CORPORATE
BONDS
—
45.29%
-
continued
Principal
Amount
Fair
Value
Equinor
ASA,
3.95%,
5/15/2043
$
1,000,000
$
855,685
1,514,721
Financials
—
12.6%
Bank
of
America
Corp.,
MTN,
3.38%,
4/2/2026
(SOFRRATE
+
1.330bps)
(b)
1,000,000
951,769
BB
Blue
Financing
DAC,
Series
A2,
4.40%,
9/20/2029
1,000,000
991,480
BB
Blue
Financing
DAC,
Series
A1,
4.40%,
9/20/2037
1,000,000
1,003,580
Credit
Suisse
Group
AG,
9.02%,
11/15/2033
(SOFRRATE
+
5.020bps)
(a)(b)
1,050,000
1,060,373
HSBC
Holdings
PLC,
5.21%,
8/11/2028
(SOFRRATE
+
2.610bps)
(b)
1,000,000
963,539
HSBC
Holdings
PLC,
5.40%,
8/11/2033
(SOFRRATE
+
2.870bps)
(b)
1,075,000
1,000,496
ING
Groep
N.V.,
1.40%,
7/1/2026
(H15T1Y
+
1.100bps)
(a)(b)
1,000,000
892,279
Intesa
Sanpaolo
SpA,
8.25%,
11/21/2033
(H15T1Y
+
4.400bps)
(a)(b)
1,600,000
1,640,944
National
Bank
of
Canada,
MTN,
0.55%,
11/15/2024
(H15T1Y
+
0.400bps)
(b)
1,000,000
953,844
OMERS
Finance
Trust,
3.50%,
4/19/2032
(a)
1,000,000
911,939
OMERS
Finance
Trust,
4.00%,
4/19/2052
(a)
1,000,000
825,127
Province
of
Quebec
Canada,
1.90%,
4/21/2031
1,000,000
841,345
SVB
Financial
Group,
1.80%,
2/2/2031
1,000,000
718,669
12,755,384
Health
Care
—
1.5%
Gilead
Sciences,
Inc.,
2.60%,
10/1/2040
1,000,000
712,781
Takeda
Pharmaceutical
Co.,
Ltd.,
2.05%,
3/31/2030
1,000,000
822,037
1,534,818
Industrials
—
4.8%
Delta
Air
Lines
Pass
Through
Trust,
Series
2020-1,
Class
A,
2.50%,
6/10/2028
1,613,986
1,368,788
Otis
Worldwide
Corp.,
3.11%,
2/15/2040
1,000,000
748,927
Siemens
Financieringsmaatschappij
N.V.,
1.20%,
3/11/2026
1,000,000
891,600
Tote
Shipholdings,
LLC,
3.40%,
10/16/2040
1,023,000
923,405
Vessel
Management
Services,
Inc.,
3.48%,
1/16/2037
963,000
879,435
4,812,155
Materials
—
1.3%
FMG
Resources
(August
2006)
Pty
Ltd.,
6.13%,
4/15/2032
(a)
500,000
458,100
Newmont
Corp.,
2.25%,
10/1/2030
1,000,000
805,007
1,263,107
Multi-Nationals
—
5.4%
European
Investment
Bank,
0.75%,
9/23/2030
1,000,000
791,437
Inter-American
Investment
Corp.,
2.63%,
4/22/2025
1,000,000
959,608
International
Bank
for
Reconstruction
&
Global
Construction,
0.63%,
4/22/2025
1,000,000
917,866
International
Financial
Corp.,
GMT
N,
0.50%,
3/20/2023
1,000,000
988,304
Kreditanstalt
fuer
Wiederaufbau,
1.00%,
10/1/2026
1,000,000
889,025
United
States
International
Development
Finance,
3.43%,
6/1/2033
996,970
939,638
5,485,878
Real
Estate
—
1.8%
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
3.38%,
6/15/2026
(a)
1,000,000
861,605
Preservation
of
Affordable
Housing,
Inc.,
4.48%,
12/1/2032
1,000,000
932,438
1,794,043