Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 22.1% | |||
Asset-Backed - Automobile - 0.7% | |||
$ 30,000 | American Credit Acceptance Receivables Trust 4.55%, 10/13/2026(1) | $ 29,161 | |
155,000 | Exeter Automobile Receivables Trust 4.57%, 01/15/2027 | 151,224 | |
259,000 | Flagship Credit Auto Trust 4.69%, 07/17/2028(1) | 250,404 | |
45,000 | GLS Auto Receivables Issuer Trust 4.92%, 01/15/2027(1) | 43,866 | |
105,000 | Prestige Auto Receivables Trust 1.62%, 11/16/2026(1) | 101,915 | |
Santander Drive Auto Receivables Trust | |||
380,000 | 4.42%, 11/15/2027 | 365,409 | |
120,000 | 4.43%, 03/15/2027 | 116,059 | |
85,000 | 4.72%, 06/15/2027 | 83,344 | |
18,742 | Tricolor Auto Securitization Trust 0.74%, 04/15/2024(1) | 18,686 | |
Westlake Automobile Receivables Trust | |||
105,000 | 1.65%, 02/17/2026(1) | 97,682 | |
280,000 | 4.31%, 09/15/2027(1) | 269,608 | |
1,527,358 | |||
Asset-Backed - Credit Card - 0.0% | |||
110,000 | Mercury Financial Credit Card Master Trust 1.54%, 03/20/2026(1) | 103,897 | |
Asset-Backed - Finance & Insurance - 5.2% | |||
380,000 | Bain Capital Credit CLO Ltd. 5.54%, 07/25/2034, 3 mo. USD LIBOR + 1.180%(1)(2) | 364,024 | |
580,000 | Barings CLO Ltd. 5.43%, 10/20/2030, 3 mo. USD LIBOR + 1.190%(1)(2) | 570,693 | |
73,166 | BHG Securitization Trust 0.90%, 10/17/2034(1) | 68,592 | |
BlueMountain CLO Ltd. | |||
460,000 | 4.17%, 11/20/2034, 3 mo. USD LIBOR + 1.190%(1)(2) | 439,417 | |
250,000 | 5.34%, 04/20/2034, 3 mo. USD LIBOR + 1.100%(1)(2) | 239,183 | |
470,000 | 5.38%, 04/19/2034, 3 mo. USD LIBOR + 1.150%(1)(2) | 450,579 | |
246,409 | Carlyle Global Market Strategies CLO Ltd. 3.96%, 05/15/2031, 3 mo. USD LIBOR + 1.050%(1)(2) | 240,370 | |
Carlyle U.S. CLO Ltd. | |||
270,000 | 5.26%, 04/20/2031, 3 mo. USD LIBOR + 1.020%(1)(2) | 262,799 | |
250,000 | 5.32%, 04/20/2034, 3 mo. USD LIBOR + 1.080%(1)(2) | 240,167 | |
300,000 | CIFC Funding Ltd. 5.41%, 10/20/2034, 3 mo. USD LIBOR + 1.170%(1)(2) | 287,655 | |
Dryden CLO Ltd. | |||
270,000 | 5.10%, 04/15/2031, 3 mo. USD LIBOR + 1.020%(1)(2) | 264,883 | |
410,000 | 5.18%, 07/17/2034, 3 mo. USD LIBOR + 1.100%(1)(2) | 392,215 | |
640,000 | FS Rialto 4.66%, 11/16/2036, 1 mo. USD LIBOR + 1.250%(1)(2) | 612,634 | |
785,000 | Galaxy XXIV CLO Ltd. 5.20%, 01/15/2031, 3 mo. USD LIBOR + 1.120%(1)(2) | 767,855 | |
Madison Park Funding Ltd. | |||
385,000 | 5.20%, 07/17/2034, 3 mo. USD LIBOR + 1.120%(1)(2) | 369,664 | |
270,000 | 5.34%, 01/15/2033, 3 mo. USD LIBOR + 1.260%(1)(2) | 261,688 | |
250,000 | Magnetite Ltd. 5.34%, 07/20/2031, 3 mo. USD LIBOR + 1.100%(1)(2) | 244,520 | |
66,962 | Marlette Funding Trust 0.65%, 12/15/2031(1) | 65,850 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 22.1% - (continued) | |||
Asset-Backed - Finance & Insurance - 5.2% - (continued) | |||
$ 330,000 | MF1 Multifamily Housing Mortgage 4.64%, 02/19/2037, 3 mo USD SOFR + 1.750%(1)(2) | $ 304,699 | |
Octagon Investment Partners Ltd. | |||
785,000 | 3.91%, 02/14/2031, 3 mo. USD LIBOR + 1.000%(1)(2) | 761,368 | |
255,000 | 5.20%, 04/15/2035, 3 mo. USD LIBOR + 1.340%(1)(2) | 242,499 | |
Progress Residential Trust | |||
404,035 | 1.51%, 10/17/2038(1) | 337,975 | |
107,714 | 4.45%, 06/17/2039(1) | 100,829 | |
345,000 | Regatta Funding Ltd. 5.40%, 04/20/2034, 3 mo. USD LIBOR + 1.160%(1)(2) | 330,433 | |
395,000 | RR LLC 5.23%, 07/15/2035, 3 mo. USD LIBOR + 1.150%(1)(2) | 379,033 | |
340,000 | RR Ltd. 5.19%, 07/15/2036, 3 mo. USD LIBOR + 1.110%(1)(2) | 326,123 | |
Sound Point CLO Ltd. | |||
785,000 | 5.08%, 04/15/2031, 3 mo. USD LIBOR + 1.000%(1)(2) | 759,905 | |
390,000 | 5.43%, 04/25/2034, 3 mo. USD LIBOR + 1.070%(1)(2) | 370,852 | |
171,154 | Upstart Securitization Trust 0.84%, 09/20/2031(1) | 163,960 | |
Venture CLO Ltd. | |||
390,000 | 5.21%, 04/15/2034, 3 mo. USD LIBOR + 1.130%(1)(2) | 370,052 | |
660,000 | 5.23%, 07/15/2032, 3 mo. USD LIBOR + 1.150%(1)(2) | 635,831 | |
150,000 | 5.32%, 04/15/2034, 3 mo. USD LIBOR + 1.240%(1)(2) | 144,245 | |
250,000 | Voya CLO Ltd. 5.38%, 10/18/2031, 3 mo. USD LIBOR + 1.190%(1)(2) | 244,936 | |
300,000 | Wellfleet CLO Ltd. 5.41%, 07/20/2032, 3 mo. USD LIBOR + 1.170%(1)(2) | 287,407 | |
11,902,935 | |||
Commercial Mortgage-Backed Securities - 3.8% | |||
235,000 | 245 Park Avenue Trust 3.51%, 06/05/2037(1) | 204,048 | |
120,000 | Barclays Commercial Mortgage Trust 4.60%, 06/15/2055(3) | 110,509 | |
Benchmark Mortgage Trust | |||
561,876 | 1.52%, 01/15/2054(3)(4) | 49,527 | |
617,690 | 1.79%, 07/15/2053(3)(4) | 49,377 | |
181,302 | BX Commercial Mortgage Trust 4.33%, 10/15/2036, 1 mo. USD LIBOR + 0.920%(1)(2) | 177,668 | |
65,636 | Citigroup Commercial Mortgage Trust 3.61%, 11/10/2048 | 63,497 | |
Commercial Mortgage Trust | |||
100,000 | 2.82%, 01/10/2039(1) | 86,030 | |
35,000 | 3.18%, 02/10/2048 | 33,043 | |
150,000 | 3.31%, 03/10/2048 | 141,613 | |
110,000 | 3.38%, 01/10/2039(1) | 92,413 | |
210,000 | 3.61%, 08/10/2049(1)(3) | 197,414 | |
30,000 | CSAIL Commercial Mortgage Trust 4.36%, 11/15/2051(3) | 28,644 | |
97,732 | CSMC Trust 2.26%, 08/15/2037(1) | 86,561 | |
280,000 | DBGS Mortgage Trust 4.47%, 10/15/2051 | 259,122 | |
DBJPM Mortgage Trust | |||
468,180 | 1.71%, 09/15/2053(3)(4) | 33,355 | |
34,669 | 3.04%, 05/10/2049 | 33,094 | |
154,128 | FirstKey Homes Trust 4.15%, 05/17/2039(1) | 143,560 | |
FREMF Mortgage Trust | |||
295,000 | 3.61%, 04/25/2048(1)(3) | 280,984 | |
90,000 | 3.67%, 11/25/2049(1)(3) | 85,673 |
1 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 22.1% - (continued) | |||
Commercial Mortgage-Backed Securities - 3.8% - (continued) | |||
$ 230,000 | 3.76%, 07/25/2026(1)(3) | $ 211,708 | |
