Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.8% | |||
Asset-Backed - Automobile - 0.1% | |||
$ 105,000 | Prestige Auto Receivables Trust 1.62%, 11/16/2026(1) | $ 102,802 | |
94,067 | Tricolor Auto Securitization Trust 0.74%, 04/15/2024(1) | 93,734 | |
105,000 | Westlake Automobile Receivables Trust 1.65%, 02/17/2026(1) | 101,748 | |
298,284 | |||
Asset-Backed - Credit Card - 0.0% | |||
110,000 | Mercury Financial Credit Card Master Trust 1.54%, 03/20/2026(1) | 106,505 | |
Asset-Backed - Finance & Insurance - 4.7% | |||
380,000 | Bain Capital Credit CLO Ltd. 2.36%, 07/25/2034, 3 mo. USD LIBOR + 1.180%(1)(2) | 376,307 | |
580,000 | Barings CLO Ltd. 2.25%, 10/20/2030, 3 mo. USD LIBOR + 1.190%(1)(2) | 577,929 | |
95,066 | BHG Securitization Trust 0.90%, 10/17/2034(1) | 92,083 | |
BlueMountain CLO Ltd. | |||
460,000 | 1.67%, 11/20/2034, 3 mo. USD LIBOR + 1.190%(1)(2) | 453,660 | |
250,000 | 2.16%, 04/20/2034, 3 mo. USD LIBOR + 1.100%(1)(2) | 245,596 | |
470,000 | 2.19%, 04/19/2034, 3 mo. USD LIBOR + 1.150%(1)(2) | 463,614 | |
246,409 | Carlyle Global Market Strategies CLO Ltd. 1.56%, 05/15/2031, 3 mo. USD LIBOR + 1.050%(1)(2) | 244,936 | |
Carlyle U.S. CLO Ltd. | |||
270,000 | 2.08%, 04/20/2031, 3 mo. USD LIBOR + 1.020%(1)(2) | 267,709 | |
250,000 | 2.14%, 04/20/2034, 3 mo. USD LIBOR + 1.080%(1)(2) | 246,842 | |
300,000 | CIFC Funding Ltd. 2.23%, 10/20/2034, 3 mo. USD LIBOR + 1.170%(1)(2) | 297,923 | |
Dryden CLO Ltd. | |||
270,000 | 2.06%, 04/15/2031, 3 mo. USD LIBOR + 1.020%(1)(2) | 268,419 | |
410,000 | 2.14%, 07/17/2034, 3 mo. USD LIBOR + 1.100%(1)(2) | 405,019 | |
49,933 | FREED ABS Trust 0.62%, 11/20/2028(1) | 49,718 | |
640,000 | FS Rialto 1.80%, 11/16/2036, 1 mo. USD LIBOR + 1.250%(1)(2) | 630,361 | |
785,000 | Galaxy XXIV CLO Ltd. 2.16%, 01/15/2031, 3 mo. USD LIBOR + 1.120%(1)(2) | 780,780 | |
Madison Park Funding Ltd. | |||
385,000 | 2.16%, 07/17/2034, 3 mo. USD LIBOR + 1.120%(1)(2) | 380,295 | |
270,000 | 2.30%, 01/15/2033, 3 mo. USD LIBOR + 1.260%(1)(2) | 268,858 | |
250,000 | Magnetite Ltd. 2.16%, 07/20/2031, 3 mo. USD LIBOR + 1.100%(1)(2) | 248,563 | |
137,806 | Marlette Funding Trust 0.65%, 12/15/2031(1) | 135,747 | |
330,000 | MF1 Multifamily Housing Mortgage 2.02%, 02/19/2037, 3 mo USD SOFR + 1.750%(1)(2) | 324,698 | |
Octagon Investment Partners Ltd. | |||
785,000 | 1.39%, 02/14/2031, 3 mo. USD LIBOR + 1.000%(1)(2) | 776,367 | |
255,000 | 1.58%, 04/15/2035(1)(2) | 254,642 | |
345,000 | Regatta Funding Ltd. 2.22%, 04/20/2034, 3 mo. USD LIBOR + 1.160%(1)(2) | 341,549 | |
395,000 | RR LLC 2.19%, 07/15/2035, 3 mo. USD LIBOR + 1.150%(1)(2) | 391,160 | |
340,000 | RR Ltd. 2.15%, 07/15/2036, 3 mo. USD LIBOR + 1.110%(1)(2) | 336,077 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.8% - (continued) | |||
Asset-Backed - Finance & Insurance - 4.7% - (continued) | |||
Sound Point CLO Ltd. | |||
$ 785,000 | 2.04%, 04/15/2031, 3 mo. USD LIBOR + 1.000%(1)(2) | $ 781,384 | |
390,000 | 2.25%, 04/25/2034, 3 mo. USD LIBOR + 1.070%(1)(2) | 386,313 | |
270,834 | Upstart Securitization Trust 0.84%, 09/20/2031(1) | 262,607 | |
Venture CLO Ltd. | |||
390,000 | 2.17%, 04/15/2034, 3 mo. USD LIBOR + 1.130%(1)(2) | 384,878 | |
660,000 | 2.19%, 07/15/2032, 3 mo. USD LIBOR + 1.150%(1)(2) | 653,991 | |
150,000 | 2.28%, 04/15/2034, 3 mo. USD LIBOR + 1.240%(1)(2) | 148,835 | |
250,000 | Voya CLO Ltd. 2.23%, 10/18/2031, 3 mo. USD LIBOR + 1.190%(1)(2) | 248,517 | |
300,000 | Wellfleet CLO Ltd. 2.23%, 07/20/2032, 3 mo. USD LIBOR + 1.170%(1)(2) | 297,597 | |
12,022,974 | |||
Commercial Mortgage-Backed Securities - 3.7% | |||
235,000 | 245 Park Avenue Trust 3.51%, 06/05/2037(1) | 222,054 | |
Benchmark Mortgage Trust | |||
562,493 | 1.63%, 01/15/2054(3)(4) | 56,875 | |
618,407 | 1.92%, 07/15/2053(3)(4) | 57,689 | |
190,406 | BX Commercial Mortgage Trust 1.47%, 10/15/2036, 1 mo. USD LIBOR + 0.920%(1)(2) | 189,337 | |
74,925 | Citigroup Commercial Mortgage Trust 3.61%, 11/10/2048 | 75,150 | |
Commercial Mortgage Trust | |||
100,000 | 2.82%, 01/10/2039(1) | 94,102 | |
35,000 | 3.18%, 02/10/2048 | 34,480 | |
150,000 | 3.31%, 03/10/2048 | 148,306 | |
110,000 | 3.38%, 01/10/2039(1) | 104,051 | |
210,000 | 3.73%, 08/10/2049(1)(4) | 207,839 | |
30,000 | CSAIL Commercial Mortgage Trust 4.36%, 11/15/2051(4) | 30,428 | |
97,883 | CSMC Trust 2.26%, 08/15/2037(1) | 91,922 | |
280,000 | DBGS Mortgage Trust 4.47%, 10/15/2051 | 286,751 | |
DBJPM Mortgage Trust | |||
468,757 | 1.83%, 09/15/2053(3)(4) | 38,941 | |
39,664 | 3.04%, 05/10/2049 | 39,145 | |
155,000 | FirstKey Homes Trust 4.15%, 05/17/2039(1) | 153,400 | |
FREMF Mortgage Trust | |||
295,000 | 3.71%, 04/25/2048(1)(4) | 290,984 | |
90,000 | 3.80%, 11/25/2049(1)(4) | 89,173 | |
230,000 | 3.88%, 07/25/2026(1)(4) | 224,858 | |
225,000 | 4.08%, 06/25/2049(1)(4) | 222,122 | |
315,000 | 4.28%, 08/25/2047(1)(4) | 315,676 | |
375,000 | GS Mortgage Securities Trust 3.44%, 11/10/2049(4) | 367,468 | |
200,000 | Hawaii Hotel Trust 1.70%, 05/15/2038, 1 mo. USD LIBOR + 1.150%(1)(2) | 197,500 | |
1,097,000 | JP Morgan Chase Commercial Mortgage Securities Trust 2.82%, 08/15/2049 | 1,054,343 | |
JPMBB Commercial Mortgage Securities Trust | |||
121,522 | 2.95%, 06/15/2049 | 119,946 | |
150,000 | 3.24%, 10/15/2050 | 147,576 | |
71,809 | 3.56%, 12/15/2048 | 71,890 | |
635,000 | 3.58%, 03/17/2049 | 629,073 | |
632,000 | JPMDB Commercial Mortgage Securities Trust 3.14%, 12/15/2049 | 613,696 | |
210,000 | Morgan Stanley 3.53%, 12/15/2047 | 208,216 |
