Avantis Short-Term Fixed Income ETF - Schedule of Investments | ||
MAY 31, 2024 (UNAUDITED) |
Principal Amount ($)/Shares | Value ($) | |||||||
CORPORATE BONDS — 77.2% | ||||||||
Aerospace and Defense — 0.8% | ||||||||
General Dynamics Corp., 3.25%, 4/1/25 | 100,000 | 98,247 | ||||||
Howmet Aerospace, Inc., 6.75%, 1/15/28 | 250,000 | 260,584 | ||||||
Howmet Aerospace, Inc., 3.00%, 1/15/29 | 500,000 | 451,264 | ||||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 806,000 | 792,716 | ||||||
L3Harris Technologies, Inc., 4.40%, 6/15/28 | 770,000 | 745,239 | ||||||
RTX Corp., 4.125%, 11/16/28 | 344,000 | 329,667 | ||||||
Textron, Inc., 3.875%, 3/1/25 | 100,000 | 98,731 | ||||||
2,776,448 | ||||||||
Air Freight and Logistics — 0.6% | ||||||||
United Parcel Service, Inc., 3.90%, 4/1/25 | 2,015,000 | 1,989,917 | ||||||
Automobile Components — 0.3% | ||||||||
Magna International, Inc., 5.98%, 3/21/26 | 1,000,000 | 1,000,002 | ||||||
Automobiles — 1.4% | ||||||||
American Honda Finance Corp., 2.15%, 9/10/24 | 617,000 | 611,223 | ||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 1,241,000 | 1,174,052 | ||||||
American Honda Finance Corp., 5.80%, 10/3/25 | 100,000 | 100,613 | ||||||
American Honda Finance Corp., 4.90%, 3/13/29 | 250,000 | 248,167 | ||||||
General Motors Co., 4.00%, 4/1/25 | 400,000 | 394,358 | ||||||
General Motors Co., 4.20%, 10/1/27 | 100,000 | 96,091 | ||||||
General Motors Co., 6.80%, 10/1/27 | 11,000 | 11,411 | ||||||
General Motors Co., 5.00%, 10/1/28 | 100,000 | 98,736 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 900,000 | 890,739 | ||||||
General Motors Financial Co., Inc., 3.80%, 4/7/25 | 100,000 | 98,389 | ||||||
General Motors Financial Co., Inc., 5.00%, 4/9/27 | 100,000 | 98,927 | ||||||
General Motors Financial Co., Inc., 2.70%, 8/20/27 | 500,000 | 460,358 | ||||||
Honda Motor Co. Ltd., 2.27%, 3/10/25 | 500,000 | 487,991 | ||||||
Toyota Motor Credit Corp., 3.00%, 4/1/25 | 100,000 | 98,047 | ||||||
4,869,102 | ||||||||
Banks — 12.9% | ||||||||
African Development Bank, 0.875%, 7/22/26 | 500,000 | 459,171 | ||||||
African Development Bank, 4.375%, 3/14/28 | 425,000 | 419,866 | ||||||
Asian Development Bank, 0.375%, 6/11/24 | 100,000 | 99,887 | ||||||
Asian Development Bank, 4.125%, 9/27/24 | 1,000,000 | 995,701 | ||||||
Asian Development Bank, 0.625%, 4/29/25 | 125,000 | 119,884 | ||||||
Asian Infrastructure Investment Bank, 0.50%, 10/30/24 | 1,154,000 | 1,131,080 | ||||||
Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 1,350,000 | 1,308,877 | ||||||
Australia & New Zealand Banking Group Ltd., 3.70%, 11/16/25 | 400,000 | 391,892 | ||||||
Australia & New Zealand Banking Group Ltd., 5.09%, 12/8/25 | 1,300,000 | 1,297,548 | ||||||
Banco Santander SA, 5.15%, 8/18/25 | 600,000 | 594,991 | ||||||
Bank of Montreal, 5.92%, 9/25/25 | 100,000 | 100,596 | ||||||
Bank of Montreal, 5.30%, 6/5/26 | 410,000 | 409,406 | ||||||
Bank of Montreal, 5.72%, 9/25/28 | 320,000 | 326,356 | ||||||
Bank of Nova Scotia, 3.45%, 4/11/25 | 540,000 | 530,515 | ||||||
Bank of Nova Scotia, 5.45%, 6/12/25 | 370,000 | 369,660 | ||||||
Bank of Nova Scotia, 2.70%, 8/3/26 | 909,000 | 859,615 | ||||||
Barclays PLC, 3.65%, 3/16/25 | 1,050,000 | 1,033,392 | ||||||
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25 | 575,000 | 565,199 | ||||||
Citigroup, Inc., 3.30%, 4/27/25 | 1,338,000 | 1,312,211 |
Citigroup, Inc., 3.70%, 1/12/26 | 100,000 | 97,361 | ||||||
Citigroup, Inc., 3.40%, 5/1/26 | 250,000 | 241,048 | ||||||
Commonwealth Bank of Australia, 5.08%, 1/10/25 | 825,000 | 822,967 | ||||||
Commonwealth Bank of Australia, 5.32%, 3/13/26 | 500,000 | 501,577 | ||||||
Cooperatieve Rabobank UA, 3.375%, 5/21/25 | 1,500,000 | 1,471,303 | ||||||
Cooperatieve Rabobank UA, 4.80%, 1/9/29 | 750,000 | 740,523 | ||||||
Council of Europe Development Bank, 1.375%, 2/27/25 | 214,000 | 207,837 | ||||||
Discover Bank, 2.45%, 9/12/24 | 800,000 | 792,496 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 500,000 | 477,760 | ||||||
European Investment Bank, 0.375%, 7/24/24 | 351,000 | 348,492 | ||||||
European Investment Bank, 1.375%, 3/15/27 | 230,000 | 209,963 | ||||||
European Investment Bank, 3.875%, 3/15/28 | 235,000 | 228,641 | ||||||
European Investment Bank, 4.50%, 10/16/28 | 550,000 | 547,455 | ||||||
Export Development Canada, 3.375%, 8/26/25 | 100,000 | 97,883 | ||||||
Export Development Canada, 3.875%, 2/14/28 | 300,000 | 291,594 | ||||||
