|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities: 34.36%
|
|
|
|
|
|
|
|
FHLMC
|
|
2.00
%
|
6-1-2050
|
$
|
1,136,408
|
$892,621
|
|
FHLMC
|
|
2.00
|
7-1-2050
|
|
1,275,806
|
998,854
|
|
FHLMC
|
|
2.50
|
11-1-2050
|
|
838,189
|
688,705
|
|
FHLMC
|
|
2.50
|
2-1-2051
|
|
1,553,144
|
1,276,963
|
|
FHLMC
|
|
2.50
|
5-1-2051
|
|
477,035
|
392,098
|
|
FHLMC
|
|
2.50
|
9-1-2051
|
|
1,480,857
|
1,212,725
|
|
FHLMC
|
|
3.00
|
8-1-2049
|
|
1,438,765
|
1,238,617
|
|
FHLMC
|
|
3.00
|
1-1-2050
|
|
1,035,024
|
890,316
|
|
FHLMC
|
|
3.00
|
7-1-2050
|
|
503,950
|
429,621
|
|
FHLMC
|
|
3.50
|
7-1-2049
|
|
496,955
|
446,011
|
|
FHLMC
|
|
3.50
|
1-1-2050
|
|
253,262
|
227,115
|
|
FHLMC
|
|
5.50
|
1-1-2055
|
|
3,445,465
|
3,453,508
|
|
FNMA
|
|
2.00
|
6-1-2050
|
|
1,491,547
|
1,171,574
|
|
FNMA
|
|
2.00
|
7-1-2050
|
|
1,843,847
|
1,444,972
|
|
FNMA
|
|
2.00
|
9-1-2050
|
|
656,074
|
513,047
|
|
FNMA
|
|
2.00
|
11-1-2050
|
|
1,255,151
|
984,257
|
|
FNMA
|
|
2.50
|
9-1-2049
|
|
151,793
|
124,790
|
|
FNMA
|
|
2.50
|
12-1-2049
|
|
285,070
|
234,476
|
|
FNMA
|
|
2.50
|
4-1-2050
|
|
290,813
|
239,847
|
|
FNMA
|
|
2.50
|
8-1-2050
|
|
290,309
|
239,164
|
|
FNMA
|
|
2.50
|
11-1-2050
|
|
261,423
|
214,685
|
|
FNMA
|
|
2.50
|
12-1-2050
|
|
1,161,038
|
953,629
|
|
FNMA
|
|
2.50
|
7-1-2051
|
|
1,545,404
|
1,266,725
|
|
FNMA
|
|
3.00
|
8-1-2049
|
|
269,043
|
231,029
|
|
FNMA
|
|
3.00
|
2-1-2050
|
|
282,899
|
243,252
|
|
FNMA
|
|
3.00
|
5-1-2050
|
|
204,912
|
176,035
|
|
FNMA
|
|
3.00
|
6-1-2050
|
|
247,529
|
212,647
|
|
FNMA
|
|
3.00
|
7-1-2050
|
|
102,419
|
87,985
|
|
FNMA
|
|
3.00
|
8-1-2050
|
|
701,780
|
602,880
|
|
FNMA
|
|
3.00
|
9-1-2050
|
|
1,984,689
|
1,704,987
|
|
FNMA
|
|
3.00
|
5-1-2051
|
|
686,577
|
589,182
|
|
FNMA
|
|
3.00
|
6-1-2051
|
|
156,214
|
133,746
|
|
FNMA
|
|
3.00
|
7-1-2051
|
|
236,941
|
203,040
|
|
FNMA
|
|
3.00
|
1-1-2052
|
|
1,173,002
|
998,378
|
|
FNMA
|
|
3.50
|
6-1-2048
|
|
1,855,947
|
1,670,565
|
|
FNMA
|
|
3.50
|
5-1-2049
|
|
286,045
|
255,988
|
|
FNMA
|
|
3.50
|
8-1-2049
|
|
482,849
|
433,250
|
|
FNMA
|
|
3.50
|
11-1-2049
|
|
583,282
|
520,700
|
|
FNMA
|
|
3.50
|
2-1-2050
|
|
406,283
|
363,192
|
|
FNMA
|
|
3.50
|
9-1-2050
|
|
2,017,703
|
1,806,430
|
|
FNMA
|
|
3.50
|
1-1-2051
|
|
431,360
|
386,886
|
|
FNMA
|
|
3.50
|
2-1-2051
|
|
1,762,450
|
1,580,737
|
|
FNMA
|
|
4.00
|
6-1-2048
|
|
728,808
|
679,872
|
|
FNMA
|
|
4.00
|
8-1-2048
|
|
222,217
|
207,284
|
|
FNMA
|
|
4.00
|
9-1-2048
|
|
190,157
|
177,300
|
|
FNMA
|
|
4.00
|
11-1-2048
|
|
212,152
|
197,719
|
|
FNMA
|
|
4.00
|
1-1-2049
|
|
145,395
|
135,474
|
|
FNMA
|
|
4.00
|
3-1-2049
|
|
386,965
|
360,893
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Agency securities(continued)
|
|
|
|
|
|
|
|
FNMA
|
|
4.00
%
|
1-1-2050
|
$
|
279,520
|
$259,274
|
|
FNMA
|
|
4.00
|
5-1-2051
|
|
273,172
|
254,703
|
|
FNMA
|
|
4.00
|
6-1-2052
|
|
406,995
|
373,715
|
|
FNMA
|
|
4.00
|
3-1-2051
|
|
288,562
|
268,593
|
|
FNMA
|
|
4.28
|
2-1-2030
|
|
500,000
|
498,025
|
|
FNMA
|
|
4.35
|
12-1-2029
|
|
500,000
|
500,013
|
|
FNMA
|
|
4.40
|
1-1-2030
|
|
500,000
|
500,202
|
|
FNMA
|
|
4.45
|
1-1-2031
|
|
300,000
|
300,292
|
|
FNMA
|
|
4.46
|
2-1-2031
|
|
820,226
|
818,894
|
|
FNMA
|
|
4.50
|
9-1-2052
|
|
288,597
|
272,768
|
|
FNMA
|
|
4.50
|
10-1-2052
|
|
263,314
|
248,881
|
|
FNMA
|
|
4.51
|
2-1-2030
|
|
430,000
|
432,533
|
|
FNMA
|
|
4.56
|
3-1-2030
|
|
380,000
|
382,864
|
|
FNMA
|
|
4.83
|
4-1-2031
|
|
800,000
|
810,379
|
|
FNMA
|
|
4.98
|
5-1-2030
|
|
410,000
|
417,663
|
|
FNMA
|
|
5.00
|
1-1-2031
|
|
1,963,000
|
2,010,613
|
|
FNMA%%
|
|
5.00
|
6-15-2054
|
|
1,830,000
|
1,771,177
|
|
FNMA
|
|
5.04
|
1-1-2031
|
|
2,108,266
|
2,165,647
|
|
FNMA
|
|
5.09
|
1-1-2031
|
|
2,852,127
|
2,936,618
|
|
FNMA
|
|
5.17
|
3-1-2031
|
|
997,697
|
1,024,147
|
|
FNMA
|
|
5.20
|
3-1-2031
|
|
947,630
|
975,097
|
|
FNMA
|
|
5.23
|
2-1-2032
|
|
748,237
|
769,898
|
|
FNMA
|
|
5.50
|
12-1-2054
|
|
1,939,798
|
1,942,942
|
|
Total agency securities (Cost $53,173,999)
|
|
|
|
|
|
53,428,709
|
|
Asset-backed securities: 12.12%
|
|
|
|
|
|
|
|
Barings Equipment Finance LLC Series 2025-A Class A4144A
|
|
5.02
|
6-13-2050
|
|
1,000,000
|
1,005,442
|
|
Enterprise Fleet Financing LLC Series 2025-1 Class A4144A
|
|
4.97
|
9-22-2031
|
|
730,000
|
739,209
|
|
Ford Credit Auto Owner Trust Series 2025-1 Class A144Aøø
|
|
4.86
|
8-15-2037
|
|
945,000
|
956,170
|
|
GM Financial Revolving Receivables Trust Series 2024-1 Class A144A
|
|
4.98
|
12-11-2036
|
|
810,000
|
824,438
|
|
GM Financial Revolving Receivables Trust Series 2024-2 Class A144A
|
|
4.52
|
3-11-2037
|
|
125,000
|
124,724
|
|
GM Financial Revolving Receivables Trust Series 2025-1 Class A144A
|
|
4.64
|
12-11-2037
|
|
325,000
|
325,538
|
|
John Deere Owner Trust Series 2025-A Class A4
|
|
4.42
|
2-17-2032
|
|
245,000
|
244,427
|
|
M&T Bank Auto Receivables Trust Series 2025-1A Class A4144A
|
|
4.89
|
7-15-2032
|
|
1,000,000
|
1,008,490
|
|
SBA Small Business Investment Cos. Series 2025-10A Class 1
|
|
4.96
|
3-10-2035
|
|
1,850,000
|
1,869,524
|
|
Small Business Administration Participation Certificates Series 2024-
25G Class 1
|
|
4.89
|
7-1-2049
|
|
788,543
|
778,574
|
|
Small Business Administration Participation Certificates Series 2024-
25H Class 1
|
|
4.73
|
8-1-2049
|
|
1,086,455
|
1,076,204
|
|
Toyota Auto Loan Extended Note Trust Series 2023-1A Class A144A
|
|
4.93
|
6-25-2036
|
|
120,000
|
121,740
|
|
U.S. Small Business Administration Series 2022-25G Class 1
|
|
3.93
|
7-1-2047
|
|
61,416
|
57,902
|
|
U.S. Small Business Administration Series 2023-25C Class 1
|
|
4.93
|
3-1-2048
|
|
1,184,491
|
1,183,875
|
|
U.S. Small Business Administration Series 2023-25E Class 1
|
|
4.62
|
5-1-2048
|
|
904,505
|
872,347
|
|
U.S. Small Business Administration Series 2023-25G Class 1
|
|
5.18
|
7-1-2048
|
|
1,133,476
|
1,142,296
|
|
U.S. Small Business Administration Series 2023-25H Class 1
|
|
5.15
|
8-1-2048
|
|
1,265,564
|
1,268,875
|
|
U.S. Small Business Administration Series 2023-25I Class 1
|
|
5.41
|
9-1-2048
|
|
1,539,985
|
1,567,250
|
|
U.S. Small Business Administration Series 2024-25A Class 1
|
|
5.05
|
1-1-2049
|
|
94,899
|
95,054
|
|
U.S. Small Business Administration Series 2024-25B Class 1
|
|
5.07
|
2-1-2049
|
|
364,375
|
367,246
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Asset-backed securities(continued)
|
|
|
|
|
|
|
|
U.S. Small Business Administration Series 2024-25F Class 1
|
|
5.04
%
|
6-1-2049
|
$
|
1,083,746
|
$1,081,696
|
|
U.S. Small Business Administration Series 2024-25I Class 1
|
|
4.45
|
9-1-2049
|
|
153,095
|
147,892
|
|
U.S. Small Business Administration Series 2024-25L Class 1
|
|
4.82
|
12-1-2049
|
|
785,000
|
770,647
|
|
U.S. Small Business Administration Series 2025-20A Class 1
|
|
5.24
|
1-1-2045
|
|
1,000,000
|
1,014,859
|
|
U.S. Small Business Administration Series 2025-20B Class 1
|
|
5.01
|
2-1-2045
|
|
200,000
|
201,251
|
|
Total asset-backed securities (Cost $18,773,087)
|
|
|
|
|
|
18,845,670
|
|
Corporate bonds and notes: 27.06%
|
|
|
|
|
|
|
|
Basic materials: 0.43%
|
|
|
|
|
|
|
|
Chemicals: 0.26%
|
|
|
|
|
|
|
|
Eastman Chemical Co.
