ActivePassive Core Bond ETF | |||||||
Schedule of Investments | |||||||
November 30, 2023 (Unaudited) | |||||||
Principal | |||||||
Amount | Value | ||||||
ASSET BACKED SECURITIES - 1.52% | |||||||
Aqua Finance Trust | |||||||
2021-A, 1.540%, 07/17/2046 | $ | 48,601 | $ | 42,965 | |||
Avis Budget Rental Car Funding AESOP LLC | |||||||
2023-2, 6.030%, 10/20/2027 | 100,000 | 99,280 | |||||
2021-2, 1.660%, 02/20/2028 | 100,000 | 88,517 | |||||
BMW Vehicle Owner Trust | |||||||
2023-A, 5.470%, 02/25/2028 | 34,000 | 34,175 | |||||
Carmax Auto Owner Trust 2023-3 | |||||||
2023-3, 5.280%, 05/15/2028 | 38,000 | 38,028 | |||||
CCG Receivables Trust | |||||||
2023-1, 5.820%, 09/16/2030 | 100,000 | 99,904 | |||||
CyrusOne Data Centers Issuer I LLC | |||||||
A-2, 5.560%, 11/20/2048 | 53,000 | 49,561 | |||||
Dell Equipment Finance Trust 2023-3 | |||||||
2023-3, 6.160%, 04/23/2029 | 100,000 | 100,761 | |||||
DLLAA LLC | |||||||
2023-1, 5.640%, 02/22/2028 | 32,000 | 32,048 | |||||
Ellington Financial Mortgage Trust | |||||||
2022-1, 2.206%, 01/25/2067 (c) | 83,416 | 68,615 | |||||
Freddie Mac STACR REMIC Trust | |||||||
2021-HQA4, 6.278% (SOFR30A + 0.950%), 12/25/2041 (b) | 81,203 | 80,322 | |||||
Ginnie Mae II Pool | |||||||
MA7826M, 2.000%, 01/20/2052 | 26,382 | 21,310 | |||||
GM Financial Automobile Leasing Trust | |||||||
2023-3, 5.380%, 11/20/2026 | 33,000 | 32,931 | |||||
Kubota Credit Owner Trust | |||||||
2023-2, 5.280%, 01/18/2028 | 28,000 | 27,966 | |||||
MMAF Equipment Finance LLC | |||||||
2023-A, 5.540%, 12/13/2029 | 37,000 | 37,066 | |||||
MVW LLC | |||||||
2023-1, 5.420%, 10/20/2040 | 85,764 | 84,250 | |||||
OneMain Financial Issuance Trust | |||||||
2023-2, 5.840%, 09/15/2036 | 100,000 | 100,530 | |||||
PFS Financing Corp. | |||||||
2021-B, 0.770%, 08/15/2026 | 100,000 | 96,377 | |||||
Sierra Timeshare Receivables Funding LLC | |||||||
2021-2 A, 1.350%, 09/20/2038 | 58,556 | 54,543 | |||||
2021-2 B, 1.800%, 09/20/2038 | 29,278 | 27,285 | |||||
Sofi Professional Loan Program LLC | |||||||
2019-B, 3.090%, 08/17/2048 | 29,850 | 28,230 | |||||
Stack Infrastructure Issuer LLC | |||||||
A-2, 5.900%, 10/25/2048 | 43,000 | 41,335 | |||||
Taco Bell Funding LLC | |||||||
2016-1, 4.970%, 05/25/2046 | 50,625 | 49,403 | |||||
Towd Point Mortgage Trust | |||||||
2017-5, 6.057% (TSFR1M + 0.714%), 02/25/2057 (b) | 42,154 | 42,425 | |||||
2022-4, 3.750%, 09/25/2062 | 113,779 | 103,891 | |||||
Toyota Auto Receivables Owner Trust | |||||||
2023-C, 5.160%, 04/17/2028 | 53,000 | 52,984 | |||||
USAA Auto Owner Trust 2023-A | |||||||
2023-A, 5.580%, 05/15/2028 | 40,000 | 40,171 | |||||
Verus Securitization Trust | |||||||
2021-3, 1.046%, 06/25/2066 (c) | 100,600 | 82,309 | |||||
TOTAL ASSET BACKED SECURITIES (Cost $1,672,460) | 1,657,182 | ||||||
CORPORATE BONDS - 18.84% | |||||||
Accommodation - 0.06% | |||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | |||||||
5.875%, 10/01/2028 | 40,000 | 37,880 | |||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | |||||||
5.500%, 03/01/2025 | 23,000 | 22,740 | |||||
60,620 | |||||||
Automobiles & Components - 0.14% | |||||||
American Honda Finance Corp. | |||||||
4.600%, 04/17/2030 | 55,000 | 53,205 | |||||
General Motors Co. | |||||||
6.800%, 10/01/2027 | 60,000 | 62,360 | |||||
Goodyear Tire & Rubber Co. | |||||||
5.250%, 04/30/2031 | 40,000 | 35,166 | |||||
150,731 | |||||||
Banks - 2.13% | |||||||
Bank of America Corp. | |||||||
2.456% (TSFR3M + 1.132%), 10/22/2025 (a) | 5,000 | 4,842 | |||||
1.734% (SOFR + 0.960%), 07/22/2027 (a) | 92,000 | 83,073 | |||||
3.824% (TSFR3M + 1.837%), 01/20/2028 (a) | 195,000 | 184,611 | |||||
5.202% (SOFR + 1.630%), 04/25/2029 (a) | 264,000 | 260,064 | |||||
1.922% (SOFR + 1.370%), 10/24/2031 (a) | 155,000 | 121,233 | |||||
2.299% (SOFR + 1.220%), 07/21/2032 (a) | 56,000 | 43,974 | |||||
5.288% (SOFR + 1.910%), 04/25/2034 (a) | 19,000 | 18,274 | |||||
2.482% (5 Year CMT Rate + 1.200%), 09/21/2036 (a) | 115,000 | 86,892 | |||||
4.300% (TSFR3M + 2.926%) (a)(e) | 40,000 | 36,990 | |||||
Citigroup, Inc. | |||||||
3.352% (TSFR3M + 1.158%), 04/24/2025 (a) | 75,000 | 74,193 | |||||
1.122% (SOFR + 0.765%), 01/28/2027 (a) | 110,000 | 99,635 | |||||
3.887% (TSFR3M + 1.825%), 01/10/2028 (a) | 37,000 | 35,219 | |||||
3.070% (SOFR + 1.280%), 02/24/2028 (a) | 110,000 | 102,017 | |||||
3.980% (TSFR3M + 1.600%), 03/20/2030 (a) | 86,000 | 79,448 | |||||
2.572% (SOFR + 2.107%), 06/03/2031 (a) | 110,000 | 90,867 | |||||
Fifth Third Bancorp | |||||||
4.337% (SOFR + 1.660%), 04/25/2033 (a) | 75,000 | 65,834 | |||||
First-Citizens Bank & Trust Co. | |||||||
6.125%, 03/09/2028 | 65,000 | 64,977 | |||||
JPMorgan Chase & Co. | |||||||
3.220% (TSFR3M + 1.417%), 03/01/2025 (a) | 180,000 | 178,765 | |||||
1.045% (SOFR + 0.800%), 11/19/2026 (a) | 60,000 | 54,845 | |||||
3.540% (TSFR3M + 1.642%), 05/01/2028 (a) | 60,000 | 56,474 | |||||
6.254% (SOFR + 1.810%), 10/23/2034 (a) | 55,000 | 57,469 | |||||
4.000% (TSFR3M + 2.745%) (a)(e) | 47,000 | 44,249 | |||||
PNC Financial Services Group, Inc. | |||||||
6.875% (SOFR + 2.284%), 10/20/2034 (a) | 60,000 | 63,731 | |||||
Synovus Financial Corp. | |||||||
5.200%, 08/11/2025 | 11,000 | 10,713 | |||||
Truist Financial Corp. | |||||||
4.260% (SOFR + 1.456%), 07/28/2026 (a) | 80,000 | 77,398 | |||||
US Bancorp | |||||||
5.836% (SOFR + 2.260%), 06/12/2034 (a) | 40,000 | 39,407 | |||||
Wells Fargo & Co. | |||||||