HSBC USA, Inc., 5.625%, 3/17/25 | 1,500,000 | 1,500,759 | ||||||
Inter-American Development Bank, 3.25%, 7/1/24 | 220,000 | 219,618 | ||||||
Inter-American Development Bank, 3.125%, 9/18/28 | 950,000 | 893,830 | ||||||
International Bank for Reconstruction & Development, 1.50%, 8/28/24 | 1,175,000 | 1,164,083 | ||||||
International Bank for Reconstruction & Development, 0.50%, 10/28/25 | 195,000 | 182,908 | ||||||
International Bank for Reconstruction & Development, 4.625%, 8/1/28 | 336,000 | 335,875 | ||||||
International Finance Corp., 0.75%, 10/8/26 | 300,000 | 273,093 | ||||||
JPMorgan Chase & Co., 3.90%, 7/15/25 | 2,038,000 | 2,004,139 | ||||||
Kreditanstalt fuer Wiederaufbau, 3.375%, 8/23/24 | 500,000 | 497,713 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.875%, 4/3/28 | 1,050,000 | 986,281 | ||||||
Kreditanstalt fuer Wiederaufbau, 3.875%, 6/15/28 | 245,000 | 238,008 | ||||||
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25 | 618,000 | 589,943 | ||||||
Landwirtschaftliche Rentenbank, 0.875%, 3/30/26 | 256,000 | 237,866 | ||||||
Lloyds Banking Group PLC, 4.375%, 3/22/28 | 500,000 | 483,073 | ||||||
Lloyds Banking Group PLC, 4.55%, 8/16/28 | 1,000,000 | 968,396 | ||||||
Mitsubishi UFJ Financial Group, Inc., 3.78%, 3/2/25 | 100,000 | 98,626 | ||||||
Mizuho Financial Group, Inc., 3.66%, 2/28/27 | 1,000,000 | 958,336 | ||||||
National Australia Bank Ltd., 4.94%, 1/12/28 | 775,000 | 772,731 | ||||||
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25 | 1,155,000 | 1,124,750 | ||||||
Oesterreichische Kontrollbank AG, 4.25%, 3/1/28 | 900,000 | 886,395 | ||||||
PNC Bank NA, 2.50%, 8/27/24 | 1,100,000 | 1,091,496 | ||||||
PNC Bank NA, 2.95%, 2/23/25 | 450,000 | 441,783 | ||||||
Royal Bank of Canada, 4.95%, 4/25/25 | 785,000 | 781,066 | ||||||
Royal Bank of Canada, 1.15%, 6/10/25 | 100,000 | 95,804 | ||||||
Royal Bank of Canada, 4.875%, 1/12/26 | 400,000 | 397,401 | ||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 1,145,000 | 1,173,573 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 834,000 | 820,523 | ||||||
Sumitomo Mitsui Financial Group, Inc., 2.63%, 7/14/26 | 400,000 | 378,706 | ||||||
Sumitomo Mitsui Financial Group, Inc., 5.72%, 9/14/28 | 1,000,000 | 1,017,187 | ||||||
Sumitomo Mitsui Financial Group, Inc., 2.47%, 1/14/29 | 500,000 | 442,705 | ||||||
Toronto-Dominion Bank, 4.29%, 9/13/24 | 300,000 | 298,847 | ||||||
Toronto-Dominion Bank, 3.77%, 6/6/25 | 300,000 | 294,904 | ||||||
Toronto-Dominion Bank, 5.53%, 7/17/26 | 300,000 | 300,919 | ||||||
Toronto-Dominion Bank, 4.11%, 6/8/27(1) | 1,450,000 | 1,405,423 | ||||||
Toronto-Dominion Bank, 5.52%, 7/17/28 | 250,000 | 252,337 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 1,600,000 | 1,517,740 | ||||||
Wells Fargo & Co., 4.15%, 1/24/29 | 400,000 | 383,448 | ||||||
Westpac Banking Corp., 5.35%, 10/18/24 | 100,000 | 99,910 | ||||||
Westpac Banking Corp., 3.74%, 8/26/25 | 350,000 | 343,194 |
Westpac Banking Corp., 5.46%, 11/18/27 | 827,000 | 837,978 | ||||||
46,194,114 | ||||||||
Beverages — 0.5% | ||||||||
Constellation Brands, Inc., 4.40%, 11/15/25 | 1,395,000 | 1,374,306 | ||||||
Constellation Brands, Inc., 4.35%, 5/9/27 | 160,000 | 156,204 | ||||||
PepsiCo, Inc., 2.25%, 3/19/25 | 100,000 | 97,626 | ||||||
1,628,136 | ||||||||
Biotechnology — 0.9% | ||||||||
AbbVie, Inc., 3.80%, 3/15/25 | 2,050,000 | 2,022,727 | ||||||
AbbVie, Inc., 3.60%, 5/14/25 | 500,000 | 491,447 | ||||||
Amgen, Inc., 5.25%, 3/2/25 | 200,000 | 199,546 | ||||||
Amgen, Inc., 3.125%, 5/1/25 | 200,000 | 195,716 | ||||||
Baxalta, Inc., 4.00%, 6/23/25 | 275,000 | 270,749 | ||||||
3,180,185 | ||||||||
Broadline Retail — 0.1% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 225,000 | 225,391 | ||||||
eBay, Inc., 1.90%, 3/11/25 | 100,000 | 97,359 | ||||||
322,750 | ||||||||
Building Products — 0.4% | ||||||||
Trane Technologies Financing Ltd., 3.80%, 3/21/29 | 1,500,000 | 1,421,470 | ||||||
Capital Markets — 8.0% | ||||||||
Ameriprise Financial, Inc., 3.00%, 4/2/25 | 1,600,000 | 1,566,827 | ||||||
Ameriprise Financial, Inc., 5.70%, 12/15/28 | 1,550,000 | 1,584,268 | ||||||
ARES Management Corp., 6.375%, 11/10/28 | 1,000,000 | 1,039,716 | ||||||
Bank of New York Mellon Corp., 1.60%, 4/24/25 | 1,000,000 | 966,592 | ||||||
Bank of New York Mellon Corp., 3.35%, 4/25/25 | 825,000 | 809,449 | ||||||
Bank of New York Mellon Corp., 3.85%, 4/26/29 | 1,000,000 | 953,332 | ||||||
