| UNITED STATES | ||||||||||||||
| SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||
| WASHINGTON, D.C. 20549 | ||||||||||||||
| FORM 11-K | ||||||||||||||
| (Mark One) | ||||||||||||||
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) | |||||||||||||
| OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
| For the year ended December 31, 2023 | ||||||||||||||
| OR | ||||||||||||||
| o | TRANSITION REPORT PURSUANT TO SECTION 15(d) | |||||||||||||
| OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
| For the transition period from __________ to __________ | ||||||||||||||
| Commission File Number: 1 - 3525 | ||||||||||||||
| AEP RETIREMENT SAVINGS 401(K) PLAN | ||||||||||||||
| (Full title of the plan) | ||||||||||||||
| AMERICAN ELECTRIC POWER COMPANY, INC. | ||||||||||||||
| 1 Riverside Plaza, Columbus, Ohio 43215 | ||||||||||||||
| (Name of issuer of the securities held | ||||||||||||||
| pursuant to the plan and the address | ||||||||||||||
| of its principal executive office) | ||||||||||||||
AEP RETIREMENT SAVINGS 401(K) PLAN
INDEX
December 31, 2023 and 2022
| Page Number | ||||||||
| Signatures | ||||||||
| Report of Independent Registered Public Accounting Firm | ||||||||
| Financial Statements | ||||||||
| Statements of Net Assets Available for Benefits | ||||||||
| Statements of Changes in Net Assets Available for Benefits | ||||||||
| Notes to Financial Statements | ||||||||
| Supplemental Schedule | ||||||||
Schedule of Assets (Held at End of Year) | ||||||||
| Exhibit Index | ||||||||
| Exhibit 23(1) | ||||||||
| Note: Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting with Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable. | ||||||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Finance Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized.
AEP Retirement Savings 401(k) Plan
/s/ Julie A. Sherwood
Julie A. Sherwood, SVP Treasury & Risk
June 26, 2024
2
Report of Independent Registered Public Accounting Firm
Benefits Finance Committee and Plan Participants
AEP Retirement Savings 401(k) Plan
Columbus, Ohio
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the AEP Retirement Savings 401(k) Plan (the “Plan”) as of December 31, 2023 and 2022, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
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 risk 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 the Plan’s 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 Information
The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental 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 information. In forming our opinion on the supplemental information, we evaluated whether the supplemental 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 supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ BDO USA, P.C.
We have served as the Plan’s auditor since 2021.
Columbus, Ohio
June 26, 2024
3
AEP RETIREMENT SAVINGS 401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2023 and 2022
| December 31, | ||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Investments at Fair Value | $ | 4,602,651,089 | $ | 4,028,215,236 | ||||||||||||||||
| Investments at Contract Value | 541,681,201 | 632,453,089 | ||||||||||||||||||
| Notes Receivable from Participants | 62,856,728 | 57,284,187 | ||||||||||||||||||
Total Assets | 5,207,189,018 | 4,717,952,512 | ||||||||||||||||||
| Pending Trades, Net | (8,467,338) | — | ||||||||||||||||||
Total Liabilities | (8,467,338) | — | ||||||||||||||||||
| NET ASSETS AVAILABLE FOR BENEFITS | $ | 5,198,721,680 | $ | 4,717,952,512 | ||||||||||||||||
See Notes to Financial Statements beginning on page 6. | ||||||||||||||||||||
4
AEP RETIREMENT SAVINGS 401(K) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Years Ended December 31, 2023 and 2022
| Years Ended December 31, | ||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||
| INVESTMENT INCOME (LOSS) | ||||||||||||||||||||
| Net Appreciation (Depreciation) in Investments | $ | 669,746,458 | $ | (807,778,106) | ||||||||||||||||
| Interest and Dividend Income | 26,942,047 | 23,542,137 | ||||||||||||||||||
| Total Investment Income (Loss) | 696,688,505 | (784,235,969) | ||||||||||||||||||
| CONTRIBUTIONS | ||||||||||||||||||||
| Participants | 215,145,574 | 199,897,997 | ||||||||||||||||||
| Employer | 86,846,315 | 81,092,017 | ||||||||||||||||||
| Total Contributions | 301,991,889 | 280,990,014 | ||||||||||||||||||
INTEREST INCOME ON NOTES RECEIVABLE FROM PARTICIPANTS | 3,430,674 | 2,648,194 | ||||||||||||||||||
| DISTRIBUTIONS TO PARTICIPANTS | (514,584,103) | (505,070,736) | ||||||||||||||||||
| ADMINISTRATIVE AND MANAGEMENT FEES | ||||||||||||||||||||
| Professional Fees | (630,147) | (596,295) | ||||||||||||||||||
| Investment Advisory and Management Fees | (5,773,048) | (5,960,347) | ||||||||||||||||||
| Other Fees | (354,602) | (350,000) | ||||||||||||||||||
| Total Administrative and Management Fees | (6,757,797) | (6,906,642) | ||||||||||||||||||
NET INCREASE (DECREASE) | 480,769,168 | (1,012,575,139) | ||||||||||||||||||
NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR | $ | 4,717,952,512 | $ | 5,730,527,651 | ||||||||||||||||
| NET ASSETS AVAILABLE FOR BENEFITS END OF YEAR | $ | 5,198,721,680 | $ | 4,717,952,512 | ||||||||||||||||
See Notes to Financial Statements beginning on page 6. | ||||||||||||||||||||
5
AEP RETIREMENT SAVINGS 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
For the Years Ended December 31, 2023 and 2022
1. PLAN DESCRIPTION
The following description of the AEP Retirement Savings 401(k) Plan (Plan) is provided for general information purposes only. Participants should refer to the Plan documents for a more complete description of the Plan’s information. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
General
The Plan is a defined contribution plan that became effective and commenced operations on January 1, 1978. The Plan covers full-time and part-time employees of the participating subsidiaries of American Electric Power Company, Inc. (AEP or the Company) who are not excluded by the terms of the Plan, such as pursuant to a unionized collective bargaining agreement. American Electric Power Service Corporation (AEPSC) is the plan administrator (Plan Administrator) and plan sponsor (Plan Sponsor). AEPSC is a wholly-owned subsidiary of AEP. The Bank of New York Mellon (BNYM) (Trustee) is the primary trustee. Empower Annuity Insurance Company of America (Empower Retirement) is the Plan record keeper. AEPSC appointed Empower Trust Company, LLC (formerly Great-West Trust Company, LLC) as the trustee/custodian for certain cash held on behalf of the Plan pending investment or disbursement.
Contributions
Newly eligible employees are automatically enrolled with a 6% pretax deferral. Such deferrals automatically increase each year by 1% to a maximum of 10%. Employees may opt out of the automatic enrollment or revise their elections after they are notified of their right not to have such pretax deferrals made on their behalf and how their account will be invested in the absence of their making an investment election. Generally, eligible employees participating in the Plan may make contributions (pretax, after-tax or Roth 401(k) contributions) in 1% increments up to 50% of their eligible pay (within Internal Revenue Service (IRS) limits), although pretax and Roth 401(k) amounts are limited to $22,500 for 2023 and $20,500 for 2022. Participants who are age 50 and older are eligible to contribute additional pretax or Roth 401(k) amounts as catch-up contributions. The catch-up contribution limit was $7,500 for 2023 and $6,500 for 2022. An employee who is eligible to participate in the Plan also may roll eligible retirement benefits into the Plan. During the Plan years ended 2023 and 2022, employees rolled in amounts totaling $16,766,691 and $12,704,089, respectively, which are included in participant contributions on the Statements of Changes in Net Assets Available for Benefits. The participating employers contribute to the Plan, on behalf of each participant, an amount equal to 100% of the participant’s non-rollover contributions up to 1% of the participant’s eligible compensation for each payroll period, plus 70% of the participant’s contributions for the next 5% of the participant’s eligible compensation for each payroll period, subject to certain limitations. All contributions that are withheld from a participant’s pay or are made by the participating employers are deposited in the AEP Retirement Savings 401(k) Plan Trust after each pay period. The Plan, in a manner consistent with the requirements under Section 401 of the Internal Revenue Code (IRC), restricts the amount that certain participants who are deemed highly compensated may contribute to the Plan, provided that it is AEPSC’s intent that the Plan include a “qualified automatic contribution arrangement” (as defined in Section 401(k)(13) of the IRC), such that only the after-tax contributions made by such highly compensated participants may be subject to such restrictions.
Notes Receivable from Participants
Participants generally may borrow from their plan accounts a minimum of $1,000 but no more than the lesser of $50,000 or 50% of their account balance. Loan terms range from 12 months to 60 months (or up to 180 months for certain residential loans), or any monthly increment in-between. Interest rates, fixed for the life of the loan, are calculated by adding 1% to the prime rate, as reported in the Wall Street Journal as of the first business day of the calendar month in which the loan is taken. Active employees repay principal and interest payments through payroll deductions.
6
Participant loans and the accrued interest are collateralized by the account balance, and upon default, the outstanding balance is subject to income taxes and possible tax penalty. No allowance for credit losses has been recorded at December 31, 2023 or 2022.
Participant Accounts
Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, the Company’s contributions and investment earnings and losses and charged with benefit payments and allocations of Plan expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Participants may transfer the value of their cumulative contributions, in any whole percentage or dollar amount, among investments, and change their investment elections on a daily basis. Participants may change their payroll contribution elections coinciding with the Company’s payroll periods.
Participants may make investments in 1% increments among various unitized funds established by the Plan including index funds, bond funds, growth funds, value funds, target date funds, and a stable value fund. The assets of each of the funds are held in the custody of the Trustee, and record-kept at the participant level by Empower Retirement. As the Plan owns the underlying assets of each of these funds, the financial statements present the underlying investments of these unitized funds. In the absence of a participant-directed investment, contributions are invested in a target date fund based on the participant's date of birth which corresponds to an estimated retirement date.
The AEP Stock Fund is an investment option in the Plan. Participants can elect to have dividends generated from their unitized holdings in the AEP Stock Fund paid out in cash, rather than automatically reinvested in the fund. The dividend payouts are made periodically (at least annually) and are treated as ordinary income to the participants for tax purposes.
In addition to the above, the Plan offers a self-directed brokerage account (SDB) option that allows participants to invest in retail mutual funds, exchange traded funds, equities traded on a national securities exchange (other than AEP Stock), preferred stock traded on a national securities exchange and fixed income securities (other than those issued by an affiliate of the Company).
Vesting and Distribution
Participants are immediately vested in their pretax, after-tax, Roth 401(k) and the Company contributions, including earnings thereon; provided that certain matching contributions made to participants of the AEP Energy, Inc. 401(k) Retirement Plan may be only partially vested in accordance with existing vesting positions of this plan. Excluding participants’ pretax and Roth 401(k) contributions, profit sharing contributions, and post-2008 Company matching contributions, all participants may make an unlimited number of withdrawals of their interest in the Plan at any time, including their pre-2009 Company matching contributions. Pretax, Roth 401(k) and profit sharing contributions are eligible for withdrawal by participants only after age 59-1/2, or earlier upon hardship (as defined by the Plan), or following termination of employment. Post-2008 Company matching contributions are eligible for withdrawal by participants only after age 59-1/2, or earlier following earlier termination of employment, but not upon hardship. Pursuant to the CARES Act, the Company changed the Plan to allow certain qualified participants impacted by COVID-19 to take withdrawals up to $100,000 between January 1, 2020 and December 30, 2020. These COVID-19 related distributions were not subject to the early withdrawal penalty, or to 20% federal tax withholding; but they were subject to a 10% federal tax withholding requirement, and participants have the option to spread the applicable income tax resulting from the COVID-19 related distribution over a 3 year period. Participant who obtained a COVID-19 related distribution may repay the distribution to an eligible retirement plan within the three-year period following the distribution to defer otherwise applicable taxation.
7
2. ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements are prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (GAAP).
Investment Valuation and Income Recognition
Participants direct the investment of their plan accounts among various investment options offered by the Plan. Investments in securities are reported at fair value while fully benefit-responsive investment contracts are reported at contract value. Fair value of a financial instrument 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.
Purchases and sales of securities have been recorded on a trade-date basis. Net appreciation (depreciation) includes the Plan’s gains or losses on investments bought or sold as well as held throughout the year. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. These amounts are reinvested by the Trustee in the funds that generated such income with the exception of the AEP Stock Fund, which pays or reinvests dividends at the direction of each participant.
Notes Receivable from Participants
Notes Receivable from Participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are not recorded as distributions until actually distributed based on the terms of the Plan document.
Administrative and Management Fees
Administrative and Management Fees incurred relating to Empower Retirement and BNYM during 2023 and 2022 totaled $715,367 and $2,527,828, respectively. The Plan directly pays for administrative, record keeping and management fees. Fees related to the administration of Notes Receivable from Participants are charged directly to the participant's account and are included in administrative fees. Investment related expenses are included in Investment Advisory and Management Fees.
Distributions to Participants
Distributions to participants are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets. The estimates and assumptions used are based upon management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from the estimates.
Fair Value Measurements of Assets
The accounting guidance for “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs 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). AEPSC’s staff independently monitors valuation policies and procedures and provides members of the Benefits Finance Committee (BFC) and its Investment Subcommittee (IC) various monthly and quarterly reports, regarding compliance with policies and procedures. As of December 31, 2023, the BFC consisted of AEPSC’s Chief Financial Officer and Executive Vice President – Portfolio Optimization, Treasurer, Executive Vice President - Chief Human Resources Officer, Senior Vice President -
8
Strategy and Transformation, Executive Vice President - General Counsel and Executive Vice President - Utilities. As of December 31, 2023, the IC consisted of AEPSC’s Treasurer, Director of Trusts and Investments, Vice President Finance and Treasury, and two Managing Directors of Corporate Finance.
The Plan utilizes its Trustee’s external pricing service to estimate the fair value of the underlying investments held in the Plan. The Plan’s investment managers review and validate the prices utilized by the Trustee to determine fair value. The Plan Administrator performs its own valuation testing to verify the fair values of the securities, in part by reviewing audit reports of the Trustee’s operating controls and valuation processes.
Assets in the Plan are classified using the following methods. Equities are classified as Level 1 holdings if they are actively traded on exchanges. Items classified as Level 1 are investments in equity securities, exchange traded funds, and registered investment companies. They are valued based on observable inputs primarily unadjusted quoted prices in active markets for identical assets. Level 2 investments consist of significant other observable inputs other than Level 1 prices, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Investments with unobservable valuation inputs are classified as Level 3 investments. Investments classified as “Other” are valued using Net Asset Value (NAV) as a practical expedient. The practical expedient is not used when it is determined to be probable that the investments will sell for an amount different than the reported NAV. Items classified as Other are primarily common/collective trusts. These investments do not have a readily determinable fair value or they contain redemption restrictions which may include the right to suspend redemptions under certain circumstances. Redemption restrictions on common/collective trusts may also prevent certain investments from being redeemed at the reporting date for the underlying value. There are no unfunded commitments for investments in common/collective trusts.
9
3. PLAN TERMINATION
Although it has not expressed any intent to do so, AEPSC has the right to take such actions as will allow contributions to the Plan to be discontinued at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, affected participants would be made 100 percent vested in their accounts.
10
4. INVESTMENT CONTRACTS
The Plan's Managed Income Fund provides a stable value investment option that includes fully benefit-responsive synthetic investment wrap contracts which assure the book value of investments in that fund for Plan participants. The fund’s underlying assets, which are held in a trust, utilize wrap contracts issued by four financial institutions as of December 31, 2023 and 2022. The fund’s underlying investment or investments, usually a portfolio owned by the Plan, consist primarily of high quality, intermediate term fixed income securities and guaranteed investment contracts. The contracts provide that participants execute plan transactions at contract value. Contract value represents contributions made to the fund, plus credited interest, less participant withdrawals, without regard to changes in the fair value of the investments and securities underlying the fund. The rates for crediting interest are reset periodically based on market rates of other similar investments, the current yield of the underlying investments and the spread between the market value and contract value. The interest crediting rate cannot be less than 0%. Certain events initiated by the Plan Sponsor, such as a plan termination or a plan merger, would limit the ability of the Plan to administer participant-level transactions at contract value or may allow for the termination of the wrap contract at market value, rather than contract value.
The Plan Sponsor does not believe that any events that may limit the ability of the Plan to transact at contract value are probable as of December 31, 2023 or the date these financial statements are issued.
11
5. RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS
Certain transactions involving the Plan and its assets during 2023 and 2022 involved parties in interest with respect to the Plan, but those transactions were not prohibited transactions under ERISA because of the applicability of one or more exemptions. The exempt party-in-interest transactions involving the Plan included the following: (1) BNYM has acted as trustee and custodian under the Plan, while Mellon, an affiliate has acted as an investment manager in connection with the index funds held under the Plan's investment options and (2) Empower Trust Company, LLC has been acting as a trustee and custodian under the Plan, while its affiliates have acted as (a) the Plan’s record keeper and (b) investment advisor or investment manager for a number of plan participants with respect to the amounts held in their Plan accounts. Notes receivable from participants held by the Plan are also considered party-in-interest transactions. Certain investments within the self-directed brokerage account are considered party-in-interest transactions.
As of December 31, 2023 and 2022, the Plan held 3,349,383 and 3,303,820 shares, respectively, of common stock of American Electric Power Company, Inc., the parent company of the Plan Sponsor, with a cost basis of $196,757,008 and $185,079,875, respectively. During the year ended December 31, 2023, the Plan acquired 361,574 shares of that common stock with a fair value of $30,007,997 and disposed of 260,525 shares with a fair value of $15,107,083. During the year ended December 31, 2022, the Plan acquired 176,277 shares of that common stock with a fair value of $16,186,546 and disposed of 433,830 shares with a fair value of $23,595,217. During the years ended December 31, 2023 and 2022, the Plan recorded dividend income of $11,355,804 and $10,742,029, respectively, related to its investment in that common stock.
12
6. FAIR VALUE MEASUREMENTS
For a discussion of fair value accounting and the classification of assets within the fair value hierarchy, see the “Fair Value Measurements of Assets” section of Note 2.
Plan Assets within the Fair Value Hierarchy as of December 31, 2023
| Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
| Equities | ||||||||||||||||||||||||||||||||
| Corporate Stocks | $ | 557,042,541 | $ | — | $ | — | $ | — | $ | 557,042,541 | ||||||||||||||||||||||
| AEP Stock | 272,036,887 | — | — | — | 272,036,887 | |||||||||||||||||||||||||||
| Subtotal Equities | 829,079,428 | — | — | — | 829,079,428 | |||||||||||||||||||||||||||
| Common/Collective Trusts | ||||||||||||||||||||||||||||||||
| Mellon Capital Small Cap Stock Index Fund (a) | — | — | — | 179,341,271 | 179,341,271 | |||||||||||||||||||||||||||
| Mellon Capital Mid Cap Stock Index Fund (a) | — | — | — | 456,261,518 | 456,261,518 | |||||||||||||||||||||||||||
| Mellon Capital Stock Index Fund (a) | — | — | — | 1,298,414,738 | 1,298,414,738 | |||||||||||||||||||||||||||
| Mellon Capital International Stock Index Fund (a) | — | — | — | 704,972,081 | 704,972,081 | |||||||||||||||||||||||||||
| Mellon Capital Aggregate Bond Index Fund (a) | — | — | — | 521,308,895 | 521,308,895 | |||||||||||||||||||||||||||
Mellon Capital Treasury Inflation-Protected Securities Fund (a) | — | — | — | 24,749,151 | 24,749,151 | |||||||||||||||||||||||||||
| JPMorgan Strategic Property Fund (a) | — | — | — | 68,468,634 | 68,468,634 | |||||||||||||||||||||||||||
Mellon Capital Emerging Markets Stock Index Fund (a) | — | — | — | 60,252,437 | 60,252,437 | |||||||||||||||||||||||||||
Columbia Trust Focused Large Cap Growth Fund (a) | — | — | — | 195,092,837 | 195,092,837 | |||||||||||||||||||||||||||
| Sands Capital International Growth CIT (a) | — | — | — | 25,623,845 | 25,623,845 | |||||||||||||||||||||||||||
| MetWest Total Return Bond Fund (a) | — | — | — | 65,185,142 | 65,185,142 | |||||||||||||||||||||||||||
| Subtotal Common/Collective Trusts | — | — | — | 3,599,670,549 | 3,599,670,549 | |||||||||||||||||||||||||||
| Self-Directed Brokerage Account (a) | 86,302,881 | — | — | 15,361,054 | 101,663,935 | |||||||||||||||||||||||||||
| Registered Investment Companies | 24,523,069 | — | — | — | 24,523,069 | |||||||||||||||||||||||||||
| Money Market Fund | 47,714,108 | — | — | — | 47,714,108 | |||||||||||||||||||||||||||
| Total Assets Reflecting Investments at Fair Value | $ | 987,619,486 | $ | — | $ | — | $ | 3,615,031,603 | $ | 4,602,651,089 | ||||||||||||||||||||||
(a)Amounts in “Other” column represent investments for which fair value is measured using net asset value per share as practical expedient.
13
Plan Assets within the Fair Value Hierarchy as of December 31, 2022
| Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
| Equities | ||||||||||||||||||||||||||||||||
| Corporate Stocks | $ | 475,488,575 | $ | — | $ | — | $ | — | $ | 475,488,575 | ||||||||||||||||||||||
| AEP Stock | 313,697,709 | — | — | — | 313,697,709 | |||||||||||||||||||||||||||
| Subtotal Equities | 789,186,284 | — | — | — | 789,186,284 | |||||||||||||||||||||||||||
| Common/Collective Trusts | ||||||||||||||||||||||||||||||||
| Mellon Capital Small Cap Stock Index Fund (a) | — | — | — | 167,745,036 | 167,745,036 | |||||||||||||||||||||||||||
| Mellon Capital Mid Cap Stock Index Fund (a) | — | — | — | 403,045,496 | 403,045,496 | |||||||||||||||||||||||||||
| Mellon Capital Stock Index Fund (a) | — | — | — | 1,061,529,248 | 1,061,529,248 | |||||||||||||||||||||||||||
| Mellon Capital International Stock Index Fund (a) | — | — | — | 601,606,626 | 601,606,626 | |||||||||||||||||||||||||||
| Mellon Capital Aggregate Bond Index Fund (a) | — | — | — | 482,226,262 | 482,226,262 | |||||||||||||||||||||||||||
Mellon Capital Treasury Inflation-Protected Securities Fund (a) | — | — | — | 22,717,366 | 22,717,366 | |||||||||||||||||||||||||||
| JPMorgan Strategic Property Fund (a) | — | — | — | 81,680,531 | 81,680,531 | |||||||||||||||||||||||||||
Mellon Capital Emerging Markets Stock Index Fund (a) | — | — | — | 50,083,740 | 50,083,740 | |||||||||||||||||||||||||||
Columbia Trust Focused Large Cap Growth Fund (a) | — | — | — | 144,994,815 | 144,994,815 | |||||||||||||||||||||||||||
| Sands Capital International Growth CIT (a) | — | — | — | 21,757,463 | 21,757,463 | |||||||||||||||||||||||||||
| MetWest Total Return Bond Fund (a) | — | — | — | 59,878,499 | 59,878,499 | |||||||||||||||||||||||||||
| Subtotal Common/Collective Trusts | — | — | — | 3,097,265,082 | 3,097,265,082 | |||||||||||||||||||||||||||
| Self-Directed Brokerage Account (a) | 63,270,334 | — | — | 17,577,113 | 80,847,447 | |||||||||||||||||||||||||||
| Registered Investment Companies | 22,378,370 | — | — | — | 22,378,370 | |||||||||||||||||||||||||||
| Money Market Fund | 43,307,804 | — | — | — | 43,307,804 | |||||||||||||||||||||||||||
| Accrued Items and Unsettled Trades (a) | (1,171,915) | — | — | (3,597,836) | (4,769,751) | |||||||||||||||||||||||||||
| Total Assets Reflecting Investments at Fair Value | $ | 916,970,877 | $ | — | $ | — | $ | 3,111,244,359 | $ | 4,028,215,236 | ||||||||||||||||||||||
(a)Amounts in “Other” column represent investments for which fair value is measured using net asset value per share.