225,000 | 3.94%, 06/25/2049(1)(3) | 209,905 | |
315,000 | 4.16%, 08/25/2047(1)(3) | 304,235 | |
GS Mortgage Securities Trust | |||
375,000 | 3.44%, 11/10/2049(3) | 343,169 | |
45,000 | 4.11%, 08/15/2036, 1 mo. USD SOFR + 0.731%(1)(2) | 44,157 | |
200,000 | Hawaii Hotel Trust 4.56%, 05/15/2038, 1 mo. USD LIBOR + 1.150%(1)(2) | 192,490 | |
1,097,000 | JP Morgan Chase Commercial Mortgage Securities Trust 2.82%, 08/15/2049 | 986,364 | |
JPMBB Commercial Mortgage Securities Trust | |||
61,477 | 3.56%, 12/15/2048 | 59,407 | |
635,000 | 3.58%, 03/17/2049 | 590,022 | |
JPMDB Commercial Mortgage Securities Trust | |||
106,631 | 2.95%, 06/15/2049 | 101,709 | |
632,000 | 3.14%, 12/15/2049 | 573,160 | |
149,999 | 3.24%, 10/15/2050 | 141,149 | |
Morgan Stanley Bank of America Merrill Lynch Trust | |||
44,415 | 2.92%, 02/15/2046 | 44,279 | |
210,000 | 3.53%, 12/15/2047 | 200,295 | |
50,000 | SG Commercial Mortgage Securities Trust 2.63%, 03/15/2037(1) | 45,602 | |
Wells Fargo Commercial Mortgage Trust | |||
360,000 | 3.15%, 05/15/2048 | 337,414 | |
719,000 | 3.43%, 03/15/2059 | 665,209 | |
62,187 | 3.52%, 12/15/2048 | 60,136 | |
420,000 | 3.64%, 03/15/2050 | 385,298 | |
235,000 | 3.81%, 12/15/2048 | 221,005 | |
Wells Fargo N.A. | |||
4,000,889 | 0.64%, 11/15/2062(3)(4) | 141,608 | |
960,553 | 0.94%, 02/15/2052(3)(4) | 41,471 | |
1,487,474 | 1.34%, 11/15/2053(3)(4) | 111,294 | |
1,273,495 | 1.78%, 03/15/2063(3)(4) | 126,060 | |
170,000 | 2.04%, 02/15/2054 | 129,262 | |
145,000 | 4.41%, 11/15/2061(3) | 134,779 | |
17,503 | WFRBS Commercial Mortgage Trust 2.98%, 06/15/2046 | 17,404 | |
8,574,723 | |||
Other Asset-Backed Securities - 2.9% | |||
Affirm Asset Securitization Trust | |||
35,445 | 1.90%, 01/15/2025(1) | 34,339 | |
14,002 | 3.46%, 10/15/2024(1) | 13,860 | |
130,000 | Amur Equipment Finance Receivables XI LLC 5.30%, 06/21/2028(1) | 128,230 | |
100,000 | Arbor Realty Commercial Real Estate Notes Ltd. 4.51%, 05/15/2036, 1 mo. USD LIBOR + 1.100%(1)(2) | 97,059 | |
150,000 | Avant Loans Funding Trust 1.21%, 07/15/2030(1) | 140,646 | |
152,675 | Domino's Pizza Master Issuer LLC 2.66%, 04/25/2051(1) | 122,309 | |
270,000 | KKR CLO Ltd. 5.08%, 04/15/2031, 3 mo. USD LIBOR + 1.000%(1)(2) | 264,036 | |
179,195 | Navient Private Education Refi Loan Trust 0.97%, 12/16/2069(1) | 145,274 | |
330,000 | New Residential Advance Receivables Trust 1.43%, 08/15/2053(1) | 315,339 | |
305,000 | NRZ Advance Receivables Trust 1.48%, 09/15/2053(1) | 290,723 | |
Pretium Mortgage Credit Partners LLC | |||
199,907 | 1.74%, 07/25/2051(1)(5) | 182,129 | |
553,280 | 1.84%, 09/25/2051(1)(5) | 506,958 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 22.1% - (continued) | |||
Other Asset-Backed Securities - 2.9% - (continued) | |||
$ 130,803 | 1.87%, 07/25/2051(1)(5) | $ 115,884 | |
258,406 | 1.99%, 02/25/2061(1)(5) | 237,982 | |
466,685 | 2.36%, 10/27/2060(1)(5) | 430,513 | |
559,712 | 2.49%, 10/25/2051(1)(5) | 498,500 | |
Progress Residential Trust | |||
145,000 | 3.20%, 04/17/2039(1) | 130,328 | |
400,000 | 4.44%, 05/17/2041(1) | 366,295 | |
180,000 | 4.75%, 10/27/2039(1) | 171,244 | |
100,000 | Regional Management Issuance Trust 2.34%, 10/15/2030(1) | 92,078 | |
104,256 | SCF Equipment Leasing LLC 1.19%, 10/20/2027(1) | 101,654 | |
38,448 | SoFi Consumer Loan Program Trust 0.49%, 09/25/2030(1) | 37,341 | |
60,000 | Stack Infrastructure Issuer LLC 1.89%, 08/25/2045(1) | 53,153 | |
75,000 | Summit Issuer LLC 2.29%, 12/20/2050(1) | 65,633 | |
655,000 | Tricon Residential Trust 3.86%, 04/17/2039(1) | 594,201 | |
63,514 | Upstart Securitization Trust 0.83%, 07/20/2031(1) | 61,532 | |
235,000 | Vantage Data Centers Issuer LLC 1.65%, 09/15/2045(1) | 205,957 | |
292,486 | VOLT CIII LLC 1.99%, 08/25/2051(1)(5) | 272,192 | |
221,073 | VOLT XCIII LLC 1.89%, 02/27/2051(1)(5) | 203,019 | |
164,638 | VOLT XCIV LLC 2.24%, 02/27/2051(1)(5) | 142,638 | |
198,805 | VOLT XCIX LLC 2.12%, 04/25/2051(1)(5) | 181,689 | |
119,255 | VOLT XCV LLC 2.24%, 03/27/2051(1)(5) | 109,917 | |
202,437 | Wendy's Funding LLC 2.37%, 06/15/2051(1) | 157,349 | |
99,250 | Wingstop Funding LLC 2.84%, 12/05/2050(1) | 82,790 | |
6,552,791 | |||
Whole Loan Collateral CMO - 9.5% | |||
364,191 | 510 Asset Backed Trust 2.12%, 06/25/2061(1)(5) | 319,175 | |
Angel Oak Mortgage Trust | |||
106,398 | 0.91%, 01/25/2066(1)(3) | 90,760 | |
358,234 | 0.95%, 07/25/2066(1)(3) | 310,667 | |
70,992 | 0.99%, 04/25/2053(1)(3) | 66,166 | |
85,335 | 0.99%, 04/25/2066(1)(3) | 77,573 | |
222,219 | 1.04%, 01/20/2065(1)(3) | 167,044 | |
175,427 | 1.07%, 05/25/2066(1)(3) | 133,598 | |
500,684 | 1.46%, 09/25/2066(1)(3) | 391,112 | |
34,398 | 1.47%, 06/25/2065(1)(3) | 31,132 | |
54,648 | 1.69%, 04/25/2065(1)(3) | 49,157 | |
250,238 | 1.82%, 11/25/2066(1)(3) | 199,671 | |
636,548 | 2.88%, 12/25/2066(1)(5) | 537,674 | |
4,599 | Angel Oak Mortgage Trust LLC 3.65%, 09/25/2048(1)(3) | 4,566 | |
31,032 | Arroyo Mortgage Trust 3.81%, 01/25/2049(1)(3) | 28,820 | |
170,689 | BINOM Securitization Trust 2.03%, 06/25/2056(1)(3) | 143,955 | |
BRAVO Residential Funding Trust | |||
64,635 | 0.94%, 02/25/2049(1)(3) | 57,859 | |
101,761 | 0.97%, 03/25/2060(1)(3) | 94,840 | |
420,677 | 1.62%, 03/01/2061(1)(5) | 380,320 | |
Bunker Hill Loan Depositary Trust | |||
64,371 | 1.72%, 02/25/2055(1)(3) | 61,007 | |
29,240 | 2.88%, 07/25/2049(1)(5) | 26,857 | |
79,063 | Cascade MH Asset Trust 1.75%, 02/25/2046(1) | 66,173 | |
455,273 | CIM Trust 1.43%, 07/25/2061(1)(3) | 397,131 | |
COLT Mortgage Loan Trust | |||
42,664 | 0.80%, 07/27/2054(1) | 36,876 | |
138,814 | 0.91%, 06/25/2066(1)(3) | 108,895 | |
