Form NPORT-P TRUST FOR CREDIT UNIONS For: Nov 30

January 21, 2022 12:08 PM EST

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    NPORT-P
    false
    
      
      
        
          0000825759
          XXXXXXXX
        
      
      
      
      
        S000009984
        C000027609
        C000116694
      
      
      
    
  
  
    
      Trust for Credit Unions
      811-05407
      0000825759
      549300KS1MDPPEF56W28
      615 East Michigan Street
      Milwaukee
      
      53202-5207
      8003425828
      Short Duration Portfolio
      S000009984
      549300B0HKTC8KEB7Q11
      2022-08-31
      2021-11-30
      N
    
    
      1586909817.410000000000
      227813891.910000000000
      1359095925.500000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      225764296.880000000000
      0.000000000000
      0.000000000000
      0.000000000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Fannie Mae or Freddie Mac
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae or Freddie Mac
        01F0124C7
        
          
        
        70000000.000000000000
        PA
        USD
        70360937.500000000000
        5.1770398380
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-15
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae or Freddie Mac
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae or Freddie Mac
        01F0204C0
        
          
        
        50000000.000000000000
        PA
        USD
        51279297.000000000000
        3.7730447158
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-15
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FU2A1
        
          
        
        9381848.480000000000
        PA
        USD
        9440463.450000000000
        0.6946134760
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-05-25
          Floating
          .627670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FV2F8
        
          
        
        11671259.260000000000
        PA
        USD
        11698750.910000000000
        0.8607744818
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-06-25
          Floating
          .457500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31406TLS8
        
          
          
        
        47034.560000000000
        PA
        USD
        46923.410000000000
        0.0034525459
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-04-01
          Floating
          2.095000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31407MJS5
        
          
          
        
        117899.580000000000
        PA
        USD
        118384.290000000000
        0.0087105176
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-10-01
          Floating
          2.127000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31409EH38
        
          
          
        
        188198.590000000000
        PA
        USD
        201208.750000000000
        0.0148046025
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-04-01
          Floating
          2.617000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31409UBQ7
        
          
          
        
        101446.730000000000
        PA
        USD
        102057.210000000000
        0.0075091984
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-03-01
          Floating
          2.112000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140HT2U2
        
          
          
        
        5233000.000000000000
        PA
        USD
        5230689.260000000000
        0.3848653478
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2029-05-01
          Floating
          .608000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae or Freddie Mac
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae or Freddie Mac
        01F0226C4
        
          
        
        40000000.000000000000
        PA
        USD
        41003124.800000000000
        3.0169411909
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2046-12-15
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae or Freddie Mac
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae or Freddie Mac
        01F0306C7
        
          
        
        60000000.000000000000
        PA
        USD
        62299218.600000000000
        4.5838720749
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-12-15
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140J0FS4
        
          
        
        10000000.000000000000
        PA
        USD
        9996060.000000000000
        0.7354933388
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-07-01
          Floating
          .678000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140J6AG2
        
          
          
        
        887603.780000000000
        PA
        USD
        922551.100000000000
        0.0678797635
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-09-01
          Floating
          3.137000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140J82J1
        
          
          
        
        1018861.720000000000
        PA
        USD
        1058099.320000000000
        0.0778531743
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-04-01
          Floating
          3.146000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140JNW63
        
          
          
        
        1018499.940000000000
        PA
        USD
        1084090.080000000000
        0.0797655309
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2049-05-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140K8TR2
        
          
          
        
        2824073.720000000000
        PA
        USD
        2941510.590000000000
        0.2164314185
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-03-01
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140LA3G8
        
          
        
        25000000.000000000000
        PA
        USD
        24998974.250000000000
        1.8393826205
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-01-01
          Floating
          .468000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BBVA USA
        C90VT034M03BN29IRA40
        BBVA USA
        05552JAA7
        
          
        
        4000000.000000000000
        PA
        USD
        4145389.920000000000
        0.3050108416
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-08-27
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRUIST BANK
        JJKC32MCHWDI71265Z06
        Truist Bank
        07330NAT2
        
          
          
        
        8450000.000000000000
        PA
        USD
        8682766.490000000000
        0.6388634038
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-12-06
          Fixed
          2.150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE BANK USA NA
        LKE37K2B8CFZUR7F9816
        Capital One Bank USA NA
        14042TCS4
        
          
        
        19430000.000000000000
        PA
        USD
        19466953.330000000000
        1.4323457943
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-01-27
          Variable
          2.014000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIBANK NA
        E57ODZWZ7FF32TWEFA76
        Citibank NA
        17325FAS7
        
          
        
        5421000.000000000000
        PA
        USD
        5724512.090000000000
        0.4212000038
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-01-23
          Fixed
          3.650000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140LAS97
        
          
        
        25000000.000000000000
        PA
        USD
        24998826.500000000000
        1.8393717493
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-01-01
          Floating
          .468000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140Q8ZB4
        
          
          
        
        3631496.630000000000
        PA
        USD
        3866743.930000000000
        0.2845085367
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-04-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BBVA USA
        C90VT034M03BN29IRA40
        BBVA USA
        20453KAA3
        
          
        
        6300000.000000000000
        PA
        USD
        6793883.840000000000
        0.4998825846
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-10
          Fixed
          3.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISCOVER BANK
        X05BVSK68TQ7YTOSNR22
        Discover Bank
        25466AAD3
        
          
        
        3000000.000000000000
        PA
        USD
        3167010.240000000000
        0.2330233047
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-08
          Fixed
          4.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140QAVB3
        
          
          
        
        841926.900000000000
        PA
        USD
        885066.940000000000
        0.0651217418
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2049-04-01
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3140X9R80
        
          
        
        15025494.460000000000
        PA
        USD
        15791684.690000000000
        1.1619256885
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-01-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISCOVER BANK
        X05BVSK68TQ7YTOSNR22
        Discover Bank
        25466AAQ4
        
          
        
        20000000.000000000000
        PA
        USD
        20507177.200000000000
        1.5088837230
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-12
          Fixed
          2.450000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Non Gold Pool
        3128JPHF0
        
          
          
        
        50890.640000000000
        PA
        USD
        51386.000000000000
        0.0037808957
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-11-01
          Floating
          2.090000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31410GC35
        
          
          
        
        101313.550000000000
        PA
        USD
        105139.640000000000
        0.0077359985
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-05-01
          Floating
          1.774000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31410GC68
        
          
          
        
        67177.730000000000
        PA
        USD
        67921.480000000000
        0.0049975486
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-08-01
          Floating
          1.709000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Non Gold Pool
        3128JRPZ3
        
          
          
        
        135942.870000000000
        PA
        USD
        141459.980000000000
        0.0104083882
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-05-01
          Floating
          2.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128L5AG6
        
          
          
        
        118186.460000000000
        PA
        USD
        134728.180000000000
        0.0099130736
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2038-02-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128L7DH7
        
          
          
        
        42053.660000000000
        PA
        USD
        47928.240000000000
        0.0035264796
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2038-03-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Non Gold Pool
        3128LLKZ8
        
          
          
        
        96362.140000000000
        PA
        USD
        101501.140000000000
        0.0074682837
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-03-01
          Floating
          2.265000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128M4NJ8
        
          
          
        
        137248.290000000000
        PA
        USD
        156265.530000000000
        0.0114977558
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-05-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128M6VJ4
        
          
          
        
        31384.640000000000
        PA
        USD
        35743.970000000000
        0.0026299814
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2038-09-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128M6YM4
        
          
          
        
        7572.690000000000
        PA
        USD
        8603.060000000000
        0.0006329987
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128M7A97
        
          
          
        
        108975.360000000000
        PA
        USD
        124130.570000000000
        0.0091333193
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2038-12-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128M7DJ2
        
          
          
        
        72197.050000000000
        PA
        USD
        82247.110000000000
        0.0060516045
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2039-01-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128MJF39
        
          
          
        
        64252.800000000000
        PA
        USD
        73089.500000000000
        0.0053778029
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-03-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31410GC76
        
          
          
        
        37646.560000000000
        PA
        USD
        38201.350000000000
        0.0028107913
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-09-01
          Floating
          2.685000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31410GDE0
        
          
          
        
        55163.400000000000
        PA
        USD
        55348.700000000000
        0.0040724646
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-06-01
          Floating
          1.606000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128MMVW0
        
          
          
        
        4011694.750000000000
        PA
        USD
        4131678.960000000000
        0.3040020121
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-12-01
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128P8D32
        
          
          
        
        2134685.870000000000
        PA
        USD
        2273281.910000000000
        0.1672642723
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-03-01
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128P8DM0
        
          
          
        
        1733919.210000000000
        PA
        USD
        1826647.370000000000
        0.1344016515
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-01-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128P8DR9
        
          
          
        
        1903888.600000000000
        PA
        USD
        2005648.740000000000
        0.1475722723
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-02-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31417MLN1
        
          
          
        
        33766.450000000000
        PA
        USD
        38155.390000000000
        0.0028074096
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2039-10-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418C4Z4
        
          
          
        
        1239636.580000000000
        PA
        USD
        1340212.140000000000
        0.0986105627
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2038-12-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418C6N9
        
          
          
        
        1196279.680000000000
        PA
        USD
        1288187.600000000000
        0.0947826843
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-01-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418D2R2
        
          
        
        23777547.250000000000
        PA
        USD
        24403636.700000000000
        1.7955786815
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-07-01
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        3128P8DT5
        
          
          
        
        2451905.940000000000
        PA
        USD
        2611356.520000000000
        0.1921392354
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-02-01
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Non Gold Pool
        3128QLPH8
        
          
          
        
        106765.820000000000
        PA
        USD
        113408.520000000000
        0.0083444088
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-08-01
          Floating
          2.352000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418DAB8
        
          
          
        
        629326.650000000000
        PA
        USD
        682833.460000000000
        0.0502417414
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-01-01
          Fixed
          4.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418DG71
        
          
          
        
        4066461.320000000000
        PA
        USD
        4387576.270000000000
        0.3228305072
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2039-09-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3129133Z7
        
          
          
        
        3495.100000000000
        PA
        USD
        3510.640000000000
        0.0002583070
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2022-12-15
          Floating
          1.489250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        31297SA21
        
          
          
        
        43152.370000000000
        PA
        USD
        49065.990000000000
        0.0036101933
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-08-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Gold Pool
        31306YAJ0
        
          
          
        
        556.720000000000
        PA
        USD
        587.830000000000
        0.0000432515
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2022-10-01
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Pool
        3132AD5W4
        
          
          
        
        3039583.300000000000
        PA
        USD
        3212375.950000000000
        0.2363612376
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-02-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418DKK7
        
          
          
        
        3531662.660000000000
        PA
        USD
        3710560.800000000000
        0.2730168438
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-01-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418DKL5
        
          
          
        
        3476862.100000000000
        PA
        USD
        3677162.040000000000
        0.2705594190
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-01-01
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31418DNB4
        
          
          
        
        2095562.250000000000
        PA
        USD
        2199700.380000000000
        0.1618502667
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-04-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        499179.620000000000
        NS
        USD
        499179.620000000000
        0.0367287997
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Pool
        3132D53Z3
        
          
          
        
        1678816.550000000000
        PA
        USD
        1764159.040000000000
        0.1298038650
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-11-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Pool
        3132D6AL4
        
          
        
        23780506.250000000000
        PA
        USD
        24406673.610000000000
        1.7958021323
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-07-01
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST REPUBLIC BANK
        YWC0TIKBQM2JV8L4IV08
        First Republic Bank/CA
        33616CHQ6
        
          
        
        3100000.000000000000
        PA
        USD
        3142782.540000000000
        0.2312406712
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-12
          Variable
          1.912000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        36179MDQ0
        
          
          
        
        19326.610000000000
        PA
        USD
        20119.440000000000
        0.0014803547
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2042-05-20
          Floating
          1.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        36179MFS4
        
          
          
        
        17433.530000000000
        PA
        USD
        18143.850000000000
        0.0013349941
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2042-06-20
          Floating
          1.875000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        36179MHU7
        
          
          
        
        95483.670000000000
        PA
        USD
        98865.080000000000
        0.0072743269
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2042-07-20
          Floating
          1.625000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        36179MRC6
        
          
          
        
        10415.150000000000
        PA
        USD
        10826.050000000000
        0.0007965626
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2042-10-20
          Floating
          2.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        36179MWF3
        
          
          
        
        19322.700000000000
        PA
        USD
        20075.080000000000
        0.0014770907
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2042-12-20
          Floating
          2.125000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3133TAG22
        
          
          
        
        69442.100000000000
        PA
        USD
        77858.750000000000
        0.0057287163
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-07-15
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136A2AS2
        
          
          
        
        257297.190000000000
        PA
        USD
        258158.310000000000
        0.0189948557
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-04-25
          Floating
          .492000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Ginnie Mae II Pool
        3617LAEM0
        
          
          
        
        3297248.000000000000
        PA
        USD
        3414020.370000000000
        0.2511978960
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2069-09-20
          Floating
          1.779000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38375U3U2
        
          
          
        
        3321326.200000000000
        PA
        USD
        3325754.190000000000
        0.2447034185
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2068-01-20
          Floating
          .475250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136A44C0
        
          
          
        
        275709.850000000000
        PA
        USD
        288166.780000000000
        0.0212028286
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-04-25
          Fixed
          3.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136A6Y65
        
          
          
        
        725674.060000000000
        PA
        USD
        734079.980000000000
        0.0540123744
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-07-25
          Floating
          .592000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38375UZK9
        
          
          
        
        2496267.940000000000
        PA
        USD
        2504440.970000000000
        0.1842725685
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2067-03-20
          Floating
          .575250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38376RY59
        
          
          
        
        2952671.300000000000
        PA
        USD
        2968382.460000000000
        0.2184086056
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2067-03-20
          Floating
          .595250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fanniemae-Aces
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae-Aces
        3136AC7J4
        
          
          
        
        1465322.640000000000
        PA
        USD
        1495528.510000000000
        0.1100384809
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2023-03-25
          Variable
          2.617870000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136AEHL4
        
          
          
        
        1970206.160000000000
        PA
        USD
        2114908.350000000000
        0.1556114113
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-06-25
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380LET6
        
          
          
        
        5877633.980000000000
        PA
        USD
        5785786.540000000000
        0.4257084751
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2068-06-20
          Floating
          .431130000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380LFQ1
        
