UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23597
Allspring Exchange-Traded Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: August 31
Registrant is making a filing for 2 of its series: Allspring Broad Market Core Bond ETF and Allspring Core Plus ETF.
Date of reporting period: August 31, 2026
ITEM 1. REPORT TO STOCKHOLDERS
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Exchange-Traded Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Exchange-Traded Funds Trust has determined that Jane A. Freeman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Freeman is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant’s principal accountant. These fees were billed to the registrant and were approved by the registrant’s audit committee.
| Fiscal year ended August 31, 2026 |
Fiscal year ended August 31, 2025 |
|||||||
| Audit fees |
$ | 76,000 | $ | 89,900 | ||||
| Audit-related fees |
— | — | ||||||
| Tax fees (1) |
— | 4,040 | ||||||
| All other fees |
— | — | ||||||
|
|
|
|
|
|||||
| $ | 76,000 | $ | 93,940 | |||||
| (1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Exchange-Traded Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(e)(2) Not applicable.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.
(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Agency securities: 31.32% |
|
|
|
|
|
|
| FHLMC |
|
2.00 % |
6-1-2050 |
$ |
1,031,362 |
$817,184 |
| FHLMC |
|
2.00 |
7-1-2050 |
|
1,155,339 |
915,013 |
| FHLMC |
|
2.50 |
2-1-2051 |
|
1,400,742 |
1,156,516 |
| FHLMC |
|
2.50 |
5-1-2051 |
|
431,299 |
355,719 |
| FHLMC |
|
2.50 |
9-1-2051 |
|
3,564,931 |
2,958,304 |
| FHLMC |
|
3.00 |
1-1-2050 |
|
927,098 |
801,179 |
| FHLMC |
|
3.00 |
7-1-2050 |
|
449,346 |
387,487 |
| FHLMC |
|
3.50 |
7-1-2049 |
|
434,669 |
390,187 |
| FHLMC |
|
3.50 |
9-1-2049 |
|
231,707 |
207,995 |
| FHLMC |
|
3.50 |
1-1-2050 |
|
224,072 |
201,141 |
| FHLMC |
|
4.50 |
12-1-2052 |
|
1,631,993 |
1,552,060 |
| FHLMC |
|
5.00 |
12-1-2054 |
|
929,618 |
905,880 |
| FHLMC |
|
5.00 |
12-1-2055 |
|
1,101,257 |
1,073,078 |
| FHLMC |
|
5.00 |
3-1-2056 |
|
2,972,991 |
2,898,218 |
| FHLMC |
|
5.00 |
5-1-2056 |
|
1,573,830 |
1,533,490 |
| FHLMC |
|
5.50 |
1-1-2055 |
|
2,180,641 |
2,188,597 |
| FHLMC |
|
5.50 |
6-1-2056 |
|
889,620 |
890,858 |
| FNMA |
|
2.00 |
6-1-2050 |
|
1,354,471 |
1,073,194 |
| FNMA |
|
2.00 |
9-1-2050 |
|
598,036 |
473,219 |
| FNMA |
|
2.00 |
11-1-2050 |
|
1,146,666 |
906,545 |
| FNMA |
|
2.50 |
9-1-2049 |
|
136,402 |
113,175 |
| FNMA |
|
2.50 |
12-1-2049 |
|
257,372 |
213,545 |
| FNMA |
|
2.50 |
4-1-2050 |
|
262,260 |
217,346 |
| FNMA |
|
2.50 |
8-1-2050 |
|
262,349 |
217,095 |
| FNMA |
|
2.50 |
11-1-2050 |
|
235,704 |
194,827 |
| FNMA |
|
2.50 |
3-1-2051 |
|
408,155 |
336,883 |
| FNMA |
|
2.50 |
7-1-2051 |
|
1,393,193 |
1,148,191 |
| FNMA |
|
3.00 |
7-1-2049 |
|
336,551 |
290,841 |
| FNMA |
|
3.00 |
8-1-2049 |
|
237,220 |
205,000 |
| FNMA |
|
3.00 |
2-1-2050 |
|
253,617 |
219,171 |
| FNMA |
|
3.00 |
5-1-2050 |
|
182,771 |
157,723 |
| FNMA |
|
3.00 |
6-1-2050 |
|
222,217 |
191,694 |
| FNMA |
|
3.00 |
7-1-2050 |
|
91,340 |
78,766 |
| FNMA |
|
3.00 |
9-1-2050 |
|
1,769,707 |
1,524,987 |
| FNMA |
|
3.00 |
5-1-2051 |
|
595,133 |
511,470 |
| FNMA |
|
3.00 |
6-1-2051 |
|
639,839 |
549,694 |
| FNMA |
|
3.00 |
7-1-2051 |
|
207,157 |
177,907 |
| FNMA |
|
3.00 |
12-1-2051 |
|
374,335 |
323,150 |
| FNMA |
|
3.50 |
6-1-2048 |
|
1,659,476 |
1,496,428 |
| FNMA |
|
3.50 |
5-1-2049 |
|
248,882 |
223,412 |
| FNMA |
|
3.50 |
6-1-2049 |
|
850,629 |
763,578 |
| FNMA |
|
3.50 |
8-1-2049 |
|
422,912 |
379,633 |
| FNMA |
|
3.50 |
11-1-2049 |
|
506,567 |
454,727 |
| FNMA |
|
3.50 |
2-1-2050 |
|
360,315 |
323,441 |
| FNMA |
|
3.50 |
9-1-2050 |
|
1,772,335 |
1,590,961 |
| FNMA |
|
3.50 |
2-1-2051 |
|
1,995,560 |
1,791,342 |
| FNMA |
|
3.94 |
11-1-2030 |
|
895,000 |
866,057 |
| FNMA |
|
3.95 |
5-1-2031 |
|
1,600,000 |
1,541,873 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Agency securities(continued) |
|
|
|
|
|
|
| FNMA |
|
3.95 % |
1-1-2033 |
$ |
245,000 |
$232,406 |
| FNMA |
|
3.97 |
1-1-2033 |
|
325,000 |
308,653 |
| FNMA |
|
4.00 |
6-1-2048 |
|
636,284 |
590,907 |
| FNMA |
|
4.00 |
8-1-2048 |
|
195,276 |
181,349 |
| FNMA |
|
4.00 |
9-1-2048 |
|
167,328 |
155,395 |
| FNMA |
|
4.00 |
11-1-2048 |
|
186,345 |
173,055 |
| FNMA |
|
4.00 |
1-1-2049 |
|
126,928 |
117,876 |
| FNMA |
|
4.00 |
3-1-2049 |
|
341,499 |
317,145 |
| FNMA |
|
4.00 |
1-1-2050 |
|
243,502 |
225,766 |
| FNMA |
|
4.00 |
9-1-2050 |
|
1,709,836 |
1,585,292 |
| FNMA |
|
4.00 |
1-1-2051 |
|
1,134,916 |
1,052,249 |
| FNMA |
|
4.00 |
3-1-2051 |
|
254,174 |
235,660 |
| FNMA |
|
4.00 |
5-1-2051 |
|
2,039,229 |
1,893,799 |
| FNMA |
|
4.00 |
6-1-2052 |
|
362,046 |
332,505 |
| FNMA |
|
4.15 |
1-1-2033 |
|
820,000 |
786,462 |
| FNMA |
|
4.20 |
7-1-2031 |
|
600,000 |
583,955 |
| FNMA |
|
4.23 |
9-1-2033 |
|
920,000 |
881,904 |
| FNMA |
|
4.32 |
3-1-2033 |
|
330,000 |
319,491 |
| FNMA |
|
4.45 |
1-1-2031 |
|
297,965 |
294,067 |
| FNMA |
|
4.46 |
2-1-2031 |
|
810,022 |
798,673 |
| FNMA |
|
4.50 |
7-1-2048 |
|
218,212 |
209,173 |
| FNMA |
|
4.50 |
5-1-2050 |
|
471,919 |
449,065 |
| FNMA |
|
4.50 |
9-1-2052 |
|
624,582 |
593,264 |
| FNMA |
|
4.50 |
10-1-2052 |
|
230,345 |
218,233 |
| FNMA |
|
4.52 |
7-1-2031 |
|
800,000 |
789,124 |
| FNMA |
|
4.56 |
3-1-2030 |
|
380,000 |
377,299 |
| FNMA |
|
4.69 |
8-1-2033 |
|
1,090,000 |
1,074,045 |
| FNMA |
|
4.70 |
8-1-2033 |
|
440,000 |
433,392 |
| FNMA |
|
4.72 |
10-1-2031 |
|
350,000 |
346,592 |
| FNMA |
|
4.83 |
4-1-2031 |
|
800,000 |
796,702 |
| FNMA |
|
4.88 |
5-1-2032 |
|
728,987 |
725,483 |
| FNMA |
|
4.98 |
5-1-2030 |
|
405,682 |
407,103 |
| FNMA |
|
5.00 |
2-1-2055 |
|
345,462 |
337,200 |
| FNMA |
|
5.00 |
7-1-2055 |
|
158,079 |
154,289 |
| FNMA |
|
5.00 |
11-1-2055 |
|
811,670 |
792,210 |
| FNMA |
|
5.17 |
3-1-2031 |
|
988,240 |
985,483 |
| FNMA |
|
5.20 |
3-1-2031 |
|
937,559 |
945,844 |
| FNMA |
|
5.23 |
2-1-2032 |
|
740,931 |
747,716 |
| FNMA |
|
5.24 |
12-1-2030 |
|
792,813 |
801,095 |
| FNMA |
|
5.50 |
12-1-2054 |
|
842,971 |
845,076 |
| FNMA |
|
5.50 |
6-1-2056 |
|
1,587,301 |
1,587,858 |
| Total agency securities (Cost $63,325,122) |
|
|
|
|
|
62,471,636 |
| Asset-backed securities: 11.18% |
|
|
|
|
|
|
| Ally Auto Receivables Trust Series 2025-1 Class A4 |
|
4.08 |
6-16-2031 |
|
410,000 |
404,311 |
| Barings Equipment Finance LLC Series 2025-A Class A4144A |
|
5.02 |
6-13-2050 |
|
1,000,000 |
1,004,714 |
| CarMax Auto Owner Trust Series 2026-2 Class A3 |
|
4.22 |
6-16-2031 |
|
560,000 |
554,522 |
| Enterprise Fleet Financing LLC Series 2025-1 Class A4144A |
|
4.97 |
9-22-2031 |
|
730,000 |
732,253 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Asset-backed securities(continued) |
|
|
|
|
|
|
| Ford Credit Auto Owner Trust Series 2025-2 Class A144Aøø |
|
4.37 % |
2-15-2038 |
$ |
370,000 |
$363,851 |
| Ford Credit Auto Owner Trust Series 2026-2 Class A144Aøø |
|
4.86 |
2-15-2039 |
|
590,000 |
586,714 |
| Ford Credit Floorplan Master Owner Trust A Series 2026-1 Class A |
|
4.42 |
5-15-2031 |
|
960,000 |
952,867 |
| GM Financial Revolving Receivables Trust Series 2024-2 Class A144A |
|
4.52 |
3-11-2037 |
|
125,000 |
124,038 |
| GM Financial Revolving Receivables Trust Series 2025-1 Class A144A |
|
4.64 |
12-11-2037 |
|
325,000 |
323,125 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A4144A |
|
4.89 |
7-15-2032 |
|
1,000,000 |
1,004,221 |
| SBA Participation Certificates Series 2025-25E Class 1 |
|
5.12 |
5-1-2050 |
|
82,477 |
81,887 |
| SBA Participation Certificates Series 2025-25I Class 1 |
|
4.73 |
9-1-2050 |
|
83,391 |
80,875 |
| SBA Small Business Investment Cos. Series 2025-10A Class 1 |
|
4.96 |
3-10-2035 |
|
1,137,153 |
1,130,941 |
| SBA Small Business Investment Cos. Series 2025-10B Class 1 |
|
4.53 |
9-10-2035 |
|
1,258,704 |
1,229,478 |
| SBA Small Business Investment Cos. Series 2026-10A Class 1 |
|
4.63 |
3-10-2036 |
|
675,000 |
662,874 |
| Toyota Auto Loan Extended Note Trust Series 2025-1A Class A144A |
|
4.65 |
5-25-2038 |
|
435,000 |
432,784 |
| Toyota Auto Loan Extended Note Trust Series 2026-1A Class A144A |
|
4.58 |
4-25-2039 |
|
725,000 |
715,456 |
| U.S. SBA Series 2022-25G Class 1 |
|
3.93 |
7-1-2047 |
|
55,559 |
51,445 |
| U.S. SBA Series 2022-25J Class 1 |
|
5.04 |
10-1-2047 |
|
715,626 |
709,043 |
| U.S. SBA Series 2023-25A Class 1 |
|
4.91 |
1-1-2048 |
|
695,548 |
684,029 |
| U.S. SBA Series 2023-25C Class 1 |
|
4.93 |
3-1-2048 |
|
1,116,820 |
1,098,990 |
| U.S. SBA Series 2023-25G Class 1 |
|
5.18 |
7-1-2048 |
|
1,012,938 |
1,009,208 |
| U.S. SBA Series 2023-25H Class 1 |
|
5.15 |
8-1-2048 |
|
1,134,021 |
1,128,087 |
| U.S. SBA Series 2023-25I Class 1 |
|
5.41 |
9-1-2048 |
|
1,457,151 |
1,467,349 |
| U.S. SBA Series 2024-25A Class 1 |
|
5.05 |
1-1-2049 |
|
136,402 |
134,939 |
| U.S. SBA Series 2024-25B Class 1 |
|
5.07 |
2-1-2049 |
|
778,406 |
770,842 |
| U.S. SBA Series 2024-25C Class 1 |
|
4.97 |
3-1-2049 |
|
923,116 |
908,987 |
| U.S. SBA Series 2024-25F Class 1 |
|
5.04 |
6-1-2049 |
|
964,209 |
957,570 |
| U.S. SBA Series 2024-25I Class 1 |
|
4.45 |
9-1-2049 |
|
145,527 |
138,848 |
| U.S. SBA Series 2025-20A Class 1 |
|
5.24 |
1-1-2045 |
|
953,621 |
952,810 |
| U.S. SBA Series 2025-20B Class 1 |
|
5.01 |
2-1-2045 |
|
190,598 |
188,251 |
| U.S. SBA Series 2025-25B Class 1 |
|
5.01 |
2-1-2050 |
|
333,793 |
329,265 |
| WF Card Issuance Trust Series 2026-A1 Class A |
|
4.08 |
4-15-2031 |
|
700,000 |
690,640 |
| Wheels Fleet Lease Funding LLC Series 2026-1A Class A3144A |
|
4.39 |
4-18-2039 |
|
180,000 |
178,157 |
| World Omni Auto Receivables Trust Series 2025-D Class A4 |
|
4.07 |
2-17-2032 |
|
515,000 |
505,824 |
| Total asset-backed securities (Cost $22,534,419) |
|
|
|
|
|
22,289,195 |
| Corporate bonds and notes: 27.05% |
|
|
|
|
|
|
| Basic materials: 0.44% |
|
|
|
|
|
|
| Chemicals: 0.44% |
|
|
|
|
|
|
| Eastman Chemical Co. |
|
5.75 |
3-8-2033 |
|
140,000 |
142,541 |
| Ecolab, Inc. |
|
5.15 |
6-15-2033 |
|
250,000 |
248,785 |
| Mosaic Co. |
|
4.60 |
11-15-2030 |
|
100,000 |
97,429 |
| PPG Industries, Inc. |
|
4.38 |
3-15-2031 |
|
135,000 |
131,323 |
| Sherwin-Williams Co. |
|
2.95 |
8-15-2029 |
|
180,000 |
170,510 |
| Sherwin-Williams Co. |
|
4.50 |
8-15-2030 |
|
90,000 |
88,439 |
| |
|
|
|
|
|
879,027 |
| Communications: 2.14% |
|
|
|
|
|
|
| Internet: 0.55% |
|
|
|
|
|
|
| Airbnb, Inc. |
|
4.65 |
3-16-2031 |
|
70,000 |
69,018 |
| Alphabet, Inc. |
|
5.20 |
8-15-2033 |
|
230,000 |
229,186 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Internet(continued) |
|
|
|
|
|
|
| Amazon.com, Inc. |
|
4.80 % |
7-9-2031 |
$ |
500,000 |
$495,370 |
| Meta Platforms, Inc. |
|
4.88 |
5-15-2033 |
|
320,000 |
309,309 |
| |
|
|
|
|
|
1,102,883 |
| Media: 0.43% |
|
|
|
|
|
|
| Charter Communications Operating LLC/Charter Communications Operating Capital |
|
4.40 |
4-1-2033 |
|
230,000 |
207,163 |
| Comcast Corp. |
|
1.95 |
1-15-2031 |
|
284,000 |
248,583 |
| Comcast Corp. |
|
4.60 |
10-15-2038 |
|
240,000 |
209,664 |
| Comcast Corp. |
|
4.95 |
5-15-2032 |
|
200,000 |
197,340 |
| |
|
|
|
|
|
862,750 |
| Telecommunications: 1.16% |
|
|
|
|
|
|
| AT&T, Inc. |
|
2.25 |
2-1-2032 |
|
130,000 |
111,901 |
| AT&T, Inc. |
|
4.50 |
5-15-2035 |
|
318,000 |
292,163 |
| AT&T, Inc. |
|
4.55 |
11-1-2032 |
|
419,000 |
402,399 |
| AT&T, Inc. |
|
4.65 |
6-1-2044 |
|
40,000 |
32,622 |
| AT&T, Inc. |
|
4.75 |
5-15-2046 |
|
150,000 |
120,306 |
| T-Mobile USA, Inc. |
|
2.40 |
3-15-2029 |
|
100,000 |
94,217 |
| T-Mobile USA, Inc. |
|
2.55 |
2-15-2031 |
|
410,000 |
368,020 |
| T-Mobile USA, Inc. |
|
3.88 |
4-15-2030 |
|
170,000 |
163,447 |
| Verizon Communications, Inc. |
|
1.75 |
1-20-2031 |
|
190,000 |
165,866 |
| Verizon Communications, Inc. |
|
2.36 |
3-15-2032 |
|
450,000 |
389,219 |
| Verizon Communications, Inc. |
|
4.40 |
11-1-2034 |
|
130,000 |
120,585 |
| Verizon Communications, Inc. |
|
4.81 |
3-15-2039 |
|
50,000 |
44,979 |
| |
|
|
|
|
|
2,305,724 |
| Consumer, cyclical: 1.58% |
|
|
|
|
|
|
| Auto manufacturers: 1.42% |
|
|
|
|
|
|
| American Honda Finance Corp. |
|
2.25 |
1-12-2029 |
|
100,000 |
94,241 |
| American Honda Finance Corp. |
|
4.40 |
9-5-2029 |
|
288,000 |
283,539 |
| American Honda Finance Corp. |
|
4.45 |
1-8-2031 |
|
60,000 |
58,313 |
| BMW U.S. Capital LLC144A |
|
4.50 |
8-11-2030 |
|
70,000 |
68,453 |
| BMW U.S. Capital LLC144A |
|
4.65 |
8-13-2029 |
|
50,000 |
49,542 |
| BMW U.S. Capital LLC144A |
|
4.65 |
3-19-2031 |
|
70,000 |
68,316 |
| BMW U.S. Capital LLC144A |
|
5.05 |
3-21-2030 |
|
45,000 |
44,895 |
| BMW U.S. Capital LLC144A |
|
5.20 |
8-6-2031 |
|
170,000 |
169,237 |
| Daimler Truck Finance North America LLC144A |
|
5.40 |
9-20-2028 |
|
330,000 |
333,442 |
| Ford Motor Credit Co. LLC |
|
3.63 |
6-17-2031 |
|
200,000 |
181,472 |
| General Motors Financial Co., Inc. |
|
2.40 |
10-15-2028 |
|
240,000 |
228,182 |
| General Motors Financial Co., Inc. |
|
2.70 |
6-10-2031 |
|
200,000 |
178,182 |
| General Motors Financial Co., Inc. |
|
4.30 |
4-6-2029 |
|
80,000 |
78,672 |
| Hyundai Capital America144A |
|
5.00 |
4-7-2031 |
|
50,000 |
49,404 |
| Hyundai Capital America144A |
|
5.30 |
1-8-2030 |
|
190,000 |
190,817 |
| Mercedes-Benz Finance North America LLC144A |
|
4.85 |
1-11-2029 |
|
150,000 |
149,676 |
| Mercedes-Benz Finance North America LLC144A |
|
5.00 |
4-1-2030 |
|
150,000 |
149,319 |
| Toyota Motor Credit Corp. |
|
5.10 |
3-21-2031 |
|
120,000 |
120,610 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Auto manufacturers(continued) |
|
|
|
|
|
|
| Toyota Motor Credit Corp. Series B |
|
5.00 % |
7-8-2033 |
$ |
140,000 |
$137,967 |
| Volkswagen Group of America Finance LLC144A |
|
4.60 |
6-8-2029 |
|
200,000 |
197,032 |
| |
|
|
|
|
|
2,831,311 |
| Retail: 0.16% |
|
|
|
|
|
|
| AutoZone, Inc. |
|
4.95 |
7-15-2031 |
|
90,000 |
89,180 |
| Lowe’s Cos., Inc. |
|
3.75 |
4-1-2032 |
|
240,000 |
223,437 |
| |
|
|
|
|
|
312,617 |
| Consumer, non-cyclical: 3.69% |
|
|
|
|
|
|
| Biotechnology: 0.03% |
|
|
|
|
|
|
| Amgen, Inc. |
|
4.20 |
2-19-2031 |
|
70,000 |
67,819 |
| Commercial services: 1.44% |
|
|
|
|
|
|
| Cornell University Series 2025 |
|
4.73 |
6-15-2035 |
|
555,000 |
537,484 |
| Equifax, Inc. |
|
2.35 |
9-15-2031 |
|
120,000 |
104,657 |
| Equifax, Inc. |
|
4.80 |
9-15-2029 |
|
50,000 |
49,740 |
| Equifax, Inc. |
|
5.10 |
6-1-2028 |
|
338,000 |
339,413 |
| Equifax, Inc. |
|
5.65 |
8-15-2033 |
|
10,000 |
10,017 |
| Experian Finance U.S., Inc.144A |
|
5.35 |
8-24-2036 |
|
310,000 |
301,400 |
| J Paul Getty Trust |
|
4.91 |
4-1-2035 |
|
450,000 |
442,809 |
| Leland Stanford Junior University |
|
4.68 |
3-1-2035 |
|
420,000 |
406,896 |
| Massachusetts Institute of Technology |
|
3.96 |
7-1-2038 |
|
100,000 |
89,477 |
| Massachusetts Institute of Technology |
|
5.62 |
6-1-2055 |
|
115,000 |
113,043 |
| RELX Capital, Inc. |
|
5.25 |
3-27-2035 |
|
100,000 |
98,283 |
| University of Southern California |
|
3.03 |
10-1-2039 |
|
340,000 |
272,687 |
| Verisk Analytics, Inc. |
|
4.45 |
3-15-2031 |
|
100,000 |
96,859 |
| |
|
|
|
|
|
2,862,765 |
| Food: 0.30% |
|
|
|
|
|
|
| Ingredion, Inc. |
|
2.90 |
6-1-2030 |
|
218,000 |
202,625 |
| Mars, Inc.144A |
|
5.00 |
3-1-2032 |
|
196,000 |
194,559 |
| McCormick & Co., Inc. |
|
2.50 |
4-15-2030 |
|
220,000 |
201,940 |
| |
|
|
|
|
|
599,124 |
| Healthcare-products: 0.47% |
|
|
|
|
|
|
| Agilent Technologies, Inc. |
|
2.10 |
6-4-2030 |
|
110,000 |
99,264 |
| Agilent Technologies, Inc. |
|
2.75 |
9-15-2029 |
|
50,000 |
47,031 |
| Baxter International, Inc. |
|
2.27 |
12-1-2028 |
|
370,000 |
348,688 |
| GE HealthCare Technologies, Inc. |
|
4.80 |
8-14-2029 |
|
160,000 |
159,918 |
| GE HealthCare Technologies, Inc. |
|
5.86 |
3-15-2030 |
|
110,000 |
112,835 |
| GE HealthCare Technologies, Inc. |
|
5.91 |
11-22-2032 |
|
110,000 |
113,673 |
| Revvity, Inc. |
|
1.90 |
