# EDGAR Filing Document

**Accession Number:** 0001849998
**File Stem:** 0001849998-26-000082
**Filing Date:** 2026-5
**Character Count:** 327837
**Document Hash:** 2f3cc044872f6a2316e30485cabde2f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001849998-26-000082.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001849998-26-000082

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes ETF Trust
- **CENTRAL INDEX KEY:** 0001849998

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23730
- **FILM NUMBER:** 261011190

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086
- **BUSINESS PHONE:** 412-288-1900

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086

## Series and Classes Contracts Data

### Federated Hermes Total Return Bond ETF (Series ID: S000083030)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246534 | Federated Hermes Total Return Bond ETF | FTRB            |

## Nport-Ex

Federated Hermes Total Return Bond ETF

Portfolio of Investments

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount, Shares** <br>**or Contracts**<br>|  | **Value** |
|  | U.S. TREASURIES—31.4% |  |
|  | **U.S. Treasury Bonds—6.0%** |  |
| &nbsp;&nbsp;&nbsp; $5000000 | United States Treasury Bond, 4.625%, 11/15/2045 | &nbsp;&nbsp; $4819531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | United States Treasury Bond, 4.625%, 2/15/2055 | &nbsp;&nbsp; 285984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | United States Treasury Bond, 4.625%, 11/15/2055 | &nbsp;&nbsp; 7400040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12600000 | United States Treasury Bond, 4.750%, 5/15/2055 | &nbsp;&nbsp; 12263343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | United States Treasury Bond, 4.750%, 2/15/2056 | &nbsp;&nbsp; 3411953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 28180851 |
|  | **U.S. Treasury Notes—25.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 300 | United States Treasury Note, 0.750%, 8/31/2026 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | United States Treasury Note, 0.875%, 9/30/2026 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95500 | United States Treasury Note, 1.250%, 12/31/2026 | &nbsp;&nbsp; 93741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | United States Treasury Note, 3.375%, 9/15/2027 | &nbsp;&nbsp; 1242080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675000 | United States Treasury Note, 3.500%, 1/31/2028 | &nbsp;&nbsp; 2659953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | United States Treasury Note, 3.500%, 10/15/2028 | &nbsp;&nbsp; 6698182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | United States Treasury Note, 3.500%, 1/15/2029 | &nbsp;&nbsp; 9915819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | United States Treasury Note, 3.500%, 2/15/2029 | &nbsp;&nbsp; 4956893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1048000 | United States Treasury Note, 3.500%, 9/30/2029 | &nbsp;&nbsp; 1035594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | United States Treasury Note, 3.750%, 4/15/2028 | &nbsp;&nbsp; 199734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13990000<br><sup>1</sup> <br>| United States Treasury Note, 3.750%, 5/15/2028 | &nbsp;&nbsp; 13970327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | United States Treasury Note, 3.750%, 1/31/2031 | &nbsp;&nbsp; 198313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | United States Treasury Note, 3.750%, 10/31/2032 | &nbsp;&nbsp; 8322614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | United States Treasury Note, 3.750%, 2/28/2033 | &nbsp;&nbsp; 1490337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | United States Treasury Note, 3.875%, 6/30/2030 | &nbsp;&nbsp; 2795844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | United States Treasury Note, 3.875%, 12/31/2032 | &nbsp;&nbsp; 5913144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 666000 | United States Treasury Note, 4.000%, 2/29/2028 | &nbsp;&nbsp; 668211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | United States Treasury Note, 4.000%, 2/28/2030 | &nbsp;&nbsp; 1776628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | United States Treasury Note, 4.000%, 3/31/2030 | &nbsp;&nbsp; 4867809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | United States Treasury Note, 4.000%, 5/31/2030 | &nbsp;&nbsp; 5017578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5900000 | United States Treasury Note, 4.000%, 4/30/2032 | &nbsp;&nbsp; 5878703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 425000 | United States Treasury Note, 4.000%, 6/30/2032 | &nbsp;&nbsp; 423133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | United States Treasury Note, 4.000%, 1/31/2033 | &nbsp;&nbsp; 2779029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10750000 | United States Treasury Note, 4.000%, 11/15/2035 | &nbsp;&nbsp; 10486290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1252000 | United States Treasury Note, 4.125%, 2/15/2027 | &nbsp;&nbsp; 1255814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | United States Treasury Note, 4.125%, 2/28/2027 | &nbsp;&nbsp; 200667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | United States Treasury Note, 4.125%, 11/15/2027 | &nbsp;&nbsp; 1405906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | United States Treasury Note, 4.125%, 10/31/2029 | &nbsp;&nbsp; 1462001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | United States Treasury Note, 4.125%, 3/31/2032 | &nbsp;&nbsp; 2809804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3280000 | United States Treasury Note, 4.125%, 2/15/2036 | &nbsp;&nbsp; 3228750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | United States Treasury Note, 4.250%, 1/15/2028 | &nbsp;&nbsp; 1007070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350000 | United States Treasury Note, 4.250%, 2/15/2028 | &nbsp;&nbsp; 352693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 752000 | United States Treasury Note, 4.250%, 6/30/2029 | &nbsp;&nbsp; 761366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 683000 | United States Treasury Note, 4.250%, 1/31/2030 | &nbsp;&nbsp; 691583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | United States Treasury Note, 4.250%, 6/30/2031 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8150000 | United States Treasury Note, 4.250%, 11/15/2034 | &nbsp;&nbsp; 8147453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | United States Treasury Note, 4.375%, 12/31/2029 | &nbsp;&nbsp; 2974562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | United States Treasury Note, 4.500%, 4/15/2027 | &nbsp;&nbsp; 1964894 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | U.S. TREASURIES—continued |  |
|  | **U.S. Treasury Notes—continued** |  |
| &nbsp;&nbsp;&nbsp; $550000 | United States Treasury Note, 4.625%, 6/15/2027 | &nbsp;&nbsp; $555156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | United States Treasury Note, 4.625%, 4/30/2029 | &nbsp;&nbsp; 153390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | United States Treasury Note, 4.625%, 2/15/2035 | &nbsp;&nbsp; 307781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 118669941 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $147,134,435)<br>| &nbsp;&nbsp; 146850792 |
|  | CORPORATE BONDS—25.4% |  |
|  | **Basic Industry - Chemicals—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | &nbsp;&nbsp; 13793 |
|  | **Basic Industry - Metals & Mining—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 480000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.625%, 4/1/2030 | &nbsp;&nbsp; 494964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 491000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 | &nbsp;&nbsp; 498204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 173000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | &nbsp;&nbsp; 113501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 5.634%, 4/4/2034 | &nbsp;&nbsp; 230281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | &nbsp;&nbsp; 163042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1499992 |
|  | **Basic Industry - Paper—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Smurfit Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 5.200%, 1/15/2030 | &nbsp;&nbsp; 203671 |
|  | **Capital Goods - Aerospace & Defense—1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 225000 | Airbus Group SE, Sr. Unsecd. Note, 144A, 3.150%, 4/10/2027 | &nbsp;&nbsp; 222354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | &nbsp;&nbsp; 131964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 5.300%, 3/26/2034 | &nbsp;&nbsp; 409683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Boeing Co., Sr. Unsecd. Note, 2.800%, 3/1/2027 | &nbsp;&nbsp; 34456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 933000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | &nbsp;&nbsp; 878023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Boeing Co., Sr. Unsecd. Note, 3.900%, 5/1/2049 | &nbsp;&nbsp; 73069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110000 | General Dynamics Corp., Sr. Unsecd. Note, 1.150%, 6/1/2026 | &nbsp;&nbsp; 109466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 390000 | HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033 | &nbsp;&nbsp; 396786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Honeywell Aerospace, Inc., Sr. Unsecd. Note, 144A, 5.622%, 3/16/2046 | &nbsp;&nbsp; 985470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | &nbsp;&nbsp; 260807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.500%, 8/15/2054 | &nbsp;&nbsp; 95716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 416000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | &nbsp;&nbsp; 409275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lockheed Martin Corp., Sr. Unsecd. Note, 4.150%, 8/15/2028 | &nbsp;&nbsp; 1000731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 410000 | Lockheed Martin Corp., Sr. Unsecd. Note, 4.750%, 2/15/2034 | &nbsp;&nbsp; 411102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 377000 | Northrop Grumman Corp., Sr. Deb., 7.750%, 2/15/2031 | &nbsp;&nbsp; 427849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 451000 | RTX Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033 | &nbsp;&nbsp; 459953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | &nbsp;&nbsp; 157581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6464285 |
|  | **Capital Goods - Building Materials—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 339000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | &nbsp;&nbsp; 334172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235000 | Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034 | &nbsp;&nbsp; 247936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582108 |
|  | **Capital Goods - Construction Machinery—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 487000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | &nbsp;&nbsp; 491750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 324000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | &nbsp;&nbsp; 324266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110000 | John Deere Capital Corp., Sr. Unsecd. Note, 4.200%, 7/15/2027 | &nbsp;&nbsp; 110346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341000 | John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 3.450%, 3/7/2029 | &nbsp;&nbsp; 334411 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1260773 |
|  | **Capital Goods - Diversified Manufacturing—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Eaton Corp., Sr. Unsecd. Note, 4.200%, 3/6/2031 | &nbsp;&nbsp; 985532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | GE Vernova, Inc., Sr. Unsecd. Note, 4.875%, 2/4/2036 | &nbsp;&nbsp; 198222 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods - Diversified Manufacturing—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $18000 | Honeywell International, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2032 | &nbsp;&nbsp; $18041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 | Parker-Hannifin Corp., Sr. Unsecd. Note, 4.500%, 9/15/2029 | &nbsp;&nbsp; 492836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | &nbsp;&nbsp; 235611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | &nbsp;&nbsp; 120341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2050583 |
|  | **Capital Goods - Environmental—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Republic Services, Inc., Sr. Unsecd. Note, 2.375%, 3/15/2033 | &nbsp;&nbsp; 306404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Waste Connections, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2035 | &nbsp;&nbsp; 357108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663512 |
|  | **Communications - Cable & Satellite—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | &nbsp;&nbsp; 658033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050 | &nbsp;&nbsp; 347492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863000 | Comcast Corp., Sr. Unsecd. Note, 4.250%, 10/15/2030 | &nbsp;&nbsp; 853721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | NBCUniversal Media LLC, Sr. Unsecd. Note, 5.950%, 4/1/2041 | &nbsp;&nbsp; 22032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1881278 |
|  | **Communications - Media & Entertainment—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034 | &nbsp;&nbsp; 198344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.400%, 8/15/2054 | &nbsp;&nbsp; 452878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.550%, 8/15/2064 | &nbsp;&nbsp; 365794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412000 | Meta Platforms, Inc., Unsecd. Note, 5.600%, 5/15/2053 | &nbsp;&nbsp; 384402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401000 | Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028 | &nbsp;&nbsp; 406258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031 | &nbsp;&nbsp; 127153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Omnicom Group, Inc., Sr. Unsecd. Note, 5.375%, 6/15/2033 | &nbsp;&nbsp; 89999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294000 | Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051 | &nbsp;&nbsp; 212807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Walt Disney Co., Sr. Unsecd. Note, 4.750%, 9/15/2044 | &nbsp;&nbsp; 22209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2259844 |
|  | **Communications - Telecom Wireless—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | America Movil S.A.B. de C.V., Sr. Unsecd. Note, 2.875%, 5/7/2030 | &nbsp;&nbsp; 372625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378000 | American Tower Corp., Sr. Unsecd. Note, 2.700%, 4/15/2031 | &nbsp;&nbsp; 342978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | American Tower Corp., Sr. Unsecd. Note, 4.050%, 3/15/2032 | &nbsp;&nbsp; 263455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.250%, 1/15/2051 | &nbsp;&nbsp; 292533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | Orange S.A., Sr. Unsecd. Note, 144A, 5.000%, 1/13/2036 | &nbsp;&nbsp; 515670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | T-Mobile USA, Inc., 4.375%, 4/15/2040 | &nbsp;&nbsp; 219753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961000 | T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 | &nbsp;&nbsp; 935890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | &nbsp;&nbsp; 353290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3296194 |
|  | **Communications - Telecom Wirelines—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1409000 | AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031 | &nbsp;&nbsp; 1288438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | &nbsp;&nbsp; 105213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | AT&T, Inc., Sr. Unsecd. Note, 5.150%, 2/15/2050 | &nbsp;&nbsp; 132298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Rogers Communications, Inc., Sr. Unsecd. Note, 5.000%, 2/15/2029 | &nbsp;&nbsp; 202063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.100%, 3/22/2028 | &nbsp;&nbsp; 194919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | &nbsp;&nbsp; 708612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | &nbsp;&nbsp; 178902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2810445 |
|  | **Consumer Cyclical - Automotive—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | American Honda Finance Corp., Sr. Unsecd. Note, 4.700%, 1/12/2028 | &nbsp;&nbsp; 125224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | American Honda Finance Corp., Sr. Unsecd. Note, Series GMTN, 5.125%, 7/7/2028 | &nbsp;&nbsp; 131384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028 | &nbsp;&nbsp; 422346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 5.753%, 4/6/2033 | &nbsp;&nbsp; 441607 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Cyclical - Automotive—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $381000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | &nbsp;&nbsp; $393124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.150%, 3/27/2030 | &nbsp;&nbsp; 505337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 5.250%, 11/29/2027 | &nbsp;&nbsp; 309576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2328598 |
|  | **Consumer Cyclical - Retailers—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350500 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | &nbsp;&nbsp; 321887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324000 | AutoZone, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033 | &nbsp;&nbsp; 319049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246000 | Costco Wholesale Corp., Sr. Unsecd. Note, 1.600%, 4/20/2030 | &nbsp;&nbsp; 222602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Home Depot, Inc., Sr. Unsecd. Note, 2.500%, 4/15/2027 | &nbsp;&nbsp; 98427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516000 | Home Depot, Inc., Sr. Unsecd. Note, 2.700%, 4/15/2030 | &nbsp;&nbsp; 485434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127500 | Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029 | &nbsp;&nbsp; 122668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84500 | Tractor Supply Co., Sr. Unsecd. Note, 5.250%, 5/15/2033 | &nbsp;&nbsp; 85795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | WalMart, Inc., Sr. Unsecd. Note, 3.700%, 6/26/2028 | &nbsp;&nbsp; 24869 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1680731 |
|  | **Consumer Cyclical - Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | Amazon.com, Inc., Sr. Unsecd. Note, 1.500%, 6/3/2030 | &nbsp;&nbsp; 451091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027 | &nbsp;&nbsp; 266733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | &nbsp;&nbsp; 156345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Uber Technologies, Inc., Sr. Unsecd. Note, 4.800%, 9/15/2035 | &nbsp;&nbsp; 291106 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1165275 |
|  | **Consumer Non-Cyclical - Food/Beverage—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.439%, 10/6/2048 | &nbsp;&nbsp; 544986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Bacardi-Martini B.V., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035 | &nbsp;&nbsp; 202481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 | &nbsp;&nbsp; 478274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.650%, 11/15/2028 | &nbsp;&nbsp; 364575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | &nbsp;&nbsp; 218744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 3.200%, 5/1/2030 | &nbsp;&nbsp; 328175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp; 10164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035 | &nbsp;&nbsp; 469427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.700%, 5/1/2055 | &nbsp;&nbsp; 53629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396000 | PepsiCo, Inc., Sr. Unsecd. Note, 2.625%, 7/29/2029 | &nbsp;&nbsp; 376503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | &nbsp;&nbsp; 182825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Sysco Corp., Sr. Unsecd. Note, 3.150%, 12/14/2051 | &nbsp;&nbsp; 104747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | The Campbell's Co., Sr. Unsecd. Note, 5.200%, 3/21/2029 | &nbsp;&nbsp; 227152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | The Coca-Cola Co., Sr. Unsecd. Note, 2.125%, 9/6/2029 | &nbsp;&nbsp; 342716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034 | &nbsp;&nbsp; 199796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4104194 |
|  | **Consumer Non-Cyclical - Health Care—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | 180 Medical, Inc., Sr. Unsecd. Note, 144A, 5.300%, 10/8/2035 | &nbsp;&nbsp; 269584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 | &nbsp;&nbsp; 268229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Augusta SpinCo Corp., Sr. Unsecd. Note, 4.656%, 3/23/2031 | &nbsp;&nbsp; 273740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418000 | CVS Health Corp., Sr. Unsecd. Note, 5.250%, 1/30/2031 | &nbsp;&nbsp; 427164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207000 | CVS Health Corp., Sr. Unsecd. Note, 5.250%, 2/21/2033 | &nbsp;&nbsp; 209365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050 | &nbsp;&nbsp; 89642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 4.800%, 8/14/2029 | &nbsp;&nbsp; 247226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 5.857%, 3/15/2030 | &nbsp;&nbsp; 288017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Haleon US Capital LLC, Sr. Unsecd. Note, 3.375%, 3/24/2027 | &nbsp;&nbsp; 302017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134000 | HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030 | &nbsp;&nbsp; 127252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474000 | HCA, Inc., Sr. Unsecd. Note, 5.200%, 6/1/2028 | &nbsp;&nbsp; 481131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114000 | HCA, Inc., Sr. Unsecd. Note, 5.950%, 9/15/2054 | &nbsp;&nbsp; 109652 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Non-Cyclical - Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $82000 | HCA, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2054 | &nbsp;&nbsp; $79147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 4.902%, 2/12/2036 | &nbsp;&nbsp; 1092189 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4264355 |
|  | **Consumer Non-Cyclical - Pharmaceuticals—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266000 | Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026 | &nbsp;&nbsp; 265587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Abbott Laboratories, Sr. Unsecd. Note, 4.900%, 11/30/2046 | &nbsp;&nbsp; 188174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112000 | AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026 | &nbsp;&nbsp; 111192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902500 | AbbVie, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2035 | &nbsp;&nbsp; 876269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030 | &nbsp;&nbsp; 176446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | &nbsp;&nbsp; 796353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | AstraZeneca PLC, Sr. Unsecd. Note, 3.125%, 6/12/2027 | &nbsp;&nbsp; 203012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126500 | Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 | &nbsp;&nbsp; 115549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127000 | Bristol-Myers Squibb Co., Sr. Sub. Secd. Note, 5.550%, 2/22/2054 | &nbsp;&nbsp; 122289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | &nbsp;&nbsp; 183489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049 | &nbsp;&nbsp; 180690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 4.600%, 9/1/2035 | &nbsp;&nbsp; 385994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64000 | Johnson & Johnson, Sr. Unsecd. Note, 3.500%, 1/15/2048 | &nbsp;&nbsp; 48326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028 | &nbsp;&nbsp; 137813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.750%, 5/19/2033 | &nbsp;&nbsp; 574802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382000 | Pfizer, Inc., Sr. Unsecd. Note, 2.625%, 4/1/2030 | &nbsp;&nbsp; 357680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 2.800%, 9/15/2050 | &nbsp;&nbsp; 251190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | &nbsp;&nbsp; 144859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5119714 |