|
|
5.75
|
3-8-2033
|
|
160,000
|
163,934
|
|
PPG Industries, Inc.
|
|
2.80
|
8-15-2029
|
|
50,000
|
46,597
|
|
Sherwin-Williams Co.
|
|
2.95
|
8-15-2029
|
|
210,000
|
196,372
|
|
|
|
|
|
|
|
406,903
|
|
Forest products & paper: 0.02%
|
|
|
|
|
|
|
|
Georgia-Pacific LLC144A
|
|
2.30
|
4-30-2030
|
|
30,000
|
26,991
|
|
Iron/steel: 0.12%
|
|
|
|
|
|
|
|
Nucor Corp.
|
|
4.65
|
6-1-2030
|
|
190,000
|
189,473
|
|
Mining: 0.03%
|
|
|
|
|
|
|
|
Newmont Corp./Newcrest Finance Pty. Ltd.
|
|
5.35
|
3-15-2034
|
|
50,000
|
50,492
|
|
Communications: 1.77%
|
|
|
|
|
|
|
|
Media: 0.46%
|
|
|
|
|
|
|
|
Charter Communications Operating LLC/Charter Communications
Operating Capital
|
|
4.40
|
4-1-2033
|
|
270,000
|
249,050
|
|
Comcast Corp.
|
|
1.95
|
1-15-2031
|
|
50,000
|
43,275
|
|
Comcast Corp.
|
|
3.40
|
4-1-2030
|
|
170,000
|
161,441
|
|
Comcast Corp.
|
|
4.60
|
10-15-2038
|
|
120,000
|
108,859
|
|
Comcast Corp.
|
|
4.95
|
5-15-2032
|
|
140,000
|
140,778
|
|
|
|
|
|
|
|
703,403
|
|
Telecommunications: 1.31%
|
|
|
|
|
|
|
|
AT&T, Inc.
|
|
2.25
|
2-1-2032
|
|
150,000
|
127,265
|
|
AT&T, Inc.
|
|
2.75
|
6-1-2031
|
|
130,000
|
116,341
|
|
AT&T, Inc.
|
|
4.50
|
5-15-2035
|
|
120,000
|
112,882
|
|
AT&T, Inc.
|
|
4.65
|
6-1-2044
|
|
40,000
|
33,759
|
|
AT&T, Inc.
|
|
4.75
|
5-15-2046
|
|
180,000
|
153,516
|
|
AT&T, Inc.
|
|
5.35
|
9-1-2040
|
|
120,000
|
113,901
|
|
Motorola Solutions, Inc.
|
|
5.00
|
4-15-2029
|
|
100,000
|
101,093
|
|
T-Mobile USA, Inc.
|
|
2.40
|
3-15-2029
|
|
120,000
|
110,943
|
|
T-Mobile USA, Inc.
|
|
2.55
|
2-15-2031
|
|
130,000
|
115,144
|
|
T-Mobile USA, Inc.
|
|
3.38
|
4-15-2029
|
|
100,000
|
95,368
|
|
T-Mobile USA, Inc.
|
|
3.88
|
4-15-2030
|
|
200,000
|
192,853
|
|
T-Mobile USA, Inc.
|
|
4.80
|
7-15-2028
|
|
110,000
|
111,177
|
|
Verizon Communications, Inc.
|
|
1.75
|
1-20-2031
|
|
220,000
|
187,556
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Telecommunications(continued)
|
|
|
|
|
|
|
|
Verizon Communications, Inc.
|
|
2.36
%
|
3-15-2032
|
$
|
330,000
|
$281,445
|
|
Verizon Communications, Inc.
|
|
4.40
|
11-1-2034
|
|
150,000
|
140,477
|
|
Verizon Communications, Inc.
|
|
4.81
|
3-15-2039
|
|
50,000
|
46,094
|
|
|
|
|
|
|
|
2,039,814
|
|
Consumer, cyclical: 1.41%
|
|
|
|
|
|
|
|
Auto manufacturers: 1.09%
|
|
|
|
|
|
|
|
American Honda Finance Corp.
|
|
2.25
|
1-12-2029
|
|
120,000
|
110,431
|
|
American Honda Finance Corp.
|
|
4.40
|
9-5-2029
|
|
110,000
|
108,845
|
|
American Honda Finance Corp.
|
|
4.90
|
3-13-2029
|
|
160,000
|
161,259
|
|
BMW U.S. Capital LLC144A
|
|
4.65
|
8-13-2029
|
|
50,000
|
49,749
|
|
BMW U.S. Capital LLC144A
|
|
5.05
|
3-21-2030
|
|
45,000
|
45,355
|
|
Ford Motor Credit Co. LLC
|
|
3.63
|
6-17-2031
|
|
200,000
|
172,093
|
|
General Motors Co.
|
|
6.13
|
10-1-2025
|
|
110,000
|
110,329
|
|
General Motors Financial Co., Inc.
|
|
2.40
|
10-15-2028
|
|
60,000
|
55,188
|
|
General Motors Financial Co., Inc.
|
|
2.70
|
6-10-2031
|
|
50,000
|
42,908
|
|
General Motors Financial Co., Inc.
|
|
4.30
|
4-6-2029
|
|
80,000
|
77,491
|
|
General Motors Financial Co., Inc.
|
|
5.00
|
4-9-2027
|
|
250,000
|
250,137
|
|
Hyundai Capital America144A
|
|
5.30
|
1-8-2030
|
|
220,000
|
222,536
|
|
Mercedes-Benz Finance North America LLC144A
|
|
5.00
|
4-1-2030
|
|
150,000
|
150,780
|
|
Toyota Motor Credit Corp.
|
|
5.10
|
3-21-2031
|
|
140,000
|
142,384
|
|
|
|
|
|
|
|
1,699,485
|
|
Entertainment: 0.13%
|
|
|
|
|
|
|
|
Warnermedia Holdings, Inc.
|
|
4.05
|
3-15-2029
|
|
100,000
|
93,120
|
|
Warnermedia Holdings, Inc.
|
|
4.28
|
3-15-2032
|
|
130,000
|
110,314
|
|
|
|
|
|
|
|
203,434
|
|
Retail: 0.19%
|
|
|
|
|
|
|
|
AutoZone, Inc.
|
|
5.10
|
7-15-2029
|
|
130,000
|
132,501
|
|
Lowe’s Cos., Inc.
|
|
3.75
|
4-1-2032
|
|
170,000
|
158,207
|
|
|
|
|
|
|
|
290,708
|
|
Consumer, non-cyclical: 3.70%
|
|
|
|
|
|
|
|
Agriculture: 0.07%
|
|
|
|
|
|
|
|
Cargill, Inc.144A
|
|
2.13
|
11-10-2031
|
|
130,000
|
111,385
|
|
Beverages: 0.13%
|
|
|
|
|
|
|
|
Diageo Investment Corp.
|
|
5.63
|
4-15-2035
|
|
200,000
|
205,290
|
|
Commercial services: 1.09%
|
|
|
|
|
|
|
|
Equifax, Inc.
|
|
2.35
|
9-15-2031
|
|
120,000
|
102,964
|
|
Equifax, Inc.
|
|
4.80
|
9-15-2029
|
|
50,000
|
49,901
|
|
Equifax, Inc.
|
|
5.10
|
6-1-2028
|
|
50,000
|
50,600
|
|
J Paul Getty Trust
|
|
4.91
|
4-1-2035
|
|
450,000
|
443,908
|
|
Leland Stanford Junior University
|
|
4.68
|
3-1-2035
|
|
420,000
|
409,940
|
|
Massachusetts Institute of Technology
|
|
5.62
|
6-1-2055
|
|
215,000
|
214,449
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Commercial services(continued)
|
|
|
|
|
|
|
|
RELX Capital, Inc.
|
|
5.25
%
|
3-27-2035
|
$
|
100,000
|
$100,429
|
|
University of Southern California
|
|
3.03
|
10-1-2039
|
|
400,000
|
317,041
|
|
|
|
|
|
|
|
1,689,232
|
|
Food: 0.57%
|
|
|
|
|
|
|
|
General Mills, Inc.
|
|
4.88
|
1-30-2030
|
|
110,000
|
110,960
|
|
General Mills, Inc.
|
|
5.50
|
10-17-2028
|
|
110,000
|
113,527
|
|
Ingredion, Inc.
|
|
2.90
|
6-1-2030
|
|
170,000
|
156,318
|
|
Ingredion, Inc.
|
|
3.20
|
10-1-2026
|
|
30,000
|
29,437
|
|
Mars, Inc.144A
|
|
5.00
|
3-1-2032
|
|
100,000
|
100,336
|
|
Mars, Inc.144A
|
|
5.20
|
3-1-2035
|
|
150,000
|
149,437
|
|
McCormick & Co., Inc.
