTAR Electric Co. | 3.20 | % | 05/15/2027 | 41,000 | 40,532 | |||||||||||
| PG&E Corp.(b) | 6.85 | % | 09/15/2056 | 240,000 | 237,157 | |||||||||||
| Public Service Enterprise Group, Inc. | 1.60 | % | 08/15/2030 | 926,000 | 815,545 | |||||||||||
| Public Service Enterprise Group, Inc. | 2.45 | % | 11/15/2031 | 500,000 | 443,684 | |||||||||||
| Public Service Enterprise Group, Inc. | 5.40 | % | 03/15/2035 | 500,000 | 506,825 | |||||||||||
| Sierra Pacific Power Co. | 2.60 | % | 05/01/2026 | 596,000 | 595,289 | |||||||||||
| South Jersey Industries, Inc.(d) | 5.02 | % | 04/15/2031 | 300,000 | 262,377 | |||||||||||
| Southern Co.(b) | 3.75 | % | 09/15/2051 | 1,420,000 | 1,410,620 | |||||||||||
| Talen Energy Supply LLC | 6.25 | % | 02/01/2034 | 295,000 | 291,864 | |||||||||||
| Wisconsin Power and Light Co. | 3.05 | % | 10/15/2027 | 63,000 | 61,852 | |||||||||||
| Xcel Energy, Inc.(b) | 5.75 | % | 12/03/2056 | 2,551,000 | 2,491,891 | |||||||||||
| 14,988,481 | ||||||||||||||||
| Waste & Environment Services & Equipment - 0.5% | ||||||||||||||||
| Clean Harbors, Inc. | 5.13 | % | 07/15/2029 | 200,000 | 197,661 | |||||||||||
| Clean Harbors, Inc. (Callable 04/09/2026) | 6.38 | % | 02/01/2031 | 40,000 | 40,632 | |||||||||||
| Entegris, Inc. | 4.75 | % | 04/15/2029 | 350,000 | 346,173 | |||||||||||
| Entegris, Inc. | 5.95 | % | 06/15/2030 | 285,000 | 286,887 | |||||||||||
| GFL Environmental Holdings US, Inc. | 5.50 | % | 02/01/2034 | 53,000 | 52,071 | |||||||||||
| GFL Environmental, Inc. | 4.75 | % | 06/15/2029 | 85,000 | 83,426 | |||||||||||
| GFL Environmental, Inc. | 4.38 | % | 08/15/2029 | 233,000 | 226,200 | |||||||||||
| Waste Pro USA, Inc. | 7.00 | % | 02/01/2033 | 305,000 | 309,183 | |||||||||||
| 1,542,233 | ||||||||||||||||
| Wireless Telecommunications Services - 0.2% | ||||||||||||||||
| Millicom International Cellular SA | 4.50 | % | 04/27/2031 | 200,000 | 182,620 | |||||||||||
| T-Mobile USA, Inc. | 3.75 | % | 04/15/2027 | 29,000 | 28,824 | |||||||||||
| Verizon Communications, Inc.(d) | 4.13 | % | 03/16/2027 | 27,000 | 26,987 | |||||||||||
| Vmed O2 UK Financing I PLC | 4.75 | % | 07/15/2031 | 200,000 | 172,441 | |||||||||||
| Vmed O2 UK Financing I PLC | 7.75 | % | 04/15/2032 | 200,000 | 191,792 | |||||||||||
| 602,664 | ||||||||||||||||
| Wireline Telecommunications Services - 0.5% | ||||||||||||||||
| Cipher Mining, Inc.(e) | 7.13 | % | 11/15/2030 | 267,000 | 276,941 | |||||||||||
| GCI LLC | 4.75 | % | 10/15/2028 | 192,000 | 184,895 | |||||||||||
| Level 3 Financing, Inc. | 6.88 | % | 06/30/2033 | 519,000 | 528,815 | |||||||||||
| SV RNO Property Owner 1 LLC(e) | 5.88 | % | 03/01/2031 | 214,000 | 212,232 | |||||||||||
| WULF Compute LLC | 7.75 | % | 10/15/2030 | 412,000 | 435,662 | |||||||||||
| 1,638,545 | ||||||||||||||||
| TOTAL CORPORATE BONDS (Cost $170,477,562) | 170,397,629 |
41
| PURCHASED CURRENCY OPTIONS (OTC) - 0.0%(a) | ||||||||||||
| Put Options - 0.0%(a) | Counterparty | Notional | Value | |||||||||
| Usdeur C1., Expiration: 5/26/2026; Exercise Price: $1.09 | Nomura | 88,000 | $ | 2,991 | ||||||||
| Usdeur C1., Expiration: 9/22/2026; Exercise Price: $1.13 | Nomura | 1,023,000 | 8,381 | |||||||||
| TOTAL PURCHASED CURRENCY OPTIONS (Cost $15,206) | 11,372 | |||||||||||
PURCHASED SWAPTIONS - 0.0%(a)
Receiver Interest Rate Swaptions - 0.0%(a)
| (Pay)/Receive | Expiration | Premiums | |||||||||||||||
| Description | Notional Amount | Counterparty | Fixed Rate | Date | Received | Value | |||||||||||
| Call on 10-Year Interest Rate Swap, 6-Mo | |||||||||||||||||
| Euribor, Expiration: 5/20/2026; Exercise Rate: 2.500% | EUR 6,579,000 | Morgan Stanley | Receive | 5/22/2036 | $ | 6,901 | $ | 152 | |||||||||
| Receiver Forward Premium Swaptions - 0.0%(a) | |||||||||||||||||
| Call on 30-Year Interest Rate Swap, USD- | |||||||||||||||||
| SOFR-COMPOUND, Expiration: 5/31/2027; Exercise Rate: 17.700% | USD 740,000 | Barclays | Receive | 6/2/2062 | - | 79,757 | |||||||||||
| Payer Forward Premium Swaptions - 0.0%(a) | |||||||||||||||||
| Put on 30-Year Interest Rate Swap, USD- | |||||||||||||||||
| SOFR-COMPOUND, Expiration: 5/26/2027; Exercise Rate: 18.000% | USD 5,914,000 | Barclays | Pay | 5/27/2062 | - | 11,999 | |||||||||||
| TOTAL PURCHASED SWAPTIONS (Cost $8,010) | 91,908 | ||||||||||||||||
| Principal | |||||||||
| U.S. TREASURY SECURITIES - 1.4% | Amount | Value | |||||||
| U.S. Treasury Note/Bond | |||||||||
| 4.13%, 02/15/2036 | 1,206,100 | 1,188,291 | |||||||
| 4.25%, 03/31/2033 | 924,700 | 931,563 | |||||||
| 3.88%, 03/31/2028 | 358,300 | 358,825 | |||||||
| 3.50%, 03/15/2029 | 238,700 | 236,583 | |||||||
| 3.88%, 03/31/2031 | 43,200 | 43,067 | |||||||
| 4.63%, 11/15/2055 | 1,500,000 | 1,437,305 | |||||||
| TOTAL U.S. TREASURY SECURITIES (Cost $4,200,713) | 4,195,634 | ||||||||
| SHORT-TERM INVESTMENTS - 19.0% | |||||||||
| Commercial Paper - 1.1% | Shares | Value | |||||||
| Florida Power & Light Co., 4/6/2026, 0.0385% (i) | 2,000,000 | 1,998,736 | |||||||
| Thunder Bay Funding LLC, 4/13/2026, 0.0375%(i) | 1,400,000 | 1,398,133 | |||||||
| 3,396,869 | |||||||||
| Money Market Funds - 4.2% | Shares | Value | |||||||
| BNY Mellon Cash Reserve Fund, 0.01%(i)(j) | 12,738,445 | 12,738,445 | |||||||
42
| Principal | |||||||||
| U.S. Treasury Bills - 13.7% | Amount | Value | |||||||
| U.S. Treasury Bill, 4/7/2026, 0% (k) | $ | 20,575,000 | $ | 20,562,637 | |||||
| U.S. Treasury Bill, 4/9/2026, 0%(k) | 20,850,000 | 20,833,278 | |||||||
| 41,395,915 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $57,531,344) | 57,531,229 | ||||||||
| TOTAL INVESTMENTS - 104.9% (Cost $319,068,613) | $ | 317,053,887 | |||||||
| Liabilities in Excess of Other Assets - (4.9)% | (14,677,464 | ) | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 302,376,423 | |||||||
Percentages are stated as a percent of net assets.
| PLC | Public Limited Company |
| (a) | Does not round to 0.1% or (0.1)%, as applicable. |
| (b) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2026. |
| (c) | Zero coupon bond issued at a discount. |
| (d) | At maturity security. Interest is paid in full at the maturity date. |
| (e) | Sinkable security. |
| (f) | Exchange-traded. |
| (g) | 100 shares per contract. |
| (h) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (i) | Non-income producing security. |
| (j) | The rate shown represents the 7-day annualized effective yield as of March 31, 2026. |
| (k) | The rate shown is the annualized effective yield as of March 31, 2026. |
43
Voya Multi-Sector Income ETF
Schedule of Written Options Contracts
March 31, 2026
WRITTEN OPTIONS - (0.0)%(a)
| Payer Interest Rate Swaptions - 0.0%(a) | |||||||||||||||||||
| (Pay)/Receive | Expiration | Premiums | |||||||||||||||||
| Description | Contracts | Counterparty | Fixed Rate | Date | Received | Value | |||||||||||||
| Call on 10-Year Interest Rate Swap, | |||||||||||||||||||
| 6-Mo Euribor, Expiration: 5/22/2046; Exercise Rate: 2.300% | EUR 3,289,000 | Morgan Stanley | Pay | 5/20/2026 | $ | 8,869 | $ | (76 | ) | ||||||||||
| Call on 10-Year Interest Rate Swap, | |||||||||||||||||||
| 1D SOFR, Expiration: 2/27/2061; Exercise Rate: 4.120% | USD 3,000,000 | Nomura | Pay | 2/25/2031 | - | (12,780 | ) | ||||||||||||
| (12,856 | ) | ||||||||||||||||||
| Payer Credit Default Swaptions - 0.0%(a) | |||||||||||||||||||
| CDX North American High Yield | |||||||||||||||||||
| Series 46 Index, Expiration: | |||||||||||||||||||
| 6/20/2031; Exercise Rate: 102% | USD 14,000,000 | Morgan Stanley | Receive | 5/20/2026 | 164,500 | (116,044 | ) | ||||||||||||
| CDX North American High Yield | |||||||||||||||||||
| Series 45 Index, Expiration: | |||||||||||||||||||
| 12/20/2030; Exercise Rate: 105% | USD 1,980,000 | Morgan Stanley | Receive | 4/15/2026 | 12,771 | (14,555 | ) | ||||||||||||
| CDX North American High Yield | |||||||||||||||||||
| Series 45 Index, Expiration: | |||||||||||||||||||
| 12/20/2030; Exercise Rate: 106% | USD 2,475,000 | Morgan Stanley | Receive | 4/15/2026 | 12,746 | (29,878 | ) | ||||||||||||
| CDX North American High Yield | |||||||||||||||||||
| Series 45 Index, Expiration: | |||||||||||||||||||
| 12/20/2030; Exercise Rate: 106% | USD 2,475,000 | Morgan Stanley | Receive | 4/15/2026 | 13,241 | (29,878 | ) | ||||||||||||
| ITRAXX Series 44, Expiration: | |||||||||||||||||||
| 12/20/2030; Exercise Rate: 77.5% | EUR 5,500,000 | Morgan Stanley | Receive | 4/15/2026 | 7,132 | (5,407 | ) | ||||||||||||
| (195,762 | ) | ||||||||||||||||||
| Put Options - 0.0%(a) | Notional Value | Contracts | Value | |||||||||
| Invesco Senior Loan ETF, Expiration: 4/20/2026; Exercise Price: $20.00 | 1,898,661 | (93,026 | ) | (8,035 | ) | |||||||
| TOTAL WRITTEN OPTIONS (Premiums received $233,341) | (216,653 | ) | ||||||||||
Percentages are stated as a percent of net assets.
| (a) | Does not round to 0.1% or (0.1)%, as applicable. |
44
Voya Multi-Sector Income ETF
Schedule of Futures Contracts
March 31, 2026
The Voya Multi-Sector Income ETF had the following futures contracts outstanding with Mogan Stanley & Co., LLC as of March 31, 2026:
EXCHANGE TRADED FUTURES CONTRACTS - 0.0%(a)
| Value / | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Contracts | Expiration | Notional | Appreciation | |||||||||||||
| Description | Purchased | Date | Value | (Depreciation) | ||||||||||||
| U.S. 10-Year Treasury Note | 116 | 06/18/2026 | $ | 12,881,438 | $ | (175,522 | ) | |||||||||
| U.S. 2-Year Treasury Note | 14 | 06/30/2026 | 2,904,234 | (136 | ) | |||||||||||
| U.S. 5-Year Treasury Note | 1,262 | 06/30/2026 | 136,522,766 | 88,285 | ||||||||||||
| (87,373 | ) | |||||||||||||||
| Value / | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Contracts | Expiration | Notional | Appreciation | |||||||||||||
| Description | Sold | Date | Value | (Depreciation) | ||||||||||||
| U.S. Treasury Long Bond | (5 | ) | 06/18/2026 | (569,375 | ) | 15,551 | ||||||||||
| U.S. Treasury Ultra 10-Year Note | (42 | ) | 06/18/2026 | (4,767,656 | ) | 41,585 | ||||||||||
| 57,136 | ||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (30,237 | ) | ||||||||||||||
| (a) | Does not round to 0.1% or (0.1)%, as applicable. |
The Company has recorded an asset of $214,595 as of March 31, 2026, related to the current day’s variation margin related to these contracts.
