SEC Form 11-K filed by Walmart Inc.

6/25/24 5:16:55 PM ET

$WMT

Department/Specialty Retail Stores

Consumer Discretionary

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11-K 1 wmtform11-kx1312024us401k.htm 11-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)


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

For the fiscal year ended January 31, 2024


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

For the transition period from to .

Commission File Number 001-6991


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

WALMART 401(k) PLAN


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

WALMART INC.

702 Southwest Eighth Street

Bentonville, Arkansas 72716

Walmart 401(k) Plan

Financial Statements and

Supplemental Schedule

As of January 31, 2024 and 2023, and for the year ended January 31, 2024

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1
Statements of Net Assets Available for Benefits			2
Statement of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4
Supplemental Schedule: Schedule H, Line 4i – Schedule of Assets (Held at End of Year)			9
Signatures			30
Exhibit 23.1 – Consent of Independent Public Registered Accounting Firm

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Walmart 401(k) Plan (the Plan) as of January 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended January 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at January 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended January 31, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

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

Supplemental Schedule Required by ERISA

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2024, (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

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

Rogers, Arkansas

June 25, 2024

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Walmart 401(k) Plan

Statements of Net Assets Available for Benefits


	January 31,
	2024		2023
Assets
Investments, at fair value	$	40,304,881,249	$	35,611,558,392
Notes receivable from participants	1,220,067,619		1,125,958,080
Accrued investment income	13,805,931		10,060,562
Total assets	41,538,754,799		36,747,577,034

Liabilities
Due to broker	—		18,600,399
Accrued expenses	4,577,123		5,234,743
Total liabilities	4,577,123		23,835,142

Net assets available for benefits	$	41,534,177,676	$	36,723,741,892

See accompanying notes.

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Walmart 401(k) Plan

Statement of Changes in Net Assets Available for Benefits



	Year Ended
	January 31, 2024
Additions
Investment income:
Net appreciation in fair value of investments	$	4,052,526,275
Interest and dividends	191,812,252
Net investment income	4,244,338,527

Interest income on notes receivable from participants	68,240,696

Contributions:
Company	1,586,359,465
Participant	2,232,685,240
Rollovers	128,192,564
Total contributions	3,947,237,269

Other, net	2,679,313

Total additions	8,262,495,805

Deductions
Benefits paid to participants	3,418,556,081
Administrative expenses	25,961,267
Fees on notes receivable from participants	7,542,673
Total deductions	3,452,060,021

Net increase	4,810,435,784

Net assets available for benefits:
Beginning of year	36,723,741,892

End of year	$	41,534,177,676

See accompanying notes.

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Walmart 401(k) Plan

Notes to Financial Statements

January 31, 2024

Note 1. Description of the Plan

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

General

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

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

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

Contributions

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

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

Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2024. All contributions are subject to certain limitations in accordance with provisions of the Internal Revenue Code (the Code).

Participant Accounts

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

Vesting

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

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Notes Receivable from Participants

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

Payment of Benefits and Withdrawals

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

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

Investment Options

A participant may direct the Trustee to invest any portion of his or her account in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2024, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time.

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

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

Note 2. Summary of Accounting Policies

Basis of Accounting

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

Use of Estimates

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

Investment Valuation and Income Recognition

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

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

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Notes Receivable from Participants

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

Benefit Payments

Benefit payments are recorded when paid. As of January 31, 2024 and 2023, there were benefits in the amount of $29,324,794 and $29,706,635, respectively, requested before year-end, that were paid after year-end.

Expenses

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

Note 3. Fair Value Measurements

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


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

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at January 31, 2024 and 2023. During the year ended January 31, 2024, there were no transfers of financial instruments into or out of Level 3. Following is a description of the valuation methodologies used for assets measured at fair value:

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

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

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

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

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

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

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

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

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

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


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


	Fair Value Measurements as of January 31, 2023
	Level 1		Level 2		Total
Walmart Inc. equity securities	$	3,297,354,804	$	—	$	3,297,354,804
Common stocks	882,955,570		—		882,955,570
Cash equivalent	20,606,546		—		20,606,546
Mutual fund	801,171,589		—		801,171,589
Government securities	—		670,439,047		670,439,047
Corporate bonds	—		308,219,608		308,219,608
Asset-backed securities	—		147,761,898		147,761,898
Mortgage-backed securities	—		41,999,995		41,999,995
Total assets in the fair value hierarchy	$	5,002,088,509	$	1,168,420,548	$	6,170,509,057
Investments measured at NAV* Collective investment trusts/collective trust funds					29,441,049,335
Total investments at fair value					$	35,611,558,392

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

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

The following table summarizes investments for which fair value is measured using NAV per share as a practical expedient as of January 31, 2024 and 2023.


Investments	Fair Value as of January 31,				Unfunded commitments	Redemption frequency (if currently eligible)	Redemption notice
	2024		2023
Collective investment trusts/collective trust funds	$	33,522,964,391	$	29,441,049,335	N/A	Daily	N/A

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

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

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

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Note 6. Plan Termination

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

Note 7. Tax Status

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

Note 8. Risks and Uncertainties

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

Note 9. Reconciliation of Financial Statements to Form 5500

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


	January 31,
	2024		2023
Net assets available for benefits per the financial statements	$	41,534,177,676	$	36,723,741,892
Less: Benefits payable per the Form 5500	(29,324,794)		(29,706,635)
Net assets available for benefits per the Form 5500	$	41,504,852,882	$	36,694,035,257

The following is a reconciliation of the net change in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2024:


Net increase in net assets available for benefits per the financial statements	$	4,810,435,784
Less: Benefits payable per the Form 5500 at January 31, 2024	(29,324,794)
Add: Benefits payable per the Form 5500 at January 31, 2023	29,706,635
Net gain per the Form 5500	$	4,810,817,625

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

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Supplemental Schedule

Walmart 401(k) Plan

EIN #71-0415188, Plan #003

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

January 31, 2024

(a)

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

(d)
Cost

(e)
Current value

Investments

Walmart Inc. Equity Securities

Common Stock

3,494,368,568

Other Common Stocks

1 800 Flowers Inc.

Common Stock

957,154

Aaon Inc.

Common Stock

2,793,420

Academy Sports & Outdoors Inc.

Common Stock

3,649,318

Acadia Healthcare Company Inc.

Common Stock

8,012,018

Advanced Drainage Systems Inc.

Common Stock

4,558,179

Advanced Energy Industries, Inc.

Common Stock

5,710,627

Aehr Test Systems

Common Stock

242,872

Agnc Invt Corp.

Common Stock

4,831,482

Alamo Group Inc.

Common Stock

6,962,784

Alarm.com Holdings, Inc.

Common Stock

4,394,184

Alkermes PLC

Common Stock

2,347,724

Amedisys Inc.

Common Stock

3,492,704

Ameris Bankcorp

Common Stock

4,760,526

Amicus Therapeutics Inc.

Common Stock

899,944

Antero Resources Corp.

Common Stock

2,708,167

Appfolio Inc.

Common Stock

8,298,114

Apple Hospitality Reit, Inc.

Common Stock

3,006,368

Arlo Technologies Inc.

Common Stock

5,528,581

Artisan Partners Asset Management Inc.

Common Stock

5,109,077

ASGN Incorporated

Common Stock

5,717,248

Aspen Aerogels Inc.

Common Stock

3,969,670

Atrion Corp.

Common Stock

5,183,300

Avient Corporation

Common Stock

1,946,613

Axalta Coating Systems Ltd.

Common Stock

5,514,156

Axos Financial Inc.

Common Stock

471,377

Banner Corp.

Common Stock

4,579,466

Beacon Roofing Supply Inc.

Common Stock

7,123,567

Biocryst Pharmaceuticals Inc.

Common Stock

1,830,238

Bio-Techne Corp.

Common Stock

9,619,917

Black Hills Corp.

Common Stock

3,492,868

Blackline Inc.

Common Stock

3,324,691

Bright Horizons Family Solutions Inc.

Common Stock

4,555,853

Brunswick Corp.

Common Stock

1,349,696

BWX Technologies Inc.

Common Stock

3,338,236

Cadence Bank

Common Stock

5,295,650

Cambium Networks Corporation

Common Stock

99,722

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Carmax Inc.

Common Stock

4,917,257

Casella Waste Systems Inc.

Common Stock

4,219,978

Cathay General Bancorp

Common Stock

4,069,737

Centerspace

Common Stock

2,638,611

Century Casinos Inc.

Common Stock

1,003,999

Cerence Inc.

Common Stock

2,713,591

Ceva Inc.

Common Stock

1,369,325

ChampionX Corporation

Common Stock

3,788,254

Charles Riv Laboratories Intl Inc.

Common Stock

5,485,510

Chemours Co.

Common Stock

5,413,705

Chewy Inc.

Common Stock

1,682,475

Chord Energy Corp.

Common Stock

4,625,870

CNX Resources Corporation

Common Stock

2,058,521

Coca-Cola Consolidated Inc.

Common Stock

4,871,160

Coda Octopus Group Inc.

Common Stock

758,778

Comerica Inc.

Common Stock

8,017,136

Commercial Metals Company

Common Stock

4,081,150

Commvault Systems Inc.

Common Stock

3,800,503

Computer Programs & Systems Inc.

Common Stock

497,575

Connectone Bancorp Inc.

Common Stock

3,917,905

Consensus Cloud Solutions Inc.

Common Stock

930,602

Core & Main Inc.

Common Stock

17,811,509

Coty Inc.

Common Stock

2,786,312

CRA International Inc.

Common Stock

2,748,025

Crane NXT Co.

Common Stock

3,072,463

CryoPort Inc.

Common Stock

1,022,128

Cushman & Wakefield Inc.

Common Stock

3,950,576

Dana Inc.

Common Stock

2,742,117

Deluxe Corp.

Common Stock

3,420,895

Denny's Corp.

Common Stock

476,118

Descartes Systems Group Inc.

Common Stock

4,908,631

Diamond Offshore Drilling Inc.

Common Stock

2,260,062

Digital Turbine Inc.

Common Stock

1,256,145

Dine Brands Global Inc.

Common Stock

2,279,599

Donnelley Financial Solutions Inc.

Common Stock

6,960,111

Douglas Dynamics Inc.

Common Stock

5,527,593

Eagle Materials Inc.

Common Stock

7,606,628

Ecovyst Inc.

Common Stock

3,892,034

Element Solution Inc.

Common Stock

11,039,751

EMCOR Group Inc.

Common Stock

3,937,179

Encompass Health Corp.

Common Stock

2,277,827

Endava PLC

Common Stock

5,220,491

Enovis Corporation

Common Stock

2,750,330

EPR Properties

Common Stock

2,881,490

Equity Commonwealth

Common Stock

4,033,739

Establishment Labs Holdings Inc.

Common Stock

5,286,782

Eventbrite Inc.

