| COMMON STOCKS - 64.2% | | Shares | | | Value |
| Communication Services - 4.6% | | |
| Alphabet, Inc. - Class C | | 166,204 | | $ | 27,787,647 |
| Walt Disney Co. | | 88,000 | | | 8,464,720 |
| | | | | | 36,252,367 |
| | | | | | | |
| Consumer Discretionary - 1.3% | | |
| Home Depot, Inc. | | 24,702 | | | 10,009,250 |
| | | | | | | |
| Consumer Staples - 5.7% | | |
| Casey's General Stores, Inc. | | 21,000 | | | 7,889,910 |
| Hershey Co. | | 42,361 | | | 8,123,992 |
| Hormel Foods Corp. | | 269,291 | | | 8,536,525 |
| Procter & Gamble Co. | | 37,000 | | | 6,408,400 |
| Sysco Corp. | | 101,046 | | | 7,887,651 |
| Target Corp. | | 36,000 | | | 5,610,960 |
| | | | | | 44,457,438 |
| | | | | | | |
| Financials - 11.6% | | |
| American Express Co. | | 26,574 | | | 7,206,869 |
| Ameriprise Financial, Inc. | | 16,000 | | | 7,516,960 |
Fiserv, Inc. (a) | | 128,000 | | | 22,995,200 |
| JPMorgan Chase & Co. | | 95,339 | | | 20,103,181 |
| Principal Financial Group, Inc. | | 22,276 | | | 1,913,508 |
| US Bancorp/MN | | 177,768 | | | 8,129,331 |
| Visa, Inc. - Class A | | 57,000 | | | 15,672,150 |
| Wells Fargo & Co. | | 136,089 | | | 7,687,668 |
| | | | | | 91,224,867 |
| | | | | | | |
| Health Care - 12.1% | | |
| Abbott Laboratories | | 116,843 | | | 13,321,270 |
| Bio-Techne Corp. | | 62,876 | | | 5,025,679 |
| Eli Lilly & Co. | | 17,075 | | | 15,127,425 |
| Johnson & Johnson | | 73,092 | | | 11,845,290 |
| Medtronic PLC | | 154,000 | | | 13,864,620 |
Neogen Corp. (a) | | 195,000 | | | 3,277,950 |
| Roche Holding AG - ADR | | 197,000 | | | 7,870,150 |
| UnitedHealth Group, Inc. | | 42,144 | | | 24,640,754 |
| | | | | | 94,973,138 |
| | | | | | | |
| Industrials - 10.6% | | |
| 3M Co. | | 6,527 | | | 892,241 |
| Automatic Data Processing, Inc. | | 39,000 | | | 10,792,470 |
| CH Robinson Worldwide, Inc. | | 28,000 | | | 3,090,360 |
| Donaldson Co., Inc. | | 59,000 | | | 4,348,300 |
| Fastenal Co. | | 130,000 | | | 9,284,600 |
| Graco, Inc. | | 183,915 | | | 16,094,402 |
| Honeywell International, Inc. | | 32,091 | | | 6,633,530 |
| nVent Electric PLC | | 67,000 | | | 4,707,420 |
| Rockwell Automation, Inc. | | 25,000 | | | 6,711,500 |
| Tennant Co. | | 63,750 | | | 6,122,550 |
| Toro Co. | | 170,323 | | | 14,772,114 |
| | | | | | 83,449,487 |
| | | | | | | |
| Information Technology - 12.0% | | |
| Entegris, Inc. | | 62,000 | | | 6,976,860 |
| Littelfuse, Inc. | | 48,000 | | | 12,732,000 |
| Microsoft Corp. | | 70,213 | | | 30,212,654 |
| Motorola Solutions, Inc. | | 28,433 | | | 12,784,330 |
| QUALCOMM, Inc. | | 66,494 | | | 11,307,304 |
| Salesforce, Inc. | | 8,010 | | | 2,192,417 |
| Texas Instruments, Inc. | | 88,000 | | | 18,178,160 |
| | | | | | 94,383,725 |
| | | | | | | |
| Materials - 4.8% | | |
| Ecolab, Inc. | | 66,918 | | | 17,086,173 |
| HB Fuller Co. | | 96,205 | | | 7,636,753 |