9-15-2028 |
|
50,000 |
47,157 |
| |
|
|
|
|
|
928,566 |
| Healthcare-services: 0.72% |
|
|
|
|
|
|
| Ascension Health Series 2025 |
|
4.92 |
11-15-2035 |
|
195,000 |
188,565 |
| Health Care Service Corp. A Mutual Legal Reserve Co.144A |
|
2.20 |
6-1-2030 |
|
110,000 |
99,020 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Healthcare-services(continued) |
|
|
|
|
|
|
| Health Care Service Corp. A Mutual Legal Reserve Co.144A |
|
5.20 % |
6-15-2029 |
$ |
140,000 |
$140,537 |
| Laboratory Corp. of America Holdings |
|
4.35 |
4-1-2030 |
|
140,000 |
137,012 |
| Mayo Clinic Series 2021 |
|
3.20 |
11-15-2061 |
|
100,000 |
60,240 |
| Providence St. Joseph Health Obligated Group Series H |
|
2.75 |
10-1-2026 |
|
100,000 |
99,897 |
| Stanford Health Care Series 2020 |
|
3.31 |
8-15-2030 |
|
360,000 |
340,643 |
| Sutter Health |
|
5.16 |
8-15-2033 |
|
145,000 |
144,159 |
| UnitedHealth Group, Inc. |
|
5.15 |
7-15-2034 |
|
232,000 |
229,135 |
| |
|
|
|
|
|
1,439,208 |
| Household products/wares: 0.05% |
|
|
|
|
|
|
| Clorox Co. |
|
4.70 |
5-15-2031 |
|
110,000 |
107,851 |
| Pharmaceuticals: 0.68% |
|
|
|
|
|
|
| Becton Dickinson & Co. |
|
1.96 |
2-11-2031 |
|
200,000 |
175,282 |
| Becton Dickinson & Co. |
|
4.30 |
8-22-2032 |
|
50,000 |
47,745 |
| Becton Dickinson & Co. |
|
4.87 |
2-8-2029 |
|
90,000 |
90,041 |
| CVS Health Corp. |
|
1.75 |
8-21-2030 |
|
170,000 |
149,768 |
| CVS Health Corp. |
|
5.13 |
2-21-2030 |
|
170,000 |
170,637 |
| CVS Health Corp. |
|
5.25 |
2-21-2033 |
|
380,000 |
378,731 |
| EMD Finance LLC144A |
|
4.63 |
10-15-2032 |
|
350,000 |
338,677 |
| |
|
|
|
|
|
1,350,881 |
| Energy: 2.61% |
|
|
|
|
|
|
| Oil & gas: 0.69% |
|
|
|
|
|
|
| BP Capital Markets America, Inc. |
|
4.89 |
9-11-2033 |
|
140,000 |
137,424 |
| Devon Energy Corp.144A |
|
3.90 |
5-15-2027 |
|
90,000 |
89,636 |
| Devon Energy Corp.144A |
|
4.38 |
3-15-2029 |
|
160,000 |
158,115 |
| EOG Resources, Inc. |
|
5.00 |
7-15-2032 |
|
210,000 |
208,799 |
| Marathon Petroleum Corp. |
|
5.15 |
3-1-2030 |
|
360,000 |
362,261 |
| Phillips 66 Co. |
|
5.25 |
6-15-2031 |
|
410,000 |
416,478 |
| |
|
|
|
|
|
1,372,713 |
| Oil & gas services: 0.30% |
|
|
|
|
|
|
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
|
4.35 |
6-15-2031 |
|
210,000 |
203,523 |
| Halliburton Co. |
|
2.92 |
3-1-2030 |
|
430,000 |
401,659 |
| |
|
|
|
|
|
605,182 |
| Pipelines: 1.62% |
|
|
|
|
|
|
| Energy Transfer LP |
|
3.75 |
5-15-2030 |
|
350,000 |
334,565 |
| Energy Transfer LP |
|
6.40 |
12-1-2030 |
|
220,000 |
230,468 |
| Enterprise Products Operating LLC |
|
4.60 |
1-15-2031 |
|
140,000 |
138,107 |
| Florida Gas Transmission Co. LLC144A |
|
2.30 |
10-1-2031 |
|
200,000 |
174,500 |
| Gulfstream Natural Gas System LLC144A |
|
5.60 |
7-23-2035 |
|
200,000 |
198,202 |
| Kinder Morgan, Inc. |
|
5.15 |
6-1-2030 |
|
370,000 |
372,878 |
| MPLX LP |
|
4.95 |
9-1-2032 |
|
290,000 |
284,359 |
| MPLX LP |
|
5.00 |
3-1-2033 |
|
150,000 |
146,820 |
| MPLX LP |
|
5.40 |
9-15-2035 |
|
50,000 |
48,990 |
| ONEOK, Inc. |
|
3.25 |
6-1-2030 |
|
125,000 |
117,154 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Pipelines(continued) |
|
|
|
|
|
|
| ONEOK, Inc. |
|
4.40 % |
10-15-2029 |
$ |
20,000 |
$19,715 |
| ONEOK, Inc. |
|
4.95 |
10-15-2032 |
|
110,000 |
107,670 |
| Plains All American Pipeline LP/PAA Finance Corp. |
|
5.70 |
9-15-2034 |
|
140,000 |
140,340 |
| Sabine Pass Liquefaction LLC |
|
4.50 |
5-15-2030 |
|
356,000 |
350,030 |
| Transcontinental Gas Pipe Line Co. LLC |
|
3.25 |
5-15-2030 |
|
80,000 |
75,477 |
| Williams Cos., Inc. |
|
4.65 |
8-15-2032 |
|
85,000 |
82,414 |
| Williams Cos., Inc. |
|
4.90 |
3-15-2029 |
|
310,000 |
310,453 |
| Williams Cos., Inc. |
|
5.65 |
3-15-2033 |
|
100,000 |
101,281 |
| |
|
|
|
|
|
3,233,423 |
| Financial: 9.35% |
|
|
|
|
|
|
| Banks: 5.09% |
|
|
|
|
|
|
| Bank of America Corp. (U.S. SOFR+1.21%)± |
|
2.57 |
10-20-2032 |
|
250,000 |
220,365 |
| Bank of America Corp. (U.S. SOFR+1.33%)± |
|
2.97 |
2-4-2033 |
|
50,000 |
44,564 |
| Bank of America Corp. (U.S. SOFR+1.37%)± |
|
1.92 |
10-24-2031 |
|
416,000 |
366,255 |
| Bank of America Corp. (U.S. SOFR+1.53%)± |
|
1.90 |
7-23-2031 |
|
300,000 |
266,208 |
| Bank of America Corp. (U.S. SOFR 3 Month+1.30%)± |
|
3.42 |
12-20-2028 |
|
90,000 |
88,573 |
| Bank of America Corp. (U.S. SOFR 3 Month+1.33%)± |
|
3.97 |
3-5-2029 |
|
50,000 |
49,416 |
| Bank of New York Mellon Corp. (U.S. SOFR+1.23%)± |
|
5.06 |
7-22-2032 |
|
150,000 |
149,670 |
| Bank of New York Mellon Corp. (U.S. SOFR+1.42%)± |
|
4.29 |
6-13-2033 |
|
230,000 |
219,353 |
| Citigroup, Inc. (U.S. SOFR+1.17%)± |
|
2.56 |
5-1-2032 |
|
150,000 |
133,398 |
| Citigroup, Inc. (U.S. SOFR+1.18%)± |
|
2.52 |
11-3-2032 |
|
130,000 |
113,789 |
| Citigroup, Inc. (U.S. SOFR+1.35%)± |
|
3.06 |
1-25-2033 |
|
50,000 |
44,709 |
| Citigroup, Inc. (U.S. SOFR+1.94%)± |
|
3.79 |
3-17-2033 |
|
310,000 |
287,407 |
| Citigroup, Inc. (U.S. SOFR+2.09%)± |
|
4.91 |
5-24-2033 |
|
140,000 |
137,215 |
| Citigroup, Inc. (U.S. SOFR+2.11%)± |
|
2.57 |
6-3-2031 |
|
352,000 |
321,277 |
| Citigroup, Inc. (U.S. SOFR+3.91%)± |
|
4.41 |
3-31-2031 |
|
60,000 |
58,674 |
| Citizens Financial Group, Inc. (U.S. SOFR+1.26%)± |
|
5.25 |
3-5-2031 |
|
310,000 |
310,254 |
| Depository Trust Co.144A |
|
4.55 |
3-27-2031 |
|
250,000 |
245,572 |
| Fifth Third Bancorp (U.S. SOFR+2.13%)± |
|
4.77 |
7-28-2030 |
|
410,000 |
407,064 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.09%)± |
|
1.99 |
1-27-2032 |
|
230,000 |
200,420 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.21%)± |
|
5.05 |
7-23-2030 |
|
360,000 |
359,881 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.25%)± |
|
2.38 |
7-21-2032 |
|
170,000 |
148,417 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.28%)± |
|
2.62 |
4-22-2032 |
|
260,000 |
231,020 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.41%)± |
|
3.10 |
2-24-2033 |
|
300,000 |
267,900 |
| Huntington Bancshares, Inc. |
|
2.55 |
2-4-2030 |
|
110,000 |
101,038 |
| Huntington Bancshares, Inc. (U.S. SOFR+2.05%)± |
|
5.02 |
5-17-2033 |
|
140,000 |
137,144 |
| JPMorgan Chase & Co. (U.S. SOFR+1.18%)± |
|
2.55 |
11-8-2032 |
|
290,000 |
254,916 |
| JPMorgan Chase & Co. (U.S. SOFR+1.31%)± |
|
5.01 |
1-23-2030 |
|
90,000 |
90,273 |
| JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.11%)± |
|
1.76 |
11-19-2031 |
|
320,000 |
279,584 |
| JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.25%)± |
|
2.58 |
4-22-2032 |
|
430,000 |
383,990 |
| KeyBank National Association |
|
3.90 |
4-13-2029 |
|
300,000 |
291,519 |
| M&T Bank Corp. (U.S. SOFR+1.40%)± |
|
5.18 |
7-8-2031 |
|
120,000 |
119,863 |
| M&T Bank Corp. (U.S. SOFR+1.85%)± |
|
5.05 |
1-27-2034 |
|
140,000 |
136,156 |
| Morgan Stanley (U.S. SOFR+1.11%)± |
|
5.23 |
1-15-2031 |
|
195,000 |
195,755 |
| Morgan Stanley (U.S. SOFR+1.18%)± |
|
2.24 |
7-21-2032 |
|
240,000 |
208,306 |
| Morgan Stanley (U.S. SOFR+1.26%)± |
|
5.66 |
4-18-2030 |
|
80,000 |
81,226 |
| Morgan Stanley (U.S. SOFR+1.45%)± |
|
5.17 |
1-16-2030 |
|
320,000 |
321,453 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Banks(continued) |
|
|
|
|
|
|
| Morgan Stanley (U.S. SOFR+1.51%)± |
|
5.19 % |
4-17-2031 |
$ |
300,000 |
$300,546 |
| Morgan Stanley (U.S. SOFR+1.63%)± |
|
5.45 |
7-20-2029 |
|
80,000 |
80,867 |
| Morgan Stanley (U.S. SOFR+2.08%)± |
|
4.89 |
7-20-2033 |
|
50,000 |
48,865 |
| Morgan Stanley (U.S. SOFR 3 Month+1.89%)± |
|
4.43 |
1-23-2030 |
|
110,000 |
108,684 |
| PNC Financial Services Group, Inc. (U.S. SOFR+1.93%)± |
|
5.07 |
1-24-2034 |
|
50,000 |
49,136 |
| PNC Financial Services Group, Inc. (U.S. SOFR+2.14%)± |
|
6.04 |
10-28-2033 |
|
360,000 |
372,060 |
| State Street Bank & Trust Co. |
|
5.22 |
7-23-2034 |
|
250,000 |
248,962 |
| State Street Corp. (U.S. SOFR+1.00%)± |
|
2.62 |
2-7-2033 |
|
50,000 |
44,040 |
| State Street Corp. (U.S. SOFR+1.61%)± |
|
4.42 |
5-13-2033 |
|
190,000 |
182,987 |
| Truist Bank |
|
2.25 |
3-11-2030 |
|
250,000 |
226,905 |
| Truist Bank (5 Year Treasury Constant Maturity+1.15%)± |
|
4.63 |
9-17-2029 |
|
250,000 |
245,992 |
| U.S. Bancorp (U.S. SOFR+1.25%)± |
|
5.10 |
7-23-2030 |
|
90,000 |
90,467 |
| U.S. Bancorp (U.S. SOFR+2.09%)± |
|
5.85 |
10-21-2033 |
|
350,000 |
358,869 |
| Wells Fargo & Co. (U.S. SOFR+1.11%)± |
|
5.24 |
1-24-2031 |
|
95,000 |
95,512 |
| Wells Fargo & Co. (U.S. SOFR+1.50%)± |
|
3.35 |
3-2-2033 |
|
120,000 |
108,887 |
| Wells Fargo & Co. (U.S. SOFR+1.50%)± |
|
5.15 |
4-23-2031 |
|
20,000 |
20,039 |
| Wells Fargo & Co. (U.S. SOFR+2.02%)± |
|
5.39 |
4-24-2034 |
|
300,000 |
299,655 |
| |
|
|
|
|
|
10,155,097 |
| Diversified financial services: 0.48% |
|
|
|
|
|
|
| American Express Co. (U.S. SOFR+1.44%)± |
|
5.02 |
4-25-2031 |
|
90,000 |
90,115 |
| American Express Co. (U.S. SOFR+1.94%)± |
|
6.49 |
10-30-2031 |
|
280,000 |
294,804 |
| Capital One Financial Corp. (U.S. SOFR+1.25%)± |
|
4.49 |
9-11-2031 |
|
75,000 |
73,034 |
| Capital One Financial Corp. (U.S. SOFR+1.79%)± |
|
3.27 |
3-1-2030 |
|
340,000 |
326,574 |
| Capital One Financial Corp. (U.S. SOFR+2.37%)± |
|
5.27 |
5-10-2033 |
|
140,000 |
138,272 |
| Voya Global Funding144A |
|
4.60 |
11-24-2030 |
|
40,000 |
38,976 |
| |
|
|
|
|
|
961,775 |
| Insurance: 1.63% |
|
|
|
|
|
|
| American International Group, Inc. |
|
4.85 |
5-7-2030 |
|
40,000 |
39,880 |
| Aon Corp. |
|
3.75 |
5-2-2029 |
|
120,000 |
116,598 |
| Aon North America, Inc. |
|
5.15 |
3-1-2029 |
|
90,000 |
90,614 |
| Chubb INA Holdings LLC |
|
5.30 |
5-20-2036 |
|
230,000 |
226,732 |
| Corebridge Global Funding144A |
|
5.20 |
1-12-2029 |
|
100,000 |
100,401 |
| Corebridge Global Funding144A |
|
5.90 |
9-19-2028 |
|
160,000 |
162,874 |
| Guardian Life Global Funding144A |
|
4.92 |
4-30-2033 |
|
310,000 |
303,102 |
| Marsh & McLennan Cos., Inc. |
|
2.38 |
12-15-2031 |
|
150,000 |
131,234 |
| MassMutual Global Funding II144A |
|
4.35 |
9-17-2031 |
|
200,000 |
192,410 |
| Metropolitan Life Global Funding I144A |
|
2.95 |
4-9-2030 |
|
150,000 |
139,706 |
| Mutual of Omaha Cos. Global Funding144A |
|
4.75 |
10-15-2029 |
|
100,000 |
99,072 |
| Mutual of Omaha Cos. Global Funding144A |
|
5.45 |
12-12-2028 |
|
280,000 |
283,074 |
| New York Life Global Funding144A |
|
1.20 |
8-7-2030 |
|
30,000 |
26,010 |
| New York Life Insurance Co.144A |
|
5.88 |
5-15-2033 |
|
160,000 |
163,053 |
| NLG Global Funding144A |
|
4.35 |
9-15-2030 |
|
95,000 |
92,207 |
| NLG Global Funding144A |
|
5.40 |
1-23-2030 |
|
105,000 |
105,644 |
| Pacific Life Global Funding II144A |
|
2.45 |
1-11-2032 |
|
180,000 |
157,793 |
| Pacific Life Global Funding II144A |
|
4.90 |
1-11-2029 |
|
80,000 |
80,076 |
| Principal Life Global Funding II144A |
|
5.10 |
1-25-2029 |
|
80,000 |
80,303 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Insurance(continued) |
|
|
|
|
|
|
| Protective Life Global Funding144A |
|
4.83 % |
4-14-2031 |
$ |
150,000 |
$147,211 |
| Protective Life Global Funding144A |
|
5.22 |
6-12-2029 |
|
150,000 |
150,810 |
| Teachers Insurance & Annuity Association of America144A |
|
4.90 |
9-15-2044 |
|
170,000 |
145,717 |
| Travelers Cos., Inc. |
|
4.95 |
7-24-2031 |
|
210,000 |
209,187 |
| |
|
|
|
|
|
3,243,708 |
| REITs: 2.15% |
|
|
|
|
|
|
| Agree LP |
|
2.90 |
10-1-2030 |
|
240,000 |
220,555 |
| Alexandria Real Estate Equities, Inc. |
|
2.00 |
5-18-2032 |
|
200,000 |
166,228 |
| Alexandria Real Estate Equities, Inc. |
|
3.38 |
8-15-2031 |
|
120,000 |
109,393 |
| Alexandria Real Estate Equities, Inc. |
|
3.95 |
1-15-2028 |
|
30,000 |
29,637 |
| CubeSmart LP |
|
2.25 |
12-15-2028 |
|
200,000 |
188,928 |
| CubeSmart LP |
|
4.38 |
2-15-2029 |
|
150,000 |
148,155 |
| Digital Realty Trust LP |
|
4.45 |
7-15-2028 |
|
90,000 |
89,378 |
| DOC Dr. LLC |
|
2.63 |
11-1-2031 |
|
170,000 |
150,115 |
| ERP Operating LP |
|
4.35 |
12-1-2030 |
|
80,000 |
78,095 |
| ERP Operating LP |
|
5.45 |
10-1-2036 |
|
120,000 |
119,086 |
| Extra Space Storage LP |
|
2.35 |
3-15-2032 |
|
120,000 |
103,002 |
| Extra Space Storage LP |
|
3.90 |
4-1-2029 |
|
170,000 |
165,619 |
| Extra Space Storage LP |
|
4.95 |
1-15-2033 |
|
40,000 |
38,938 |
| Extra Space Storage LP |
|
5.50 |
7-1-2030 |
|
110,000 |
111,223 |
| Federal Realty OP LP |
|
3.20 |
6-15-2029 |
|
150,000 |
143,484 |
| Federal Realty OP LP |
|
5.38 |
5-1-2028 |
|
120,000 |
121,004 |
| Healthpeak OP LLC |
|
3.50 |
7-15-2029 |
|
170,000 |
163,389 |
| Kimco Realty OP LLC |
|
2.25 |
12-1-2031 |
|
95,000 |
82,850 |
| NNN REIT, Inc. |
|
4.30 |
10-15-2028 |
|
90,000 |
89,132 |
| NNN REIT, Inc. |
|
4.60 |
2-15-2031 |
|
200,000 |
196,138 |
| Prologis LP |
|
1.75 |
7-1-2030 |
|
110,000 |
97,948 |
| Prologis LP |
|
1.75 |
2-1-2031 |
|
228,000 |
198,627 |
| Realty Income Corp. |
|
4.75 |
4-15-2033 |
|
260,000 |
252,062 |
| Regency Centers LP |
|
5.00 |
7-15-2032 |
|
80,000 |
79,203 |
| Rexford Industrial Realty LP |
|
5.00 |
6-15-2028 |
|
240,000 |
240,502 |
| UDR, Inc. |
|
2.10 |
8-1-2032 |
|
170,000 |
142,421 |
| UDR, Inc. |
|
3.00 |
8-15-2031 |
|
170,000 |
153,801 |
| UDR, Inc. |
|
3.20 |
1-15-2030 |
|
40,000 |
37,737 |
| Ventas Realty LP |
|
2.50 |
9-1-2031 |
|
30,000 |
26,437 |
| Ventas Realty LP |
|
4.40 |
1-15-2029 |
|
90,000 |
89,118 |
| Welltower OP LLC |
|
2.75 |
1-15-2032 |
|
130,000 |
115,895 |
| Welltower OP LLC |
|
2.80 |
6-1-2031 |
|
30,000 |
27,246 |
| Weyerhaeuser Co. |
|
3.38 |
3-9-2033 |
|
180,000 |
160,427 |
| Weyerhaeuser Co. |
|
4.00 |
4-15-2030 |
|
150,000 |
144,869 |
| |
|
|
|
|
|
4,280,642 |
| Industrial: 1.44% |
|
|
|
|
|
|
| Aerospace/defense: 0.46% |
|
|
|
|
|
|
| Boeing Co. |
|
5.15 |
5-1-2030 |
|
140,000 |
140,403 |
| Boeing Co. |
|
5.71 |
5-1-2040 |
|
120,000 |
118,001 |
| HEICO Corp. |
|
4.95 |
8-1-2031 |
|
200,000 |
198,646 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Aerospace/defense(continued) |
|
|
|
|
|
|
| Hexcel Corp. |
|
4.90 % |
5-15-2031 |
$ |
10,000 |
$9,821 |
| Honeywell Aerospace, Inc. |
|
4.60 |
3-16-2033 |
|
90,000 |
87,019 |
| L3Harris Technologies, Inc. |
|
5.40 |
7-31-2033 |
|
328,000 |
329,342 |
| RTX Corp. |
|
2.38 |
3-15-2032 |
|
50,000 |
43,610 |
| |
|
|
|
|
|
926,842 |
| Building materials: 0.37% |
|
|
|
|
|
|
| Amrize Finance U.S. LLC |
|
4.95 |
4-7-2030 |
|
100,000 |
99,754 |
| Lennox International, Inc. |
|
5.50 |
9-15-2028 |
|
90,000 |
91,116 |
| Martin Marietta Materials, Inc. |
|
2.40 |
7-15-2031 |
|
300,000 |
264,507 |
| Martin Marietta Materials, Inc. |
|
5.40 |
1-30-2034 |
|
70,000 |
70,031 |
| Masco Corp. |
|
2.00 |
10-1-2030 |
|
240,000 |
212,338 |
| |
|
|
|
|
|
737,746 |
| Machinery-construction & mining: 0.12% |
|
|
|
|
|
|
| Oshkosh Corp. |
|
3.10 |
3-1-2030 |
|
255,000 |
239,782 |
| Machinery-diversified: 0.16% |
|
|
|
|
|
|
| CNH Industrial Capital LLC |
|
4.95 |
6-25-2031 |
|
180,000 |
177,640 |
| CNH Industrial Capital LLC |
|
5.10 |
4-20-2029 |
|
140,000 |
140,353 |
| |
|
|
|
|
|
317,993 |
| Miscellaneous manufacturing: 0.10% |
|
|
|
|
|
|
| Eaton Corp. |
|
4.20 |
3-6-2031 |
|
200,000 |
193,676 |
| Packaging & containers: 0.19% |
|
|
|
|
|
|
| Packaging Corp. of America |
|
5.70 |
12-1-2033 |
|
140,000 |
142,850 |
| WRKCo, Inc. |
|
4.20 |
6-1-2032 |
|
249,000 |
236,204 |
| |
|
|
|
|
|
379,054 |
| Transportation: 0.04% |
|
|
|
|
|
|
| Norfolk Southern Corp. |
|
5.10 |
8-1-2118 |
|
100,000 |
84,962 |
| Technology: 1.95% |
|
|
|
|
|
|
| Computers: 0.51% |
|
|
|
|
|
|
| Accenture Capital, Inc. |
|
5.00 |
7-10-2031 |
|
190,000 |
189,288 |
| Hewlett Packard Enterprise Co. |
|
4.55 |
10-15-2029 |
|
430,000 |
424,341 |
| HP, Inc. |
|
4.00 |
4-15-2029 |
|
410,000 |
400,644 |
| |
|
|
|
|
|
1,014,273 |
| Semiconductors: 0.49% |
|
|
|
|
|
|
| Advanced Micro Devices, Inc. |
|
5.25 |
8-17-2033 |
|
110,000 |
108,778 |
| Broadcom, Inc. |
|
4.20 |
10-15-2030 |
|
190,000 |
182,731 |
| Intel Corp. |
|
2.00 |
8-12-2031 |
|
220,000 |
189,063 |
| Intel Corp. |
|
3.90 |
3-25-2030 |
|
100,000 |
96,183 |
| Intel Corp. |