BlackRock, Inc., 3.25%, 4/30/29 | 2,900,000 | 2,689,171 | ||||||
Brookfield Corp., 4.00%, 1/15/25 | 235,000 | 232,678 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 1,045,000 | 998,611 | ||||||
Charles Schwab Corp., 3.00%, 3/10/25 | 200,000 | 196,075 | ||||||
Charles Schwab Corp., 4.20%, 3/24/25 | 200,000 | 197,878 | ||||||
Charles Schwab Corp., 3.625%, 4/1/25 | 100,000 | 98,414 | ||||||
Charles Schwab Corp., 3.85%, 5/21/25 | 998,000 | 982,718 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 2,963,000 | 2,909,674 | ||||||
Franklin Resources, Inc., 2.85%, 3/30/25 | 1,250,000 | 1,223,422 | ||||||
Goldman Sachs Group, Inc., 3.75%, 5/22/25 | 1,260,000 | 1,238,478 | ||||||
Intercontinental Exchange, Inc., 3.65%, 5/23/25 | 2,000,000 | 1,966,301 | ||||||
Intercontinental Exchange, Inc., 3.10%, 9/15/27 | 450,000 | 422,721 | ||||||
Jefferies Financial Group, Inc., 4.85%, 1/15/27 | 200,000 | 196,941 | ||||||
Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 1,750,000 | 1,759,604 | ||||||
Lazard Group LLC, 4.50%, 9/19/28 | 2,500,000 | 2,416,110 | ||||||
Morgan Stanley, 4.00%, 7/23/25 | 635,000 | 624,859 | ||||||
Morgan Stanley, 3.875%, 1/27/26 | 250,000 | 243,942 | ||||||
Morgan Stanley, 3.125%, 7/27/26 | 540,000 | 516,002 | ||||||
Nasdaq, Inc., 5.65%, 6/28/25 | 865,000 | 865,381 | ||||||
State Street Corp., 3.55%, 8/18/25 | 1,519,000 | 1,490,315 | ||||||
UBS Group AG, 3.75%, 3/26/25 | 300,000 | 295,393 | ||||||
28,484,872 | ||||||||
Chemicals — 0.8% | ||||||||
DuPont de Nemours, Inc., 4.49%, 11/15/25 | 200,000 | 197,502 | ||||||
Eastman Chemical Co., 3.80%, 3/15/25 | 100,000 | 98,655 | ||||||
Linde, Inc., 2.65%, 2/5/25 | 463,000 | 454,834 | ||||||
Mosaic Co., 5.375%, 11/15/28 | 1,550,000 | 1,550,633 | ||||||
Nutrien Ltd., 3.00%, 4/1/25 | 100,000 | 97,880 |
Nutrien Ltd., 4.90%, 3/27/28 | 300,000 | 296,599 | ||||||
Sherwin-Williams Co., 3.45%, 8/1/25 | 100,000 | 97,566 | ||||||
2,793,669 | ||||||||
Commercial Services and Supplies — 0.1% | ||||||||
Republic Services, Inc., 3.20%, 3/15/25 | 100,000 | 98,276 | ||||||
Waste Management, Inc., 3.125%, 3/1/25 | 400,000 | 393,177 | ||||||
491,453 | ||||||||
Consumer Finance — 0.9% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/6/28 | 1,250,000 | 1,260,816 | ||||||
American Express Co., 2.25%, 3/4/25 | 1,150,000 | 1,122,281 | ||||||
American Express Co., 3.95%, 8/1/25 | 245,000 | 240,940 | ||||||
American Express Co., 4.90%, 2/13/26 | 270,000 | 268,155 | ||||||
Capital One Financial Corp., 3.80%, 1/31/28 | 150,000 | 142,204 | ||||||
3,034,396 | ||||||||
Consumer Staples Distribution & Retail — 1.1% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 1,293,000 | 1,274,764 | ||||||
Target Corp., 2.25%, 4/15/25 | 1,820,000 | 1,773,504 | ||||||
Walmart, Inc., 2.85%, 7/8/24 | 800,000 | 797,928 | ||||||
3,846,196 | ||||||||
Containers and Packaging — 0.3% | ||||||||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 96,000 | 94,428 | ||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 800,000 | 794,967 | ||||||
889,395 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Yale University, 0.87%, 4/15/25 | 300,000 | 287,542 | ||||||
Diversified REITs — 4.7% | ||||||||
Digital Realty Trust LP, 4.45%, 7/15/28 | 1,939,000 | 1,874,550 | ||||||
ERP Operating LP, 3.375%, 6/1/25 | 751,000 | 734,892 | ||||||
Essex Portfolio LP, 3.50%, 4/1/25 | 750,000 | 736,516 | ||||||
Essex Portfolio LP, 3.375%, 4/15/26 | 740,000 | 711,837 | ||||||
Essex Portfolio LP, 3.625%, 5/1/27 | 275,000 | 262,561 | ||||||
Extra Space Storage LP, 5.70%, 4/1/28 | 1,650,000 | 1,668,452 | ||||||
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 2,100,000 | 1,848,805 | ||||||
Mid-America Apartments LP, 4.00%, 11/15/25 | 1,100,000 | 1,077,555 | ||||||
Prologis LP, 4.375%, 2/1/29 | 2,500,000 | 2,433,587 | ||||||
Rexford Industrial Realty LP, 5.00%, 6/15/28 | 500,000 | 493,154 | ||||||
Simon Property Group LP, 3.375%, 12/1/27 | 825,000 | 779,704 | ||||||
Simon Property Group LP, 1.75%, 2/1/28 | 650,000 | 576,647 | ||||||
Ventas Realty LP, 3.85%, 4/1/27 | 700,000 | 671,411 | ||||||
Ventas Realty LP, 4.40%, 1/15/29 | 1,400,000 | 1,339,739 | ||||||
WP Carey, Inc., 4.00%, 2/1/25 | 1,513,000 | 1,493,772 | ||||||
16,703,182 | ||||||||
Diversified Telecommunication Services — 0.3% | ||||||||
AT&T, Inc., 4.10%, 2/15/28 | 165,000 | 158,768 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 700,000 | 739,758 | ||||||
898,526 | ||||||||
Electric Utilities — 3.5% | ||||||||