| Sherwin-Williams Co. | | 34,000 | | | 12,976,780 |
| | | | | | 37,699,706 |
| | | | | | | |
| Utilities - 1.5% | | |
| Xcel Energy, Inc. | | 184,700 | | | 12,060,910 |
TOTAL COMMON STOCKS (Cost $263,519,771) | | | 504,510,888 |
| | | | | | | |
| CORPORATE BONDS - 31.2% | Par | | | Value |
| Communication Services - 1.6% |
| AT&T, Inc., 4.50%, 05/15/2035 | | $ | 3,000,000 | | | 2,913,594 |
| Comcast Corp., 4.25%, 01/15/2033 | | 2,000,000 | | | 1,965,421 |
Cox Communications, Inc., 4.80%, 02/01/2035 (b) | | 1,880,000 | | | 1,794,586 |
| Discovery Communications LLC, 4.95%, 05/15/2042 | | 570,000 | | | 452,638 |
| Netflix, Inc., 5.88%, 11/15/2028 | | 1,688,000 | | | 1,798,586 |
| T-Mobile USA, Inc., 5.75%, 01/15/2034 | | 2,000,000 | | | 2,146,981 |
| Warnermedia Holdings, Inc. |
| 4.28%, 03/15/2032 | | 1,000,000 | | | 891,856 |
| 5.05%, 03/15/2042 | | 800,000 | | | 653,234 |
| | | | 12,616,896 |
| | | | | | | |
| Consumer Discretionary - 3.9% |
| Advance Auto Parts, Inc., 3.90%, 04/15/2030 | | 2,000,000 | | | 1,788,505 |
| AutoNation, Inc., 3.80%, 11/15/2027 | | 1,110,000 | | | 1,081,029 |
| Block Financial LLC |
| 5.25%, 10/01/2025 | | 1,064,000 | | | 1,065,577 |
| 3.88%, 08/15/2030 | | 1,000,000 | | | 956,533 |
| Choice Hotels International, Inc. |
| 3.70%, 12/01/2029 | | 1,000,000 | | | 949,138 |
| 5.85%, 08/01/2034 | | 750,000 | | | 772,839 |
| eBay, Inc., 6.30%, 11/22/2032 | | 2,000,000 | | | 2,224,010 |
| Ford Motor Co. |
| 6.10%, 08/19/2032 | | 500,000 | | | 512,277 |
| 4.75%, 01/15/2043 | | 1,000,000 | | | 828,483 |
| Ford Motor Credit Co. LLC, 3.63%, 06/17/2031 | | 1,750,000 | | | 1,551,762 |
| General Motors Co. |
| 4.20%, 10/01/2027 | | 1,000,000 | | | 991,442 |
| 5.15%, 04/01/2038 | | 1,000,000 | | | 957,972 |
| General Motors Financial Co., Inc., 5.75%, 02/08/2031 | | 500,000 | | | 516,844 |
| Hasbro, Inc. |
| 3.90%, 11/19/2029 | | 2,000,000 | | | 1,928,822 |
| 5.10%, 05/15/2044 | | 750,000 | | | 696,908 |
| Kohl's Corp. |
| 4.63%, 05/01/2031 | | 1,000,000 | | | 843,540 |
| 6.88%, 12/15/2037 | | 500,000 | | | 400,645 |
| 5.55%, 07/17/2045 | | 1,073,000 | | | 739,115 |
| Lear Corp., 3.80%, 09/15/2027 | | 2,245,000 | | | 2,207,005 |
| Lowe's Cos., Inc., 4.65%, 04/15/2042 | | 880,000 | | | 827,114 |
| Mohawk Industries, Inc., 3.63%, 05/15/2030 | | 2,000,000 | | | 1,922,517 |
| Polaris, Inc., 6.95%, 03/15/2029 | | 1,806,000 | | | 1,960,155 |
| Starbucks Corp., 3.00%, 02/14/2032 | | 1,000,000 | | | 911,042 |
| Tapestry, Inc. |
| 7.70%, 11/27/2030 | | 500,000 | | | 538,393 |
| 3.05%, 03/15/2032 | | 500,000 | | | 427,959 |
| United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026 | | 346,882 | | | 340,951 |
| Whirlpool Corp. |
| 5.75%, 03/01/2034 | | 1,000,000 | | | 1,023,858 |
| 5.15%, 03/01/2043 | | 1,100,000 | | | 1,025,166 |