45
Voya Multi-Sector Income ETF
Schedule of Swaps Contracts
March 31, 2026
CENTRALLY CLEARED SWAPS
CREDIT DEFAULT SWAPS - 0.0%(a)
| Pay/ Receive | Unamortized | Value / Unrealized | |||||||||||||||||
| Reference | Financing | Payment | Maturity | Upfront payments/ | Appreciation | ||||||||||||||
| Reference Entity | Entity | Rate | Frequency | Date | Notional Value | (receipts) | (Depreciation) | ||||||||||||
| CDX Emerging Markets | |||||||||||||||||||
| Index Series 44, Version 1 | Receive | 1.00% | Quarterly | 12/20/2030 | $ | 30,000,000 | 615,579 | $ | (32,788 | ) | |||||||||
| CDX High Yield Index | |||||||||||||||||||
| Series 46, Version 1 | Pay | 5.00% | Quarterly | 06/20/2031 | 44,446,154 | 1,741,503 | 462,022 | ||||||||||||
| CDX Investment Grade | |||||||||||||||||||
| Index Series 46, Version 1 | Pay | 1.00% | Quarterly | 06/20/2031 | 48,000,000 | 782,282 | 62,243 | ||||||||||||
| 491,477 | |||||||||||||||||||
The Company has recorded an asset of $383,312 as of March 31, 2026, related to the current day’s variation margin related to these contracts.
INTEREST RATE SWAPS - 0.0%(a)
| Rate Received | Payment | Rate Paid | Payment | Maturity Date | Notional | Upfront | Unrealized | |||||||||||||||
| Frequency | Frequency | Amount | payments/ | Appreciation | ||||||||||||||||||
| (receipts) | (Depreciation) | |||||||||||||||||||||
| 4.5341% | Semi-annually | 1D AONIA-OIS-COMPOUND | Semi-annually | 03/19/2028 | AUD 2,600,000 | – | $ | 392 | ||||||||||||||
| 2.7810% | Semi-annually | 1D CORRA-OIS-COMPOUND | Semi-annually | 03/20/2028 | CAD 2,900,000 | – | 3,167 | |||||||||||||||
| 2.6967% | Semi-annually | 1D CORRA-OIS-COMPOUND | Semi-annually | 03/19/2029 | CAD 2,500,000 | – | (4,627 | ) | ||||||||||||||
| 2.7995% | Semi-annually | 1D CORRA-OIS-COMPOUND | Semi-annually | 04/02/2029 | CAD 6,700,000 | – | – | |||||||||||||||
| 2.5903% | Annually | EUROSTR-OIS-COMPOUND | Annually | 03/27/2028 | EUR 3,900,000 | – | 3,789 | |||||||||||||||
| 2.5657% | Annually | EUROSTR-OIS-COMPOUND | Annually | 04/03/2029 | EUR 4,200,000 | – | – | |||||||||||||||
| 3.8996% | Annually | 1D SONIA-OIS-COMPOUND | Annually | 03/20/2028 | GBP 2,100,000 | – | (18,144 | ) | ||||||||||||||
| 4.3087% | Annually | 1D SONIA-OIS-COMPOUND | Annually | 03/20/2028 | GBP 2,200,000 | – | 3,417 | |||||||||||||||
| 4.2302% | Annually | 1D SONIA-OIS-COMPOUND | Annually | 04/03/2029 | GBP 5,350,000 | – | – | |||||||||||||||
| 3.2875% | Semi-annually | 3M BBR-FRA | Semi-annually | 03/20/2028 | AUD 4,600,000 | – | (5,096 | ) | ||||||||||||||
| 3.3890% | Monthly | SOFR-COMPOUND | Monthly | 02/04/2029 | USD 11,600,000 | 1,369 | 44,989 | |||||||||||||||
| 3.366% | Annually | SOFR-COMPOUND | Annually | 02/23/2031 | USD 8,050,000 | – | 90,795 | |||||||||||||||
| 3.4993% | Annually | SOFR-COMPOUND | Annually | 02/24/2033 | USD 4,430,000 | – | 56,146 | |||||||||||||||
| 3.3000% | Annually | SOFR-COMPOUND | Annually | 02/24/2028 | USD 10,450,000 | – | 67,239 | |||||||||||||||
| 3.4571% | Annually | SOFR-COMPOUND | Annually | 02/25/2027 | USD 12,300,000 | – | 29,463 | |||||||||||||||
| 3.6072% | Annually | SOFR-COMPOUND | Annually | 02/25/2036 | USD 1,100,0000 | – | 21,702 | |||||||||||||||
| 293,232 | ||||||||||||||||||||||
46
The Company has recorded a liability of $18,083 as of March 31, 2026, related to the current day’s variation margin related to these contracts.
OTC SWAPS
CREDIT DEFAULT SWAPS - 0.0%(a)
| Unamortized | ||||||||||||||||||||||
| Pay/ Receive | Upfront | Value / Unrealized | ||||||||||||||||||||
| Reference | Financing | Payment | Maturity | Notional | payments/ | Appreciation | ||||||||||||||||
| Reference Entity | Counter-party | Entity | Rate | Frequency | Date | Value | (receipts) | (Depreciation) | ||||||||||||||
| CMBX.NA.19.BBB- | Morgan Stanley | Receive | 3.00 | % | Monthly | 12/17/2058 | $ | 100,000 | (7,202 | ) | $ | (2,302 | ) | |||||||||
| CMBX.NA.19.AAA | Morgan Stanley | Receive | 0.05 | % | Monthly | 12/17/2058 | 100,000 | (98 | ) | (253 | ) | |||||||||||
| (2,555 | ) | |||||||||||||||||||||
| INTEREST RATE SWAPS - 0.0%(a) | ||||||||||||||||||||||
| Upfront | Unrealized | |||||||||||||||||||||
| Payment | Payment | Maturity | Notional | payments/ | Appreciation | |||||||||||||||||
| Rate Received | Frequency | Counter-party | Rate Paid | Frequency | Date | Amount | (receipts) | (Depreciation) | ||||||||||||||
| At | At | |||||||||||||||||||||
| 13.900% | Termination | Morgan Stanley | 1D BROIS | Termination | 01/02/2029 | BRL | 11,282,236 | – | 11,297 | |||||||||||||
| 11,297 | ||||||||||||||||||||||
| TOTAL RETURN SWAPS - 0.0%(a) | ||||||||||||||||||||||
| Upfront | Unrealized | |||||||||||||||||||||
| Pay/Receive | Payment | Payment | Counter- | Maturity | Notional | payments/ | Appreciation | |||||||||||||||
| Total Return | Reference Entity | Frequency | Rate Paid | Frequency | party | Date | Amount | (receipts) | (Depreciation) | |||||||||||||
| Markit iBoxx USD Liquid | At | Morgan | ||||||||||||||||||||
| Receive | Leveraged Loan Index | Termination | 1D SOFR | Quarterly | Stanley | 6/20/2026 | 2,500,000 | 8,213 | (46,787 | ) | ||||||||||||
| (46,787 | ) | |||||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 746,664 |
| (a) | Does not round to 0.1% or (0.1)%, as applicable. |
47
Voya Ultra Short Income ETF
Schedule of Investments
March 31, 2026
| Principal | ||||||||
| COLLATERALIZED LOAN OBLIGATIONS - 45.2% | Amount | Value | ||||||
| 720 East CLO Ltd. | ||||||||
| Series 2023-IA, Class A1R, 5.05%, (TSFR3M + 1.37%), 04/15/2038 | 500,000 | $ | 499,037 | |||||
| AGL Core CLO Ltd. | ||||||||
| Series 2025-38A, Class A1, 4.92%, (TSFR3M + 1.24%), 01/22/2038 | 500,000 | 499,091 | ||||||
| American Express Credit Account Master Trust | ||||||||
| Series 2023-2, Class A, 4.80%, 05/15/2030 | 450,000 | 457,107 | ||||||
| AmeriCredit Automobile Receivables Trust | ||||||||
| Series 2025-1, Class A2A, 4.22%, 03/19/2029 | 500,000 | 500,386 | ||||||
| Arbor Realty Commercial Real Estate Notes LLC | ||||||||
| Series 2025-FL1, Class A, 5.04%, (TSFR1M + 1.38%), 01/20/2043 | 320,000 | 319,562 | ||||||
| AREIT | ||||||||
| Series 2025-CRE11, Class A, 5.21%, (TSFR1M + 1.55%), 07/25/2043 | 500,000 | 501,360 | ||||||
| ARES1 | ||||||||
| Series 2024-IND2, Class A, 5.11%, (TSFR1M + 1.45%), 10/15/2034 | 450,000 | 450,523 | ||||||
| Aspire Mortgage Trust(a) | ||||||||
| Series 2026-1, 4.86%, 01/25/2066(a) | 297,821 | 295,973 | ||||||
| Bain Capital Credit CLO Ltd. | ||||||||
| Series 2017-2A, Class A1R3, 5.06%, (TSFR3M + 1.38%), 07/25/2037 | 415,000 | 415,461 | ||||||
| Series 2020-5A, Class ARR, 4.82%, (TSFR3M + 1.14%), 04/20/2034 | 250,000 | 250,063 | ||||||
| Ballyrock CLO Ltd. | ||||||||
| Series 2024-22A, Class A1A, 5.21%, (TSFR3M + 1.53%), 04/15/2037 | 500,000 | 500,228 | ||||||
| BBCMS Mortgage Trust | ||||||||
| Series 2017-C1, Class A4, 3.67%, 02/15/2050 | 500,000 | 495,694 | ||||||
| Series 2022-C16, Class A5, 4.60%, 06/15/2055(a) | 500,000 | 491,009 | ||||||
| BDS LLC | ||||||||
| Series 2025-FL16, Class A, 5.07%, (TSFR1M + 1.41%), 06/19/2043 | 500,000 | 500,429 | ||||||
| Benefit Street Partners CLO XV Ltd. | ||||||||
| Series 2018-15A, Class A1R, 5.06%, (TSFR3M + 1.38%), 07/15/2037 | 492,500 | 492,689 | ||||||
| Benefit Street Partners CLO XXIX Ltd. | ||||||||
| Series 2022-29A, Class AR, 4.86%, (TSFR3M + 1.18%), 01/25/2038 | 500,000 | 498,754 | ||||||
| BlueMountain CLO XXVIII Ltd. | ||||||||
| Series 2021-28A, Class A1R, 5.07%, (TSFR3M + 1.39%), 03/31/2038 | 500,000 | 500,263 | ||||||
48
| BOCA Commercial Mortgage Trust | ||||||||
| Series 2025-BOCA, Class A, 5.26%, (TSFR1M + 1.60%), 12/15/2042 | 750,000 | $ | 751,701 | |||||
| BRAVO Residential Funding Trust | ||||||||
| Series 2025-NQM4, Class A1, 5.61%, 02/25/2065 | 747,201 | 751,364 | ||||||
| BSPRT Issuer LLC | ||||||||
| Series 2025-FL12, Class A, 5.07%, (TSFR1M + 1.41%), 01/17/2043 | 500,000 | 499,857 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2026-CSMO, 5.36%, (TSFR1M + 1.70%), 02/15/2043 | 600,000 | 601,088 | ||||||
| Series 2026-XL6, 5.15%, (TSFR1M + 1.49%), 03/15/2043 | 500,000 | 497,119 | ||||||
| BX Trust | ||||||||
| Series 2025-ARIA, Class C, 5.52%, 12/13/2042(a) | 500,000 | 499,059 | ||||||
| Series 2025-DELC, Class A, 5.21%, (TSFR1M + 1.55%), 12/15/2042 | 500,000 | 501,215 | ||||||
| Series 2026-CART, 5.05%, (TSFR1M + 1.39%), 02/15/2036 | 600,000 | 596,421 | ||||||
| Series 2026-RISE, Class A, 0.00%, 04/15/2041 | 750,000 | 750,938 | ||||||
| Carlyle US CLO Ltd. | ||||||||
| Series 2017-3A, Class A1R2, 5.07%, (TSFR3M + 1.39%), 10/21/2037 | 500,000 | 500,431 | ||||||
| Series 2020-2A, Class A1R2, 4.76%, (TSFR3M + 1.08%), 01/25/2035 | 500,000 | 499,000 | ||||||
| Series 2021-9A, Class AR, 4.78%, (TSFR3M + 1.10%), 10/20/2034 | 250,000 | 249,750 | ||||||
| CarMax Auto Owner Trust | ||||||||
| Series 2026-1, 4.04%, 03/17/2031 | 950,000 | 947,325 | ||||||
| Chase Home Lending Mortgage Trust(a) | ||||||||