|
|
2.50
|
4-15-2030
|
|
260,000
|
234,776
|
|
|
|
|
|
|
|
894,791
|
|
Healthcare-products: 0.46%
|
|
|
|
|
|
|
|
Agilent Technologies, Inc.
|
|
2.10
|
6-4-2030
|
|
130,000
|
115,286
|
|
Agilent Technologies, Inc.
|
|
2.75
|
9-15-2029
|
|
50,000
|
46,410
|
|
Baxter International, Inc.
|
|
2.27
|
12-1-2028
|
|
120,000
|
110,816
|
|
GE HealthCare Technologies, Inc.
|
|
4.80
|
8-14-2029
|
|
160,000
|
160,861
|
|
GE HealthCare Technologies, Inc.
|
|
5.86
|
3-15-2030
|
|
110,000
|
115,156
|
|
GE HealthCare Technologies, Inc.
|
|
5.91
|
11-22-2032
|
|
110,000
|
115,484
|
|
Revvity, Inc.
|
|
1.90
|
9-15-2028
|
|
50,000
|
45,839
|
|
|
|
|
|
|
|
709,852
|
|
Healthcare-services: 0.77%
|
|
|
|
|
|
|
|
Baylor Scott & White Holdings Series 2021
|
|
1.78
|
11-15-2030
|
|
100,000
|
85,720
|
|
Cedars-Sinai Health System Series 2021
|
|
2.29
|
8-15-2031
|
|
85,000
|
73,121
|
|
Duke University Health System, Inc. Series 2017
|
|
3.92
|
6-1-2047
|
|
210,000
|
159,950
|
|
Health Care Service Corp. A Mutual Legal Reserve Co.144A
|
|
2.20
|
6-1-2030
|
|
130,000
|
115,044
|
|
Health Care Service Corp. A Mutual Legal Reserve Co.144A
|
|
5.20
|
6-15-2029
|
|
160,000
|
161,991
|
|
Kaiser Foundation Hospitals Series 2021
|
|
2.81
|
6-1-2041
|
|
200,000
|
138,730
|
|
Laboratory Corp. of America Holdings
|
|
4.35
|
4-1-2030
|
|
170,000
|
166,955
|
|
Providence St. Joseph Health Obligated Group Series H
|
|
2.75
|
10-1-2026
|
|
120,000
|
117,085
|
|
Sutter Health
|
|
5.16
|
8-15-2033
|
|
175,000
|
174,698
|
|
|
|
|
|
|
|
1,193,294
|
|
Pharmaceuticals: 0.61%
|
|
|
|
|
|
|
|
Becton Dickinson & Co.
|
|
1.96
|
2-11-2031
|
|
230,000
|
197,255
|
|
Becton Dickinson & Co.
|
|
4.30
|
8-22-2032
|
|
50,000
|
47,623
|
|
Becton Dickinson & Co.
|
|
4.87
|
2-8-2029
|
|
110,000
|
110,685
|
|
CVS Health Corp.
|
|
1.75
|
8-21-2030
|
|
200,000
|
170,090
|
|
CVS Health Corp.
|
|
5.13
|
2-21-2030
|
|
200,000
|
201,140
|
|
CVS Health Corp.
|
|
5.25
|
2-21-2033
|
|
230,000
|
226,626
|
|
|
|
|
|
|
|
953,419
|
|
Energy: 2.50%
|
|
|
|
|
|
|
|
Oil & gas: 0.96%
|
|
|
|
|
|
|
|
BP Capital Markets America, Inc.
|
|
4.70
|
4-10-2029
|
|
110,000
|
111,111
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Oil & gas(continued)
|
|
|
|
|
|
|
|
BP Capital Markets America, Inc.
|
|
4.87
%
|
11-25-2029
|
$
|
110,000
|
$111,476
|
|
BP Capital Markets America, Inc.
|
|
4.89
|
9-11-2033
|
|
170,000
|
167,123
|
|
ConocoPhillips Co.
|
|
4.70
|
1-15-2030
|
|
200,000
|
200,914
|
|
Coterra Energy, Inc.
|
|
3.90
|
5-15-2027
|
|
110,000
|
108,340
|
|
Coterra Energy, Inc.
|
|
4.38
|
3-15-2029
|
|
190,000
|
187,029
|
|
Marathon Petroleum Corp.
|
|
5.15
|
3-1-2030
|
|
210,000
|
212,039
|
|
Phillips 66 Co.
|
|
5.25
|
6-15-2031
|
|
270,000
|
273,342
|
|
Pioneer Natural Resources Co.
|
|
2.15
|
1-15-2031
|
|
130,000
|
113,824
|
|
|
|
|
|
|
|
1,485,198
|
|
Oil & gas services: 0.18%
|
|
|
|
|
|
|
|
Halliburton Co.
|
|
2.92
|
3-1-2030
|
|
300,000
|
275,359
|
|
Pipelines: 1.36%
|
|
|
|
|
|
|
|
Energy Transfer LP
|
|
5.20
|
4-1-2030
|
|
30,000
|
30,287
|
|
Energy Transfer LP
|
|
6.40
|
12-1-2030
|
|
260,000
|
276,413
|
|
Florida Gas Transmission Co. LLC144A
|
|
2.30
|
10-1-2031
|
|
440,000
|
373,254
|
|
Kinder Morgan, Inc.
|
|
5.00
|
2-1-2029
|
|
50,000
|
50,558
|
|
Kinder Morgan, Inc.
|
|
5.15
|
6-1-2030
|
|
120,000
|
121,128
|
|
MPLX LP
|
|
4.95
|
9-1-2032
|
|
340,000
|
330,755
|
|
MPLX LP
|
|
5.00
|
3-1-2033
|
|
150,000
|
145,570
|
|
ONEOK, Inc.
|
|
3.25
|
6-1-2030
|
|
145,000
|
134,009
|
|
ONEOK, Inc.
|
|
4.40
|
10-15-2029
|
|
20,000
|
19,680
|
|
Plains All American Pipeline LP/PAA Finance Corp.
|
|
5.70
|
9-15-2034
|
|
160,000
|
158,786
|
|
Sabine Pass Liquefaction LLC
|
|
4.50
|
5-15-2030
|
|
170,000
|
167,492
|
|
Transcontinental Gas Pipe Line Co. LLC
|
|
3.25
|
5-15-2030
|
|
100,000
|
93,178
|
|
Williams Cos., Inc.
|
|
3.75
|
6-15-2027
|
|
20,000
|
19,714
|
|
Williams Cos., Inc.
|
|
4.65
|
8-15-2032
|
|
85,000
|
82,263
|
|
Williams Cos., Inc.
|
|
4.90
|
3-15-2029
|
|
10,000
|
10,085
|
|
Williams Cos., Inc.
|
|
8.75
|
3-15-2032
|
|
90,000
|
107,270
|
|
|
|
|
|
|
|
2,120,442
|
|
Financial: 9.38%
|
|
|
|
|
|
|
|
Banks: 5.81%
|
|
|
|
|
|
|
|
Bank of America Corp. (U.S. SOFR+1.05%)±
|
|
2.55
|
2-4-2028
|
|
260,000
|
251,298
|
|
Bank of America Corp. (U.S. SOFR+1.21%)±
|
|
2.57
|
10-20-2032
|
|
300,000
|
260,098
|
|
Bank of America Corp. (U.S. SOFR+1.33%)±
|
|
2.97
|
2-4-2033
|
|
50,000
|
44,070
|
|
Bank of America Corp. (U.S. SOFR+1.37%)±
|
|
1.92
|
10-24-2031
|
|
130,000
|
111,902
|
|
Bank of America Corp. (U.S. SOFR+1.53%)±
|
|
1.90
|
7-23-2031
|
|
200,000
|
173,135
|
|
Bank of America Corp. (U.S. SOFR 3 Month+1.30%)±
|
|
3.42
|
12-20-2028
|
|
90,000
|
87,327
|
|
Bank of America Corp. (U.S. SOFR 3 Month+1.57%)±
|
|
4.27
|
7-23-2029
|
|
250,000
|
247,190
|
|
Bank of New York Mellon Corp. (U.S. SOFR+1.23%)±
|
|
5.06
|
7-22-2032
|
|
180,000
|
181,951
|
|
Citigroup, Inc. (U.S. SOFR+1.17%)±
|
|
2.56
|
5-1-2032
|
|
180,000
|
157,224
|
|
Citigroup, Inc. (U.S. SOFR+1.18%)±
|
|
2.52
|
11-3-2032
|
|
130,000
|
111,866
|
|
Citigroup, Inc. (U.S. SOFR+1.34%)±
|
|
4.54
|
9-19-2030
|
|
50,000
|
49,385
|
|
Citigroup, Inc. (U.S. SOFR+1.35%)±
|
|
3.06
|
1-25-2033
|
|
50,000
|
43,980
|
|
Citigroup, Inc. (U.S. SOFR+2.09%)±
|
|
4.91
|
5-24-2033
|
|
170,000
|
167,120
|
|
Citigroup, Inc. (U.S. SOFR+2.11%)±
|
|
2.57
|
6-3-2031
|
|
130,000
|
116,453
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Citigroup, Inc. (U.S. SOFR+4.55%)±
|
|
5.32
%
|
3-26-2041
|
$
|
120,000
|
$114,432
|
|
Citigroup, Inc. (U.S. SOFR 3 Month+1.45%)±
|
|
4.08
|
4-23-2029
|
|
120,000
|
118,092
|
|
Citizens Financial Group, Inc. (U.S. SOFR+1.26%)±
|
|
5.25
|
3-5-2031
|
|
360,000
|
360,375
|
|
Fifth Third Bancorp (U.S. SOFR+1.66%)±
|
|
4.34
|
4-25-2033
|
|
80,000
|
75,011
|
|
Fifth Third Bancorp (U.S. SOFR+1.84%)±
|
|
5.63
|
1-29-2032
|
|
110,000
|
112,950
|
|
Fifth Third Bancorp (U.S. SOFR+2.13%)±
|
|
4.77
|
7-28-2030
|
|
110,000
|
109,637
|
|
Fifth Third Bancorp (U.S. SOFR+2.19%)±
|
|
6.36
|
10-27-2028
|
|
110,000
|
114,037
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+1.09%)±
|
|
1.99
|
1-27-2032
|
|
170,000
|
144,687
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+1.11%)±
|
|
2.64
|
2-24-2028
|
|
200,000
|
193,211
|
|
Goldman Sachs Group, Inc. (U.S. SOFR+1.21%)±
|
|
5.05
|
7-23-2030
|
|
310,000
|
312,648
|
|
Huntington Bancshares, Inc.