American Electric Power Co., Inc., 5.20%, 1/15/29 | 700,000 | 695,696 | ||||||
American Electric Power Co., Inc., Series J, 4.30%, 12/1/28 | 155,000 | 148,695 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 2,413,000 | 2,383,582 | ||||||
Berkshire Hathaway Energy Co., 3.25%, 4/15/28 | 1,800,000 | 1,685,032 | ||||||
CenterPoint Energy Houston Electric LLC, 5.20%, 10/1/28 | 90,000 | 90,413 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 242,000 | 233,144 | ||||||
DTE Electric Co., 3.375%, 3/1/25 | 500,000 | 491,503 | ||||||
Duke Energy Corp., 5.00%, 12/8/27 | 350,000 | 348,175 |
Edison International, 4.70%, 8/15/25 | 1,250,000 | 1,234,484 | ||||||
Edison International, 4.125%, 3/15/28(1) | 750,000 | 714,566 | ||||||
Entergy Louisiana LLC, 2.40%, 10/1/26 | 450,000 | 421,816 | ||||||
Eversource Energy, 4.75%, 5/15/26 | 250,000 | 246,465 | ||||||
Florida Power & Light Co., 2.85%, 4/1/25 | 100,000 | 98,004 | ||||||
NextEra Energy Capital Holdings, Inc., 6.05%, 3/1/25 | 300,000 | 300,678 | ||||||
NextEra Energy Capital Holdings, Inc., 5.75%, 9/1/25 | 175,000 | 175,355 | ||||||
NextEra Energy Capital Holdings, Inc., 1.875%, 1/15/27 | 116,000 | 106,382 | ||||||
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 100,000 | 87,960 | ||||||
Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29 | 1,450,000 | 1,486,314 | ||||||
Pacific Gas & Electric Co., 5.45%, 6/15/27 | 1,000,000 | 997,768 | ||||||
Southwestern Electric Power Co., 1.65%, 3/15/26 | 414,000 | 387,543 | ||||||
Union Electric Co., 2.95%, 6/15/27 | 85,000 | 79,764 | ||||||
Xcel Energy, Inc., 3.35%, 12/1/26 | 250,000 | 237,894 | ||||||
12,651,233 | ||||||||
Electronic Equipment, Instruments and Components — 0.9% | ||||||||
Amphenol Corp., 2.05%, 3/1/25 | 100,000 | 97,364 | ||||||
Avnet, Inc., 4.625%, 4/15/26 | 435,000 | 426,956 | ||||||
Flex Ltd., 3.75%, 2/1/26 | 443,000 | 428,894 | ||||||
Jabil, Inc., 1.70%, 4/15/26 | 1,005,000 | 934,303 | ||||||
Jabil, Inc., 3.95%, 1/12/28 | 200,000 | 189,231 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 848,000 | 843,077 | ||||||
Trimble, Inc., 4.75%, 12/1/24 | 190,000 | 189,086 | ||||||
3,108,911 | ||||||||
Entertainment — 0.1% | ||||||||
Netflix, Inc., 5.875%, 11/15/28 | 290,000 | 298,424 | ||||||
Financial Services — 1.3% | ||||||||
Corebridge Financial, Inc., 3.50%, 4/4/25 | 500,000 | 490,905 | ||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 1,927,000 | 1,850,919 | ||||||
Mastercard, Inc., 2.00%, 3/3/25 | 100,000 | 97,601 | ||||||
National Rural Utilities Cooperative Finance Corp., 3.40%, 2/7/28 | 1,047,000 | 988,614 | ||||||
UBS AG, 5.65%, 9/11/28 | 1,000,000 | 1,018,334 | ||||||
Voya Financial, Inc., 3.65%, 6/15/26 | 15,000 | 14,456 | ||||||
4,460,829 | ||||||||
Food Products — 1.2% | ||||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 1,644,000 | 1,569,052 | ||||||
Conagra Brands, Inc., 7.00%, 10/1/28 | 703,000 | 746,720 | ||||||
Conagra Brands, Inc., 4.85%, 11/1/28 | 100,000 | 97,815 | ||||||
General Mills, Inc., 5.50%, 10/17/28 | 200,000 | 202,621 | ||||||
Hershey Co., 2.05%, 11/15/24 | 273,000 | 268,811 | ||||||
J M Smucker Co., 3.50%, 3/15/25 | 100,000 | 98,352 | ||||||
J M Smucker Co., 5.90%, 11/15/28(1) | 100,000 | 102,682 | ||||||
Kraft Heinz Foods Co., 4.625%, 1/30/29 | 700,000 | 688,461 | ||||||
Tyson Foods, Inc., 5.40%, 3/15/29 | 500,000 | 499,793 | ||||||
4,274,307 | ||||||||
Gas Utilities — 0.4% | ||||||||
Southern California Gas Co., 3.15%, 9/15/24 | 1,450,000 | 1,438,654 | ||||||
Ground Transportation — 0.7% | ||||||||
Ryder System, Inc., 2.50%, 9/1/24 | 598,000 | 593,291 | ||||||
Ryder System, Inc., 3.35%, 9/1/25 | 774,000 | 752,704 | ||||||
Ryder System, Inc., 5.25%, 6/1/28 | 1,150,000 | 1,152,781 | ||||||
2,498,776 | ||||||||
Health Care Equipment and Supplies — 1.1% | ||||||||
Abbott Laboratories, 2.95%, 3/15/25 | 950,000 | 932,850 | ||||||
Baxter International, Inc., 2.60%, 8/15/26 | 9,000 | 8,465 |
Baxter International, Inc., 2.27%, 12/1/28 | 1,300,000 | 1,138,467 | ||||||
DH Europe Finance II SARL, 2.20%, 11/15/24 | 200,000 | 197,162 | ||||||
Medtronic Global Holdings SCA, 4.25%, 3/30/28 | 1,500,000 | 1,461,169 | ||||||
Zimmer Biomet Holdings, Inc., 3.55%, 4/1/25 | 200,000 | 196,525 | ||||||
3,934,638 | ||||||||
Health Care Providers and Services — 3.6% | ||||||||
Adventist Health System, 2.95%, 3/1/29 | 600,000 | 536,703 | ||||||