|  | **Consumer Non-Cyclical - Products—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Kenvue, Inc., Sr. Unsecd. Note, 4.900%, 3/22/2033 | &nbsp;&nbsp; 246972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131000 | Kenvue, Inc., Sr. Unsecd. Note, 5.050%, 3/22/2028 | &nbsp;&nbsp; 132999 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379971 |
|  | **Consumer Non-Cyclical - Supermarkets—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Kroger Co., Sr. Unsecd. Note, 5.000%, 9/15/2034 | &nbsp;&nbsp; 355451 |
|  | **Consumer Non-Cyclical - Tobacco—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | BAT Capital Corp., Sr. Unsecd. Note, 5.834%, 2/20/2031 | &nbsp;&nbsp; 329641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.100%, 5/1/2030 | &nbsp;&nbsp; 141972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543000 | Philip Morris International, Inc., Sr. Unsecd. Note, 3.875%, 8/21/2042 | &nbsp;&nbsp; 435753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Philip Morris International, Inc., Sr. Unsecd. Note, 4.900%, 11/1/2034 | &nbsp;&nbsp; 198927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | &nbsp;&nbsp; 114281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1220574 |
|  | **Energy - Independent—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | APA Corp., Sr. Unsecd. Note, 6.100%, 2/15/2035 | &nbsp;&nbsp; 51338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033 | &nbsp;&nbsp; 181387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164500 | Hess Corp., Sr. Unsecd. Note, 7.300%, 8/15/2031 | &nbsp;&nbsp; 185899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; 97294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515918 |
|  | **Energy - Integrated—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.000%, 2/24/2050 | &nbsp;&nbsp; 190905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155500 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.234%, 11/6/2028 | &nbsp;&nbsp; 155541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033 | &nbsp;&nbsp; 24122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | Chevron Corp., Sr. Unsecd. Note, 3.078%, 5/11/2050 | &nbsp;&nbsp; 171767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Shell International Finance B.V., Sr. Unsecd. Note, 4.000%, 5/10/2046 | &nbsp;&nbsp; 196896 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739231 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Energy - Midstream—1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $93000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | &nbsp;&nbsp; $92999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | &nbsp;&nbsp; 572009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | &nbsp;&nbsp; 467069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Enbridge, Inc., Sr. Unsecd. Note, 2.500%, 8/1/2033 | &nbsp;&nbsp; 67966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Enbridge, Inc., Sr. Unsecd. Note, 4.900%, 6/20/2030 | &nbsp;&nbsp; 707327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141000 | Enbridge, Inc., Sr. Unsecd. Note, 5.950%, 4/5/2054 | &nbsp;&nbsp; 140018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Energy Transfer LP, Sr. Unsecd. Note, 5.200%, 4/1/2030 | &nbsp;&nbsp; 347589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | &nbsp;&nbsp; 150381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Energy Transfer LP, Sr. Unsecd. Note, 5.750%, 2/15/2033 | &nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 5.950%, 2/1/2041 | &nbsp;&nbsp; 352644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.800%, 3/15/2035 | &nbsp;&nbsp; 23851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 5.000%, 2/1/2029 | &nbsp;&nbsp; 101507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621500 | MPLX LP, Sr. Unsecd. Note, 4.950%, 9/1/2032 | &nbsp;&nbsp; 618683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | &nbsp;&nbsp; 90907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027 | &nbsp;&nbsp; 399571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | ONEOK, Inc., Sr. Unsecd. Note, 4.550%, 7/15/2028 | &nbsp;&nbsp; 100125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | &nbsp;&nbsp; 389787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042 | &nbsp;&nbsp; 243167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | &nbsp;&nbsp; 315264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Targa Resources, Inc., Sr. Unsecd. Note, 5.500%, 2/15/2035 | &nbsp;&nbsp; 126112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | &nbsp;&nbsp; 223345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179000 | Tennessee Gas Pipeline Co. LLC, Sr. Unsecd. Note, 7.000%, 3/15/2027 | &nbsp;&nbsp; 183290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672000 | Williams Cos., Inc., Sr. Unsecd. Note, 4.900%, 3/15/2029 | &nbsp;&nbsp; 679890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Williams Cos., Inc., Sr. Unsecd. Note, 8.750%, 3/15/2032 | &nbsp;&nbsp; 124700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6778201 |
|  | **Energy - Oil Field Services—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | Eni SpA, Sr. Unsecd. Note, 144A, 5.950%, 5/15/2054 | &nbsp;&nbsp; 313411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103000 | Halliburton Co., Sr. Unsecd. Note, 5.000%, 11/15/2045 | &nbsp;&nbsp; 91359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138000 | Schlumberger Holdings Corp., Sr. Unsecd. Note, 144A, 2.650%, 6/26/2030 | &nbsp;&nbsp; 128136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | Schlumberger Investment S.A., Sr. Unsecd. Note, 2.650%, 6/26/2030 | &nbsp;&nbsp; 464 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533370 |
|  | **Energy - Refining—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | &nbsp;&nbsp; 168341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Valero Energy Corp., Sr. Unsecd. Note, 7.500%, 4/15/2032 | &nbsp;&nbsp; 11317 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179658 |
|  | **Financial Institution - Banking—5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | American Express Co., Sr. Unsecd. Note, 4.050%, 5/3/2029 | &nbsp;&nbsp; 84665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637000 | American Express Co., Sr. Unsecd. Note, 5.850%, 11/5/2027 | &nbsp;&nbsp; 652122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032 | &nbsp;&nbsp; 671738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | &nbsp;&nbsp; 568199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Bank of America Corp., Sr. Unsecd. Note, 5.045%, 2/6/2037 | &nbsp;&nbsp; 148005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1552500 | Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035 | &nbsp;&nbsp; 1584790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 1.650%, 1/28/2031 | &nbsp;&nbsp; 246746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028 | &nbsp;&nbsp; 377325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37000 | Capital One Financial Co., Sr. Unsecd. Note, 2.618%, 11/2/2032 | &nbsp;&nbsp; 32452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319500 | Capital One Financial Co., Sr. Unsecd. Note, 5.817%, 2/1/2034 | &nbsp;&nbsp; 326903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263000 | Citigroup, Inc., Sr. Unsecd. Note, 2.976%, 11/5/2030 | &nbsp;&nbsp; 248405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | Citigroup, Inc., Sr. Unsecd. Note, 4.412%, 3/31/2031 | &nbsp;&nbsp; 647513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Citigroup, Inc., Sr. Unsecd. Note, 4.650%, 7/23/2048 | &nbsp;&nbsp; 42319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381500 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | &nbsp;&nbsp; 381511 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $427000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | &nbsp;&nbsp; $432610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 2.500%, 2/6/2030 | &nbsp;&nbsp; 23037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302000 | Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 | &nbsp;&nbsp; 311621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Fifth Third Bancorp, Sr. Unsecd. Note, 4.895%, 9/6/2030 | &nbsp;&nbsp; 70233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307000 | Fifth Third Bancorp, Sr. Unsecd. Note, 5.631%, 1/29/2032 | &nbsp;&nbsp; 316460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276000 | Fifth Third Bank, Inc., Sr. Unsecd. Note, Series BKNT, 2.250%, 2/1/2027 | &nbsp;&nbsp; 271372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 342112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.615%, 4/22/2032 | &nbsp;&nbsp; 1499184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 11/16/2026 | &nbsp;&nbsp; 243817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029 | &nbsp;&nbsp; 372883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 4.937%, 4/23/2028 | &nbsp;&nbsp; 120586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, Series DMTN, 2.383%, 7/21/2032 | &nbsp;&nbsp; 132416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.623%, 1/28/2032 | &nbsp;&nbsp; 1083946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.739%, 10/15/2030 | &nbsp;&nbsp; 470906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1316000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | &nbsp;&nbsp; 1336198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.500%, 10/15/2040 | &nbsp;&nbsp; 346455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045000 | JPMorgan Chase & Co., Sub., 5.576%, 7/23/2036 | &nbsp;&nbsp; 1058278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | JPMorgan Chase & Co., Sub., 5.717%, 9/14/2033 | &nbsp;&nbsp; 5177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 275663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424000 | M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032 | &nbsp;&nbsp; 444472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | &nbsp;&nbsp; 185946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1067000 | Morgan Stanley, Sr. Unsecd. Note, 5.297%, 4/20/2037 | &nbsp;&nbsp; 1064404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231000 | Morgan Stanley, Sr. Unsecd. Note, 5.424%, 7/21/2034 | &nbsp;&nbsp; 234386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751000 | Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035 | &nbsp;&nbsp; 763410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Northern Trust Corp., Sub., 6.125%, 11/2/2032 | &nbsp;&nbsp; 266581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.373%, 7/21/2036 | &nbsp;&nbsp; 502183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | &nbsp;&nbsp; 811583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | &nbsp;&nbsp; 446111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | &nbsp;&nbsp; 343600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 | &nbsp;&nbsp; 252803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.711%, 1/24/2035 | &nbsp;&nbsp; 306368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | &nbsp;&nbsp; 375094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212000 | U.S. Bancorp, 4.967%, 7/22/2033 | &nbsp;&nbsp; 209685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633000 | U.S. Bancorp, Sr. Unsecd. Note, 5.384%, 1/23/2030 | &nbsp;&nbsp; 648256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Wells Fargo & Co., Jr. Sub. Note, 5.950%, 12/15/2036 | &nbsp;&nbsp; 123682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.211%, 12/3/2035 | &nbsp;&nbsp; 99558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.393%, 6/2/2028 | &nbsp;&nbsp; 1380143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.572%, 2/11/2031 | &nbsp;&nbsp; 87873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 4.897%, 7/25/2033 | &nbsp;&nbsp; 940167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33000 | Wells Fargo & Co., Sub. Note, Series MTN, 4.650%, 11/4/2044 | &nbsp;&nbsp; 27669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 24239621 |
|  | **Financial Institution - Broker/Asset Mgr/Exchange—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | BlackRock, Inc., Sr. Unsecd. Note, 4.750%, 5/25/2033 | &nbsp;&nbsp; 140733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200500 | Charles Schwab Corp., Sr. Unsecd. Note, 3.250%, 5/22/2029 | &nbsp;&nbsp; 195053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306500 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 6.200%, 4/14/2034 | &nbsp;&nbsp; 312573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | &nbsp;&nbsp; 11906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660265 |
|  | **Financial Institution - Finance Companies—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | &nbsp;&nbsp; 333054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123000 | Air Lease Corp., Sr. Unsecd. Note, 3.125%, 12/1/2030 | &nbsp;&nbsp; 113230 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Finance Companies—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $470000 | Air Lease Corp., Sr. Unsecd. Note, 5.300%, 2/1/2028 | &nbsp;&nbsp; $475256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Ally Financial, Inc., Sr. Unsecd. Note, 6.184%, 7/26/2035 | &nbsp;&nbsp; 180523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1102063 |
|  | **Financial Institution - Insurance - Health—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333000 | Centene Corp., 2.500%, 3/1/2031 | &nbsp;&nbsp; 279438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Elevance Health, Inc., Sr. Unsecd. Note, 5.000%, 1/15/2036 | &nbsp;&nbsp; 97964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | Elevance Health, Inc., Sr. Unsecd. Note, 5.150%, 6/15/2029 | &nbsp;&nbsp; 438040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.900%, 4/15/2031 | &nbsp;&nbsp; 803833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.950%, 1/15/2032 | &nbsp;&nbsp; 15167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1634442 |
|  | **Financial Institution - Insurance - Life—0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258000 | Corebridge Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034 | &nbsp;&nbsp; 264625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CoreBridge Global Funding, Sec. Fac. Bond, 144A, 4.850%, 6/6/2030 | &nbsp;&nbsp; 499762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040 | &nbsp;&nbsp; 59515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 3.375%, 4/15/2050 | &nbsp;&nbsp; 345758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | &nbsp;&nbsp; 396163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | &nbsp;&nbsp; 260514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | &nbsp;&nbsp; 283206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Pacific Life Global Funding II, Sr. Secd. Note, 144A, 4.900%, 1/11/2029 | &nbsp;&nbsp; 181938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192000 | Pacific LifeCorp., Bond, 144A, 6.600%, 9/15/2033 | &nbsp;&nbsp; 209147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008500 | Principal Financial Group, Inc., Sr. Unsecd. Note, 2.125%, 6/15/2030 | &nbsp;&nbsp; 910491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 5/15/2044 | &nbsp;&nbsp; 292659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Teachers Insurance & Annuity Association of America, Sub., 144A, 4.900%, 9/15/2044 | &nbsp;&nbsp; 204519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3908297 |
|  | **Financial Institution - Insurance - P&C—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293500 | American International Group, Inc., Sr. Unsecd. Note, 5.125%, 3/27/2033 | &nbsp;&nbsp; 296329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118000 | Aon North America, Inc., 5.750%, 3/1/2054 | &nbsp;&nbsp; 113696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Beacon Funding Trust, Sr. Unsecd. Note, 6.266%, 8/15/2054 | &nbsp;&nbsp; 197648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Chubb INA Holdings LLC., Sr. Unsecd. Note, 4.650%, 8/15/2029 | &nbsp;&nbsp; 379216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479000 | CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033 | &nbsp;&nbsp; 485725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455000 | Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030 | &nbsp;&nbsp; 458245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | &nbsp;&nbsp; 224066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Travelers Cos., Inc., Sr. Unsecd. Note, 5.700%, 7/24/2055 | &nbsp;&nbsp; 496466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2651391 |
|  | **Financial Institution - REIT - Apartment—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333500 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 | &nbsp;&nbsp; 330261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633000 | Camden Property Trust, Sr. Unsecd. Note, 4.900%, 1/15/2034 | &nbsp;&nbsp; 629257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 5.300%, 2/15/2032 | &nbsp;&nbsp; 308400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | &nbsp;&nbsp; 230152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 3.500%, 7/1/2027 | &nbsp;&nbsp; 187964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1686034 |
|  | **Financial Institution - REIT - Healthcare—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | &nbsp;&nbsp; 221421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422500 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 | &nbsp;&nbsp; 422092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 | &nbsp;&nbsp; 584867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1228380 |
|  | **Financial Institution - REIT - Office—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | &nbsp;&nbsp; 353640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.250%, 5/15/2036 | &nbsp;&nbsp; 65307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418947 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - REIT - Other—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $165000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.500%, 4/15/2035 | &nbsp;&nbsp; $163703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | ProLogis LP, Sr. Unsecd. Note, 5.250%, 6/15/2053 | &nbsp;&nbsp; 97844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | WP Carey, Inc., Sr. Unsecd. Note, 4.250%, 10/1/2026 | &nbsp;&nbsp; 239889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | WP Carey, Inc., Sr. Unsecd. Note, 5.375%, 6/30/2034 | &nbsp;&nbsp; 220002 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721438 |
|  | **Financial Institution - REIT - Retail—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | &nbsp;&nbsp; 416913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Phillips Edison Grocery Center Operating Partnership I, LP, Sr. Unsecd. Note, 5.250%, 8/15/2032 | &nbsp;&nbsp; 50206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | &nbsp;&nbsp; 119665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Regency Centers LP, Sr. Unsecd. Note, 5.100%, 1/15/2035 | &nbsp;&nbsp; 154483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741267 |
|  | **Technology—2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185500 | Alphabet, Inc., Sr. Unsecd. Note, 1.900%, 8/15/2040 | &nbsp;&nbsp; 123775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Alphabet, Inc., Sr. Unsecd. Note, 5.450%, 11/15/2055 | &nbsp;&nbsp; 968201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617000 | Apple, Inc., 1.650%, 5/11/2030 | &nbsp;&nbsp; 559594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Apple, Inc., Sr. Unsecd. Note, 2.900%, 9/12/2027 | &nbsp;&nbsp; 24639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | Apple, Inc., Sr. Unsecd. Note, 3.950%, 8/8/2052 | &nbsp;&nbsp; 679070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035 | &nbsp;&nbsp; 280360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Automatic Data Processing, Inc., Sr. Unsecd. Note, 4.450%, 9/9/2034 | &nbsp;&nbsp; 122560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179000 | Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 | &nbsp;&nbsp; 176206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Broadcom, Inc., Sr. Unsecd. Note, 5.150%, 11/15/2031 | &nbsp;&nbsp; 256457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Broadcom, Inc., Sr. Unsecd. Note, 5.200%, 4/15/2032 | &nbsp;&nbsp; 511801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036 | &nbsp;&nbsp; 129527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341000 | CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 2.670%, 12/1/2026 | &nbsp;&nbsp; 337023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Cisco Systems, Inc., Sr. Unsecd. Note, 4.750%, 2/24/2030 | &nbsp;&nbsp; 336342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217000 | Cisco Systems, Inc., Sr. Unsecd. Note, 4.800%, 2/26/2027 | &nbsp;&nbsp; 218320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.000%, 4/1/2030 | &nbsp;&nbsp; 581918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041 | &nbsp;&nbsp; 43107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Fiserv, Inc., Sr. Unsecd. Note, 4.750%, 3/15/2030 | &nbsp;&nbsp; 247743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43000 | Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 | &nbsp;&nbsp; 43451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272000 | Fortinet, Inc., Sr. Unsecd. Note, 2.200%, 3/15/2031 | &nbsp;&nbsp; 241774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444000 | Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 | &nbsp;&nbsp; 389050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234000 | Global Payments, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | &nbsp;&nbsp; 232054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161000 | Global Payments, Inc., Sr. Unsecd. Note, 4.950%, 8/15/2027 | &nbsp;&nbsp; 161298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034 | &nbsp;&nbsp; 493673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.250%, 7/1/2028 | &nbsp;&nbsp; 45680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Keysight Technologies, Inc., Sr. Unsecd. Note, 5.350%, 7/30/2030 | &nbsp;&nbsp; 308188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | KLA Corp., Sr. Unsecd. Note, 4.650%, 7/15/2032 | &nbsp;&nbsp; 236043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | &nbsp;&nbsp; 247519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | Microchip Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029 | &nbsp;&nbsp; 294211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | &nbsp;&nbsp; 270422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106000 | Oracle Corp., Sr. Unsecd. Note, 2.950%, 4/1/2030 | &nbsp;&nbsp; 96761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463000 | Oracle Corp., Sr. Unsecd. Note, 4.000%, 11/15/2047 | &nbsp;&nbsp; 306411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296000 | Oracle Corp., Sr. Unsecd. Note, 4.900%, 2/6/2033 | &nbsp;&nbsp; 280516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Qualcomm, Inc., Sr. Unsecd. Note, 5.000%, 5/20/2035 | &nbsp;&nbsp; 998479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | &nbsp;&nbsp; 420344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Salesforce, Inc., Sr. Unsecd. Note, 4.650%, 3/15/2029 | &nbsp;&nbsp; 1002071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Trimble, Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033 | &nbsp;&nbsp; 167408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | &nbsp;&nbsp; 293665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | &nbsp;&nbsp; 319231 |