|
5.00 |
2-21-2031 |
|
80,000 |
79,563 |
| Intel Corp. |
|
5.30 |
5-15-2036 |
|
100,000 |
96,468 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Semiconductors(continued) |
|
|
|
|
|
|
| Microchip Technology, Inc. |
|
5.05 % |
3-15-2029 |
$ |
50,000 |
$50,143 |
| Microchip Technology, Inc. |
|
5.05 |
2-15-2030 |
|
180,000 |
179,172 |
| |
|
|
|
|
|
982,101 |
| Software: 0.95% |
|
|
|
|
|
|
| Fidelity National Information Services, Inc. |
|
4.80 |
3-10-2031 |
|
180,000 |
176,323 |
| Fiserv, Inc. |
|
3.50 |
7-1-2029 |
|
140,000 |
134,113 |
| Fiserv, Inc. |
|
4.55 |
2-15-2031 |
|
40,000 |
38,629 |
| Fiserv, Inc. |
|
4.75 |
3-15-2030 |
|
200,000 |
196,878 |
| Oracle Corp. |
|
2.88 |
3-25-2031 |
|
235,000 |
205,832 |
| Oracle Corp. |
|
3.80 |
11-15-2037 |
|
160,000 |
121,634 |
| Oracle Corp. |
|
3.85 |
7-15-2036 |
|
100,000 |
79,383 |
| Oracle Corp. |
|
5.70 |
2-4-2036 |
|
365,000 |
337,486 |
| Oracle Corp. |
|
5.88 |
9-26-2045 |
|
195,000 |
161,066 |
| Roper Technologies, Inc. |
|
2.95 |
9-15-2029 |
|
140,000 |
132,238 |
| Roper Technologies, Inc. |
|
4.45 |
9-15-2030 |
|
80,000 |
78,105 |
| Roper Technologies, Inc. |
|
4.50 |
10-15-2029 |
|
100,000 |
98,697 |
| Take-Two Interactive Software, Inc. |
|
5.40 |
6-12-2029 |
|
130,000 |
131,527 |
| |
|
|
|
|
|
1,891,911 |
| Utilities: 3.85% |
|
|
|
|
|
|
| Electric: 3.61% |
|
|
|
|
|
|
| Alabama Power Co. |
|
5.85 |
11-15-2033 |
|
70,000 |
72,321 |
| Alliant Energy Finance LLC144A |
|
3.60 |
3-1-2032 |
|
190,000 |
174,462 |
| Ameren Missouri Securitization Funding I LLC Series A-1 |
|
4.85 |
10-1-2039 |
|
187,840 |
183,170 |
| American Transmission Systems, Inc.144A |
|
2.65 |
1-15-2032 |
|
200,000 |
176,392 |
| Appalachian Power Recovery Funding LLC Series A-3 |
|
5.84 |
4-1-2046 |
|
660,000 |
655,670 |
| Black Hills Corp. |
|
4.35 |
5-1-2033 |
|
200,000 |
186,410 |
| Black Hills Corp. |
|
4.55 |
1-31-2031 |
|
200,000 |
194,834 |
| CenterPoint Energy Houston Electric LLC |
|
5.15 |
3-1-2034 |
|
80,000 |
79,153 |
| CenterPoint Energy Restoration Bond Co. III LLC Series A-3 |
|
4.86 |
12-15-2039 |
|
440,000 |
418,704 |
| Commonwealth Edison Co. Series 132 |
|
3.15 |
3-15-2032 |
|
150,000 |
136,361 |
| Commonwealth Edison Co. Series 133 |
|
3.85 |
3-15-2052 |
|
180,000 |
128,018 |
| Connecticut Light & Power Co. |
|
4.95 |
1-15-2030 |
|
300,000 |
300,618 |
| Consumers Securitization Funding LLC Series A2 |
|
5.21 |
9-1-2030 |
|
397,000 |
398,485 |
| Dominion Energy South Carolina, Inc. |
|
6.25 |
10-15-2053 |
|
130,000 |
132,769 |
| Duke Energy Carolinas LLC |
|
6.00 |
1-15-2038 |
|
250,000 |
257,527 |
| Duke Energy Carolinas LLC |
|
6.05 |
4-15-2038 |
|
110,000 |
114,156 |
| Duke Energy Progress LLC |
|
4.10 |
3-15-2043 |
|
120,000 |
96,558 |
| Entergy Arkansas LLC |
|
4.95 |
1-15-2036 |
|
200,000 |
191,642 |
| Entergy Arkansas LLC |
|
5.15 |
1-15-2033 |
|
150,000 |
149,400 |
| Entergy Arkansas LLC |
|
5.45 |
6-1-2034 |
|
90,000 |
90,670 |
| Evergy Kansas Central, Inc. |
|
5.25 |
3-15-2035 |
|
350,000 |
343,672 |
| FirstEnergy Transmission LLC144A |
|
2.87 |
9-15-2028 |
|
100,000 |
96,129 |
| Florida Power & Light Co. |
|
5.30 |
4-1-2053 |
|
40,000 |
35,801 |
| Indianapolis Power & Light Co.144A |
|
5.65 |
12-1-2032 |
|
100,000 |
102,099 |
| Indianapolis Power & Light Co.144A |
|
5.70 |
4-1-2054 |
|
330,000 |
310,322 |
| Interstate Power & Light Co. |
|
4.95 |
9-30-2034 |
|
100,000 |
96,165 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Electric(continued) |
|
|
|
|
|
|
| Kentucky Utilities Co. Series KENT |
|
5.45 % |
4-15-2033 |
$ |
70,000 |
$70,547 |
| Louisville Gas & Electric Co. Series LOU |
|
5.45 |
4-15-2033 |
|
210,000 |
211,753 |
| NorthWestern Corp.144A |
|
5.07 |
3-21-2030 |
|
160,000 |
160,104 |
| Oncor Electric Delivery Co. LLC |
|
4.15 |
6-1-2032 |
|
20,000 |
19,013 |
| Oncor Electric Delivery Co. LLC |
|
4.60 |
6-1-2052 |
|
190,000 |
151,571 |
| Public Service Co. of New Hampshire |
|
5.35 |
10-1-2033 |
|
90,000 |
90,334 |
| Public Service Electric & Gas Co. |
|
3.10 |
3-15-2032 |
|
110,000 |
99,694 |
| Public Service Electric & Gas Co. |
|
3.95 |
5-1-2042 |
|
100,000 |
80,669 |
| Public Service Electric & Gas Co. |
|
5.20 |
3-1-2034 |
|
10,000 |
9,960 |
| Puget Sound Energy, Inc. |
|
5.33 |
6-15-2034 |
|
90,000 |
90,000 |
| Puget Sound Energy, Inc. |
|
5.45 |
6-1-2053 |
|
130,000 |
118,914 |
| Rochester Gas & Electric Corp.144A |
|
1.85 |
12-1-2030 |
|
140,000 |
121,426 |
| Tucson Electric Power Co. |
|
1.50 |
8-1-2030 |
|
100,000 |
87,619 |
| Tucson Electric Power Co. |
|
3.25 |
5-15-2032 |
|
70,000 |
63,361 |
| Union Electric Co. |
|
5.20 |
4-1-2034 |
|
150,000 |
148,929 |
| Union Electric Co. |
|
5.45 |
3-15-2053 |
|
320,000 |
293,414 |
| Virginia Power Fuel Securitization LLC Series A-2 |
|
4.88 |
5-1-2031 |
|
100,000 |
100,156 |
| Wisconsin Power & Light Co. |
|
5.38 |
3-30-2034 |
|
70,000 |
69,742 |
| Wisconsin Public Service Corp. |
|
4.25 |
1-15-2031 |
|
100,000 |
97,088 |
| |
|
|
|
|
|
7,205,802 |
| Gas: 0.24% |
|
|
|
|
|
|
| Atmos Energy Corp. |
|
4.75 |
1-15-2032 |
|
200,000 |
196,514 |
| CenterPoint Energy Resources Corp. |
|
1.75 |
10-1-2030 |
|
70,000 |
61,765 |
| Southern Co. Gas Capital Corp. |
|
4.95 |
9-15-2034 |
|
170,000 |
164,399 |
| Spire Missouri, Inc. Series 2034 |
|
5.15 |
8-15-2034 |
|
50,000 |
49,366 |
| |
|
|
|
|
|
472,044 |
| Total corporate bonds and notes (Cost $54,630,162) |
|
|
|
|
|
53,949,252 |
| Municipal obligations: 4.17% |
|
|
|
|
|
|
| California: 0.53% |
|
|
|
|
|
|
| GO revenue: 0.36% |
|
|
|
|
|
|
| Foothill-De Anza Community College District Series E |
|
3.22 |
8-1-2038 |
|
225,000 |
194,404 |
| Los Angeles Community College District |
|
1.81 |
8-1-2030 |
|
100,000 |
90,993 |
| San Diego Community College District |
|
2.38 |
8-1-2033 |
|
10,000 |
8,470 |
| State of California |
|
5.75 |
10-1-2031 |
|
150,000 |
156,571 |
| State of California |
|
7.55 |
4-1-2039 |
|
235,000 |
270,841 |
| |
|
|
|
|
|
721,279 |
| Tax revenue: 0.17% |
|
|
|
|
|
|
| San Jose Redevelopment Agency Successor Agency Series A-T |
|
3.38 |
8-1-2034 |
|
375,000 |
342,930 |
| |
|
|
|
|
|
1,064,209 |
| Colorado: 0.12% |
|
|
|
|
|
|
| GO revenue: 0.12% |
|
|
|
|
|
|
| Denver City & County School District No. 1 Series C |
|
5.66 |
12-1-2033 |
|
245,000 |
246,409 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Hawaii: 0.23% |
|
|
|
|
|
|
| GO revenue: 0.23% |
|
|
|
|
|
|
| State of Hawaii Series GQ |
|
4.95 % |
10-1-2038 |
$ |
130,000 |
$125,840 |
| State of Hawaii Series GQ |
|
5.03 |
10-1-2039 |
|
335,000 |
325,162 |
| |
|
|
|
|
|
451,002 |
| Louisiana: 0.07% |
|
|
|
|
|
|
| Miscellaneous revenue: 0.07% |
|
|
|
|
|
|
| Louisiana Local Government Environmental Facilities & CDA Utilities Restoration Corp. ELL System Restoration Revenue Series A |
|
4.48 |
8-1-2039 |
|
100,000 |
93,955 |
| Louisiana Local Government Environmental Facilities & CDA Utilities Restoration Corp. ELL System Restoration Revenue Series A1 |
|
5.05 |
12-1-2034 |
|
50,000 |
50,167 |
| |
|
|
|
|
|
144,122 |
| Massachusetts: 0.48% |
|
|
|
|
|
|
| GO revenue: 0.33% |
|
|
|
|
|
|
| Commonwealth of Massachusetts |
|
5.46 |
12-1-2039 |
|
420,000 |
416,248 |
| Commonwealth of Massachusetts Series C |
|
2.51 |
7-1-2041 |
|
125,000 |
93,419 |
| Commonwealth of Massachusetts Series D |
|
2.66 |
9-1-2039 |
|
193,150 |
159,100 |
| |
|
|
|
|
|
668,767 |
| Miscellaneous revenue: 0.01% |
|
|
|
|
|
|
| Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue Series B |
|
4.11 |
7-15-2031 |
|
16,914 |
16,522 |
| Tax revenue: 0.14% |
|
|
|
|
|
|
| Massachusetts School Building Authority |
|
5.72 |
8-15-2039 |
|
275,000 |
277,544 |
| |
|
|
|
|
|
962,833 |
| Michigan: 0.43% |
|
|
|
|
|
|
| Education revenue: 0.25% |
|
|
|
|
|
|
| University of Michigan Series A |
|
5.59 |
4-1-2040 |
|
500,000 |
496,022 |
| Health revenue: 0.18% |
|
|
|
|
|
|
| Michigan Finance Authority Trinity Health Corp. Obligated Group Series T |
|
3.08 |
12-1-2034 |
|
410,000 |
363,585 |
| |
|
|
|
|
|
859,607 |
| Nebraska: 0.11% |
|
|
|
|
|
|
| Education revenue: 0.11% |
|
|
|
|
|
|
| University of Nebraska Facilities Corp. Series A |
|
3.19 |
10-1-2039 |
|
250,000 |
207,326 |
| New York: 0.52% |
|
|
|
|
|
|
| GO revenue: 0.02% |
|
|
|
|
|
|
| State of New York Series B |
|
2.36 |
2-15-2027 |
|
40,000 |
39,716 |
| Tax revenue: 0.32% |
|
|
|
|
|
|
| New York City Transitional Finance Authority Future Tax Secured Revenue Series I-2 |
|
5.22 |
5-1-2033 |
|
200,000 |
202,190 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Tax revenue(continued) |
|
|
|
|
|
|
| New York State Dormitory Authority Personal Income Tax Revenue Series D |
|
5.50 % |
3-15-2030 |
$ |
2,992 |
$3,000 |
| New York State Dormitory Authority Personal Income Tax Revenue Series F |
|
5.63 |
3-15-2039 |
|
430,000 |
430,468 |
| |
|
|
|
|
|
635,658 |
| Water & sewer revenue: 0.18% |
|
|
|
|
|
|
| New York City Municipal Water Finance Authority Water & Sewer System Series GG |
|
5.72 |
6-15-2042 |
|
375,000 |
365,012 |
| |
|
|
|
|
|
1,040,386 |
| Ohio: 0.22% |
|
|
|
|
|
|
| GO revenue: 0.11% |
|
|
|
|
|
|
| County of Cuyahoga Series B |
|
6.03 |
12-1-2034 |
|
200,000 |
204,877 |
| Health revenue: 0.11% |
|
|
|
|
|
|
| Ohio Higher Educational Facility Commission Cleveland Clinic Health System Obligated Group |
|
4.72 |
1-1-2032 |
|
100,000 |
99,596 |
| State of Ohio Cleveland Clinic Health System Obligated Group Series G |
|
3.28 |
1-1-2042 |
|
150,000 |
124,056 |
| |
|
|
|
|
|
223,652 |
| |
|
|
|
|
|
428,529 |
| Oklahoma: 0.24% |
|
|
|
|
|
|
| Utilities revenue: 0.24% |
|
|
|
|
|
|
| Oklahoma Development Finance Authority Series 2022-ONG |
|
4.38 |
11-1-2045 |
|
420,000 |
384,222 |
| Oklahoma Development Finance Authority Series A-2 |
|
4.85 |
2-1-2045 |
|
100,000 |
94,879 |
| |
|
|
|
|
|
479,101 |
| Oregon: 0.30% |
|
|
|
|
|
|
| GO revenue: 0.11% |
|
|
|
|
|
|
| State of Oregon |
|
5.89 |
6-1-2027 |
|
26,093 |
26,343 |
| State of Oregon Series A |
|
5.90 |
8-1-2038 |
|
180,000 |
189,927 |
| |
|
|
|
|
|
216,270 |
| Miscellaneous revenue: 0.19% |
|
|
|
|
|
|
| Oregon State Lottery Series B |
|
4.74 |
4-1-2034 |
|
385,000 |
379,034 |
| |
|
|
|
|
|
595,304 |
| Texas: 0.70% |
|
|
|
|
|
|
| Education revenue: 0.12% |
|
|
|
|
|
|
| Waco Educational Finance Corp. Baylor University Series B |
|
4.87 |
3-1-2030 |
|
250,000 |
250,966 |
| GO revenue: 0.23% |
|
|
|
|
|
|
| State of Texas |
|
5.52 |
4-1-2039 |
|
351,491 |
348,435 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| GO revenue(continued) |
|
|
|
|
|
|
| State of Texas Series A |
|
4.68 % |
4-1-2040 |
$ |
55,000 |
$51,691 |
| Texas Transportation Commission Mobility Fund |
|
2.47 |
10-1-2044 |
|
75,000 |
50,425 |
| |
|
|
|
|
|
450,551 |
| Tax revenue: 0.10% |
|
|
|
|
|
|
| Dallas Area Rapid Transit Series B |
|
6.00 |
12-1-2044 |
|
200,000 |
199,475 |
| Utilities revenue: 0.25% |
|
|
|
|
|
|
| Texas Natural Gas Securitization Finance Corp. Series 2023-1 |
|
5.17 |
4-1-2041 |
|
500,000 |
492,330 |
| |
|
|
|
|
|
1,393,322 |
| Virginia: 0.22% |
|
|
|
|
|
|
| Housing revenue: 0.22% |
|
|
|
|
|
|
| Virginia College Building Authority Series 2020B |
|
1.97 |
2-1-2032 |
|
150,000 |
129,560 |
| Virginia Resources Authority Series B |
|
5.70 |
11-1-2039 |
|
310,000 |
314,089 |
| |
|
|
|
|
|
443,649 |
| Total municipal obligations (Cost $8,444,017) |
|
|
|
|
|
8,315,799 |
| Non-agency mortgage-backed securities: 5.94% |
|
|
|
|
|
|
| ALA Trust Series 2025-OANA Class A (U.S. SOFR 1 Month+1.74%)144A± |
|
5.38 |
6-15-2040 |
|
240,000 |
240,775 |
| Bank5 Series 2024-5YR10 Class A3 |
|
5.30 |
10-15-2057 |
|
490,000 |
492,008 |
| Bank5 Series 2026-5YR21 Class A3 |
|
5.53 |
4-15-2059 |
|
350,000 |
354,173 |
| Bank5 Series 2026-5YR24 Class A3 |
|
5.83 |
8-15-2031 |
|
435,000 |
446,109 |
| Benchmark Mortgage Trust Series 2020-B16 Class A4 |
|
2.48 |
2-15-2053 |
|
350,000 |
324,448 |
| BLP Commercial Mortgage Trust Series 2025-IND2 Class A (U.S. SOFR 1 Month+1.50%)144A± |
|
5.14 |
12-15-2042 |
|
92,023 |
92,148 |
| BMP Commercial Mortgage Trust Series 2024-MF23 Class A (U.S. SOFR 1 Month+1.37%)144A± |
|
5.01 |
6-15-2041 |
|
300,000 |
300,114 |
| BOCA Commercial Mortgage Trust Series 2025-BOCA Class A (U.S. SOFR 1 Month+1.60%)144A± |
|
5.24 |
12-15-2042 |
|
280,000 |
280,183 |
| BX Commercial Mortgage Trust Series 2024-AIRC Class A (U.S. SOFR 1 Month+1.69%)144A± |
|
5.33 |
8-15-2041 |
|
535,969 |
537,965 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class A (U.S. SOFR 1 Month+1.29%)144A± |
|
4.93 |
12-15-2039 |
|
113,814 |
113,945 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A (U.S. SOFR 1 Month+1.39%)144A± |
|
5.03 |
3-15-2041 |
|
169,501 |
169,806 |
| BX Commercial Mortgage Trust Series 2026-CSMO Class A (U.S. SOFR 1 Month+1.40%)144A± |
|
5.04 |
2-15-2043 |
|
205,000 |
205,523 |
| BX Trust Series 2024-BIO Class A (U.S. SOFR 1 Month+1.64%)144A± |
|
5.28 |
2-15-2041 |
|
150,000 |
149,252 |
| BX Trust Series 2025-ARIA Class A144A±± |
|
5.20 |
12-13-2042 |
|
180,000 |
178,078 |
| BX Trust Series 2025-DIME Class A (U.S. SOFR 1 Month+1.15%)144A± |
|
4.79 |
2-15-2035 |
|
665,000 |
661,603 |
| BX Trust Series 2025-LUNR Class A (U.S. SOFR 1 Month+1.50%)144A± |
|
5.14 |
6-15-2040 |
|
311,304 |
311,789 |
| BX Trust Series 2025-ROIC Class A (U.S. SOFR 1 Month+1.14%)144A± |
|
4.78 |
3-15-2030 |
|
260,268 |
259,673 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Non-agency mortgage-backed securities(continued) |
|
|
|
|
|
|
| BX Trust Series 2026-ORBT Class A (U.S. SOFR 1 Month+1.40%)144A± |
|
5.04 % |
7-15-2043 |
$ |
320,000 |
$320,492 |
| BX Trust Series 2026-PNDA Class A (U.S. SOFR 1 Month+1.30%)144A± |
|
4.94 |
5-15-2043 |
|
375,000 |
375,480 |
| BX Trust Series 2026-RISE Class A (U.S. SOFR 1 Month+1.30%)144A± |
|
4.94 |
4-15-2041 |
|
135,000 |
135,116 |
| CSAIL Commercial Mortgage Trust Series 2020-C19 Class A2 |
|
2.32 |
3-15-2053 |
|
600,000 |
550,748 |
| Extended Stay America Trust Series 2025-ESH Class A (U.S. SOFR 1 Month+1.30%)144A± |
|
4.94 |
10-15-2042 |
|
181,591 |
181,847 |
| Extended Stay America Trust Series 2026-ESH2 Class A (U.S. SOFR 1 Month+1.20%)144A± |
|
4.84 |
2-15-2043 |
|
163,961 |
164,059 |
| GS Mortgage Securities Trust Series 2019-GC42 Class A3 |
|
2.75 |
9-10-2052 |
|
350,000 |
328,574 |
| GWT Trust Series 2024-WLF2 Class A (U.S. SOFR 1 Month+1.69%)144A± |
|
5.33 |
5-15-2041 |
|
300,000 |
300,479 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A144A±± |
|
5.65 |
1-13-2040 |
|
260,000 |
262,158 |
| INTOWN Mortgage Trust Series 2025-STAY Class A (U.S. SOFR 1 Month+1.35%)144A± |
|
4.99 |
3-15-2042 |
|
300,000 |
299,802 |
| LBA Trust Series 2026-LBA6 Class A (U.S. SOFR 1 Month+1.20%)144A± |
|
4.84 |
7-15-2043 |
|
290,000 |
289,940 |
| MTN Commercial Mortgage Trust Series 2026-LPFX Class A144A±± |
|
5.15 |
5-15-2043 |
|
380,000 |
374,583 |
| National Commercial Mortgage Trust Series 2026-IND Class A (U.S. SOFR 1 Month+1.35%)144A± |
|
4.99 |
6-15-2043 |
|
160,000 |
160,200 |
| NYC Commercial Mortgage Trust Series 2026-9W57 Class A144A±± |
|
5.05 |
6-6-2040 |
|
160,000 |
157,496 |
| ONNI Commercial Mortgage Trust Series 2024-APT Class A144A±± |
|
5.75 |
7-15-2039 |
|
350,000 |
350,608 |
| PLYM Commercial Mortgage Trust Series 2026-IND Class A (U.S. SOFR 1 Month+1.25%)144A± |
|
4.89 |
3-15-2043 |
|
286,188 |
286,048 |
| ROCK Trust Series 2024-CNTR Class A144A |
|
5.39 |
11-13-2041 |
|
150,000 |
150,443 |
| SHOPS Commercial Mortgage Trust Series 2026-CSTL Class A144A±± |
|
4.97 |
5-5-2039 |
|
200,000 |
196,203 |
| SHR Trust Series 2024-LXRY Class A (U.S. SOFR 1 Month+1.95%)144A± |
|
5.59 |
10-15-2041 |
|
385,000 |
385,865 |
| SLG Office Trust Series 2026-OMA Class A144A±± |
|
5.13 |
4-15-2041 |
|
135,000 |
133,338 |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A (U.S. SOFR 1 Month+1.00%)144A± |