| Wildlife Conservation Society, 3.41%, 08/01/2050 | | 1,000,000 | | | 744,449 |
| | | | 30,734,050 |
| | | | | | | |
| Consumer Staples - 1.1% |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/2036 | | 1,000,000 | | | 1,003,181 |
Land O' Lakes Capital Trust I, 7.45%, 03/15/2028 (b) | | 1,949,000 | | | 1,928,060 |
| Land O' Lakes, Inc. |
7.25%, Perpetual (b) | | 2,500,000 | | | 2,114,994 |
7.00%, Perpetual (b) | | 2,500,000 | | | 2,062,500 |
| Molson Coors Beverage Co., 4.20%, 07/15/2046 | | 1,000,000 | | | 862,765 |
Smithfield Foods, Inc., 3.00%, 10/15/2030 (b) | | 250,000 | | | 224,131 |
| | | | 8,195,631 |
| | | | | | | |
| Energy - 0.5% |
| Boardwalk Pipelines LP, 4.95%, 12/15/2024 | | 1,000,000 | | | 998,892 |
| Kinder Morgan, Inc., 5.30%, 12/01/2034 | | 1,200,000 | | | 1,218,150 |
| Murphy Oil Corp., 5.88%, 12/01/2042 | | 500,000 | | | 455,335 |
Northern Natural Gas Co., 4.10%, 09/15/2042 (b) | | 1,021,000 | | | 868,973 |
| | | | 3,541,350 |
| | | | | | | |
| Financials - 10.9% |
| Allstate Corp., 5.25%, 03/30/2033 | | 1,000,000 | | | 1,041,912 |
| American Express Co., 4.99% to 05/26/2032 then SOFR + 2.26%, 05/26/2033 | | 500,000 | | | 505,158 |
| Associated Banc-Corp., 4.25%, 01/15/2025 | | 1,627,000 | | | 1,618,802 |
| Assurant, Inc., 3.70%, 02/22/2030 | | 2,300,000 | | | 2,182,642 |
| BAC Capital Trust XIV, 5.61% (3 mo. Term SOFR + 0.66%), Perpetual | | 500,000 | | | 425,692 |
| Bank of America Corp. |
| 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 | | 1,000,000 | | | 1,025,269 |
| 4.00%, 08/15/2034 | | 538,000 | | | 507,513 |
| Bank of Montreal, 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 | | 2,150,000 | | | 1,860,749 |
| Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual | | 2,000,000 | | | 1,891,902 |
Blackstone Holdings Finance Co. LLC, 2.55%, 03/30/2032 (b) | | 1,000,000 | | | 866,869 |
| Capital One Financial Corp., 5.25% to 07/26/2029 then SOFR + 2.60%, 07/26/2030 | | 4,000,000 | | | 4,066,765 |
| CBRE Services, Inc., 5.95%, 08/15/2034 | | 2,000,000 | | | 2,147,233 |
| Charles Schwab Corp., 4.00% to 12/01/2030 then 10 yr. CMT Rate + 3.08%, Perpetual | | 6,000,000 | | | 5,371,167 |
| Cincinnati Financial Corp., 6.13%, 11/01/2034 | | 1,301,000 | | | 1,411,259 |
| Citigroup, Inc., 3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028 | | 500,000 | | | 486,000 |
| CNA Financial Corp., 5.50%, 06/15/2033 | | 2,000,000 | | | 2,104,570 |
Farmers Exchange Capital, 7.05%, 07/15/2028 (b) | | 1,650,000 | | | 1,739,420 |
| Fiserv, Inc., 4.20%, 10/01/2028 | | 1,000,000 | | | 996,203 |
FMR LLC, 6.45%, 11/15/2039 (b) | | 1,141,000 | | | 1,339,120 |
| Fulton Financial Corp., 3.75% to 03/15/2030 then 3 mo. Term SOFR + 2.70%, 03/15/2035 | | 3,000,000 | | | 2,157,600 |
| Goldman Sachs Group, Inc. |
| 4.25%, 11/15/2030 | | 500,000 | | | 497,434 |
| 4.00%, 02/15/2031 | | 500,000 | | | 490,420 |