Aetna, Inc., 3.50%, 11/15/24 | 1,140,000 | 1,128,655 | ||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 1,187,000 | 1,174,021 | ||||||
Cencora, Inc., 3.25%, 3/1/25 | 100,000 | 98,309 | ||||||
Cigna Group, 4.375%, 10/15/28 | 100,000 | 96,681 | ||||||
CVS Health Corp., 4.10%, 3/25/25 | 700,000 | 691,198 | ||||||
CVS Health Corp., 3.875%, 7/20/25 | 100,000 | 98,154 | ||||||
CVS Health Corp., 2.875%, 6/1/26 | 70,000 | 66,551 | ||||||
CVS Health Corp., 5.00%, 1/30/29 | 100,000 | 98,680 | ||||||
Elevance Health, Inc., 2.375%, 1/15/25 | 640,000 | 627,451 | ||||||
Elevance Health, Inc., 1.50%, 3/15/26 | 100,000 | 93,429 | ||||||
Elevance Health, Inc., 4.10%, 3/1/28 | 280,000 | 270,030 | ||||||
HCA, Inc., 5.25%, 6/15/26 | 305,000 | 303,326 | ||||||
HCA, Inc., 4.50%, 2/15/27 | 1,100,000 | 1,073,729 | ||||||
HCA, Inc., 5.20%, 6/1/28 | 250,000 | 248,119 | ||||||
HCA, Inc., 5.625%, 9/1/28 | 350,000 | 351,984 | ||||||
Humana, Inc., 4.50%, 4/1/25 | 100,000 | 99,253 | ||||||
Humana, Inc., 5.70%, 3/13/26 | 1,350,000 | 1,350,038 | ||||||
Humana, Inc., 5.75%, 3/1/28 | 100,000 | 101,306 | ||||||
Humana, Inc., 5.75%, 12/1/28 | 260,000 | 264,219 | ||||||
Humana, Inc., 3.70%, 3/23/29 | 500,000 | 466,391 | ||||||
Laboratory Corp. of America Holdings, 3.60%, 2/1/25 | 1,300,000 | 1,281,988 | ||||||
McKesson Corp., 4.90%, 7/15/28 | 300,000 | 298,328 | ||||||
Quest Diagnostics, Inc., 3.50%, 3/30/25 | 100,000 | 98,255 | ||||||
UnitedHealth Group, Inc., 4.70%, 4/15/29 | 1,750,000 | 1,726,543 | ||||||
UnitedHealth Group, Inc., 4.00%, 5/15/29 | 250,000 | 239,064 | ||||||
12,882,405 | ||||||||
Health Care REITs — 0.1% | ||||||||
Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 | 500,000 | 489,952 | ||||||
Hotels, Restaurants and Leisure — 1.3% | ||||||||
Booking Holdings, Inc., 3.65%, 3/15/25 | 925,000 | 912,102 | ||||||
Expedia Group, Inc., 4.625%, 8/1/27 | 1,593,000 | 1,560,347 | ||||||
Expedia Group, Inc., 3.80%, 2/15/28 | 100,000 | 94,713 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 1,165,000 | 1,152,948 | ||||||
Marriott International, Inc., 3.75%, 3/15/25 | 100,000 | 98,560 | ||||||
Marriott International, Inc., 5.55%, 10/15/28 | 150,000 | 151,471 | ||||||
Starbucks Corp., 3.80%, 8/15/25 | 693,000 | 680,057 | ||||||
4,650,198 | ||||||||
Household Durables — 1.0% | ||||||||
Lennar Corp., 4.75%, 5/30/25 | 1,105,000 | 1,095,632 | ||||||
Lennar Corp., 5.25%, 6/1/26 | 600,000 | 598,121 | ||||||
Mohawk Industries, Inc., 5.85%, 9/18/28 | 100,000 | 101,874 | ||||||
PulteGroup, Inc., 5.00%, 1/15/27 | 1,450,000 | 1,437,482 | ||||||
Whirlpool Corp., 4.75%, 2/26/29(1) | 500,000 | 484,893 | ||||||
3,718,002 | ||||||||
Industrial Conglomerates — 0.4% | ||||||||
3M Co., 2.65%, 4/15/25 | 1,600,000 | 1,560,225 | ||||||
Insurance — 3.2% | ||||||||
Allstate Corp., 0.75%, 12/15/25 | 1,550,000 | 1,443,072 |
Brown & Brown, Inc., 4.20%, 9/15/24 | 85,000 | 84,604 | ||||||
Chubb INA Holdings LLC, 3.15%, 3/15/25 | 1,754,000 | 1,723,013 | ||||||
Fairfax Financial Holdings Ltd., 4.85%, 4/17/28 | 1,010,000 | 989,515 | ||||||
Lincoln National Corp., 3.80%, 3/1/28 | 400,000 | 380,251 | ||||||
Marsh & McLennan Cos., Inc., 3.50%, 3/10/25 | 2,750,000 | 2,709,556 | ||||||
MetLife, Inc., 3.00%, 3/1/25 | 100,000 | 98,167 | ||||||
Progressive Corp., 4.00%, 3/1/29 | 1,000,000 | 953,832 | ||||||
Progressive Corp., 6.625%, 3/1/29 | 2,000,000 | 2,128,527 | ||||||
Willis North America, Inc., 4.50%, 9/15/28 | 1,100,000 | 1,063,772 | ||||||
11,574,309 | ||||||||
IT Services — 1.1% | ||||||||
International Business Machines Corp., 4.50%, 2/6/28 | 750,000 | 736,475 | ||||||
International Business Machines Corp., 3.50%, 5/15/29 | 1,500,000 | 1,395,549 | ||||||
VeriSign, Inc., 5.25%, 4/1/25 | 1,950,000 | 1,941,734 | ||||||
4,073,758 | ||||||||
Life Sciences Tools and Services — 0.7% | ||||||||
Thermo Fisher Scientific, Inc., 5.00%, 1/31/29 | 2,450,000 | 2,450,349 | ||||||
Machinery — 0.6% | ||||||||
Caterpillar Financial Services Corp., 1.45%, 5/15/25 | 907,000 | 874,894 | ||||||
CNH Industrial Capital LLC, 5.50%, 1/12/29 | 520,000 | 524,048 | ||||||
John Deere Capital Corp., 4.95%, 7/14/28 | 560,000 | 559,347 | ||||||
PACCAR Financial Corp., 2.85%, 4/7/25 | 100,000 | 97,896 | ||||||
2,056,185 | ||||||||
Media — 1.4% | ||||||||
Comcast Corp., 3.375%, 8/15/25 | 2,096,000 | 2,049,523 | ||||||
Comcast Corp., 3.15%, 2/15/28 | 500,000 | 468,052 | ||||||
Discovery Communications LLC, 4.90%, 3/11/26 | 795,000 | 784,813 | ||||||
Fox Corp., 3.05%, 4/7/25 | 100,000 | 97,854 | ||||||