| Series 2024-7, Class A4, 6.00%, 06/25/2055(a) | 693,579 | 696,583 | ||||||
| Chase Issuance Trust | ||||||||
| Series 2023-A2, Class A, 5.08%, 09/15/2030 | 950,000 | 971,653 | ||||||
| CIFC Funding 2021-VII Ltd. | ||||||||
| Series 2021-7A, Class AR, 4.77%, (TSFR3M + 1.09%), 01/23/2035 | 490,000 | 489,365 | ||||||
| CIFC Funding 2022-IV Ltd. | ||||||||
| Series 2022-4A, Class AR, 4.77%, (TSFR3M + 1.09%), 07/16/2035 | 250,000 | 249,653 | ||||||
| Citigroup Commercial Mortgage Trust(a) | ||||||||
| Series 2017-P8, Class AS, 3.79%, 09/15/2050(a) | 500,000 | 474,023 | ||||||
| Series 2020-GC46, 2.92%, 02/15/2053(a) | 325,000 | 293,454 | ||||||
| COMM 2018-COR3 Mortgage Trust | ||||||||
| Series 2018-COR3, Class A3, 4.23%, 05/10/2051 | 250,000 | 245,354 | ||||||
| Connecticut Avenue Securities Trust | ||||||||
| Series 2022-R03, Class 1M2, 7.02%, (SOFR30A + 3.37%), 03/25/2042 | 1,000,000 | 1,019,877 | ||||||
| Series 2023-R07, Class 2B1, 7.67%, (SOFR30A + 4.02%), 09/25/2043 | 900,000 | 958,264 | ||||||
| Corporate One Auto Receivables Trust | ||||||||
| Series 2026-1, 4.15%, 03/15/2030 | 600,000 | 597,529 | ||||||
| EFMT(a) | ||||||||
| Series 2025-RM4, Class A1, 4.75%, 11/25/2055(a) | 500,000 | 478,580 | ||||||
| Elevation CLO Ltd. | ||||||||
| Series 2021-13A, Class A1R, 4.73%, (TSFR3M + 1.05%), 07/15/2034 | 500,000 | 499,799 |
49
| Elmwood CLO Ltd. | ||||||||
| Series 2022-6A, Class AR2, 4.91%, (TSFR3M + 1.23%), 10/17/2038 | 500,000 | $ | 499,981 | |||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2024-1A, Class C, 5.41%, 05/15/2030 | 204,000 | 205,512 | ||||||
| Series 2026-1, 4.03%, 03/15/2030 | 900,000 | 897,487 | ||||||
| FS Trust | ||||||||
| Series 2026-HULA, 5.11%, (TSFR1M + 1.45%), 03/15/2041 | 500,000 | 500,635 | ||||||
| GSJP Trust | ||||||||
| Series 2025-BEDS, Class A, 5.20%, (TSFR1M + 1.54%), 12/15/2042 | 500,000 | 497,620 | ||||||
| Harley-Davidson Motorcycle Trust | ||||||||
| Series 2025-A, 4.67%, 04/15/2030 | 550,000 | 554,126 | ||||||
| JP Morgan Mortgage Trust(a) | ||||||||
| Series 2026-1, 5.50%, 07/25/2056(a) | 195,714 | 194,890 | ||||||
| JPMorgan Mortgage Trust(a) | ||||||||
| Series 2024-11, Class A6, 6.00%, 04/25/2055(a) | 535,853 | 537,160 | ||||||
| KKR CLO Ltd. | ||||||||
| Series 40A, Class AR, 4.97%, (TSFR3M + 1.29%), 10/20/2034 | 500,000 | 499,803 | ||||||
| KSL Commercial Mortgage Trust | ||||||||
| Series 2024-HT2, 5.22%, (TSFR1M + 1.56%), 12/15/2039 | 445,605 | 445,364 | ||||||
| Series 2025-MH, Class A, 5.27%, (TSFR1M + 1.61%), 12/15/2042 | 750,000 | 749,173 | ||||||
| LCM Ltd. | ||||||||
| Series 36A, Class A1R, 4.75%, (TSFR3M + 1.07%), 01/15/2034 | 600,000 | 598,753 | ||||||
| Series 38A, Class AR2, 4.95%, (TSFR3M + 1.27%), 11/04/2038 | 600,000 | 598,807 | ||||||
| LMNT CRE LLC | ||||||||
| Series 2025-FL3, Class A, 5.21%, (TSFR1M + 1.55%), 07/21/2043 | 750,000 | 752,631 | ||||||
| LQR Trust | ||||||||
| Series 2025-CALI, Class A, 5.30%, (TSFR1M + 1.64%), 01/15/2043 | 750,000 | 746,243 | ||||||
| LSTR Trust | ||||||||
| Series 2026-HTL6, 5.19%, (TSFR1M + 1.53%), 12/15/2040 | 750,000 | 748,188 | ||||||
| Magnetite LI Ltd. | ||||||||
| Series 2025-51A, Class A1, 5.10%, (TSFR3M + 1.42%), 10/25/2038 | 600,000 | 599,016 | ||||||
| Magnetite XXII Ltd. | ||||||||
| Series 2019-22A, Class ARR, 4.92%, (TSFR3M + 1.24%), 07/15/2036 | 600,000 | 600,153 | ||||||
| MED Commercial Mortgage Trust | ||||||||
| Series 2024-MOB, Class A, 5.30%, (TSFR1M + 1.64%), 05/15/2041 | 500,000 | 496,616 | ||||||
| MF1 LLC | ||||||||
| Series 2025-FL17, Class A, 5.00%, (TSFR1M + 1.34%), 02/18/2040 | 680,000 | 680,452 | ||||||
| MF1 Ltd. | ||||||||
| Series 2021-FL7, Class A, 4.88%, (TSFR1M + 1.22%), 10/16/2036 | 341,878 | 341,686 | ||||||
| Morgan Stanley Residential Mortgage Loan Trust(a) | ||||||||
| Series 2024-3, Class A7, 6.00%, 07/25/2054(a) | 409,953 | 410,256 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2025-DA, Class A1A, 4.65%, 08/20/2054 | 703,006 | 694,917 |
50
| Neuberger Berman Loan Advisers CLO Ltd. | ||||||||
| Series 2022-47A, Class AR, 4.76%, (TSFR3M + 1.08%), 04/16/2035 | 600,000 | $ | 599,566 | |||||
| NYC Trust(a) | ||||||||
| Series 2025-77C, Class B, 4.98%, 01/10/2036(a) | 500,000 | 496,731 | ||||||
| Ocean Trails CLO XI | ||||||||
| Series 2021-11A, Class AR, 4.70%, (TSFR3M + 1.02%), 07/20/2034 | 425,000 | 424,500 | ||||||
| OCP CLO Ltd. | ||||||||
| Series 2021-21A, Class AR, 4.85%, (TSFR3M + 1.17%), 01/20/2038 | 500,000 | 499,293 | ||||||
| Octagon Investment Partners Ltd. | ||||||||
| Series 2019-1A, Class A1RR, 4.72%, (TSFR3M + 1.04%), 01/20/2035 | 375,000 | 374,349 | ||||||
| Series 2020-3A, Class A1R2, 5.03%, (TSFR3M + 1.35%), 01/15/2038 | 500,000 | 500,006 | ||||||
| ONNI Commercial Mortgage Trust(a) | ||||||||
| Series 2024-APT, 5.20%, 07/15/2039(a) | 750,000 | 759,777 | ||||||
| OZLM XV Ltd. | ||||||||
| Series 2016-15A, Class A1R3, 4.71%, (TSFR3M + 1.03%), 04/20/2033 | 161,586 | 161,681 | ||||||
| PCY Trust(a) | ||||||||
| Series 2026-FCMT, Class A, 0.00%, 04/05/2041(a) | 750,000 | 754,968 | ||||||
| PMT Loan Trust(a) | ||||||||
| Series 2025-INV12, Class A29, 5.50%, 12/25/2056(a) | 486,126 | 482,560 | ||||||
| Series 2025-J2, 5.50%, 08/25/2056(a) | 749,008 | 745,854 | ||||||
| Provident Funding Mortgage Trust(a) | ||||||||
| Series 2021-J1, Class A10, 2.00%, 10/25/2051(a) | 100,000 | 62,800 | ||||||
| Santander Drive Auto Receivables Trust | ||||||||
| Series 2022-7, Class C, 6.69%, 03/17/2031 | 462,660 | 470,295 | ||||||
| Series 2024-2, Class C, 5.84%, 06/17/2030 | 800,000 | 814,613 | ||||||
| Series 2026-1, 3.93%, 07/15/2030 | 250,000 | 248,489 | ||||||
| Sequoia Mortgage Trust(a) | ||||||||
| Series 2025-13, Class A19, 5.50%, 12/25/2055(a) | 485,046 | 481,280 | ||||||
| Series 2026-INV1, 4.50%, 01/25/2056(a) | 400,000 | 368,298 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2022-A, Class APT, 2.85%, 11/16/2054 | 451,818 | 425,021 | ||||||
| Series 2024-C, Class A1A, 5.50%, 06/17/2052 | 418,190 | 426,763 | ||||||
| Stellantis Financial Underwritten Enhanced Lease Trust | ||||||||
| Series 2025-CA, Class A3, 4.11%, 04/20/2029 | 1,200,000 | 1,195,595 | ||||||
| SWCH Commercial Mortgage Trust | ||||||||
| Series 2025-DATA, 5.17%, (TSFR1M + 1.51%), 02/15/2042 | 300,000 | 296,714 | ||||||
| Textainer Marine Containers VII Ltd. | ||||||||
| Series 2021-2A, Class A, 2.23%, 04/20/2046 | 1,061,667 | 1,002,692 | ||||||
| Toyota Auto Receivables Owner Trust | ||||||||
| Series 2024-C, 4.88%, 03/15/2029 | 927,223 | 933,403 | ||||||
| WCORE Commercial Mortgage Trust | ||||||||
| Series 2024-CORE, Class A, 5.16%, (TSFR1M + 1.50%), 11/15/2041 | 465,000 | 465,711 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2024-1A, Class B, 5.55%, 11/15/2027 | 148,279 | 148,575 | ||||||
| Series 2026-1, 4.01%, 07/16/2029 | 950,000 | 948,028 | ||||||
| Whetstone Park CLO Ltd. | ||||||||
| Series 2021-1A, Class A2R, 4.97%, (TSFR3M + 1.29%), 01/20/2035 | 500,000 | 499,316 |
51
| Wind River CLO Ltd. | ||||||||
| Series 2024-1A, Class A, 5.27%, (TSFR3M + 1.59%), 04/20/2037 | 500,000 | $ | 500,156 | |||||
| Wise CLO Ltd. | ||||||||
| Series 2024-2A, Class A, 5.13%, (TSFR3M + 1.45%), 07/15/2037 | 375,000 | 375,007 | ||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $50,730,971) | 50,598,541 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 10.4% | Par | Value | ||||||
| Federal Home Loan Mortgage Corp. REMICs | ||||||||
| Series 5472, Class FE, 5.01%, 11/25/2054 | 638,441 | 643,512 | ||||||
| Series 5507, Class FG, 5.06%, 02/25/2055 | 444,832 | 448,926 | ||||||
| Series 5508, Class FG, 5.06%, 02/25/2055 | 2,487,981 | 2,508,116 | ||||||
| Series 5609, Class FE, 4.71%, 12/25/2055 | 367,383 | 368,312 | ||||||
| Federal National Mortgage Association REMICs | ||||||||
| Series 2024-67, Class FA, 4.83%, 09/25/2054 | 1,098,567 | 1,103,575 | ||||||
| Series 2025-7, Class FD, 4.66%, 09/25/2054 | 2,518,051 | 2,522,633 | ||||||
| Freddie Mac STACR REMIC Trust 2023-HQA3 | ||||||||
| Series 2023-HQA3, Class M1, 5.51%, 11/25/2043 | 402,941 | 404,921 | ||||||
| FS 2026-ORL | ||||||||
| Series 2026-ORL, Class B4, 5.22%, 02/15/2041 | 500,000 | 499,925 | ||||||
| Government National Mortgage Association | ||||||||
| Series 2024-64, Class UF, 4.92%, 04/20/2054 | 2,658,670 | 2,672,679 | ||||||
| Series 2025-89, Class FB, 5.12%, 05/20/2055 | 167,099 | 168,731 | ||||||
| Series 2025-89, Class FG, 5.07%, 05/20/2055 | 334,919 | 337,860 | ||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,664,224) | 11,679,190 | |||||||
| Maturity | Principal | |||||||||||
| CORPORATE BONDS - 32.5% | Coupon | Date | Amount | Value | ||||||||
| Advertising & Marketing - 0.3% | ||||||||||||
| Omnicom Group, Inc. | 4.20% | 03/02/2029 | 154,000 | 152,423 | ||||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | 4.25% | 01/15/2029 | 140,000 | 135,035 | ||||||||
| 287,458 | ||||||||||||
| Aerospace & Defense - 0.2% | ||||||||||||