|
4.64 |
1-15-2039 |
|
170,000 |
169,950 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A (U.S. SOFR 1 Month+1.44%)144A± |
|
5.08 |
2-15-2042 |
|
100,000 |
99,002 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A (U.S. SOFR 1 Month+1.24%)144A± |
|
4.88 |
12-15-2039 |
|
125,000 |
124,935 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C51 Class A3 |
|
3.06 |
6-15-2052 |
|
754,339 |
717,366 |
| WHARF Commercial Mortgage Trust Series 2025-DC Class A144A±± |
|
5.53 |
7-15-2040 |
|
225,000 |
225,417 |
| Total non-agency mortgage-backed securities (Cost $11,917,538) |
|
|
|
|
|
11,857,741 |
| U.S. Treasury securities: 14.39% |
|
|
|
|
|
|
| U.S. Treasury Bonds |
|
4.63 |
2-15-2046 |
|
6,970,000 |
6,448,339 |
| U.S. Treasury Bonds |
|
4.75 |
2-15-2056 |
|
11,095,000 |
10,275,010 |
| U.S. Treasury Bonds |
|
5.00 |
5-15-2046 |
|
7,520,000 |
7,299,100 |
| U.S. Treasury Bonds |
|
5.00 |
5-15-2056 |
|
200,000 |
192,813 |
| U.S. Treasury Bonds |
|
5.13 |
8-15-2046 |
|
300,000 |
295,875 |
| U.S. Treasury Inflation-Indexed Notes |
|
1.88 |
1-15-2036 |
|
2,749,552 |
2,624,641 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| U.S. Treasury securities(continued) |
|
|
|
|
|
|
| U.S. Treasury Inflation-Indexed Notes |
|
2.38 % |
7-15-2036 |
$ |
565,034 |
$562,650 |
| U.S. Treasury Notes |
|
4.13 |
6-30-2028 |
|
1,000,000 |
996,328 |
| Total U.S. Treasury securities (Cost $29,598,263) |
|
|
|
|
|
28,694,756 |
| Yankee corporate bonds and notes: 3.82% |
|
|
|
|
|
|
| Basic materials: 0.47% |
|
|
|
|
|
|
| Chemicals: 0.14% |
|
|
|
|
|
|
| Nutrien Ltd. |
|
2.95 |
5-13-2030 |
|
80,000 |
74,548 |
| Nutrien Ltd. |
|
5.25 |
3-12-2032 |
|
200,000 |
200,156 |
| |
|
|
|
|
|
274,704 |
| Mining: 0.33% |
|
|
|
|
|
|
| Anglo American Capital PLC144A |
|
2.63 |
9-10-2030 |
|
400,000 |
363,852 |
| South32 Treasury Ltd.144A |
|
4.35 |
4-14-2032 |
|
310,000 |
298,062 |
| |
|
|
|
|
|
661,914 |
| Communications: 0.42% |
|
|
|
|
|
|
| Telecommunications: 0.42% |
|
|
|
|
|
|
| NTT Finance Corp.144A |
|
5.17 |
7-16-2032 |
|
360,000 |
354,398 |
| Orange SA144A |
|
4.25 |
1-13-2031 |
|
200,000 |
192,804 |
| Rogers Communications, Inc. |
|
3.80 |
3-15-2032 |
|
140,000 |
128,645 |
| Rogers Communications, Inc. |
|
5.00 |
2-15-2029 |
|
164,000 |
163,913 |
| |
|
|
|
|
|
839,760 |
| Energy: 0.43% |
|
|
|
|
|
|
| Oil & gas: 0.14% |
|
|
|
|
|
|
| Canadian Natural Resources Ltd. |
|
5.00 |
12-15-2029 |
|
290,000 |
290,577 |
| Oil & gas services: 0.05% |
|
|
|
|
|
|
| Schlumberger Investment SA |
|
4.80 |
5-7-2033 |
|
100,000 |
97,775 |
| Pipelines: 0.24% |
|
|
|
|
|
|
| Enbridge, Inc. |
|
3.13 |
11-15-2029 |
|
100,000 |
94,780 |
| Enbridge, Inc. |
|
5.70 |
3-8-2033 |
|
370,000 |
376,904 |
| |
|
|
|
|
|
471,684 |
| Financial: 2.00% |
|
|
|
|
|
|
| Banks: 2.00% |
|
|
|
|
|
|
| Bank of Montreal (U.S. SOFR+1.08%)± |
|
4.35 |
9-22-2031 |
|
170,000 |
165,606 |
| Bank of Montreal (U.S. SOFR+1.25%)± |
|
4.64 |
9-10-2030 |
|
50,000 |
49,565 |
| Bank of Nova Scotia (U.S. SOFR+1.07%)± |
|
5.13 |
2-14-2031 |
|
320,000 |
320,224 |
| Bank of Nova Scotia (U.S. SOFR+1.09%)± |
|
4.34 |
9-15-2031 |
|
75,000 |
72,817 |
| BNP Paribas SA (U.S. SOFR+1.22%)144A± |
|
2.16 |
9-15-2029 |
|
300,000 |
283,542 |
| Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity+0.92%)144A± |
|
4.99 |
5-27-2031 |
|
250,000 |
248,930 |
| HSBC Holdings PLC (U.S. SOFR+1.19%)± |
|
2.80 |
5-24-2032 |
|
200,000 |
178,934 |
| HSBC Holdings PLC (U.S. SOFR+1.29%)± |
|
5.13 |
3-3-2031 |
|
200,000 |
199,516 |
| HSBC Holdings PLC (U.S. SOFR+1.41%)± |
|
2.87 |
11-22-2032 |
|
300,000 |
265,596 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Banks(continued) |
|
|
|
|
|
|
| HSBC Holdings PLC (U.S. SOFR+1.97%)± |
|
6.16 % |
3-9-2029 |
$ |
250,000 |
$254,860 |
| Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+0.80%)± |
|
4.53 |
9-12-2031 |
|
250,000 |
243,947 |
| Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+0.95%)± |
|
2.31 |
7-20-2032 |
|
300,000 |
261,789 |
| Royal Bank of Canada (U.S. SOFR+1.03%)± |
|
5.15 |
2-4-2031 |
|
50,000 |
50,150 |
| Royal Bank of Canada (U.S. SOFR+1.06%)± |
|
4.70 |
8-6-2031 |
|
100,000 |
98,510 |
| Royal Bank of Canada (U.S. SOFR+1.10%)± |
|
4.97 |
8-2-2030 |
|
190,000 |
190,167 |
| Sumitomo Mitsui Financial Group, Inc. |
|
3.04 |
7-16-2029 |
|
250,000 |
237,595 |
| Sumitomo Mitsui Financial Group, Inc. (U.S. SOFR+1.05%)± |
|
4.93 |
7-7-2032 |
|
200,000 |
197,064 |
| Toronto-Dominion Bank |
|
4.87 |
4-22-2033 |
|
240,000 |
233,890 |
| UBS Group AG (1 Year Treasury Constant Maturity+1.00%)144A± |
|
2.10 |
2-11-2032 |
|
300,000 |
262,185 |
| UBS Group AG (1 Year Treasury Constant Maturity+1.10%)144A± |
|
2.75 |
2-11-2033 |
|
200,000 |
175,210 |
| |
|
|
|
|
|
3,990,097 |
| Industrial: 0.38% |
|
|
|
|
|
|
| Aerospace/defense: 0.10% |
|
|
|
|
|
|
| BAE Systems PLC144A |
|
5.25 |
3-26-2031 |
|
200,000 |
201,712 |
| Building materials: 0.10% |
|
|
|
|
|
|
| CRH SMW Finance DAC |
|
5.20 |
5-21-2029 |
|
200,000 |
201,672 |
| Transportation: 0.18% |
|
|
|
|
|
|
| Canadian National Railway Co. |
|
4.20 |
3-12-2031 |
|
140,000 |
135,689 |
| Canadian Pacific Railway Co. |
|
2.45 |
12-2-2031 |
|
250,000 |
219,863 |
| |
|
|
|
|
|
355,552 |
| Technology: 0.12% |
|
|
|
|
|
|
| Semiconductors: 0.12% |
|
|
|
|
|
|
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
|
2.65 |
2-15-2032 |
|
70,000 |
61,051 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
|
4.85 |
8-19-2032 |
|
100,000 |
96,928 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |
|
5.00 |
1-15-2033 |
|
80,000 |
78,169 |
| |
|
|
|
|
|
236,148 |
| Total yankee corporate bonds and notes (Cost $7,659,362) |
|
|
|
|
|
7,621,595 |
| |
|
Yield |
|
Shares |
| |
| Short-term investments: 1.45% |
|
|
|
|
|
|
| Investment companies: 1.45% |
|
|
|
|
|
|
| Allspring Government Money Market Fund Select Class♠∞ |
|
3.60 |
|
|
2,906,487 |
2,906,487 |
| Total short-term investments (Cost $2,906,487) |
|
|
|
|
|
2,906,487 |
| Total investments in securities (Cost $201,015,370) |
99.32 % |
|
|
|
|
198,106,461 |
| Other assets and liabilities, net |
0.68 |
|
|
|
|
1,346,440 |
| Total net assets |
100.00 % |
|
|
|
|
$199,452,901 |
| 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 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. |
| ♠ |
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 |
| GO |
General obligation |
| REIT |
Real estate investment trust |
| SBA |
Small Business Administration |
| SOFR |
Secured Overnight Financing Rate |
| |
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 |
$1,503,963 |
$70,743,362 |
$(69,340,838 ) |
$0 |
$0 |
$2,906,487 |
2,906,487 |
$112,045 |
| Assets |
|
| Investments in unaffiliated securities, at value (cost $198,108,883) |
$195,199,974 |
| Investments in affiliated securities, at value (cost $2,906,487) |
2,906,487 |
| Cash |
504 |
| Receivable for interest |
1,591,959 |
| Receivable for investments sold |
277,765 |
| Total assets |
199,976,689 |
| Liabilities |
|
| Payable for investments purchased |
491,448 |
| Management fee payable |
32,340 |
| Total liabilities |
523,788 |
| Total net assets |
$199,452,901 |
| Net assets consist of |
|
| Paid-in capital |
$202,246,390 |
| Total distributable loss |
(2,793,489 ) |
| Total net assets |
$199,452,901 |
| Net asset value per share |
|
| Based on $199,452,901 divided by 8,200,000 shares issued and outstanding (unlimited number of shares authorized) |
$24.32 |
| Investment income |
|
| Interest |
$9,099,888 |
| Income from affiliated securities |
112,045 |
| Total investment income |
9,211,933 |
| Expenses |
|
| Management fee |
358,328 |
| Interest expense |
188 |
| Total expenses |
358,516 |
| Net investment income |
8,853,417 |
| Realized and unrealized gains (losses) on investments |
|
| Net realized gains (losses) on |
|
| Unaffiliated securities |
219,390 |
| Unaffiliated in-kind redemptions |
601,178 |
| TBA sale commitments |
(6,152 ) |
| Futures contracts |
(17,726 ) |
| Net realized gains on investments |
796,690 |
| Net change in unrealized gains (losses) on investments |
(6,307,818 ) |
| Net realized and unrealized gains (losses) on investments |
(5,511,128 ) |
| Net increase in net assets resulting from operations |
$3,342,289 |
| |
Year ended August 31, 2026 |
Year ended August 31, 20251 | ||
| Operations |
|
|
|
|
| Net investment income |
|
$8,853,417 |
|
$5,205,020 |
| Net realized gains on investments |
|
796,690 |
|
627,867 |
| Net change in unrealized gains (losses) on investments |
|
(6,307,818 ) |
|
3,398,909 |
| Net increase in net assets resulting from operations |
|
3,342,289 |
|
9,231,796 |
| Distributions to shareholders from |
|
|
|
|
| Net investment income and net realized gains |
|
(9,428,408 ) |
|
(4,900,712 ) |
| Capital share transactions |
Shares |
|
Shares |
|
| Proceeds from shares sold |
3,400,000 |
85,058,507 |
8,100,001 |
198,215,021 |
| Payment for shares redeemed |
(2,300,000 ) |
(57,320,631 ) |
(1,000,001 ) |
(24,744,961 ) |
| Net increase in net assets resulting from capital share transactions |
|
27,737,876 |
|
173,470,060 |
| Total increase in net assets |
|
21,651,757 |
|
177,801,144 |
| Net assets |
|
|
|
|
| Beginning of period |
|
177,801,144 |
|
0 |
| End of period |
|
$199,452,901 |
|
$177,801,144 |
| |
Year ended August 31 | |
| |
2026 |
20251 |
| Net asset value, beginning of period |
$25.04 |
$25.00 |
| Net investment income |
1.17 2 |
0.89 2 |
| Net realized and unrealized gains (losses) on investments |
(0.64 ) |
(0.04 ) |
| Total from investment operations |
0.53 |
0.85 |
| Distributions to shareholders from |
|
|
| Net investment income |
(1.17 ) |
(0.81 ) |
| Net realized gains |
(0.08 ) |
0.00 |
| Total distributions to shareholders |
(1.25 ) |
(0.81 ) |
| Net asset value, end of period |
$24.32 |
$25.04 |
| Total return3 |
2.09 % |
3.50 % |
| Ratios to average net assets (annualized) |
|
|
| Expenses |
0.19 % |
0.19 % |
| Net investment income |
4.69 % |
4.87 % |
| Supplemental data |
|
|
| Portfolio turnover rate4 |
95 % |
114 % |
| Net assets, end of period (000s omitted) |
$199,453 |
$177,801 |
| 1 |
For the period from December 4, 2024 (commencement of operations) to August 31, 2025 |
| 2 |
Calculated based upon average shares outstanding |
| 3 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
| 4 |
Portfolio turnover rate excludes in-kind transactions, if any. |
| Gross unrealized gains |
$351,404 |
| Gross unrealized losses |
(3,264,029 ) |
| Net unrealized losses |
$(2,912,625 ) |
| Paid-in capital |
Total distributable loss |
| $777,326 |
$(777,326 ) |
| |
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
| Assets |
|
|
|
|
| Investments in: |
|
|
|
|
| Agency securities |
$0 |
$62,471,636 |
$0 |
$62,471,636 |
| Asset-backed securities |
0 |
22,289,195 |
0 |
22,289,195 |
| Corporate bonds and notes |
0 |
53,949,252 |
0 |
53,949,252 |
| Municipal obligations |
0 |
8,315,799 |
0 |
8,315,799 |
| Non-agency mortgage-backed securities |
0 |
11,857,741 |
0 |
11,857,741 |
| U.S. Treasury securities |
28,694,756 |
0 |
0 |
28,694,756 |
| Yankee corporate bonds and notes |
0 |
7,621,595 |
0 |
7,621,595 |
| Short-term investments |
|
|
|
|
| Investment companies |
2,906,487 |
0 |
0 |
2,906,487 |
| Total assets |
$31,601,243 |
$166,505,218 |
$0 |
$198,106,461 |
| Purchases at cost |
Sales Proceeds | ||||
| U.S. government |
Non-U.S. government |
IN-KIND |
U.S. government |
Non-U.S. government |
IN-KIND |
| $145,113,961 |
$42,676,010 |
$46,993,606 |
$141,263,471 |
$36,358,362 |
$33,365,304 |
| |
Year ended August 31 | |
| |
2026 |
2025 |
| Ordinary income |
$9,428,408 |
$4,900,712 |
| |
|
|
| Undistributed ordinary income |
Unrealized losses |
Total |
| $119,136 |
$(2,912,625 ) |
$(2,793,489 ) |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Agency securities: 29.98% |
|
|
|
|
|
|
| FHLMC |
|
2.00 % |
4-1-2052 |
$ |
8,095,567 |
$6,357,979 |
| FHLMC |
|
4.00 |
11-1-2053 |
|
2,492,720 |
2,285,494 |
| FHLMC |
|
5.00 |
3-1-2040 |
|
1,257,138 |
1,251,511 |
| FHLMC |
|
5.00 |
1-1-2055 |
|
2,621,359 |
2,539,986 |
| FHLMC |
|
5.00 |
2-1-2056 |
|
3,904,875 |
3,769,370 |
| FHLMC |
|
5.00 |
5-1-2056 |
|
3,889,058 |
3,753,665 |
| FHLMC |
|
5.50 |
11-1-2054 |
|
679,207 |
675,053 |
| FHLMC |
|
5.50 |
6-1-2055 |
|
1,678,656 |
1,663,193 |
| FHLMC |
|
5.50 |
9-1-2055 |
|
843,311 |
835,336 |
| FHLMC |
|
5.50 |
11-1-2055 |
|
2,258,389 |
2,237,033 |
| FHLMC |
|
6.00 |
12-1-2055 |
|
1,129,813 |
1,147,049 |
| FHLMC |
|
6.50 |
7-1-2055 |
|
1,037,952 |
1,069,581 |
| FNMA |
|
2.00 |
8-1-2051 |
|
827,034 |
651,274 |
| FNMA |
|
2.00 |
12-1-2051 |
|
3,864,776 |
3,039,400 |
| FNMA |
|
2.00 |
1-1-2052 |
|
818,719 |
643,299 |
| FNMA%% |
|
2.00 |
9-14-2056 |
|
1,040,000 |
810,519 |
| FNMA |
|
2.50 |
2-1-2051 |
|
6,780,847 |
5,602,514 |
| FNMA |
|
2.50 |
3-1-2052 |
|
1,867,359 |
1,536,238 |
| FNMA |
|
2.50 |
4-1-2052 |
|
1,052,741 |
879,475 |
| FNMA |
|
2.50 |
6-1-2052 |
|
429,521 |
351,184 |
| FNMA |
|
3.00 |
11-1-2051 |
|
6,825,352 |
5,830,146 |
| FNMA |
|
3.50 |
8-1-2052 |
|
387,352 |
343,901 |
| FNMA |
|
3.50 |
9-1-2052 |
|
2,963,423 |
2,636,114 |
| FNMA |
|
4.00 |
9-1-2052 |
|
220,665 |
203,105 |
| FNMA |
|
4.00 |
11-1-2054 |
|
1,539,056 |
1,407,948 |
| FNMA |
|
4.50 |
5-1-2053 |
|
2,316,054 |
2,183,659 |
| FNMA |
|
4.50 |
7-1-2055 |
|
644,457 |
605,107 |
| FNMA |
|
5.00 |
6-1-2055 |
|
1,677,617 |
1,619,401 |
| FNMA |
|
5.00 |
4-1-2056 |
|
1,382,675 |
1,338,141 |
| FNMA |
|
5.00 |
7-1-2056 |
|
2,379,886 |
2,297,033 |
| FNMA |
|
5.50 |
12-1-2054 |
|
572,844 |
569,296 |
| FNMA |
|
5.50 |
1-1-2055 |
|
1,002,294 |
996,009 |
| FNMA |
|
5.50 |
3-1-2055 |
|
3,883,160 |
3,846,439 |
| FNMA%% |
|
5.50 |
9-14-2056 |
|
8,490,000 |
8,401,466 |
| FNMA |
|
6.00 |
8-1-2054 |
|
168,582 |
170,962 |
| FNMA |
|
6.00 |
5-1-2055 |
|
2,142,893 |
2,167,291 |
| FNMA |
|
6.00 |
6-1-2055 |
|
1,656,308 |
1,675,166 |
| FNMA |
|
6.00 |
7-1-2055 |
|
693,312 |
704,433 |
| FNMA |
|
6.00 |
11-1-2055 |
|
2,061,501 |
2,085,594 |
| FNMA%% |
|
6.00 |
9-14-2056 |
|
4,365,000 |
4,412,579 |
| FNMA |
|
6.50 |
11-1-2054 |
|
1,010,325 |
1,042,829 |
| FNMA |
|
6.50 |
8-1-2055 |
|
1,444,332 |
1,487,999 |
| GNMA |
|
2.00 |
2-20-2052 |
|
744,915 |
597,715 |
| GNMA |
|
2.50 |
4-20-2051 |
|
376,421 |
314,924 |
| GNMA |
|
2.50 |
8-20-2051 |
|
1,398,968 |
1,170,415 |
| GNMA |
|
2.50 |
9-20-2051 |
|
2,705,824 |
2,263,767 |
| GNMA |
|
2.50 |
1-20-2052 |
|
1,803,317 |
1,508,705 |
| GNMA |
|
3.00 |
8-20-2051 |
|
1,485,807 |
1,293,962 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Agency securities(continued) |
|
|
|
|
|
|
| GNMA |
|
3.00 % |
12-20-2051 |
$ |
236,048 |
$205,497 |
| GNMA |
|
3.00 |
3-20-2052 |
|
695,565 |
605,794 |
| GNMA |
|
3.50 |
5-20-2056 |
|
2,733,264 |
2,388,900 |
| GNMA |
|
4.50 |
11-20-2054 |
|
115,468 |
108,910 |
| GNMA |
|
4.50 |
2-20-2055 |
|
1,072,379 |
1,009,548 |
| GNMA |
|
4.50 |
4-20-2055 |
|
1,342,542 |
1,258,640 |
| GNMA%% |
|
4.50 |
9-21-2056 |
|
940,000 |
879,847 |
| GNMA |
|
5.00 |
4-20-2056 |
|
12,108,512 |
11,735,961 |
| GNMA |
|
5.50 |
8-20-2054 |
|
693,830 |
692,715 |
| GNMA |
|
5.50 |
9-20-2054 |
|
1,138,971 |
1,136,210 |
| GNMA |
|
5.50 |
12-20-2054 |
|
3,011,780 |
3,003,323 |
| GNMA |
|
5.50 |
1-20-2055 |
|
847,802 |
844,647 |
| GNMA |
|
5.50 |
10-20-2055 |
|
2,265,854 |
2,252,681 |
| GNMA%% |
|
5.50 |
9-21-2056 |
|
2,410,000 |
2,392,183 |
| GNMA |
|
6.00 |
8-20-2054 |
|
714,551 |
726,409 |
| GNMA |
|
6.00 |
9-20-2054 |
|
720,577 |
732,535 |
| GNMA |
|
6.00 |
7-20-2055 |
|
778,304 |
790,314 |
| GNMA |
|
6.00 |
5-20-2056 |
|
1,610,863 |
1,634,971 |
| Total agency securities (Cost $128,392,829) |
|
|
|
|
|
126,672,344 |
| Asset-backed securities: 8.35% |
|
|
|
|
|
|
| Aligned Data Centers Issuer LLC Series 2026-1A Class A2I144A |
|
5.91 |
6-15-2056 |
|
270,000 |
267,894 |
