ActivePassive Core Bond ETF | ||||||||
Schedule of Investments | ||||||||
May 31, 2023 (Unaudited) | ||||||||
Principal | ||||||||
Amount | Value | |||||||
ASSET BACKED SECURITIES - 1.39% | ||||||||
Aqua Finance Trust | ||||||||
2021-A, 1.540%, 07/17/2046 (b) | $ | 56,905 | $ | 50,706 | ||||
Avis Budget Rental Car Funding AESOP LLC | ||||||||
2023-2, 6.030%, 10/20/2027 (b) | 100,000 | 99,506 | ||||||
2021-2, 1.660%, 02/20/2028 (b) | 100,000 | 88,215 | ||||||
CCG Receivables Trust | ||||||||
2023-1, 5.820%, 09/16/2030 (b) | 100,000 | 100,744 | ||||||
Ellington Financial Mortgage Trust | ||||||||
2022-1, 2.206%, 01/25/2067 (b)(d) | 87,328 | 73,900 | ||||||
MVW LLC | ||||||||
2023-1, 5.420%, 10/22/2040 (b) | 98,277 | 97,496 | ||||||
PFS Financing Corp. | ||||||||
2021-B, 0.770%, 08/17/2026 (b) | 100,000 | 94,101 | ||||||
Sierra Timeshare Receivables Funding LLC | ||||||||
2021-2 A, 1.350%, 09/20/2038 (b) | 74,988 | 69,402 | ||||||
2021-2 B, 1.800%, 09/20/2038 (b) | 37,494 | 34,461 | ||||||
Sofi Professional Loan Program LLC | ||||||||
2019-B, 3.090%, 08/17/2048 (b) | 35,185 | 33,358 | ||||||
SOFI Professional Loan Program Trust | ||||||||
2021-A, 1.030%, 08/17/2043 (b) | 183,627 | 156,095 | ||||||
Towd Point Mortgage Trust | ||||||||
2017-5, 5.738% (1 Month LIBOR USD + 0.600%), 02/26/2057 (b)(c) | 55,797 | 55,664 | ||||||
2022-4, 3.750%, 09/25/2062 (b) | 122,062 | 114,059 | ||||||
United Airlines Class B Pass Through Trust | ||||||||
2020-1, 4.875%, 07/15/2027 | 61,650 | 58,895 | ||||||
Vantage Data Centers Issuer LLC | ||||||||
2021-1, 2.165%, 10/15/2046 (b) | 100,000 | 88,809 | ||||||
Verus Securitization Trust | ||||||||
2021-3, 1.046%, 06/25/2066 (b)(d) | 107,454 | 90,011 | ||||||
TOTAL ASSET BACKED SECURITIES (Cost $1,318,034) | 1,305,422 | |||||||
CORPORATE BONDS - 21.01% | ||||||||
Automobiles & Components - 0.72% | ||||||||
American Honda Finance Corp. | ||||||||
4.600%, 04/17/2030 | 55,000 | 54,208 | ||||||
General Motors Co. | ||||||||
6.800%, 10/01/2027 | 50,000 | 52,474 | ||||||
General Motors Financial Co, Inc. | ||||||||
4.000%, 01/15/2025 | 370,000 | 360,920 | ||||||
4.300%, 07/13/2025 | 5,000 | 4,873 | ||||||
6.050%, 10/10/2025 | 81,000 | 81,558 | ||||||
2.700%, 08/20/2027 | 60,000 | 53,514 | ||||||
5.850%, 04/06/2030 | 45,000 | 44,586 | ||||||
Goodyear Tire & Rubber Co. | ||||||||
5.250%, 04/30/2031 | 25,000 | 21,993 | ||||||
674,126 | ||||||||
Banks - 2.48% | ||||||||
Bank of America Corp. | ||||||||
2.456% to 10/22/2024, then TSFR3M + 1.132%, 10/22/2025 (a) | 5,000 | 4,772 | ||||||
4.450%, 03/03/2026 | 55,000 | 53,811 | ||||||
1.734% to 07/22/2026, then SOFR + 0.960%, 07/22/2027 | 92,000 | 82,085 | ||||||
3.824% to 01/20/2027, then TSFR3M + 1.837%, 01/20/2028 (a) | 195,000 | 184,750 | ||||||
3.705% to 04/24/2027, then TSFR3M + 1.512%, 04/24/2028 (a) | 40,000 | 37,634 | ||||||
5.202% to 04/25/2028, then SOFR + 1.630%, 04/25/2029 (a) | 264,000 | 263,268 | ||||||
1.922% to 10/24/2030, then SOFR + 1.370%, 10/24/2031 | 80,000 | 63,247 | ||||||
2.299% to 07/21/2031, then SOFR + 1.220%, 07/21/2032 (a) | 51,000 | 40,681 | ||||||
4.571% to 04/27/2032, then SOFR + 1.830%, 04/27/2033 (a) | 40,000 | 37,609 | ||||||
5.288% to 04/25/2033, then SOFR + 1.910%, 04/25/2034 (a) | 19,000 | 18,891 | ||||||
2.482% to 09/21/2031, then 5 Year CMT Rate + 1.200%, 09/21/2036 (a) | 115,000 | 87,372 | ||||||
4.300% to 01/28/2025, then TSFR3M + 2.926% (a)(f) | 40,000 | 35,111 | ||||||
Citigroup, Inc. | ||||||||
3.352% to 04/24/2024, then TSFR3M + 1.158%, 04/24/2025 (a) | 70,000 | 68,435 | ||||||
4.600%, 03/09/2026 | 105,000 | 102,499 | ||||||
1.122% to 01/28/2026, then SOFR + 0.765%, 01/28/2027 (a) | 110,000 | 98,390 | ||||||
3.887% to 01/10/2027, then TSFR3M + 1.825%, 01/10/2028 (a) | 37,000 | 35,242 | ||||||
4.075% to 04/23/2028, then TSFR3M + 1.454%, 04/23/2029 (a) | 80,000 | 75,662 | ||||||
2.572% to 06/03/2030, then SOFR + 2.107%, 06/03/2031 (a) | 110,000 | 92,182 | ||||||
6.174% to 05/25/2033, then SOFR + 2.661%, 05/25/2034 (a) | 75,000 | 76,106 | ||||||
First-Citizens Bank & Trust Co. | ||||||||
6.125%, 03/09/2028 | 65,000 | 64,602 | ||||||
JPMorgan Chase & Co. | ||||||||
3.220% to 03/01/2024, then TSFR3M + 1.417%, 03/01/2025 (a) | 170,000 | 166,784 | ||||||
1.045% to 11/19/2025, then SOFR + 0.800%, 11/19/2026 (a) | 60,000 | 54,063 | ||||||
3.540% to 05/01/2027, then TSFR3M + 1.642%, 05/01/2028 (a) | 60,000 | 56,685 | ||||||
5.717% to 09/14/2032, then SOFR + 2.580%, 09/14/2033 (a) | 60,000 | 60,766 | ||||||
4.000% to 04/01/2025, then TSFR3M + 2.745% (a)(f) | 47,000 | 42,539 | ||||||
Truist Financial Corp. | ||||||||
4.260% to 07/28/2025, then SOFR + 1.456%, 07/28/2026 (a) | 80,000 | 76,949 | ||||||
Wells Fargo & Co. | ||||||||
2.164% to 02/11/2025, then TSFR3M + 1.012%, 02/11/2026 (a) | 80,000 | 75,582 | ||||||