1 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.8% - (continued) | |||
Commercial Mortgage-Backed Securities - 3.7% - (continued) | |||
$ 100,000 | Morgan Stanley Bank of America Merrill Lynch Trust 2.92%, 02/15/2046 | $ 99,755 | |
150,000 | One Market Plaza Trust 3.61%, 02/10/2032(1) | 149,363 | |
50,000 | SG Commercial Mortgage Securities Trust 2.63%, 03/15/2037(1) | 48,056 | |
100,000 | VNDO Mortgage Trust 3.00%, 11/15/2030(1) | 100,255 | |
Wells Fargo Commercial Mortgage Trust | |||
360,000 | 3.15%, 05/15/2048 | 353,673 | |
719,000 | 3.43%, 03/15/2059 | 707,627 | |
72,355 | 3.52%, 12/15/2048 | 72,234 | |
420,000 | 3.64%, 03/15/2050 | 414,272 | |
235,000 | 3.81%, 12/15/2048 | 234,456 | |
Wells Fargo N.A. | |||
4,020,918 | 0.76%, 11/15/2062(3)(4) | 166,493 | |
965,414 | 1.10%, 02/15/2052(3)(4) | 48,212 | |
1,493,687 | 1.45%, 11/15/2053(3)(4) | 127,854 | |
1,276,818 | 1.90%, 03/15/2063(3)(4) | 143,762 | |
170,000 | 2.04%, 02/15/2054 | 146,312 | |
145,000 | 4.41%, 11/15/2061(4) | 148,148 | |
29,427 | WFRBS Commercial Mortgage Trust 2.98%, 06/15/2046 | 29,480 | |
9,372,943 | |||
Other Asset-Backed Securities - 1.6% | |||
Affirm Asset Securitization Trust | |||
60,937 | 1.90%, 01/15/2025(1) | 60,359 | |
24,283 | 3.46%, 10/15/2024(1) | 24,303 | |
100,000 | Arbor Realty Commercial Real Estate Notes Ltd. 1.65%, 05/15/2036, 1 mo. USD LIBOR + 1.100%(1)(2) | 98,331 | |
150,000 | Avant Loans Funding Trust 1.21%, 07/15/2030(1) | 144,389 | |
97,622 | Bayview Mortgage Fund Trust 3.50%, 01/28/2058(1)(4) | 95,695 | |
Bayview Opportunity Master Fund Trust | |||
76,200 | 3.50%, 06/28/2057(1)(4) | 75,388 | |
125,159 | 4.00%, 10/28/2064(1)(4) | 123,039 | |
153,450 | Domino's Pizza Master Issuer LLC 2.66%, 04/25/2051(1) | 137,986 | |
270,000 | KKR CLO Ltd. 2.04%, 04/15/2031, 3 mo. USD LIBOR + 1.000%(1)(2) | 267,529 | |
194,304 | Navient Private Education Refi Loan Trust 0.97%, 12/16/2069(1) | 180,449 | |
330,000 | New Residential Advance Receivables Trust 1.43%, 08/15/2053(1) | 321,870 | |
305,000 | NRZ Advance Receivables Trust 1.48%, 09/15/2053(1) | 295,421 | |
Progress Residential Trust | |||
145,000 | 3.20%, 04/17/2039(1) | 138,061 | |
400,000 | 4.44%, 05/17/2041(1) | 397,935 | |
100,000 | Regional Management Issuance Trust 2.34%, 10/15/2030(1) | 95,628 | |
140,168 | SCF Equipment Leasing 1.19%, 10/20/2027(1) | 138,671 | |
67,416 | SoFi Consumer Loan Program Trust 0.49%, 09/25/2030(1) | 65,966 | |
60,000 | Stack Infrastructure Issuer LLC 1.89%, 08/25/2045(1) | 55,541 | |
75,000 | Summit Issuer LLC 2.29%, 12/20/2050(1) | 68,644 | |
655,000 | Tricon Residential Trust 3.86%, 04/17/2039(1) | 641,090 | |
110,526 | Upstart Securitization Trust 0.83%, 07/20/2031(1) | 108,248 | |
235,000 | Vantage Data Centers Issuer LLC 1.65%, 09/15/2045(1) | 215,404 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.8% - (continued) | |||
Other Asset-Backed Securities - 1.6% - (continued) | |||
$ 203,463 | Wendy's Funding LLC 2.37%, 06/15/2051(1) | $ 179,506 | |
99,500 | Wingstop Funding LLC 2.84%, 12/05/2050(1) | 90,968 | |
4,020,421 | |||
Whole Loan Collateral CMO - 11.7% | |||
427,127 | 510 Asset Backed Trust 2.12%, 06/25/2061(1)(5) | 402,269 | |
Angel Oak Mortgage Trust | |||
125,254 | 0.91%, 01/25/2066(1)(4) | 121,389 | |
402,652 | 0.95%, 07/25/2066(1)(4) | 381,325 | |
92,788 | 0.99%, 04/25/2053(1)(4) | 90,995 | |
103,141 | 0.99%, 04/25/2066(1)(4) | 99,436 | |
254,230 | 1.04%, 01/20/2065(1)(4) | 238,228 | |
198,421 | 1.07%, 05/25/2066(1)(4) | 185,256 | |
543,897 | 1.46%, 09/25/2066(1)(4) | 492,732 | |
42,522 | 1.47%, 06/25/2065(1)(4) | 41,624 | |
66,180 | 1.69%, 04/25/2065(1)(4) | 64,822 | |
281,561 | 1.82%, 11/25/2066(1)(4) | 260,678 | |
676,644 | 2.88%, 12/25/2066(1)(5) | 650,265 | |
18,312 | 3.65%, 09/25/2048(1)(4) | 18,253 | |
42,506 | Arroyo Mortgage Trust 3.81%, 01/25/2049(1)(4) | 41,463 | |
188,846 | BINOM Securitization Trust 2.03%, 06/25/2056(1)(4) | 175,742 | |
BRAVO Residential Funding Trust | |||
77,597 | 0.94%, 02/25/2049(1)(4) | 73,111 | |
137,835 | 0.97%, 03/25/2060(1)(4) | 133,994 | |
444,173 | 1.62%, 03/01/2061(1)(5) | 412,742 | |
Bunker Hill Loan Depositary Trust | |||
83,871 | 1.72%, 02/25/2055(1)(4) | 81,535 | |
35,111 | 2.88%, 07/25/2049(1)(5) | 34,496 | |
86,048 | Cascade MH Asset Trust 1.75%, 02/25/2046(1) | 79,594 | |
531,029 | CIM Trust 1.43%, 07/25/2061(1)(4) | 492,230 | |
COLT Mortgage Loan Trust | |||
57,856 | 0.80%, 07/27/2054(1) | 57,467 | |
156,703 | 0.91%, 06/25/2066(1)(4) | 139,958 | |
232,292 | 0.92%, 08/25/2066(1)(4) | 206,477 | |
435,659 | 0.96%, 09/27/2066(1)(4) | 386,455 | |
579,242 | 1.11%, 10/25/2066(1)(4) | 532,464 | |
66,638 | 1.33%, 10/26/2065(1)(4) | 66,407 | |
283,045 | 1.39%, 01/25/2065(1)(4) | 263,210 | |
48,169 | 1.51%, 04/27/2065(1)(4) | 47,091 | |
629,891 | 2.28%, 12/27/2066(1)(4) | 603,962 | |
105,000 | 4.30%, 03/25/2067(1) | 104,361 | |
CSMC Trust | |||
111,594 | 0.83%, 03/25/2056(1)(4) | 107,107 | |
230,928 | 0.94%, 05/25/2066(1)(4) | 215,259 | |
557,043 | 1.17%, 07/25/2066(1)(4) | 510,449 | |
222,279 | 1.18%, 02/25/2066(1)(4) | 212,932 | |
119,630 | 1.21%, 05/25/2065(1)(5) | 115,103 | |
91,392 | 1.80%, 12/27/2060(1)(4) | 87,114 | |
269,114 | 1.84%, 10/25/2066(1)(4) | 252,136 | |
194,369 | 2.00%, 01/25/2060(1)(4) | 185,025 | |
638,459 | 2.27%, 11/25/2066(1)(4) | 600,731 | |
Deephaven Residential Mortgage Trust | |||
37,857 | 0.72%, 05/25/2065(1)(4) | 36,368 | |
74,927 | 0.90%, 04/25/2066(1)(4) | 69,518 | |
9,726 | 1.69%, 05/25/2065(1) | 9,710 | |
Ellington Financial Mortgage Trust | |||