14
The following tables set forth a summary of the Plan's investments measured at Net Asset Value as a practical expedient as of December 31, 2023 and 2022:
Fair Value Estimated Using Net Asset Value per Share as of December 31, 2023
| Common/Collective Trusts | Fair Value | Redemption Frequency (If currently eligible) | Redemption Notice Period | |||||||||||||||||
| Mellon Capital Small Cap Stock Index Fund | $ | 179,341,271 | Daily | Trade Date + 1 | ||||||||||||||||
| Mellon Capital Mid Cap Stock Index Fund | 456,261,518 | Daily | Trade Date + 1 | |||||||||||||||||
| Mellon Capital Stock Index Fund | 1,298,414,738 | Daily | Trade Date + 1 | |||||||||||||||||
| Mellon Capital International Stock Index Fund | 704,972,081 | Daily | Trade Date + 1 | |||||||||||||||||
| Mellon Capital Aggregate Bond Index Fund | 521,308,895 | Daily | Trade Date + 1 | |||||||||||||||||
Mellon Capital Treasury Inflation-Protected Securities Fund | 24,749,151 | Daily | Trade Date + 1 | |||||||||||||||||
| JPMorgan Strategic Property Fund | 68,468,634 | Quarterly | 30 Days | |||||||||||||||||
Mellon Capital Emerging Markets Stock Index Fund | 60,252,437 | Daily | Trade Date + 1 | |||||||||||||||||
| Columbia Trust Focused Large Cap Growth Fund | 195,092,837 | Daily | Trade Date + 1 | |||||||||||||||||
| Sands Capital International Growth CIT | 25,623,845 | Daily | Trade Date + 1 | |||||||||||||||||
| MetWest Total Return Bond Fund | 65,185,142 | Daily | Trade Date + 1 | |||||||||||||||||
| Self-Directed Brokerage Account | 15,361,054 | Daily | Trade Date + 1 | |||||||||||||||||
| Total Assets | $ | 3,615,031,603 | ||||||||||||||||||
Fair Value Estimated Using Net Asset Value per Share as of December 31, 2022
| Common/Collective Trusts | Fair Value | Redemption Frequency (If currently eligible) | Redemption Notice Period | |||||||||||||||||
| Mellon Capital Small Cap Stock Index Fund | $ | 167,745,036 | Daily | Trade Date + 1 | ||||||||||||||||
| Mellon Capital Mid Cap Stock Index Fund | 403,045,496 | Daily | Trade Date + 1 | |||||||||||||||||
| Mellon Capital Stock Index Fund | 1,061,529,248 | Daily | Trade Date + 1 | |||||||||||||||||
| Mellon Capital International Stock Index Fund | 601,606,626 | Daily | Trade Date + 1 | |||||||||||||||||
| Mellon Capital Aggregate Bond Index Fund | 482,226,262 | Daily | Trade Date + 1 | |||||||||||||||||
Mellon Capital Treasury Inflation-Protected Securities Fund | 22,717,366 | Daily | Trade Date + 1 | |||||||||||||||||
| JPMorgan Strategic Property Fund | 81,680,531 | Quarterly | 30 Days | |||||||||||||||||
Mellon Capital Emerging Markets Stock Index Fund | 50,083,740 | Daily | Trade Date + 1 | |||||||||||||||||
| Columbia Trust Focused Large Cap Growth Fund | 144,994,815 | Daily | Trade Date + 1 | |||||||||||||||||
| Sands Capital International Growth CIT | 21,757,463 | Daily | Trade Date + 1 | |||||||||||||||||
| MetWest Total Return Bond Fund | 59,878,499 | Daily | Trade Date + 1 | |||||||||||||||||
| Self-Directed Brokerage Account | 17,577,113 | Daily | Trade Date + 1 | |||||||||||||||||
| Total Assets | $ | 3,114,842,195 | ||||||||||||||||||
It is the Plan’s policy to record transfers in and transfers out of each level at the end of each reporting period. There have been no transfers between Level 1, Level 2, and Level 3 during the years ended December 31, 2023 and 2022.
15
7. RISK AND UNCERTAINTIES
The Plan invests in various investment instruments, and investment securities are exposed to various risks, such as interest rate, credit and market volatility. Due to the level of risk associated with certain investment securities, it is 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 in the financial statements.
16
8. FEDERAL INCOME TAX
The IRS has issued a favorable determination letter dated December 8, 2017 with respect to the Plan. A favorable determination letter indicates that, in the opinion of the IRS, the terms of the Plan meets the requirements of Section 401(a) of the IRC, and thereby recognizes the exempt status of the Plan’s trust pursuant to Section 501(a) of the IRC.
The Plan has been amended subsequent to the issuance of that IRS determination letter. Plan management believes that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC and that the Plan’s trust continues to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
The Plan Administrator is required to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more than likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
9. SUBSEQUENT EVENTS
The Plan evaluated subsequent events from December 31, 2023 through June 26, 2024, the date these financial statements were available to be issued. The Plan is not aware of any subsequent events that would require recognition or disclosure in the financial statements.
17
10. RECONCILIATION OF FINANCIAL STATEMENTS TO THE FORM 5500
The following tables are reconciliations of participant loans and net assets available for benefits per the financial statements to the Form 5500.
| January 1, | ||||||||||||||
| Participant Loans - Schedule H, Part I, Line 1c(8), Column (a) | 2023 | 2022 | ||||||||||||
| Beginning Balance per Financial Statements | $ | 57,284,187 | $ | 55,361,807 | ||||||||||
| Less: Loans Deemed Distributed with No Post-Default Payments | (5,717,136) | (5,728,244) | ||||||||||||
Beginning Balance Reported on Form 5500 | $ | 51,567,051 | $ | 49,633,563 | ||||||||||
| December 31, | ||||||||||||||
| Participant Loans - Schedule H, Part I, Line 1c(8), Column (b) | 2023 | 2022 | ||||||||||||
| Ending Balance per Financial Statements | $ | 62,856,728 | $ | 57,284,187 | ||||||||||
Less: Assets and Activity Related to Loans Deemed Distributed with No Post-Default Payments | (5,988,759) | (5,717,136) | ||||||||||||
| Balance Reported on Form 5500 | $ | 56,867,969 | $ | 51,567,051 | ||||||||||
| January 1, | ||||||||||||||
| Net Assets - Schedule H, Part I, Line 1l, Column (a) | 2023 | 2022 | ||||||||||||
| Beginning Balance per Financial Statements | $ | 4,717,952,512 | $ | 5,730,527,651 | ||||||||||
| Less: Loans Deemed Distributed with No Post-Default Payments | (5,717,136) | (5,728,244) | ||||||||||||
| Beginning Balance Reported on Form 5500 | $ | 4,712,235,376 | $ | 5,724,799,407 | ||||||||||
| December 31, | ||||||||||||||
| Net Assets - Schedule H, Part I, Line 1l, Column (b) | 2023 | 2022 | ||||||||||||
| Ending Balance per Financial Statements | $ | 5,198,721,680 | $ | 4,717,952,512 | ||||||||||
Less: Assets and Activity Related to Loans Deemed Distributed with No Post-Default Payments | (5,988,759) | (5,717,136) | ||||||||||||
| Balance Reported on Form 5500 | $ | 5,192,732,921 | $ | 4,712,235,376 | ||||||||||
| December 31, | ||||||||||||||
| Increase (Decrease) in Net Assets - Schedule H, Part II, Line 2k | 2023 | 2022 | ||||||||||||
| Per Financial Statements | $ | 480,769,168 | $ | (1,012,575,139) | ||||||||||
| Less: Loans Deemed Distributed | (271,623) | 11,108 | ||||||||||||
| Reported on Form 5500 | $ | 480,497,545 | $ | (1,012,564,031) | ||||||||||
18
| AEP RETIREMENT SAVINGS 401(K) PLAN | |||||||||||
| PLAN #002 EIN #13-4922641 | |||||||||||
| SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR) | |||||||||||
| DECEMBER 31, 2023 | |||||||||||
| (a) | (b) Identity of Issuer, Borrower, Lessor or Similar Party | (c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value | (e) Current Value | ||||||||
| MANAGED INCOME FUND | |||||||||||
| MONEY MARKET FUND | |||||||||||
| JP MORGAN US GOVERNMENT MONEY MARKET | $ | 13,143,536 | |||||||||
| TOTAL MONEY MARKET FUND | $ | 13,143,536 | |||||||||
| U.S. GOVERNMENT SECURITIES | |||||||||||
| CES MU2 LLC | FIXED, 05/13/2027, 1.994, $550,010.43 | $ | 526,011 | ||||||||
| EXIM Bank of the United States | FIXED, 06/30/2027, 2.415, $580,458.88 | 550,907 | |||||||||
| EXIM Bank of the United States | FIXED, 11/16/2024, 1.581, $182,652.17 | 179,633 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2026, 3.1, $880,000.00 | 855,926 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2026, 3.58, $1,340,000.00 | 1,316,879 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2028, 2.5, $130,779.92 | 126,044 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2029, 5.09, $530,000.00 | 550,433 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2035, 2.5, $298,355.56 | 277,937 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2041, 4, $55,352.40 | 54,781 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2046, 3.5, $788,292.27 | 742,372 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2051, 4.5, $1,267,576.22 | 1,256,455 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2052, 2, $440,939.39 | 364,072 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2052, 2.5, $1,393,777.65 | 1,196,720 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2052, 2.5, $2,327,737.62 | 2,009,897 | |||||||||
| Fannie Mae Pool | FIXED, 01/01/2052, 2.5, $2,445,533.58 | 2,107,701 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2031, 3, $409,392.86 | 394,369 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2035, 2.5, $113,740.10 | 105,844 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2035, 2.5, $56,184.67 | 52,339 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2035, 2.5, $58,460.46 | 54,459 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2035, 2.5, $71,803.23 | 66,711 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2047, 3.5, $65,699.22 | 61,582 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2052, 2, $1,494,848.69 | 1,241,875 | |||||||||
| Fannie Mae Pool | FIXED, 02/01/2057, 4, $443,411.44 | 422,070 | |||||||||
19
| Fannie Mae Pool | FIXED, 03/01/2025, 5, $56,166.09 | 56,722 | |||||||||
| Fannie Mae Pool | FIXED, 03/01/2028, 4.79, $1,950,000.00 | 1,972,633 | |||||||||
| Fannie Mae Pool | FIXED, 03/01/2049, 4, $670,566.59 | 647,312 | |||||||||
| Fannie Mae Pool | FIXED, 04/01/2028, 4.02, $550,000.00 | 544,169 | |||||||||
| Fannie Mae Pool | FIXED, 04/01/2029, 2.27, $540,000.00 | 488,207 | |||||||||
| Fannie Mae Pool | FIXED, 04/01/2041, 4, $415,173.94 | 410,884 | |||||||||
| Fannie Mae Pool | FIXED, 04/01/2047, 3, $513,691.19 | 468,241 | |||||||||
| Fannie Mae Pool | FIXED, 04/01/2048, 4, $63,205.02 | 61,190 | |||||||||
| Fannie Mae Pool | FIXED, 05/01/2026, 3.23, $1,080,885.37 | 1,051,410 | |||||||||
| Fannie Mae Pool | FIXED, 05/01/2027, 3, $19,689.30 | 19,179 | |||||||||
| Fannie Mae Pool | FIXED, 05/01/2052, 3, $745,815.42 | 666,364 | |||||||||
| Fannie Mae Pool | FIXED, 05/01/2052, 3.5, $1,027,805.82 | 959,094 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2025, 3.58, $384,689.82 | 378,435 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2026, 4, $156,564.00 | 154,970 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2047, 4, $382,604.22 | 371,969 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2052, 3.5, $2,366,489.06 | 2,208,274 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2056, 4.5, $278,910.79 | 273,355 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2056, 4.5, $372,726.23 | 365,302 | |||||||||
| Fannie Mae Pool | FIXED, 06/01/2056, 4.5, $569,680.49 | 563,266 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2026, 3.21, $1,203,595.90 | 1,167,286 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2046, 3.5, $302,936.21 | 285,286 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2047, 3.5, $601,273.46 | 563,597 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2052, 4, $1,992,614.13 | 1,901,630 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2052, 4, $2,000,287.70 | 1,908,945 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2056, 4, $228,946.66 | 217,929 | |||||||||
| Fannie Mae Pool | FIXED, 07/01/2056, 4, $996,526.86 | 949,804 | |||||||||
| Fannie Mae Pool | FIXED, 08/01/2046, 4, $270,765.55 | 264,628 | |||||||||
| Fannie Mae Pool | FIXED, 08/01/2047, 3.5, $535,321.58 | 504,140 | |||||||||
| Fannie Mae Pool | FIXED, 08/01/2048, 4.5, $251,612.46 | 249,094 | |||||||||
| Fannie Mae Pool | FIXED, 08/01/2056, 3.5, $481,184.18 | 438,468 | |||||||||
| Fannie Mae Pool | FIXED, 08/01/2056, 5, $1,068,101.61 | 1,072,582 | |||||||||
| Fannie Mae Pool | FIXED, 08/01/2056, 5, $805,453.67 | 808,832 | |||||||||
| Fannie Mae Pool | FIXED, 09/01/2049, 3, $191,074.68 | 171,994 | |||||||||
20
| Fannie Mae Pool | FIXED, 09/01/2060, 3, $1,130,114.44 | 999,269 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2027, 3, $45,569.35 | 44,286 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2028, 4.92, $1,060,000.00 | 1,090,393 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2028, 5.38, $920,000.00 | 961,899 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2030, 2.85, $1,005,000.00 | 910,893 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2047, 4, $683,362.33 | 661,289 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2052, 4.5, $1,177,030.55 | 1,154,349 | |||||||||
| Fannie Mae Pool | FIXED, 10/01/2052, 5, $2,683,440.47 | 2,696,057 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2025, 4, $19,686.58 | 19,388 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2028, 1.39, $500,000.00 | 434,962 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2028, 1.39, $820,000.00 | 713,338 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2040, 4, $321,907.22 | 318,580 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2045, 3.5, $930,059.81 | 875,522 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2046, 3.5, $415,474.78 | 390,329 | |||||||||
| Fannie Mae Pool | FIXED, 11/01/2048, 4.5, $848,385.32 | 840,417 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2028, 5.18, $280,000.00 | 291,962 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2028, 5.33, $640,000.00 | 670,669 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2031, 3.5, $482,941.83 | 468,126 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2031, 3.5, $758,908.59 | 735,627 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2049, 3, $437,973.17 | 393,966 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2050, 2.5, $2,910,471.98 | 2,503,702 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2050, 2.5, $4,292,151.14 | 3,692,273 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $1,824,347.35 | 1,515,986 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $3,285,049.19 | 2,729,119 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $355,028.74 | 293,609 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $663,042.76 | 547,445 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $823,485.74 | 680,985 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $869,957.17 | 718,308 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2, $877,221.68 | 728,772 | |||||||||
| Fannie Mae Pool | FIXED, 12/01/2051, 2.5, $483,205.14 | 414,893 | |||||||||
| Fannie Mae Pool | FLOATING, 02/01/2030, 6.095, $470,000.00 | 468,772 | |||||||||
| Fannie Mae Pool | FLOATING, 03/01/2044, 4.077, $95,918.08 | 97,632 | |||||||||
| Fannie Mae Pool | FLOATING, 04/01/2048, 3.367, $126,697.83 | 125,346 | |||||||||
21
| Fannie Mae Pool | FLOATING, 05/01/2047, 2.829, $575,022.13 | 583,887 | |||||||||
| Fannie Mae Pool | FLOATING, 05/01/2052, 3.072, $739,382.80 | 693,714 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2045, 5.21, $60,395.52 | 61,935 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2047, 3.008, $557,958.69 | 563,926 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2047, 3.073, $380,721.07 | 385,305 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2052, 2.473, $575,169.90 | 527,409 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2052, 2.601, $621,519.85 | 572,942 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2052, 3.805, $722,746.58 | 694,648 | |||||||||
| Fannie Mae Pool | FLOATING, 06/01/2053, 5.141, $1,106,237.80 | 1,109,597 | |||||||||
| Fannie Mae Pool | FLOATING, 07/01/2042, 6.138, $150,412.35 | 154,760 | |||||||||
| Fannie Mae Pool | FLOATING, 07/01/2045, 5.866, $265,926.69 | 273,244 | |||||||||
| Fannie Mae Pool | FLOATING, 07/01/2052, 3.611, $347,861.42 | 332,177 | |||||||||
| Fannie Mae Pool | FLOATING, 07/01/2052, 3.864, $949,844.86 | 914,764 | |||||||||
| Fannie Mae Pool | FLOATING, 08/01/2042, 7.177, $62,290.75 | 64,341 | |||||||||
| Fannie Mae Pool | FLOATING, 08/01/2052, 4.104, $522,448.59 | 507,593 | |||||||||
| Fannie Mae Pool | FLOATING, 08/01/2052, 4.534, $392,577.23 | 386,312 | |||||||||
| Fannie Mae Pool | FLOATING, 09/01/2027, 5.87, $1,091,395.42 | 1,090,240 | |||||||||
| Fannie Mae Pool | FLOATING, 09/01/2047, 2.681, $19,044.89 | 19,064 | |||||||||
| Fannie Mae Pool | FLOATING, 09/01/2047, 2.862, $10,061.51 | 10,017 | |||||||||
| Fannie Mae Pool | FLOATING, 09/01/2052, 3.483, $755,598.93 | 720,662 | |||||||||
| Fannie Mae Pool | FLOATING, 10/01/2028, 5.895, $635,000.00 | 634,629 | |||||||||
| Fannie Mae Pool | FLOATING, 10/01/2047, 2.845, $13,140.98 | 13,030 | |||||||||
| Fannie Mae Pool | FLOATING, 10/01/2052, 4.564, $533,359.54 | 526,009 | |||||||||
| Fannie Mae Pool | FLOATING, 11/01/2052, 5.118, $965,837.30 | 970,586 | |||||||||
| Fannie Mae Pool | FLOATING, 12/01/2052, 4.821, $427,459.61 | 425,164 | |||||||||
| Fannie Mae Pool | FLOATING, 12/01/2052, 5.312, $609,631.72 | 616,285 | |||||||||
| Fannie Mae Pool | VARIABLE, 11/01/2026, 3.284, $533,939.65 | 520,388 | |||||||||
| Freddie Mac Gold Pool | FIXED, 01/01/2028, 2.5, $135,689.02 | 129,173 | |||||||||
| Freddie Mac Gold Pool | FIXED, 01/01/2048, 3.5, $322,083.40 | 303,668 | |||||||||
| Freddie Mac Gold Pool | FIXED, 01/01/2048, 4, $153,921.38 | 149,299 | |||||||||
| Freddie Mac Gold Pool | FIXED, 02/01/2025, 5, $14,339.60 | 14,497 | |||||||||
| Freddie Mac Gold Pool | FIXED, 02/01/2047, 3.5, $351,247.88 | 331,234 | |||||||||
| Freddie Mac Gold Pool | FIXED, 03/01/2048, 3.5, $661,090.49 | 621,718 | |||||||||
22
| Freddie Mac Gold Pool | FIXED, 04/01/2047, 3.5, $1,335,954.13 | 1,260,931 | |||||||||
| Freddie Mac Gold Pool | FIXED, 05/01/2049, 3.5, $252,682.72 | 236,793 | |||||||||
| Freddie Mac Gold Pool | FIXED, 05/01/2049, 3.5, $511,753.13 | 479,042 | |||||||||
| Freddie Mac Gold Pool | FIXED, 06/01/2025, 4.5, $38,600.51 | 38,579 | |||||||||
| Freddie Mac Gold Pool | FIXED, 06/01/2048, 4, $948,735.88 | 919,756 | |||||||||
| Freddie Mac Gold Pool | FIXED, 07/01/2026, 4, $77,845.45 | 76,823 | |||||||||
| Freddie Mac Gold Pool | FIXED, 08/01/2046, 3.5, $933,198.15 | 880,799 | |||||||||
| Freddie Mac Gold Pool | FIXED, 08/01/2048, 4.5, $561,803.52 | 557,206 | |||||||||
| Freddie Mac Gold Pool | FIXED, 09/01/2047, 4, $375,252.83 | 361,894 | |||||||||
| Freddie Mac Gold Pool | FIXED, 09/01/2047, 4, $607,387.94 | 588,709 | |||||||||
| Freddie Mac Gold Pool | FIXED, 10/01/2045, 3.5, $123,122.45 | 116,127 | |||||||||
| Freddie Mac Gold Pool | FIXED, 10/01/2047, 4, $417,592.32 | 404,448 | |||||||||
| Freddie Mac Gold Pool | FIXED, 11/01/2048, 4.5, $376,453.16 | 373,513 | |||||||||
| Freddie Mac Gold Pool | FIXED, 11/01/2048, 4.5, $638,847.74 | 634,016 | |||||||||
| Freddie Mac Gold Pool | FIXED, 12/01/2047, 3.5, $273,450.07 | 258,092 | |||||||||