216,243 | 0.92%, 08/25/2066(1)(3) | 169,940 | |
411,030 | 0.96%, 09/27/2066(1)(3) | 315,356 |
2 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 22.1% - (continued) | |||
Whole Loan Collateral CMO - 9.5% - (continued) | |||
$ 508,379 | 1.11%, 10/25/2066(1)(3) | $ 402,923 | |
58,234 | 1.33%, 10/26/2065(1)(3) | 51,678 | |
261,254 | 1.39%, 01/25/2065(1)(3) | 222,892 | |
37,028 | 1.51%, 04/27/2065(1)(3) | 34,604 | |
584,360 | 2.28%, 12/27/2066(1)(3) | 478,320 | |
99,463 | 4.30%, 03/25/2067(1)(3) | 91,148 | |
71,496 | Connecticut Avenue Securities Trust 5.55%, 07/25/2042, 1 mo. USD SOFR + 2.550%(1)(2) | 70,534 | |
CSMC Trust | |||
103,428 | 0.83%, 03/25/2056(1)(3) | 82,897 | |
212,034 | 0.94%, 05/25/2066(1)(3) | 157,593 | |
515,749 | 1.17%, 07/25/2066(1)(3) | 395,748 | |
184,211 | 1.18%, 02/25/2066(1)(3) | 164,907 | |
96,198 | 1.21%, 05/25/2065(1)(5) | 86,072 | |
84,939 | 1.80%, 12/27/2060(1)(3) | 77,191 | |
256,249 | 1.84%, 10/25/2066(1)(3) | 203,397 | |
176,711 | 2.00%, 01/25/2060(1)(3) | 154,900 | |
616,231 | 2.27%, 11/25/2066(1)(3) | 503,007 | |
Deephaven Residential Mortgage Trust | |||
31,166 | 0.72%, 05/25/2065(1)(3) | 27,999 | |
61,837 | 0.90%, 04/25/2066(1)(3) | 51,126 | |
Ellington Financial Mortgage Trust | |||
38,249 | 0.80%, 02/25/2066(1)(3) | 29,876 | |
64,797 | 0.93%, 06/25/2066(1)(3) | 49,822 | |
29,941 | 1.18%, 10/25/2065(1)(3) | 26,467 | |
359,095 | 1.24%, 09/25/2066(1)(3) | 301,600 | |
286,031 | 2.21%, 01/25/2067(1)(3) | 240,508 | |
588,137 | FirstKey Homes Trust 4.25%, 07/17/2039(1) | 543,579 | |
GCAT Trust | |||
122,292 | 0.87%, 01/25/2066(1)(3) | 107,588 | |
121,018 | 1.04%, 05/25/2066(1)(3) | 105,100 | |
354,101 | 1.09%, 08/25/2066(1)(3) | 273,711 | |
502,934 | 1.26%, 07/25/2066(1)(3) | 419,590 | |
24,257 | 1.56%, 04/25/2065(1)(5) | 21,425 | |
194,818 | 1.92%, 08/25/2066(1)(3) | 160,365 | |
11,016 | 2.25%, 01/25/2060(1)(5) | 10,393 | |
Imperial Fund Mortgage Trust | |||
198,210 | 1.07%, 09/25/2056(1)(3) | 147,883 | |
603,835 | 2.09%, 01/25/2057(1)(3) | 485,391 | |
669,754 | 3.64%, 03/25/2067(1)(5) | 581,643 | |
Legacy Mortgage Asset Trust | |||
98,525 | 1.65%, 11/25/2060(1)(5) | 90,679 | |
87,293 | 1.75%, 04/25/2061(1)(5) | 75,945 | |
116,964 | 1.75%, 07/25/2061(1)(5) | 106,267 | |
MetLife Securitization Trust | |||
42,788 | 3.75%, 03/25/2057(1)(3) | 39,918 | |
41,966 | 3.75%, 04/25/2058(1)(3) | 40,786 | |
MFA Trust | |||
26,945 | 1.01%, 01/26/2065(1)(3) | 24,561 | |
156,773 | 1.03%, 11/25/2064(1)(3) | 118,074 | |
78,300 | 1.15%, 04/25/2065(1)(3) | 72,134 | |
Mill City Mortgage Loan Trust | |||
96,315 | 3.25%, 10/25/2069(1)(3) | 89,441 | |
34,373 | 3.50%, 05/25/2058(1)(3) | 33,618 | |
New Residential Mortgage Loan Trust | |||
87,130 | 0.94%, 07/25/2055(1)(3) | 73,958 | |
64,253 | 0.94%, 10/25/2058(1)(3) | 59,490 | |
411,827 | 1.16%, 11/27/2056(1)(3) | 330,594 | |
21,175 | 1.65%, 05/24/2060(1)(3) | 19,133 | |
565,901 | 2.28%, 01/25/2026(1)(3) | 455,380 | |
101,053 | 3.50%, 12/25/2057(1)(3) | 94,389 | |
16,802 | 3.75%, 03/25/2056(1)(3) | 15,360 | |
45,927 | 3.75%, 11/25/2058(1)(3) | 42,263 | |
197,388 | 4.00%, 03/25/2057(1)(3) | 184,381 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 22.1% - (continued) | |||
Whole Loan Collateral CMO - 9.5% - (continued) | |||
$ 214,706 | 4.00%, 12/25/2057(1)(3) | $ 201,154 | |
254,460 | NMLT Trust 1.19%, 05/25/2056(1)(3) | 209,398 | |
Onslow Bay Financial LLC | |||
253,899 | 1.05%, 07/25/2061(1)(3) | 188,402 | |
169,766 | 1.07%, 02/25/2066(1)(3) | 145,921 | |
511,664 | 2.31%, 11/25/2061(1)(3) | 406,996 | |
Preston Ridge Partners Mortgage Trust LLC | |||
97,591 | 1.32%, 07/25/2051(1)(5) | 86,560 | |
250,485 | 1.74%, 09/25/2026(1)(3) | 227,301 | |
163,105 | 1.79%, 06/25/2026(1)(5) | 145,331 | |
255,065 | 1.79%, 07/25/2026(1)(5) | 229,617 | |
284,529 | 1.87%, 04/25/2026(1)(5) | 253,675 | |
395,115 | 1.87%, 08/25/2026(1)(5) | 359,947 | |
68,072 | 2.12%, 03/25/2026(1)(3) | 62,754 | |
56,057 | 2.36%, 11/25/2025(1)(5) | 51,147 | |
505,201 | 2.36%, 10/25/2026(1)(5) | 458,709 | |
69,645 | Residential Mortgage Loan Trust 0.86%, 01/25/2065(1)(3) | 63,819 | |
20,321 | Seasoned Credit Risk Transfer Trust 2.50%, 08/25/2059 | 18,590 | |
Starwood Mortgage Residential Trust | |||
51,819 | 0.94%, 05/25/2065(1)(3) | 47,406 | |
435,712 | 1.16%, 08/25/2056(1)(3) | 351,928 | |
142,781 | 1.22%, 05/25/2065(1)(3) | 131,413 | |
22,301 | 1.49%, 04/25/2065(1)(3) | 21,324 | |
393,341 | 1.92%, 11/25/2066(1)(3) | 305,998 | |
190,000 | Toorak Mortgage Corp. Ltd. 2.24%, 06/25/2024(1)(5) | 179,623 | |
Towd Point Mortgage Trust | |||
124,297 | 1.75%, 10/25/2060(1) | 109,895 | |
213,302 | 2.16%, 01/25/2052(1)(3) | 208,437 | |
76,178 | 2.75%, 10/25/2056(1)(3) | 74,747 | |
176,575 | 2.75%, 06/25/2057(1)(3) | 166,902 | |
98,664 | 2.75%, 07/25/2057(1)(3) | 96,449 | |
164,467 | 2.75%, 10/25/2057(1)(3) | 157,008 | |
51,571 | 2.90%, 10/25/2059(1)(3) | 46,992 | |
362,118 | 2.92%, 11/30/2060(1)(3) | 317,729 | |
40,547 | 3.25%, 03/25/2058(1)(3) | 38,689 | |
201,473 | 3.70%, 03/25/2058(1)(3) | 184,990 | |
175,716 | TRK Trust 1.15%, 07/25/2056(1)(3) | 145,638 | |
VCAT LLC | |||
139,390 | 1.74%, 05/25/2051(1)(5) | 123,841 | |
780,744 | 1.87%, 08/25/2051(1)(5) | 708,382 | |
539,312 | 1.92%, 09/25/2051(1)(5) | 495,958 | |
58,201 | 2.12%, 03/27/2051(1)(5) | 52,811 | |
Verus Securitization Trust | |||
85,648 | 0.92%, 02/25/2064(1)(3) | 77,739 | |
180,979 | 0.94%, 07/25/2066(1)(3) | 149,474 | |
452,805 | 1.01%, 09/25/2066(1)(3) | 362,152 | |
74,232 | 1.03%, 02/25/2066(1)(3) | 59,459 | |
58,319 | 1.22%, 05/25/2065(1)(5) | 52,723 | |
37,533 | 1.50%, 05/25/2065(1)(5) | 34,982 | |