44,570 | 0.80%, 02/25/2066(1)(4) | 41,309 | |
71,776 | 0.93%, 06/25/2066(1)(4) | 65,387 | |
37,801 | 1.18%, 10/25/2065(1)(4) | 37,290 | |
392,575 | 1.24%, 09/25/2066(1)(4) | 351,703 | |
303,956 | 2.21%, 01/25/2067(1)(4) | 286,955 | |
GCAT Trust | |||
153,799 | 0.87%, 01/25/2066(1)(4) | 147,763 |
2 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.8% - (continued) | |||
Whole Loan Collateral CMO - 11.7% - (continued) | |||
$ 139,110 | 1.04%, 05/25/2066(1)(4) | $ 134,420 | |
391,408 | 1.09%, 08/25/2066(1)(4) | 346,098 | |
552,869 | 1.26%, 07/25/2066(1)(4) | 520,478 | |
27,922 | 1.56%, 04/25/2065(1)(5) | 27,225 | |
231,803 | 1.92%, 08/25/2066(1)(4) | 222,209 | |
13,709 | 2.25%, 01/25/2060(1)(5) | 13,476 | |
Imperial Fund Mortgage Trust | |||
225,193 | 1.07%, 09/25/2056(1)(4) | 206,454 | |
633,961 | 2.09%, 01/25/2057(1)(4) | 562,729 | |
701,331 | 3.64%, 03/25/2067(1)(5) | 683,895 | |
Legacy Mortgage Asset Trust | |||
106,387 | 1.65%, 11/25/2060(1)(5) | 102,318 | |
93,623 | 1.75%, 04/25/2061(1)(5) | 89,478 | |
124,211 | 1.75%, 07/25/2061(1)(5) | 118,298 | |
MetLife Securitization Trust | |||
47,006 | 3.75%, 03/25/2057(1)(4) | 46,811 | |
51,770 | 3.75%, 04/25/2058(1)(4) | 51,826 | |
MFA Trust | |||
36,147 | 1.01%, 01/26/2065(1)(4) | 34,803 | |
181,457 | 1.03%, 11/25/2064(1)(4) | 165,878 | |
98,805 | 1.15%, 04/25/2065(1)(4) | 94,496 | |
Mill City Mortgage Loan Trust | |||
111,361 | 3.25%, 10/25/2069(1)(4) | 108,931 | |
48,923 | 3.50%, 05/25/2058(1)(4) | 48,567 | |
New Residential Mortgage Loan Trust | |||
99,709 | 0.94%, 07/25/2055(1)(4) | 96,267 | |
81,438 | 0.94%, 10/25/2058(1)(4) | 78,290 | |
475,605 | 1.16%, 11/27/2056(1)(4) | 448,029 | |
25,209 | 1.65%, 05/24/2060(1)(4) | 24,533 | |
608,333 | 2.28%, 01/25/2026(1)(4) | 563,175 | |
118,782 | 3.50%, 12/25/2057(1)(4) | 118,279 | |
19,076 | 3.75%, 03/25/2056(1)(4) | 18,646 | |
51,729 | 3.75%, 11/25/2058(1)(4) | 50,524 | |
226,472 | 4.00%, 03/25/2057(1)(4) | 222,645 | |
244,373 | 4.00%, 12/25/2057(1)(4) | 239,758 | |
275,317 | NMLT Trust 1.19%, 05/25/2056(1)(4) | 256,815 | |
OBX Trust | |||
273,132 | 1.05%, 07/25/2061(1)(4) | 247,426 | |
201,062 | 1.07%, 02/25/2066(1)(4) | 190,628 | |
552,746 | Onslow Bay Financial LLC 2.31%, 11/25/2061(1)(4) | 523,086 | |
Preston Ridge Partners Mortgage Trust LLC | |||
110,756 | 1.32%, 07/25/2051(1)(4)(5) | 104,541 | |
284,108 | 1.74%, 09/25/2026(1)(4) | 267,300 | |
174,489 | 1.79%, 06/25/2026(1)(5) | 167,892 | |
291,096 | 1.79%, 07/25/2026(1)(5) | 277,260 | |
317,428 | 1.87%, 04/25/2026(1)(5) | 298,321 | |
436,783 | 1.87%, 08/25/2026(1)(5) | 415,547 | |
79,813 | 2.12%, 03/25/2026(1)(4) | 75,940 | |
62,455 | 2.36%, 11/25/2025(1)(5) | 60,450 | |
559,955 | 2.36%, 10/25/2026(1)(4)(5) | 539,564 | |
Pretium Mortgage Credit Partners LLC | |||
279,431 | 1.74%, 07/25/2051(1)(5) | 265,473 | |
620,962 | 1.84%, 09/25/2051(1)(5) | 587,592 | |
140,318 | 1.87%, 07/25/2051(1) | 131,581 | |
333,436 | 1.99%, 02/25/2061(1)(5) | 315,624 | |
563,070 | 2.36%, 10/27/2060(1)(5) | 536,537 | |
617,923 | 2.49%, 10/25/2051(1)(5) | 595,226 | |
123,765 | RCO VII Mortgage LLC 1.87%, 05/26/2026(1)(5) | 119,156 | |
87,695 | Residential Mortgage Loan Trust 0.86%, 01/25/2065(1)(4) | 85,374 | |
22,539 | Seasoned Credit Risk Transfer Trust 2.50%, 08/25/2059 | 21,790 |
Shares or Principal Amount | Market Value† | ||
ASSET & COMMERCIAL MORTGAGE-BACKED SECURITIES - 21.8% - (continued) | |||
Whole Loan Collateral CMO - 11.7% - (continued) | |||
Starwood Mortgage Residential Trust | |||
$ 64,657 | 0.94%, 05/25/2065(1)(4) | $ 61,783 | |
477,736 | 1.16%, 08/25/2056(1)(4) | 447,013 | |
178,981 | 1.22%, 05/25/2065(1)(4) | 169,242 | |
28,385 | 1.49%, 04/25/2065(1)(4) | 27,874 | |
427,272 | 1.92%, 11/25/2066(1)(4) | 397,525 | |
Toorak Mortgage Corp. Ltd. | |||
201,127 | 1.15%, 07/25/2056(1)(4) | 183,204 | |
190,000 | 2.24%, 06/25/2024(1)(5) | 178,672 | |
Towd Point Mortgage Trust | |||
138,439 | 1.75%, 10/25/2060(1) | 128,506 | |
391,727 | 2.16%, 01/25/2052(1)(4) | 388,235 | |
4,387 | 2.75%, 08/25/2055(1)(4) | 4,381 | |
126,628 | 2.75%, 10/25/2056(1)(4) | 126,214 | |
212,409 | 2.75%, 06/25/2057(1)(4) | 208,959 | |
133,313 | 2.75%, 07/25/2057(1)(4) | 133,045 | |
199,134 | 2.75%, 10/25/2057(1)(4) | 195,961 | |
57,834 | 2.90%, 10/25/2059(1)(4) | 56,555 | |
369,077 | 2.92%, 11/30/2060(1)(4) | 353,661 | |
49,451 | 3.25%, 03/25/2058(1)(4) | 49,157 | |
226,858 | 3.66%, 03/25/2058(1)(4) | 223,783 | |
VCAT LLC | |||
161,778 | 1.74%, 05/25/2051(1)(5) | 153,099 | |
907,099 | 1.87%, 08/25/2051(1)(5) | 869,910 | |
607,280 | 1.92%, 09/25/2051(1)(5) | 571,223 | |
68,090 | 2.12%, 03/27/2051(1)(5) | 65,604 | |
Verus Securitization Trust | |||
100,386 | 0.92%, 02/25/2064(1)(4) | 97,921 | |
195,331 | 0.94%, 07/25/2066(1)(4) | 185,427 | |
504,583 | 1.01%, 09/25/2066(1)(4) | 462,933 | |
87,273 | 1.03%, 02/25/2066(1)(4) | 82,171 | |
69,999 | 1.22%, 05/25/2065(1)(5) | 67,248 | |
48,379 | 1.50%, 05/25/2065(1)(5) | 47,008 | |
299,657 | 1.82%, 11/25/2066(1)(4) | 279,176 | |
586,263 | 1.83%, 10/25/2066(1)(4) | 544,728 | |
54,033 | 2.69%, 11/25/2059(1)(4) | 53,902 | |
403,502 | 2.72%, 01/25/2067(1)(5) | 386,893 | |
339,186 | VOLT CIII LLC 1.99%, 08/25/2051(1)(5) | 324,951 | |
226,605 | VOLT XCIII LLC 1.89%, 02/27/2051(1)(5) | 218,384 | |
171,985 | VOLT XCIV LLC 2.24%, 02/27/2051(1)(5) | 164,331 | |
204,977 | VOLT XCIX LLC 2.12%, 04/25/2051(1)(5) | 193,376 | |
138,457 | VOLT XCV LLC 2.24%, 03/27/2051(1)(5) | 134,034 | |
30,069,638 | |||