| Freddie Mac Multifam Struct PT Cert | VARIABLE, 01/25/2046, 5.17239, $39,318.06 | 39,230 | |||||||||
| Freddie Mac Multifamily Structured PT Cert | FIXED, 09/25/2028, 4.85, $1,100,000.00 | 1,124,567 | |||||||||
| Freddie Mac Multifamily Structured PT Cert | FIXED, 10/25/2028, 4.86, $370,000.00 | 379,592 | |||||||||
| Freddie Mac Multifamily Structured PT Cert | VARIABLE, 08/25/2028, 4.74, $375,000.00 | 382,002 | |||||||||
| Freddie Mac Multifamily Structured PT Certificates | FLOATING, 10/25/2027, 5.80522, $1,383,522.32 | 1,378,266 | |||||||||
| Freddie Mac Multifamily Structured PT Certificates | VARIABLE, 05/25/2051, 1.24161, $879,865.21 | 820,127 | |||||||||
| Freddie Mac Multifamily Structured PT Certificates | VARIABLE, 09/25/2027, 3.187, $1,100,000.00 | 1,058,926 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 05/01/2047, 2.547, $340,262.72 | 341,265 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 05/01/2047, 3.001, $197,558.36 | 196,444 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 06/01/2052, 3.945, $931,191.61 | 895,999 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 06/01/2052, 4.286, $653,668.77 | 636,242 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 07/01/2052, 3.453, $549,506.15 | 520,886 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 07/01/2052, 4.231, $635,879.74 | 617,599 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 08/01/2045, 5.762, $273,347.66 | 279,817 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 08/01/2045, 6.201, $146,380.61 | 149,543 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 08/01/2047, 2.92, $62,594.33 | 62,683 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 08/01/2048, 3.571, $145,770.77 | 142,622 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 08/01/2052, 4.008, $684,768.65 | 661,074 | |||||||||
23
| Freddie Mac Non Gold Pool | FLOATING, 09/01/2046, 7.276, $79,098.40 | 81,381 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 09/01/2047, 3.112, $283,581.94 | 283,208 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 09/01/2052, 4.053, $1,117,524.90 | 1,080,631 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 09/01/2052, 4.149, $350,097.72 | 339,431 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 09/01/2052, 4.666, $352,202.64 | 347,010 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 10/01/2043, 5.85, $79,760.74 | 81,472 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 10/01/2052, 4.294, $472,076.65 | 460,018 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 11/01/2052, 4.562, $379,237.80 | 372,831 | |||||||||
| Freddie Mac Non Gold Pool | FLOATING, 12/01/2052, 4.862, $555,087.58 | 551,267 | |||||||||
| Freddie Mac Pool | FIXED, 01/01/2035, 2.5, $187,143.60 | 174,335 | |||||||||
| Freddie Mac Pool | FIXED, 01/01/2035, 2.5, $270,350.88 | 251,848 | |||||||||
| Freddie Mac Pool | FIXED, 01/01/2050, 3, $1,575,013.29 | 1,417,049 | |||||||||
| Freddie Mac Pool | FIXED, 01/01/2052, 2, $7,090,458.93 | 5,896,452 | |||||||||
| Freddie Mac Pool | FIXED, 01/01/2052, 2.5, $1,376,675.82 | 1,186,502 | |||||||||
| Freddie Mac Pool | FIXED, 02/01/2035, 2.5, $90,870.43 | 84,359 | |||||||||
| Freddie Mac Pool | FIXED, 02/01/2052, 2.5, $1,602,516.01 | 1,381,419 | |||||||||
| Freddie Mac Pool | FIXED, 02/01/2052, 3, $1,543,255.14 | 1,379,389 | |||||||||
| Freddie Mac Pool | FIXED, 03/01/2052, 3, $1,570,984.01 | 1,403,583 | |||||||||
| Freddie Mac Pool | FIXED, 04/01/2050, 3, $718,760.63 | 649,940 | |||||||||
| Freddie Mac Pool | FIXED, 08/01/2049, 3.5, $206,566.57 | 192,811 | |||||||||
| Freddie Mac Pool | FIXED, 09/01/2049, 3, $131,119.33 | 118,009 | |||||||||
| Freddie Mac Pool | FIXED, 09/01/2051, 2.5, $441,195.05 | 381,139 | |||||||||
| Freddie Mac Pool | FIXED, 11/01/2049, 3, $2,739,543.31 | 2,466,490 | |||||||||
| Freddie Mac Pool | FIXED, 11/01/2051, 2.5, $593,571.38 | 511,754 | |||||||||
| Freddie Mac Pool | FIXED, 11/01/2051, 2.5, $986,119.39 | 846,899 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2, $1,031,850.49 | 851,858 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2, $1,078,693.59 | 891,929 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2, $621,302.26 | 516,286 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2, $723,912.90 | 598,574 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2, $880,370.99 | 727,005 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2.5, $3,003,266.08 | 2,592,168 | |||||||||
| Freddie Mac Pool | FIXED, 12/01/2051, 2.5, $580,097.45 | 498,143 | |||||||||
| GNMA | FIXED, 05/20/2040, 4.5, $23,638.27 | 23,500 | |||||||||
24
| GNMA | FLOATING, 10/20/2065, 6.08719, $783,979.40 | 779,210 | |||||||||
| GNMA | FLOATING, 12/20/2066, 6.43719, $1,352,954.75 | 1,352,734 | |||||||||
| Government National Mortgage Association | FLOATING, 01/20/2069, 6.15719, $873,191.49 | 858,481 | |||||||||
| MSN 41079 and 41084 Ltd | FIXED, 07/13/2024, 1.717, $114,174.61 | 113,182 | |||||||||
| Petroleos Mexicanos | FIXED, 02/15/2024, 2.83, $108,750.00 | 109,535 | |||||||||
| Petroleos Mexicanos | FIXED, 04/15/2025, 2.378, $150,000.00 | 289,557 | |||||||||
| Petroleos Mexicanos | FLOATING, 02/15/2024, 6.07133, $33,750.00 | 67,848 | |||||||||
| Phoenix 2012 LLC | FIXED, 07/03/2024, 1.607, $137,103.79 | 135,706 | |||||||||
| Rimon LLC | FIXED, 06/25/2026, 2.623, $405,796.65 | 391,334 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2024, 3.191, $133,105.13 | 267,715 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2025, 2.517, $113,329.74 | 109,194 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2026, 2.507, $1,017,901.99 | 981,722 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2029, 3.113, $847,574.94 | 807,560 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2030, 2.078, $1,064,695.11 | 972,784 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2031, 1.667, $691,844.39 | 604,008 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2032, 2.938, $2,493,706.67 | 2,294,954 | |||||||||
| SBA Small Business Investment Cos | FIXED, 03/10/2033, 5.168, $2,189,027.78 | 2,235,102 | |||||||||
| SBA Small Business Investment Cos | FIXED, 09/10/2025, 2.829, $176,718.52 | 172,455 | |||||||||
| SBA Small Business Investment Cos | FIXED, 09/10/2027, 2.518, $333,468.87 | 316,380 | |||||||||
| SBA Small Business Investment Cos | FIXED, 09/10/2028, 3.548, $538,857.05 | 520,277 | |||||||||
| SBA Small Business Investment Cos | FIXED, 09/10/2031, 1.304, $1,266,799.02 | 1,073,356 | |||||||||
| SBA Small Business Investment Cos | FIXED, 09/10/2033, 5.688, $3,230,000.00 | 3,414,294 | |||||||||
| Seasoned Credit Risk Transfer Trust | FIXED, 09/25/2060, 2.5, $493,125.23 | 444,361 | |||||||||
| Seasoned Credit Risk Transfer Trust 2017-4 | STEP, 06/25/2057, 3.25, $1,909,208.40 | 1,687,699 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2017-3 | FIXED, 07/25/2056, 3, $1,387,019.75 | 1,192,030 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2018-2 | FIXED, 11/25/2057, 3.5, $138,094.77 | 131,581 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2018-3 | VARIABLE, 08/25/2057, 3.5, $113,455.66 | 107,515 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2019-1 | FIXED, 07/25/2058, 4, $452,210.73 | 421,896 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2019-2 | FIXED, 08/25/2058, 4, $525,898.24 | 493,348 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2019-3 | FIXED, 10/25/2058, 4, $320,064.57 | 298,591 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2020-2 | FIXED, 11/25/2059, 2, $1,072,656.51 | 851,627 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2020-2 | FIXED, 11/25/2059, 2.5, $488,256.09 | 429,097 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2020-3 | FIXED, 05/25/2060, 2.5, $212,421.09 | 186,214 | |||||||||
25
| Seasoned Credit Risk Transfer Trust Series 2020-3 | FIXED, 05/25/2060, 2.5, $247,983.25 | 225,047 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2020-3 | FIXED, 05/25/2060, 2.5, $5,130,590.35 | 4,213,530 | |||||||||
| Seasoned Credit Risk Transfer Trust Series 2022-1 | FIXED, 11/25/2061, 3.25, $2,649,705.85 | 2,306,297 | |||||||||
| United States Int Dev Finance Corp | ZERO COUPON, 10/22/2025, 0, $615,000.00 | 662,377 | |||||||||
| United States Small Business Administration | FIXED, 01/01/2048, 4.91, $815,340.03 | 840,398 | |||||||||
| United States Small Business Administration | FIXED, 02/01/2030, 4.14, $127,217.67 | 252,089 | |||||||||
| United States Small Business Administration | FIXED, 02/01/2048, 4.61, $4,343,923.13 | 4,344,320 | |||||||||
| United States Small Business Administration | FIXED, 03/01/2048, 4.93, $1,813,185.71 | 1,859,136 | |||||||||
| United States Small Business Administration | FIXED, 06/01/2037, 2.81, $271,680.16 | 249,532 | |||||||||
| United States Small Business Administration | FIXED, 06/01/2038, 3.6, $335,458.70 | 316,119 | |||||||||
| United States Small Business Administration | FIXED, 06/01/2047, 4.01, $1,953,641.00 | 1,851,570 | |||||||||
| United States Small Business Administration | FIXED, 06/01/2048, 4.93, $648,681.87 | 652,819 | |||||||||
| United States Small Business Administration | FIXED, 07/01/2037, 2.98, $217,286.78 | 204,595 | |||||||||
| United States Small Business Administration | FIXED, 07/01/2038, 3.54, $478,862.36 | 458,753 | |||||||||
| United States Small Business Administration | FIXED, 08/01/2047, 3.8, $435,522.93 | 415,525 | |||||||||
| United States Small Business Administration | FIXED, 11/01/2032, 2.09, $152,024.78 | 139,415 | |||||||||
| United States Small Business Administration | FIXED, 11/01/2047, 5.13, $801,854.75 | 821,270 | |||||||||
| United States Small Business Administration | FIXED, 12/01/2047, 4.71, $1,295,408.15 | 1,296,446 | |||||||||
| United States Small Business Administration | FIXED, 12/01/2048, 5.28, $1,770,000.00 | 1,827,837 | |||||||||
| United States Treasury Note/Bond | FIXED, 02/15/2032, 1.875, $1,104,000.00 | 958,725 | |||||||||
| United States Treasury Note/Bond | FIXED, 02/15/2033, 3.5, $2,340,000.00 | 2,304,575 | |||||||||
| United States Treasury Note/Bond | FIXED, 05/15/2033, 3.375, $95,000.00 | 91,777 | |||||||||
| United States Treasury Note/Bond | FIXED, 06/15/2026, 4.125, $5,530,000.00 | 5,541,242 | |||||||||
| United States Treasury Note/Bond | FIXED, 07/15/2026, 4.5, $2,450,000.00 | 2,524,568 | |||||||||
| United States Treasury Note/Bond | FIXED, 07/31/2026, 1.875, $3,582,000.00 | 3,417,853 | |||||||||
| United States Treasury Note/Bond | FIXED, 08/15/2026, 4.375, $3,305,000.00 | 3,383,111 | |||||||||
| United States Treasury Note/Bond | FIXED, 08/15/2032, 2.75, $925,000.00 | 858,332 | |||||||||
| United States Treasury Note/Bond | FIXED, 08/31/2025, 5, $2,760,000.00 | 2,832,507 | |||||||||
| United States Treasury Note/Bond | FIXED, 08/31/2028, 4.375, $5,135,000.00 | 5,325,651 | |||||||||
| United States Treasury Note/Bond | FIXED, 09/15/2026, 4.625, $3,395,000.00 | 3,490,259 | |||||||||
| United States Treasury Note/Bond | FIXED, 10/31/2028, 4.875, $1,410,000.00 | 1,484,938 | |||||||||
| United States Treasury Note/Bond | FIXED, 10/31/2029, 4, $1,650,000.00 | 1,670,973 | |||||||||
| United States Treasury Note/Bond | FIXED, 11/15/2026, 4.625, $2,360,000.00 | 2,412,444 | |||||||||
26
| United States Treasury Note/Bond | FIXED, 11/15/2032, 4.125, $706,000.00 | 722,749 | |||||||||
| United States Treasury Note/Bond | FIXED, 11/15/2033, 4.5, $1,460,000.00 | 1,544,449 | |||||||||
| United States Treasury Note/Bond | FIXED, 11/30/2028, 4.375, $2,790,000.00 | 2,868,461 | |||||||||
| United States Treasury Note/Bond | FIXED, 11/30/2028, 4.375, $575,000.00 | 591,170 | |||||||||
| United States Treasury Note/Bond | FIXED, 12/15/2026, 4.375, $6,485,000.00 | 6,564,546 | |||||||||
| United States Treasury Note/Bond | FIXED, 12/31/2028, 3.75, $1,165,000.00 | 1,161,053 | |||||||||
| TOTAL U.S. GOVERNMENT SECURITIES | $ | 223,100,695 | |||||||||
| CORPORATE DEBT INSTRUMENTS - PREFERRED | |||||||||||
| Abilene Independent School District | FIXED, 02/15/2024, 5%, $500,000.00 | $ | 509,549 | ||||||||
| Advocate Health & Hospitals Corp | FIXED, 08/15/2028, 3.829%, $325,000.00 | 320,847 | |||||||||
| Alabama Federal Aid Highway Finance Authority | FIXED, 09/01/2032, 2.156%, $445,000.00 | 369,954 | |||||||||
| American Express Co | FIXED, 03/04/2027, 2.55%, $170,000.00 | 160,755 | |||||||||
| American Express Co | VARIABLE, 05/01/2026, 4.99%, $170,000.00 | 170,952 | |||||||||
| American Express Co | VARIABLE, 07/27/2029, 5.282%, $380,000.00 | 396,803 | |||||||||
| American Express Co | VARIABLE, 07/28/2027, 5.389%, $480,000.00 | 496,771 | |||||||||
| American Express Co | VARIABLE, 10/30/2026, 6.338%, $100,000.00 | 103,061 | |||||||||
| American Express Co | VARIABLE, 10/30/2031, 6.489%, $50,000.00 | 54,850 | |||||||||
| Ascension Health | FIXED, 11/15/2029, 2.532%, $672,000.00 | 602,770 | |||||||||
| Astrazeneca Finance LLC | FIXED, 05/28/2024, 0.7%, $260,000.00 | 255,135 | |||||||||
| Bank of America Corp | VARIABLE, 03/11/2027, 1.658%, $610,000.00 | 567,564 | |||||||||
| Bank of America Corp | VARIABLE, 03/15/2025, 3.458%, $500,000.00 | 502,720 | |||||||||
| Bank of America Corp | VARIABLE, 04/22/2025, 0.976%, $150,000.00 | 147,883 | |||||||||
| Bank of America Corp | VARIABLE, 04/24/2028, 3.705%, $410,000.00 | 394,657 | |||||||||
| Bank of America Corp | VARIABLE, 04/27/2028, 4.376%, $240,000.00 | 236,541 | |||||||||
| Bank of America Corp | VARIABLE, 04/27/2033, 4.571%, $500,000.00 | 481,870 | |||||||||
| Bank of America Corp | VARIABLE, 07/22/2027, 1.734%, $390,000.00 | 360,438 | |||||||||
| Bank of America Corp | VARIABLE, 07/22/2028, 4.948%, $500,000.00 | 511,250 | |||||||||
| Bank of America Corp | VARIABLE, 09/15/2027, 5.933%, $210,000.00 | 218,026 | |||||||||
| Bank of America Corp | VARIABLE, 10/22/2025, 2.456%, $260,000.00 | 254,427 | |||||||||
| Bank of America Corp | VARIABLE, 10/24/2026, 1.197%, $220,000.00 | 204,781 | |||||||||
| Bank of America Corp | VARIABLE, 12/06/2025, 1.53%, $660,000.00 | 635,165 | |||||||||
| Bank of Montreal | FIXED, 02/01/2028, 5.203%, $290,000.00 | 301,911 | |||||||||
| Bank of Montreal | FIXED, 02/01/2028, 5.203%, $60,000.00 | 62,464 | |||||||||
27
| Bank of Montreal | FIXED, 09/14/2027, 4.7%, $410,000.00 | 417,130 | |||||||||
| Bank of Montreal | FIXED, 09/15/2026, 1.25%, $160,000.00 | 146,412 | |||||||||
| Bank of Montreal | FIXED, 12/11/2026, 5.266%, $180,000.00 | 183,064 | |||||||||
* | Bank of New York Mellon Corp | VARIABLE, 02/01/2029, 4.543%, $220,000.00 | 222,727 | ||||||||
* | Bank of New York Mellon Corp | VARIABLE, 04/26/2027, 4.947%, $230,000.00 | 232,181 | ||||||||
* | Bank of New York Mellon Corp | VARIABLE, 07/24/2026, 4.414%, $130,000.00 | 131,146 | ||||||||
* | Bank of New York Mellon Corp | VARIABLE, 07/26/2030, 4.596%, $330,000.00 | 334,571 | ||||||||
* | Bank of New York Mellon Corp | VARIABLE, 10/25/2028, 5.802%, $60,000.00 | 62,884 | ||||||||
* | Bank of New York Mellon Corp | VARIABLE, 10/25/2029, 6.317%, $150,000.00 | 161,220 | ||||||||
* | Bank of New York Mellon/The | VARIABLE, 11/21/2025, 5.224%, $250,000.00 | 251,396 | ||||||||
| Bank of Nova Scotia/The | FIXED, 02/01/2030, 4.85%, $50,000.00 | 50,973 | |||||||||
| Bank of Nova Scotia/The | FIXED, 02/02/2026, 4.75%, $170,000.00 | 173,010 | |||||||||
| Bank of Nova Scotia/The | FIXED, 06/12/2028, 5.25%, $310,000.00 | 315,802 | |||||||||
| Bank of Nova Scotia/The | FIXED, 12/07/2026, 5.35%, $370,000.00 | 377,716 | |||||||||
| Boerne Independent School District | FIXED, 02/01/2024, 0.636%, $535,000.00 | 534,716 | |||||||||
| Boerne Independent School District | FIXED, 02/01/2025, 0.786%, $475,000.00 | 456,340 | |||||||||
| BPCE SA | FIXED, 01/14/2025, 1.625%, $330,000.00 | 320,364 | |||||||||
| BPCE SA | FIXED, 07/19/2027, 4.75%, $370,000.00 | 373,617 | |||||||||
| Campbell Union High School District | FIXED, 08/01/2031, 1.712%, $650,000.00 | 539,301 | |||||||||
| Cedars-Sinai Health System | FIXED, 08/15/2031, 2.288%, $550,000.00 | 462,991 | |||||||||
| Charles Schwab Corp | VARIABLE, 05/19/2029, 5.643%, $180,000.00 | 185,977 | |||||||||
| Charles Schwab Corp/The | FIXED, 08/24/2026, 5.875%, $330,000.00 | 345,372 | |||||||||
| Charles Schwab Corp/The | VARIABLE, 11/17/2029, 6.196%, $190,000.00 | 200,869 | |||||||||
| CHRISTUS Health | FIXED, 07/01/2028, 4.341%, $400,000.00 | 399,873 | |||||||||
| City & County of Honolulu HI | FIXED, 09/01/2031, 3.803%, $450,000.00 | 434,190 | |||||||||
| City of Chesapeake VA | FIXED, 08/01/2024, 1.649%, $265,000.00 | 261,680 | |||||||||
| City of Chesapeake VA | FIXED, 08/01/2025, 1.699%, $195,000.00 | 187,902 | |||||||||
| CLEVELAND CLINIC HEALTH SYSTEM | FIXED, 01/01/2031, 2.785%, $790,000.00 | 714,188 | |||||||||
| Commonwealth of Massachusetts | FIXED, 07/15/2029, 3.769%, $500,000.00 | 497,430 | |||||||||
| Commonwealth of Massachusetts | FIXED, 07/15/2031, 4.11%, $565,038.02 | 571,158 | |||||||||
| Consumers 2023 Securitization Funding LLC | FIXED, 09/01/2030, 5.21%, $460,000.00 | 472,184 | |||||||||
| Consumers Energy Co | FIXED, 02/15/2029, 4.9%, $610,000.00 | 633,529 | |||||||||
| Corebridge Global Funding | FIXED, 09/19/2028, 5.9%, $200,000.00 | 209,583 | |||||||||
28
| County of Bexar TX | FIXED, 06/15/2031, 2.021%, $390,000.00 | 331,250 | |||||||||
| Deaconess Health, IN | FIXED, 03/01/2024, 0.955%, $285,000.00 | 283,958 | |||||||||
| DeKalb Kane LaSalle Counties Comm College Dist 523 | FIXED, 02/01/2024, 1.96%, $240,000.00 | 241,360 | |||||||||
| Dominion Energy South Carolina Inc | FIXED, 12/01/2031, 2.3%, $250,000.00 | 209,098 | |||||||||
| DTE Electric Co | FIXED, 03/01/2031, 2.625%, $240,000.00 | 212,377 | |||||||||
| DTE Electric Securitization Funding II LLC | FIXED, 03/01/2032, 5.97%, $410,000.00 | 434,721 | |||||||||
| Duke Energy Carolinas LLC | FIXED, 04/15/2031, 2.55%, $370,000.00 | 323,268 | |||||||||
| Duke Energy Florida LLC | FIXED, 12/15/2031, 2.4%, $410,000.00 | 346,871 | |||||||||
| Duke Energy Progress LLC | FIXED, 03/15/2029, 3.45%, $335,000.00 | 323,219 | |||||||||
| East Ohio Gas Co/The | FIXED, 06/15/2025, 1.3%, $240,000.00 | 227,036 | |||||||||
| Entergy Mississippi LLC | FIXED, 06/01/2028, 2.85%, $600,000.00 | 555,643 | |||||||||
| Evergy Metro Inc | FIXED, 06/01/2030, 2.25%, $280,000.00 | 239,377 | |||||||||
| Evergy Metro Inc | FIXED, 08/15/2025, 3.65%, $310,000.00 | 307,516 | |||||||||
| Goldman Sachs Group Inc/The | FLOATING, 10/21/2024, 5.85881%, $420,000.00 | 420,226 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 02/24/2028, 2.64%, $140,000.00 | 131,125 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 02/24/2028, 2.64%, $300,000.00 | 280,981 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 08/10/2026, 5.798%, $220,000.00 | 227,164 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 08/23/2028, 4.482%, $270,000.00 | 269,793 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 09/10/2024, 5.91509%, $290,000.00 | 290,525 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 09/10/2027, 1.542%, $780,000.00 | 711,143 | |||||||||