---

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $297000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | &nbsp;&nbsp; $282951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12727843 |
|  | **Transportation - Railroads—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180500 | Burlington Northern Santa Fe LLC, Sr. Unsecd. Note, 4.450%, 3/15/2043 | &nbsp;&nbsp; 157247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136000<br><sup>2</sup> <br>| Burlington Northern Santa Fe LLC, Sr. Unsecd. Note, 5.200% (180-DAY AVERAGE SOFR +0.000%), 4/15/2054 | &nbsp;&nbsp; 125150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | &nbsp;&nbsp; 177209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717000 | Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 | &nbsp;&nbsp; 666881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1126487 |
|  | **Transportation - Services—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450500 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.600%, 5/1/2028 | &nbsp;&nbsp; 452680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530000 | GXO Logistics, Inc., Sr. Unsecd. Note, 6.250%, 5/6/2029 | &nbsp;&nbsp; 549440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563500 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | &nbsp;&nbsp; 572850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | Ryder System, Inc., Sr. Unsecd. Note, Series DMTN, 4.900%, 12/1/2029 | &nbsp;&nbsp; 192094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028 | &nbsp;&nbsp; 393196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | United Parcel Service, Inc., Sr. Unsecd. Note, 2.500%, 9/1/2029 | &nbsp;&nbsp; 94540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548000 | United Parcel Service, Inc., Sr. Unsecd. Note, 4.875%, 3/3/2033 | &nbsp;&nbsp; 558589 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2813389 |
|  | **Utility - Electric—2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576500 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | &nbsp;&nbsp; 595711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Appalachian Power Co., Sr. Unsecd. Note, Series X, 3.300%, 6/1/2027 | &nbsp;&nbsp; 44401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Arizona Public Service Co., Sr. Unsecd. Note, 5.100%, 3/15/2036 | &nbsp;&nbsp; 983175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Black Hills Corp., Sr. Unsecd. Note, 4.350%, 5/1/2033 | &nbsp;&nbsp; 71260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Commonwealth Edison Co., 3.650%, 6/15/2046 | &nbsp;&nbsp; 171386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Consolidated Edison Co., Sr. Unsecd. Note, 4.625%, 12/1/2054 | &nbsp;&nbsp; 201847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440500 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | &nbsp;&nbsp; 461352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series C, 3.375%, 4/1/2030 | &nbsp;&nbsp; 240607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Duke Energy Corp., Sr. Unsecd. Note, 4.500%, 8/15/2032 | &nbsp;&nbsp; 319881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565000 | Duke Energy Corp., Sr. Unsecd. Note, 5.000%, 8/15/2052 | &nbsp;&nbsp; 483460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83000 | Duke Energy Indiana, LLC, Sr. Deb., 6.120%, 10/15/2035 | &nbsp;&nbsp; 87986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | EDP Finance B.V., Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | &nbsp;&nbsp; 237257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033 | &nbsp;&nbsp; 294307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Emera US Finance LP, Sr. Unsecd. Note, 3.550%, 6/15/2026 | &nbsp;&nbsp; 299310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.375%, 9/30/2030 | &nbsp;&nbsp; 736614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227000 | Exelon Corp., Bond, 7.600%, 4/1/2032 | &nbsp;&nbsp; 257302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262500 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | &nbsp;&nbsp; 198139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | FirstEnergy Corp., Sr. Unsecd. Note, Series B, 3.900%, 7/15/2027 | &nbsp;&nbsp; 188453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | MidAmerican Energy Co., 5.500%, 11/15/2056 | &nbsp;&nbsp; 575485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | National Rural Utilities Cooperative Finance Corp., Sec. Fac. Bond, 4.150%, 12/15/2032 | &nbsp;&nbsp; 38708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | &nbsp;&nbsp; 231016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.250%, 6/1/2030 | &nbsp;&nbsp; 827426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787000 | NiSource, Inc., Sr. Unsecd. Note, 1.700%, 2/15/2031 | &nbsp;&nbsp; 683968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Peco Energy Co., 2.800%, 6/15/2050 | &nbsp;&nbsp; 123627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Public Service Electric & Gas Co., Series MTN, 5.500%, 3/1/2040 | &nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477500 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 2.450%, 11/15/2031 | &nbsp;&nbsp; 423208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2035 | &nbsp;&nbsp; 131323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | Southern Power Co., Sr. Unsecd. Note, Series A, 4.250%, 10/1/2030 | &nbsp;&nbsp; 212225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 2.400%, 3/30/2032 | &nbsp;&nbsp; 306823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | &nbsp;&nbsp; 275751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9706017 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Utility - Natural Gas—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $125000 | Sempra Energy, Sr. Unsecd. Note, 3.400%, 2/1/2028 | &nbsp;&nbsp; $122657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | Sempra Energy, Sr. Unsecd. Note, 6.000%, 10/15/2039 | &nbsp;&nbsp; 178609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301266 |
|  | **Utility - Natural Gas Distributor—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Southern California Gas Co., Term Loan - 1st Lien, 5.050%, 9/1/2034 | &nbsp;&nbsp; 356433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | Southern Co. Gas Capital, Sr. Unsecd. Note, Series 20-A, 1.750%, 1/15/2031 | &nbsp;&nbsp; 381565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $119,383,898)<br>| &nbsp;&nbsp; 118756864 |
|  | MORTGAGE-BACKED SECURITIES—2.3% |  |
|  | **Federal Home Loan Mortgage Corporation—1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4099062 | Federal Home Loan Mortgage Corp., Pool SD8193, 2.000%, 2/1/2052 | &nbsp;&nbsp; 3313946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2435787 | Federal Home Loan Mortgage Corp., Pool SD8213, 3.000%, 5/1/2052 | &nbsp;&nbsp; 2146269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2452014 | Federal Home Loan Mortgage Corp., Pool SD8242, 3.000%, 9/1/2052 | &nbsp;&nbsp; 2160568 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7620783 |
|  | **Federal National Mortgage Association—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1693820 | Federal National Mortgage Association, Pool FS4947, 4.000%, 1/1/2053 | &nbsp;&nbsp; 1597572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1443097 | Federal National Mortgage Association, Pool FS6809, 5.500%, 2/1/2054 | &nbsp;&nbsp; 1455952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3053524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $10,421,460)<br>| &nbsp;&nbsp;&nbsp; 10674307 |
|  | ASSET-BACKED SECURITIES—2.1% |  |
|  | **Auto Receivables—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40515 | BMW Vehicle Lease Trust 2024-1, Class A3, 4.980%, 3/25/2027 | &nbsp;&nbsp; 40561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Chesapeake Funding II LLC 2024-1A, Class B, 5.440%, 5/15/2036 | &nbsp;&nbsp; 100282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41969 | Enterprise Fleet Financing LLC 2024-1, Class A2, 5.230%, 3/20/2030 | &nbsp;&nbsp; 42186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Enterprise Fleet Financing LLC 2025-2, Class A4, 4.580%, 12/22/2031 | &nbsp;&nbsp; 327712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Honda Auto Receivables Owner Trust 2025-2, Class A4, 4.280%, 8/15/2031 | &nbsp;&nbsp; 602630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Navistar Financial Dealer Note Master Trust 2024-1, Class A, 5.590%, 4/25/2029 | &nbsp;&nbsp; 750745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Santander Drive Auto Receivables Trust 2026-1, Class A3, 3.930%, 7/15/2030 | &nbsp;&nbsp; 596220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673875 | SBNA Auto Lease Trust 2024-C, Class A3, 4.560%, 2/22/2028 | &nbsp;&nbsp; 674929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824076 | Toyota Lease Owner Trust 2024-B, Class A3, 4.210%, 9/20/2027 | &nbsp;&nbsp; 824462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137574 | World OMNI Select Auto Trust 2024-A, Class A3, 4.860%, 3/15/2029 | &nbsp;&nbsp; 138177 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4097904 |
|  | **Credit Card—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | American Express Credit Account Master Trust 2024-1, Class A, 5.230%, 4/15/2029 | &nbsp;&nbsp; 506748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | First National Master Note Trust 2024-1, Class A, 5.340%, 5/15/2030 | &nbsp;&nbsp; 177227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683975 |
|  | **Equipment Lease—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Dell Equipment Finance Trust 2025-2, Class C, 4.530%, 3/24/2031 | &nbsp;&nbsp; 299915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | DLLAD LLC 2024-1A, Class A3, 5.300%, 7/20/2029 | &nbsp;&nbsp; 1015848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | DLLMT LLC 2026, Class A3, 144A, 4.200%, 12/20/2029 | &nbsp;&nbsp; 1247874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996329 | John Deere Owner Trust 2024-B, Class A3, 5.200%, 3/15/2029 | &nbsp;&nbsp; 1006172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | John Deere Owner Trust 2024-C, Class A3, 4.060%, 6/15/2029 | &nbsp;&nbsp; 1002114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Volvo Financial Equipment LLC 2024-1A, Class A3, 4.290%, 10/16/2028 | &nbsp;&nbsp; 650861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 5222784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $9,962,791)<br>| &nbsp;&nbsp;&nbsp; 10004663 |
|  | FOREIGN GOVERNMENTS/AGENCIES—1.0% |  |
|  | **Sovereign—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD 750,000 | Australia, Government of, Sr. Unsecd. Note, Series 154, 2.750%, 11/21/2029 | &nbsp;&nbsp; 484671 |

