NPORT-EX 2 bond.htm NPORT-EX

BOND FUND SCHEDULE OF INVESTMENTS (Unaudited)
                
February 28, 2026
                
                 
   
Rate (%)
  
Maturity Date
  
Principal Amount
  
Value
BONDS - 90.3%
              
$1,775,309,892
(COST $1,875,978,748)
                
                 
Asset-Backed Securities - 7.8%
              
153,322,353
AASET Trust, Series 2022-1A A (l)
  
6.000
  
05/16/47
  
3,809,483
  
3,913,806
AASET Trust, Series 2024-1A A1 (l)
  
6.261
  
05/16/49
  
7,676,538
  
7,910,226
American Airlines, Series 2015-1 A
  
3.375
  
11/01/28
  
900,763
  
890,727
American Airlines, Series 2017-1 A
  
4.000
  
08/15/30
  
178,195
  
173,626
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A A (l)
  
4.213
  
12/16/41
  
286,336
  
287,023
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A B (l)
  
5.682
  
12/16/41
  
405,581
  
406,319
Business Jet Securities, LLC, Series 2022-1A A (l)
  
4.455
  
06/15/37
  
2,992,591
  
2,984,862
Business Jet Securities, LLC, Series 2022-1A B (l)
  
5.192
  
06/15/37
  
427,513
  
427,668
Business Jet Securities, LLC, Series 2024-1A A (l)
  
6.197
  
05/15/39
  
5,887,134
  
6,092,349
Castle Aircraft Securitization Trust, Series 2019-1A A (l)
  
3.967
  
04/15/39
  
649,547
  
643,063
CLI Funding IX LLC, Series 2024-1A B (l)
  
5.660
  
07/20/49
  
3,625,958
  
3,665,408
CVS Pass-Through Trust
  
6.943
  
01/10/30
  
1,400,072
  
1,460,497
DCAL Aviation Finance Ltd. (AIM), Series 2015-1A A1 (f)(l)
  
6.213
  
02/15/40
  
472,756
  
462,951
ECAF I Ltd., Series 2015-1A A2 (l)
  
4.947
  
06/15/40
  
3,130,188
  
2,899,524
ECAF I Ltd., Series 2015-1A B1 (l)
  
5.802
  
06/15/40
  
19,177,362
  
9,369,675
GAIA Aviation Ltd. (TAILWIND), Series 2019-1 B (l)
  
5.193
  
12/15/44
  
2,888,439
  
2,847,236
HOA RoyaltyCo LLC, Series 2025-1A 2I (i)(l)(m)(n)
  
4.723
  
11/22/55
  
12,856,756
  
6,043,961
Horizon Aircraft Finance I Ltd., Series 2018-1 B (l)
  
5.270
  
12/15/38
  
2,702,399
  
2,526,765
Horizon Aircraft Finance II Ltd., Series 2019-1 A (l)
  
3.721
  
07/15/39
  
998,679
  
991,168
Horizon Aircraft Finance IV Ltd., Series 2024-1 A (l)
  
5.375
  
09/15/49
  
7,143,690
  
7,286,024
JOL Air Limited, Series 2019-1 B (l)
  
4.948
  
04/15/44
  
502,672
  
500,160
Labrador Aviation Finance Ltd., Series 2016-1A B1 (l)
  
5.682
  
01/15/42
  
13,512,137
  
13,513,893
Lafayette Federal Credit Union Asset Trust (MRQI), Series 2026-HI1A A2 (l)
  
5.375
  
01/25/46
  
6,000,000
  
6,049,862
MACH 1 Cayman Ltd., Series 2019-1 B (l)
  
4.335
  
10/15/39
  
448,148
  
444,692
METAL LLC, Series 2017-1 A (l)
  
4.581
  
10/15/42
  
11,675,998
  
8,114,342
METAL LLC, Series 2017-1 B (l)(m)
  
6.500
  
10/15/42
  
26,657,035
  
8,796,555
Phantom Aviation, Series 2026-1 A (l)
  
5.240
  
01/15/51
  
3,500,000
  
3,561,774
Pioneer Aircraft Finance Ltd., Series 2019-1 B (l)
  
4.948
  
06/15/44
  
298,314
  
296,851
Pk Alift Loan Funding 6 LP, Series 2025-1 A (l)
  
5.365
  
11/15/42
  
3,707,514
  
3,769,793
Project Silver, Series 2019-1 A (l)
  
3.967
  
07/15/44
  
3,402,630
  
3,384,970
PROP Limited, Series 2017-1 B (l)(m)
  
6.900
  
03/15/42
  
3,836,109
  
2,904,318
Signal Rail IV LLC, Series 2025-1A A (l)
  
5.180
  
11/17/55
  
5,784,992
  
5,887,968
Signal Rail IV LLC, Series 2025-1A B (l)
  
5.360
  
11/17/55
  
1,700,000
  
1,721,915
Slam Ltd., Series 2024-1A A (l)
  
5.335
  
09/15/49
  
1,689,651
  
1,726,133
SMB Private Education Loan Trust, Series 2014-A C (l)
  
4.500
  
09/15/45
  
7,000,000
  
6,435,527
Sprite Limited, Series 2021-1 A (l)
  
3.750
  
11/15/46
  
4,341,657
  
4,278,379
Sprite Limited, Series 2021-1 B (l)
  
5.100
  
11/15/46
  
1,377,180
  
1,371,701
TGIF Funding LLC, Series 2017-1A A2 (l)(m)
  
6.202
  
04/30/47
  
10,990,469
  
9,365,257
Thrust Engine Leasing DAC, Series 2021-1A A (l)
  
4.163
  
07/15/40
  
2,901,285
  
2,872,866
Thunderbolt Aircraft Lease Ltd., Series 2019-1 B (l)
  
4.750
  
11/15/39
  
1,213,964
  
1,198,280
Trinity Rail Leasing, Series 2025-1A A (l)
  
5.090
  
10/19/55
  
2,966,742
  
3,008,716
Trinity Rail Leasing, Series 2025-1A B (l)
  
5.300
  
10/19/55
  
1,160,000
  
1,168,204
United Airlines, Series 2020-1 A
  
5.875
  
04/15/29
  
1,628,031
  
1,667,319
                 
Commercial Mortgage-Backed Securities - 8.8%
              
172,420,885
BBCMS Mortgage Trust, Series 2015-VFM A2 (l)
  
3.375
  
03/12/36
  
3,000,000
  
2,991,275
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 B
 (1.0 x (TSFR1M + 1.26448%), floor 1.150%) (d)(l)
  
4.924
  
06/15/31
  
5,608,848
  
5,526,142
Citigroup Commercial Mortgage Trust, Series 2015-GC35 C (d)
  
4.386
  
11/10/48
  
7,000,000
  
5,192,755
Citigroup Commercial Mortgage Trust, Series 2016-GC36 C (d)
  
4.675
  
02/10/49
  
5,000,000
  
4,391,950
COMM Mortgage Trust, Series 2012-CR4 AM (f)
  
3.251
  
10/15/45
  
3,000,000
  
2,925,110
COMM Mortgage Trust, Series 2014-CR16 C (d)
  
4.724
  
04/10/47
  
5,000,000
  
4,787,500
COMM Mortgage Trust, Series 2014-UBS4 D (d)(f)(l)
  
4.520
  
08/10/47
  
9,740,000
  
2,191,792
COMM Mortgage Trust, Series 2014-UBS5 B
  
4.514
  
09/10/47
  
3,270,000
  
3,172,219
COMM Mortgage Trust, Series 2014-UBS5 C (d)(f)
  
4.602
  
09/10/47
  
6,500,000
  
6,045,634
COMM Mortgage Trust, Series 2015-DC1 C (d)
  
4.279
  
02/10/48
  
540,000
  
476,496
COMM Mortgage Trust, Series 2015-PC1 D (d)
  
4.343
  
07/10/50
  
2,500,000
  
2,075,000
Credit Suisse Commercial Mortgage Securities Corp., Series 2016-NXSR C (d)
  
4.417
  
12/15/49
  
3,000,000
  
2,896,525
CSAIL Commercial Mortgage Trust, Series 2015-C1 C (d)
  
3.742
  
04/15/50
  
1,780,000
  
1,655,400
CSAIL Commercial Mortgage Trust, Series 2015-C2 C (d)
  
4.120
  
06/15/57
  
1,798,575
  
1,717,657
CSAIL Commercial Mortgage Trust, Series 2015-C3 B (d)
  
3.880
  
08/15/48
  
3,645,690
  
3,474,343
CSAIL Commercial Mortgage Trust, Series 2015-C3 D (d)
  
3.130
  
08/15/48
  
5,795,000
  
4,354,942
DBUBS Mortgage Trust, Series 2011-LC3A PM1 (l)
  
4.452
  
05/10/44
  
7,220,321
  
6,868,475
DBUBS Mortgage Trust, Series 2011-LC3A PM2 (d)(f)(l)
  
4.758
  
05/10/44
  
4,197,000
  
2,691,410
GS Mortgage Securities Trust, Series 2014-GC24 B (d)
  