| Goldman Sachs Group Inc/The | VARIABLE, 10/21/2027, 1.948%, $430,000.00 | 395,157 | |||||||||
| Guardian Life Global Funding | FIXED, 03/29/2027, 3.246%, $140,000.00 | 134,571 | |||||||||
| Guardian Life Global Funding | FIXED, 03/29/2027, 3.246%, $200,000.00 | 192,244 | |||||||||
| Guardian Life Global Funding | FIXED, 06/23/2025, 1.1%, $210,000.00 | 198,251 | |||||||||
| Honolulu City & County Board of Water Supply | FIXED, 07/01/2024, 1.72%, $215,000.00 | 213,583 | |||||||||
| HOUSTON TX UTILITY SYS REVENUE | FIXED, 11/15/2030, 3.923%, $255,000.00 | 247,162 | |||||||||
| Indiana University | FIXED, 06/01/2027, 2.03%, $750,000.00 | 696,219 | |||||||||
| Johns Hopkins Health System Corp/The | FIXED, 01/01/2030, 2.42%, $260,000.00 | 229,462 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 02/01/2028, 3.782%, $600,000.00 | 589,426 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 02/24/2026, 2.595%, $470,000.00 | 459,506 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 02/24/2028, 2.947%, $550,000.00 | 523,504 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 04/22/2027, 1.578%, $370,000.00 | 342,669 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 04/26/2028, 4.323%, $50,000.00 | 49,679 | |||||||||
29
| JPMorgan Chase & Co | VARIABLE, 06/01/2025, 0.824%, $220,000.00 | 215,452 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 06/01/2028, 2.182%, $380,000.00 | 348,489 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 06/14/2030, 4.565%, $120,000.00 | 117,810 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 06/23/2025, 0.969%, $500,000.00 | 488,444 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 07/23/2029, 4.203%, $120,000.00 | 118,927 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 07/25/2028, 4.851%, $40,000.00 | 40,882 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 10/22/2027, 6.07%, $180,000.00 | 187,321 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 11/19/2026, 1.045%, $250,000.00 | 231,905 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 12/05/2029, 4.452%, $310,000.00 | 304,896 | |||||||||
| JPMorgan Chase & Co | VARIABLE, 12/10/2025, 1.561%, $150,000.00 | 144,554 | |||||||||
| JPMorgan Chase Bank NA | FIXED, 12/08/2026, 5.11%, $360,000.00 | 364,583 | |||||||||
| Kentucky Utilities Co | FIXED, 10/01/2025, 3.3%, $800,000.00 | 786,631 | |||||||||
| Louisiana Local Govt Env Fac. & Comm Dev Auth | FIXED, 02/01/2027, 3.615%, $559,961.20 | 555,869 | |||||||||
| Louisiana Local Govt Env Fac. & Comm Dev Auth | FIXED, 02/01/2031, 4.145%, $600,000.00 | 600,943 | |||||||||
| Louisiana Local Govt Env Fac. & Comm Dev Auth | FIXED, 06/01/2031, 5.081%, $466,341.62 | 471,776 | |||||||||
| Massachusetts School Building Authority | FIXED, 08/15/2030, 1.753%, $285,000.00 | 246,848 | |||||||||
| MassMutual Global Funding II | FIXED, 04/10/2026, 4.5%, $0.00 | (29) | |||||||||
| Mercedes-Benz Finance North America LLC | FIXED, 03/30/2028, 4.8%, $180,000.00 | 184,049 | |||||||||
| Mercedes-Benz Finance North America LLC | FIXED, 08/03/2028, 5.1%, $150,000.00 | 156,184 | |||||||||
| Metropolitan Life Global Funding I | FIXED, 01/11/2027, 1.875%, $510,000.00 | 470,509 | |||||||||
| Metropolitan Life Global Funding I | FIXED, 03/21/2029, 3.3%, $170,000.00 | 159,391 | |||||||||
| Metropolitan Life Global Funding I | FIXED, 06/30/2027, 4.4%, $155,000.00 | 152,408 | |||||||||
| MidAmerican Energy Co | FIXED, 05/01/2027, 3.1%, $160,000.00 | 153,849 | |||||||||
| Morgan Stanley | VARIABLE, 01/21/2028, 2.475%, $150,000.00 | 141,008 | |||||||||
| Morgan Stanley | VARIABLE, 01/21/2028, 2.475%, $460,000.00 | 432,426 | |||||||||
| Morgan Stanley | VARIABLE, 01/22/2025, 0.791%, $430,000.00 | 430,237 | |||||||||
| Morgan Stanley | VARIABLE, 01/28/2027, 5.05%, $120,000.00 | 122,722 | |||||||||
| Morgan Stanley | VARIABLE, 02/18/2026, 2.63%, $330,000.00 | 322,633 | |||||||||
| Morgan Stanley | VARIABLE, 04/20/2028, 4.21%, $310,000.00 | 305,769 | |||||||||
| Morgan Stanley | VARIABLE, 05/30/2025, 0.79%, $270,000.00 | 264,148 | |||||||||
| Morgan Stanley | VARIABLE, 07/17/2026, 4.679%, $220,000.00 | 222,619 | |||||||||
| Morgan Stanley | VARIABLE, 07/20/2027, 1.512%, $720,000.00 | 662,779 | |||||||||
| Morgan Stanley | VARIABLE, 07/20/2029, 5.449%, $110,000.00 | 114,846 | |||||||||
30
| Morgan Stanley | VARIABLE, 07/22/2025, 2.72%, $190,000.00 | 189,157 | |||||||||
| Morgan Stanley | VARIABLE, 10/21/2025, 1.164%, $150,000.00 | 144,712 | |||||||||
| Mountain View-Whisman School District | FIXED, 09/01/2024, 1.329%, $365,000.00 | 358,346 | |||||||||
| Mutual of Omaha Cos Global Funding | FIXED, 07/27/2026, 5.8%, $140,000.00 | 146,190 | |||||||||
| Mutual of Omaha Cos Global Funding | FIXED, 12/12/2028, 5.45%, $100,000.00 | 102,436 | |||||||||
| Mutual of Omaha Cos Global Funding | FIXED, 12/12/2028, 5.45%, $300,000.00 | 307,308 | |||||||||
| New York Hospital for Special Surgery | FIXED, 04/01/2028, 3.737%, $80,000.00 | 76,530 | |||||||||
| New York Life Global Funding | FIXED, 01/09/2028, 4.85%, $310,000.00 | 319,262 | |||||||||
| New York Life Global Funding | FIXED, 09/18/2026, 5.45%, $280,000.00 | 290,632 | |||||||||
| New York State Dormitory Authority | FIXED, 03/15/2026, 2.738%, $400,000.00 | 389,313 | |||||||||
| North Dakota Public Finance Authority | FIXED, 12/01/2029, 2.13%, $500,000.00 | 438,428 | |||||||||
| North Dakota Public Finance Authority | FIXED, 12/01/2030, 4.05%, $250,000.00 | 242,244 | |||||||||
| Northern States Power Co/MN | FIXED, 04/01/2031, 2.25%, $80,000.00 | 69,221 | |||||||||
| Northwestern Mutual Global Funding | FIXED, 01/14/2026, 0.8%, $260,000.00 | 241,435 | |||||||||
| Northwestern Mutual Global Funding | FIXED, 04/04/2029, 3.3%, $220,000.00 | 204,382 | |||||||||
| NTT Finance Corp | FIXED, 04/03/2026, 1.162%, $200,000.00 | 185,114 | |||||||||
| NTT Finance Corp | FIXED, 04/03/2026, 1.162%, $540,000.00 | 499,808 | |||||||||
| NYC Transit Fin Auth Future Tax Rev | FIXED, 08/01/2025, 3.35%, $300,000.00 | 298,101 | |||||||||
| NYC Transitional Finance Auth Future Tax Sec Rev | FIXED, 02/01/2029, 3.45%, $235,000.00 | 227,648 | |||||||||
| OhioHealth Corp | FIXED, 11/15/2031, 2.297%, $560,000.00 | 473,728 | |||||||||
| Ohlone Community College District | FIXED, 08/01/2029, 2.337%, $475,000.00 | 428,981 | |||||||||
| Oklahoma Development Finance Authority | FIXED, 02/01/2032, 4.285%, $82,662.57 | 82,721 | |||||||||
| Oklahoma Development Finance Authority | FIXED, 05/01/2032, 3.877%, $414,573.75 | 403,518 | |||||||||
| Oklahoma Development Finance Authority | FIXED, 12/01/2033, 4.135%, $265,618.97 | 260,468 | |||||||||
| Oncor Electric Delivery Co LLC | FIXED, 05/15/2030, 2.75%, $360,000.00 | 323,703 | |||||||||
| Orlando Health Obligated Group | FIXED, 10/01/2028, 3.777%, $345,000.00 | 329,619 | |||||||||
| PacifiCorp | FIXED, 06/15/2029, 3.5%, $290,000.00 | 272,903 | |||||||||
| PacifiCorp | FIXED, 07/01/2025, 3.35%, $250,000.00 | 247,435 | |||||||||
| PacifiCorp | FIXED, 09/15/2030, 2.7%, $390,000.00 | 341,479 | |||||||||
| Pricoa Global Funding I | FIXED, 08/28/2026, 5.55%, $150,000.00 | 156,000 | |||||||||
| Pricoa Global Funding I | FIXED, 09/01/2026, 1.2%, $410,000.00 | 374,115 | |||||||||
| Principal Life Global Funding II | FIXED, 01/10/2025, 1.375%, $320,000.00 | 309,365 | |||||||||
| Protective Life Global Funding | FIXED, 01/13/2025, 1.646%, $190,000.00 | 184,139 | |||||||||
31
| Protective Life Global Funding | FIXED, 03/28/2025, 3.218%, $150,000.00 | 147,562 | |||||||||
| Protective Life Global Funding | FIXED, 07/06/2027, 4.714%, $150,000.00 | 152,623 | |||||||||
| Protective Life Global Funding | FIXED, 07/06/2027, 4.714%, $165,000.00 | 167,885 | |||||||||
| Rochester Gas and Electric Corp | FIXED, 06/01/2027, 3.1%, $360,000.00 | 340,618 | |||||||||
| Royal Bank of Canada | FIXED, 01/12/2026, 4.875%, $280,000.00 | 287,035 | |||||||||
| Royal Bank of Canada | FIXED, 05/04/2027, 3.625%, $110,000.00 | 107,021 | |||||||||
| Royal Bank of Canada | FIXED, 07/20/2026, 5.2%, $230,000.00 | 238,069 | |||||||||
| Royal Bank of Canada | FIXED, 08/03/2027, 4.24%, $400,000.00 | 402,612 | |||||||||
| San Diego Community College District | FIXED, 08/01/2033, 2.383%, $800,000.00 | 669,975 | |||||||||
| San Diego Unified School District/CA | FIXED, 07/01/2034, 2.414%, $550,000.00 | 453,811 | |||||||||
| San Jose Redevelopment Agency Successor Agency | FIXED, OID, 08/01/2029, 3.25%, $370,000.00 | 351,182 | |||||||||
| South Dakota State Building Authority | FIXED, 06/01/2024, 0.802%, $575,000.00 | 565,276 | |||||||||
| Spire Missouri Inc | FLOATING, 12/02/2024, 5.90748%, $550,000.00 | 551,949 | |||||||||
| Stanford Health Care | FIXED, 08/15/2030, 3.31%, $325,000.00 | 303,059 | |||||||||
| State of California | FIXED, 04/01/2029, 3.05%, $575,000.00 | 544,735 | |||||||||
| State of Hawaii | FIXED, 08/01/2029, 1.892%, $685,000.00 | 608,707 | |||||||||
| State of Mississippi | FIXED, 10/01/2033, 2.287%, $560,000.00 | 464,681 | |||||||||
| State of Oregon | FIXED, 06/01/2027, 5.892%, $400,000.00 | 411,296 | |||||||||
| State of Texas | FIXED, 04/01/2032, 2.804%, $180,000.00 | 160,526 | |||||||||
| State of Texas | FIXED, 04/01/2033, 4.631%, $500,000.00 | 508,164 | |||||||||
| State of Wisconsin | FIXED, 05/01/2032, 1.772%, $265,000.00 | 216,159 | |||||||||
| State Street Corp | VARIABLE, 02/06/2026, 1.746%, $260,000.00 | 251,689 | |||||||||
| State Street Corp | VARIABLE, 02/07/2028, 2.203%, $240,000.00 | 225,137 | |||||||||
| State Street Corp | VARIABLE, 02/07/2033, 2.623%, $120,000.00 | 102,501 | |||||||||
| State Street Corp | VARIABLE, 11/21/2029, 5.684%, $420,000.00 | 437,233 | |||||||||
| Sutter Health | FIXED, 08/15/2025, 1.321%, $185,000.00 | 174,282 | |||||||||
| Texas Electric Market Stabilization Funding N LLC | FIXED, 08/01/2034, 4.265%, $785,551.70 | 773,459 | |||||||||
| Texas Natural Gas Securitization Finance Corp | FIXED, 04/01/2035, 5.102%, $855,000.00 | 885,905 | |||||||||
| Toronto-Dominion Bank/The | FIXED, 01/10/2028, 5.156%, $330,000.00 | 342,867 | |||||||||
| Toronto-Dominion Bank/The | FIXED, 03/10/2027, 2.8%, $360,000.00 | 343,224 | |||||||||
| Toronto-Dominion Bank/The | FIXED, 06/03/2026, 1.2%, $130,000.00 | 119,516 | |||||||||
| Toronto-Dominion Bank/The | FIXED, 07/17/2026, 5.532%, $350,000.00 | 365,615 | |||||||||
| Toronto-Dominion Bank/The | FIXED, 09/15/2027, 4.693%, $190,000.00 | 192,412 | |||||||||
32
| Trinity Health | FIXED, 12/01/2034, 3.084%, $620,000.00 | 541,849 | |||||||||
| Truist Bank | FIXED, 09/16/2025, 3.625%, $500,000.00 | 488,611 | |||||||||
| TSMC Arizona Corp | FIXED, 10/25/2026, 1.75%, $300,000.00 | 277,165 | |||||||||
| Twin Falls County School Dist No 411 Twin Falls | FIXED, 09/15/2024, 4%, $280,000.00 | 281,531 | |||||||||
| Union Electric Co | FIXED, 03/15/2030, 2.95%, $700,000.00 | 638,952 | |||||||||
| US Bancorp | VARIABLE, 01/27/2028, 2.215%, $390,000.00 | 362,340 | |||||||||
| US Bancorp | VARIABLE, 07/22/2028, 4.548%, $200,000.00 | 201,209 | |||||||||
| US Bancorp | VARIABLE, 07/22/2028, 4.548%, $460,000.00 | 462,781 | |||||||||
| US Bancorp | VARIABLE, 10/21/2026, 5.727%, $410,000.00 | 417,232 | |||||||||
| US Bancorp | VARIABLE, 10/21/2033, 5.85%, $180,000.00 | 187,890 | |||||||||
| Wells Fargo & Co | VARIABLE, 03/02/2033, 3.35%, $460,000.00 | 408,026 | |||||||||
| Wells Fargo & Co | VARIABLE, 03/24/2028, 3.526%, $440,000.00 | 424,195 | |||||||||
| Wells Fargo & Co | VARIABLE, 03/24/2028, 3.526%, $700,000.00 | 674,856 | |||||||||
| Wells Fargo & Co | VARIABLE, 04/25/2026, 3.908%, $330,000.00 | 325,840 | |||||||||
| Wells Fargo & Co | VARIABLE, 07/25/2028, 4.808%, $330,000.00 | 669,164 | |||||||||
| Wells Fargo & Co | VARIABLE, 07/25/2029, 5.574%, $140,000.00 | 146,475 | |||||||||
| Wells Fargo & Co | VARIABLE, 07/25/2033, 4.897%, $100,000.00 | 99,677 | |||||||||
| Wells Fargo & Co | VARIABLE, 08/15/2026, 4.54%, $200,000.00 | 201,339 | |||||||||
| Westpac Banking Corp | FLOATING, 02/26/2024, 6.41129%, $180,000.00 | 181,209 | |||||||||
| TOTAL CORPORATE DEBT INSTRUMENTS - PREFERRED | $ | 67,117,169 | |||||||||
| CORPORATE DEBT INSTRUMENTS - ALL OTHER | |||||||||||
| Agilent Technologies Inc | FIXED, 09/15/2029, 2.75%, $180,000.00 | $ | 166,228 | ||||||||
| Albemarle Corp | FIXED, 06/01/2027, 4.65%, $230,000.00 | 226,872 | |||||||||
| Albemarle Corp | FIXED, 06/01/2027, 4.65%, $240,000.00 | 236,736 | |||||||||
| Alexandria Real Estate Equities Inc | FIXED, 01/15/2026, 4.3%, $70,000.00 | 70,291 | |||||||||
| Alexandria Real Estate Equities Inc | FIXED, 01/15/2027, 3.95%, $300,000.00 | 295,943 | |||||||||
| Alexandria Real Estate Equities Inc | FIXED, 04/15/2026, 3.8%, $220,000.00 | 215,920 | |||||||||
| Alexandria Real Estate Equities Inc | FIXED, 04/30/2025, 3.45%, $150,000.00 | 147,346 | |||||||||
| Ally Auto Receivables Trust 2022-2 | FIXED, 05/17/2027, 4.76%, $555,000.00 | 553,818 | |||||||||
| Ally Auto Receivables Trust 2022-3 | FIXED, 04/15/2027, 5.07%, $425,000.00 | 425,801 | |||||||||
| Ameren Corp | FIXED, 12/01/2026, 5.7%, $120,000.00 | 123,633 | |||||||||
| American Express Credit Account Master Trust | FIXED, 08/15/2027, 3.75%, $790,000.00 | 777,946 | |||||||||
| Americredit Automobile Receivables Trust 2023-1 | FIXED, 11/18/2027, 5.62%, $500,000.00 | 503,997 | |||||||||
33
| AMEX Credit Account Master Trust 2023-1 | FIXED, 05/15/2028, 4.87%, $345,000.00 | 348,383 | |||||||||
| AMEX Credit Acct Mstr Tr | FIXED, 09/15/2028, 5.23%, $365,000.00 | 371,891 | |||||||||
| Amgen Inc | FIXED, 03/02/2028, 5.15%, $180,000.00 | 187,216 | |||||||||
| Amphenol Corp | FIXED, 03/30/2026, 4.75%, $100,000.00 | 101,307 | |||||||||
| Anglo American Capital PLC | FIXED, 03/17/2028, 2.25%, $200,000.00 | 179,681 | |||||||||
| Anglo American Capital PLC | FIXED, 04/10/2027, 4.75%, $200,000.00 | 199,628 | |||||||||
| Anglo American Capital PLC | FIXED, 09/10/2030, 2.625%, $350,000.00 | 301,045 | |||||||||
| Anglo American Capital PLC | FIXED, 09/11/2024, 3.625%, $200,000.00 | 198,977 | |||||||||
| Anglo American Capital PLC | FIXED, 09/11/2024, 3.625%, $220,000.00 | 218,875 | |||||||||
| Aon Corp / Aon Global Holdings PLC | FIXED, 05/28/2027, 2.85%, $140,000.00 | 132,767 | |||||||||
| ARI Fleet Lease Trust 2021-A | FIXED, 03/15/2030, 0.37%, $24,309.84 | 24,263 | |||||||||
| ARI Fleet Lease Trust 2023-A | FIXED, 02/17/2032, 5.41%, $516,703.34 | 516,958 | |||||||||
| AT&T Inc | FIXED, 02/01/2028, 1.65%, $200,000.00 | 179,626 | |||||||||
| AT&T Inc | FIXED, 02/01/2032, 2.25%, $430,000.00 | 359,747 | |||||||||
| AT&T Inc | FIXED, 03/25/2024, 0.9%, $420,000.00 | 416,378 | |||||||||
| AT&T Inc | FIXED, 03/25/2026, 1.7%, $520,000.00 | 489,061 | |||||||||
| AT&T Inc | FIXED, 05/15/2035, 4.5%, $340,000.00 | 324,676 | |||||||||
| AT&T Inc | FIXED, 06/01/2027, 2.3%, $90,000.00 | 83,786 | |||||||||
| AT&T Inc | FLOATING, 06/12/2024, 6.80765%, $290,000.00 | 292,103 | |||||||||
| BA Credit Card Trust | FIXED, 04/15/2028, 5%, $435,000.00 | 438,611 | |||||||||
| BA Credit Card Trust | FIXED, 05/15/2028, 4.79%, $230,000.00 | 231,363 | |||||||||
| BAE Systems Holdings Inc | FIXED, 10/07/2024, 3.8%, $325,000.00 | 323,363 | |||||||||
| BAE Systems Holdings Inc | FIXED, 12/15/2025, 3.85%, $410,000.00 | 401,751 | |||||||||
| BAE Systems PLC | FIXED, 02/15/2031, 1.9%, $290,000.00 | 240,831 | |||||||||
| BANK 2017-BNK5 | FIXED, 06/15/2060, 3.131%, $740,000.00 | 697,008 | |||||||||
| BANK 2017-BNK6 | FIXED, 07/15/2060, 3.254%, $475,000.00 | 450,673 | |||||||||
| BANK 2017-BNK6 | FIXED, 07/15/2060, 3.518%, $680,000.00 | 646,002 | |||||||||
| BANK 2017-BNK8 | FIXED, 11/15/2050, 3.229%, $368,951.88 | 345,770 | |||||||||
| BANK 2018-BNK11 | FIXED, 03/15/2061, 3.784%, $876,887.92 | 835,689 | |||||||||
| Bank of America Auto Trust 2023-1 | FIXED, 02/15/2028, 5.53%, $485,000.00 | 491,926 | |||||||||
| Bank of America Auto Trust 2023-2 | FIXED, 06/15/2028, 5.74%, $865,000.00 | 883,969 | |||||||||
| Bank of America Commercial Mtg Trust 2017-BNK3 | FIXED, 02/15/2050, 3.311%, $524,467.88 | 499,062 | |||||||||
| Baxter International Inc | FIXED, 02/01/2027, 1.915%, $520,000.00 | 480,677 | |||||||||
34
| Baxter International Inc | FIXED, 04/01/2030, 3.95%, $105,000.00 | 100,559 | |||||||||
| Baxter International Inc | FIXED, 11/29/2024, 1.322%, $330,000.00 | 318,174 | |||||||||
| Baxter International Inc | FIXED, 11/29/2024, 1.322%, $680,000.00 | 655,632 | |||||||||
| Bayer US Finance II LLC | FIXED, 12/15/2025, 4.25%, $210,000.00 | 205,070 | |||||||||
| Bayer US Finance II LLC | FIXED, 12/15/2028, 4.375%, $350,000.00 | 333,636 | |||||||||
| Bayer US Finance LLC | FIXED, 10/08/2024, 3.375%, $235,000.00 | 232,065 | |||||||||
| Becton Dickinson & Co | FIXED, 02/13/2028, 4.693%, $220,000.00 | 225,087 | |||||||||
| Bell Telephone Co of Canada or Bell Canada | FIXED, 03/17/2024, 0.75%, $335,000.00 | 332,294 | |||||||||
| Black Hills Corp | FIXED, 01/15/2027, 3.15%, $140,000.00 | 134,605 | |||||||||
| Black Hills Corp | FIXED, 08/23/2024, 1.037%, $400,000.00 | 389,645 | |||||||||
| BMW Vehicle Lease Trust 2023-2 | FIXED, 09/25/2026, 5.99%, $465,000.00 | 472,194 | |||||||||
| BMW Vehicle Owner Trust 2023-A | FIXED, 02/25/2028, 5.47%, $295,000.00 | 298,387 | |||||||||
| BNP Paribas SA | FIXED, 08/14/2028, 4.4%, $380,000.00 | 376,810 | |||||||||
| BNP Paribas SA | VARIABLE, 01/10/2025, 4.705%, $370,000.00 | 378,237 | |||||||||
| BNP Paribas SA | VARIABLE, 11/19/2025, 2.819%, $700,000.00 | 684,456 | |||||||||
| BNP Paribas Sec Corp | VARIABLE, 06/30/2027, 1.675%, $350,000.00 | 320,686 | |||||||||
| BOCA Commercial Mortgage Trust 2022-BOCA | FLOATING, 05/15/2039, 7.13141%, $280,000.00 | 279,366 | |||||||||
| Boeing Co/The | FIXED, 02/01/2027, 2.7%, $450,000.00 | 429,674 | |||||||||
| Boeing Co/The | FIXED, 02/04/2026, 2.196%, $20,000.00 | 19,083 | |||||||||
| Boeing Co/The | FIXED, 02/04/2026, 2.196%, $70,000.00 | 66,792 | |||||||||
| Boeing Co/The | FIXED, 05/01/2025, 4.875%, $335,000.00 | 336,072 | |||||||||
| Boeing Co/The | FIXED, 05/01/2027, 5.04%, $15,000.00 | 15,267 | |||||||||
| Boeing Co/The | FIXED, 05/01/2030, 5.15%, $230,000.00 | 236,422 | |||||||||
| Boston Properties LP | FIXED, 01/15/2025, 3.2%, $80,000.00 | 78,952 | |||||||||
| Boston Properties LP | FIXED, 02/01/2026, 3.65%, $250,000.00 | 244,484 | |||||||||
| Boston Properties LP | FIXED, 02/01/2026, 3.65%, $430,000.00 | 420,513 | |||||||||
| BPR Trust 2022-OANA | FLOATING, 04/15/2037, 7.25981%, $570,000.00 | 563,731 | |||||||||
| BPR Trust 2022-OANA | FLOATING, 04/15/2037, 7.25981%, $775,000.00 | 766,477 | |||||||||
| Brazos Education Loan Authority | FLOATING, 01/25/2072, 6.17043%, $509,282.73 | 500,301 | |||||||||
| Brazos Education Loan Authority Inc | FLOATING, 11/25/2071, 6.05043%, $990,563.52 | 971,321 | |||||||||
| BX Commercial Mortgage Trust 2019-XL | FLOATING, 10/15/2036, 6.39629%, $167,994.55 | 168,075 | |||||||||
| BX Commercial Mortgage Trust 2022-PSB | FLOATING, 08/15/2039, 7.81281%, $708,614.68 | 713,102 | |||||||||
| BX Trust 2021-RISE | FLOATING, 11/15/2036, 6.22398%, $366,813.39 | 361,912 | |||||||||
35
| BX Trust 2022-GPA | FLOATING, 08/15/2039, 7.52681%, $675,000.00 | 678,034 | |||||||||
| BX Trust 2022-IND | FLOATING, 04/15/2037, 6.85281%, $765,312.32 | 762,028 | |||||||||
| Canadian Natural Resources Ltd | FIXED, 04/15/2024, 3.8%, $220,000.00 | 220,475 | |||||||||
| Canadian Pacific Railway Co | FIXED, 12/02/2024, 1.35%, $400,000.00 | 385,701 | |||||||||
| Capital One Financial Corp | VARIABLE, 02/01/2029, 5.468%, $120,000.00 | 122,435 | |||||||||
| Capital One Financial Corp | VARIABLE, 03/01/2030, 3.273%, $140,000.00 | 126,687 | |||||||||
| Capital One Financial Corp | VARIABLE, 03/03/2026, 2.636%, $240,000.00 | 232,078 | |||||||||
| Capital One Financial Corp | VARIABLE, 05/10/2028, 4.927%, $100,000.00 | 99,036 | |||||||||
| Capital One Financial Corp | VARIABLE, 05/10/2028, 4.927%, $120,000.00 | 118,844 | |||||||||
| Capital One Financial Corp | VARIABLE, 05/10/2033, 5.268%, $40,000.00 | 39,618 | |||||||||
| Capital One Financial Corp | VARIABLE, 11/02/2027, 1.878%, $100,000.00 | 90,299 | |||||||||
| Capital One NA | VARIABLE, 01/28/2026, 2.28%, $380,000.00 | 370,196 | |||||||||
| Capital One Prime Auto Receivables Trust 2022-2 | FIXED, 05/17/2027, 3.66%, $725,000.00 | 712,628 | |||||||||
| Capital One Prime Auto Receivables Trust 2023-2 | FIXED, 06/15/2028, 5.82%, $225,000.00 | 231,013 | |||||||||
| Carmax Auto Owner Trust 2021-1 | FIXED, 12/15/2025, 0.34%, $209,786.62 | 205,965 | |||||||||
| CarMax Auto Owner Trust 2022-2 | FIXED, 02/16/2027, 3.49%, $500,724.66 | 494,081 | |||||||||
| CarMax Auto Owner Trust 2023-1 | FIXED, 10/15/2027, 4.75%, $850,000.00 | 848,494 | |||||||||
| Carmax Auto Owner Trust 2023-3 | FIXED, 05/15/2028, 5.28%, $355,000.00 | 359,714 | |||||||||
| CarMax Auto Owner Trust 2023-4 | FIXED, 07/17/2028, 6%, $520,000.00 | 536,056 | |||||||||
| Carrier Global Corp | FIXED, 02/15/2025, 2.242%, $170,000.00 | 166,201 | |||||||||
| Carrier Global Corp | FIXED, 02/15/2025, 2.242%, $285,000.00 | 278,631 | |||||||||
| Carrier Global Corp | FIXED, 11/30/2025, 5.8%, $120,000.00 | 122,201 | |||||||||
| CGMS Commercial Mortgage Trust 2017-B1 | FIXED, 08/15/2050, 3.197%, $1,093,440.92 | 1,027,419 | |||||||||
| Chase Auto Owner Trust 2022-A | FIXED, 06/25/2027, 3.98%, $840,000.00 | 830,268 | |||||||||
| Chesapeake Funding II LLC | FIXED, 04/15/2033, 0.47%, $242,064.70 | 236,958 | |||||||||
| Chesapeake Funding II LLC | FIXED, 08/15/2032, 0.87%, $71,197.18 | 70,736 | |||||||||
| Citigroup Commercial Mortgage Trust 2014-GC21 | FIXED, 05/10/2047, 3.855%, $880,000.00 | 878,218 | |||||||||
| Citigroup Commercial Mortgage Trust 2015-GC27 | FIXED, 02/10/2048, 3.137%, $255,000.00 | 249,481 | |||||||||
| Citigroup Commercial Mortgage Trust 2015-GC31 | FIXED, 06/10/2048, 3.762%, $360,000.00 | 347,526 | |||||||||
| Citigroup Commercial Mortgage Trust 2016-P6 | FIXED, 12/10/2049, 3.458%, $425,668.18 | 408,208 | |||||||||
| Citigroup Commercial Mortgage Trust 2018-B2 | FIXED, 03/10/2051, 4.009%, $450,000.00 | 430,054 | |||||||||
| Citigroup Inc | VARIABLE, 01/25/2026, 2.014%, $470,000.00 | 455,787 | |||||||||
| Citigroup Inc | VARIABLE, 02/24/2028, 3.07%, $360,000.00 | 343,331 | |||||||||
36
| Citigroup Inc | VARIABLE, 02/24/2028, 3.07%, $80,000.00 | 76,296 | |||||||||
| Citigroup Inc | VARIABLE, 03/17/2026, 3.29%, $220,000.00 | 216,300 | |||||||||
| Citigroup Inc | VARIABLE, 03/17/2033, 3.785%, $140,000.00 | 127,662 | |||||||||
| Citigroup Inc | VARIABLE, 04/08/2026, 3.106%, $80,000.00 | 78,336 | |||||||||
| Citigroup Inc | VARIABLE, 04/24/2025, 3.352%, $520,000.00 | 519,288 | |||||||||
| Citigroup Inc | VARIABLE, 05/01/2025, 0.981%, $280,000.00 | 275,720 | |||||||||
| Citigroup Inc | VARIABLE, 05/24/2028, 4.658%, $60,000.00 | 59,915 | |||||||||
| Citigroup Inc | VARIABLE, 05/24/2028, 4.658%, $80,000.00 | 79,887 | |||||||||
| Citigroup Inc | VARIABLE, 06/09/2027, 1.462%, $390,000.00 | 357,397 | |||||||||
| Citigroup Inc | VARIABLE, 07/24/2028, 3.668%, $730,000.00 | 707,889 | |||||||||
| Citigroup Inc | VARIABLE, 10/27/2028, 3.52%, $180,000.00 | 171,498 | |||||||||
| Citigroup Inc | VARIABLE, 11/03/2025, 1.281%, $145,000.00 | 139,822 | |||||||||
| Citizens Auto Receivables Trust 2023-1 | FIXED, 01/18/2028, 5.84%, $475,000.00 | 483,001 | |||||||||
| Citizens Auto Receivables Trust 2023-1 | FIXED, 01/18/2028, 5.84%, $935,000.00 | 950,749 | |||||||||
| Citizens Auto Receivables Trust 2023-2 | FIXED, 02/15/2028, 5.83%, $450,000.00 | 457,633 | |||||||||
| Citizens Bank NA/Providence RI | VARIABLE, 05/23/2025, 4.119%, $330,000.00 | 323,500 | |||||||||
| Citizens Bank NA/Providence RI | VARIABLE, 08/09/2028, 4.575%, $500,000.00 | 484,068 | |||||||||
| CNH Equipment Trust 2022-B | FIXED, 08/16/2027, 3.89%, $680,000.00 | 669,550 | |||||||||
| CNH Industrial Capital LLC | FIXED, 05/23/2025, 3.95%, $180,000.00 | 177,586 | |||||||||
| CNH Industrial Capital LLC | FIXED, 10/14/2025, 5.45%, $100,000.00 | 101,647 | |||||||||
| COMM 2014-CCRE16 Mortgage Trust | FIXED, 04/10/2047, 4.051%, $1,000,000.00 | 995,490 | |||||||||
| COMM 2014-CCRE17 Mortgage Trust | FIXED, 05/10/2047, 3.977%, $510,000.00 | 507,443 | |||||||||
| COMM 2014-CCRE18 Mortgage Trust | FIXED, 07/15/2047, 3.828%, $520,000.00 | 515,849 | |||||||||
| COMM 2014-CR14 Mortgage Trust | VARIABLE, 02/10/2047, 4.236%, $218,923.91 | 219,267 | |||||||||
| COMM 2015-CCRE22 Mortgage Trust | FIXED, 03/10/2048, 3.048%, $1,000,000.00 | 977,559 | |||||||||
| COMM 2015-DC1 Mortgage Trust | FIXED, 02/10/2048, 3.078%, $184,488.17 | 181,372 | |||||||||
| COMM 2016-COR1 Mortgage Trust | FIXED, 10/10/2049, 2.826%, $568,978.67 | 532,470 | |||||||||
| COMM 2016-CR28 Mortgage Trust | FIXED, 02/10/2049, 3.495%, $471,893.53 | 457,425 | |||||||||
| COMM 2016-CR28 Mortgage Trust | FIXED, 02/10/2049, 3.762%, $320,000.00 | 308,645 | |||||||||
| CommonSpirit Health | FIXED, 10/01/2024, 2.76%, $70,000.00 | 68,927 | |||||||||
| Cooperatieve Rabobank UA | VARIABLE, 02/28/2029, 5.564%, $310,000.00 | 321,001 | |||||||||
| Cooperatieve Rabobank UA | VARIABLE, 04/06/2028, 3.649%, $440,000.00 | 423,430 | |||||||||
| Cooperatieve Rabobank UA | VARIABLE, 06/24/2026, 1.339%, $480,000.00 | 452,652 | |||||||||
37
| Cooperatieve Rabobank UA | VARIABLE, 08/22/2028, 4.655%, $280,000.00 | 280,602 | |||||||||
| Cooperatieve Rabobank UA | VARIABLE, 09/24/2026, 1.004%, $250,000.00 | 232,829 | |||||||||
| Coterra Energy Inc | FIXED, 05/15/2027, 3.9%, $190,000.00 | 184,909 | |||||||||
| CRH America Inc | FIXED, 05/18/2025, 3.875%, $240,000.00 | 235,918 | |||||||||
| CRH America Inc | FIXED, 05/18/2025, 3.875%, $300,000.00 | 294,897 | |||||||||
| CSAIL 2015-C4 Commercial Mortgage Trust | FIXED, 11/15/2048, 3.5438%, $347,546.76 | 338,029 | |||||||||
| CSAIL 2015-C4 Commercial Mortgage Trust | FIXED, 11/15/2048, 3.8079%, $465,000.00 | 450,955 | |||||||||
| CSAIL 2016-C5 Commercial Mortgage Trust | FIXED, 11/15/2048, 3.7567%, $290,000.00 | 280,772 | |||||||||
| CSAIL 2018-C14 Commercial Mortgage Trust | VARIABLE, 11/15/2051, 4.4216%, $565,000.00 | 537,494 | |||||||||
| CubeSmart LP | FIXED, 11/15/2025, 4%, $120,000.00 | 117,295 | |||||||||
| CubeSmart LP | FIXED, 12/15/2028, 2.25%, $210,000.00 | 185,452 | |||||||||
| CVS Health Corp | FIXED, 02/20/2026, 5%, $240,000.00 | 245,589 | |||||||||
| CVS Health Corp | FIXED, 02/21/2030, 5.125%, $370,000.00 | 383,091 | |||||||||
| CVS Health Corp | FIXED, 03/25/2028, 4.3%, $75,000.00 | 74,675 | |||||||||
| CVS Health Corp | FIXED, 06/01/2026, 2.875%, $130,000.00 | 124,510 | |||||||||
| CVS Health Corp | FIXED, 08/15/2026, 3%, $250,000.00 | 241,888 | |||||||||
| CVS Health Corp | FIXED, 08/21/2027, 1.3%, $340,000.00 | 303,811 | |||||||||
| Daimler Truck Finance North America LLC | FIXED, 04/07/2027, 3.65%, $200,000.00 | 194,594 | |||||||||
| Daimler Truck Finance North America LLC | FIXED, 08/08/2025, 5.6%, $180,000.00 | 185,166 | |||||||||
| Daimler Truck Finance North America LLC | FIXED, 12/13/2024, 1.625%, $250,000.00 | 241,008 | |||||||||
| Daimler Truck Finance North America LLC | FIXED, 12/14/2026, 2%, $500,000.00 | 460,274 | |||||||||
| DBJPM 16-C1 Mortgage Trust | FIXED, 05/10/2049, 3.015%, $431,758.67 | 413,644 | |||||||||
| Dell Equipment Finance Trust 2023-2 | FIXED, 01/22/2029, 5.65%, $180,000.00 | 182,418 | |||||||||
| Dell Equipment Finance Trust 2023-3 | FIXED, 04/23/2029, 5.93%, $410,000.00 | 418,239 | |||||||||
| Digital Realty Trust LP | FIXED, 01/15/2028, 5.55%, $160,000.00 | 167,001 | |||||||||
| Digital Realty Trust LP | FIXED, 07/15/2028, 4.45%, $250,000.00 | 249,358 | |||||||||
| Discover Card Execution Note Trust | FIXED, 10/15/2027, 5.03%, $400,000.00 | 402,526 | |||||||||
| DLLAA 2021-1 LLC | FIXED, 04/17/2026, 0.67%, $548,478.18 | 533,019 | |||||||||
| DLLAA 2023-1 LLC | FIXED, 02/22/2028, 5.64%, $510,000.00 | 519,130 | |||||||||
| DLLAD 2021-1 LLC | FIXED, 06/20/2029, 0.9%, $320,000.00 | 292,008 | |||||||||
| DLLAD 2021-1 LLC | FIXED, 09/21/2026, 0.64%, $571,226.69 | 551,195 | |||||||||
| DLLMT 2021-1 LLC | FIXED, 07/21/2025, 1%, $327,779.76 | 321,201 | |||||||||
| Donlen Fleet Lease Funding 2 LLC | FIXED, 12/11/2034, 0.56%, $115,900.54 | 114,218 | |||||||||
38
| DTE Energy Co | STEP CPN, 11/01/2024, 4.22%, $230,000.00 | 228,927 | |||||||||
| DuPont de Nemours Inc | FIXED, 11/15/2025, 4.493%, $165,000.00 | 164,761 | |||||||||
| ECMC Group Student Loan Trust 2018-2 | FLOATING, 09/25/2068, 6.25191%, $653,915.05 | 643,785 | |||||||||
| EdLinc Student Loan Funding Trust 2012-1 | FLOATING, 09/25/2030, 6.45191%, $14,155.46 | 14,166 | |||||||||
| Edu Fund of South | FLOATING, 04/25/2035, 6.24564%, $48,595.47 | 49,129 | |||||||||
| EMD Finance LLC | FIXED, 03/19/2025, 3.25%, $190,000.00 | 187,204 | |||||||||
| EMD Finance LLC | FIXED, 03/19/2025, 3.25%, $550,000.00 | 541,907 | |||||||||
| Enbridge Inc | FIXED, 02/14/2025, 2.5%, $110,000.00 | 107,710 | |||||||||
| Enbridge Inc | FIXED, 02/16/2024, 2.15%, $150,000.00 | 150,530 | |||||||||
| Enbridge Inc | FIXED, 11/15/2026, 5.9%, $160,000.00 | 165,708 | |||||||||
| Enbridge Inc | FIXED, 11/15/2028, 6%, $370,000.00 | 392,011 | |||||||||
| Energy Transfer LP | FIXED, 12/01/2026, 6.05%, $250,000.00 | 258,194 | |||||||||
| Energy Transfer LP | FIXED, 12/01/2028, 6.1%, $230,000.00 | 242,836 | |||||||||
| Entergy Texas Inc | FIXED, 09/01/2026, 1.5%, $150,000.00 | 135,760 | |||||||||
| Enterprise Fleet Financing 2022-1 LLC | FIXED, 01/20/2028, 3.03%, $148,493.48 | 146,178 | |||||||||
| Enterprise Fleet Financing 2022-2 LLC | FIXED, 05/21/2029, 4.65%, $459,205.35 | 456,747 | |||||||||
| Enterprise Fleet Financing 2022-3 LLC | FIXED, 07/20/2029, 4.38%, $340,922.21 | 337,604 | |||||||||
| Enterprise Fleet Financing 2022-4 LLC | FIXED, 10/22/2029, 5.76%, $243,831.75 | 244,996 | |||||||||
| Enterprise Fleet Financing 2023-1 LLC | FIXED, 01/22/2029, 5.51%, $432,097.59 | 433,269 | |||||||||
| Enterprise Fleet Financing 2023-3 LLC | FIXED, 03/20/2030, 6.4%, $670,000.00 | 686,259 | |||||||||
| Enterprise Products Operating LLC | FIXED, 07/31/2029, 3.125%, $360,000.00 | 341,813 | |||||||||
| Enterprise Products Operating LLC | FIXED, 10/16/2028, 4.15%, $140,000.00 | 139,586 | |||||||||
| Equifax Inc | FIXED, 06/01/2028, 5.1%, $90,000.00 | 91,246 | |||||||||
| Equifax Inc | FIXED, 09/15/2031, 2.35%, $170,000.00 | 142,444 | |||||||||
| Equifax Inc | FIXED, 12/01/2024, 2.6%, $360,000.00 | 351,281 | |||||||||
| Equifax Inc | FIXED, 12/15/2027, 5.1%, $130,000.00 | 131,600 | |||||||||
| ERP Operating LP | FIXED, 08/01/2027, 3.25%, $390,000.00 | 376,030 | |||||||||
| Evergy Missouri West Inc | FIXED, 12/15/2027, 5.15%, $200,000.00 | 201,799 | |||||||||
| Exelon Corp | FIXED, 03/15/2028, 5.15%, $410,000.00 | 422,219 | |||||||||
| Extra Space Storage LP | FIXED, 01/15/2031, 5.9%, $200,000.00 | 210,009 | |||||||||
| Extra Space Storage LP | FIXED, 06/15/2029, 4%, $230,000.00 | 219,879 | |||||||||
| Extra Space Storage LP | FIXED, 07/01/2026, 3.5%, $70,000.00 | 68,417 | |||||||||
| Federal Realty OP LP | FIXED, 01/15/2024, 3.95%, $325,000.00 | 330,573 | |||||||||
39
| Federal Realty OP LP | FIXED, 07/15/2027, 3.25%, $200,000.00 | 189,918 | |||||||||
| FedEx Corp | FIXED, 05/15/2030, 4.25%, $320,000.00 | 314,874 | |||||||||
| Fidelity National Information Services Inc | FIXED, 07/15/2025, 4.5%, $135,000.00 | 136,463 | |||||||||
| Fidelity National Information Services Inc | FIXED, 07/15/2027, 4.7%, $160,000.00 | 163,543 | |||||||||
| Fifth Third Auto Trust 2023-1 | FIXED, 08/15/2028, 5.53%, $590,000.00 | 599,773 | |||||||||
| Fifth Third Bancorp | VARIABLE, 04/25/2028, 4.055%, $130,000.00 | 124,984 | |||||||||
| Fifth Third Bancorp | VARIABLE, 04/25/2028, 4.055%, $50,000.00 | 48,071 | |||||||||
| Fifth Third Bancorp | VARIABLE, 04/25/2033, 4.337%, $50,000.00 | 46,993 | |||||||||
| Fifth Third Bancorp | VARIABLE, 07/28/2030, 4.772%, $320,000.00 | 319,470 | |||||||||
| Fifth Third Bank NA | FIXED, 03/15/2026, 3.85%, $200,000.00 | 194,670 | |||||||||
| Fiserv Inc | FIXED, 03/02/2028, 5.45%, $140,000.00 | 146,819 | |||||||||
| Fiserv Inc | FIXED, 07/01/2024, 2.75%, $440,000.00 | 439,448 | |||||||||
| Fiserv Inc | FIXED, 07/01/2026, 3.2%, $250,000.00 | 244,736 | |||||||||
| Florida Gas Transmission Co LLC | FIXED, 07/15/2025, 4.35%, $560,000.00 | 561,565 | |||||||||
| Florida Gas Transmission Co LLC | FIXED, 07/15/2025, 4.35%, $90,000.00 | 90,251 | |||||||||
| FMC Corp | FIXED, 05/18/2026, 5.15%, $290,000.00 | 291,490 | |||||||||
| Ford Credit Auto Owner Trust | FIXED, 04/15/2033, 1.06%, $1,395,000.00 | 1,301,378 | |||||||||
| Ford Credit Auto Owner Trust 2018-REV1 | FIXED, 07/15/2031, 3.19%, $1,205,000.00 | 1,181,808 | |||||||||
| Ford Credit Auto Owner Trust 2021-REV1 | FIXED, 10/17/2033, 1.37%, $1,030,000.00 | 952,944 | |||||||||
| Ford Credit Auto Owner Trust 2022-REV1 | FIXED, 11/15/2034, 3.88%, $260,000.00 | 253,537 | |||||||||
| Ford Credit Auto Owner Trust 2022-REV1 | FIXED, 11/15/2034, 3.88%, $760,000.00 | 741,108 | |||||||||
| Ford Credit Auto Owner Trust 2023-C | FIXED, 09/15/2028, 5.53%, $320,000.00 | 327,516 | |||||||||
| Ford Credit Auto Owner Trust 2023-REV1 | FIXED, 08/15/2035, 4.85%, $1,015,000.00 | 1,020,881 | |||||||||
| Fortune Brands Innovations Inc | FIXED, 06/15/2025, 4%, $110,000.00 | 108,297 | |||||||||
| GE HealthCare Technologies Inc | FIXED, 03/15/2030, 5.857%, $130,000.00 | 138,966 | |||||||||
| GE HealthCare Technologies Inc | FIXED, 11/15/2025, 5.6%, $250,000.00 | 254,047 | |||||||||
| GE HealthCare Technologies Inc | FIXED, 11/15/2027, 5.65%, $440,000.00 | 458,951 | |||||||||
| General Motors Financial Co Inc | FIXED, 04/06/2029, 4.3%, $260,000.00 | 253,342 | |||||||||
| General Motors Financial Co Inc | FIXED, 04/07/2025, 3.8%, $290,000.00 | 286,499 | |||||||||
| General Motors Financial Co Inc | FIXED, 04/09/2027, 5%, $140,000.00 | 141,293 | |||||||||
| General Motors Financial Co Inc | FIXED, 10/10/2025, 6.05%, $160,000.00 | 164,033 | |||||||||
| General Motors Financial Co Inc | FIXED, 10/15/2024, 1.2%, $260,000.00 | 251,548 | |||||||||
| General Motors Financial Co Inc | FIXED, 10/15/2028, 2.4%, $210,000.00 | 187,687 | |||||||||
40
| Georgia-Pacific LLC | FIXED, 04/30/2030, 2.3%, $235,000.00 | 204,716 | |||||||||
| Georgia-Pacific LLC | FIXED, 09/30/2025, 1.75%, $320,000.00 | 304,291 | |||||||||
| GM Fin Consumer Auto Recv Tr 2023-1 | FIXED, 02/16/2028, 4.66%, $490,000.00 | 489,276 | |||||||||
| GM Financial Automobile Leasing Trust 2022-1 | FIXED, 03/20/2025, 1.9%, $178,550.57 | 177,526 | |||||||||
| GM Financial Automobile Leasing Trust 2023-2 | FIXED, 07/20/2026, 5.05%, $355,000.00 | 355,553 | |||||||||
| GM Financial Consumer Auto Rec Trust 2022-4 | FIXED, 08/16/2027, 4.82%, $540,000.00 | 539,042 | |||||||||
| GM Financial Consumer Auto Rec Trust 2023-4 | FIXED, 08/16/2028, 5.78%, $350,000.00 | 359,817 | |||||||||
| GM Financial Consumer Automobile Rec Trust 2022-2 | FIXED, 02/16/2027, 3.1%, $180,000.00 | 176,737 | |||||||||
| GM Financial Consumer Automobile Rec Trust 2023-2 | FIXED, 02/16/2028, 4.47%, $500,000.00 | 497,782 | |||||||||
| GM Financial Revolving Receivables Trust 2021-1 | FIXED, 06/12/2034, 1.17%, $910,000.00 | 825,098 | |||||||||
| GM Financial Revolving Receivables Trust 2023-2 | FIXED, 08/11/2036, 5.77%, $720,000.00 | 753,279 | |||||||||
| GMF Floorplan Owner Revolving Trust | FIXED, 06/15/2028, 5.34%, $505,000.00 | 512,513 | |||||||||
| GMF Floorplan Owner Revolving Trust | FIXED, 06/15/2028, 5.34%, $765,000.00 | 776,381 | |||||||||
| GS Mortgage Securities Trust 2017-GS5 | FIXED, 03/10/2050, 3.409%, $612,425.54 | 572,686 | |||||||||
| GS Mortgage Securities Trust 2017-GS5 | FIXED, 03/10/2050, 3.674%, $670,000.00 | 627,988 | |||||||||
| GS Mortgage Securities Trust 2017-GS6 | FIXED, 05/10/2050, 3.164%, $581,078.70 | 545,750 | |||||||||
| GS Mortgage Securities Trust 2017-GS8 | FIXED, 11/10/2050, 3.205%, $1,125,000.00 | 1,043,631 | |||||||||
| GSK Consumer Healthcare Capital UK PLC | FIXED, 03/24/2027, 3.375%, $340,000.00 | 330,432 | |||||||||
| Gulfstream Natural Gas System LLC | FIXED, 09/15/2025, 4.6%, $220,000.00 | 218,919 | |||||||||
| Gulfstream Natural Gas System LLC | FIXED, 11/01/2025, 6.19%, $100,000.00 | 101,604 | |||||||||
| Haleon UK Capital PLC | FIXED, 03/24/2025, 3.125%, $250,000.00 | 246,276 | |||||||||
| Halliburton Co | FIXED, 03/01/2030, 2.92%, $440,000.00 | 400,612 | |||||||||
| Health Care Service Corp A Mutual Legal Reserve Co | FIXED, 06/01/2025, 1.5%, $380,000.00 | 361,207 | |||||||||
| Health Care Service Corp A Mutual Legal Reserve Co | FIXED, 06/01/2025, 1.5%, $525,000.00 | 499,036 | |||||||||
| Healthpeak OP LLC | FIXED, 06/01/2025, 4%, $290,000.00 | 285,380 | |||||||||
| Healthpeak OP LLC | FIXED, 07/15/2026, 3.25%, $220,000.00 | 214,539 | |||||||||
| Healthpeak OP LLC | FIXED, 12/01/2028, 2.125%, $90,000.00 | 79,245 | |||||||||
| Hewlett Packard Enterprise Co | FIXED, 10/01/2024, 5.9%, $350,000.00 | 356,095 | |||||||||
| Hewlett Packard Enterprise Co | FIXED, 10/15/2025, 4.9%, $350,000.00 | 352,015 | |||||||||
| Hexcel Corp | FIXED, 02/15/2027, 4.2%, $330,000.00 | 323,203 | |||||||||
| Honda Auto Receivables 2022-2 Owner Trust | FIXED, 07/20/2026, 3.73%, $670,000.00 | 660,582 | |||||||||
| Honda Auto Receivables 2022-2 Owner Trust | FIXED, 12/18/2028, 3.76%, $170,000.00 | 166,485 | |||||||||
| Honda Auto Receivables 2023-3 Owner Trust | FIXED, 02/18/2028, 5.41%, $430,000.00 | 436,525 | |||||||||
41
| Honda Auto Receivables 2023-4 Owner Trust | FIXED, 02/21/2030, 5.66%, $75,000.00 | 77,216 | |||||||||
| Honda Auto Receivables 2023-4 Owner Trust | FIXED, 06/21/2028, 5.67%, $675,000.00 | 690,370 | |||||||||
| HP Inc | FIXED, 01/15/2028, 4.75%, $100,000.00 | 102,362 | |||||||||
| HP Inc | FIXED, 01/15/2028, 4.75%, $70,000.00 | 71,653 | |||||||||
| HP Inc | FIXED, 04/15/2029, 4%, $220,000.00 | 215,531 | |||||||||
| HPEFS Equipment Trust | FIXED, 05/21/2029, 1.38%, $308,866.43 | 305,517 | |||||||||
| HSBC Holdings PLC | VARIABLE, 03/10/2026, 2.999%, $200,000.00 | 195,789 | |||||||||
| HSBC Holdings PLC | VARIABLE, 03/13/2028, 4.041%, $540,000.00 | 527,126 | |||||||||
| HSBC Holdings PLC | VARIABLE, 05/24/2025, 0.976%, $200,000.00 | 196,137 | |||||||||