          
          
        
        6683882.370000000000
        PA
        USD
        6580411.860000000000
        0.4841756742
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2068-06-20
          Floating
          .326880000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380LVN0
        
          
          
        
        5999358.010000000000
        PA
        USD
        6084124.740000000000
        0.4476596998
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2069-06-20
          Floating
          .725250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380P5N0
        
          
        
        18543827.700000000000
        PA
        USD
        18680640.350000000000
        1.3744902033
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2062-09-16
          Fixed
          2.200000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380Q2W1
        
          
        
        21463935.420000000000
        PA
        USD
        22202365.630000000000
        1.6336128461
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2071-04-20
          Floating
          .997670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380Q3S9
        
          
        
        19706269.410000000000
        PA
        USD
        21218729.530000000000
        1.5612385507
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2071-06-20
          Floating
          1.547670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136AGZE5
        
          
          
        
        2863675.080000000000
        PA
        USD
        2923250.120000000000
        0.2150878437
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-10-25
          Floating
          .692000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136AGZN5
        
          
          
        
        1895122.760000000000
        PA
        USD
        1934826.150000000000
        0.1423612648
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-10-25
          Floating
          .692000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380Q7A4
        
          
        
        6341975.840000000000
        PA
        USD
        6833414.910000000000
        0.5027912145
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2071-07-20
          Floating
          1.547670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380QAK8
        
          
        
        4394805.420000000000
        PA
        USD
        4468223.720000000000
        0.3287644114
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2070-05-20
          Floating
          .731130000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380QE81
        
          
        
        11523583.110000000000
        PA
        USD
        11668125.720000000000
        0.8585211317
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2071-02-20
          Floating
          .597670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380QF56
        
          
        
        11066513.010000000000
        PA
        USD
        11328722.970000000000
        0.8335484462
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2071-03-20
          Floating
          .797670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380QQ47
        
          
        
        11833962.440000000000
        PA
        USD
        12221936.530000000000
        0.8992696027
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2071-04-20
          Floating
          .947670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380QYC0
        
          
        
        20633793.360000000000
        PA
        USD
        20660520.310000000000
        1.5201664520
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2070-04-20
          Floating
          .427670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380R4S6
        
          
        
        14090425.060000000000
        PA
        USD
        13859805.660000000000
        1.0197812678
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2061-12-16
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380RC32
        
          
        
        24653307.290000000000
        PA
        USD
        24366150.500000000000
        1.7928205098
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2061-05-16
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136AQUZ1
        
          
          
        
        271327.550000000000
        PA
        USD
        279154.240000000000
        0.0205397010
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-12-25
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136ATVV3
        
          
          
        
        3374209.300000000000
        PA
        USD
        3409306.810000000000
        0.2508510802
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2046-09-25
          Floating
          .492000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380RF54
        
          
        
        23549491.690000000000
        PA
        USD
        23210284.810000000000
        1.7077738498
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2061-05-16
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380RK82
        
          
        
        23884984.380000000000
        PA
        USD
        23554843.740000000000
        1.7331259183
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2055-05-16
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136AUDH1
        
          
          
        
        3645093.260000000000
        PA
        USD
        3693145.430000000000
        0.2717354501
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2046-11-25
          Floating
          .592000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fanniemae-Aces
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae-Aces
        3136AUG21
        
          
        
        17105340.710000000000
        PA
        USD
        17843901.430000000000
        1.3129243562
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-10-25
          Variable
          2.495718000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380RS43
        
          
        
        24646847.560000000000
        PA
        USD
        24446801.420000000000
        1.7987546693
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2061-09-16
          Fixed
          1.750000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38380RXT2
        
          
        
        19373128.210000000000
        PA
        USD
        18880905.460000000000
        1.3892253744
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2062-01-16
          Fixed
          1.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage A
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38382LHV6
        
          
        
        11572498.090000000000
        PA
        USD
        13135876.620000000000
        0.9665157826
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2050-11-20
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KEY BANK NA
        HUX2X73FUCYHUVH1BK78
        KeyBank NA/Cleveland OH
        49327M2K9
        
          
        
        20000000.000000000000
        PA
        USD
        21412274.000000000000
        1.5754792284
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          3.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136AWHE0
        
          
          
        
        2222610.200000000000
        PA
        USD
        2233472.760000000000
        0.1643351818
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-05-25
          Floating
          .492000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136B0PZ3
        
          
          
        
        2291181.900000000000
        PA
        USD
        2303553.590000000000
        0.1694916118
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-01-25
          Floating
          .442000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136B27D8
        
          
          
        
        2737440.750000000000
        PA
        USD
        2755738.350000000000
        0.2027626085
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2058-10-25
          Floating
          .442000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        3136B8ZX0
        
          
          
        
        6803121.000000000000
        PA
        USD
        7925962.510000000000
        0.5831790355
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2050-03-25
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137A7YL8
        
          
          
        
        156269.900000000000
        PA
        USD
        157635.280000000000
        0.0115985397
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-03-15
          Floating
          .459250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137AUJ34
        
          
          
        
        42059.120000000000
        PA
        USD
        41578.080000000000
        0.0030592454
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-12-15
          Fixed
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31371MFY8
        
          
          
        
        180090.540000000000
        PA
        USD
        189205.500000000000
        0.0139214235
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-08-01
          Floating
          2.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FVNB4
        
          
        
        5982406.250000000000
        PA
        USD
        5987119.190000000000
        0.4405221940
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-06-25
          Floating
          .447500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137B3NX2
        
          
          
        
        4167000.000000000000
        PA
        USD
        4307368.730000000000
        0.3169289709
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2023-04-25
          Variable
          3.300000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137B4VN3
        
          
          
        
        386806.390000000000
        PA
        USD
        391401.730000000000
        0.0287986832
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2039-06-15
          Floating
          .589250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KEY BANK NA
        HUX2X73FUCYHUVH1BK78
        KeyBank NA/Cleveland OH
        49327M2Y9
        
          
          
        
        2000000.000000000000
        PA
        USD
        2001915.980000000000
        0.1472976221
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-02-01
          Floating
          .791630000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KEY BANK NA
        HUX2X73FUCYHUVH1BK78
        KeyBank NA/Cleveland OH
        49327M2Z6
        
          
        
        4900000.000000000000
        PA
        USD
        4937965.400000000000
        0.3633272168
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-03-10
          Fixed
          1.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FXR26
        
          
        
        20416931.820000000000
        PA
        USD
        20467016.600000000000
        1.5059287734
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-10-25
          Floating
          .427670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FXZ84
        
          
        
        25000000.000000000000
        PA
        USD
        24988277.500000000000
        1.8385955716
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-01-25
          Floating
          .287670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137B6BC4
        
          
          
        
        857197.270000000000
        PA
        USD
        863742.140000000000
        0.0635526988
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-11-15
          Floating
          .439250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BFE98
        
          
        
        7000000.000000000000
        PA
        USD
        7389414.900000000000
        0.5437007618
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-10-25
          Fixed
          3.171000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KEY BANK NA
        HUX2X73FUCYHUVH1BK78
        KeyBank NA/Cleveland OH
        49327V2A1
        
          
        
        15000000.000000000000
        PA
        USD
        16129281.900000000000
        1.1867655253
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-20
          Fixed
          3.400000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MANUF & TRADERS TRUST CO
        WWB2V0FCW3A0EE3ZJN75
        Manufacturers & Traders Trust Co
        55279HAK6
        
          
        
        5200000.000000000000
        PA
        USD
        5476122.600000000000
        0.4029239215
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-06
          Fixed
          2.900000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FYTS5
        
          
        
        25000000.000000000000
        PA
        USD
        24988290.000000000000
        1.8385964913
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-02-25
          Floating
          .297670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137H4CA6
        
          
        
        22800000.000000000000
        PA
        USD
        22800000.000000000000
        1.6775857813
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-10-25
          Floating
          .267670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BKRJ1
        
          
        
        4037000.000000000000
        PA
        USD
        4311991.960000000000
        0.3172691404
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-05-25
          Variable
          3.329000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BLAC2
        
          
        
        27570000.000000000000
        PA
        USD
        29417308.550000000000
        2.1644762520
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-06-25
          Variable
          3.284000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW ORLEANS LA SEWAGE SVC REVE
        N/A
        City of New Orleans LA Sewerage Service Revenue
        647719PY3
        
          
        
        400000.000000000000
        PA
        USD
        395485.080000000000
        0.0290991293
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-06-01
          Fixed
          .589000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW ORLEANS LA SEWAGE SVC REVE
        N/A
        City of New Orleans LA Sewerage Service Revenue
        647719PZ0
        
          
        
        500000.000000000000
        PA
        USD
        491120.000000000000
        0.0361357864
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-06-01
          Fixed
          .808000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BLW95
        
          
        
        10000000.000000000000
        PA
        USD
        10711819.000000000000
        0.7881576862
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-08-25
          Variable
          3.334000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BM7C4
        
          
        
        2380000.000000000000
        PA
        USD
        2550909.470000000000
        0.1876916428
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-09-25
          Fixed
          3.308000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31389SRN6
        
          
          
        
        8273.350000000000
        PA
        USD
        9108.000000000000
        0.0006701514
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-02-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138EH2G6
        
          
          
        
        349056.360000000000
        PA
        USD
        366120.010000000000
        0.0269384966
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-05-01
          Floating
          2.050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138EK3C7
        
          
          
        
        295654.160000000000
        PA
        USD
        297915.760000000000
        0.0219201422
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-11-01
          Floating
          1.857000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138ELE74
        
          
          
        
        33307.640000000000
        PA
        USD
        34465.730000000000
        0.0025359306
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-03-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BNGT5
        
          
        
        6250000.000000000000
        PA
        USD
        6591641.880000000000
        0.4850019602
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-01-25
          Fixed
          2.745000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BPW21
        
          
        
        3000000.000000000000
        PA
        USD
        3161127.900000000000
        0.2325904920
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-03-25
          Fixed
          2.673000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW ORLEANS LA SEWAGE SVC REVE
        N/A
        City of New Orleans LA Sewerage Service Revenue
        647719QA4
        
          
        
        500000.000000000000
        PA
        USD
        488297.850000000000
        0.0359281373
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-06-01
          Fixed
          .958000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW ORLEANS LA WTR REVENUE
        N/A
        City of New Orleans LA Water System Revenue
        647753LY6
        
          
        
        500000.000000000000
        PA
        USD
        494879.950000000000
        0.0364124372
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-12-01
          Fixed
          .465000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW ORLEANS LA WTR REVENUE
        N/A
        City of New Orleans LA Water System Revenue
        647753MA7
        
          
        
        500000.000000000000
        PA
        USD
        486419.150000000000
        0.0357899057
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-12-01
          Fixed
          .858000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW ORLEANS LA WTR REVENUE
        N/A
        City of New Orleans LA Water System Revenue
        647753MB5
        
          
        
        315000.000000000000
        PA
        USD
        304623.460000000000
        0.0224136836
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-12-01
          Fixed
          1.008000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137BR4H5
        
          
          
        
        1235121.720000000000
        PA
        USD
        1250111.900000000000
        0.0919811381
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2044-12-15
          Floating
          .589250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BTUM1
        
          
        
        6500000.000000000000
        PA
        USD
        7085736.450000000000
        0.5213566105
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-11-25
          Variable
          3.347000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138ENQU6
        
          
          
        
        3476458.050000000000
        PA
        USD
        3490665.500000000000
        0.2568373162
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2022-08-01
          Variable
          2.425000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138EQCB6
        
          
          
        
        312068.440000000000
        PA
        USD
        324117.720000000000
        0.0238480385
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2044-12-01
          Floating
          1.861000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW YORK NY
        549300ABYZD2SFD5JB29
        City of New York NY
        64966QRK8
        
          
        
        4000000.000000000000
        PA
        USD
        3961764.800000000000
        0.2915000130
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-08-01
          Fixed
          1.216000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        US BANK NA CINCINNATI
        6BYL5QZYBDK8S7L73M02
        US Bank NA/Cincinnati OH
        90331HPD9
        
          
        
        5000000.000000000000
        PA
        USD
        5008667.550000000000
        0.3685293625
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-05-23
          Floating
          .604000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BUWU8
        
          
          
        
        240648.330000000000
        PA
        USD
        240893.000000000000
        0.0177245031
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-12-25
          Floating
          .507500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BWVR2
        
          
          
        
        443470.950000000000
        PA
        USD
        444517.980000000000
        0.0327068878
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-02-25
          Floating
          .447500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Overnight Repo 12/01/21 0.15%
        N/A
        Overnight Repo 12/01/21 0.15%
        N/A
        
          
        
        236990000.000000000000
        PA
        USD
        236990000.000000000000
        17.4373269431
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          Y
          .150000000000
          2021-12-01
          
            
              12014686.500778943
              USD
              12218696.78
              USD
              UST
            
            
              197979116.99229625
              USD
              201537303.77999994
              USD
              AMBS
            
            
              7731418.320216515
              USD
              7875529.03
              USD
              ADAS
            
            
              19264778.186708037
              USD
              19629808.319999997
              USD
              ACMO
            
          
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137BYPR5
        
          
          
        
        5000000.000000000000
        PA
        USD
        5180845.500000000000
        0.3811979274
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-04-25
          Fixed
          2.985000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137F2LJ3
        
          
          
        
        5865013.000000000000
        PA
        USD
        6360261.150000000000
        0.4679773540
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-06-25
          Fixed
          3.117000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138ERXH8
        
          
          
        
        1881112.840000000000
        PA
        USD
        2034184.370000000000
        0.1496718761
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-06-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138LCT54
        
          
        
        20000000.000000000000
        PA
        USD
        21412675.400000000000
        1.5755087627
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-01-01
          Fixed
          3.100000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137F4WZ1
        
          
        
        20000000.000000000000
        PA
        USD
        21093786.000000000000
        1.5520454152
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-02-25
          Variable
          3.600000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137F5GF0
        
          
          
        
        896654.050000000000
        PA
        USD
        914005.560000000000
        0.0672509970
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-06-15
          Fixed
          3.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138LEAF8
        
          
        
        10449592.780000000000
        PA
        USD
        10881240.380000000000
        0.8006234274
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-08-01
          Fixed
          2.435000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138LWBW0
        
          
          
        
        86691.680000000000
        PA
        USD
        91006.800000000000
        0.0066961278
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-06-01
          Floating
          1.950000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137F6JH1
        