---

**11**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value** |
|  | FOREIGN GOVERNMENTS/AGENCIES—continued |  |
|  | **Sovereign—continued** |  |
| HUF 400,000,000 | Hungary, Government of, Unsecd. Note, Series 29/C, 6.000%, 11/28/2029 | &nbsp;&nbsp; $1155397 |
| MXN 20,000,000 | Mex Bonos Desarr Fix Rt - Old, Sr. Unsecd. Note, Series M, 8.000%, 4/15/2032 | &nbsp;&nbsp; 1058821 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRL 6,000,000 | Nota Do Tesouro Nacional, Unsecd. Note, Series NTNF, 10.000%, 1/1/2031 | &nbsp;&nbsp; 1039816 |
| &nbsp;&nbsp; ZAR 20,000,000 | South Africa, Government of, Series R209, 6.250%, 3/31/2036 | &nbsp;&nbsp; 948319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOREIGN GOVERNMENTS/AGENCIES <br>(IDENTIFIED COST $4,840,656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4687024 |
|  | COMMERCIAL MORTGAGE-BACKED SECURITIES—1.0% |  |
|  | **Commercial Mortgage—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $947405 | Bank 2024-BNK48 A4, Class A4, 4.775%, 10/15/2057 | &nbsp;&nbsp; 943158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Barclays Commercial Mortgage S 2025-C35, Class A4, 5.289%, 7/15/2058 | &nbsp;&nbsp; 141937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000<br><sup>2</sup> <br>| BX Trust 2026-CSMO, Class A, 5.072% (CME Term SOFR 1 Month +1.400%), 2/15/2042 | &nbsp;&nbsp; 1079664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000<br><sup>2</sup> <br>| FS Trust 2026, Class A, 5.022% (CME Term SOFR 1 Month +1.350%), 2/15/2041 | &nbsp;&nbsp; 1097938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000<br><sup>2</sup> <br>| JW Commercial Mortgage Trust 2 2024-BERY, Class A, 5.265% (CME Term SOFR 1 Month +1.593%), 11/15/2039 | &nbsp;&nbsp; 500001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000<br><sup>2</sup> <br>| ORL Trust 2024-GLKS, Class B, 5.564% (CME Term SOFR 1 Month +1.892%), 12/15/2039 | &nbsp;&nbsp; 850532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $4,624,848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4613230 |
|  | EXCHANGE-TRADED FUNDS—14.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38200 | iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp; 3039192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36400 | iShares JP Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp; 3419052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355220 | iShares MBS ETF | &nbsp;&nbsp; 33728139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565320 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp; 26541774 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXCHANGE-TRADED FUNDS <br>(IDENTIFIED COST $66,337,606)<br>| &nbsp;&nbsp;&nbsp; 66728157 |
|  | INVESTMENT COMPANIES—22.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219012 | Emerging Markets Core Fund | &nbsp;&nbsp; 10739498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4677340 | Federated Hermes Government Obligations Fund, Premier Shares, 3.58%<sup>3</sup> <br>| &nbsp;&nbsp; 4677340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1919700 | High Yield Bond Core Fund | &nbsp;&nbsp; 10769518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5435054 | Mortgage Core Fund | &nbsp;&nbsp; 45708801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498720 | Project and Trade Finance Core Fund | &nbsp;&nbsp; 31173598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $101,689,680)<br>| &nbsp;&nbsp; 103068755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.5% <br>(IDENTIFIED COST $464,395,374)<br>| &nbsp;&nbsp; 465383792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.5%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2155828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $467539620 |

---

At March 31, 2026, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Long Bond Long Futures | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; $10248750 | June 2026 | &nbsp;&nbsp;&nbsp; $16168 |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; $25930664 | June 2026 | &nbsp;&nbsp;&nbsp; $(163367) |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; $10277070 | June 2026 | &nbsp;&nbsp;&nbsp; $(157548) |
| United States Treasury Notes 10-Year Long Futures | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; $11104688 | June 2026 | &nbsp;&nbsp;&nbsp; $(45538) |
| United States Treasury Notes 10-Year Ultra Long Futures | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $5108203 | June 2026 | &nbsp;&nbsp;&nbsp; $(100754) |
| United States Treasury Ultra Bond Long Futures | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; $6410938 | June 2026 | &nbsp;&nbsp;&nbsp; $10490 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $(440549) |

---

**12**

------

At March 31, 2026, the Fund had the following outstanding foreign exchange contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement** <br>**Date**<br>| **Counterparty** | **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | **Foreign** <br>**Currency** <br>**Units to** <br>**Deliver/Receive** | &nbsp;&nbsp; **In** <br>**Exchange** <br>**For**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| **Contracts Purchased:** |  |  |  |  |  |
| 4/9/2026 | Wells Fargo | &nbsp;&nbsp;&nbsp; 5683352 | AUD | $4000000 | &nbsp;&nbsp; $(79140) |
| **Contracts Sold:** |  |  |  |  |  |
| 4/8/2026 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 3943875 | BRL | $750000 | &nbsp;&nbsp; $(10570) |
| 4/8/2026 | Wells Fargo | &nbsp;&nbsp; 335868780 | HUF | $1000000 | &nbsp;&nbsp; $(9557) |
| 4/8/2026 | Bank of America | &nbsp;&nbsp; 13386750 | MXN | $750000 | &nbsp;&nbsp; $3221 |
| 4/8/2026 | Bank of America | &nbsp;&nbsp; 12651053 | ZAR | $750000 | &nbsp;&nbsp; $2698 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS | &nbsp;&nbsp; $(93348) |

---

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** |
| **Counterparty** | **Reference** <br>**Entity**<br>| **Buy/** <br>**Sell**<br>| **Pay/** <br>**Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread at** <br>**03/31/2026**<sup>5</sup> <br>| **Notional** <br>**Amount**<br>| **Market** <br>**Value**<br>| **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **OTC Swap:** |  |  |  |  |  |  |  |  |  |
| JP Morgan | CDX Index NA IG Series 45 | Sell | 1.000% | 12/20/2030 | 0.63% | $30000000 | $530832 | $560908 | $(30076) |

---

At March 31, 2026, the Fund had the following outstanding written options contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Exercise** <br>**Price**<br>| **Value** |
| **Call Options:** |  |  |  |  |  |  |
| BNP | EUR CALL/USD PUT | &nbsp;&nbsp; (4000000) | &nbsp;&nbsp; $4000000 | April 2026 | &nbsp;&nbsp; $1.18 | &nbsp;&nbsp; $(2088) |
| BNP | USD CALL/JPY PUT | &nbsp;&nbsp; (5000000) | &nbsp;&nbsp; $5000000 | April 2026 | &nbsp;&nbsp; $159.00 | &nbsp;&nbsp; $(30130) |
| Morgan Stanley | USD CALL/ZAR PUT | &nbsp;&nbsp; (4000000) | &nbsp;&nbsp; $4000000 | April 2026 | &nbsp;&nbsp; $16.70 | &nbsp;&nbsp; $(100076) |
| UBS | AUD CALL/USD PUT | &nbsp;&nbsp; (6000000) | &nbsp;&nbsp; $6000000 | April 2026 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $(42072) |
| **Put Options:** |  |  |  |  |  |  |
| Bank of America | USD PUT/CHF CALL | &nbsp;&nbsp; (4000000) | &nbsp;&nbsp; $4000000 | April 2026 | &nbsp;&nbsp; $0.74 | &nbsp;&nbsp; $(268) |
| Barclays | AUD PUT/USD CALL | &nbsp;&nbsp; (3000000) | &nbsp;&nbsp; $3000000 | April 2026 | &nbsp;&nbsp; $0.68 | &nbsp;&nbsp; $(8367) |
| UBS | USD PUT/NOK CALL | &nbsp;&nbsp; (4000000) | &nbsp;&nbsp; $4000000 | April 2026 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $(612) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $216,893) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $216,893) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $216,893) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $216,893) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $216,893) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $216,893) | &nbsp;&nbsp; $(183613) |

---

Net Unrealized Appreciation/Depreciation on Futures Contracts, Foreign Exchange Contracts, the value of Written Option Contracts and Swaps Contracts is included in "Other Assets and Liabilities–Net."

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Value as of** <br>**6/30/2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Net** <br>**Realized** <br>**Gain/** <br>**(Loss)**<br>| **Value as of** <br>**3/31/2026**<br>| **Shares** <br>**Held as of** <br>**3/31/2026**<br>| **Dividend** <br>**Income**<br>|
| Bank Loan Core Fund | $605948 | $4000000 | $(4477063) | $6150 | $(135035) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $81202 |
| Emerging Markets Core Fund | $10054366 | $700000 | $— | $(14868) | $— | $10739498 | &nbsp;&nbsp; 1219012 | $764073 |
| Federated Hermes Government Obligations <br> Fund, Premier Shares<br>| $3445277 | $83795089 | $(82563026) | $— | $— | $4677340 | &nbsp;&nbsp; 4677340 | $113317 |
| High Yield Bond Core Fund | $10242815 | $700000 | $— | $(173297) | $— | $10769518 | &nbsp;&nbsp; 1919700 | $501424 |
| Mortgage Core Fund | $45273997 | $— | $— | $434804 | $— | $45708801 | &nbsp;&nbsp; 5435054 | $1727745 |
| Project and Trade Finance Core Fund | $12975426 | $18200000 | $— | $(1828) | $— | $31173598 | &nbsp;&nbsp; 3498720 | $959931 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED TRANSACTIONS | $82597829 | $107395089 | $(87040089) | $250961 | $(135035) | $103068755 | 16749826 | $4147692 |

---

**13**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures and options contracts.* |
| 2 | *Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted* <br> *average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description* <br> *above.*<br>|
| 3 | *7-day net yield.* |
| 4 | *Assets, other than investments in securities, less liabilities* |
| 5 | *Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the* <br> *current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular* <br> *referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit* <br> *spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined* <br> *under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.*<br>|

---

Note: The categories of investments are shown as a percentage of net assets at March 31, 2026.