| HSBC Holdings PLC | VARIABLE, 05/24/2027, 1.589%, $200,000.00 | 183,841 | |||||||||
| HSBC Holdings PLC | VARIABLE, 06/09/2028, 4.755%, $200,000.00 | 197,783 | |||||||||
| HSBC Holdings PLC | VARIABLE, 06/19/2029, 4.583%, $200,000.00 | 194,422 | |||||||||
| HSBC Holdings PLC | VARIABLE, 09/12/2026, 4.292%, $340,000.00 | 337,295 | |||||||||
| HSBC Holdings PLC | VARIABLE, 11/07/2025, 2.633%, $520,000.00 | 509,098 | |||||||||
| HSBC Holdings PLC | VARIABLE, 12/09/2025, 4.18%, $200,000.00 | 197,819 | |||||||||
| Huntington Bancshares Inc/OH | FIXED, 08/06/2024, 2.625%, $80,000.00 | 79,346 | |||||||||
| Huntington Bancshares Inc/OH | VARIABLE, 08/04/2028, 4.443%, $160,000.00 | 158,111 | |||||||||
| Huntington Bancshares Inc/OH | VARIABLE, 08/04/2028, 4.443%, $90,000.00 | 88,937 | |||||||||
| Huntington National Bank/The | FIXED, 01/10/2030, 5.65%, $250,000.00 | 259,061 | |||||||||
| Huntington National Bank/The | VARIABLE, 05/17/2028, 4.552%, $250,000.00 | 243,034 | |||||||||
| Hyundai Auto Lease Securitization Trust 2023-B | FIXED, 06/15/2026, 5.15%, $515,000.00 | 516,398 | |||||||||
| Hyundai Auto Lease Securitization Trust 2023-C | FIXED, 12/15/2026, 5.8%, $540,000.00 | 548,011 | |||||||||
| Hyundai Auto Receivables Trust 2023-A | FIXED, 04/15/2027, 4.58%, $455,000.00 | 453,398 | |||||||||
| Hyundai Auto Receivables Trust 2023-B | FIXED, 04/17/2028, 5.48%, $415,000.00 | 423,115 | |||||||||
| Hyundai Auto Receivables Trust 2023-C | FIXED, 10/16/2028, 5.54%, $1,055,000.00 | 1,079,816 | |||||||||
| Ingredion Inc | FIXED, 06/01/2030, 2.9%, $180,000.00 | 161,361 | |||||||||
| Ingredion Inc | FIXED, 10/01/2026, 3.2%, $140,000.00 | 135,096 | |||||||||
| International Business Machines Corp | FIXED, 02/09/2027, 2.2%, $320,000.00 | 300,860 | |||||||||
| Interstate Power and Light Co | FIXED, 08/15/2025, 3.4%, $200,000.00 | 197,263 | |||||||||
| Interstate Power and Light Co | FIXED, 12/01/2024, 3.25%, $230,000.00 | 225,838 | |||||||||
| INTOWN 2022-STAY Mortgage Trust | FLOATING, 08/15/2039, 7.8506%, $245,000.00 | 246,676 | |||||||||
| John Deere Owner Trust 2021-B | FIXED, 03/16/2026, 0.52%, $219,350.06 | 213,460 | |||||||||
| John Deere Owner Trust 2023 | FIXED, 11/15/2027, 5.01%, $795,000.00 | 798,397 | |||||||||
42
| JPMBB Commercial Mortgage Sec Trust 2014-C26 | FIXED, 01/15/2048, 3.4943%, $540,000.00 | 527,898 | |||||||||
| JPMBB Commercial Mortgage Securities Trust 2016-C1 | FIXED, 03/17/2049, 3.5761%, $766,000.00 | 735,129 | |||||||||
| JPMCC Commercial Mortgage Sec Corp | FLOATING, 03/15/2039, 6.73844%, $365,000.00 | 361,120 | |||||||||
| JPMDB Commercial Mortgage Securities Trust 2016-C4 | FIXED, 12/15/2049, 2.8822%, $456,025.04 | 428,075 | |||||||||
| KeyBank NA/Cleveland OH | FIXED, 04/13/2029, 3.9%, $370,000.00 | 325,886 | |||||||||
| KeyBank NA/Cleveland OH | FIXED, 05/20/2026, 3.4%, $250,000.00 | 235,486 | |||||||||
| KeyCorp | VARIABLE, 05/23/2025, 3.878%, $200,000.00 | 196,339 | |||||||||
| KeyCorp | VARIABLE, 06/01/2033, 4.789%, $170,000.00 | 157,050 | |||||||||
| Kimco Realty OP LLC | FIXED, 03/01/2024, 2.7%, $310,000.00 | 311,069 | |||||||||
| Kimco Realty OP LLC | FIXED, 04/01/2027, 3.8%, $180,000.00 | 174,581 | |||||||||
| Kinder Morgan Inc | FIXED, 11/15/2026, 1.75%, $410,000.00 | 378,321 | |||||||||
| Kubota Credit Owner Trust 2021-1 | FIXED, 08/15/2025, 0.62%, $283,485.80 | 277,812 | |||||||||
| L3Harris Technologies Inc | FIXED, 01/15/2027, 5.4%, $220,000.00 | 229,665 | |||||||||
| Lennox International Inc | FIXED, 08/01/2025, 1.35%, $200,000.00 | 189,314 | |||||||||
| Life 2022-BMR Mortgage Trust | FLOATING, 05/15/2039, 6.65705%, $555,000.00 | 544,257 | |||||||||
| Life 2022-BMR Mortgage Trust | FLOATING, 05/15/2039, 6.65705%, $780,000.00 | 764,902 | |||||||||
| Lowe's Cos Inc | FIXED, 04/01/2027, 3.35%, $110,000.00 | 106,946 | |||||||||
| Magellan Midstream Partners LP | FIXED, 03/01/2026, 5%, $120,000.00 | 121,743 | |||||||||
| Magellan Midstream Partners LP | FIXED, 03/01/2026, 5%, $450,000.00 | 456,535 | |||||||||
| Manufacturers & Traders Trust Co | FIXED, 01/27/2026, 4.65%, $400,000.00 | 399,670 | |||||||||
| Manufacturers & Traders Trust Co | FIXED, 01/27/2028, 4.7%, $570,000.00 | 565,704 | |||||||||
| Manufacturers & Traders Trust Co | FIXED, 11/21/2025, 5.4%, $250,000.00 | 249,868 | |||||||||
| Marathon Petroleum Corp | FIXED, 05/01/2025, 4.7%, $120,000.00 | 120,146 | |||||||||
| Marathon Petroleum Corp | FIXED, 05/01/2025, 4.7%, $460,000.00 | 460,560 | |||||||||
| Martin Marietta Materials Inc | FIXED, 03/15/2030, 2.5%, $190,000.00 | 168,902 | |||||||||
| Masco Corp | FIXED, 11/15/2027, 3.5%, $110,000.00 | 105,139 | |||||||||
| Masco Corp | FIXED, 11/15/2027, 3.5%, $160,000.00 | 152,930 | |||||||||
| Mercedes-Benz Auto Lease Trust 2023-A | FIXED, 01/15/2027, 4.74%, $455,000.00 | 454,069 | |||||||||
| Mercedes-Benz Auto Receivables Trust 2022-1 | FIXED, 08/16/2027, 5.21%, $270,000.00 | 271,009 | |||||||||
| Mercedes-Benz Auto Receivables Trust 2023-1 | FIXED, 11/15/2027, 4.51%, $800,000.00 | 796,554 | |||||||||
| Mercedes-Benz Auto Receivables Trust 2023-2 | FIXED, 11/15/2028, 5.95%, $965,000.00 | 995,117 | |||||||||
| Metropolitan Edison Co | FIXED, 04/01/2028, 5.2%, $160,000.00 | 163,376 | |||||||||
| Michigan Finance Authority Student ABS 2021-1 | FLOATING, 07/25/2061, %, $167,494.88 | 166,015 | |||||||||
43
| Mid-America Apartments LP | FIXED, 02/15/2031, 1.7%, $110,000.00 | 90,048 | |||||||||
| Mid-America Apartments LP | FIXED, 06/01/2027, 3.6%, $250,000.00 | 242,573 | |||||||||
| Mid-America Apartments LP | FIXED, 09/15/2026, 1.1%, $220,000.00 | 200,325 | |||||||||
| Missouri Higher Education Loan Authority | FLOATING, 08/25/2061, 6.04%, $288,121.21 | 277,494 | |||||||||
| Mitsubishi UFJ Financial Group Inc | FIXED, 07/17/2025, 1.412%, $200,000.00 | 190,052 | |||||||||
| Mitsubishi UFJ Financial Group Inc | VARIABLE, 01/19/2028, 2.341%, $330,000.00 | 309,040 | |||||||||
| Mitsubishi UFJ Financial Group Inc | VARIABLE, 07/18/2025, 4.788%, $400,000.00 | 406,796 | |||||||||
| Mitsubishi UFJ Financial Group Inc | VARIABLE, 07/19/2025, 0.953%, $340,000.00 | 332,766 | |||||||||
| Mitsubishi UFJ Financial Group Inc | VARIABLE, 07/20/2027, 1.538%, $700,000.00 | 644,726 | |||||||||
| Mitsubishi UFJ Financial Group Inc | VARIABLE, 07/20/2028, 5.017%, $200,000.00 | 204,788 | |||||||||
| Mitsubishi UFJ Financial Group Inc | VARIABLE, 10/13/2027, 1.64%, $200,000.00 | 182,878 | |||||||||
| MMAF Equipment Finance LLC 2019-B | FIXED, 12/12/2024, 2.01%, $70,435.00 | 70,187 | |||||||||
| MMAF Equipment Finance LLC 2021-A | FIXED, 06/13/2028, 0.56%, $443,301.55 | 424,880 | |||||||||
| MMAF Equipment Finance LLC 2021-A | FIXED, 11/13/2030, 1.04%, $530,000.00 | 489,232 | |||||||||
| MMAF Equipment Finance LLC 2022-A | FIXED, 01/13/2028, 3.2%, $505,000.00 | 491,396 | |||||||||
| MMAF Equipment Finance LLC 2022-A | FIXED, 06/13/2044, 3.32%, $580,000.00 | 554,949 | |||||||||
| Mondelez International Holdings Netherlands BV | FIXED, 09/24/2026, 1.25%, $260,000.00 | 237,586 | |||||||||
| Morgan Stanley BAML Trust 2014 C19 | FIXED, 12/15/2047, 3.526%, $730,000.00 | 714,637 | |||||||||
| Morgan Stanley BAML Trust 2015-C20 | FIXED, 02/15/2048, 3.249%, $250,000.00 | 243,722 | |||||||||
| Morgan Stanley BAML Trust 2015-C25 | FIXED, 10/15/2048, 3.635%, $455,000.00 | 440,658 | |||||||||
| Morgan Stanley BAML Trust 2016-C28 | FIXED, 01/15/2049, 3.272%, $121,942.26 | 116,885 | |||||||||
| Morgan Stanley BAML Trust 2016-C29 | FIXED, 05/15/2049, 3.058%, $440,341.99 | 422,363 | |||||||||
| Morgan Stanley BAML Trust 2016-C31 | FIXED, 11/15/2049, 2.84%, $491,686.43 | 464,309 | |||||||||
| Morgan Stanley BAML Trust 2016-C32 | FIXED, 12/15/2049, 3.72%, $310,000.00 | 295,463 | |||||||||
| Morgan Stanley Capital I Trust 2018-H3 | FIXED, 07/15/2051, 4.177%, $495,000.00 | 470,828 | |||||||||
| MPLX LP | FIXED, 02/15/2025, 4%, $240,000.00 | 239,959 | |||||||||
| MPLX LP | FIXED, 03/01/2026, 1.75%, $180,000.00 | 169,504 | |||||||||
| MPLX LP | FIXED, 03/01/2026, 1.75%, $280,000.00 | 263,672 | |||||||||
| MPLX LP | FIXED, 03/01/2027, 4.125%, $210,000.00 | 208,539 | |||||||||
| MPLX LP | FIXED, 03/15/2028, 4%, $120,000.00 | 117,216 | |||||||||
| MPLX LP | FIXED, 09/01/2032, 4.95%, $100,000.00 | 99,675 | |||||||||
| Navient Private Education Refi Loan Trust 2021-E | FIXED, 12/16/2069, 0.97%, $404,499.49 | 348,946 | |||||||||
| Navient Private Education Refi Loan Trust 2021-G | FIXED, 04/15/2070, 1.58%, $879,206.14 | 763,367 | |||||||||
44
| Navient Private Education Refi Loan Trust 2022-A | FIXED, 07/15/2070, 2.23%, $255,981.28 | 226,060 | |||||||||
| Navient Student Loan Trust 2021-1 | FLOATING, 12/26/2069, 6.05191%, $468,809.33 | 461,263 | |||||||||
| Navient Student Loan Trust 2021-1 | FLOATING, 12/26/2069, 6.05191%, $676,469.84 | 665,580 | |||||||||
| Navistar Fin Dealer Note Master Owner Trust II | FIXED, 08/25/2028, 6.18%, $160,000.00 | 161,729 | |||||||||
| Nelnet Student Loan Trust 2021-A | FIXED, 04/20/2062, 1.36%, $433,291.51 | 392,572 | |||||||||
| Nelnet Student Loan Trust 2021-A | FIXED, 04/20/2062, 1.36%, $625,580.64 | 566,790 | |||||||||
| Nelnet Student Loan Trust 2021-A | FLOATING, 04/20/2062, 6.2724%, $226,008.01 | 224,286 | |||||||||
| Nelnet Student Loan Trust 2021-B | FLOATING, 04/20/2062, 6.2524%, $404,775.88 | 400,004 | |||||||||
| Nelnet Student Loan Trust 2021-C | FIXED, 04/20/2062, 1.32%, $169,319.47 | 152,068 | |||||||||
| Nelnet Student Loan Trust 2021-C | FLOATING, 04/20/2062, 6.2124%, $618,150.43 | 609,235 | |||||||||
| Nelnet Student Loan Trust 2021-D | FIXED, 04/20/2062, 1.63%, $864,952.47 | 790,329 | |||||||||
| Nelnet Student Loan Trust 2021-D | FLOATING, 04/20/2062, 6.1624%, $489,651.06 | 482,594 | |||||||||
| New York State Electric & Gas Corp | FIXED, 08/15/2028, 5.65%, $430,000.00 | 450,933 | |||||||||
| NextEra Energy Capital Holdings Inc | FIXED, 01/15/2027, 1.875%, $205,000.00 | 190,391 | |||||||||
| Nissan Auto Lease Trust 2023-B | FIXED, 07/15/2026, 5.69%, $340,000.00 | 343,331 | |||||||||
| Nissan Auto Receivables 2022-B Owner Trust | FIXED, 05/17/2027, 4.46%, $1,055,000.00 | 1,049,320 | |||||||||
| Nissan Auto Receivables 2023-B Owner Trust | FIXED, 10/15/2030, 5.96%, $440,000.00 | 457,632 | |||||||||
| NNN REIT Inc | FIXED, 10/15/2028, 4.3%, $310,000.00 | 303,837 | |||||||||
| NNN REIT Inc | FIXED, 11/15/2025, 4%, $110,000.00 | 108,172 | |||||||||
| Norfolk Southern Corp | FIXED, 08/01/2030, 5.05%, $350,000.00 | 366,418 | |||||||||
| Norfolk Southern Corp | FIXED, 11/01/2029, 2.55%, $220,000.00 | 198,769 | |||||||||
| North Texas Higher Education Authority Inc | FLOATING, 09/25/2061, 6.04043%, $547,437.51 | 537,755 | |||||||||
| North Texas Higher Education Authority Inc | FLOATING, 10/25/2061, 6.04%, $677,545.88 | 660,280 | |||||||||
| NorthWestern Corp | FIXED, 03/26/2024, 1%, $210,000.00 | 207,875 | |||||||||
| Nucor Corp | FIXED, 05/23/2025, 3.95%, $100,000.00 | 98,825 | |||||||||
| Nucor Corp | FIXED, 05/23/2027, 4.3%, $160,000.00 | 159,252 | |||||||||
| Nucor Corp | FIXED, 05/23/2027, 4.3%, $210,000.00 | 209,018 | |||||||||
| Nutrien Ltd | FIXED, 03/27/2028, 4.9%, $160,000.00 | 163,594 | |||||||||
| Nutrien Ltd | FIXED, 04/01/2025, 3%, $60,000.00 | 58,696 | |||||||||
| Nutrien Ltd | FIXED, 05/13/2030, 2.95%, $130,000.00 | 118,055 | |||||||||
| Nutrien Ltd | FIXED, 11/07/2024, 5.9%, $160,000.00 | 161,839 | |||||||||
| NXP BV / NXP Funding LLC / NXP USA Inc | FIXED, 01/15/2033, 5%, $200,000.00 | 205,347 | |||||||||
| NXP BV / NXP Funding LLC / NXP USA Inc | FIXED, 02/15/2032, 2.65%, $150,000.00 | 128,100 | |||||||||
45
| NXP BV / NXP Funding LLC / NXP USA Inc | FIXED, 06/01/2027, 4.4%, $200,000.00 | 198,244 | |||||||||
| Oracle Corp | FIXED, 04/01/2025, 2.5%, $805,000.00 | 783,327 | |||||||||
| Oracle Corp | FIXED, 04/01/2027, 2.8%, $960,000.00 | 912,636 | |||||||||
| Oracle Corp | FIXED, 04/01/2030, 2.95%, $370,000.00 | 336,953 | |||||||||
| Oracle Corp | FIXED, 07/15/2026, 2.65%, $360,000.00 | 345,903 | |||||||||
| Oracle Corp | FIXED, 11/09/2029, 6.15%, $70,000.00 | 76,024 | |||||||||
| Packaging Corp of America | FIXED, 12/15/2027, 3.4%, $180,000.00 | 171,734 | |||||||||
| Parker-Hannifin Corp | FIXED, 09/15/2029, 4.5%, $180,000.00 | 183,318 | |||||||||
| Parker-Hannifin Corp | FIXED, 11/21/2024, 3.3%, $130,000.00 | 128,053 | |||||||||
| Parker-Hannifin Corp | FIXED, 11/21/2024, 3.3%, $385,000.00 | 379,234 | |||||||||
| PeaceHealth Obligated Group | FIXED, 11/15/2025, 1.375%, $300,000.00 | 279,245 | |||||||||
| Pennsylvania Electric Co | FIXED, 03/30/2026, 5.15%, $140,000.00 | 141,646 | |||||||||
| PHEAA Student Loan Trust 2014-2 | FLOATING, 02/25/2043, 6.02191%, $524,683.71 | 515,331 | |||||||||
| Phillips 66 | FIXED, 02/15/2024, 0.9%, $70,000.00 | 69,805 | |||||||||
| Phillips 66 | FIXED, 03/15/2028, 3.9%, $340,000.00 | 334,694 | |||||||||
| Phillips 66 Co | FIXED, 12/01/2027, 4.95%, $260,000.00 | 263,470 | |||||||||
| Pioneer Natural Resources Co | FIXED, 03/29/2026, 5.1%, $180,000.00 | 183,719 | |||||||||
| PNC Financial Services Group Inc/The | VARIABLE, 01/24/2034, 5.068%, $80,000.00 | 80,186 | |||||||||
| PNC Financial Services Group Inc/The | VARIABLE, 01/26/2027, 4.758%, $270,000.00 | 273,516 | |||||||||
| PNC Financial Services Group Inc/The | VARIABLE, 06/12/2026, 5.812%, $240,000.00 | 242,217 | |||||||||
| PNC Financial Services Group Inc/The | VARIABLE, 10/20/2027, 6.615%, $100,000.00 | 105,083 | |||||||||
| PNC Financial Services Group Inc/The | VARIABLE, 10/28/2033, 6.037%, $110,000.00 | 116,294 | |||||||||
| PNC Financial Services Group Inc/The | VARIABLE, 12/02/2028, 5.354%, $290,000.00 | 294,949 | |||||||||
| Porsche Financial Auto Securitization Trust 2023-2 | FIXED, 01/22/2029, 5.79%, $795,000.00 | 813,444 | |||||||||
| PPG Industries Inc | FIXED, 03/15/2026, 1.2%, $250,000.00 | 232,041 | |||||||||
| PPG Industries Inc | FIXED, 06/15/2030, 2.55%, $250,000.00 | 217,969 | |||||||||
| Prologis LP | FIXED, 09/15/2028, 4%, $180,000.00 | 177,825 | |||||||||
| Realty Income Corp | FIXED, 01/15/2027, 3%, $150,000.00 | 144,512 | |||||||||
| Realty Income Corp | FIXED, 03/15/2026, 0.75%, $160,000.00 | 146,443 | |||||||||
| REALTY INCOME CORP | FIXED, 10/15/2026, 4.125%, $170,000.00 | 168,309 | |||||||||
| Regions Financial Corp | FIXED, 08/12/2028, 1.8%, $390,000.00 | 337,058 | |||||||||
| Revvity Inc | FIXED, 09/15/2024, 0.85%, $250,000.00 | 241,953 | |||||||||
| Revvity Inc | FIXED, 09/15/2028, 1.9%, $380,000.00 | 331,461 | |||||||||
46
| Rogers Communications Inc | FIXED, 03/15/2025, 2.95%, $100,000.00 | 97,903 | |||||||||
| Rogers Communications Inc | FIXED, 03/15/2027, 3.2%, $230,000.00 | 221,833 | |||||||||
| Rogers Communications Inc | FIXED, 03/15/2027, 3.2%, $60,000.00 | 57,869 | |||||||||
| Rogers Communications Inc | FIXED, 12/15/2025, 3.625%, $440,000.00 | 427,927 | |||||||||
| Rolls-Royce PLC | FIXED, 10/14/2025, 3.625%, $270,000.00 | 261,428 | |||||||||
| Roper Technologies Inc | FIXED, 09/15/2024, 2.35%, $80,000.00 | 78,583 | |||||||||
| RTX Corp | FIXED, 01/15/2029, 5.75%, $430,000.00 | 453,477 | |||||||||
| RTX Corp | FIXED, 03/15/2031, 6%, $340,000.00 | 365,706 | |||||||||
| RTX Corp | FIXED, 07/01/2030, 2.25%, $190,000.00 | 166,462 | |||||||||
| RTX Corp | FIXED, 11/08/2026, 5.75%, $170,000.00 | 176,051 | |||||||||
| Ryder System Inc | FIXED, 03/01/2027, 2.85%, $240,000.00 | 228,075 | |||||||||
| Ryder System Inc | FIXED, 03/01/2028, 5.65%, $130,000.00 | 136,471 | |||||||||
| Sabine Pass Liquefaction LLC | FIXED, 03/15/2027, 5%, $170,000.00 | 173,304 | |||||||||
| Santander Drive Auto Receivables Trust 2023-2 | FIXED, 07/15/2027, 5.21%, $425,000.00 | 425,121 | |||||||||
| Santander Drive Auto Receivables Trust 2023-5 | FIXED, 09/15/2028, 6.02%, $360,000.00 | 366,259 | |||||||||
| SBNA Auto Lease Trust 2023-A | FIXED, 04/20/2027, 6.51%, $855,000.00 | 873,282 | |||||||||
| Sealed Air Corp | FIXED, 10/15/2026, 1.573%, $210,000.00 | 189,872 | |||||||||
| Sempra | FIXED, 04/01/2025, 3.3%, $200,000.00 | 196,807 | |||||||||
| SFS Auto Receivables Securitization Trust 2023-1 | FIXED, 10/20/2028, 5.47%, $505,000.00 | 511,108 | |||||||||
| Sherwin-Williams Co/The | FIXED, 08/15/2029, 2.95%, $570,000.00 | 531,298 | |||||||||
| Simon Property Group LP | FIXED, 01/15/2026, 3.3%, $140,000.00 | 137,792 | |||||||||
| Simon Property Group LP | FIXED, 12/01/2027, 3.375%, $200,000.00 | 191,348 | |||||||||
| SLM Student Loan Trust 2003-10 | FLOATING, 12/17/2068, 6.28275%, $748,318.55 | 738,033 | |||||||||
| SLM Student Loan Trust 2003-10 | FLOATING, 12/17/2068, 6.28275%, $751,848.35 | 741,514 | |||||||||
| Southern Co Gas Capital Corp | FIXED, 11/15/2025, 3.875%, $50,000.00 | 48,974 | |||||||||
| Stanley Black & Decker Inc | FIXED, 03/01/2026, 3.4%, $400,000.00 | 391,340 | |||||||||
| Sumitomo Mitsui Financial Group Inc | FIXED, 01/14/2027, 2.174%, $200,000.00 | 186,776 | |||||||||
| Sumitomo Mitsui Financial Group Inc | FIXED, 09/14/2028, 5.716%, $200,000.00 | 210,706 | |||||||||
| Sumitomo Mitsui Financial Group Inc | FIXED, 09/17/2026, 1.402%, $240,000.00 | 219,631 | |||||||||
| Sumitomo Mitsui Financial Group Inc | FIXED, 09/17/2028, 1.902%, $670,000.00 | 590,594 | |||||||||
| Synchrony Card Funding LLC | FIXED, 10/15/2029, 5.74%, $560,000.00 | 575,883 | |||||||||
| Take-Two Interactive Software Inc | FIXED, 03/28/2024, 3.3%, $3,000.00 | 3,007 | |||||||||
| Take-Two Interactive Software Inc | FIXED, 03/28/2026, 5%, $105,000.00 | 106,866 | |||||||||
47
| Take-Two Interactive Software Inc | FIXED, 04/14/2025, 3.55%, $40,000.00 | 39,454 | |||||||||
| Take-Two Interactive Software Inc | FIXED, 04/14/2027, 3.7%, $150,000.00 | 146,693 | |||||||||
| Taubman Centers Commercial Mortgage Trust 2022-DPM | FLOATING, 05/15/2037, 7.54781%, $575,000.00 | 573,619 | |||||||||
| Taubman Centers Commercial Mortgage Trust 2022-DPM | FLOATING, 05/15/2037, 7.54781%, $800,000.00 | 798,079 | |||||||||
| Tesla Auto Lease Trust 2023-A | FIXED, 06/22/2026, 5.89%, $585,000.00 | 588,474 | |||||||||
| Tesla Auto Lease Trust 2023-B | FIXED, 09/21/2026, 6.13%, $545,000.00 | 551,510 | |||||||||
| Tesla Electric Vehicle Trust 2023-1 | FIXED, 06/20/2028, 5.38%, $410,000.00 | 414,486 | |||||||||
| T-Mobile US Trust 2022-1 | FIXED, 05/22/2028, 4.91%, $840,000.00 | 839,568 | |||||||||
| T-Mobile USA Inc | FIXED, 02/15/2026, 2.25%, $80,000.00 | 76,483 | |||||||||
| T-Mobile USA Inc | FIXED, 02/15/2031, 2.55%, $260,000.00 | 226,710 | |||||||||
| T-Mobile USA Inc | FIXED, 03/15/2029, 2.4%, $220,000.00 | 199,182 | |||||||||
| T-Mobile USA Inc | FIXED, 04/15/2026, 2.625%, $160,000.00 | 153,063 | |||||||||
| Towd Point Mortgage Trust 2017-1 | VARIABLE, 10/25/2056, 2.75%, $4,678.65 | 4,658 | |||||||||
| Towd Point Mortgage Trust 2017-1 | VARIABLE, 10/25/2056, 2.75%, $4,854.10 | 4,832 | |||||||||
| Towd Point Mortgage Trust 2017-5 | FLOATING, 02/25/2057, 5.75505%, $8,301.05 | 8,392 | |||||||||
| Towd Point Mortgage Trust 2017-6 | VARIABLE, 10/25/2057, 2.75%, $185,297.12 | 177,770 | |||||||||
| Towd Point Mortgage Trust 2018-2 | VARIABLE, 03/25/2058, 3.25%, $150,673.67 | 146,377 | |||||||||