          
        
        26638443.330000000000
        PA
        USD
        26773857.190000000000
        1.9699755321
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-09-25
          Floating
          .427670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137F72K0
        
          
        
        21784902.300000000000
        PA
        USD
        21838632.580000000000
        1.6068499780
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-10-25
          Floating
          .417500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138M7JX4
        
          
          
        
        147618.630000000000
        PA
        USD
        152341.330000000000
        0.0112090197
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-10-01
          Floating
          1.935000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        3138WJVE5
        
          
          
        
        58995.100000000000
        PA
        USD
        61450.090000000000
        0.0045213946
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-02-01
          Fixed
          2.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31390EXL1
        
          
          
        
        26692.190000000000
        PA
        USD
        26785.870000000000
        0.0019708594
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-08-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31390EXN7
        
          
          
        
        21229.230000000000
        PA
        USD
        21303.970000000000
        0.0015675104
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-08-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31390KYS1
        
          
          
        
        64788.500000000000
        PA
        USD
        71011.540000000000
        0.0052249101
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-05-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31390M2G8
        
          
          
        
        24477.360000000000
        PA
        USD
        24389.620000000000
        0.0017945474
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-05-01
          Floating
          2.360000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137F84A8
        
          
        
        18219016.630000000000
        PA
        USD
        18258803.320000000000
        1.3434521418
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-11-25
          Floating
          .387500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137F8ZR7
        
          
        
        14825590.520000000000
        PA
        USD
        14812145.190000000000
        1.0898528141
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-12-25
          Floating
          .297670000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FARD2
        
          
          
        
        290351.940000000000
        PA
        USD
        293778.960000000000
        0.0216157634
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2023-10-25
          Fixed
          2.632000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FCJK1
        
          
          
        
        5000000.000000000000
        PA
        USD
        5497600.000000000000
        0.4045041926
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-11-25
          Variable
          3.303000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FCM43
        
          
        
        15000000.000000000000
        PA
        USD
        15716113.500000000000
        1.1563652870
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-10-25
          Fixed
          3.136000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FGZP3
        
          
          
        
        1618144.280000000000
        PA
        USD
        1621439.790000000000
        0.1193028218
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-06-25
          Floating
          .427500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FHQ22
        
          
          
        
        10325000.000000000000
        PA
        USD
        10661152.060000000000
        0.7844296977
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-07-25
          Fixed
          3.370000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FKKZ8
        
          
          
        
        7783854.510000000000
        PA
        USD
        7808670.990000000000
        0.5745489221
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-10-25
          Floating
          .697500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31391FT57
        
          
          
        
        38631.770000000000
        PA
        USD
        40609.100000000000
        0.0029879495
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-11-01
          Fixed
          7.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31391VB69
        
          
          
        
        158833.850000000000
        PA
        USD
        158638.780000000000
        0.0116723755
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-09-01
          Floating
          2.700000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FKQL3
        
          
          
        
        5463899.860000000000
        PA
        USD
        5492299.570000000000
        0.4041141958
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-11-25
          Floating
          .647500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FL6K5
        
          
          
        
        3810358.650000000000
        PA
        USD
        3836126.200000000000
        0.2822557355
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2029-02-25
          Floating
          .627500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31395GM41
        
          
          
        
        66029.400000000000
        PA
        USD
        68585.120000000000
        0.0050463782
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-08-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        31395NEU7
        
          
          
        
        157467.820000000000
        PA
        USD
        158886.100000000000
        0.0116905729
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-06-25
          Floating
          .492000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        31396KBZ4
        
          
          
        
        183026.380000000000
        PA
        USD
        184656.830000000000
        0.0135867400
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-08-25
          Floating
          .492000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        31396W3K0
        
          
          
        
        106248.810000000000
        PA
        USD
        107519.140000000000
        0.0079110781
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-08-25
          Floating
          .542000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FLN42
        
          
          
        
        5000000.000000000000
        PA
        USD
        5384107.500000000000
        0.3961536047
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-02-25
          Variable
          3.435000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FLN83
        
          
          
        
        1060048.990000000000
        PA
        USD
        1148246.130000000000
        0.0844860255
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2028-10-25
          Fixed
          3.339000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FMD74
        
          
          
        
        5000000.000000000000
        PA
        USD
        5253375.500000000000
        0.3865345633
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-09-25
          Fixed
          2.821000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FPJ55
        
          
        
        20000000.000000000000
        PA
        USD
        20979566.000000000000
        1.5436412991
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-07-25
          Fixed
          2.606000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FQ2T9
        
          
          
        
        5000000.000000000000
        PA
        USD
        5064642.000000000000
        0.3726478687
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2029-09-25
          Floating
          .747500000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FQ3V3
        
          
          
        
        948034.770000000000
        PA
        USD
        962260.510000000000
        0.0708015153
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2024-07-25
          Fixed
          2.092000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured P
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac Multifamily Structured Pass Through Certificates
        3137FREG2
        
          
          
        
        4900680.600000000000
        PA
        USD
        5040534.750000000000
        0.3708740977
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2029-10-25
          Fixed
          1.938000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        3137FRYR6
        
          
          
        
        2706179.200000000000
        PA
        USD
        3150238.040000000000
        0.2317892344
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2050-04-25
          Fixed
          6.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31397A6T5
        
          
          
        
        1183226.500000000000
        PA
        USD
        1193212.810000000000
        0.0877945984
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-08-15
          Floating
          .489250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31397A6Z1
        
          
          
        
        397564.100000000000
        PA
        USD
        400919.500000000000
        0.0294989848
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-08-15
          Floating
          .489250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31397JU85
        
          
          
        
        914539.930000000000
        PA
        USD
        919876.640000000000
        0.0676829812
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-10-15
          Floating
          .439250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31397KGG0
        
          
          
        
        269483.580000000000
        PA
        USD
        274141.580000000000
        0.0201708779
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-09-15
          Floating
          .639250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31397KNW7
        
          
          
        
        982273.000000000000
        PA
        USD
        999550.300000000000
        0.0735452356
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-09-15
          Floating
          .689250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        31397LGE3
        
          
          
        
        659359.490000000000
        PA
        USD
        677054.520000000000
        0.0498165367
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-04-25
          Floating
          .932000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Freddie Mac REMICS
        31397WVN2
        
          
          
        
        737606.680000000000
        PA
        USD
        759744.910000000000
        0.0559007569
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-08-15
          Floating
          1.089250000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae REMICS
        31398N2W3
        
          
          
        
        127560.010000000000
        PA
        USD
        128740.670000000000
        0.0094725227
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2040-11-25
          Floating
          .522000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31402G5Y5
        
          
          
        
        177288.200000000000
        PA
        USD
        187454.390000000000
        0.0137925798
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-07-01
          Floating
          2.215000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31403BD42
        
          
          
        
        128461.270000000000
        PA
        USD
        128629.160000000000
        0.0094643180
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-11-01
          Floating
          1.787000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31403K3J0
        
          
          
        
        168009.720000000000
        PA
        USD
        168605.860000000000
        0.0124057366
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-12-01
          Floating
          2.340000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31404J2D6
        
          
          
        
        172363.000000000000
        PA
        USD
        173746.770000000000
        0.0127839961
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-04-01
          Floating
          1.792000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31405NMG7
        
          
          
        
        592.860000000000
        PA
        USD
        684.940000000000
        0.0000503967
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-09-01
          Fixed
          6.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31405PKH2
        
          
          
        
        77271.900000000000
        PA
        USD
        81200.080000000000
        0.0059745658
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-10-01
          Floating
          1.915000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31405QAN8
        
          
          
        
        68076.530000000000
        PA
        USD
        68727.040000000000
        0.0050568204
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-08-01
          Floating
          2.185000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31406GW47
        
          
          
        
        23497.500000000000
        PA
        USD
        23539.030000000000
        0.0017319624
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-03-01
          Floating
          2.044000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Fannie Mae Pool
        31406PD71
        
          
          
        
        127360.310000000000
        PA
        USD
        135329.550000000000
        0.0099573214
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-05-01
          Floating
          2.438000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2021-12-20
      Trust for Credit Unions
      /s/ Jay Johnson
      Jay Johnson
      President & Treasurer
    
  
  XXXX





TRUST FOR CREDIT UNIONS
Ultra-Short Duration Portfolio
Portfolio of Investments – November 30, 2021 (Unaudited)
 
Par Value
     
Value
         
BANK NOTES - 1.42%
   
Financials - 1.42%
   
$
5,000,000  
Citizens Bank NA,
   
   
3 Month LIBOR USD + 0.810%
   
   
0.990%, 05/26/22 (a)
 
$
 5,015,459
            3,975,000
 
3 Month LIBOR USD + 0.950%
   
   
1.082%, 03/29/23 (a)
 
            4,012,294
            3,000,000
 
Manufacturers & Traders Trust Co.,
   
   
3 Month LIBOR USD + 0.610%
   
   
0.770%, 05/18/22 (a)
 
            3,007,644
          13,965,000
 
PNC Bank NA,
   
   
3 Month LIBOR USD + 0.325%
   
   
0.495%, 02/24/23 (a)
 
          13,975,299
            5,000,000
 
Truist Bank,
   
   
SOFR + 0.730%
   
   
0.779%, 03/09/23 (a)
 
            5,031,410
          10,000,000
 
US Bank NA,
   
   
3 Month LIBOR USD + 0.440%
   
   
0.604%, 05/23/22 (a)
 
          10,017,335
   
Total Bank Notes
 
          41,059,441
   
(Cost $40,869,831)
   
         
         
ASSET BACKED SECURITIES* - 0.01%
   
Federal National Mortgage Association REMIC - 0.01%
   
                 41,006
 
Series 2001-W4, Class AV1
   
   
1 Month LIBOR USD + 0.140%
   
   
0.358%, 02/25/32 (a)
 
                 40,643
                 60,269
 
Series 2002-W2, Class AV1
   
   
1 Month LIBOR USD + 0.130%
   
   
0.349%, 06/25/32 (a)
 
                 58,578
               307,586
 
Series 2002-T7, Class A1
   
   
1 Month LIBOR USD + 0.220%
   
   
0.312%, 07/25/32 (a)
 
               301,656
   
Total Asset Backed Securities
 
               400,877
   
(Cost $408,861)
   
         
COLLATERALIZED MORTGAGE OBLIGATIONS - 33.58%
   
Federal Home Loan Mortgage Corporation REMIC - 2.96%
   
                      203
 
Series 1222, Class P
   
   
H15T10Y - 0.400%
   
   
1.190%, 03/15/22 (a)(b)
 
                      202
                   1,550
 
Series 1250, Class J
   
   
7.000%, 05/15/22 (b)
 
                   1,565
                   1,498
 
Series 1448, Class F
   
   
1 Month LIBOR USD + 1.400%
   
   
1.489%, 12/15/22 (a)(c)
 
                   1,505
               300,244
 
Series 2977, Class M
   
   
5.000%, 05/15/25 (b)
 
               312,358
            1,068,427
 
Series 3702, Class FG
   
   
1 Month LIBOR USD + 0.450%
   
   
0.539%, 08/15/32 (a)(d)
 
            1,082,292
            1,102,336
 
Series 3346, Class FT
   
   
1 Month LIBOR USD + 0.350%
   
   
0.439%, 10/15/33 (a)(b)(d)
 
            1,108,768
               785,662
 
Series 3208, Class FH
   
   
1 Month LIBOR USD + 0.400%
   
   
0.489%, 08/15/36 (a)
 
               792,293
                 62,210
 
Series 3231, Class FB
   
   
1 Month LIBOR USD + 0.350%
   
   
0.439%, 10/15/36 (a)
 
                 62,694
                 38,590
 
Series 3314, Class FC
   
   
1 Month LIBOR USD + 0.400%
   
   
0.489%, 12/15/36 (a)
 
                 38,978
               616,300
 
Series 4248, Class QF
   
   
1 Month LIBOR USD + 0.500%
   
   
0.589%, 06/15/39 (a)(d)
 
               623,622
               165,270
 
Series 3545, Class FA
   
   
1 Month LIBOR USD + 0.850%
   
   
0.939%, 06/15/39 (a)
 
               169,342
            9,925,629
 
Series 4942, Class FB
   
   
1 Month LIBOR USD + 0.500%
   
   
0.589%, 04/15/40 (a)(d)
 
          10,043,264
               249,055
 
Series 3827, Class KF
   
   
1 Month LIBOR USD + 0.370%
   
   
0.459%, 03/15/41 (a)
 
               251,231
                 36,233
 
Series 3868, Class FA
   
   
1 Month LIBOR USD + 0.400%
   
   
0.489%, 05/15/41 (a)
 
                 36,620
                 52,784
 
Series 4109, Class EC
   
   
2.000%, 12/15/41 (c)(d)
 
                 52,181
            6,175,609
 
Series 4606, Class FL
   
   
1 Month LIBOR USD + 0.500%
   
   
0.589%, 12/15/44 (a)(d)
 
            6,250,560
            1,948,134
 
Series 4566, Class FA
   
   
1 Month LIBOR USD + 0.500%
   
   
0.589%, 04/15/46 (a)
 
            1,968,965
            2,291,403
 
Series 4689, Class FD
   
   
1 Month LIBOR USD + 0.350%
   
   
0.439%, 06/15/47 (a)
 
            2,299,177
            2,900,572
 
Series 4748, Class DF
   
   
1 Month LIBOR USD + 0.300%
   
   
0.389%, 08/15/47 (a)(b)
 
            2,902,156
            2,873,804
 
Series 4735, Class FB
   
   
1 Month LIBOR USD + 0.350%
   
   
0.439%, 12/15/47 (a)
 
            2,877,794
            5,400,965
 
Series 4795, Class FB
   
   
1 Month LIBOR USD + 0.300%
   
   
0.389%, 06/15/48 (a)
 
            5,392,068
            5,717,515
 
Series 4907, Class AF
   
   
1 Month LIBOR USD + 0.500%
   
   
0.592%, 09/25/48 (a)(d)
 
            5,770,477
            3,302,838
 
Series 4875, Class F
   
   
1 Month LIBOR USD + 0.450%
   
   
0.539%, 04/15/49 (a)(b)
 
            3,323,273
            7,082,916
 
Series 4980, Class FP
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 07/25/49 (a)
 