| Howmet Aerospace, Inc. | 3.90% | 04/15/2029 | 90,000 | 88,752 | ||||||||
| TransDigm, Inc. | 6.38% | 03/01/2029 | 130,000 | 132,151 | ||||||||
| 220,903 | ||||||||||||
| Airlines - 0.4% | ||||||||||||
| American Airlines Group, Inc.(b) | 3.60% | 09/22/2027 | 165,231 | 163,356 | ||||||||
| American Airlines Group, Inc.(b) | 3.20% | 06/15/2028 | 139,111 | 135,655 | ||||||||
| American Airlines, Inc.(b) | 5.75% | 04/20/2029 | 135,000 | 134,346 | ||||||||
| 433,357 | ||||||||||||
| Auto Parts Manufacturing - 0.1% | ||||||||||||
| Tenneco, Inc. | 8.00% | 11/17/2028 | 135,000 | 134,552 | ||||||||
| Automobiles Manufacturing - 0.1% | ||||||||||||
| Hyundai Capital America(c) | 4.75% | 04/06/2029 | 65,000 | 64,950 | ||||||||
52
| Banks - 0.8% | ||||||||||||
| Banco Bilbao Vizcaya Argentaria SA(c) | 4.15% | 03/03/2029 | $ | 200,000 | $ | 197,708 | ||||||
| PNC Financial Services Group, Inc.(a) | 4.08% | 01/26/2029 | 155,000 | 154,249 | ||||||||
| US Bancorp (Callable 07/22/2027)(a) | 4.55% | 07/22/2028 | 222,000 | 222,232 | ||||||||
| Wells Fargo & Co.(a) | 3.53% | 03/24/2028 | 189,000 | 187,372 | ||||||||
| Wells Fargo & Co.(a) | 3.58% | 05/22/2028 | 149,000 | 147,615 | ||||||||
| 909,176 | ||||||||||||
| Biotechnology - 1.2% | ||||||||||||
| Amgen, Inc. | 5.15% | 03/02/2028 | 488,000 | 495,347 | ||||||||
| Royalty Pharma PLC | 1.75% | 09/02/2027 | 534,000 | 514,861 | ||||||||
| Royalty Pharma PLC | 2.20% | 09/02/2030 | 393,000 | 353,915 | ||||||||
| 1,364,123 | ||||||||||||
| Cable & Satellite - 0.4% | ||||||||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | 5.00% | 02/01/2028 | 135,000 | 133,984 | ||||||||
| DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. | 5.88% | 08/15/2027 | 135,000 | 134,739 | ||||||||
| Sirius XM Radio LLC | 4.00% | 07/15/2028 | 140,000 | 135,186 | ||||||||
| 403,909 | ||||||||||||
| Casinos & Gaming - 0.1% | ||||||||||||
| MGM Resorts International | 4.75% | 10/15/2028 | 135,000 | 132,525 | ||||||||
| Chemicals - 0.7% | ||||||||||||
| Celanese US Holdings LLC | 6.85% | 11/15/2028 | 135,000 | 140,264 | ||||||||
| Chemours Co. | 5.75% | 11/15/2028 | 103,000 | 102,065 | ||||||||
| Ecolab, Inc. | 4.80% | 03/24/2030 | 486,000 | 494,029 | ||||||||
| 736,358 | ||||||||||||
| Construction Materials Manufacturing - 0.3% | ||||||||||||
| Smyrna Ready Mix Concrete LLC | 6.00% | 11/01/2028 | 140,000 | 138,941 | ||||||||
| Standard Industries, Inc. | 4.75% | 01/15/2028 | 135,000 | 133,541 | ||||||||
| 272,482 | ||||||||||||
| Consumer Finance - 0.7% | ||||||||||||
| Fiserv, Inc. | 5.45% | 03/02/2028 | 361,000 | 366,295 | ||||||||
| Navient Corp. | 5.00% | 03/15/2027 | 135,000 | 132,069 | ||||||||
| OneMain Finance Corp. | 3.88% | 09/15/2028 | 140,000 | 133,144 | ||||||||
| PennyMac Financial Services, Inc. | 4.25% | 02/15/2029 | 135,000 | 128,008 | ||||||||
| 759,516 | ||||||||||||
| Consumer Products - 0.1% | ||||||||||||
| Energizer Holdings, Inc. | 4.38% | 03/31/2029 | 145,000 | 138,041 | ||||||||
| Consumer Services - 0.1% | ||||||||||||
| Williams Scotsman, Inc. | 4.63% | 08/15/2028 | 140,000 | 137,770 | ||||||||
| Containers & Packaging - 0.2% | ||||||||||||
| Cascades, Inc. / Cascades USA, Inc. | 5.38% | 01/15/2028 | 135,000 | 133,722 | ||||||||
| Clydesdale Acquisition Holdings, Inc. | 6.63% | 04/15/2029 | 135,000 | 132,272 | ||||||||
| 265,994 | ||||||||||||
53
| Design, Manufacturing & Distribution - 0.1% | ||||||||||||
| Imola Merger Corp. | 4.75% | 05/15/2029 | 135,000 | $ | 130,791 | |||||||
| Diversified Banks - 4.9% | ||||||||||||
| Bank of America Corp.(a) | 1.73% | 07/22/2027 | 1,182,000 | 1,172,183 | ||||||||
| Bank of America Corp.(a) | 3.59% | 07/21/2028 | 576,000 | 569,927 | ||||||||
| Bank of America Corp.(a) | 3.42% | 12/20/2028 | 206,000 | 202,430 | ||||||||
| Bank of America Corp.(a) | 2.59% | 04/29/2031 | 562,000 | 519,223 | ||||||||
| Bank of America Corp.(a) | 2.69% | 04/22/2032 | 173,000 | 156,830 | ||||||||
| Bank of Nova Scotia(c) | 2.70% | 08/03/2026 | 548,000 | 545,069 | ||||||||
| Bank of Nova Scotia(a) | 4.25% | 02/02/2030 | 155,000 | 153,639 | ||||||||
| JPMorgan Chase & Co.(a) | 1.47% | 09/22/2027 | 1,082,000 | 1,067,407 | ||||||||
| JPMorgan Chase & Co.(a) | 2.95% | 02/24/2028 | 615,000 | 607,310 | ||||||||
| JPMorgan Chase & Co.(a) | 2.07% | 06/01/2029 | 187,000 | 177,890 | ||||||||
| JPMorgan Chase & Co.(a) | 4.45% | 12/05/2029 | 106,000 | 106,113 | ||||||||
| Royal Bank of Canada(c) | 1.20% | 04/27/2026 | 193,000 | 192,588 | ||||||||
| 5,470,609 | ||||||||||||
| Electrical Equipment Manufacturing - 0.8% | ||||||||||||
| Carrier Global Corp. | 2.72% | 02/15/2030 | 828,000 | 773,575 | ||||||||
| GE Vernova, Inc. | 4.25% | 02/04/2031 | 115,000 | 113,695 | ||||||||
| 887,270 | ||||||||||||
| Entertainment Content - 0.5% | ||||||||||||
| Walt Disney Co. | 2.00% | 09/01/2029 | 558,000 | 520,084 | ||||||||
| Entertainment Resources - 0.1% | ||||||||||||
| Cinemark USA, Inc. | 5.25% | 07/15/2028 | 135,000 | 133,933 | ||||||||
| Financial Services - 2.4% | ||||||||||||
| Blackstone Holdings I LP | 1.63% | 08/05/2028 | 168,000 | 157,487 | ||||||||
| Goldman Sachs Group Inc, Inc.(a) | 4.15% | 01/21/2029 | 270,000 | 268,400 | ||||||||
| Intercontinental Exchange, Inc. | 2.10% | 06/15/2030 | 366,000 | 332,870 | ||||||||
| Morgan Stanley(a) | 1.59% | 05/04/2027 | 481,000 | 479,671 | ||||||||
| Morgan Stanley(a) | 2.48% | 01/21/2028 | 100,000 | 98,442 | ||||||||
| Morgan Stanley(a) | 3.59% | 07/22/2028 | 187,000 | 184,835 | ||||||||
| Morgan Stanley(a) | 6.30% | 10/18/2028 | 79,000 | 81,054 | ||||||||
| Morgan Stanley(a) | 4.24% | 01/09/2030 | 90,000 | 89,098 | ||||||||
| Morgan Stanley(a) | 5.17% | 01/16/2030 | 40,000 | 40,566 | ||||||||
| Morgan Stanley(a) | 5.47% | 01/18/2035 | 311,000 | 316,311 | ||||||||
| PRA Group, Inc. | 8.38% | 02/01/2028 | 130,000 | 130,993 | ||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) | 2.80% | 03/10/2027 | 538,000 | 530,775 | ||||||||
| 2,710,502 | ||||||||||||
| Food & Beverage - 0.4% | ||||||||||||
| Darling Ingredients, Inc. | 5.25% | 04/15/2027 | 135,000 | 135,376 | ||||||||
| McCormick & Co., Inc. | 4.15% | 02/15/2029 | 155,000 | 153,525 | ||||||||
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc. | 4.38% | 04/30/2029 | 140,000 | 136,128 | ||||||||
| 425,029 | ||||||||||||
| Health Care Facilities & Services - 1.1% | ||||||||||||
| Acadia Healthcare Co., Inc. | 5.50% | 07/01/2028 | 135,000 | 134,528 | ||||||||
| CVS Health Corp. | 1.75% | 08/21/2030 | 605,000 | 533,815 | ||||||||
54
| HCA Healthcare, Inc. | 4.13% | 06/15/2029 | 526,000 | $ | 518,523 | |||||||
| 1,186,866 | ||||||||||||
| Home & Office Products Manufacturing - 0.1% | ||||||||||||
| Newell Brands, Inc. | 6.38% | 09/15/2027 | 135,000 | 136,065 | ||||||||
| Internet Media - 0.4% | ||||||||||||
| Alphabet, Inc. | 3.70% | 02/15/2029 | 270,000 | 267,729 | ||||||||
| Match Group Holdings II LLC | 4.63% | 06/01/2028 | 135,000 | 132,050 | ||||||||
| 399,779 | ||||||||||||
| Life Insurance - 0.0%(d) | ||||||||||||
| Pacific Life Global Funding II(c) | 2.45% | 01/11/2032 | 50,000 | 44,285 | ||||||||
| Machinery Manufacturing - 0.4% | ||||||||||||
| Eaton Corp. | 3.95% | 03/06/2029 | 200,000 | 198,064 | ||||||||
| John Deere Capital Corp.(c) | 2.35% | 03/08/2027 | 228,000 | 224,443 | ||||||||
| 422,507 | ||||||||||||
| Managed Care - 0.3% | ||||||||||||
| UnitedHealth Group, Inc.(c) | 3.38% | 04/15/2027 | 385,000 | 381,472 | ||||||||
| Medical Equipment & Devices Manufacturing - 0.1% | ||||||||||||
| Abbott Laboratories | 4.00% | 03/15/2031 | 110,000 | 108,307 | ||||||||
| Metals & Mining - 0.9% | ||||||||||||
| Cleveland-Cliffs, Inc. | 6.88% | 11/01/2029 | 135,000 | 134,809 | ||||||||
| Nucor Corp. | 4.30% | 05/23/2027 | 378,000 | 378,493 | ||||||||
| Steel Dynamics, Inc. | 1.65% | 10/15/2027 | 557,000 | 534,644 | ||||||||
| 1,047,946 | ||||||||||||
| Pharmaceuticals - 0.9% | ||||||||||||
| Johnson & Johnson | 1.30% | 09/01/2030 | 706,000 | 627,159 | ||||||||
| Novartis Capital Corp. | 4.10% | 03/16/2029 | 175,000 | 174,799 | ||||||||
| Novartis Capital Corp. | 4.40% | 03/18/2031 | 175,000 | 174,933 | ||||||||
| 976,891 | ||||||||||||
| Pipeline - 2.6% | ||||||||||||
| Enbridge, Inc. | 1.60% | 10/04/2026 | 1,185,000 | 1,169,278 | ||||||||
| Enterprise Products Operating LLC | 2.80% | 01/31/2030 | 574,000 | 541,339 | ||||||||
| Kinder Morgan, Inc. | 1.75% | 11/15/2026 | 459,000 | 451,875 | ||||||||
| MPLX LP | 2.65% | 08/15/2030 | 237,000 | 218,505 | ||||||||
| Sabine Pass Liquefaction LLC | 5.00% | 03/15/2027 | 436,000 | 436,856 | ||||||||
| Venture Global LNG, Inc. | 8.13% | 06/01/2028 | 130,000 | 133,011 | ||||||||
| 2,950,864 | ||||||||||||
| Power Generation - 0.1% | ||||||||||||
| NRG Energy, Inc. | 3.38% | 02/15/2029 | 145,000 | 137,539 | ||||||||
| Property & Casualty Insurance - 0.1% | ||||||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings C-Issuer | 6.75% | 04/15/2028 | 140,000 | 140,789 |