2.164% (TSFR3M + 1.012%), 02/11/2026 (a) | 80,000 | 76,419 | |||||
3.908% (SOFR + 1.320%), 04/25/2026 (a) | 7,000 | 6,815 | |||||
2.188% (SOFR + 2.000%), 04/30/2026 (a) | 110,000 | 104,595 | |||||
2.393% (SOFR + 2.100%), 06/02/2028 (a) | 70,000 | 62,932 | |||||
5.389% (SOFR + 2.020%), 04/24/2034 (a) | 28,000 | 26,948 | |||||
2,312,903 | |||||||
Beverage and Tobacco Product Manufacturing - 0.11% | |||||||
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc. | |||||||
4.700%, 02/01/2036 | 45,000 | 42,912 | |||||
Anheuser-Busch InBev Worldwide, Inc. | |||||||
5.450%, 01/23/2039 | 75,000 | 75,284 | |||||
118,196 | |||||||
Broadcasting (except Internet) - 0.05% | |||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||||||
4.500%, 05/01/2032 | 65,000 | 53,584 | |||||
Capital Goods - 0.62% | |||||||
Air Lease Corp. | |||||||
3.250%, 10/01/2029 | 60,000 | 52,669 | |||||
Boeing Co. | |||||||
2.196%, 02/04/2026 | 80,000 | 74,808 | |||||
5.040%, 05/01/2027 | 80,000 | 79,510 | |||||
5.705%, 05/01/2040 | 15,000 | 14,799 | |||||
5.805%, 05/01/2050 | 85,000 | 82,989 | |||||
CNH Industrial Capital LLC | |||||||
1.450%, 07/15/2026 | 55,000 | 49,819 | |||||
4.550%, 04/10/2028 | 192,000 | 185,107 | |||||
Carrier Global Corp. | |||||||
6.200%, 03/15/2054 | 35,000 | 37,028 | |||||
Regal Rexnord Corp. | |||||||
6.050%, 04/15/2028 | 25,000 | 24,612 | |||||
RTX Corp. | |||||||
6.400%, 03/15/2054 | 65,000 | 70,621 | |||||
671,962 | |||||||
Commercial & Professional Services - 0.38% | |||||||
ASGN, Inc. | |||||||
4.625%, 05/15/2028 | 40,000 | 37,262 | |||||
Equifax, Inc. | |||||||
5.100%, 12/15/2027 | 40,000 | 39,622 | |||||
Republic Services, Inc. | |||||||
5.000%, 04/01/2034 | 212,000 | 207,931 | |||||
5.700%, 05/15/2041 | 129,000 | 129,979 | |||||
414,794 | |||||||
Computer and Electronic Product Manufacturing - 0.06% | |||||||
CommScope, Inc. | |||||||
4.750%, 09/01/2029 | 60,000 | 37,701 | |||||
Dell International LLC / EMC Corp. | |||||||
5.300%, 10/01/2029 | 30,000 | 29,932 | |||||
67,633 | |||||||
Consumer Discretionary Distribution & Retail - 0.15% | |||||||
Arko Corp. | |||||||
5.125%, 11/15/2029 | 60,000 | 50,004 | |||||
Lowe's Cos, Inc. | |||||||
5.750%, 07/01/2053 | 119,000 | 117,423 | |||||
167,427 | |||||||
Consumer Durables & Apparel - 0.12% | |||||||
Whirlpool Corp. | |||||||
5.500%, 03/01/2033 | 132,000 | 127,525 | |||||
Consumer Services - 0.13% | |||||||
Churchill Downs, Inc. | |||||||
6.750%, 05/01/2031 | 40,000 | 39,354 | |||||
Marriott International, Inc. | |||||||
5.000%, 10/15/2027 | 103,000 | 102,477 | |||||
141,831 | |||||||
Consumer Staples Distribution & Retail - 0.34% | |||||||
Walmart, Inc. | |||||||
4.000%, 04/15/2026 | 160,000 | 157,592 | |||||
3.900%, 04/15/2028 | 150,000 | 146,012 | |||||
4.000%, 04/15/2030 | 69,000 | 66,875 | |||||
370,479 | |||||||
Credit Intermediation and Related Activities - 0.69% | |||||||
General Motors Financial Co, Inc. | |||||||
4.000%, 01/15/2025 | 370,000 | 362,097 | |||||
4.300%, 07/13/2025 | 5,000 | 4,870 | |||||
6.050%, 10/10/2025 | 81,000 | 81,377 | |||||
5.850%, 04/06/2030 | 99,000 | 98,758 | |||||
Sprint Capital Corp. | |||||||
8.750%, 03/15/2032 | 125,000 | 149,493 | |||||
United Wholesale Mortgage LLC | |||||||
5.500%, 04/15/2029 | 59,000 | 52,829 | |||||
749,424 | |||||||
Educational Services - 0.06% | |||||||
University of Chicago | |||||||
2.761%, 04/01/2045 | 87,000 | 61,194 | |||||
Energy - 1.34% | |||||||
Antero Resources Corp. | |||||||
7.625%, 02/01/2029 | 27,000 | 27,672 | |||||
Comstock Resources, Inc. | |||||||
6.750%, 03/01/2029 | 40,000 | 36,869 | |||||
DT Midstream, Inc. | |||||||
4.125%, 06/15/2029 | 40,000 | 35,941 | |||||
Energy Transfer LP | |||||||
2.900%, 05/15/2025 | 40,000 | 38,475 | |||||
5.250%, 04/15/2029 | 120,000 | 117,927 | |||||
EQM Midstream Partners LP | |||||||
4.125%, 12/01/2026 | 75,000 | 70,934 | |||||
Exxon Mobil Corp. | |||||||
3.095%, 08/16/2049 | 50,000 | 34,744 | |||||
Gulfstream Natural Gas System LLC | |||||||
6.190%, 11/01/2025 | 293,000 | 292,654 | |||||
Kinder Morgan, Inc. | |||||||
5.200%, 06/01/2033 | 70,000 | 67,065 | |||||
Marathon Petroleum Corp. | |||||||
4.700%, 05/01/2025 | 135,000 | 133,456 | |||||
MPLX LP | |||||||
5.650%, 03/01/2053 | 30,000 | 27,919 | |||||
New Fortress Energy, Inc. | |||||||
6.500%, 09/30/2026 | 50,000 | 47,531 | |||||
Northern Oil and Gas, Inc. | |||||||
8.125%, 03/01/2028 | 30,000 | 30,336 | |||||
Occidental Petroleum Corp. | |||||||
6.125%, 01/01/2031 | 35,000 | 35,378 | |||||
6.450%, 09/15/2036 | 35,000 | 35,873 | |||||
Phillips 66 | |||||||
1.300%, 02/15/2026 | 35,000 | 32,164 | |||||
Southwestern Energy Co. | |||||||
5.375%, 03/15/2030 | 28,000 | 26,570 | |||||
Targa Resources Corp. | |||||||
5.200%, 07/01/2027 | 45,000 | 44,691 | |||||
Transcontinental Gas Pipe Line Co. LLC | |||||||
4.000%, 03/15/2028 | 341,000 | 322,852 | |||||
1,459,051 | |||||||
Equity Real Estate Investment Trusts (REITs) - 0.33% | |||||||
Crown Castle, Inc. | |||||||
3.200%, 09/01/2024 | 70,000 | 68,641 | |||||
1.050%, 07/15/2026 | 25,000 | 22,231 | |||||
EPR Properties | |||||||
4.500%, 04/01/2025 | 25,000 | 24,336 | |||||
Iron Mountain, Inc. | |||||||
5.250%, 07/15/2030 | 75,000 | 68,851 | |||||
4.500%, 02/15/2031 | 34,000 | 29,464 | |||||
Kimco Realty OP LLC | |||||||
4.600%, 02/01/2033 | 55,000 | 50,409 | |||||
Realty Income Corp. | |||||||