4.297
  
09/10/47
  
4,340,000
  
4,209,188
HMH Trust, Series 2017-NSS A (f)(l)
  
3.062
  
07/05/31
  
5,850,000
  
4,854,856
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3 B (l)
  
5.013
  
02/15/46
  
1,831,434
  
1,801,359
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3 C (l)
  
5.360
  
02/15/46
  
9,250,000
  
8,885,355
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9 C (d)(l)
  
3.499
  
12/15/47
  
961,455
  
942,216
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20 D (d)(f)(l)
  
4.462
  
07/15/47
  
4,268,180
  
1,621,866
JPMBB Commercial Mortgage Securities Trust, Series 2013-C12 C (d)
  
3.859
  
07/15/45
  
1,913,342
  
1,865,279
JPMBB Commercial Mortgage Securities Trust, Series 2013-C14 C (d)
  
3.931
  
08/15/46
  
2,291,674
  
2,235,987
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18 C (d)
  
4.474
  
02/15/47
  
5,060,000
  
4,930,211
JPMBB Commercial Mortgage Securities Trust, Series 2014-C22 D (d)(f)(l)
  
4.514
  
09/15/47
  
4,966,000
  
3,290,422
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24 B
  
4.116
  
11/15/47
  
10,400,000
  
9,826,347
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28 C (d)
  
4.284
  
10/15/48
  
842,927
  
830,283
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32 B (f)
  
4.389
  
11/15/48
  
500,000
  
254,950
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10 C (d)
  
3.951
  
07/15/46
  
2,750,000
  
2,557,117
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11 AS (d)
  
3.892
  
08/15/46
  
4,159,083
  
4,017,674
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12 C (d)
  
4.601
  
10/15/46
  
381,777
  
362,692
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21 C (d)
  
3.951
  
03/15/48
  
8,000,000
  
7,256,000
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 D (d)(f)(l)
  
3.970
  
04/15/48
  
5,000,000
  
2,500,000
Morgan Stanley Capital I Trust, Series 2011-C2 D (d)(l)
  
5.213
  
06/15/44
  
269,841
  
267,197
Morgan Stanley Capital I Trust, Series 2015-UBS8 C (d)
  
4.320
  
12/15/48
  
3,608,160
  
3,535,997
Morgan Stanley Capital I Trust, Series 2016-UB12 C (d)(f)
  
4.075
  
12/15/49
  
5,000,000
  
3,937,703
Wells Fargo Commercial Mortgage Trust, Series 2015-C27 C
  
3.894
  
02/15/48
  
4,210,242
  
3,706,276
Wells Fargo Commercial Mortgage Trust, Series 2015-C31 C (d)
  
4.672
  
11/15/48
  
69,148
  
67,938
Wells Fargo Commercial Mortgage Trust, Series 2015-C31 D (f)
  
3.852
  
11/15/48
  
5,189,370
  
4,682,836
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1 C (d)
  
4.290
  
09/15/48
  
3,747,302
  
3,611,350
Wells Fargo Commercial Mortgage Trust, Series 2016-C36 C (d)
  
4.088
  
11/15/59
  
3,000,000
  
2,549,115
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP A
 (1 x (TSFR1M + 0.921%), floor 0.875%) (d)(l)
  
4.581
  
12/15/34
  
1,625,000
  
1,511,332
WFRBS Commercial Mortgage Trust, Series 2012-C10 B
  
3.744
  
12/15/45
  
818,281
  
789,641
WFRBS Commercial Mortgage Trust, Series 2012-C10 C (d)
  
4.333
  
12/15/45
  
7,000,000
  
5,932,500
WFRBS Commercial Mortgage Trust, Series 2013-C14 B (d)
  
3.790
  
06/15/46
  
1,500,000
  
1,424,895
WFRBS Commercial Mortgage Trust, Series 2013-C15 B (d)
  
4.152
  
08/15/46
  
3,318,279
  
3,225,400
WFRBS Commercial Mortgage Trust, Series 2014-C20 C (f)
  
4.513
  
05/15/47
  
4,500,000
  
1,980,000
WFRBS Commercial Mortgage Trust, Series 2014-C21 C
  
4.234
  
08/15/47
  
3,000,000
  
2,853,000
WFRBS Commercial Mortgage Trust, Series 2014-C21 D (f)(l)
  
3.497
  
08/15/47
  
5,000,000
  
4,527,050
WP Glimcher Mall Trust, Series 2015-WPG B (d)(l)
  
3.516
  
06/05/35
  
2,231,464
  
2,142,228
                 
Corporate Bonds - 68.8%
              
1,351,105,127
A10 Capital, LLC (l)
  
5.875
  
08/17/26
  
5,000,000
  
4,951,391
A10 Capital, LLC (l)
  
5.875
  
08/17/26
  
1,500,000
  
1,485,417
AbbVie Inc.
  
4.500
  
05/14/35
  
500,000
  
495,421
ACRES Commercial Realty Corp.
  
5.750
  
08/15/26
  
8,000,000
  
7,944,664
AEP Texas Inc.
  
5.700
  
05/15/34
  
2,000,000
  
2,119,458
Affiliated Managers Group, Inc.
  
5.500
  
08/20/34
  
4,500,000
  
4,601,178
Affiliated Managers Group, Inc.
  
5.500
  
02/15/36
  
3,000,000
  
3,028,799
Air Lease Corp.
  
3.000
  
02/01/30
  
7,500,000
  
7,105,853
Albemarle Corp.
  
5.050
  
06/01/32
  
7,250,000
  
7,391,793
Alexandria Real Estate Equities, Inc.
  
4.700
  
07/01/30
  
1,350,000
  
1,370,350
Alexandria Real Estate Equities, Inc.
  
4.750
  
04/15/35
  
5,000,000
  
4,872,276
Alexandria Real Estate Equities, Inc.
  
5.250
  
05/15/36
  
750,000
  
753,827
Alliant Energy Finance LLC (l)
  
1.400
  
03/15/26
  
2,187,000
  
2,182,805
Ally Financial Inc.
  
4.750
  
06/09/27
  
6,454,000
  
6,503,810
Ameren Corp.
  
1.950
  
03/15/27
  
960,000
  
941,053
American Assets Trust, L.P.
  
6.150
  
10/01/34
  
7,000,000
  
7,172,699
American Coastal Insurance Corp. (c)
  
6.250
  
12/15/27
  
2,250,000
  
2,250,328
American Financial Group, Inc.
  
5.000
  
09/23/35
  
500,000
  
494,428
American Honda Finance Corp.
  
5.200
  
03/05/35
  
750,000
  
767,841
American Tower Corp.
  
3.650
  
03/15/27
  
4,550,000
  
4,534,502
Americold Realty Operating Partnership, L.P.
  
5.409
  
09/12/34
  
7,532,000
  
7,466,559
Anheuser-Busch InBev Worldwide Inc.
  
6.625
  
08/15/33
  
500,000
  
569,970
Aptiv Swiss Holdings Ltd.
  
4.650
  
09/13/29
  
7,000,000
  
7,167,547
Aptiv Swiss Holdings Ltd.
  
5.150
  
09/13/34
  
2,485,000
  
2,551,679
Arizona Public Service Co.
  
5.625
  
05/15/33
  
5,000,000
  
5,176,438
Arrow Electronics, Inc.
  
5.875
  
04/10/34
  
6,920,000
  
7,292,459
Assured Guaranty US Holdings Inc. (TSFR3M + 2.64161%) (d)(k)
  
6.365
  
12/15/66
  
12,106,000
  
10,265,844
AT&T Inc.
  
7.700
  
05/01/32
  
1,000,000
  
1,159,318
AT&T Inc.
  
4.500
  
05/15/35
  
2,750,000
  
2,680,326
AT&T Inc.
  
4.900
  
11/01/35
  
3,750,000
  
3,758,259
Avery Dennison Corp.
  
6.000
  
01/15/33
  
205,000
  
218,095
Avnet, Inc.
  
6.250
  
03/15/28
  
2,000,000
  
2,074,783
Avnet, Inc.
  
3.000
  
05/15/31
  
580,000
  
535,116
Avnet, Inc.
  
5.500
  
06/01/32
  
4,549,000
  
4,723,893
BAC Capital Trust XIII (Greater of 4.000% or (TSFR3M + 0.66161%), floor 4.000%) (d)(j)(k)
  
4.385
  
03/14/26
  
2,500,000
  
1,941,519
Banc of California, Inc. (TSFR3M + 4.195%) (d)
  
7.855
  
10/30/30
  
12,500,000
  
12,396,700
Bank of America Corp. (4.0 x (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d)
  
0.549
  
11/19/30
  
671,000
  
563,015
Bank of America Corp.
  
5.100
  
10/22/37
  
5,000,000
  
4,982,533
Bank of Marin Bancorp (6.750% to 12/01/30, then TSFR3M + 3.350%) (h)(l)
  
6.750
  
12/01/35
  
6,000,000
  
5,966,086
Bank of Montreal (6.709% to 08/25/29, then H15T5Y + 2.979%) (h)(j)(k)
  
6.709
  
08/25/26
  
6,977,000
  
7,010,162
Bank of New York Mellon Corp. (3.700% to 03/20/26, then H15T5Y + 3.352%) (h)(j)(k)
  
3.700
  
03/20/26
  
1,000,000
  
999,175
Barclays Bank PLC
  
5.000
  
08/01/30
  
5,000,000
  
5,003,611
Baxter Int'l. Inc.
  