|
|
2.55
|
2-4-2030
|
|
130,000
|
117,494
|
|
Huntington Bancshares, Inc. (U.S. SOFR+2.05%)±
|
|
5.02
|
5-17-2033
|
|
170,000
|
165,294
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.02%)±
|
|
2.07
|
6-1-2029
|
|
200,000
|
186,014
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.18%)±
|
|
2.55
|
11-8-2032
|
|
30,000
|
25,997
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.26%)±
|
|
2.96
|
1-25-2033
|
|
50,000
|
44,228
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.31%)±
|
|
5.01
|
1-23-2030
|
|
110,000
|
111,304
|
|
JPMorgan Chase & Co. (U.S. SOFR+1.45%)±
|
|
5.30
|
7-24-2029
|
|
210,000
|
214,258
|
|
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.11%)±
|
|
1.76
|
11-19-2031
|
|
180,000
|
153,733
|
|
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.52%)±
|
|
4.20
|
7-23-2029
|
|
250,000
|
247,363
|
|
KeyCorp
|
|
2.25
|
4-6-2027
|
|
205,000
|
196,217
|
|
KeyCorp
|
|
2.55
|
10-1-2029
|
|
10,000
|
9,115
|
|
KeyCorp (U.S. SOFR+1.23%)±
|
|
5.12
|
4-4-2031
|
|
100,000
|
99,787
|
|
KeyCorp (U.S. SOFR+2.06%)±
|
|
4.79
|
6-1-2033
|
|
60,000
|
57,282
|
|
M&T Bank Corp. (U.S. SOFR+1.85%)±
|
|
5.05
|
1-27-2034
|
|
170,000
|
164,725
|
|
Morgan Stanley (U.S. SOFR+1.11%)±
|
|
5.23
|
1-15-2031
|
|
125,000
|
126,847
|
|
Morgan Stanley (U.S. SOFR+1.18%)±
|
|
2.24
|
7-21-2032
|
|
180,000
|
153,291
|
|
Morgan Stanley (U.S. SOFR+1.26%)±
|
|
5.66
|
4-18-2030
|
|
100,000
|
103,230
|
|
Morgan Stanley (U.S. SOFR+1.45%)±
|
|
5.17
|
1-16-2030
|
|
70,000
|
71,076
|
|
Morgan Stanley (U.S. SOFR+1.51%)±
|
|
5.19
|
4-17-2031
|
|
120,000
|
121,753
|
|
Morgan Stanley (U.S. SOFR+1.59%)±
|
|
5.16
|
4-20-2029
|
|
110,000
|
111,535
|
|
Morgan Stanley (U.S. SOFR+1.63%)±
|
|
5.45
|
7-20-2029
|
|
80,000
|
81,828
|
|
Morgan Stanley (U.S. SOFR+2.08%)±
|
|
4.89
|
7-20-2033
|
|
50,000
|
49,252
|
|
Morgan Stanley (U.S. SOFR 3 Month+1.40%)±
|
|
3.77
|
1-24-2029
|
|
10,000
|
9,786
|
|
Morgan Stanley (U.S. SOFR 3 Month+1.89%)±
|
|
4.43
|
1-23-2030
|
|
110,000
|
109,087
|
|
PNC Financial Services Group, Inc. (U.S. SOFR+1.07%)±
|
|
5.22
|
1-29-2031
|
|
70,000
|
71,128
|
|
PNC Financial Services Group, Inc. (U.S. SOFR+1.20%)±
|
|
5.49
|
5-14-2030
|
|
110,000
|
113,116
|
|
PNC Financial Services Group, Inc. (U.S. SOFR+1.93%)±
|
|
5.07
|
1-24-2034
|
|
50,000
|
49,404
|
|
PNC Financial Services Group, Inc. (U.S. SOFR+2.14%)±
|
|
6.04
|
10-28-2033
|
|
210,000
|
219,739
|
|
Regions Financial Corp.
|
|
1.80
|
8-12-2028
|
|
120,000
|
109,706
|
|
State Street Corp. (U.S. SOFR+1.00%)±
|
|
2.62
|
2-7-2033
|
|
50,000
|
43,478
|
|
State Street Corp. (U.S. SOFR+1.61%)±
|
|
4.42
|
5-13-2033
|
|
220,000
|
213,824
|
|
Truist Bank
|
|
2.25
|
3-11-2030
|
|
250,000
|
221,014
|
|
Truist Financial Corp. (U.S. SOFR+1.44%)±
|
|
4.87
|
1-26-2029
|
|
60,000
|
60,328
|
|
Truist Financial Corp. (U.S. SOFR+1.62%)±
|
|
5.44
|
1-24-2030
|
|
50,000
|
51,124
|
|
Truist Financial Corp. (U.S. SOFR+2.45%)±
|
|
7.16
|
10-30-2029
|
|
110,000
|
118,419
|
|
U.S. Bancorp (U.S. SOFR+1.25%)±
|
|
5.10
|
7-23-2030
|
|
110,000
|
111,361
|
|
U.S. Bancorp (U.S. SOFR+1.56%)±
|
|
5.38
|
1-23-2030
|
|
50,000
|
51,139
|
|
U.S. Bancorp (U.S. SOFR+1.88%)±
|
|
6.79
|
10-26-2027
|
|
200,000
|
205,931
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
U.S. Bancorp (U.S. SOFR+2.09%)±
|
|
5.85
%
|
10-21-2033
|
$
|
100,000
|
$103,653
|
|
Wells Fargo & Co. (U.S. SOFR+1.11%)±
|
|
5.24
|
1-24-2031
|
|
115,000
|
116,713
|
|
Wells Fargo & Co. (U.S. SOFR+1.50%)±
|
|
3.35
|
3-2-2033
|
|
90,000
|
80,723
|
|
Wells Fargo & Co. (U.S. SOFR+1.74%)±
|
|
5.57
|
7-25-2029
|
|
200,000
|
205,178
|
|
Wells Fargo & Co. (U.S. SOFR+1.99%)±
|
|
5.56
|
7-25-2034
|
|
110,000
|
111,408
|
|
Wells Fargo & Co. (U.S. SOFR+2.02%)±
|
|
5.39
|
4-24-2034
|
|
180,000
|
180,769
|
|
Wells Fargo & Co. (U.S. SOFR+2.10%)±
|
|
2.39
|
6-2-2028
|
|
200,000
|
191,419
|
|
Wells Fargo & Co. (U.S. SOFR 3 Month+1.57%)±
|
|
3.58
|
5-22-2028
|
|
10,000
|
9,798
|
|
|
|
|
|
|
|
9,027,947
|
|
Diversified financial services: 0.50%
|
|
|
|
|
|
|
|
American Express Co. (U.S. SOFR+1.28%)±
|
|
5.28
|
7-27-2029
|
|
110,000
|
112,555
|
|
American Express Co. (U.S. SOFR+1.44%)±
|
|
5.02
|
4-25-2031
|
|
90,000
|
91,021
|
|
American Express Co. (U.S. SOFR+1.94%)±
|
|
6.49
|
10-30-2031
|
|
120,000
|
129,750
|
|
Capital One Financial Corp. (U.S. SOFR+1.79%)±
|
|
3.27
|
3-1-2030
|
|
170,000
|
160,466
|
|
Capital One Financial Corp. (U.S. SOFR+2.37%)±
|
|
5.27
|
5-10-2033
|
|
170,000
|
168,182
|
|
Charles Schwab Corp.
|
|
2.90
|
3-3-2032
|
|
140,000
|
123,657
|
|
|
|
|
|
|
|
785,631
|
|
Insurance: 0.58%
|
|
|
|
|
|
|
|
American International Group, Inc.
|
|
4.85
|
5-7-2030
|
|
40,000
|
40,154
|
|
Aon Corp.
|
|
3.75
|
5-2-2029
|
|
140,000
|
136,005
|
|
Aon North America, Inc.
|
|
5.15
|
3-1-2029
|
|
110,000
|
112,190
|
|
Corebridge Global Funding144A
|
|
5.90
|
9-19-2028
|
|
160,000
|
166,279
|
|
Marsh & McLennan Cos., Inc.
|
|
2.38
|
12-15-2031
|
|
180,000
|
155,219
|
|
New York Life Global Funding144A
|
|
1.20
|
8-7-2030
|
|
30,000
|
25,377
|
|
NLG Global Funding144A
|
|
5.40
|
1-23-2030
|
|
125,000
|
127,117
|
|
Northwestern Mutual Global Funding144A
|
|
4.90
|
6-12-2028
|
|
30,000
|
30,427
|
|
Northwestern Mutual Life Insurance Co.144A
|
|
3.45
|
3-30-2051
|
|
160,000
|
107,513
|
|
|
|
|
|
|
|
900,281
|
|
REITs: 2.49%
|
|
|
|
|
|
|
|
Agree LP
|
|
2.90
|
10-1-2030
|
|
280,000
|
254,256
|
|
Alexandria Real Estate Equities, Inc.
|
|
2.00
|
5-18-2032
|
|
140,000
|
112,970
|
|
Alexandria Real Estate Equities, Inc.
|
|
3.38
|
8-15-2031
|
|
120,000
|
108,569
|
|
Alexandria Real Estate Equities, Inc.
|
|
3.95
|
1-15-2028
|
|
30,000
|
29,563
|
|
CubeSmart LP
|
|
2.25
|
12-15-2028
|
|
230,000
|
212,379
|
|
Digital Realty Trust LP
|
|
4.45
|
7-15-2028
|
|
250,000
|
249,148
|
|
Digital Realty Trust LP
|
|
5.55
|
1-15-2028
|
|
110,000
|
112,623
|
|
Extra Space Storage LP
|
|
3.90
|
4-1-2029
|
|
200,000
|
194,092
|
|
Extra Space Storage LP
|
|
5.50
|
7-1-2030
|
|
130,000
|
133,213
|
|
Federal Realty OP LP
|
|
5.38
|
5-1-2028
|
|
140,000
|
142,678
|
|
Healthpeak OP LLC
|
|
2.88
|
1-15-2031
|
|
230,000
|
206,505
|
|
Healthpeak OP LLC
|
|
3.50
|
7-15-2029
|
|
200,000
|
190,711
|
|
Kimco Realty OP LLC
|
|
2.25
|
12-1-2031
|
|
115,000
|
97,902
|
|
Mid-America Apartments LP
|
|
4.20
|
6-15-2028
|
|
120,000
|
119,049
|
|
NNN REIT, Inc.