273,707 | 1.82%, 11/25/2066(1)(3) | 225,130 | |
544,958 | 1.83%, 10/25/2066(1)(3) | 435,638 | |
40,413 | 2.69%, 11/25/2059(1)(3) | 38,587 | |
386,823 | 2.72%, 01/25/2067(1)(5) | 315,386 | |
21,821,323 | |||
Total Asset & Commercial Mortgage-Backed Securities (cost $56,770,794) | $ 50,483,027 |
3 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% | |||
Aerospace/Defense - 0.4% | |||
$ 416,000 | Boeing Co. 5.04%, 05/01/2027 | $ 400,233 | |
100,000 | L3Harris Technologies, Inc. 4.40%, 06/15/2028 | 93,457 | |
155,000 | Lockheed Martin Corp. 4.95%, 10/15/2025 | 155,069 | |
225,000 | Northrop Grumman Corp. 5.15%, 05/01/2040 | 206,486 | |
855,245 | |||
Agriculture - 0.4% | |||
64,000 | Altria Group, Inc. 3.88%, 09/16/2046 | 39,124 | |
466,000 | BAT Capital Corp. 4.74%, 03/16/2032 | 390,386 | |
Cargill, Inc. | |||
255,000 | 2.13%, 11/10/2031(1) | 195,131 | |
170,000 | 4.00%, 06/22/2032(1) | 151,909 | |
195,000 | Reynolds American, Inc. 5.70%, 08/15/2035 | 164,551 | |
941,101 | |||
Beverages - 0.3% | |||
Anheuser-Busch InBev Worldwide, Inc. | |||
537,000 | 3.75%, 07/15/2042 | 402,547 | |
31,000 | 4.35%, 06/01/2040 | 25,835 | |
400,000 | Diageo Capital plc 2.00%, 04/29/2030 | 317,637 | |
746,019 | |||
Biotechnology - 0.6% | |||
CSL Finance plc | |||
230,000 | 4.05%, 04/27/2029(1) | 211,222 | |
230,000 | 4.25%, 04/27/2032(1) | 207,779 | |
250,000 | Gilead Sciences, Inc. 1.65%, 10/01/2030 | 192,086 | |
Royalty Pharma plc | |||
160,000 | 1.75%, 09/02/2027 | 131,831 | |
280,000 | 2.15%, 09/02/2031 | 204,060 | |
440,000 | 2.20%, 09/02/2030 | 332,710 | |
1,279,688 | |||
Chemicals - 0.2% | |||
295,000 | Celanese US Holdings LLC 6.17%, 07/15/2027 | 278,535 | |
Sherwin-Williams Co. | |||
302,000 | 2.30%, 05/15/2030 | 239,264 | |
2,000 | 2.95%, 08/15/2029 | 1,694 | |
519,493 | |||
Commercial Banks - 7.0% | |||
Bank of America Corp. | |||
435,000 | 1.92%, 10/24/2031, (1.92% fixed rate until 10/24/2030; 3 mo. USD SOFR + 1.370% thereafter)(6) | 318,961 | |
155,000 | 2.57%, 10/20/2032, (2.57% fixed rate until 10/20/2031; 3 mo. USD SOFR + 1.210% thereafter)(6) | 116,687 | |
1,705,000 | 2.69%, 04/22/2032, (2.69% fixed rate until 04/22/2031; 3 mo. USD SOFR + 1.320% thereafter)(6) | 1,316,520 | |
671,000 | 3.97%, 02/07/2030, (3.97% fixed rate until 02/07/2029; 3 mo. USD LIBOR + 1.210% thereafter)(6) | 593,096 | |
300,000 | 4.95%, 07/22/2028, (4.95% fixed rate until 07/22/2027; 3 mo. USD SOFR + 2.040% thereafter)(6) | 285,966 | |
175,000 | 5.02%, 07/22/2033, (5.02% fixed rate until 07/22/2032; 3 mo. USD SOFR + 2.160% thereafter)(6) | 160,336 | |
255,000 | Barclays plc 7.39%, 11/02/2028, 12 mo. USD CMT + 3.300%(2) | 253,688 | |
400,000 | BNP Paribas S.A. 2.22%, 06/09/2026, (2.22% fixed rate until 06/09/2025; 3 mo. USD SOFR + 2.074% thereafter)(1)(6) | 357,562 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Commercial Banks - 7.0% - (continued) | |||
$ 250,000 | BPCE S.A. 2.05%, 10/19/2027, (2.05% fixed rate until 10/19/2026; 3 mo. USD SOFR + 1.087% thereafter)(1)(6) | $ 207,590 | |
Credit Suisse Group AG | |||
250,000 | 6.44%, 08/11/2028, (6.44% fixed rate until 08/11/2027; 3 mo. USD SOFR + 3.700% thereafter)(1)(6) | 225,582 | |
815,000 | 6.54%, 08/12/2033, (6.54% fixed rate until 08/12/2032; 3 mo. USD SOFR + 3.920% thereafter)(1)(6) | 708,834 | |
500,000 | Fifth Third Bank NA 5.85%, 10/27/2025, 3 mo. USD SOFR + 1.230%(2) | 500,398 | |
Goldman Sachs Group, Inc. | |||
55,000 | 1.99%, 01/27/2032, (1.99% fixed rate until 01/27/2031; 3 mo. USD SOFR + 1.090% thereafter)(6) | 40,095 | |
200,000 | 2.38%, 07/21/2032, (2.38% fixed rate until 07/21/2031; 3 mo. USD SOFR + 1.248% thereafter)(6) | 148,691 | |
816,000 | 2.60%, 02/07/2030 | 648,366 | |
470,000 | 2.62%, 04/22/2032, (2.62% fixed rate until 04/22/2031; 3 mo. USD SOFR + 1.281% thereafter)(6) | 358,566 | |
55,000 | 2.65%, 10/21/2032, (2.65% fixed rate until 10/21/2031; 3 mo. USD SOFR + 1.264% thereafter)(6) | 41,411 | |
80,000 | 3.10%, 02/24/2033, (3.10% fixed rate until 02/24/2032; 3 mo. USD LIBOR + 1.410% thereafter)(6) | 62,412 | |
65,000 | 4.48%, 08/23/2028, (4.48% fixed rate until 08/23/2027; 3 mo. USD SOFR + 1.725% thereafter)(6) | 60,355 | |
HSBC Holdings plc | |||
200,000 | 1.59%, 05/24/2027, (1.59% fixed rate until 05/24/2026; 3 mo. USD SOFR + 1.290% thereafter)(6) | 164,371 | |
230,000 | 2.21%, 08/17/2029, (2.21% fixed rate until 08/17/2028; 3 mo. USD SOFR + 1.285% thereafter)(6) | 174,135 | |
200,000 | 2.80%, 05/24/2032, (2.80% fixed rate until 05/24/2031; 3 mo. USD SOFR + 1.187% thereafter)(6) | 143,153 | |
405,000 | 4.58%, 06/19/2029, (4.58% fixed rate until 06/19/2028; 3 mo. USD LIBOR + 1.535% thereafter)(6) | 351,579 | |
200,000 | 4.76%, 03/29/2033, (4.76% fixed rate until 03/29/2032; 3 mo. USD SOFR + 2.530% thereafter)(6) | 159,757 | |
445,000 | 5.21%, 08/11/2028, (5.21% fixed rate until 08/11/2027; 3 mo. USD SOFR + 2.610% thereafter)(6) | 407,342 | |
610,000 | 5.40%, 08/11/2033, (5.40% fixed rate until 08/11/2032; 3 mo. USD SOFR + 2.870% thereafter)(6) | 528,383 | |
JP Morgan Chase & Co. | |||
1,178,000 | 2.30%, 10/15/2025, (2.30% fixed rate until 10/15/2024; 3 mo. USD SOFR + 1.160% thereafter)(6) | 1,098,446 | |
480,000 | 2.55%, 11/08/2032, (2.55% fixed rate until 11/08/2031; 3 mo. USD SOFR + 1.180% thereafter)(6) | 361,886 | |
825,000 | 2.58%, 04/22/2032, (2.58% fixed rate until 04/22/2031; 3 mo. USD SOFR + 1.250% thereafter)(6) | 633,573 |
4 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Commercial Banks - 7.0% - (continued) | |||
$ 10,000 | 3.11%, 04/22/2041, (3.11% fixed rate until 04/22/2040; 3 mo. USD SOFR + 2.460% thereafter)(6) | $ 6,822 | |