3.908% to 04/24/2025, then SOFR + 1.320%, 04/25/2026 (a) | 7,000 | 6,816 | ||||||
2.188% to 04/30/2025, then SOFR + 2.000%, 04/30/2026 (a) | 110,000 | 103,546 | ||||||
2.393% to 06/02/2027, then SOFR + 2.100%, 06/02/2028 (a) | 70,000 | 62,634 | ||||||
5.389% to 04/24/2033, then SOFR + 2.020%, 04/24/2034 (a) | 108,000 | 108,206 | ||||||
2,336,919 | ||||||||
Capital Goods - 0.57% | ||||||||
Air Lease Corp. | ||||||||
3.250%, 10/01/2029 | 60,000 | 51,346 | ||||||
Boeing Co. | ||||||||
2.196%, 02/04/2026 | 80,000 | 74,469 | ||||||
5.040%, 05/01/2027 | 75,000 | 74,495 | ||||||
5.150%, 05/01/2030 | 50,000 | 49,613 | ||||||
5.705%, 05/01/2040 | 15,000 | 14,791 | ||||||
5.805%, 05/01/2050 | 25,000 | 24,503 | ||||||
CNH Industrial Capital LLC | ||||||||
1.450%, 07/15/2026 | 55,000 | 48,860 | ||||||
4.550%, 04/10/2028 | 192,000 | 186,976 | ||||||
Regal Rexnord Corp. | ||||||||
6.050%, 04/15/2028 (b) | 15,000 | 14,837 | ||||||
539,890 | ||||||||
Commercial & Professional Services - 0.43% | ||||||||
ASGN, Inc. | ||||||||
4.625%, 05/15/2028 (b) | 25,000 | 22,560 | ||||||
Equifax, Inc. | ||||||||
5.100%, 12/15/2027 | 40,000 | 39,957 | ||||||
Republic Services, Inc. | ||||||||
5.000%, 04/01/2034 | 212,000 | 212,438 | ||||||
5.700%, 05/15/2041 | 129,000 | 134,169 | ||||||
409,124 | ||||||||
Consumer Discretionary Distribution & Retail - 0.22% | ||||||||
Arko Corp. | ||||||||
5.125%, 11/15/2029 (b) | 60,000 | 47,310 | ||||||
Lowe's Cos, Inc. | ||||||||
5.750%, 07/01/2053 | 119,000 | 118,041 | ||||||
Macy's Retail Holdings LLC | ||||||||
5.875%, 03/15/2030 (b) | 45,000 | 39,060 | ||||||
204,411 | ||||||||
Consumer Durables & Apparel - 0.14% | ||||||||
Whirlpool Corp. | ||||||||
5.500%, 03/01/2033 | 132,000 | 132,162 | ||||||
Consumer Services - 0.27% | ||||||||
Churchill Downs, Inc. | ||||||||
6.750%, 05/01/2031 (b) | 25,000 | 24,688 | ||||||
Marriott International, Inc. | ||||||||
5.000%, 10/15/2027 | 103,000 | 103,229 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
6.250%, 01/15/2028 (b) | 30,000 | 27,585 | ||||||
University of Chicago | ||||||||
2.761%, 04/01/2045 | 87,000 | 67,588 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||
5.500%, 03/01/2025 (b) | 30,000 | 29,440 | ||||||
252,530 | ||||||||
Consumer Staples Distribution & Retail - 0.44% | ||||||||
Walmart, Inc. | ||||||||
4.000%, 04/15/2026 | 160,000 | 159,043 | ||||||
3.900%, 04/15/2028 | 150,000 | 148,422 | ||||||
4.000%, 04/15/2030 | 69,000 | 67,792 | ||||||
4.500%, 04/15/2053 | 45,000 | 43,165 | ||||||
418,422 | ||||||||
Energy - 1.47% | ||||||||
Antero Resources Corp. | ||||||||
7.625%, 02/01/2029 (b) | 35,000 | 35,651 | ||||||
BP Capital Markets America, Inc. | ||||||||
4.812%, 02/13/2033 | 120,000 | 118,730 | ||||||
4.893%, 09/11/2033 | 45,000 | 44,724 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
5.875%, 03/31/2025 | 4,000 | 4,005 | ||||||
Comstock Resources, Inc. | ||||||||
6.750%, 03/01/2029 (b) | 25,000 | 21,880 | ||||||
Diamondback Energy, Inc. | ||||||||
3.125%, 03/24/2031 | 70,000 | 59,710 | ||||||
6.250%, 03/15/2033 | 40,000 | 41,555 | ||||||
DT Midstream, Inc. | ||||||||
4.125%, 06/15/2029 (b) | 25,000 | 21,713 | ||||||
Energy Transfer LP | ||||||||
2.900%, 05/15/2025 | 40,000 | 38,018 | ||||||
5.250%, 04/15/2029 | 120,000 | 118,548 | ||||||
EQM Midstream Partners LP | ||||||||
4.125%, 12/01/2026 | 45,000 | 41,461 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
6.250%, 11/01/2028 (b) | 30,000 | 28,070 | ||||||
Kinder Morgan, Inc. | ||||||||
5.200%, 06/01/2033 | 70,000 | 67,640 | ||||||
5.550%, 06/01/2045 | 45,000 | 40,883 | ||||||
Marathon Petroleum Corp. | ||||||||
4.700%, 05/01/2025 | 130,000 | 128,378 | ||||||
MPLX LP | ||||||||
5.650%, 03/01/2053 | 30,000 | 27,418 | ||||||
New Fortress Energy, Inc. | ||||||||
6.500%, 09/30/2026 (b) | 30,000 | 26,616 | ||||||
Ovintiv, Inc. | ||||||||
7.100%, 07/15/2053 | 40,000 | 40,296 | ||||||
Phillips 66 | ||||||||
1.300%, 02/15/2026 | 35,000 | 31,798 | ||||||
Pioneer Natural Resources Co. | ||||||||
2.150%, 01/15/2031 | 40,000 | 32,723 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.500%, 05/15/2030 | 50,000 | 47,304 | ||||||
Targa Resources Corp. | ||||||||
5.200%, 07/01/2027 | 45,000 | 44,446 | ||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||
4.000%, 03/15/2028 | 341,000 | 324,083 | ||||||
1,385,650 | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.32% | ||||||||
Crown Castle, Inc. | ||||||||
3.200%, 09/01/2024 | 70,000 | 67,983 | ||||||
1.050%, 07/15/2026 | 25,000 | 22,014 | ||||||
EPR Properties | ||||||||
4.500%, 04/01/2025 | 25,000 | 24,081 | ||||||
Iron Mountain, Inc. | ||||||||
5.250%, 07/15/2030 (b) | 45,000 | 40,357 | ||||||
Kimco Realty OP LLC | ||||||||
4.600%, 02/01/2033 | 55,000 | 50,969 | ||||||
Realty Income Corp. | ||||||||
4.700%, 12/15/2028 | 103,000 | 100,638 | ||||||