            7,129,239
            3,990,382
 
Series 4906, Class QF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 09/25/49 (a)
 
            4,021,125
            5,485,269
 
Series 4937, Class MF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 12/25/49 (a)
 
            5,529,324
            4,192,929
 
Series 4982, Class F
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 06/25/50 (a)(b)
 
            4,226,643
            7,702,386
 
Series 4981, Class GF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 06/25/50 (a)
 
            7,733,715
            4,623,317
 
Series 4981, Class JF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 06/25/50 (a)
 
            4,647,514
            7,038,824
 
Series 4336, Class FA
   
   
1 Month LIBOR USD + 0.550%
   
   
0.639%, 02/15/54 (a)(d)
 
            7,137,270
       
          85,786,215
   
Federal National Mortgage Association REMIC - 3.26%
   
                   6,384
 
Series 1992-137, Class F
   
   
1 Month LIBOR USD + 1.000%
   
   
1.092%, 08/25/22 (a)
 
                   6,384
                 12,855
 
Series 1993-27, Class F
   
   
1 Month LIBOR USD + 1.150%
   
   
1.242%, 02/25/23 (a)(e)
 
                 12,937
                 11,417
 
Series 1998-21, Class F
   
   
H15T1Y + 0.350%
   
   
0.430%, 03/25/28 (a)
 
                 11,371
                 83,849
 
Series 2000-16, Class ZG
   
   
8.500%, 06/25/30 (c)
 
               100,620
                 77,404
 
Series 2000-32, Class Z
   
   
7.500%, 10/18/30
 
                 90,854
               108,796
 
Series 2006-45, Class TF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 06/25/36 (a)
 
               109,776
               154,690
 
Series 2006-76, Class QF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 08/25/36 (a)(b)
 
               156,068
               149,024
 
Series 2006-79, Class PF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 08/25/36 (a)(b)
 
               150,367
               339,463
 
Series 2006-111, Class FA
   
   
1 Month LIBOR USD + 0.380%
   
   
0.472%, 11/25/36 (a)
 
               342,508
               141,665
 
Series 2007-75, Class VF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 08/25/37 (a)
 
               143,359
               133,814
 
Series 2007-92, Class OF
   
   
1 Month LIBOR USD + 0.570%
   
   
0.662%, 09/25/37 (a)
 
               136,073
               142,779
 
Series 2007-86, Class FC
   
   
1 Month LIBOR USD + 0.570%
   
   
0.662%, 09/25/37 (a)
 
               145,227
               301,589
 
Series 2007-85, Class FC
   
   
1 Month LIBOR USD + 0.540%
   
   
0.632%, 09/25/37 (a)
 
               305,788
               189,953
 
Series 2007-99, Class FD
   
   
1 Month LIBOR USD + 0.600%
   
   
0.692%, 10/25/37 (a)
 
               193,222
                 17,087
 
Series 2009-84, Class WF
   
   
1 Month LIBOR USD + 1.100%
   
   
1.192%, 10/25/39 (a)
 
                 17,634
               322,782
 
Series 2010-123, Class FL
   
   
1 Month LIBOR USD + 0.430%
   
   
0.522%, 11/25/40 (a)(b)
 
               325,770
               785,894
 
Series 2011-110, Class FE
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 04/25/41 (a)(b)
 
               788,524
               323,946
 
Series 2011-63, Class FG
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 07/25/41 (a)
 
               329,566
               343,738
 
Series 2012-38, Class JE
   
   
3.250%, 04/25/42 (b)
 
               359,268
            2,123,416
 
Series 2013-92, Class FA
   
   
1 Month LIBOR USD + 0.550%
   
   
0.642%, 09/25/43 (a)
 
            2,153,612
               807,825
 
Series 2013-118, Class FB
   
   
1 Month LIBOR USD + 0.520%
   
   
0.612%, 12/25/43 (a)
 
               815,521
            1,301,149
 
Series 2015-30, Class AB
   
   
3.000%, 05/25/45
 
            1,362,903
            3,127,853
 
Series 2016-62, Class FH
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 09/25/46 (a)
 
            3,160,388
            7,882,250
 
Series 2016-83, Class FK
   
   
1 Month LIBOR USD + 0.500%
   
   
0.592%, 11/25/46 (a)
 
            7,986,160
            2,222,610
 
Series 2017-39, Class FT
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 05/25/47 (a)
 
            2,233,473
            2,743,179
 
Series 2017-112, Class FC
   
   
1 Month LIBOR USD + 0.350%
   
   
0.442%, 01/25/48 (a)
 
            2,757,991
               849,352
 
Series 2008-22, Class FD
   
   
1 Month LIBOR USD + 0.840%
   
   
0.932%, 04/25/48 (a)(d)
 
               872,146
            5,306,522
 
Series 2019-25, Class PF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 06/25/49 (a)(b)
 
            5,381,416
            5,211,597
 
Series 2019-33, Class CF
   
   
1 Month LIBOR USD + 0.470%
   
   
0.562%, 07/25/49 (a)
 
            5,261,173
            1,407,842
 
Series 2019-35, Class EF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 07/25/49 (a)
 
            1,420,446
            5,763,961
 
Series 2019-50, Class CF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 09/25/49 (a)(b)
 
            5,815,230
            4,463,444
 
Series 2019-61, Class F
   
   
1 Month LIBOR USD + 0.500%
   
   
0.592%, 11/25/49 (a)(b)
 
            4,495,233
            3,321,329
 
Series 2020-17, Class PF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 03/25/50 (a)(b)
 
            3,346,651
            7,647,904
 
Series 2020-26, Class GF
   
   
1 Month LIBOR USD + 0.500%
   
   
0.592%, 05/25/50 (a)(b)
 
            7,728,342
            8,141,356
 
Series 2020-38, Class NF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 06/25/50 (a)
 
            8,194,057
          16,706,293
 
Series 2020-34, Class F
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 06/25/50 (a)
 
          16,965,523
            3,777,361
 
Series 2017-96, Class FA
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 12/25/57 (a)
 
            3,804,159
            7,144,507
 
Series 2018-72, Class FB
   
   
1 Month LIBOR USD + 0.350%
   
   
0.442%, 10/25/58 (a)
 
            7,192,262
       
          94,672,002
   
Government National Mortgage Association - 27.36%
   
            4,489,458
 
Series 2019-054, Class HF
   
   
1 Month SOFR + 0.400%
   
   
0.448%, 04/20/44 (a)
 
            4,476,445
            1,353,628
 
Series 2016-H24, Class BF
   
   
12 Month LIBOR USD + 0.230%
   
   
0.465%, 11/20/66 (a)
 
            1,337,757
            1,808,821
 
Series 2017-H03, Class FA
   
   
12 Month LIBOR USD + 0.310%
   
   
0.644%, 12/20/66 (a)
 
            1,795,455
            2,952,671
 
Series 2017-H07, Class FC
   
   
1 Month LIBOR USD + 0.520%
   
   
0.595%, 03/20/67 (a)
 
            2,968,382
            2,496,268
 
Series 2017-H09, Class FJ
   
   
1 Month LIBOR USD + 0.500%
   
   
0.575%, 03/20/67 (a)
 
            2,504,441
            6,364,160
 
Series 2017-H11, Class FV
   
   
1 Month LIBOR USD + 0.500%
   
   
0.575%, 05/20/67 (a)
 
            6,391,215
            1,356,609
 
Series 2017-H16, Class F
   
   
12 Month LIBOR USD + 0.050%
   
   
0.295%, 08/20/67 (a)
 
            1,335,069
            7,295,515
 
Series 2018-H01, Class FG
   
   
12 Month LIBOR USD + 0.150%
   
   
0.484%, 01/20/68 (a)
 
            7,188,222
            3,321,326
 
Series 2018-H01, Class FC
   
   
1 Month LIBOR USD + 0.400%
   
   
0.475%, 01/20/68 (a)
 
            3,325,754
            6,683,882
 
Series 2018-H11, Class FJ
   
   
12 Month LIBOR USD + 0.080%
   
   
0.327%, 06/20/68 (a)
 
            6,580,412
            6,043,347
 
Series 2018-H15, Class FG
   
   
12 Month LIBOR USD + 0.150%
   
   
0.382%, 08/20/68 (a)
 
            5,942,691
            1,149,258
 
Series 2018-H17, Class DF
   
   
12 Month LIBOR USD + 0.100%
   
   
0.328%, 10/20/68 (a)
 
            1,128,534
            1,453,605
 
Series 2018-H17, Class FT
   
   
12 Month LIBOR USD + 0.200%
   
   
0.428%, 10/20/68 (a)
 
            1,432,259
            3,166,117
 
Series 2019-H04, Class FB
   
   
1 Month LIBOR USD + 0.550%
   
   
0.625%, 03/20/69 (a)
 
            3,199,730
          10,218,900
 
Series 2019-H14, Class EF
   
   
1 Month LIBOR USD + 0.440%
   
   
0.515%, 05/20/69 (a)
 
          10,230,399
            5,648,716
 
Series 2020-H04, Class FL
   
   
1 Month LIBOR USD + 0.500%
   
   
0.575%, 05/20/69 (a)
 
            5,677,500
            3,013,187
 
Series 2019-H15, Class NF
   
   
1 Month LIBOR USD + 0.630%
   
   
0.705%, 05/20/69 (a)
 
            3,057,548
            5,999,358
 
Series 2019-H10, Class FC
   
   
1 Month LIBOR USD + 0.650%
   
   
0.725%, 06/20/69 (a)
 
            6,084,125
            3,340,931
 
Series 2019-H15, Class EF
   
   
1 Month LIBOR USD + 0.630%
   
   
0.705%, 09/20/69 (a)
 
            3,391,720
            3,908,831
 
Series 2019-H19, Class FC
   
   
1 Month LIBOR USD + 0.750%
   
   
0.825%, 10/20/69 (a)
 
            3,990,381
            3,790,474
 
Series 2019-H16, Class FA
   
   
1 Month LIBOR USD + 0.700%
   
   
0.775%, 10/20/69 (a)
 
            3,862,955
            7,375,790
 
Series 2019-H20, Class AF
   
   
1 Month LIBOR USD + 0.650%
   
   
0.725%, 11/20/69 (a)
 
            7,494,817
          10,568,723
 
Series 2020-H04, Class AF
   
   
1 Month LIBOR USD + 0.750%
   
   
0.825%, 02/20/70 (a)
 
          10,797,675
          15,041,582
 
Series 2020-H04, Class FH
   
   
1 Month LIBOR USD + 0.600%
   
   
0.675%, 02/20/70 (a)
 
          15,251,090
            6,922,984
 
Series 2020-H05, Class FK
   
   
1 Month LIBOR USD + 0.610%
   
   
0.701%, 03/20/70 (a)
 
            7,020,659
          41,267,587
 
Series 2021-H03, Class FA
   
   
30-day Average SOFR + 0.380%
   
   
0.428%, 04/20/70 (a)
 
          41,321,041
          13,185,042
 
Series 2020-H09, Class FD
   
   
1 Month LIBOR USD + 0.800%
   
   
0.891%, 05/20/70 (a)
 
          13,526,854
          11,786,621
 
Series 2020-H10, Class FA
   
   
1 Month LIBOR USD + 0.550%
   
   
0.641%, 06/20/70 (a)
 
          11,921,836
            4,951,268
 
Series 2020-H13, Class FK
   
   
1 Month LIBOR USD + 0.500%
   
   
0.591%, 07/20/70 (a)
 
            4,982,417
          15,052,108
 
Series 2020-H12, Class GF
   
   
1 Month LIBOR USD + 0.530%
   
   
0.621%, 07/20/70 (a)
 
          15,202,900
          17,290,155
 
Series 2020-H16, Class LF
   
   
1 Month LIBOR USD + 1.050%
   
   
1.141%, 09/20/70 (a)
 
          18,011,350
          24,790,553
 
Series 2020-H16, Class FK
   
   
1 Month LIBOR USD + 0.450%
   
   
0.541%, 09/20/70 (a)
 
          24,936,195
          10,869,159
 
Series 2020-H22, Class HF
   
   
2.282%, 10/20/70 (a)
 
          11,693,809
          12,624,429
 
Series 2021-H01, Class F
   
   
1 Month LIBOR USD + 0.400%
   
   
0.491%, 11/20/70 (a)
 
          12,655,997
          23,224,237
 
Series 2021-H11, Class FA
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 12/20/70 (a)
 
          24,820,720
          24,255,460
 
Series 2021-H04, Class FD
   
   
30-day Average SOFR + 1.150%
   
   
1.198%, 12/20/70 (a)
 
          25,473,089
          14,681,253
 
Series 2021-H03, Class JF
   
   
30-day Average SOFR + 1.250%
   
   
1.298%, 01/20/71 (a)
 
          15,531,486
          16,363,992
 
Series 2021-H04, Class FA
   
   
30-day Average SOFR + 1.250%
   
   
1.298%, 02/20/71 (a)
 
          17,292,485
          15,480,800
 
Series 2021-H04, Class BF
   
   
30-day Average SOFR + 0.600%
   
   
0.648%, 02/20/71 (a)
 
          15,745,873
          19,741,854
 
Series 2021-H04, Class FB
   
   
30-day Average SOFR + 1.200%
   
   
1.248%, 02/20/71 (a)
 
          20,831,076
          20,211,086
 
Series 2021-H03, Class FJ
   
   
30-day Average SOFR + 1.150%
   
   
1.198%, 02/20/71 (a)
 
          21,140,928
          25,453,701
 
Series 2021-H04, Class FC
   
   
30-day Average SOFR + 1.150%
   
   
1.198%, 02/20/71 (a)
 
          26,731,665
          16,940,365
 
Series 2021-H05, Class HF
   
   
30-day Average SOFR + 0.550%
   
   
0.598%, 02/20/71 (a)
 
          17,152,852
          21,930,306
 
Series 2021-H05, Class JF
   
   
30-day Average SOFR + 0.750%
   
   
0.798%, 03/20/71 (a)
 
          22,449,923
          24,895,771
 
Series 2021-H06, Class LF
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 03/20/71 (a)
 
          26,741,322
          32,668,199
 
Series 2021-H05, Class FJ
   
   
30-day Average SOFR + 0.750%
   
   
0.798%, 03/20/71 (a)
 
          33,322,955
          28,255,121
 
Series 2021-H05, Class FK
   
   
30-day Average SOFR + 0.730%
   
   
0.778%, 03/20/71 (a)
 