190,000 | 3.16%, 04/22/2042, (3.16% fixed rate until 04/22/2041; 3 mo. USD SOFR + 1.460% thereafter)(6) | 129,351 | |
77,000 | 4.49%, 03/24/2031, (4.49% fixed rate until 03/24/2030; 3 mo. USD SOFR + 3.790% thereafter)(6) | 69,528 | |
45,000 | 4.59%, 04/26/2033, (4.59% fixed rate until 04/26/2032; 3 mo. USD SOFR + 1.800% thereafter)(6) | 40,037 | |
390,000 | 4.85%, 07/25/2028, (4.85% fixed rate until 07/25/2027; 3 mo. USD SOFR + 1.990% thereafter)(6) | 370,656 | |
85,000 | 4.91%, 07/25/2033, (4.91% fixed rate until 07/25/2032; 3 mo. USD SOFR + 2.080% thereafter)(6) | 77,680 | |
78,000 | KeyCorp. 2.55%, 10/01/2029 | 62,757 | |
Morgan Stanley | |||
160,000 | 1.59%, 05/04/2027, (1.59% fixed rate until 05/04/2026; 3 mo. USD SOFR + 0.879% thereafter)(6) | 136,889 | |
245,000 | 1.79%, 02/13/2032, (1.79% fixed rate until 02/13/2031; 3 mo. USD SOFR + 1.034% thereafter)(6) | 176,516 | |
95,000 | 1.93%, 04/28/2032, (1.93% fixed rate until 04/28/2031; 3 mo. USD SOFR + 1.020% thereafter)(6) | 68,662 | |
465,000 | 2.48%, 01/21/2028, (2.48% fixed rate until 01/21/2027; 3 mo. USD SOFR + 1.000% thereafter)(6) | 401,812 | |
160,000 | 2.51%, 10/20/2032, (2.51% fixed rate until 10/20/2031; 3 mo. USD SOFR + 1.200% thereafter)(6) | 120,301 | |
317,000 | 2.70%, 01/22/2031, (2.70% fixed rate until 01/22/2030; 3 mo. USD SOFR + 1.143% thereafter)(6) | 253,637 | |
91,000 | 3.97%, 07/22/2038, (3.97% fixed rate until 07/22/2037; 3 mo. USD LIBOR + 1.455% thereafter)(6) | 71,420 | |
495,000 | 4.21%, 04/20/2028, (4.21% fixed rate until 04/20/2027; 3 mo. USD SOFR + 1.610% thereafter)(6) | 457,976 | |
200,000 | 4.30%, 01/27/2045 | 152,398 | |
35,000 | 4.89%, 07/20/2033, (4.89% fixed rate until 07/20/2032; 3 mo. USD SOFR + 2.076% thereafter)(6) | 31,819 | |
610,000 | Societe Generale S.A. 6.22%, 06/15/2033, (6.22% fixed rate until 06/15/2032; 12 mo. USD CMT + 3.200% thereafter)(1)(6) | 523,710 | |
160,000 | Truist Financial Corp. 1.89%, 06/07/2029, (1.89% fixed rate until 06/07/2028; 3 mo. USD SOFR + 0.862% thereafter)(6) | 128,997 | |
205,000 | UBS Group AG 4.75%, 05/12/2028, (4.75% fixed rate until 05/12/2027; 12 mo. USD CMT + 1.750% thereafter)(1)(6) | 187,791 | |
Wells Fargo & Co. | |||
489,000 | 2.41%, 10/30/2025, (2.41% fixed rate until 10/30/2024; 3 mo. USD SOFR + 1.087% thereafter)(6) | 455,321 | |
310,000 | 3.35%, 03/02/2033, (3.35% fixed rate until 03/02/2032; 3 mo. USD SOFR + 1.500% thereafter)(6) | 249,490 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Commercial Banks - 7.0% - (continued) | |||
$ 265,000 | 3.91%, 04/25/2026, (3.91% fixed rate until 04/25/2025; 3 mo. USD SOFR + 1.320% thereafter)(6) | $ 252,403 | |
265,000 | 4.81%, 07/25/2028, (4.81% fixed rate until 07/25/2027; 3 mo. USD SOFR + 1.980% thereafter)(6) | 250,900 | |
735,000 | 4.90%, 07/25/2033, (4.90% fixed rate until 07/25/2032; 3 mo. USD SOFR + 2.100% thereafter)(6) | 669,798 | |
161,000 | 5.01%, 04/04/2051, (5.01% fixed rate until 04/04/2050; 3 mo. USD SOFR + 4.502% thereafter)(6) | 135,929 | |
15,910,341 | |||
Commercial Services - 0.3% | |||
Global Payments, Inc. | |||
75,000 | 2.15%, 01/15/2027 | 63,958 | |
192,000 | 2.90%, 05/15/2030 | 152,620 | |
202,000 | 3.20%, 08/15/2029 | 167,337 | |
155,000 | 5.30%, 08/15/2029 | 145,949 | |
Howard University (AGM Insured) | |||
100,000 | 2.90%, 10/01/2031 | 79,982 | |
70,000 | 3.48%, 10/01/2041 | 48,691 | |
658,537 | |||
Diversified Financial Services - 0.3% | |||
530,000 | Capital One Financial Corp. 5.25%, 07/26/2030, (5.25% fixed rate until 07/26/2029; 3 mo. USD SOFR + 2.600% thereafter)(6) | 485,465 | |
Intercontinental Exchange, Inc. | |||
75,000 | 4.35%, 06/15/2029 | 70,759 | |
40,000 | 4.60%, 03/15/2033 | 36,697 | |
30,000 | 4.95%, 06/15/2052 | 25,795 | |
618,716 | |||
Electric - 3.2% | |||
Alabama Power Co. | |||
100,000 | 3.45%, 10/01/2049 | 67,318 | |
42,000 | 4.15%, 08/15/2044 | 32,607 | |
417,000 | Berkshire Hathaway Energy Co. 3.25%, 04/15/2028 | 376,753 | |
195,000 | Consolidated Edison Co. of New York, Inc. 3.20%, 12/01/2051 | 123,451 | |
Duke Energy Corp. | |||
1,180,000 | 2.55%, 06/15/2031 | 922,160 | |
120,000 | 3.75%, 09/01/2046 | 82,139 | |
280,000 | 4.50%, 08/15/2032 | 252,066 | |
162,000 | Duke Energy Indiana LLC 3.25%, 10/01/2049 | 103,194 | |
205,000 | Enel Finance International N.V. 5.00%, 06/15/2032(1) | 171,201 | |
314,000 | Evergy, Inc. 2.90%, 09/15/2029 | 259,118 | |
Georgia Power Co. | |||
201,000 | 4.30%, 03/15/2042 | 161,742 | |
55,000 | 4.70%, 05/15/2032 | 51,601 | |
297,000 | ITC Holdings Corp. 2.95%, 05/14/2030(1) | 241,927 | |
235,000 | National Rural Utilities Cooperative Finance Corp. 4.15%, 12/15/2032 | 210,722 | |
NextEra Energy Capital Holdings, Inc. | |||
504,000 | 2.25%, 06/01/2030 | 399,731 | |
445,000 | 4.63%, 07/15/2027 | 427,695 | |
254,000 | Oglethorpe Power Corp. 5.05%, 10/01/2048 | 203,043 | |
Pacific Gas and Electric Co. | |||
800,000 | 2.50%, 02/01/2031 | 597,236 | |
175,000 | 3.25%, 06/01/2031 | 136,092 | |
170,000 | 4.95%, 07/01/2050 | 126,244 |
5 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Electric - 3.2% - (continued) | |||
$ 480,000 | 5.45%, 06/15/2027 | $ 452,285 | |
Puget Energy, Inc. | |||
324,000 | 3.65%, 05/15/2025 | 305,407 | |
102,000 | 4.10%, 06/15/2030 | 88,855 | |
Sempra Energy | |||
47,000 | 3.40%, 02/01/2028 | 41,885 | |
45,000 | 3.70%, 04/01/2029 | 39,652 | |
162,000 | 4.00%, 02/01/2048 | 115,055 | |
Southern California Edison Co. | |||
232,000 | 2.25%, 06/01/2030 | 182,288 | |
250,000 | 2.75%, 02/01/2032 | 196,551 | |
72,000 | 2.85%, 08/01/2029 | 60,272 | |
206,000 | 3.65%, 02/01/2050 | 136,919 | |