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

■ Equity securities or ETFs listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.

■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.

■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.

■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different. The trading prices of the Fund's shares listed on its exchange may differ from the Fund's NAV and will normally be affected by market forces, such as supply and demand, economic conditions, the market value of the Fund's disclosed portfolio holdings and other factors. As a result, trading prices may be lower, higher or the same as the Fund's NAV; and investors may pay more than NAV when buying shares and receive less than NAV when selling shares through the exchange.

**Fair Valuation and Significant Events Procedures** 

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency

**14**

------

securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;

■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;

■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

**15**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of March 31, 2026, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasuries | &nbsp;&nbsp; $— | &nbsp;&nbsp; $146850792 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $146850792 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 118756864 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118756864 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10674307 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10674307 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10004663 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10004663 |
| Foreign Governments/Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4687024 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4687024 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4613230 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4613230 |
| **Exchange-Traded Funds** | &nbsp;&nbsp;&nbsp; 66728157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66728157 |
| **Investment Companies** | &nbsp;&nbsp;&nbsp; 71895157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 71895157 |
| Other Investments<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31173598 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $138623314 | &nbsp;&nbsp; $295586880 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $465383792 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp; $26658 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26658 |
| &nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5919 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5919 |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530832 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530832 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467207) |
| &nbsp;&nbsp; Foreign Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99267) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99267) |
| &nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183613) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183613) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(440549) | &nbsp;&nbsp; $253871 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(186678) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $31,173,598 is measured at fair value using the net* <br> *asset value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and* <br> *Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days* <br> *after receipt of a shareholder redemption request. The investment objective of PTCORE, is to provide total return. Copies of the PTCORE financial statements are* <br> *available on the EDGAR database on the SEC's website or upon request from the Fund.*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| AUD | —Australian Dollar |
| BKNT | —Bank Notes |
| BRL | —Brazilian Real |
| CHF | —Swiss Franc |
| ETF | —Exchange-Traded Fund |
| EUR | —Euro |
| GMTN | —Global Medium Term Note |
| HUF | —Hungarian Forint |
| JPY | —Japanese Yen |
| MTN | —Medium Term Note |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| USD | —United States Dollar |
| ZAR | —South African Rand |

---

**16**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Federated Hermes ETF Trust

- **b. Investment Company Act file number:** 811-23730

- **c. CIK number of Registrant:** 0001849998

- **d. LEI of Registrant:** 2549000FKW49U2D1SG36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Federated Hermes Funds

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 15086-7561

  - **Telephone number:** 800-341-7400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Federated Hermes Total Return Bond ETF

- **b. EDGAR series identifier (if any):** S000083030

- **c. LEI of Series:** 254900MCLTYIW4TEYM48

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $471215238.67

**Total Liabilities:** $3716600.88

**Net Assets:** $467498637.79

**Cash Not Reported:** $951703.34

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -326.273411000000 | **1-Year:** -7864.546617000000 | **5-Year:** -26926.401522000000 | **10-Year:** -23320.382170000000 | **30-Year:** -10362.697743000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -5.812899000000 | **1-Year:** -1003.305397000000 | **5-Year:** -12402.410757000000 | **10-Year:** -81.826310000000 | **30-Year:** -2.623785000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246534 | 0.18%                | 1.53%                | -1.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $450459.47               | $-582925.38                                |
| Month 2  | $4773.19                 | $4264361.82                                |
| Month 3  | $-140331.04              | $-8883865.60                               |