| 2.65% to 10/21/2031 then SOFR + 1.26%, 10/21/2032 | | 2,000,000 | | | 1,755,722 |
| 4.30%, 12/15/2032 | | 500,000 | | | 489,693 |
| Hartford Financial Services Group, Inc., 6.63%, 04/15/2042 | | 1,300,000 | | | 1,473,527 |
| HSBC Holdings PLC, 4.25%, 08/18/2025 | | 2,000,000 | | | 1,989,712 |
| Huntington National Bank, 4.60%, 02/27/2025 | | 1,050,000 | | | 1,046,291 |
| Janus Henderson US Holdings, Inc., 4.88%, 08/01/2025 | | 2,000,000 | | | 2,002,635 |
| JPMorgan Chase & Co. |
| 3.65% to 06/01/2026 then 5 yr. CMT Rate + 2.85%, Perpetual | | 3,000,000 | | | 2,916,992 |
| 4.13%, 12/15/2026 | | 1,000,000 | | | 999,751 |
| Kemper Corp., 4.35%, 02/15/2025 | | 4,000,000 | | | 3,981,468 |
| Legg Mason, Inc., 4.75%, 03/15/2026 | | 1,520,000 | | | 1,531,201 |
Liberty Mutual Insurance Co., 8.50%, 05/15/2025 (b) | | 250,000 | | | 254,255 |
| LPL Holdings, Inc., 6.00%, 05/20/2034 | | 2,000,000 | | | 2,085,066 |
| M&T Bank Corp., 5.13% to 11/01/2026 then 3 mo. Term SOFR + 3.78%, Perpetual | | 2,500,000 | | | 2,477,788 |
| Mercury General Corp., 4.40%, 03/15/2027 | | 4,000,000 | | | 3,958,687 |
| Morgan Stanley |
| 2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033 | | 1,700,000 | | | 1,517,685 |
| 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | | 750,000 | | | 626,689 |
| Old Republic International Corp. |
| 4.88%, 10/01/2024 | | 2,000,000 | | | 2,000,000 |
| 3.88%, 08/26/2026 | | 790,000 | | | 782,216 |
| 5.75%, 03/28/2034 | | 1,000,000 | | | 1,048,395 |
| Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | | 500,000 | | | 485,625 |
| Penske Truck Leasing Co. Lp / PTL Finance Corp. |
5.70%, 02/01/2028 (b) | | 500,000 | | | 517,798 |
6.05%, 08/01/2028 (b) | | 500,000 | | | 526,254 |
| PNC Bank NA, 3.88%, 04/10/2025 | | 1,000,000 | | | 995,654 |
| PNC Financial Services Group, Inc., 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%, Perpetual | | 4,000,000 | | | 3,663,042 |
| Principal Financial Group, Inc., 4.35%, 05/15/2043 | | 500,000 | | | 454,465 |
Prudential Insurance Co. of America, 8.30%, 07/01/2025 (b) | | 1,000,000 | | | 1,023,129 |
| Synchrony Financial |
| 4.50%, 07/23/2025 | | 1,000,000 | | | 994,021 |
| 5.94% to 08/02/2029 then SOFR + 2.13%, 08/02/2030 | | 1,000,000 | | | 1,027,348 |
| 2.88%, 10/28/2031 | | 2,000,000 | | | 1,697,570 |
| Unum Group, 7.25%, 03/15/2028 | | 250,000 | | | 269,946 |
| US Bancorp, 5.85% to 10/21/2032 then SOFR + 2.09%, 10/21/2033 | | 2,000,000 | | | 2,131,890 |
| Wells Fargo & Co., 4.10%, 06/03/2026 | | 1,000,000 | | | 996,943 |
| Wintrust Financial Corp., 4.85%, 06/06/2029 | | 3,500,000 | | | 3,381,131 |
| | | | 85,836,288 |
| | | | | | | |
| Health Care - 1.3% |
| AbbVie, Inc., 3.80%, 03/15/2025 | | 2,000,000 | | | 1,992,753 |
| Bristol-Myers Squibb Co. |
| 3.88%, 08/15/2025 | | 43,000 | | | 42,802 |