306,042 | ||||||||
Financial Services - 2.10% | ||||||||
Ares Capital Corp. | ||||||||
4.200%, 06/10/2024 | 499,000 | 486,743 | ||||||
Blackstone Private Credit Fund | ||||||||
4.700%, 03/24/2025 | 197,000 | 190,206 | ||||||
Capital One Financial Corp. | ||||||||
4.200%, 10/29/2025 | 5,000 | 4,750 | ||||||
4.985% to 07/24/2025, then SOFR + 2.160%, 07/24/2026 (a) | 45,000 | 44,049 | ||||||
1.878% to 11/02/2026, then SOFR + 0.855%, 11/02/2027 (a) | 90,000 | 77,758 | ||||||
5.817% to 02/01/2033, then SOFR + 2.600%, 02/01/2034 (a) | 70,000 | 68,038 | ||||||
Goldman Sachs Group, Inc. | ||||||||
3.272% to 09/29/2024, then TSFR3M + 1.463%, 09/29/2025 (a) | 100,000 | 96,748 | ||||||
1.093% to 12/09/2025, then SOFR + 0.789%, 12/09/2026 (a) | 5,000 | 4,471 | ||||||
1.431% to 03/09/2026, then SOFR + 0.798%, 03/09/2027 (a) | 155,000 | 139,318 | ||||||
1.948% to 10/21/2026, then SOFR + 0.913%, 10/21/2027 (a) | 110,000 | 98,019 | ||||||
3.814% to 04/23/2028, then TSFR3M + 1.420%, 04/23/2029 (a) | 105,000 | 97,965 | ||||||
Jane Street Group / JSG Finance, Inc. | ||||||||
4.500%, 11/15/2029 (b) | 45,000 | 38,426 | ||||||
Legg Mason, Inc. | ||||||||
3.950%, 07/15/2024 | 7,000 | 6,863 | ||||||
Morgan Stanley | ||||||||
2.720% to 07/22/2024, then SOFR + 1.152%, 07/22/2025 (a) | 50,000 | 48,241 | ||||||
3.625%, 01/20/2027 | 50,000 | 47,943 | ||||||
5.164% to 04/20/2028, then SOFR + 1.590%, 04/20/2029 (a) | 133,000 | 132,665 | ||||||
5.250% to 04/21/2033, then SOFR + 1.870%, 04/21/2034 (a) | 75,000 | 74,517 | ||||||
5.948% to 01/19/2033, then 5 Year CMT Rate + 2.430%, 01/19/2038 (a) | 50,000 | 49,432 | ||||||
Northern Trust Corp. | ||||||||
6.125%, 11/02/2032 | 4,000 | 4,199 | ||||||
OneMain Finance Corp. | ||||||||
3.500%, 01/15/2027 | 25,000 | 20,845 | ||||||
S&P Global, Inc. | ||||||||
3.700%, 03/01/2052 | 185,000 | 149,304 | ||||||
3.900%, 03/01/2062 | 119,000 | 96,018 | ||||||
1,976,518 | ||||||||
Food, Beverage & Tobacco - 0.52% | ||||||||
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc. | ||||||||
4.700%, 02/01/2036 | 130,000 | 127,418 | ||||||
Aramark Services, Inc. | ||||||||
5.000%, 02/01/2028 (b) | 45,000 | 42,576 | ||||||
Constellation Brands, Inc. | ||||||||
5.000%, 02/02/2026 | 55,000 | 55,020 | ||||||
Mars, Inc. | ||||||||
4.750%, 04/20/2033 (b) | 80,000 | 79,483 | ||||||
Molson Coors Beverage Co. | ||||||||
4.200%, 07/15/2046 | 40,000 | 32,351 | ||||||
Performance Food Group, Inc. | ||||||||
5.500%, 10/15/2027 (b) | 15,000 | 14,448 | ||||||
Philip Morris International, Inc. | ||||||||
5.125%, 02/15/2030 | 80,000 | 79,228 | ||||||
5.750%, 11/17/2032 | 60,000 | 61,556 | ||||||
492,080 | ||||||||
Health Care Equipment & Services - 1.54% | ||||||||
Acadia Healthcare Co, Inc. | ||||||||
5.000%, 04/15/2029 (b) | 20,000 | 18,364 | ||||||
Centene Corp. | ||||||||
4.625%, 12/15/2029 | 70,000 | 64,981 | ||||||
CVS Health Corp. | ||||||||
3.000%, 08/15/2026 | 45,000 | 42,430 | ||||||
5.125%, 02/21/2030 | 225,000 | 224,379 | ||||||
5.625%, 02/21/2053 | 57,000 | 55,632 | ||||||
HCA, Inc. | ||||||||
5.375%, 09/01/2026 | 55,000 | 54,789 | ||||||
4.500%, 02/15/2027 | 70,000 | 68,280 | ||||||
Humana, Inc. | ||||||||
5.500%, 03/15/2053 | 102,000 | 99,952 | ||||||
SSM Health Care Corp. | ||||||||
4.894%, 06/01/2028 | 156,000 | 154,793 | ||||||
Tenet Healthcare Corp. | ||||||||
4.625%, 06/15/2028 | 45,000 | 41,890 | ||||||
UnitedHealth Group, Inc. | ||||||||
4.250%, 01/15/2029 | 631,000 | 621,911 | ||||||
Zimmer Biomet Holdings, Inc. | ||||||||
1.450%, 11/22/2024 | 5,000 | 4,720 | ||||||
1,452,121 | ||||||||
Household & Personal Products - 0.26% | ||||||||
Energizer Holdings, Inc. | ||||||||
4.750%, 06/15/2028 (b) | 30,000 | 26,732 | ||||||
Kenvue, Inc. | ||||||||
5.050%, 03/22/2053 (b) | 177,000 | 178,306 | ||||||
5.200%, 03/22/2063 (b) | 41,000 | 41,213 | ||||||
246,251 | ||||||||
Insurance - 0.91% | ||||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | ||||||||
6.750%, 04/15/2028 (b) | 15,000 | 14,734 | ||||||
Aon Corp. / Aon Global Holdings PLC | ||||||||
5.350%, 02/28/2033 | 211,000 | 214,341 | ||||||
Arthur J Gallagher & Co. | ||||||||
5.750%, 03/02/2053 | 4,000 | 3,993 | ||||||
CNA Financial Corp. | ||||||||
4.500%, 03/01/2026 | 85,000 | 83,296 | ||||||
CNO Financial Group, Inc. | ||||||||
5.250%, 05/30/2029 | 70,000 | 66,366 | ||||||
Marsh & McLennan Cos, Inc. | ||||||||
5.450%, 03/15/2053 | 47,000 | 47,058 | ||||||
Metropolitan Life Global Funding I | ||||||||
5.150%, 03/28/2033 (b) | 233,000 | 232,661 | ||||||
Primerica, Inc. | ||||||||
2.800%, 11/19/2031 | 75,000 | 62,249 | ||||||
Principal Financial Group, Inc. | ||||||||
5.500%, 03/15/2053 | 77,000 | 72,126 | ||||||
Prudential Financial, Inc. | ||||||||
5.700% to 09/15/2028, then 3 Month LIBOR USD + 2.665%, 09/15/2048 (a) | 42,000 | 40,812 | ||||||
Travelers Cos, Inc. | ||||||||