1.915
  
02/01/27
  
810,000
  
794,187
Baxter Int'l. Inc.
  
2.539
  
02/01/32
  
1,000,000
  
874,970
Baxter Int'l. Inc.
  
5.650
  
12/15/35
  
5,500,000
  
5,596,271
Bay Banks of Virginia, Inc. (TSFR3M + 4.335%, floor 4.335%) (d)(l)
  
8.006
  
10/15/29
  
1,773,034
  
1,738,324
BCB Bancorp, Inc. (9.250% to 09/01/29, then TSFR3M + 5.820%) (h)
  
9.250
  
09/01/34
  
5,000,000
  
5,570,005
Berry Global, Inc.
  
1.650
  
01/15/27
  
278,000
  
272,796
Berry Global, Inc.
  
5.500
  
04/15/28
  
5,550,000
  
5,725,464
Bio-Rad Laboratories, Inc.
  
3.300
  
03/15/27
  
2,818,000
  
2,797,164
Black Hills Corp.
  
3.150
  
01/15/27
  
250,000
  
248,313
Block Financial LLC
  
2.500
  
07/15/28
  
2,750,000
  
2,620,803
Block Financial LLC
  
3.875
  
08/15/30
  
4,500,000
  
4,282,943
Boardwalk Pipelines, LP
  
4.450
  
07/15/27
  
3,575,000
  
3,590,656
Boeing Co.
  
5.150
  
05/01/30
  
2,300,000
  
2,382,699
Boeing Co.
  
6.125
  
02/15/33
  
1,000,000
  
1,093,758
Boeing Co.
  
3.300
  
03/01/35
  
2,381,000
  
2,109,521
BofA Finance LLC
  
4.150
  
11/26/27
  
733,000
  
736,164
Booz Allen Hamilton Inc.
  
5.950
  
08/04/33
  
3,500,000
  
3,590,987
Booz Allen Hamilton Inc.
  
5.950
  
04/15/35
  
3,250,000
  
3,299,953
BorgWarner, Inc.
  
2.650
  
07/01/27
  
2,522,000
  
2,476,720
BorgWarner, Inc.
  
5.400
  
08/15/34
  
4,401,000
  
4,574,482
Boston Properties LP
  
3.250
  
01/30/31
  
4,085,000
  
3,849,001
Boston Properties LP
  
5.750
  
01/15/35
  
3,005,000
  
3,062,586
Broadmark Realty Capital Inc. (l)
  
5.000
  
11/15/26
  
5,000,000
  
4,805,406
Brown & Brown, Inc.
  
4.600
  
12/23/26
  
2,500,000
  
2,512,498
Brown & Brown, Inc.
  
5.650
  
06/11/34
  
3,573,000
  
3,678,665
Brunswick Corp.
  
2.400
  
08/18/31
  
2,781,000
  
2,471,314
Brunswick Corp.
  
4.400
  
09/15/32
  
5,600,000
  
5,439,753
Cabot Corp.
  
3.400
  
09/15/26
  
732,000
  
727,456
Cabot Corp.
  
6.570
  
10/21/27
  
500,000
  
511,654
Canadian Imperial Bank of Commerce
  
4.450
  
10/17/30
  
6,007,000
  
5,997,167
Canadian Imperial Bank of Commerce
  
5.200
  
12/12/35
  
5,000,000
  
5,007,804
Capital Impact Partners
  
5.335
  
08/01/30
  
3,000,000
  
3,091,180
Capital Impact Partners
  
5.999
  
08/01/35
  
3,000,000
  
3,222,491
Capital One Financial Corp.
  
4.100
  
02/09/27
  
6,040,000
  
6,046,276
Capital One Financial Corp.
  
3.650
  
05/11/27
  
1,000,000
  
996,866
Cardinal Health, Inc.
  
5.350
  
11/15/34
  
2,477,000
  
2,577,649
Carrington Holding Co., LLC (l)
  
9.250
  
05/15/29
  
5,000,000
  
5,020,798
Carrington Holding Co., LLC (l)
  
9.750
  
05/15/31
  
5,000,000
  
4,965,452
CDW LLC / CDW Finance Corp.
  
5.100
  
03/01/30
  
1,500,000
  
1,525,117
CDW LLC / CDW Finance Corp.
  
3.569
  
12/01/31
  
2,250,000
  
2,105,117
CDW LLC / CDW Finance Corp.
  
5.550
  
08/22/34
  
3,250,000
  
3,280,073
Change Co. CDFI LLC (4.750% to 09/30/26, then SOFRRATE + 4.080%) (h)(l)
  
4.750
  
09/30/31
  
7,000,000
  
6,925,530
Cheniere Energy Partners, L.P.
  
4.500
  
10/01/29
  
4,500,000
  
4,527,443
Cheniere Energy, Inc.
  
4.625
  
10/15/28
  
3,000,000
  
2,999,377
Choice Hotels Int'l., Inc.
  
3.700
  
01/15/31
  
1,102,000
  
1,062,149
Choice Hotels Int'l., Inc.
  
5.850
  
08/01/34
  
6,900,000
  
7,166,849
Cigna Group
  
5.250
  
02/15/34
  
750,000
  
778,364
Cincinnati Financial Corp.
  
6.125
  
11/01/34
  
3,000,000
  
3,240,920
Citibank, N.A.
  
5.570
  
04/30/34
  
750,000
  
797,472
Citigroup Global Markets Holdings Inc. (SOFRRATE - 0.100%, floor 0.000%) (d)
  
3.639
  
12/02/62
  
1,000,000
  
979,916
Citigroup, Inc. (4.0 x (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)
  
2.789
  
07/09/28
  
740,000
  
680,289
Citigroup, Inc. (4.0 x (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)
  
2.619
  
11/15/28
  
245,000
  
218,027
Citigroup, Inc. (4.0 x (USISDA30 - USISDA02), floor 0.000%, cap 10.000%) (d)
  
3.257
  
12/23/29
  
1,152,000
  
1,048,198
Citigroup, Inc. (4.0 x (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d)
  
0.549
  
11/19/30
  
727,000
  
591,371
Citigroup, Inc. (4.35 x (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)
  
3.033
  
07/09/33
  
1,394,000
  
1,133,719
Citigroup, Inc. (5.0 x (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d)
  
3.517
  
12/20/33
  
2,863,000
  
2,393,465
Citigroup, Inc.
  
5.050
  
02/29/36
  
6,000,000
  
5,994,011
Citigroup, Inc. (TSFR3M + 0.81161%) (d)
  
4.481
  
08/25/36
  
868,000
  
791,622
Colgate-Palmolive Co. (TSFR3M - 0.03839%) (d)
  
3.651
  
09/27/41
  
436,000
  
434,631
Colgate-Palmolive Co. (TSFR3M - 0.03839%) (d)
  
3.733
  
12/04/46
  
1,375,000
  
1,363,622
Comcast Corp.
  
5.300
  
06/01/34
  
1,250,000
  
1,305,789
Comcast Corp.
  
3.200
  
07/15/36
  
4,978,000
  
4,321,444
Conagra Brands, Inc.
  
5.750
  
08/01/35
  
7,250,000
  
7,476,587
Concentrix Corp.
  
6.850
  
08/02/33
  
7,056,000
  
6,748,426
Congressional Bancshares, Inc. (Forbright, Inc.) (TSFR3M + 4.390%) (d)(l)
  
8.177
  
12/01/29
  
5,000,000
  
4,908,492
Constellation Brands, Inc.
  
3.500
  
05/09/27
  
2,798,000
  
2,784,613
Cousins Properties LP
  
5.250
  
07/15/30
  
7,000,000
  
7,235,583
Cox Communications, Inc.
  
6.800
  
08/01/28
  
5,000,000
  
5,255,903
Crown Capital Holdings LLC (e)(f)(l)(m)
  
12.500
  
01/15/25
  
7,000,000
  
4,200,000
Crown Castle Inc.
  
2.900
  
03/15/27
  
3,945,000
  
3,902,370
Crown Castle Inc.
  
3.300
  
07/01/30
  
1,717,000
  
1,645,466
CubeSmart LP
  
3.125
  
09/01/26
  
500,000
  
497,469
Customers Bancorp, Inc. (6.875% to 01/15/31, then TSFR3M + 3.420%) (h)
  
6.875
  
01/15/36
  
6,000,000
  
6,077,811
CVS Health Corp.
  
5.300
  
06/01/33
  
1,000,000
  
1,036,928
CVS Health Corp.
  
4.875
  
07/20/35
  
4,770,000
  
4,741,303
Darden Restaurants, Inc.
  
3.850
  
05/01/27
  
336,000
  
335,416
Darden Restaurants, Inc.
  
6.300
  
10/10/33
  
3,850,000
  
4,232,046
Darden Restaurants, Inc.
  