4.700%, 12/15/2028 | 103,000 | 100,465 | |||||
364,397 | |||||||
Financial Services - 1.74% | |||||||
Blackstone Private Credit Fund | |||||||
4.700%, 03/24/2025 | 197,000 | 191,984 | |||||
Capital One Financial Corp. | |||||||
4.200%, 10/29/2025 | 5,000 | 4,805 | |||||
4.985% (SOFR + 2.160%), 07/24/2026 (a) | 45,000 | 43,940 | |||||
6.312% (SOFR + 2.640%), 06/08/2029 (a) | 137,000 | 136,284 | |||||
5.817% (SOFR + 2.600%), 02/01/2034 (a) | 70,000 | 65,689 | |||||
6.377% (SOFR + 2.860%), 06/08/2034 (a) | 20,000 | 19,480 | |||||
Freedom Mortgage Corp. | |||||||
12.250%, 10/01/2030 | 25,000 | 26,397 | |||||
Goldman Sachs Group, Inc. | |||||||
3.272% (TSFR3M + 1.463%), 09/29/2025 (a) | 105,000 | 102,696 | |||||
1.093% (SOFR + 0.789%), 12/09/2026 (a) | 5,000 | 4,544 | |||||
1.431% (SOFR + 0.798%), 03/09/2027 (a) | 155,000 | 140,668 | |||||
1.948% (SOFR + 0.913%), 10/21/2027 (a) | 110,000 | 98,816 | |||||
3.814% (TSFR3M + 1.420%), 04/23/2029 (a) | 105,000 | 97,603 | |||||
Guardian Life Global Funding | |||||||
3.246%, 03/29/2027 | 66,000 | 61,979 | |||||
Morgan Stanley | |||||||
2.720% (SOFR + 1.152%), 07/22/2025 (a) | 55,000 | 53,862 | |||||
3.625%, 01/20/2027 | 55,000 | 52,556 | |||||
2.475% (SOFR + 1.000%), 01/21/2028 (a) | 160,000 | 145,859 | |||||
5.164% (SOFR + 1.590%), 04/20/2029 (a) | 133,000 | 130,845 | |||||
5.250% (SOFR + 1.870%), 04/21/2034 (a) | 90,000 | 86,267 | |||||
5.424% (SOFR + 1.880%), 07/21/2034 (a) | 65,000 | 63,066 | |||||
5.948% (5 Year CMT Rate + 2.430%), 01/19/2038 (a) | 55,000 | 53,339 | |||||
Northern Trust Corp. | |||||||
6.125%, 11/02/2032 | 4,000 | 4,124 | |||||
OneMain Finance Corp. | |||||||
3.500%, 01/15/2027 | 40,000 | 35,775 | |||||
PRA Group, Inc. | |||||||
5.000%, 10/01/2029 | 48,000 | 36,292 | |||||
S&P Global, Inc. | |||||||
3.700%, 03/01/2052 | 185,000 | 141,521 | |||||
3.900%, 03/01/2062 | 119,000 | 91,539 | |||||
1,889,930 | |||||||
Food, Beverage & Tobacco - 0.42% | |||||||
Constellation Brands, Inc. | |||||||
5.000%, 02/02/2026 | 55,000 | 54,850 | |||||
4.900%, 05/01/2033 | 100,000 | 96,440 | |||||
Molson Coors Beverage Co. | |||||||
4.200%, 07/15/2046 | 105,000 | 83,346 | |||||
Philip Morris International, Inc. | |||||||
5.125%, 02/15/2030 | 95,000 | 93,784 | |||||
5.750%, 11/17/2032 | 65,000 | 66,528 | |||||
Pilgrim's Pride Corp. | |||||||
6.875%, 05/15/2034 | 65,000 | 66,385 | |||||
461,333 | |||||||
Health Care Equipment & Services - 1.22% | |||||||
Acadia Healthcare Co, Inc. | |||||||
5.000%, 04/15/2029 | 35,000 | 32,699 | |||||
Centene Corp. | |||||||
4.625%, 12/15/2029 | 70,000 | 65,075 | |||||
CVS Health Corp. | |||||||
3.000%, 08/15/2026 | 50,000 | 47,182 | |||||
5.125%, 02/21/2030 | 225,000 | 221,852 | |||||
5.300%, 06/01/2033 | 80,000 | 78,754 | |||||
4.780%, 03/25/2038 | 50,000 | 44,898 | |||||
5.625%, 02/21/2053 | 57,000 | 54,037 | |||||
Humana, Inc. | |||||||
5.500%, 03/15/2053 | 102,000 | 98,059 | |||||
Tenet Healthcare Corp. | |||||||
4.625%, 06/15/2028 | 75,000 | 69,921 | |||||
UnitedHealth Group, Inc. | |||||||
4.250%, 01/15/2029 | 631,000 | 615,667 | |||||
Zimmer Biomet Holdings, Inc. | |||||||
1.450%, 11/22/2024 | 5,000 | 4,790 | |||||
1,332,934 | |||||||
Hospitals - 0.25% | |||||||
HCA, Inc. | |||||||
5.375%, 09/01/2026 | 55,000 | 54,742 | |||||
4.500%, 02/15/2027 | 35,000 | 33,956 | |||||
5.875%, 02/01/2029 | 32,000 | 32,302 | |||||
SSM Health Care Corp. | |||||||
4.894%, 06/01/2028 | 156,000 | 154,768 | |||||
275,768 | |||||||
Household & Personal Products - 0.23% | |||||||
Energizer Holdings, Inc. | |||||||
4.750%, 06/15/2028 | 50,000 | 44,735 | |||||
Kenvue, Inc. | |||||||
5.050%, 03/22/2053 | 177,000 | 169,554 | |||||
5.200%, 03/22/2063 | 41,000 | 39,218 | |||||
253,507 | |||||||
Insurance - 0.36% | |||||||
Arthur J Gallagher & Co. | |||||||
5.750%, 03/02/2053 | 4,000 | 3,884 | |||||
CNA Financial Corp. | |||||||
4.500%, 03/01/2026 | 85,000 | 83,226 | |||||
CNO Financial Group, Inc. | |||||||
5.250%, 05/30/2029 | 70,000 | 67,133 | |||||
Marsh & McLennan Cos, Inc. | |||||||
5.450%, 03/15/2053 | 47,000 | 45,965 | |||||
Primerica, Inc. | |||||||
2.800%, 11/19/2031 | 75,000 | 60,572 | |||||
Principal Financial Group, Inc. | |||||||
5.500%, 03/15/2053 | 77,000 | 71,466 | |||||
Prudential Financial, Inc. | |||||||
5.700% (3 Month LIBOR USD + 2.665%), 09/15/2048 (a) | 42,000 | 39,096 | |||||
Travelers Cos, Inc. | |||||||
5.450%, 05/25/2053 | 20,000 | 19,983 | |||||
391,325 | |||||||
Insurance Carriers and Related Activities - 0.43% | |||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | |||||||
6.750%, 04/15/2028 | 25,000 | 25,002 | |||||
Aon Corp. / Aon Global Holdings PLC | |||||||
5.350%, 02/28/2033 | 211,000 | 209,942 | |||||
Metropolitan Life Global Funding I | |||||||
5.150%, 03/28/2033 | 233,000 | 227,665 | |||||
462,609 | |||||||
Management of Companies and Enterprises - 0.00% | |||||||
Cheniere Corpus Christi Holdings LLC | |||||||
5.875%, 03/31/2025 | 4,000 | 4,002 | |||||
Materials - 0.09% | |||||||
Cleveland-Cliffs, Inc. | |||||||
6.750%, 04/15/2030 | 35,000 | 34,093 | |||||
Packaging Corp of America | |||||||
4.050%, 12/15/2049 | 92,000 | 69,283 | |||||
103,376 | |||||||
Media & Entertainment - 0.77% | |||||||
Alphabet, Inc. | |||||||
2.250%, 08/15/2060 | 60,000 | 35,002 | |||||
Comcast Corp. | |||||||
2.350%, 01/15/2027 | 50,000 | 46,331 | |||||
5.350%, 05/15/2053 | 80,000 | 77,321 | |||||
Cox Communications, Inc. | |||||||
