Avantis Short-Term Fixed Income Fund - Schedule of Investments | ||
MAY 31, 2024 (UNAUDITED) |
Principal Amount ($)/Shares | Value ($) | |||||||
CORPORATE BONDS — 76.3% | ||||||||
Aerospace and Defense — 0.3% | ||||||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 36,000 | 35,407 | ||||||
Automobiles — 1.8% | ||||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 78,000 | 73,792 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 20,000 | 19,794 | ||||||
General Motors Financial Co., Inc., 5.25%, 3/1/26 | 45,000 | 44,765 | ||||||
Toyota Motor Corp., 1.34%, 3/25/26 | 100,000 | 93,556 | ||||||
231,907 | ||||||||
Banks — 9.1% | ||||||||
Bank of Montreal, 1.85%, 5/1/25 | 72,000 | 69,657 | ||||||
Bank of Nova Scotia, 5.25%, 6/12/28 | 75,000 | 75,138 | ||||||
Citigroup, Inc., 3.70%, 1/12/26 | 75,000 | 73,021 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 35,000 | 33,443 | ||||||
European Investment Bank, 1.375%, 3/15/27 | 50,000 | 45,644 | ||||||
Inter-American Development Bank, 3.125%, 9/18/28 | 50,000 | 47,044 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.875%, 4/3/28 | 100,000 | 93,932 | ||||||
Mitsubishi UFJ Financial Group, Inc., 3.29%, 7/25/27 | 65,000 | 61,480 | ||||||
Oesterreichische Kontrollbank AG, 4.25%, 3/1/28 | 100,000 | 98,488 | ||||||
PNC Financial Services Group, Inc., 2.20%, 11/1/24 | 90,000 | 88,735 | ||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 75,000 | 76,872 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 66,000 | 64,933 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.36%, 7/12/27 | 65,000 | 61,583 | ||||||
Toronto-Dominion Bank, 1.20%, 6/3/26 | 105,000 | 96,778 | ||||||
U.S. Bancorp, 2.40%, 7/30/24 | 35,000 | 34,818 | ||||||
Wells Fargo & Co., 3.55%, 9/29/25 | 36,000 | 35,113 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 25,000 | 23,715 | ||||||
Westpac Banking Corp., 5.46%, 11/18/27 | 85,000 | 86,128 | ||||||
1,166,522 | ||||||||
Biotechnology — 0.4% | ||||||||
AbbVie, Inc., 3.80%, 3/15/25 | 50,000 | 49,335 | ||||||
Building Products — 0.2% | ||||||||
Owens Corning, 3.40%, 8/15/26 | 28,000 | 26,789 | ||||||
Capital Markets — 11.2% | ||||||||
Ameriprise Financial, Inc., 2.875%, 9/15/26 | 98,000 | 93,034 | ||||||
ARES Management Corp., 6.375%, 11/10/28 | 75,000 | 77,979 | ||||||
Bank of New York Mellon Corp., 3.25%, 9/11/24 | 98,000 | 97,381 | ||||||
Bank of New York Mellon Corp., 3.85%, 4/26/29 | 100,000 | 95,333 | ||||||
BlackRock, Inc., 3.20%, 3/15/27 | 100,000 | 95,829 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 75,000 | 71,671 | ||||||
Charles Schwab Corp., 3.85%, 5/21/25 | 66,000 | 64,989 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 110,000 | 108,020 | ||||||
Franklin Resources, Inc., 2.85%, 3/30/25 | 100,000 | 97,874 | ||||||
Goldman Sachs Group, Inc., 3.75%, 5/22/25 | 66,000 | 64,873 | ||||||
Intercontinental Exchange, Inc., 3.75%, 12/1/25 | 50,000 | 48,829 | ||||||
Intercontinental Exchange, Inc., 3.10%, 9/15/27 | 50,000 | 46,969 | ||||||
Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 75,000 | 75,412 | ||||||
Lazard Group LLC, 4.50%, 9/19/28 | 75,000 | 72,483 | ||||||
Morgan Stanley, 3.875%, 1/27/26 | 75,000 | 73,183 | ||||||
Nasdaq, Inc., 5.35%, 6/28/28 | 75,000 | 75,403 |
S&P Global, Inc., 2.70%, 3/1/29 | 100,000 | 90,125 | ||||||
State Street Corp., 3.55%, 8/18/25 | 86,000 | 84,376 | ||||||
1,433,763 | ||||||||
Chemicals — 1.3% | ||||||||
Ecolab, Inc., 2.70%, 11/1/26 | 95,000 | 90,027 | ||||||
Mosaic Co., 5.375%, 11/15/28 | 75,000 | 75,031 | ||||||
165,058 | ||||||||
Commercial Services and Supplies — 0.8% | ||||||||
Cintas Corp. No. 2, 3.45%, 5/1/25 | 100,000 | 98,236 | ||||||
Consumer Finance — 1.1% | ||||||||