6.000
  
08/15/35
  
1,007,000
  
1,047,523
Dell Int'l. LLC / EMC Corp.
  
4.850
  
02/01/35
  
3,350,000
  
3,328,317
Dentsply Sirona Inc.
  
3.250
  
06/01/30
  
8,183,000
  
7,677,949
Deutsche Bank AG
  
5.250
  
01/12/36
  
5,000,000
  
5,007,858
Digital Realty Trust, L.P.
  
5.550
  
01/15/28
  
2,000,000
  
2,058,520
Digital Realty Trust, L.P.
  
3.600
  
07/01/29
  
489,000
  
482,685
Discovery Communications, LLC
  
3.625
  
05/15/30
  
1,200,000
  
1,164,000
Discovery Global Holdings, Inc.
  
4.279
  
03/15/32
  
3,458,000
  
3,172,715
DOC DR LLC (Physicians Realty Trust)
  
2.625
  
11/01/31
  
2,500,000
  
2,273,861
Dollar General Corp.
  
5.000
  
11/01/32
  
2,000,000
  
2,052,442
Dollar General Corp.
  
5.450
  
07/05/33
  
3,060,000
  
3,214,930
Eagle Bancorp, Inc.
  
10.000
  
09/30/29
  
6,000,000
  
6,224,514
eBay Inc.
  
5.125
  
11/06/35
  
7,400,000
  
7,478,540
Enact Holdings, Inc.
  
6.250
  
05/28/29
  
6,650,000
  
6,983,275
Energy Transfer LP
  
4.400
  
03/15/27
  
1,429,000
  
1,433,548
Enstar Group Ltd.
  
3.100
  
09/01/31
  
8,132,000
  
7,325,674
Enterprise Products Operating LLC (TSFR3M + 3.03911%) (d)(k)
  
6.831
  
06/01/67
  
7,278,000
  
7,267,832
EPR Properties
  
4.950
  
04/15/28
  
1,027,000
  
1,039,053
EPR Properties
  
3.600
  
11/15/31
  
6,397,000
  
6,001,092
Equifax Inc.
  
5.100
  
12/15/27
  
6,943,000
  
7,072,686
Essent Group Ltd.
  
6.250
  
07/01/29
  
5,000,000
  
5,262,040
EverBank Financial Corp. (8.375% to 03/01/30, then TSFR3M + 5.020%) (h)(l)
8.375
  
09/01/34
  
4,000,000
  
4,204,658
EverBank Financial Corp. (7.500% to 09/01/30, then TSFR3M + 4.070%) (h)(l)
7.500
  
09/01/35
  
2,000,000
  
2,109,981
Everest Reinsurance Holdings Inc. (TSFR3M + 2.64661%) (d)(k)
  
6.299
  
05/01/67
  
9,455,000
  
9,125,857
Exelon Corp.
  
2.750
  
03/15/27
  
4,000,000
  
3,953,084
F&G Annuities & Life, Inc.
  
6.250
  
10/04/34
  
7,298,000
  
6,942,983
FactSet Research Systems Inc.
  
2.900
  
03/01/27
  
4,500,000
  
4,442,919
FactSet Research Systems Inc.
  
3.450
  
03/01/32
  
2,500,000
  
2,291,256
Fidelity Federal Bancorp (TSFR3M + 4.05161%, floor 3.790%) (d)(l)
  
7.724
  
10/15/28
  
6,500,000
  
6,391,280
Fidelity Federal Bancorp (TSFR3M + 4.650%) (d)(l)
  
8.310
  
11/01/29
  
7,000,000
  
6,941,530
Fifth Third Bancorp (TSFR3M + 3.39061%) (d)(j)(k)
  
7.063
  
03/29/26
  
1,498,000
  
1,502,397
Fifth Third Bank N.A. (5.332% to 08/25/32, then SOFRRATE + 2.610%) (h)
  
5.332
  
08/25/33
  
8,000,000
  
8,210,997
Fifth Third Financial Corp.
  
3.800
  
07/22/26
  
967,000
  
964,208
Fifth Third Financial Corp.
  
4.000
  
02/01/29
  
2,000,000
  
1,994,729
First Citizens BancShares, Inc. (5.600% to 09/05/30, then H15T5Y + 1.850%) (h)
  
5.600
  
09/05/35
  
5,000,000
  
5,022,930
First Financial Bancorp (6.375% to 12/01/30, then TSFR3M + 3.000%) (h)
  
6.375
  
12/01/35
  
3,000,000
  
3,015,000
First Horizon Bank
  
5.750
  
05/01/30
  
500,000
  
519,438
Fiserv, Inc.
  
5.150
  
03/15/27
  
4,000,000
  
4,038,919
Fiserv, Inc.
  
5.600
  
03/02/33
  
3,000,000
  
3,102,637
Flex Ltd.
  
6.000
  
01/15/28
  
1,000,000
  
1,033,071
Flex Ltd.
  
4.875
  
06/15/29
  
2,497,000
  
2,544,234
Flex Ltd.
  
4.875
  
05/12/30
  
1,000,000
  
1,017,441
Flex Ltd.
  
5.375
  
11/13/35
  
2,500,000
  
2,530,476
Flowers Foods, Inc.
  
5.750
  
03/15/35
  
6,932,000
  
6,844,247
Flowserve Corp.
  
3.500
  
10/01/30
  
2,149,000
  
2,074,287
Flowserve Corp.
  
2.800
  
01/15/32
  
250,000
  
227,280
FMC Corp.
  
3.200
  
10/01/26
  
3,343,000
  
3,292,892
FMC Corp.
  
3.450
  
10/01/29
  
750,000
  
660,241
FMC Corp.
  
5.650
  
05/18/33
  
3,000,000
  
2,630,810
FNB Corp. (TSFR3M + 3.28161%) (d)(l)
  
7.019
  
12/06/28
  
3,000,000
  
2,973,574
FNB Corp. (5.722% to 12/11/29, then SOFRINDX + 1.930%) (h)
  
5.722
  
12/11/30
  
3,000,000
  
3,085,577
FPL Group, Inc. (NextEra Energy Capital Holdings, Inc.) (TSFR3M + 2.32911%) (d)(k)
  
5.990
  
10/01/66
  
1,535,000
  
1,388,004
Frontier North, Inc.
  
6.730
  
02/15/28
  
1,672,000
  
1,727,594
FS KKR Capital Corp.
  
3.250
  
07/15/27
  
3,000,000
  
2,880,911
GATX Corp.
  
5.400
  
03/15/27
  
2,793,000
  
2,832,609
Global Payments Inc.
  
4.800
  
04/01/26
  
1,600,000
  
1,600,611
Global Payments Inc.
  
2.900
  
05/15/30
  
4,750,000
  
4,422,507
Global Payments Inc.
  
2.900
  
11/15/31
  
1,154,000
  
1,039,656
Globe Life Inc.
  
5.850
  
09/15/34
  
6,750,000
  
7,078,754
Goldman Sachs Group, Inc. (TSFR3M + 1.96161%) (d)
  
5.613
  
04/05/26
  
1,000,000
  
1,000,891
Great Ajax Operating Partnership L.P. (c)(l)
  
9.875
  
09/01/27
  
3,500,000
  
3,418,304
GTE Florida Inc. (Frontier Florida LLC)
  
6.860
  
02/01/28
  
5,426,000
  
5,649,741
Hasbro, Inc.
  
3.550
  
11/19/26
  
250,000
  
249,136
Hasbro, Inc.
  
6.050
  
05/14/34
  
7,600,000
  
8,161,972
HCA Inc.
  
5.250
  
06/15/26
  
2,000,000
  
2,001,329
HCA Inc.
  
7.500
  
11/06/33
  
4,273,000
  
4,970,144
Healthcare Realty Holdings LP
  
2.050
  
03/15/31
  
3,205,000
  
2,849,471
Healthpeak OP LLC
  
1.350
  
02/01/27
  
4,400,000
  
4,299,791
Hewlett Packard Enterprise Co.
  
4.400
  
09/25/27
  
2,000,000
  
2,011,788
HF Sinclair Corp.
  
5.750
  
01/15/31
  
2,500,000
  
2,595,277
Highwoods Realty L.P.
  
3.050
  
02/15/30
  
1,834,000
  
1,725,717
Highwoods Realty L.P.
  
7.650
  
02/01/34
  
4,850,000
  
5,530,076
Hilltop Holdings Inc. (6.125% to 05/15/30, then TSFR3M + 5.800%) (h)
  
6.125
  
05/15/35
  
5,000,000
  
4,950,000
Honda Motor Co., Ltd.
  
5.337
  
07/08/35
  
2,000,000
  
2,070,519
Horace Mann Educators Corp.
  
7.250
  
09/15/28
  
750,000
  
803,813
Horace Mann Educators Corp.
  
4.700
  
10/01/30
  
3,520,000
  
3,533,410
Host Hotels & Resorts LP
  
3.500
  
09/15/30
  
625,000
  
598,854
Host Hotels & Resorts LP
  
5.500
  
04/15/35
  
6,910,000
  
7,047,276
HSBC Holdings PLC
  
7.625
  
05/17/32
  
1,080,000
  
1,228,569
Humana Inc.
  