5.700%, 06/15/2033 | 60,000 | 59,739 | |||||
Paramount Global | |||||||
4.200%, 05/19/2032 | 60,000 | 50,753 | |||||
Take-Two Interactive Software, Inc. | |||||||
4.950%, 03/28/2028 | 214,000 | 211,931 | |||||
TEGNA, Inc. | |||||||
5.000%, 09/15/2029 | 29,000 | 25,791 | |||||
Walt Disney Co. | |||||||
3.800%, 05/13/2060 | 121,000 | 90,889 | |||||
Warnermedia Holdings, Inc. | |||||||
5.141%, 03/15/2052 | 229,000 | 183,165 | |||||
Ziff Davis, Inc. | |||||||
4.625%, 10/15/2030 | 60,000 | 52,925 | |||||
833,847 | |||||||
Merchant Wholesalers, Durable Goods - 0.12% | |||||||
CDW LLC / CDW Finance Corp. | |||||||
2.670%, 12/01/2026 | 20,000 | 18,331 | |||||
4.250%, 04/01/2028 | 65,000 | 61,237 | |||||
Standard Industries, Inc. | |||||||
4.750%, 01/15/2028 | 50,000 | 47,043 | |||||
126,611 | |||||||
Merchant Wholesalers, Nondurable Goods - 0.02% | |||||||
Performance Food Group, Inc. | |||||||
5.500%, 10/15/2027 | 25,000 | 24,224 | |||||
Nonstore Retailers - 0.03% | |||||||
Ferrellgas LP / Ferrellgas Finance Corp. | |||||||
5.875%, 04/01/2029 | 40,000 | 36,862 | |||||
Petroleum and Coal Products Manufacturing - 0.04% | |||||||
BP Capital Markets America, Inc. | |||||||
4.812%, 02/13/2033 | 40,000 | 38,846 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 1.47% | |||||||
AbbVie, Inc. | |||||||
2.950%, 11/21/2026 | 185,000 | 175,160 | |||||
4.050%, 11/21/2039 | 20,000 | 17,200 | |||||
Amgen, Inc. | |||||||
5.507%, 03/02/2026 | 65,000 | 64,989 | |||||
5.600%, 03/02/2043 | 60,000 | 58,765 | |||||
5.650%, 03/02/2053 | 22,000 | 21,715 | |||||
5.750%, 03/02/2063 | 466,000 | 456,444 | |||||
Bristol-Myers Squibb Co. | |||||||
6.400%, 11/15/2063 | 45,000 | 49,660 | |||||
Eli Lilly & Co. | |||||||
5.000%, 02/27/2026 | 228,000 | 228,039 | |||||
4.950%, 02/27/2063 | 147,000 | 141,974 | |||||
Gilead Sciences, Inc. | |||||||
5.550%, 10/15/2053 | 85,000 | 85,876 | |||||
Johnson & Johnson | |||||||
3.400%, 01/15/2038 | 246,000 | 206,848 | |||||
Merck & Co, Inc. | |||||||
3.900%, 03/07/2039 | 30,000 | 25,919 | |||||
Regeneron Pharmaceuticals, Inc. | |||||||
2.800%, 09/15/2050 | 76,000 | 46,159 | |||||
Viatris, Inc. | |||||||
2.700%, 06/22/2030 | 30,000 | 24,374 | |||||
1,603,122 | |||||||
Professional, Scientific, and Technical Services - 0.11% | |||||||
Aramark Services, Inc. | |||||||
5.000%, 02/01/2028 | 75,000 | 71,041 | |||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | |||||||
6.250%, 01/15/2028 | 50,000 | 48,057 | |||||
119,098 | |||||||
Real Estate - 0.90% | |||||||
Corporate Office Properties LP | |||||||
2.750%, 04/15/2031 | 90,000 | 68,880 | |||||
2.900%, 12/01/2033 | 70,000 | 50,695 | |||||
Prologis LP | �� | ||||||
4.750%, 06/15/2033 | 583,000 | 556,985 | |||||
RHP Hotel Properties LP / RHP Finance Corp. | |||||||
4.750%, 10/15/2027 | 15,000 | 14,258 | |||||
Simon Property Group LP | |||||||
6.250%, 01/15/2034 | 35,000 | 36,206 | |||||
5.850%, 03/08/2053 | 84,000 | 81,693 | |||||
Spirit Realty LP | |||||||
4.000%, 07/15/2029 | 40,000 | 36,700 | |||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | |||||||
10.500%, 02/15/2028 | 40,000 | 39,383 | |||||
Ventas Realty LP | |||||||
3.500%, 04/15/2024 | 95,000 | 94,093 | |||||
978,893 | |||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.10% | |||||||
Jane Street Group / JSG Finance, Inc. | |||||||
4.500%, 11/15/2029 | 45,000 | 40,308 | |||||
Macy's Retail Holdings LLC | |||||||
5.875%, 03/15/2030 | 75,000 | 68,121 | |||||
108,429 | |||||||
Semiconductors & Semiconductor Equipment - 0.29% | |||||||
Analog Devices, Inc. | |||||||
2.100%, 10/01/2031 | 105,000 | 85,677 | |||||
Intel Corp. | |||||||
5.700%, 02/10/2053 | 50,000 | 50,846 | |||||
Micron Technology, Inc. | |||||||
5.375%, 04/15/2028 | 139,000 | 138,308 | |||||
5.875%, 09/15/2033 | 38,000 | 38,052 | |||||
312,883 | |||||||
Software & Services - 0.16% | |||||||
Oracle Corp. | |||||||
6.900%, 11/09/2052 | 75,000 | 83,716 | |||||
VMware, Inc. | |||||||
3.900%, 08/21/2027 | 100,000 | 95,360 | |||||
179,076 | |||||||
Support Activities for Mining - 0.04% | |||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | |||||||
6.250%, 11/01/2028 | 50,000 | 48,687 | |||||
Technology Hardware & Equipment - 0.48% | |||||||
Apple, Inc. | |||||||
3.350%, 02/09/2027 | 35,000 | 33,647 | |||||
Avnet, Inc. | |||||||
6.250%, 03/15/2028 | 305,000 | 310,268 | |||||
Hewlett Packard Enterprise Co. | |||||||
4.900%, 10/15/2025 | 69,000 | 68,340 | |||||
Jabil, Inc. | |||||||
5.450%, 02/01/2029 | 107,000 | 105,993 | |||||
518,248 | |||||||
Telecommunication Services - 0.25% | |||||||
AT&T, Inc. | |||||||
3.500%, 06/01/2041 | 20,000 | 14,875 | |||||
3.500%, 09/15/2053 | 130,000 | 86,619 | |||||
Frontier Communications Holdings LLC | |||||||
5.875%, 10/15/2027 | 75,000 | 70,534 | |||||
Verizon Communications, Inc. | |||||||
2.355%, 03/15/2032 | 75,000 | 59,859 | |||||
5.050%, 05/09/2033 | 35,000 | 34,456 | |||||
2.650%, 11/20/2040 | 15,000 | 10,217 | |||||
276,560 | |||||||
Telecommunications - 0.15% | |||||||
T-Mobile USA, Inc. | |||||||
3.375%, 04/15/2029 | 70,000 | 63,504 | |||||
2.550%, 02/15/2031 | 60,000 | 49,756 | |||||
4.375%, 04/15/2040 | 40,000 | 34,207 | |||||
3.300%, 02/15/2051 | 20,000 | 13,405 | |||||
160,872 | |||||||
Transportation - 0.05% | |||||||
Southwest Airlines Co. | |||||||
5.250%, 05/04/2025 | 60,000 | 59,642 | |||||
Transportation Equipment Manufacturing - 0.15% | |||||||