| Towd Point Mortgage Trust 2018-2 | VARIABLE, 03/25/2058, 3.25%, $319,672.52 | 310,557 | |||||||||
| Towd Point Mortgage Trust 2018-3 | VARIABLE, 05/25/2058, 3.75%, $230,442.15 | 223,307 | |||||||||
| Towd Point Mortgage Trust 2018-3 | VARIABLE, 05/25/2058, 3.75%, $233,359.14 | 226,134 | |||||||||
| Towd Point Mortgage Trust 2019-4 | VARIABLE, 10/25/2059, 2.9%, $723,256.94 | 681,254 | |||||||||
| Towd Point Mortgage Trust 2021-1 | VARIABLE, 11/25/2061, 2.25%, $477,625.95 | 438,623 | |||||||||
| Towd Point Mortgage Trust 2022-1 | VARIABLE, 07/25/2062, 3.75%, $777,710.72 | 728,929 | |||||||||
| Towd Point Mortgage Trust 2022-4 | FIXED, 09/25/2062, 3.75%, $702,528.48 | 659,881 | |||||||||
| Toyota Auto Loan Extended Note Trust 2020-1 | FIXED, 05/25/2033, 1.35%, $1,060,000.00 | 1,006,413 | |||||||||
| Toyota Auto Loan Extended Note Trust 2020-1 | FIXED, 05/25/2033, 1.35%, $440,000.00 | 417,756 | |||||||||
| Toyota Auto Loan Extended Note Trust 2021-1 | FIXED, 02/27/2034, 1.07%, $1,640,000.00 | 1,511,625 | |||||||||
| Toyota Auto Loan Extended Note Trust 2021-1 | FIXED, 02/27/2034, 1.07%, $765,000.00 | 705,118 | |||||||||
| Toyota Auto Loan Extended Note Trust 2022-1 | FIXED, 04/25/2035, 3.82%, $1,170,000.00 | 1,137,594 | |||||||||
| Toyota Auto Loan Extended Note Trust 2023-1 | FIXED, 06/25/2036, 4.93%, $930,000.00 | 939,824 | |||||||||
| Toyota Auto Receivables 2022-C Owner Trust | FIXED, 04/15/2027, 3.76%, $430,000.00 | 423,533 | |||||||||
| Toyota Auto Receivables 2022-D Owner Trust | FIXED, 09/15/2027, 5.3%, $540,000.00 | 544,069 | |||||||||
| Toyota Auto Receivables 2023-A Owner Trust | FIXED, 09/15/2027, 4.63%, $730,000.00 | 727,157 | |||||||||
48
| Toyota Lease Owner Trust 2023-B | FIXED, 11/20/2026, 5.66%, $460,000.00 | 467,579 | |||||||||
| Trane Technologies Financing Ltd | FIXED, 03/21/2026, 3.5%, $150,000.00 | 147,299 | |||||||||
| Trane Technologies Financing Ltd | FIXED, 03/21/2026, 3.5%, $770,000.00 | 756,136 | |||||||||
| Trans-Allegheny Interstate Line Co | FIXED, 06/01/2025, 3.85%, $200,000.00 | 196,512 | |||||||||
| Truist Financial Corp | VARIABLE, 01/26/2029, 4.873%, $500,000.00 | 503,584 | |||||||||
| Truist Financial Corp | VARIABLE, 06/06/2028, 4.123%, $180,000.00 | 173,962 | |||||||||
| Truist Financial Corp | VARIABLE, 10/28/2033, 6.123%, $165,000.00 | 173,318 | |||||||||
| UBS Commercial Mortgage Trust 2017-C3 | FIXED, 08/15/2050, 3.167%, $520,000.00 | 492,177 | |||||||||
| UBS Commercial Mortgage Trust 2017-C6 | FIXED, 12/15/2050, 3.5795%, $545,000.00 | 507,785 | |||||||||
| UBS Commercial Mortgage Trust 2017-C7 | FIXED, 12/15/2050, 3.679%, $485,000.00 | 449,982 | |||||||||
| UBS Commercial Mortgage Trust 2018-C8 | FIXED, 02/15/2051, 3.983%, $600,000.00 | 566,507 | |||||||||
| UBS Group AG | VARIABLE, 01/30/2027, 1.364%, $330,000.00 | 304,575 | |||||||||
| UBS Group AG | VARIABLE, 02/11/2033, 2.746%, $200,000.00 | 166,485 | |||||||||
| UBS Group AG | VARIABLE, 05/12/2028, 4.751%, $210,000.00 | 208,306 | |||||||||
| UBS Group AG | VARIABLE, 08/05/2027, 4.703%, $300,000.00 | 301,566 | |||||||||
| UBS Group AG | VARIABLE, 08/10/2027, 1.494%, $220,000.00 | 200,153 | |||||||||
| UBS Group AG | VARIABLE, 08/10/2027, 1.494%, $280,000.00 | 254,741 | |||||||||
| UBS Group AG | VARIABLE, 09/11/2025, 2.593%, $250,000.00 | 246,567 | |||||||||
| UDR Inc | FIXED, 01/15/2030, 3.2%, $270,000.00 | 249,538 | |||||||||
| UDR Inc | FIXED, 09/01/2026, 2.95%, $45,000.00 | 43,162 | |||||||||
| Ventas Realty LP | FIXED, 01/15/2025, 2.65%, $110,000.00 | 108,007 | |||||||||
| Ventas Realty LP | FIXED, 01/15/2029, 4.4%, $150,000.00 | 148,806 | |||||||||
| Ventas Realty LP | FIXED, 02/01/2025, 3.5%, $110,000.00 | 109,082 | |||||||||
| Verizon Communications Inc | FIXED, 03/15/2032, 2.355%, $623,000.00 | 523,354 | |||||||||
| Verizon Communications Inc | FIXED, 03/16/2027, 4.125%, $100,000.00 | 99,804 | |||||||||
| Verizon Communications Inc | FIXED, 03/22/2028, 2.1%, $390,000.00 | 355,365 | |||||||||
| Verizon Master Trust | FIXED, 01/22/2029, 3.67%, $605,000.00 | 593,888 | |||||||||
| Verizon Master Trust | FIXED, 06/20/2029, 5.16%, $220,000.00 | 223,036 | |||||||||
| Verizon Master Trust | FIXED, 07/20/2028, 1.53%, $345,000.00 | 332,484 | |||||||||
| Verizon Master Trust | FIXED, 11/20/2029, 5.67%, $490,000.00 | 504,402 | |||||||||
| Vermont Std Asst Corp | FLOATING, 04/30/2035, 6.18479%, $299,785.03 | 299,155 | |||||||||
| Vermont Std Asst Corp | FLOATING, 04/30/2035, 6.18479%, $85,652.87 | 85,473 | |||||||||
| Volkswagen Auto Lease Trust 2023-A | FIXED, 10/20/2026, 5.81%, $610,000.00 | 618,665 | |||||||||
49
| Volkswagen Auto Loan Enhanced Trust 2023-2 | FIXED, 12/20/2028, 5.48%, $845,000.00 | 864,104 | |||||||||
| Volkswagen Group of America Finance LLC | FIXED, 06/06/2025, 3.95%, $210,000.00 | 206,265 | |||||||||
| Volkswagen Group of America Finance LLC | FIXED, 06/08/2027, 4.35%, $200,000.00 | 196,657 | |||||||||
| Volkswagen Group of America Finance LLC | FIXED, 09/12/2026, 5.7%, $240,000.00 | 247,643 | |||||||||
| Volkswagen Group of America Finance LLC | FIXED, 09/12/2028, 5.65%, $450,000.00 | 469,853 | |||||||||
| Volkswagen Group of America Finance LLC | FIXED, 09/26/2024, 2.85%, $200,000.00 | 197,524 | |||||||||
| Vulcan Materials Co | FIXED, 04/01/2027, 3.9%, $120,000.00 | 117,522 | |||||||||
| Warnermedia Holdings Inc | FIXED, 03/15/2025, 3.638%, $150,000.00 | 148,383 | |||||||||
| Warnermedia Holdings Inc | FIXED, 03/15/2027, 3.755%, $170,000.00 | 164,901 | |||||||||
| Warnermedia Holdings Inc | FIXED, 03/15/2027, 3.755%, $310,000.00 | 300,701 | |||||||||
| Warnermedia Holdings Inc | FIXED, 03/15/2029, 4.054%, $260,000.00 | 249,895 | |||||||||
| Warnermedia Holdings Inc | FIXED, 03/15/2032, 4.279%, $220,000.00 | 204,384 | |||||||||
| WEC Energy Group Inc | FIXED, 01/09/2026, 4.75%, $170,000.00 | 173,244 | |||||||||
| WEC Energy Group Inc | FIXED, 06/15/2025, 3.55%, $34,000.00 | 33,135 | |||||||||
| WEC Energy Group Inc | FIXED, 09/12/2026, 5.6%, $120,000.00 | 124,201 | |||||||||
| WEC Energy Group Inc | FIXED, 12/15/2028, 2.2%, $555,000.00 | 493,553 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2015-C28 | FIXED, 05/15/2048, 3.54%, $500,000.00 | 484,881 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2016-C35 | FIXED, 07/15/2048, 2.674%, $778,127.73 | 739,543 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2016-LC24 | FIXED, 10/15/2049, 2.684%, $694,031.40 | 655,753 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2016-NXS6 | FIXED, 11/15/2049, 2.642%, $470,000.00 | 444,084 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2017-C38 | FIXED, 07/15/2050, 3.19%, $367,492.57 | 345,385 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2017-C39 | FIXED, 09/15/2050, 3.157%, $305,000.00 | 286,948 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2017-C39 | FIXED, 09/15/2050, 3.157%, $635,000.00 | 597,417 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2017-C39 | FIXED, 09/15/2050, 3.418%, $515,000.00 | 483,551 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2017-C40 | FIXED, 10/15/2050, 3.317%, $760,000.00 | 718,902 | |||||||||
| Wells Fargo Commercial Mortgage Trust 2018-C43 | VARIABLE, 03/15/2051, 4.012%, $1,020,000.00 | 975,978 | |||||||||
| Welltower OP LLC | FIXED, 01/15/2029, 2.05%, $150,000.00 | 133,434 | |||||||||
| Welltower OP LLC | FIXED, 01/15/2032, 2.75%, $120,000.00 | 103,830 | |||||||||
| Welltower OP LLC | FIXED, 03/15/2029, 4.125%, $360,000.00 | 352,217 | |||||||||
| Welltower OP LLC | FIXED, 06/01/2025, 4%, $80,000.00 | 78,804 | |||||||||
| Weyerhaeuser Co | FIXED, 05/15/2026, 4.75%, $300,000.00 | 300,491 | |||||||||
| WFRBS Commercial Mortgage Trust 2014-C20 | FIXED, 05/15/2047, 3.995%, $1,260,000.00 | 1,248,853 | |||||||||
| WFRBS Commercial Mortgage Trust 2014-C24 | FIXED, 11/15/2047, 3.607%, $520,000.00 | 509,391 | |||||||||
50
| WFRBS Commercial Mortgage Trust 2014-C25 | FIXED, 11/15/2047, 3.365%, $437,507.83 | 430,095 | |||||||||
| Wheels Fleet Lease Funding 1 LLC | FIXED, 04/18/2038, 5.8%, $500,000.00 | 502,494 | |||||||||
| Wheels Fleet Lease Funding 1 LLC | FIXED, 04/18/2038, 5.8%, $685,000.00 | 688,417 | |||||||||
| Wheels Fleet Lease Funding 1 LLC | FIXED, 08/18/2038, 6.46%, $885,000.00 | 897,857 | |||||||||
| Williams Cos Inc/The | FIXED, 01/15/2025, 3.9%, $120,000.00 | 120,249 | |||||||||
| Williams Cos Inc/The | FIXED, 03/02/2026, 5.4%, $320,000.00 | 329,063 | |||||||||
| Williams Cos Inc/The | FIXED, 03/15/2033, 5.65%, $170,000.00 | 180,762 | |||||||||
| Williams Cos Inc/The | FIXED, 06/24/2024, 4.55%, $260,000.00 | 258,788 | |||||||||
| Williams Cos Inc/The | FIXED, 08/15/2028, 5.3%, $450,000.00 | 470,248 | |||||||||
| WMRK Commercial Mortgage Trust 2022-WMRK | FLOATING, 11/15/2027, 8.15081%, $355,000.00 | 356,363 | |||||||||
| World Omni Auto Lease Sec Trust 2023-A | FIXED, 09/15/2026, 5.07%, $430,000.00 | 430,901 | |||||||||
| World Omni Auto Receivables Trust 2022-A | FIXED, 05/17/2027, 1.66%, $532,410.63 | 517,332 | |||||||||
| World Omni Auto Receivables Trust 2022-C | FIXED, 10/15/2027, 3.66%, $460,000.00 | 452,497 | |||||||||
| World Omni Auto Receivables Trust 2023-A | FIXED, 05/15/2028, 4.83%, $660,000.00 | 660,217 | |||||||||
| World Omni Auto Receivables Trust 2023-D | FIXED, 02/15/2029, 5.79%, $605,000.00 | 622,587 | |||||||||
| WRKCo Inc | FIXED, 09/15/2024, 3%, $290,000.00 | 287,021 | |||||||||
| Xcel Energy Inc | FIXED, 03/15/2027, 1.75%, $245,000.00 | 224,829 | |||||||||
| TOTAL CORPORATE DEBT INSTRUMENTS - ALL OTHER | $ | 205,460,120 | |||||||||
| Net Assets Pending Settlement | $ | (590,930) | |||||||||
| SUBTOTAL STABLE VALUE FUND | $ | 508,230,590 | |||||||||
| TOTAL - INVESTMENT CONTRACTS | $ | 508,230,590 | |||||||||
| ADJUSTMENT FROM FAIR VALUE TO CONTRACT VALUE | $ | 33,450,611 | |||||||||
| TOTAL - INVESTMENT CONTRACTS AT CONTRACT VALUE | $ | 541,681,201 | |||||||||
51
| AEP RETIREMENT SAVINGS 401(K) PLAN | ||
| PLAN #002 EIN #13-4922641 | ||
| SCHEDULE H, LINE 4I - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (continued) | ||
| DECEMBER 31, 2023 | ||
| (a) | (b) Identity of Issuer, Borrower, Lessor or Similar Party | (c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value | (e) Current Value | ||||||||
| MONEY MARKET FUND | |||||||||||
| JP MORGAN US GOVT MM FUND 3164 | $ | 47,714,108 | |||||||||
| TOTAL MONEY MARKET FUND | $ | 47,714,108 | |||||||||
| COMMON / COLLECTIVE TRUSTS | |||||||||||
COLUMBIA TRUST FOCUSED LARGE CAP GROWTH FUND | $ | 195,092,837 | |||||||||
| * | MELLON CAPITAL MID CAP STOCK INDEX FUND | 456,261,518 | |||||||||
| * | MELLON CAPITAL SMALL CAP STOCK INDEX FUND | 179,341,271 | |||||||||
| * | MELLON CAPITAL STOCK INDEX FUND | 1,298,414,738 | |||||||||
| * | MELLON CAPITAL AGGREGATE BOND INDEX FUND | 521,308,895 | |||||||||
| * | MELLON CAPITAL TREASURY INFLATION-PROTECTED SECURITIES FUND | 24,749,151 | |||||||||
| * | MELLON CAPITAL INTERNATIONAL STOCK INDEX FUND | 704,972,081 | |||||||||
| * | MELLON CAPITAL EMERGING MARKETS STOCK INDEX FUND | 60,252,437 | |||||||||
JPMORGAN STRATEGIC PROPERTY FUND | 68,468,634 | ||||||||||
METWEST TOTAL RETURN BOND FUND | 65,185,142 | ||||||||||
SANDS CAPITAL INTERNATIONAL GROWTH CIT | 25,623,845 | ||||||||||
| TOTAL COMMON / COLLECTIVE TRUSTS | $ | 3,599,670,549 | |||||||||
| AEP STOCK | |||||||||||
| * | AMERICAN ELECTRIC POWER CO INC | $ | 272,036,887 | ||||||||
| TOTAL AEP STOCK | $ | 272,036,887 | |||||||||
| CORPORATE STOCKS | |||||||||||
| 3M CO | $ | 224,215 | |||||||||
| 8X8 INC | 436,715 | ||||||||||
| ABBVIE INC | 557,737 | ||||||||||
| ABM INDUSTRIES INC | 158,609 | ||||||||||
| ACI WORLDWIDE INC | 110,711 | ||||||||||
| ACUITY BRANDS INC | 2,311,916 | ||||||||||
| ACV AUCTIONS INC | 1,323,519 | ||||||||||
| ADOBE INC | 4,736,407 | ||||||||||
| ADTALEM GLOBAL EDUCATION INC | 587,437 | ||||||||||
| ADVANCED MICRO DEVICES INC | 7,420,177 | ||||||||||
| AERCAP HOLDINGS NV | 226,602 | ||||||||||
| AES CORP/THE | 139,062 | ||||||||||
| AGCO CORP | 476,049 | ||||||||||
| AGIOS PHARMACEUTICALS INC | 409,991 | ||||||||||
| AIR LEASE CORP | 190,827 | ||||||||||
| AIRBNB INC | 1,819,783 | ||||||||||
| ALASKA AIR GROUP INC | 183,473 | ||||||||||
| ALIGHT INC | 2,800,834 | ||||||||||
| ALIGN TECHNOLOGY INC | 413,740 | ||||||||||
| ALLIANT ENERGY CORP | 533,264 | ||||||||||
| ALLISON TRANSMISSION HOLDINGS | 833,057 | ||||||||||
52
| ALLY FINANCIAL INC | 1,289,281 | ||||||||||
| ALPHABET INC | 12,000,761 | ||||||||||
| AMAZON.COM INC | 14,800,930 | ||||||||||
| AMCOR PLC | 129,571 | ||||||||||
| AMDOCS LTD | 1,381,367 | ||||||||||
| AMEDISYS INC | 134,890 | ||||||||||
| AMERICAN TOWER CORP | 2,340,787 | ||||||||||
| AMERIPRISE FINANCIAL INC | 717,879 | ||||||||||
| AMERIS BANCORP | 187,797 | ||||||||||
| AMGEN INC | 569,992 | ||||||||||
| AMICUS THERAPEUTICS INC | 119,324 | ||||||||||
| AMKOR TECHNOLOGY INC | 218,950 | ||||||||||
| AMN HEALTHCARE SERVICES INC | 441,792 | ||||||||||
| ANALOG DEVICES INC | 1,605,358 | ||||||||||
| ANI PHARMACEUTICALS INC | 141,489 | ||||||||||
| APA CORP | 500,670 | ||||||||||
| APPLE INC | 10,721,803 | ||||||||||
| APPLIED INDUSTRIAL TECHNOLOGIE | 643,961 | ||||||||||
| APPLIED MATERIALS INC | 3,052,264 | ||||||||||
| APPLOVIN CORP | 207,180 | ||||||||||
| ARCH CAPITAL GROUP LTD | 411,159 | ||||||||||
| ARCH RESOURCES INC | 252,229 | ||||||||||
| ARCHER-DANIELS-MIDLAND CO | 122,991 | ||||||||||
| ARISTA NETWORKS INC | 1,354,418 | ||||||||||
| ARM HOLDINGS PLC ADR | 960,729 | ||||||||||
| ARRAY TECHNOLOGIES INC | 182,750 | ||||||||||
| ARROW ELECTRONICS INC | 213,204 | ||||||||||
| ARVINAS INC | 542,571 | ||||||||||
| ASHLAND INC | 241,295 | ||||||||||
| ASML HOLDING NV | 1,774,220 | ||||||||||
| ASPEN TECHNOLOGY INC | 2,783,577 | ||||||||||
| ASSURANT INC | 656,100 | ||||||||||
| ASSURED GUARANTY LTD | 349,905 | ||||||||||
| ASTRAZENECA PLC ADR | 2,241,408 | ||||||||||
| ATKORE INC | 1,103,840 | ||||||||||
| AUTOLIV INC | 217,184 | ||||||||||
| AUTONATION INC | 912,344 | ||||||||||
| AUTOZONE INC | 788,611 | ||||||||||
| AVALONBAY COMMUNITIES INC | 285,136 | ||||||||||
| AVANTOR INC | 740,537 | ||||||||||
| AVIENT CORP | 184,696 | ||||||||||
| AVNET INC | 237,737 | ||||||||||
| AXCELIS TECHNOLOGIES INC | 940,771 | ||||||||||
| AXIS CAPITAL HOLDINGS LTD | 1,239,236 | ||||||||||
| AXOGEN INC | 224,639 | ||||||||||
| BAKER HUGHES CO | 1,654,620 | ||||||||||
| BANK OZK | 736,487 | ||||||||||
| BATH & BODY WORKS INC | 2,083,549 | ||||||||||
| BEACON ROOFING SUPPLY INC | 765,950 | ||||||||||
| BELDEN INC | 313,094 | ||||||||||
| BELLRING BRANDS INC | 288,181 | ||||||||||
| BERKSHIRE HATHAWAY INC | 2,090,028 | ||||||||||
| BERKSHIRE HILLS BANCORP INC | 89,611 | ||||||||||
| BERRY GLOBAL GROUP INC | 130,265 | ||||||||||
| BGC GROUP INC | 256,137 | ||||||||||
53
| BILL HOLDINGS INC | 1,905,045 | ||||||||||
| BIOGEN INC | 592,583 | ||||||||||
| BIO-TECHNE CORP | 3,717,106 | ||||||||||
| BJ'S WHOLESALE CLUB HOLDINGS I | 396,094 | ||||||||||
| BLOOMIN' BRANDS INC | 426,585 | ||||||||||
| BLUE OWL CAPITAL INC | 154,290 | ||||||||||
| BOEING CO/THE | 4,407,500 | ||||||||||
| BOISE CASCADE CO | 234,400 | ||||||||||
| BOOZ ALLEN HAMILTON HOLDING CO | 1,322,845 | ||||||||||
| BORGWARNER INC | 226,249 | ||||||||||
| BOWLERO CORP | 387,432 | ||||||||||
| BOYD GAMING CORP | 344,605 | ||||||||||
| BP PLC ADR | 318,246 | ||||||||||
| BRADY CORP | 224,254 | ||||||||||
| BRINKER INTERNATIONAL INC | 166,329 | ||||||||||
| BRINK'S CO/THE | 685,746 | ||||||||||
| BROADCOM INC | 2,053,900 | ||||||||||
| BROWN & BROWN INC | 586,089 | ||||||||||
| BUCKLE INC/THE | 172,688 | ||||||||||
| BUILDERS FIRSTSOURCE INC | 352,577 | ||||||||||
| CABOT CORP | 162,742 | ||||||||||
| CACTUS INC | 136,245 | ||||||||||
| CADENCE BANK | 423,078 | ||||||||||
| CADENCE DESIGN SYSTEMS INC | 3,584,662 | ||||||||||
| CALERES INC | 152,851 | ||||||||||
| CAL-MAINE FOODS INC | 207,121 | ||||||||||
| CANNAE HOLDINGS INC | 289,763 | ||||||||||
| CAPITAL BANCORP INC | 105,778 | ||||||||||
| CAPITAL ONE FINANCIAL CORP | 2,832,192 | ||||||||||
| CARDINAL HEALTH INC | 1,938,182 | ||||||||||
| CARGURUS INC | 1,816,639 | ||||||||||
| CARLISLE COS INC | 792,947 | ||||||||||
| CARMAX INC | 469,419 | ||||||||||
| CARS.COM INC | 175,510 | ||||||||||
| CASEY'S GENERAL STORES INC | 843,452 | ||||||||||
| CATALYST PHARMACEUTICALS INC | 182,456 | ||||||||||
| CATHAY GENERAL BANCORP | 190,804 | ||||||||||
| CBOE GLOBAL MARKETS INC | 316,408 | ||||||||||
| CENCORA INC | 536,042 | ||||||||||
| CENTENE CORP | 2,592,081 | ||||||||||
| CERTARA INC | 626,151 | ||||||||||
| CHAMPIONX CORP | 153,937 | ||||||||||
| CHARLES RIVER LABORATORIES INT | 1,982,687 | ||||||||||
| CHECK POINT SOFTWARE TECHNOLOG | 453,481 | ||||||||||
| CHEMED CORP | 132,154 | ||||||||||
| CHESAPEAKE ENERGY CORP | 297,219 | ||||||||||
| CHESAPEAKE UTILITIES CORP | 186,859 | ||||||||||
| CHIPOTLE MEXICAN GRILL INC | 1,301,280 | ||||||||||
| CHURCHILL DOWNS INC | 1,658,155 | ||||||||||
| CIENA CORP | 223,430 | ||||||||||
| CIGNA GROUP/THE | 548,592 | ||||||||||
| CIMPRESS PLC | 938,106 | ||||||||||
| CITIGROUP INC | 729,471 | ||||||||||
| CLEAN HARBORS INC | 2,384,505 | ||||||||||
| CLEARFIELD INC | 193,993 | ||||||||||
54
| CLEARWATER PAPER CORP | 177,566 | ||||||||||
| CLEVELAND-CLIFFS INC | 2,109,182 | ||||||||||
| CMS ENERGY CORP | 517,462 | ||||||||||
| CNX RESOURCES CORP | 199,800 | ||||||||||
| COHERENT CORP | 181,955 | ||||||||||
| COLUMBIA SPORTSWEAR CO | 138,956 | ||||||||||
| COMERICA INC | 263,367 | ||||||||||
| COMMERCIAL METALS CO | 134,658 | ||||||||||
| CONCENTRIX CORP | 319,575 | ||||||||||
| CONSENSUS CLOUD SOLUTIONS INC | 437,078 | ||||||||||
| CONSTELLATION ENERGY CORP | 1,336,637 | ||||||||||
| COOPER COS INC/THE | 1,372,980 | ||||||||||
| COPT DEFENSE PROPERTIES | 340,008 | ||||||||||
| CORECIVIC INC | 287,868 | ||||||||||
| COSTCO WHOLESALE CORP | 3,671,365 | ||||||||||
| COUSINS PROPERTIES INC | 125,208 | ||||||||||
| CROWDSTRIKE HOLDINGS INC | 2,529,966 | ||||||||||
| CUMMINS INC | 209,384 | ||||||||||
| CURTISS-WRIGHT CORP | 1,060,703 | ||||||||||
| CVS HEALTH CORP | 562,037 | ||||||||||
| DAVE & BUSTER'S ENTERTAINMENT | 209,369 | ||||||||||
| DAVITA INC | 524,848 | ||||||||||
| DECKERS OUTDOOR CORP | 747,305 | ||||||||||
| DICK'S SPORTING GOODS INC | 833,353 | ||||||||||
| DILLARD'S INC | 837,977 | ||||||||||
| DIME COMMUNITY BANCSHARES INC | 125,709 | ||||||||||
| DIODES INC | 244,056 | ||||||||||
| DISCOVER FINANCIAL SERVICES | 741,840 | ||||||||||
| DNOW INC | 119,607 | ||||||||||
| DOLBY LABORATORIES INC | 50,588 | ||||||||||
| DOLLAR GENERAL CORP | 481,671 | ||||||||||
| DONNELLEY FINANCIAL SOLUTIONS | 171,268 | ||||||||||
| DOUGLAS DYNAMICS INC | 224,262 | ||||||||||
| DOVER CORP | 909,940 | ||||||||||
| DOXIMITY INC | 1,116,833 | ||||||||||
| DR HORTON INC | 844,857 | ||||||||||
| DR ING HC F PORSCHE AG ADR | 328,519 | ||||||||||
| DROPBOX INC | 1,599,821 | ||||||||||
| DT MIDSTREAM INC | 330,992 | ||||||||||
| DUKE ENERGY CORP | 206,501 | ||||||||||
| DUN & BRADSTREET HOLDINGS INC | 186,135 | ||||||||||