          28,956,885
          27,127,055
 
Series 2021-H09, Class GF
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 04/20/71 (a)
 
          28,732,751
          25,008,291
 
Series 2021-H06, Class PF
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 04/20/71 (a)
 
          26,889,522
          21,880,320
 
Series 2021-H06, Class FN
   
   
30-day Average SOFR + 0.900%
   
   
0.948%, 04/20/71 (a)
 
          22,597,662
          25,756,723
 
Series 2021-H07, Class FL
   
   
30-day Average SOFR + 0.950%
   
   
0.998%, 04/20/71 (a)
 
          26,642,839
          26,603,502
 
Series 2021-H08, Class FP
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 04/20/71 (a)
 
          28,139,253
          27,793,568
 
Series 2021-H08, Class NF
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 04/20/71 (a)
 
          29,855,008
          24,754,276
 
Series 2021-H10, Class FB
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 06/20/71 (a)
 
          26,654,172
          25,085,953
 
Series 2021-H11, Class FM
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 07/20/71 (a)
 
          27,029,861
       
        793,449,961
   
Total Collateralized Mortgage Obligations
 
        973,908,178
   
(Cost $972,760,839)
   
         
MORTGAGE-BACKED OBLIGATIONS - 9.52%
   
Federal Home Loan Mortgage Corporation - 0.01%
   
                   3,736
 
6 Month LIBOR USD + 1.625%
   
   
1.750%, 11/01/22 (a)
 
                   3,759
                   1,266
 
6 Month LIBOR USD + 1.095%
   
   
1.314%, 11/01/22 (a)
 
                   1,268
                   6,606
 
6 Month LIBOR USD + 2.234%
   
   
2.358%, 10/01/24 (a)
 
                   6,635
               166,469
 
H15T3Y + 2.541%
   
   
3.036%, 08/01/28 (a)
 
               166,995
                 32,688
 
H15T1Y + 1.920%
   
   
3.045%, 05/01/31 (a)
 
                 32,943
       
               211,600
   
Federal Home Loan Mortgage Corporation Gold - 0.00%
   
                      673
 
3.500%, 10/01/22
 
                      710
                      122
 
4.500%, 07/01/23
 
                      128
       
                      838
   
Federal National Mortgage Association - 9.18%
   
                 41,635
 
5.000%, 03/01/27
 
                 43,082
                 14,473
 
COFI + 1.250%
   
   
2.139%, 07/01/27 (a)
 
                 14,564
                 36,303
 
COFI + 1.500%
   
   
4.684%, 01/01/29 (a)
 
                 37,046
                   5,683
 
COFI + 1.500%
   
   
4.669%, 02/01/29 (a)
 
                   5,802
            5,000,000
 
1 Month LIBOR USD + 0.520%
   
   
0.608%, 05/01/29 (a)
 
            4,997,792
            5,000,000
 
1 Month LIBOR USD + 0.580%
   
   
0.668%, 06/01/29 (a)
 
            4,998,005
                 15,852
 
COFI + 1.841%
   
   
2.079%, 08/01/29 (a)
 
                 15,855
          20,000,000
 
1 Month LIBOR USD + 0.600%
   
   
0.688%, 06/01/30 (a)
 
          19,992,400
          20,000,000
 
1 Month LIBOR USD + 0.590%
   
   
0.678%, 07/01/30 (a)
 
          19,992,120
          31,131,000
 
30-day Average SOFR + 0.390%
   
   
0.438%, 12/01/30 (a)
 
          31,127,647
          27,375,000
 
30-day Average SOFR + 0.420%
   
   
0.468%, 01/01/31 (a)
 
          27,373,715
          23,790,000
 
30-day Average SOFR + 0.370%
   
   
0.418%, 01/01/31 (a)
 
          23,786,435
          16,500,000
 
30-day Average SOFR + 0.380%
   
   
0.428%, 01/01/31 (a)
 
          16,497,948
          34,270,000
 
30-day Average SOFR + 0.390%
   
   
0.438%, 01/01/31 (a)
 
          34,266,461
          27,350,000
 
30-day Average SOFR + 0.420%
   
   
0.468%, 01/01/31 (a)
 
          27,348,878
          30,870,000
 
30-day Average SOFR + 0.350%
   
   
0.398%, 01/01/31 (a)
 
          30,864,290
          20,100,000
 
30-day Average SOFR + 0.250%
   
   
0.298%, 04/01/31 (a)
 
          20,091,470
                 40,032
 
12 Month LIBOR USD + 1.755%
   
   
2.005%, 07/01/32 (a)
 
                 40,149
                   7,635
 
6.000%, 08/01/32
 
                   8,508
               154,667
 
H15T1Y + 2.625%
   
   
2.700%, 09/01/32 (a)
 
               154,477
                 12,669
 
12 Month LIBOR USD + 1.225%
   
   
1.475%, 01/01/33 (a)
 
                 12,747
                 15,599
 
H15T1Y + 2.234%
   
   
2.344%, 06/01/33 (a)
 
                 16,517
               243,553
 
COFI + 1.250%
   
   
4.595%, 08/01/33 (a)
 
               273,809
                   1,069
 
6.000%, 11/01/33
 
                   1,223
               122,024
 
H15T1Y + 2.042%
   
   
2.167%, 04/01/34 (a)
 
               129,887
               366,173
 
COFI + 1.250%
   
   
1.488%, 08/01/34 (a)
 
               362,443
                 26,680
 
6.000%, 09/01/34
 
                 29,830
               124,925
 
12 Month LIBOR USD + 1.713%
   
   
1.993%, 07/01/37 (a)
 
               130,685
                 92,830
 
6.500%, 11/01/37
 
                 98,680
                 21,607
 
6.000%, 06/01/38
 
                 24,260
                 17,789
 
6.000%, 09/01/38
 
                 19,891
                   7,205
 
6.000%, 09/01/38
 
                   8,318
                   5,908
 
6.000%, 11/01/38
 
                   6,576
                   1,557
 
6.000%, 10/01/39
 
                   1,732
            1,135,711
 
12 Month LIBOR USD + 1.723%
   
   
2.050%, 07/01/40 (a)
 
            1,189,334
            1,690,607
 
12 Month LIBOR USD + 1.755%
   
   
2.061%, 02/01/42 (a)
 
            1,772,764
               271,488
 
12 Month LIBOR USD + 1.746%
   
   
2.050%, 05/01/42 (a)
 
               284,760
               306,420
 
COFI + 1.250%
   
   
1.488%, 08/01/44 (a)
 
               303,086
       
        266,323,186
   
Government National Mortgage Association - 0.33%
   
                   6,924
 
7.000%, 04/15/26
 
                   7,382
                 72,682
 
H15T1Y + 2.000%
   
   
2.375%, 04/20/34 (a)
 
                 72,896
               263,965
 
H15T1Y + 1.500%
   
   
1.875%, 06/20/34 (a)
 
               274,484
               393,589
 
H15T1Y + 1.500%
   
   
1.625%, 08/20/34 (a)
 
               407,930
                 17,549
 
H15T1Y + 1.500%
   
   
1.875%, 05/20/42 (a)
 
                 18,269
                 15,320
 
H15T1Y + 1.500%
   
   
1.875%, 06/20/42 (a)
 
                 15,945
                 86,213
 
H15T1Y + 1.500%
   
   
1.625%, 07/20/42 (a)
 
                 89,267
                   9,153
 
H15T1Y + 1.500%
   
   
2.125%, 10/20/42 (a)
 
                   9,514
                 17,273
 
H15T1Y + 1.500%
   
   
2.125%, 12/20/42 (a)
 
                 17,946
            1,662,374
 
12 Month LIBOR USD + 1.723%
   
   
2.063%, 11/20/68 (a)
 
            1,734,378
            3,486,028
 
12 Month LIBOR USD + 1.859%
   
   
2.131%, 06/20/69 (a)
 
            3,674,007
            3,249,950
 
12 Month LIBOR USD + 1.515%
   
   
1.779%, 09/20/69 (a)
 
            3,365,047
       
            9,687,065
   
Total Mortgage-Backed Obligations
 
        276,222,689
   
(Cost $276,254,247)
   
         
AGENCY DEBENTURES - 0.05%
   
Other Agency Debentures - 0.05%
   
            1,500,000
 
Sri Lanka Government AID Bond
   
   
3 Month LIBOR USD + 0.300%
   
   
0.464%, 11/01/24 (a)(f)(g)
 
            1,500,000
   
Total Agency Debentures
 
            1,500,000
   
(Cost $1,500,000)
   
         
U.S. GOVERNMENT-BACKED OBLIGATIONS - 30.08%
   
FHLMC, Multifamily Structured Pass Through Certificates - 30.08%
   
               443,471
 
Series K-F29, Class A
   
   
1 Month LIBOR USD + 0.360%
   
   
0.448%, 02/25/24 (a)(d)
 
               444,518
               257,713
 
Series K-BF1, Class A
   
   
1 Month LIBOR USD + 0.390%
   
   
0.478%, 07/25/24 (a)(d)
 
               257,321
            8,000,000
 
Series K-047, Class A2
   
   
3.329%, 05/25/25 (a)(c)(d)
 
            8,544,943
            2,995,947
 
Series K-F49, Class A
   
   
1 Month LIBOR USD + 0.340%
   
   
0.428%, 06/25/25 (a)(d)
 
            3,002,049
            7,995,088
 
Series K-F55, Class A
   
   
1 Month LIBOR USD + 0.510%
   
   
0.598%, 11/25/25 (a)(d)
 
            8,033,991
            3,969,226
 
Series K-F62, Class A
   
   
1 Month LIBOR USD + 0.480%
   
   
0.568%, 04/25/26 (a)(d)
 
            3,988,452
            7,869,794
 
Series K-F77, Class AL
   
   
1 Month LIBOR USD + 0.700%
   
   
0.788%, 02/25/27 (a)(d)
 
            7,943,125
               272,024
 
Series K-F30, Class A
   
   
1 Month LIBOR USD + 0.370%
   
   
0.458%, 03/25/27 (a)(d)
 
               272,273
            7,339,183
 
Series K-F81, Class AL
   
   
1 Month LIBOR USD + 0.360%
   
   
0.448%, 06/25/27 (a)(d)
 
            7,364,291
            2,854,127
 
Series K-F81, Class AS
   
   
30-day Average SOFR + 0.400%
   
   
0.448%, 06/25/27 (a)(d)
 
            2,862,828
            1,197,810
 
Series K-F86, Class AS
   
   
30-day Average SOFR + 0.320%
   
   
0.368%, 08/25/27 (a)(d)
 
            1,199,706
          45,000,000
 
Series K-F107, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 03/25/28 (a)(c)(d)
 
          45,026,757
            2,245,139
 
Series K-F50, Class A
   
   
1 Month LIBOR USD + 0.400%
   
   
0.488%, 07/25/28 (a)(d)
 
            2,256,008
            2,562,201
 
Series K-F52, Class A
   
   
1 Month LIBOR USD + 0.420%
   
   
0.508%, 09/25/28 (a)(d)
 
            2,584,589
            2,341,671
 
Series K-F56, Class A
   
   
1 Month LIBOR USD + 0.560%
   
   
0.648%, 11/25/28 (a)(d)
 
            2,353,843
            9,201,588
 
Series K-F65, Class A
   
   
1 Month LIBOR USD + 0.520%
   
   
0.608%, 07/25/29 (a)(d)
 
            9,278,236
            4,202,332
 
Series K-F66, Class A
   
   
1 Month LIBOR USD + 0.520%
   
   
0.608%, 07/25/29 (a)(d)
 
            4,230,776
          10,000,000
 
Series K-S12, Class A
   
   
1 Month LIBOR USD + 0.650%
   
   
0.738%, 08/25/29 (a)(d)
 
          10,014,207
            5,000,000
 
Series K-S13, Class A
   
   
1 Month LIBOR USD + 0.660%
   
   
0.748%, 09/25/29 (a)(d)
 
            5,064,642
          18,087,895
 
Series K-F73, Class AL
   
   
1 Month LIBOR USD + 0.600%
   
   
0.688%, 11/25/29 (a)(c)(d)
 
          18,205,405
          15,000,000
 
Series K-L06, Class AFL
   
   
1 Month LIBOR USD + 0.370%
   
   
0.458%, 12/25/29 (a)(d)
 
          15,112,686
            9,302,001
 
Series K-F75, Class AL
   
   
1 Month LIBOR USD + 0.510%
   
   
0.598%, 12/25/29 (a)(d)
 
            9,412,882
            4,185,900
 
Series K-F75, Class AS
   
   
SOFR + 0.550%
   
   
0.598%, 12/25/29 (a)(d)
 
            4,220,799
          19,831,836
 
Series K-F76, Class AL
   
   
1 Month LIBOR USD + 0.600%
   
   
0.688%, 01/25/30 (a)(d)
 
          19,979,363
          19,831,836
 
Series K-F76, Class AS
   
   
SOFR + 0.610%
   
   
0.658%, 01/25/30 (a)(d)
 
          19,925,295
          18,857,368
 
Series K-F78, Class AL
   
   
1 Month LIBOR USD + 0.800%
   
   
0.888%, 03/25/30 (a)(d)
 
          19,056,801
          25,000,000
 
Series K-S14, Class AS
   
   
30-day Average SOFR + 0.370%
   
   
0.418%, 04/25/30 (a)(d)
 
          25,074,480
          13,369,134
 
Series K-F79, Class AL
   
   
1 Month LIBOR USD + 0.470%
   
   
0.558%, 05/25/30 (a)(d)
 
          13,430,466
          28,145,545
 
Series K-F79, Class AS
   
   
30-day Average SOFR + 0.580%
   
   
0.628%, 05/25/30 (a)(d)
 
          28,321,390
          14,813,521
 
Series K-F82, Class AL
   
   
1 Month LIBOR USD + 0.370%
   
   
0.458%, 06/25/30 (a)(d)
 
          14,848,415
          11,222,365
 
Series K-F82, Class AS
   
   
30-day Average SOFR + 0.420%
   
   
0.468%, 06/25/30 (a)(d)
 
          11,277,279
          17,031,138
 
Series K-F83, Class AL
   
   
1 Month LIBOR USD + 0.360%
   
   
0.448%, 06/25/30 (a)(d)
 