American Express Co., 2.25%, 3/4/25 | 75,000 | 73,192 | ||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 66,000 | 65,168 | ||||||
138,360 | ||||||||
Consumer Staples Distribution & Retail — 1.6% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 66,000 | 65,069 | ||||||
Sysco Corp., 3.30%, 7/15/26 | 45,000 | 43,200 | ||||||
Target Corp., 1.95%, 1/15/27 | 100,000 | 93,031 | ||||||
201,300 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 13,000 | 12,918 | ||||||
Diversified REITs — 2.5% | ||||||||
Digital Realty Trust LP, 4.45%, 7/15/28 | 75,000 | 72,507 | ||||||
Extra Space Storage LP, 5.70%, 4/1/28 | 75,000 | 75,839 | ||||||
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 75,000 | 66,029 | ||||||
Mid-America Apartments LP, 3.60%, 6/1/27 | 50,000 | 47,859 | ||||||
Ventas Realty LP, 3.85%, 4/1/27 | 65,000 | 62,345 | ||||||
324,579 | ||||||||
Electric Utilities — 4.3% | ||||||||
Baltimore Gas & Electric Co., 2.40%, 8/15/26 | 64,000 | 60,399 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 36,000 | 35,561 | ||||||
Berkshire Hathaway Energy Co., 3.25%, 4/15/28 | 100,000 | 93,613 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 61,000 | 58,768 | ||||||
DTE Electric Co., 3.375%, 3/1/25 | 100,000 | 98,301 | ||||||
Duke Energy Progress LLC, 3.25%, 8/15/25 | 24,000 | 23,422 | ||||||
Edison International, 4.125%, 3/15/28(1) | 75,000 | 71,457 | ||||||
Emera U.S. Finance LP, 3.55%, 6/15/26 | 62,000 | 59,336 | ||||||
Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29 | 50,000 | 51,252 | ||||||
552,109 | ||||||||
Electronic Equipment, Instruments and Components — 1.0% | ||||||||
Avnet, Inc., 6.25%, 3/15/28 | 50,000 | 51,206 | ||||||
Flex Ltd., 3.75%, 2/1/26 | 47,000 | 45,503 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 36,000 | 35,791 | ||||||
132,500 | ||||||||
Energy Equipment and Services — 0.8% | ||||||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 104,000 | 99,056 | ||||||
Financial Services — 1.5% | ||||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 50,000 | 48,026 | ||||||
Global Payments, Inc., 4.95%, 8/15/27 | 50,000 | 49,359 | ||||||
National Rural Utilities Cooperative Finance Corp., 3.40%, 2/7/28 | 50,000 | 47,212 | ||||||
National Rural Utilities Cooperative Finance Corp., 1.00%, 10/18/24 | 50,000 | 49,109 | ||||||
193,706 | ||||||||
Food Products — 1.3% | ||||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 29,000 | 27,678 | ||||||
Hershey Co., 2.05%, 11/15/24 | 36,000 | 35,447 | ||||||
Hormel Foods Corp., 0.65%, 6/3/24 | 60,000 | 60,000 |
Tyson Foods, Inc., 4.00%, 3/1/26 | 45,000 | 43,905 | ||||||
167,030 | ||||||||
Gas Utilities — 0.5% | ||||||||
Southern California Gas Co., 3.15%, 9/15/24 | 63,000 | 62,507 | ||||||
Ground Transportation — 0.4% | ||||||||
Ryder System, Inc., 2.50%, 9/1/24 | 36,000 | 35,716 | ||||||
Ryder System, Inc., 3.35%, 9/1/25 | 18,000 | 17,505 | ||||||
53,221 | ||||||||
Health Care Equipment and Supplies — 1.5% | ||||||||
DH Europe Finance II SARL, 2.20%, 11/15/24 | 100,000 | 98,581 | ||||||
Medtronic Global Holdings SCA, 4.25%, 3/30/28 | 100,000 | 97,411 | ||||||
195,992 | ||||||||
Health Care Providers and Services — 2.0% | ||||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 69,000 | 68,245 | ||||||
Humana, Inc., 3.95%, 3/15/27 | 65,000 | 62,679 | ||||||
UnitedHealth Group, Inc., 2.375%, 8/15/24 | 100,000 | 99,329 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26 | 30,000 | 27,376 | ||||||
257,629 | ||||||||
Hotels, Restaurants and Leisure — 1.6% | ||||||||
Booking Holdings, Inc., 3.65%, 3/15/25 | 97,000 | 95,648 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 45,000 | 44,534 | ||||||