|
|
3.50
|
10-15-2027
|
|
10,000
|
9,761
|
|
NNN REIT, Inc.
|
|
4.30
|
10-15-2028
|
|
110,000
|
108,762
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
REITs(continued)
|
|
|
|
|
|
|
|
Prologis LP
|
|
1.75
%
|
7-1-2030
|
$
|
10,000
|
$8,686
|
|
Prologis LP
|
|
1.75
|
2-1-2031
|
|
30,000
|
25,706
|
|
Prologis LP
|
|
4.75
|
1-15-2031
|
|
30,000
|
30,094
|
|
Realty Income Corp.
|
|
4.85
|
3-15-2030
|
|
110,000
|
110,922
|
|
Regency Centers LP
|
|
5.00
|
7-15-2032
|
|
100,000
|
99,819
|
|
Rexford Industrial Realty LP
|
|
5.00
|
6-15-2028
|
|
280,000
|
280,164
|
|
UDR, Inc.
|
|
3.00
|
8-15-2031
|
|
100,000
|
89,716
|
|
UDR, Inc.
|
|
3.20
|
1-15-2030
|
|
40,000
|
37,662
|
|
UDR, Inc.
|
|
4.40
|
1-26-2029
|
|
250,000
|
247,955
|
|
Ventas Realty LP
|
|
2.50
|
9-1-2031
|
|
30,000
|
26,079
|
|
Ventas Realty LP
|
|
4.00
|
3-1-2028
|
|
110,000
|
108,248
|
|
Ventas Realty LP
|
|
4.13
|
1-15-2026
|
|
110,000
|
109,452
|
|
Ventas Realty LP
|
|
4.40
|
1-15-2029
|
|
80,000
|
79,187
|
|
Welltower OP LLC
|
|
2.75
|
1-15-2032
|
|
150,000
|
131,868
|
|
Welltower OP LLC
|
|
2.80
|
6-1-2031
|
|
30,000
|
26,834
|
|
Weyerhaeuser Co.
|
|
4.00
|
4-15-2030
|
|
180,000
|
174,194
|
|
|
|
|
|
|
|
3,868,767
|
|
Industrial: 1.62%
|
|
|
|
|
|
|
|
Aerospace/defense: 0.61%
|
|
|
|
|
|
|
|
Boeing Co.
|
|
2.20
|
2-4-2026
|
|
120,000
|
117,875
|
|
Boeing Co.
|
|
2.70
|
2-1-2027
|
|
120,000
|
116,205
|
|
Boeing Co.
|
|
5.15
|
5-1-2030
|
|
160,000
|
161,403
|
|
Boeing Co.
|
|
5.71
|
5-1-2040
|
|
120,000
|
115,800
|
|
L3Harris Technologies, Inc.
|
|
5.40
|
7-31-2033
|
|
50,000
|
50,670
|
|
RTX Corp.
|
|
2.25
|
7-1-2030
|
|
130,000
|
116,093
|
|
RTX Corp.
|
|
2.38
|
3-15-2032
|
|
50,000
|
42,708
|
|
RTX Corp.
|
|
4.13
|
11-16-2028
|
|
120,000
|
118,762
|
|
RTX Corp.
|
|
6.00
|
3-15-2031
|
|
110,000
|
116,823
|
|
|
|
|
|
|
|
956,339
|
|
Building materials: 0.31%
|
|
|
|
|
|
|
|
Holcim Finance U.S. LLC144A
|
|
4.95
|
4-7-2030
|
|
120,000
|
120,770
|
|
Lennox International, Inc.
|
|
1.70
|
8-1-2027
|
|
82,000
|
76,915
|
|
Lennox International, Inc.
|
|
5.50
|
9-15-2028
|
|
70,000
|
71,898
|
|
Martin Marietta Materials, Inc. Series CB
|
|
2.50
|
3-15-2030
|
|
180,000
|
163,666
|
|
Masco Corp.
|
|
2.00
|
10-1-2030
|
|
50,000
|
43,058
|
|
|
|
|
|
|
|
476,307
|
|
Electronics: 0.03%
|
|
|
|
|
|
|
|
Amphenol Corp.
|
|
2.20
|
9-15-2031
|
|
50,000
|
43,329
|
|
Machinery-construction & mining: 0.04%
|
|
|
|
|
|
|
|
Oshkosh Corp.
|
|
3.10
|
3-1-2030
|
|
75,000
|
69,072
|
|
Machinery-diversified: 0.10%
|
|
|
|
|
|
|
|
CNH Industrial Capital LLC
|
|
5.10
|
4-20-2029
|
|
160,000
|
162,023
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Packaging & containers: 0.35%
|
|
|
|
|
|
|
|
Packaging Corp. of America
|
|
3.00
%
|
12-15-2029
|
$
|
170,000
|
$158,701
|
|
Sealed Air Corp.144A
|
|
1.57
|
10-15-2026
|
|
350,000
|
333,395
|
|
WRKCo, Inc.
|
|
3.90
|
6-1-2028
|
|
50,000
|
48,970
|
|
|
|
|
|
|
|
541,066
|
|
Transportation: 0.18%
|
|
|
|
|
|
|
|
FedEx Corp.144A
|
|
3.90
|
2-1-2035
|
|
50,000
|
43,579
|
|
Norfolk Southern Corp.
|
|
3.00
|
3-15-2032
|
|
67,000
|
59,848
|
|
Norfolk Southern Corp.
|
|
4.55
|
6-1-2053
|
|
110,000
|
90,116
|
|
Norfolk Southern Corp.
|
|
5.10
|
8-1-2118
|
|
100,000
|
82,314
|
|
|
|
|
|
|
|
275,857
|
|
Technology: 1.52%
|
|
|
|
|
|
|
|
Computers: 0.42%
|
|
|
|
|
|
|
|
Hewlett Packard Enterprise Co.
|
|
4.55
|
10-15-2029
|
|
290,000
|
287,561
|
|
HP, Inc.
|
|
4.00
|
4-15-2029
|
|
270,000
|
261,605
|
|
International Business Machines Corp.
|
|
4.00
|
6-20-2042
|
|
130,000
|
105,514
|
|
|
|
|
|
|
|
654,680
|
|
Semiconductors: 0.34%
|
|
|
|
|
|
|
|
Broadcom, Inc.
|
|
4.35
|
2-15-2030
|
|
70,000
|
69,193
|
|
Intel Corp.
|
|
3.90
|
3-25-2030
|
|
120,000
|
114,885
|
|
Intel Corp.
|
|
5.00
|
2-21-2031
|
|
80,000
|
80,197
|
|
Microchip Technology, Inc.
|
|
5.05
|
3-15-2029
|
|
50,000
|
50,316
|
|
Microchip Technology, Inc.
|
|
5.05
|
2-15-2030
|
|
210,000
|
210,581
|
|
|
|
|
|
|
|
525,172
|
|
Software: 0.76%
|
|
|
|
|
|
|
|
Fiserv, Inc.
|
|
3.50
|
7-1-2029
|
|
170,000
|
162,066
|
|
Fiserv, Inc.
|
|
4.20
|
10-1-2028
|
|
110,000
|
108,821
|
|
Fiserv, Inc.
|
|
4.75
|
3-15-2030
|
|
20,000
|
19,944
|
|
Oracle Corp.
|
|
2.88
|
3-25-2031
|
|
200,000
|
180,307
|
|
Oracle Corp.
|
|
2.95
|
4-1-2030
|
|
50,000
|
46,303
|
|
Oracle Corp.
|
|
3.80
|
11-15-2037
|
|
160,000
|
133,450
|
|
Oracle Corp.
|
|
3.85
|
7-15-2036
|
|
100,000
|
86,263
|
|
Oracle Corp.
|
|
4.20
|
9-27-2029
|
|
120,000
|
118,188
|
|
Oracle Corp.
|
|
6.15
|
11-9-2029
|
|
20,000
|
21,225
|
|
Roper Technologies, Inc.
|
|
2.95
|
9-15-2029
|
|
170,000
|
159,030
|
|
Roper Technologies, Inc.
|
|
4.50
|
10-15-2029
|
|
100,000
|
99,501
|
|
Take-Two Interactive Software, Inc.
|
|
5.40
|
6-12-2029
|
|
50,000
|
51,035
|
|
|
|
|
|
|
|
1,186,133
|
|
Utilities: 4.73%
|
|
|
|
|
|
|
|
Electric: 4.28%
|
|
|
|
|
|
|
|
AEP Transmission Co. LLC
|
|
5.15
|
4-1-2034
|
|
180,000
|
178,584
|
|
Alabama Power Co.
|
|
5.85
|
11-15-2033
|
|
70,000
|
73,611
|
|
Alliant Energy Finance LLC144A
|
|
3.60
|
3-1-2032
|
|
120,000
|
107,497
|
|
Ameren Missouri Securitization Funding I LLC Series A-1
|
|
4.85
|
10-1-2039
|
|
55,000
|
53,820
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Electric(continued)
|
|
|
|
|
|
|
|
American Transmission Systems, Inc.144A
|
|
2.65
%
|
1-15-2032
|
$
|
230,000
|
$199,410
|
|
Black Hills Corp.
|
|
4.35
|
5-1-2033
|
|
240,000
|
222,978
|
|
CenterPoint Energy Houston Electric LLC Series AI
|
|
4.45
|
10-1-2032
|
|
320,000
|
309,756
|
|
Commonwealth Edison Co. Series 103
|
|
5.90
|
3-15-2036
|
|
120,000
|
125,602
|
|
Commonwealth Edison Co. Series 133
|
|
3.85
|
3-15-2052
|
|
210,000
|
151,677
|
|
Connecticut Light & Power Co.
|
|
4.65
|
1-1-2029
|
|
110,000
|
110,842
|
|
Connecticut Light & Power Co. Series A
|
|
2.05
|
7-1-2031
|
|
130,000
|
112,057
|
|
Dominion Energy South Carolina, Inc.