132,000 | 4.00%, 04/01/2047 | 93,560 | |
Southern Co. | |||
4,000 | 3.25%, 07/01/2026 | 3,692 | |
713,000 | 3.70%, 04/30/2030 | 621,737 | |
130,000 | Xcel Energy, Inc. 4.60%, 06/01/2032 | 119,628 | |
7,403,826 | |||
Entertainment - 0.4% | |||
Magallanes, Inc. | |||
415,000 | 4.28%, 03/15/2032(1) | 334,974 | |
765,000 | 5.14%, 03/15/2052(1) | 534,472 | |
869,446 | |||
Food - 0.1% | |||
287,000 | Conagra Brands, Inc. 4.85%, 11/01/2028 | 269,959 | |
45,000 | Mondelez International, Inc. 3.00%, 03/17/2032 | 36,789 | |
306,748 | |||
Gas - 0.4% | |||
65,000 | Boston Gas Co. 3.76%, 03/16/2032(1) | 54,246 | |
360,000 | Brooklyn Union Gas Co. 4.87%, 08/05/2032(1) | 322,490 | |
NiSource, Inc. | |||
55,000 | 1.70%, 02/15/2031 | 40,180 | |
317,000 | 3.49%, 05/15/2027 | 289,470 | |
132,000 | 3.60%, 05/01/2030 | 113,486 | |
819,872 | |||
Healthcare - Products - 0.3% | |||
400,000 | Alcon Finance Corp. 3.00%, 09/23/2029(1) | 332,941 | |
370,000 | GSK Consumer Healthcare Capital U.S. LLC 3.38%, 03/24/2029 | 322,315 | |
655,256 | |||
Healthcare - Services - 0.6% | |||
117,000 | CommonSpirit Health 2.76%, 10/01/2024 | 111,097 | |
Elevance Health, Inc. | |||
25,000 | 2.25%, 05/15/2030 | 20,058 | |
107,000 | 2.88%, 09/15/2029 | 90,803 | |
10,000 | 5.35%, 10/15/2025 | 10,000 | |
225,000 | Kaiser Foundation Hospitals 2.81%, 06/01/2041 | 150,136 | |
92,000 | Quest Diagnostics, Inc. 2.80%, 06/30/2031 | 73,555 | |
105,000 | Sutter Health 3.36%, 08/15/2050 | 67,110 | |
UnitedHealth Group, Inc. | |||
295,000 | 2.30%, 05/15/2031 | 236,202 | |
87,000 | 4.75%, 07/15/2045 | 75,819 | |
35,000 | 4.95%, 05/15/2062 | 30,838 | |
210,000 | 5.30%, 02/15/2030 | 209,595 | |
190,000 | 5.35%, 02/15/2033 | 190,419 | |
65,000 | 5.88%, 02/15/2053 | 66,173 | |
65,000 | 6.05%, 02/15/2063 | 66,559 | |
1,398,364 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Insurance - 0.9% | |||
$ 100,000 | Aon Corp. / Aon Global Holdings plc 3.90%, 02/28/2052 | $ 70,574 | |
350,000 | Athene Global Funding 2.65%, 10/04/2031(1) | 257,415 | |
197,000 | Berkshire Hathaway Finance Corp. 4.20%, 08/15/2048 | 157,958 | |
290,000 | Brighthouse Financial Global Funding 1.75%, 01/13/2025(1) | 264,089 | |
Corebridge Financial, Inc. | |||
195,000 | 3.85%, 04/05/2029(1) | 170,302 | |
55,000 | 3.90%, 04/05/2032(1) | 45,926 | |
415,000 | Equitable Financial Life Global Funding 1.80%, 03/08/2028(1) | 341,319 | |
180,000 | Marsh & McLennan Cos., Inc. 4.75%, 03/15/2039 | 154,176 | |
470,000 | Metropolitan Life Global Funding I 2.40%, 01/11/2032(1) | 362,729 | |
309,000 | Willis North America, Inc. 2.95%, 09/15/2029 | 249,826 | |
2,074,314 | |||
Internet - 0.2% | |||
445,000 | Amazon.com, Inc. 4.10%, 04/13/2062 | 340,328 | |
Investment Company Security - 0.2% | |||
525,000 | Bain Capital Specialty Finance, Inc. 2.55%, 10/13/2026 | 425,462 | |
Iron/Steel - 0.0% | |||
75,000 | Vale Overseas Ltd. 3.75%, 07/08/2030 | 61,834 | |
IT Services - 0.1% | |||
190,000 | Apple, Inc. 2.65%, 02/08/2051 | 117,838 | |
125,000 | International Business Machines Corp. 2.72%, 02/09/2032 | 100,223 | |
150,000 | Kyndryl Holdings, Inc. 3.15%, 10/15/2031 | 93,683 | |
311,744 | |||
Machinery-Diversified - 0.2% | |||
630,000 | Otis Worldwide Corp. 2.57%, 02/15/2030 | 513,112 | |
Media - 1.3% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | |||
40,000 | 3.50%, 03/01/2042 | 24,891 | |
315,000 | 3.90%, 06/01/2052 | 194,279 | |
652,000 | 4.20%, 03/15/2028 | 581,930 | |
160,000 | 4.40%, 04/01/2033 | 132,787 | |
380,000 | 4.40%, 12/01/2061 | 239,749 | |
190,000 | 4.80%, 03/01/2050 | 133,975 | |
173,000 | 5.13%, 07/01/2049 | 127,111 | |
Comcast Corp. | |||
59,000 | 2.94%, 11/01/2056 | 34,005 | |
434,000 | 3.20%, 07/15/2036 | 330,032 | |
130,000 | 3.75%, 04/01/2040 | 99,808 | |
190,000 | 5.35%, 11/15/2027 | 189,914 | |
220,000 | Cox Communications, Inc. 2.60%, 06/15/2031(1) | 168,054 | |
Discovery Communications LLC | |||
23,000 | 4.13%, 05/15/2029 | 19,411 | |
100,000 | 4.65%, 05/15/2050 | 65,397 | |
362,000 | 5.20%, 09/20/2047 | 256,466 | |
70,000 | 5.30%, 05/15/2049 | 50,257 | |
Paramount Global | |||
140,000 | 4.20%, 05/19/2032 | 111,986 | |
120,000 | 4.38%, 03/15/2043 | 80,527 | |
196,000 | 4.95%, 01/15/2031 | 170,928 | |
3,011,507 |
6 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Mining - 0.1% | |||
$ 260,000 | Anglo American Capital plc 3.88%, 03/16/2029(1) | $ 222,790 | |
Miscellaneous Manufacturing - 0.1% | |||
195,000 | Parker-Hannifin Corp. 4.25%, 09/15/2027 | 184,671 | |
Office/Business Equipment - 0.1% | |||
CDW LLC / CDW Finance Corp. | |||
80,000 | 2.67%, 12/01/2026 | 68,765 | |
110,000 | 3.28%, 12/01/2028 | 89,424 | |
70,000 | 3.57%, 12/01/2031 | 55,088 | |
213,277 | |||
Oil & Gas - 0.6% | |||
BP Capital Markets America, Inc. | |||
95,000 | 2.72%, 01/12/2032 | 77,053 | |
130,000 | 2.94%, 06/04/2051 | 80,355 | |
240,000 | 3.38%, 02/08/2061 | 151,676 | |
132,000 | 3.63%, 04/06/2030 | 117,741 | |
135,000 | ConocoPhillips Co. 3.80%, 03/15/2052 | 100,167 | |
Equinor ASA | |||
222,000 | 3.63%, 04/06/2040 | 172,201 | |
66,000 | 3.70%, 04/06/2050 | 49,377 | |
Exxon Mobil Corp. | |||
217,000 | 4.23%, 03/19/2040 | 185,230 | |
2,000 | 4.33%, 03/19/2050 | 1,654 | |
196,000 | Hess Corp. 7.30%, 08/15/2031 | 207,049 | |
60,000 | Ovintiv, Inc. 7.38%, 11/01/2031 | 62,128 | |
Shell International Finance B.V. | |||
190,000 | 3.00%, 11/26/2051 | 121,549 | |
175,000 | 3.25%, 04/06/2050 | 118,735 | |
1,444,915 | |||
Oil & Gas Services - 0.1% | |||
90,000 | Halliburton Co. 4.85%, 11/15/2035 | 78,820 | |
81,000 | Schlumberger Holdings Corp. 4.30%, 05/01/2029(1) | 73,783 | |
152,603 | |||
Pharmaceuticals - 0.2% | |||