Marriott International, Inc., 5.00%, 10/15/27 | 60,000 | 59,685 | ||||||
199,867 | ||||||||
Industrial Conglomerates — 0.8% | ||||||||
3M Co., 2.65%, 4/15/25 | 100,000 | 97,514 | ||||||
Insurance — 6.1% | ||||||||
American International Group, Inc., 4.20%, 4/1/28 | 75,000 | 72,179 | ||||||
Aon Global Ltd., 3.875%, 12/15/25 | 50,000 | 48,791 | ||||||
Chubb INA Holdings LLC, 3.15%, 3/15/25 | 100,000 | 98,234 | ||||||
Lincoln National Corp., 3.80%, 3/1/28 | 75,000 | 71,297 | ||||||
Marsh & McLennan Cos., Inc., 3.50%, 3/10/25 | 100,000 | 98,529 | ||||||
MetLife, Inc., 3.00%, 3/1/25 | 75,000 | 73,625 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 34,000 | 33,214 | ||||||
Progressive Corp., 2.50%, 3/15/27 | 100,000 | 93,364 | ||||||
Prudential Financial, Inc., 1.50%, 3/10/26 | 75,000 | 70,240 | ||||||
Reinsurance Group of America, Inc., 3.95%, 9/15/26 | 75,000 | 72,663 | ||||||
Willis North America, Inc., 4.50%, 9/15/28 | 50,000 | 48,353 | ||||||
780,489 | ||||||||
IT Services — 0.7% | ||||||||
International Business Machines Corp., 3.50%, 5/15/29 | 100,000 | 93,037 | ||||||
Life Sciences Tools and Services — 0.8% | ||||||||
Thermo Fisher Scientific, Inc., 5.00%, 1/31/29 | 100,000 | 100,014 | ||||||
Machinery — 1.4% | ||||||||
Caterpillar Financial Services Corp., 3.30%, 6/9/24 | 39,000 | 38,981 | ||||||
Caterpillar Financial Services Corp., 1.45%, 5/15/25 | 36,000 | 34,726 | ||||||
John Deere Capital Corp., 4.95%, 7/14/28 | 25,000 | 24,971 | ||||||
Stanley Black & Decker, Inc., 6.00%, 3/6/28 | 75,000 | 77,285 | ||||||
175,963 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., 3.375%, 8/15/25 | 42,000 | 41,069 | ||||||
Discovery Communications LLC, 4.90%, 3/11/26 | 60,000 | 59,231 | ||||||
100,300 | ||||||||
Metals and Mining — 0.2% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26 | 20,000 | 19,617 | ||||||
Oil, Gas and Consumable Fuels — 5.6% | ||||||||
BP Capital Markets PLC, 3.28%, 9/19/27 | 100,000 | 94,596 | ||||||
Energy Transfer LP, 3.90%, 7/15/26 | 70,000 | 67,743 | ||||||
EOG Resources, Inc., 3.15%, 4/1/25 | 100,000 | 98,162 | ||||||
Equinor ASA, 7.25%, 9/23/27 | 100,000 | 106,336 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 72,000 | 70,567 | ||||||
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25 | 75,000 | 74,866 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 66,000 | 64,766 | ||||||
Targa Resources Corp., 6.15%, 3/1/29 | 75,000 | 77,286 | ||||||
Williams Cos., Inc., 4.00%, 9/15/25 | 66,000 | 64,705 | ||||||
719,027 | ||||||||
Passenger Airlines — 0.6% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 75,000 | 74,546 | ||||||
Personal Care Products — 0.9% | ||||||||
Estee Lauder Cos., Inc., 2.00%, 12/1/24 | 36,000 | 35,383 | ||||||
Kenvue, Inc., 5.50%, 3/22/25 | 75,000 | 75,010 | ||||||
110,393 | ||||||||
Pharmaceuticals — 2.2% | ||||||||
Astrazeneca Finance LLC, 1.75%, 5/28/28 | 100,000 | 88,374 | ||||||
Merck & Co., Inc., 3.40%, 3/7/29 | 75,000 | 70,351 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 29,000 | 28,287 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 27,000 | 26,250 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 78,000 | 73,870 | ||||||
287,132 | ||||||||
Residential REITs — 1.6% | ||||||||
AvalonBay Communities, Inc., 1.90%, 12/1/28 | 100,000 | 87,424 | ||||||
Camden Property Trust, 4.10%, 10/15/28 | 50,000 | 47,947 | ||||||
UDR, Inc., 4.40%, 1/26/29 | 75,000 | 71,986 | ||||||
207,357 | ||||||||
Retail REITs — 1.0% | ||||||||
Federal Realty OP LP, 3.25%, 7/15/27 | 65,000 | 61,134 | ||||||
Kimco Realty OP LLC, 3.30%, 2/1/25 | 66,000 | 65,018 | ||||||
126,152 | ||||||||
Semiconductors and Semiconductor Equipment — 2.9% | ||||||||
Intel Corp., 4.875%, 2/10/28 | 100,000 | 99,302 | ||||||