American Axle & Manufacturing, Inc. | |||||||
6.875%, 07/01/2028 | 40,000 | 36,842 | |||||
TransDigm, Inc. | |||||||
6.750%, 08/15/2028 | 75,000 | 75,228 | |||||
United Airlines Class B Pass Through Trust | |||||||
4.875%, 01/15/2026 | 57,760 | 55,427 | |||||
167,497 | |||||||
Utilities - 2.24% | |||||||
American Electric Power Co, Inc. | |||||||
5.625%, 03/01/2033 | 4,000 | 4,010 | |||||
Arizona Public Service Co. | |||||||
2.950%, 09/15/2027 | 92,000 | 85,570 | |||||
Calpine Corp. | |||||||
5.000%, 02/01/2031 | 75,000 | 66,398 | |||||
CenterPoint Energy Houston Electric LLC | |||||||
4.950%, 04/01/2033 | 249,000 | 244,654 | |||||
5.300%, 04/01/2053 | 122,000 | 119,139 | |||||
DTE Energy Co. | |||||||
1.050%, 06/01/2025 | 40,000 | 37,343 | |||||
Duke Energy Corp. | |||||||
5.750%, 09/15/2033 | 72,000 | 73,055 | |||||
5.000%, 08/15/2052 | 60,000 | 52,312 | |||||
Duke Energy Indiana LLC | |||||||
5.400%, 04/01/2053 | 113,000 | 107,088 | |||||
Edison International | |||||||
5.750%, 06/15/2027 | 47,000 | 47,296 | |||||
6.950%, 11/15/2029 | 15,000 | 15,888 | |||||
Essential Utilities, Inc. | |||||||
2.704%, 04/15/2030 | 60,000 | 50,709 | |||||
Evergy Kansas Central, Inc. | |||||||
5.700%, 03/15/2053 | 62,000 | 60,269 | |||||
Evergy, Inc. | |||||||
2.450%, 09/15/2024 | 20,000 | 19,478 | |||||
Evergy Metro, Inc. | |||||||
4.950%, 04/15/2033 | 60,000 | 57,691 | |||||
Exelon Corp. | |||||||
5.300%, 03/15/2033 | 105,000 | 103,589 | |||||
5.600%, 03/15/2053 | 139,000 | 133,366 | |||||
Interstate Power and Light Co. | |||||||
2.300%, 06/01/2030 | 25,000 | 20,534 | |||||
National Fuel Gas Co. | |||||||
5.500%, 10/01/2026 | 77,000 | 76,468 | |||||
NextEra Energy Capital Holdings, Inc. | |||||||
4.900%, 02/28/2028 | 35,000 | 34,528 | |||||
5.250%, 02/28/2053 | 40,000 | 36,485 | |||||
Pacific Gas and Electric Co. | |||||||
6.950%, 03/15/2034 | 45,000 | 47,461 | |||||
Public Service Co. of Colorado | |||||||
5.250%, 04/01/2053 | 104,000 | 96,054 | |||||
Public Service Electric and Gas Co. | |||||||
5.125%, 03/15/2053 | 117,000 | 111,790 | |||||
Sabine Pass Liquefaction LLC | |||||||
4.500%, 05/15/2030 | 50,000 | 47,223 | |||||
San Diego Gas & Electric Co. | |||||||
5.350%, 04/01/2053 | 48,000 | 45,424 | |||||
Sempra | |||||||
5.500%, 08/01/2033 | 55,000 | 54,554 | |||||
Southern Co. | |||||||
3.250%, 07/01/2026 | 85,000 | 80,867 | |||||
5.200%, 06/15/2033 | 165,000 | 162,034 | |||||
Southern Co. Gas Capital Corp. | |||||||
1.750%, 01/15/2031 | 40,000 | 31,248 | |||||
Union Electric Co. | |||||||
5.450%, 03/15/2053 | 60,000 | 57,709 | |||||
Venture Global LNG, Inc. | |||||||
9.500%, 02/01/2029 | 30,000 | 30,973 | |||||
Virginia Electric and Power Co. | |||||||
5.450%, 04/01/2053 | 164,000 | 155,894 | |||||
Vistra Operations Co LLC | |||||||
7.750%, 10/15/2031 | 25,000 | 25,609 | |||||
Vistra Operations Co. LLC | |||||||
4.375%, 05/01/2029 | 50,000 | 45,177 | |||||
2,437,887 | |||||||
TOTAL CORPORATE BONDS (Cost $20,795,183) | 20,497,819 | ||||||
FOREIGN GOVERNMENT AGENCY ISSUES - 0.21% | |||||||
Corp Andina de Fomento | |||||||
6.000%, 04/26/2027 | 60,000 | 61,148 | |||||
International Bank for Reconstruction & Development | |||||||
4.625%, 08/01/2028 | 80,000 | 80,607 | |||||
Kreditanstalt fuer Wiederaufbau | |||||||
4.750%, 10/29/2030 | 30,000 | 30,473 | |||||
Province of British Columbia Canada | |||||||
4.800%, 11/15/2028 | 55,000 | 55,450 | |||||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $224,735) | 227,678 | ||||||
FOREIGN GOVERNMENT NOTES/BOND - 0.08% | |||||||
Province of Quebec | |||||||
4.500%, 09/08/2033 | 85,000 | 82,895 | |||||
TOTAL FOREIGN GOVERNMENT NOTES/BOND (Cost $84,675) | �� | 82,895 | |||||
FOREIGN CORPORATE BONDS - 4.26% | |||||||
Air Transportation - 0.05% | |||||||
Delta Air Lines Inc / SkyMiles IP Ltd. | |||||||
4.750%, 10/20/2028 | 57,000 | 54,764 | |||||
Banks - 1.66% | |||||||
Bank of Nova Scotia | |||||||
1.450%, 01/10/2025 | 788,000 | 753,567 | |||||
4.500%, 12/16/2025 | 70,000 | 68,290 | |||||
Deutsche Bank AG/New York NY | |||||||
Banco Bilbao Vizcaya Argentaria SA | |||||||
6.138% (1 Year CMT Rate + 2.700%), 09/14/2028 (a) | 167,000 | 168,320 | |||||
Bancolombia SA | |||||||
3.000%, 01/29/2025 | 203,000 | 195,111 | |||||
Mitsubishi UFJ Financial Group, Inc. | |||||||
5.719% (1 Year CMT Rate + 1.080%), 02/20/2026 (a) | 200,000 | 199,980 | |||||
5.475% (1 Year CMT Rate + 1.530%), 02/22/2031 (a) | 238,000 | 236,922 | |||||
Societe Generale SA | |||||||
1.488% (1 Year CMT Rate + 1.100%), 12/14/2026 (a) | 200,000 | 181,062 | |||||
Toronto-Dominion Bank | |||||||
5.103%, 01/09/2026 | 4,000 | 3,993 | |||||
1,807,245 | |||||||
Capital Goods - 0.24% | |||||||
Weir Group PLC | |||||||
2.200%, 05/13/2026 | 281,000 | 257,841 | |||||
Chemical Manufacturing - 0.09% | |||||||
NOVA Chemicals Corp. | |||||||
4.875%, 06/01/2024 | 29,000 | 28,692 | |||||
Utah Acquisition Sub, Inc. | |||||||
3.950%, 06/15/2026 | 75,000 | 71,510 | |||||
100,202 | |||||||
Computer and Electronic Product Manufacturing - 0.06% | |||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | |||||||
5.000%, 01/15/2033 | 70,000 | 66,860 | |||||
Consumer Services - 0.07% | |||||||
Carnival Corp. | |||||||
7.625%, 03/01/2026 | 75,000 | 75,473 | |||||
Credit Intermediation and Related Activities - 0.13% | |||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | |||||||