5.375
  
04/15/31
  
2,000,000
  
2,061,895
Humana Inc.
  
5.950
  
03/15/34
  
4,500,000
  
4,720,700
Humana Inc.
  
5.550
  
05/01/35
  
500,000
  
508,845
Huntington Ingalls Industries, Inc.
  
2.043
  
08/16/28
  
2,000,000
  
1,908,806
Huntsman Int'l. LLC
  
2.950
  
06/15/31
  
3,307,000
  
2,854,636
Huntsman Int'l. LLC
  
5.700
  
10/15/34
  
4,550,000
  
4,352,426
Hyatt Hotels Corp.
  
5.500
  
06/30/34
  
6,566,000
  
6,847,408
IIP Operating Partnership, LP
  
5.500
  
05/25/26
  
3,619,000
  
3,594,051
Independent Bank Corp. (7.2500% to 04/01/30, then TSFR3M + 3.530%) (h)
  
7.250
  
04/01/35
  
5,000,000
  
5,204,893
Intel Corp.
  
3.750
  
03/25/27
  
1,000,000
  
998,346
Intel Corp.
  
3.150
  
05/11/27
  
2,627,000
  
2,601,715
Intel Corp.
  
4.000
  
12/15/32
  
2,000,000
  
1,934,721
Intel Corp.
  
5.150
  
02/21/34
  
1,000,000
  
1,022,876
Jabil Inc.
  
3.950
  
01/12/28
  
2,250,000
  
2,245,662
Jabil Inc.
  
3.600
  
01/15/30
  
750,000
  
730,432
Jackson Financial, Inc.
  
5.170
  
06/08/27
  
1,526,000
  
1,544,739
Jackson Financial, Inc.
  
3.125
  
11/23/31
  
500,000
  
455,614
Jacobs Engineering Group Inc.
  
5.900
  
03/01/33
  
1,750,000
  
1,846,946
JBS USA Holding Lux. Sarl/ JBS USA Food Co./ JBS Lux. Co. Sarl
  
5.750
  
04/01/33
  
5,000,000
  
5,259,390
JM Smucker Co.
  
6.200
  
11/15/33
  
1,250,000
  
1,371,947
JPMorgan Chase & Co. (TSFR3M + 2.745%) (d)(j)(k)
  
6.406
  
04/01/26
  
4,250,000
  
4,267,242
Kemper Corp.
  
2.400
  
09/30/30
  
4,500,000
  
3,958,922
Kemper Corp.
  
3.800
  
02/23/32
  
3,750,000
  
3,460,516
KeyBank N.A.
  
4.900
  
08/08/32
  
7,000,000
  
7,038,459
KeySpan Corp. (National Grid USA)
  
5.875
  
04/01/33
  
7,000,000
  
7,287,393
Kilroy Realty, L.P.
  
2.650
  
11/15/33
  
9,155,000
  
7,500,446
Kinder Morgan Energy Partners, L.P.
  
5.800
  
03/15/35
  
5,500,000
  
5,868,450
Kinder Morgan Inc.
  
5.300
  
12/01/34
  
1,250,000
  
1,297,166
Kite Realty Group LP
  
4.000
  
10/01/26
  
365,000
  
364,636
Kraft Heinz Foods Co.
  
3.875
  
05/15/27
  
2,500,000
  
2,495,769
Kraft Heinz Foods Co.
  
5.000
  
07/15/35
  
1,500,000
  
1,505,919
Lawrence Bancshares, Inc. (8.500% to 06/30/30, then (TSFR3M + 4.790%) (h)(l)
  
8.500
  
06/30/35
  
7,000,000
  
7,140,215
Lear Corp.
  
3.800
  
09/15/27
  
7,063,000
  
7,046,207
Lear Corp.
  
2.600
  
01/15/32
  
1,000,000
  
907,444
Leggett & Platt, Inc.
  
4.400
  
03/15/29
  
8,165,000
  
8,132,933
Leidos, Inc.
  
7.125
  
07/01/32
  
2,518,000
  
2,843,763
Lennar Corp.
  
5.000
  
06/15/27
  
1,623,000
  
1,634,850
Lennox Int'l. Inc.
  
1.700
  
08/01/27
  
500,000
  
484,877
Liberty Property LP
  
3.250
  
10/01/26
  
5,000,000
  
4,964,740
Lincoln Center for the Performing Arts, Inc.
  
3.706
  
12/01/35
  
2,065,000
  
1,803,191
Lincoln National Corp. (TSFR3M + 2.61911%) (d)(k)
  
6.272
  
05/17/66
  
28,628,000
  
24,905,961
Lincoln National Corp. (TSFR3M + 2.30161%) (d)(k)
  
5.969
  
04/20/67
  
24,884,000
  
20,380,072
LKQ Corp.
  
6.250
  
06/15/33
  
6,775,000
  
7,180,982
LPL Holdings, Inc.
  
5.650
  
03/15/35
  
7,250,000
  
7,361,494
Marex Group PLC
  
5.829
  
05/08/28
  
5,000,000
  
5,100,233
Marex Group PLC
  
6.404
  
11/04/29
  
2,000,000
  
2,094,081
Marvell Technology, Inc.
  
4.875
  
06/22/28
  
6,000,000
  
6,116,514
MasTec, Inc.
  
5.900
  
06/15/29
  
7,000,000
  
7,349,687
Mather Foundation
  
2.675
  
10/01/31
  
1,500,000
  
1,364,538
Medallion Financial Corp. (l)
  
9.250
  
09/30/28
  
5,000,000
  
5,100,000
Merck Sharp & Dohme Corp. (TSFR3M - 0.18839%) (d)
  
3.484
  
11/28/41
  
1,000,000
  
992,585
Meridian Corp. (TSFR3M + 3.950%) (d)
  
7.611
  
12/30/29
  
10,000,000
  
9,976,052
MetLife, Inc.
  
5.300
  
12/15/34
  
1,250,000
  
1,300,958
MGIC Investment Corp.
  
5.250
  
08/15/28
  
7,376,000
  
7,367,153
MidAmerican Energy Holdings Co. (Berkshire Hathaway Energy Co.)
  
6.125
  
04/01/36
  
3,000,000
  
3,291,101
MidAmerican Funding, LLC
  
6.927
  
03/01/29
  
3,000,000
  
3,228,409
Motorola Solutions, Inc.
  
6.500
  
11/15/28
  
248,000
  
260,278
MPLX LP
  
4.250
  
12/01/27
  
609,000
  
611,844
MS Transverse Insurance Group, LLC (l)
  
6.000
  
12/15/26
  
5,000,000
  
5,000,919
MYLAN N.V. (Utah Acquisition Sub Inc.)
  
3.950
  
06/15/26
  
5,000,000
  
4,994,406
National Bank of Canada
  
5.000
  
04/09/29
  
3,000,000
  
2,983,461
National Bank of Canada
  
4.500
  
01/29/31
  
5,000,000
  
5,019,969
National Health Investors, Inc.
  
3.000
  
02/01/31
  
8,186,000
  
7,510,482
Newport Realty Trust, Inc. (e)(f)(l)(m)
  
15.000
  
12/01/25
  
8,995,177
  
4,947,347
Newport Realty Trust, Inc. (e)(f)(m)
  
15.000
  
12/01/25
  
899,518
  
494,735
NexBank Capital, Inc. (TSFR3M + 4.84661%, floor 0.000%) (d)(l)
  
8.532
  
09/30/27
  
5,000,000
  
4,990,628
Nexpoint Real Estate Finance, Inc.
  
5.750
  
05/01/26
  
9,000,000
  
8,937,644
Northpointe Bancshares, Inc. (9.000% to 09/01/29, then TSFR3M + 5.500%) (h)(l)
  
9.000
  
09/01/34
  
3,000,000
  
3,171,462
NXP B.V. / NXP Funding LLC / NXP USA, Inc.
  
4.400
  
06/01/27
  
2,000,000
  
2,010,160
OceanFirst Financial Corp. (6.375% to 11/15/30, then TSFR3M + 3.075%) (h)
  
6.375
  
11/15/35
  
4,000,000
  
4,020,000
Omega Healthcare Investors, Inc.
  
3.625
  
10/01/29
  
1,150,000
  
1,120,867
Omega Healthcare Investors, Inc.
  
3.375
  
02/01/31
  
3,675,000
  
3,469,260
Omega Healthcare Investors, Inc.
  
3.250
  
04/15/33
  
3,000,000
  
2,708,847
Oracle Corp.
  
4.300
  
07/08/34
  
4,500,000
  
4,127,111
Oracle Corp.
  
5.200
  
09/26/35
  
3,000,000
  
2,905,925
Orange & Rockland Utilities, Inc.
  