| Angel Oak Mortgage Trust Series 2025-HB2 Class A1 (30 Day Average U.S. SOFR+1.60%)144A± |
|
5.24 |
12-25-2055 |
|
1,317,422 |
1,322,189 |
| Aqua Finance Issuer Trust Series 2026-A Class A144A |
|
4.76 |
4-17-2051 |
|
221,218 |
217,857 |
| Avant Loans Funding Trust Series 2024-REV1 Class B144A |
|
6.17 |
10-15-2033 |
|
1,000,000 |
1,005,409 |
| Barings Equipment Finance LLC Series 2025-A Class A2144A |
|
4.64 |
10-13-2028 |
|
491,929 |
492,701 |
| BHG Owner Loan Trust Series 2026-1CON Class B144A |
|
5.87 |
7-17-2037 |
|
1,500,000 |
1,489,927 |
| Cajun Global LLC Series 2025-2A Class A2144A |
|
5.91 |
11-20-2055 |
|
1,515,000 |
1,500,570 |
| Camber Credit Auto Trust Series 2026-1A Class A144A |
|
5.63 |
12-15-2031 |
|
635,331 |
630,730 |
| CenterSquare Issuer LLC Series 2024-1A Class A2144A |
|
5.20 |
10-26-2054 |
|
1,000,000 |
966,632 |
| ClickLease Equipment Receivables Trust Series 2024-1 Class C144A |
|
8.40 |
2-15-2030 |
|
84,210 |
84,445 |
| Cogent IPv4 LLC Series 2024-1A Class A2144A |
|
7.92 |
5-25-2054 |
|
1,515,000 |
1,545,954 |
| DI Issuer LLC Series 2024-1A Class A2144A |
|
5.81 |
9-15-2054 |
|
247,140 |
242,454 |
| FIGRE Trust Series 2023-HE3 Class A144A±± |
|
6.44 |
11-25-2053 |
|
538,915 |
543,665 |
| FIGRE Trust Series 2025-HE1 Class C144A±± |
|
6.03 |
1-25-2055 |
|
672,295 |
670,529 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A |
|
7.55 |
1-26-2054 |
|
103,425 |
104,816 |
| Flexential Issuer LLC Series 2025-1A Class A2144A |
|
6.03 |
10-25-2060 |
|
1,825,000 |
1,792,276 |
| FS Rialto Issuer LLC Series 2026-FL11 Class AS (U.S. SOFR 1 Month+1.65%)144A± |
|
5.30 |
1-19-2044 |
|
770,000 |
769,823 |
| Gracie Point International Funding LLC Series 2025-1A Class C (30 Day Average U.S. SOFR+2.75%)144A± |
|
6.37 |
8-15-2028 |
|
335,000 |
335,174 |
| GS REFT Issuer Ltd. Series 2026-FL1 Class A (U.S. SOFR 1 Month+1.50%)144A± |
|
5.15 |
10-19-2043 |
|
850,000 |
851,555 |
| Hertz Vehicle Financing III LLC Series 2023-4A Class A144A |
|
6.15 |
3-25-2030 |
|
215,000 |
217,606 |
| Hipgnosis Music Assets LP Series 2022-1 Class A144A |
|
5.00 |
5-16-2062 |
|
1,248,509 |
1,243,807 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Asset-backed securities(continued) |
|
|
|
|
|
|
| INCREF LLC Series 2026-FL2 Class B (U.S. SOFR 1 Month+1.95%)144A± |
|
5.60 % |
12-19-2043 |
$ |
540,000 |
$540,506 |
| Jack in the Box Funding LLC Series 2019-1A Class A23144A |
|
4.97 |
8-25-2049 |
|
189,000 |
174,924 |
| JBHP ABS I LLC |
|
5.39 |
12-15-2041 |
|
594,756 |
586,926 |
| Jersey Mike’s Funding LLC Series 2024-1A Class A2144A |
|
5.64 |
2-15-2055 |
|
985,000 |
980,394 |
| Kinetic ABS Issuer LLC Series 2026-2A Class A2144A |
|
5.83 |
6-25-2058 |
|
315,000 |
312,230 |
| Lafayette Federal Credit Union Asset Trust Series 2026-HI1A Class A2144A |
|
5.38 |
1-25-2046 |
|
189,879 |
186,224 |
| LCM 34 Ltd. Series 34A Class BR (U.S. SOFR 3 Month+1.70%)144A± |
|
5.43 |
10-20-2034 |
|
1,275,000 |
1,274,362 |
| MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 Month+2.91%)144A± |
|
6.55 |
10-16-2036 |
|
100,000 |
98,660 |
| NMABS Issuer I LLC Series 2025-1A Class B144A |
|
5.33 |
11-22-2055 |
|
838,425 |
826,448 |
| NMEF Funding LLC Series 2025-A Class B144A |
|
5.18 |
7-15-2032 |
|
500,000 |
501,456 |
| NMEF Funding LLC Series 2026-A Class C144A |
|
4.71 |
2-15-2034 |
|
130,000 |
126,569 |
| OneMain Direct Auto Receivables Trust Series 2025-1A Class A144A |
|
5.36 |
4-16-2035 |
|
1,000,000 |
1,008,298 |
| Pagaya AI Debt Grantor Trust Series 2025-7 Class B144A |
|
5.06 |
5-15-2033 |
|
1,519,729 |
1,508,763 |
| Prosper Credit Card Issuer LLC Series 2026-1A Class A144A |
|
5.34 |
7-15-2036 |
|
200,000 |
199,594 |
| RCKT Mortgage Trust Series 2025-CES1 Class A1A144A±± |
|
5.65 |
1-25-2045 |
|
579,974 |
579,944 |
| Sabey Data Center Issuer LLC Series 2022-1 Class A2144A |
|
5.00 |
6-20-2047 |
|
1,000,000 |
975,901 |
| Sabey Data Center Issuer LLC Series 2026-1 Class A2144A |
|
5.48 |
1-20-2051 |
|
860,000 |
839,342 |
| Saluda Grade Alternative Mortgage Trust Series 2023-FIG4 Class B144A±± |
|
7.12 |
11-25-2053 |
|
127,725 |
129,582 |
| Service Experts Issuer LLC Series 2025-1A Class A144A |
|
5.38 |
1-20-2037 |
|
1,314,095 |
1,285,058 |
| ServiceMaster Funding LLC Series 2020-1 Class A2I144A |
|
2.84 |
1-30-2051 |
|
168,833 |
162,226 |
| ServiceMaster Funding LLC Series 2021-1 Class A2II144A |
|
3.11 |
7-30-2051 |
|
624,684 |
540,387 |
| Sotheby’s ArtFi Master Trust Series 2026-1A Class B144A |
|
4.90 |
6-20-2033 |
|
155,000 |
153,683 |
| Subway Funding LLC Series 2024-3A Class A2I144A |
|
5.25 |
7-30-2054 |
|
407,737 |
397,637 |
| Switch ABS Issuer LLC Series 2024-1A Class A2144A |
|
6.28 |
3-25-2054 |
|
200,000 |
201,257 |
| Switch ABS Issuer LLC Series 2025-2A Class A22144A |
|
5.37 |
10-25-2055 |
|
1,405,000 |
1,370,891 |
| Towd Point Mortgage Trust Series 2024-CES1 Class A2144A±± |
|
6.44 |
1-25-2064 |
|
220,000 |
220,061 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A |
|
5.88 |
4-20-2055 |
|
990,000 |
996,081 |
| Vital Care Issuer LLC Series 2025-1A Class A2144A |
|
6.74 |
1-30-2056 |
|
144,275 |
144,106 |
| Wingstop Funding LLC Series 2024-1A Class A2144A |
|
5.86 |
12-5-2054 |
|
1,985,000 |
1,999,217 |
| Zayo Issuer LLC Series 2025-3A Class A2144A |
|
5.57 |
10-20-2055 |
|
700,000 |
681,057 |
| Total asset-backed securities (Cost $35,551,166) |
|
|
|
|
|
35,297,797 |
| Corporate bonds and notes: 22.27% |
|
|
|
|
|
|
| Basic materials: 0.26% |
|
|
|
|
|
|
| Chemicals: 0.21% |
|
|
|
|
|
|
| Celanese U.S. Holdings LLC |
|
7.70 |
11-15-2033 |
|
595,000 |
635,335 |
| Chemours Co.144A |
|
8.00 |
1-15-2033 |
|
250,000 |
246,823 |
| |
|
|
|
|
|
882,158 |
| Iron/steel: 0.05% |
|
|
|
|
|
|
| Cleveland-Cliffs, Inc.144A |
|
4.88 |
3-1-2031 |
|
210,000 |
194,802 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Communications: 3.50% |
|
|
|
|
|
|
| Internet: 0.81% |
|
|
|
|
|
|
| Alphabet, Inc. |
|
5.45 % |
8-15-2036 |
$ |
485,000 |
$481,353 |
| Alphabet, Inc. |
|
6.38 |
8-15-2056 |
|
325,000 |
327,122 |
| Amazon.com, Inc. |
|
4.88 |
3-13-2036 |
|
165,000 |
156,900 |
| Amazon.com, Inc. |
|
5.30 |
7-9-2036 |
|
455,000 |
445,504 |
| Amazon.com, Inc. |
|
5.80 |
3-13-2056 |
|
550,000 |
507,353 |
| Meta Platforms, Inc. |
|
5.25 |
5-15-2036 |
|
485,000 |
466,061 |
| Meta Platforms, Inc. |
|
5.40 |
8-15-2054 |
|
615,000 |
498,439 |
| Meta Platforms, Inc. |
|
5.63 |
11-15-2055 |
|
515,000 |
430,046 |
| Wayfair LLC144A |
|
6.75 |
11-15-2032 |
|
100,000 |
102,926 |
| |
|
|
|
|
|
3,415,704 |
| Media: 1.17% |
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp.144A |
|
4.25 |
1-15-2034 |
|
785,000 |
654,596 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |
|
2.80 |
4-1-2031 |
|
540,000 |
473,413 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |
|
3.85 |
4-1-2061 |
|
285,000 |
159,591 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |
|
3.90 |
6-1-2052 |
|
455,000 |
276,644 |
| Comcast Corp. |
|
2.94 |
11-1-2056 |
|
815,000 |
415,797 |
| Comcast Corp. |
|
2.99 |
11-1-2063 |
|
500,000 |
243,635 |
| Discovery Global Holdings, Inc. |
|
4.28 |
3-15-2032 |
|
421,000 |
385,244 |
| News Corp.144A |
|
3.88 |
5-15-2029 |
|
1,015,000 |
980,703 |
| News Corp.144A |
|
5.13 |
2-15-2032 |
|
300,000 |
291,327 |
| Space Exploration Technologies Corp.144A |
|
5.88 |
7-15-2036 |
|
700,000 |
658,826 |
| Time Warner Cable LLC |
|
5.50 |
9-1-2041 |
|
515,000 |
428,753 |
| |
|
|
|
|
|
4,968,529 |
| Telecommunications: 1.52% |
|
|
|
|
|
|
| APLD ComputeCo 2 LLC144A |
|
6.75 |
3-15-2031 |
|
415,000 |
399,093 |
| AT&T, Inc. |
|
3.55 |
9-15-2055 |
|
1,230,000 |
744,753 |
| AT&T, Inc. |
|
5.25 |
10-30-2036 |
|
460,000 |
440,252 |
| AT&T, Inc. |
|
5.70 |
11-1-2054 |
|
460,000 |
402,753 |
| AT&T, Inc. |
|
6.20 |
10-30-2056 |
|
510,000 |
478,584 |
| Beacon Point DC LLC144A |
|
6.13 |
11-30-2042 |
|
480,000 |
455,021 |
| HUT 8 DC LLC144A |
|
6.19 |
11-15-2042 |
|
330,000 |
320,493 |
| Level 3 Financing, Inc.144A |
|
7.00 |
3-31-2034 |
|
415,000 |
424,503 |
| Sopaipilla Investor LLC144A |
|
7.53 |
11-30-2048 |
|
405,000 |
414,469 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC144A |
|
5.15 |
3-20-2028 |
|
77,000 |
77,009 |
| SV RNO Property Owner 1 LLC144A |
|
5.88 |
3-1-2031 |
|
570,000 |
523,043 |
| Verizon Communications, Inc. |
|
5.00 |
1-15-2036 |
|
755,000 |
716,465 |
| Verizon Communications, Inc. (5 Year Treasury Constant Maturity+2.04%)± |
|
6.20 |
5-14-2056 |
|
345,000 |
332,249 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Telecommunications(continued) |
|
|
|
|
|
|
| Verizon Communications, Inc. (5 Year Treasury Constant Maturity+2.30%)± |
|
6.75 % |
2-15-2057 |
$ |
445,000 |
$444,012 |
| WULF Compute LLC144A |
|
7.75 |
10-15-2030 |
|
225,000 |
233,899 |
| |
|
|
|
|
|
6,406,598 |
| Consumer, cyclical: 2.14% |
|
|
|
|
|
|
| Airlines: 0.37% |
|
|
|
|
|
|
| American Airlines Pass-Through Trust Series 2015-1 Class A |
|
3.38 |
5-1-2027 |
|
567,705 |
560,858 |
| Delta Air Lines Pass-Through Trust Series 2020-AA Class AA |
|
2.00 |
6-10-2028 |
|
44,886 |
43,459 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.144A |
|
4.75 |
10-20-2028 |
|
753,750 |
752,416 |
| United Airlines Pass-Through Trust Series 2023-1 Class A |
|
5.80 |
1-15-2036 |
|
217,630 |
221,597 |
| |
|
|
|
|
|
1,578,330 |
| Auto manufacturers: 0.70% |
|
|
|
|
|
|
| Ford Motor Credit Co. LLC |
|
4.00 |
11-13-2030 |
|
810,000 |
757,601 |
| Ford Motor Credit Co. LLC |
|
5.13 |
11-5-2026 |
|
390,000 |
390,343 |
| Ford Motor Credit Co. LLC |
|
6.11 |
8-15-2033 |
|
590,000 |
589,387 |
| Hyundai Capital America144A |
|
4.50 |
9-18-2030 |
|
410,000 |
398,614 |
| Hyundai Capital America144A |
|
5.30 |
3-19-2027 |
|
185,000 |
185,799 |
| Hyundai Capital America144A |
|
5.80 |
4-1-2030 |
|
645,000 |
656,623 |
| |
|
|
|
|
|
2,978,367 |
| Auto parts & equipment: 0.06% |
|
|
|
|
|
|
| Adient Global Holdings Ltd.144A |
|
7.50 |
2-15-2033 |
|
235,000 |
243,359 |
| Home builders: 0.21% |
|
|
|
|
|
|
| Century Communities, Inc.144A |
|
6.63 |
9-15-2033 |
|
880,000 |
890,789 |
| Housewares: 0.06% |
|
|
|
|
|
|
| Newell Brands, Inc. |
|
6.38 |
5-15-2030 |
|
245,000 |
248,447 |
| Leisure time: 0.21% |
|
|
|
|
|
|
| Carnival Corp. Ltd.144A |
|
6.13 |
2-15-2033 |
|
890,000 |
891,860 |
| Retail: 0.33% |
|
|
|
|
|
|
| Macy’s Retail Holdings LLC144A |
|
5.88 |
3-15-2030 |
|
90,000 |
89,710 |
| Macy’s Retail Holdings LLC144A |
|
6.13 |
3-15-2032 |
|
145,000 |
145,154 |
| PetSmart LLC/PetSmart Finance Corp.144A |
|
7.50 |
9-15-2032 |
|
505,000 |
509,676 |
| QXO Building Products, Inc.144A |
|
6.88 |
7-15-2034 |
|
630,000 |
637,113 |
| |
|
|
|
|
|
1,381,653 |
| Toys/games/hobbies: 0.20% |
|
|
|
|
|
|
| Mattel, Inc. |
|
5.45 |
11-1-2041 |
|
265,000 |
235,566 |
| Mattel, Inc.144A |
|
5.88 |
12-15-2027 |
|
595,000 |
595,167 |
| |
|
|
|
|
|
830,733 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Consumer, non-cyclical: 2.42% |
|
|
|
|
|
|
| Agriculture: 0.09% |
|
|
|
|
|
|
| BAT Capital Corp. |
|
4.76 % |
9-6-2049 |
$ |
420,000 |
$337,558 |
| Reynolds American, Inc. |
|
7.00 |
8-4-2041 |
|
30,000 |
31,868 |
| |
|
|
|
|
|
369,426 |
| Commercial services: 0.78% |
|
|
|
|
|
|
| Block, Inc.144A |
|
6.00 |
8-15-2033 |
|
365,000 |
364,460 |
| GEO Group, Inc. |
|
8.63 |
4-15-2029 |
|
210,000 |
218,413 |
| GEO Group, Inc. |
|
10.25 |
4-15-2031 |
|
70,000 |
75,326 |
| Global Payments, Inc. |
|
4.88 |
11-15-2030 |
|
780,000 |
759,080 |
| Global Payments, Inc. |
|
4.88 |
3-17-2031 |
|
100,000 |
118,444 |
| Global Payments, Inc. |
|
5.20 |
11-15-2032 |
|
725,000 |
700,169 |
| Global Payments, Inc. |
|
5.95 |
8-15-2052 |
|
430,000 |
392,633 |
| Mobility Global, Inc.144A |
|
5.45 |
6-15-2031 |
|
375,000 |
373,575 |
| Upbound Group, Inc.144A |
|
6.38 |
2-15-2029 |
|
285,000 |
283,874 |
| |
|
|
|
|
|
3,285,974 |
| Cosmetics/Personal Care: 0.07% |
|
|
|
|
|
|
| Haleon U.S. Capital LLC |
|
5.38 |
8-21-2036 |
|
290,000 |
288,402 |
| Food: 0.14% |
|
|
|
|
|
|
| Mars, Inc.144A |
|
5.70 |
5-1-2055 |
|
655,000 |
618,379 |
| Healthcare-products: 0.61% |
|
|
|
|
|
|
| Abbott Laboratories |
|
4.65 |
3-15-2036 |
|
725,000 |
687,242 |
| Abbott Laboratories |
|
5.50 |
3-15-2056 |
|
890,000 |
833,476 |
| Medline Borrower LP144A |
|
3.88 |
4-1-2029 |
|
875,000 |
847,053 |
| VSP Optical Group, Inc.144A |
|
5.40 |
6-1-2033 |
|
200,000 |
197,684 |
| |
|
|
|
|
|
2,565,455 |
| Healthcare-services: 0.32% |
|
|
|
|
|
|
| DaVita, Inc.144A |
|
6.75 |
7-15-2033 |
|
445,000 |
455,359 |
| UnitedHealth Group, Inc. |
|
4.75 |
5-15-2052 |
|
250,000 |
205,132 |
| UnitedHealth Group, Inc. |
|
5.05 |
4-15-2053 |
|
480,000 |
411,053 |
| UnitedHealth Group, Inc. |
|
5.63 |
7-15-2054 |
|
330,000 |
306,379 |
| |
|
|
|
|
|
1,377,923 |
| Pharmaceuticals: 0.41% |
|
|
|
|
|
|
| AbbVie, Inc. |
|
6.00 |
9-15-2056 |
|
210,000 |
208,835 |
| Bayer U.S. Finance LLC144A |
|
5.13 |
7-20-2031 |
|
210,000 |
208,198 |
| Bayer U.S. Finance LLC144A |
|
5.63 |
7-20-2036 |
|
305,000 |
298,949 |
| Eli Lilly & Co. |
|
5.65 |
10-15-2065 |
|
580,000 |
546,830 |
| EMD Finance LLC144A |
|
4.63 |
10-15-2032 |
|
490,000 |
474,148 |
| |
|
|
|
|
|
1,736,960 |
| Energy: 1.21% |
|
|
|
|
|
|
| Energy-alternate sources: 0.05% |
|
|
|
|
|
|
| TerraForm Power Operating LLC144A |
|
4.75 |
1-15-2030 |
|
193,000 |
185,359 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Oil & gas: 0.12% |
|
|
|
|
|
|
| APA Corp. |
|
5.25 % |
2-1-2042 |
$ |
133,000 |
$114,857 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A |
|
6.00 |
2-1-2031 |
|
400,000 |
394,916 |
| |
|
|
|
|
|
509,773 |
| Oil & gas services: 0.40% |
|
|
|
|
|
|
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
|
5.00 |
6-15-2036 |
|
1,525,000 |
1,464,793 |
| Schlumberger Holdings Corp.144A |
|
4.85 |
5-15-2033 |
|
245,000 |
240,629 |
| |
|
|
|
|
|
1,705,422 |
| Pipelines: 0.64% |
|
|
|
|
|
|
| Energy Transfer LP |
|
5.95 |
5-15-2054 |
|
215,000 |
199,619 |
| Energy Transfer LP (5 Year Treasury Constant Maturity+4.02%)± |
|
8.00 |
5-15-2054 |
|
260,000 |
272,527 |
| Harvest Midstream I LP144A |
|
6.75 |
5-15-2034 |
|
550,000 |
557,942 |
| Harvest Midstream I LP144A |
|
7.50 |
5-15-2032 |
|
140,000 |
145,078 |
| MPLX LP |
|
5.30 |
4-1-2036 |
|
340,000 |
328,855 |
| Prairie Acquiror LP144A |
|
9.00 |
8-1-2029 |
|
320,000 |
331,152 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A |
|
6.00 |
12-31-2030 |
|
590,000 |
589,168 |
| Venture Global LNG, Inc.144A |
|
9.50 |
2-1-2029 |
|
165,000 |
177,467 |
| Venture Global LNG, Inc. (5 Year Treasury Constant Maturity+5.44%)144Aʊ± |
|
9.00 |
9-30-2029 |
|
95,000 |
96,200 |
| |
|
|
|
|
|
2,698,008 |
| Financial: 8.66% |
|
|
|
|
|
|
| Banks: 3.34% |
|
|
|
|
|
|
| Bank of America Corp. (5 Year Treasury Constant Maturity+1.20%)± |
|
2.48 |
9-21-2036 |
|
660,000 |
569,560 |
| Bank of America Corp. (U.S. SOFR+1.57%)± |
|
5.49 |
4-23-2037 |
|
325,000 |
315,419 |
| Bank of America Corp. (U.S. SOFR+1.74%)± |
|
5.52 |
10-25-2035 |
|
640,000 |
630,413 |
| Bank of America Corp. (U.S. SOFR+1.91%)± |
|
5.43 |
8-15-2035 |
|
255,000 |
250,596 |
| Bank of America Corp. (U.S. SOFR 3 Month+1.84%)± |
|
3.82 |
1-20-2028 |
|
250,000 |
249,327 |
| Bank of America Corp. Series OO (5 Year Treasury Constant Maturity+2.68%)ʊ± |
|
6.63 |
5-1-2030 |
|
510,000 |
522,597 |
| Citibank NA (U.S. SOFR+0.91%)± |
|
4.85 |
6-18-2032 |
|
420,000 |
413,981 |
| Citigroup, Inc. Series HH (5 Year Treasury Constant Maturity+3.00%)ʊ± |
|
6.63 |
2-15-2031 |
|
805,000 |
814,459 |
| Goldman Sachs Group, Inc. (U.S. SOFR+0.96%)± |
|
4.52 |
1-21-2032 |
|
620,000 |
600,786 |
| Goldman Sachs Group, Inc. (U.S. SOFR+0.99%)± |
|
4.59 |
4-20-2030 |
|
610,000 |
603,430 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.03%)± |
|
4.97 |
6-3-2032 |
|
1,010,000 |
994,961 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.25%)± |
|
2.38 |
7-21-2032 |
|
765,000 |