Total Asset & Commercial Mortgage-Backed Securities (cost $58,762,211) | $ 55,890,765 | ||
CORPORATE BONDS - 30.0% | |||
Aerospace/Defense - 0.5% | |||
416,000 | Boeing Co. 5.04%, 05/01/2027 | $ 422,355 | |
L3Harris Technologies, Inc. | |||
72,000 | 3.85%, 06/15/2023 | 72,601 | |
100,000 | 4.40%, 06/15/2028 | 100,109 | |
102,000 | Lockheed Martin Corp. 3.80%, 03/01/2045 | 94,813 | |
280,000 | Northrop Grumman Corp. 5.15%, 05/01/2040 | 296,079 | |
252,000 | Raytheon Technologies Corp. 4.45%, 11/16/2038 | 251,964 | |
1,237,921 | |||
Agriculture - 0.6% | |||
64,000 | Altria Group, Inc. 3.88%, 09/16/2046 | 48,315 | |
BAT Capital Corp. | |||
270,000 | 2.26%, 03/25/2028 | 230,818 | |
370,000 | 3.56%, 08/15/2027 | 345,227 |
3 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Agriculture - 0.6% - (continued) | |||
$ 265,000 | 4.74%, 03/16/2032 | $ 249,050 | |
BAT International Finance plc | |||
95,000 | 1.67%, 03/25/2026 | 85,284 | |
265,000 | 4.45%, 03/16/2028 | 255,414 | |
Cargill, Inc. | |||
255,000 | 2.13%, 11/10/2031(1) | 216,856 | |
170,000 | 4.00%, 06/22/2032(1) | 168,259 | |
1,599,223 | |||
Beverages - 0.5% | |||
Anheuser-Busch InBev Worldwide, Inc. | |||
682,000 | 3.75%, 07/15/2042 | 578,518 | |
31,000 | 4.35%, 06/01/2040 | 29,221 | |
145,000 | Coca-Cola Co. 3.00%, 03/05/2051 | 119,067 | |
104,000 | Constellation Brands, Inc. 3.60%, 02/15/2028 | 100,246 | |
400,000 | Diageo Capital plc 2.00%, 04/29/2030 | 348,701 | |
210,000 | Keurig Dr Pepper, Inc. 3.95%, 04/15/2029 | 205,173 | |
5,000 | PepsiCo, Inc. 2.63%, 03/19/2027 | 4,817 | |
1,385,743 | |||
Biotechnology - 0.9% | |||
Amgen, Inc. | |||
640,000 | 2.00%, 01/15/2032 | 529,117 | |
75,000 | 3.35%, 02/22/2032 | 69,246 | |
CSL Finance plc Co. | |||
230,000 | 4.05%, 04/27/2029(1) | 228,905 | |
230,000 | 4.25%, 04/27/2032(1) | 228,293 | |
Gilead Sciences, Inc. | |||
375,000 | 1.65%, 10/01/2030 | 311,708 | |
5,000 | 3.65%, 03/01/2026 | 4,970 | |
Royalty Pharma plc | |||
365,000 | 1.75%, 09/02/2027 | 320,058 | |
270,000 | 2.15%, 09/02/2031 | 217,409 | |
325,000 | 2.20%, 09/02/2030 | 271,477 | |
2,181,183 | |||
Chemicals - 0.1% | |||
15,000 | Air Products and Chemicals, Inc. 1.85%, 05/15/2027 | 13,810 | |
209,000 | DuPont de Nemours, Inc. 4.21%, 11/15/2023 | 211,997 | |
45,000 | LYB International Finance LLC 1.25%, 10/01/2025 | 41,281 | |
Sherwin-Williams Co. | |||
67,000 | 2.30%, 05/15/2030 | 58,207 | |
2,000 | 2.95%, 08/15/2029 | 1,840 | |
327,135 | |||
Commercial Banks - 7.7% | |||
Bank of America Corp. | |||
315,000 | 1.66%, 03/11/2027, (1.66% fixed rate until 03/11/2026; 3 mo. USD SOFR + 0.910% thereafter)(6) | 285,459 | |
435,000 | 1.92%, 10/24/2031, (1.92% fixed rate until 10/24/2030; 3 mo. USD SOFR + 1.370% thereafter)(6) | 354,123 | |
432,000 | 2.46%, 10/22/2025, (2.46% fixed rate until 10/22/2024; 3 mo. USD LIBOR + 0.870% thereafter)(6) | 416,100 | |
155,000 | 2.57%, 10/20/2032, (2.57% fixed rate until 10/20/2031; 3 mo. USD SOFR + 1.210% thereafter)(6) | 131,109 | |
730,000 | 2.69%, 04/22/2032, (2.69% fixed rate until 04/22/2031; 3 mo. USD SOFR + 1.320% thereafter)(6) | 627,013 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Commercial Banks - 7.7% - (continued) | |||
$ 485,000 | 3.00%, 12/20/2023, (3.00% fixed rate until 12/20/2022; 3 mo. USD LIBOR + 0.790% thereafter)(6) | $ 483,920 | |
155,000 | 3.31%, 04/22/2042, (3.31% fixed rate until 04/22/2041; 3 mo. USD SOFR + 1.580% thereafter)(6) | 126,960 | |
671,000 | 3.97%, 02/07/2030, (3.97% fixed rate until 02/07/2029; 3 mo. USD LIBOR + 1.210% thereafter)(6) | 648,335 | |
503,000 | 4.08%, 03/20/2051, (4.08% fixed rate until 03/20/2050; 3 mo. USD LIBOR + 3.150% thereafter)(6) | 454,127 | |
460,000 | Bank of Nova Scotia 1.95%, 02/02/2027 | 420,056 | |
600,000 | Bank of NY Mellon Corp. 2.05%, 01/26/2027(7) | 561,359 | |
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) | 373,398 | |
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) | 223,805 | |
Citigroup, Inc. | |||
270,000 | 1.46%, 06/09/2027, (1.46% fixed rate until 06/09/2026; 3 mo. USD SOFR + 0.770% thereafter)(6) | 240,517 | |
1,146,000 | 3.20%, 10/21/2026 | 1,107,152 | |
800,000 | 3.70%, 01/12/2026 | 791,668 | |
Goldman Sachs Group, Inc. | |||
250,000 | 0.93%, 10/21/2024, (0.93% fixed rate until 10/21/2023; 3 mo. USD SOFR + 0.486% thereafter)(6) | 240,295 | |
55,000 | 1.99%, 01/27/2032, (1.99% fixed rate until 01/27/2031; 3 mo. USD SOFR + 1.090% thereafter)(6) | 44,485 | |
190,000 | 2.38%, 07/21/2032, (2.38% fixed rate until 07/21/2031; 3 mo. USD SOFR + 1.248% thereafter)(6) | 157,220 | |
1,121,000 | 2.60%, 02/07/2030 | 974,646 | |
460,000 | 2.62%, 04/22/2032, (2.62% fixed rate until 04/22/2031; 3 mo. USD SOFR + 1.281% thereafter)(6) | 389,552 | |
55,000 | 2.65%, 10/21/2032, (2.65% fixed rate until 10/21/2031; 3 mo. USD SOFR + 1.264% thereafter)(6) | 46,453 | |
70,000 | 3.10%, 02/24/2033, (3.10% fixed rate until 02/24/2032; 3 mo. USD LIBOR + 1.410% thereafter)(6) | 61,213 | |
67,000 | 4.02%, 10/31/2038, (4.02% fixed rate until 10/31/2037; 3 mo. USD LIBOR + 1.373% thereafter)(6) | 61,328 | |
HSBC Holdings plc | |||
815,000 | 0.98%, 05/24/2025, (0.98% fixed rate until 05/24/2024; 3 mo. USD SOFR + 0.708% thereafter)(6) | 764,382 | |
200,000 | 1.59%, 05/24/2027, (1.59% fixed rate until 05/24/2026; 3 mo. USD SOFR + 1.290% thereafter)(6) | 177,885 | |
405,000 | 4.58%, 06/19/2029, (4.58% fixed rate until 06/19/2028; 3 mo. USD LIBOR + 1.535% thereafter)(6) | 400,508 | |
200,000 | 4.76%, 03/29/2033, (4.76% fixed rate until 03/29/2032; 3 mo. USD SOFR + 2.530% thereafter)(6) | 189,400 |