Common Stock

2,677,848

Evertec Inc.

Common Stock

4,660,207

Evolus Inc.

Common Stock

2,119,839

Excelerate Energy Inc.

Common Stock

1,364,430

Exelixis Inc.

Common Stock

3,700,810

Exponent Inc.

Common Stock

5,027,006

Fabrinet

Common Stock

8,815,401

Federal Agricultural Mortgage Corp.

Common Stock

7,277,233

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Federal Signal Corp.

Common Stock

3,372,494

First American Financial Corp.

Common Stock

8,406,152

First Interstate BancSystem, Inc.

Common Stock

3,385,208

First Merchants Corp.

Common Stock

4,370,281

Fiverr International Ltd.

Common Stock

777,746

Floor & Décor Holdings Inc.

Common Stock

7,118,441

Foot Locker Inc.

Common Stock

2,866,688

Franklin Covey Co.

Common Stock

5,173,004

Franklin Elec Inc.

Common Stock

3,613,928

GATX Corp.

Common Stock

4,520,266

Getty Realty Corp.

Common Stock

2,967,586

Gildan Activewear Inc.

Common Stock

4,457,175

Global Medical REIT Inc.

Common Stock

3,229,003

Globus Med Inc.

Common Stock

5,035,902

Goosehead Insurance Inc.

Common Stock

8,265,727

Group 1 Automotive Inc.

Common Stock

3,374,279

Guidewire Software Inc.

Common Stock

9,086,620

Hamilton Insurance Group Ltd.

Common Stock

2,629,991

Hamilton Lane Inc.

Common Stock

9,753,800

Harmonic Inc.

Common Stock

3,268,161

Harrow Inc.

Common Stock

1,424,563

HealthEquity Inc.

Common Stock

11,705,982

Heartland Financial USA Inc.

Common Stock

3,599,318

Heico Corp.

Common Stock

10,332,544

Hillenbrand Inc.

Common Stock

4,434,861

Hillman Solutions Corp.

Common Stock

3,161,174

Ingevity Corp.

Common Stock

1,978,321

Inotiv Inc.

Common Stock

288,337

Insight Enterprises Inc.

Common Stock

14,608,316

Installed Building Products Inc.

Common Stock

9,213,482

International Game Technology PLC

Common Stock

4,721,527

Iovance Biotherapeutics Inc.

Common Stock

1,715,944

Ituran Location & Control

Common Stock

3,906,707

James River Group Holdings

Common Stock

1,323,253

Janus International Group Inc.

Common Stock

7,865,490

John Bean Technologies Corp.

Common Stock

4,750,652

Kadant Inc.

Common Stock

4,679,818

Kennedy-Wilson Holdings Inc.

Common Stock

2,726,886

Kforce Inc.

Common Stock

5,481,328

Kiniksa Pharmaceuticals, Ltd.

Common Stock

2,389,694

Kinsale Cap Group Inc.

Common Stock

7,405,934

Kirby Corp.

Common Stock

7,315,380

Knife Riv Hldg Co.

Common Stock

4,213,758

Korn Ferry

Common Stock

4,704,747

Krystal Biotech Inc.

Common Stock

2,053,230

Ladder Capital Corp.

Common Stock

4,377,498

Landstar System Inc.

Common Stock

6,905,754

La-Z-Boy, Inc.

Common Stock

4,474,582

Lemaitre Vascular Inc.

Common Stock

9,577,877

Table of Contents

Ligand Pharmaceuticals Inc.

Common Stock

3,310,845

Liquidity Services Inc.

Common Stock

594,731

LXP Industrial Trust

Common Stock

3,879,567

M/I Homes Inc.

Common Stock

3,292,660

Magnite Inc.

Common Stock

1,366,183

Magnolia Oil & Gas Corp.

Common Stock

3,292,478

Manhattan Associates Inc.

Common Stock

6,485,569

Marriott Vacations Worldwide Corp.

Common Stock

1,561,025

Masonite International Corp.

Common Stock

5,117,336

Matador Res Co.

Common Stock

4,386,809

Materion Corp.

Common Stock

3,636,012

Mativ Holdings Inc.

Common Stock

1,752,170

Maximus Inc.

Common Stock

3,350,013

McGrath RentCorp.

Common Stock

5,049,874

Medpace Holdings Inc.

Common Stock

6,175,081

MFA Financial Inc.

Common Stock

3,973,189

Minerals Technologies Inc.

Common Stock

3,605,425

Mirum Pharmaceuticals Inc.

Common Stock

691,532

Moelis & Company

Common Stock

5,381,288

Morningstar Inc.

Common Stock

4,990,532

Murphy Oil Corp.

Common Stock

4,614,782

Murphy USA Inc.

Common Stock

8,172,824

National Storage Affiliates

Common Stock

5,775,617

NNN REIT Inc.

Common Stock

6,113,527

Northern Oil & Gas Inc.

Common Stock

4,331,349

Novanta Inc.

Common Stock

8,027,945

NVent Electric PLC

Common Stock

5,604,734

OceanFirst Financial Corp.

Common Stock

3,464,471

Ocuphire Pharma Inc.

Common Stock

761,817

Old National Bancorp

Common Stock

3,005,116

Ollies Bargain Outlet Holdings Inc.

Common Stock

2,769,665

Omniab Inc.

Common Stock

3,078,367

ONE Gas Inc.

Common Stock

2,012,936

OneMain Holdings Inc.

Common Stock

3,526,589

OptimizeRx Corp.

Common Stock

3,121,551

Optinose Inc.

Common Stock

457,692

Option Care Health Inc.

Common Stock

4,420,772

Otter Tail Corp.

Common Stock

4,035,625

Pacira BioSciences Inc.

Common Stock

3,965,845

Park City Group, Inc.

Common Stock

7,500,404

Parsons Corporation

Common Stock

4,043,209

Patterson-Uti Energy Inc.

Common Stock

3,834,867

PennyMac Mortgage Investment Trust

Common Stock

2,921,560

Perimeter Solutions

Common Stock

2,826,026

Permian Resources Corp.

Common Stock

5,597,840

Permian Resources Corp.

Common Stock

5,469,106

PGT Innovations Inc.

Common Stock

2,585,030

Pinnacle Financial Partners Inc.

Common Stock

3,970,472

Piper Sandler Companies, Inc.

Common Stock

4,703,661

Table of Contents

Plexus Corp.

Common Stock

2,418,012

Preferred Bank

Common Stock

4,121,389

Primerica Inc.

Common Stock

4,626,299

Primo Water Corporation Canada

Common Stock

3,783,408

Procore Technologies Inc.

Common Stock

4,645,276

Progress Software Corp.

Common Stock

1,845,814

ProPetro Holding Corp.

Common Stock

1,841,590

Prosperity Bancshares Inc.

Common Stock

5,661,787

Puma Biotechnology Inc.

Common Stock

401,145

Q2 Holdings Inc.

Common Stock

3,277,754

Radian Group Inc.

Common Stock

4,439,012

Radware Ltd.

Common Stock

3,344,618

Rambus Inc.

Common Stock

6,941,404

Red Rock Resorts Inc.

Common Stock

5,768,193

Repligen Corp.

Common Stock

7,623,539

Resideo Technologies Inc.

Common Stock

2,602,838

Revance Therapeutics Inc.

Common Stock

435,507

Rhythm Pharmaceuticals Inc.

Common Stock

2,411,097

Rocket Pharmaceuticals Inc.

Common Stock

1,271,159

Rush Enterprises Inc.

Common Stock

4,577,003

RXO LLC

Common Stock

865,322

Saia, Inc.

Common Stock

5,334,867

Schneider National Inc.

Common Stock

3,468,329

Scholar Rock Holding Corporation

Common Stock

379,175

scPharmaceuticals Inc.

Common Stock

429,260

Selective Insurance Group Inc.

Common Stock

5,904,142

ShotSpotter, Inc.

Common Stock

1,492,437

Shutterstock Inc.

Common Stock

1,927,884

Signet Jewelers Ltd.

Common Stock

5,083,925

Simpson Manufacturing Co, Inc.

Common Stock

4,883,291

SiteOne Landscape Supply Inc.

Common Stock

7,020,125

SiTime Corp.

Common Stock

924,495

Skyline Champion Corp.

Common Stock

5,911,194

Sleep Number Corp.

Common Stock

271,323

Smith-Midland Corp.

Common Stock

962,827

Solarwinds Corp.

Common Stock

212,086

Spire Inc.

Common Stock

6,476,322

Sprout Social Inc.

Common Stock

7,333,780

Stag Industrial Inc.

Common Stock

10,181,588

Stewart Information Services Corp.

Common Stock

4,406,100

Stifel Financial Corp.

Common Stock

4,548,360

Stratasys Inc.

Common Stock

2,466,522

Stride Inc.

Common Stock

9,608,726

Supernus Pharmaceuticals Inc.

Common Stock

3,217,357

Techtarget Inc.

Common Stock

1,111,516

Topgolf Callaway Brands Corp.

Common Stock

2,532,538

Travere Therapeutics Inc.

Common Stock

399,859

Trupanion, Inc.

Common Stock

2,529,138

Ultra Clean Holdings Inc.

Common Stock

2,733,974

Table of Contents

United Bankshares Inc.

Common Stock

5,304,904

United Therapeutics Corporation

Common Stock

1,947,840

Upland Software Inc.

Common Stock

1,029,482

UroGen Pharma Ltd.

Common Stock

675,587

Utah Medical Products Inc.

Common Stock

3,613,877

Utz Brands Inc.

Common Stock

8,089,343

Valmont Industries Inc.

Common Stock

4,116,950

Valvoline Inc.

Common Stock

4,376,246

Veeco Instruments Inc.

Common Stock

2,493,781

Verint Systems Inc.

Common Stock

2,404,267

Verona Pharma

Common Stock

1,075,604

WalkMe Ltd.

Common Stock

1,741,400

WD-40 Co.

Common Stock

4,437,881

WESCO International Inc.

Common Stock

4,586,481

Western Alliance BanCorp.

Common Stock

8,574,478

Willdan Group Inc.

Common Stock

1,522,032

WillScot Mobile Mini Holdings Corp.

Common Stock

7,195,323

Wintrust Financial Corp.

Common Stock

3,788,621

WNS (Holdings) Limited

Common Stock

8,535,945

Workiva Inc.

Common Stock

5,215,235

Y-mAbs Therapeutics, Inc.

Common Stock

675,338

Ziff Davis Inc.

Common Stock

2,441,228

Zions BanCorp.