5.450%, 05/25/2053 | 20,000 | 20,606 | ||||||
858,242 | ||||||||
Materials - 0.15% | ||||||||
Cleveland-Cliffs, Inc. | ||||||||
6.750%, 04/15/2030 (b) | 35,000 | 33,101 | ||||||
Georgia-Pacific LLC | ||||||||
0.625%, 05/15/2024 (b) | 8,000 | 7,632 | ||||||
Packaging Corp of America | ||||||||
4.050%, 12/15/2049 | 92,000 | 72,518 | ||||||
Standard Industries, Inc. | ||||||||
4.750%, 01/15/2028 (b) | 30,000 | 27,554 | ||||||
140,805 | ||||||||
Media & Entertainment - 1.13% | ||||||||
Alphabet, Inc. | ||||||||
2.250%, 08/15/2060 | 60,000 | 35,860 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
4.500%, 05/01/2032 | 40,000 | 31,345 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
5.500%, 04/01/2063 | 45,000 | 34,846 | ||||||
Cinemark USA, Inc. | ||||||||
5.875%, 03/15/2026 (b) | 60,000 | 57,095 | ||||||
Comcast Corp. | ||||||||
2.350%, 01/15/2027 | 45,000 | 41,664 | ||||||
5.350%, 05/15/2053 | 75,000 | 74,690 | ||||||
DISH DBS Corp. | ||||||||
5.875%, 11/15/2024 | 60,000 | 51,466 | ||||||
Meta Platforms, Inc. | ||||||||
4.950%, 05/15/2033 | 90,000 | 89,820 | ||||||
5.600%, 05/15/2053 | 20,000 | 20,003 | ||||||
5.750%, 05/15/2063 | 55,000 | 54,799 | ||||||
Paramount Global | ||||||||
4.200%, 05/19/2032 | 55,000 | 46,138 | ||||||
4.950%, 05/19/2050 | 55,000 | 40,963 | ||||||
6.375% to 03/30/2032, then 5 Year CMT Rate + 3.999%, 03/30/2062 (a) | 50,000 | 40,109 | ||||||
Take-Two Interactive Software, Inc. | ||||||||
4.950%, 03/28/2028 | 214,000 | 212,521 | ||||||
Walt Disney Co. | ||||||||
3.800%, 05/13/2060 | 121,000 | 94,078 | ||||||
Warnermedia Holdings, Inc. | ||||||||
5.050%, 03/15/2042 | 30,000 | 24,290 | ||||||
5.141%, 03/15/2052 | 105,000 | 82,024 | ||||||
Ziff Davis, Inc. | ||||||||
4.625%, 10/15/2030 (b) | 35,000 | 29,872 | ||||||
1,061,583 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 1.54% | ||||||||
AbbVie, Inc. | ||||||||
2.950%, 11/21/2026 | 160,000 | 150,975 | ||||||
Amgen, Inc. | ||||||||
5.507%, 03/02/2026 | 65,000 | 65,018 | ||||||
5.600%, 03/02/2043 | 105,000 | 104,098 | ||||||
5.650%, 03/02/2053 | 22,000 | 22,024 | ||||||
5.750%, 03/02/2063 | 426,000 | 423,854 | ||||||
Eli Lilly & Co. | ||||||||
5.000%, 02/27/2026 | 228,000 | 228,661 | ||||||
4.950%, 02/27/2063 | 147,000 | 146,126 | ||||||
Johnson & Johnson | ||||||||
3.400%, 01/15/2038 | 246,000 | 216,147 | ||||||
Merck & Co, Inc. | ||||||||
3.900%, 03/07/2039 | 25,000 | 22,235 | ||||||
Regeneron Pharmaceuticals, Inc. | ||||||||
2.800%, 09/15/2050 | 76,000 | 48,500 | ||||||
Viatris, Inc. | ||||||||
2.700%, 06/22/2030 | 30,000 | 24,125 | ||||||
1,451,763 | ||||||||
Real Estate Management & Development - 1.43% | ||||||||
Corporate Office Properties LP | ||||||||
2.750%, 04/15/2031 | 90,000 | 67,216 | ||||||
2.900%, 12/01/2033 | 70,000 | 48,676 | ||||||
Essex Portfolio LP | ||||||||
3.875%, 05/01/2024 | 489,000 | 479,029 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | ||||||||
5.875%, 10/01/2028 (b) | 25,000 | 22,875 | ||||||
Prologis LP | ||||||||
4.750%, 06/15/2033 | 583,000 | 570,545 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | ||||||||
4.750%, 10/15/2027 | 15,000 | 13,916 | ||||||
Simon Property Group LP | ||||||||
5.850%, 03/08/2053 | 84,000 | 83,335 | ||||||
Spirit Realty LP | ||||||||
4.000%, 07/15/2029 | 40,000 | 35,771 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | ||||||||
10.500%, 02/15/2028 (b) | 25,000 | 24,278 | ||||||
1,345,641 | ||||||||
Semiconductors & Semiconductor Equipment - 0.28% | ||||||||
Marvell Technology, Inc. | ||||||||
2.950%, 04/15/2031 | 25,000 | 20,972 | ||||||
Micron Technology, Inc. | ||||||||
5.375%, 04/15/2028 | 139,000 | 137,231 | ||||||
5.875%, 09/15/2033 | 38,000 | 37,416 | ||||||
Texas Instruments, Inc. | ||||||||
5.050%, 05/18/2063 | 65,000 | 63,618 | ||||||
259,237 | ||||||||
Software & Services - 0.28% | ||||||||
CommScope, Inc. | ||||||||
4.750%, 09/01/2029 (b) | 35,000 | 27,611 | ||||||
Oracle Corp. | ||||||||
6.250%, 11/09/2032 | 95,000 | 100,523 | ||||||
5.550%, 02/06/2053 | 40,000 | 37,395 | ||||||
VMware, Inc. | ||||||||
3.900%, 08/21/2027 | 100,000 | 95,202 | ||||||
260,731 | ||||||||
Technology Hardware & Equipment - 0.67% | ||||||||
Apple, Inc. | ||||||||
3.350%, 02/09/2027 | 35,000 | 34,101 | ||||||
Avnet, Inc. | ||||||||
6.250%, 03/15/2028 | 305,000 | 308,484 | ||||||
CDW LLC / CDW Finance Corp. | ||||||||
2.670%, 12/01/2026 | 20,000 | 17,916 | ||||||
3.569%, 12/01/2031 | 45,000 | 37,651 | ||||||
Dell International LLC / EMC Corp. | ||||||||
6.020%, 06/15/2026 | 25,000 | 25,596 | ||||||
5.300%, 10/01/2029 | 30,000 | 29,903 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
4.900%, 10/15/2025 | 69,000 | 68,573 | ||||||
Jabil, Inc. | ||||||||
5.450%, 02/01/2029 | 107,000 | 105,540 | ||||||
627,764 | ||||||||
Telecommunication Services - 0.48% | ||||||||