**Designated Index Information**

- **Index Name:** Barclays US Universal

- **Index Identifier:** LC07TRUU

### Schedule of Portfolio Investments

| Name                                                                     | Title                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBVIE INC                                                               | AbbVie Inc                                                                                                             | CUSIP: 00287YCY3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    902500 | PA      | $876269.43    | 0.19%             | 2035-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                                           | Air Lease Corp                                                                                                         | CUSIP: 00914AAK8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    123000 | PA      | $113230.02    | 0.02%             | 2030-12-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                              | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    346000 | PA      | $333054.23    | 0.07%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                             | Alphabet Inc                                                                                                           | CUSIP: 02079KAE7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    185500 | PA      | $123775.25    | 0.03%             | 2040-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ABBOTT LABORATORIES                                                      | Abbott Laboratories                                                                                                    | CUSIP: 002824BF6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    266000 | PA      | $265586.58    | 0.06%             | 2026-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ABBOTT LABORATORIES                                                      | Abbott Laboratories                                                                                                    | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    205000 | PA      | $188174.07    | 0.04%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                                                               | CUSIP: 00206RFU1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132297.88    | 0.03%             | 2050-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                                                               | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1409000 | PA      | $1288437.96   | 0.28%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                                       | Alcon Finance Corp                                                                                                     | CUSIP: 01400EAD5<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    290000 | PA      | $268228.56    | 0.06%             | 2030-05-27      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| AMAZON.COM INC                                                           | Amazon.com Inc                                                                                                         | CUSIP: 023135BC9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    270000 | PA      | $266733.15    | 0.06%             | 2027-08-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AUGUSTA SPINCO CORPORATI                                                 | Augusta SpinCo Corp                                                                                                    | CUSIP: 051473AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $273739.83    | 0.06%             | 2031-03-23      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2024-BNK48                                                                                                        | CUSIP: 06541GAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    947405 | PA      | $943158.45    | 0.20%             | 2057-10-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                                                                    | CUSIP: 015271BC2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     67000 | PA      | $65306.96     | 0.01%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                                                   | Allegion US Holding Co Inc                                                                                             | CUSIP: 01748NAE4<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    339000 | PA      | $334171.85    | 0.07%             | 2027-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                       | Ally Financial Inc                                                                                                     | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180522.96    | 0.04%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                   | American Honda Finance Corp                                                                                            | CUSIP: 02665WEM9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131384.31    | 0.03%             | 2028-07-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HESS CORP                                                                | Hess Corp                                                                                                              | CUSIP: 023551AJ3<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    164500 | PA      | $185899.29    | 0.04%             | 2031-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                      | American Express Co                                                                                                    | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84664.48     | 0.02%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                   | American Honda Finance Corp                                                                                            | CUSIP: 02665WED9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125223.61    | 0.03%             | 2028-01-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                      | American Tower Corp                                                                                                    | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    275000 | PA      | $263454.86    | 0.06%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                                                   | American International Group Inc                                                                                       | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    293500 | PA      | $296328.83    | 0.06%             | 2033-03-27      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                                   | Anglo American Capital PLC                                                                                             | CUSIP: 034863AW0<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    480000 | PA      | $494964.29    | 0.11%             | 2030-04-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                                                              | CUSIP: 037833DB3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24638.82     | 0.01%             | 2027-09-12      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                            | AppLovin Corp                                                                                                          | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198344.19    | 0.04%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                      | Ashtead Capital Inc                                                                                                    | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    487000 | PA      | $491750.47    | 0.11%             | 2033-05-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ASTRAZENECA PLC                                                          | AstraZeneca PLC                                                                                                        | CUSIP: 046353AN8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    205000 | PA      | $203011.89    | 0.04%             | 2027-06-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                                             | AutoZone Inc                                                                                                           | CUSIP: 053332BD3<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    324000 | PA      | $319048.93    | 0.07%             | 2033-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                         | BAT Capital Corp                                                                                                       | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    315000 | PA      | $329640.57    | 0.07%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                                                             | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    112000 | PA      | $111191.90    | 0.02%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                                       | Advance Auto Parts Inc                                                                                                 | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    350500 | PA      | $321887.04    | 0.07%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                      | Elevance Health Inc                                                                                                    | CUSIP: 036752AY9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    430000 | PA      | $438039.89    | 0.09%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                 | Antero Midstream Partners LP / Antero Midstream Finance Corp                                                           | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     93000 | PA      | $92999.52     | 0.02%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP                                                           | Air Lease Corp                                                                                                         | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    470000 | PA      | $475255.68    | 0.10%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                             | Alphabet Inc                                                                                                           | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968201.48    | 0.21%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 060505GR9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148004.65    | 0.03%             | 2037-02-06      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                   | Bank of New York Mellon Corp/The                                                                                       | CUSIP: 06406RAR8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    280000 | PA      | $246746.21    | 0.05%             | 2031-01-28      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                                                  | America Movil SAB de CV                                                                                                | CUSIP: 02364WBJ3<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $372625.17    | 0.08%             | 2030-05-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                  | American Electric Power Co Inc                                                                                         | CUSIP: 025537AX9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    576500 | PA      | $595710.99    | 0.13%             | 2033-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                                                          | CUSIP: 097023BU8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34456.46     | 0.01%             | 2027-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    297000 | PA      | $190904.63    | 0.04%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    155000 | PA      | $129527.12    | 0.03%             | 2036-11-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                                      | CDW LLC / CDW Finance Corp                                                                                             | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    341000 | PA      | $337022.85    | 0.07%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                      | American Express Co                                                                                                    | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    637000 | PA      | $652121.86    | 0.14%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                 | Anheuser-Busch InBev Worldwide Inc                                                                                     | CUSIP: 03523TBT4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    650000 | PA      | $544986.05    | 0.12%             | 2048-10-06      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                                               | Biogen Inc                                                                                                             | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    126500 | PA      | $115548.70    | 0.02%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    225000 | PA      | $180690.50    | 0.04%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256457.01    | 0.05%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                  | John Deere Capital Corp                                                                                                | CUSIP: 24422EXV6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110345.89    | 0.02%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                         | Duke Energy Corp                                                                                                       | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    325000 | PA      | $319880.88    | 0.07%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                                                  | Eni SpA                                                                                                                | CUSIP: 26874RAP3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    315000 | PA      | $313410.97    | 0.07%             | 2054-05-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| APA CORP                                                                 | APA Corp                                                                                                               | CUSIP: 03743QAR9<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51338.39     | 0.01%             | 2035-02-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                                   | Arizona Public Service Co                                                                                              | CUSIP: 040555DK7<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983174.98    | 0.21%             | 2036-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                     | Enel Finance International NV                                                                                          | CUSIP: 29278GBG2<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    750000 | PA      | $736613.92    | 0.16%             | 2030-09-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                           | Enterprise Fleet Financing 2024-1 LLC                                                                                  | CUSIP: 29375PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41969 | PA      | $42185.67     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                   | CNH Industrial Capital LLC                                                                                             | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    324000 | PA      | $324265.78    | 0.07%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                                      | Carrier Global Corp                                                                                                    | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    235000 | PA      | $247936.51    | 0.05%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                             | Centene Corp                                                                                                           | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    333000 | PA      | $279438.02    | 0.06%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                                   | Chubb INA Holdings LLC                                                                                                 | CUSIP: 171239AL0<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    375000 | PA      | $379216.05    | 0.08%             | 2029-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                        | Cisco Systems Inc                                                                                                      | CUSIP: 17275RBQ4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    217000 | PA      | $218319.85    | 0.05%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967MD0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42318.75     | 0.01%             | 2048-07-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                                             | Autodesk Inc                                                                                                           | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    280000 | PA      | $280360.53    | 0.06%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                                  | BMW Vehicle Lease Trust 2024-1                                                                                         | CUSIP: 05611UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40515 | PA      | $40561.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    755000 | PA      | $671737.85    | 0.14%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                              | BBCMS Mortgage Trust 2025-C35                                                                                          | CUSIP: 07337DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $141937.42    | 0.03%             | 2058-07-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - High Yield Bond Portfolio                         | FED HIGH YLD BOND PORT                                                                                                 | CUSIP: 000000000<br>LEI: 549300FJ1PZWFDNRP685 | Long             | EC               | RF                | US        |   1919700 | NS      | $10769517.65  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                                      | Fifth Third Bancorp                                                                                                    | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70233.41     | 0.02%             | 2030-09-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| First National Master Note Trust                                         | First National Master Note Trust                                                                                       | CUSIP: 32113CCB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $177227.33    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MBS ETF                                                          | iShares MBS ETF                                                                                                        | CUSIP: 464288588<br>LEI: 549300M0TH0IE2E6RP07 | Long             | EC               | RF                | US        |    355220 | NS      | $33728139.00  | 7.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSNG                                                 | Automatic Data Processing Inc                                                                                          | CUSIP: 053015AH6<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122560.35    | 0.03%             | 2034-09-09      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                                          | BAE Systems PLC                                                                                                        | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $409683.36    | 0.09%             | 2034-03-26      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                                                     | Beacon Funding Trust                                                                                                   | CUSIP: 073952AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $197647.52    | 0.04%             | 2054-08-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| BLACK HILLS CORP                                                         | Black Hills Corp                                                                                                       | CUSIP: 092113AQ2<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71259.72     | 0.02%             | 2033-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                 | Citizens Financial Group Inc                                                                                           | CUSIP: 174610AS4<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23037.33     | 0.00%             | 2030-02-06      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                                                   | Coca-Cola Femsa SAB de CV                                                                                              | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    510000 | PA      | $478274.07    | 0.10%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                                                           | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    863000 | PA      | $853720.91    | 0.18%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD FINANCL CORP                                                 | Comerica Inc                                                                                                           | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    302000 | PA      | $311620.95    | 0.07%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                  | Kinder Morgan Energy Partners LP                                                                                       | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23850.93     | 0.01%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                              | MetLife Inc                                                                                                            | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    201000 | PA      | $260513.89    | 0.06%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                  | Consolidated Edison Co of New York Inc                                                                                 | CUSIP: 209111FF5<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    245000 | PA      | $201846.85    | 0.04%             | 2054-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                                                | Dllad 2024-1 LLC                                                                                                       | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1015848.30   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                                                          | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    933000 | PA      | $878022.54    | 0.19%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QAE0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    155500 | PA      | $155540.91    | 0.03%             | 2028-11-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                                   | Daimler Trucks Finance North America LLC                                                                               | CUSIP: 233853AG5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    447000 | PA      | $422346.18    | 0.09%             | 2028-12-14      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| DANAHER CORP                                                             | Danaher Corp                                                                                                           | CUSIP: 235851AV4<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |    150000 | PA      | $89641.94     | 0.02%             | 2050-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                  | John Deere Capital Corp                                                                                                | CUSIP: 24422EUU1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    341000 | PA      | $334411.45    | 0.07%             | 2029-03-07      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                             | Dell Equipment Finance Trust 2025-2                                                                                    | CUSIP: 24703VAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $299914.80    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                   | Diamondback Energy Inc                                                                                                 | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    170000 | PA      | $181386.53    | 0.04%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                                  | Walt Disney Co/The                                                                                                     | CUSIP: 254687EV4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22208.78     | 0.00%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EATON CORP                                                               | Eaton Corp                                                                                                             | CUSIP: 278058DX7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985531.55    | 0.21%             | 2031-03-06      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                 | Electricite de France SA                                                                                               | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    275000 | PA      | $294307.65    | 0.06%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EMERA US FINANCE LP                                                      | Emera US Finance LP                                                                                                    | CUSIP: 29103DAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299310.49    | 0.06%             | 2026-06-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                                                           | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $67965.83     | 0.01%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BACARDI-MARTINI BV                                                       | Bacardi-Martini BV                                                                                                     | CUSIP: 05634WAB8<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $202480.96    | 0.04%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    627000 | PA      | $568199.03    | 0.12%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1552500 | PA      | $1584789.94   | 0.34%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    127000 | PA      | $122289.07    | 0.03%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                                                         | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1067000 | PA      | $1064404.13   | 0.23%             | 2037-04-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                                                         | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    751000 | PA      | $763410.11    | 0.16%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    206000 | PA      | $183488.77    | 0.04%             | 2039-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                 | Burlington Northern Santa Fe LLC                                                                                       | CUSIP: 12189LBK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $125150.43    | 0.03%             | 2054-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer LP                                                                                                     | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260000.60    | 0.06%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer LP                                                                                                     | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $347589.54    | 0.07%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                 | BX Commercial Mortgage Trust 2026-CSMO                                                                                 | CUSIP: 12433LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1080000 | PA      | $1079663.80   | 0.23%             | 2043-02-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                          | CVS Health Corp                                                                                                        | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    207000 | PA      | $209365.20    | 0.04%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                          | CVS Health Corp                                                                                                        | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    418000 | PA      | $427164.02    | 0.09%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                 | Canadian Pacific Railway Co                                                                                            | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $177208.43    | 0.04%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    179000 | PA      | $176206.18    | 0.04%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511800.59    | 0.11%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                                                                     | CUSIP: 30303M8Q8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    412000 | PA      | $384401.62    | 0.08%             | 2053-05-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                                                        | CUSIP: 3140XLP93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1693820 | PA      | $1597571.64   | 0.34%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                  | Fidelity National Information Services Inc                                                                             | CUSIP: 31620MBU9<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     60000 | PA      | $43107.14     | 0.01%             | 2041-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK INC                                                     | Fifth Third Bank/Cincinnati OH                                                                                         | CUSIP: 31677QBR9<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    276000 | PA      | $271372.09    | 0.06%             | 2027-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                        | Cisco Systems Inc                                                                                                      | CUSIP: 17275RBX9<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    330000 | PA      | $336341.82    | 0.07%             | 2030-02-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    263000 | PA      | $248405.02    | 0.05%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                                                             | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43450.95     | 0.01%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                                                             | CUSIP: 337738BM9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247743.34    | 0.05%             | 2030-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                 | Ford Motor Credit Co LLC                                                                                               | CUSIP: 345397J38<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    450000 | PA      | $441607.18    | 0.09%             | 2033-04-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                     | Freeport-McMoRan Inc                                                                                                   | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    491000 | PA      | $498203.69    | 0.11%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                                                    | Costco Wholesale Corp                                                                                                  | CUSIP: 22160KAP0<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    246000 | PA      | $222601.81    | 0.05%             | 2030-04-20      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                      | Dominion Energy Inc                                                                                                    | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    252000 | PA      | $240606.97    | 0.05%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GXO LOGISTICS INC                                                        | GXO Logistics Inc                                                                                                      | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    530000 | PA      | $549440.38    | 0.12%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC                                                    | GSK Consumer Healthcare Capital US LLC                                                                                 | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    305000 | PA      | $302017.54    | 0.06%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                     | Glencore Funding LLC                                                                                                   | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    173000 | PA      | $113501.30    | 0.02%             | 2051-09-23      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                                                                    | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    161000 | PA      | $161298.17    | 0.03%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120586.28    | 0.03%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243817.35    | 0.05%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                                              | Netflix Inc                                                                                                            | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    401000 | PA      | $406258.03    | 0.09%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                                                | ORL Trust 2024-GLKS                                                                                                    | CUSIP: 67120DAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $850532.02    | 0.18%             | 2039-12-15      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                                     | Parker-Hannifin Corp                                                                                                   | CUSIP: 701094AS3<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    490000 | PA      | $492836.10    | 0.11%             | 2029-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                                 | Public Service Enterprise Group Inc                                                                                    | CUSIP: 744573BB1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131322.72    | 0.03%             | 2035-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    114000 | PA      | $109651.66    | 0.02%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                                                 | Healthcare Trust of America Holdings LP                                                                                | CUSIP: 42225UAH7<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |    255000 | PA      | $221420.55    | 0.05%             | 2031-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                                                               | HEICO Corp                                                                                                             | CUSIP: 422806AB5<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    390000 | PA      | $396785.65    | 0.08%             | 2033-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE INC                                                  | Honeywell Aerospace Inc                                                                                                | CUSIP: 43849RAH8<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985470.08    | 0.21%             | 2046-03-16      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                 | Burlington Northern Santa Fe LLC                                                                                       | CUSIP: 12189LAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180500 | PA      | $157246.88    | 0.03%             | 2043-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                                    | Camden Property Trust                                                                                                  | CUSIP: 133131BB7<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |    633000 | PA      | $629256.69    | 0.13%             | 2034-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5176.85      | 0.00%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1316000 | PA      | $1336197.97   | 0.29%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPANY/THE                                                    | Campbell Soup Co                                                                                                       | CUSIP: 134429BN8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    225000 | PA      | $227151.49    | 0.05%             | 2029-03-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                                                | Chesapeake Funding II LLC                                                                                              | CUSIP: 165183DF8<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100282.01    | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CHEVRON CORP                                                             | Chevron Corp                                                                                                           | CUSIP: 166764CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $171767.04    | 0.04%             | 2050-05-11      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE GROUP                                                  | Columbia Pipeline Group Inc                                                                                            | CUSIP: 198280AH2<br>LEI: 549300SRP1TQM9JJBG80 | Long             | DBT              | CORP              | US        |    479000 | PA      | $467068.93    | 0.10%             | 2045-06-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                         | Duke Energy Corp                                                                                                       | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    565000 | PA      | $483459.93    | 0.10%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                                       | PURCHASED USD / SOLD ZAR                                                                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $2697.