4 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Commercial Banks - 7.7% - (continued) | |||
JP Morgan Chase & Co. | |||
$ 1,643,000 | 2.30%, 10/15/2025, (2.30% fixed rate until 10/15/2024; 3 mo. USD SOFR + 1.160% thereafter)(6) | $ 1,576,181 | |
365,000 | 2.55%, 11/08/2032, (2.55% fixed rate until 11/08/2031; 3 mo. USD SOFR + 1.180% thereafter)(6) | 309,415 | |
825,000 | 2.58%, 04/22/2032, (2.58% fixed rate until 04/22/2031; 3 mo. USD SOFR + 1.250% thereafter)(6) | 707,236 | |
85,000 | 3.11%, 04/22/2041, (3.11% fixed rate until 04/22/2040; 3 mo. USD SOFR + 2.460% thereafter)(6) | 68,282 | |
320,000 | 3.16%, 04/22/2042, (3.16% fixed rate until 04/22/2041; 3 mo. USD SOFR + 1.460% thereafter)(6) | 259,149 | |
95,000 | 3.80%, 07/23/2024, (3.80% fixed rate until 07/23/2023; 3 mo. USD LIBOR + 0.890% thereafter)(6) | 95,445 | |
405,000 | 4.32%, 04/26/2028, (4.32% fixed rate until 04/26/2027; 3 mo. USD SOFR + 1.560% thereafter)(6) | 404,149 | |
77,000 | 4.49%, 03/24/2031, (4.49% fixed rate until 03/24/2030; 3 mo. USD SOFR + 3.790% thereafter)(6) | 76,822 | |
45,000 | 4.59%, 04/26/2033, (4.59% fixed rate until 04/26/2032; 3 mo. USD SOFR + 1.800% thereafter)(6) | 45,304 | |
218,000 | KeyCorp. 2.55%, 10/01/2029 | 194,639 | |
Morgan Stanley | |||
120,000 | 1.16%, 10/21/2025, (1.16% fixed rate until 10/21/2024; 3 mo. USD SOFR + 0.560% thereafter)(6) | 112,052 | |
160,000 | 1.59%, 05/04/2027, (1.59% fixed rate until 05/04/2026; 3 mo. USD SOFR + 0.879% thereafter)(6) | 143,988 | |
235,000 | 1.79%, 02/13/2032, (1.79% fixed rate until 02/13/2031; 3 mo. USD SOFR + 1.034% thereafter)(6) | 188,638 | |
95,000 | 1.93%, 04/28/2032, (1.93% fixed rate until 04/28/2031; 3 mo. USD SOFR + 1.020% thereafter)(6) | 76,620 | |
465,000 | 2.48%, 01/21/2028, (2.48% fixed rate until 01/21/2027; 3 mo. USD SOFR + 1.000% thereafter)(6) | 429,600 | |
160,000 | 2.51%, 10/20/2032, (2.51% fixed rate until 10/20/2031; 3 mo. USD SOFR + 1.200% thereafter)(6) | 134,703 | |
317,000 | 2.70%, 01/22/2031, (2.70% fixed rate until 01/22/2030; 3 mo. USD SOFR + 1.143% thereafter)(6) | 278,897 | |
700,000 | 3.88%, 01/27/2026 | 694,384 | |
91,000 | 3.97%, 07/22/2038, (3.97% fixed rate until 07/22/2037; 3 mo. USD LIBOR + 1.455% thereafter)(6) | 84,297 | |
495,000 | 4.21%, 04/20/2028, (4.21% fixed rate until 04/20/2027; 3 mo. USD SOFR + 1.610% thereafter)(6) | 491,582 | |
400,000 | 4.30%, 01/27/2045 | 378,541 | |
164,000 | Santander Holdings USA, Inc. 3.40%, 01/18/2023 | 164,468 | |
500,000 | Truist Bank 2.25%, 03/11/2030 | 432,555 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Commercial Banks - 7.7% - (continued) | |||
$ 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) | $ 140,302 | |
Wells Fargo & Co. | |||
958,000 | 2.41%, 10/30/2025, (2.41% fixed rate until 10/30/2024; 3 mo. USD SOFR + 1.087% thereafter)(6) | 920,527 | |
300,000 | 3.35%, 03/02/2033, (3.35% fixed rate until 03/02/2032; 3 mo. USD SOFR + 1.500% thereafter)(6) | 272,927 | |
265,000 | 3.91%, 04/25/2026, (3.91% fixed rate until 04/25/2025; 3 mo. USD SOFR + 1.320% thereafter)(6) | 263,440 | |
181,000 | 5.01%, 04/04/2051, (5.01% fixed rate until 04/04/2050; 3 mo. USD SOFR + 4.502% thereafter)(6) | 189,409 | |
19,886,020 | |||
Commercial Services - 0.3% | |||
Global Payments, Inc. | |||
75,000 | 2.15%, 01/15/2027 | 68,061 | |
202,000 | 2.90%, 05/15/2030 | 178,023 | |
202,000 | 3.20%, 08/15/2029 | 183,931 | |
Howard University (AGM Insured) | |||
100,000 | 2.90%, 10/01/2031 | 88,262 | |
70,000 | 3.48%, 10/01/2041 | 58,324 | |
S&P Global, Inc. | |||
120,000 | 2.45%, 03/01/2027(1) | 113,131 | |
155,000 | 2.90%, 03/01/2032(1) | 140,164 | |
829,896 | |||
Construction Materials - 0.0% | |||
23,000 | Carrier Global Corp. 2.24%, 02/15/2025 | 22,028 | |
Diversified Financial Services - 0.4% | |||
380,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30%, 01/30/2032 | 316,306 | |
285,000 | American Express Co. 2.55%, 03/04/2027 | 269,264 | |
444,000 | BlackRock, Inc. 1.90%, 01/28/2031 | 373,981 | |
959,551 | |||
Electric - 4.0% | |||
Alabama Power Co. | |||
100,000 | 3.45%, 10/01/2049 | 82,302 | |
42,000 | 4.15%, 08/15/2044 | 39,109 | |
447,000 | Berkshire Hathaway Energy Co. 3.25%, 04/15/2028 | 429,024 | |
154,000 | Commonwealth Edison Co. 2.55%, 06/15/2026 | 148,277 | |
195,000 | Consolidated Edison, Inc. 3.20%, 12/01/2051 | 154,135 | |
1,273,000 | Dominion Energy, Inc. 2.85%, 08/15/2026 | 1,224,724 | |
Duke Energy Corp. | |||
1,180,000 | 2.55%, 06/15/2031 | 1,007,990 | |
615,000 | 2.65%, 09/01/2026 | 582,587 | |
162,000 | Duke Energy Indiana LLC 3.25%, 10/01/2049 | 133,047 | |
100,000 | Duke Energy Progress LLC 4.00%, 04/01/2052 | 93,431 | |
200,000 | Enel Finance International N.V. 1.38%, 07/12/2026(1) | 179,159 | |
349,000 | Evergy, Inc. 2.90%, 09/15/2029 | 320,302 | |
Exelon Corp. | |||
100,000 | 3.95%, 06/15/2025 | 100,819 | |
50,000 | 4.10%, 03/15/2052(1) | 44,543 | |
105,000 | 4.70%, 04/15/2050 | 102,356 | |
Georgia Power Co. | |||
99,000 | 2.10%, 07/30/2023 | 97,922 | |
356,000 | 4.30%, 03/15/2042 | 323,625 | |
297,000 | ITC Holdings Corp. 2.95%, 05/14/2030(1) | 268,627 |
5 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Electric - 4.0% - (continued) | |||
$ 494,000 | NextEra Energy Capital Holdings, Inc. 2.25%, 06/01/2030 | $ 422,459 | |
209,000 | Oglethorpe Power Corp. 5.05%, 10/01/2048 | 209,980 | |
Oncor Electric Delivery Co. LLC | |||
355,000 | 2.75%, 05/15/2030(1) | 326,364 | |
112,000 | 2.95%, 04/01/2025 | 110,220 | |