667,876 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.31%)± |
|
5.43 |
6-3-2037 |
|
250,000 |
243,545 |
| Goldman Sachs Group, Inc. (U.S. SOFR+1.82%)± |
|
6.22 |
7-21-2057 |
|
360,000 |
356,072 |
| JPMorgan Chase & Co. (U.S. SOFR+0.85%)± |
|
4.86 |
7-23-2030 |
|
505,000 |
503,475 |
| JPMorgan Chase & Co. (U.S. SOFR+1.02%)± |
|
2.07 |
6-1-2029 |
|
650,000 |
620,633 |
| JPMorgan Chase & Co. (U.S. SOFR+1.26%)± |
|
5.15 |
4-23-2037 |
|
1,760,000 |
1,703,134 |
| JPMorgan Chase & Co. (U.S. SOFR+1.45%)± |
|
5.30 |
7-24-2029 |
|
350,000 |
353,332 |
| Morgan Stanley Private Bank NA (U.S. SOFR+1.08%)± |
|
4.73 |
7-18-2031 |
|
800,000 |
788,176 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Banks(continued) |
|
|
|
|
|
|
| Morgan Stanley (U.S. SOFR+1.20%)± |
|
2.51 % |
10-20-2032 |
$ |
355,000 |
$310,650 |
| Morgan Stanley (U.S. SOFR+1.22%)± |
|
5.04 |
7-19-2030 |
|
210,000 |
210,305 |
| Morgan Stanley (U.S. SOFR+1.59%)± |
|
5.16 |
4-20-2029 |
|
195,000 |
196,223 |
| Morgan Stanley (U.S. SOFR+1.71%)± |
|
5.52 |
11-19-2055 |
|
325,000 |
297,713 |
| Morgan Stanley (U.S. SOFR+1.73%)± |
|
5.12 |
2-1-2029 |
|
565,000 |
568,068 |
| Morgan Stanley (U.S. SOFR+1.76%)± |
|
5.66 |
4-17-2036 |
|
80,000 |
80,234 |
| Morgan Stanley (U.S. SOFR+1.83%)± |
|
6.41 |
11-1-2029 |
|
460,000 |
474,012 |
| Pinnacle Financial Partners, Inc. (U.S. SOFR+1.70%)± |
|
5.60 |
5-19-2032 |
|
250,000 |
246,970 |
| Wells Fargo & Co. (U.S. SOFR 3 Month+4.50%)± |
|
5.01 |
4-4-2051 |
|
605,000 |
519,302 |
| |
|
|
|
|
|
14,105,249 |
| Diversified financial services: 1.63% |
|
|
|
|
|
|
| Aircastle Ltd.144A |
|
5.95 |
2-15-2029 |
|
440,000 |
448,294 |
| Ares Finance Co. II LLC144A |
|
3.25 |
6-15-2030 |
|
400,000 |
371,556 |
| Capital One Financial Corp. (U.S. SOFR+1.51%)± |
|
5.40 |
1-30-2037 |
|
1,210,000 |
1,165,569 |
| Citadel Finance LLC144A |
|
5.15 |
2-14-2031 |
|
485,000 |
470,397 |
| Citadel Finance LLC144A |
|
5.90 |
2-10-2030 |
|
605,000 |
606,857 |
| Computershare U.S., Inc. |
|
1.13 |
10-7-2031 |
|
100,000 |
100,546 |
| Equitable America Global Funding144A |
|
4.95 |
6-9-2030 |
|
1,140,000 |
1,127,608 |
| Franklin Templeton, Inc. |
|
5.50 |
8-10-2036 |
|
520,000 |
509,621 |
| HA Sustainable Infrastructure Capital, Inc.144A |
|
5.95 |
7-15-2033 |
|
400,000 |
395,132 |
| Intercontinental Exchange, Inc. |
|
4.90 |
9-1-2031 |
|
370,000 |
368,472 |
| Intercontinental Exchange, Inc. |
|
5.40 |
9-1-2036 |
|
275,000 |
273,391 |
| LSEG U.S. Fin Corp.144A |
|
5.25 |
3-23-2036 |
|
375,000 |
364,279 |
| PRA Group, Inc.144A |
|
5.00 |
10-1-2029 |
|
200,000 |
192,190 |
| TPG Operating Group II LP |
|
5.88 |
3-5-2034 |
|
365,000 |
367,044 |
| United Wholesale Mortgage LLC144A |
|
5.50 |
4-15-2029 |
|
148,000 |
139,471 |
| |
|
|
|
|
|
6,900,427 |
| Insurance: 2.70% |
|
|
|
|
|
|
| Aspen Insurance Holdings Ltd. |
|
5.75 |
7-1-2030 |
|
415,000 |
422,167 |
| Asurion LLC/Asurion Co-Issuer, Inc.144A |
|
8.00 |
12-31-2032 |
|
485,000 |
482,536 |
| Athene Global Funding144A |
|
5.03 |
7-17-2030 |
|
530,000 |
521,244 |
| Athene Global Funding144A |
|
5.54 |
8-22-2035 |
|
680,000 |
652,800 |
| Cincinnati Financial Corp. |
|
6.13 |
11-1-2034 |
|
545,000 |
556,658 |
| Corebridge Global Funding144A |
|
4.55 |
1-9-2031 |
|
585,000 |
569,053 |
| Global Atlantic Fin Co. (5 Year Treasury Constant Maturity+3.55%)144A± |
|
7.25 |
3-1-2056 |
|
455,000 |
438,665 |
| Guardian Life Insurance Co. of America144A |
|
4.85 |
1-24-2077 |
|
370,000 |
292,122 |
| Jackson Financial, Inc. |
|
6.15 |
1-15-2037 |
|
330,000 |
322,846 |
| Lincoln Financial Global Funding144A |
|
4.95 |
5-21-2031 |
|
295,000 |
290,481 |
| Lincoln Financial Global Funding144A |
|
5.25 |
8-13-2031 |
|
490,000 |
486,364 |
| MetLife, Inc. (5 Year Treasury Constant Maturity+1.82%)± |
|
5.85 |
3-15-2056 |
|
665,000 |
644,877 |
| New York Life Insurance Co.144A |
|
3.75 |
5-15-2050 |
|
355,000 |
249,018 |
| New York Life Insurance Co.144A |
|
5.88 |
5-15-2033 |
|
660,000 |
672,593 |
| Northwestern Mutual Life Insurance Co.144A |
|
3.45 |
3-30-2051 |
|
925,000 |
604,959 |
| Northwestern Mutual Life Insurance Co.144A |
|
6.17 |
5-29-2055 |
|
415,000 |
408,949 |
| Protective Life Corp.144A |
|
4.70 |
1-15-2031 |
|
405,000 |
395,110 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Insurance(continued) |
|
|
|
|
|
|
| Protective Life Corp.144A |
|
5.35 % |
12-15-2035 |
$ |
475,000 |
$455,558 |
| Prudential Financial, Inc. (5 Year Treasury Constant Maturity+3.04%)± |
|
3.70 |
10-1-2050 |
|
495,000 |
455,742 |
| Prudential Financial, Inc. (5 Year Treasury Constant Maturity+3.16%)± |
|
5.13 |
3-1-2052 |
|
185,000 |
178,725 |
| RenaissanceRe Holdings Ltd. |
|
5.75 |
6-5-2033 |
|
290,000 |
291,746 |
| RenaissanceRe Holdings Ltd. |
|
5.80 |
4-1-2035 |
|
205,000 |
205,996 |
| RGA Global Funding144A |
|
4.60 |
11-25-2030 |
|
555,000 |
541,480 |
| RGA Global Funding144A |
|
5.05 |
12-6-2031 |
|
725,000 |
715,466 |
| Transatlantic Holdings, Inc. |
|
8.00 |
11-30-2039 |
|
210,000 |
249,117 |
| Unum Group144A |
|
4.05 |
8-15-2041 |
|
375,000 |
294,758 |
| |
|
|
|
|
|
11,399,030 |
| Investment companies: 0.48% |
|
|
|
|
|
|
| Ares Capital Corp. BDC |
|
5.10 |
1-15-2031 |
|
460,000 |
443,500 |
| Ares Capital Corp. BDC |
|
5.50 |
9-1-2030 |
|
460,000 |
452,571 |
| Ares Capital Corp. BDC |
|
5.88 |
3-1-2029 |
|
270,000 |
271,639 |
| Ares Strategic Income Fund BDC |
|
5.70 |
3-15-2028 |
|
345,000 |
346,107 |
| Blue Owl Capital Corp. BDC |
|
5.95 |
3-15-2029 |
|
525,000 |
524,349 |
| |
|
|
|
|
|
2,038,166 |
| REITs: 0.51% |
|
|
|
|
|
|
| Alexandria Real Estate Equities, Inc. |
|
5.25 |
3-15-2036 |
|
295,000 |
281,341 |
| Essential Properties LP |
|
2.95 |
7-15-2031 |
|
605,000 |
542,824 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.144A |
|
7.00 |
7-15-2031 |
|
99,000 |
102,316 |
| Piedmont Operating Partnership LP |
|
2.75 |
4-1-2032 |
|
150,000 |
127,853 |
| Piedmont Operating Partnership LP |
|
9.25 |
7-20-2028 |
|
270,000 |
288,341 |
| Prologis Targeted U.S. Logistics Fund LP144A |
|
4.63 |
3-15-2033 |
|
395,000 |
377,035 |
| Vornado Realty LP |
|
5.75 |
2-1-2033 |
|
435,000 |
433,434 |
| |
|
|
|
|
|
2,153,144 |
| Industrial: 0.56% |
|
|
|
|
|
|
| Building materials: 0.19% |
|
|
|
|
|
|
| Camelot Return Merger Sub, Inc.144A |
|
8.75 |
8-1-2028 |
|
115,000 |
59,839 |
| Martin Marietta Materials, Inc. |
|
5.63 |
8-15-2036 |
|
740,000 |
739,897 |
| |
|
|
|
|
|
799,736 |
| Engineering & construction: 0.13% |
|
|
|
|
|
|
| Jacobs Solutions, Inc. |
|
4.75 |
3-3-2031 |
|
300,000 |
292,875 |
| Jacobs Solutions, Inc. |
|
5.38 |
3-3-2036 |
|
255,000 |
244,507 |
| |
|
|
|
|
|
537,382 |
| Trucking & leasing: 0.24% |
|
|
|
|
|
|
| FTAI Aviation Investors LLC144A |
|
7.00 |
6-15-2032 |
|
985,000 |
1,010,708 |
| Technology: 1.62% |
|
|
|
|
|
|
| Computers: 0.12% |
|
|
|
|
|
|
| Hewlett Packard Enterprise Co. |
|
5.60 |
10-15-2054 |
|
580,000 |
510,992 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| IT consulting & other services: 0.11% |
|
|
|
|
|
|
| Booz Allen Hamilton, Inc. |
|
5.90 % |
1-30-2034 |
$ |
200,000 |
$196,946 |
| Booz Allen Hamilton, Inc. |
|
5.95 |
8-4-2033 |
|
280,000 |
281,459 |
| |
|
|
|
|
|
478,405 |
| Semiconductors: 0.65% |
|
|
|
|
|
|
| Entegris, Inc.144A |
|
4.75 |
4-15-2029 |
|
745,000 |
734,197 |
| Foundry JV Holdco LLC144A |
|
6.20 |
1-25-2037 |
|
825,000 |
846,186 |
| Intel Corp. |
|
2.80 |
8-12-2041 |
|
195,000 |
130,909 |
| Intel Corp. |
|
3.25 |
11-15-2049 |
|
405,000 |
249,521 |
| Intel Corp. |
|
5.30 |
5-15-2036 |
|
420,000 |
405,166 |
| Skyworks Solutions, Inc. |
|
5.00 |
8-10-2028 |
|
390,000 |
389,867 |
| |
|
|
|
|
|
2,755,846 |
| Software: 0.74% |
|
|
|
|
|
|
| Cloud Software Group LLC144A |
|
8.25 |
6-30-2032 |
|
480,000 |
470,544 |
| Oracle Corp. |
|
3.85 |
4-1-2060 |
|
410,000 |
230,100 |
| Oracle Corp. |
|
4.55 |
2-4-2029 |
|
345,000 |
337,165 |
| Oracle Corp. |
|
4.95 |
2-4-2031 |
|
325,000 |
311,230 |
| Oracle Corp. |
|
5.70 |
2-4-2036 |
|
1,110,000 |
1,026,328 |
| Oracle Corp. |
|
5.95 |
9-26-2055 |
|
610,000 |
484,608 |
| Oracle Corp. |
|
6.70 |
2-4-2056 |
|
290,000 |
255,412 |
| |
|
|
|
|
|
3,115,387 |
| Utilities: 1.90% |
|
|
|
|
|
|
| Electric: 1.79% |
|
|
|
|
|
|
| Basin Electric Power Cooperative |
|
5.85 |
10-15-2055 |
|
605,000 |
566,425 |
| Dominion Energy, Inc. (5 Year Treasury Constant Maturity+2.21%)± |
|
6.63 |
5-15-2055 |
|
350,000 |
351,645 |
| Duke Energy Corp. |
|
3.85 |
6-15-2034 |
|
100,000 |
112,972 |
| Duke Energy Indiana LLC |
|
5.40 |
4-1-2053 |
|
305,000 |
274,958 |
| Entergy Corp. (5 Year Treasury Constant Maturity+1.88%)± |
|
6.50 |
12-15-2056 |
|
230,000 |
229,496 |
| Entergy Louisiana LLC |
|
5.65 |
4-15-2056 |
|
485,000 |
450,817 |
| Entergy Mississippi LLC |
|
5.80 |
4-15-2055 |
|
255,000 |
241,766 |
| EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)± |
|
7.63 |
12-15-2054 |
|
460,000 |
475,157 |
| Niagara Mohawk Power Corp.144A |
|
6.00 |
7-3-2055 |
|
1,055,000 |
1,004,919 |
| Pacific Gas & Electric Co. |
|
6.10 |
10-15-2055 |
|
465,000 |
430,464 |
| PacifiCorp |
|
5.80 |
1-15-2055 |
|
390,000 |
354,022 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± |
|
7.38 |
3-15-2055 |
|
498,000 |
500,530 |
| Public Service Co. of Oklahoma Series O |
|
5.40 |
2-15-2034 |
|
265,000 |
263,977 |
| San Diego Gas & Electric Co. Series EEEE |
|
5.95 |
3-15-2056 |
|
325,000 |
313,622 |
| Sempra (5 Year Treasury Constant Maturity+2.35%)± |
|
6.63 |
4-1-2055 |
|
475,000 |
476,268 |
| Southern California Edison Co. |
|
3.65 |
2-1-2050 |
|
290,000 |
191,174 |
| Southern California Edison Co. |
|
5.75 |
4-15-2054 |
|
310,000 |
275,612 |
| Virginia Electric & Power Co. |
|
5.65 |
8-15-2036 |
|
310,000 |
310,707 |
| Virginia Electric & Power Co. |
|
6.30 |
8-15-2056 |
|
365,000 |
368,424 |
| Vistra Operations Co. LLC144A |
|
5.00 |
7-31-2027 |
|
365,000 |
364,817 |
| |
|
|
|
|
|
7,557,772 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Gas: 0.11% |
|
|
|
|
|
|
| Brooklyn Union Gas Co.144A |
|
6.39 % |
9-15-2033 |
$ |
445,000 |
$464,247 |
| Total corporate bonds and notes (Cost $96,105,145) |
|
|
|
|
|
94,078,901 |
| Foreign corporate bonds and notes: 1.90% |
|
|
|
|
|
|
| Basic materials: 0.07% |
|
|
|
|
|
|
| Chemicals: 0.07% |
|
|
|
|
|
|
| INEOS Finance PLC |
|
6.63 |
5-15-2028 |
EUR |
231,000 |
270,381 |
| Communications: 0.56% |
|
|
|
|
|
|
| Media: 0.07% |
|
|
|
|
|
|
| Ziggo BV |
|
2.88 |
1-15-2030 |
EUR |
270,000 |
292,249 |
| Telecommunications: 0.49% |
|
|
|
|
|
|
| British Telecommunications Ltd. |
|
3.13 |
2-11-2032 |
EUR |
195,000 |
217,553 |
| British Telecommunications Ltd. (UK Gilts 5 Year+3.82%)± |
|
8.38 |
12-20-2083 |
GBP |
100,000 |
142,557 |
| Chorus Ltd. |
|
3.53 |
11-26-2032 |
EUR |
211,000 |
237,597 |
| FiberCop SpA |
|
1.63 |
1-18-2029 |
EUR |
130,000 |
146,517 |
| Koninklijke KPN NV |
|
3.88 |
7-3-2031 |
EUR |
100,000 |
116,687 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± |
|
5.50 |
9-12-2054 |
EUR |
255,000 |
295,069 |
| TDC Net AS |
|
6.50 |
6-1-2031 |
EUR |
250,000 |
314,565 |
| Telefonica Europe BV (EUR Swap Annual (vs. 6 Month EURIBOR) 7 Year+3.35%)ʊ± |
|
6.14 |
2-3-2030 |
EUR |
200,000 |
242,703 |
| VMED O2 U.K. Financing I PLC |
|
5.63 |
4-15-2032 |
EUR |
360,000 |
357,270 |
| |
|
|
|
|
|
2,070,518 |
| Consumer, cyclical: 0.14% |
|
|
|
|
|
|
| Auto manufacturers: 0.08% |
|
|
|
|
|
|
| RCI Banque SA |
|
3.63 |
11-3-2032 |
EUR |
200,000 |
222,411 |
| Traton Finance Luxembourg SA |
|
3.88 |
11-13-2031 |
EUR |
100,000 |
114,733 |
| |
|
|
|
|
|
337,144 |
| Entertainment: 0.03% |
|
|
|
|
|
|
| Universal Music Group NV |
|
4.00 |
6-13-2031 |
EUR |
115,000 |
134,394 |
| Leisure time: 0.03% |
|
|
|
|
|
|
| TUI AG |
|
5.88 |
3-15-2029 |
EUR |
110,000 |
131,411 |
| Consumer, non-cyclical: 0.15% |
|
|
|
|
|
|
| Agriculture: 0.03% |
|
|
|
|
|
|
| BAT Netherlands Finance BV |
|
5.38 |
2-16-2031 |
EUR |
100,000 |
122,824 |
| Commercial services: 0.08% |
|
|
|
|
|
|
| Nexi SpA |
|
2.13 |
4-30-2029 |
EUR |
150,000 |
167,340 |
| Transurban Finance Co. Pty. Ltd. |
|
4.23 |
4-26-2033 |
EUR |
135,000 |
158,623 |
| |
|
|
|
|
|
325,963 |
| Food: 0.04% |
|
|
|
|
|
|
| Market Bidco Finco PLC |
|
5.50 |
11-4-2027 |
GBP |
140,000 |
189,626 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Energy: 0.05% |
|
|
|
|
|
|
| Oil & gas: 0.05% |
|
|
|
|
|
|
| Aker BP ASA |
|
1.13 % |
5-12-2029 |
EUR |
200,000 |
$217,423 |
| Financial: 0.48% |
|
|
|
|
|
|
| Banks: 0.34% |
|
|
|
|
|
|
| ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+3.90%)ʊ± |
|
4.75 |
9-22-2027 |
EUR |
200,000 |
233,599 |
| BAWAG Group AG (EURIBOR ICE Swap Rate 11:00am+5.05%)ʊ± |
|
7.25 |
9-18-2029 |
EUR |
200,000 |
245,166 |
| CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+3.55%)± |
|
6.25 |
2-23-2033 |
EUR |
100,000 |
119,634 |
| Credit Agricole SA (EURIBOR ICE Swap Rate 11:00am+4.44%)ʊ± |
|
7.25 |
9-23-2028 |
EUR |
100,000 |
122,416 |
| KBC Group NV (EURIBOR ICE Swap Rate 11:00am+4.93%)ʊ± |
|
8.00 |
9-5-2028 |
EUR |
400,000 |
496,386 |
| Luminor Bank AS (3 Month EURIBOR+1.28%)± |
|
4.27 |
5-27-2031 |
EUR |
100,000 |
116,258 |
| Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am+5.20%)± |
|
7.38 |
12-20-2032 |
EUR |
100,000 |
120,205 |
| |
|
|
|
|
|
1,453,664 |
| Insurance: 0.03% |
|
|
|
|
|
|
| AXA SA |
|
3.63 |
1-10-2033 |
EUR |
100,000 |
115,200 |
| Real estate: 0.11% |
|
|
|
|
|
|
| Aroundtown SA |
|
3.50 |
5-13-2030 |
EUR |
200,000 |
225,424 |
| Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+3.45%)ʊ± |
|
3.13 |
12-2-2026 |
EUR |
200,000 |
231,109 |
| |
|
|
|
|
|
456,533 |
| Government securities: 0.05% |
|
|
|
|
|
|
| Multi-national: 0.05% |
|
|
|
|
|
|
| Banque Ouest Africaine de Developpement |
|
2.75 |
1-22-2033 |
EUR |
230,000 |
227,548 |
| Technology: 0.04% |
|
|
|
|
|
|
| Computers: 0.04% |
|
|
|
|
|
|
| Almaviva-The Italian Innovation Co. SpA144A |
|
5.00 |
10-30-2030 |
EUR |
135,000 |
154,896 |
| Utilities: 0.36% |
|
|
|
|
|
|
| Electric: 0.09% |
|
|
|
|
|
|
| Enel Finance International NV |
|
4.00 |
2-20-2031 |
EUR |
100,000 |
117,401 |
| Iberdrola Finanzas SA (EURIBOR ICE Swap Rate 11:00am+1.36%)ʊ± |
|
3.75 |
8-5-2031 |
EUR |
100,000 |
112,454 |
| Vattenfall AB (UK Gilts 5 Year+1.90%)± |
|
2.50 |
6-29-2083 |
GBP |
105,000 |
135,389 |
| |
|
|
|
|
|
365,244 |
| Gas: 0.20% |
|
|
|
|
|
|
| APA Infrastructure Ltd. |
|
2.00 |
7-15-2030 |
EUR |
150,000 |
162,927 |
| Centrica PLC (UK Gilts 5 Year+2.51%)± |
|
6.50 |
5-21-2055 |
GBP |
500,000 |
683,555 |
| |
|
|
|
|
|
846,482 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Water: 0.07% |
|
|
|
|
|
|
| Holding d’Infrastructures des Metiers de l’Environnement SAS |
|
4.88 % |
10-24-2029 |
EUR |
265,000 |
$315,186 |
| Total foreign corporate bonds and notes (Cost $7,717,951) |
|
|
|
|
|
8,026,686 |
| Foreign government bonds: 5.34% |
|
|
|
|
|
|
| Australia: 0.65% |
|
|
|
|
|
|
| Australia |
|
2.25 |
5-21-2028 |
AUD |
3,965,000 |
2,728,177 |
| Belgium: 0.22% |
|
|
|
|
|
|
| Kingdom of Belgium144A |
|
3.40 |
6-22-2036 |
EUR |
830,000 |
927,480 |
| Brazil: 0.75% |
|
|
|
|
|
|
| Brazil |
|
10.00 |
1-1-2029 |
BRL |
6,000,000 |
1,073,141 |
| Brazil |
|
10.00 |
1-1-2031 |
BRL |
12,500,000 |
2,091,704 |
| |
|
|
|
|
|
3,164,845 |
| Colombia: 0.56% |
|
|
|
|
|
|
| Colombia TES |
|
5.75 |
11-3-2027 |
COP |
8,200,000,000 |
2,378,604 |
| France: 0.60% |
|
|
|
|
|
|
| French Republic144A |
|
2.40 |
9-24-2028 |
EUR |
1,365,000 |
1,563,096 |
| French Republic144A |
|
2.70 |
2-25-2031 |
EUR |
880,000 |
991,539 |
| |
|
|
|
|
|
2,554,635 |
| Germany: 0.61% |
|
|
|
|
|
|
| Bundesobligation |
|
2.50 |
4-16-2031 |
EUR |
875,000 |
993,142 |
| Bundesschatzanweisungen |
|
2.50 |
6-14-2028 |
EUR |
445,000 |
513,152 |
| Bundesschatzanweisungen |
|
2.70 |
9-13-2028 |
EUR |
910,000 |
1,052,296 |
| |
|
|
|
|
|
2,558,590 |
| Italy: 0.23% |
|
|
|
|
|
|