3.500%, 01/15/2025 | 150,000 | 145,759 | |||||
Energy - 0.26% | |||||||
BP Capital Markets PLC | |||||||
4.375% (5 Year CMT Rate + 4.036%) (a)(e) | 19,000 | 18,354 | |||||
Enbridge, Inc. | |||||||
5.700%, 03/08/2033 | 234,000 | 234,132 | |||||
Newcastle Coal Infrastructure Group Pty Ltd. | |||||||
4.400%, 09/29/2027 | 31,896 | 29,560 | |||||
282,046 | |||||||
Financial Services - 0.83% | |||||||
Credit Suisse AG/New York NY | |||||||
2.950%, 04/09/2025 | 251,000 | 240,696 | |||||
4.162%, 05/13/2025 | 151,000 | 147,545 | |||||
UBS Group AG | |||||||
2.193% (SOFR + 2.044%), 06/05/2026 (a) | 65,000 | 61,143 | |||||
1.305% (SOFRINDX + 0.980%), 02/02/2027 (a) | 13,000 | 11,764 | |||||
6.537% (SOFR + 3.920%), 08/12/2033 (a) | 250,000 | 255,286 | |||||
Viterra Finance BV | |||||||
2.000%, 04/21/2026 | 201,000 | 184,200 | |||||
900,634 | |||||||
Insurance - 0.20% | |||||||
Fairfax Financial Holdings Ltd. | |||||||
3.375%, 03/03/2031 | 253,000 | 214,252 | |||||
Materials - 0.53% | |||||||
BHP Billiton Finance USA Ltd. | |||||||
4.900%, 02/28/2033 | 328,000 | 323,144 | |||||
Hudbay Minerals, Inc. | |||||||
6.125%, 04/01/2029 | 40,000 | 37,740 | |||||
OCI NV | |||||||
6.700%, 03/16/2033 | 218,000 | 212,990 | |||||
UPM-Kymmene Oyj | |||||||
7.450%, 11/26/2027 | 6,000 | 6,248 | |||||
580,122 | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 0.03% | |||||||
Pfizer Investment Enterprises Pte Ltd. | |||||||
5.340%, 05/19/2063 | 35,000 | 33,689 | |||||
Support Activities for Transportation - 0.08% | |||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd. | |||||||
5.500%, 04/20/2026 | 91,667 | 90,306 | |||||
Transportation - 0.03% | |||||||
Canadian Pacific Railway Co. | |||||||
2.875%, 11/15/2029 | 33,000 | 28,920 | |||||
TOTAL FOREIGN CORPORATE BONDS (Cost $4,670,244) | 4,638,113 | ||||||
NON-AGENCY MORTGAGE BACKED SECURITIES - 1.50% | |||||||
BANK | |||||||
2022-BNK39, 2.928%, 02/15/2055 (c) | 100,000 | 82,659 | |||||
Benchmark Mortgage Trust | |||||||
2020-B21, 1.978%, 12/17/2053 | 65,000 | 50,394 | |||||
2021-B29, 2.388%, 09/15/2054 | 100,000 | 79,255 | |||||
2022-B34, 3.786%, 04/15/2055 (c) | 100,000 | 83,076 | |||||
2019-B15, 3.231%, 12/15/2072 | 25,000 | 20,375 | |||||
BMO Mortgage Trust | |||||||
2023-C5, 6.848%, 06/15/2056 (c) | 10,000 | 9,087 | |||||
BX Commercial Mortgage Trust | |||||||
2021-VOLT, 6.537% (TSFR1M + 1.214%), 09/15/2036 (b) | 100,000 | 95,780 | |||||
BX Trust | |||||||
2019-OC11, 3.202%, 12/09/2041 | 50,000 | 42,887 | |||||
Citigroup Commercial Mortgage Trust | |||||||
2014-GC19, 4.023%, 03/11/2047 | 48,951 | 48,802 | |||||
COMM Mortgage Trust | |||||||
2014-CCRE21, 3.987%, 12/10/2047 | 20,000 | 19,056 | |||||
Connecticut Avenue Securities Trust | |||||||
2021-R03, 6.978% (SOFR30A + 1.650%), 12/25/2041 (b) | 55,000 | 54,410 | |||||
2022-R02, 6.528% (SOFR30A + 1.200%), 01/25/2042 (b) | 46,286 | 46,194 | |||||
2022-R04, 8.428% (SOFR30A + 3.100%), 03/25/2042 (b) | 55,000 | 56,704 | |||||
2022-R03, 8.828% (SOFR30A + 3.500%), 03/25/2042 (b) | 60,000 | 62,451 | |||||
2022-R07, 9.979% (SOFR30A + 4.650%), 06/25/2042 (b) | 55,000 | 59,294 | |||||
2022-R08, 7.878% (SOFR30A + 2.550%), 07/25/2042 (b) | 88,716 | 90,991 | |||||
2023-R02, 7.628% (SOFR30A + 2.300%), 01/25/2043 (b) | 87,796 | 89,183 | |||||
FIVE Mortgage Trust | |||||||
2023-V1, 5.668%, 02/10/2056 (c) | 100,000 | 99,410 | |||||
JPMBB Commercial Mortgage Securities Trust | |||||||
2015-C33, 3.504%, 12/15/2048 | 78,971 | 75,251 | |||||
Morgan Stanley Capital I Trust | |||||||
2015-MS1, 3.779%, 05/15/2048 (c) | 60,000 | 57,574 | |||||
2018-H4, 5.225%, 12/15/2051 (c) | 25,000 | 20,239 | |||||
2020-HR8, 2.041%, 07/15/2053 | 55,000 | 43,875 | |||||
ORL Trust | |||||||
2023-GKLS, 8.974% (TSFR1M + 3.651%), 10/19/2036 (b) | 100,000 | 100,094 | |||||
SG Residential Mortgage Trust | |||||||
2021-2, 1.737%, 12/25/2061 (c) | 79,735 | 62,092 | |||||
Taubman Centers Commercial Mortgage Trust | |||||||
2022-DPM, 7.509% (TSFR1M + 2.186%), 05/15/2037 (b) | 100,000 | 99,183 | |||||
Wells Fargo Commercial Mortgage Trust | |||||||
2019-C54, 3.146%, 12/15/2052 | 100,000 | 86,782 | |||||
TOTAL NON-AGENCY MORTGAGE BACKED SECURITIES (Cost $1,660,495) | 1,635,098 | ||||||
AGENCY MORTGAGE BACKED SECURITIES - 8.42% | |||||||
Fannie Mae Connecticut Avenue Securities | |||||||
2014-C02, 8.043% (SOFR30A + 2.714%), 05/25/2024 (b) | 124,894 | 125,774 | |||||
Fannie Mae Pool | |||||||
MA4211, 3.000%, 12/01/2050 | 26,534 | 22,610 | |||||
CB1149, 3.000%, 07/01/2051 | 284,653 | 241,663 | |||||
BT6823, 2.500%, 10/01/2051 | 182,287 | 147,996 | |||||
FM9540, 2.000%, 11/01/2051 | 252,816 | 198,411 | |||||
FS0288, 2.000%, 01/01/2052 | 84,363 | 66,141 | |||||
FS0176, 2.500%, 01/01/2052 | 418,111 | 339,402 | |||||
MA4512, 2.500%, 01/01/2052 | 47,747 | 38,754 | |||||
FS2040, 2.000%, 02/01/2052 | 91,792 | 71,555 | |||||
MA4548, 2.500%, 02/01/2052 | 80,446 | 65,306 | |||||
FS0631, 3.000%, 02/01/2052 | 33,332 | 28,264 | |||||
FS3569, 3.000%, 02/01/2052 | 193,959 | 164,564 | |||||
MA4563, 2.500%, 03/01/2052 | 114,321 | 92,808 | |||||
FS4110, 2.500%, 03/01/2052 | 56,335 | 45,751 | |||||
MA4579, 3.000%, 04/01/2052 | 88,152 | 74,554 | |||||
MA4600, 3.500%, 05/01/2052 | 270,801 | 237,883 | |||||
MA4625, 3.500%, 06/01/2052 | 83,141 | 73,036 | |||||
CB3899, 3.500%, 06/01/2052 | 30,213 | 26,632 | |||||
FS2512, 3.500%, 07/01/2052 | 326,097 | 287,828 | |||||