55
| Publishing & Broadcasting - 0.2% | ||||||||||||
| McGraw-Hill Education, Inc. | 5.75% | 08/01/2028 | $ | 135,000 | $ | 133,446 | ||||||
| Nexstar Media, Inc. | 4.75% | 11/01/2028 | 140,000 | 137,665 | ||||||||
| 271,111 | ||||||||||||
| Railroad - 0.3% | ||||||||||||
| Canadian Pacific Railway Co. | 1.75% | 12/02/2026 | 338,000 | 332,807 | ||||||||
| Real Estate - 1.0% | ||||||||||||
| American Homes 4 Rent | 3.63% | 04/15/2032 | 113,000 | 104,299 | ||||||||
| Invitation Homes, Inc. | 2.00% | 08/15/2031 | 315,000 | 269,713 | ||||||||
| Iron Mountain, Inc. | 5.00% | 07/15/2028 | 135,000 | 133,619 | ||||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK | ||||||||||||
| Finance Co-Issuer | 5.88% | 10/01/2028 | 135,000 | 134,465 | ||||||||
| Realty Income Corp. | 3.25% | 01/15/2031 | 546,000 | 513,823 | ||||||||
| 1,155,919 | ||||||||||||
| Refining & Marketing - 0.1% | ||||||||||||
| Sunoco LP | 7.00% | 05/01/2029 | 130,000 | 133,604 | ||||||||
| Retail - Consumer Discretionary - 1.0% | ||||||||||||
| Advance Auto Parts, Inc. | 1.75% | 10/01/2027 | 135,000 | 127,144 | ||||||||
| Amazon.com, Inc. | 4.00% | 03/13/2029 | 193,000 | 191,994 | ||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | 4.75% | 04/01/2028 | 140,000 | 136,674 | ||||||||
| O'Reilly Automotive, Inc. | 3.60% | 09/01/2027 | 634,000 | 627,737 | ||||||||
| 1,083,549 | ||||||||||||
| Semiconductors - 0.6% | ||||||||||||
| Advanced Micro Devices, Inc. | 3.92% | 06/01/2032 | 151,000 | 147,326 | ||||||||
| Broadcom, Inc. | 3.46% | 09/15/2026 | 482,000 | 480,973 | ||||||||
| 628,299 | ||||||||||||
| Software & Services - 1.9% | ||||||||||||
| Cloud Software Group, Inc. | 6.50% | 03/31/2029 | 135,000 | 131,881 | ||||||||
| IBM Corp. | 4.15% | 07/27/2027 | 188,000 | 187,700 | ||||||||
| International Business Machines Corp. | 4.00% | 02/03/2029 | 115,000 | 113,850 | ||||||||
| Oracle Corp. | 3.25% | 11/15/2027 | 384,000 | 374,840 | ||||||||
| Oracle Corp. | 4.55% | 02/04/2029 | 140,000 | 138,247 | ||||||||
| Oracle Corp. | 2.95% | 04/01/2030 | 545,000 | 497,326 | ||||||||
| Salesforce, Inc. | 4.65% | 03/15/2029 | 193,000 | 193,346 | ||||||||
| VMware LLC | 2.20% | 08/15/2031 | 486,000 | 426,846 | ||||||||
| 2,064,036 | ||||||||||||
| Supermarkets & Pharmacies - 0.1% | ||||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | 3.50% | 03/15/2029 | 135,000 | 128,842 | ||||||||
| Transportation & Logistics - 0.3% | ||||||||||||
| FedEx Corp.(b) | 1.88% | 02/20/2034 | 389,657 | 336,364 | ||||||||
| Utilities - 3.7% | ||||||||||||
| Ameren Illinois Co. | 3.80% | 05/15/2028 | 603,000 | 597,439 | ||||||||
| Duke Energy Corp. | 3.15% | 08/15/2027 | 1,099,000 | 1,082,684 | ||||||||
56
| National Rural Utilities Cooperative Finance Corp. | 2.75% | 04/15/2032 | 241,000 | $ | 216,317 | |||||||
| NextEra Energy Capital Holdings, Inc. | 4.63% | 07/15/2027 | 368,000 | 369,337 | ||||||||
| SCE Recovery Funding LLC(b) | 4.45% | 03/15/2036 | 800,000 | 793,001 | ||||||||
| Sierra Pacific Power Co. | 2.60% | 05/01/2026 | 238,000 | 237,716 | ||||||||
| WEC Energy Group, Inc. | 5.15% | 10/01/2027 | 824,000 | 832,992 | ||||||||
| 4,129,486 | ||||||||||||
| Wireless Telecommunications Services - 1.4% | ||||||||||||
| AT&T, Inc. | 2.25% | 02/01/2032 | 450,000 | 393,629 | ||||||||
| T-Mobile USA, Inc. | 2.05% | 02/15/2028 | 168,000 | 161,212 | ||||||||
| T-Mobile USA, Inc. | 3.38% | 04/15/2029 | 131,000 | 126,980 | ||||||||
| Verizon Communications, Inc. | 2.36% | 03/15/2032 | 448,000 | 390,353 | ||||||||
| Verizon Communications, Inc. | 4.78% | 02/15/2035 | 531,000 | 514,407 | ||||||||
| 1,586,581 | ||||||||||||
| TOTAL CORPORATE BONDS (Cost $36,512,737) | 36,323,240 |
| Principal | ||||||||
| U.S. TREASURY SECURITIES - 10.2% | Amount | Value | ||||||
| U.S. Treasury Note/Bond | ||||||||
| 3.88%, 03/31/2028 | 8,691,400 | 8,704,131 | ||||||
| 3.50%, 03/15/2029 | 183,100 | 181,476 | ||||||
| 3.88%, 03/31/2031 | 2,533,900 | 2,526,081 | ||||||
| TOTAL U.S. TREASURY SECURITIES (Cost $11,405,257) | 11,411,688 | |||||||
| SHORT-TERM INVESTMENTS - 3.0% | ||||||||
| Commercial Paper - 1.2% | Shares | Value | ||||||
| Concord Minutemen Capital Co. LLC, 4/6/2026, 3.74%(e) | 1,375,000 | 1,374,155 | ||||||
| Principal | ||||||||
| U.S. Treasury Bills - 1.8% | Amount | Value | ||||||
| U.S. Treasury Bill, 4/7/2026, 0% (f) | 975,000 | 974,414 | ||||||
| U.S. Treasury Bill, 5/7/2026, 0%(f) | 1,050,000 | 1,046,173 | ||||||
| 2,020,587 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,394,847) | 3,394,742 | |||||||
| TOTAL INVESTMENTS - 101.3% (Cost $113,708,036) | $ | 113,407,401 | ||||||
| Liabilities in Excess of Other Assets - (1.3)% | (1,456,574 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 111,950,827 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| PLC | Public Limited Company |
| (a) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2026. |
| (b) | Sinkable security. |
| (c) | At maturity security. Interest is paid in full at the maturity date. |
| (d) | Does not round to 0.1% or (0.1)%, as applicable. |
| (e) | Non-income producing security. |
| (f) | The rate shown is the annualized effective yield as of March 31, 2026. |
57
Voya Ultra Short Income ETF
Schedule of Futures Contracts
March 31, 2026
The Voya Ultra Short Income ETF had the following futures contracts outstanding with Morgan Stanley & Co., LLC as of March 31, 2026:
FUTURES CONTRACTS - 0.2%
| Value / | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Contracts | Expiration | Notional | Appreciation | |||||||||||||
| Description | Sold | Date | Value | (Depreciation) | ||||||||||||
| U.S. 10-Year Treasury Note | (20 | ) | 06/18/2026 | $ | (2,220,938 | ) | $ | 36,711 | ||||||||
| U.S. 2-Year Treasury Note | (7 | ) | 06/30/2026 | (1,452,117 | ) | 150 | ||||||||||
| U.S. 5-Year Treasury Note | (78 | ) | 06/30/2026 | (8,438,016 | ) | 105,011 | ||||||||||
| U.S. Treasury Long Bond | (8 | ) | 06/18/2026 | (911,000 | ) | 24,881 | ||||||||||
| U.S. Treasury Ultra 10-Year Note | (11 | ) | 06/18/2026 | (1,248,672 | ) | 22,407 | ||||||||||
| U.S. Treasury Ultra Bond | (8 | ) | 06/18/2026 | (932,500 | ) | 26,234 | ||||||||||
| 215,394 | ||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | 215,394 | |||||||||||||||
The Company has recorded a liability of $22,924 as of March 31, 2026, related to the current day's variation margin related to these contracts.
58
Statements of Assets and Liabilities
March 31, 2026
| Voya Core Bond | Voya Multi-Sector | Voya Ultra Short | ||||||||||
| ETF | Income ETF | Income ETF | ||||||||||
| ASSETS: | ||||||||||||
| Investments, at value (cost $74,446,774, | ||||||||||||
| $319,068,613 and $113,708,036) (Note 2) | $ | 74,025,643 | $ | 317,053,887 | $ | 113,407,401 | ||||||
| Variation margin receivable on futures | 27,714 | 214,595 | – | |||||||||
| Variation margin receivable on centrally cleared swap | ||||||||||||
| contracts | 30,074 | 383,312 | – | |||||||||
| OTC swap premiums paid | – | 98 | – | |||||||||
| Unrealized appreciation on OTC swap contracts | – | 11,297 | – | |||||||||
| Cash | – | 7,330,985 | – | |||||||||
| Foreign cash (cost $–, $7,214 and $–) | – | 7,136 | – | |||||||||
| Deposit at broker for futures | 458,850 | 1,969,300 | 234,775 | |||||||||
| Deposit at broker for swap contracts | 644,945 | 4,641,927 | – | |||||||||
| Receivable for investments sold | 3,323,772 | 60,318,263 | 2,640,841 | |||||||||
| Interest receivable | 446,769 | 2,694,318 | 525,728 | |||||||||
| Total assets | 78,957,767 | 394,625,118 | 116,808,745 | |||||||||
| LIABILITIES: | ||||||||||||
| Written option contracts, premium received ($10,041, | ||||||||||||
| $233,241 and $–) | 13,783 | 216,653 | – | |||||||||
| OTC swap premiums received | – | 15,415 | – | |||||||||
| Unrealized depreciation on OTC swap contracts | – | 49,342 | – | |||||||||
| Payable for investments purchased | 4,258,293 | 91,906,275 | 4,461,584 | |||||||||
| Payable to custodian | 373,823 | – | 349,580 | |||||||||
| Payable to adviser (Note 4) | 20,774 | 42,927 | 23,830 | |||||||||
| Variation margin payable on centrally cleared swap | ||||||||||||
| contracts | 15,131 | 18,083 | 22,924 | |||||||||
| Total liabilities | 4,681,804 | 92,248,695 | 4,857,918 | |||||||||
| NET ASSETS | $ | 74,275,963 | $ | 302,376,423 | $ | 111,950,827 | ||||||
| NET ASSETS CONSISTS OF: | ||||||||||||
| Paid-in capital | $ | 74,998,303 | $ | 306,401,678 | $ | 112,014,404 | ||||||
| Total distributable earnings/(accumulated losses) | (722,340 | ) | (4,025,255 | ) | (63,577 | ) | ||||||
| Total Net Assets | $ | 74,275,963 | $ | 302,376,423 | $ | 111,950,827 | ||||||
| Net assets | $ | 74,275,963 | $ | 302,376,423 | $ | 111,950,827 | ||||||
| Shares issued and outstanding(a) | 1,500,000 | 6,160,000 | 2,240,000 | |||||||||
| Net asset value per share | 49.52 | 49.09 | 49.98 | |||||||||
(a) Unlimited shares authorized without par value.