| 2.35%, 11/13/2040 | | 1,500,000 | | | 1,073,076 |
| CVS Health Corp. |
| 4.78%, 03/25/2038 | | 1,400,000 | | | 1,321,032 |
| 2.70%, 08/21/2040 | | 1,500,000 | | | 1,064,820 |
| Humana, Inc., 5.95%, 03/15/2034 | | 1,000,000 | | | 1,069,897 |
| Laboratory Corp. of America Holdings, 4.55%, 04/01/2032 | | 1,000,000 | | | 988,083 |
| Quest Diagnostics, Inc., 6.40%, 11/30/2033 | | 500,000 | | | 558,581 |
| Viatris, Inc., 2.30%, 06/22/2027 | | 1,500,000 | | | 1,413,373 |
| Zimmer Biomet Holdings, Inc., 4.25%, 08/15/2035 | | 700,000 | | | 659,935 |
| | | | 10,184,352 |
| | | | | | | |
| Industrials - 3.3% |
Ashtead Capital, Inc., 5.80%, 04/15/2034 (b) | | 1,000,000 | | | 1,044,753 |
| Eaton Corp., 4.00%, 11/02/2032 | | 2,000,000 | | | 1,968,118 |
| Equifax, Inc., 7.00%, 07/01/2037 | | 1,000,000 | | | 1,160,670 |
| FedEx Corp., 4.10%, 04/15/2043 | | 1,000,000 | | | 856,556 |
| Flowserve Corp., 3.50%, 10/01/2030 | | 1,000,000 | | | 930,980 |
| GATX Corp. |
| 4.90%, 03/15/2033 | | 1,000,000 | | | 1,000,618 |
| 5.45%, 09/15/2033 | | 1,000,000 | | | 1,034,604 |
| 6.05%, 03/15/2034 | | 500,000 | | | 538,588 |
| 6.90%, 05/01/2034 | | 500,000 | | | 569,137 |
| Hillenbrand, Inc., 3.75%, 03/01/2031 | | 3,000,000 | | | 2,686,335 |
| Howmet Aerospace, Inc., 5.95%, 02/01/2037 | | 1,000,000 | | | 1,094,453 |
| Kennametal, Inc., 4.63%, 06/15/2028 | | 1,500,000 | | | 1,505,176 |
| Leidos Holdings, Inc., 5.95%, 12/01/2040 | | 1,400,000 | | | 1,429,287 |
| nVent Finance Sarl, 5.65%, 05/15/2033 | | 1,495,000 | | | 1,556,361 |
| Quanta Services, Inc., 5.25%, 08/09/2034 | | 1,000,000 | | | 1,021,141 |
Resideo Funding, Inc., 6.50%, 07/15/2032 (b) | | 1,500,000 | | | 1,541,617 |
| Steelcase, Inc., 5.13%, 01/18/2029 | | 2,000,000 | | | 1,964,372 |
| Toro Co., 7.80%, 06/15/2027 | | 500,000 | | | 539,266 |
| United Rentals North America, Inc., 3.75%, 01/15/2032 | | 4,000,000 | | | 3,655,152 |
| | | | 26,097,184 |
| | | | | | | |
| Information Technology - 3.1% |
| Analog Devices, Inc., 2.80%, 10/01/2041 | | 1,000,000 | | | 757,754 |
| Arrow Electronics, Inc., 4.00%, 04/01/2025 | | 1,031,000 | | | 1,025,581 |
| Autodesk, Inc., 2.40%, 12/15/2031 | | 1,000,000 | | | 876,072 |
| Avnet, Inc. |
| 3.00%, 05/15/2031 | | 2,000,000 | | | 1,759,535 |
| 5.50%, 06/01/2032 | | 1,000,000 | | | 1,012,488 |
| Broadcom, Inc. |
3.47%, 04/15/2034 (b) | | 1,000,000 | | | 900,011 |
4.93%, 05/15/2037 (b) | | 1,500,000 | | | 1,497,559 |
Entegris, Inc., 4.75%, 04/15/2029 (b) | | 3,000,000 | | | 2,959,519 |
| Fortinet, Inc., 2.20%, 03/15/2031 | | 2,000,000 | | | 1,736,062 |
| Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | | 1,000,000 | | | 1,000,671 |
| HP, Inc. |
| 2.65%, 06/17/2031 | | 1,000,000 | | | 883,947 |
| 5.50%, 01/15/2033 | | 2,000,000 | | | 2,102,986 |
| Micron Technology, Inc., 5.88%, 02/09/2033 | | 1,000,000 | | | 1,067,248 |