CB4121, 4.000%, 07/01/2052 | 242,033 | 220,155 | |||||
FS3497, 3.500%, 08/01/2052 | 215,306 | 189,003 | |||||
MA4700, 4.000%, 08/01/2052 | 279,244 | 253,763 | |||||
FS2805, 2.500%, 09/01/2052 | 349,846 | 284,004 | |||||
MA4732, 4.000%, 09/01/2052 | 23,385 | 21,254 | |||||
MA4733, 4.500%, 09/01/2052 | 23,156 | 21,710 | |||||
MA4761, 5.000%, 09/01/2052 | 222,853 | 214,976 | |||||
MA4784, 4.500%, 10/01/2052 | 23,295 | 21,842 | |||||
MA4786, 5.500%, 10/01/2052 | 30,793 | 30,400 | |||||
MA4805, 4.500%, 11/01/2052 | 145,755 | 136,668 | |||||
BX5065, 5.500%, 01/01/2053 | 23,074 | 22,769 | |||||
MA4918, 5.000%, 02/01/2053 | 171,031 | 164,727 | |||||
MA4940, 5.000%, 03/01/2053 | 28,494 | 27,470 | |||||
CB5906, 5.500%, 03/01/2053 | 23,593 | 23,281 | |||||
CB6031, 5.000%, 04/01/2053 | 53,022 | 51,090 | |||||
MA5009, 5.000%, 05/01/2053 | 193,840 | 186,653 | |||||
CB6201, 6.000%, 05/01/2053 | 47,356 | 47,527 | |||||
FS4874, 5.500%, 06/01/2053 | 24,165 | 23,832 | |||||
FS5235, 5.500%, 07/01/2053 | 216,512 | 213,684 | |||||
MA5073, 6.000%, 07/01/2053 | 23,903 | 23,985 | |||||
MA5106, 5.000%, 08/01/2053 | 24,413 | 23,519 | |||||
MA5108, 6.000%, 08/01/2053 | 77,174 | 77,439 | |||||
CB7106, 5.500%, 09/01/2053 | 159,556 | 157,418 | |||||
MA5139, 6.000%, 09/01/2053 | 24,372 | 24,456 | |||||
MA5165, 5.500%, 10/01/2053 | 24,699 | 24,351 | |||||
MA5192, 6.500%, 11/01/2053 | 49,734 | 50,556 | |||||
Freddie Mac Pool | |||||||
RA-3661, 2.500%, 10/01/2050 | 120,392 | 98,293 | |||||
QB-8934, 2.500%, 02/01/2051 | 26,779 | 21,740 | |||||
SD-8135, 2.500%, 03/01/2051 | 29,285 | 23,891 | |||||
SD-8157, 3.000%, 07/01/2051 | 67,873 | 57,497 | |||||
SD-8166, 2.000%, 09/01/2051 | 26,057 | 20,330 | |||||
SD-0781, 3.000%, 11/01/2051 | 80,942 | 68,715 | |||||
SD-8188, 2.000%, 01/01/2052 | 105,355 | 82,062 | |||||
SD-8199, 2.000%, 03/01/2052 | 45,732 | 35,625 | |||||
SD-8205, 2.500%, 04/01/2052 | 201,194 | 163,308 | |||||
SD-8214, 3.500%, 05/01/2052 | 225,367 | 197,805 | |||||
SD-8221, 3.500%, 06/01/2052 | 27,656 | 24,284 | |||||
RA-7587, 3.500%, 06/01/2052 | 203,751 | 179,589 | |||||
SD-8222, 4.000%, 06/01/2052 | 89,726 | 81,578 | |||||
SD-1117, 4.500%, 06/01/2052 | 21,122 | 19,855 | |||||
SD-1505, 4.500%, 08/01/2052 | 89,710 | 84,110 | |||||
SD-8244, 4.000%, 09/01/2052 | 211,667 | 192,336 | |||||
RA-8249, 5.500%, 11/01/2052 | 145,837 | 143,955 | |||||
SD-2253, 3.500%, 12/01/2052 | 167,796 | 147,275 | |||||
SD-8289, 5.500%, 01/01/2053 | 178,546 | 176,064 | |||||
QF-7085, 5.500%, 02/01/2053 | 70,351 | 69,411 | |||||
SD-8315, 5.000%, 04/01/2053 | 191,923 | 184,821 | |||||
SD-8316, 5.500%, 04/01/2053 | 428,301 | 422,408 | |||||
SD-3218, 5.000%, 05/01/2053 | 24,650 | 23,749 | |||||
SD-8324, 5.500%, 05/01/2053 | 170,872 | 168,496 | |||||
SD-8325, 6.000%, 05/01/2053 | 126,597 | 127,032 | |||||
SD-2862, 6.000%, 05/01/2053 | 23,681 | 23,774 | |||||
SD-3392, 5.500%, 07/01/2053 | 158,450 | 156,379 | |||||
SD-8368, 6.000%, 10/01/2053 | 44,328 | 44,480 | |||||
Freddie Mac STACR REMIC Trust | |||||||
2021-DNA6, 6.128% (SOFR30A + 0.800%), 10/25/2041 (b) | 36,679 | 36,551 | |||||
2022-DNA2, 7.728% (SOFR30A + 2.400%), 02/25/2042 (b) | 60,000 | 60,604 | |||||
2022-HQA1, 8.828% (SOFR30A + 3.500%), 03/25/2042 (b) | 55,000 | 57,006 | |||||
2022-DNA3, 8.228% (SOFR30A + 2.900%), 04/25/2042 (b) | 55,000 | 56,292 | |||||
2022-DNA4, 8.678% (SOFR30A + 3.350%), 05/25/2042 (b) | 55,000 | 57,129 | |||||
Ginnie Mae II Pool | |||||||
MA8801M, 5.500%, 04/20/2053 | 112,388 | 111,655 | |||||
MA8947M, 5.000%, 06/20/2053 | 29,677 | 28,844 | |||||
MA9306M, 6.000%, 11/20/2053 | 25,000 | 25,198 | |||||
MA7935M, 2.000%, 03/20/2052 | 89,895 | 72,595 | |||||
MA7936M, 2.500%, 03/20/2052 | 176,926 | 147,860 | |||||
MA8147M, 2.500%, 07/20/2052 | 22,342 | 18,681 | |||||
MA8149M, 3.500%, 07/20/2052 | 37,987 | 33,982 | |||||
MA8151M, 4.500%, 07/20/2052 | 162,551 | 154,009 | |||||
MA8492M, 6.000%, 12/20/2052 | 23,141 | 23,333 | |||||
MA8800M, 5.000%, 04/20/2053 | 118,698 | 115,441 | |||||
MA8948M, 5.500%, 06/20/2053 | 24,703 | 24,537 | |||||
MA9018M, 6.000%, 07/20/2053 | 49,525 | 49,919 | |||||
MA9107M, 6.000%, 08/20/2053 | 59,593 | 60,065 | |||||
Government National Mortgage Association | |||||||
2020-107, 1.000%, 07/20/2050 | 54,466 | 40,441 | |||||
2020-112, 1.000%, 08/20/2050 | 49,777 | 36,905 | |||||
2021-103, 2.000%, 06/20/2051 | 37,823 | 30,702 | |||||
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost $9,459,623) | 9,166,075 | ||||||
U.S. GOVERNMENT NOTES/BONDS - 33.69% | |||||||
United States Treasury Inflation Indexed Bonds | |||||||
1.250%, 04/15/2028 | 148,790 | 142,476 | |||||
United States Treasury Note/Bond | |||||||
0.375%, 08/15/2024 | 405,000 | 391,329 | |||||
4.625%, 02/28/2025 | 1,809,000 | 1,799,815 | |||||
3.875%, 03/31/2025 | 2,285,000 | 2,251,931 | |||||
3.875%, 04/30/2025 | 279,000 | 274,869 | |||||
4.750%, 07/31/2025 | 370,000 | 369,422 | |||||
4.250%, 10/15/2025 | 68,000 | 67,390 | |||||
4.000%, 12/15/2025 | 303,000 | 298,999 | |||||
4.000%, 02/15/2026 | 1,002,000 | 988,888 | |||||
0.500%, 02/28/2026 | 384,000 | 350,700 | |||||
4.625%, 03/15/2026 | 1,657,000 | 1,657,809 | |||||
3.750%, 04/15/2026 | 626,000 | 614,483 | |||||
4.125%, 06/15/2026 | 758,000 | 750,568 | |||||
1.875%, 07/31/2026 | 345,000 | 322,319 | |||||
1.500%, 08/15/2026 | 158,000 | 146,002 | |||||
6.750%, 08/15/2026 | 1,637,000 | 1,729,529 | |||||
0.750%, 08/31/2026 | 132,000 | 119,365 | |||||