59
Statements of Operations
For the Year Ended March 31, 2026
| Voya Core Bond | Voya Multi-Sector | Voya Ultra Short | ||||||||||
| ETF(a) | Income ETF(b) | Income ETF(a) | ||||||||||
| INVESTMENT INCOME: | ||||||||||||
| Interest income | $ | 1,728,438 | $ | 1,909,253 | $ | 1,813,835 | ||||||
| Other income | 377 | – | 1,901 | |||||||||
| Total investment income | 1,728,815 | 1,909,253 | 1,815,736 | |||||||||
| EXPENSES: | ||||||||||||
| Investment advisory fee (Note 4) | 98,265 | 160,888 | 101,489 | |||||||||
| Total expenses | 98,265 | 160,888 | 101,489 | |||||||||
| NET INVESTMENT INCOME (LOSS) | 1,630,550 | 1,748,365 | 1,714,247 | |||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
| Net realized gain (loss) from: | ||||||||||||
| Investments | (230,227 | ) | (1,829,523 | ) | (79,818 | ) | ||||||
| In-kind transactions | (173,465 | ) | (207,695 | ) | – | |||||||
| Futures contracts | (93,713 | ) | (488,940 | ) | (7,845 | ) | ||||||
| Swap contracts | (61,318 | ) | (456,166 | ) | – | |||||||
| Swaption contracts | 7,500 | |||||||||||
| Foreign currency transactions | – | 149 | – | |||||||||
| Net realized gain (loss) | (551,223 | ) | (2,982,175 | ) | (87,663 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Investments | (421,132 | ) | 845,105 | (c) | (300,635 | ) | ||||||
| Foreign currency transactions | – | (198 | ) | – | ||||||||
| Written option contracts | (3,742 | ) | 16,688 | – | ||||||||
| Futures contracts | (192,830 | ) | (30,237 | ) | 215,394 | |||||||
| Swap contracts | 163,248 | 746,664 | – | |||||||||
| Net change in unrealized appreciation (depreciation) | (454,456 | ) | 1,578,022 | (85,241 | ) | |||||||
| Net realized and unrealized gain (loss) | (1,005,679 | ) | (1,404,153 | ) | (172,904 | ) | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
| RESULTING FROM OPERATIONS | $ | 624,871 | $ | 344,212 | $ | 1,541,343 | ||||||
| (a) | Inception date of the Fund was November 18, 2025. |
| (b) | Inception date of the Fund was December 2, 2025. |
| (c) | Change in unrealized appreciation (depreciation) does not include net unrealized appreciation (depreciation) of $(2,859,831) in connection with securities received in connection with the 351 exchange. See Note 1 in the Notes to Financial Statements. |
60
Statements of Changes in Net Assets
| Voya Multi-Sector Income | Voya Ultra Short | |||||||||||
| Voya Core Bond ETF | ETF | Income ETF | ||||||||||
| Period Ended March 31, | Period Ended March 31, | Period Ended March | ||||||||||
| 2026(a) | 2026(b) | 31, 2026(a) | ||||||||||
| OPERATIONS: | ||||||||||||
| Net investment income (loss) | $ | 1,630,550 | $ | 1,748,365 | $ | 1,714,247 | ||||||
| Net realized gain (loss) | (551,223 | ) | (2,982,175 | ) | (87,663 | ) | ||||||
| Net change in unrealized appreciation (depreciation) | (454,456 | ) | 1,578,022 | (85,241 | ) | |||||||
| Net increase (decrease) in net assets resulting from operations | 624,871 | 344,212 | 1,541,343 | |||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
| Distributions to shareholders | (1,522,511 | ) | (1,769,408 | ) | (1,604,920 | ) | ||||||
| Total distributions to shareholders | (1,522,511 | ) | (1,769,408 | ) | (1,604,920 | ) | ||||||
| CAPITAL TRANSACTIONS: | ||||||||||||
| Subscriptions (Note 1) | 111,020,948 | 337,185,535 | 112,014,404 | |||||||||
| Redemptions | (35,847,345 | ) | (33,383,916 | ) | – | |||||||
| Net increase (decrease) in net assets from capital transactions | 75,173,603 | 303,801,619 | 112,014,404 | |||||||||
| NET INCREASE (DECREASE) IN NET ASSETS | 74,275,963 | 302,376,423 | 111,950,827 | |||||||||
| NET ASSETS: | ||||||||||||
| Beginning of the period | – | – | – | |||||||||
| End of the period | $ | 74,275,963 | $ | 302,376,423 | $ | 111,950,827 | ||||||
| SHARES TRANSACTIONS | ||||||||||||
| Subscriptions | 2,220,000 | 6,840,000 | 2,240,000 | |||||||||
| Redemptions | (720,000 | ) | (680,000 | ) | – | |||||||
| Total increase (decrease) in shares outstanding | 1,500,000 | 6,160,000 | 2,240,000 | |||||||||
| (a) | Inception date of the Fund was November 18, 2025. |
| (b) | Inception date of the Fund was December 2, 2025. |
61
Financial Highlights
For a share outstanding throughout the periods presented
| Voya Core Bond ETF | |||
| Period Ended March | |||
| 31, 2026(a) | |||
| PER SHARE DATA: | |||
| Net asset value, beginning of period | $50.00 | ||
| INVESTMENTS OPERATIONS: | |||
| Net investment income (loss)(b) | 0.76 | ||
| Net realized and unrealized gain (loss)(c) | (0.47 | ) | |
| Total from investment operations | 0.29 | ||
| LESS DISTRIBUTIONS FROM: | |||
| Net investment income | (0.77 | ) | |
| Total distributions | (0.77 | ) | |
| Net asset value, end of period | $49.52 | ||
| TOTAL RETURN(d) | 0.57 | % | |
| SUPPLEMENTAL DATA AND RATIOS: | |||
| Net assets, end of period (in thousands) | $74,276 | ||
| Ratio of expenses to average net assets(e) | 0.25 | % | |
| Ratio of net investment income to average net assets(e) | 4.12 | % | |
| Portfolio turnover rate(d)(f) | 194 | % | |
| (a) | Inception date of the Fund was November 18, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions, if any. |
62
Financial Highlights
For a share outstanding throughout the periods presented
| Voya Multi-Sector | |||
| Income ETF | |||
| Period Ended March | |||
| 31, 2026(a) | |||
| PER SHARE DATA: | |||
| Net asset value, beginning of period | $50.00 | ||
| INVESTMENTS OPERATIONS: | |||
| Net investment income (loss)(b) | 0.79 | ||
| Net realized and unrealized gain (loss)(c) | (0.88 | ) | |
| Total from investment operations | (0.09 | ) | |
| LESS DISTRIBUTIONS FROM: | |||
| Net investment income | (0.82 | ) | |
| Total distributions | (0.82 | ) | |
| Net asset value, end of period | $49.09 | ||
| TOTAL RETURN(d) | (0.19 | )% | |
| SUPPLEMENTAL DATA AND RATIOS: | |||
| Net assets, end of period (in thousands) | $302,376 | ||
| Ratio of expenses to average net assets(e) | 0.45 | % | |
| Ratio of net investment income to average net assets(e) | 4.85 | % | |
| Portfolio turnover rate(d)(f) | 76 | % | |
| (a) | Inception date of the Fund was December 2, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions, if any. |
63
Financial Highlights
For a share outstanding throughout the periods presented
| Voya Ultra Short | |||
| Income ETF | |||
| Period Ended | |||
| March 31, 2026(a) | |||
| PER SHARE DATA: | |||
| Net asset value, beginning of period | $50.00 | ||
| INVESTMENTS OPERATIONS: | |||
| Net investment income (loss)(b) | 0.77 | ||
| Net realized and unrealized gain (loss)(c) | (0.07 | ) | |
| Total from investment operations | 0.70 | ||
| LESS DISTRIBUTIONS FROM: | |||
| Net investment income | (0.72 | ) | |
| Total distributions | (0.72 | ) | |
| Net asset value, end of period | $49.98 | ||
| TOTAL RETURN(d) | 1.40 | % | |
| SUPPLEMENTAL DATA AND RATIOS: | |||
| Net assets, end of period (in thousands) | $111,951 | ||
| Ratio of expenses to average net assets(e) | 0.25 | % | |
| Ratio of net investment income to average net assets(e) | 4.19 | % | |
| Portfolio turnover rate(d)(f) | 117 | % | |
| (a) | Inception date of the Fund was November 18, 2025. |
| (b) | Net investment income per share has been calculated based on average shares outstanding during the periods. |
| (c) | Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. |
| (d) | Not annualized for periods less than one year. |
| (e) | Annualized for periods less than one year. |
| (f) | Portfolio turnover rate excludes in-kind transactions, if any. |
64
NOTE 1 - ORGANIZATION
The Voya Core Bond ETF, the Voya Multi-Sector Income ETF, and the Voya Ultra Short Income ETF are each diversified series of shares (each, a “Fund,” and collectively, the “Funds”) of beneficial interest of Tidal Trust IV (the “Trust”). The Trust was organized as a Delaware statutory trust on June 8, 2023 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds and Voya Investment Management Co. LLC (the “Sub-Adviser”) serves as investment sub-adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services — Investment Companies.” The Voya Core Bond ETF and the Voya Ultra Short Income ETF commenced operations on November 18, 2025 and the Voya Multi-Sector Income ETF commenced operations on December 2, 2025.
In connection with the commencement of operations, the Voya Multi-Sector Income ETF received securities (the “Contributed Assets”) from a mutual fund (the “Predecessor Account”) managed by the Sub-Adviser in exchange for shares of the Fund. These transactions qualified as tax-deferred contributions under Section 351 of the Internal Revenue Code. The Contributed Assets were recorded by the Fund at their fair value as of the date of contribution. For federal income tax and financial reporting purposes, the Funds assumed the cost basis and holding periods of the contributed securities. The contributions did not result in the recognition of gain or loss by the Funds.
The following table summarizes the contribution of assets from the Predecessor Account into the Voya Multi-Sector Income ETF at inception:
| Funds |
Shares Issued to Predecessor Account |
Predecessor Accounts Cost |
Predecessor Accounts Market Value |
Unrealized Appreciation (Depreciation) of Predecessor Accounts |
|||||||||||
| Voya Multi-Sector Income ETF | 2,140,000 | $ | 109,859,831 | $ | 107,000,000 | $ | (2,859,831) | ||||||||
The Voya Core Bond ETF’s investment objective is to seek total return. Total return consists of current income and capital appreciation. The Voya Multi-Sector Income ETF’s primary investment objective is to seek high levels of current income. The secondary investment objective of the Voya Multi-Sector Income ETF is to seek long-term capital appreciation. The Voya Ultra Short Income ETF’s investment objective is to seek high levels of current income consistent with preservation of capital.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Security Valuation - Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (“NASDAQ”)), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.
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Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.
Debt securities are valued by using an evaluated mean of the bid and ask prices provided by independent pricing agents. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.
Futures contracts are priced by an approved independent pricing service. Futures contracts are valued at the settlement price on the exchange on which they are principally traded.
Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors.
Swap and swaption contracts, such as credit default, total return, interest rate, and currency, are priced by an approved independent pricing service. The independent pricing service includes observable market data inputs in an evaluated valuation methodology.
Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value each Fund's investments as of March 31, 2026:
| Voya Core Bond ETF | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Collateralized Loan Obligations | $ | – | $ | 15,704,774 | $ | – | $ | 15,704,774 | ||||||||
| Collateralized Mortgage Obligations | – | 4,853,049 | – | 4,853,049 | ||||||||||||
| Corporate Bonds | – | 26,370,389 | – | 26,370,389 | ||||||||||||
| Mortgage-Backed Securities | – | 17,710,379 | – | 17,710,379 | ||||||||||||
| U.S. Treasury Securities | – | 7,543,795 | – | 7,543,795 | ||||||||||||
| U.S. Treasury Bills | – | 1,843,257 | – | 1,843,257 | ||||||||||||
| Total Investments | $ | – | $ | 74,025,643 | $ | – | $ | 74,025,643 | ||||||||
| Assets: | ||||||||||||||||
| Other Financial Instruments:(a) | ||||||||||||||||
| Credit Default Swaps | – | 26,619 | – | 26,619 | ||||||||||||
| Futures Contracts | 7,533 | – | – | 7,533 | ||||||||||||
| Interest Rate Swaps | – | 136,629 | – | 136,629 | ||||||||||||
| Total Other Financial Instruments | $ | 7,533 | $ | 163,248 | $ | – | $ | 170,781 | ||||||||
| Liabilities: | ||||||||||||||||
| Other Financial Instruments:(a) | ||||||||||||||||
| Written Options | – | (13,783 | ) | – | (13,783 | ) | ||||||||||
| Futures Contracts | (200,363 | ) | – | – | (200,363 | ) | ||||||||||
| Total Other Financial Instruments | $ | (200,363 | ) | $ | (13,783 | ) | $ | – | $ | (214,146 | ) | |||||
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| Voya Multi-Sector Income ETF | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Bank Loans | $ | – | $ | 1,568,905 | $ | – | $ | 1,568,905 | ||||||||
| Collateralized Loan Obligations | – | 57,507,128 | – | 57,507,128 | ||||||||||||
| Collateralized Mortgage Obligations | – | 25,750,082 | – | 25,750,082 | ||||||||||||
| Corporate Bonds | – | 170,397,629 | – | 170,397,629 | ||||||||||||
| Purchased Options | – | 103,280 | – | 103,280 | ||||||||||||
| U.S. Treasury Securities | – | 4,195,634 | – | 4,195,634 | ||||||||||||
| Commercial Paper | – | 3,396,869 | – | 3,396,869 | ||||||||||||
| U.S. Treasury Bills | – | 41,395,915 | – | 41,395,915 | ||||||||||||
| Money Market Funds | 12,738,445 | – | – | 12,738,445 | ||||||||||||
| Total Investments | $ | 12,738,445 | $ | 304,315,442 | $ | – | $ | 317,053,887 | ||||||||
| Assets: | ||||||||||||||||
| Other Financial Instruments:(a) | ||||||||||||||||
| Credit Default Swaps | – | 524,265 | – | 524,265 | ||||||||||||
| Futures Contracts | 145,421 | – | – | 145,421 | ||||||||||||
| Interest Rate Swaps | – | 332,396 | – | 332,396 | ||||||||||||
| Total Other Financial Instruments | $ | 145,421 | $ | 856,661 | $ | – | $ | 1,002,082 | ||||||||
| Liabilities: | ||||||||||||||||
| Investments: | ||||||||||||||||
| Credit Default Swaps | – | (35,343 | ) | – | (35,343 | ) | ||||||||||
| Written Options | – | (216,653 | ) | – | (216,653 | ) | ||||||||||
| Futures Contracts | (175,658 | ) | – | – | (175,658 | ) | ||||||||||
| Total Return Swaps | (46,787 | ) | (46,787 | ) | ||||||||||||
| Interest Rate Swaps | – | (27,867 | ) | – | (27,867 | ) | ||||||||||
| Total Investments | $ | (175,658 | ) | $ | (326,650 | ) | $ | – | $ | (502,308 | ) | |||||
| Voya Ultra Short Income ETF | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Collateralized Loan Obligations | $ | – | $ | 50,598,541 | $ | – | $ | 50,598,541 | ||||||||
| Collateralized Mortgage Obligations | – | 11,679,190 | – | 11,679,190 | ||||||||||||
| Corporate Bonds | – | 36,323,240 | – | 36,323,240 | ||||||||||||
| U.S. Treasury Securities | – | 11,411,688 | – | 11,411,688 | ||||||||||||
| U.S. Treasury Bills | – | 2,020,587 | – | 2,020,587 | ||||||||||||
| Commercial Paper | – | 1,374,155 | – | 1,374,155 | ||||||||||||
| Total Investments | $ | – | $ | 113,407,401 | $ | – | $ | 113,407,401 | ||||||||
| Assets: | ||||||||||||||||
| Other Financial Instruments:(a) | ||||||||||||||||
| Futures Contracts | 215,394 | – | – | 215,394 | ||||||||||||
| Total Other Financial Instruments | $ | 215,394 | $ | – | $ | – | $ | 215,394 | ||||||||
Refer to the Schedules of Investments for further disaggregation of investment categories.
| (a) | The fair value of the Fund's other financial instruments represents the net unrealized appreciation (depreciation) as of March 31, 2026. The Statement of Assets and Liabilities report the current day's variation margin. |
Derivatives Transactions - Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.