AT&T, Inc. | ||||||||
3.500%, 09/15/2053 | 125,000 | 86,850 | ||||||
Frontier Communications Holdings LLC | ||||||||
5.875%, 10/15/2027 (b) | 45,000 | 40,150 | ||||||
T-Mobile USA, Inc. | ||||||||
2.050%, 02/15/2028 | 40,000 | 34,884 | ||||||
3.375%, 04/15/2029 | 65,000 | 58,893 | ||||||
2.550%, 02/15/2031 | 55,000 | 46,036 | ||||||
2.875%, 02/15/2031 | 55,000 | 47,044 | ||||||
4.375%, 04/15/2040 | 40,000 | 35,147 | ||||||
3.300%, 02/15/2051 | 20,000 | 13,841 | ||||||
Verizon Communications, Inc. | ||||||||
2.355%, 03/15/2032 | 70,000 | 56,489 | ||||||
5.050%, 05/09/2033 | 35,000 | 34,659 | ||||||
453,993 | ||||||||
Transportation - 0.15% | ||||||||
American Axle & Manufacturing, Inc. | ||||||||
6.875%, 07/01/2028 | 40,000 | 35,822 | ||||||
Southwest Airlines Co. | ||||||||
5.250%, 05/04/2025 | 60,000 | 59,729 | ||||||
TransDigm, Inc. | ||||||||
6.750%, 08/15/2028 (b) | 45,000 | 45,108 | ||||||
140,659 | ||||||||
Utilities - 2.51% | ||||||||
American Electric Power Co, Inc. | ||||||||
5.625%, 03/01/2033 | 4,000 | 4,083 | ||||||
Arizona Public Service Co. | ||||||||
2.950%, 09/15/2027 | 92,000 | 84,808 | ||||||
Calpine Corp. | ||||||||
5.000%, 02/01/2031 (b) | 45,000 | 36,374 | ||||||
CenterPoint Energy Houston Electric LLC | ||||||||
4.950%, 04/01/2033 | 249,000 | 250,173 | ||||||
5.300%, 04/01/2053 | 122,000 | 123,996 | ||||||
Dominion Energy, Inc. | ||||||||
5.375%, 11/15/2032 | 125,000 | 125,533 | ||||||
DTE Energy Co. | ||||||||
1.050%, 06/01/2025 | 40,000 | 36,799 | ||||||
Duke Energy Corp. | ||||||||
5.000%, 08/15/2052 | 55,000 | 49,165 | ||||||
Duke Energy Indiana LLC | ||||||||
5.400%, 04/01/2053 | 113,000 | 112,395 | ||||||
Edison International | ||||||||
5.750%, 06/15/2027 | 47,000 | 47,412 | ||||||
6.950%, 11/15/2029 | 15,000 | 15,952 | ||||||
5.000% to 03/15/2027, then 5 Year CMT Rate + 3.901% (a)(f) | 65,000 | 55,791 | ||||||
Evergy Kansas Central, Inc. | ||||||||
5.700%, 03/15/2053 | 62,000 | 62,785 | ||||||
Evergy, Inc. | ||||||||
2.450%, 09/15/2024 | 20,000 | 19,193 | ||||||
Evergy Metro, Inc. | ||||||||
4.950%, 04/15/2033 | 60,000 | 59,182 | ||||||
Exelon Corp. | ||||||||
5.300%, 03/15/2033 | 90,000 | 90,699 | ||||||
5.600%, 03/15/2053 | 139,000 | 137,562 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | ||||||||
5.875%, 04/01/2029 (b) | 40,000 | 33,357 | ||||||
Interstate Power and Light Co. | ||||||||
2.300%, 06/01/2030 | 25,000 | 20,899 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
4.900%, 02/28/2028 | 35,000 | 34,873 | ||||||
5.250%, 02/28/2053 | 40,000 | 37,887 | ||||||
Pacific Gas and Electric Co. | ||||||||
1.700%, 11/15/2023 | 85,000 | 83,271 | ||||||
Public Service Co. of Colorado | ||||||||
5.250%, 04/01/2053 | 104,000 | 102,971 | ||||||
Public Service Electric and Gas Co. | ||||||||
5.125%, 03/15/2053 | 117,000 | 116,169 | ||||||
San Diego Gas & Electric Co. | ||||||||
5.350%, 04/01/2053 | 48,000 | 47,494 | ||||||
Southern Co. | ||||||||
3.250%, 07/01/2026 | 85,000 | 80,844 | ||||||
5.200%, 06/15/2033 | 70,000 | 69,296 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
1.750%, 01/15/2031 | 40,000 | 31,530 | ||||||
Union Electric Co. | ||||||||
5.450%, 03/15/2053 | 60,000 | 60,368 | ||||||
Virginia Electric and Power Co. | ||||||||
5.450%, 04/01/2053 | 164,000 | 161,084 | ||||||
Vistra Operations Co. LLC | ||||||||
4.375%, 05/01/2029 (b) | 30,000 | 26,175 | ||||||
WEC Energy Group, Inc. | ||||||||
5.150%, 10/01/2027 | 95,000 | 95,835 | ||||||
Wisconsin Electric Power Co. | ||||||||
4.750%, 09/30/2032 | 50,000 | 49,318 | ||||||
2,363,273 | ||||||||
TOTAL CORPORATE BONDS (Cost $20,015,721) | 19,789,937 | |||||||
FOREIGN CORPORATE BONDS - 4.04% | ||||||||
Banks - 1.90% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
6.138% to 09/14/2027, then 1 Year CMT Rate + 2.700%, 09/14/2028 (a) | 167,000 | 169,377 | ||||||
Bancolombia SA | ||||||||
3.000%, 01/29/2025 | 203,000 | 192,350 | ||||||
Bank of Nova Scotia | ||||||||
1.450%, 01/10/2025 | 788,000 | 739,679 | ||||||
4.500%, 12/16/2025 | 70,000 | 68,206 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
5.719% to 02/20/2025, then 1 Year CMT Rate + 1.080%, 02/20/2026 (a) | 200,000 | 199,975 | ||||||
5.475% to 02/22/2030, then 1 Year CMT Rate + 1.530%, 02/22/2031 (a) | 238,000 | 240,479 | ||||||
Societe Generale SA | ||||||||
1.488% to 12/14/2025, then 1 Year CMT Rate + 1.100%, 12/14/2026 (a)(b) | 200,000 | 176,383 | ||||||
Toronto-Dominion Bank | ||||||||
5.103%, 01/09/2026 | 4,000 | 3,998 | ||||||
1,790,447 | ||||||||
Capital Goods - 0.27% | ||||||||
Weir Group PLC | ||||||||
2.200%, 05/13/2026 (b) | 281,000 | 252,637 | ||||||
Consumer Services - 0.05% | ||||||||
Carnival Corp. | ||||||||
7.625%, 03/01/2026 (b) | 45,000 | 42,707 | ||||||
Energy - 0.41% | ||||||||
BP Capital Markets PLC | ||||||||