| Motorola Solutions, Inc. |
| 4.60%, 02/23/2028 | | 2,500,000 | | | 2,525,903 |
| 5.50%, 09/01/2044 | | 2,000,000 | | | 2,043,878 |
| Oracle Corp., 3.60%, 04/01/2040 | | 3,000,000 | | | 2,492,753 |
| | | | 24,641,967 |
| | | | | | | |
| Materials - 2.2% |
| Albemarle Corp., 5.45%, 12/01/2044 | | 325,000 | | | 308,321 |
| Albemarle Wodgina Pty Ltd., 3.45%, 11/15/2029 | | 1,175,000 | | | 1,065,526 |
| Cabot Corp. |
| 3.40%, 09/15/2026 | | 1,500,000 | | | 1,469,120 |
| 4.00%, 07/01/2029 | | 1,800,000 | | | 1,785,977 |
| Eastman Chemical Co. |
| 3.80%, 03/15/2025 | | 756,000 | | | 751,617 |
| 5.63%, 02/20/2034 | | 1,000,000 | | | 1,043,788 |
| Freeport-McMoRan, Inc., 4.25%, 03/01/2030 | | 3,000,000 | | | 2,939,842 |
| HB Fuller Co., 4.25%, 10/15/2028 | | 1,700,000 | | | 1,631,889 |
| International Flavors & Fragrances, Inc. |
1.83%, 10/15/2027 (b) | | 486,000 | | | 450,192 |
2.30%, 11/01/2030 (b) | | 1,200,000 | | | 1,050,514 |
3.27%, 11/15/2040 (b) | | 1,000,000 | | | 766,527 |
| Mosaic Co., 5.45%, 11/15/2033 | | 2,000,000 | | | 2,066,215 |
| Newmont Corp., 4.88%, 03/15/2042 | | 1,000,000 | | | 988,111 |
| Steel Dynamics, Inc., 3.25%, 10/15/2050 | | 250,000 | | | 175,819 |
| Union Carbide Corp., 7.50%, 06/01/2025 | | 865,000 | | | 879,605 |
| | | | 17,373,063 |
| | | | | | | |
| Technology - 0.8% |
| CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034 | | 1,000,000 | | | 1,024,391 |
| Dell, Inc., 5.40%, 09/10/2040 | | 1,000,000 | | | 1,006,076 |
| Leidos, Inc., 5.50%, 07/01/2033 | | 3,850,000 | | | 3,939,951 |
| | | | 5,970,418 |
| | | | | | | |
| Utilities - 2.5% |
Alliant Energy Finance LLC, 3.60%, 03/01/2032 (b) | | 1,000,000 | | | 907,601 |
| Black Hills Corp. |
| 4.35%, 05/01/2033 | | 1,000,000 | | | 958,822 |
| 6.15%, 05/15/2034 | | 2,000,000 | | | 2,157,848 |
| Duke Energy Carolinas LLC, 6.10%, 06/01/2037 | | 1,000,000 | | | 1,100,453 |
| Duke Energy Progress LLC, 5.70%, 04/01/2035 | | 1,165,000 | | | 1,240,321 |
| Interstate Power and Light Co., 6.25%, 07/15/2039 | | 2,000,000 | | | 2,225,626 |
| National Fuel Gas Co. |
| 3.95%, 09/15/2027 | | 2,000,000 | | | 1,965,516 |
| 4.75%, 09/01/2028 | | 1,000,000 | | | 1,004,063 |
Niagara Mohawk Power Corp., 4.28%, 10/01/2034 (b) | | 2,000,000 | | | 1,865,040 |
| Public Service Co. of Colorado, 6.50%, 08/01/2038 | | 2,000,000 | | | 2,305,561 |
| Southwestern Public Service Co., 6.00%, 10/01/2036 | | 1,000,000 | | | 1,059,083 |
Toledo Edison Co., 2.65%, 05/01/2028 (b) | | 416,000 | | | 387,910 |
| Virginia Electric and Power Co., 6.35%, 11/30/2037 | | 1,065,000 | | | 1,195,435 |
| Wisconsin Power and Light Co., 4.95%, 04/01/2033 | | 1,000,000 | | | 1,020,805 |
| | | | 19,394,084 |
TOTAL CORPORATE BONDS (Cost $252,808,415) | | | 244,585,283 |
| | | | | | | |
| U.S. TREASURY SECURITIES - 2.1% | Par | | | Value |