6.500
  
12/01/27
  
2,300,000
  
2,365,388
Parkway Bancorp, Inc. (TSFR3M + 5.65161%) (d)(l)
  
9.324
  
03/31/30
  
3,000,000
  
3,001,731
Pathfinder Bancorp, Inc. (TSFR3M + 5.320%) (d)
  
8.991
  
10/15/30
  
9,650,000
  
9,536,110
PCAP Holdings LP (e)(f)(l)(m)
  
6.500
  
07/15/28
  
10,000,000
  
1,000,000
Peapack-Gladstone Financial Corp. (TSFR3M + 3.260%, floor 3.260%) (d)
  
6.932
  
12/30/30
  
3,000,000
  
3,000,000
Pedcor Bancorp (TSFR3M + 4.86161%, floor 0.000%) (d)(l)
  
8.514
  
02/15/29
  
3,000,000
  
2,985,000
Pelorus Fund REIT LLC (l)
  
7.000
  
09/30/26
  
5,000,000
  
4,977,966
Peoples Financial Services Corp. (7.750% to 06/15/30, then TSFR3M + 4.110%) (h)
  
7.750
  
06/15/35
  
4,000,000
  
4,162,586
Peraton Enterprise Solutions LLC
  
7.450
  
10/15/29
  
2,000,000
  
2,142,037
Philips Electronics N.V.
  
7.200
  
06/01/26
  
2,581,000
  
2,600,391
Piedmont Operating Partnership, LP
  
2.750
  
04/01/32
  
8,854,000
  
7,729,705
Pinnacle Financial Partners, Inc. (TSFR3M + 3.03661%, floor 3.040%) (d)
  
6.760
  
09/15/29
  
5,000,000
  
5,000,108
Polaris Inc.
  
6.950
  
03/15/29
  
7,250,000
  
7,691,783
Post Brothers Holdings LLC (e)(f)(l)(m)
  
9.000
  
08/18/27
  
5,000,000
  
4,881,124
Puget Energy. Inc.
  
5.725
  
03/15/35
  
5,000,000
  
5,172,963
PulteGroup Inc.
  
6.375
  
05/15/33
  
1,300,000
  
1,447,791
Qorvo, Inc.
  
4.375
  
10/15/29
  
7,500,000
  
7,382,782
Radian Group Inc.
  
6.200
  
05/15/29
  
6,749,000
  
7,087,029
Ready Capital Corp.
  
5.500
  
12/30/28
  
10,000,000
  
7,896,696
ReadyCap Holdings, LLC (l)
  
4.500
  
10/20/26
  
10,000,000
  
9,806,603
Realty Income Corp.
  
1.800
  
03/15/33
  
1,000,000
  
842,970
Reinsurance Group of America, Inc. (TSFR3M + 2.92661%) (d)(k)
  
6.650
  
12/15/65
  
12,898,000
  
12,672,285
Reliable Community Bancshares, Inc. (7.000% to 01/30/31, then TSFR3M + 3.410%) (h)(l)
  
7.000
  
01/30/36
  
5,000,000
  
4,948,821
Rockwell Collins, Inc.
  
3.500
  
03/15/27
  
1,290,000
  
1,279,275
Ross Stores, Inc.
  
0.875
  
04/15/26
  
473,000
  
471,241
RPM Int'l., Inc.
  
3.750
  
03/15/27
  
1,183,000
  
1,179,297
Sabra Health Care LP
  
3.900
  
10/15/29
  
2,000,000
  
1,970,634
Sabra Health Care LP
  
3.200
  
12/01/31
  
4,050,000
  
3,748,849
Safehold GL Holdings LLC
  
5.650
  
01/15/35
  
6,000,000
  
6,258,752
SCRE Intermediate Holdco, LLC (7.000% to 2/15/27, 7.250% to 02/15/28,
 7.500% to 02/15/29, 7.750% to 08/15/29, then 8.750%) (g)(l)(o)
  
7.000
  
02/15/30
  
8,000,000
  
7,322,401
Security Capital Group, Inc.
  
7.500
  
12/01/27
  
840,000
  
877,900
Sempra
  
3.250
  
06/15/27
  
2,750,000
  
2,726,096
Shore Bancshares, Inc. (6.250% to 11/15/30, then TSFR3M + 2.880%) (h)
  
6.250
  
11/15/35
  
3,000,000
  
2,966,342
Simmons First National Corp. (6.250% to 10/01/30, then TSFR3M + 3.020%) (h)
  
6.250
  
10/01/35
  
5,000,000
  
5,077,367
Simon Property Group, L.P.
  
4.750
  
09/26/34
  
4,187,000
  
4,216,259
SmartFinancial, Inc. (7.250% to 09/01/30, then TSFR3M + 3.850%) (h)
  
7.250
  
09/01/35
  
4,000,000
  
4,102,511
South Street Securities Funding LLC (l)
  
6.250
  
12/30/26
  
5,000,000
  
5,001,822
Southern National Bancorp of Virginia, Inc. (Primis Financial Corp.) (TSFR3M + 5.310%) (d)
  
9.083
  
09/01/30
  
2,000,000
  
1,993,582
Southern Power Co.
  
4.900
  
10/01/35
  
2,250,000
  
2,241,748
Southside Bancshares, Inc. (7.000% to 08/15/30, then TSFR3M + 3.570%) (h)
  
7.000
  
08/15/35
  
4,000,000
  
4,062,812
Spire Inc.
  
5.300
  
03/01/26
  
222,000
  
222,000
Stanley Black & Decker Inc.
  
3.000
  
05/15/32
  
1,129,000
  
1,038,622
Stewart Information Services Corp.
  
3.600
  
11/15/31
  
2,750,000
  
2,480,021
Store Capital LLC
  
4.500
  
03/15/28
  
3,500,000
  
3,513,320
Sumitomo Mitsui Financial Group, Inc.
  
5.632
  
01/15/35
  
500,000
  
534,157
Synchrony Financial
  
3.950
  
12/01/27
  
2,000,000
  
1,991,000
Synchrony Financial
  
5.150
  
03/19/29
  
5,500,000
  
5,590,007
Sysco Corp.
  
6.000
  
01/17/34
  
500,000
  
544,952
Take-Two Interactive Software, Inc.
  
3.700
  
04/14/27
  
2,801,000
  
2,793,644
Take-Two Interactive Software, Inc.
  
5.600
  
06/12/34
  
1,000,000
  
1,042,534
Tanger Properties LP
  
3.875
  
07/15/27
  
330,000
  
329,252
TD SYNNEX Corp.
  
6.100
  
04/12/34
  
2,500,000
  
2,649,951
Texas State Bankshares, Inc. (TSFR3M + 3.81161%, floor 3.550%) (d)(l)
  
7.535
  
06/15/29
  
4,000,000
  
3,991,854
Textron Inc.
  
3.650
  
03/15/27
  
1,750,000
  
1,744,890
Textron Inc.
  
6.100
  
11/15/33
  
2,350,000
  
2,568,100
The Bancorp, Inc.
  
7.375
  
09/01/30
  
5,000,000
  
5,178,218
The Conservation Fund
  
3.474
  
12/15/29
  
2,497,000
  
2,416,024
Time Warner Inc. (Warner Media LLC)
  
7.700
  
05/01/32
  
2,250,000
  
2,284,313
Toll Brothers Finance Corp.
  
4.875
  
03/15/27
  
500,000
  
503,097
Toll Brothers Finance Corp.
  
4.350
  
02/15/28
  
3,000,000
  
3,020,096
Toronto-Dominion Bank
  
5.250
  
04/16/30
  
3,000,000
  
3,001,237
Toronto-Dominion Bank
  
5.000
  
07/11/30
  
4,000,000
  
4,006,324
Toyota Motor Credit Corp.
  
5.250
  
03/05/29
  
2,241,000
  
2,239,252
TransCanada PipeLines Ltd. (TSFR3M + 2.47161%) (d)(k)
  
6.124
  
05/15/67
  
18,223,000
  
16,410,045
Trinitas Capital Management, LLC (l)
  
6.000
  
07/30/26
  
3,000,000
  
2,994,000
Truist Bank
  
2.250
  
03/11/30
  
1,000,000
  
924,472
Truist Financial Corp. (6.669% to 09/01/29, then H15T5Y + 3.003%) (h)(j)(k)
  
6.669
  
09/01/26
  
10,552,000
  
10,591,739
Tyson Foods, Inc.
  
3.550
  
06/02/27
  
4,750,000
  
4,728,582
Tyson Foods, Inc.
  
5.700
  
03/15/34
  
2,500,000
  
2,661,028
U.S. Bank N.A. (TSFR3M - 0.3839%) (d)
  
3.626
  
02/23/56
  
5,000,000
  
4,947,807
UDR, Inc.
  
3.100
  
11/01/34
  
2,192,000
  
1,924,083
UnitedHealth Group Inc.
  
4.625
  
07/15/35
  
500,000
  
497,065
Universal Insurance Holdings, Inc.
  
5.625
  
11/30/26
  
7,000,000
  
6,929,958
UTB Financial Holding Co. (TSFR3M + 3.88161%) (d)(l)
  
7.674
  
09/01/28
  
6,000,000
  
5,885,180
Ventas Realty, LP
  
5.625
  
07/01/34
  
1,250,000
  
1,318,079
Ventas Realty, LP
  
5.000
  
01/15/35
  
2,000,000
  
2,019,717
VeriSign, Inc.
  