Pacific Gas and Electric Co. | |||
750,000 | 2.50%, 02/01/2031 | 594,326 | |
175,000 | 3.25%, 06/01/2031 | 146,963 | |
260,000 | 4.95%, 07/01/2050 | 217,408 | |
700,000 | Public Service Enterprise Group, Inc. 1.60%, 08/15/2030 | 567,458 | |
Puget Energy, Inc. | |||
324,000 | 3.65%, 05/15/2025 | 321,327 | |
102,000 | 4.10%, 06/15/2030 | 97,693 | |
Sempra Energy | |||
47,000 | 3.40%, 02/01/2028 | 45,132 | |
45,000 | 3.70%, 04/01/2029 | 43,277 | |
162,000 | 4.00%, 02/01/2048 | 143,004 | |
464,000 | Sierra Pacific Power Co. 2.60%, 05/01/2026 | 447,008 | |
Southern California Edison Co. | |||
232,000 | 2.25%, 06/01/2030 | 198,605 | |
285,000 | 2.75%, 02/01/2032 | 247,200 | |
72,000 | 2.85%, 08/01/2029 | 64,942 | |
206,000 | 3.65%, 02/01/2050 | 164,950 | |
132,000 | 4.00%, 04/01/2047 | 113,234 | |
Southern Co. | |||
4,000 | 3.25%, 07/01/2026 | 3,879 | |
387,000 | 3.70%, 04/30/2030 | 365,055 | |
10,182,463 | |||
Entertainment - 0.2% | |||
415,000 | Magallanes, Inc. 4.28%, 03/15/2032(1) | 386,055 | |
Food - 0.3% | |||
287,000 | Conagra Brands, Inc. 4.85%, 11/01/2028 | 288,854 | |
280,000 | JBS Finance Luxembourg S.a.r.l 2.50%, 01/15/2027(1) | 251,233 | |
Mondelez International, Inc. | |||
265,000 | 1.50%, 02/04/2031 | 214,756 | |
60,000 | 2.63%, 03/17/2027 | 56,638 | |
45,000 | 3.00%, 03/17/2032 | 40,240 | |
851,721 | |||
Gas - 0.4% | |||
65,000 | Boston Gas Co. 3.76%, 03/16/2032(1) | 61,009 | |
62,000 | Dominion Energy Gas Holdings LLC 2.50%, 11/15/2024 | 60,529 | |
NiSource, Inc. | |||
55,000 | 1.70%, 02/15/2031 | 43,425 | |
647,000 | 3.49%, 05/15/2027 | 629,188 | |
132,000 | 3.60%, 05/01/2030 | 123,537 | |
917,688 | |||
Healthcare - Products - 0.4% | |||
400,000 | Alcon Finance Corp. 3.00%, 09/23/2029(1) | 362,508 | |
385,000 | Baxter International, Inc. 2.27%, 12/01/2028(1) | 343,226 | |
417,000 | Boston Scientific Corp. 1.90%, 06/01/2025 | 394,951 | |
1,100,685 | |||
Healthcare - Services - 0.6% | |||
Anthem, Inc. | |||
25,000 | 2.25%, 05/15/2030 | 21,642 | |
107,000 | 2.88%, 09/15/2029 | 98,069 | |
71,000 | 4.38%, 12/01/2047 | 67,833 | |
117,000 | CommonSpirit Health 2.76%, 10/01/2024 | 114,610 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Healthcare - Services - 0.6% - (continued) | |||
$ 45,000 | HCA, Inc. 4.63%, 03/15/2052(1) | $ 39,400 | |
Humana, Inc. | |||
130,000 | 2.15%, 02/03/2032 | 107,145 | |
350,000 | 3.70%, 03/23/2029 | 336,109 | |
Kaiser Foundation Hospitals | |||
225,000 | 2.81%, 06/01/2041 | 178,481 | |
95,000 | 3.00%, 06/01/2051 | 73,918 | |
142,000 | Quest Diagnostics, Inc. 2.80%, 06/30/2031 | 123,907 | |
105,000 | Sutter Health 3.36%, 08/15/2050 | 82,851 | |
UnitedHealth Group, Inc. | |||
295,000 | 2.30%, 05/15/2031 | 258,696 | |
87,000 | 4.75%, 07/15/2045 | 91,033 | |
1,593,694 | |||
Insurance - 1.2% | |||
611,000 | American International Group, Inc. 2.50%, 06/30/2025 | 587,557 | |
Aon Corp. / Aon Global Holdings plc | |||
35,000 | 2.85%, 05/28/2027 | 33,358 | |
100,000 | 3.90%, 02/28/2052 | 86,511 | |
350,000 | Athene Global Funding 2.65%, 10/04/2031(1) | 293,338 | |
197,000 | Berkshire Hathaway Finance Corp. 4.20%, 08/15/2048 | 188,825 | |
290,000 | Brighthouse Financial Global Funding 1.75%, 01/13/2025(1) | 273,672 | |
Corebridge Financial, Inc. | |||
70,000 | 3.85%, 04/05/2029(1) | 66,921 | |
55,000 | 3.90%, 04/05/2032(1) | 51,750 | |
515,000 | Equitable Financial Life Global Funding 1.80%, 03/08/2028(1) | 451,534 | |
Marsh & McLennan Cos., Inc. | |||
86,000 | 3.88%, 03/15/2024 | 87,043 | |
180,000 | 4.75%, 03/15/2039 | 183,596 | |
470,000 | Metropolitan Life Global Funding I 2.40%, 01/11/2032(1) | 405,634 | |
5,000 | New York Life Insurance Co. 3.75%, 05/15/2050(1) | 4,372 | |
172,000 | Progressive Corp. 3.20%, 03/26/2030 | 162,083 | |
309,000 | Willis North America, Inc. 2.95%, 09/15/2029 | 276,145 | |
3,152,339 | |||
Internet - 0.6% | |||
Amazon.com, Inc. | |||
206,000 | 3.15%, 08/22/2027 | 201,817 | |
865,000 | 3.30%, 04/13/2027 | 858,898 | |
575,000 | 4.10%, 04/13/2062 | 550,973 | |
1,611,688 | |||
Investment Company Security - 0.4% | |||
525,000 | Bain Capital Specialty Finance, Inc. 2.55%, 10/13/2026 | 462,247 | |
755,000 | Magallanes, Inc. 5.14%, 03/15/2052(1) | 677,716 | |
1,139,963 | |||
Iron/Steel - 0.0% | |||
75,000 | Vale Overseas Ltd. 3.75%, 07/08/2030 | 67,781 | |
IT Services - 0.4% | |||
Apple, Inc. | |||
111,000 | 1.13%, 05/11/2025 | 104,693 | |
41,000 | 2.20%, 09/11/2029 | 37,266 | |
620,000 | 2.65%, 02/08/2051 | 471,181 | |
125,000 | International Business Machines Corp. 2.72%, 02/09/2032 | 110,879 | |
265,000 | Kyndryl Holdings, Inc. 3.15%, 10/15/2031(1) | 206,195 | |
930,214 |
6 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Lodging - 0.0% | |||
$ 115,000 | Las Vegas Sands Corp. 3.50%, 08/18/2026 | $ 104,877 | |
Machinery - Construction & Mining - 0.1% | |||
187,000 | Caterpillar, Inc. 2.60%, 04/09/2030 | 172,103 | |
Machinery-Diversified - 0.2% | |||
31,000 | John Deere Capital Corp. 1.20%, 04/06/2023 | 30,662 | |
640,000 | Otis Worldwide Corp. 2.57%, 02/15/2030 | 561,867 | |
592,529 | |||
Media - 1.3% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | |||
37,000 | 2.80%, 04/01/2031 | 30,773 | |
280,000 | 3.90%, 06/01/2052 | 203,743 | |
652,000 | 4.20%, 03/15/2028 | 628,237 | |
175,000 | 4.40%, 04/01/2033 | 159,658 | |
380,000 | 4.40%, 12/01/2061 | 284,977 | |
110,000 | 4.80%, 03/01/2050 | 90,376 | |
108,000 | 5.13%, 07/01/2049 | 93,000 | |
Comcast Corp. | |||
59,000 | 2.94%, 11/01/2056(1) | 42,368 | |
456,000 | 3.20%, 07/15/2036 | 395,991 | |