          17,044,555
          18,279,470
 
Series K-F84, Class AL
   
   
1 Month LIBOR USD + 0.300%
   
   
0.388%, 07/25/30 (a)(d)
 
          18,323,172
          22,106,363
 
Series K-F87, Class AL
   
   
1 Month LIBOR USD + 0.350%
   
   
0.438%, 08/25/30 (a)
 
          22,154,798
          40,014,959
 
Series K-F89, Class AS
   
   
30-day Average SOFR + 0.370%
   
   
0.418%, 09/25/30 (a)(d)
 
          40,080,175
          19,700,139
 
Series K-F88, Class AS
   
   
30-day Average SOFR + 0.350%
   
   
0.398%, 09/25/30 (a)(d)
 
          19,732,416
          25,610,181
 
Series K-F88, Class AL
   
   
1 Month LIBOR USD + 0.330%
   
   
0.418%, 09/25/30 (a)(d)
 
          25,631,007
          37,293,821
 
Series K-F90, Class AS
   
   
30-day Average SOFR + 0.380%
   
   
0.428%, 09/25/30 (a)(d)
 
          37,483,400
          21,784,902
 
Series K-F92, Class AL
   
   
1 Month LIBOR USD + 0.330%
   
   
0.418%, 10/25/30 (a)(d)
 
          21,838,632
          20,416,932
 
Series K-F91, Class AS
   
   
30-day Average SOFR + 0.380%
   
   
0.428%, 10/25/30 (a)(d)
 
          20,467,017
          27,328,525
 
Series K-F94, Class AL
   
   
1 Month LIBOR USD + 0.300%
   
   
0.388%, 11/25/30 (a)(d)
 
          27,388,205
          36,075,604
 
Series K-F97, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 12/25/30 (a)(d)
 
          36,042,887
          50,000,000
 
Series K-F106, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 01/25/31 (a)(d)
 
          49,976,630
          47,500,000
 
Series K-F104, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 01/25/31 (a)(d)
 
          47,456,908
          50,000,000
 
Series K-F103, Class AS
   
   
30-day Average SOFR + 0.240%
   
   
0.288%, 01/25/31 (a)(d)
 
          49,976,555
          50,000,000
 
Series K-F105, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 02/25/31 (a)(d)
 
          49,976,580
          65,000,000
 
Series K-F108, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 02/25/31 (a)(d)
 
          65,032,214
       
        872,192,967
   
Total U.S. Government-Backed Obligations
 
        872,192,967
   
(Cost $870,298,387)
   
         
REPURCHASE AGREEMENTS - 25.21%
          75,000,000
 
RBC Capital Markets, 0.320%, Dated 11/30/2021, matures 01/04/2022, repurchase price $75,023,333
   
   
(collateralized by $67,665,000 par amount of Domestic Municipal Securities
   
   
of 2.888% to 5.000% due 03/01/30 to 09/01/50, total market value $79,304,670)
 
          75,000,000
        165,837,000
 
Amherst Pierpoint Securities, 0.491%, Dated 11/22/2021, matures 12/17/2021, repurchase price
   
   
$165,893,561 (collateralized by $165,089,819 par amount of GNMA securities of 2.000% to 3.500%,
   
   
due 12/20/51, total market value $169,753,527)
 
        165,837,000
          32,671,000
 
Amherst Pierpoint Securities, 0.493%, Dated 11/23/2021, matures 12/17/2021, repurchase price
   
   
$32,681,746 (collateralized by $33,212,566 par amount of GNMA securities of 1.500% to 2.000%,
   
   
due 12/20/51, total market value $33,604,628)
 
          32,671,000
        106,768,000
 
Amherst Pierpoint Securities, 0.492%, Dated 11/24/2021, matures 12/20/2021, repurchase price
   
   
$106,805,968 (collateralized by $107,537,403 par amount of GNMA securities of 2.000% to 2.500%,
   
   
due 12/20/51, total market value $109,869,674)
 
        106,768,000
          90,035,000
 
Amherst Pierpoint Securities, 0.493%, Dated 11/23/2021, matures 12/20/2021, repurchase price
   
   
$90,068,316 (collateralized by $90,235,163 par amount of GNMA securities of 2.000% to 4.000%,
   
   
due 12/20/36 to 12/20/51, total market value $92,608,664)
 
          90,035,000
        115,650,000
 
INTL FCStone Financial, Inc., 0.150%, Dated 11/30/2021, matures 12/01/2021, repurchase price
   
   
$115,650,482 (collateralized by $359,188,139 par amount of United States Treasury Bills, Government Agencies,
   
   
GNMA, FNMA, and FHLMC securities of 0.000% to 8.500% due 12/02/21 to 10/20/64, total market
   
   
value $117,685,321)
 
        115,650,000
          70,000,000
 
Amherst Pierpoint Securities, 0.370%, Dated 11/10/2021, matures 02/08/2022, repurchase price $70,064,750
   
   
(collateralized by $71,626,755 par amount of United States Treasury Bills, United Stated Treasury Notes,
   
   
FHLMC, GNMA, CMO, and FNMA securities of 0.000% to 6.500%, due 12/28/21 to 12/25/51, total market
   
   
value $71,747,795)
 
          70,000,000
          50,000,000
 
Amherst Pierpoint Securities, 0.170%, Dated 10/29/2021, matures 01/18/2022, repurchase price
   
   
$50,019,125 (collateralized by $119,107,750 par amount of United States Treasury Notes, FNMA, FHLMC,
   
   
and GNMA securities of 0.125% to 6.500%, due 12/31/22 to 08/20/71, total market value $51,161,693)
 
          50,000,000
          25,000,000
 
Amherst Pierpoint Securities, 0.290%, Dated 11/05/2021, matures 12/02/2021, repurchase price
   
   
$25,005,438 (collateralized by $29,488,809 par amount of Governement Agencies, United States Treasury Bills,
   
   
United States Treasury Notes, CMO, and FNMA securities of 0.000% to 2.500%, due 12/30/21 to 12/25/51, total
   
   
market value $25,684,248)
 
          25,000,000
   
Total Repurchase Agreements
 
        730,961,000
   
(Cost $730,961,000)
   
   
Total Investments - 99.87%
 
     2,896,245,152
   
(Cost $2,893,053,165)
   
   
Net Other Assets and Liabilities - 0.13%
 
            3,783,241
   
Net Assets - 100.00%
 
$
2,900,028,393

 
*
See Note A.
     
 
(a)
Variable rate securities. Interest rates disclosed are those which are in effect at November 30, 2021. Maturity date shown is the date of the next coupon rate reset or actual maturity. 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. For those variable rate securities which are based on published reference and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. See also, Explanation of Abbreviations and Acronyms below.
   
 
(b)
The security has PAC (Planned Amortization Class) collateral.
   
 
(c)
The security has Sequential collateral.
   
 
(d)
The security has Structured collateral.
   
 
(e)
The security has Support collateral.
   
 
(f)
Security has been valued at fair market value as determned in good faith by or under the direction of the Board of Trustees of the Trust. As of November 30, 2021, this security amounted to $1,500,000 or 0.05% of net assets. Investment categorized as a significant unobservable input (Level 3).
   
 
(g)
Illiquid security.  The total market value of this security was $1,500,000, representing 0.05% of net assets.
   
         
Explanation of Abbreviations and Acronyms:
   
COFI
11th District Cost of Funds Index
   
FHLMC
Federal Home Loan Mortgage Corporation
   
FNMA
Federal National Mortgage Association
   
GNMA
Government National Mortgage Association
   
H15T1Y
1 Year US Treasury Yield Curve Constant Maturity Rate
   
H15T3Y
3 Year US Treasury Yield Curve Constant Maturity Rate
   
H15T10Y
10 Year US Treasury Yield Curve Constant Maturity Rate
   
LIBOR
London Interbank Offered Rate
   
REMIC
Real Estate Mortgage Investment Conduit
   
SOFR
Secured Overnight Financing Rate
   
USD
U.S. Dollar
   
 


TRUST FOR CREDIT UNIONS
Short Duration Portfolio
Portfolio of Investments – November 30, 2021 (Unaudited)
 
Par Value
     
Value
         
BANK NOTES - 9.35%
   
Financials - 9.35%
   
$
4,000,000  
BBVA USA,
   
   
2.500%, 08/27/24
 
$
4,145,390
            6,300,000
 
3.875%, 04/10/25
 
            6,793,884
          19,430,000
 
Capital One Bank USA NA,
   
   
SOFR + 0.616%
   
   
2.014%, 01/27/23 (a)
 
          19,466,953
            5,421,000
 
Citibank NA,
   
   
3.650%, 01/23/24
 
            5,724,512
            3,000,000
 
Discover Bank,
   
   
4.200%, 08/08/23
 
            3,167,010
          20,000,000
 
2.450%, 09/12/24
 
          20,507,177
            3,100,000
 
First Republic Bank,
   
   
SOFR + 0.620%
   
   
1.912%, 02/12/24 (a)
 
            3,142,783
            2,000,000
 
KeyBank NA,
   
   
3 Month LIBOR USD + 0.660%
   
   
0.792%, 02/01/22 (a)
 
            2,001,916
            4,900,000
 
1.250%, 03/10/23
 
            4,937,965
          20,000,000
 
3.300%, 06/01/25
 
          21,412,274
          15,000,000
 
3.400%, 05/20/26
 
          16,129,282
            5,200,000
 
Manufacturers & Traders Trust Co.,
   
   
2.900%, 02/06/25
 
            5,476,123
            8,450,000
 
Truist Bank,
   
   
2.150%, 12/06/24
 
            8,682,766
            5,000,000
 
US Bank NA,
   
   
3 Month LIBOR USD + 0.440%
   
   
0.604%, 05/23/22 (a)
 
            5,008,668
   
Total Bank Notes
 
        126,596,703
   
(Cost $127,407,015)
   
         
COLLATERALIZED MORTGAGE OBLIGATIONS - 14.36%
   
Federal Home Loan Mortgage Corporation REMIC - 0.84%
   
                   3,495
 
Series 1448, Class F
   
   
1 Month LIBOR USD + 1.400%
   
   
1.489%, 12/15/22 (a)(b)
 
                   3,511
                 66,029
 
Series 2868, Class AV
   
   
5.000%, 08/15/24 (b)(c)
 
                 68,585
                 69,442
 
Series 1980, Class Z
   
   
7.000%, 07/15/27 (b)
 
                 77,859
               914,540
 
Series 3346, Class FT
   
   
1 Month LIBOR USD + 0.350%
   
   
0.439%, 10/15/33 (a)(c)(d)
 
               919,877
               737,607
 
Series 3471, Class FB
   
   
1 Month LIBOR USD + 1.000%
   
   
1.089%, 08/15/35 (a)
 
               759,745
            1,183,227
 
Series 3208, Class FA
   
   
1 Month LIBOR USD + 0.400%
   
   
0.489%, 08/15/36 (a)
 
            1,193,213
               397,564
 
Series 3208, Class FH
   
   
1 Month LIBOR USD + 0.400%
   
   
0.489%, 08/15/36 (a)
 
               400,919
               269,484
 
Series 3367, Class YF
   
   
1 Month LIBOR USD + 0.550%
   
   
0.639%, 09/15/37 (a)
 
               274,142
               982,273
 
Series 3371, Class FA
   
   
1 Month LIBOR USD + 0.600%
   
   
0.689%, 09/15/37 (a)
 
               999,550
               386,806
 
Series 4248, Class QF
   
   
1 Month LIBOR USD + 0.500%
   
   
0.589%, 06/15/39 (a)(c)
 
               391,402
               156,270
 
Series 3827, Class KF
   
   
1 Month LIBOR USD + 0.370%
   
   
0.459%, 03/15/41 (a)
 
               157,635
                 42,059
 
Series 4109, Class EC
   
   
2.000%, 12/15/41 (b)(c)
 
                 41,578
               857,197
 
Series 4272, Class FD
   
   
1 Month LIBOR USD + 0.350%
   
   
0.439%, 11/15/43 (a)
 
               863,742
            1,235,122
 
Series 4606, Class FL
   
   
1 Month LIBOR USD + 0.500%
   
   
0.589%, 12/15/44 (a)(c)
 
            1,250,112
               896,654
 
Series 4784, Class PK
   
   
3.500%, 06/15/45 (d)
 
               914,005
            2,706,179
 
Series 4968, Class NP
   
   
6.500%, 04/25/50 (d)
 
            3,150,238
       
          11,466,113
   
Federal National Mortgage Association REMIC - 2.37%
   
            1,970,206
 
Series 2013-57, Class DK
   
   
3.500%, 06/25/33
 
            2,114,908
               157,468
 
Series 2006-45, Class TF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 06/25/36 (a)
 
               158,886
               183,026
 
Series 2006-76, Class QF
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 08/25/36 (a)(d)
 
               184,657
               106,249
 
Series 2007-75, Class VF
   
   
1 Month LIBOR USD + 0.450%
   
   
0.542%, 08/25/37 (a)
 
               107,519
               127,560
 
Series 2010-123, Class FL
   
   
1 Month LIBOR USD + 0.430%
   
   
0.522%, 11/25/40 (a)(d)
 
               128,741
               257,297
 
Series 2011-110, Class FE
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 04/25/41 (a)(d)
 
               258,158
               271,328
 
Series 2015-92, Class PA
   
   
2.500%, 12/25/41 (c)(d)
 
               279,154
               275,710
 
Series 2012-38, Class JE
   
   
3.250%, 04/25/42 (d)
 
               288,167
               725,674
 
Series 2012-71, Class FL
   
   
1 Month LIBOR USD + 0.500%
   
   
0.592%, 07/25/42 (a)
 
               734,080
            1,895,123
 
Series 2013-101, Class FE
   
   
1 Month LIBOR USD + 0.600%
   
   
0.692%, 10/25/43 (a)
 
            1,934,826
            2,863,675
 
Series 2013-101, Class CF
   
   
1 Month LIBOR USD + 0.600%
   
   
0.692%, 10/25/43 (a)
 
            2,923,250
            3,374,209
 
Series 2016-62, Class FH
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 09/25/46 (a)
 
            3,409,307
            3,645,093
 
Series 2016-83, Class FK
   
   
1 Month LIBOR USD + 0.500%
   
   
0.592%, 11/25/46 (a)
 
            3,693,145
            2,222,610
 
Series 2017-39, Class FT
   
   
1 Month LIBOR USD + 0.400%
   
   
0.492%, 05/25/47 (a)
 