KLA Corp., 4.65%, 11/1/24 | 100,000 | 99,650 | ||||||
Lam Research Corp., 3.80%, 3/15/25 | 60,000 | 59,232 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 67,000 | 62,520 | ||||||
Xilinx, Inc., 2.95%, 6/1/24 | 50,000 | 50,000 | ||||||
370,704 | ||||||||
Specialized REITs — 0.9% | ||||||||
American Tower Corp., 3.55%, 7/15/27 | 65,000 | 61,593 | ||||||
Crown Castle, Inc., 5.60%, 6/1/29 | 50,000 | 50,332 | ||||||
111,925 | ||||||||
Specialty Retail — 2.0% | ||||||||
Home Depot, Inc., 2.125%, 9/15/26 | 40,000 | 37,515 | ||||||
Home Depot, Inc., 4.90%, 4/15/29 | 50,000 | 49,917 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 66,000 | 65,450 | ||||||
TJX Cos., Inc., 2.25%, 9/15/26 | 110,000 | 103,457 | ||||||
256,339 | ||||||||
Technology Hardware, Storage and Peripherals — 0.8% | ||||||||
Apple, Inc., 2.45%, 8/4/26 | 71,000 | 67,312 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 36,000 | 35,736 | ||||||
103,048 | ||||||||
Textiles, Apparel and Luxury Goods — 1.5% | ||||||||
NIKE, Inc., 2.75%, 3/27/27 | 100,000 | 94,363 | ||||||
Ralph Lauren Corp., 3.75%, 9/15/25 | 100,000 | 97,937 | ||||||
192,300 | ||||||||
Trading Companies and Distributors — 0.2% | ||||||||
Air Lease Corp., 2.875%, 1/15/26 | 20,000 | 19,124 | ||||||
TOTAL CORPORATE BONDS (Cost $9,930,893) | 9,742,772 | |||||||
U.S. TREASURY SECURITIES — 20.3% | ||||||||
U.S. Treasury Notes, 0.375%, 9/15/24 | 300,000 | 295,815 | ||||||
U.S. Treasury Notes, 1.75%, 12/31/24(2) | 170,000 | 166,586 | ||||||
U.S. Treasury Notes, 1.375%, 1/31/25 | 175,000 | 170,613 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 150,000 | 130,910 | ||||||
U.S. Treasury Notes, 0.625%, 12/31/27 | 175,000 | 152,274 | ||||||
U.S. Treasury Notes, 1.25%, 3/31/28 | 210,000 | 185,645 | ||||||
U.S. Treasury Notes, 1.25%, 4/30/28 | 250,000 | 220,513 | ||||||
U.S. Treasury Notes, 1.25%, 6/30/28 | 550,000 | 482,840 | ||||||
U.S. Treasury Notes, 1.00%, 7/31/28 | 500,000 | 433,281 | ||||||
U.S. Treasury Notes, 1.375%, 12/31/28 | 290,000 | 252,561 | ||||||
U.S. Treasury Notes, 2.375%, 5/15/29 | 110,000 | 99,675 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $2,625,640) | 2,590,713 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 2.2% | ||||||||
FHLB, 0.375%, 9/4/25 | 25,000 | 23,634 | ||||||
FHLB, 1.25%, 12/21/26 | 100,000 | 91,741 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 23,610 | ||||||
FNMA, 1.875%, 9/24/26 | 100,000 | 93,620 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 48,000 | 46,030 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $290,888) | 278,635 | |||||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
Money Market Funds — 1.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 60,914 | 60,914 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 73,500 | 73,500 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $134,414) | 134,414 | |||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $12,981,835) | 12,746,534 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 22,491 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 12,769,025 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 2 | September 2024 | $ | 211,594 | $ | 121 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
FHLB | – | Federal Home Loan Bank | ||||||
FNMA | – | Federal National Mortgage Association |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 9,742,772 | — | |||||||
U.S. Treasury Securities | — | 2,590,713 | — | ||||||||
U.S. Government Agency Securities | — | 278,635 | — | ||||||||
Short-Term Investments | $ | 134,414 | — | — | |||||||
$ | 134,414 | $ | 12,612,120 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 121 | — | — |