4.375% to 09/22/2025, then 5 Year CMT Rate + 4.036% (a)(f) | 19,000 | 18,287 | ||||||
Ecopetrol SA | ||||||||
4.625%, 11/02/2031 | 65,000 | 49,456 | ||||||
Enbridge, Inc. | ||||||||
5.700%, 03/08/2033 | 309,000 | 314,384 | ||||||
382,127 | ||||||||
Financial Services - 0.02% | ||||||||
Credit Suisse Group AG | ||||||||
2.193% to 06/05/2025, then SOFR + 2.044%, 06/05/2026 (b) | 8,000 | 7,267 | ||||||
1.305% to 02/02/2026, then SOFRINDX + 0.980%, 02/02/2027 (a)(b) | 13,000 | 11,266 | ||||||
18,533 | ||||||||
Health Care Equipment & Services - 0.08% | ||||||||
Utah Acquisition Sub, Inc. | ||||||||
3.950%, 06/15/2026 | 75,000 | 71,331 | ||||||
Insurance - 0.23% | ||||||||
Fairfax Financial Holdings Ltd. | ||||||||
3.375%, 03/03/2031 | 253,000 | 214,320 | ||||||
Materials - 0.64% | ||||||||
BHP Billiton Finance USA Ltd. | ||||||||
4.900%, 02/28/2033 | 328,000 | 329,469 | ||||||
Hudbay Minerals, Inc. | ||||||||
6.125%, 04/01/2029 (b) | 25,000 | 22,485 | ||||||
NOVA Chemicals Corp. | ||||||||
4.875%, 06/01/2024 (b) | 35,000 | 34,219 | ||||||
OCI NV | ||||||||
6.700%, 03/16/2033 (b) | 218,000 | 213,762 | ||||||
UPM-Kymmene Oyj | ||||||||
7.450%, 11/26/2027 (b) | 6,000 | 6,373 | ||||||
606,308 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences -0.11% | ||||||||
Pfizer Investment Enterprises Pte Ltd. | ||||||||
5.340%, 05/19/2063 | 105,000 | 105,225 | ||||||
Transportation - 0.33% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
3.500%, 01/15/2025 | 150,000 | 143,483 | ||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd. | ||||||||
5.500%, 04/20/2026 (b) | 85,000 | 83,496 | ||||||
Canadian Pacific Railway Co. | ||||||||
2.875%, 11/15/2029 | 33,000 | 29,567 | ||||||
Delta Air Lines Inc / SkyMiles IP Ltd. | ||||||||
4.750%, 10/20/2028 (b) | 57,000 | 55,094 | ||||||
311,640 | ||||||||
TOTAL FOREIGN CORPORATE BONDS (Cost $3,826,213) | 3,795,275 | |||||||
NON-AGENCY MORTGAGE BACKED SECURITIES - 1.84% | ||||||||
American Tower Trust #1 | ||||||||
2018-1, 3.652%, 03/15/2048 (b) | 54,000 | 50,517 | ||||||
BANK | ||||||||
2022-BNK39, 2.928%, 02/18/2055 | 100,000 | 84,730 | ||||||
Benchmark Mortgage Trust | ||||||||
2020-B21, 1.978%, 12/17/2053 | 65,000 | 52,020 | ||||||
2021-B29, 2.388%, 09/17/2054 | 100,000 | 81,343 | ||||||
2022-B34, 3.786%, 04/16/2055 (d) | 100,000 | 88,363 | ||||||
2019-B15, 3.231%, 12/16/2072 | 25,000 | 20,764 | ||||||
BMO Mortgage Trust | ||||||||
2023-C5, 6.627%, 06/16/2056 (d) | 10,000 | 9,552 | ||||||
BX Commercial Mortgage Trust | ||||||||
2021-VOLT, 6.207% (1 Month LIBOR USD + 1.100%), 09/15/2036 (b)(c) | 100,000 | 94,796 | ||||||
BX Trust | ||||||||
2019-OC11, 3.202%, 12/11/2041 (b) | 50,000 | 43,645 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
2014-GC19, 4.023%, 03/12/2047 | 103,000 | 101,221 | ||||||
2022-GC48, 4.580%, 05/15/2054 (d) | 55,000 | 53,016 | ||||||
COMM Mortgage Trust | ||||||||
2014-CCRE21, 3.987%, 12/12/2047 | 20,000 | 19,065 | ||||||
Connecticut Avenue Securities Trust | ||||||||
2021-R03, 6.623% (SOFR30A + 1.650%), 12/26/2041 (b)(c) | 55,000 | 53,354 | ||||||
2022-R02, 6.173% (SOFR30A + 1.200%), 01/27/2042 (b)(c) | 59,551 | 59,147 | ||||||
2022-R04, 8.073% (SOFR30A + 3.100%), 03/25/2042 (b)(c) | 55,000 | 55,614 | ||||||
2022-R03, 8.473% (SOFR30A + 3.500%), 03/25/2042 (b)(c) | 60,000 | 61,340 | ||||||
2022-R07, 9.631% (SOFR30A + 4.650%), 06/25/2042 (b)(c) | 55,000 | 57,968 | ||||||
2022-R08, 7.523% (SOFR30A + 2.550%), 07/25/2042 (b)(c) | 96,560 | 97,712 | ||||||
2023-R02, 7.273% (SOFR30A + 2.300%), 01/26/2043 (b)(c) | 95,912 | 96,592 | ||||||
FIVE Mortgage Trust | ||||||||
2023-V1, 5.668%, 02/11/2056 (d) | 100,000 | 101,425 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
2015-C33, 3.504%, 12/17/2048 | 78,971 | 75,158 | ||||||
FIVE Mortgage Trust | ||||||||
2015-MS1, 3.779%, 05/15/2048 (d) | 60,000 | 57,290 | ||||||
2018-H4, 5.070%, 12/15/2051 (d) | 25,000 | 21,270 | ||||||
2020-HR8, 2.041%, 07/17/2053 | 55,000 | 44,589 | ||||||
SG Residential Mortgage Trust | ||||||||
2021-2, 1.737%, 12/25/2061 (b)(d) | 83,120 | 67,426 | ||||||
Taubman Centers Commercial Mortgage Trust | ||||||||
2022-DPM, 7.245% (TSFR1M + 2.186%), 05/15/2037 (b)(c) | 100,000 | 97,263 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
2019-C54, 3.146%, 12/17/2052 | 100,000 | 88,168 | ||||||
TOTAL NON-AGENCY MORTGAGE BACKED SECURITIES (Cost $1,748,346) | 1,733,348 | |||||||
AGENCY MORTGAGE BACKED SECURITIES - 8.06% | ||||||||
Fannie Mae Connecticut Avenue Securities | ||||||||
2014-C02, 7.738% (1 Month LIBOR USD + 2.600%), 05/28/2024 (c) | 145,120 | 146,432 | ||||||
Fannie Mae or Freddie Mac | ||||||||
000TBA, 5.500%, 06/01/2037 | 60,000 | 59,967 | ||||||
Fannie Mae Pool | ||||||||
CB1149, 3.000%, 07/01/2051 | 299,454 | 266,676 | ||||||
BT6823, 2.500%, 10/01/2051 | 187,775 | 160,721 | ||||||
FM9540, 2.000%, 11/01/2051 | 228,604 | 188,872 | ||||||