Walt Disney Co., 3.35%, 3/24/25 | 1,700,000 | 1,672,277 | ||||||
5,072,519 | ||||||||
Metals and Mining — 0.2% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26 | 480,000 | 470,810 | ||||||
BHP Billiton Finance USA Ltd., 5.10%, 9/8/28 | 195,000 | 195,363 | ||||||
666,173 | ||||||||
Multi-Utilities — 0.3% | ||||||||
Ameren Corp., 5.00%, 1/15/29 | 100,000 | 98,462 | ||||||
Ameren Illinois Co., 3.25%, 3/1/25 | 100,000 | 98,329 | ||||||
Black Hills Corp., 3.15%, 1/15/27 | 242,000 | 228,910 | ||||||
Dominion Energy, Inc., 4.25%, 6/1/28 | 200,000 | 192,569 | ||||||
Dominion Energy, Inc., Series A, 3.30%, 3/15/25 | 100,000 | 98,025 | ||||||
DTE Energy Co., Series F, 1.05%, 6/1/25 | 100,000 | 95,684 | ||||||
National Grid PLC, 5.60%, 6/12/28 | 120,000 | 120,743 | ||||||
Sempra, 3.30%, 4/1/25 | 100,000 | 98,038 | ||||||
Sempra, 3.25%, 6/15/27 | 64,000 | 60,194 | ||||||
1,090,954 | ||||||||
Oil, Gas and Consumable Fuels — 7.2% | ||||||||
Boardwalk Pipelines LP, 4.45%, 7/15/27 | 900,000 | 875,225 | ||||||
BP Capital Markets America, Inc., 4.70%, 4/10/29 | 1,000,000 | 985,617 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 1,435,000 | 1,423,815 | ||||||
Cheniere Energy, Inc., 4.625%, 10/15/28 | 200,000 | 192,735 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 100,000 | 96,567 | ||||||
ConocoPhillips Co., 2.40%, 3/7/25 | 100,000 | 97,742 | ||||||
Continental Resources, Inc., 4.375%, 1/15/28 | 500,000 | 480,468 | ||||||
Coterra Energy, Inc., 3.90%, 5/15/27 | 75,000 | 71,975 | ||||||
DCP Midstream Operating LP, 5.375%, 7/15/25 | 550,000 | 548,577 |
DCP Midstream Operating LP, 5.625%, 7/15/27 | 600,000 | 606,055 | ||||||
Enbridge, Inc., 4.25%, 12/1/26 | 460,000 | 447,886 | ||||||
Energy Transfer LP, 4.05%, 3/15/25 | 100,000 | 98,628 | ||||||
Energy Transfer LP, 4.75%, 1/15/26 | 888,000 | 876,908 | ||||||
Energy Transfer LP, 6.05%, 12/1/26 | 100,000 | 101,335 | ||||||
Energy Transfer LP, 5.50%, 6/1/27 | 557,000 | 557,931 | ||||||
Energy Transfer LP, 5.55%, 2/15/28 | 900,000 | 903,640 | ||||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 100,000 | 98,661 | ||||||
EOG Resources, Inc., 3.15%, 4/1/25 | 2,500,000 | 2,454,053 | ||||||
Equinor ASA, 7.25%, 9/23/27 | 487,000 | 517,858 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 1,100,000 | 1,078,103 | ||||||
Exxon Mobil Corp., 2.99%, 3/19/25 | 2,100,000 | 2,061,914 | ||||||
Kinder Morgan, Inc., 4.30%, 6/1/25 | 110,000 | 108,547 | ||||||
Kinder Morgan, Inc., 4.30%, 3/1/28 | 495,000 | 480,177 | ||||||
Marathon Oil Corp., 4.40%, 7/15/27 | 1,394,000 | 1,363,441 | ||||||
ONEOK Partners LP, 4.90%, 3/15/25 | 100,000 | 99,356 | ||||||
ONEOK, Inc., 4.55%, 7/15/28 | 500,000 | 485,618 | ||||||
ONEOK, Inc., 5.65%, 11/1/28 | 400,000 | 404,472 | ||||||
Phillips 66, 3.85%, 4/9/25 | 630,000 | 620,971 | ||||||
Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 | 1,270,000 | 1,241,670 | ||||||
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25 | 500,000 | 499,104 | ||||||
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 500,000 | 502,182 | ||||||
Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | 100,000 | 96,381 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 100,000 | 98,130 | ||||||
Spectra Energy Partners LP, 3.50%, 3/15/25 | 100,000 | 98,313 | ||||||
Targa Resources Corp., 5.20%, 7/1/27 | 1,350,000 | 1,345,121 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 375,000 | 365,933 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 1/15/29 | 300,000 | 308,796 | ||||||
Tennessee Gas Pipeline Co. LLC, 7.00%, 3/15/27 | 250,000 | 261,081 | ||||||
TotalEnergies Capital International SA, 2.43%, 1/10/25(1) | 1,025,000 | 1,006,336 | ||||||
TransCanada PipeLines Ltd., 6.20%, 3/9/26 | 300,000 | 300,008 | ||||||
Williams Cos., Inc., 4.00%, 9/15/25 | 1,588,000 | 1,556,839 | ||||||
25,818,169 | ||||||||
Personal Care Products — 0.6% | ||||||||
Estee Lauder Cos., Inc., 2.00%, 12/1/24 | 98,000 | 96,319 | ||||||
Estee Lauder Cos., Inc., 4.375%, 5/15/28 | 85,000 | 83,242 | ||||||
Kenvue, Inc., 5.50%, 3/22/25 | 2,100,000 | 2,100,289 | ||||||
2,279,850 | ||||||||
Pharmaceuticals — 1.8% | ||||||||
Astrazeneca Finance LLC, 4.85%, 2/26/29 | 600,000 | 595,776 | ||||||
Bristol-Myers Squibb Co., 2.90%, 7/26/24 | 431,000 | 429,298 | ||||||
GlaxoSmithKline Capital PLC, 3.00%, 6/1/24 | 537,000 | 537,000 | ||||||
Merck & Co., Inc., 3.40%, 3/7/29 | 1,000,000 | 938,010 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 1,663,000 | 1,622,113 | ||||||
Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/28 | 700,000 | 685,243 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 1,720,000 | 1,628,933 | ||||||
6,436,373 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
CBRE Services, Inc., 4.875%, 3/1/26 | 559,000 | 552,436 | ||||||
Residential REITs — 1.1% | ||||||||
AvalonBay Communities, Inc., 2.95%, 5/11/26 | 1,325,000 | 1,267,160 | ||||||
Camden Property Trust, 4.10%, 10/15/28 | 1,000,000 | 958,948 | ||||||
UDR, Inc., 3.50%, 7/1/27 | 851,000 | 803,046 | ||||||
UDR, Inc., 4.40%, 1/26/29 | 1,050,000 | 1,007,798 | ||||||
4,036,952 | ||||||||
Retail REITs — 1.5% | ||||||||
Federal Realty OP LP, 3.25%, 7/15/27 | 1,250,000 | 1,175,665 | ||||||
Kimco Realty OP LLC, 3.30%, 2/1/25 | 1,188,000 | 1,170,317 | ||||||
NNN REIT, Inc., 3.50%, 10/15/27 | 800,000 | 754,401 | ||||||
Realty Income Corp., 3.875%, 4/15/25 | 1,680,000 | 1,656,269 | ||||||
Realty Income Corp., 3.95%, 8/15/27 | 300,000 | 289,072 | ||||||
Realty Income Corp., 2.10%, 3/15/28 | 250,000 | 222,948 | ||||||
5,268,672 | ||||||||
Semiconductors and Semiconductor Equipment — 2.5% | ||||||||
Analog Devices, Inc., 2.95%, 4/1/25 | 100,000 | 97,945 | ||||||
Analog Devices, Inc., 1.70%, 10/1/28 | 250,000 | 218,931 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 | 1,510,000 | 1,458,252 | ||||||
Broadcom, Inc., 3.15%, 11/15/25 | 100,000 | 96,724 | ||||||
Intel Corp., 3.40%, 3/25/25 | 1,850,000 | 1,821,674 | ||||||
Intel Corp., 4.875%, 2/10/28 | 1,150,000 | 1,141,969 | ||||||
Lam Research Corp., 3.80%, 3/15/25 | 900,000 | 888,490 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 380,000 | 354,592 | ||||||
Micron Technology, Inc., 4.98%, 2/6/26 | 795,000 | 788,747 | ||||||
Micron Technology, Inc., 4.19%, 2/15/27 | 900,000 | 874,006 | ||||||
Texas Instruments, Inc., 1.375%, 3/12/25 | 100,000 | 96,967 | ||||||
Xilinx, Inc., 2.95%, 6/1/24 | 950,000 | 950,000 | ||||||
8,788,297 | ||||||||
Software — 0.6% | ||||||||
Intuit, Inc., 5.125%, 9/15/28 | 100,000 | 100,620 | ||||||
Oracle Corp., 2.50%, 4/1/25 | 1,350,000 | 1,315,414 | ||||||
Oracle Corp., 2.95%, 5/15/25 | 100,000 | 97,511 | ||||||
Oracle Corp., 1.65%, 3/25/26 | 100,000 | 93,589 | ||||||
Roper Technologies, Inc., 3.85%, 12/15/25 | 450,000 | 439,697 | ||||||
2,046,831 | ||||||||
Specialized REITs — 1.2% | ||||||||
American Tower Corp., 2.40%, 3/15/25 | 100,000 | 97,505 | ||||||
American Tower Corp., 3.65%, 3/15/27(1) | 825,000 | 789,526 | ||||||
American Tower Corp., 3.55%, 7/15/27 | 1,016,000 | 962,743 | ||||||
American Tower Corp., 5.25%, 7/15/28 | 100,000 | 99,671 | ||||||
American Tower Corp., 5.80%, 11/15/28 | 100,000 | 101,738 | ||||||
Crown Castle, Inc., 4.45%, 2/15/26 | 1,325,000 | 1,301,500 | ||||||
Crown Castle, Inc., 3.70%, 6/15/26 | 92,000 | 88,797 | ||||||
Crown Castle, Inc., 4.00%, 3/1/27 | 230,000 | 221,478 | ||||||
Crown Castle, Inc., 4.80%, 9/1/28 | 315,000 | 307,521 | ||||||
Crown Castle, Inc., 5.60%, 6/1/29 | 200,000 | 201,331 | ||||||
Equinix, Inc., 1.45%, 5/15/26 | 300,000 | 277,485 | ||||||
4,449,295 | ||||||||
Specialty Retail — 1.3% | ||||||||
AutoNation, Inc., 3.50%, 11/15/24 | 800,000 | 790,788 | ||||||
AutoZone, Inc., 3.625%, 4/15/25 | 300,000 | 294,964 | ||||||
AutoZone, Inc., 3.75%, 6/1/27 | 438,000 | 420,656 | ||||||
AutoZone, Inc., 6.25%, 11/1/28 | 580,000 | 602,351 | ||||||
Home Depot, Inc., 4.90%, 4/15/29 | 1,000,000 | 998,340 | ||||||
Lowe's Cos., Inc., 1.70%, 9/15/28 | 200,000 | 173,987 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 1,488,000 | 1,475,603 | ||||||
4,756,689 | ||||||||
Technology Hardware, Storage and Peripherals — 0.8% | ||||||||
Apple, Inc., 1.125%, 5/11/25 | 750,000 | 721,393 | ||||||
Dell International LLC/EMC Corp., 6.02%, 6/15/26 | 468,000 | 472,381 | ||||||
Dell International LLC/EMC Corp., 4.90%, 10/1/26 | 225,000 | 222,486 |
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 1,529,000 | 1,517,806 | ||||||
2,934,066 | ||||||||
Textiles, Apparel and Luxury Goods — 0.5% | ||||||||
NIKE, Inc., 2.40%, 3/27/25 | 100,000 | 97,691 | ||||||
Ralph Lauren Corp., 3.75%, 9/15/25 | 1,720,000 | 1,684,516 | ||||||
1,782,207 | ||||||||
Trading Companies and Distributors — 0.2% | ||||||||
Air Lease Corp., 3.25%, 3/1/25 | 850,000 | 833,246 | ||||||
Air Lease Corp., 2.875%, 1/15/26 | 50,000 | 47,811 | ||||||
881,057 | ||||||||
Water Utilities — 0.0% | ||||||||