| United States Treasury Note/Bond |
| 0.75%, 03/31/2026 | | 1,000,000 | | | 956,641 |
| 0.75%, 04/30/2026 | | 1,000,000 | | | 954,648 |
| 1.13%, 10/31/2026 | | 1,000,000 | | | 949,863 |
| 2.63%, 05/31/2027 | | 3,000,000 | | | 2,926,641 |
| 1.25%, 06/30/2028 | | 1,000,000 | | | 918,633 |
| 1.00%, 07/31/2028 | | 1,000,000 | | | 907,988 |
| 1.25%, 09/30/2028 | | 1,000,000 | | | 913,516 |
| 2.63%, 02/15/2029 | | 2,000,000 | | | 1,922,305 |
| 1.38%, 11/15/2031 | | 2,000,000 | | | 1,711,680 |
| 2.88%, 05/15/2032 | | 2,000,000 | | | 1,889,414 |
| 3.25%, 05/15/2042 | | 1,000,000 | | | 888,359 |
| 3.00%, 02/15/2049 | | 2,000,000 | | | 1,617,539 |
TOTAL U.S. TREASURY SECURITIES (Cost $17,234,125) | | | 16,557,227 |
| | | | | | | |
| MUNICIPAL BONDS - 1.1% | Par | | | Value |
| Borough of Naugatuck CT, 3.09%, 09/15/2046 | | 1,000,000 | | | 745,113 |
| Crowley Independent School District, 3.01%, 08/01/2038 | | 1,000,000 | | | 853,243 |
| DeKalb Kane & LaSalle Counties Etc Community College District No 523 Kishwaukee, 3.02%, 02/01/2036 | | 500,000 | | | 426,780 |
| Desert Community College District, 2.46%, 08/01/2040 | | 300,000 | | | 230,626 |
| Glendale Community College District/CA, 2.11%, 08/01/2031 | | 650,000 | | | 575,577 |
| Idaho Bond Bank Authority, 2.35%, 09/15/2038 | | 500,000 | | | 393,399 |
| Massachusetts Development Finance Agency, 2.55%, 05/01/2040 | | 885,000 | | | 673,181 |
| Michigan State University, 4.50%, 08/15/2048 | | 1,000,000 | | | 962,669 |
| Pierre School District No 32-2, 2.04%, 08/01/2033 | | 920,000 | | | 788,936 |
| Redondo Beach Unified School District, 2.04%, 08/01/2034 | | 500,000 | | | 408,619 |
| Socorro Independent School District, 2.13%, 08/15/2031 | | 500,000 | | | 445,515 |
| Village of Ashwaubenon WI, 2.97%, 06/01/2040 | | 505,000 | | | 407,446 |
| Woodbury County Law Enforcement Center Authority, 3.09%, 06/01/2040 | | 750,000 | | | 614,666 |
| Worthington Independent School District No 518, 3.30%, 02/01/2039 | | 850,000 | | | 740,753 |
TOTAL MUNICIPAL BONDS (Cost $9,965,845) | | | 8,266,523 |
| | | | | | | |
| ASSET-BACKED SECURITIES - 0.8% | Par | | | Value |
| American Airlines Group, Inc. |
| 3.60%, 09/22/2027 | | 114,684 | | | 111,438 |
| Series 2013-1, 3.95%, 11/15/2025 | | 348,353 | | | 344,869 |
| Series 2014-1, 3.70%, 10/01/2026 | | 982,467 | | | 952,305 |
| Series 2015-1, 3.38%, 05/01/2027 | | 255,716 | | | 244,464 |
| Series 2015-2, 4.00%, 09/22/2027 | | 373,920 | | | 360,459 |
| Series 2016-3B, 3.75%, 10/15/2025 | | 425,507 | | | 416,444 |
| Series 2017-1B, 4.95%, 02/15/2025 | | 404,745 | | | 403,895 |
British Airways PLC, Series 2018-1, 4.13%, 09/20/2031 (b) | | 584,688 | | | 555,570 |
| Hawaiian Holdings, Inc., Series 2013-1, 3.90%, 01/15/2026 | | 1,147,449 | | | 1,120,255 |
| Spirit Airlines, Inc., Series 2015-1, 4.10%, 04/01/2028 | | 72,777 | | | 68,229 |