FS0288, 2.000%, 01/01/2052 | 87,317 | 72,113 | ||||||
FS0176, 2.500%, 01/01/2052 | 437,169 | 374,599 | ||||||
MA4512, 2.500%, 01/01/2052 | 49,407 | 42,319 | ||||||
FS2040, 2.000%, 02/01/2052 | 94,529 | 77,872 | ||||||
MA4579, 3.000%, 04/01/2052 | 53,520 | 47,592 | ||||||
CB3586, 3.000%, 05/01/2052 | 197,401 | 175,514 | ||||||
MA4600, 3.500%, 05/01/2052 | 256,418 | 235,764 | ||||||
FS2512, 3.500%, 07/01/2052 | 336,030 | 310,524 | ||||||
CB4121, 4.000%, 07/01/2052 | 295,975 | 279,953 | ||||||
FS3497, 3.500%, 08/01/2052 | 221,198 | 203,496 | ||||||
MA4700, 4.000%, 08/01/2052 | 288,044 | 272,303 | ||||||
FS2805, 2.500%, 09/01/2052 | 359,584 | 308,034 | ||||||
MA4805, 4.500%, 11/01/2052 | 193,625 | 187,624 | ||||||
MA4918, 5.000%, 02/01/2053 | 175,875 | 173,405 | ||||||
MA5009, 5.000%, 05/01/2053 | 174,258 | 171,732 | ||||||
MA5039, 5.500%, 06/01/2053 | 225,000 | 224,962 | ||||||
Freddie Mac Pool | ||||||||
RA-3661, 2.500%, 10/01/2050 | 126,574 | 109,046 | ||||||
SD-8157, 3.000%, 07/01/2051 | 71,421 | 63,595 | ||||||
SD-0781, 3.000%, 11/01/2051 | 85,067 | 75,687 | ||||||
SD-8188, 2.000%, 01/01/2052 | 108,596 | 89,584 | ||||||
SD-8205, 2.500%, 04/01/2052 | 207,456 | 177,586 | ||||||
SD-8214, 3.500%, 05/01/2052 | 232,966 | 214,201 | ||||||
RA-7587, 3.500%, 06/01/2052 | 211,553 | 194,594 | ||||||
SD-8222, 4.000%, 06/01/2052 | 92,611 | 87,588 | ||||||
QE-6074, 4.000%, 07/01/2052 | 35,342 | 33,415 | ||||||
SD-1505, 4.500%, 08/01/2052 | 94,499 | 91,658 | ||||||
SD-8244, 4.000%, 09/01/2052 | 168,877 | 159,648 | ||||||
SD-2253, 3.500%, 12/01/2052 | 172,262 | 158,387 | ||||||
QF-7085, 5.500%, 02/01/2053 | 73,358 | 73,366 | ||||||
SD-8315, 5.000%, 04/01/2053 | 173,447 | 170,983 | ||||||
SD-8316, 5.500%, 04/01/2053 | 615,425 | 616,347 | ||||||
SD-8324, 5.500%, 05/01/2053 | 54,693 | 54,684 | ||||||
SD-8325, 6.000%, 05/01/2053 | 134,509 | 136,134 | ||||||
Freddie Mac STACR REMIC Trust | ||||||||
2021-DNA6, 5.773% (SOFR30A + 0.800%), 10/25/2041 (b)(c) | 53,748 | 53,524 | ||||||
2021-HQA4, 5.923% (SOFR30A + 0.950%), 12/26/2041 (b)(c) | 89,683 | 86,664 | ||||||
2022-DNA2, 7.373% (SOFR30A + 2.400%), 02/25/2042 (b)(c) | 60,000 | 59,296 | ||||||
2022-HQA1, 8.473% (SOFR30A + 3.500%), 03/25/2042 (b)(c) | 55,000 | 55,679 | ||||||
2022-DNA3, 7.873% (SOFR30A + 2.900%), 04/25/2042 (b)(c) | 55,000 | 54,893 | ||||||
2022-DNA4, 8.323% (SOFR30A + 3.350%), 05/27/2042 (b)(c) | 55,000 | 55,617 | ||||||
Ginnie Mae | ||||||||
5.000%, 06/15/2041 | 135,000 | 133,331 | ||||||
5.500%, 06/15/2053 | 115,000 | 114,937 | ||||||
Ginnie Mae II Pool | ||||||||
2.000%, 03/20/2052 | 93,574 | 79,384 | ||||||
2.500%, 03/20/2052 | 184,990 | 161,960 | ||||||
3.500%, 07/20/2052 | 39,519 | 36,675 | ||||||
4.500%, 07/20/2052 | 168,851 | 164,260 | ||||||
4.000%, 09/20/2052 | 48,986 | 46,565 | ||||||
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $7,664,708) | 7,589,762 | |||||||
U.S. GOVERNMENT NOTES/BONDS - 38.42% | ||||||||
United States Treasury Inflation Indexed Bonds | ||||||||
1.625%, 10/15/2027 | 575,695 | 574,627 | ||||||
1.125%, 01/15/2033 | 280,681 | 272,401 | ||||||
1.000%, 02/15/2049 | 119,950 | 103,045 | ||||||
United States Treasury Note/Bond | ||||||||
2.750%, 11/15/2023 | 834,000 | 824,473 | ||||||
0.250%, 06/15/2024 | 69,000 | 65,596 | ||||||
0.375%, 08/15/2024 | 439,000 | 415,550 | ||||||
1.125%, 02/28/2025 | 12,000 | 11,313 | ||||||
4.625%, 02/28/2025 | 1,809,000 | 1,810,237 | ||||||
1.750%, 03/15/2025 | 103,000 | 98,075 | ||||||
3.875%, 03/31/2025 | 2,285,000 | 2,258,757 | ||||||
3.875%, 04/30/2025 | 279,000 | 275,981 | ||||||
0.250%, 08/31/2025 | 32,000 | 29,262 | ||||||
4.250%, 10/15/2025 | 68,000 | 68,001 | ||||||
4.000%, 12/15/2025 | 66,000 | 65,746 | ||||||
4.000%, 02/15/2026 | 847,000 | 844,304 | ||||||
0.500%, 02/28/2026 | 384,000 | 348,428 | ||||||
4.625%, 03/15/2026 | 1,657,000 | 1,680,690 | ||||||
3.750%, 04/15/2026 | 557,000 | 552,170 | ||||||
1.875%, 07/31/2026 | 345,000 | 323,370 | ||||||
1.500%, 08/15/2026 | 158,000 | 146,159 | ||||||
6.750%, 08/15/2026 | 1,637,000 | 1,769,559 | ||||||
1.125%, 10/31/2026 | 9,000 | 8,190 | ||||||
1.250%, 12/31/2026 | 518,000 | 471,997 | ||||||
2.500%, 03/31/2027 | 544,000 | 516,811 | ||||||
2.625%, 05/31/2027 | 149,000 | 142,001 | ||||||
2.750%, 07/31/2027 | 173,000 | 165,496 | ||||||
4.125%, 10/31/2027 | 791,000 | 799,312 | ||||||
6.125%, 11/15/2027 | 1,666,000 | 1,822,056 | ||||||
4.000%, 02/29/2028 | 646,000 | 651,791 | ||||||
3.625%, 03/31/2028 | 3,205,000 | 3,180,836 | ||||||
3.500%, 04/30/2028 | 140,000 | 138,228 | ||||||
5.250%, 11/15/2028 | 1,659,000 | 1,774,871 | ||||||
3.250%, 06/30/2029 | 187,000 | 181,828 | ||||||
4.000%, 02/28/2030 | 1,610,000 | 1,636,037 | ||||||
3.625%, 03/31/2030 | 658,000 | 654,710 | ||||||
3.500%, 04/30/2030 | 115,000 | 113,563 | ||||||