4.750
  
07/15/27
  
3,129,000
  
3,131,045
VeriSign, Inc.
  
2.700
  
06/15/31
  
2,500,000
  
2,275,835
VICI Properties L.P.
  
4.950
  
02/15/30
  
6,750,000
  
6,863,058
Virginia Electric and Power Co.
  
6.000
  
01/15/36
  
3,400,000
  
3,673,793
Voya Financial, Inc.
  
5.000
  
09/20/34
  
6,500,000
  
6,443,340
Wachovia Corp.
  
5.500
  
08/01/35
  
3,000,000
  
3,117,667
Washington Gas Light Co.
  
6.400
  
07/22/27
  
850,000
  
871,900
Waypoint Residential LLC (e)(l)(n)
  
0.000
  
12/31/29
  
4,496,594
  
1,843,604
Waypoint Residential LLC (e)(l)(n)
  
0.000
  
12/31/31
  
5,403,406
  
1,080,681
Wells Fargo & Co.
  
4.300
  
07/22/27
  
1,000,000
  
1,003,681
Wells Fargo & Co. (TSFR3M + 0.26161%) (d)
  
3.934
  
11/27/46
  
7,217,000
  
7,161,538
Western Capital Corp. (l)
  
6.875
  
12/15/30
  
5,000,000
  
4,905,480
Western Midstream Operating, LP
  
6.350
  
01/15/29
  
5,000,000
  
5,284,276
Willis North America Inc.
  
4.650
  
06/15/27
  
3,000,000
  
3,020,076
Wingspire Equipment Finance LLC (l)
  
6.000
  
06/30/26
  
6,000,000
  
5,952,648
Zimmer Biomet Holdings, Inc.
  
5.200
  
09/15/34
  
1,250,000
  
1,285,608
Zimmer Biomet Holdings, Inc.
  
4.250
  
08/15/35
  
1,302,000
  
1,237,361
Zions Bancorp
  
3.250
  
10/29/29
  
9,092,000
  
8,646,993
                 
Residential Mortgage-Backed Securities - 1.8%
              
35,383,950
Brean Asset Backed Securities Trust, Series 2024-RM8 A1 (l)
  
4.500
  
05/25/64
  
1,519,330
  
1,514,059
Brean Asset Backed Securities Trust, Series 2024-RM8 A2 (l)
  
4.500
  
05/25/64
  
8,000,000
  
7,811,524
Brean Asset Backed Securities Trust, Series 2025-RM11 A1 (l)
  
4.750
  
05/25/65
  
5,985,830
  
5,970,055
Brean Asset Backed Securities Trust, Series 2025-RM12 A1 (l)
  
4.500
  
07/25/65
  
6,013,032
  
5,950,619
Brean Asset Backed Securities Trust, Series 2025-RM13 A1 (l)
  
4.250
  
10/25/65
  
2,996,464
  
2,943,329
Brean Asset Backed Securities Trust, Series 2025-RM13 A2 (l)
  
4.250
  
10/25/65
  
2,000,000
  
1,918,795
Brean Asset Backed Securities Trust, Series 2026-RM14 A1 (l)
  
4.250
  
01/25/66
  
6,000,000
  
5,857,552
Brean Asset Backed Securities Trust, Series 2026-RM14 A2 (l)
  
4.250
  
01/25/66
  
3,500,000
  
3,332,494
Hawaii Housing Finance & Development Corp.
  
2.600
  
07/01/37
  
89,357
  
85,523
                 
Taxable Municipal Bonds - 0.0%^
              
496,718
Buffalo State College Foundation Housing Corp.
  
2.600
  
11/01/28
  
380,000
  
361,495
Summit County OH Development Finance Authority
  
6.250
  
05/15/26
  
135,000
  
135,223
                 
U.S. Government & Agency Securities - 1.2%
              
25,037,267
Federal Home Loan Banks
  
5.250
  
08/13/35
  
5,000,000
  
5,016,644
Federal Home Loan Banks
  
5.050
  
09/24/35
  
5,000,000
  
4,999,769
Federal Home Loan Banks
  
5.000
  
09/25/35
  
5,000,000
  
5,015,644
Federal Home Loan Banks
  
5.000
  
11/07/35
  
5,000,000
  
5,000,381
Federal Home Loan Banks
  
5.000
  
12/12/35
  
5,000,000
  
5,004,829
                 
U.S. Government Agency Mortgage-Backed Securities - 1.9%
              
37,543,592
Fannie Mae Interest Strip, Series 419 C6 (IO)
  
3.500
  
05/25/44
  
2,084,293
  
287,507
Fannie Mae REMIC, Series 2020-63 KG
  
2.500
  
09/25/50
  
1,846,462
  
1,645,455
Fannie Mae REMIC, Series 2020-88 Z
  
2.000
  
12/25/50
  
2,754,649
  
1,544,078
Fannie Mae REMIC, Series 2021-72 UZ
  
2.000
  
10/25/51
  
2,381,299
  
1,221,712
Freddie Mac REMIC, Series 4116 US (IO)
 (-1.0 x (SOFR30A + 4.71448%), floor 0.000%, cap 4.600%) (d)
  
0.804
  
10/15/42
  
4,310,747
  
313,584
Freddie Mac REMIC, Series 5041 JH
  
1.500
  
11/25/50
  
764,843
  
393,293
Freddie Mac REMIC, Series 5083 ZJ
  
2.000
  
03/25/51
  
3,356,550
  
2,018,144
Freddie Mac REMIC, Series 5115 CZ
  
3.000
  
04/25/51
  
563,917
  
342,211
Freddie Mac REMIC, Series 5142 ZH
  
2.500
  
09/25/51
  
1,467,327
  
773,234
Freddie Mac REMIC, Series 5146 ZY
  
2.000
  
07/25/51
  
3,509,712
  
2,038,722
Freddie Mac REMIC, Series 5154 ZQ
  
2.500
  
10/25/51
  
4,670,718
  
3,177,850
Ginnie Mae REMIC Trust, Series 2019-136 ES (IO)
 (-1.0 x (TSFR1M + 6.16448%), floor 0.000%, cap 6.050%) (d)
  
2.268
  
03/20/48
  
3,120,417
  
325,910
Ginnie Mae REMIC Trust, Series 2020-134 BZ
  
1.000
  
09/16/50
  
1,032,497
  
467,920
Ginnie Mae REMIC Trust, Series 2021-27 ZL
  
1.000
  
02/20/51
  
1,668,921
  
770,418
Ginnie Mae REMIC Trust, Series 2021-66 PU
  
1.000
  
04/20/51
  
389,458
  
293,536
Ginnie Mae REMIC Trust, Series 2021-130 CZ
  
3.000
  
07/20/51
  
2,733,765
  
1,980,705
Ginnie Mae REMIC Trust, Series 2021-131 MZ
  
2.000
  
07/20/51
  
1,262,026
  
670,539
Ginnie Mae REMIC Trust, Series 2021-136 EZ
  
2.500
  
08/20/51
  
4,541,708
  
3,170,999
Ginnie Mae REMIC Trust, Series 2021-136 KZ
  
2.000
  
08/20/51
  
7,198,074
  
4,513,741
Ginnie Mae REMIC Trust, Series 2021-136 QZ
  
2.000
  
08/20/51
  
3,389,545
  
2,073,694
Ginnie Mae REMIC Trust, Series 2021-139 ZJ
  
2.500
  
08/20/51
  
2,296,368
  
1,552,328
Ginnie Mae REMIC Trust, Series 2021-142 MZ
  
2.000
  
08/20/50
  
750,366
  
408,029
Ginnie Mae REMIC Trust, Series 2021-154 AZ
  
2.500
  
09/20/51
  
3,543,710
  
2,420,901
Ginnie Mae REMIC Trust, Series 2021-154 PZ
  
2.500
  
09/20/51
  
3,236,980
  
2,125,914
Ginnie Mae REMIC Trust, Series 2021-156 NZ
  
2.000
  
09/20/51
  
4,043,592
  
2,484,479
Ginnie Mae REMIC Trust, Series 2021-158 PU
  
1.000
  
09/20/51
  
1,233,097
  
528,689
                 
   
Rate (%)
  
Maturity Date
  
Shares or Principal Amount
  
Value
SHORT-TERM INVESTMENTS - 8.4%
              
      164,214,575
(COST $164,210,959)
                
                 
Money Market Funds - 0.0%^
              
100,000
First American Government Obligations Fund Class X (a)
  
3.683
      
100,000
  
100,000
                 
U.S. Government & Agency Securities - 8.4%
              
164,114,575
U.S. Treasury Bills (b)
  
3.618
  
03/03/26
  
10,000,000
  
9,997,942
U.S. Treasury Bills (b)
  
3.629
  
03/19/26
  
20,000,000
  
19,962,928
U.S. Treasury Bills (b)
  
3.620
  
04/02/26
  
20,000,000
  
19,936,982
U.S. Treasury Bills (b)
  
3.586
  
04/14/26
  
20,000,000
  
19,914,114
U.S. Treasury Bills (b)
  
3.588
  
04/21/26
  
20,000,000
  
19,900,231
U.S. Treasury Bills (b)
  