| United Airlines, Inc. |
| Series A, 4.00%, 10/29/2024 | | 888,824 | | | 891,046 |
| Series A, 4.30%, 08/15/2025 | | 528,560 | | | 525,917 |
| Series A, 4.00%, 04/11/2026 | | 435,176 | | | 430,824 |
TOTAL ASSET-BACKED SECURITIES (Cost $6,539,373) | | | 6,425,715 |
| | | | | | | |
| SHORT-TERM INVESTMENTS - 0.2% | | | | |
| Money Market Funds - 0.2% | | Shares | | | |
First American Government Obligations Fund - Class X, 4.82% (c) | | 1,941,783 | | | 1,941,783 |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,941,783) | | | 1,941,783 |
| | | | | | | |
TOTAL INVESTMENTS - 99.6% (Cost $552,009,312) | | | 782,287,419 |
| Other Assets in Excess of Liabilities - 0.4% | | | 3,119,105 |
| TOTAL NET ASSETS - 100.0% | | | | | $ | 785,406,524 |
| | | |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (‘‘GAAP’’).
Each equity security owned by a Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (‘‘NASDAQ’’), is valued at its last sale price on the exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the stock is traded. Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (‘‘NOCP’’), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. ‘‘Composite Market’’ means a consolidation of the trade information provided by national securities and foreign exchanges and over-the- counter markets as published by an approved independent pricing service (a ‘‘Pricing Service’’).
Debt securities, such as U.S. government securities, corporate securities, municipal securities and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Any discount or premium is accreted or amortized over the expected life of the respective security using the constant yield to maturity method. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.
Demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
Redeemable securities issued by open-end, registered investment companies are valued at the net asset values (‘‘NAVs’’) of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined.
When market quotations are not readily available, any security or other asset is valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight by the Trust’s Board of Trustees (the ‘‘Board’’). These fair value procedures will also be used to price a security when corporate events, events in the securities market or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that each Fund is accurately priced.
FASB ASC Topic 820, ‘‘Fair Value Measurements and Disclosures’’ (‘‘ASC 820’’), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 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. ASC 820 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 each class of investments. These inputs are summarized in the three broad levels listed below:
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 September 30, 2024:
