June 25, 2025 - 11-K: Annual report of employee stock purchase, savings and similar plans

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)


☒			Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended January 31, 2025


☐			Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission File Number 001-6991


A.			Full title of the plan and the address of the plan, if different from that of the issuer named below:

WALMART 401(k) PLAN


B.			Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Walmart Inc.

1 Customer Drive

Bentonville, Arkansas 72716

Walmart 401(k) Plan

Financial Statements and

Supplemental Schedule

As of January 31, 2025 and 2024, and for the year ended January 31, 2025

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1
Statements of Net Assets Available for Benefits			2
Statement of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4
Supplemental Schedule: Schedule H, Line 4i – Schedule of Assets (Held at End of Year)			9
Signatures			34
Exhibit 23.1 – Consent of Independent Public Registered Accounting Firm

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Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of Walmart 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Walmart 401(k) Plan (the Plan) as of January 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended January 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at January 31, 2025 and 2024, and the changes in its net assets available for benefits for the year ended January 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedule Required by ERISA

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2025 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since 1998.

Rogers, Arkansas

June 25, 2025

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Walmart 401(k) Plan

Statements of Net Assets Available for Benefits


	January 31,
	2025		2024
Assets
Investments, at fair value	$	49,405,279,099	$	40,304,881,249
Notes receivable from participants	1,369,545,276		1,220,067,619
Accrued investment income	15,355,303		13,805,931
Total assets	50,790,179,678		41,538,754,799

Liabilities
Accrued expenses	7,302,397		4,577,123
Total liabilities	7,302,397		4,577,123

Net assets available for benefits	$	50,782,877,281	$	41,534,177,676

See accompanying notes.

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Walmart 401(k) Plan

Statement of Changes in Net Assets Available for Benefits



	Year Ended
	January 31, 2025
Additions
Investment income:
Net appreciation in fair value of investments	$	8,443,211,710
Interest and dividends	239,858,007
Net investment income	8,683,069,717

Interest income on notes receivable from participants	99,921,866

Contributions:
Company	1,825,137,785
Participant	2,566,646,040
Rollovers	129,865,162
Total contributions	4,521,648,987

Other, net	9,371,172

Total additions	13,314,011,742

Deductions
Benefits paid to participants	4,024,046,985
Administrative expenses	33,278,146
Fees on notes receivable from participants	7,987,006
Total deductions	4,065,312,137

Net increase	9,248,699,605

Net assets available for benefits:
Beginning of year	$	41,534,177,676

End of year	$	50,782,877,281

See accompanying notes.

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Walmart 401(k) Plan

Notes to Financial Statements

January 31, 2025

Note 1. Description of the Plan

Walmart Inc., ("Walmart" or the "Company") sponsors the Walmart 401(k) Plan (the "Plan"). The following description provides only general information. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Walmart reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.

General

The Plan is a defined contribution plan established by the Company on February 1, 1997. Each eligible employee can begin contributing to the Plan beginning on the employee's date of hire. The Plan is subject to the provisions of ERISA.

The responsibility for management of Plan assets and the investment policy is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Total Rewards (or individual from time to time performing such function). Responsibility for operation and administration of the Plan is vested in the Senior Vice President, Global Total Rewards (or individual from time to time performing such function). Effective March 15, 2024, the Plan was amended to allocate such responsibility to the Senior Vice President, Global Total Rewards (or individual from time to time performing such function).

The trustee function of the Plan is performed by Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.

Contributions

Eligible employees may elect to contribute up to 50% of their eligible wages as either pretax or Roth deferrals, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other eligible retirement plans (rollover contributions).

Each eligible employee may begin receiving matching contributions on the first day of the month after completing at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any subsequent Plan year). The Company match is 100% of deferrals up to 6% of each participant's eligible wages for the Plan year. Company matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. Rollover contributions into the Plan are not eligible for a Company matching contribution.

Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2025. All contributions are subject to certain limitations in accordance with provisions of the Internal Revenue Code (the Code).

Participant Accounts

Each participant's account is adjusted for administrative expenses and earnings (losses). Adjustments are determined by the investments held in each participant's account, the participant's contributions, and an allocation of the Company's matching contributions to the Plan made on the participant's behalf. Forfeitures of non-vested contributions are used or allocated to restore account balances of rehired participants or participants whose distributions were previously unclaimed.

Vesting

Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions. A participant's profit sharing contribution account shall vest based on years of service at a rate of 20% per year from years two through six and may become fully vested upon participant retirement at age 65 or above, total and permanent disability, or death.

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Notes Receivable from Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to the lesser of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan, and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to 15 years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.

Payment of Benefits and Withdrawals

Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).

The Plan permits withdrawals of active participants' vested balances in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS). In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.

Investment Options

A participant may direct the Trustee to invest any portion of his or her account in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2025, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time.

A participant may direct the Trustee to invest any portion of his or her profit sharing contributions in available investment options, including Walmart equity securities, or any of the investment options for other contributions described previously.

To the extent not directed by the participant, participant accounts are invested as determined by the Benefits Investment Committee.

Note 2. Summary of Accounting Policies

Basis of Accounting

The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Contributions from Plan participants and the company matching contributions are recorded in the year in which the employee contributions are withheld from compensation.

Use of Estimates

The preparation of the financial statements in accordance with GAAP requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

Investment Valuation and Income Recognition

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes the gains and losses on investments bought and sold, as well as held during the year.

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Notes Receivable from Participants

Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan document.

Benefit Payments

Benefit payments are recorded when paid. As of January 31, 2025 and 2024, there were benefits in the amount of $34,848,080 and $29,324,794, respectively, requested before year-end, that were paid after year-end.

Expenses

The Plan allows certain administrative expenses to be paid from Plan assets, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. The Plan does not reimburse for these expenses. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are recorded as fees on notes receivable from participants when incurred. Investment related expenses that are indirect are included in net appreciation/depreciation of fair value of investments and direct expenses are included in administrative expenses.

Note 3. Fair Value Measurements

Accounting guidance provides a framework for measuring fair value and provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:


Level 1			Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets that a plan has the ability to access.
Level 2			Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
Level 3			Significant unobservable inputs.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at January 31, 2025 and 2024. During the year ended January 31, 2025, there were no transfers of financial instruments into or out of Level 3. Following is a description of the valuation methodologies used for assets measured at fair value:

Walmart Inc. equity securities - Valued at exchange quoted market prices on the last business day of the Plan year.

Common stocks - Valued at exchange quoted market prices on the last business day of the Plan year.

Cash equivalent - Valued at amortized cost, which approximates fair value.

Mutual fund - Valued at quoted market prices on the last business day of the Plan year.

Government securities - Valued using pricing models maximizing the use of observable inputs for similar securities.

Corporate bonds - Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.

Asset-backed and mortgage-backed securities - Valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.

Collective investment trusts/collective trust funds - Stated at fair value as determined by the issuers of the funds on the fair market value of the underlying investments, which is valued at net asset value (NAV) as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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Investments measured at fair value on a recurring basis consisted of the following types of instruments:


	Fair Value Measurements as of January 31, 2025
	Level 1		Level 2		Total
Walmart Inc. equity securities	$	5,738,048,126	$	—	$	5,738,048,126
Common stocks	1,790,065,839		—		1,790,065,839
Cash equivalent	19,368,827		—		19,368,827
Mutual funds	1,032,322,277		—		1,032,322,277
Government securities	—		913,843,362		913,843,362
Corporate bonds	—		390,618,298		390,618,298
Asset-backed securities	—		139,248,391		139,248,391
Mortgage-backed securities	—		44,064,257		44,064,257
Total assets in the fair value hierarchy	$	8,579,805,069	$	1,487,774,308	$	10,067,579,377
Investments measured at NAV* Collective investment trusts/collective trust funds					39,337,699,722
Total investments at fair value					$	49,405,279,099


	Fair Value Measurements as of January 31, 2024
	Level 1		Level 2		Total
Walmart Inc. equity securities	$	3,494,368,568	$	—	$	3,494,368,568
Common stocks	1,067,485,061		—		1,067,485,061
Cash equivalent	20,806,602		—		20,806,602
Mutual fund	879,810,982		—		879,810,982
Government securities	—		819,161,539		819,161,539
Corporate bonds	—		347,907,741		347,907,741
Asset-backed securities	—		120,236,595		120,236,595
Mortgage-backed securities	—		32,139,770		32,139,770
Total assets in the fair value hierarchy	$	5,462,471,213	$	1,319,445,645	$	6,781,916,858
Investments measured at NAV* Collective investment trusts/collective trust funds					33,522,964,391
Total investments at fair value					$	40,304,881,249

*In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented on the Statements of Net Assets Available for Benefits.

Note 4. Investments Measured Using NAV per Share as a Practical Expedient

The following table summarizes investments for which fair value is measured using NAV per share as a practical expedient as of January 31, 2025 and 2024.


Investments	Fair Value as of January 31,				Unfunded commitments	Redemption frequency (if currently eligible)	Redemption notice
	2025		2024
Collective investment trusts/collective trust funds	$	39,337,699,722	$	33,522,964,391	N/A	Daily	N/A

Note 5. Related Party and Party-In-Interest Transactions

Certain Plan investments are managed by Bank of America, N.A., Merrill Lynch & Company and Northern Trust Company who provide investment management services to the Plan. The Plan also holds notes receivable from participants. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.

A portion of the Plan's assets are invested in common stock of the Company. While the holding and acquisition of employer securities is generally prohibited by ERISA, the Plan meets the exception in ERISA section 407(b), which permits the acquisition and holding of employer securities by eligible individual account plans.

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Note 6. Plan Termination

While there is no intention to do so, the Company may terminate the Plan and discontinue its contributions at any time subject to the provisions of ERISA. In the event of complete or partial Plan termination, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.

Note 7. Tax Status

The Plan has received a determination letter from the IRS dated April 3, 2015, stating that the Plan and related trust is designed in accordance with applicable sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Processes are in place to prevent operational failures, but when they occur, the Administrator takes corrective action to preserve the tax qualification of the Plan. Specifically, the Administrator has corrected, and will continue to correct, operational failures in a manner permitted under the Employee Plans Compliance Resolution System of the IRS in order to preserve the Plan's tax favored qualification. Although the Plan has been amended and restated since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

Note 8. Risks and Uncertainties

The Trustee holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment companies. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported on the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.

Note 9. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:


	January 31,
	2025		2024
Net assets available for benefits per the financial statements	$	50,782,877,281	$	41,534,177,676
Less: Benefits payable per the Form 5500	(34,848,080)		(29,324,794)
Net assets available for benefits per the Form 5500	$	50,748,029,201	$	41,504,852,882

The following is a reconciliation of the net change in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2025:


Net increase in net assets available for benefits per the financial statements	$	9,248,699,605
Less: Benefits payable per the Form 5500 at January 31, 2025	(34,848,080)
Add: Benefits payable per the Form 5500 at January 31, 2024	29,324,794
Net gain per the Form 5500	$	9,243,176,319

Benefits payable are recorded in the Form 5500 for benefit payments that have been processed and approved for payment prior to January 31, but not paid as of that date.

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Supplemental Schedule

Walmart 401(k) Plan

EIN #71-0415188, Plan #003

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

January 31, 2025

(a)

(b)
Identity of issue, borrower, lessor or similar party

(d)
Cost

(e)
Current value

Investments

Walmart Inc. Equity Securities

Common Stock

5,738,048,126

Other Common Stocks

1 800 Flowers Inc.

Common Stock

1,145,793

Aaon Inc.

Common Stock

6,815,911

Abercrombie & Fitch Co.

Common Stock

3,432,175

Academy Sports & Outdoors Inc.

Common Stock

986,044

Acadia Healthcare Company Inc.

Common Stock

5,654,990

Acuity Brands Inc.

Common Stock

1,080,268

ACV Auctions Inc.

Common Stock

1,530,841

Adeia Inc.

Common Stock

3,289,600

Aehr Test Systems

Common Stock

2,116,433

Aerovironment Inc.

Common Stock

1,709,263

Agilysys Inc.

Common Stock

4,650,390

Agnc Invt Corp.

Common Stock

7,350,682

Agree Realty Corp.

Common Stock

2,852,001

Alarm.com Holdings, Inc.

Common Stock

9,966,504

Alaska Air Group Inc.

Common Stock

1,446,028

Alkami Technology Inc.

Common Stock

1,778,987

Allison Transmission Holding

Common Stock

2,160,033

Ameren Woodmark Corp.

Common Stock

2,845,783

American Eagle Outfitters Inc.

Common Stock

2,359,668

American Public Education Inc.

Common Stock

487,740

Amicus Therapeutics Inc.

Common Stock

953,114

Amn Healthcare Services Inc.

Common Stock

635,712

Amphastar Pharmaceuticals Inc.

Common Stock

1,030,409

Angiodynamics Inc.

Common Stock

2,464,560

Antero Resources Corp.

Common Stock

6,773,505

Apogee Therapeutics Inc.

Common Stock

2,417,161

Appfolio Inc.

Common Stock

15,248,827

Apple Hospitality REIT Inc.

Common Stock

3,419,188

Applied Industrial Technologies Inc.

Common Stock

7,189,049

Archrock Inc.

Common Stock

1,341,073

Arlo Technologies Inc.

Common Stock

10,295,245

Artisan Partners Asset Management Inc.

Common Stock

7,839,967

ASGN Incorporated

Common Stock

2,209,661

Aspen Aerogels Inc.

Common Stock

4,283,520

Astera Labs Inc.

Common Stock

2,978,705

Asure Software Inc.

Common Stock

3,219,780

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Atlantic Union Bankshares Corp.

Common Stock

2,232,207

Avidity Biosciences Inc.

Common Stock

1,483,595

Axon Enterprise Inc.

Common Stock

3,864,167

AXT, Inc.

Common Stock

271,700

Azenta Inc.

Common Stock

2,324,150

Badger Meter Inc.

Common Stock

2,093,109

Bancorp Inc. Del

Common Stock

1,773,549

Beacon Roofing Supply Inc.

Common Stock

12,386,056

Bellring Brands Inc.

Common Stock

4,041,692

Berkshire Hills Bancorp Inc.

Common Stock

3,140,988

Biocryst Pharmaceuticals Inc.

Common Stock

3,753,124

Bio-Techne Corp.

Common Stock

17,485,262

Bloom Energy Corp.

Common Stock

1,347,503

Bloomin Brands Inc.

Common Stock

895,528

Blueprint Medicines Corp.

Common Stock

1,351,485

Boot Barn Holdings Inc.

Common Stock

2,576,174

Brandywine Realty Trust

Common Stock

233,600

Bridgebio Pharma Inc.

Common Stock

1,210,931

Bright Horizons Family Solutions Inc.

Common Stock

6,792,653

Broadstone Net Lease Inc.

Common Stock

1,869,125

Brp Inc.

Common Stock

984,886

Bruker Corp.

Common Stock

5,591,413

BWX Technologies Inc.

Common Stock

6,310,528

Cadence Bank

Common Stock

8,430,048

Cameco Corp.

Common Stock

1,841,591

Camtek Ltd.

Common Stock

1,886,829

Capri Holdings Ltd.

Common Stock

6,125,244

Carmax Inc.

Common Stock

10,283,137

Carpenter Technology Corp.

Common Stock

2,965,402

Carvana Co.

Common Stock

3,534,014

Casella Waste Sys Inc.

Common Stock

14,597,157

Cava Group Inc.

Common Stock

3,516,432

Celestica Inc.

Common Stock

4,165,878

Century Casinos Inc.

Common Stock

1,973,572

Ceva Inc.

Common Stock

3,156,902

Champion Homes Inc.

Common Stock

1,245,532

Charles River Laboratories Intl Inc.

Common Stock

8,976,784

Chart Industries Inc.

Common Stock

2,599,595

Cheesecake Factory Inc.

Common Stock

639,380

Churchill Downs Inc.

Common Stock

2,286,230

Ciena Corp.

Common Stock

4,460,348

Clearwater Analytics Holdings Inc.

Common Stock

2,206,815

Coda Octopus Group Inc.

Common Stock

1,588,949

Coherent Inc.

Common Stock

6,005,640

Cohu Inc.

Common Stock

2,095,120

Columbia Banking System Inc.

Common Stock

3,627,000

Columbus Mckinnon Corp.

Common Stock

6,560,881

Comerica Inc.

Common Stock

13,242,517

Comfort Systems USA Inc.

Common Stock

5,568,563

Commercial Metals Co.

Common Stock

2,679,073

Community Healthcare Trust Inc.

Common Stock

2,016,711

Community West Bancshares

Common Stock

562,287

Commvault Systems Inc.

Common Stock

3,082,796

Compass Inc.

Common Stock

1,790,786

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Composecure Inc.

Common Stock

2,778,884

Computer Programs & Systems Inc.

Common Stock

1,548,272

Consensus Cloud Solutions Inc.

Common Stock

1,665,046

Construction Partners Inc.

Common Stock

1,183,327

Core & Main Inc.

Common Stock

21,157,381

Core Scientific Inc.

Common Stock

1,507,001

Coty Inc.

Common Stock

5,377,545

CRA International Inc.

Common Stock

7,878,336

Crane Co.

Common Stock

2,909,747

Credo Technology Group Holding Ltd.

Common Stock

1,509,421

Crinetics Pharmaceuticals Inc.

Common Stock

4,807,145

Cross Country Healthcare Inc.

Common Stock

1,551,433

CSW Industrials Inc.

Common Stock

9,912,440

Cullen/Frost Bankers Inc.

Common Stock

9,445,047

Curtiss Wright Corp.

Common Stock

8,488,928

Cushman & Wakefield Inc.

Common Stock

10,975,737

CyberArk Software Ltd.

Common Stock

5,774,675

Delek US Holdings Inc.

Common Stock

1,696,700

Dennys Corp.

Common Stock

388,744

Descartes Systems Group Inc.

Common Stock

14,349,484

Diamondrock Hospitality Co

Common Stock

1,401,288

Dime Community Bancshares Inc.

Common Stock

3,672,648

Donnelley Financial Solutions Inc.

Common Stock

10,225,759

Douglas Dynamics Inc.

Common Stock

7,618,383

Dutch Bros Inc.

Common Stock

2,831,218

Eagle Materials Inc.

Common Stock

17,817,756

Eastern Bankshares Inc.

Common Stock

3,677,508

Edgewise Therapeutics Inc.

Common Stock

1,020,544

Elastic NV

Common Stock

1,752,645

Elbit Systems Ltd.

Common Stock

2,016,630

Element Solution Inc.

Common Stock

13,692,979

Embraer

Common Stock

3,469,544

Emcor Group Inc.

Common Stock

7,168,960

Encompass Health Corp.

Common Stock

4,551,530

Endava PLC

Common Stock

4,155,985

Enhabit Inc.

Common Stock

1,478,400

Enovix Corp.

Common Stock

1,002,680

Establishment Labs Holdings Inc.

Common Stock

6,466,696

Eventbrite Inc.

Common Stock

1,394,680

Evercore Inc.

Common Stock

2,186,564

Everest Group Ltd.

Common Stock

4,135,369

Evertec Inc.

Common Stock

6,547,608

Everus Construction Group Inc.

Common Stock

1,714,057

Evolus Inc.

Common Stock

3,806,238

Exelixis Inc.

Common Stock

3,580,200

Exlservice Holdings Inc.

Common Stock

1,994,920

Exponent Inc.

Common Stock

9,080,555

Federal Agricultural Mortgage Corp.

Common Stock

10,570,154

Federal Signal Corp.

Common Stock

8,389,775

Table of Contents

First American Financial Corp.

Common Stock

10,257,129

First Citizens Bancshares Inc.

Common Stock

5,086,220

First Community Bankshares

Common Stock

1,886,595

First Merchants Corp.

Common Stock

3,695,186

Firstcash Holdings Inc.

Common Stock

6,562,644

Fiverr International Ltd.

Common Stock

6,237,345

Floor & Décor Holdings Inc.

Common Stock

8,001,293

Flowserve Corp.

Common Stock

4,078,816

Franklin Covey Co.

Common Stock

6,669,430

Freshpet Inc.

Common Stock

4,464,045

Freshworks Inc.

Common Stock

1,113,880

Ftai Aviation Ltd.

Common Stock

2,580,203

Fti Consulting Inc.

Common Stock

703,260

GATX Corp.

Common Stock

4,690,247

Gencor Industries Inc.

Common Stock

1,077,300

Gentex Corp.

Common Stock

1,010,880

Gibraltar Industries Inc.

Common Stock

880,660

Gildan Activewear Inc.

Common Stock

7,511,061

Glaukos Corp.

Common Stock

4,655,498

Globus Med Inc.

Common Stock

6,388,872

Globus Medical Inc.

Common Stock

2,079,710

Golden Entertainment Inc.

Common Stock

1,250,668

Goosehead Ins Inc.

Common Stock

17,023,526

Granite Construction Inc.

Common Stock

5,028,387

Greif Inc.

Common Stock

2,271,262

Guardant Health Inc.

Common Stock

1,716,179

Guidewire Software Inc.

Common Stock

20,201,849

Gulfport Energy Corp.

Common Stock

1,343,288

GXO Logistics Inc.

Common Stock

6,425,039

Hamilton Lane Inc.

Common Stock

18,479,206

Harmonic Inc.

Common Stock

1,347,396

Harrow Inc.

Common Stock

6,315,448

Hawkins Inc.

Common Stock

3,153,310

Hayward Holdings, Inc.

Common Stock

12,970,244

HCI Group Inc.

Common Stock

1,581,310

HealthEquity Inc.

Common Stock

23,753,550

Healthpeak OP LLC

Common Stock

3,305,600

Heico Corp.

Common Stock

18,412,715

Heidrick & Struggles International Inc.

Common Stock

2,677,824

Helen Troy Ltd.

Common Stock

1,597,013

Helix Energy Solutions Group Inc.

Common Stock

2,350,662

Helmerich & Payne Inc.

Common Stock

2,004,386

Hexcel Corp.

Common Stock

1,530,244

HNI Corp.

Common Stock

2,372,860

Huntington Ingalls Industries Inc.

Common Stock

5,056,760

Huntsman Corp.

Common Stock

1,134,342

ICF International Inc.

Common Stock

3,016,954

Ingevity Corp.

Common Stock

2,828,933

Ingles Markets Inc.

Common Stock

1,436,974

Table of Contents

Inmode Ltd.

Common Stock

1,867,285

Innoviva Inc.

Common Stock

3,578,880

Insight Enterprises Inc.

Common Stock

5,792,826

Insmed Inc.

Common Stock

308,694

Inspire Medical Systems Inc.

Common Stock

686,151

Installed Building Products Inc.

Common Stock

8,688,314

Integer Holdings Corp.

Common Stock

2,519,143

Integra Lifesciences Holdings Corp.

Common Stock

2,268,090

Ionq Inc.

Common Stock

923,513

Iovance Biotherapeutics Inc.

Common Stock

1,783,665

IPG Photonics Corp.

Common Stock

971,623

Itron Inc.

Common Stock

1,572,824

Ituran Location & Control

Common Stock

8,331,506

Janux Therapeutics Inc.

Common Stock

1,220,701

Jazz Pharmaceuticals

Common Stock

4,589,253

Jbt Corporation

Common Stock

2,527,399

John Bean Technologies Corp.

Common Stock

18,014,052

Kadant Inc.

Common Stock

8,440,592

Kaiser Aluminum Corp.

Common Stock

1,729,000

KB Home

Common Stock

3,472,425

KBR Inc.

Common Stock

4,397,136

Kemper Corporation

Common Stock

1,920,475

Kiniksa Pharmaceuticals International

Common Stock

3,653,460

Kinsale Cap Group Inc.

Common Stock

11,533,308

Kirby Corp.

Common Stock

3,338,353

Kite Realty Group Trust

Common Stock

2,083,500

Knife Riv Holdings Co.

Common Stock

3,653,474

Kratos Defense & Security Solutions Inc.

Common Stock

1,472,952

Kulicke & Soffa Industries Inc.

Common Stock

758,385

KVH Industries Inc.

Common Stock

515,684

Kymera Therapeutics Inc.

Common Stock

1,789,389

Lantheus Holdings Inc.

Common Stock

1,175,895

La-Z-Boy Inc.

Common Stock

2,643,200

Leidos Holdings Inc.

Common Stock

2,489,076

Lemaitre Vascular Inc.

Common Stock

18,684,130

Lendingclub Corp.

Common Stock

1,324,839

Leonardo Drs Inc.

Common Stock

2,505,316

Lincoln Electric Holdings Inc.

Common Stock

4,265,819

Life Time Group Holdings Inc.

Common Stock

3,080,043

Ligand Pharmaceuticals Inc.

Common Stock

10,368,288

Liquidity Services Inc.

Common Stock

4,666,108

Lithia Motors Inc.

Common Stock

1,346,062

Loar Holdings Inc

Common Stock

1,377,547

LSB Industries Inc.

Common Stock

1,606,132

LSI Industries Inc.

Common Stock

5,204,290

Lucky Strike Entertainment Corporation

Common Stock

1,675,948

LXP Industrial Trust

Common Stock

2,444,416

Madden Steven Ltd.

Common Stock

2,190,018

Madison Square Garden Entertainment Corp.

Common Stock

3,266,966

Table of Contents

Madison Square Garden Sports Corp.

Common Stock

3,012,219

Magnachip Semiconductor Corp.

Common Stock

469,800

Magnite Inc.

Common Stock

1,474,780

Magnolia Oil & Gas Corp.

Common Stock

7,506,975

Manhattan Associates Inc.

Common Stock

13,215,219

Manpowergroup Inc.

Common Stock

5,197,287

Maravai Lifesciences Holdings Inc.

Common Stock

817,788

Mastercraft Boat Holdings Inc.

Common Stock

1,731,771

Matador Resources Co.

Common Stock

5,961,240

Materion Corp.

Common Stock

6,665,495

Maxlinear Inc.

Common Stock

660,016

Medpace Holdings Inc.

Common Stock

13,180,413

Merit Medical Systems Inc.

Common Stock

556,703

Merus

Common Stock

1,437,977

Metallus Inc.

Common Stock

1,855,548

MFA Financial Inc.

Common Stock

5,713,313

Miller Industries Inc.

Common Stock

2,045,070

Mirum Pharmaceuticals Inc.

Common Stock

2,514,974

MKS Instruments Inc.

Common Stock

2,520,480

Modine Manufacturing Co.

Common Stock

2,628,367

Monday.Com Ltd.

Common Stock

886,957

Moog Inc.

Common Stock

1,016,751

Morningstar Inc.

Common Stock

12,954,332

Mueller Industries Inc.

Common Stock

7,536,375

Murphy Oil Corp.

Common Stock

5,373,535

Murphy USA Inc.

Common Stock

16,655,373

Natera Inc.

Common Stock

4,741,279

National Healthcare Corp.

Common Stock

1,072,902

Newmark Group Inc.

Common Stock

1,882,116

Nexxen

Common Stock

4,120,904

NNN Reit Inc.

Common Stock

6,218,696

Noble Corporation

Common Stock

2,025,560

Nomad Foods Limited

Common Stock

2,718,292

Northwestern Energy Group Inc.

Common Stock

6,544,027

Novanta Inc.

Common Stock

16,311,892

Nutanix Inc.

Common Stock

1,998,242

Nuvalent Inc.

Common Stock

1,841,826

Oceanfirst Financial Corp.

Common Stock

1,790,612

Old Republic International Corp.

Common Stock

3,637,881

Omniab Inc.

Common Stock

2,347,873

Onto Innovation Inc.

Common Stock

3,204,494

Optimizerx Corp.

Common Stock

2,218,773

Optinose Inc.

Common Stock

419,645

Orasure Technologies Inc.

Common Stock

546,720

Oshkosh Corporation

Common Stock

1,047,600

OSI Systems Inc.

Common Stock

6,060,174

Ovintiv Inc.

Common Stock

3,115,836

Owens Corning

Common Stock

4,447,655

Pacira BioSciences Inc.

Common Stock

1,551,048

Table of Contents

Palomar Holdings Inc.

Common Stock

1,332,410

Pan American Silver Corp.

Common Stock

1,431,941

Park City Group, Inc.

Common Stock

11,587,502

Paymentus Holdings Inc.

Common Stock

1,410,267

Perimeter Solutions, Inc.

Common Stock

12,950,900

Perion Network Ltd.

Common Stock

520,576

Permian Res Corp.

Common Stock

5,703,904

Perrigo Company Limited

Common Stock

3,200,935

Piedmont Office Realty Trust

Common Stock

852,150

Piper Sandler Companies

Common Stock

6,311,086

Pliant Therapeutics Inc.

Common Stock

1,141,102

Polaris Inc.

Common Stock

1,035,090

Portland General Electric Co.

Common Stock

8,374,212

PrInceton Bancorp Inc.

Common Stock

1,129,240

Procore Technologies Inc.

Common Stock

11,890,878

Progress Software Corp.

Common Stock

3,935,705

Progress Software Corp.

Common Stock

2,558,179

Prosperity Bancshares Inc.

Common Stock

8,213,600

Provident Financial Services Inc.

Common Stock

3,856,061

PTC Therapeutics Inc.

Common Stock

1,510,783

Pulte Group Inc.

Common Stock

1,262,958

Quanex Building Products Corp.

Common Stock

2,508,450

Quidelortho Corporation

Common Stock

493,271

Quinstreet Inc.

Common Stock

1,733,119

Radius Recycling Inc.

Common Stock

804,670

Radware Ltd.

Common Stock

5,594,896

Rambus Inc.

Common Stock

3,261,855

RBC Bearings Incorporated

Common Stock

13,252,151

Red Rock Resorts Inc.

Common Stock

7,575,773

Regal Rexnord Corporation

Common Stock

2,650,791

Repligen Corp.

Common Stock

17,441,080

Revance Therapeutics Inc.

Common Stock

432,427

Rex American Resources Corp.

Common Stock

2,974,636

RH Inc.

Common Stock

1,911,980

Rhythm Pharmaceuticals Inc.

Common Stock

2,280,983

Rocket Lab USA Inc.

Common Stock

1,454,243

Rocket Pharmaceuticals Inc.

Common Stock

652,842

Rush Enterprises Inc.

Common Stock

7,905,398

RXO LLC

Common Stock

7,890,222

RxSight Inc.

Common Stock

7,082,928

Sabra Healthcare Reit Inc.

Common Stock

3,874,214

Saia Inc.

Common Stock

1,223,800

Sandy Spring Bancorp Inc.

Common Stock

4,140,792

Scholar Rock Holding Corporation

Common Stock

1,505,366

Science Applications International Corp.

Common Stock

2,614,962

ScPharmaceuticals Inc.

Common Stock

2,565,650

Seadrill Limited

Common Stock

1,967,104

Select Water Solutions Inc.

Common Stock

1,433,750

Selective Insurance Group Inc.

Common Stock

11,045,848

Table of Contents

Semtech Corp.

Common Stock

2,747,101

Septerna Inc.

Common Stock

748,098

ServiceTitan Inc.

Common Stock

4,692,684

Shake Shack Inc.

Common Stock

2,009,273

ShotSpotter, Inc.

Common Stock

3,864,371

Shutterstock Inc.

Common Stock

6,617,056

Silicom Ltd.

Common Stock

241,684

Silicon Motion Technology Corp.

Common Stock

3,336,671

Simpson Manufacturing Co, Inc.

Common Stock

7,877,352

SiteOne Landscape Supply Inc.

Common Stock

11,232,735

Sitime Corporation

Common Stock

1,430,829

Skyline Champion Corp.

Common Stock

3,832,157

Skyward Specialty Insurance Group Inc.

Common Stock

1,246,615

Sleep Number Corp.

Common Stock

646,219

Smith-Midland Corp.

Common Stock

1,362,461

Solarwinds Corp.

Common Stock

366,718

Sonos Inc.

Common Stock

1,468,635

Spectrum Brands Holdings Inc.

Common Stock

3,018,792

Sphere Entertainment Co.

Common Stock

1,677,600

Sportradar Group

Common Stock

1,207,651

Sprouts Farmers Market Inc.

Common Stock

5,450,063

SPS Commerce, Inc.

Common Stock

10,411,520

Spyre Therapeutics Inc.

Common Stock

1,069,863

Stag Industrial Inc.

Common Stock

6,294,931

Sterling Infrastructure Inc.

Common Stock

2,113,370

Stifel Financial Corp.

Common Stock

4,529,735

Stoneridge Inc.

Common Stock

23,265

Stride Inc.

Common Stock

8,009,553

Stride Inc.

Common Stock

13,388,690

Structure Therapeutics Inc.

Common Stock

1,287,991

Summit Hotel Properties Inc.

Common Stock

661,606

Supernus Pharmaceuticals Inc.

Common Stock

6,582,374

Sweetgreen Inc.

Common Stock

1,419,905

Tapestry Inc.

Common Stock

3,143,714

TechnipFMC

Common Stock

1,637,274

Techtarget Inc.

Common Stock

1,724,356

Teekay Tankers Ltd.

Common Stock

936,912

Terawulf Inc.

Common Stock

1,271,377

Tetra Tech Inc.

Common Stock

812,544

Tower Semiconductor Ltd.

Common Stock

3,647,194

Transmedics Group Inc.

Common Stock

1,205,362

Travere Therapeutics Inc.

Common Stock

2,777,199

Trupanion, Inc.

Common Stock

7,665,592

Trustco Bank Corp.

Common Stock

4,003,920

U-Haul Holding Company

Common Stock

1,845,090

Ultragenyx Pharmaceutical Inc.

Common Stock

1,813,155

Umb Financial Corp.

Common Stock

4,244,400

United Bankshares Inc.

Common Stock

8,618,610

United Community Bank

Common Stock

3,106,371

Table of Contents

United Fire Group Inc.

Common Stock

1,548,144

Universal Display Corp.

Common Stock

1,851,512

Upland Software Inc.

Common Stock

2,680,205

Upstart Holdings Inc.

Common Stock

2,332,374

Uranium Energy Corp.

Common Stock

2,355,505

Urban Outfitters Inc.

Common Stock

4,339,386

UroGen Pharma Ltd.

Common Stock

1,954,517

Utah Medical Products Inc.

Common Stock

3,310,706

Utz Brands Inc.

Common Stock

7,105,102

V2X Inc.

Common Stock

2,330,211

Valmont Inds Inc.

Common Stock

4,336,103

Valvoline Inc.

Common Stock

6,265,652

Varex Imaging Corp.

Common Stock

3,577,278

Varonis Systems Inc.

Common Stock

1,267,086

Vaxcyte Inc.

Common Stock

2,968,877

Veracyte Inc.

Common Stock

2,046,645

Verona Pharma

Common Stock

13,121,012

Vertex Inc.

Common Stock

2,118,039

Village Super Market Inc.

Common Stock

1,168,268

Viridian Therapeutics Inc.

Common Stock

3,341,907

Vishay Intertechnology Inc.

Common Stock

2,527,649

Visteon Corp.

Common Stock

2,416,725

Wafd Inc.

Common Stock

4,702,796

Warby Parker Inc.

Common Stock

4,656,666

Wave Life Sciences Ltd.

Common Stock

1,762,921

WD-40 Co.

Common Stock

6,979,660

Webster Financial Corp.

Common Stock

5,993,880

Western Alliance BanCorp.

Common Stock

13,275,400

Western Alliance Bancorporation

Common Stock

1,381,229

Willdan Group Inc.

Common Stock

2,776,138

Williams Sonoma Inc.

Common Stock

3,408,341

Wix.Com Ltd.

Common Stock

2,724,063

Wns Holdings Ltd.

Common Stock

7,369,600

Xenon Pharmaceuticals Inc.

Common Stock

3,501,768

Y-mAbs Therapeutics, Inc.

Common Stock

430,515

Ziff Davis Inc.

Common Stock

2,567,266

Zions BanCorp.

Common Stock

11,374,408

Total Other Common Stocks

1,790,065,839

Cash Equivalent

Bank of America, N.A. Merrill Lynch Bank Deposit

Cash Equivalent, 4.22%

19,368,827

Mutual Funds

PIMCO

All Asset Class Institutional Fund

1,014,166,854

iShares

Russell 2000 Value ETF

18,155,423

Total Mutual Funds

1,032,322,277

Government Securities

Abu Dhabi Crude Oil Pipeline LLC

$857,000 par, 4.6%, due November 2, 2047

752,551

Table of Contents

ADNOC Murban RSC Ltd.

$1,630,000 par, 5.13%, due September 11, 2054

1,479,251

ADNOC Murban RSC Ltd.

$5,808,000 par, 4.25%, due September 11, 2029

5,638,011

Airport Authority HK

$1,337,000 par, 5.13%, due January 15, 2035

1,346,368

Airport Authority HK

$4,672,000 par, 4.88%, due July 15, 2030

4,684,476

Bank Gospodarstwa Krajowego

$212,000 par, 6.25%, due July 9, 2054

208,556

California State Municipal Bond

$1,015,000 par, 7.3%, due October 1, 2039

1,148,204

Chile Electricity Lux

$1,446,000 par, 5.58%, due October 20, 2035

1,420,840

Comision Federal de Electricidad

$1,189,000 par, 6.45%, due January 24, 2035

1,119,249

Connecticut Avenue Securities Trust

$463,384 par, 6.05%, due July 25, 2043

465,686

FHLMC, Freddie Mac

$1,049,000 par, 6.25%, due July 15, 2032

1,164,918

FHLMC, Freddie Mac

$1,125,716 par, 6.00%, due September 1, 2054

1,139,523

FHLMC, Freddie Mac

$1,197,254 par, 3.50%, due March 1, 2048

1,074,942

FHLMC, Freddie Mac

$1,204,130 par, 5.00%, due June 1, 2054

1,169,444

FHLMC, Freddie Mac

$1,216,792 par, 2.00%, due August 1, 2051

951,959

FHLMC, Freddie Mac

$1,228,843 par, 4.50%, due May 1, 2054

1,157,510

FHLMC, Freddie Mac

$1,277,029 par, 5.00%, due June 1, 2054

1,240,393

FHLMC, Freddie Mac

$1,344,143 par, 4.50%, due September 1, 2050

1,283,098

FHLMC, Freddie Mac

$1,386,000 par, 5.44%, due January 25, 2045

1,386,340

FHLMC, Freddie Mac

$1,433,373 par, 2.00%, due August 1, 2035

1,284,313

FHLMC, Freddie Mac

$1,478,266 par, 2.00%, due December 1, 2051

1,166,387

FHLMC, Freddie Mac

$1,500,352 par, 3.00%, July 1, 2050

1,295,577

FHLMC, Freddie Mac

$1,563,915 par, 3.50%, due January 25, 2051

1,482,517

FHLMC, Freddie Mac

$1,577,842 par, 2.50%, due February 1, 2052

1,291,557

FHLMC, Freddie Mac

$1,727,378 par, Floating Rate, due February 25, 2044

1,731,086

FHLMC, Freddie Mac

$1,778,419 par, due May 25, 2044

1,784,158

FHLMC, Freddie Mac

$1,880,983 par, 2.00%, due February 1, 2051

1,469,568

FHLMC, Freddie Mac

$103,344 par, 2.50%, due November 21, 2051

84,525

FHLMC, Freddie Mac

$120,332 par, 4.00%, due August 1, 2048

111,580

FHLMC, Freddie Mac

$153,726 par, 6.85%, due March 25, 2052

155,984

FHLMC, Freddie Mac

$177,035 par, 3.00%, due May 1, 2037

165,671

FHLMC, Freddie Mac

$187,117 par, 2.50%, due June 1, 2050

154,401

FHLMC, Freddie Mac

$192,949 par, 3.00%, due December 1, 2049

166,782

FHLMC, Freddie Mac

$2,058,406 par, 2.00%, due August 1, 2050

1,618,311

FHLMC, Freddie Mac

$2,214,929 par, 3.00%, June 1, 2050

1,919,999

FHLMC, Freddie Mac

$2,269,583 par, 2.50%, due February 1, 2052

1,866,657

FHLMC, Freddie Mac

$2,284,780 par, 2.00%, due February 1, 2052

1,732,008

FHLMC, Freddie Mac

$2,287,599 par, 4.00%, due November 25, 2051

2,212,305

FHLMC, Freddie Mac

$2,341,516 par, 2.50%, due April 1, 2052

1,937,439

FHLMC, Freddie Mac

$2,354,572 par, 5.00%, due February 1, 2055

2,275,670

FHLMC, Freddie Mac

$2,376,444 par, 2.50%, due July 1, 2051

1,962,147

FHLMC, Freddie Mac

$2,392,490 par, 2.00%, due February 25, 2052

2,089,541

FHLMC, Freddie Mac

$2,420,418 par, 2.50%, due August 1, 2051

1,993,626

FHLMC, Freddie Mac

$2,505,771 par, 5.50%, due June 1, 2053

2,492,801

FHLMC, Freddie Mac

$2,511,841 par, 2.50%, due May 1, 2051

2,050,579

FHLMC, Freddie Mac

$2,695,158 par, 6.00%, due June 1, 2053

2,735,089

FHLMC, Freddie Mac

$2,730,202 par, 4.00%, due July 1, 2049

2,529,567

FHLMC, Freddie Mac

$2,961,749 par, 6.50%, due August 1, 2054

3,055,680

FHLMC, Freddie Mac

$224,028 par, 3.00%, due February 1, 2050

193,875

FHLMC, Freddie Mac

$247,516 par, 2.50%, due March 1, 2051

203,123

Table of Contents

FHLMC, Freddie Mac

$252,338 par, 2.50%, due July 1, 2035

231,613

FHLMC, Freddie Mac

$277,073 par, 3.00%, due September 1, 2050

239,521

FHLMC, Freddie Mac

$3,149,923 par, 2.50%, due November 1, 2051

2,606,462

FHLMC, Freddie Mac

$3,294,605 par, 2.00%, due May 1 ,2051

2,583,179

FHLMC, Freddie Mac

$3,350,733 par, 2.00%, due November 1, 2050

2,633,294

FHLMC, Freddie Mac

$3,392,695 par, 3.50%, due January 1, 2051

3,045,407

FHLMC, Freddie Mac

$3,450,986 par, 6.00%, due September 1, 2054

3,515,646

FHLMC, Freddie Mac

$317,660 par, 2.50%, due February 1, 2051

261,998

FHLMC, Freddie Mac

$339,553 par, 4.00%, due September 1, 2052

311,061

FHLMC, Freddie Mac

$374,154 par, 3.00%, due January 1, 2050

323,220

FHLMC, Freddie Mac

$377,225 par, 2.50%, due March 1, 2052

311,595

FHLMC, Freddie Mac

$387,241 par, 0.00%, due June 1, 2036

345,498

FHLMC, Freddie Mac

$388,184 par, 2.50%, due July 1, 2050

308,425

FHLMC, Freddie Mac

$398,566 par, 3.00%, due May 1, 2037

376,203

FHLMC, Freddie Mac

$398,609 par, 3.00%, November 1, 2049

344,552

FHLMC, Freddie Mac

$4,008,363 par, 4.00%, due May 1, 2052

3,672,614

FHLMC, Freddie Mac

$4,316,600 par, 5.50%, due February 1, 2053

4,276,541

FHLMC, Freddie Mac

$4,582,827 par, 3.50%, due September 25, 2044

4,339,844

FHLMC, Freddie Mac

$4,985,311 par, 2.00%, due November 1, 2051

3,901,921

FHLMC, Freddie Mac

$406,186 par, 5.65%, due February 25, 2042

407,075

FHLMC, Freddie Mac

$41,141 par, 3.00%, due February 1, 2050

35,541

FHLMC, Freddie Mac

$47,115 par, 5.15%, due October 25, 2041

47,102

FHLMC, Freddie Mac

$476,882 par, 2.00%, due December 31, 2049

445,832

FHLMC, Freddie Mac

$499,511 par, 2.00%, due January 1, 2037

446,887

FHLMC, Freddie Mac

$5,643,982 par, 2.00%, due February 1, 2052

4,453,202

FHLMC, Freddie Mac

$518,213 par, 3.50%, due March 1, 2048

465,902

FHLMC, Freddie Mac

$543,537 par, 3.50%, due October 15, 2053

523,565

FHLMC, Freddie Mac

$589,222 par, 2.00%, due June 1, 2036

525,706

FHLMC, Freddie Mac

$591,516 par, 2.50%, due December 1, 2035

544,712

FHLMC, Freddie Mac

$61,515 par, 3.50%, due October 1, 2047

55,385

FHLMC, Freddie Mac

$61,810 par, 2.50%, due August 1, 2050

50,948

FHLMC, Freddie Mac

$634,900 par, 3.00%, due January 1, 2050

548,867

FHLMC, Freddie Mac

$664,569 par, 3.00%, due April 1, 2050

573,994

FHLMC, Freddie Mac

$722,284 par, 2.00%, due December 1, 2050

567,520

FHLMC, Freddie Mac

$744,034 par, 2.00%, due September 1, 2051

582,792

FHLMC, Freddie Mac

$872,454 par, 2.50%, due December 1, 2050

718,000

FHLMC, Freddie Mac

$902,909 par, 1.50%, due June 1, 2037

780,760

FHLMC, Freddie Mac

$947,644 par, 4.00%, due August 1, 2052

867,835

FHLMC, Freddie Mac

$949,391 par, 2.50%, due December 1, 2051

781,240

FHLMC, Freddie Mac

$1,684,193 par, 4.76%, due October 25, 2034

1,666,698

FHLMC, Freddie Mac

$1,880,622 par, 4.46%, due August 25, 2031

1,846,822

FHLMC, Freddie Mac

$1,959,240 par, due July 25, 2033

1,913,684

FHLMC, Freddie Mac

$3,880,881 par, 4.90%, due October 25, 2033

3,889,443

FHLMC, Freddie Mac

$4,558,414 par, 5.00%, due May 25, 2034

4,596,704

FHLMC, Freddie Mac

$901,000 par, 3.51%, due March 1, 2029

864,365

FNMA, Fannie Mae

$1,032,240 par, 2.00%, due August 1, 2036

920,972

FNMA, Fannie Mae

$1,032,444 par, 1.50%, due November 1, 2036

897,764

FNMA, Fannie Mae

$1,069,445 par, 2.00%, due June 25, 2041

951,056

FNMA, Fannie Mae

$1,073,350 par, 3.00%, due March 1, 2037

1,006,487

FNMA, Fannie Mae

$1,083,892 par, 2.00%, due March 1, 2037

973,277

Table of Contents

FNMA, Fannie Mae

$1,129,546 par, 4.00%, due September 1, 2063

1,037,326

FNMA, Fannie Mae

$1,132,174 par, 3.00%, due November 1, 2049

978,980

FNMA, Fannie Mae

$1,177,972 par, 3.50%, due February 1, 2062

1,018,077

FNMA, Fannie Mae

$1,182,152 par, 4.00%, due December 1, 2052

1,087,418

FNMA, Fannie Mae

$1,243,654 par, 3.00%, due November 1, 2051

1,083,191

FNMA, Fannie Mae

$1,286,966 par, 2.00%, due June 25, 2046

1,114,037

FNMA, Fannie Mae

$1,307,594 par, 2.50%, due September 1, 2035

1,200,143

FNMA, Fannie Mae

$1,351,636 par, 3.00%, due December 1, 2049

1,167,493

FNMA, Fannie Mae

$1,402,653 par, 2.00%, due June 1, 2050

1,103,415

FNMA, Fannie Mae

$1,469,412 par, 2.50%, due July 1, 2036

1,352,388

FNMA, Fannie Mae

$1,471,080 par, 2.50%, due February 1, 2051

1,200,800

FNMA, Fannie Mae

$1,505,744 par, 5.00%, due March 1, 2062

1,466,409

FNMA, Fannie Mae

$1,545,649 par, 5.50%, due September 1, 2054

1,531,280

FNMA, Fannie Mae

$1,586,220 par, 6.00%, due February 1, 2055

1,602,571

FNMA, Fannie Mae

$1,668,715 par, 3.00%, due November 1, 2051

1,422,165

FNMA, Fannie Mae

$1,676,357 par, 3.00%, due February 1, 2050

1,429,473

FNMA, Fannie Mae

$1,699,121 par, 2.00%, due February 1, 2051

1,332,627

FNMA, Fannie Mae

$1,716,260 par, 2.50%, due August 1, 2050

1,416,172

FNMA, Fannie Mae

$1,722,908 par, 3.00%, due September 1, 2050

1,484,067

FNMA, Fannie Mae

$1,727,113 par, 4.00%, due June 1, 2048

1,601,503

FNMA, Fannie Mae

$1,727,755 par, 2.00%, due February 1, 2052

1,363,364

FNMA, Fannie Mae

$1,742,731 par, 4.00%, due June 1, 2052

1,623,009

FNMA, Fannie Mae

$1,838,693 par, 2.5%, due April 1, 2042

1,568,569

FNMA, Fannie Mae

$1,838,730 par, 3.50%, due May 1, 2052

1,636,730

FNMA, Fannie Mae

$1,842,215 par, 3.00%, due July 1, 2051

1,567,770

FNMA, Fannie Mae

$1,851,738 par, 1.50%, due May 1, 2037

1,601,227

FNMA, Fannie Mae

$1,889,057 par, 2.00%, due April 1, 2042

1,566,168

FNMA, Fannie Mae

$1,906,070 par, 3.50%, due May 1, 2052

1,696,090

FNMA, Fannie Mae

$102,234 par, 2.00%, due March 1, 2052

80,365

FNMA, Fannie Mae

$102,284 par, 3.00%, due May 1, 2050

88,664

FNMA, Fannie Mae

$106,553 par, 3.00%, due November 1, 2050

92,015

FNMA, Fannie Mae

$114,614 par, 2.00%, due September 1, 2050

89,897

FNMA, Fannie Mae

$127,275 par, 3.00%, due December 1, 2049

110,172

FNMA, Fannie Mae

$133,219 par, 2.00%, due September 1, 2035

119,363

FNMA, Fannie Mae

$168,564 par, 2.00%, due March 1, 2037

150,792

FNMA, Fannie Mae

$174,445 par, 2.50%, due December 1, 2050

143,459

FNMA, Fannie Mae

$177,473 par, 2.50%, due September 1, 2051

141,492

FNMA, Fannie Mae

$179,496 par, 3.00%, due May 1, 2036

169,869

FNMA, Fannie Mae

$185,034 par, 3.00%, due December 1, 2049

159,882

FNMA, Fannie Mae

$19,600 par, 4.50%, due January 1, 2030

19,494

FNMA, Fannie Mae

$192,136 par, 3.00%, due October 1, 2035

180,008

FNMA, Fannie Mae

$2,056,167 par, 2.50%, due December 1, 2034

1,892,166

FNMA, Fannie Mae

$2,075,043 par, 2.00%, due August 1, 2051

1,620,698

FNMA, Fannie Mae

$2,119,947 par, 2.50%, due December 1, 2051

1,744,873

FNMA, Fannie Mae

$2,126,031 par, 2.00%, due June 1, 2041

1,775,986

FNMA, Fannie Mae

$2,141,903 par, 3.00%, due February 1, 2051

1,822,840

Table of Contents

FNMA, Fannie Mae

$2,240,783 par, 3.00%, due February 1, 2050

1,935,735

FNMA, Fannie Mae

$2,254,398 par, 1.50%, due August 1, 2036

1,956,134

FNMA, Fannie Mae

$2,347,444 par, 2.50%, due September 1, 2050

1,873,748

FNMA, Fannie Mae

$2,356,923 par, 2.00%, due May 1, 2036

2,098,484

FNMA, Fannie Mae

$2,423,272 par, 2.50%, due September 1, 2050

1,993,551

FNMA, Fannie Mae

$2,423,516 par, 5.00%, due February 1, 2053

2,347,108

FNMA, Fannie Mae

$2,458,041 par, 5.50%, due February 1, 2053

2,445,638

FNMA, Fannie Mae

$2,498,527 par, 2.50%, due November 1, 2036

2,280,805

FNMA, Fannie Mae

$2,499,516 par, 4.50%, due April 1, 2056

2,374,969

FNMA, Fannie Mae

$2,499,694 par, 1.50%, due December 1, 2050

1,849,573

FNMA, Fannie Mae

$2,575,000 par, 5.5%

2,542,949

FNMA, Fannie Mae

$2,579,428 par, 2.00%, due February 1, 2052

2,011,497

FNMA, Fannie Mae

$2,590,767 par, 4.50%, due October 1, 2052

2,450,727

FNMA, Fannie Mae

$2,601,694 par, 2.00%, due November 1, 2051

2,038,102

FNMA, Fannie Mae

$2,685,252 par, 5.50%, due March 1, 2053

2,665,966

FNMA, Fannie Mae

$2,760,647 par, 3.50%, due January 1, 2058

2,489,863

FNMA, Fannie Mae

$2,779,121 par, 2.50%, due August 1, 2051

2,296,611

FNMA, Fannie Mae

$201,834 par, 3.00%, due February 1, 2050

172,110

FNMA, Fannie Mae

$203,222 par, 2.50%, due October 1, 2034

186,817

FNMA, Fannie Mae

$209,081 par, 2.00%, due May 1, 2051

158,511

FNMA, Fannie Mae

$214,497 par, 3.00%, due July 1, 2049

185,807

FNMA, Fannie Mae

$248,142 par, 2.00%, due October 1, 2041

206,807

FNMA, Fannie Mae

$272,837 par, 3.50%, due January 1, 2048

244,969

FNMA, Fannie Mae

$298,579 par, 2.50%, due February 1, 2052

245,257

FNMA, Fannie Mae

$3,011,974 par, 3.50%, due December 1, 2062

2,640,438

FNMA, Fannie Mae

$3,015,080 par, 3.50%, due August 1, 2052

2,730,526

FNMA, Fannie Mae

$3,139,423 par, 4.50%, due August 1, 2052

2,960,281

FNMA, Fannie Mae

$3,196,468 par, 3.50%, due June 1, 2052

2,850,616

FNMA, Fannie Mae

$3,408,298 par, 2.00%, due December 1, 2050

2,678,533

FNMA, Fannie Mae

$3,415,060 par, 2.00%, due November 1, 2051

2,671,524

FNMA, Fannie Mae

$3,524,182 par, 2.50%, due March 1, 2052

2,882,176

FNMA, Fannie Mae

$3,526,415 par, 2.00%, due February 1, 2037

3,154,621

FNMA, Fannie Mae

$3,610,000 par, 7.00%

3,756,429

FNMA, Fannie Mae

$3,831,326 par, 4.00%, due June 1, 2052

3,509,992

FNMA, Fannie Mae

$3,847,730 par, 2.50%, due April 1, 2052

3,147,975

FNMA, Fannie Mae

$3,961,820 par, 2.00%, due September 1, 2051

3,104,184

FNMA, Fannie Mae

$3,970,000 par, 2.50%

3,235,142

FNMA, Fannie Mae

$308,176 par, 1.50%, due September 1, 2036

266,484

FNMA, Fannie Mae

$312,072 par, 2.50%, due August 1, 2051

257,621

FNMA, Fannie Mae

$341,932 par, 3.00%, due July 1, 2050

296,401

FNMA, Fannie Mae

$361,313 par, 2.00%, due November 1, 2050

284,008

FNMA, Fannie Mae

$362,139 par, 2.00%, due April 1, 2036

322,574

FNMA, Fannie Mae

$367,381 par, due January 25, 2044

367,480

FNMA, Fannie Mae

$373,971 par, 3.00%, due July 1, 2051

320,590

FNMA, Fannie Mae

$377,520 par, 2.50%, due September 1, 2052

309,465

FNMA, Fannie Mae

$390,995 par, 3.00%, due January 1, 2050

337,708

FNMA, Fannie Mae

$397,705 par, 2.00%, due October 1, 2050

312,613

FNMA, Fannie Mae

$4,056,178 par, 2.50%, due June 1, 2051

3,334,550

Table of Contents

FNMA, Fannie Mae

$4,280,000 par, 5.00%

4,132,721

FNMA, Fannie Mae

$4,363,242 par, 6.00%, due July 1, 2054

4,400,298

FNMA, Fannie Mae

$4,425,000 par, 6.00%

4,455,065

FNMA, Fannie Mae

$4,788,731 par, 5.50%, due January 1, 2055

4,752,535

FNMA, Fannie Mae

$4,800,525 par, 5.00%, due March 1, 2053

4,648,188

FNMA, Fannie Mae

$4,840,000 par, 4.50%

4,554,516

FNMA, Fannie Mae

$4,959,211 par, 2.50%, due June 1, 2051

4,065,223

FNMA, Fannie Mae

$4,995,000 par, 4.00%

4,567,303

FNMA, Fannie Mae

$489,107 par, 3.00%, due May 1, 2050

422,304

FNMA, Fannie Mae

$5,150,000 par, 3.50%

4,556,543

FNMA, Fannie Mae

$5,451,243 par, 2.00%, due January 1, 2052

4,287,975

FNMA, Fannie Mae

$501,099 par, 2.50%, due August 1, 2035

459,942

FNMA, Fannie Mae

$509,020 par, 3.00%, due October 1, 2051

397,104

FNMA, Fannie Mae

$534,093 par, 3.00%, due October 1, 2034

506,124

FNMA, Fannie Mae

$539,645 par, 2.00%, due October 1, 2051

425,921

FNMA, Fannie Mae

$559,238 par, 3.00%, due September 1, 2050

484,770

FNMA, Fannie Mae

$581,584 par, 3.00%, due August 1, 2050

499,091

FNMA, Fannie Mae

$6,060,000 par, 6.50%

6,212,681

FNMA, Fannie Mae

$600,866 par, 3.00%, due August 1, 2034

567,188

FNMA, Fannie Mae

$610,000 par, 3.00%

568,835

FNMA, Fannie Mae

$62,704 par, 3.50%, due June 1, 2047

56,397

FNMA, Fannie Mae

$636,325 par, 2.00%, due October 1, 2051

498,189

FNMA, Fannie Mae

$649,691 par, 3.50%, due October 1, 2048

583,287

FNMA, Fannie Mae

$676,221 par, 3.00%, due July 1, 2049

585,633

FNMA, Fannie Mae

$691,192 par, 3.00% due March 1, 2050

597,099

FNMA, Fannie Mae

$7,023,982 par, 1.50%, due January 1, 2051

5,199,498

FNMA, Fannie Mae

$7,310,000 par, 2.00%

5,689,236

FNMA, Fannie Mae

$7,331,415 par, 2.00%, due January 1, 2051

5,726,439

FNMA, Fannie Mae

$703,912 par, 2.50%, due March 1, 2052

576,906

FNMA, Fannie Mae

$735,000 par, 2.00%

653,223

FNMA, Fannie Mae

$74,745 par, 4.00%, due April 25, 2041

74,436

FNMA, Fannie Mae

$749,145 par, 3.00%, due November 1, 2049

647,316

FNMA, Fannie Mae

$754,212 par, 6.00%, due June 1, 2054

762,091

FNMA, Fannie Mae

$760,793 par, due December 25, 2041

760,561

FNMA, Fannie Mae

$8,925,000 par, 3.00%

7,589,258

FNMA, Fannie Mae

$850,632 par, 4.50%, due July 1, 2048

812,382

FNMA, Fannie Mae

$891,971 par, 2.50%, due August 1, 2035

818,706

FNMA, Fannie Mae

$992,494 par, Floating Rate, due June 25, 2043

1,002,112

GNMA, Ginnie Mae

$1,030,000 par, 4.5%

973,994

GNMA, Ginnie Mae

$1,032,975 par, 4.00%, due July 20, 2047

966,299

GNMA, Ginnie Mae

$1,081,959 par, 3.5%, due April 20, 2048

979,026

GNMA, Ginnie Mae

$1,113,663 par, 2.5%, due December 20, 2050

932,797

GNMA, Ginnie Mae

$1,117,799 par, 4.00%, due November 20, 2052

1,029,714

GNMA, Ginnie Mae

$1,154,624 par, 3.00%, due October 20, 2051

1,005,739

GNMA, Ginnie Mae

$1,172,672 par, 3.5%, due May 20, 2046

1,062,669

GNMA, Ginnie Mae

$1,186,453 par, 3.00%, due September 20, 2051

1,033,404

GNMA, Ginnie Mae

$1,251,279 par, 4.00%, due August 20, 2045

1,178,813

GNMA, Ginnie Mae

$1,285,000 par, 2.5%

1,074,249

GNMA, Ginnie Mae

$1,317,670 par, 3.00%, due May 20, 2051

1,149,627

GNMA, Ginnie Mae

$1,330,000 par, 2.00%

1,065,039

GNMA, Ginnie Mae

$1,447,975 par, 3.00%, due July 20, 2051

1,261,576

Table of Contents

GNMA, Ginnie Mae

$1,491,019 par, 3.5%, due February 20, 2046

1,352,696

GNMA, Ginnie Mae

$1,535,000 par, 3.5%

1,373,465

GNMA, Ginnie Mae

$1,634,177 par, 3.00%, due November 20, 2049

1,430,813

GNMA, Ginnie Mae

$1,906,045 par, 2.00%, due October 20, 2050

1,484,021

GNMA, Ginnie Mae

$1,966,048 par, 3.00%, due October 20, 2049

1,723,005

GNMA, Ginnie Mae

$1,973,188 par, 3.00%, due January 20, 2050

1,726,620

GNMA, Ginnie Mae

$106,477 par, 4.00%, due May 20, 2047

99,498

GNMA, Ginnie Mae

$141,842 par, 3.00%, due April 20, 2049

125,124

GNMA, Ginnie Mae

$159,553 par, 3.5%, due March 20, 2047

144,544

GNMA, Ginnie Mae

$16,582 par, 3.50%, due September 20, 2046

15,022

GNMA, Ginnie Mae

$2,570,653 par, 2.00%, due December 20, 2051

2,060,122

GNMA, Ginnie Mae

$2,632,493 par, 3.00%, due August 20, 2051

2,292,909

GNMA, Ginnie Mae

$2,661,155 par, 2.5%, due September 20, 2051

2,226,582

GNMA, Ginnie Mae

$294,510 par, 2.5%, due January 20, 2051

246,525

GNMA, Ginnie Mae

$3,595,000 par

3,625,333

GNMA, Ginnie Mae

$3,762,583 par, 2.00%, due January 20, 2052

3,014,792

GNMA, Ginnie Mae

$3,829,051 par, 2.00%, due October 20, 2051

3,068,636

GNMA, Ginnie Mae

$3,962,036 par, 2.00%, due November 20, 2051

3,175,201

GNMA, Ginnie Mae

$364,084 par, 3.5%, due November 20, 2047

329,830

GNMA, Ginnie Mae

$378,042 par, 4.00%, due June 20, 2047

353,855

GNMA, Ginnie Mae

$378,721 par, 4.00%, due December 20, 2047

353,530

GNMA, Ginnie Mae

$4,014,629 par, 2.5%, due December 20, 2051

3,359,030

GNMA, Ginnie Mae

$4,069,501 par, 2.5%, due February 20, 2051

3,404,942

GNMA, Ginnie Mae

$4,160,000 par

4,238,844

GNMA, Ginnie Mae

$4,506,807 par, 4.5%, due January 20, 2053

4,268,117

GNMA, Ginnie Mae

$4,580,000 par, 4.00%

4,217,178

GNMA, Ginnie Mae

$404,383 par, 4.00%, due July 20, 2045

380,490

GNMA, Ginnie Mae

$408,780 par, 4.00%, due September 20, 2047

382,003

GNMA, Ginnie Mae

$412,354 par, 4.00%, due January 20, 2048

384,558

GNMA, Ginnie Mae

$460,872 par, 3.5%, due April 20, 2046

417,759

GNMA, Ginnie Mae

$5,251,699 par, 2.5%, due November 20, 2051

4,394,084

GNMA, Ginnie Mae

$502,346 par, 3.00%, due July 20, 2049

441,141

GNMA, Ginnie Mae

$508,342 par, 3.5%, due December 20, 2047

459,572

GNMA, Ginnie Mae

$61,551 par, 3.5%, due August 20, 2046

55,761

GNMA, Ginnie Mae

$7,050,000 par, 5.00%

6,850,617

GNMA, Ginnie Mae

$7,815,000 par, 5.5%

7,758,830

GNMA, Ginnie Mae

$71,197 par, 3.5%, due August 20, 2047

64,421

GNMA, Ginnie Mae

$759,204 par, 3.5%, due March 20, 2046

691,078

GNMA, Ginnie Mae

$765,000 par, 3.00%

665,688

GNMA, Ginnie Mae

$80,286 par, 3.5%, due April 20, 2047

72,733

GNMA, Ginnie Mae

$80,604 par, 3.00%, due October 20, 2047

71,025

GNMA, Ginnie Mae

$843,910 par, 3.5%, due July 20, 2047

764,516

GNMA, Ginnie Mae

$854,324 par, 3.5%, due May 20, 2047

773,956

GNMA, Ginnie Mae

$942,955 par, 4.50%, due May 20, 2053

892,721

GNMA, Ginnie Mae

$993,562 par, 3.5%, due February 20, 2047

900,099

Idaho Energy Resources Authority Transmission Facilities

$1,035,000 par, 2.86%, due September 1, 2046

717,366

Illinois State Taxable Pension

$12,908,235 par, 5.1%, due June 1, 2033

12,750,047

Korea Housing Finance Co.

$904,000 par, 5.13%, due January 21, 2030

911,713

New York

$460,000 par, 5.11%, due October 1, 2054

434,881

New York

$675,000 par, 5.09%, due October 1, 2049

640,536

Table of Contents

Panama Republic

$1,454,000 par, 4.5%, due January 19, 2063

869,488

PT Freeport Indonesia

$1,054,000 par, 5.32%, due April 14, 2032

1,037,067

Republic of Panama

$940,000 par, 6.40%, due February 14, 2035

867,671

Saudi Arabia

$2,558,000 par, 0.00%, due January 13, 2031

2,579,042

Saudi Arabian Oil Co.

$948,000 par, 5.75%, due July 17, 2054

886,380

Saudi International Bond

$1,312,000 par, 5.63%, due January 13, 2035

1,325,319

Tennessee Valley Authority

$1,924,000 par, 0.75%, due May 15, 2025

1,904,505

Texas Natural Gas Securitization Finance Corp.

$2,519,000 par, 5.17%, due April 1, 2041

2,488,130

Texas Natural Gas Securitization Finance Corp.

$4,485,296 par, 0.00%, due April 1, 2035

4,511,075

The United Mexican States

$616,000 par, 6.34%, due May 4, 2053

549,371

U.S. Treasury

$1,537,000 par, 3.5%, due April 30, 2028

1,501,757

U.S. Treasury

$10,625,000 par, 2.0%, due November 15, 2041

7,173,950

U.S. Treasury

$10,870,000 par, 4.00%, due July 31, 2029

10,727,331

U.S. Treasury

$11,098,000 par, 4.13%, due October 31, 2029

10,999,592

U.S. Treasury

$11,132,000 par, 4.13%, due November 30, 2029

11,034,595

U.S. Treasury

$11,268,000 par, 4.13%, due March 31, 2029

11,184,370

U.S. Treasury

$11,306,000 par, 4.00%, due February 29, 2028

11,225,621

U.S. Treasury

$11,316,000 par, 3.63%, due August 31, 2029

10,989,781

U.S. Treasury

$11,798,000 par, 4.38%, due August 31, 2028

11,831,182

U.S. Treasury

$12,819,000 par, 4.63%, due April 30, 2029

12,968,722

U.S. Treasury

$13,223,000 par, 3.62%, due May 31, 2028

12,960,606

U.S. Treasury

$13,437,000 par, 4.25%, due August 15, 2054

12,250,765

U.S. Treasury

$15,069,000 par, 4.50%, due May 31, 2029

15,173,777

U.S. Treasury

$15,160,000 par, 4.25%, due January 15, 2028

15,163,553

U.S. Treasury

$2,521,000 par, 1.75%, due August 15, 2041

1,641,604

U.S. Treasury

$20,126,000 par, 4.25%, due November 15, 2034

19,657,442

U.S. Treasury

$23,694,000 par, 4.38%, due December 31, 2029

23,736,575

U.S. Treasury

$23,749,000 par, 4.63%, due November 15, 2044

23,055,084

U.S. Treasury

$3,436,000 par, 3.00%, due August 15, 2052

2,465,330

U.S. Treasury

$3,609,000 par, 3.50%, due September 30, 2029

3,483,390

U.S. Treasury

$3,794,000 par, 4.00%, due June 30, 2028

3,762,285

U.S. Treasury

$3,982,000 par, 2.88%, due May 15, 2052

2,784,445

U.S. Treasury

$30,667,000 par, 4.38%, due January 31, 2030

30,556,790

U.S. Treasury

$370,000 par, 4.25%, due December 31, 2026

370,246

U.S. Treasury

$4,093,000 par, 3.88%, due February 15, 2043

3,622,945

U.S. Treasury

$4,301,000 par, 2.0%, due August 15, 2051

2,460,474

U.S. Treasury

$4,391,000 par, 4.38%, due August 15, 2043

4,144,349

U.S. Treasury

$5,218,000 par, 3.63%, due February 15, 2053

4,243,498

U.S. Treasury

$5,576,000 par, 4.63%, due May 15, 2044

5,418,304

U.S. Treasury

$5,723,000 par, 2.25%, due May 15, 2041

4,079,202

U.S. Treasury

$5,726,000 par, 4.13%, due August 15, 2044

5,194,556

U.S. Treasury

$5,930,000 par, 3.75%, due December 31, 2028

5,811,863

U.S. Treasury

$5,957,000 par, 3.38%, due August 15, 2042

4,937,096

U.S. Treasury

$558,000 par, 4.50%, due December 31, 2031

559,831

U.S. Treasury

$6,028,000 par, 3.63%, due May 15, 2053

4,903,401

Table of Contents

U.S. Treasury

$6,178,000 par, 4.75%, due November 15, 2043

6,116,944

U.S. Treasury

$6,320,000 par, 4.38%, due November 30, 2028

6,335,800

U.S. Treasury

$6,557,000 par, 3.25%, due May 15, 2042

5,352,151

U.S. Treasury

$6,566,000 par, 4.75%, due November 15, 2053

6,489,055

U.S. Treasury

$6,575,000 par, 4.25%, due February 28, 2029

6,559,076

U.S. Treasury

$6,600,000 par, 4.13%, due August 15, 2053

5,878,125

U.S. Treasury

$6,974,000 par, 4.50%, due February 15, 2044

6,671,884

U.S. Treasury

$7,013,000 par, 4.75%, due May 15, 2054

6,804,802

U.S. Treasury

$7,079,000 par, 4.25%, due February 15, 2054

6,447,420

U.S. Treasury

$7,117,000 par, 4.88%, due October 31, 2028

7,257,672

U.S. Treasury

$7,308,000 par, 3.13%, due May 15, 2048

5,491,848

U.S. Treasury

$743,000 par, 4.25%, due January 31, 2027

741,897

U.S. Treasury

$8,253,000 par, 4.00%, due November 15, 2042

7,446,721

U.S. Treasury

$8,878,000 par, 4.63%, due September 30, 2028

8,977,184

U.S. Treasury

$9,239,000 par, 4.13%, due July 31, 2028

9,194,609

U.S. Treasury

$9,432,000 par, 4.25%, due June 30, 2029

9,402,893

U.S. Treasury

$9,914,000 par, 2.38%, due Februrary 15, 2042

7,090,446

United Mexican States

$1,076,000 par, 7.38%, due May 13, 2055

1,084,274

United Mexican States

$787,000 par, 6.88%, due May 13, 2037

791,200

Wisconsin Treasury Security

$4,145,000 par, 3.85%, due May 15, 2043

3,660,391

Total Government Securities

913,843,362

Corporate Bonds

6297782 LLC

$626,000 par, 5.03%, due October 1, 2029

615,940

6297782 LLC

$957,000 par, 6.18%, due October 1, 2054

909,964

Abbvie, Inc.

$1,799,000 par, 5.4%, due March 15, 2054

1,735,558

AerCap Ireland Capital DAC

$2,687,000 par, 5.38%, due December 15, 2031

2,684,461

Aker BP ASA

$3,304,000 par, 3.75%, due January 15, 2030

3,081,577

Alabama Power Company

$624,000 par, 3.45%, due October 1, 2049

437,160

Alta Energy Ltd.

$880,000 par, 8.13%, due September 15, 2030

985,833

Amerada Hess Corp.

$1,876,000 par, 7.88%, due October 1, 2029

2,085,576

Ameren Corp.

$1,080,000 par, 4.3%, due December 1, 2028

1,057,283

Ameren Corp.

$2,228,000 par, 5.70%, due December 1, 2026

2,264,162

American Electric Power

$1,694,000 par, 5.70% due August 15, 2025

1,701,225

American Honda Motor Co.

$933,000 par, 4.85%, due October 23, 2031

917,113

AMGEN Inc.

$363,000 par, 5.60%, due March 1, 2043

355,897

Anglo American Capital Plc

$2,502,000 par, 5.75%, due April 5, 2034

2,520,799

ArcelorMittal S.A.

$965,000 par, 6.35%, due June 17, 2054

963,058

AT&T Inc.

$1,872,000 par, 2.55%, due December 1, 2033

1,511,121

AT&T Inc.

$3,280,000 par, 3.50%, due September 15, 2053

2,215,052

Athene Holding Ltd.

$1,379,000 par, 6.25%, due April 1, 2054

1,383,007

B.A.T. Capital Corp.

$375,000 par, 4.54%, due August 15, 2047

299,207

B.A.T. Capital Corp.

$915,000 par, 4.76%, due September 6, 2049

747,871

Bank of America Corp.

$1,100,000 par, 5.51%, due January 24, 2036

1,106,097

Bank of America Corp.

$1,754,000 par, 4.08%, due April 23, 2040

1,503,167

Table of Contents

Bank of America Corp.

$4,969,000 par, 3.19%, due July 23, 2030

4,603,705

Blue Owl Finance LLC

$1,725,000 par, 6.25%, due April 18, 2034

1,772,332

BNP Paribas

$2,979,000 par, 5.28%, due November 19, 2030

2,968,564

Canadian Natural Resources Limited

$1,534,000 par, 2.95%, due July 15, 2030

1,370,306

Canadian Natural Resources Limited

$1,538,000 par, 5.4%, due December 15, 2034

1,486,827

Canadian Natural Resources Limited

$1,780,000 par, 3.9%, due February 1, 2025

1,780,000

Canadian Natural Resources Limited

$5,120,000 par, 5.00%, due December 15, 2029

5,059,205

CenterPoint Energy, Inc.

$687,000 par, 5.4%, due June 1, 2029

694,856

Charter Communications Operating LLC

$462,000 par, 5.25%, due April 1, 2053

372,740

Charter Communications Operating LLC

$699,000 par, 3.9%, due June 1, 2052

449,277

Charter Communications, Inc.

$457,000 par, 5.75%, due April 1, 2048

395,429

Citadel Ltd. Partnership

$1,252,000 par, 6.00%, due January 23, 2030

1,265,458

Citadel Ltd. Partnership

$648,000 par, 6.38%, due January 23, 2032

658,972

CK Hutchinson International 24 II Ltd.

$1,585,000 par, 4.38%, due March 13, 2030

1,553,643

CK Hutchison International Ltd.

$212,000 par, 3.13%, due April 15, 2041

160,002

Columbia University

$1,967,000 par, 4.36%, due October 1, 2035

1,860,242

Comcast Corp.

$754,000 par, 5.65%, due June 1, 2054

724,392

Constellation Energy Generation LLC

$1,358,000 par, 6.5%, due October 1, 2053

1,424,357

CRH America Finance, Inc.

$1,089,000 par, 5.5%, due January 9, 2035

1,095,739

CRH SMW Finance DAC

$2,203,000 par, 5.13%, due January 9, 2030

2,212,295

CVS Health Corp.

$2,173,000 par, 6.00%, due June 1, 2044

2,085,169

CVS Health Corp.

$396,000 par, 4.78%, due March 25, 2038

347,827

Daimler Truck Financial

$2,837,000 par, 5.25%, due January 13, 2030

2,843,916

Danske Bank A/S

$1,927,000 par, 4.61%, due October 2, 2030

1,877,872

Danske Bank A/S

$3,796,000 par, 5.71%, due March 1, 2030

3,870,070

Deere & Co.

$4,764,000 par, 5.45%, due January 16, 2035

4,858,406

Diamondback Energy Inc.

$669,000 par, 5.9%, due April 18, 2064

628,128

DPL Inc.

$1,802,000 par, 4.13%, due July 1, 2025

1,796,063

DPL Inc.

$720,000 par, 4.35%, due April 15, 2029

671,276

Duke Energy Florida LLC

$2,415,000 par, 6.20%, due November 15, 2053

2,529,600

Elevance Health Inc.

$2,543,000 par, 5.7%, due February 15, 2055

2,447,922

Enbridge Inc.

$3,354,000 par, 3.7%, due July 15, 2027

3,277,213

Enbridge Inc.

$885,000 par, 5.25%, due April 5, 2027

894,549

Encana Corp.

$1,060,000 par, 6.5%, due February 1, 2038

1,079,387

Enel Finance America LLC

$397,000 par, 2.88%, due July 12, 2041

269,535

Enel Finance International N.V.

$3,946,000 par, 5.13%, due June 26, 2029

3,948,483

Enel Finance International N.V.

$5,793,000 par, 3.63%, due May 25, 2027

5,637,135

Enel Finance International N.V.

$756,000 par, 3.50%, due April 6, 2028

723,702

Energy Transfer L.P.

$1,488,000 par, 6.05%, due September 1, 2054

1,450,014

Energy Transfer LP

$1,637,000 par, 5.95%, due May 15, 2054

1,575,027

Enlink Midstream LLC

$3,514,000 par, 5.63%, due January 15, 2028

3,551,976

Enlink Midstream LLC

$5,120,000 par, 4.85%, due July 15, 2026

5,101,194

Enlink Midstream LLC

$5,529,000 par, 6.5%, due September 1, 2030

5,817,048

Equitable Financial Life

$2,756,000 par, 4.88%, due November 19, 2027

2,759,088

Eversource Energy, Inc.

$1,082,000 par, 4.75%, due May 15, 2026

1,081,515

Eversource Energy, Inc.

$3,528,000 par, 5.95%, due February 1, 2029

3,634,807

FirstEnergy Corp.

$433,000 par, 3.40%, due March 1, 2050

290,108

FirstEnergy Transmission LLC

$389,000 par, 5.45%, due July 15, 2044

371,353

FirstEnergy Transmission LLC

$681,000 par, 2.87%, due September 15, 2028

635,304

Ford Motor Credit Co. LLC

$1,256,000 par, 5.88%, due November 7, 2029

1,258,031

Table of Contents

Ford Motor Credit Co. LLC

$2,012,000 par, 6.13%, due March 8, 2034

1,971,113

GA Global Funding Trust

$1,434,000 par, 4.4%, due September 23, 2027

1,413,431

GA Global Funding Trust

$1,703,000 par, 5.2%, due December 9, 2031

1,666,348

General Electric Co.