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                   | JW Trust 2024-BERY                                                                                                     | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500000.80    | 0.11%             | 2039-11-15      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                                  | Jefferies Financial Group Inc                                                                                          | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    306500 | PA      | $312572.35    | 0.07%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                 | Rogers Communications Inc                                                                                              | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $202063.11    | 0.04%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                                                           | Salesforce Inc                                                                                                         | CUSIP: 79466LAR5<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002070.91   | 0.21%             | 2029-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                                   | John Deere Owner Trust 2024-B                                                                                          | CUSIP: 47786WAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    996330 | PA      | $1006172.19   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                                        | Johnson & Johnson                                                                                                      | CUSIP: 478160CM4<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     64000 | PA      | $48325.78     | 0.01%             | 2048-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                        | L3Harris Technologies Inc                                                                                              | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95715.63     | 0.02%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                                                          | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    424000 | PA      | $444472.11    | 0.10%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                 | Mars Inc                                                                                                               | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53628.99     | 0.01%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MASS MUTUAL LIFE INS CO                                                  | Massachusetts Mutual Life Insurance Co                                                                                 | CUSIP: 575767AQ1<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    513000 | PA      | $345757.96    | 0.07%             | 2050-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                                      | PURCHASED USD / SOLD HUF                                                                                               | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DFE              |  | US        |         1 | NC      | $-9557.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                                                           | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $707327.09    | 0.15%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                                   | Match Group Inc                                                                                                        | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    157000 | PA      | $156344.54    | 0.03%             | 2027-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                                    | MidAmerican Energy Co                                                                                                  | CUSIP: 595620BA2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    600000 | PA      | $575484.81    | 0.12%             | 2056-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Government Obligations Fund                             | Federated Hermes Government Obligations Fund                                                                           | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   4677340 | NS      | $4677339.70   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NBCUNIVERSAL MEDIA LLC                                                   | NBCUniversal Media LLC                                                                                                 | CUSIP: 63946BAG5<br>LEI: VTBDOQJ6KOGQ6K786R46 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22031.37     | 0.00%             | 2041-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer Operating LP                                                                                           | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    149000 | PA      | $150380.78    | 0.03%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                              | Exelon Corp                                                                                                            | CUSIP: 30161NBH3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    262500 | PA      | $198139.10    | 0.04%             | 2052-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | Sempra Energy                                                                                                          | CUSIP: 816851AP4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178609.36    | 0.04%             | 2039-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                                                     | Smithfield Foods Inc                                                                                                   | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182824.88    | 0.04%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                                                           | CUSIP: 20030NCZ2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    530000 | PA      | $347492.12    | 0.07%             | 2050-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DLLMT LLC                                                                | DLLMT 2026-1 LLC                                                                                                       | CUSIP: 23347JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1247873.75   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                   | NextEra Energy Capital Holdings Inc                                                                                    | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    908000 | PA      | $827426.05    | 0.18%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN TRUST CORP                                                      | Northern Trust Corp                                                                                                    | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    250000 | PA      | $266581.31    | 0.06%             | 2032-11-02      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                                                          | 180 Medical Inc                                                                                                        | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    275000 | PA      | $269583.55    | 0.06%             | 2035-10-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC                                                                | ONEOK Inc                                                                                                              | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    370000 | PA      | $389786.89    | 0.08%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                                                            | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    296000 | PA      | $280515.95    | 0.06%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                                                                   | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    792000 | PA      | $811583.38    | 0.17%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                                                                   | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502182.59    | 0.11%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                                  | Duke Energy Indiana LLC                                                                                                | CUSIP: 693627AY7<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     83000 | PA      | $87985.81     | 0.02%             | 2035-10-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                                      | PURCHASED AUD / SOLD USD                                                                                               | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DFE              |  | AU        |         1 | NC      | $-79139.62    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWC68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4099062 | PA      | $3313946.46   | 0.71%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                                         | FirstEnergy Corp                                                                                                       | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188452.76    | 0.04%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FLOWERS FOODS INC                                                        | Flowers Foods Inc                                                                                                      | CUSIP: 343498AB7<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218744.46    | 0.05%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                                                     | Southern Copper Corp                                                                                                   | CUSIP: 84265VAE5<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $163041.45    | 0.03%             | 2040-04-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TC PIPELINES LP                                                          | TC PipeLines LP                                                                                                        | CUSIP: 87233QAC2<br>LEI: 6HL0C5LCIE4TN8UZHL06 | Long             | DBT              | CORP              | US        |    225000 | PA      | $223344.68    | 0.05%             | 2027-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                                                        | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    381000 | PA      | $393123.95    | 0.08%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1669000 | PA      | $1499184.44   | 0.32%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Total System Services Inc                                                                                              | CUSIP: 891906AF6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    234000 | PA      | $232053.70    | 0.05%             | 2028-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                                                 | Toyota Lease Owner Trust 2024-B                                                                                        | CUSIP: 891943AD4<br>LEI: 254900R64DFTI1MWY364 | Long             | ABS-O            | CORP              | US        |    824076 | PA      | $824462.23    | 0.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PACIFIC LIFECORP                                                         | Pacific LifeCorp                                                                                                       | CUSIP: 694476AA0<br>LEI: VFN8KLUEIK7XMVX1JM30 | Long             | DBT              | CORP              | US        |    192000 | PA      | $209147.27    | 0.04%             | 2033-09-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| PFIZER INC                                                               | Pfizer Inc                                                                                                             | CUSIP: 717081EW9<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    382000 | PA      | $357680.31    | 0.08%             | 2030-04-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                                                        | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198927.40    | 0.04%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                              | Prologis LP                                                                                                            | CUSIP: 74340XCF6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |    105000 | PA      | $97844.00     | 0.02%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                                       | Regency Centers LP                                                                                                     | CUSIP: 75884RBC6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    155000 | PA      | $154483.13    | 0.03%             | 2035-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                                         | Ryder System Inc                                                                                                       | CUSIP: 78355HKV0<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    385000 | PA      | $393196.34    | 0.08%             | 2028-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                                         | Ryder System Inc                                                                                                       | CUSIP: 78355HLD9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $192093.79    | 0.04%             | 2029-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                                    | SBNA Auto Lease Trust 2024-C                                                                                           | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    673875 | PA      | $674929.20    | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                    | Uber Technologies Inc                                                                                                  | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291106.26    | 0.06%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                                                             | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    212000 | PA      | $209684.76    | 0.04%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                   | Santander Drive Auto Receivables Trust 2026-1                                                                          | CUSIP: 80288FAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $596219.28    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHLUMBERGER INVESTMENT                                                  | Schlumberger Investment SA                                                                                             | CUSIP: 806854AJ4<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |       500 | PA      | $464.26       | 0.00%             | 2030-06-26      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                         | Hewlett Packard Enterprise Co                                                                                          | CUSIP: 42824CBP3<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45680.37     | 0.01%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                         | Hewlett Packard Enterprise Co                                                                                          | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    510000 | PA      | $493673.25    | 0.11%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                                                             | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    633000 | PA      | $648256.38    | 0.14%             | 2030-01-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       300 | PA      | $296.28       | 0.00%             | 2026-08-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $555156.25    | 0.12%             | 2027-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200667.40    | 0.04%             | 2027-02-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                           | Home Depot Inc/The                                                                                                     | CUSIP: 437076BY7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    127500 | PA      | $122667.89    | 0.03%             | 2029-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                           | Home Depot Inc/The                                                                                                     | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    516000 | PA      | $485434.28    | 0.10%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                                  | Shell International Finance BV                                                                                         | CUSIP: 822582BQ4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $196895.67    | 0.04%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                   | Smurfit Kappa Treasury ULC                                                                                             | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203670.85    | 0.04%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                                  | Honeywell International Inc                                                                                            | CUSIP: 438516CZ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18040.63     | 0.00%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                 | Huntington Ingalls Industries Inc                                                                                      | CUSIP: 446413AL0<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    265000 | PA      | $260807.29    | 0.06%             | 2027-12-01      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                                                        | Southern Power Co                                                                                                      | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212224.86    | 0.05%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                                                                   | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126111.72    | 0.03%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                                                 | FNB Corp/PA                                                                                                            | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    340000 | PA      | $342111.50    | 0.07%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                                                                     | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $452878.35    | 0.10%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                      | Fifth Third Bancorp                                                                                                    | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    307000 | PA      | $316459.80    | 0.07%             | 2032-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                   | GE HealthCare Technologies Inc                                                                                         | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    245000 | PA      | $247226.20    | 0.05%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                  | Hyundai Capital America                                                                                                | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505336.67    | 0.11%             | 2030-03-27      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| KENVUE INC                                                               | Kenvue Inc                                                                                                             | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    245000 | PA      | $246971.61    | 0.05%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199734.38    | 0.04%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CQC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1525000 | PA      | $1490336.60   | 0.32%             | 2033-02-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GE VERNOVA INC                                                           | GE Vernova Inc                                                                                                         | CUSIP: 36828AAB7<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198222.38    | 0.04%             | 2036-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    134000 | PA      | $127251.92    | 0.03%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                   | Williams Cos Inc/The                                                                                                   | CUSIP: 88339WAB2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    672000 | PA      | $679889.94    | 0.15%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TRIMBLE INC                                                              | Trimble Inc                                                                                                            | CUSIP: 896239AE0<br>LEI: 549300E2MI7NSZFQWS19 | Long             | DBT              | CORP              | US        |    160000 | PA      | $167408.24    | 0.04%             | 2033-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                       | Honda Auto Receivables 2025-2 Owner Trust                                                                              | CUSIP: 437921AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $602630.04    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $470905.71    | 0.10%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                     | Lockheed Martin Corp                                                                                                   | CUSIP: 539830CA5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    410000 | PA      | $411101.66    | 0.09%             | 2034-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                     | Lockheed Martin Corp                                                                                                   | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000730.95   | 0.21%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| KLA CORP                                                                 | KLA Corp                                                                                                               | CUSIP: 482480AL4<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    235000 | PA      | $236042.66    | 0.05%             | 2032-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                                               | Kenvue Inc                                                                                                             | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    131000 | PA      | $132999.22    | 0.03%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                    | Truist Financial Corp                                                                                                  | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    360000 | PA      | $375093.92    | 0.08%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                                    | United Parcel Service Inc                                                                                              | CUSIP: 911312BZ8<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    548000 | PA      | $558589.10    | 0.12%             | 2033-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4819531.00   | 1.03%             | 2045-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       400 | PA      | $394.34       | 0.00%             | 2026-09-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                        | Kinder Morgan Inc                                                                                                      | CUSIP: 494553AD2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101507.21    | 0.02%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP                                                        | Lam Research Corp                                                                                                      | CUSIP: 512807AU2<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    249000 | PA      | $247518.56    | 0.05%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                                                                | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    621500 | PA      | $618682.63    | 0.13%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                                                  | Marathon Petroleum Corp                                                                                                | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    198000 | PA      | $168340.60    | 0.04%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                 | National Rural Utilities Cooperative Finance Corp                                                                      | CUSIP: 637432NK7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    231000 | PA      | $231015.94    | 0.05%             | 2046-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC                                                        | Omnicom Group Inc                                                                                                      | CUSIP: 681919BD7<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    142000 | PA      | $127153.16    | 0.03%             | 2031-08-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                                                            | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    463000 | PA      | $306410.67    | 0.07%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                                              | Ovintiv Inc                                                                                                            | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |     90000 | PA      | $97293.54     | 0.02%             | 2053-07-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                   | UnitedHealth Group Inc                                                                                                 | CUSIP: 91324PFA5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    792000 | PA      | $803832.69    | 0.17%             | 2031-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                                                             | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    233000 | PA      | $178902.07    | 0.04%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1770000 | PA      | $1776628.12   | 0.38%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       400 | PA      | $405.03       | 0.00%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                 | Mars Inc                                                                                                               | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    465000 | PA      | $469427.15    | 0.10%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                 | Marsh & McLennan Cos Inc                                                                                               | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    455000 | PA      | $458244.90    | 0.10%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    945000 | PA      | $940167.35    | 0.20%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                                               | US 2YR FUTR OPTN APR26C 104.3                                                                                          | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DIR              |  | US        |      -300 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAP002385 USD PUT CHF CALL                                                                                             | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |  -4000000 | OU      | $-268.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                                       | UBP002408 USD PUT NOK CALL                                                                                             | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              |  | US        |  -4000000 | OU      | $-612.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                                                        | CUSIP: 718172AU3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    543000 | PA      | $435753.23    | 0.09%             | 2042-08-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                                                        | CUSIP: 718172CP2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    156000 | PA      | $141972.02    | 0.03%             | 2030-05-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                              | MetLife Inc                                                                                                            | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    388000 | PA      | $396162.74    | 0.08%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                                 | Microchip Technology Inc                                                                                               | CUSIP: 595017BE3<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294210.64    | 0.06%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                                                         | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    231000 | PA      | $234386.29    | 0.05%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                | ONEOK Inc                                                                                                              | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100124.67    | 0.02%             | 2028-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY                                                  | Phillips Edison Grocery Center Operating Partnership I LP                                                              | CUSIP: 71845JAD0<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              |  | US        |     50000 | PA      | $50206.31     | 0.01%             | 2032-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                                                  | Principal Financial Group Inc                                                                                          | CUSIP: 74251VAS1<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   1008500 | PA      | $910491.34    | 0.19%             | 2030-06-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| ORANGE SA                                                                | Orange SA                                                                                                              | CUSIP: 685218AF6<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    525000 | PA      | $515669.52    | 0.11%             | 2036-01-13      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                                 | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                          | CUSIP: 709599BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    563500 | PA      | $572849.81    | 0.12%             | 2028-05-01      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1242079.88   | 0.27%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8150000 | PA      | $8147453.13   | 1.74%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4850000 | PA      | $4867808.72   | 1.04%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $423132.47    | 0.09%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                  | Pfizer Investment Enterprises Pte Ltd                                                                                  | CUSIP: 716973AC6<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    137000 | PA      | $137813.11    | 0.03%             | 2028-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                  | Pfizer Investment Enterprises Pte Ltd                                                                                  | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    577000 | PA      | $574801.65    | 0.12%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                                             | QUALCOMM Inc                                                                                                           | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998479.45    | 0.21%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC                                                    | Reynolds American Inc                                                                                                  | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    118000 | PA      | $114280.54    | 0.02%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                  | Public Service Electric and Gas Co                                                                                     | CUSIP: 74456QAV8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4009.39      | 0.00%             | 2040-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                                       | Regency Centers LP                                                                                                     | CUSIP: 75884RAX1<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    120000 | PA      | $119664.80    | 0.03%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6750000 | PA      | $6698181.60   | 1.43%             | 2028-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                   | UnitedHealth Group Inc                                                                                                 | CUSIP: 91324PFH0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15167.23     | 0.00%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                        | State Street Corp                                                                                                      | CUSIP: 857477BF9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    365000 | PA      | $343600.34    | 0.07%             | 2034-11-01      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                        | Sysco Corp                                                                                                             | CUSIP: 871829BR7<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    170000 | PA      | $104746.91    | 0.02%             | 2051-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                                                       | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219752.92    | 0.05%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                                                                   | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    333000 | PA      | $315263.82    | 0.07%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                                    | Republic Services Inc                                                                                                  | CUSIP: 760759BA7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    355000 | PA      | $306403.96    | 0.07%             | 2033-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                   | Roper Technologies Inc                                                                                                 | CUSIP: 776743AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    471000 | PA      | $420343.54    | 0.09%             | 2030-06-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                                                  | Schlumberger Holdings Corp                                                                                             | CUSIP: 806851AR2<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    138000 | PA      | $128136.11    | 0.03%             | 2030-06-26      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                      | Charles Schwab Corp/The                                                                                                | CUSIP: 808513BA2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    200500 | PA      | $195053.07    | 0.04%             | 2029-05-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Vanguard Mortgage-Backed Securities ETF                                  | Vanguard Mortgage-Backed Securities ETF                                                                                | CUSIP: 92206C771<br>LEI: 157FPOCFDEEVUKWE4M41 | Long             | EC               | RF                | US        |    565320 | NS      | $26541774.00  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                                                 | Visa Inc                                                                                                               | CUSIP: 92826CAE2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    297000 | PA      | $282950.72    | 0.06%             | 2035-12-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 949746NL1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123682.29    | 0.03%             | 2036-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 94974BGE4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     33000 | PA      | $27668.73     | 0.01%             | 2044-11-04      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99557.73     | 0.02%             | 2035-12-03      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower Inc                                                                                                          | CUSIP: 95040QAL8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    636000 | PA      | $584867.20    | 0.13%             | 2031-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                                        | World Omni Auto Receivables Trust 2024-A                                                                               | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137574 | PA      | $138177.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                          | Long: SP9H0DT34 CDS USD R F  1.00000 SP9H0DT34_FEE CCPCDX / Short: SP9H0DT34 CDS USD P V 03MEVENT SP9H0DT34_PRO CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |  30000000 | OU      | $530832.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR ULTRA FUT JUN26                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        45 | NC      | $-100754.41   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Capital, Inc.                                                   | BYP002410 AUD PUT USD CALL                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              |  | US        |  -3000000 | OU      | $-8367.