4.625%, 09/15/2026 | 622,000 | 624,211 | |||||
2.000%, 11/15/2026 | 111,000 | 103,516 | |||||
1.625%, 11/30/2026 | 205,000 | 188,880 | |||||
4.125%, 10/31/2027 | 791,000 | 783,754 | |||||
6.125%, 11/15/2027 | 1,666,000 | 1,771,687 | |||||
4.000%, 02/29/2028 | 756,000 | 745,694 | |||||
3.625%, 03/31/2028 | 1,510,000 | 1,467,384 | |||||
3.500%, 04/30/2028 | 697,000 | 673,694 | |||||
4.000%, 06/30/2028 | 110,000 | 108,520 | |||||
4.125%, 07/31/2028 | 877,000 | 869,823 | |||||
5.250%, 11/15/2028 | 1,659,000 | 1,725,684 | |||||
3.250%, 06/30/2029 | 469,000 | 443,333 | |||||
4.000%, 02/28/2030 | 1,610,000 | 1,577,077 | |||||
3.625%, 03/31/2030 | 658,000 | 630,832 | |||||
1.875%, 02/15/2032 | 1,941,000 | 1,610,651 | |||||
2.750%, 08/15/2032 | 1,286,000 | 1,135,849 | |||||
3.500%, 02/15/2033 | 1,425,200 | 1,332,117 | |||||
3.375%, 05/15/2033 | 1,185,000 | 1,095,199 | |||||
3.875%, 08/15/2033 | 787,000 | 757,057 | |||||
4.500%, 11/15/2033 | 200,000 | 202,500 | |||||
4.750%, 02/15/2037 | 587,000 | 609,769 | |||||
1.125%, 05/15/2040 | 589,000 | 349,454 | |||||
1.125%, 08/15/2040 | 98,000 | 57,634 | |||||
1.375%, 11/15/2040 | 638,000 | 390,812 | |||||
1.875%, 02/15/2041 | 640,000 | 426,313 | |||||
2.250%, 05/15/2041 | 147,000 | 104,000 | |||||
1.750%, 08/15/2041 | 637,000 | 410,156 | |||||
2.000%, 11/15/2041 | 615,000 | 412,230 | |||||
3.125%, 11/15/2041 | 19,000 | 15,393 | |||||
2.375%, 02/15/2042 | 587,000 | 418,306 | |||||
3.125%, 02/15/2042 | 16,000 | 12,920 | |||||
3.875%, 02/15/2043 | 540,000 | 481,855 | |||||
2.875%, 05/15/2043 | 160,000 | 122,300 | |||||
3.750%, 11/15/2043 | 250,000 | 218,311 | |||||
3.375%, 05/15/2044 | 250,000 | 205,532 | |||||
2.250%, 08/15/2049 | 357,000 | 229,651 | |||||
2.000%, 02/15/2050 | 388,000 | 234,649 | |||||
1.375%, 08/15/2050 | 388,000 | 197,228 | |||||
1.625%, 11/15/2050 | 364,000 | 198,337 | |||||
1.875%, 02/15/2051 | 370,000 | 215,221 | |||||
2.375%, 05/15/2051 | 376,000 | 247,103 | |||||
2.000%, 08/15/2051 | 359,000 | 215,106 | |||||
1.875%, 11/15/2051 | 39,000 | 22,600 | |||||
2.250%, 02/15/2052 | 335,000 | 213,484 | |||||
2.875%, 05/15/2052 | 110,000 | 80,811 | |||||
3.000%, 08/15/2052 | 296,000 | 223,364 | |||||
4.000%, 11/15/2052 | 45,000 | 41,143 | |||||
3.625%, 02/15/2053 | 110,000 | 93,878 | |||||
3.625%, 05/15/2053 | 105,000 | 89,660 | |||||
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $38,216,533) | 36,660,576 | ||||||
U.S. GOVERNMENT AGENCY ISSUE - 0.11% | |||||||
Federal Home Loan Banks | |||||||
4.000%, 06/30/2028 | 50,000 | 49,366 | |||||
Federal National Mortgage Association | |||||||
7.250%, 05/15/2030 | 60,000 | 69,126 | |||||
TOTAL U.S. GOVERNMENT AGENCY ISSUE (Cost $119,668) | 118,492 | ||||||
Shares | |||||||
EXCHANGE TRADED FUNDS - 30.02% | |||||||
iShares Core U.S. Aggregate Bond ETF | 89,723 | 8,636,736 | |||||
iShares MBS ETF | 141,799 | 12,882,439 | |||||
Vanguard Total International Bond ETF | 226,582 | 11,154,632 | |||||
TOTAL EXCHANGE TRADED FUNDS (Cost $33,011,782) | 32,673,807 | ||||||
MONEY MARKET FUNDS - 0.83% | |||||||
First American Government Obligations Fund, Class X, 5.285% (e) | 905,426 | 905,426 | |||||
TOTAL MONEY MARKET FUNDS (Cost $905,426) | 905,426 | ||||||
Total Investments (Cost $110,820,824) - 99.49% | 108,263,161 | ||||||
Other Assets in Excess of Liabilities - 0.51% | 559,006 | ||||||
TOTAL NET ASSETS - 100.00% | $ | 108,822,167 |
Percentages are stated as a percent of net assets. | |||||
(a) | Variable rate security; the rate shown represents the rate at November 30, 2023. | ||||
(b) | Floating rate security; the rate shown represents the rate at November 30, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized. | ||||
(c) | Variable rate security; the rate shown represents the rate at November 30, 2023. The coupon is based on an underlying pool of loans and other conditions at the time the loans are securitized. | ||||
(d) | The rate shown represents the seven day yield at November 30, 2023. | ||||
(e) | Perpetual maturity. The date referenced is the next call date. | ||||
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 November 30, 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 November 30, 2023. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Fixed Income Securities: | ||||||||||||||||
Asset Backed Securities | $ | - | $ | 1,657,182 | $ | - | $ | 1,657,182 | ||||||||
Corporate Bonds* | - | 20,497,819 | - | 20,497,819 | ||||||||||||
Foreign Government Agency Issues | - | 227,678 | - | 227,678 | ||||||||||||
Foreign Government Notes/Bonds | - | 82,895 | - | 82,895 | ||||||||||||
Foreign Corporate Bonds* | - | 4,638,113 | - | 4,638,113 | ||||||||||||
Non-Agency Mortgage Backed Securities | - | 1,635,098 | - | 1,635,098 | ||||||||||||
Agency Mortgage Backed Securities | - | 9,166,075 | - | 9,166,075 | ||||||||||||
U.S. Government Notes/Bonds | - | 36,660,576 | - | 36,660,576 | ||||||||||||
U.S. Government Agency Issues | - | 118,492 | - | 118,492 | ||||||||||||
Total Fixed Income Securities | - | 74,565,436 | - | 74,683,928 | ||||||||||||
Exchange-Traded Funds | 32,673,807 | - | - | 32,673,807 | ||||||||||||
Money Market Funds | 905,426 | - | - | 905,426 | ||||||||||||
Total Investments in Securities | $ | 33,579,233 | $ | 74,565,436 | $ | - | $ | 108,263,161 | ||||||||
* 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 November 30, 2023. |