Common Stock

7,046,323

Total Other Common Stocks

1,067,485,061

Cash Equivalent

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

Cash Equivalent, 1.06%

20,806,602

Mutual Fund

PIMCO

All Asset Class Institutional Fund

879,810,982

Government Securities

Abu Dhabi Crude Oil Pipeline LLC

$811,000 par, 4.60%, due November 2, 2047

719,763

California State Municipal Bond

$1,015,000 par, 7.30%, due October 1, 2039

1,229,123

Connecticut Avenue Securities Trust

$664,075 par, 7.02%, due July 25, 2043

670,975

Corporacion Nacional del Cobre de Chile

$200,000 par, 6.3%, due September 8, 2053

196,160

Electricite de France (EDF)

$1,616,000 par, 6.9%, due May 23, 2053

1,810,915

FHLMC, Freddie Mac

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

1,213,099

FHLMC, Freddie Mac

$976,456 par, 6.12%, due October 25, 2041

977,039

FHLMC, Freddie Mac

$730,453 par, 3.00%, due April 1, 2050

647,811

FHLMC, Freddie Mac

$727,104 par, 3.00%, due August 1, 2048

647,907

FHLMC, Freddie Mac

$691,829 par, 2.00%, due June 1, 2036

625,481

FHLMC, Freddie Mac

$690,506 par, 2.50%, due December 1, 2035

642,964

FHLMC, Freddie Mac

$69,506 par, 3.50%, due October 1, 2047

64,379

FHLMC, Freddie Mac

$677,793 par, 3.50%, due October 15, 2053

654,686

FHLMC, Freddie Mac

$658,354 par, 3.00%, due January 1, 2050

583,728

FHLMC, Freddie Mac

$655,916 par, 6.62%, due February 25, 2042

657,969

FHLMC, Freddie Mac

$569,830 par, 3.50%, due March 1, 2048

529,591

FHLMC, Freddie Mac

$566,961 par, 3.50%, due August 1, 2044

527,613

FHLMC, Freddie Mac

$563,212 par, 2.00%, due December 31, 2049

515,905

FHLMC, Freddie Mac

$561,438 par, 4.00%, due August 1, 2052

528,634

Table of Contents

FHLMC, Freddie Mac

$5,923,054 par, 2.00%, due February 1, 2052

4,830,999

FHLMC, Freddie Mac

$5,269,705 par, 3.50%, due September 25, 2044

5,022,458

FHLMC, Freddie Mac

$481,542 par, 3.00%, due May 1, 2037

456,262

FHLMC, Freddie Mac

$45,353 par, 6.02%, due December 25, 2033

45,325

FHLMC, Freddie Mac

$44,762 par, 3.00%, due February 1, 2050

39,698

FHLMC, Freddie Mac

$438,086 par, 3.00%, November 1, 2049

388,428

FHLMC, Freddie Mac

$434,411 par, 0.00%, due June 1, 2036

392,456

FHLMC, Freddie Mac

$411,916 par, 3.00%, due January 1, 2050

364,967

FHLMC, Freddie Mac

$4,595,121 par, 2.00%, due November 1, 2051

3,715,109

FHLMC, Freddie Mac

$4,391,421 par, 4.00%, due May 1, 2052

4,134,691

FHLMC, Freddie Mac

$398,427 par, 2.50%, due July 1, 2050

329,652

FHLMC, Freddie Mac

$366,810 par, 4.00%, due September 1, 2052

345,337

FHLMC, Freddie Mac

$303,301 par, 3.00%, due September 1, 2050

270,425

FHLMC, Freddie Mac

$3,715,598 par, 3.50%, due January 1, 2051

3,440,248

FHLMC, Freddie Mac

$3,587,447 par, 2.00%, due May 1 ,2051

2,906,554

FHLMC, Freddie Mac

$3,453,343 par, 2.50%, due November 1, 2051

2,945,616

FHLMC, Freddie Mac

$3,062,684 par, 4.00%, due July 1, 2049

2,945,089

FHLMC, Freddie Mac

$289,978 par, 2.50%, due July 1, 2035

269,121

FHLMC, Freddie Mac

$255,857 par, 3.00%, due February 1, 2050

227,588

FHLMC, Freddie Mac

$236,780 par, 7.82%, due March 25, 2052

241,450

FHLMC, Freddie Mac

$217,536 par, 3.00%, due December 1, 2049

192,927

FHLMC, Freddie Mac

$2,749,296 par, 6.00%, due June 1, 2053

2,788,140

FHLMC, Freddie Mac

$2,690,665 par, 2.00%, due February 25, 2052

2,351,838

FHLMC, Freddie Mac

$2,664,746 par, 4.50%, due November 1, 2052

2,576,668

FHLMC, Freddie Mac

$2,654,099 par, 5.50%, due June 1, 2053

2,663,057

FHLMC, Freddie Mac

$2,626,919 par, 4.00%, due November 25, 2051

2,533,639

FHLMC, Freddie Mac

$2,588,481 par, 2.50%, due August 1, 2051

2,189,031

FHLMC, Freddie Mac

$2,563,569 par, 2.50%, due July 1, 2052

2,177,489

FHLMC, Freddie Mac

$2,504,729 par, 2.50%, due February 1, 2052

2,117,344

FHLMC, Freddie Mac

$2,492,171 par, 2.50%, due April 1, 2052

2,124,942

FHLMC, Freddie Mac

$2,429,375 par, 3.00%, June 1, 2050

2,164,466

FHLMC, Freddie Mac

$2,410,401 par, 2.00%, due February 1, 2052

1,872,337

FHLMC, Freddie Mac

$2,113,964 par, 2.50%, due May 1, 2051

1,784,135

FHLMC, Freddie Mac

$2,060,471 par, 3.50%, due June 1, 2052

1,906,769

FHLMC, Freddie Mac

$190,274 par, 2.50%, due June 1, 2051

160,038

FHLMC, Freddie Mac

$145,189 par, 2.00%, due November 1, 2051

117,775

FHLMC, Freddie Mac

$132,999 par, 4.00%, due August 1, 2048

126,995

FHLMC, Freddie Mac

$126,518 par, 2.00%, due November 1, 2051

102,629

FHLMC, Freddie Mac

$1,822,223 par, 3.50%, due January 25, 2051

1,738,406

FHLMC, Freddie Mac

$1,711,453 par, 2.00%, due August 1, 2051

1,386,264

FHLMC, Freddie Mac

$1,655,277 par, 2.00%, due August 1, 2035

1,493,015

FHLMC, Freddie Mac

$1,623,030 par, 3.00%, July 1, 2050

1,438,331

FHLMC, Freddie Mac

$1,606,553 par, 6.50%, due October 1, 2053

1,646,939

FHLMC, Freddie Mac

$1,600,655 par, 2.00%, due December 1, 2051

1,305,562

FHLMC, Freddie Mac

$1,511,835 par, 2.50%, due February 1, 2052

1,274,233

FHLMC, Freddie Mac

$1,482,595 par, 4.50%, due September 1, 2050

1,452,457

FHLMC, Freddie Mac

$1,316,506 par, 3.50%, due March 1, 2048

1,221,802

FHLMC, Freddie Mac

$1,261,002 par, 2.00%, due December 1, 2051

1,020,175

Table of Contents

FHLMC, Freddie Mac

$1,199,468 par, 2.00%, due September 1, 2050

979,155

FHLMC, Freddie Mac

$1,156,151 par, 5.00%, due October 1, 2052

1,142,455

FHLMC, Freddie Mac

$1,112,791 par, 2.50%, due February 1, 2052

941,927

FHLMC, Freddie Mac

$1,101,081 par, 2.50%, due June 1, 2051

926,131

FHLMC, Freddie Mac

$1,002,339 par, 1.50%, due June 1, 2037

877,458

FHLMC, Freddie Mac

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

866,495

FHLMC, Freddie Mac

$656,000 par, 1.64%, due February 25, 2030

563,171

FHLMC, Freddie Mac

$364,000 par, variable rate, due July 25, 2028

357,550

FHLMC, Freddie Mac

$360,000 par, variable rate, due October 25, 2028

354,582

FHLMC, Freddie Mac

$2,444,000 par, 3.90%, due April 25, 2028

2,398,698

FNMA, Fannie Mae

$2,103,000 par, 1.63%, due January 7, 2025

2,042,748

FNMA, Fannie Mae

$1,632,000 par, 2.63%, due September 6, 2024

1,608,104

FNMA, Fannie Mae

$949,626 par, 3.50%, due February 1, 2047

884,363

FNMA, Fannie Mae

$915,622 par, 2.50%, due August 1, 2050

771,388

FNMA, Fannie Mae

$911,898 par, 4.50%, due January 1, 2053

881,508

FNMA, Fannie Mae

$90,780 par, 2.00%, due October 1, 2051

73,650

FNMA, Fannie Mae

$9,260,000 par, 2.00%, TBA

7,465,488

FNMA, Fannie Mae

$9,200,000 par, 3.50%, TBA

8,372,683

FNMA, Fannie Mae

$846,032 par, 3.50%, due June 1, 2044

786,815

FNMA, Fannie Mae

$8,070,000 par, 6.00%, TBA

8,180,490

FNMA, Fannie Mae

$797,309 par, 3.00%, due November 1, 2049

706,548

FNMA, Fannie Mae

$774,803 par, 2.50%, due July 1, 2050

652,754

FNMA, Fannie Mae

$763,220 par, 1.50%, due November 1, 2036

667,744

FNMA, Fannie Mae

$753,725 par, 3.00% due March 1, 2050

667,924

FNMA, Fannie Mae

$752,759 par, 3.00%, due July 1, 2049

668,314

FNMA, Fannie Mae

$740,777 par, 2.00%, due April 1, 2052

601,756

FNMA, Fannie Mae

$737,976 par, 3.50%, due October 1, 2048

683,573

FNMA, Fannie Mae

$719,279 par, 3.00%, due August 1, 2034

681,551

FNMA, Fannie Mae

$702,421 par, 2.50%, due June 1, 2050

591,769

FNMA, Fannie Mae

$7,650,000 par, 3.00%, TBA

6,694,945

FNMA, Fannie Mae

$7,441,411 par, 1.50%, due January 1, 2051

5,733,258

FNMA, Fannie Mae

$696,924 par, 2.50%, due April 1, 2051

587,134

FNMA, Fannie Mae

$69,492 par, 3.50%, due June 1, 2047

64,370

FNMA, Fannie Mae

$644,737 par, 2.00%, due February 1, 2052

523,053

FNMA, Fannie Mae

$640,513 par, 3.00%, due October 1, 2034

606,916

FNMA, Fannie Mae

$633,041 par, 3.00%, due August 1, 2050

556,497

FNMA, Fannie Mae

$621,253 par, 2.50%, due July 1, 2051

522,599

FNMA, Fannie Mae

$617,681 par, 3.00%, due September 1, 2050

550,188

FNMA, Fannie Mae

$6,170,494 par, 2.00%, due March 1, 2052

5,020,973

FNMA, Fannie Mae

$597,591 par, 2.00%, due November 1, 2050

487,177

FNMA, Fannie Mae

$587,621 par, 2.50%, due August 1, 2035

545,353

FNMA, Fannie Mae

$576,746 par, 2.00%, due October 1, 2051

470,731