$1,479,000 par, 3.63%, due August 1, 2027

1,428,058

General Motors Co.

$1,500,000 par, 5.00%, due April 1, 2035

1,399,747

Georgia Power Co.

$2,391,000 par, 4.3%, due March 15, 2042

2,026,605

Georgia Power Co.

$715,000 par, 4.55%, due March 15, 2030

702,981

Glencore FDG LLC

$3,590,000 par, 5.34%, due April 4, 2027

3,628,655

Glencore FDG LLC

$4,535,000 par, 4.00%, due March 27, 2027

4,461,335

Glencore Funding LLC

$957,000 par, 6.38%, due October 6, 2030

1,008,119

Goldman Sachs Bank USA

$3,310,000 par, 5.41%, due May 21, 2027

3,338,856

Goldman Sachs Group Inc.

$1,410,000 par, 5.54%, due January 28, 2036

1,408,886

Goldman Sachs Group Inc.

$1,595,000 par, 1.54%, due September 10, 2027

1,513,805

Goldman Sachs Group Inc.

$1,869,000 par, 5.73%, due April 25, 2030

1,909,748

Goldman Sachs Group Inc.

$2,324,000 par, 5.73%, due January 28, 2056

2,313,209

Hess Corp.

$3,289,000 par, 4.30%, due April 1, 2027

3,255,502

HSBC Holdings

$4,127,000 par, 5.45%, due November 19, 2030

4,123,003

Huntington Bancshares Inc.

$1,186,000 par, 5.27%, due January 15, 2031

1,188,444

Huntington Bancshares Inc.

$1,987,000 par, 5.71%, due February 2, 2035

1,988,593

Hyundai Capital America

$4,059,000 par, 6.10%, due September 21, 2028

4,193,369

Intel Corp.

$836,000 par, 4.9%, due August 5, 2052

660,631

JBS USA Food Co.

$1,719,000 par, 7.25%, due November 15, 2053

1,908,449

JPMorgan Chase & Co.

$1,215,000 par, 5.30%, due July 24, 2029

1,230,660

JPMorgan Chase & Co.

$1,775,000 par, 5.53%, due November 29, 2045

1,743,157

JPMorgan Chase & Co.

$4,060,000 par, 5.58%, due April 22, 2030

4,145,938

JPMorgan Chase & Co.

$4,215,000 par, 4.92%, due January 24, 2029

4,219,604

Kinder Morgan

$2,618,000 par, 5.5%, due March 1, 2044

2,430,465

Kroger Co.

$910,000 par, 5.65%, due September 15, 2064

852,448

Lloyds Banking Group Plc

$2,500,000 par, 5.46%, due January 5, 2028

2,523,574

M&T Bank Corp.

$2,841,000 par, 5.39%, due January 16, 2036

2,769,960

Marathon Petroleum Corp.

$2,004,000 par, 5.13%, December 15,2026

2,015,070

Mercedes-Benz Financial North America

$3,183,000 par, 4.90%, due November 15, 2027

3,181,791

Meta Platforms Inc.

$2,239,000 par, 5.4%, due August 15, 2054

2,172,292

Meta Platforms Inc.

$313,000 par, 5.55%, due August 15, 2064

304,021

Microchip Technology Inc.

$1,954,000 par, 4.90%, due March 15, 2028

1,951,144

Microchip Technology Inc.

$3,569,000 par, 5.05%, due February 15, 2030

3,546,700

Mitsubishi UFJ Financial Group Inc.

$4,015,000 par, 5.57%, due January 16, 2036

4,036,202

Morgan Stanley

$1,502,000 par, 5.59%, due January 18, 2036

1,515,074

Morgan Stanley

$1,746,000 par, 5.52%, due November 19, 2055

1,690,244

Morgan Stanley

$2,790,000 par, 5.50%, due May 26, 2028

2,829,945

Morgan Stanley

$3,642,000 par, 4.65%, due October 18, 2030

3,576,536

Morgan Stanley

$4,565,000 par, 5.32%, due July 19, 2035

4,510,555

National Rural Utilities

$1,596,000 par, 5.10%, due May 6, 2027

1,613,101

Netflix Inc.

$2,858,000 par, 5.38%, due November 15, 2029

2,916,238

Newmont Corp. / Newcrest Fin Pty Ltd.

$5,251,000 par, 5.35%, due March 15, 2034

5,254,817

NextEra Energy Capital Holdings Inc.

$1,225,000 par, 1.88%, due January 15, 2027

1,160,648

NextEra Energy Capital Holdings Inc.

$1,571,000 par, 5.90%, due March 15, 2055

1,562,656

NextEra Energy Capital Holdings Inc.

$2,457,000 par, 1.90%, due June 15, 2028

2,234,257

Table of Contents

NextEra Energy Capital Holdings Inc.

$2,459,000 par, 5.45%, due March 15, 2035

2,444,508

NextEra Energy Capital Holdings Inc.

$3,305,000 par, 4.85%, due February 4, 2028

3,305,784

NiSource Inc.

$2,654,000 par, 5.20%, due July 1, 2029

2,677,765

Nissan Motor Ltd.

$1,242,000 par, 4.81%, due September 17, 2030

1,157,845

Nordea Bank ABP

$1,770,000 par, 4.38%, due September 10, 2029

1,731,686

Occidental Petroleum

$1,294,000 par, 7.88%, due September 15, 2031

1,437,501

Occidental Petroleum

$2,304,000 par, 6.38%, due September 1, 2028

2,385,601

Occidental Petroleum Corp.

$918,000 par, 8.88%, due July 15, 2030

1,050,217

Oglethorpe Power Corp.

$1,224,750 par, 6.19%, due January 1, 2031

1,261,091

Oglethorpe Power Corp.

$2,032,000 par, 6.20%, due December 1, 2053

2,092,922

ONEOK Inc.

$2,784,000 par, 4.75%, due October 15, 2031

2,693,545

Oracle Corp.

$1,463,000 par, 5.25%, due February 3, 2032

1,459,650

Oracle Corp.

$1,475,000 par, 6.13%, due August 3, 2065

1,470,318

Oracle Corp.

$2,841,000 par, 2.95%, due April 1, 2030

2,574,309

Ovintiv Inc.

$1,631,000 par, 7.10%, due July 15, 2053

1,744,913

Pacific Gas & Electric Co.

$324,000 par, 6.75%, due January 15, 2053

335,068

Pacific Gas & Electric Co.

$7,654,000 par, 3.15%, due January 1, 2026

7,512,698

Pacific Gas & Electric Co.

$2,806,000 par, 4.50%, due July 1, 2040

2,320,170

Pfizer Investment Enterprises

$2,290,000 par, 5.30%, due May 19, 2053

2,144,211

Pfizer Investment Enterprises

$691,000 par, 5.11%, due May 19, 2043

653,031

Plains All American Pipeline L.P.

$3,078,000 par, 5.95%, due June 15, 2035

3,114,898

PNC Financial Services Group

$1,381,000 par, 5.58%, due January 29, 2036

1,387,851

PPL Capital Funding Inc.

$2,766,000 par, 5.25%, due September 1, 2034

2,717,189

Protective Life

$928,000 par, 5.43%, due January 14, 2032

933,687

PT Indonesia Asahan Aluminium

$1,003,000 par, 5.45%, due May 15, 2030

1,005,238

PT Indonesia Asahan Aluminium

$2,149,000 par, 4.75%, due May 15, 2025

2,147,437

PT Indonesia Asahan Aluminium

$2,473,000 par, 6.53%, due November 15, 2028

2,583,283

RGA Global Funding

$2,395,000 par, 5.25%, due January 9, 2030

2,402,839

Royal Bank of Canada

$2,539,000 par, 4.65%, due October 18, 2030

2,495,544

Royal Bank of Canada

$953,000 par, 4.97%, due January 24, 2029

956,480

RWE Finance US LLC

$2,233,000 par, 5.88%, due April 16, 2034

2,235,409

RWE Finance US LLC

$62,000 par, 6.25%, due April 16, 2054

60,613

Sempra Energy

$584,000 par, 6.00%, due October 15, 2039

587,086

Smurfit Westrock

$1,090,000 par, 5.42%, due January 15, 2035

1,089,553

Southern California Edison

$2,201,000 par, 4.00%, due April 1, 2047

1,611,351

Southern California Edison

$3,450,000 par, 1.20%, due February 1, 2026

3,315,325

Southern California Edison Co.

$1,639,000 par, 4.88%, due February 1, 2027

1,628,871

Southern California Edison Co.

$1,639,000 par, 4.90%, due June 1, 2026

1,632,704

Southern California Gas Co.

$1,933,000 par, 5.05%, due September 1, 2034

1,884,390

Sprint Capital Corp.

$2,402,000 par, 6.88%, due November 15, 2028

2,548,342

Standard Chartered PLC

$1,675,000 par, 5.69%, due May 14, 2028

1,697,060

Stryker Corp.

$1,640,000 par, 4.70%, due February 10, 2028

1,640,169

Stryker Corp.

$1,641,000 par, 4.55%, due February 10, 2027

1,640,202

Stryker Corp.

$2,810,000 par, 4.85%, due February 10, 2030

2,804,675

Sumitomo Mitsui Financial Group Inc.

$1,164,000 par, 5.84%, due July 9, 2044

1,168,325

Sunoco Logistics

$1,452,000 par, 3.90%, due July 15, 2026

1,434,400

Table of Contents

The Bank of Nova Scotia

$1,010,000 par, 5.31%, due February 14, 2031

1,009,387

The Boeing Co.

$1,269,000 par, 3.25%, due February 1, 2028

1,204,254

The Boeing Co.

$1,498,000 par, 6.30%, due May 1, 2029

1,558,342

The Boeing Co.

$1,880,000 par, 6.86%, due May 1, 2054

2,017,313

The Boeing Co.

$135,000 par, 5.81%, due May 1, 2050

127,062

T-Mobile USA, Inc.

$395,000 par, 4.50%, due April 15, 2050

324,013

Toyota Motor Credit Corp.

$697,000 par, 5.35%, due January 9, 2035

700,651

U.S. Bancorp

$790,000 par, 5.68%, due January 23, 2035

797,749

United Parcel Service Inc.

$1,555,000 par, 5.50%, due May 22, 2054

1,512,960

UnitedHealth Group Inc.

$4,619,000 par, 5.63%, due July 15, 2054

4,489,906

Vale Overseas Ltd.

$1,855,000 par, 6.13%, due June 12, 2033

1,896,363

Vale Overseas Ltd.

$477,000 par, 6.40%, due June 28, 2054

472,963

Verizon Communications Inc.

$1,950,000 par, 2.55%, due March 21, 2031

1,690,738

Verizon Communications Inc.

$5,819,000 par, 4.33%, due September 21, 2028

5,740,142

Viacom Inc.

$363,000 par, 5.85%, due September 1, 2043

319,563

Vistra Operations Co. LLC

$1,507,000 par, 6.00%, due April 15, 2034

1,522,100

Vistra Operations Co. LLC

$1,885,000 par, 5.05%, due December 30, 2026

1,886,664

Vistra Operations Co. LLC

$2,529,000 par, 5.70%, due December 30, 2034

2,497,170

Volkswagen Group America Finance LLC

$3,991,000 par, 3.20%, due September 26, 2026

3,873,613

Warnermedia Holdings, Inc.

$1,040,000 par, 5.14%, due March 15, 2052

775,718

Warnermedia Holdings, Inc.

$1,044,000 par, 5.05%, due March 15, 2042

840,240

Wells Fargo & Co.

$1,679,000 par, 3.07%, due April 30, 2041

1,235,994

Wells Fargo & Co.

$3,665,000 par, 5.71%, due April 22, 2028

3,725,504

Wells Fargo & Co.

$5,006,000 par, 5.24%, due January 24, 2031

5,031,450

Wells Fargo & Co.

$2,770,000 par, 5.56%, due July 25, 2034

2,778,739

Western Gas Partners

$3,061,000 par, 5.30%, due March 1, 2048

2,600,987

Western Midstream Partners, LP

$2,119,000 par, 6.35%, due January 15, 2029

2,191,417

Williams Cos Inc.