3.580
  
05/05/26
  
20,000,000
  
19,872,733
U.S. Treasury Bills (b)
  
3.581
  
05/14/26
  
20,000,000
  
19,854,406
U.S. Treasury Bills (b)
  
3.590
  
05/21/26
  
15,000,000
  
14,880,500
U.S. Treasury Bills (b)
  
3.614
  
06/02/26
  
10,000,000
  
9,908,383
U.S. Treasury Bills (b)
  
3.576
  
06/25/26
  
10,000,000
  
9,886,356
                 
TOTAL INVESTMENTS - 98.7% (COST $2,040,189,707)
              
1,939,524,467
                 
NET OTHER ASSETS AND LIABILITIES - 1.3%
              
25,300,361
                 
NET ASSETS - 100.0%
              
$1,964,824,828

BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
            
February 28, 2026
                        
                         
a)
  
Rate shown represents the 7-day yield at February 28, 2026.
          
b)
  
Rate shown represents the current yield for U.S. Treasury Bills at February 28, 2026.
      
c)
  
Rate is subject to adjustment due to credit ratings service downgrades or subsequent upgrades.
 
d)
  
Variable rate security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at
February 28, 2026.  For securities based on a published reference rate and spread, the reference rate and spread
are indicated in the description above. Certain variable rate securities are not based on a published reference
rate and spread but are determined by the issuer or agent and are based on current market conditions. These
securities do not indicate a  reference rate and spread in their description above.
e)
  
Non-income producing security.
                
f)
  
Issuer in default on interest and/or principal repayment.
            
g)
  
Security is a “step-up” bond where the coupon increases or steps up at a predetermined date. Securities which
do not indicate a future coupon rate in their description above are at their final coupon rate at February 28, 2026.
h)
  
Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate.
Rate shown is the fixed rate.
i)
  
Payment-in-kind security which may pay interest/dividends in additional par and/or in cash. Rates shown are the current rate and possible payment rates.
 
j)
  
Perpetual maturity. Date shown represents next contractual call date.
        
k)
  
Hybrid security. Security has characteristics of both a debt and equity security.
      
l)
  
Security subject to restrictions on resale under federal securities laws and which therefore may only be resold
upon registration under the Securities Act of 1933, as amended, or in transactions exempt from registration, including
sales to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended.  At February 28, 2026,
the aggregate value of these securities was $411,160,100, representing 20.93% of net assets.
m)
  
Illiquid security at February 28, 2026. At February 28, 2026, the aggregate value of these securities was $42,633,297,
representing 2.17% of net assets.
n)
  
Security is fair valued in good faith in accordance with procedures approved by the Board of Directors.
At February 28, 2026, these securities amounted to a value of $8,968,246 or 0.46% of net assets.
o)
  
Payment-in-kind security which may pay interest/dividends in additional par and/or in cash beginning February 15, 2027.
                         
^
  
Rounds to 0.0%.
                  
                         
Abbreviations
                        
H15T5Y
  
5-Year Treasury Constant Maturity Rate
              
IO
  
Interest Only Security
                  
SOFR30A
  
U.S. 30-Day Average Secured Overnight Financing Rate
            
SOFRINDX
  
U.S. Secured Overnight Financing Rate Compound Index
            
SOFRRATE
  
U.S. Secured Overnight Financing Rate
              
TSFR1M
  
CME Term SOFR 1-Month Rate
                
TSFR3M
  
CME Term SOFR 3-Month Rate
                
USISDA02
  
2-Year Dollar ICE Swap Rate
                
USISDA05
  
5-Year Dollar ICE Swap Rate
                
USISDA10
  
10-Year Dollar ICE Swap Rate
                
USISDA30
  
30-Year Dollar ICE Swap Rate
                
                         
A.G.
  
Aktiengesellschaft is the German term for a public limited liability corporation.
      
B.V.
  
Besloten Vennootschap is the Dutch term for a private limited liability corporation.
      
CDFI
  
Community Development Financial Institution
              
DAC
  
Designated Activity Company
                
N.V.
  
Naamloze Vennootschap is the Dutch term for a public limited liability corporation.
    
PLC
  
Public Limited Company
                
REIT
  
Real Estate Investment Trust
                
REMIC
  
Real Estate Mortgage Investment Conduit
              
SARL
  
Société à responsabilité limitée is the Luxembourg term for a private limited liability company.
  


BOND FUND SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
    
February 28, 2026
        
           
The following is a summary of the inputs used to value the Funds’ investments as of February 28, 2026:
           
   
Level 1
Level 2
Level 3
Total
 
Bonds
        
 
Asset-backed securities
 $               -
 $           153,322,353
 $                    -
 $   153,322,353
 
Commercial mortgage-backed securities
–
172,420,885
–
172,420,885
 
Corporate bonds
–
1,351,105,127
–
1,351,105,127
 
Residential mortgage-backed securities
–
35,383,950
–
35,383,950
 
Taxable municipal bonds
–
496,718
–
496,718
 
U.S. government & agency securities
–
25,037,267
–
25,037,267
 
U.S. government agency mortgage-backed securities
–
37,543,592
–
37,543,592
 
Total bonds
–
1,775,309,892
–
1,775,309,892
 
Short-term investments
        
 
Money market funds
100,000
–
–
100,000
 
U.S. government & agency securities
–
164,114,575
–
164,114,575
 
Total short-term investments
100,000
164,114,575
–
164,214,575
 
Total investments
 $     100,000
 $     1,939,424,467
 $                    -
 $1,939,524,467
           
For more information on valuation inputs, see the accompanying notes. The accompanying notes are an integral part of the schedule of investments.
           
The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining fair value.
           
 
Level 3 Securities Reconciliation
Convertible bonds
   Corporate
 bonds
Total
  
 
Balance at November 30, 2025
 $       100,000
 $                 340,000
 $          440,000
  
 
Purchases
                  -
                           -
                       -
  
 
Sales
                  -
                           -
                       -
  
 
Net realized gain (loss)
      (4,683,952)
              (16,215,857)
       (20,899,809)
  
 
Net change in unrealized appreciation (depreciation)
       4,583,952
               15,875,857
        20,459,809
  
 
Accrued interest
                  -
                           -
                       -
  
 
Transfers into level 3
                  -
                           -
                       -
  
 
Transfers out of level 3
                  -
                           -
                       -
  
 
Balance as of February 28, 2026
 $                  -
 $                            -
 $                    -
  


THOMPSON IM FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
February 28, 2026

VALUATION POLICY AND PROCEDURES - The Funds’ Board of Directors (the “Funds’ Board”) has adopted methods for valuing securities set forth in the Funds’ Pricing Policies and Procedures, including circumstances in which market quotes are not readily available or deemed to be unreliable, and has delegated authority to the Advisor, as the Board appointed valuation designee, to apply those methods in making fair value determinations in accordance with the procedures approved by the Board. The valuation designee has established a valuation committee that, along with other Advisor employees, administers, implements, and oversees the fair valuation process and makes fair value decisions. The valuation committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services; considers circumstances in the markets which may require it to make or adjust valuation determinations; and reviews previous valuation determinations. The valuation committee reports on its activities and any changes to the fair valuation guidelines to the Funds’ Board.

Rule 2a-5 adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices has established a framework for determining fair value in good faith for purposes of Section 29(a)(41) of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The Funds adopted a valuation policy adhering to the new rule and there was no material impact to the Funds.

VALUATION MEASUREMENTS – In accordance with generally accepted accounting principles in the United States of America (“GAAP”), fair value is defined as the price that each Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Various inputs are used in determining the value of each Fund’s investments. 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).

Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. The Funds consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The determination of what constitutes “observable” requires significant judgment by the Funds. The categorization of a security within the hierarchy is based upon the pricing transparency of the security and does not necessarily correspond to a Fund’s perceived risk of that security.  The inputs used to measure fair value may fall into different levels of the fair valuation hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

SECURITY VALUATION - Each Fund’s equity securities, including common stocks, ADRs, REITs, and rights are valued at their market prices (generally the last reported sales price on the exchange where the securities are primarily traded or, for Nasdaq-listed securities, at their Nasdaq Official Closing Prices). If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges will generally be used.  To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.  When adjustments to observable prices are applied or when the market is considered inactive, securities will be categorized in level 2 of the fair value hierarchy.

Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds.  These securities will be categorized as level 1 securities.

Fixed-income securities such as corporate bonds, convertible bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, sovereign bonds, municipal bonds and commercial paper are typically valued based on valuations published by an independent pricing service, which uses various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Factors considered by pricing services include market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads and fundamental analytical data relating to the issuer. Short-term investments in fixed-income securities (those with remaining maturities of 60 days or less) are generally valued on an amortized cost basis. Fixed-income securities will generally be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.

Where market quotations are not readily available or are unreliable, a value is determined in good faith pursuant to procedures established by the Funds’ Board.   When determining the value of a security, consideration is given to the facts and circumstances relevant to the particular situation, which includes factors such as fundamental analytical data relating to the investment, which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, nature and duration of any restrictions on disposition of the security and an evaluation of forces that influence the market in which the securities are purchased or sold. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.