| Italy |
|
2.20 |
2-28-2028 |
EUR |
865,000 |
992,382 |
| Mexico: 0.25% |
|
|
|
|
|
|
| Mexico |
|
8.50 |
2-28-2030 |
MXN |
17,800,000 |
1,054,357 |
| Norway: 0.25% |
|
|
|
|
|
|
| Norway144A |
|
2.00 |
4-26-2028 |
NOK |
10,250,000 |
1,052,452 |
| South Africa: 0.26% |
|
|
|
|
|
|
| Republic of South Africa |
|
10.50 |
12-21-2027 |
ZAR |
16,800,000 |
1,082,524 |
| South Korea: 0.06% |
|
|
|
|
|
|
| Korea |
|
2.75 |
9-10-2045 |
KRW |
450,000,000 |
261,234 |
| Sweden: 0.25% |
|
|
|
|
|
|
| Sweden |
|
2.50 |
10-15-2036 |
SEK |
10,500,000 |
1,039,284 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| United Kingdom: 0.65% |
|
|
|
|
|
|
| U.K. Gilts |
|
4.38 % |
3-7-2028 |
GBP |
1,180,000 |
$1,598,178 |
| U.K. Gilts |
|
4.38 |
3-7-2030 |
GBP |
852,000 |
1,147,674 |
| |
|
|
|
|
|
2,745,852 |
| Total foreign government bonds (Cost $22,179,320) |
|
|
|
|
|
22,540,416 |
| |
|
|
|
Shares |
| |
| Investment companies: 3.06% |
|
|
|
|
|
|
| Exchange-traded funds: 3.06% |
|
|
|
|
|
|
| iShares Broad USD High Yield Corporate Bond ETF |
|
|
|
|
81,852 |
3,021,976 |
| State Street SPDR Portfolio High Yield Bond ETF |
|
|
|
|
95,779 |
2,236,440 |
| Vanguard Intermediate-Term Corporate Bond ETF |
|
|
|
|
53,733 |
4,357,209 |
| Vanguard Short-Term Corporate Bond ETF |
|
|
|
|
42,071 |
3,303,835 |
| Total investment companies (Cost $13,037,875) |
|
|
|
|
|
12,919,460 |
| |
|
|
|
Principal |
| |
| Loans: 0.00% |
|
|
|
|
|
|
| Consumer, cyclical: 0.00% |
|
|
|
|
|
|
| Airlines: 0.00% |
|
|
|
|
|
|
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± |
|
7.48 |
4-1-2031 |
$ |
14,700 |
14,755 |
| Total loans (Cost $14,611) |
|
|
|
|
|
14,755 |
| Non-agency mortgage-backed securities: 5.86% |
|
|
|
|
|
|
| 1345 Trust Series 2025-AOA Class A (U.S. SOFR 1 Month+1.60%)144A± |
|
5.24 |
6-15-2042 |
|
750,000 |
751,484 |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A |
|
5.70 |
11-25-2069 |
|
698,686 |
698,074 |
| A&D Mortgage Trust Series 2024-NQM6 Class A2144A±± |
|
5.92 |
1-25-2070 |
|
797,161 |
796,860 |
| A&D Mortgage Trust Series 2025-NQM3 Class A1144A±± |
|
5.37 |
8-25-2070 |
|
352,074 |
349,850 |
| A&D Mortgage Trust Series 2026-NQM1 Class A1144A±± |
|
4.91 |
2-25-2071 |
|
322,432 |
317,026 |
| Ajax Mortgage Loan Trust Series 2021-E Class A1144A±± |
|
1.74 |
12-25-2060 |
|
971,619 |
841,081 |
| Angel Oak Mortgage Trust Series 2025-1 Class A1144A±± |
|
5.69 |
1-25-2070 |
|
672,204 |
672,809 |
| BAHA Trust Series 2024-MAR Class B144A±± |
|
7.07 |
12-10-2041 |
|
1,000,000 |
1,018,294 |
| BHMS Commercial Mortgage Trust Series 2025-ATLS Class B (U.S. SOFR 1 Month+2.55%)144A± |
|
6.19 |
8-15-2042 |
|
210,000 |
210,331 |
| BOCA Commercial Mortgage Trust Series 2025-BOCA Class C (U.S. SOFR 1 Month+2.15%)144A± |
|
5.79 |
12-15-2042 |
|
100,000 |
100,118 |
| BX Trust Series 2019-OC11 Class A144A |
|
3.20 |
12-9-2041 |
|
1,300,000 |
1,220,748 |
| BX Trust Series 2025-DELC Class C (U.S. SOFR 1 Month+2.20%)144A± |
|
5.84 |
12-15-2042 |
|
1,025,000 |
1,025,882 |
| BX Trust Series 2025-VOLT Class B (U.S. SOFR 1 Month+2.10%)144A± |
|
5.74 |
12-15-2044 |
|
840,000 |
836,627 |
| CSMC Trust Series 2018-RPL9 Class A144A±± |
|
3.85 |
9-25-2057 |
|
695,332 |
667,961 |
| EFMT Series 2025-NQM3 Class A1144A±± |
|
5.49 |
8-25-2070 |
|
609,322 |
606,998 |
| FS Commercial Mortgage Trust Series 2026-PALM Class A (U.S. SOFR 1 Month+1.40%)144A± |
|
5.04 |
7-15-2041 |
|
330,000 |
330,362 |
| FS Trust Series 2026-HULA Class B (U.S. SOFR 1 Month+1.65%)144A± |
|
5.29 |
3-15-2041 |
|
545,000 |
546,042 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Non-agency mortgage-backed securities(continued) |
|
|
|
|
|
|
| GCAT Trust Series 2026-NQM2 Class A1144A±± |
|
5.45 % |
2-25-2071 |
$ |
1,896,958 |
$1,883,858 |
| Harvest Commercial Capital Loan Trust Series 2024-1 Class A |
|
6.16 |
10-25-2056 |
|
912,713 |
920,894 |
| HAVN Trust Series 2025-MOB Class A (U.S. SOFR 1 Month+1.70%)144A± |
|
5.34 |
10-15-2035 |
|
320,000 |
319,800 |
| JPMorgan Mortgage Trust Series 2025-7MPR Class A1D144A±± |
|
5.32 |
2-25-2056 |
|
733,548 |
728,866 |
| JPMorgan Mortgage Trust Series 2025-CES1 Class A3144A±± |
|
6.07 |
5-25-2055 |
|
1,000,000 |
1,000,723 |
| Mill City Mortgage Loan Trust Series 2026-R1 Class A1144A±± |
|
5.46 |
10-25-2062 |
|
1,854,413 |
1,839,117 |
| MLTI Trust Series 2026-MLTI Class C10 (U.S. SOFR 1 Month+1.80%)144A± |
|
5.44 |
6-15-2039 |
|
930,000 |
933,980 |
| Morgan Stanley Capital I Trust Series 2014-150E Class A144A |
|
3.91 |
9-9-2032 |
|
1,320,000 |
1,251,518 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025- NQM5 Class A1144A±± |
|
5.44 |
7-25-2070 |
|
342,671 |
341,030 |
| One New York Plaza Trust Series 2020-1NYP Class A (U.S. SOFR 1 Month+1.06%)144A± |
|
4.70 |
1-15-2036 |
|
212,379 |
206,552 |
| PFDR Trust Series 2026-DLVR Class B (U.S. SOFR 1 Month+2.10%)144A± |
|
5.74 |
6-15-2043 |
|
425,000 |
425,780 |
| PRKCM Trust Series 2022-AFC1 Class A1A144A±± |
|
5.10 |
4-25-2057 |
|
533,530 |
527,166 |
| RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±± |
|
5.58 |
12-25-2044 |
|
119,583 |
119,509 |
| ROCK Trust Series 2024-CNTR Class A144A |
|
5.39 |
11-13-2041 |
|
1,000,000 |
1,002,956 |
| ROCK Trust Series 2024-CNTR Class B144A |
|
5.93 |
11-13-2041 |
|
225,000 |
226,971 |
| SDAL Trust Series 2025-DAL Class A (U.S. SOFR 1 Month+2.44%)144A± |
|
6.08 |
4-15-2042 |
|
760,000 |
761,143 |
| SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE Class D144A±± |
|
4.53 |
1-5-2043 |
|
100,000 |
74,760 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class B (U.S. SOFR 1 Month+1.84%)144A± |
|
5.48 |
2-15-2042 |
|
1,000,000 |
988,975 |
| Verus Securitization Trust Series 2024-9 Class M1144A±± |
|
6.20 |
11-25-2069 |
|
200,000 |
199,739 |
| Total non-agency mortgage-backed securities (Cost $24,875,537) |
|
|
|
|
|
24,743,884 |
| U.S. Treasury securities: 11.10% |
|
|
|
|
|
|
| U.S. Treasury Bonds |
|
2.88 |
5-15-2043 |
|
335,000 |
248,580 |
| U.S. Treasury Bonds |
|
3.00 |
2-15-2049 |
|
360,000 |
251,494 |
| U.S. Treasury Bonds |
|
3.88 |
5-15-2043 |
|
270,000 |
230,639 |
| U.S. Treasury Bonds |
|
4.38 |
8-15-2043 |
|
315,000 |
286,355 |
| U.S. Treasury Bonds |
|
4.63 |
5-15-2044 |
|
420,000 |
391,847 |
| U.S. Treasury Bonds |
|
4.63 |
11-15-2044 |
|
520,000 |
483,681 |
| U.S. Treasury Bonds## |
|
4.63 |
2-15-2046 |
|
25,000,000 |
23,128,906 |
| U.S. Treasury Bonds |
|
4.63 |
11-15-2055 |
|
1,019,000 |
924,106 |
| U.S. Treasury Bonds |
|
4.75 |
2-15-2056 |
|
2,870,000 |
2,657,889 |
| U.S. Treasury Bonds |
|
5.00 |
5-15-2045 |
|
3,907,000 |
3,800,778 |
| U.S. Treasury Notes |
|
3.88 |
4-15-2029 |
|
1,645,000 |
1,624,181 |
| U.S. Treasury Notes |
|
4.13 |
7-15-2029 |
|
480,000 |
476,438 |
| U.S. Treasury Notes |
|
4.13 |
11-15-2032 |
|
4,376,000 |
4,271,044 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| U.S. Treasury securities(continued) |
|
|
|
|
|
|
| U.S. Treasury Notes |
|
4.38 % |
5-15-2036 |
$ |
6,161,000 |
$5,987,722 |
| U.S. Treasury Notes |
|
4.63 |
8-15-2036 |
|
2,161,000 |
2,140,403 |
| Total U.S. Treasury securities (Cost $48,472,282) |
|
|
|
|
|
46,904,063 |
| Yankee corporate bonds and notes: 8.34% |
|
|
|
|
|
|
| Basic materials: 0.06% |
|
|
|
|
|
|
| Mining: 0.06% |
|
|
|
|
|
|
| Glencore Finance Canada Ltd.144A |
|
6.90 |
11-15-2037 |
|
240,000 |
259,682 |
| Communications: 0.48% |
|
|
|
|
|
|
| Telecommunications: 0.48% |
|
|
|
|
|
|
| Nokia Oyj |
|
6.63 |
5-15-2039 |
|
285,000 |
291,535 |
| Rogers Communications, Inc. (5 Year Treasury Constant Maturity+2.62%)± |
|
7.13 |
4-15-2055 |
|
431,000 |
433,577 |
| Rogers Communications, Inc. (5 Year Treasury Constant Maturity+2.84%)± |
|
6.88 |
7-31-2056 |
|
530,000 |
531,410 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)± |
|
6.63 |
6-9-2056 |
|
420,000 |
404,893 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)± |
|
7.00 |
10-15-2055 |
|
370,000 |
367,584 |
| |
|
|
|
|
|
2,028,999 |
| Consumer, cyclical: 0.38% |
|
|
|
|
|
|
| Apparel: 0.09% |
|
|
|
|
|
|
| Gildan Activewear, Inc.144A |
|
5.40 |
10-7-2035 |
|
380,000 |
363,911 |
| Leisure time: 0.29% |
|
|
|
|
|
|
| Royal Caribbean Cruises Ltd. |
|
5.25 |
2-27-2038 |
|
440,000 |
413,789 |
| Royal Caribbean Cruises Ltd.144A |
|
5.63 |
9-30-2031 |
|
130,000 |
130,119 |
| Royal Caribbean Cruises Ltd.144A |
|
6.00 |
2-1-2033 |
|
675,000 |
678,584 |
| |
|
|
|
|
|
1,222,492 |
| Consumer, non-cyclical: 0.11% |
|
|
|
|
|
|
| Beverages: 0.11% |
|
|
|
|
|
|
| Becle SAB de CV144A |
|
2.50 |
10-14-2031 |
|
540,000 |
462,159 |
| Energy: 1.11% |
|
|
|
|
|
|
| Oil & gas: 1.03% |
|
|
|
|
|
|
| Aker BP ASA144A |
|
5.80 |
10-1-2054 |
|
320,000 |
290,557 |
| BP Capital Markets PLC (5 Year Treasury Constant Maturity+2.15%)ʊ± |
|
6.45 |
12-1-2033 |
|
465,000 |
477,109 |
| BP Capital Markets PLC (5 Year Treasury Constant Maturity+4.40%)ʊ± |
|
4.88 |
3-22-2030 |
|
1,110,000 |
1,084,092 |
| Eni SpA144A |
|
5.25 |
5-18-2036 |
|
450,000 |
434,799 |
| Eni SpA144A |
|
6.00 |
5-18-2056 |
|
235,000 |
224,338 |
| Harbour Energy Finance 2 PLC144A |
|
5.93 |
8-19-2033 |
|
330,000 |
328,822 |
| Harbour Energy Finance 2 PLC144A |
|
6.33 |
4-1-2035 |
|
915,000 |
923,528 |
| Santos Finance Ltd.144A |
|
5.75 |
11-13-2035 |
|
595,000 |
586,997 |
| |
|
|
|
|
|
4,350,242 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Pipelines: 0.08% |
|
|
|
|
|
|
| Enbridge, Inc. (5 Year Treasury Constant Maturity+4.42%)± |
|
7.63 % |
1-15-2083 |
$ |
60,000 |
$64,405 |
| Enbridge, Inc. Series 20-A (5 Year Treasury Constant Maturity+5.31%)± |
|
5.75 |
7-15-2080 |
|
295,000 |
294,100 |
| |
|
|
|
|
|
358,505 |
| Financial: 5.33% |
|
|
|
|
|
|
| Banks: 4.33% |
|
|
|
|
|
|
| Banco Mercantil del Norte SA (5 Year Treasury Constant Maturity+4.64%)144Aʊ± |
|
5.88 |
1-24-2027 |
|
420,000 |
418,379 |
| Banco Santander SA |
|
5.44 |
7-15-2031 |
|
430,000 |
435,259 |
| Bank of Ireland Group PLC (U.S. SOFR+1.16%)144A± |
|
5.00 |
11-12-2032 |
|
505,000 |
496,834 |
| Bank of Montreal Series J (U.S. SOFR+0.96%)± |
|
4.88 |
6-2-2032 |
|
205,000 |
202,161 |
| Bank of Montreal Series J (U.S. SOFR+1.21%)± |
|
5.30 |
6-2-2037 |
|
620,000 |
605,870 |
| Banque Federative du Credit Mutuel SA144A |
|
5.19 |
2-16-2028 |
|
650,000 |
653,737 |
| Banque Federative du Credit Mutuel SA (U.S. SOFR+1.20%)144A± |
|
5.15 |
7-9-2032 |
|
640,000 |
629,440 |
| Barclays PLC (U.S. SOFR+1.51%)± |
|
5.21 |
2-24-2037 |
|
310,000 |
293,895 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico144A |
|
5.40 |
6-3-2031 |
|
410,000 |
407,089 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+2.85%)144Aʊ± |
|
6.88 |
12-15-2033 |
|
815,000 |
798,260 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+4.90%)144Aʊ± |
|
7.75 |
8-16-2029 |
|
385,000 |
401,732 |
| Canadian Imperial Bank of Commerce (U.S. SOFR+0.79%)± |
|
4.28 |
1-29-2030 |
|
1,000,000 |
984,580 |
| Commonwealth Bank of Australia (1 Year Treasury Constant Maturity+1.32%)144A± |
|
5.93 |
3-14-2046 |
|
1,080,000 |
1,048,280 |
| Credit Agricole SA (U.S. SOFR+1.36%)144A± |
|
4.82 |
9-25-2033 |
|
525,000 |
503,995 |
| Credit Agricole SA (U.S. SOFR+1.46%)144A± |
|
5.22 |
5-27-2031 |
|
975,000 |
972,309 |
| Danske Bank AS (1 Year Treasury Constant Maturity+1.40%)144A± |
|
5.71 |
3-1-2030 |
|
690,000 |
700,812 |
| Danske Bank AS (1 Year Treasury Constant Maturity+1.75%)144A± |
|
4.30 |
4-1-2028 |
|
635,000 |
633,685 |
| Deutsche Bank AG (U.S. SOFR+1.10%)± |
|
4.47 |
12-10-2031 |
|
1,035,000 |
1,007,355 |
| DNB Bank ASA (U.S. SOFR+1.13%)144A± |
|
4.83 |
3-30-2032 |
|
1,270,000 |
1,249,362 |
| HSBC Holdings PLC (U.S. SOFR+1.57%)± |
|
5.24 |
5-13-2031 |
|
840,000 |
840,941 |
| Lloyds Banking Group PLC (1 Year Treasury Constant Maturity+0.80%)± |
|
5.20 |
8-17-2032 |
|
820,000 |
817,122 |
| Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+0.82%)± |
|
5.19 |
7-23-2032 |
|
360,000 |
358,031 |
| National Australia Bank Ltd. (1 Year Treasury Constant Maturity+1.18%)144A± |
|
5.63 |
6-4-2037 |
|
745,000 |
727,269 |
| National Australia Bank Ltd. (5 Year Treasury Constant Maturity+1.70%)144A± |
|
3.35 |
1-12-2037 |
|
520,000 |
464,194 |
| NatWest Markets PLC144A |
|
4.65 |
3-27-2029 |
|
840,000 |
834,641 |
| Sumitomo Mitsui Financial Group, Inc. (U.S. SOFR+1.29%)± |
|
5.30 |
7-7-2037 |
|
290,000 |
281,341 |
| UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ± |
|
4.88 |
2-12-2027 |
|
81,000 |
80,705 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Banks(continued) |
|
|
|
|
|
|
| UBS Group AG (U.S. SOFR+1.73%)144A± |
|
3.09 % |
5-14-2032 |
$ |
790,000 |
$716,941 |
| UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 Year+3.63%)144Aʊ± |
|
6.85 |
9-10-2029 |
|
705,000 |
718,064 |
| |
|
|
|
|
|
18,282,283 |
| Diversified financial services: 0.58% |
|
|
|
|
|
|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 Year Treasury Constant Maturity+2.72%)± |
|
6.95 |
3-10-2055 |
|
505,000 |
517,504 |
| Avolon Holdings Funding Ltd.144A |
|
2.75 |
2-21-2028 |
|
210,000 |
203,551 |
| Avolon Holdings Funding Ltd.144A |
|
4.95 |
1-15-2028 |
|
380,000 |
380,414 |
| Avolon Holdings Funding Ltd.144A |
|
5.75 |
3-1-2029 |
|
225,000 |
227,988 |
| Brookfield Asset Management Ltd. |
|
5.30 |
1-15-2036 |
|
180,000 |
172,465 |
| Brookfield Asset Management Ltd. |
|
6.08 |
9-15-2055 |
|
390,000 |
378,936 |
| Brookfield Finance, Inc. |
|
5.33 |
1-15-2036 |
|
585,000 |
564,648 |
| |
|
|
|
|
|
2,445,506 |
| Insurance: 0.30% |
|
|
|
|
|
|
| Allianz SE (5 Year Treasury Constant Maturity+3.23%)144A± |
|
6.35 |
9-6-2053 |
|
780,000 |
800,257 |
| Sompo Holdings, Inc. (1 Year Treasury Constant Maturity+2.13%)144A± |
|
5.41 |
4-22-2037 |
|
495,000 |
472,779 |
| |
|
|
|
|
|
1,273,036 |
| Savings & loans: 0.12% |
|
|
|
|
|
|
| Nationwide Building Society (U.S. SOFR+1.42%)144A± |
|
5.52 |
7-14-2037 |
|
545,000 |
531,293 |
| Government securities: 0.33% |
|
|
|
|
|
|
| Multi-national: 0.33% |
|
|
|
|
|
|
| African Export-Import Bank144A |
|
3.80 |
5-17-2031 |
|
710,000 |
644,091 |
| Banque Ouest Africaine de Developpement144A |
|
4.70 |
10-22-2031 |
|
305,000 |
279,380 |
| Banque Ouest Africaine de Developpement144A |
|
5.00 |
7-27-2027 |
|
480,000 |
478,032 |
| |
|
|
|
|
|
1,401,503 |
| Industrial: 0.33% |
|
|
|
|
|
|
| Electronics: 0.10% |
|
|
|
|
|
|
| Flex Ltd. |
|
5.38 |
11-13-2035 |
|
435,000 |
411,519 |
| Engineering & construction: 0.23% |
|
|
|
|
|
|
| CIMIC Finance Ltd.144A |
|
6.00 |
4-22-2036 |
|
295,000 |
288,141 |
| CIMIC Finance USA Pty. Ltd.144A |
|
7.00 |
3-25-2034 |
|
255,000 |
267,429 |
| WSP Global, Inc.144A |
|
5.71 |
9-18-2036 |
|
430,000 |
414,571 |
| |
|
|
|
|
|
970,141 |
| Utilities: 0.21% |
|
|
|
|
|
|
| Electric: 0.21% |
|
|
|
|
|
|
| Comision Federal de Electricidad144A |
|
3.35 |
2-9-2031 |
|
820,000 |
741,034 |
| Empresa Distribuidora Y Comercializadora Norte144A |
|
9.50 |
4-28-2033 |
|
130,000 |
128,082 |
| |
|
|
|
|
|
869,116 |
| Total yankee corporate bonds and notes (Cost $35,701,523) |
|
|
|
|
|
35,230,387 |
| |
|
Interest rate |
Maturity date |
Principal |
Value | |
| Yankee government bonds: 1.58% |
|
|
|
|
|
|
| Argentina: 0.24% |
|
|
|
|
|
|
| Argentinaøø |
|
0.75 % |
7-9-2030 |
$ |
217,600 |
$188,278 |
| City of Buenos Aires144A |
|
7.80 |
11-26-2033 |
|
370,000 |
382,632 |
| Province of Santa Fe144A |
|
8.10 |
12-11-2034 |
|
435,000 |
431,777 |
| |
|
|
|
|
|
1,002,687 |
| Bermuda: 0.05% |
|
|
|
|
|
|
| Bermuda144A |
|
3.38 |
8-20-2050 |
|
285,000 |
188,165 |
| Israel: 0.42% |
|
|
|
|
|
|
| Israel |
|
4.50 |
1-13-2031 |
|
810,000 |
788,721 |
| Israel |
|
5.75 |
3-12-2054 |
|
635,000 |
581,203 |
| Israel |
|
5.88 |
1-13-2056 |
|
450,000 |
420,692 |
| |
|
|
|
|
|
1,790,616 |
| Ivory Coast: 0.10% |
|
|
|
|
|
|
| Ivory Coast144A |
|
8.25 |
1-30-2037 |
|
400,000 |
435,268 |
| Mexico: 0.54% |
|
|
|
|
|
|
| Mexico |
|
4.75 |
3-8-2044 |
|
145,000 |
113,101 |
| Mexico |
|