|
|
6.25
|
10-15-2053
|
|
130,000
|
136,279
|
|
Dominion Energy South Carolina, Inc. Series 2025
|
|
5.30
|
1-15-2035
|
|
110,000
|
110,351
|
|
Dominion Energy South Carolina, Inc. Series A
|
|
2.30
|
12-1-2031
|
|
200,000
|
172,748
|
|
DTE Electric Co. Series C
|
|
2.63
|
3-1-2031
|
|
130,000
|
116,843
|
|
Duke Energy Carolinas LLC
|
|
3.55
|
3-15-2052
|
|
70,000
|
48,580
|
|
Duke Energy Carolinas LLC
|
|
6.00
|
1-15-2038
|
|
120,000
|
124,631
|
|
Duke Energy Carolinas LLC
|
|
6.05
|
4-15-2038
|
|
130,000
|
135,798
|
|
Duke Energy Progress LLC
|
|
2.00
|
8-15-2031
|
|
230,000
|
196,764
|
|
Duke Energy Progress LLC
|
|
3.40
|
4-1-2032
|
|
60,000
|
54,869
|
|
Duke Energy Progress LLC
|
|
4.10
|
3-15-2043
|
|
140,000
|
112,929
|
|
Entergy Arkansas LLC
|
|
5.15
|
1-15-2033
|
|
180,000
|
181,281
|
|
Entergy Arkansas LLC
|
|
5.45
|
6-1-2034
|
|
110,000
|
111,452
|
|
Evergy Kansas Central, Inc.
|
|
3.45
|
4-15-2050
|
|
10,000
|
6,733
|
|
Evergy Kansas Central, Inc.
|
|
5.25
|
3-15-2035
|
|
310,000
|
308,328
|
|
Evergy Metro, Inc. Series 2020
|
|
2.25
|
6-1-2030
|
|
70,000
|
62,378
|
|
Exelon Corp.
|
|
5.15
|
3-15-2028
|
|
110,000
|
111,891
|
|
FirstEnergy Transmission LLC144A
|
|
2.87
|
9-15-2028
|
|
120,000
|
113,494
|
|
Florida Power & Light Co.
|
|
5.30
|
6-15-2034
|
|
110,000
|
111,746
|
|
Florida Power & Light Co.
|
|
5.30
|
4-1-2053
|
|
120,000
|
111,626
|
|
Florida Power & Light Co.
|
|
5.65
|
2-1-2037
|
|
30,000
|
30,975
|
|
Indianapolis Power & Light Co.144A
|
|
5.70
|
4-1-2054
|
|
190,000
|
180,864
|
|
Kentucky Utilities Co. Series KENT
|
|
5.45
|
4-15-2033
|
|
70,000
|
71,471
|
|
Mid-Atlantic Interstate Transmission LLC144A
|
|
4.10
|
5-15-2028
|
|
60,000
|
59,214
|
|
Northern States Power Co.
|
|
3.40
|
8-15-2042
|
|
110,000
|
82,141
|
|
Northern States Power Co.
|
|
4.50
|
6-1-2052
|
|
230,000
|
189,117
|
|
NorthWestern Corp.144A
|
|
5.07
|
3-21-2030
|
|
190,000
|
191,999
|
|
Oncor Electric Delivery Co. LLC
|
|
2.75
|
5-15-2030
|
|
190,000
|
174,389
|
|
Oncor Electric Delivery Co. LLC
|
|
4.60
|
6-1-2052
|
|
120,000
|
97,622
|
|
Oncor Electric Delivery Co. LLC144A
|
|
5.35
|
4-1-2035
|
|
135,000
|
135,234
|
|
Public Service Co. of New Hampshire
|
|
5.35
|
10-1-2033
|
|
110,000
|
111,864
|
|
Public Service Electric & Gas Co.
|
|
3.10
|
3-15-2032
|
|
130,000
|
117,161
|
|
Public Service Electric & Gas Co.
|
|
3.95
|
5-1-2042
|
|
180,000
|
144,476
|
|
Public Service Electric & Gas Co.
|
|
5.20
|
3-1-2034
|
|
10,000
|
10,111
|
|
Puget Sound Energy, Inc.
|
|
5.33
|
6-15-2034
|
|
110,000
|
110,287
|
|
Puget Sound Energy, Inc.
|
|
5.45
|
6-1-2053
|
|
150,000
|
138,709
|
|
Tucson Electric Power Co.
|
|
3.25
|
5-15-2032
|
|
70,000
|
62,502
|
|
Union Electric Co.
|
|
5.20
|
4-1-2034
|
|
190,000
|
189,929
|
|
Union Electric Co.
|
|
5.45
|
3-15-2053
|
|
70,000
|
65,512
|
|
WEC Energy Group, Inc.
|
|
2.20
|
12-15-2028
|
|
100,000
|
92,320
|
|
WEC Energy Group, Inc.
|
|
5.15
|
10-1-2027
|
|
240,000
|
243,242
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Electric(continued)
|
|
|
|
|
|
|
|
Wisconsin Power & Light Co.
|
|
3.95
%
|
9-1-2032
|
$
|
120,000
|
$111,765
|
|
Wisconsin Power & Light Co.
|
|
5.38
|
3-30-2034
|
|
70,000
|
70,116
|
|
|
|
|
|
|
|
6,655,575
|
|
Gas: 0.38%
|
|
|
|
|
|
|
|
Atmos Energy Corp.
|
|
5.90
|
11-15-2033
|
|
110,000
|
116,193
|
|
CenterPoint Energy Resources Corp.
|
|
1.75
|
10-1-2030
|
|
70,000
|
60,154
|
|
ONE Gas, Inc.
|
|
5.10
|
4-1-2029
|
|
110,000
|
112,212
|
|
Southern Co. Gas Capital Corp.
|
|
4.95
|
9-15-2034
|
|
200,000
|
193,061
|
|
Spire Missouri, Inc. Series 2034
|
|
5.15
|
8-15-2034
|
|
110,000
|
109,856
|
|
|
|
|
|
|
|
591,476
|
|
Water: 0.07%
|
|
|
|
|
|
|
|
American Water Capital Corp.
|
|
2.80
|
5-1-2030
|
|
120,000
|
110,074
|
|
Total corporate bonds and notes (Cost $41,618,626)
|
|
|
|
|
|
42,078,694
|
|
Municipal obligations: 4.67%
|
|
|
|
|
|
|
|
California: 0.38%
|
|
|
|
|
|
|
|
GO revenue: 0.38%
|
|
|
|
|
|
|
|
Cupertino Union School District
|
|
2.35
|
8-1-2028
|
|
85,000
|
80,353
|
|
Los Angeles Community College District
|
|
1.17
|
8-1-2026
|
|
100,000
|
96,400
|
|
Los Angeles Community College District
|
|
1.81
|
8-1-2030
|
|
100,000
|
88,629
|
|
State of California
|
|
5.75
|
10-1-2031
|
|
150,000
|
159,678
|
|
State of California
|
|
7.55
|
4-1-2039
|
|
135,000
|
159,730
|
|
|
|
|
|
|
|
584,790
|
|
Hawaii: 0.14%
|
|
|
|
|
|
|
|
GO revenue: 0.14%
|
|
|
|
|
|
|
|
City & County of Honolulu Series F
|
|
3.75
|
9-1-2030
|
|
25,000
|
24,313
|
|
State of Hawaii Series GN
|
|
4.62
|
10-1-2032
|
|
200,000
|
198,689
|
|
|
|
|
|
|
|
223,002
|
|
Louisiana: 0.38%
|
|
|
|
|
|
|
|
Miscellaneous revenue: 0.38%
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & CDA Series A
|
|
4.28
|
2-1-2036
|
|
525,000
|
500,892
|
|
Louisiana Local Government Environmental Facilities & CDA Series A
|
|
4.48
|
8-1-2039
|
|
100,000
|
93,675
|
|
|
|
|
|
|
|
594,567
|
|
Maryland: 0.28%
|
|
|
|
|
|
|
|
Housing revenue: 0.28%
|
|
|
|
|
|
|
|
Maryland Department of Housing & Community Development
Series D (GNMA / FNMA / FHLMC Insured)%%
|
|
5.50
|
9-1-2055
|
|
440,000
|
443,196
|
|
Massachusetts: 0.24%
|
|
|
|
|
|
|
|
GO revenue: 0.03%
|
|
|
|
|
|
|
|
Commonwealth of Massachusetts
|
|
5.46
|
12-1-2039
|
|
50,000
|
50,029
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Miscellaneous revenue: 0.03%
|
|
|
|
|
|
|
|
Commonwealth of Massachusetts COVID-19 Recovery Assessment
Revenue Series B
|
|
4.11
%
|
7-15-2031
|
$
|
51,233
|
$50,612
|
|
Tax revenue: 0.18%
|
|
|
|
|
|
|
|
Massachusetts School Building Authority
|
|
5.72
|
8-15-2039
|
|
275,000
|
280,410
|
|
|
|
|
|
|
|
381,051
|
|
Michigan: 0.23%
|
|
|
|
|
|
|
|
Health revenue: 0.23%
|
|
|
|
|
|
|
|
Michigan Finance Authority Trinity Health Corp. Obligated Group
Series T
|
|
3.08
|
12-1-2034
|
|
410,000
|
361,065
|
|
Nebraska: 0.35%
|
|
|
|
|
|
|
|
Education revenue: 0.13%
|
|
|
|
|
|
|
|
University of Nebraska Facilities Corp. Series A
|
|
3.19
|
10-1-2039
|
|
250,000
|
202,603
|
|
Housing revenue: 0.22%
|
|
|
|
|
|
|
|
Nebraska Investment Finance Authority Series B (GNMA / FNMA /
FHLMC Insured)
|
|
6.00
|
9-1-2053
|
|
325,000
|
336,587
|
|
|
|
|
|
|
|
539,190
|
|
New York: 0.84%
|
|
|
|
|
|
|
|
GO revenue: 0.03%
|
|
|
|
|
|
|
|
State of New York Series B
|
|
2.36
|
2-15-2027
|
|
40,000
|
38,828
|
|
Tax revenue: 0.57%
|
|
|
|
|
|
|
|
New York City Transitional Finance Authority Future Tax Secured
Revenue Series I-2
|
|
5.22
|
5-1-2033
|
|
325,000
|
329,218
|
|
New York State Dormitory Authority Personal Income Tax Revenue
Series D
|
|
5.50
|
3-15-2030
|
|
88,422
|
89,780
|
|
New York State Dormitory Authority Personal Income Tax Revenue