FNMA, Fannie Mae

$573,811 par, 4.50%, due September 1, 2050

558,493

FNMA, Fannie Mae

$55,584 par, 2.00%, due February 1, 2051

45,325

FNMA, Fannie Mae

$539,132 par, 2.50%, due March 1, 2051

453,530

FNMA, Fannie Mae

$525,000 par, 2.00%, TBA

471,143

FNMA, Fannie Mae

$519,854 par, 4.62%, due January 25, 2044

520,389

FNMA, Fannie Mae

$518,676 par, 3.00%, due May 1, 2050

459,724

FNMA, Fannie Mae

$5,026,951 par, 5.00%, due March 1, 2053

4,966,142

FNMA, Fannie Mae

$5,006,096 par, 2.00%, due January 1, 2052

4,047,394

FNMA, Fannie Mae

$485,000 par, 3.00%, TBA

456,658

FNMA, Fannie Mae

$479,622 par, 2.00%, due October 1, 2050

386,943

Table of Contents

FNMA, Fannie Mae

$414,526 par, 3.00%, due July 1, 2051

366,087

FNMA, Fannie Mae

$401,611 par, 3.00%, due January 1, 2050

356,177

FNMA, Fannie Mae

$4,890,000 par, 4.50%, TBA

4,727,635

FNMA, Fannie Mae

$4,860,000 par, 5.5%, TBA

4,873,833

FNMA, Fannie Mae

$4,835,000 par, TBA

4,771,665

FNMA, Fannie Mae

$4,642,400 par, 2.00%, due October 1, 2051

3,753,886

FNMA, Fannie Mae

$4,303,424 par, 4.00%, due June 1, 2052

4,050,976

FNMA, Fannie Mae

$4,014,845 par, 2.00%, due February 1, 2037

3,622,914

FNMA, Fannie Mae

$38,298 par, floating rate, due October 25, 2041

38,287

FNMA, Fannie Mae

$374,693 par, 3.00%, due July 1, 2050

333,818

FNMA, Fannie Mae

$362,167 par, 4.50%, due February 1, 2051

351,192

FNMA, Fannie Mae

$344,915 par, 1.50%, due September 1, 2036

302,003

FNMA, Fannie Mae

$343,267 par, 3.50%, due February 1, 2046

319,234

FNMA, Fannie Mae

$340,428 par, 2.50%, due August 1, 2051

288,581

FNMA, Fannie Mae

$336,771 par, 2.00%, due February 1, 2051

272,739

FNMA, Fannie Mae

$334,501 par, 4.00%, due April 25, 2041

330,172

FNMA, Fannie Mae

$329,447 par, 2.50%, due June 1, 2050

277,545

FNMA, Fannie Mae

$307,913 par, 2.00%, due April 1, 2036

276,494

FNMA, Fannie Mae

$3,720,900 par, 2.00%, due January 1, 2051

3,013,423

FNMA, Fannie Mae

$3,660,000 par, 6.50%, TBA

3,746,614

FNMA, Fannie Mae

$3,537,283 par, 3.50%, due June 1, 2052

3,232,549

FNMA, Fannie Mae

$3,525,124 par, 2.00%, due December 1, 2050

2,860,361

FNMA, Fannie Mae

$3,485,000 par, 7.00%, due February 1, 2024

3,594,138

FNMA, Fannie Mae

$3,374,476 par, 2.00%, due February 1, 2052

2,788,636

FNMA, Fannie Mae

$3,072,069 par, 2.50%, due August 1, 2051

2,612,352

FNMA, Fannie Mae

$297,472 par, 3.50%, due January 1, 2048

275,425

FNMA, Fannie Mae

$282,849 par, 3.00%, due December 1, 2047

252,826

FNMA, Fannie Mae

$271,679 par, 2.00%, due October 1, 2041

231,182

FNMA, Fannie Mae

$262,802 par, 2.50%, due September 1, 2051

225,926

FNMA, Fannie Mae

$261,907 par, 2.50%, due September 1, 2051

213,181

FNMA, Fannie Mae

$26,138 par, 4.50%, due January 1, 2030

25,915

FNMA, Fannie Mae

$240,800 par, 2.50%, due October 1, 2034

223,843

FNMA, Fannie Mae

$237,893 par, 3.00%, due July 1, 2049

211,354

FNMA, Fannie Mae

$223,560 par, 3.00%, due October 1, 2035

210,891

FNMA, Fannie Mae

$221,078 par, 2.00%, due May 1, 2051

171,791

FNMA, Fannie Mae

$216,619 par, 3.00%, due May 1, 2036

205,254

FNMA, Fannie Mae

$206,395 par, 3.00%, due December 1, 2049

183,074

FNMA, Fannie Mae

$2,962,605 par, 2.50%, due May 1, 2050

2,495,915

FNMA, Fannie Mae

$2,872,165 par, 5.50%, due March 1, 2053

2,886,474

FNMA, Fannie Mae

$2,861,608 par, 2.00%, due February 1, 2052

2,311,810

FNMA, Fannie Mae

$2,818,352 par, 4.50%, due October 1, 2052

2,734,395

FNMA, Fannie Mae

$2,659,220 par, 5.00%, due February 1, 2053

2,626,703

FNMA, Fannie Mae

$2,623,714 par, 5.50%, due February 1, 2053

2,631,352

FNMA, Fannie Mae

$2,541,477 par, 2.50%, due September 1, 2050

2,147,896

FNMA, Fannie Mae

$2,479,484 par, 2.50%, due September 1, 2050

2,052,032

FNMA, Fannie Mae

$2,460,868 par, 4.00%, due November 1, 2047

2,364,844

FNMA, Fannie Mae

$2,409,471 par, 3.00%, due February 1, 2050

2,136,875

FNMA, Fannie Mae

$2,404,170 par, 2.00%, due May 1, 2036

2,173,649

FNMA, Fannie Mae

$2,386,377 par, 1.50%, due December 1, 2050

1,830,699

Table of Contents

FNMA, Fannie Mae

$2,378,122 par, 2.50%, due December 1, 2034

2,212,973

FNMA, Fannie Mae

$2,310,374 par, 2.00%, due June 1, 2041

1,981,927

FNMA, Fannie Mae

$2,292,722 par, 1.50%, due November 1, 2051

1,765,837

FNMA, Fannie Mae

$2,290,740 par, 2.50%, due December 1, 2051

1,936,887

FNMA, Fannie Mae

$2,277,184 par, 3.00%, due February 1, 2051

1,995,372

FNMA, Fannie Mae

$2,230,000 par, 4.00%, TBA

2,098,938

FNMA, Fannie Mae

$2,046,385 par, 2.00%, due April 1, 2042

1,735,034

FNMA, Fannie Mae

$2,025,829 par, 3.00%, due July 1, 2051

1,776,071

FNMA, Fannie Mae

$2,004,044 par, 2.50%, due April 1, 2042

1,749,691

FNMA, Fannie Mae

$190,584 par, 2.00%, due March 1, 2037

171,979

FNMA, Fannie Mae

$168,698 par, 3.50%, due August 1, 2043

156,913

FNMA, Fannie Mae

$162,989 par, 3.00%, due April 1, 2036

151,913

FNMA, Fannie Mae

$152,479 par, 2.00%, due September 1, 2035

137,860

FNMA, Fannie Mae

$139,880 par, 3.00%, due December 1, 2049

124,101

FNMA, Fannie Mae

$122,387 par, 2.00%, due September 1, 2050

99,497

FNMA, Fannie Mae

$116,224 par, 3.00%, due November 1, 2050

103,029

FNMA, Fannie Mae

$113,374 par, 3.00%, due May 1, 2050

101,027

FNMA, Fannie Mae

$11,530,000 par, 2.50%, TBA

9,694,851

FNMA, Fannie Mae

$1,957,024 par, 3.50%, due April 1, 2052

1,805,416

FNMA, Fannie Mae

$1,911,328 par, 4.00%, due June 1, 2048

1,826,197

FNMA, Fannie Mae

$1,881,960 par, 2.00%, due February 1, 2052

1,521,232

FNMA, Fannie Mae

$1,847,578 par, 3.00%, due September 1, 2050

1,629,417

FNMA, Fannie Mae

$1,843,553 par, 2.50%, due July 1, 2050

1,553,119

FNMA, Fannie Mae

$1,800,830 par, 2.00%, due February 1, 2052

1,456,952

FNMA, Fannie Mae

$1,779,098 par, 3.00%, due February 1, 2050

1,572,864

FNMA, Fannie Mae

$1,675,012 par, 5.00%, due March 1, 2062

1,669,375

FNMA, Fannie Mae

$1,624,626 par, 2.00%, due August 1, 2051

1,314,054

FNMA, Fannie Mae

$1,555,546 par, 2.50%, due February 1, 2051

1,313,456

FNMA, Fannie Mae

$1,516,518 par, 2.00%, due April 1, 2052

1,229,740

FNMA, Fannie Mae

$1,507,106 par, due December 25, 2041

1,506,381

FNMA, Fannie Mae

$1,497,326 par, 2.50%, due September 1, 2035

1,389,569

FNMA, Fannie Mae

$1,478,940 par, 3.00%, due December 1, 2049

1,310,588

FNMA, Fannie Mae

$1,476,630 par, 2.50%, due June 1, 2050

1,244,006

FNMA, Fannie Mae

$1,445,370 par, 2.00%, due March 1, 2051

1,169,579

FNMA, Fannie Mae

$1,419,891 par, 1.50%, due May 1, 2037

1,242,141

FNMA, Fannie Mae

$1,416,306 par, 2.00%, due June 25, 2046

1,235,666

FNMA, Fannie Mae

$1,347,440 par, 6.96%, due June 25, 2043

1,364,248

FNMA, Fannie Mae

$1,295,781 par, 2.50%, due July 1, 2036

1,205,863

FNMA, Fannie Mae

$1,280,916 par, 4.00%, due December 1, 2052

1,216,854

FNMA, Fannie Mae

$1,253,087 par, 3.00%, due March 1, 2037

1,183,023

FNMA, Fannie Mae

$1,246,545 par, 3.00%, due November 1, 2049

1,105,158

FNMA, Fannie Mae

$1,244,795 par, 2.00%, due March 1, 2037

1,127,069

FNMA, Fannie Mae

$1,219,233 par, 2.50%, due May 1, 2051

1,025,631

FNMA, Fannie Mae

$1,202,938 par, 2.50%, due October 1, 2051

1,011,899

FNMA, Fannie Mae

$1,185,000 par, 5.00%, TBA

1,188,333

FNMA, Fannie Mae

$1,139,167 par, 2.50%, due June 1, 2050

959,710

FNMA, Fannie Mae

$1,092,015 par, 2.00%, due August 1, 2036

981,569

FNMA, Fannie Mae

$1,046,736 par, 2.50%, due August 1, 2035

974,021

Table of Contents

FNMA, Fannie Mae

$1,015,000 par, 1.50%, TBA

887,404

Freeport Indonesia

$242,000 par, 6.20%, due April 14, 2052

233,557

Freeport Indonesia

$1,233,000 par, 5.32%, due April 14, 2032

1,199,272

GNMA, Ginnie Mae

$943,245 par, 3.50%, due May 20, 2047

880,928

GNMA, Ginnie Mae

$932,173 par, 3.00%, due July 20, 2051

833,659

GNMA, Ginnie Mae

$931,668 par, 3.50%, due July 20, 2047

870,131

GNMA, Ginnie Mae

$88,239 par, 3.50%, due April 20, 2047

82,246

GNMA, Ginnie Mae

$842,509 par, 3.50%, due February 20, 2047

785,549

GNMA, Ginnie Mae

$78,544 par, 3.50%, due August 20, 2047

73,300

GNMA, Ginnie Mae

$67,587 par, 3.50%, due August 20, 2046

63,146

GNMA, Ginnie Mae

$650,668 par, 3.50%, due March 20, 2046

607,957

GNMA, Ginnie Mae

$552,158 par, 3.00%, due July 20, 2049

497,807

GNMA, Ginnie Mae

$507,054 par, 3.50%, due April 20, 2046

473,743

GNMA, Ginnie Mae

$447,380 par, 4.00%, due June 20, 2047

430,414

GNMA, Ginnie Mae

$446,428 par, 4.00%, due July 20, 2045

431,406

GNMA, Ginnie Mae

$421,573 par, 4.00%, due December 20, 2047

404,392

GNMA, Ginnie Mae

$400,811 par, 3.50%, due November 20, 2047

373,338

GNMA, Ginnie Mae

$4,621,425 par, 2.50%, due November 20, 2051

3,995,454

GNMA, Ginnie Mae

$4,455,470 par, 2.50%, due February 20, 2051

3,858,409

GNMA, Ginnie Mae

$4,398,297 par, 4.50%, due January 20, 2053

4,282,794

GNMA, Ginnie Mae

$3,798,129 par, 2.50%, due December 20, 2051

3,283,984

GNMA, Ginnie Mae

$3,775,774 par, 2.00%, due October 20, 2051

3,145,576

GNMA, Ginnie Mae

$3,735,711 par, 2.00%, due November 20, 2051

3,110,413

GNMA, Ginnie Mae

$3,080,000 par, TBA

3,099,700

GNMA, Ginnie Mae

$295,406 par, 4.00%, due September 20, 2047

283,864

GNMA, Ginnie Mae

$252,131 par, 3.50%, due December 20, 2047

235,627

GNMA, Ginnie Mae

$2,888,402 par, 3.00%, due August 20, 2051

2,586,413

GNMA, Ginnie Mae

$2,710,040 par, 2.50%, due September 20, 2051

2,343,200

GNMA, Ginnie Mae

$2,630,000 par, TBA

2,612,515

GNMA, Ginnie Mae

$2,021,604 par, 3.00%, due January 20, 2050

1,820,277

GNMA, Ginnie Mae

$175,287 par, 3.50%, due March 20, 2047

163,706

GNMA, Ginnie Mae

$163,647 par, 2.50%, due January 20, 2051

141,448

GNMA, Ginnie Mae

$156,264 par, 3.00%, due April 20, 2049

141,094

GNMA, Ginnie Mae

$117,684 par, 4.00%, due May 20, 2047

113,222

GNMA, Ginnie Mae

$114,627 par, 4.00%, due January 20, 2048

110,158

GNMA, Ginnie Mae

$10,435,000 par, 2.00%, TBA

8,689,147

GNMA, Ginnie Mae

$1,735,000 par, 4.50%, TBA

1,689,150

GNMA, Ginnie Mae

$1,673,290 par, 3.00%, due October 20, 2049

1,507,368

GNMA, Ginnie Mae

$1,652,973 par, 3.00%, due November 20, 2049

1,488,895

GNMA, Ginnie Mae

$1,641,024 par, 3.50%, due February 20, 2046

1,533,804

GNMA, Ginnie Mae

$1,620,000 par, 3.00%, TBA

1,446,989

GNMA, Ginnie Mae

$1,445,901 par, 3.00%, due May 20, 2051

1,295,332

GNMA, Ginnie Mae

$1,383,346 par, 4.00%, due August 20, 2045

1,342,327

GNMA, Ginnie Mae

$1,310,000 par, 2.50%, TBA

1,132,507

GNMA, Ginnie Mae

$1,306,139 par, 3.00%, due September 20, 2051

1,167,700

GNMA, Ginnie Mae

$1,301,247 par, 3.50%, due May 20, 2046

1,215,728

GNMA, Ginnie Mae

$1,260,000 par, 3.50%, TBA

1,162,247

GNMA, Ginnie Mae

$1,217,339 par, 2.50%, due December 20, 2050

1,054,714

GNMA, Ginnie Mae

$1,192,559 par, 3.50%, due April 20, 2048

1,110,895

Table of Contents

GNMA, Ginnie Mae

$1,171,590 par, 4.00%, due July 20, 2047

1,127,159

GNMA, Ginnie Mae

$1,165,000 par, 4.00%, TBA

1,106,724

GNMA, Ginnie Mae

$1,088,177 par, 4.00%, due November 20, 2052

1,033,420

Idaho Energy Resources Authority Transmission Facilities

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

738,391

Illinois State Taxable Pension

$4,595,000 par, 5.10%, due June 1, 2033

4,564,201

New Jersey State Transportation Trust Fund Authority

$2,270,000 par, 5.75%, due December 15, 2028

2,313,592

Panama Republic

$1,776,000 par, 4.50%, due January 19, 2063

1,107,981

Petroleos De Venezuela

$8,600,000 par, 0.00%, October 28, 2022

639,591

Qatar Petroleum

$1,196,000 par, 3.13%, due July 12, 2041

884,944

Romania

$884,000 par, 5.87%, due January 30, 2053

892,783

Saudi Arabia, Kingdom

$4,931,000 par, 4.75%, due January 16, 2030

4,917,637

Saudi Arabia, Kingdom

$1,478,000 par, 5.75%, due January 16, 2054

1,452,445

Tennessee Valley Authority

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

1,831,948

Texas Natural Gas Securitization Finance Corporation

$4,047,000 par, 5.10%, due April 1, 2035

4,133,336

Texas Natural Gas Securitization Finance Corporation

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

2,623,128

U.S. Treasury

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

7,502,110

U.S. Treasury

$9,787,000 par, 3.75%, due December 31, 2028

9,731,184

U.S. Treasury

$9,239,000 par, 4.12%, due July 31, 2028

9,326,698

U.S. Treasury

$9,149,000 par, 4.00%, due January 31, 2029

9,204,037

U.S. Treasury

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

9,151,970

U.S. Treasury

$8,308,000 par, 3.13%, due May 15, 2048

6,767,775

U.S. Treasury

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

7,922,558

U.S. Treasury

$8,130,000 par, 2.75%, due April 30, 2027

7,828,618

U.S. Treasury

$7,874,000 par, 2.00%, due November 15, 2041

5,623,143

U.S. Treasury

$7,451,000 par, 3.88%, due December 31, 2027

7,436,447

U.S. Treasury

$7,317,000 par, 3.88%, due August 15, 2033

7,273,555

U.S. Treasury

$7,218,000 par, 3.50%, due February 15, 2053

6,480,411

U.S. Treasury

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

7,417,248

U.S. Treasury

$7,028,000 par, 3.62%, due May 15, 2053

6,315,317

U.S. Treasury

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

5,677,696

U.S. Treasury

$6,320,000 par, 4.37%, due November 30, 2028

6,458,744

U.S. Treasury

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

5,244,254

U.S. Treasury

$5,953,000 par, 2.75%, due July 31, 2027

5,719,996

U.S. Treasury

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

4,297,615

U.S. Treasury

$5,718,000 par, 4.00%, due November 15, 2052

5,493,747

U.S. Treasury

$5,351,000 par, 4.13%, due September 30, 2027

5,383,608

U.S. Treasury

$5,321,000 par, 3.25%, due June 30, 2027

5,202,109

U.S. Treasury

$4,391,000 par, 4.37%, due August 15, 2043

4,422,560

U.S. Treasury

$4,301,000 par, 2.00%, due August 15, 2051

2,717,358

U.S. Treasury

$4,221,000 par, 4.00%, due June 30, 2028

4,237,983

U.S. Treasury

$4,093,000 par, 3.87%, due February 15, 2043

3,853,016

Table of Contents

U.S. Treasury

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

3,076,251

U.S. Treasury

$3,793,000 par, 1.88%, due February 15, 2041

2,685,177

U.S. Treasury

$3,713,000 par, 4.38%, due November 15, 2039

3,813,657

U.S. Treasury

$3,674,000 par, 2.38%, due November 15, 2049

2,564,911

U.S. Treasury

$3,554,000 par, 2.25%, due May 15, 2051

2,459,757

U.S. Treasury

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

2,724,775

U.S. Treasury

$3,335,000 par, 1.88%, due February 15, 2051

2,046,856

U.S. Treasury

$3,244,000 par, 1.63%, due November 15, 2050

1,867,961

U.S. Treasury

$3,104,000 par, 1.13%, due August 15, 2040

1,950,549

U.S. Treasury

$26,918,000 par, 4.00%, due January 31, 2031

27,056,796

U.S. Treasury

$25,199,000 par, 4.50%, due November 15, 2033

26,313,268

U.S. Treasury

$24,218,000 par, 4.25%, due January 31, 2026

24,229,352

U.S. Treasury

$2,985,000 par, 1.38%, due November 15, 2040

1,950,045

U.S. Treasury

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

1,730,332

U.S. Treasury

$19,285,000 par, 4.00%, due January 15, 2027

19,280,480

U.S. Treasury

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

13,078,373

U.S. Treasury

$12,716,000 par, 3.88%, due November 30, 2027

12,685,700

U.S. Treasury

$12,383,000 par, 3.50%, due January 31, 2028

12,190,967

U.S. Treasury

$11,798,000 par, 4.37%, due August 31, 2028

12,036,264

U.S. Treasury

$11,741,000 par, 4.75%, due November 15, 2043

12,428,949

U.S. Treasury

$11,634,000 par, 4.13%, due October 31, 2027

11,706,713

U.S. Treasury

$11,437,000 par, 4.00%, due August 15, 2053

11,245,788

U.S. Treasury

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

11,338,240

U.S. Treasury

$1,984,000 par, 4.5%, due May 15, 2038

2,081,728

U.S. Treasury

$1,790,000 par, 3.88%, due December 31, 2030

1,771,820

U.S. Treasury

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

1,512,324

United Mexican States

$583,000 par, 6.33%, due May 4, 2053

581,137

United Mexican States

$1,374,000 par, 6.4%, due May 7, 2054

1,383,248

Wisconsin Treasury Security

$4,145,000 par, 3.87%, due May 15, 2043

3,900,186

Total Government Securities

819,161,539

Corporate Bonds

Abbvie Inc.