AbbVie, Inc. | |||
227,000 | 3.20%, 11/21/2029 | 197,853 | |
144,000 | 4.25%, 11/21/2049 | 111,256 | |
CVS Health Corp. | |||
7,000 | 4.13%, 04/01/2040 | 5,463 | |
229,000 | 5.13%, 07/20/2045 | 196,300 | |
510,872 | |||
Pipelines - 1.5% | |||
Energy Transfer L.P. | |||
66,000 | 3.75%, 05/15/2030 | 56,055 | |
432,000 | 5.30%, 04/01/2044 | 338,683 | |
Enterprise Products Operating LLC | |||
175,000 | 2.80%, 01/31/2030 | 145,843 | |
313,000 | 4.80%, 02/01/2049 | 250,536 | |
MPLX L.P. | |||
154,000 | 4.13%, 03/01/2027 | 142,735 | |
410,000 | 4.95%, 09/01/2032 | 370,543 | |
45,000 | 4.95%, 03/14/2052 | 34,560 | |
55,000 | 5.20%, 03/01/2047 | 43,686 | |
62,000 | 5.20%, 12/01/2047 | 49,438 | |
ONEOK, Inc. | |||
170,000 | 3.10%, 03/15/2030 | 137,314 | |
80,000 | 4.55%, 07/15/2028 | 72,575 | |
42,000 | 6.35%, 01/15/2031 | 41,401 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Pipelines - 1.5% - (continued) | |||
Plains All American Pipeline L.P. / PAA Finance Corp. | |||
$ 60,000 | 3.55%, 12/15/2029 | $ 49,959 | |
105,000 | 3.80%, 09/15/2030 | 87,470 | |
Sabine Pass Liquefaction LLC | |||
45,000 | 4.20%, 03/15/2028 | 41,015 | |
357,000 | 4.50%, 05/15/2030 | 325,762 | |
55,000 | 5.00%, 03/15/2027 | 52,989 | |
38,000 | 5.63%, 03/01/2025 | 37,807 | |
Targa Resources Corp. | |||
140,000 | 4.20%, 02/01/2033 | 116,757 | |
150,000 | 5.20%, 07/01/2027 | 144,316 | |
340,000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 4.00%, 01/15/2032 | 279,541 | |
TransCanada PipeLines Ltd. | |||
185,000 | 2.50%, 10/12/2031 | 142,383 | |
123,000 | 4.10%, 04/15/2030 | 110,018 | |
2,000 | 4.75%, 05/15/2038 | 1,672 | |
95,000 | Transcontinental Gas Pipe Line Co. LLC 3.25%, 05/15/2030 | 79,905 | |
Williams Cos., Inc. | |||
155,000 | 2.60%, 03/15/2031 | 121,333 | |
210,000 | 4.65%, 08/15/2032 | 188,771 | |
3,463,067 | |||
Real Estate Investment Trusts - 0.2% | |||
195,000 | American Tower Corp. 3.65%, 03/15/2027 | 176,273 | |
VICI Properties L.P. | |||
180,000 | 4.95%, 02/15/2030 | 162,684 | |
230,000 | 5.13%, 05/15/2032 | 203,778 | |
542,735 | |||
Retail - 0.4% | |||
Lowe's Cos., Inc. | |||
40,000 | 3.75%, 04/01/2032 | 34,504 | |
205,000 | 5.00%, 04/15/2033 | 193,234 | |
110,000 | 5.63%, 04/15/2053 | 98,667 | |
302,000 | McDonald's Corp. 3.63%, 09/01/2049 | 212,130 | |
260,000 | O'Reilly Automotive, Inc. 4.70%, 06/15/2032 | 242,854 | |
781,389 | |||
Semiconductors - 1.0% | |||
Broadcom, Inc. | |||
97,000 | 3.14%, 11/15/2035(1) | 67,189 | |
328,000 | 3.19%, 11/15/2036(1) | 222,780 | |
580,000 | 3.42%, 04/15/2033(1) | 440,259 | |
92,000 | 3.47%, 04/15/2034(1) | 68,786 | |
Intel Corp. | |||
125,000 | 2.80%, 08/12/2041 | 79,896 | |
25,000 | 3.05%, 08/12/2051 | 15,041 | |
254,000 | 3.25%, 11/15/2049 | 159,517 | |
250,000 | 4.00%, 08/05/2029 | 230,740 | |
170,000 | 4.15%, 08/05/2032 | 151,757 | |
205,000 | 4.90%, 08/05/2052 | 169,500 | |
310,000 | Marvell Technology, Inc. 2.95%, 04/15/2031 | 240,348 | |
215,000 | NVIDIA Corp. 3.50%, 04/01/2040 | 162,760 | |
264,000 | NXP B.V. / NXP Funding LLC / NXP USA, Inc. 4.30%, 06/18/2029 | 237,393 | |
2,245,966 | |||
Software - 0.4% | |||
Oracle Corp. | |||
100,000 | 2.30%, 03/25/2028 | 83,622 | |
419,000 | 3.60%, 04/01/2040 | 282,645 | |
67,000 | 3.80%, 11/15/2037 | 48,623 |
7 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 23.0% - (continued) | |||
Software - 0.4% - (continued) | |||
$ 120,000 | 4.10%, 03/25/2061 | $ 74,220 | |
575,000 | 5.38%, 07/15/2040 | 478,710 | |
967,820 | |||
Telecommunications - 0.5% | |||
AT&T, Inc. | |||
225,000 | 3.50%, 06/01/2041 | 159,160 | |
29,000 | 3.55%, 09/15/2055 | 18,372 | |
325,000 | 3.65%, 06/01/2051 | 216,203 | |
49,000 | 3.65%, 09/15/2059 | 30,768 | |
101,000 | 3.80%, 12/01/2057 | 66,294 | |
72,000 | Rogers Communications, Inc. 4.55%, 03/15/2052(1) | 55,397 | |
T-Mobile USA, Inc. | |||
55,000 | 2.05%, 02/15/2028 | 45,632 | |
125,000 | 3.00%, 02/15/2041 | 83,780 | |
120,000 | 5.20%, 01/15/2033 | 114,742 | |
Verizon Communications, Inc. | |||
300,000 | 2.36%, 03/15/2032 | 227,029 | |
105,000 | 2.65%, 11/20/2040 | 66,343 | |
35,000 | 2.85%, 09/03/2041 | 22,802 | |
50,000 | 3.85%, 11/01/2042 | 37,093 | |
20,000 | 4.00%, 03/22/2050 | 14,593 | |
1,158,208 | |||
Transportation - 0.1% | |||
160,000 | Canadian Pacific Railway Co. 2.45%, 12/02/2031 | 126,864 | |
55,000 | Norfolk Southern Corp. 3.40%, 11/01/2049 | 36,702 | |
135,000 | Union Pacific Corp. 2.80%, 02/14/2032 | 111,751 | |
275,317 | |||
Trucking & Leasing - 0.3% | |||
455,000 | DAE Funding LLC 1.55%, 08/01/2024(1) | 412,638 | |
195,000 | Penske Truck Leasing Co. L.P. / PTL Finance Corp. 4.40%, 07/01/2027(1) | 181,845 | |
594,483 | |||
Total Corporate Bonds (cost $64,315,373) | $ 52,479,066 | ||
FOREIGN GOVERNMENT OBLIGATIONS - 1.4% | |||
Bermuda - 0.1% | |||
400,000 | Bermuda Government International Bond 2.38%, 08/20/2030(7) | $ 315,520 | |
Chile - 0.1% | |||
200,000 | Chile Government International Bond 3.10%, 05/07/2041 | 131,862 | |
Hungary - 0.1% | |||
255,000 | Hungary Government International Bond 5.25%, 06/16/2029(1) | 234,447 | |
Mexico - 0.3% | |||
Mexico Government International Bond | |||
200,000 | 4.28%, 08/14/2041 | 145,331 | |
230,000 | 4.75%, 03/08/2044 | 175,252 | |
255,000 | 4.88%, 05/19/2033 | 225,247 | |
545,830 | |||
Panama - 0.4% | |||
Panama Government International Bond | |||
200,000 | 3.16%, 01/23/2030 | 164,162 | |
400,000 | 3.87%, 07/23/2060 | 233,060 |
Shares or Principal Amount | Market Value† | ||
FOREIGN GOVERNMENT OBLIGATIONS - 1.4% - (continued) | |||
Panama - 0.4% - (continued) | |||
$ 650,000 | 4.50%, 04/16/2050 | $ 445,190 | |