5.63 |
9-22-2035 |
|
480,000 |
459,883 |
| Mexico |
|
6.00 |
5-7-2036 |
|
255,000 |
249,436 |
| Mexico |
|
6.13 |
2-9-2038 |
|
380,000 |
366,065 |
| Mexico |
|
6.25 |
8-27-2037 |
|
300,000 |
294,615 |
| Mexico |
|
6.35 |
2-9-2035 |
|
470,000 |
474,705 |
| Mexico |
|
3.77 |
5-24-2061 |
|
565,000 |
323,915 |
| |
|
|
|
|
|
2,281,720 |
| Panama: 0.09% |
|
|
|
|
|
|
| Panama |
|
2.25 |
9-29-2032 |
|
480,000 |
398,141 |
| Peru: 0.04% |
|
|
|
|
|
|
| Fondo MIVIVIENDA SA144A |
|
5.40 |
3-31-2031 |
|
150,000 |
150,445 |
| Trinidad and Tobago: 0.10% |
|
|
|
|
|
|
| Trinidad & Tobago144A |
|
6.50 |
1-28-2036 |
|
410,000 |
416,019 |
| Total yankee government bonds (Cost $6,684,911) |
|
|
|
|
|
6,663,061 |
| |
|
Yield |
|
Shares |
| |
| Short-term investments: 5.13% |
|
|
|
|
|
|
| Investment companies: 3.01% |
|
|
|
|
|
|
| Allspring Government Money Market Fund Select Class♠∞## |
|
3.60 |
|
|
12,714,893 |
12,714,893 |
| |
|
Yield |
Maturity date |
Principal |
Value | |
| U.S. Treasury securities: 2.12% |
|
|
|
|
|
|
| U.S. Treasury Bills☼ |
|
3.59 % |
10-13-2026 |
$ |
9,000,000 |
$8,961,184 |
| Total short-term investments (Cost $21,676,414) |
|
|
|
|
|
21,676,077 |
| Total investments in securities (Cost $440,409,564) |
102.91 % |
|
|
|
|
434,767,831 |
| Other assets and liabilities, net |
(2.91 ) |
|
|
|
|
(12,279,717 ) |
| Total net assets |
100.00 % |
|
|
|
|
$422,488,114 |
| %% |
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. |
| ± |
Variable rate investment. The rate shown is the rate in effect at period end. |
| ±± |
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. |
| ʊ |
Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ## |
All or a portion of this security is segregated as collateral for when-issued securities. |
| 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. |
| ♠ |
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. |
| ☼ |
Zero coupon security. The rate represents the current yield to maturity. |
| Abbreviations: |
|
| AUD |
Australian dollar |
| BDC |
Business Development Company |
| BRL |
Brazilian real |
| CLP |
Chilean peso |
| COP |
Colombian peso |
| EUR |
Euro |
| EURIBOR |
Euro Interbank Offered Rate |
| FHLMC |
Federal Home Loan Mortgage Corporation |
| FNMA |
Federal National Mortgage Association |
| GBP |
Great British pound |
| GNMA |
Government National Mortgage Association |
| KRW |
Republic of Korea won |
| MXN |
Mexican peso |
| NOK |
Norwegian krone |
| REIT |
Real estate investment trust |
| SEK |
Swedish krona |
| SOFR |
Secured Overnight Financing Rate |
| ZAR |
South African rand |
| |
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 |
$11,580,005 |
$304,763,897 |
$(303,629,009 ) |
$0 |
$0 |
$12,714,893 |
12,714,893 |
$398,203 |
| Currency to be received |
Currency to be delivered |
Counterparty |
Settlement date |
Unrealized gains |
Unrealized losses | ||
| USD |
2,277,779 |
COP |
7,994,000,000 |
Morgan Stanley, Inc. |
9-2-2026 |
$0 |
$(201,558 ) |
| COP |
7,994,000,000 |
USD |
2,599,421 |
Morgan Stanley, Inc. |
9-2-2026 |
0 |
(120,085 ) |
| USD |
2,240,238 |
BRL |
11,440,000 |
State Street Bank & Trust Co. |
9-4-2026 |
33,177 |
0 |
| BRL |
11,440,000 |
USD |
2,194,135 |
State Street Bank & Trust Co. |
9-4-2026 |
12,926 |
0 |
| USD |
3,788,809 |
GBP |
2,811,000 |
Bank of New York Mellon Corp. |
9-16-2026 |
0 |
(20,127 ) |
| USD |
538,479 |
ZAR |
8,780,000 |
Bank of New York Mellon Corp. |
9-18-2026 |
0 |
(6,081 ) |
| ZAR |
8,780,000 |
USD |
537,714 |
Bank of New York Mellon Corp. |
9-18-2026 |
6,847 |
0 |
| USD |
1,025,137 |
MXN |
18,030,000 |
Bank of New York Mellon Corp. |
9-30-2026 |
0 |
(33,372 ) |
| USD |
14,389,847 |
EUR |
12,450,000 |
Bank of New York Mellon Corp. |
10-5-2026 |
0 |
(90,006 ) |
| USD |
420,762 |
CLP |
390,000,000 |
State Street Bank & Trust Co. |
10-8-2026 |
2,802 |
0 |
| CLP |
390,000,000 |
USD |
424,582 |
State Street Bank & Trust Co. |
10-8-2026 |
0 |
(6,622 ) |
| USD |
2,508,154 |
AUD |
3,590,000 |
Bank of New York Mellon Corp. |
10-20-2026 |
0 |
(62,493 ) |
| USD |
1,078,043 |
SEK |
10,310,000 |
Bank of New York Mellon Corp. |
10-20-2026 |
0 |
(1,319 ) |
| USD |
2,168,104 |
BRL |
11,440,000 |
State Street Bank & Trust Co. |
11-3-2026 |
0 |
(11,878 ) |
| USD |
2,552,118 |
COP |
7,994,000,000 |
Morgan Stanley, Inc. |
11-23-2026 |
114,055 |
0 |
| USD |
529,167 |
NOK |
4,950,000 |
State Street Bank & Trust Co. |
11-23-2026 |
4 |
0 |
| |
|
|
|
|
|
$169,811 |
$(553,541 ) |
| Description |
Number of contracts |
Expiration date |
Notional cost |
Notional value |
Unrealized gains |
Unrealized losses |
| Long |
|
|
|
|
|
|
| 10-Year U.S. Treasury Notes |
173 |
12-21-2026 |
$18,768,548 |
$18,624,531 |
$0 |
$(144,017 ) |
| Ultra U.S. Treasury Bond |
72 |
12-21-2026 |
8,013,685 |
7,922,250 |
0 |
(91,435 ) |
| 2-Year U.S. Treasury Notes |
232 |
12-31-2026 |
47,739,808 |
47,614,375 |
0 |
(125,433 ) |
| 5-Year U.S. Treasury Notes |
113 |
12-31-2026 |
12,012,430 |
11,944,453 |
0 |
(67,977 ) |
| Short |
|
|
|
|
|
|
| 10-Year Euro BUND Index |
(10 ) |
9-8-2026 |
(1,465,511 ) |
(1,431,726 ) |
33,785 |
0 |
| 2-Year Euro SCHATZ |
(4 ) |
9-8-2026 |
(491,646 ) |
(489,221 ) |
2,425 |
0 |
| 5-Year Euro-BOBL Futures |
(9 ) |
9-8-2026 |
(1,198,635 ) |
(1,184,432 ) |
14,203 |
0 |
| Ultra 10-Year U.S. Treasury Notes |
(120 ) |
12-21-2026 |
(13,255,994 ) |
(13,130,625 ) |
125,369 |
0 |
| |
|
|
|
|
$175,782 |
$(428,862 ) |
| Assets |
|
| Investments in unaffiliated securities, at value (cost $427,694,671) |
$422,052,938 |
| Investments in affiliated securities, at value (cost $12,714,893) |
12,714,893 |
| Cash |
137 |
| Cash at broker segregated for futures contracts |
1,240,000 |
| Segregated cash for forward foreign currency contracts |
670,000 |
| Segregated cash for when-issued securities |
20,000 |
| Receivable for interest |
3,543,763 |
| Receivable for investments sold |
2,201,981 |
| Unrealized gains on forward foreign currency contracts |
169,811 |
| Receivable for daily variation margin on open futures contracts |
45,961 |
| Total assets |
442,659,484 |
| Liabilities |
|
| Payable for investments purchased |
19,408,551 |
| Unrealized losses on forward foreign currency contracts |
553,541 |
| Management fee payable |
107,630 |
| Payable for daily variation margin on open futures contracts |
100,039 |
| Contingent tax liability |
1,589 |
| Accrued expenses and other liabilities |
20 |
| Total liabilities |
20,171,370 |
| Total net assets |
$422,488,114 |
| Net assets consist of |
|
| Paid-in capital |
$433,735,831 |
| Total distributable loss |
(11,247,717 ) |
| Total net assets |
$422,488,114 |
| Net asset value per share |
|
| Based on $422,488,114 divided by 17,500,000 shares issued and outstanding (unlimited number of shares authorized) |
$24.14 |
| Investment income |
|
| Interest (net of foreign withholding taxes of $4,165) |
$18,244,972 |
| Income from affiliated securities |
398,203 |
| Dividends |
294,490 |
| Total investment income |
18,937,665 |
| Expenses |
|
| Management fee |
1,090,087 |
| Interest expense |
338 |
| Total expenses |
1,090,425 |
| Net investment income |
17,847,240 |
| Realized and unrealized gains (losses) on investments |
|
| Net realized gains (losses) on |
|
| Unaffiliated securities (net of foreign capital gains tax of $1,880) |
(1,860,360 ) |
| Unaffiliated in-kind redemptions |
1,051,403 |
| Foreign currency and foreign currency translations |
(81,781 ) |
| Forward foreign currency contracts |
(607,143 ) |
| Futures contracts |
(1,323,583 ) |
| Swap contracts |
59,931 |
| Net realized losses on investments |
(2,761,533 ) |
| Net change in unrealized gains (losses) on |
|
| Unaffiliated securities (net of deferred foreign capital gains tax of $325) |
(9,513,635 ) |
| Foreign currency and foreign currency translations |
5,862 |
| Forward foreign currency contracts |
(165,118 ) |
| Futures contracts |
(317,593 ) |
| Swap contracts |
(14,111 ) |
| Net change in unrealized gains (losses) on investments |
(10,004,595 ) |
| Net realized and unrealized gains (losses) on investments |
(12,766,128 ) |
| Net increase in net assets resulting from operations |
$5,081,112 |
| |
Year ended August 31, 2026 |
Year ended August 31, 20251 | ||
| Operations |
|
|
|
|
| Net investment income |
|
$17,847,240 |
|
$7,201,238 |
| Net realized gains (losses) on investments |
|
(2,761,533 ) |
|
786,242 |
| Net change in unrealized gains (losses) on investments |
|
(10,004,595 ) |
|
3,736,849 |
| Net increase in net assets resulting from operations |
|
5,081,112 |
|
11,724,329 |
| Distributions to shareholders from |
|
|
|
|
| Net investment income and net realized gains |
|
(19,566,139 ) |
|
(6,458,212 ) |
| Capital share transactions |
Shares |
|
Shares |
|
| Proceeds from shares sold |
9,600,000 |
239,080,504 |
12,304,000 |
301,329,141 |
| Payment for shares redeemed |
(2,100,000 ) |
(51,638,077 ) |
(2,304,000 ) |
(57,064,544 ) |
| Net increase in net assets resulting from capital share transactions |
|
187,442,427 |
|
244,264,597 |
| Total increase in net assets |
|
172,957,400 |
|
249,530,714 |
| Net assets |
|
|
|
|
| Beginning of period |
|
249,530,714 |
|
0 |
| End of period |
|
$422,488,114 |
|
$249,530,714 |
| |
Year ended August 31 | |
| |
2026 |
20251 |
| Net asset value, beginning of period |
$24.95 |
$25.00 |
| Net investment income |
1.21 2 |
0.93 2 |
| Net realized and unrealized gains (losses) on investments |
(0.70 ) |
(0.17 ) |
| Total from investment operations |
0.51 |
0.76 |
| Distributions to shareholders from |
|
|
| Net investment income |
(1.17 ) |
(0.81 ) |
| Net realized gains |
(0.15 ) |
0.00 |
| Total distributions to shareholders |
(1.32 ) |
(0.81 ) |
| Net asset value, end of period |
$24.14 |
$24.95 |
| Total return3 |
2.05 % |
3.13 % |
| Ratios to average net assets (annualized) |
|
|
| Expenses |
0.30 % |
0.30 % |
| Net investment income |
4.91 % |
5.08 % |
| Supplemental data |
|
|
| Portfolio turnover rate4 |
202 % |
229 % |
| Net assets, end of period (000s omitted) |
$422,488 |
$249,531 |
| 1 |
For the period from December 4, 2024 (commencement of operations) to August 31, 2025 |
| 2 |
Calculated based upon average shares outstanding |
| 3 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
| 4 |
Portfolio turnover rate excludes in-kind transactions, if any. |
| Gross unrealized gains |
$1,534,185 |
| Gross unrealized losses |
(8,398,799 ) |
| Net unrealized losses |
$(6,864,614 ) |
| Paid-in capital |
Total distributable loss |
| $1,051,404 |
$(1,051,404 ) |
| |
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
| Assets |
|
|
|
|
| Investments in: |
|
|
|
|
| Agency securities |
$0 |
$126,672,344 |
$0 |
$126,672,344 |
| Asset-backed securities |
0 |
35,297,797 |
0 |
35,297,797 |
| Corporate bonds and notes |
0 |
94,078,901 |
0 |
94,078,901 |
| Foreign corporate bonds and notes |
0 |
8,026,686 |
0 |
8,026,686 |
| Foreign government bonds |
0 |
22,540,416 |
0 |
22,540,416 |
| Investment companies |
12,919,460 |
0 |
0 |
12,919,460 |
| Loans |
0 |
14,755 |
0 |
14,755 |
| Non-agency mortgage-backed securities |
0 |
24,743,884 |
0 |
24,743,884 |
| U.S. Treasury securities |
46,904,063 |
0 |
0 |
46,904,063 |
| Yankee corporate bonds and notes |
0 |
35,230,387 |
0 |
35,230,387 |
| Yankee government bonds |
0 |
6,663,061 |
0 |
6,663,061 |
| Short-term investments |
|
|
|
|
| Investment companies |
12,714,893 |
0 |
0 |
12,714,893 |
| U.S. Treasury securities |
8,961,184 |
0 |
0 |
8,961,184 |
| |
81,499,600 |
353,268,231 |
0 |
434,767,831 |
| Forward foreign currency contracts |
0 |
169,811 |
0 |
169,811 |
| Futures contracts |
175,782 |
0 |
0 |
175,782 |
| Total assets |
$81,675,382 |
$353,438,042 |
$0 |
$435,113,424 |
| Liabilities | ||||
| Forward foreign currency contracts |
$0 |
$553,541 |
$0 |
$553,541 |
| Futures contracts |
428,862 |
0 |
0 |
428,862 |
| Total liabilities |
$428,862 |
$553,541 |
$0 |
$982,403 |
| Purchases at cost |
Sales Proceeds | ||||
| U.S. government |
Non-U.S. government |
IN-KIND |
U.S. government |
Non-U.S. government |
IN-KIND |
| $582,333,416 |
$229,269,879 |
$121,595,495 |
$559,349,110 |
$156,810,132 |
$39,066,609 |
| Forward foreign currency contracts |
|
| Average contract amounts to buy |
$3,340,960 |
| Average contract amounts to sell |
29,825,527 |
| Futures contracts |
|
| Average notional balance on long futures |
$88,957,467 |
| Average notional balance on short futures |
9,958,934 |
| Swap contracts |
|
| Average notional balance |
$1,310,954 |
| |
Interest rate risk |
Foreign Currency risk |
Total |
| Asset derivatives | |||
| Forward foreign currency contracts |
$0 |
$169,811 |
$169,811 |
| Futures contracts |
175,782 * |
0 |
175,782 |
| |
$175,782 |
$169,811 |
$345,593 |
| Liability derivatives | |||
| Forward foreign currency contracts |
$0 |
$553,541 |
$553,541 |
| Futures contracts |
428,862 * |
0 |
428,862 |
| |
$428,862 |
$553,541 |
$982,403 |
| * |
Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day’s variation margin as of August 31, 2026 is reported separately on the Statement of assets and liabilities. |
| |
Interest rate risk |
Credit risk |
Foreign currency risk |
TOTAL |
| Net realized gains (losses) on derivatives | ||||
| Forward foreign currency contracts |
$0 |
$0 |
$(607,143 ) |
$(607,143 ) |
| Futures contracts |
(1,323,583 ) |
0 |
0 |
(1,323,583 ) |
| Swap contracts |
0 |
59,931 |
0 |
59,931 |
| |
$(1,323,583 ) |
$59,931 |
$(607,143 ) |
$(1,870,795 ) |
| Net change in unrealized gains (losses) on derivatives | ||||
| Forward foreign currency contracts |
$0 |
$0 |
$(165,118 ) |
$(165,118 ) |
| Futures contracts |
(317,593 ) |
0 |
0 |
(317,593 ) |
| Swap contracts |
0 |
(14,111 ) |
0 |
(14,111 ) |
| |
$(317,593 ) |
$(14,111 ) |
$(165,118 ) |
$(496,822 ) |
| Counterparty |
Gross amounts of assets in the Statement of Assets and Liabilities |
Amounts subject to netting agreements |
Collateral received |
Net amount of assets |
| Bank of New York Mellon Corp. |
$6,847 |
$(6,847 ) |
$0 |
$0 |
| Morgan Stanley, Inc. |
114,055 |
(114,055 ) |
0 |
0 |
| State Street Bank & Trust Co. |
48,909 |
(18,500 ) |
0 |
30,409 |
| Counterparty |
Gross amounts of liabilities in the Statement of Assets and Liabilities |
Amounts subject to netting agreements |
Collateral pledged1 |
Net amount of liabilities |
| Bank of New York Mellon Corp. |
$213,398 |
$(6,847 ) |
$(206,551 ) |
$0 |
| Morgan Stanley, Inc. |
321,643 |
(114,055 ) |
(207,588 ) |
0 |
| State Street Bank & Trust Co. |
18,500 |
(18,500 ) |
0 |
0 |
| 1 |
Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty. |
| |
Year ended August 31 | |
| |
2026 |
2025 |
| Ordinary income |
$19,348,594 |
$6,458,212 |
| Long-term capital gain |
217,545 |
0 |
| Total |
$19,566,139 |
$6,458,212 |
| |
|
Post-October capital losses deferred | ||
| Undistributed ordinary income |
Unrealized losses |
Short-term |
Long-term |
Total |
| $705,656 |
$(6,852,228 ) |
$(3,636,369 ) |
$(1,464,776 ) |
$(11,247,717 ) |
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
The registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 16. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Exchange-Traded Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
ITEM 19. EXHIBITS
(a)(1) Code of Ethics.
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Allspring Exchange-Traded Funds Trust | ||
| By: | /s/ John Kenney | |
| John Kenney | ||
| President (Principal Executive Officer) | ||
| Date: October 23, 2026 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
| Allspring Exchange-Traded Funds Trust | ||
| By: | /s/ John Kenney | |
| John Kenney | ||
| President (Principal Executive Officer) | ||
| Date: October 23, 2026 | ||
| By: | /s/ Jeremy DePalma | |
| Jeremy DePalma | ||
| Treasurer (Principal Financial Officer) | ||
| Date: October 23, 2026 | ||