$4,113,000 par, 5.60%, due March 15, 2035

4,128,293

Williams Partners

$712,000 par, 3.75%, due June 15, 2027

696,078

Total Corporate Bonds

390,618,298

Asset-Backed Securities

American Express Company

$5,026,000 par, 5.23%, due April 15, 2029

5,105,103

Avis Budget Rental Car Funding (AESOP) LLC

$2,726,000 par, 5.36%, due June 20, 2030

2,764,475

Avis Budget Rental Car Funding (AESOP) LLC

$390,000 par, 1.66%, due February 20, 2028

368,544

BMW Vehicle Lease Trust

$1,231,000 par, 4.21%, due February 25, 2028

1,219,173

Capital One Multi-Asset Execution Trust

$2,574,000 par, 4.42%, due May 15, 2028

2,573,746

Capital One Prime Auto Receivables Trust

$813,000 par, 5.82%, due June 15, 2028

827,436

Carmax Auto Owner Trust

$1,247,000 par, 4.94%, due August 15, 2029

1,255,436

Carmax Auto Owner Trust

$1,440,000 par, 0.00%, due July 16, 2029

1,449,692

Carmax Auto Owner Trust

$2,455,000 par, 4.67%, due December 15, 2027

2,457,148

Carmax Auto Owner Trust

$210,707 par, 0.76%, due June 15, 2026

209,418

Carmax Auto Owner Trust

$270,464 par, 0.72%, due September 15, 2026

267,865

Carmax Auto Owner Trust

$659,851 par, 0.53%, due October 15, 2026

657,002

Carmax Auto Owner Trust

$670,794 par, 1.47%, due December 15, 2026

663,410

Carvana Auto Receivables Trust

$1,351,000 par, 4.62%, due February 10, 2028

1,350,973

Carvana Auto Receivables Trust

$970,000 par, 1.03%, due June 10, 2027

939,546

Chase Auto Owner Trust

$612,195 par, 4.18%, due August 27, 2029

606,874

Discover Card Execution Note Trust

$3,177,000 par, 4.93%, due June 15, 2028

3,196,303

Table of Contents

Driveway Finance Corp.

$1,106,000 par, 4.6%, due December 17, 2029

1,097,115

Driveway Finance Corp.

$1,153,000 par, 4.52%, due March 15, 2029

1,149,076

Driveway Finance Corp.

$1,323,000 par, 5.23%, due January 18, 2028

1,328,768

Driveway Finance Corp.

$1,518,000 par, 4.64%, due November 15, 2027

1,518,043

DT Auto Owner Trust

$392,021 par, 6.57%, due August 16, 2027

393,237

DT Auto Owner Trust

$621,731 par, 5.19%, due October 16, 2028

622,221

Flagship Credit Auto Trust

$60,671 par, 5.38%, due December 15 ,2026

60,682

Ford Credit Auto Lease Trust

$1,463,000 par, 4.99%, due December 15, 2027

1,472,639

Ford Credit Auto Lease Trust

$1,476,000 par, 5.25%, due February 15, 2029

1,479,150

Ford Credit Auto Owner Trust

$1,216,000 par, 4.11%, due July 15, 2030

1,195,698

Ford Credit Auto Owner Trust

$1,231,000 par, 4.61%, due August 15, 2029

1,233,182

Ford Credit Auto Owner Trust

$1,258,000 par, 5.08%, due September 15, 2030

1,260,456

Ford Credit Auto Owner Trust

$1,749,000 par, 4.07%, due July 15, 2029

1,733,296

Ford Credit Auto Owner Trust

$2,648,000 par, due August 15, 2036

2,661,872

Ford Credit Auto Owner Trust

$215,322 par, 1.35%, due June 15, 2026

214,033

Ford Credit Auto Owner Trust

$454,000 par, 5.23%, due May 15, 2028

457,597

Ford Credit Auto Owner Trust

$700,766 par, 4.65%, due February 15, 2028

701,746

General Motors Financial Company, Inc.

$1,227,000 par, 4.44% due April 16, 2030

1,218,934

General Motors Financial Company, Inc.

$1,564,000 par, 5.13%, due March 15, 2029

1,578,861

General Motors Financial Company, Inc.

$2,235,000 par, 4.73%, due November 15, 2029

2,240,706

General Motors Financial Company, Inc.

$2,910,000 par, 4.68%, due November 15, 2028

2,913,473

GM Financial Automobile Leasing Trust

$419,000 par, 4.22%, due October 20, 2028

415,651

GM Financial Floorplan Owner Trust

$2,823,000 par, 5.06%, due March 15, 2031

2,852,937

GM Financial Securitized Term Auto Receivables Trust

$1,867,000 par, 4.4% due August 16, 2029

1,862,062

Harley-Davidson Motorcycle Trust

$680,106 par, 0.53%, due September 15, 2028

671,838

Honda Auto Receivables Owner Trust

$172,894 par, 0.88%, due January 21, 2026

171,804

Hyundai Auto Lease Securitization Trust

$2,239,000 par, 4.83%, due January 18, 2028

2,245,954

Hyundai Auto Lease Securitization Trust

$749,000 par, 5.17%, due April 15, 2027

751,399

Hyundai Auto Receivables Trust

$1,481,000 par, 4.4%, due January 15, 2031

1,472,274

Hyundai Auto Receivables Trust

$841,000 par, 5.55%, due December 17, 2029

860,557

Mercedes-Benz Auto Lease Trust

$1,684,000 par, due February 15, 2028

1,677,444

Mercedes-Benz Auto Receivables Trust

$2,514,000 par, 4.92%, due April 15, 2031

2,539,164

Mercedes-Benz Auto Receivables Trust

$2,775,000 par, 4.78%, due December 17, 2029

2,790,483

Nissan Auto Lease Trust

$1,000,000 par, 5.61%, due November 15, 2027

1,007,112

Nissan Auto Receivables Owner Trust

$1,113,000 par, 5.28%, due December 15, 2028

1,125,328

Porsche Innovative Lease Owner Trust

$1,525,000 par, 4.35%, due October 20, 2027

1,522,007

REMIC Funding Trust

$1,907,801 par, 7.5%, due July 25, 2059

1,910,725

Santander Drive Auto Receivables LLC

$2,207,000 par, 4.88%, due September 15, 2027

2,209,654

Santander Drive Auto Receivables LLC

$2,554,000 par, 5.63%, due January 16, 2029

2,580,368

Santander Drive Auto Receivables LLC

$2,596,000 par, 4.74%, due January 16, 2029

2,598,278

Santander Drive Auto Receivables LLC

$918,000 par, 4.62%, due November 15, 2028

916,819

Santander Drive Auto Receivables Trust

$2,673,000 par, 5.73%, due April 17, 2028

2,687,520

SBNA Auto Lease Trust

$1,049,854 par, 4.94%, due November 20, 2026

1,050,821

SBNA Auto Lease Trust

$1,231,000 par, 5.55%, due December 20, 2028

1,249,257

Table of Contents

SBNA Auto Lease Trust

$1,279,000 par, 4.56%, due February 22, 2028

1,278,594

SBNA Auto Lease Trust

$2,561,000 par, 5.56%, due November 22, 2027

2,591,348

SFS Auto Receivables Securitization Trust

$1,363,000 par, 5.33%, due November 20, 2029

1,377,837

SFS Auto Receivables Securitization Trust

$1,741,000 par, 4.55%, due June 20, 2030

1,740,406

Synchrony Card Issuance Trust

$2,477,000 par, 4.93%, due July 15, 2030

2,495,975

Tesla Electric Vehicle Trust

$603,000 par, 5.38%, due February 20, 2029

611,569

Toyota Auto Receivables Owner Trust

$502,000 par, 1.02%, due March 15, 2027

489,934

Toyota Auto Receivables Owner Trust

$928,767 par, 0.53%, due October 15, 2026

916,882

Toyota Lease Owner Trust

$1,350,000 par, 5.26%, due June 20, 2028

1,363,562

Toyota Lease Owner Trust

$3,223,000 par, 4.21%, due September 20, 2027

3,204,504

Verizon Master Trust

$1,816,000 par, 4.62%, due November 20, 2030

1,818,540

Verizon Master Trust

$2,286,000 par, 5%, due December 20, 2028

2,297,323

Verizon Master Trust

$2,595,000 par, 4.17%, August 20, 2030

2,569,523

Verizon Master Trust

$2,837,000 par, 5.08%, January 21, 2031

2,847,825

Verizon Master Trust

$983,000 par, due January 22, 2029

982,855

Volkswagen Auto Lease Trust

$1,093,000 par, 5.58%, due June 21, 2027

1,103,045

Volt CII LLC

$962,410 par, 4.87%, due August 25, 2051

961,320

Volt XCIV LLC

$307,088 par, 5.24%, due February 27, 2051

306,970

VOLT XCIV LLC

$507,809 par, due March 27, 2051

507617

Westlake Automobile Receivables Trust

$1,067,428 par, 6.02%, due January 18, 2028

1068335

Westlake Technology Holdings

$2,607,590 par, 4.71%, due April 17, 2028

2,607,789

WF Card Issuance Trust

$2,487,000 par, 4.94%, due February 15, 2029

2,510,833

WF Card Issuance Trust

$5,124,000 par, 4.29%, due October 15, 2029

5,097,275

World Omni Auto Receivables LLC

$1,357,000 par, 5.08%, due November 15, 2030

1,363,452

World Omni Auto Receivables LLC

$3,409,000 par, 4.86%, due November 15, 2030

3,426,737

World Omni Auto Receivables Trust

$1,025,000 par, 5.79%, due February 15, 2029

1,040,965

World Omni Auto Receivables Trust

$524,000 par, 5.04%, due July 17, 2028

525,220

World Omni Financial Corp.

$2,500,000 par, 5.25%, due September 17, 2029

2,529,771

Total Asset-Backed Securities

139,248,391

Mortgage-Backed Securities

ATLX Trust

$1,269,679 par, 3.85%, due April 25, 2064

1,211,792

ATLX Trust

$1,794,918 par, due April 25, 2063

1,715,396

Benchmark Mortgage Trust

$477,000 par, 2.29%, due March 15, 2053

410,578

BMO Commercial Mortgage Securities LLC

$1,837,944 par, 5.76%, due July 15, 2057

1,904,399

BX Commercial Mortgage Trust

$928,000 par, 5.59%, due November 13, 2046

930,303

Citigroup Commercial Mortgage Trust

$816,000 par, 3.72% floating rate, due December 10, 2049

787,276

CMO Mortgage LLC

$656,415 par, 7.02%, due January 25, 2029

658,437

CMO NY Commercial Mortgage Trust

$944,000 par, due February 10, 2035

961,985

CMO VAR

$1,184,139 par, due September 25, 2054

1,174,894

Connecticut Avenue Securities Trust

$651,296 par, 5.85%, due October 25, 2043

654,696

FHLMC, Freddie Mac

$1,246,923 par, Floating Rate, due November 25, 2041

1,245,393

GitSit Mortgage Loan Trust

$806,178 par, 7.47%, due June 25, 2054

806,442

GS Mortgage-Backed Securities Trust

$1,446,794 par, due September 25, 2061

1,347,085

GS Mortgage-Backed Securities Trust

$766,418 par, 3.75%, due July 25, 2061

742,368

Legacy Mortgage Assest Trust

$1,994,690 par, 1.75%, due April 25, 2061

1,990,839

Table of Contents

Legacy Mortgage Assest Trust

$405,686 par, 1.65%, due June 25, 2061

405,661

MFRA Trust

$2,486,537 par, due October 25, 2062

2,495,361

Mill City Mortgage Loan Trust

$334,809 par, 1.13%, due November 25, 2060

318,257

Morgan Stanley Residential Mortgage Loan Trust

$1,417,020 par, 4.00%, due June 25, 2064

1,360,052

New Residential Mortgage Loan Trust

$2,608,397 par, 3.80%, due January 25, 2064

2,428,132

NLT

$516,583 par, 3.2%, due October 25, 2062

458,506

NYMT Loan Trust

$1,456,513 par, 3.75%, due February 25, 2068

1,337,951

Preston Ridge Partners Series Mortgage Trust

$305,821 par, due June 25, 2024

304,692

PRET 2025-RPL1 Trust

$1,408,000 par, 4.00%, due July 25, 2069

1,341,784

Pretium Mortgage Credit Partners

$1,162,198 par, due October 25, 2054

1,163,959

Pretium Mortgage Credit Partners

$960,815 par, due November 25, 2054

963,541

PRP Advisors LLC

$1,551,283 par, due March 25, 2054

1,500,945

PRP Advisors LLC

$2,239,007 par, due May 25, 2029

2,244,446

PRPM LLC

$767,157 par, 1.32%, due July 25, 2051

701,606

PRPM 2021-9 LLC

$419,041 par, 5.37%, due October 25, 2026

418,175

PRPM 2023-RCF2 LLC

$902,460 par, 4.00%, due November 25, 2053

882,526

PRPM 2024-1 LLC

$1,561,734 par, 6.96%, due February 25, 2029

1,569,285

PRPM 2024-RPL1 LLC

$807,489 par, 4.20%, due December 25, 2064

785,312

RCO X Mortgage LLC

$1,577,000 par, due January 25, 2030

1,576,984

VCAT Asset Securitization LLC

$1,356,000 par, due January 25, 2055

1,356,584

Vericrest Opportunity Loan Transferee

$183,503 par, 1.89%, due February 27, 2051

183,478

Volt

$315,487 par, 5.12%, due March 27, 2051

315,483

Volt XCIII LLC

$119,899 par, due March 27, 2051

119,883

Volt XCIX LLC

$207,181 par, 5.12%, due April 25, 2051

207,285

Volt XCVII LLC

$844,875 par, due April 25, 2051

845,557

Wells Fargo Commercial Mortgage Trust

$306,000 par, 4.44% due September 15, 2061

299,376

Wells Fargo Commercial Mortgage Trust

$413,000 par, 3.81% due December 15, 2048

408,626

Wells Fargo Commercial Mortgage Trust

$677,000 par, 3.10% due May 15, 2049

657,676

Wells Fargo Commercial Mortgage Trust

$880,000 par, 3.70%, due November 15, 2048

871,251

Total Mortgage-Backed Securities

44,064,257

Collective Investment Trusts / Collective Trust Funds