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Options - As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.
As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.
If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.
Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.
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If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.
As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put option. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.
By virtue of each Fund’s investments in option contracts, equity ETFs and equity indices, the Funds are exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.
Each Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
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Futures Contracts - The Funds may purchase futures contracts to gain long exposure to long-term U.S. Treasury bonds, commodities, foreign Government bonds, foreign stock indexes, and U.S. stock indexes. The purchase of futures contracts may be more efficient or cost-effective than buying the underlying securities or assets. A futures contract is an agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate, or index) at a specific price on the contract maturity date. Upon entering into a futures contract, the Funds are required to pledge to the counterparty an amount of cash, U.S. Government securities or other high-quality debt securities equal to the minimum “initial margin” requirements of the exchange or the broker. Thereafter, a “variation margin” amount may be required to be paid by the Funds or received by the Funds in accordance with margin controls set for such accounts, depending upon changes in the marked-to market value of the futures contract. The account is marked-to market daily and the variation margin is monitored by the Adviser and Custodian (defined below) on a daily basis. When the contract is closed, the Funds record a 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. The Funds will cover their current obligations under futures contracts by the segregation of liquid assets or by entering into offsetting transactions or owning positions covering its obligations. The Funds’ use of futures contracts may involve risks that are different from, or possibly greater than, the risk associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of the futures contracts may not correlate perfectly, or at all, with the value of the assets, reference rates, or indices that they are designed to track. Other risks include: an illiquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; the risk that adverse price movements in an instrument can result in a loss substantially greater than a Fund’s initial investment in that instrument (in some cases, the potential loss is unlimited); and the risk that a counterparty will not perform its obligations. The Funds had futures contracts activity during the period ended March 31, 2026. Realized and unrealized gains and losses are included in the Statements of Operations. The futures contracts held by the Funds are exchange-traded with Morgan Stanley & Co. LLC acting as the futures commission merchant.
Credit default swaps - The “buyer” of protection in a credit default swap agreement is obligated to pay the “seller” a periodic stream of payments over the term of the agreement in return for a payment by the “seller” that is contingent upon the occurrence of a credit event with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index of debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the buyer’s obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment equal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.
Purchasing protection through a credit default swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event. The seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar to owning the reference debt obligation directly. As the seller of protection, a Fund would effectively add leverage to its portfolio because, in addition to its total assets, such Fund would be subject to the risk that there would be a credit event and the Fund would have to make a substantial payment in the future.
Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration or default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA’s Determinations Committees with respect to particular components of the index.
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ISDA’s Determinations Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non- mandatory on all holders. As a result, the determination committee might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred.
For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.
Interest rate swaps - An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one party’s obligation is based on an interest rate fixed to maturity while the other party’s obligation is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or other benchmarks). Alternatively, both payment obligations may be based on an interest rate that changes in accordance with changes in a designated benchmark (also known as a “basis swap”). In a basis swap, the rates may be based on different benchmarks (for example, SOFR versus commercial paper) or on different terms of the same benchmark (for example, one-month SOFR versus three-month SOFR). Each party’s payment obligation under an interest rate swap is determined by reference to a specified “notional” amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that a Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to such Fund upon early termination of the swap.
By swapping fixed interest rate payments for floating payments, an interest rate swap can be used to increase or decrease a Fund’s exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed -rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. Similarly, a basis swap can be used to increase or decrease a Fund’s exposure to various interest rates, including to hedge against or speculate on the spread between the two indexes, or to manage duration. An interest rate swap transaction is affected by change in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.
Options on swap agreements - An option on a swap agreement generally is an OTC option (see the discussion above on OTC options) that gives the buyer of the option the right, but not the obligation, in return for payment of a premium to the seller, to enter into a previously negotiated swap agreement, or to extend, terminate or otherwise modify the terms of an existing swap agreement. The writer (seller) of an option on a swap agreement receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap agreement upon the exercise of the option by the buyer. When a Fund purchases an option on a swap agreement, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised, plus any related transaction costs.
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There can be no assurance that a liquid secondary market will exist for any particular option on a swap agreement, or at any particular time, and a Fund may have difficulty affecting closing transactions in particular options on swap agreements. Therefore, such Fund may have to exercise the options that it purchases in order to realize any profit and take delivery of the underlying swap agreement. The Fund could then incur transaction costs upon the sale or closing out of the underlying swap agreement. In the event that the option on a swap is exercised, the counterparty for such option would be the same counterparty with whom the Fund entered into the underlying swap.
However, if a Fund writes (sells) an option on a swap agreement, such Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received. Options on swap agreements involve the risks associated with derivative instruments generally, as described above, as well as the additional risks associated with both options and swaps generally.
Options on swap agreements are considered to be swaps for purposes of U.S. Commodity Futures Trading Commission (“CFTC”) regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing. For more information, see “Cleared swaps” and “Risks of cleared swaps.”
An option on an interest rate swap (also sometimes referred to as a “swaption”) is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest rate swap. A pay fixed option on an interest rate swap gives the buyer the right to establish a position in an interest rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest rate swaps are “European” exercise, which means that they can only be exercised at the end of the option term. Depending on the movement of interest rates between the time of purchase and expiration, the value of the underlying interest rate swap and therefore also the value of the option on the interest rate swap will change.
An option on a credit default swap is a contract that gives the buyer the right (but not the obligation), in return for payment of a premium to the option seller, to enter into a new credit default swap on a reference entity at a predetermined spread on a future date. This spread is the price at which the contract is executed (the option strike price). Similar to a put option, in a payer option on a credit default swap, the option buyer pays a premium to the option seller for the right, but not the obligation, to buy credit protection on a reference entity (e.g., a particular portfolio security) at a predetermined spread on a future date. Similar to a call option, in a receiver option on a credit default swap the option buyer pays a premium for the right, but not the obligation to sell credit default swap protection on a reference entity or index. Depending on the movement of market spreads with respect to the particular referenced debt securities between the time of purchase and expiration of the option, the value of the underlying credit default swap and therefore the value of the option will change. Options on credit default swaps currently are traded OTC and the specific terms of each option on a credit default swap are negotiated directly with the counterparty.
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Cleared swaps - Certain standardized swaps are subject to mandatory central clearing and exchange- trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps."
Risks of cleared swaps - As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Funds.
Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant’s swap, but it does not eliminate those risks completely. There is also a risk of loss by a Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position, or the central counterparty in a swap contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM’s customers. If the FCM does not provide accurate reporting, the Funds are also subject to the risk that the FCM could use such Fund’s assets, which are held in an omnibus account with assets belonging to the FCM’s other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.
With cleared swaps, a Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with a Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund’s investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.
Finally, the Funds are subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, a Fund may be required to break the trade and make an early termination payment to the executing broker.
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As of March 31, 2026, the statement of assets and liabilities included the following financial derivative instrument fair values:
| Voya Core Bond ETF | |||||||||||||||
| Interest Rate | Credit | ||||||||||||||
| Contracts | Contracts | Total | |||||||||||||
| Assets | |||||||||||||||
| Variation margin receivable on futures | $27,714 | $— | $27,714 | ||||||||||||
| Variation margin receivable on centrally cleared swap contracts | — | 30,074 | 30,074 | ||||||||||||
| 27,714 | 30,074 | 57,788 | |||||||||||||
| Liabilities | |||||||||||||||
| Written options | $— | ($13,783 | ) | ($13,783 | ) | ||||||||||
| Variation margin payable on centrally cleared swap contracts | ($15,131 | ) | — | ($15,131 | ) | ||||||||||
| ($15,131 | ) | ($13,783 | ) | ($28,914 | ) | ||||||||||
| Voya Multi-Sector Income ETF | |||||||||||||||
| Interest Rate | Credit | Foreign Exchange | Equity | ||||||||||||
| Contracts | Contracts | Contracts | Contracts | Total | |||||||||||
| Assets | |||||||||||||||
| Investments at value | $91,908 | $— | $11,372 | $— | $103,280 | ||||||||||
| Variation margin receivable on futures | 214,595 | — | — | — | 214,595 | ||||||||||
| Variation margin receivable on centrally cleared swap contracts | — | 383,312 | — | — | 383,312 | ||||||||||
| Unrealized appreciation on OTC swap contracts | 11,297 | — | — | — | 11,297 | ||||||||||
| $317,800 | $383,312 | $11,372 | $0 | $712,484 | |||||||||||
| Liabilities | |||||||||||||||
| Written options | ($12,856 | ) | ($195,762 | ) | $— | ($8,035 | ) | ($216,653 | ) | ||||||
| Unrealized depreciation on OTC swap contracts | — | ($49,342 | ) | — | — | ($49,342 | ) | ||||||||
| Variation margin payable on centrally cleared swap contracts | ($18,083 | ) | — | — | — | ($18,083 | ) | ||||||||
| ($30,939 | ) | ($245,104 | ) | $0 | ($8,035 | ) | ($284,078 | ) | |||||||
| Voya Ultra Short Income ETF | |||||||||||||||
| Interest Rate | |||||||||||||||
| Contracts | Total | ||||||||||||||
| Liabilities | |||||||||||||||
| Variation margin payable on centrally cleared swap contracts | ($22,924 | ) | ($22,924 | ) | |||||||||||
| ($22,924 | ) | ($22,924 | ) | ||||||||||||
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For the period ended March 31, 2026, financial derivative instruments had the following effect on the statement of operations:
| Voya Core Bond ETF | |||||||||||||||
| Interest Rate | Credit | ||||||||||||||
| Contracts | Contracts | Total | |||||||||||||
| Realized Gain (Loss) From: | |||||||||||||||
| Futures | ($93,713 | ) | $— | ($93,713 | ) | ||||||||||
| Swaps | 503 | ($61,821 | ) | (61,318 | ) | ||||||||||
| Swaptions | — | 7,500 | 7,500 | ||||||||||||
| ($93,210 | ) | ($54,321 | ) | ($147,531 | ) | ||||||||||
| Net Change in Unrealized Gain (Loss) From: | |||||||||||||||
| Futures | ($192,830 | ) | — | ($192,830 | ) | ||||||||||
| Swaps | 136,629 | 26,619 | 163,248 | ||||||||||||
| Options written | — | ($3,742 | ) | (3,742 | ) | ||||||||||
| ($56,201 | ) | $22,877 | ($33,324 | ) | |||||||||||
| Voya Multi-Sector Bond ETF | |||||||||||||||
| Foreign | |||||||||||||||
| Interest Rate | Credit | Exchange | Equity | ||||||||||||
| Contracts | Contracts | Contracts | Contracts | Total | |||||||||||
| Realized Gain (Loss) From: | |||||||||||||||
| Purchased Options | $— | ($856 | ) | $— | ($391 | ) | ($1,247 | ) | |||||||
| Futures | (488,940 | ) | — | — | — | (488,940 | ) | ||||||||
| Swaps | (49,430 | ) | (406,736 | ) | — | — | (456,166 | ) | |||||||
| ($538,370 | ) | ($407,592 | ) | $0 | ($391 | ) | ($946,353 | ) | |||||||
| Net Change in Unrealized Gain (Loss) From: | |||||||||||||||
| Purchased Options | $83,898 | $— | ($3,834 | ) | $— | $80,064 | |||||||||
| Futures | (30,237 | ) | — | — | — | (30,237 | ) | ||||||||
| Swaps | 257,742 | 488,922 | — | — | 746,664 | ||||||||||
| Options written | (3,987 | ) | 14,629 | — | 6,047 | 16,689 | |||||||||
| $307,416 | $503,551 | ($3,834 | ) | $6,047 | $813,180 | ||||||||||
| Voya Ultra Short Income ETF | |||||||||||||||
| Interest Rate | |||||||||||||||
| Contracts | Total | ||||||||||||||
| Realized Gain (Loss) From: | |||||||||||||||
| Futures | ($7,845 | ) | ($7,845 | ) | |||||||||||
| ($7,845 | ) | ($7,845 | ) | ||||||||||||
| Net Change in Unrealized Gain (Loss) From: | |||||||||||||||
| Futures | $215,394 | $215,394 | |||||||||||||
| $215,394 | $215,394 | ||||||||||||||
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The previously disclosed derivative instruments outstanding as of March 31, 2026 serve as indicators of the volume of financial derivative activity for the Company. The following average notional values indicate the average volume for the period:
| Average notional value of: | |||||||||
| Voya Core Bond ETF | Voya Multi-Sector Income ETF | Voya Ultra Short Income ETF | |||||||
| Futures contracts | 12,124,141 | 75,044,561 | 18,414,100 | ||||||
| Options written | (5,215,600) | (4,353,756) | — | ||||||
| Swap contracts | 4,898,180 | 3,191,021 | — | ||||||
The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.