$2,032,000 par, 2.60%, due November 21, 2024

1,989,541

Aircastle Limited

$1,675,000 par, 6.50%, due July 18, 2028

1,715,785

Amerada Hess Corporation

$2,022,000 par, 7.88%, due October 1, 2029

2,309,495

Ameren Corporation

$1,170,000 par, 2.50%, due September 15, 2024

1,146,742

Ameren Corporation

$2,252,000 par, 5.00%, due January 15, 2029

2,264,843

Ameren Corporation

$2,109,000 par, 5.70%, due December 1, 2026

2,155,699

American Electric Power

$1,604,000 par, 5.70% due August 15, 2025

1,616,335

Amgen Inc.

$344,000 par, 5.60%, due March 1, 2043

353,939

Amgen Inc.

$3,014,000 par, 5.65%, due March 2, 2053

3,105,366

Anglo American Capital PLC

$2,263,000 par, 2.88%, due March 17, 2031

1,925,144

Table of Contents

Apache Corporation

$1,817,000 par, 5.10%, due September 1, 2040

1,558,514

AT&T Inc.

$3,105,000 par, 3.50%, due September 15, 2053

2,217,539

AT&T Inc.

$2,776,000 par, 2.55%, due December 1, 2033

2,252,106

AT&T Inc.

$1,304,000 par, 5.40%, due February 15, 2034

1,337,645

Banco Santander, S.A.

$1,727,000 par, 6.92%, due August 8, 2033

1,824,151

Banco Santander, S.A.

$1,600,000 par, 6.94%, due November 7, 2033

1,773,348

Bank of America Corporation

$4,423,000 par, 2.30%, due July 21, 2032

3,631,217

Bank of America Corporation

$4,643,000 par, 5.20%, due April 25, 2029

4,680,979

Bank of America Corporation

$1,787,000 par, 5.93%, due September 15, 2027

1,825,373

Bank of America Corporation

$1,626,000 par, 5.47%, due January 23, 2035

1,655,836

Banque Federative du Credit Mutuel

$4,109,000 par, 5.90%, due July 13, 2026

4,195,000

BHP Billiton Finance (USA) Ltd

$520,000 par, 5.25%, due September 8, 2026

529,750

BHP Billiton Finance (USA) Ltd

$1,015,000 par, 4.87%, due February 27, 2026

1,020,492

BNP Paribas

$3,114,000 par, 5.18%, due January 9, 2030

3,132,727

Boeing Co.

$5,135,000 par, 5.81%, due May 1, 2050

5,142,418

Boston Properties Limited

$1,621,000 par, 3.40%, due June 21, 2029

1,455,579

Broadcom Inc.

$456,000 par, 3.14%, due November 15, 2035

374,840

Broadcom Inc.

$1,301,000 par, 2.60%, due February 15, 2033

1,068,699

Broadcom Inc.

$1,041,000 par, 6.75%, due November 1, 2029

1,123,904

Burlington Northern Santa Fe, LLC

$1,894,000 par, 5.20%, due April 15, 2054

1,930,382

Camden Property Trust

$2,442,000 par, 4.90%, due January 15, 2034

2,406,075

Capital One Financial Corporation

$1,594,000 par, 7.62%, due October 30, 2031

1,760,750

Centene Corp.

$999,000 par, 2.45%, due July 15, 2028

888,950

CenterPoint Energy Resources Corp

$1,491,000 par, 5.25%, due March 1, 2028

1,526,634

Charter Communications, Inc

$862,000 par, 4.80%, due March 1, 2050

658,057

Charter Communications, Inc

$433,000 par, 5.75%, due April 1, 2048

377,505

Citigroup Inc.

$731,000 par, 6.17%, due May 25, 2034

758,231

Citibank N.A.

$1,932,000 par, 5.49%, due December 4, 2026

1,968,822

CK Hutchison International

$201,000 par, 3.13%, due April 15, 2041

154,521

CNH Industrial Capital LLC

$2,741,000 par, 5.50%, due January 12, 2029

2,818,814

Comcast Corp.

$620,000 par, 5.35%, due May 15, 2053

631,945

Comcast Corp.

$1,426,000 par, 2.89%, due November 1, 2051

944,058

Corporacion Nacional del Cobre de Chile

$2,555,000 par, 3.63%, due August 1, 2027

2,414,488

Credit Suisse AG New York Branch

$2,008,000 par, 4.75%, due August 9, 2024

1,997,145

Crestwood Midstream Partners L.P./Corp.

$725,000 par, 5.75%, due April 1, 2025

724,667

CVS Health Corporation

$2,108,000 par, 5.88%, due June 1, 2053

2,174,393

Darden Restaurants, Inc

$2,381,000 par, 6.30%, due October 10, 2033

2,534,934

DCP Midstream Operating

$3,980,000 par, 5.63%, due July 15, 2027

4,055,361

DCP Midstream Operating

$3,588,000 par, 5.13%, due May 15, 2029

3,620,898

DPL Inc.

$1,706,000 par, 4.13%, due July 1, 2025

1,661,383

DTE Energy Co.

$4,072,000 par, 4.22%, due November 1, 2024

4,029,391

DTE Energy Co.

$1,124,000 par, 2.53%, due October 1, 2024

1,100,712

Duke Energy Corp.

$2,750,000 par, 2.65%, due September 1, 2026

2,614,795

Duke Energy Florida LLC

$2,286,000 par, 6.20%, due November 15, 2053

2,558,168

Table of Contents

Edison International

$3,276,000 par, 6.95%, due November 15, 2029

3,558,153

Enbridge Inc.

$1,454,000 par, 4.25%, due December 1, 2026

1,436,058

Enel Finance America

$996,000 par, 7.10%, due October 14, 2027

1,064,380

Enel Finance International

$974,000 par, 7.75%, due October 14, 2052

1,199,581

Enel Finance International

$4,687,000 par, 3.50%, due April 6, 2028

4,417,944

Enel Finance International

$1,675,000 par, 6.80%, due October 14, 2025

1,717,312

Energy Transfer LP

$908,000 par, 5.00%, due May 15, 2050

808,527

Energy Transfer LP

$2,049,000 par, 5.95%, due May 15, 2054

2,054,826

ERAC USA Finance LLC

$572,000 par, 5.40%, due May 1, 2053

593,948

ERAC USA Finance LLC

$1,422,000 par, 4.60%, due May 1, 2028

1,414,905

Eversource Energy, Inc.

$2,601,000 par, 5.95%, due February 1, 2029

2,705,116

Eversource Energy, Inc.

$1,815,000 par, 5.45%, due March 1, 2028

1,847,860

Eversource Energy, Inc.

$1,024,000 par, 4.75%, due May 15, 2026

1,017,576

FirstEnergy Corp.

$907,000 par, 3.40%, due March 1, 2050

628,077

FirstEnergy Transmission LLC

$681,000 par, 4.55%, due April 1, 2049

582,632

FirstEnergy Transmission LLC

$4,202,000 par, 4.35%, due January 15, 2025

4,144,132

FirstEnergy Transmission LLC

$1,475,000 par, 5.45%, due July 15, 2044

1,422,859

Ford Motor Credit Company

$3,085,000 par, 2.90%, due February 16, 2028

2,775,322

Ford Motor Credit Company

$2,261,000 par, 4.95%, due May 28, 2027

2,212,705

GE Capital Funding, LLC

$1,479,000 par, 4.55%, due May 15, 2028

1,446,174

General Motors Financial Company Inc

$1,403,000 par, 6.10%, due January 7, 2034

1,446,484

General Motors Financial Company Inc.

$922,000 par, 5.95%, due April 1, 2049

907,612

Glencore Funding LLC

$906,000 par, 6.38%, due October 6, 2030

970,710

Global Payments Inc.

$1,159,000 par, 3.20%, due August 15, 2029

1,049,005

Goldman Sachs Group, Inc.

$2,924,000 par, 6.48%, due October 24, 2029

3,104,596

Hess Corporation

$4,042,000 par, 4.30%, due April 1, 2027

3,993,536

HSBC Holdings PLC

$835,000 par, 6.33%, due March 9, 2044

903,398

HSBC Holdings PLC

$756,000 par, 7.40%, due November 13, 2034

826,588

Hyundai Capital America

$5,288,00 par, 6.00%, due July 11, 2025

5,335,987

Hyundai Capital America

$2,033,000 par, 6.10%, due September 21, 2028

2,123,012

Hyundai Capital Services Inc.

$809,000 par, 5.30%, due January 8, 2029

820,542

Hyundai Capital Services Inc.

$2,084,000 par, 5.13%, due February 5, 2027

2,082,911

IBM International Capital Pte. Ltd.

$4,129,000 par, 5.25%, due February 5, 2044

4,126,568

IBM International Capital Pte. Ltd.

$835,000 par, 5.30%, due February 5, 2054

838,261

Indonesia Asahan Aluminium

$2,341,000 par, 6.53%, due November 15, 2028

2,440,186

Indonesia Asahan Alumninium

$2,034,000 par, 4.75%, due May 15, 2025

2,003,022

ING Groep N.V.

$2,260,000 par, 6.11%, due September 11, 2034

2,372,480

J.M. Smucker Co.

$1,483,000 par, 6.5%, due November 15, 2043

1,652,932

JBS USA Food Finance Co.

$1,429,000 par, 7.25%, due November 15, 2053

1,554,141

JPMorgan Chase & Co.

$3,349,000 par, 5.30%, due July 24, 2029

3,403,788

JPMorgan Chase & Co.

$2,020,000 par, 5.04%, due January 23, 2028

2,028,640

JPMorgan Chase & Co.

$1,350,000 par, 5.34%, due January 23, 2035

1,371,949

Lennox International Inc.

$2,262,000 par, 5.50%, due September 15, 2028

2,318,090

Lloyds Banking Group Plc

$1,750,000 par, 5.68%, due January 5, 2035

1,773,572

Lloyds Banking Group Plc

$2,087,000 par, 5.46%, due January 5, 2028

2,099,249

Lowe's Companies Inc.

$580,000 par, 5.63%, due April 15, 2053

602,432

Marathon Petroleum Corp.

$3,630,000 par, 5.13%, December 15,2026

3,058,833

MassMutual Global Funding

$3,171,000 par, 4.85%, due January 17, 2029

3,187,269

Mercedes-Benz Financial North America LLC

$5,000,000 par, 4.80%, due January 11, 2027

5,014,935

Table of Contents

Mercedes-Benz Financial North America LLC

$1,969,000 par, 4.85%, due January 11, 2029

1,980,576

Merck & Co., Inc.