| DYNATRACE INC | 1,080,510 | ||||||||||
| EAST WEST BANCORP INC | 703,599 | ||||||||||
| EASTMAN CHEMICAL CO | 131,676 | ||||||||||
| ECOVYST INC | 446,753 | ||||||||||
| EDISON INTERNATIONAL | 209,966 | ||||||||||
| ELASTIC NV | 2,126,874 | ||||||||||
| ELDORADO GOLD CORP | 232,526 | ||||||||||
| ELEMENT SOLUTIONS INC | 578,338 | ||||||||||
| ELEVANCE HEALTH INC | 2,402,127 | ||||||||||
| ELI LILLY & CO | 7,094,719 | ||||||||||
| EMCOR GROUP INC | 573,259 | ||||||||||
| EMERSON ELECTRIC CO | 222,496 | ||||||||||
| ENACT HOLDINGS INC | 148,957 | ||||||||||
| ENCOMPASS HEALTH CORP | 756,538 | ||||||||||
55
| ENERPLUS CORP | 143,966 | ||||||||||
| ENERSYS | 600,510 | ||||||||||
| ENOVIS CORP | 154,895 | ||||||||||
| ENTEGRIS INC | 1,985,537 | ||||||||||
| ENVISTA HOLDINGS CORP | 93,064 | ||||||||||
| EPR PROPERTIES | 93,363 | ||||||||||
| EQT CORP | 497,825 | ||||||||||
| ESAB CORP | 220,361 | ||||||||||
| ESSENT GROUP LTD | 312,748 | ||||||||||
| ESSEX PROPERTY TRUST INC | 173,558 | ||||||||||
| EURONET WORLDWIDE INC | 1,979,156 | ||||||||||
| EVERCORE INC | 817,790 | ||||||||||
| EVEREST GROUP LTD | 322,111 | ||||||||||
| EVERGY INC | 200,918 | ||||||||||
| EXPEDIA GROUP INC | 192,318 | ||||||||||
| EXPRO GROUP HOLDINGS NV | 206,515 | ||||||||||
| EXTRA SPACE STORAGE INC | 249,473 | ||||||||||
| EXTREME NETWORKS INC | 203,971 | ||||||||||
| FEDERAL AGRICULTURAL MORTGAGE | 468,871 | ||||||||||
| FEDEX CORP | 1,686,045 | ||||||||||
| FIDELITY NATIONAL FINANCIAL IN | 1,093,104 | ||||||||||
| FIDELITY NATIONAL INFORMATION | 2,343,931 | ||||||||||
| FIRST ADVANTAGE CORP | 241,375 | ||||||||||
| FIRST CITIZENS BANCSHARES INC/ | 126,288 | ||||||||||
| FIRST INTERSTATE BANCSYSTEM IN | 186,345 | ||||||||||
| FIRST MERCHANTS CORP | 181,618 | ||||||||||
| FIRSTCASH HOLDINGS INC | 420,228 | ||||||||||
| FIRSTENERGY CORP | 209,292 | ||||||||||
| FLEETCOR TECHNOLOGIES INC | 1,453,746 | ||||||||||
| FLEX LTD | 3,181,852 | ||||||||||
| FLOOR & DECOR HOLDINGS INC | 290,948 | ||||||||||
| FMC CORP | 1,895,787 | ||||||||||
| FNB CORP/PA | 198,150 | ||||||||||
| FORTINET INC | 1,395,765 | ||||||||||
| FORTIVE CORP | 590,954 | ||||||||||
| FORTREA HOLDINGS INC | 264,612 | ||||||||||
| FOX FACTORY HOLDING CORP | 244,210 | ||||||||||
| FRANKLIN RESOURCES INC | 730,749 | ||||||||||
| FRONTDOOR INC | 277,428 | ||||||||||
| FTI CONSULTING INC | 455,456 | ||||||||||
| GARTNER INC | 1,367,766 | ||||||||||
| GE HEALTHCARE INC | 2,028,877 | ||||||||||
| GEN DIGITAL INC | 365,622 | ||||||||||
| GENERAC HOLDINGS INC | 1,026,036 | ||||||||||
| GENERAL MILLS INC | 512,066 | ||||||||||
| GENERAL MOTORS CO | 2,540,981 | ||||||||||
| GENPACT LTD | 451,820 | ||||||||||
| GENTEX CORP | 210,788 | ||||||||||
| GENUINE PARTS CO | 215,368 | ||||||||||
| GERMAN AMERICAN BANCORP INC | 146,266 | ||||||||||
| GLOBAL PAYMENTS INC | 626,364 | ||||||||||
| GLOBALFOUNDRIES INC | 1,412,768 | ||||||||||
| GODADDY INC | 453,197 | ||||||||||
| GOLDMAN SACHS GROUP INC/THE | 2,371,328 | ||||||||||
| GRACO INC | 2,485,240 | ||||||||||
56
| GRAND CANYON EDUCATION INC | 310,558 | ||||||||||
| GRANITE CONSTRUCTION INC | 278,662 | ||||||||||
| GRAPHIC PACKAGING HOLDING CO | 1,262,598 | ||||||||||
| GROCERY OUTLET HOLDING CORP | 2,635,367 | ||||||||||
| HAEMONETICS CORP | 443,113 | ||||||||||
| HALLIBURTON CO | 303,913 | ||||||||||
| HALOZYME THERAPEUTICS INC | 885,636 | ||||||||||
| HANCOCK WHITNEY CORP | 420,061 | ||||||||||
| HANOVER INSURANCE GROUP INC/TH | 322,613 | ||||||||||
| HARTFORD FINANCIAL SERVICES GR | 678,086 | ||||||||||
| HCA HEALTHCARE INC | 584,398 | ||||||||||
| HEALTHEQUITY INC | 675,067 | ||||||||||
| HEARTLAND EXPRESS INC | 407,964 | ||||||||||
| HELMERICH & PAYNE INC | 274,946 | ||||||||||
| HENRY SCHEIN INC | 1,263,978 | ||||||||||
| HERITAGE COMMERCE CORP | 160,000 | ||||||||||
| HEXCEL CORP | 1,693,669 | ||||||||||
| HF SINCLAIR CORP | 181,436 | ||||||||||
| HOLOGIC INC | 2,449,306 | ||||||||||
| HOME BANCSHARES INC/AR | 100,357 | ||||||||||
| HOME DEPOT INC/THE | 3,477,283 | ||||||||||
| HOWMET AEROSPACE INC | 1,844,897 | ||||||||||
| HUB GROUP INC | 186,179 | ||||||||||
| HUBSPOT INC | 1,055,422 | ||||||||||
| HUMANA INC | 479,785 | ||||||||||
| HUNTINGTON BANCSHARES INC/OH | 256,295 | ||||||||||
| HUNTINGTON INGALLS INDUSTRIES | 2,375,706 | ||||||||||
| IAC INC | 830,956 | ||||||||||
| ICON PLC | 710,506 | ||||||||||
| INGEVITY CORP | 220,942 | ||||||||||
| INGREDION INC | 362,490 | ||||||||||
| INNOVATIVE INDUSTRIAL PROPERTI | 206,983 | ||||||||||
| INSIGHT ENTERPRISES INC | 168,153 | ||||||||||
| INSTALLED BUILDING PRODUCTS IN | 324,688 | ||||||||||
| INTEGRA LIFESCIENCES HOLDINGS | 186,786 | ||||||||||
| INTERDIGITAL INC | 355,794 | ||||||||||
| INTERNATIONAL GAME TECHNOLOGY | 38,100 | ||||||||||
| INTERNATIONAL PAPER CO | 118,897 | ||||||||||
| INTERPUBLIC GROUP OF COS INC/T | 259,325 | ||||||||||
| INTUIT INC | 1,381,941 | ||||||||||
| INTUITIVE SURGICAL INC | 3,380,010 | ||||||||||
| IPG PHOTONICS CORP | 269,830 | ||||||||||
| IRIDIUM COMMUNICATIONS INC | 617,935 | ||||||||||
| ITT INC | 252,720 | ||||||||||
| JABIL INC | 223,460 | ||||||||||
| JACOBS SOLUTIONS INC | 476,885 | ||||||||||
| JAZZ PHARMACEUTICALS PLC | 504,546 | ||||||||||
| JEFFERIES FINANCIAL GROUP INC | 191,948 | ||||||||||
| JOHN BEAN TECHNOLOGIES CORP | 97,859 | ||||||||||
| JUNIPER NETWORKS INC | 163,260 | ||||||||||
| KEYSIGHT TECHNOLOGIES INC | 979,040 | ||||||||||
| KINDER MORGAN INC | 2,162,929 | ||||||||||
| KIRBY CORP | 1,192,425 | ||||||||||
| KLA CORP | 1,427,092 | ||||||||||
| KNIGHT-SWIFT TRANSPORTATION HO | 226,853 | ||||||||||
57
| KORN FERRY | 188,199 | ||||||||||
| KOSMOS ENERGY LTD | 173,460 | ||||||||||
| KRAFT HEINZ CO/THE | 2,033,345 | ||||||||||
| KROGER CO/THE | 561,456 | ||||||||||
| L3HARRIS TECHNOLOGIES INC | 511,807 | ||||||||||
| LABORATORY CORP OF AMERICA HOL | 560,952 | ||||||||||
| LAM RESEARCH CORP | 1,451,381 | ||||||||||
| LAMAR ADVERTISING CO | 555,207 | ||||||||||
| LAMB WESTON HOLDINGS INC | 221,909 | ||||||||||
| LANDSTAR SYSTEM INC | 100,698 | ||||||||||
| LANTHEUS HOLDINGS INC | 261,082 | ||||||||||
| LATTICE SEMICONDUCTOR CORP | 1,131,919 | ||||||||||
| LAUREATE EDUCATION INC | 486,184 | ||||||||||
| LCI INDUSTRIES | 242,369 | ||||||||||
| LEAR CORP | 207,720 | ||||||||||
| LEGALZOOM.COM INC | 297,088 | ||||||||||
| LEGEND BIOTECH CORP ADR | 521,554 | ||||||||||
| LENDINGCLUB CORP | 1,762,753 | ||||||||||
| LENNAR CORP | 2,361,390 | ||||||||||
| LEONARDO DRS INC | 292,604 | ||||||||||
| LESLIE'S INC | 104,915 | ||||||||||
| LITHIA MOTORS INC | 585,131 | ||||||||||
| LITTELFUSE INC | 851,911 | ||||||||||
| LIVANOVA PLC | 147,149 | ||||||||||
| LIVE NATION ENTERTAINMENT INC | 144,893 | ||||||||||
| LKQ CORP | 101,219 | ||||||||||
| L'OREAL SA ADR | 2,033,531 | ||||||||||
| LPL FINANCIAL HOLDINGS INC | 2,208,142 | ||||||||||
| LULULEMON ATHLETICA INC | 3,609,707 | ||||||||||
| LVMH MOET HENNESSY LOUIS VUITT ADR | 1,561,307 | ||||||||||
| LYONDELLBASELL INDUSTRIES NV | 131,020 | ||||||||||
| MAGNOLIA OIL & GAS CORP | 214,475 | ||||||||||
| MARATHON OIL CORP | 301,928 | ||||||||||
| MARKEL GROUP INC | 653,154 | ||||||||||
| MARKETAXESS HOLDINGS INC | 2,987,949 | ||||||||||
| MARRIOTT INTERNATIONAL INC/MD | 2,833,759 | ||||||||||
| MARRIOTT VACATIONS WORLDWIDE C | 224,534 | ||||||||||
| MASCO CORP | 227,598 | ||||||||||
| MASIMO CORP | 2,650,470 | ||||||||||
| MASONITE INTERNATIONAL CORP | 216,730 | ||||||||||
| MASTERCARD INC | 5,261,854 | ||||||||||
| MATADOR RESOURCES CO | 203,673 | ||||||||||
| MATCH GROUP INC | 157,826 | ||||||||||
| MATSON INC | 1,638,410 | ||||||||||
| MCKESSON CORP | 521,778 | ||||||||||
| MEDICAL PROPERTIES TRUST INC | 83,833 | ||||||||||
| MERCADOLIBRE INC | 2,509,749 | ||||||||||
| MERCK & CO INC | 1,945,462 | ||||||||||
| MERIT MEDICAL SYSTEMS INC | 1,448,633 | ||||||||||
| MERITAGE HOMES CORP | 275,236 | ||||||||||
| META PLATFORMS INC | 6,765,591 | ||||||||||
| METHANEX CORP | 140,233 | ||||||||||
| METLIFE INC | 657,332 | ||||||||||
| MGM RESORTS INTERNATIONAL | 184,573 | ||||||||||
| MICRON TECHNOLOGY INC | 2,463,339 | ||||||||||
58
| MICROSOFT CORP | 13,376,118 | ||||||||||
| MIDDLEBY CORP/THE | 718,925 | ||||||||||
| MODINE MANUFACTURING CO | 241,188 | ||||||||||
| MOLINA HEALTHCARE INC | 2,151,601 | ||||||||||
| MOLSON COORS BEVERAGE CO | 667,801 | ||||||||||
| MONGODB INC | 2,123,567 | ||||||||||
| MOODY'S CORP | 2,039,895 | ||||||||||
| MOOG INC | 271,318 | ||||||||||
| MUELLER INDUSTRIES INC | 229,008 | ||||||||||
| MURPHY OIL CORP | 202,806 | ||||||||||
| MURPHY USA INC | 780,866 | ||||||||||
| N-ABLE INC/US | 460,928 | ||||||||||
| NATIONAL STORAGE AFFILIATES TR | 466,538 | ||||||||||
| NATIONAL VISION HOLDINGS INC | 626,142 | ||||||||||
| NCR ATLEOS CORP | 86,035 | ||||||||||
| NCR VOYIX CORP | 119,774 | ||||||||||
| NETAPP INC | 1,577,888 | ||||||||||
| NETFLIX INC | 4,464,203 | ||||||||||
| NEVRO CORP | 545,855 | ||||||||||
| NEW JERSEY RESOURCES CORP | 91,701 | ||||||||||
| NEW YORK TIMES CO/THE | 3,814,312 | ||||||||||
| NEXSTAR MEDIA GROUP INC | 574,175 | ||||||||||
| NIKE INC | 2,428,928 | ||||||||||
| NISOURCE INC | 182,584 | ||||||||||
| NMI HOLDINGS INC | 324,729 | ||||||||||
| NOBLE CORP PLC | 338,372 | ||||||||||
| NOMAD FOODS LTD | 176,687 | ||||||||||
| NORTHWESTERN ENERGY GROUP INC | 319,335 | ||||||||||
| NOVO NORDISK A/S ADR | 3,903,996 | ||||||||||
| NRG ENERGY INC | 210,729 | ||||||||||
| NUCOR CORP | 127,919 | ||||||||||
| NVIDIA CORP | 11,808,026 | ||||||||||
| NXP SEMICONDUCTORS NV | 1,886,821 | ||||||||||
| OCEANFIRST FINANCIAL CORP | 118,916 | ||||||||||
| OGE ENERGY CORP | 195,363 | ||||||||||
| OKTA INC | 3,277,639 | ||||||||||
| OLD NATIONAL BANCORP/IN | 286,032 | ||||||||||
| OMNICELL INC | 221,152 | ||||||||||
| ON SEMICONDUCTOR CORP | 982,981 | ||||||||||
| ONEMAIN HOLDINGS INC | 924,812 | ||||||||||
| ORACLE CORP | 1,962,052 | ||||||||||
| O'REILLY AUTOMOTIVE INC | 2,525,313 | ||||||||||
| ORGANON & CO | 1,952,756 | ||||||||||
| OSHKOSH CORP | 223,108 | ||||||||||
| OSI SYSTEMS INC | 204,157 | ||||||||||
| OVINTIV INC | 307,220 | ||||||||||
| OWENS CORNING | 133,852 | ||||||||||
| OXFORD INDUSTRIES INC | 129,900 | ||||||||||
| PACCAR INC | 1,505,958 | ||||||||||
| PACIFIC BIOSCIENCES OF CALIFOR | 2,068,066 | ||||||||||
| PACKAGING CORP OF AMERICA | 127,884 | ||||||||||
| PALO ALTO NETWORKS INC | 577,965 | ||||||||||
| PAR PACIFIC HOLDINGS INC | 308,199 | ||||||||||
| PARKER-HANNIFIN CORP | 217,450 | ||||||||||
| PATTERSON-UTI ENERGY INC | 265,302 | ||||||||||
59
| PAYCHEX INC | 1,244,223 | ||||||||||
| PEAPACK-GLADSTONE FINANCIAL CO | 112,093 | ||||||||||
| PEDIATRIX MEDICAL GROUP INC | 95,344 | ||||||||||
| PEGASYSTEMS INC | 119,023 | ||||||||||
| PELOTON INTERACTIVE INC | 771,390 | ||||||||||
| PENNYMAC FINANCIAL SERVICES IN | 240,632 | ||||||||||
| PERFORMANCE FOOD GROUP CO | 189,678 | ||||||||||
| PERRIGO CO PLC | 72,695 | ||||||||||
| PFIZER INC | 1,221,416 | ||||||||||
| PHOTRONICS INC | 279,036 | ||||||||||
| PINNACLE FINANCIAL PARTNERS IN | 814,809 | ||||||||||
| PINNACLE WEST CAPITAL CORP | 353,525 | ||||||||||
| POOL CORP | 413,462 | ||||||||||
| PORTLAND GENERAL ELECTRIC CO | 461,918 | ||||||||||
| POST HOLDINGS INC | 540,953 | ||||||||||
| PPL CORP | 214,171 | ||||||||||
| PREFERRED BANK/LOS ANGELES CA | 210,822 | ||||||||||
| PRESTIGE CONSUMER HEALTHCARE I | 250,084 | ||||||||||
| PRIMO WATER CORP | 168,680 | ||||||||||
| PROG HOLDINGS INC | 114,707 | ||||||||||
| PROPETRO HOLDING CORP | 121,971 | ||||||||||
| PROSPERITY BANCSHARES INC | 502,150 | ||||||||||
| PUBLIC SERVICE ENTERPRISE GROU | 203,935 | ||||||||||
| PULTEGROUP INC | 853,629 | ||||||||||
| PVH CORP | 3,923,471 | ||||||||||
| QCR HOLDINGS INC | 138,559 | ||||||||||
| QORVO INC | 236,819 | ||||||||||
| QUANEX BUILDING PRODUCTS CORP | 252,111 | ||||||||||
| QUEST DIAGNOSTICS INC | 528,632 | ||||||||||
| QUIDELORTHO CORP | 1,940,226 | ||||||||||
| RALPH LAUREN CORP | 203,178 | ||||||||||
| RAMACO RESOURCES INC | 206,716 | ||||||||||
| RANGE RESOURCES CORP | 479,613 | ||||||||||
| RB GLOBAL INC | 2,275,063 | ||||||||||
| RBB BANCORP | 57,920 | ||||||||||
| REGIONS FINANCIAL CORP | 773,146 | ||||||||||
| RELAY THERAPEUTICS INC | 257,072 | ||||||||||
| RELIANCE INC | 132,848 | ||||||||||
| REMITLY GLOBAL INC | 83,584 | ||||||||||
| RENAISSANCERE HOLDINGS LTD | 264,404 | ||||||||||
| REPUBLIC SERVICES INC | 622,041 | ||||||||||
| RHYTHM PHARMACEUTICALS INC | 135,336 | ||||||||||
| ROYAL CARIBBEAN CRUISES LTD | 843,627 | ||||||||||
| RYAN SPECIALTY HOLDINGS INC | 1,441,600 | ||||||||||
| RYDER SYSTEM INC | 218,269 | ||||||||||
| SABRA HEALTH CARE REIT INC | 218,074 | ||||||||||
| SALESFORCE INC | 4,719,679 | ||||||||||
| SALLY BEAUTY HOLDINGS INC | 509,713 | ||||||||||
| SANDY SPRING BANCORP INC | 98,091 | ||||||||||
| SANMINA CORP | 228,083 | ||||||||||
| SBA COMMUNICATIONS CORP | 802,929 | ||||||||||
| SCIENCE APPLICATIONS INTERNATI | 783,216 | ||||||||||
| SCOTTS MIRACLE-GRO CO/THE | 110,224 | ||||||||||
| SEALED AIR CORP | 545,755 | ||||||||||
| SELECT WATER SOLUTIONS INC | 115,497 | ||||||||||
60
| SENSATA TECHNOLOGIES HOLDING P | 2,185,785 | ||||||||||
| SERVICENOW INC | 3,540,221 | ||||||||||
| SERVISFIRST BANCSHARES INC | 71,561 | ||||||||||
| SHARKNINJA INC | 142,406 | ||||||||||
| SHELL PLC ADR | 322,025 | ||||||||||
| SHOCKWAVE MEDICAL INC | 1,284,184 | ||||||||||
| SIGNET JEWELERS LTD | 279,949 | ||||||||||
| SIMPLY GOOD FOODS CO/THE | 172,379 | ||||||||||
| SITEONE LANDSCAPE SUPPLY INC | 2,936,863 | ||||||||||
| SIX FLAGS ENTERTAINMENT CORP | 175,886 | ||||||||||
| SKECHERS USA INC | 1,004,235 | ||||||||||
| SKYWORKS SOLUTIONS INC | 112,308 | ||||||||||
| SLM CORP | 1,082,364 | ||||||||||
| SM ENERGY CO | 560,046 | ||||||||||
| SMARTSHEET INC | 1,048,597 | ||||||||||
| SNAP-ON INC | 207,676 | ||||||||||
| SNOWFLAKE INC | 2,582,025 | ||||||||||
| SONOCO PRODUCTS CO | 131,518 | ||||||||||
| SOTERA HEALTH CO | 747,112 | ||||||||||
| SOUTHSTATE CORP | 899,308 | ||||||||||
| SPORTRADAR GROUP AG | 477,216 | ||||||||||
| SPRINGWORKS THERAPEUTICS INC | 519,578 | ||||||||||
| SS&C TECHNOLOGIES HOLDINGS INC | 151,858 | ||||||||||
| STAAR SURGICAL CO | 1,264,785 | ||||||||||
| STAG INDUSTRIAL INC | 1,273,084 | ||||||||||
| STATE STREET CORP | 715,885 | ||||||||||
| STEEL DYNAMICS INC | 120,698 | ||||||||||
| STERIS PLC | 2,204,436 | ||||||||||
| STEVEN MADDEN LTD | 420,504 | ||||||||||
| STRIDE INC | 135,245 | ||||||||||
| SUPER MICRO COMPUTER INC | 1,297,363 | ||||||||||
| SYNCHRONY FINANCIAL | 761,050 | ||||||||||
| TANDEM DIABETES CARE INC | 754,290 | ||||||||||
| TD SYNNEX CORP | 504,906 | ||||||||||
| TEGNA INC | 403,446 | ||||||||||
| TELEDYNE TECHNOLOGIES INC | 476,638 | ||||||||||
| TELEFLEX INC | 845,761 | ||||||||||
| TEMPUR SEALY INTERNATIONAL INC | 384,008 | ||||||||||
| TENABLE HOLDINGS INC | 1,054,728 | ||||||||||
| TESLA INC | 6,750,953 | ||||||||||
| TEVA PHARMACEUTICAL INDUSTRIES ADR | 2,356,882 | ||||||||||
| TEXTRON INC | 344,921 | ||||||||||
| THOR INDUSTRIES INC | 163,067 | ||||||||||
| TIDEWATER INC | 175,155 | ||||||||||
| TIMKEN CO/THE | 222,256 | ||||||||||
| TJX COS INC/THE | 2,218,325 | ||||||||||
| T-MOBILE US INC | 199,290 | ||||||||||
| TOLL BROTHERS INC | 888,722 | ||||||||||
| TOPGOLF CALLAWAY BRANDS CORP | 166,746 | ||||||||||
| TORO CO/THE | 515,274 | ||||||||||
| TOTALENERGIES SE ADR | 2,365,038 | ||||||||||
| TRADE DESK INC/THE | 1,840,377 | ||||||||||
| TRANSDIGM GROUP INC | 1,630,699 | ||||||||||
| TRANSMEDICS GROUP INC | 668,379 | ||||||||||
| TRIMBLE INC | 1,953,717 | ||||||||||
61
| TRINET GROUP INC | 602,499 | ||||||||||
| TTM TECHNOLOGIES INC | 81,311 | ||||||||||
| UBER TECHNOLOGIES INC | 3,884,821 | ||||||||||
| UFP INDUSTRIES INC | 132,957 | ||||||||||
| UGI CORP | 228,091 | ||||||||||
| UNDER ARMOUR INC | 628,588 | ||||||||||
| UNITED RENTALS INC | 240,263 | ||||||||||
| UNITEDHEALTH GROUP INC | 3,267,273 | ||||||||||
| UNIVERSAL HEALTH SERVICES INC | 808,389 | ||||||||||
| UNUM GROUP | 657,137 | ||||||||||
| US FOODS HOLDING CORP | 1,031,125 | ||||||||||
| US SILICA HOLDINGS INC | 111,709 | ||||||||||
| VALMONT INDUSTRIES INC | 215,997 | ||||||||||
| VECTOR GROUP LTD | 139,680 | ||||||||||
| VERACYTE INC | 582,634 | ||||||||||
| VERITEX HOLDINGS INC | 105,902 | ||||||||||
| VERIZON COMMUNICATIONS INC | 193,401 | ||||||||||
| VERTEX PHARMACEUTICALS INC | 2,744,473 | ||||||||||
| VESTIS CORP | 242,264 | ||||||||||
| VF CORP | 1,119,465 | ||||||||||
| VIPER ENERGY INC | 1,049,159 | ||||||||||
| VISA INC | 5,717,807 | ||||||||||
| VISTRA CORP | 2,439,818 | ||||||||||
| VIVID SEATS INC | 144,064 | ||||||||||
| VONTIER CORP | 205,054 | ||||||||||
| VOYA FINANCIAL INC | 361,371 | ||||||||||
| W R BERKLEY CORP | 138,682 | ||||||||||
| WALKER & DUNLOP INC | 201,039 | ||||||||||
| WARNER MUSIC GROUP CORP | 2,391,166 | ||||||||||
| WEATHERFORD INTERNATIONAL PLC | 421,452 | ||||||||||
| WEBSTER FINANCIAL CORP | 163,295 | ||||||||||
| WELLS FARGO & CO | 3,657,095 | ||||||||||
| WESCO INTERNATIONAL INC | 694,998 | ||||||||||
| WESTERN ALLIANCE BANCORP | 517,504 | ||||||||||
| WESTERN UNION CO/THE | 500,318 | ||||||||||
| WESTINGHOUSE AIR BRAKE TECHNOL | 1,783,960 | ||||||||||
| WESTLAKE CORP | 129,323 | ||||||||||
| WEX INC | 166,924 | ||||||||||
| WHITE MOUNTAINS INSURANCE GROU | 198,661 | ||||||||||
| WILLIS TOWERS WATSON PLC | 1,894,626 | ||||||||||
| WINTRUST FINANCIAL CORP | 384,263 | ||||||||||
| WISDOMTREE INC | 801,558 | ||||||||||
| WIX.COM LTD | 3,062,214 | ||||||||||
| WORLD KINECT CORP | 150,189 | ||||||||||
| WORTHINGTON ENTERPRISES INC | 160,622 | ||||||||||
| WORTHINGTON STEEL INC | 69,519 | ||||||||||
| WSFS FINANCIAL CORP | 117,535 | ||||||||||
| WYNDHAM HOTELS & RESORTS INC | 3,002,027 | ||||||||||
| YETI HOLDINGS INC | 157,152 | ||||||||||
| ZEBRA TECHNOLOGIES CORP | 238,617 | ||||||||||
| ZIFF DAVIS INC | 2,159,352 | ||||||||||
| ZIMMER BIOMET HOLDINGS INC | 583,430 | ||||||||||
| ZIPRECRUITER INC | 948,383 | ||||||||||
| TOTAL CORPORATE STOCKS | $ | 557,042,541 | |||||||||
62
| REGISTERED INVESTMENT COMPANIES | |||||||||||
| DODGE & COX INTL STCK-X | $ | 24,523,069 | |||||||||
| TOTAL REGISTERED INVESTMENT COMPANIES | $ | 24,523,069 | |||||||||
SELF DIRECTED BROKERAGE ACCOUNT | |||||||||||
* | RETAIL MUTUAL FUNDS, EXCHANGE TRADED FUNDS, EQUITIES (OTHER THAN AEP STOCK) AND PREFERRED STOCK TRADED ON A NATIONAL SECURITIES EXCHANGE, AND FIXED INCOME SECURITIES (OTHER THAN THOSE ISSUED BY AN AFFILIATE OF THE COMPANY). | $ | 101,663,935 | ||||||||
TOTAL SELF-DIRECTED BROKERAGE ACCOUNT | $ | 101,663,935 | |||||||||
| TOTAL ASSETS AT FAIR VALUE | $ | 4,602,651,089 | |||||||||
* | PARTICIPANT LOANS (Interest rates ranging from 4.25% to 10.5%, maturing through May 2048) | $ | 56,867,969 | ||||||||
| TOTAL NET ASSETS | $ | 5,201,200,259 | |||||||||
| * | Party-in-interest to the Plan | ||||||||||
| Note: (d) Historical Cost is not required as all investments are participant-directed. | |||||||||||
63
AEP RETIREMENT SAVINGS 401(K) PLAN
EXHIBIT INDEX
| Exhibit Number | Description | |||||||
| 23.1 | ||||||||
64