Series F
|
|
5.63
|
3-15-2039
|
|
470,000
|
474,281
|
|
|
|
|
|
|
|
893,279
|
|
Water & sewer revenue: 0.24%
|
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority Water & Sewer
System Series GG
|
|
5.72
|
6-15-2042
|
|
375,000
|
369,589
|
|
|
|
|
|
|
|
1,301,696
|
|
North Carolina: 0.16%
|
|
|
|
|
|
|
|
Education revenue: 0.16%
|
|
|
|
|
|
|
|
University of North Carolina at Chapel Hill
|
|
3.85
|
12-1-2034
|
|
260,000
|
241,550
|
|
Ohio: 0.18%
|
|
|
|
|
|
|
|
Health revenue: 0.18%
|
|
|
|
|
|
|
|
Ohio Higher Educational Facility Commission Cleveland Clinic Health
System Obligated Group
|
|
4.72
|
1-1-2032
|
|
100,000
|
99,953
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Health revenue(continued)
|
|
|
|
|
|
|
|
State of Ohio Cleveland Clinic Health System Obligated Group
Series B
|
|
3.17
%
|
1-1-2030
|
$
|
100,000
|
$94,693
|
|
State of Ohio Cleveland Clinic Health System Obligated Group
Series G
|
|
3.28
|
1-1-2042
|
|
100,000
|
80,513
|
|
|
|
|
|
|
|
275,159
|
|
Oklahoma: 0.21%
|
|
|
|
|
|
|
|
Utilities revenue: 0.21%
|
|
|
|
|
|
|
|
Oklahoma Development Finance Authority Series 2022-ONG
|
|
4.38
|
11-1-2045
|
|
145,000
|
131,096
|
|
Oklahoma Development Finance Authority Series A-2
|
|
4.85
|
2-1-2045
|
|
200,000
|
192,174
|
|
|
|
|
|
|
|
323,270
|
|
Oregon: 0.33%
|
|
|
|
|
|
|
|
GO revenue: 0.33%
|
|
|
|
|
|
|
|
State of Oregon
|
|
5.89
|
6-1-2027
|
|
70,916
|
72,044
|
|
State of Oregon Series A
|
|
5.90
|
8-1-2038
|
|
200,000
|
206,169
|
|
State of Oregon Series B
|
|
5.30
|
5-1-2036
|
|
225,000
|
228,847
|
|
|
|
|
|
|
|
507,060
|
|
South Dakota: 0.06%
|
|
|
|
|
|
|
|
Housing revenue: 0.06%
|
|
|
|
|
|
|
|
South Dakota Housing Development Authority Series E (GNMA /
FNMA / FHLMC Insured)
|
|
6.25
|
5-1-2054
|
|
95,000
|
98,529
|
|
Texas: 0.58%
|
|
|
|
|
|
|
|
Education revenue: 0.16%
|
|
|
|
|
|
|
|
Waco Educational Finance Corp. Baylor University Series B
|
|
4.87
|
3-1-2030
|
|
250,000
|
252,852
|
|
GO revenue: 0.36%
|
|
|
|
|
|
|
|
State of Texas
|
|
2.70
|
4-1-2031
|
|
225,000
|
205,564
|
|
State of Texas Series A
|
|
4.68
|
4-1-2040
|
|
35,000
|
32,997
|
|
Texas Transportation Commission Mobility Fund
|
|
1.88
|
10-1-2034
|
|
350,000
|
276,517
|
|
Texas Transportation Commission Mobility Fund
|
|
2.47
|
10-1-2044
|
|
75,000
|
50,222
|
|
|
|
|
|
|
|
565,300
|
|
Utilities revenue: 0.06%
|
|
|
|
|
|
|
|
Texas Natural Gas Securitization Finance Corp. Series 2023-1
|
|
5.10
|
4-1-2035
|
|
88,267
|
89,783
|
|
|
|
|
|
|
|
907,935
|
|
Virginia: 0.31%
|
|
|
|
|
|
|
|
Housing revenue: 0.31%
|
|
|
|
|
|
|
|
Virginia College Building Authority Series 2020B
|
|
1.97
|
2-1-2032
|
|
150,000
|
127,271
|
|
Virginia Resources Authority Series B
|
|
5.70
|
11-1-2039
|
|
350,000
|
351,287
|
|
|
|
|
|
|
|
478,558
|
|
Total municipal obligations (Cost $7,232,832)
|
|
|
|
|
|
7,260,618
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Non-agency mortgage-backed securities: 4.59%
|
|
|
|
|
|
|
|
ALA Trust Series 2025-OANA Class A (U.S. SOFR 1
Month+1.74%)144A±%%
|
|
6.04
%
|
6-15-2030
|
$
|
240,000
|
$241,005
|
|
Beacon Gateway♦±±%%
|
|
5.24
|
6-30-2025
|
|
800,000
|
816,500
|
|
BMP Trust Series 2024-MF23 Class A (U.S. SOFR 1
Month+1.37%)144A±
|
|
5.70
|
6-15-2041
|
|
300,000
|
300,187
|
|
BOCA Commercial Mortgage Trust Series 2024-BOCA Class A
(U.S. SOFR 1 Month+1.92%)144A±
|
|
6.25
|
8-15-2041
|
|
150,000
|
150,234
|
|
BPR Trust Series 2022-OANA Class A (U.S. SOFR 1
Month+1.90%)144A±
|
|
6.23
|
4-15-2037
|
|
350,000
|
349,891
|
|
BX Commercial Mortgage Trust Series 2021-VOLT Class A (U.S. SOFR
1 Month+0.81%)144A±
|
|
5.14
|
9-15-2036
|
|
350,000
|
348,250
|
|
BX Commercial Mortgage Trust Series 2022-AHP Class A (U.S. SOFR 1
Month+0.99%)144A±
|
|
5.32
|
1-17-2039
|
|
350,000
|
348,469
|
|
BX Commercial Mortgage Trust Series 2024-GPA3 Class A (U.S. SOFR
1 Month+1.29%)144A±
|
|
5.62
|
12-15-2039
|
|
140,657
|
140,657
|
|
BX Commercial Mortgage Trust Series 2024-XL5 Class A (U.S. SOFR 1
Month+1.39%)144A±
|
|
5.72
|
3-15-2041
|
|
293,377
|
293,560
|
|
BX Trust Series 2021-RISE Class A (U.S. SOFR 1
Month+0.86%)144A±
|
|
5.19
|
11-15-2036
|
|
126,799
|
126,403
|
|
BX Trust Series 2024-BIO Class A (U.S. SOFR 1 Month+1.64%)144A±
|
|
5.97
|
2-15-2041
|
|
150,000
|
149,438
|
|
BX Trust Series 2025-DIME Class A (U.S. SOFR 1
Month+1.15%)144A±
|
|
5.48
|
2-15-2035
|
|
665,000
|
662,506
|
|
BX Trust Series 2025-LUNR Class A (U.S. SOFR 1
Month+1.50%)144A±%%
|
|
5.83
|
6-9-2040
|
|
400,000
|
400,000
|
|
BX Trust Series 2025-ROIC Class A (U.S. SOFR 1
Month+1.14%)144A±
|
|
5.47
|
3-15-2030
|
|
270,000
|
267,975
|
|
Extended Stay America Trust Series 2021-ESH Class A (U.S. SOFR 1
Month+1.19%)144A±
|
|
5.52
|
7-15-2038
|
|
300,205
|
300,205
|
|
Great Wolf Trust Series 2024-WOLF Class A (U.S. SOFR 1
Month+1.54%)144A±
|
|
5.87
|
3-15-2039
|
|
307,000
|
306,808
|
|
INTOWN Mortgage Trust Series 2025-STAY Class A (U.S. SOFR 1
Month+1.35%)144A±
|
|
5.68
|
3-15-2042
|
|
300,000
|
298,313
|
|
Life Mortgage Trust Series 2022-BMR2 Class A1 (U.S. SOFR 1
Month+1.30%)144A±
|
|
5.62
|
5-15-2039
|
|
240,000
|
232,800
|
|
ONNI Commercial Mortgage Trust Series 2024-APT Class A144A±±
|
|
5.57
|
7-15-2039
|
|
350,000
|
354,952
|
|
ROCK Trust Series 2024-CNTR Class A144A
|
|
5.39
|
11-13-2041
|
|
150,000
|
151,893
|
|
SMRT Commercial Mortgage Trust Series 2022-MINI Class A
(U.S. SOFR 1 Month+1.00%)144A±
|
|
5.33
|
1-15-2039
|
|
170,000
|
169,150
|
|
SREIT Trust Series 2021-MFP2 Class A (U.S. SOFR 1
Month+0.94%)144A±
|
|
5.27
|
11-15-2036
|
|
350,000
|
349,125
|
|
SWCH Commercial Mortgage Trust Series 2025-DATA Class A
(U.S. SOFR 1 Month+1.44%)144A±
|
|
5.77
|
2-15-2042
|
|
265,000
|
262,681
|
|
TCO Commercial Mortgage Trust Series 2024-DPM Class A (U.S. SOFR
1 Month+1.24%)144A±
|
|
5.57
|
12-15-2039
|
|
125,000
|
124,961
|
|
Total non-agency mortgage-backed securities (Cost $7,163,570)
|
|
|
|
|
|
7,145,963
|
|
U.S. Treasury securities: 11.78%
|
|
|
|
|
|
|
|
TIPS
|
|
2.13
|
1-15-2035
|
|
891,748
|
897,981
|
|
U.S. Treasury Bonds##
|
|
4.63
|
2-15-2055
|
|
6,595,000
|
6,289,981
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
U.S. Treasury securities(continued)
|
|
|
|
|
|
|
|
U.S. Treasury Bonds%%
|
|
5.00
%
|
5-15-2045
|
$
|
7,160,000
|
$7,232,719
|
|
U.S. Treasury Notes
|
|
3.75
|
5-15-2028
|
|
780,000
|
777,684
|
|
U.S. Treasury Notes
|
|
4.25
|
1-15-2028
|
|
3,100,000
|
3,128,336
|
|
Total U.S. Treasury securities (Cost $17,995,206)
|
|
|
|
|
|
18,326,701
|
|
Yankee corporate bonds and notes: 4.14%
|
|
|
|
|
|
|
|
Basic materials: 0.79%
|
|
|
|
|
|
|
|
Chemicals: 0.07%
|
|
|
|
|
|
|
|
Nutrien Ltd.