200,000 | 4.50%, 01/19/2063 | 128,895 | |
971,307 | |||
Romania - 0.3% | |||
Romanian Government International Bond | |||
312,000 | 3.00%, 02/27/2027(1) | 267,352 | |
466,000 | 3.00%, 02/14/2031(7) | 344,206 | |
611,558 | |||
United Arab Emirates - 0.1% | |||
390,000 | Finance Department Government of Sharjah 3.63%, 03/10/2033(7) | 292,407 | |
Total Foreign Government Obligations (cost $4,291,909) | $ 3,102,931 | ||
MUNICIPAL BONDS - 0.8% | |||
Airport - 0.1% | |||
205,000 | Dallas, TX, Fort Worth International Airport Rev 4.51%, 11/01/2051 | $ 170,689 | |
Development - 0.1% | |||
390,000 | New York Transportation Dev Corp. Rev 4.25%, 09/01/2035 | 366,864 | |
General - 0.3% | |||
340,000 | Commonwealth of Massachusetts 4.11%, 07/15/2031 | 324,374 | |
County of Riverside, CA Rev | |||
55,000 | 2.96%, 02/15/2027 | 49,922 | |
55,000 | 3.07%, 02/15/2028 | 49,054 | |
65,000 | Dist of Columbia Rev 3.43%, 04/01/2042 | 46,260 | |
230,000 | Florida State Board of Administration Finance Corp., Rev 1.26%, 07/01/2025 | 206,985 | |
676,595 | |||
General Obligation - 0.1% | |||
180,000 | California State, GO Taxable 7.30%, 10/01/2039 | 207,752 | |
Higher Education - 0.0% | |||
Marshall University, WV, (AGM Insured) | |||
10,000 | 2.91%, 05/01/2026 | 9,280 | |
10,000 | 3.63%, 05/01/2034 | 7,986 | |
17,266 | |||
Transportation - 0.2% | |||
40,000 | Chicago, IL, Transit Auth Rev 3.91%, 12/01/2040 | 31,221 | |
Metropolitan Transportation Auth, NY, Rev | |||
15,000 | 4.75%, 11/15/2045 | 13,290 | |
40,000 | 5.18%, 11/15/2049 | 33,483 | |
115,000 | 6.81%, 11/15/2040 | 117,324 | |
85,000 | New York State Thruway Auth Rev 2.90%, 01/01/2035 | 67,189 | |
205,000 | Port Auth of New York & New Jersey Rev 1.09%, 07/01/2023 | 199,947 | |
462,454 | |||
Total Municipal Bonds (cost $2,206,861) | $ 1,901,620 | ||
U.S. GOVERNMENT AGENCIES - 33.2% | |||
Mortgage-Backed Agencies - 33.2% | |||
FHLMC - 4.4% | |||
229,369 | 0.88%, 11/25/2030(3)(4) | $ 12,082 | |
98,556 | 1.12%, 01/25/2030(3)(4) | 6,046 |
8 |
Shares or Principal Amount | Market Value† | ||
U.S. GOVERNMENT AGENCIES - 33.2% - (continued) | |||
Mortgage-Backed Agencies - 33.2% - (continued) | |||
FHLMC - 4.4% - (continued) | |||
$ 1,409,549 | 1.12%, 06/25/2030(3)(4) | $ 91,979 | |
14,664 | 1.13%, 12/15/2027 | 13,638 | |
16,912 | 1.25%, 12/15/2027 | 15,757 | |
1,537,407 | 1.38%, 06/25/2030(3)(4) | 122,619 | |
1,096,854 | 1.43%, 05/25/2030(3)(4) | 90,236 | |
1,228,231 | 1.57%, 05/25/2030(3)(4) | 109,605 | |
174,393 | 1.70%, 04/25/2030(3)(4) | 16,222 | |
513,613 | 2.00%, 07/25/2050 | 429,762 | |
233,211 | 2.00%, 10/01/2051 | 184,676 | |
2,385,522 | 2.00%, 12/01/2051 | 1,885,860 | |
7,993,566 | 2.00%, 01/01/2052 | 6,318,703 | |
22,631 | 2.50%, 12/15/2042 | 20,108 | |
996,093 | 2.50%, 09/01/2051 | 819,953 | |
10,137,246 | |||
FNMA - 4.5% | |||
67,766 | 1.25%, 02/25/2028 | 62,842 | |
15,321 | 1.50%, 09/25/2027 | 14,326 | |
147,060 | 2.00%, 10/01/2051 | 116,455 | |
510,188 | 2.00%, 11/01/2051 | 404,097 | |
5,930,334 | 2.00%, 04/01/2052 | 4,686,071 | |
983,142 | 2.50%, 02/01/2052 | 808,028 | |
1,284,494 | 2.50%, 05/01/2052 | 1,054,636 | |
1,054,621 | 2.50%, 06/01/2052 | 865,363 | |
992,707 | 2.50%, 07/01/2052 | 814,358 | |
829,502 | 2.50%, 08/01/2052 | 680,468 | |
282,000 | 3.00%, 12/25/2045 | 231,704 | |
420,000 | 3.00%, 10/25/2046 | 367,875 | |
209,070 | 3.00%, 03/01/2050 | 178,666 | |
10,284,889 | |||
GNMA - 7.3% | |||
2,300,000 | 2.00%, 11/21/2052(8) | 1,888,965 | |
5,875,000 | 2.50%, 11/21/2052(8) | 4,975,391 | |
4,700,000 | 3.00%, 11/21/2052(8) | 4,086,613 | |
3,375,000 | 3.50%, 11/21/2052(8) | 3,019,702 | |
3,000,000 | 4.00%, 11/21/2052(8) | 2,764,687 | |
16,735,358 | |||
UMBS - 17.0% | |||
2,600,000 | 1.50%, 11/15/2037(8) | 2,213,417 | |
300,000 | 1.50%, 11/15/2052(8) | 223,113 | |
1,050,000 | 2.00%, 11/15/2052(8) | 828,352 | |
1,300,000 | 2.50%, 11/15/2037(8) | 1,171,318 | |
7,115,000 | 2.50%, 11/15/2052(8) | 5,827,630 | |
7,110,000 | 2.50%, 12/15/2052(8) | 5,822,701 | |
750,000 | 3.00%, 11/15/2037(8) | 689,532 | |
1,975,000 | 3.00%, 11/15/2052(8) | 1,677,439 | |
4,600,000 | 3.50%, 11/15/2052(8) | 4,046,742 | |
3,450,000 | 4.00%, 11/15/2052(8) | 3,139,500 | |
7,000,000 | 4.50%, 11/15/2052(8) | 6,567,148 | |
7,000,000 | 4.50%, 12/15/2052(8) | 6,561,133 | |
38,768,025 | |||
Total U.S. Government Agencies (cost $78,494,159) | $ 75,925,518 | ||
U.S. GOVERNMENT SECURITIES - 40.1% | |||
U.S. Treasury Securities - 40.1% | |||
U.S. Treasury Bonds - 9.6% | |||
1,000,103 | 0.13%, 02/15/2052(9) | $ 636,238 | |
1,452,000 | 1.13%, 08/15/2040 | 855,432 | |
1,570,000 | 1.25%, 05/15/2050 | 804,441 | |
1,495,000 | 1.38%, 11/15/2040 | 919,250 | |
1,010,000 | 1.38%, 08/15/2050 | 535,418 |
Shares or Principal Amount | Market Value† | ||
U.S. GOVERNMENT SECURITIES - 40.1% - (continued) | |||
U.S. Treasury Securities - 40.1% - (continued) | |||
U.S. Treasury Bonds - 9.6% - (continued) | |||
$ 2,455,000 | 1.63%, 11/15/2050 | $ 1,396,281 | |
630,000 | 2.00%, 02/15/2050 | 398,721 | |
528,000 | 2.38%, 11/15/2049(10) | 367,269 | |
1,935,000 | 2.88%, 05/15/2052 | 1,493,880 | |
7,170,000 | 3.00%, 02/15/2047 | 5,616,127 | |
1,525,000 | 3.00%, 02/15/2048 | 1,199,270 | |
1,335,000 | 3.00%, 08/15/2052 | 1,062,994 | |
2,095,000 | 3.13%, 02/15/2043 | 1,710,453 | |
400,000 | 3.13%, 05/15/2048 | 323,141 | |
1,780,000 | 3.38%, 08/15/2042 | 1,529,966 | |
1,840,000 | 3.63%, 02/15/2044 | 1,618,266 | |
1,464,000 | 3.75%, 11/15/2043 | 1,317,028 | |
275,000 | 3.88%, 08/15/2040 | 257,436 | |
22,041,611 | |||
U.S. Treasury Notes - 30.5% | |||
2,228,880 | 0.25%, 07/15/2029(9) | 2,032,780 | |
13,515,000 | 0.38%, 11/30/2025 |