            2,233,473
            2,291,182
 
Series 2017-112, Class FC
   
   
1 Month LIBOR USD + 0.350%
   
   
0.442%, 01/25/48 (a)
 
            2,303,554
               659,359
 
Series 2008-22, Class FD
   
   
1 Month LIBOR USD + 0.840%
   
   
0.932%, 04/25/48 (a)(c)
 
               677,055
            6,803,121
 
Series 2020-18, Class KD
   
   
6.500%, 03/25/50
 
            7,925,962
            2,737,441
 
Series 2018-72, Class FB
   
   
1 Month LIBOR USD + 0.350%
   
   
0.442%, 10/25/58 (a)
 
            2,755,738
       
          32,110,580
   
Government National Mortgage Association - 11.15%
   
          11,572,498
 
Series 2020-176, Class MT
   
   
5.000%, 11/20/50
 
          13,135,877
            2,496,268
 
Series 2017-H09, Class FJ
   
   
1 Month LIBOR USD + 0.500%
   
   
0.575%, 03/20/67 (a)
 
            2,504,441
            2,952,671
 
Series 2017-H07, Class FC
   
   
1 Month LIBOR USD + 0.520%
   
   
0.595%, 03/20/67 (a)
 
            2,968,382
            3,321,326
 
Series 2018-H01, Class FC
   
   
1 Month LIBOR USD + 0.400%
   
   
0.475%, 01/20/68 (a)
 
            3,325,754
            5,877,634
 
Series 2018-H09, Class FC
   
   
12 Month LIBOR USD + 0.150%
   
   
0.431%, 06/20/68 (a)
 
            5,785,787
            6,683,882
 
Series 2018-H11, Class FJ
   
   
12 Month LIBOR USD + 0.080%
   
   
0.327%, 06/20/68 (a)
 
            6,580,412
            5,999,358
 
Series 2019-H10, Class FC
   
   
1 Month LIBOR USD + 0.650%
   
   
0.725%, 06/20/69 (a)
 
            6,084,125
          20,633,793
 
Series 2021-H03, Class FA
   
   
30-day Average SOFR + 0.380%
   
   
0.428%, 04/20/70 (a)
 
          20,660,520
            4,394,805
 
Series 2020-H09, Class DF
   
   
1 Month LIBOR USD + 0.640%
   
   
0.731%, 05/20/70 (a)
 
            4,468,224
          11,523,583
 
Series 2021-H05, Class HF
   
   
30-day Average SOFR + 0.550%
   
   
0.598%, 02/20/71 (a)
 
          11,668,126
          11,066,513
 
Series 2021-H05, Class JF
   
   
30-day Average SOFR + 0.750%
   
   
0.798%, 03/20/71 (a)
 
          11,328,723
          21,463,935
 
Series 2021-H07, Class FL
   
   
30-day Average SOFR + 0.950%
   
   
0.998%, 04/20/71 (a)
 
          22,202,366
          11,833,962
 
Series 2021-H06, Class FN
   
   
30-day Average SOFR + 0.900%
   
   
0.948%, 04/20/71 (a)
 
          12,221,936
          19,706,269
 
Series 2021-H10, Class FB
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 06/20/71 (a)
 
          21,218,729
            6,341,976
 
Series 2021-H11, Class FM
   
   
30-day Average SOFR + 1.500%
   
   
1.548%, 07/20/71 (a)
 
            6,833,415
       
        150,986,817
   
Total Collateralized Mortgage Obligations
 
        194,563,510
   
(Cost $193,717,152)
   
         
MORTGAGE-BACKED OBLIGATIONS - 32.99%
   
Federal Home Loan Mortgage Corporation - 2.20%
   
                 50,891
 
12 Month LIBOR USD + 1.840%
   
   
2.090%, 11/01/34 (a)
 
                 51,386
            1,678,817
 
3.000%, 11/01/34
 
            1,764,159
               106,766
 
H15T1Y + 2.250%
   
   
2.352%, 08/01/35 (a)
 
               113,408
               135,943
 
12 Month LIBOR USD + 1.769%
   
   
2.125%, 05/01/36 (a)
 
               141,460
          23,780,506
 
2.000%, 07/01/36
 
          24,406,674
                 96,362
 
12 Month LIBOR USD + 1.890%
   
   
2.265%, 03/01/42 (a)
 
               101,501
            3,039,583
 
3.000%, 02/01/47
 
            3,212,376
       
          29,790,964
   
Federal Home Loan Mortgage Corporation Gold - 1.00%
   
                      557
 
3.500%, 10/01/22
 
                      588
            4,011,695
 
2.000%, 12/01/31
 
            4,131,679
                 43,152
 
5.000%, 08/01/35
 
                 49,066
                   7,573
 
5.000%, 12/01/35
 
                   8,603
            1,733,919
 
3.000%, 01/01/37
 
            1,826,647
            1,903,889
 
3.000%, 02/01/37
 
            2,005,649
            2,451,906
 
3.500%, 02/01/37
 
            2,611,356
                 64,253
 
5.000%, 03/01/37
 
                 73,089
            2,134,686
 
3.500%, 03/01/37
 
            2,273,282
               137,248
 
5.000%, 05/01/37
 
               156,266
               118,186
 
5.000%, 02/01/38
 
               134,728
                 42,054
 
5.000%, 03/01/38
 
                 47,928
                 31,385
 
5.000%, 09/01/38
 
                 35,744
               108,975
 
5.000%, 12/01/38
 
               124,131
                 72,197
 
5.000%, 01/01/39
 
                 82,247
       
          13,561,003
   
Federal National Mortgage Association - 12.91%
   
            3,476,458
 
2.425%, 08/01/22 (a)
 
            3,490,666
          20,000,000
 
3.100%, 01/01/26
 
          21,412,675
          10,449,593
 
2.435%, 08/01/26
 
          10,881,240
                 33,308
 
5.000%, 03/01/27
 
                 34,466
                 26,692
 
7.000%, 08/01/28
 
                 26,786
                 21,229
 
7.000%, 08/01/28
 
                 21,304
                 38,632
 
7.000%, 11/01/28
 
                 40,609
            5,233,000
 
1 Month LIBOR USD + 0.520%
   
   
0.608%, 05/01/29 (a)
 
            5,230,689
          10,000,000
 
1 Month LIBOR USD + 0.590%
   
   
0.678%, 07/01/30 (a)
 
            9,996,060
          25,000,000
 
30-day Average SOFR + 0.420%
   
   
0.468%, 01/01/31 (a)
 
          24,998,974
          25,000,000
 
30-day Average SOFR + 0.420%
   
   
0.468%, 01/01/31 (a)
 
          24,998,827
                   8,273
 
7.000%, 02/01/32
 
                   9,108
                 58,995
 
2.500%, 02/01/32
 
                 61,450
                 24,477
 
H15T1Y + 2.235%
   
   
2.360%, 05/01/32 (a)
 
                 24,390
                 64,789
 
7.000%, 05/01/32
 
                 71,012
               158,834
 
H15T1Y + 2.625%
   
   
2.700%, 09/01/32 (a)
 
               158,639
            3,631,497
 
4.000%, 04/01/33
 
            3,866,744
               177,288
 
H15T1Y + 2.215%
   
   
2.215%, 07/01/33 (a)
 
               187,454
               128,461
 
12 Month LIBOR USD + 1.537%
   
   
1.787%, 11/01/33 (a)
 
               128,629
               168,010
 
H15T1Y + 2.215%
   
   
2.340%, 12/01/33 (a)
 
               168,606
            1,196,280
 
4.500%, 01/01/34
 
            1,288,188
               629,327
 
4.500%, 01/01/34
 
               682,833
               172,363
 
12 Month LIBOR USD + 1.542%
   
   
1.792%, 04/01/34 (a)
 
               173,747
                 68,077
 
H15T1Y + 2.185%
   
   
2.185%, 08/01/34 (a)
 
                 68,727
                      593
 
6.000%, 09/01/34
 
                      685
                 77,272
 
12 Month LIBOR USD + 1.665%
   
   
1.915%, 10/01/34 (a)
 
                 81,200
            3,531,663
 
3.000%, 01/01/35
 
            3,710,561
            3,476,862
 
3.500%, 01/01/35
 
            3,677,162
                 23,498
 
12 Month LIBOR USD + 1.669%
   
   
2.044%, 03/01/35 (a)
 
                 23,539
            2,824,074
 
2.500%, 03/01/35
 
            2,941,511
                 47,035
 
12 Month LIBOR USD + 1.720%
   
   
2.095%, 04/01/35 (a)
 
                 46,923
            2,095,562
 
3.000%, 04/01/35
 
            2,199,700
               127,360
 
H15T1Y + 2.313%
   
   
2.438%, 05/01/35 (a)
 
               135,330
               101,314
 
12 Month LIBOR USD + 1.413%
   
   
1.774%, 05/01/35 (a)
 
               105,140
            1,881,113
 
4.000%, 06/01/35
 
            2,034,184
                 55,163
 
6 Month LIBOR USD + 1.412%
   
   
1.606%, 06/01/35 (a)
 
                 55,349
               180,091
 
12 Month LIBOR USD + 1.750%
   
   
2.000%, 08/01/35 (a)
 
               189,206
                 67,178
 
6 Month LIBOR USD + 1.498%
   
   
1.709%, 08/01/35 (a)
 
                 67,921
                 37,647
 
12 Month LIBOR USD + 2.435%
   
   
2.685%, 09/01/35 (a)
 
                 38,201
               117,900
 
H15T1Y + 2.085%
   
   
2.127%, 10/01/35 (a)
 
               118,384
               295,654
 
12 Month LIBOR USD + 1.557%
   
   
1.857%, 11/01/35 (a)
 
               297,916
          15,025,494
 
3.000%, 01/01/36
 
          15,791,685
               101,447
 
12 Month LIBOR USD + 1.737%
   
   
2.112%, 03/01/36 (a)
 
               102,057
               188,199
 
12 Month US Treasury Average + 2.559%
   
   
2.617%, 04/01/36 (a)
 
               201,209
          23,777,547
 
2.000%, 07/01/36
 
          24,403,637
            1,239,637
 
4.500%, 12/01/38
 
            1,340,212
            4,066,461
 
4.000%, 09/01/39
 
            4,387,576
                 33,766
 
5.000%, 10/01/39
 
                 38,155
               349,056
 
12 Month LIBOR USD + 1.746%
   
   
2.050%, 05/01/42 (a)
 
               366,120
                 86,692
 
12 Month LIBOR USD + 1.700%
   
   
1.950%, 06/01/42 (a)
 
                 91,007
               147,619
 
12 Month LIBOR USD + 1.685%
   
   
1.935%, 10/01/42 (a)
 
               152,341
               312,068
 
12 Month LIBOR USD + 1.584%
   
   
1.861%, 12/01/44 (a)
 
               324,118
            1,018,862
 
12 Month LIBOR USD + 1.610%
   
   
3.146%, 04/01/47 (a)
 
            1,058,099
               887,604
 
12 Month LIBOR USD + 1.608%
   
   
3.137%, 09/01/47 (a)
 
               922,551
               841,927
 
3.500%, 04/01/49
 
               885,067
            1,018,500
 
4.000%, 05/01/49
 
            1,084,090
       
        174,892,659
   
Government National Mortgage Association - 0.27%
   
                 19,327
 
H15T1Y + 1.500%
   
   
1.875%, 05/20/42 (a)
 
                 20,120
                 17,434
 
H15T1Y + 1.500%
   
   
1.875%, 06/20/42 (a)
 
                 18,144
                 95,484
 
H15T1Y + 1.500%
   
   
1.625%, 07/20/42 (a)
 
                 98,865
                 10,415
 
H15T1Y + 1.500%
   
   
2.125%, 10/20/42 (a)
 
                 10,826
                 19,323
 
H15T1Y + 1.500%
   
   
2.125%, 12/20/42 (a)
 
                 20,075
            3,297,248
 
12 Month LIBOR USD + 1.515%
   
   
1.779%, 09/20/69 (a)
 
            3,414,020
       
            3,582,050
   
Uniform Mortgage Backed Securities - 16.61%
   
          70,000,000
 
1.500%, 12/15/35 TBA (e)
 
          70,360,937
          50,000,000
 
2.000%, 12/15/35 TBA (e)
 
          51,279,297
          60,000,000
 
3.000%, 12/15/42 TBA (e)
 
          62,299,219
          40,000,000
 
2.500%, 12/15/46 TBA (e)
 
          41,003,125
       
        224,942,578
   
Total Mortgage-Backed Obligations
 
        446,769,254
   
(Cost $445,550,154)
   
         
MUNICIPAL BONDS - 0.49%
   
City of New Orleans LA Sewerage Service Revenue
   
               400,000
 
0.589%, 06/01/24
 
               395,485
               500,000
 
0.808%, 06/01/25
 
               491,120
               500,000
 
0.958%, 06/01/26
 
               488,298
   
City of New Orleans LA Water System Revenue
   
               500,000
 
0.465%, 12/01/23
 
               494,880
               500,000
 
0.858%, 12/01/25
 
               486,419
               315,000
 
1.008%, 12/01/26
 
               304,623
   
City of New York NY
   
            4,000,000
 
1.216%, 08/01/26
 
            3,961,765
   
Total Municipal Bonds
 
            6,622,590
   
(Cost $6,774,022)
   
         
U.S. GOVERNMENT-BACKED OBLIGATIONS - 42.14%
   
FHLMC, Multifamily Structured Pass Through Certificates
   
            4,167,000
 
Series K-031, Class A2
   
   
3.300%, 04/25/23 (a)(b)(c)
 
            4,307,369
               290,352
 
Series K-727, Class A1
   
   
2.632%, 10/25/23 (b)(c)
 
               293,779
               443,471
 
Series K-F29, Class A
   
   
1 Month LIBOR USD + 0.360%
   
   
0.448%, 02/25/24 (a)(c)
 
               444,518
            5,000,000
 
Series K-726, Class AM
   
   
2.985%, 04/25/24 (b)(c)
 
            5,180,845
               948,035
 
Series K-J27, Class A1
   
   
2.092%, 07/25/24 (b)(c)
 
               962,261
            7,000,000
 
Series K-041, Class A2
   
   
3.171%, 10/25/24 (b)(c)
 
            7,389,415
          15,000,000
 
Series K-729, Class A2
   
   
3.136%, 10/25/24 (b)(c)
 