|
|
4.90
|
3-27-2028
|
|
110,000
|
111,155
|
|
Mining: 0.72%
|
|
|
|
|
|
|
|
Anglo American Capital PLC144A
|
|
2.63
|
9-10-2030
|
|
400,000
|
355,253
|
|
BHP Billiton Finance USA Ltd.
|
|
5.00
|
2-21-2030
|
|
150,000
|
152,322
|
|
BHP Billiton Finance USA Ltd.
|
|
5.10
|
9-8-2028
|
|
110,000
|
112,349
|
|
Rio Tinto Finance USA PLC
|
|
4.88
|
3-14-2030
|
|
40,000
|
40,436
|
|
Rio Tinto Finance USA PLC
|
|
5.00
|
3-14-2032
|
|
110,000
|
110,437
|
|
South32 Treasury Ltd.144A
|
|
4.35
|
4-14-2032
|
|
370,000
|
340,725
|
|
|
|
|
|
|
|
1,111,522
|
|
Communications: 0.17%
|
|
|
|
|
|
|
|
Telecommunications: 0.17%
|
|
|
|
|
|
|
|
Rogers Communications, Inc.
|
|
3.80
|
3-15-2032
|
|
170,000
|
155,687
|
|
Rogers Communications, Inc.
|
|
5.00
|
2-15-2029
|
|
110,000
|
110,812
|
|
|
|
|
|
|
|
266,499
|
|
Energy: 0.43%
|
|
|
|
|
|
|
|
Oil & gas: 0.22%
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd.144A
|
|
5.00
|
12-15-2029
|
|
340,000
|
338,656
|
|
Pipelines: 0.21%
|
|
|
|
|
|
|
|
Enbridge, Inc.
|
|
3.13
|
11-15-2029
|
|
120,000
|
112,021
|
|
Enbridge, Inc.
|
|
5.70
|
3-8-2033
|
|
220,000
|
224,382
|
|
|
|
|
|
|
|
336,403
|
|
Financial: 2.23%
|
|
|
|
|
|
|
|
Banks: 2.23%
|
|
|
|
|
|
|
|
Bank of Montreal
|
|
5.72
|
9-25-2028
|
|
250,000
|
259,133
|
|
Bank of Montreal (U.S. SOFR+1.25%)±
|
|
4.64
|
9-10-2030
|
|
50,000
|
49,961
|
|
Bank of Nova Scotia
|
|
4.85
|
2-1-2030
|
|
150,000
|
151,599
|
|
Bank of Nova Scotia
|
|
5.65
|
2-1-2034
|
|
110,000
|
113,807
|
|
Bank of Nova Scotia (U.S. SOFR+1.07%)±
|
|
5.13
|
2-14-2031
|
|
60,000
|
60,684
|
|
BNP Paribas SA (U.S. SOFR+1.22%)144A±
|
|
2.16
|
9-15-2029
|
|
300,000
|
275,331
|
|
Cooperatieve Rabobank UA (1 Year Treasury Constant
Maturity+1.00%)144A±
|
|
5.71
|
1-21-2033
|
|
350,000
|
360,406
|
|
HSBC Holdings PLC (U.S. SOFR+1.29%)±
|
|
5.13
|
3-3-2031
|
|
200,000
|
200,508
|
|
HSBC Holdings PLC (U.S. SOFR+1.41%)±
|
|
2.87
|
11-22-2032
|
|
300,000
|
261,256
|
|
HSBC Holdings PLC (U.S. SOFR+1.97%)±
|
|
6.16
|
3-9-2029
|
|
250,000
|
258,473
|
|
|
|
Interest
rate
|
Maturity
date
|
Principal
|
Value
|
|
|
Banks(continued)
|
|
|
|
|
|
|
|
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant
Maturity+0.95%)±
|
|
2.31
%
|
7-20-2032
|
$
|
300,000
|
$257,947
|
|
Royal Bank of Canada
|
|
3.88
|
5-4-2032
|
|
40,000
|
37,737
|
|
Royal Bank of Canada (U.S. SOFR+1.03%)±
|
|
5.15
|
2-4-2031
|
|
50,000
|
50,712
|
|
Royal Bank of Canada (U.S. SOFR+1.08%)±
|
|
4.65
|
10-18-2030
|
|
110,000
|
109,533
|
|
Royal Bank of Canada (U.S. SOFR+1.10%)±
|
|
4.97
|
8-2-2030
|
|
250,000
|
251,902
|
|
Toronto-Dominion Bank
|
|
2.45
|
1-12-2032
|
|
130,000
|
112,108
|
|
Toronto-Dominion Bank
|
|
5.30
|
1-30-2032
|
|
110,000
|
111,549
|
|
Toronto-Dominion Bank
|
|
5.52
|
7-17-2028
|
|
110,000
|
113,322
|
|
UBS Group AG (1 Year Treasury Constant Maturity+1.00%)144A±
|
|
2.10
|
2-11-2032
|
|
300,000
|
256,470
|
|
UBS Group AG (1 Year Treasury Constant Maturity+1.10%)144A±
|
|
2.75
|
2-11-2033
|
|
200,000
|
171,635
|
|
|
|
|
|
|
|
3,464,073
|
|
Industrial: 0.43%
|
|
|
|
|
|
|
|
Aerospace/defense: 0.12%
|
|
|
|
|
|
|
|
BAE Systems PLC144A
|
|
3.40
|
4-15-2030
|
|
200,000
|
188,984
|
|
Building materials: 0.19%
|
|
|
|
|
|
|
|
CRH SMW Finance DAC
|
|
5.20
|
5-21-2029
|
|
200,000
|
203,770
|
|
Johnson Controls International PLC/Tyco Fire & Security Finance
SCA
|
|
5.50
|
4-19-2029
|
|
80,000
|
82,508
|
|
|
|
|
|
|
|
286,278
|
|
Transportation: 0.12%
|
|
|
|
|
|
|
|
Canadian Pacific Railway Co.
|
|
4.80
|
3-30-2030
|
|
190,000
|
191,343
|
|
Technology: 0.09%
|
|
|
|
|
|
|
|
Semiconductors: 0.09%
|
|
|
|
|
|
|
|
NXP BV/NXP Funding LLC/NXP USA, Inc.
|
|
2.65
|
2-15-2032
|
|
70,000
|
59,642
|
|
NXP BV/NXP Funding LLC/NXP USA, Inc.
|
|
5.00
|
1-15-2033
|
|
80,000
|
78,027
|
|
|
|
|
|
|
|
137,669
|
|
Total yankee corporate bonds and notes (Cost $6,333,892)
|
|
|
|
|
|
6,432,582
|
|
|
|
Yield
|
|
Shares
|
|
|
|
Short-term investments: 7.03%
|
|
|
|
|
|
|
|
Investment companies: 7.03%
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞##
|
|
4.23
|
|
|
10,927,572
|
10,927,572
|
|
Total short-term investments (Cost $10,927,572)
|
|
|
|
|
|
10,927,572
|
|
Total investments in securities (Cost $163,218,784)
|
105.75
%
|
|
|
|
|
164,446,509
|
|
Other assets and liabilities, net
|
(5.75
)
|
|
|
|
|
(8,947,651
)
|
|
Total net assets
|
100.00
%
|
|
|
|
|
$155,498,858
|
|
%%
|
The security is purchased on a when-issued basis.
|
|
144A
|
The security may be resold in transactions exempt from registration, normally to qualified
institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
|
|
øø
|
The interest rate is determined and reset by the issuer periodically depending upon
the terms of the security. The rate shown is the rate in effect at period end.
|
|
±
|
Variable rate investment. The rate shown is the rate in effect at period end.
|
|
♦
|
The security is fair valued in accordance with procedures approved by Allspring Funds
Management, LLC.
|
|
±±
|
The coupon of the security is adjusted based on the principal and/or interest payments
received from the underlying pool of mortgages as well as the credit quality
and the actual prepayment speed of the underlying mortgages. The rate shown is the
rate in effect at period end.
|
|
##
|
All or a portion of this security is segregated as collateral for when-issued securities.
|
|
♠
|
The issuer of the security is an affiliated person of the Fund as defined in the Investment
Company Act of 1940.
|
|
∞
|
The rate represents the 7-day annualized yield at period end.
|
|
Abbreviations:
|
|
|
CDA
|
Community Development Authority
|
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
|
FNMA
|
Federal National Mortgage Association
|
|
GNMA
|
Government National Mortgage Association
|
|
GO
|
General obligation
|
|
REIT
|
Real estate investment trust
|
|
SBA
|
Small Business Authority
|
|
SOFR
|
Secured Overnight Financing Rate
|
|
TIPS
|
Treasury Inflation-Protected Securities
|
|
|
Value,
beginning of
period
|
Purchases
|
Sales
proceeds
|
Net
realized
gains
(losses)
|
Net
change in
unrealized
gains
(losses)
|
Value,
end of
period
|
Shares,
end
of period
|
Income
from
affiliated
securities
|
|
Short-term investments
|
|
|
|
|
|
|
|
|
|
Allspring Government Money Market Fund Select
Class
|
$0
|
$70,394,975
|
$(59,467,403
)
|
$0
|
$0
|
$10,927,572
|
10,927,572
|
$161,386
|
|
|
Quoted prices
(Level 1)
|
Other significant
observable inputs
(Level 2)
|
Significant
unobservable inputs
(Level 3)
|
Total
|
|
Assets
|
|
|
|
|
|
Investments in:
|
|
|
|
|
|
Agency securities
|
$0
|
$53,428,709
|
$0
|
$53,428,709
|
|
Asset-backed securities
|
0
|
18,845,670
|
0
|
18,845,670
|
|
Corporate bonds and notes
|
0
|
42,078,694
|
0
|
42,078,694
|
|
Municipal obligations
|
0
|
7,260,618
|
0
|
7,260,618
|
|
Non-agency mortgage-backed securities
|
0
|
7,145,963
|
0
|
7,145,963
|
|
U.S. Treasury securities
|
18,326,701
|
0
|
0
|
18,326,701
|
|
Yankee corporate bonds and notes
|
0
|
6,432,582
|
0
|
6,432,582
|
|
Short-term investments
|
|
|
|
|
|
Investment companies
|
10,927,572
|
0
|
0
|
10,927,572
|
|
Total assets
|
$29,254,273
|
$135,192,236
|
$0
|
$164,446,509
|