Federal Income Taxes - Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.
In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.
As of March 31, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.
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Securities Transactions and Investment Income - Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country’s tax rules and rates.
Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for the Funds are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.
Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Share Valuation - The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
Guarantees and Indemnifications - In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
Illiquid Securities - Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.
Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to redemptions in kind. For the period ended March 31, 2026, the following adjustments were made:
| Total distributable | ||
| Fund | Paid-In Capital | earnings/(accumulated losses) |
| Voya Core Bond ETF | $(175,300) | $175,300 |
| Voya Multi-Sector Income ETF | (259,772) | 259,772 |
| Voya Ultra Short Income ETF | - | - |
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NOTE 3 - PRINCIPAL INVESTMENT RISKS
Buy Back and Dollar Roll Risk (Voya Core Bond ETF Only). Similar to borrowing, buy back and dollar roll transactions are agreements that provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. These transactions also involve the risk that the other party may fail to return the comparable securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities.
Credit Risk. Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer’s credit worthiness may decline, which may adversely affect the value of the security.
High-Yield Securities (Junk Bonds) Risk (Voya Multi-Sector Income ETF and Voya Ultra Short Income ETF Only). High-yield bonds are considered speculative investments and are issued by entities that may be undergoing restructuring, are smaller or less creditworthy, or are more heavily indebted than other issuers. These bonds carry a greater risk of income and principal loss compared to higher-rated securities and are considered speculative. Their prices are more likely to react to adverse economic changes than higher-rated securities. During economic downturns or significant increases in interest rates, issuers of high-yield bonds may face financial difficulties, impacting their ability to meet payment obligations or secure additional financing.
Interest Rate Risk. Generally, the value of fixed-income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed-income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed-income securities tends to increase. This risk will be greater for long -term securities than for short-term securities. In addition, the interest rates payable on floating-rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating-rate security is a variable rate which is tied to another interest rate. Floating-rate securities are subject to interest rate risk and credit risk.
As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect each Fund’s NAV, trading price, yield, total return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section in each Fund’s Prospectus titled “Additional Information About the Fund — Principal Investment Risks.”
NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker -dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser’s performance.
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Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets of each Fund as follows:
| Fund | Investment Advisory Fee |
| Voya Core Bond ETF | 0.25% |
| Voya Multi-Sector Income ETF | 0.45% |
| Voya Ultra Short Income ETF | 0.25% |
Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”) and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended March 31, 2026 are disclosed in the Statements of Operations.
The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub- Adviser with respect to the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of each Fund's portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.11% of the average daily net assets of Voya Core Bond ETF and Voya Ultra Short Income ETF and 0.20% of the average daily net assets of Voya Multi-Sector Income ETF (the “Sub-Advisory Fee”). The Sub-Adviser has agreed to assume all or a portion of the Adviser’s obligation to pay all expenses incurred by the Funds, except for the Sub-Advisory Fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligation for a portion of each Fund’s expenses, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.
Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers. Tidal prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' custodian.
The Bank of New York Mellon (“BNY Mellon”), serves as the Funds' fund accountant, transfer agent, and custodian (the “Custodian”). In those capacities, BNY Mellon performs various accounting and transfer agency services for the Funds.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.
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Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.
The Board has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.
NOTE 5 - SEGMENT REPORTING
In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.
Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.
The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.
Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.
NOTE 6 - PURCHASES AND SALES OF SECURITIES
For the period ended March 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were:
| Fund | Purchases | Sales |
| Voya Core Bond ETF | $100,592,937 | $26,387,639 |
| Voya Multi-Sector Income ETF | 222,851,507 | 59,949,321 |
| Voya Ultra Short Income ETF | 102,860,473 | 10,102,521 |
For the period ended March 31, 2026, the cost of purchases and proceeds from the sales or maturities of long-term U.S. government securities were:
| Fund | Purchases | Sales |
| Voya Core Bond ETF | $112,567,566 | $167,751,211 |
| Voya Multi-Sector Income ETF | 53,694,533 | 47,354,078 |
| Voya Ultra Short Income ETF | 138,352,256 | 124,457,973 |
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For the period ended March 31, 2026, in-kind transactions associated with creations and redemptions for the Funds were:
| Fund | Purchases | Sales |
| Voya Core Bond ETF | $1,733,874 | $15,022,535 |
| Voya Multi-Sector Income ETF | 147,398,446 | 18,805,078 |
| Voya Ultra Short Income ETF | 590,749 | - |
NOTE 7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the period ended March 31, 2026 were as follows:
| Voya Core Bond | Voya Multi-Sector | Voya Ultra Short | ||||
| Distributions paid from: | ETF | Income ETF | Income ETF | |||
| Ordinary Income | $ 1,522,511 | $ 1,769,408 | $ 1,604,920 |
As of the fiscal period ended March 31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:
| Voya Core Bond | Voya Multi-Sector | Voya Ultra Short | |||||||||
| ETF | Income ETF | Income ETF | |||||||||
| Cost of investments(a) | $ | 74,468,853 | $ | 319,117,216 | $ | 113,708,319 | |||||
| Gross tax unrealized appreciation | 481,851 | 5,905,627 | 286,890 | ||||||||
| Gross tax unrealized depreciation | (925,061) | (7,968,956) | (587,808) | ||||||||
| Net tax unrealized appreciation (depreciation) | (443,210) | (2,063,329) | (300,918) | ||||||||
| Undistributed ordinary income (loss) | 297,185 | 834,270 | 128,987 | ||||||||
| Undistributed long-term capital gain (loss) | – | – | 108,354 | ||||||||
| Total distributable earnings | 297,185 | 834,270 | 237,341 | ||||||||
| Other accumulated gain (loss) | (576,315) | (2,796,196) | – | ||||||||
| Total distributable earnings/(accumulated losses) | $ | (722,340) | $ | (4,025,255) | $ | (63,577) | |||||
(a) The difference between book and tax-basis unrealized appreciation is primarily due to wash sales.
Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the fiscal period ended March 31, 2026, the Funds had not elected to defer any post-October or late-year losses.
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As of March 31, 2026, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire:
| Fund | Short-Term | Long-Term | ||||||
| Voya Core Bond ETF | $ | 513,103 | $ | 59,470 | ||||
| Voya Multi-Sector Income ETF | 844,164 | 1,968,522 | ||||||
| Voya Ultra Short Income ETF | – | – | ||||||
NOTE 8 - SHARES TRANSACTIONS
Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offer one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.
NOTE 9 - RECENT MARKET EVENTS
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that they will be successful in doing so.
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NOTE 10 - SUBSEQUENT EVENTS
In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Tidal Trust IV and
The Shareholders of Voya ETFs
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Voya Core Bond ETF, Voya Multi-Sector Income ETF, and Voya Ultra Short Income ETF (collectively the “Funds”), each a series of Tidal Trust IV (the “Trust”), including the schedules of investments, as of March 31, 2026, and with respect to Voya Core Bond ETF and Voya Ultra Short Income ETF, the related statements of operations, the statements of changes in net assets and the financial highlights for the period November 18, 2025 (commencement of operations) through March 31, 2026, and with respect to Voya Multi-Sector Income ETF, the related statements of operations, the statements of changes in net assets and the financial highlights for the period December 2, 2025 (commencement of operations) through March 31, 2026 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, and the results of their operations, the changes in their net assets and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
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 have served as the auditor of one or more of the funds in the Trust since 2026.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
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 March 31, 2026 by correspondence with the custodian, agent banks, brokers, or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.
 | |
| TAIT, WELLER & BAKER LLP |
Philadelphia, Pennsylvania
June 1, 2026
85
| Other Non-Audited Information | Voya ETFs |
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the year ended March 31, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
| Voya Core Bond ETF | 0.00% |
| Voya Multi-Sector Income ETF | 0.00% |
| Voya Ultra Short Income ETF | 0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended March 31, 2026, was as follows:
| Voya Core Bond ETF | 0.00% |
| Voya Multi-Sector Income ETF | 0.00% |
| Voya Ultra Short Income ETF | 0.00% |
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the year ended March 31, 2026, was as follows:
| Voya Core Bond ETF | 0.00% |
| Voya Multi-Sector Income ETF | 0.00% |
| Voya Ultra Short Income ETF | 0.00% |
86
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There have been no changes in or disagreements with the Funds’ accountants.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by the report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on October 15, 2025, the Board of Trustees (the “Board”) of Tidal Trust IV (the “Trust”) considered the approval of:
the Investment Advisory Agreement (each, an “Advisory Agreement”) between Tidal Investments LLC (the “Adviser”) and the Trust, on behalf of the Funds; and the Sub-Advisory Agreement (each, a “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Adviser and Voya Investment Management Co. LLC (“Voya” or the “Sub-Adviser” and, together with the Adviser, the “Advisers”), with respect to the Funds.
Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. It was noted that in accordance with the SEC’s temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.
In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Advisers.
In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund’s shareholders by the Advisers; (ii) the costs of the services to be provided and the profits to be realized by the Advisers from services to be provided to each Fund, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as a Fund grows and whether the advisory and sub-advisory fees for a Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Advisers and their affiliates resulting from services rendered to a Fund. The Board’s review included written and oral information furnished to the Board prior to and at the meeting held on October 15, 2025. Among other things, the Advisers provided responses to a detailed series of questions, which included information about the Advisers’ operations, service offerings, personnel, compliance programs and financial conditions. The Board then discussed the written and oral information that it received before the meeting, and the Advisers’ oral presentations and any other information that the Board received at the meeting and deliberated on the approval of the Agreements in light of this information.
The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the approval of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.
Nature, Extent and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Agreements. In considering the nature, extent and quality of the services to be provided by the Advisers, the Board reviewed the Advisers’ compliance infrastructure and their respective financial strength and resources. The Board also considered the experience of the personnel of the Advisers working with ETFs. The Board also considered other services to be provided to each Fund by the Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Funds by the Advisers based on their experience, personnel, operations and resources.
Historical Performance. The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review.
Cost of Services Provided, Profitability and Economies of Scale. The Board reviewed the proposed advisory and sub-advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for a Fund is a “unified fee.”
The Board noted the importance of the fact that the proposed advisory fee for each Fund is a “unified fee,” meaning that the shareholders of the Fund pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust’s other service providers and paying each Fund’s other expenses (except as noted above) out of its own fees and resources. The Board further noted that because each Fund is new, it was difficult to estimate the profitability of the Fund to the Adviser. The Board, however, considered collateral or “fall-out” benefits that the Adviser and its affiliates may derive as a result of their relationship with each Fund.
The Board noted that because each Fund is new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Advisers will review expenses as each Fund’s assets grow. The Board determined to evaluate economies of scale on an ongoing basis if a Fund achieved asset growth.
The Board also reviewed the proposed sub-advisory fee paid to the Sub-Adviser for its services. The Board considered this fee in light of the services being provided. The Board determined that the proposed fee reflected an appropriate allocation of the advisory fee paid to the Adviser and the Sub-Adviser given the work performed by each firm. The Board also considered that Voya is acting as sponsors for the Funds and had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the sponsor out of its profits.
The Board also considered that the sub-advisory fee is paid to the Sub-Adviser out of the Adviser’s unified fee and represents an arm’s-length negotiation between the Adviser and the Sub-Adviser. For these reasons, the Trustees determined that the profitability to the Sub-Adviser from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreement. The Board considered that, because the fee is paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fees.
The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.
Conclusion. No single factor was determinative to the decision of the Board. Based on the Board’s deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Agreements are fair and reasonable; (b) concluded that the Adviser’s and the Sub-Adviser’s fees are reasonable in light of the services that the Advisers will provide to each Fund; and (c) agreed to approve the Agreements for an initial term of two years.
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 Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 16. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the 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 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not Applicable |
| (b) | Not Applicable |
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Tidal Trust IV |
| By (Signature and Title)* |
/s/ Eric W. Falkeis |
|
| Eric W. Falkeis, President/Principal Executive Officer |
| Date | June 5, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* |
/s/ Eric W. Falkeis |
|
| Eric W. Falkeis, President/Principal Executive Officer |
| Date | June 5, 2026 |
| By (Signature and Title)* |
/s/ Aaron J. Perkovich |
|
| Aaron J. Perkovich, Treasurer/Principal Financial Officer |
| Date | June 5, 2026 |
* Print the name and title of each signing officer under his or her signature.
ATTACHMENTS / EXHIBITS
CERTIFICATION PURSUANT TO SECTION 302
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