$947,000 par, 5.00%, due May 17, 2053

948,650

Meta Platforms, Inc.

$1,552,000 par, 5.75%, due May 15, 2063

1,683,195

Microchip Technology Inc.

$437,000 par, 0.97%, due February 15, 2024

436,195

MidAmerican Energy

$574,000 par, 5.86%, due September 15, 2054

627,351

Morgan Stanley

$3,488,000 par, 5.12%, due February 1, 2029

3,500,749

Morgan Stanley

$3,478,000 par, 5.46%, due January 18, 2035

3,549,305

Morgan Stanley

$2,264,000 par, 5.25%, due April 21, 2034

2,265,242

Morgan Stanley

$1,882,000 par, 5.45% , due July 20, 2029

1,915,469

NextEra Energy Capital Holdings Inc.

$3,727,000 par, 0.51%, due September 1, 2025

3,764,636

Nextera Energy Capital Holdings Inc.

$2,149,000 par, 4.26%, due September 1, 2024

2,132,150

Nextera Energy Capital Holdings Inc.

$1,513,000 par, 4.45%, due June 20, 2025

1,499,866

NextEra Energy Capital Holdings Inc.

$1,459,000 par, 6.05%, due March 1, 2025

1,471,298

Nissan Motor Acceptance Co.

$817,000 par, 2.75%, due March 9, 2028

723,982

Nissan Motor Acceptance Co.

$3,824,000 par, 1.85%, due September 16, 2026

3,460,171

Nissan Motor Acceptance Co.

$1,115,000 par, 2.00%, due March 9, 2026

1,030,384

Norfolk Southern Corp.

$1,033,000 par, 5.95%, due March 15, 2064

1,132,888

Norsk Hydro, ASA

$1,833,000 par, 7.25%, due September 23, 2027

2,005,055

NXP B.V. / NXP FDG LLC / NXP USA

$916,000 par, 2.65%, due February 15, 2032

765,358

NXP B.V. / NXP FDG LLC / NXP USA

$397,000 par, 2.70%, due May 1, 2025

384,048

Occidental Petroleum Corporation

$2,217,000 par, 8.50%, due July 15, 2027

2,422,361

Occidental Petroleum Corporation

$1,999,000 par, 6.20%, due March 15, 2040

2,046,636

Occidental Petroleum Corporation

$1,800,000 par, 8.88%, due July 15, 2030

2,110,133

Oglethorpe Power Corp.

$379,000 par, 6.20%, due December 1, 2053

402,607

Oneok Inc.

$2,008,000 par, 2.75%, due September 1, 2024

1,973,844

Oracle Corp.

$2,142,000 par, 3.60%, due April 1, 2050

1,576,260

Oracle Corp.

$1,479,000 par, 3.60%, due April 1, 2040

1,182,791

Ovintiv Inc.

$2,434,000 par, 7.10%, due July 15, 2053

2,708,217

PacifiCorp

$795,00 par, 5.30%, due February 15, 2031

806,503

Pacific Gas & Electric Co

$622,000 par, 4.60%, due June 15, 2043

520,950

Pacific Gas & Electric Co.

$943,000 par, 3.75%, due February 15, 2024

941,861

Pacific Gas & Electric Co.

$780,000 par, 4.00%, due December 1, 2046

586,372

Pacific Gas & Electric Co.

$2,773,000 par, 4.50%, due July 1, 2040

2,387,692

PacifiCorp

$1,148,000 par, 5.80%, due January 15, 2055

1,150,120

Pfizer Investment Enterprises Pte Ltd.

$3,302,000 par, 4.45%, due May 19, 2028

3,295,108

Pfizer Investment Enterprises Pte. Ltd

$654,000 par, 5.11%, due May 19, 2043

650,102

Pfizer Investment Enterprises Pte. Ltd

$2,947,000 par, 5.30%, due May 19, 2053

2,996,382

Plains All American Pipeline, L.P.

$1,369,000 par, 4.70%, due June 15, 2044

1,167,969

Plains All American Pipeline, L.P.

$463,000 par, 5.15%, due June 1, 2042

421,393

PNC Financial Services Group, Inc

$585,000 par, 5.62%, due October 28, 2025

584,790

PNC Financial Services Group, Inc

$3,044,000 par, 5.68%, due January 22, 2035

3,123,756

Procter & Gamble Co.

$4,615,000 par, 4.35%, due January 29, 2029

4,642,697

Procter & Gamble Co.

$4,508,000 par, 4.55%, due January 29, 2034

4,568,553

Reynolds American Inc.

$1,219,000 par, 5.70%, due August 15, 2035

1,195,038

Roche Holdings, Inc.

$2,466,000 par, 5.27%, due November 13, 2026

2,516,255

Royal Bank of Canada

$2,543,000 par, 5.15%, due February 1, 2034

2,548,830

RTX Corporation

$3,694,000 par, 5.75%, due January 15, 2029

3,856,151

RTX Corporation

$2,291,000 par, 6.40%, due March 15, 2054

2,638,388

Ryder System, Inc.

$791,000 par, 6.60%, due December 1, 2033

863,257

Sabine Pass

$543,000 par, 5.75%, due May 15, 2024

542,719

San Diego Gas & Electric Co.

$1,455,000 par, 3.75%, due June 1, 2047

1,152,653

Table of Contents

Sempra Energy

$162,000 par, 6.00%, due October 15, 2039

170,386

Societe Generale

$686,000 par, 4.03%, due January 21, 2043

497,398

Southern California Edison Co.

$759,000 par, 5.2%, due June 1, 2034

764,738

Southern California Edison Co.

$1,966,000 par, 4.90%, due June 1, 2026

1,972,430

Southern California Edison Co.

$1,914,000 par, 4.88%, due February 1, 2027

1,917,840

Sprint Capital Corp.

$2,938,000 par, 6.88%, due November 15, 2028

3,174,292

Standard Chartered PLC

$1,240,000 par, 1.82%, due November 23, 2025

1,199,807

Sunoco Logistics Partner

$1,691,000 par, 4.00%, due October 1, 2027

1,633,234

T-Mobile USA Inc.

$529,000 par, 5.75%, due January 15, 2054

556,247

T-Mobile USA Inc.

$3,469,000 par, 3.88%, due April 15, 2030

3,280,640

T-Mobile USA Inc.

$1,626,000 par, 4.85% , due January 15, 2029

1,629,169

T-Mobile USA, Inc.

$374,000 par, 4.50%, due April 15, 2050

327,447

Toyota Motor Credit Corporation

$3,238,000 par, 4.65%, due January 5, 2029

3,251,419

Truist Financial Corp.

$2,259,000 par, 5.44%, due January 24, 2030

2,278,253

U.S Bancorp

$1,891,000 par, 5.38%, due January 23, 2030

1,913,409

U.S Bancorp

$1,638,000 par, 5.68%, due January 23, 2035

1,675,997

Verizon Communications Inc.

$2,909,000 par, 2.55%, due March 21, 2031

2,500,593

Verizon Communication Inc.

$1,041,000 par, 4.33%, due September 21, 2028

1,026,285

Virginia Electric & Power Co.

$2,016,000 par, 5.45%, due April 1, 2053

2,051,376

Volkswagen Group America Finance LLC

$3,962,000 par, 5.80%, due September 12, 2025

4,000,203

Warnermedia Holdings, Inc.

$1,417,000 par, 5.05%, due March 15, 2042

1,256,041

Warnermedia Holdings, Inc.

$1,075,000 par, 5.14% due March 15, 2052

924,035

Wells Fargo & Co.

$1,859,000 par, 5.56%, due July 25, 2034

1,897,933

Wells Fargo & Co.

$1,332,000 par, 2.16%, due February 11, 2026

1,286,975

Western Midstream Partners, LP

$3,271,000 par, 6.35%, due January 15, 2029

3,419,366

Western Midstream Partners, LP

$1,103,000 par, 5.75%, due February 1, 2050

985,780

Williams Companies, Inc.