1.375%, 11/15/2031 | 11,000 | 9,199 | ||||||
1.875%, 02/15/2032 | 2,359,000 | 2,050,670 | ||||||
2.750%, 08/15/2032 | 1,592,000 | 1,480,684 | ||||||
3.500%, 02/15/2033 | 617,000 | 609,770 | ||||||
3.375%, 05/15/2033 | 365,000 | 357,215 | ||||||
4.750%, 02/15/2037 | 587,000 | 657,429 | ||||||
1.125%, 05/15/2040 | 589,000 | 383,207 | ||||||
1.125%, 08/15/2040 | 98,000 | 63,212 | ||||||
1.375%, 11/15/2040 | 638,000 | 428,258 | ||||||
1.875%, 02/15/2041 | 640,000 | 466,863 | ||||||
1.750%, 08/15/2041 | 637,000 | 449,695 | ||||||
2.000%, 11/15/2041 | 615,000 | 452,397 | ||||||
2.375%, 02/15/2042 | 587,000 | 459,396 | ||||||
3.875%, 02/15/2043 | 475,000 | 466,391 | ||||||
2.875%, 05/15/2043 | 200,000 | 168,461 | ||||||
3.375%, 05/15/2044 | 165,000 | 149,725 | ||||||
2.500%, 02/15/2045 | 255,000 | 198,183 | ||||||
3.125%, 05/15/2048 | 190,000 | 164,424 | ||||||
2.250%, 08/15/2049 | 357,000 | 259,564 | ||||||
2.000%, 02/15/2050 | 338,000 | 231,517 | ||||||
1.375%, 08/15/2050 | 388,000 | 224,949 | ||||||
1.625%, 11/15/2050 | 364,000 | 225,652 | ||||||
1.875%, 02/15/2051 | 370,000 | 244,576 | ||||||
2.375%, 05/15/2051 | 376,000 | 279,547 | ||||||
2.000%, 08/15/2051 | 359,000 | 244,295 | ||||||
1.875%, 11/15/2051 | 89,000 | 58,596 | ||||||
2.250%, 02/15/2052 | 335,000 | 241,710 | ||||||
2.875%, 05/15/2052 | 95,000 | 78,694 | ||||||
3.000%, 08/15/2052 | 306,000 | 260,166 | ||||||
3.625%, 02/15/2053 | 25,000 | 24,020 | ||||||
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $36,733,449) | 36,183,936 | |||||||
Shares | ||||||||
EXCHANGE TRADED FUNDS - 24.53% | ||||||||
iShares Core U.S. Aggregate Bond ETF | 7,337 | 723,208 | ||||||
iShares MBS ETF | 136,772 | 12,853,833 | ||||||
Vanguard Total International Bond ETF | 194,574 | 9,524,397 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $23,182,107) | 23,101,438 | |||||||
MONEY MARKET FUNDS - 0.81% | ||||||||
First American Government Obligations Fund, Class X, 4.965% (e) | 766,578 | 766,578 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $766,578) | 766,578 | |||||||
Total Investments (Cost $95,255,156) - 100.10% | 94,265,696 | |||||||
Liabilities in Excess of Other Assets - (0.10)% | (92,908 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 94,172,788 |
Percentages are stated as a percent of net assets. |
(a) | Variable rate security; the rate shown represents the rate at May 31, 2023. | ||||
(b) | Securities issued under Rule 144A under the Securities Act of 1933. Such securities are deemed to be liquid. | ||||
(c) | Floating rate security; the rate shown represents the rate at May 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized. | ||||
(d) | Variable rate security; the rate shown represents the rate at May 31, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized. | ||||
(e) | The rate shown represents the seven day yield at May 31, 2023. | ||||
(f) | Perpetual maturity. The date referenced is the next call date. | ||||
Abbreviations | |||||
#TBA | Pool number to be announced |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. | |||||
and Standard & Poors Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been | |||||
licensed for use by U.S. Bancorp Fund Services, LLC. | |||||
The accompanying notes are an integral part of these schedule of investments. |
Summary of Fair Value Exposure at May 31, 2023 | |||||||
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements requires the Fund to classify securities based on valuation method. These inputs are summarized in the three broad levels listed below: | |||||||
Level 1 - Quoted prices in active markets for identical securities. | |||||||
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.) | |||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' investments carried at fair value as of May 31, 2023. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities: | ||||||||||||||||
Asset Backed Securities | $ | - | $ | 1,305,422 | $ | - | $ | 1,305,422 | ||||||||
Corporate Bonds* | - | 19,789,937 | - | 19,789,937 | ||||||||||||
Foreign Corporate Bonds* | - | 3,795,275 | - | 3,795,275 | ||||||||||||
Non-Agency Mortgage Backed Securities | - | 1,733,348 | - | 1,733,348 | ||||||||||||
Agency Mortgage Backed Securities | - | 7,589,762 | - | 7,589,762 | ||||||||||||
U.S. Government Notes/Bonds | - | 36,183,936 | - | 36,183,936 | ||||||||||||
Total Fixed Income Securities | - | 70,397,680 | - | 70,397,680 | ||||||||||||
Exchange-Traded Funds | 23,101,438 | - | - | 23,101,438 | ||||||||||||
Money Market Funds | 766,578 | - | - | 766,578 | ||||||||||||
Total Investments in Securities | $ | 23,868,016 | $ | 70,397,680 | $ | - | $ | 94,265,696 |
* For further breakdown by industry, please refer to the Schedule of Investments. | ||||||||
The Fund did not hold any Level 3 securities during the period ended May 31, 2023. |