American Water Capital Corp., 3.40%, 3/1/25 | 100,000 | 98,441 | ||||||
Wireless Telecommunication Services — 0.4% | ||||||||
Rogers Communications, Inc., 2.95%, 3/15/25 | 100,000 | 97,785 | ||||||
Sprint LLC, 7.625%, 3/1/26 | 250,000 | 256,779 | ||||||
T-Mobile USA, Inc., 3.50%, 4/15/25 | 100,000 | 98,139 | ||||||
T-Mobile USA, Inc., 2.25%, 2/15/26 | 100,000 | 94,744 | ||||||
T-Mobile USA, Inc., 4.80%, 7/15/28 | 400,000 | 393,620 | ||||||
T-Mobile USA, Inc., 2.40%, 3/15/29 | 500,000 | 440,643 | ||||||
Vodafone Group PLC, 4.125%, 5/30/25 | 220,000 | 216,967 | ||||||
1,598,677 | ||||||||
TOTAL CORPORATE BONDS (Cost $276,855,385) | 275,490,168 | |||||||
U.S. TREASURY SECURITIES — 19.7% | ||||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 2,100,000 | 2,079,205 | ||||||
U.S. Treasury Notes, 2.125%, 9/30/24 | 2,250,000 | 2,226,789 | ||||||
U.S. Treasury Notes, 1.50%, 10/31/24 | 1,500,000 | 1,477,017 | ||||||
U.S. Treasury Notes, 1.50%, 11/30/24(2) | 4,820,000 | 4,729,880 | ||||||
U.S. Treasury Notes, 1.75%, 12/31/24 | 3,300,000 | 3,233,736 | ||||||
U.S. Treasury Notes, 1.125%, 1/15/25 | 2,000,000 | 1,949,941 | ||||||
U.S. Treasury Notes, 1.50%, 2/15/25 | 4,000,000 | 3,895,953 | ||||||
U.S. Treasury Notes, 0.375%, 9/30/27 | 3,550,000 | 3,089,817 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 4,985,000 | 4,350,581 | ||||||
U.S. Treasury Notes, 0.75%, 1/31/28 | 5,250,000 | 4,576,318 | ||||||
U.S. Treasury Notes, 1.125%, 2/29/28 | 6,400,000 | 5,644,750 | ||||||
U.S. Treasury Notes, 1.25%, 4/30/28 | 6,370,000 | 5,618,663 | ||||||
U.S. Treasury Notes, 1.25%, 6/30/28 | 4,500,000 | 3,950,508 | ||||||
U.S. Treasury Notes, 1.00%, 7/31/28 | 4,650,000 | 4,029,516 | ||||||
U.S. Treasury Notes, 3.125%, 11/15/28 | 5,625,000 | 5,307,056 | ||||||
U.S. Treasury Notes, 1.375%, 12/31/28 | 3,700,000 | 3,222,324 | ||||||
U.S. Treasury Notes, 1.75%, 1/31/29 | 5,850,000 | 5,174,279 | ||||||
U.S. Treasury Notes, 1.875%, 2/28/29 | 6,500,000 | 5,773,701 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $71,387,850) | 70,330,034 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 1.6% | ||||||||
Federal Farm Credit Banks Funding Corp., 3.30%, 8/15/24 | 51,000 | 50,766 | ||||||
Federal Farm Credit Banks Funding Corp., 4.625%, 12/5/24 | 116,000 | 115,665 | ||||||
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 | 250,000 | 244,061 | ||||||
Federal Farm Credit Banks Funding Corp., 4.50%, 3/2/26 | 198,000 | 196,672 | ||||||
FHLB, 1.50%, 8/15/24 | 170,000 | 168,663 | ||||||
FHLB, 3.25%, 11/16/28 | 700,000 | 664,788 | ||||||
FHLMC, 5.31%, 11/15/24 | 750,000 | 749,074 | ||||||
FHLMC, 4.00%, 11/25/24 | 550,000 | 545,866 | ||||||
FHLMC, 0.375%, 7/21/25 | 115,000 | 109,071 | ||||||
FHLMC, 0.65%, 10/27/25 | 100,000 | 94,145 |
FNMA, 2.625%, 9/6/24 | 875,000 | 869,028 | ||||||
FNMA, 0.50%, 6/17/25 | 750,000 | 715,263 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 211,000 | 202,339 | ||||||
Tennessee Valley Authority, 3.875%, 3/15/28 | 900,000 | 876,025 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $5,648,051) | 5,601,426 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Sweden — 0.2% | ||||||||
Svensk Exportkredit AB, 3.625%, 9/3/24 | 500,000 | 497,544 | ||||||
Svensk Exportkredit AB, 2.25%, 3/22/27 | 350,000 | 326,110 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $833,383) | 823,654 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Money Market Funds — 0.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) (Cost $1,637,783) | 1,637,783 | 1,637,783 | ||||||
TOTAL INVESTMENT SECURITIES — 99.1% (Cost $356,362,452) | 353,883,065 | |||||||
OTHER ASSETS AND LIABILITIES — 0.9% | 3,134,171 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 357,017,236 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 50 | September 2024 | $ | 5,289,844 | $ | 3,520 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
FHLB | – | Federal Home Loan Bank | ||||||
FHLMC | – | Federal Home Loan Mortgage Corp. | ||||||
FNMA | – | Federal National Mortgage Association |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 275,490,168 | — | |||||||
U.S. Treasury Securities | — | 70,330,034 | — | ||||||||
U.S. Government Agency Securities | — | 5,601,426 | — | ||||||||
Sovereign Governments and Agencies | — | 823,654 | — | ||||||||
Short-Term Investments | $ | 1,637,783 | — | — | |||||||
$ | 1,637,783 | $ | 352,245,282 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 3,520 | — | — |