          15,716,113
          20,000,000
 
Series K-731, Class A2
   
   
3.600%, 02/25/25 (a)(b)(c)
 
          21,093,786
            4,037,000
 
Series K-047, Class A2
   
   
3.329%, 05/25/25 (a)(b)(c)
 
            4,311,992
            1,618,144
 
Series K-F49, Class A
   
   
1 Month LIBOR USD + 0.340%
   
   
0.428%, 06/25/25 (a)(c)
 
            1,621,440
          27,570,000
 
Series K-048, Class A2
   
   
3.284%, 06/25/25 (a)(b)(c)
 
          29,417,309
          10,325,000
 
Series K-C02, Class A2
   
   
3.370%, 07/25/25 (b)(c)
 
          10,661,152
          10,000,000
 
Series K-050, Class A2
   
   
3.334%, 08/25/25 (a)(b)(c)
 
          10,711,819
            2,380,000
 
Series K-051, Class A2
   
   
3.308%, 09/25/25 (b)(c)
 
            2,550,909
            6,250,000
 
Series K-054, Class A2
   
   
2.745%, 01/25/26 (b)(c)
 
            6,591,642
            5,000,000
 
Series K-734, Class AM
   
   
3.435%, 02/25/26 (a)(b)(c)
 
            5,384,107
            3,000,000
 
Series K-055, Class A2
   
   
2.673%, 03/25/26 (b)(c)
 
            3,161,128
            6,500,000
 
Series K-061, Class A2
   
   
3.347%, 11/25/26 (a)(b)(c)
 
            7,085,736
               240,648
 
Series K-F27, Class A
   
   
1 Month LIBOR USD + 0.420%
   
   
0.508%, 12/25/26 (a)(c)
 
               240,893
            5,865,013
 
Series K-066, Class A2
   
   
3.117%, 06/25/27 (b)(c)
 
            6,360,261
          20,000,000
 
Series K-J26, Class A2
   
   
2.606%, 07/25/27 (b)(c)
 
          20,979,566
            5,000,000
 
Series K-J24, Class A2
   
   
2.821%, 09/25/27 (b)(c)
 
            5,253,375
            5,000,000
 
Series K-070, Class A2
   
   
3.303%, 11/25/27 (a)(b)(c)
 
            5,497,600
          22,800,000
 
Series K-F125, Class AS
   
   
30-day Average SOFR + 0.220%
   
   
0.268%, 10/25/28 (a)(c)
 
          22,800,000
            7,783,855
 
Series K-S10, Class A10
   
   
1 Month LIBOR USD + 0.610%
   
   
0.698%, 10/25/28 (a)(c)
 
            7,808,671
            1,060,049
 
Series K-091, Class A1
   
   
3.339%, 10/25/28 (b)(c)
 
            1,148,246
            5,463,900
 
Series K-F56, Class A
   
   
1 Month LIBOR USD + 0.560%
   
   
0.648%, 11/25/28 (a)(c)
 
            5,492,300
            3,810,359
 
Series K-F59, Class A
   
   
1 Month LIBOR USD + 0.540%
   
   
0.628%, 02/25/29 (a)(c)
 
            3,836,126
            5,000,000
 
Series K-S13, Class A
   
   
1 Month LIBOR USD + 0.660%
   
   
0.748%, 09/25/29 (a)(c)
 
            5,064,642
            4,900,681
 
Series K-104, Class A1
   
   
1.938%, 10/25/29 (b)(c)
 
            5,040,535
            9,381,848
 
Series K-F79, Class AS
   
   
30-day Average SOFR + 0.580%
   
   
0.628%, 05/25/30 (a)(c)
 
            9,440,463
            4,768,719
 
Series K-F83, Class AL
   
   
1 Month LIBOR USD + 0.360%
   
   
0.448%, 06/25/30 (a)(c)
 
            4,772,476
          11,671,259
 
Series K-F82, Class AL
   
   
1 Month LIBOR USD + 0.370%
   
   
0.458%, 06/25/30 (a)(c)
 
          11,698,751
          26,638,443
 
Series K-F90, Class AS
   
   
30-day Average SOFR + 0.380%
   
   
0.428%, 09/25/30 (a)(c)
 
          26,773,857
          20,416,932
 
Series K-F91, Class AS
   
   
30-day Average SOFR + 0.380%
   
   
0.428%, 10/25/30 (a)(c)
 
          20,467,017
          21,784,902
 
Series K-F92, Class AL
   
   
1 Month LIBOR USD + 0.330%
   
   
0.418%, 10/25/30 (a)(c)
 
          21,838,633
          18,219,017
 
Series K-F94, Class AL
   
   
1 Month LIBOR USD + 0.300%
   
   
0.388%, 11/25/30 (a)(c)
 
          18,258,803
          14,825,591
 
Series K-F97, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 12/25/30 (a)(c)
 
          14,812,145
          25,000,000
 
Series K-F103, Class AS
   
   
30-day Average SOFR + 0.240%
   
   
0.288%, 01/25/31 (a)(c)
 
          24,988,278
          25,000,000
 
Series K-F105, Class AS
   
   
30-day Average SOFR + 0.250%
   
   
0.298%, 02/25/31 (a)(c)
 
          24,988,290
   
FNMA
   
            1,465,323
 
Series 2013-M6, Class 2A
   
   
2.618%, 03/25/23 (a)
 
            1,495,529
          17,105,341
 
Series 2017-M1, Class A2
   
   
2.496%, 10/25/26 (a)(b)
 
          17,843,901
   
GNMA
   
          23,884,984
 
Series 2021-051, Class AC
   
   
1.500%, 05/16/55 (b)
 
          23,554,844
          24,653,307
 
Series 2021-040, Class AD
   
   
1.500%, 05/16/61 (b)
 
          24,366,151
          23,549,492
 
Series 2021-052, Class A
   
   
1.500%, 05/16/61 (b)
 
          23,210,285
          24,646,848
 
Series 2021-071, Class AB
   
   
1.750%, 09/16/61 (b)
 
          24,446,801
          14,090,425
 
Series 2021-068, Class AB
   
   
1.500%, 12/16/61 (b)
 
          13,859,806
          19,373,128
 
Series 2021-028, Class AJ
   
   
1.500%, 01/16/62 (b)
 
          18,880,905
          18,543,828
 
Series 2020-132, Class AD
   
   
2.200%, 09/16/62 (b)
 
          18,680,640
   
Total U.S. Government-Backed Obligations
 
        570,785,110
   
(Cost $573,150,150)
   
         
REPURCHASE AGREEMENTS - 17.50%
        236,990,000
 
INTL FCStone Financial, Inc., 0.150%, Dated 11/30/2021, matures 12/01/2021,
   
   
repurchase price $236,990,987 (collateralized by $516,839,722 par amount of
   
   
Government Agencies, United States Treasury Notes, GNMA, FNMA, and FHLMC
   
   
securities of 0.000% to 9.000% due 12/13/21 to 01/15/63, total market value
   
   
$241,261,338)
 
        236,990,000
   
Total Repurchase Agreements
 
        236,990,000
   
(Cost $236,990,000)
   
         
REGISTERED INVESTMENT COMPANY - 0.04%
               499,180
 
First American Government Obligations Fund - Class X
   
   
0.026%, 12/01/31 (f)
 
               499,180
   
Total Registered Investment Company
 
               499,180
   
(Cost $499,180)
   
   
Total Investments - 116.87%
 
     1,582,826,347
   
(Cost $1,584,087,673)
   
   
Net Other Assets and Liabilities - (16.87)%
 
      (228,475,084)
   
Net Assets - 100.00%
 
$
1,354,351,263
 
 
(a)
Variable rate securities. Interest rates disclosed are those which are in effect at November 30, 2021. Maturity date shown is the date of the next coupon rate reset or actual maturity. 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. For those variable rate securities which are based on published reference and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. See also, Explanation of Abbreviations and Acronyms below.
   
 
(b)
The security has Sequential collateral.
   
 
(c)
The security has Structured collateral.
   
 
(d)
The security has PAC (Planned Amortization Class) collateral.
   
 
(e)
Represents or includes a TBA (To Be Announced) transaction.
   
 
(f)
Seven day yield as of November 30, 2021.
   
         
Explanation of Abbreviations and Acronyms:
   
FHLMC
Federal Home Loan Mortgage Corp.
   
FNMA
Federal National Mortgage Association
   
GNMA
Government National Mortgage Association
   
H15T1Y
1 Year US Treasury Yield Curve Constant Maturity Rate
   
LIBOR
London Interbank Offered Rate
   
REMIC
Real Estate Mortgage Investment Conduit
   
SOFR
Secured Overnight Financing Rate
   
USD
U.S. Dollar
   


 
NOTES TO PORTFOLIO OF INVESTMENTS
               
November 30, 2021 (Unaudited)
                 
                   
A. Investment Valuation
                 
For the Ultra-Short Duration and Short Duration Portfolios (collectively, the “Portfolios” or individually, a “Portfolio”) investments in mortgage-backed, asset-backed (to the extent that obligations authorized under the Federal Credit Union Act are categorized as asset-backed obligations), and U.S. Treasury obligations for which accurate market quotations are readily available are valued on the basis of quotations furnished by a pricing service or provided by dealers in such securities. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Portfolio securities for which accurate market quotations are not readily available due to, among other factors, current market trading activity, credit quality and default rates, are valued based on yield equivalents, pricing matrices or other sources, under valuation procedures established by the Board of Trustees of Trust for Credit Unions.
                   
The Portfolios are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
                   
 
Level 1
quoted prices in active markets for identical securities
     
 
Level 2
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
   
 
Level 3
significant unobservable inputs (including each Portfolio’s own assumptions in determining the fair value of investments)
   
                   
At the end of each calendar quarter, management evaluates the Level 2 and Level 3 assets and liabilities, if any, for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and Level 2 assets and liabilities, if any, on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Portfolios’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
                   
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
   
                   
The summary of inputs used to value each Portfolio’s net assets as of November 30, 2021 is as follows:
         

   
Ultra-Short Duration Portfolio
                 
   
Total Market
Value at
11/30/2021
   
Level 1 Quoted
Price
   
Level 2
Significant
Observable
Inputs
   
Level 3
Significant
Unobservable
Inputs
                 
Assets:
                                       
Bank Notes
 
$
41,059,441
   
$
-
   
$
41,059,441
   
$
-
                 
Asset Backed Securities
   
400,877
     
-
     
400,877
     
-
           
     
Collateralized Mortgage Obligations
   
973,908,178
     
-
     
973,908,178
     
-
     
               
Mortgage-Backed Obligations
   
276,222,689
     
-
     
276,222,689
     
-
                       
Agency Debentures
   
1,500,000
     
-
     
-
     
1,500,000
                       
U.S. Government-Backed Obligations
   
872,192,967
     
-
     
872,192,967
     
-
                       
Repurchase Agreements
   
730,961,000
     
-
     
730,961,000
     
-
                       
   
$
2,896,245,152
   
$
-
   
$
2,894,745,152
   
$
1,500,000
                       
                                                       
   
Short Duration Portfolio
                       
   
Total Market
Value at
11/30/2021
   
Level 1 Quoted
Price
   
Level 2
Significant
Observable
Inputs
   
Level 3
Significant
Unobservable
Inputs
                       
Assets:
                                                     
Bank Notes
 
$
126,596,703
   
$
-
   
$
126,596,703
   
$
-
                       
Collateralized Mortgage Obligations
   
194,563,510
     
-
     
194,563,510
     
-
                       
Mortgage-Backed Obligations
   
446,769,254
     
-
     
446,769,254
     
-
                       
Municipal Bonds
   
6,622,590
     
-
     
6,622,590
     
-
                       
U.S. Government-Backed Obligations
   
570,785,110
     
-
     
570,785,110
     
-
                       
Repurchase Agreements
   
236,990,000
     
-
     
236,990,000
     
-
                       
Registered Investment Company
   
499,180
     
499,180
     
-
     
-
                       
   
$
1,582,826,347
   
$
499,180
   
$
1,582,327,167
   
$
-
                       
                                                       
The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair
               
value as of November 30, 2021:
                                                     
   
Ultra-Short
Duration
Portfolio
                                               
Fair Value, as of August 31, 2021
 
$
1,750,000
                                               
Gross sales
   
(250,000
)
                                             
Fair Value, as of November 30, 2021
 
$
1,500,000
                                               

For additional information regarding the Portfolios’ policy for valuation of investments or other significant accounting policies, please refer to the Portfolios’ most recent Semi-Annual or Annual Report.
 
B. Security Transactions and Investment Income
               
Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.
                   
C. Repurchase Agreements and Reverse Repurchase Agreements
             
Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Portfolios, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Portfolios may be delayed or limited and there may be a decline in the value of the collateral during the period while the Portfolios seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolios’ regular custodian or at a custodian specifically designated for purposes of the repurchase agreement under triparty repurchase agreements. The Portfolios may also engage in reverse repurchase transactions in which a Portfolio sells its securities and simultaneously agrees to repurchase the securities at a specified time and price. Reverse repurchase transactions are considered to be borrowings by a Portfolio.
                   
D. When-Issued Securities
                 
Consistent with National Credit Union Administration rules and regulations, the Portfolios may purchase or sell when-issued securities, including TBA (To Be Announced) securities that have been authorized, but not yet issued in the market. The value of a when-issued security sale is recorded as an asset and a liability on the Portfolios’ records with the difference between its market value and expected cash proceeds recorded as an unrealized gain or loss. Gains or losses are realized upon delivery of the security sold. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction. All settlements in connection with purchases and sales of when-issued securities must be by regular way (i.e., the normal security settlement time, which may vary according to security type). When purchasing a security on a when-issued basis, the Portfolios must set aside liquid assets, or engage in other appropriate measures to cover the obligations under the contract. At November 30, 2021, the Ultra-Short Duration Portfolio and the Short Duration Portfolio held TBA securities of $0 and $224,942,578 respectively.
                   
E. LIBOR Transition
                 
The Portfolios invest in financial instruments with payment obligations, financing terms, hedging strategies or investment values based on floating rates, such as London Interbank Offered Rate (“LIBOR”). LIBOR is the offered rate for short-term Eurodollar deposits between major international banks.

On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced  a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to be representative of its underlying market. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the instruments in which a Portfolio invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on a Portfolio’s investments, performance or financial condition.





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