$3,301,000 par, 4.90%, due March 15, 2029

3,306,592

Total Corporate Bonds

347,907,741

Asset-Backed Securities

510 Asset Backed

$384,736 par, 2.24%, due June 25, 2061

265,656

Ally Auto Receivables Trust

$31,202 par, 1.84%, due June 17, 2024

2,731,435

American Express Credit Account Master Trust

$640,000 par, 1.92%, due January 15, 2025

712,756

American Express Credit Account Master Trust

$662,584 par, 4.12%, due February 13 ,2026

4,211,828

Americredit Automobile Receivables Trust

$110,000 par, 0.66%, due December 18, 2024

470,491

BA Credit Card Trust Class

$2,827,000 par, 4.81%, due July 18 ,2025

2,373,731

Bank of America Corporation

$579,000 par, 0.97%, due February 18, 2026

1,751,682

BMW Vehicle Owner Trust

$913,000 par, 0.76%, due August 18, 2026

2,530,656

BMW Vehicle Owner Trust 2020-A Series 20 A

$833,000 par, 0.34%, due May 15, 2026

463,873

Capital One Prime Auto Receivables Trust

$939,000 par, 0.62%, due April 26, 2027

1,421,254

Carmax Auto Owner Trust

$1,210,000 par, 1.39%, due July 15, 2030

967,709

Carmax Auto Owner Trust

$2,582,000 par, 3.49%, due May 15 ,2027

1,628,311

Carmax Auto Owner Trust

$864,000 par, 2.80%, due March 15, 2027

967,312

Carmax Auto Owner Trust

$1,032,000 par, 0.77%, due September 15, 2026

902,090

Carmax Auto Owner Trust

$14,408 par, 2.18%, due May 15, 2024

808,868

Carmax Auto Owner Trust

$1,171,000 par, 0.77%, due March 16, 2026

237,108

Carmax Auto Owner Trust

$1,194,000 par, 0.53%, due October 15, 2026

1,725,591

Carmax Auto Owner Trust

$1,468,000 par, 0.72%, due September 15, 2026

1,137,295

Carvana Auto Receivables Trust

$1,558,000 par, 4.75%, due October 15, 2027

896,413

Table of Contents

Chase Issuance Trust

$1,835,000 par, 0.76%, due June 15, 2026

923,898

Chase Issuance Trust

$2,255,000 par, 1.47%, due December 15, 2026

1,782,070

Citizens Auto Receivables Trust

$360,943 par, 3.26%, due August 15, 2024

1,293,359

Citizens Auto Receivables Trust

$707,186 par, 0.34%, due December 15, 2025

1,526,426

CPS Auto Receivables Trust

$1,113,000 par, 0.70%, due November 10, 2026

312,499

Discover Card Execution Note Trust

$309,776 par, 0.75%, due March 10, 2028

3,203,503

Drive Auto Receivables Trust

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

129,978

DT Auto Owner Trust

$1,781,000 par, 3.97%, due September 15, 2027

1,370,776

DT Auto Owner Trust

$1,456,573 par, 4.18%, due April 15 ,2030

778,570

DT Auto Owner Trust

$380,608 par, 1.37%, due July 16, 2029

674,136

Flagship Credit Auto Trust

$822,000 par, 1.26%, due October 15, 2030

991,698

Ford Credit Auto Owner Trust

$1,411,000 par, 1.03%, due September 15, 2028

719,035

Ford Credit Auto Owner Trust

$155,037 par, 2.28%, due August 17, 2026

2,827,995

Ford Credit Auto Owner Trust

$733,461 par, 0.79%, due October 15, 2025

1,421,997

Ford Credit Auto Owner Trust

$935,877 par, 1.02%, due June 15, 2027

899,215

Ford Credit Auto Owner Trust

$1,630,000 par, 1.02%, due May 15, 2026

523,008

Ford Credit Auto Owner Trust

$5,080,000 par, 5.48%, due April 15, 2027

1,765,071

GM Financial Automobile Leasing Trust

$766,847 par, 0.56%, due September 15, 2025

977,950

GM Financial Automobile Leasing Trust

$782,000 par, 5.19%, due October 16, 2028

1,438,041

GM Financial Consumer Automobile Receivables

$1,477,000 par, 1.05%, due May 15, 2026

870,146

GM Financial Consumer Automobile Receivables

$534,871 par, 0.68%, due July 15, 2025

1,183,177

GM Financial Consumer Automobile Receivables

$856,751 par, 3.99%, due August 15 ,2024

25,010

GM Financial Consumer Automobile Receivables

$1,619,000 par, 5.38%, due December 15 ,2026

1,507,448

GM Financial Consumer Automobile Receivables

$583,847 par, 0.37%, due December 15, 2026

1,349,602

GM Financial Securitized Term Auto Receivables Trust

$1,156,000 par, 0.79%, due November 15, 2025

2,033,728

Harley-Davidson Motorcycle

$1,323,000 par, 1.35%, due June 15, 2026

459,326

Harley-Davidson Motorcycle

$1,638,000 par, 3.74%, due September 15 ,2026

1,343,580

Honda Auto

$1,830,000 par, 0.51%, due August 15, 2026

898,689

Honda Auto Receivables Owner Trust

$2,669,000 par, 1.53%, due May 15, 2034

2,484,250

Honda Auto Receivables Owner Trust

$202,028 par, 1.04%, due August 15, 2024

2,037,234

Hyundai Auto

$5,204,000 par, 4.48%, due December 15 ,2026

799,869

Hyundai Auto Lease Securitization Trust

$748,000 par, 1.35%, due July 15, 2025

749,303

Hyundai Auto Lease Securitization Trust

$1,550,000 par, 1.06%, due September 15, 2027

2,264,065

Hyundai Auto Receivables Trust

$536,588 par, 0.77%, due September 15, 2025

865,815

Hyundai Auto Receivables Trust

$1,581,000 par, 5.19%, due March 16, 2026

570,901

Hyundai Auto Receivables Trust

$2,144,000 par, 4.66%, due February 16, 2028

356,022

Mercedes-Benz Auto Receivables Trust

$940,000 par, 1.17%, due June 12, 2034

6,040,180

Mercedes-Benz Auto Receivables Trust

$1,398,000 par, 0.54%, due May 17, 2027

1,682,650

Nissan Auto Receivables Owner Trust

$1,545,000 par, 0.50%, due February 17, 2026

1,009,325

Nissan Auto Receivables Owner Trust

$269,456 par, 1.49%, due December 16, 2024

1,292,055

REMIC Funding Trust

$339,545 par, 1.84%, due September 16, 2024

2,333,048

Santander Consumer

$662,800 par, 0.45%, due April 16, 2025

988,018

Santander Drive Auto Receivables Trust

$1,315,000 par, 0.68%, due August 15, 2025

2,700,026

Santander Drive Auto Receivables Trust

$1,400,000 par, 0.53%, due September 15, 2028

921,497

Santander Drive Auto Receivables Trust

$1,714,968 par, 0.37%, due April 15, 2026

1,667,242

SBNA Auto Lease Trust

$363,337 par, 0.82%, due July 15, 2024

2,563,924

Table of Contents

SBNA Auto Lease Trust

$1,432,000 par, 0.88%, due January 21, 2026

2,562,580

Synchrony Card Issuance Trust

$1,922,000 par, 0.46%, due April 19, 2027

1,663,390

Tesla Electric Vehicle Trust

$1,028,000 par, 1.03%, due December 15, 2027

840,779

Toyota Auto Fixed

$1,160,000 par, 0.74%, due May 15, 2026

489,658

Toyota Auto Receivables Owner Trust

$1,457,000 par, 4.38%, due October 15 ,2025

447,709

Toyota Auto Receivables Owner Trust

$1,976,000 par, 0.38%, due January 15, 2026

1,938,334

Toyota Auto Receivables Owner Trust

$1,147,000 par, 1.41%, due June 15, 2026

470,840

Toyota Auto Receivables Owner Trust

$495,073 par, 1.41%, due November 15, 2024

1,167,481

Toyota Auto Receivables Owner Trust

$546,000 par, 2.22%, due October 15 ,2026

1,199,225

VCAT Asset Securitization LLC Series

$1,755,000 par, 5.21%, due August 16 ,2027

352,427

Verizon Master Trust

$2,768,000 par, 4.91%, due January 15, 2026

2,842,955

Verizon Master Trust

$3,230,000 par, 0.33%, due October 15, 2025

2,295,640

Verizon Master Trust

$418,869 par, 1.38%, due December 16, 2024

978,014

Volkswagen Auto Lease Trust

$272,547 par, 0.55%, due September 16, 2024

2,630,664

Volkswagen Auto Loan Enhanced Trust

$1,088,000 par, 0.48%, due June 15, 2026

629128

Volkswagen Auto Loan Enhanced Trust

$954,760 par, 0.33%, due October 15, 2025

626902

Volt CII LLC

$1,084,098 par, 4.05%, due July 15, 2025

1,495,326

Volt XCIV LLC

$1,398,000 par, 4.49%, due November 16, 2026

676,276

Westlake Automobile Receivables Trust

$1,509,000 par, 4.72%, due June 15, 2027

83,614

Westlake Automobile Receivables Trust

$1,675,000 par, 4.88%, due April 15, 2027

1,575,737

World Omni Auto Receivables Trust

$1,998,000 par, 4.96%, due November 15, 2028

524,254

World Omni Auto Receivables Trust

$2,035,000 par, 3.44%, due September 15 ,2027

1,687,779

World Omni Auto Receivables Trust

$610,000 par, 5.44%, due October 15, 2028

1,052,576

World Omni Auto Receivables Trust

$635,731 par, 1.01%, due January 15, 2026

129,855

World Omni Auto Receivables Trust

$683,000 par, 5.95%, due January 17, 2028

1,116,038

Total Asset-Backed Securities

120,236,595

Mortgage-Backed Securities

510 Asset Backed

$1,284,317 par, 2.12%, due June 25, 2061

1,247,999

BANK 2020-BNK29

$845,264 par, 2.06%, due November 15, 2053

682,967

BANK5 2024-5YR5

$952,258 par, 5.70%, due February 15, 2029

986,859

Benchmark Mortgage Trust

$935,000 par, 0.00%, due December 1, 2057

829,015

Benchmark Mortgage Trust

$560,000 par, 2.39%, due September 15, 2054

471,174

Citigroup Commercial Mortgage Trust

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

771,002

Citigroup Commercial Mortgage Trust

$234,000 par, 3.78%, due September 10, 2058

224,559

Citigroup Commercial Mortgage Trust

$294,000 par, 3.15%, due November 15, 2049

277,500

Commercial Mortgage Bank

$888,000 par, 0.00%, due October 1, 2052

786,150

Connecticut Avenue Securities Trust

$961,642 par, 6.82%, due October 25, 2043

965,964

CSAIL Commercial Mortgage Trust

$531,000 par, 3.50%, due November 15, 2049

502,226

CSMC Mortgage-Backed Trust

$673,459 par, 4.07%, due March 25, 2060

670,464

CWMBS Inc. Mortgage Pass-through Series

$328,715 par, 6.00%, due December 25, 2033

320,565

FREDDIE MAC STACR REMIC SERIES

$2,132,001 par, due November 25, 2041

2,130,679

GS Mortgage Securities Trust

$1,627,500 par, 3.44%, due November 10, 2049

1,551,076

Legacy Mortgage Trust

$464,478 par, 1.65%, due June 25, 2061

447,595

Legacy Mortgage Trust

$2,271,456 par, 1.75%, due April 25, 2061

2,201,694

Mill City Mortgage

$452,287 par, 1.13%, due November 25, 2060

423,217

Morgan Stanley Bank of America Merrill Lynch

$1,532,000 par, 3.73%, due May 15, 2048

1,484,143

Morgan Stanley Bank of America Merrill Lynch

$1,469,000 par, variable rate, due February 15, 2048

1,431,626

MTG LLC

$940,843 par, 7.02%, due January 25, 2029

940,842

NLT

$581,656 par, 3.20%, due October 25, 2062

518,481

Table of Contents

Preston Ridge Partners Series

$818,688 par, variable rate, due February 25, 2032

790,770

Preston Ridge Partners Series Mortgage Trust

$362,989 par,variable rate, due June 25, 2024

356,130

PRPM LLC

$912,208 par, 1.32%, due July 25, 2051

825,634

PRPM LLC

$591,552 par, 1.87%, due April 25, 2026

578,948

PRPM LLC

$517,437 par, 2.36%, due October 25, 2026

503,184

PRPM LLC

$285,482 par, 2.12%, due March 25, 2026

283,343

PRPM LLC

$1,081,881 par, 4.00%, due November 25, 2053

1,032,651

VCAT Asset Securitization LLC

$243,167 par, 1.92%, due September 25, 2051

237,259

VCAT Asset Securitization LLC

$594,536 par, variable rate, due September 25, 2051

585,231

Vericrest Opportunity Loan Transferee

$665,745 par, 1.89%, due February 27, 2051

646,412

Volt

$571,520 par, 5.12%, due March 27, 2051

557,501

Volt XCIII LLC

$372,277 par, variable rate, due March 27, 2051

361,216

Volt XCIX

$476,576 par, 2.12%, due April 25, 2051

462,067

Volt XCVII

$1,711,075 par, variable rate, due April 25, 2051

1,657,048

Wells Fargo Commercial Mortgage Trust

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

850,787

Wells Fargo Commercial Mortgage Trust

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

639,542

Wells Fargo Commercial Mortgage Trust

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

400,401

Wells Fargo Commercial Mortgage Trust

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

299,983

Wells Fargo Commercial Mortgage Trust

$1,230,000 par, 3.63%, due November 15, 2047

1,205,866

Total Mortgage-Backed Securities

32,139,770

Collective Investment Trusts / Collective Trust Funds