195,000 | 3.75%, 04/01/2040 | 175,540 | |
220,000 | Cox Communications, Inc. 2.60%, 06/15/2031(1) | 187,595 | |
Discovery Communications LLC | |||
95,000 | 3.95%, 06/15/2025 | 94,214 | |
132,000 | 3.95%, 03/20/2028 | 127,038 | |
23,000 | 4.13%, 05/15/2029 | 21,994 | |
100,000 | 4.65%, 05/15/2050 | 86,271 | |
105,000 | 4.90%, 03/11/2026 | 106,771 | |
362,000 | 5.20%, 09/20/2047 | 333,415 | |
70,000 | 5.30%, 05/15/2049 | 65,937 | |
196,000 | Paramount Global, Inc. 4.95%, 01/15/2031 | 194,310 | |
3,322,208 | |||
Miscellaneous Manufacturing - 0.2% | |||
550,000 | Siemens Financieringsmaatschappij N.V. 1.20%, 03/11/2026(1) | 502,066 | |
Office/Business Equipment - 0.1% | |||
CDW LLC / CDW Finance Corp. | |||
80,000 | 2.67%, 12/01/2026 | 73,469 | |
110,000 | 3.28%, 12/01/2028 | 99,116 | |
70,000 | 3.57%, 12/01/2031 | 61,288 | |
233,873 | |||
Oil & Gas - 0.8% | |||
95,000 | BP Capital Markets America Co. 2.72%, 01/12/2032 | 83,783 | |
BP Capital Markets America, Inc. | |||
205,000 | 2.94%, 06/04/2051 | 152,368 | |
115,000 | 3.06%, 06/17/2041 | 93,902 | |
255,000 | 3.38%, 02/08/2061 | 198,709 | |
132,000 | 3.63%, 04/06/2030 | 127,127 | |
135,000 | ConocoPhillips Co. 3.80%, 03/15/2052 | 121,839 | |
80,000 | Diamondback Energy, Inc. 3.50%, 12/01/2029 | 75,094 | |
Equinor ASA | |||
222,000 | 3.63%, 04/06/2040 | 203,279 | |
66,000 | 3.70%, 04/06/2050 | 59,625 | |
Exxon Mobil Corp. | |||
217,000 | 4.23%, 03/19/2040 | 212,813 | |
2,000 | 4.33%, 03/19/2050 | 1,976 | |
141,000 | Hess Corp. 7.30%, 08/15/2031 | 163,256 | |
210,000 | Marathon Petroleum Corp. 4.70%, 05/01/2025 | 213,240 | |
60,000 | Ovintiv, Inc. 7.38%, 11/01/2031 | 69,423 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Oil & Gas - 0.8% - (continued) | |||
Shell International Finance B.V. | |||
$ 190,000 | 3.00%, 11/26/2051 | $ 149,153 | |
250,000 | 3.25%, 04/06/2050 | 206,430 | |
2,132,017 | |||
Oil & Gas Services - 0.1% | |||
90,000 | Halliburton Co. 4.85%, 11/15/2035 | 91,017 | |
81,000 | Schlumberger Holdings Corp. 4.30%, 05/01/2029(1) | 79,974 | |
170,991 | |||
Pharmaceuticals - 1.3% | |||
AbbVie, Inc. | |||
359,000 | 3.20%, 11/21/2029 | 334,411 | |
424,000 | 4.25%, 11/21/2049 | 389,561 | |
Astrazeneca Finance LLC | |||
230,000 | 1.20%, 05/28/2026 | 209,255 | |
410,000 | 1.75%, 05/28/2028 | 365,939 | |
Bristol-Myers Squibb Co. | |||
190,000 | 0.75%, 11/13/2025 | 173,305 | |
60,000 | 2.55%, 11/13/2050 | 43,333 | |
27,000 | 3.40%, 07/26/2029 | 26,175 | |
285,000 | 3.55%, 03/15/2042 | 253,449 | |
565,000 | Cigna Corp. 1.25%, 03/15/2026 | 513,754 | |
CVS Health Corp. | |||
7,000 | 4.13%, 04/01/2040 | 6,374 | |
364,000 | 5.13%, 07/20/2045 | 365,154 | |
129,000 | GlaxoSmithKline Capital, Inc. 3.63%, 05/15/2025 | 130,097 | |
167,000 | Johnson & Johnson 3.55%, 03/01/2036 | 160,620 | |
134,000 | Novartis Capital Corp. 2.00%, 02/14/2027 | 125,983 | |
25,000 | Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/2023 | 24,945 | |
200,000 | Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030 | 168,209 | |
3,290,564 | |||
Pipelines - 1.1% | |||
Energy Transfer Operating L.P. | |||
161,000 | 3.75%, 05/15/2030 | 148,487 | |
432,000 | 5.30%, 04/01/2044 | 399,358 | |
Enterprise Products Operating LLC | |||
90,000 | 3.30%, 02/15/2053 | 67,917 | |
333,000 | 4.80%, 02/01/2049 | 318,650 | |
196,522 | Galaxy Pipeline Assets Bidco Ltd. 2.94%, 09/30/2040(1) | 164,108 | |
MPLX L.P. | |||
154,000 | 4.13%, 03/01/2027 | 152,711 | |
165,000 | 4.95%, 03/14/2052 | 151,149 | |
55,000 | 5.20%, 03/01/2047 | 52,259 | |
62,000 | 5.20%, 12/01/2047 | 58,506 | |
ONEOK, Inc. | |||
120,000 | 3.10%, 03/15/2030 | 106,840 | |
80,000 | 4.55%, 07/15/2028 | 79,686 | |
90,000 | 5.85%, 01/15/2026 | 94,844 | |
42,000 | 6.35%, 01/15/2031 | 45,909 | |
60,000 | Plains All American Pipeline L.P. / PAA Finance Corp. 3.55%, 12/15/2029 | 54,712 | |
Sabine Pass Liquefaction LLC | |||
45,000 | 4.20%, 03/15/2028 | 44,178 | |
222,000 | 4.50%, 05/15/2030 | 220,503 | |
55,000 | 5.00%, 03/15/2027 | 56,294 | |
38,000 | 5.63%, 03/01/2025 | 39,357 | |
Targa Resources Corp. | |||
140,000 | 4.20%, 02/01/2033 | 132,862 |
7 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Pipelines - 1.1% - (continued) | |||
$ 20,000 | 4.95%, 04/15/2052 | $ 18,322 | |
TransCanada PipeLines Ltd. | |||
135,000 | 1.00%, 10/12/2024 | 126,758 | |
185,000 | 2.50%, 10/12/2031 | 158,466 | |
113,000 | 4.10%, 04/15/2030 | 110,567 | |
2,000 | 4.75%, 05/15/2038 | 1,969 | |
95,000 | Transcontinental Gas Pipe Line Co. LLC 3.25%, 05/15/2030 | 88,117 | |
2,892,529 | |||
Real Estate Investment Trusts - 0.5% | |||
American Tower Corp. | |||
125,000 | 1.45%, 09/15/2026 | 111,727 | |
35,000 | 1.50%, 01/31/2028 | 29,632 | |
17,000 | 2.10%, 06/15/2030 | 13,970 | |
182,000 | 2.40%, 03/15/2025 | 175,049 | |
195,000 | 3.65%, 03/15/2027 | 187,966 | |
Equinix, Inc. | |||
5,000 | 1.80%, 07/15/2027 | 4,413 | |
400,000 | 2.00%, 05/15/2028 | 348,753 | |
Realty Income Corp. | |||
10,000 | 2.20%, 06/15/2028 | 8,942 | |
100,000 | 3.40%, 01/15/2028 | 96,488 | |
VICI Properties L.P. | |||
170,000 | 4.95%, 02/15/2030 | 168,842 | |
230,000 | 5.13%, 05/15/2032 | 228,390 | |
1,374,172 | |||
Retail - 0.4% | |||
127,000 | AutoZone, Inc. 3.63%, 04/15/2025 | 127,061 | |
Home Depot, Inc. | |||
110,000 | 3.30%, 04/15/2040 | 96,447 | |
157,000 | 3.50%, 09/15/2056 | 132,108 | |
Lowe's Cos., Inc. | |||
55,000 | 3.35%, 04/01/2027 | 53,832 | |
37,000 | 3.70%, 04/15/2046 | 31,043 | |
40,000 | 3.75%, 04/01/2032 | 37,745 | |
McDonald's Corp. | |||
31,000 | 3.35%, 04/01/2023 | 31,215 | |
332,000 | 3.63%, 09/01/2049 | 278,536 | |
112,000 | Starbucks Corp. 3.80%, 08/15/2025 | 112,835 | |
900,822 | |||
Semiconductors - 1.1% | |||
2,000 | Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.14%, 11/15/2035(1) | 1,618 | |
Broadcom, Inc. | |||
20,000 | 2.60%, 02/15/2033(1) | 16,093 | |
318,000 | 3.19%, 11/15/2036(1) | 251,500 | |
545,000 | 3.42%, 04/15/2033(1) | 468,219 | |
92,000 | 3.47%, 04/15/2034(1) | 78,203 | |
285,000 | 4.30%, 11/15/2032 | 267,578 | |
Intel Corp. | |||
129,000 | 2.45%, 11/15/2029 | 116,887 | |
125,000 | 2.80%, 08/12/2041 | 98,542 | |
25,000 | 3.05%, 08/12/2051 | 19,479 | |
254,000 | 3.25%, 11/15/2049 | 205,142 | |
360,000 | Marvell Technology, Inc. 2.95%, 04/15/2031 | 313,017 | |
297,000 | Microchip Technology, Inc. 2.67%, 09/01/2023 | 294,242 | |
NVIDIA Corp. | |||
165,000 | 1.55%, 06/15/2028 | 145,389 | |
215,000 | 3.50%, 04/01/2040 | 194,664 | |
NXP B.V. / NXP Funding LLC | |||
264,000 | 4.30%, 06/18/2029(1) | 257,563 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Semiconductors - 1.1% - (continued) | |||
$ 44,000 | 4.88%, 03/01/2024(1) | $ 44,857 | |
122,000 | NXP B.V. / NXP Funding LLC / NXP USA, Inc. 3.15%, 05/01/2027(1) | 114,793 | |
2,887,786 | |||
Software - 1.5% | |||
Fiserv, Inc. | |||
393,000 | 2.25%, 06/01/2027 | 360,097 | |
382,000 | 3.20%, 07/01/2026 | 370,255 | |
Microsoft Corp. | |||
187,000 | 2.53%, 06/01/2050 | 140,834 | |
52,000 | 2.92%, 03/17/2052 | 42,431 | |
Oracle Corp. | |||
265,000 | 2.30%, 03/25/2028 | 231,064 | |
1,090,000 | 2.88%, 03/25/2031 | 921,078 | |
514,000 | 3.60%, 04/01/2040 | 399,095 | |
172,000 | 3.60%, 04/01/2050 | 123,644 | |
67,000 | 3.80%, 11/15/2037 | 54,993 | |
253,000 | 3.95%, 03/25/2051 | 192,773 | |
145,000 | 4.00%, 07/15/2046 | 113,950 | |
90,000 | 4.00%, 11/15/2047 | 70,154 | |
120,000 | 4.10%, 03/25/2061 | 88,968 | |
10,000 | 4.13%, 05/15/2045 | 7,952 | |
205,000 | S&P Global, Inc. 2.70%, 03/01/2029(1) | 188,957 | |
Salesforce.com, Inc. | |||
515,000 | 1.95%, 07/15/2031 | 442,162 | |
37,000 | 3.25%, 04/11/2023 | 37,260 | |
3,785,667 | |||
Telecommunications - 1.0% | |||
AT&T, Inc. | |||
195,000 | 1.70%, 03/25/2026 | 180,190 | |
670,000 | 3.50%, 02/01/2061 | 498,031 | |
29,000 | 3.55%, 09/15/2055 | 22,502 | |
325,000 | 3.65%, 06/01/2051 | 264,398 | |
49,000 | 3.65%, 09/15/2059 | 37,932 | |
101,000 | 3.80%, 12/01/2057 | 81,061 | |
200,000 | NTT Finance Corp. 1.16%, 04/03/2026(1) | 180,714 | |
205,000 | Rogers Communications, Inc. 4.55%, 03/15/2052(1) | 182,482 | |
T-Mobile USA, Inc. | |||
360,000 | 1.50%, 02/15/2026 | 328,654 | |
55,000 | 2.05%, 02/15/2028 | 48,546 | |
285,000 | 3.00%, 02/15/2041 | 217,704 | |
134,000 | 3.50%, 04/15/2025 | 132,319 | |
67,000 | 4.50%, 04/15/2050 | 61,251 | |
Verizon Communications, Inc. | |||
105,000 | 2.65%, 11/20/2040 | 79,633 | |
35,000 | 2.85%, 09/03/2041 | 27,378 | |
60,000 | 3.40%, 03/22/2041 | 50,556 | |
45,000 | 3.55%, 03/22/2051 | 37,131 | |
50,000 | 3.85%, 11/01/2042 | 44,467 | |
20,000 | 4.00%, 03/22/2050 | 17,932 | |
167,000 | Vodafone Group plc 4.38%, 02/19/2043 | 151,464 | |
2,644,345 | |||
Transportation - 0.4% | |||
160,000 | Canadian Pacific Railway Co. 2.45%, 12/02/2031 | 139,355 | |
55,000 | Norfolk Southern Corp. 3.40%, 11/01/2049 | 45,043 | |
Union Pacific Corp. | |||
575,000 | 2.38%, 05/20/2031 | 507,884 | |
135,000 | 2.80%, 02/14/2032 | 121,621 | |
137,000 | 4.10%, 09/15/2067 | 122,985 | |
936,888 |
8 |
Shares or Principal Amount | Market Value† | ||
CORPORATE BONDS - 30.0% - (continued) | |||
Trucking & Leasing - 0.2% | |||
$ 455,000 | DAE Funding LLC 1.55%, 08/01/2024(1) | $ 424,482 | |
Water - 0.2% | |||
406,000 | American Water Capital Corp. 3.75%, 09/01/2028 | 399,240 | |
Total Corporate Bonds (cost $88,392,150) | $ 77,130,150 | ||
FOREIGN GOVERNMENT OBLIGATIONS - 2.3% | |||
Bermuda - 0.1% | |||
400,000 | Bermuda Government International Bond 2.38%, 08/20/2030(8) | $ 351,000 | |
Chile - 0.3% | |||
Chile Government International Bond | |||
600,000 | 3.10%, 05/07/2041 | 469,104 | |
200,000 | 3.50%, 01/31/2034 | 181,398 | |
650,502 | |||
Mexico - 0.6% | |||
Mexico Government International Bond | |||
545,000 | 2.66%, 05/24/2031 | 460,525 | |
255,000 | 3.50%, 02/12/2034 | 215,801 | |
400,000 | 4.28%, 08/14/2041 | 332,816 | |
546,000 | 4.75%, 03/08/2044 | 478,012 | |
1,487,154 | |||
Panama - 0.4% | |||
Panama Government International Bond | |||
400,000 | 3.87%, 07/23/2060 | 298,912 | |
650,000 | 4.50%, 04/16/2050 | 562,133 | |
200,000 | 4.50%, 01/19/2063 | 165,454 | |
1,026,499 | |||
Philippines - 0.3% | |||
965,000 | Philippine Government International Bond 3.70%, 02/02/2042 | 845,359 | |
Romania - 0.3% | |||
312,000 | Romania 3.00%, 02/27/2027(1) | 289,776 | |
466,000 | Romanian Government International Bond 3.00%, 02/14/2031(8) | 397,005 | |
686,781 | |||
Saudi Arabia - 0.2% | |||
605,000 | Saudi Government International Bond 4.50%, 10/26/2046(8) | 579,409 | |
United Arab Emirates - 0.1% | |||
390,000 | Finance Department Government of Sharjah 3.63%, 03/10/2033(8) | 343,202 | |
Total Foreign Government Obligations (cost $7,344,945) | $ 5,969,906 | ||
MUNICIPAL BONDS - 0.7% | |||
Airport - 0.1% | |||
205,000 | Dallas Fort Worth International Airport 4.51%, 11/01/2051 | $ 195,933 | |
Development - 0.2% | |||
435,000 | New York Transportation Dev Corp. Rev 4.25%, 09/01/2035 | 431,654 | |
General - 0.1% | |||
County of Riverside, CA | |||
55,000 | 2.96%, 02/15/2027 | 52,955 |
Shares or Principal |