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | Sempra                                                                                                                 | CUSIP: 816851BG3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122657.03    | 0.03%             | 2028-02-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                                                       | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    961000 | PA      | $935889.97    | 0.20%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                                                   | Tennessee Gas Pipeline Co LLC                                                                                          | CUSIP: 880451AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $183290.50    | 0.04%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                    | Truist Financial Corp                                                                                                  | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    297000 | PA      | $306368.35    | 0.07%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| TEXTRON INC                                                              | Textron Inc                                                                                                            | CUSIP: 883203CC3<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |    175000 | PA      | $157581.00    | 0.03%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                                 | Thermo Fisher Scientific Inc                                                                                           | CUSIP: 883556DJ8<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1092189.42   | 0.23%             | 2036-02-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    666000 | PA      | $668211.32    | 0.14%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1252000 | PA      | $1255813.84   | 0.27%             | 2027-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO                                                        | Tractor Supply Co                                                                                                      | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |     84500 | PA      | $85794.91     | 0.02%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                                          | Tyson Foods Inc                                                                                                        | CUSIP: 902494BM4<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    193000 | PA      | $199795.85    | 0.04%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                                                              | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    776000 | PA      | $796352.88    | 0.17%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                                                   | Commonwealth Edison Co                                                                                                 | CUSIP: 202795JJ0<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    230000 | PA      | $171386.00    | 0.04%             | 2046-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle International Corp                                                                                        | CUSIP: 22822VAU5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    457000 | PA      | $292533.42    | 0.06%             | 2051-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                  | Dell International LLC / EMC Corp                                                                                      | CUSIP: 24703TAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $581918.16    | 0.12%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWEP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2452014 | PA      | $2160567.78   | 0.46%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - Federated Mortgage Core Portfolio                 | FEDERATED CORE TR MTG CORE PORTFOLIO                                                                                   | CUSIP: 31409N200<br>LEI: 254900WC9GWJKY8X3D48 | Long             | EC               | RF                | US        |   5435054 | NS      | $45708801.05  | 9.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERATED CORE TR                                                        | FEDERATED CORE TR MUTUAL FUND                                                                                          | CUSIP: 31409N887<br>LEI: 254900HYFNGKM5PJOV84 | Long             | EC               | RF                | US        |   1219012 | NS      | $10739497.65  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                                                        | CUSIP: 3140XNR71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1443096 | PA      | $1455952.49   | 0.31%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust III - Federated Project and Trade Finance Core Fund | FEDERATED CORE TR III FEDERATED PROJ+TRADE FIN CORE                                                                    | CUSIP: 31415N103<br>LEI: 549300K79QCJYF3J1472 | Long             | EC               | RF                | US        |   3498720 | NS      | $31173598.27  | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    474000 | PA      | $481131.33    | 0.10%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     82000 | PA      | $79146.69     | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx USD High Yield Corporate Bond ETF                          | iShares iBoxx $ High Yield Corporate Bond ETF                                                                          | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |     38200 | NS      | $3039192.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12600000 | PA      | $12263343.12  | 2.62%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7750000 | PA      | $7400039.45   | 1.58%             | 2055-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1048000 | PA      | $1035594.20   | 0.22%             | 2029-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1450000 | PA      | $1462001.07   | 0.31%             | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2925000 | PA      | $2974561.49   | 0.64%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $352693.36    | 0.08%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     95500 | PA      | $93741.15     | 0.02%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2675000 | PA      | $2659953.13   | 0.57%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2809803.64   | 0.60%             | 2032-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5900000 | PA      | $5878703.36   | 1.26%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1405906.32   | 0.30%             | 2027-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $307781.25    | 0.07%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8500000 | PA      | $8322614.35   | 1.78%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                             | VeriSign Inc                                                                                                           | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    328000 | PA      | $293665.20    | 0.06%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46625HHV5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    340000 | PA      | $346454.95    | 0.07%             | 2040-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                                                          | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    174000 | PA      | $185946.21    | 0.04%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                                                     | National Fuel Gas Co                                                                                                   | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    403000 | PA      | $399570.65    | 0.09%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust                              | Navistar Financial Dealer Note Master Owner Trust                                                                      | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $750744.83    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| RTX CORP                                                                 | Raytheon Technologies Corp                                                                                             | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    451000 | PA      | $459952.93    | 0.10%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                                 | Regeneron Pharmaceuticals Inc                                                                                          | CUSIP: 75886FAF4<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    415000 | PA      | $251190.54    | 0.05%             | 2050-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $285984.36    | 0.06%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1950000 | PA      | $1964893.71   | 0.42%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $153390.02    | 0.03%             | 2029-04-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9915819.00   | 2.12%             | 2029-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC Energy Group Inc                                                                                                   | CUSIP: 92939UAG1<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    292000 | PA      | $275750.81    | 0.06%             | 2028-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSC002415 USD CALL ZAR PUT                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -4000000 | OU      | $-100076.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13990000 | PA      | $13970327.26  | 2.99%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10750000 | PA      | $10486289.60  | 2.24%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3280000 | PA      | $3228750.00   | 0.69%             | 2036-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                                                             | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    203000 | PA      | $194919.31    | 0.04%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                                                             | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    744000 | PA      | $708611.64    | 0.15%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                 | Virginia Electric and Power Co                                                                                         | CUSIP: 927804GG3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    348000 | PA      | $306822.98    | 0.07%             | 2032-03-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | Vodafone Group PLC                                                                                                     | CUSIP: 92857WBU3<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    460000 | PA      | $353290.38    | 0.08%             | 2050-09-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                             | WP Carey Inc                                                                                                           | CUSIP: 92936UAE9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    240000 | PA      | $239889.01    | 0.05%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                             | WP Carey Inc                                                                                                           | CUSIP: 92936UAM1<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    220000 | PA      | $220002.58    | 0.05%             | 2034-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 5YR NOTE (CBT) JUN26                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        95 | NC      | $-157547.91   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                                                    | Waste Connections Inc                                                                                                  | CUSIP: 94106BAJ0<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $357107.72    | 0.08%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     95000 | PA      | $87872.97     | 0.02%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 2YR NOTE (CBT) JUN26                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       500 | NC      | $-701886.20   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                           | BNC002326 EUR CALL USD PUT                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |  -4000000 | OU      | $-2088.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                           | BNC002333 USD CALL JPY PUT                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |  -5000000 | OU      | $-30130.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1414000 | PA      | $1380143.23   | 0.30%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                                   | Westinghouse Air Brake Technologies Corp                                                                               | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    117000 | PA      | $120341.10    | 0.03%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                                               | Zoetis Inc                                                                                                             | CUSIP: 98978VAT0<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    225000 | PA      | $144859.29    | 0.03%             | 2050-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR NOTE (CBT)JUN26                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       300 | NC      | $-136612.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                                  | Hungary Government Bond                                                                                                | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        | 400000000 | PA      | $1155396.79   | 0.25%             | 2029-11-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Australia Government Bonds                                               | Australia Government Bonds                                                                                             | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    750000 | PA      | $484671.03    | 0.10%             | 2029-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                                 | Republic of South Africa Government Bond                                                                               | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  20000000 | PA      | $948319.35    | 0.20%             | 2036-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                                                              | CUSIP: 031162CU2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    190000 | PA      | $176445.73    | 0.04%             | 2030-02-21      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN POWER CO                                                     | Appalachian Power Co                                                                                                   | CUSIP: 037735CW5<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44401.32     | 0.01%             | 2027-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                                                              | CUSIP: 037833EQ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    875000 | PA      | $679069.57    | 0.15%             | 2052-08-08      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                                                    | AvalonBay Communities Inc                                                                                              | CUSIP: 05348EBA6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |    333500 | PA      | $330260.95    | 0.07%             | 2027-05-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                 | Charter Communications Operating LLC / Charter Communications Operating Capital                                        | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    648000 | PA      | $658033.36    | 0.14%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    655000 | PA      | $647512.85    | 0.14%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                 | Constellation Energy Generation LLC                                                                                    | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    440500 | PA      | $461352.01    | 0.10%             | 2033-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                 | Corebridge Financial Inc                                                                                               | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    258000 | PA      | $264625.23    | 0.06%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                                                               | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    111000 | PA      | $105212.82    | 0.02%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                                  | Walt Disney Co/The                                                                                                     | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    294000 | PA      | $212806.43    | 0.05%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| EDP FINANCE BV                                                           | EDP Finance BV                                                                                                         | CUSIP: 26835PAH3<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $237256.67    | 0.05%             | 2028-01-24      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| Bank of America NA                                                       | PURCHASED USD / SOLD MXN                                                                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $3221.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                                    | General Dynamics Corp                                                                                                  | CUSIP: 369550BN7<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109466.41    | 0.02%             | 2026-06-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                                      | Gilead Sciences Inc                                                                                                    | CUSIP: 375558BG7<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    395000 | PA      | $385994.04    | 0.08%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    378000 | PA      | $372883.20    | 0.08%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                                                                    | CUSIP: 015271AJ8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    355000 | PA      | $353640.57    | 0.08%             | 2027-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust                             | American Express Credit Account Master Trust                                                                           | CUSIP: 02582JKH2<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506748.10    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                      | American Tower Corp                                                                                                    | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    378000 | PA      | $342977.91    | 0.07%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                                          | BAE Systems PLC                                                                                                        | CUSIP: 05523RAE7<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $131964.07    | 0.03%             | 2050-09-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                                    | Keysight Technologies Inc                                                                                              | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308187.98    | 0.07%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                               | Leidos Inc                                                                                                             | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    416000 | PA      | $409275.39    | 0.09%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                   | Bank of New York Mellon Corp/The                                                                                       | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    379000 | PA      | $377324.66    | 0.08%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                                                   | Boardwalk Pipelines LP                                                                                                 | CUSIP: 096630AG3<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    570000 | PA      | $572009.00    | 0.12%             | 2029-05-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                                                  | Corebridge Global Funding                                                                                              | CUSIP: 00138CBF4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499761.48    | 0.11%             | 2030-06-06      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| AIRBUS SE                                                                | Airbus SE                                                                                                              | CUSIP: 009279AA8<br>LEI: MINO79WLOO247M1IL051 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $222353.47    | 0.05%             | 2027-04-10      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| AMAZON.COM INC                                                           | Amazon.com Inc                                                                                                         | CUSIP: 023135BS4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    505000 | PA      | $451091.39    | 0.10%             | 2030-06-03      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                      | Elevance Health Inc                                                                                                    | CUSIP: 036752BK8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97964.15     | 0.02%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                                    | Aon North America Inc                                                                                                  | CUSIP: 03740MAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $113696.33    | 0.02%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                                                              | CUSIP: 037833DU1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    617000 | PA      | $559594.26    | 0.12%             | 2030-05-11      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BLACKROCK INC                                                            | BlackRock Inc                                                                                                          | CUSIP: 09247XAT8<br>LEI: 549300LRIF3NWCU26A80 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140733.04    | 0.03%             | 2033-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                                                          | CUSIP: 097023CK9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $73068.71     | 0.02%             | 2049-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                                                       | CNA Financial Corp                                                                                                     | CUSIP: 126117AX8<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    479000 | PA      | $485724.89    | 0.10%             | 2033-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                 | Capital One Financial Corp                                                                                             | CUSIP: 14040HCJ2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     37000 | PA      | $32451.98     | 0.01%             | 2032-11-02      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                 | Constellation Brands Inc                                                                                               | CUSIP: 21036PBC1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    363000 | PA      | $364574.82    | 0.08%             | 2028-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                              | Exelon Corp                                                                                                            | CUSIP: 210371AF7<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    227000 | PA      | $257301.98    | 0.06%             | 2032-04-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                                   | PURCHASED USD / SOLD BRL                                                                                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-10569.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                           | Enterprise Fleet Financing 2025-2 LLC                                                                                  | CUSIP: 29375TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $327712.19    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FS Trust                                                                 | FS 2026-ORL                                                                                                            | CUSIP: 30343YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1097937.50   | 0.23%             | 2041-02-15      | Floating      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2435787 | PA      | $2146268.95   | 0.46%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORTINET INC                                                             | Fortinet Inc                                                                                                           | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |    272000 | PA      | $241774.05    | 0.05%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132416.05    | 0.03%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                           | Home Depot Inc/The                                                                                                     | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98426.92     | 0.02%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| iShares J.P. Morgan USD Emerging Markets Bond ETF                        | iShares J.P. Morgan USD Emerging Markets Bond ETF                                                                      | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |     36400 | NS      | $3419052.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| John Deere Owner Trust                                                   | John Deere Owner Trust 2024-C                                                                                          | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002113.80   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| KEYCORP                                                                  | KeyCorp                                                                                                                | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    260000 | PA      | $275662.88    | 0.06%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                                                | Kroger Co/The                                                                                                          | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    360000 | PA      | $355450.65    | 0.08%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                                                   | Mid-America Apartments LP                                                                                              | CUSIP: 59523UAW7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |    300000 | PA      | $308400.32    | 0.07%             | 2032-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                             | NiSource Inc                                                                                                           | CUSIP: 65473PAL9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    787000 | PA      | $683967.73    | 0.15%             | 2031-02-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                                                 | Northwestern Mutual Life Insurance Co                                                                                  | CUSIP: 668138AC4<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    418000 | PA      | $283205.45    | 0.06%             | 2059-09-30      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| NUVEEN LLC                                                               | Nuveen LLC                                                                                                             | CUSIP: 67080LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11906.26     | 0.00%             | 2028-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                                              | ORACLE CORP SR UNSECURED 04/30 2.95                                                                                    | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    106000 | PA      | $96760.71     | 0.02%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                                                       | Pacific Life Global Funding II                                                                                         | CUSIP: 6944PL2Z1<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181938.27    | 0.04%             | 2029-01-11      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| DOC DR LLC                                                               | Physicians Realty LP                                                                                                   | CUSIP: 71951QAA0<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              |  | US        |    422500 | PA      | $422092.02    | 0.09%             | 2027-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                                                    | Lincoln National Corp                                                                                                  | CUSIP: 534187BA6<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |     55000 | PA      | $59515.39     | 0.01%             | 2040-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                                     | Mercedes-Benz Finance North America LLC                                                                                | CUSIP: 58769JAC1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    305000 | PA      | $309576.16    | 0.07%             | 2027-11-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                 | Plains All American Pipeline LP / PAA Finance Corp                                                                     | CUSIP: 72650RBA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    271000 | PA      | $243166.68    | 0.05%             | 2042-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                   | Regions Financial Corp                                                                                                 | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    435000 | PA      | $446111.34    | 0.10%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                    | Southern California Gas Co                                                                                             | CUSIP: 842434DB5<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    355000 | PA      | $356433.09    | 0.08%             | 2034-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                                 | Teachers Insurance & Annuity Association of America                                                                    | CUSIP: 878091BD8<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    230000 | PA      | $204519.05    | 0.04%             | 2044-09-15      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                                                 | Nationwide Mutual Insurance Co                                                                                         | CUSIP: 638671AK3<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |    175000 | PA      | $224066.02    | 0.05%             | 2039-08-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| OMNICOM GROUP INC                                                        | Omnicom Group Inc                                                                                                      | CUSIP: 681919BS4<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89998.81     | 0.02%             | 2033-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                                        | Travelers Cos Inc/The                                                                                                  | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496466.46    | 0.11%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3411953.30   | 0.73%             | 2056-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    752000 | PA      | $761365.63    | 0.16%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2779028.56   | 0.59%             | 2033-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                                                       | Valero Energy Corp                                                                                                     | CUSIP: 91913YAE0<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11317.41     | 0.00%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                                     | VERISK ANALYTICS INC SR UNSECURED 03/29 4.125                                                                          | CUSIP: 92345YAF3<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    321000 | PA      | $319230.88    | 0.07%             | 2029-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                                              | Walmart Inc                                                                                                            | CUSIP: 931142EE9<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24869.31     | 0.01%             | 2028-06-26      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                   | Williams Cos Inc/The                                                                                                   | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    105000 | PA      | $124700.13    | 0.03%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                                               | US 2YR FUTR OPTN APR26C 104.6                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -300 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Securities LLC                                                       | UBC002428 AUD CALL USD PUT                                                                                             | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              |  | US        |  -6000000 | OU      | $-42072.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                                 | Brazil Notas do Tesouro Nacional Serie F                                                                               | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   6000000 | PA      | $1039816.21   | 0.22%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                                  | Mexican Bonos                                                                                                          | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  20000000 | PA      | $1058820.63   | 0.23%             | 2032-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24122.34     | 0.01%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                 | Capital One Financial Corp                                                                                             | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    319500 | PA      | $326902.46    | 0.07%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    381500 | PA      | $381510.79    | 0.08%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    427000 | PA      | $432609.82    | 0.09%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                         | Coca-Cola Co/The                                                                                                       | CUSIP: 191216CM0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    365000 | PA      | $342716.46    | 0.07%             | 2029-09-06      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS INC                                                    | DuPont de Nemours Inc                                                                                                  | CUSIP: 26078JAE0<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13792.77     | 0.00%             | 2038-11-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                                                     | ERAC USA Finance LLC                                                                                                   | CUSIP: 26884TAV4<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    450500 | PA      | $452680.24    | 0.10%             | 2028-05-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                                                           | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    141000 | PA      | $140018.51    | 0.03%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                 | Enterprise Products Operating LLC                                                                                      | CUSIP: 29379VAT0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    338000 | PA      | $352643.64    | 0.08%             | 2041-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                                                                     | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    407000 | PA      | $365794.38    | 0.08%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                   | GE HealthCare Technologies Inc                                                                                         | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    276000 | PA      | $288017.41    | 0.06%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                     | Glencore Funding LLC                                                                                                   | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    225000 | PA      | $230281.28    | 0.05%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                                                                    | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    444000 | PA      | $389050.18    | 0.08%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                                                           | Halliburton Co                                                                                                         | CUSIP: 406216BK6<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    103000 | PA      | $91358.56     | 0.02%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                 | Host Hotels & Resorts LP                                                                                               | CUSIP: 44107TBC9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    165000 | PA      | $163702.61    | 0.04%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                    | Huntington Bancshares Inc/OH                                                                                           | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1083945.94   | 0.23%             | 2032-01-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1058278.08   | 0.23%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                                     | Keurig Dr Pepper Inc                                                                                                   | CUSIP: 49271VAJ9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    350000 | PA      | $328175.04    | 0.07%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                      | Kimco Realty Corp                                                                                                      | CUSIP: 49446RAP4<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    420000 | PA      | $416912.69    | 0.09%             | 2026-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                                     | Kraft Heinz Foods Co                                                                                                   | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     13000 | PA      | $10163.95     | 0.00%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                           | Microsoft Corp                                                                                                         | CUSIP: 594918BS2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    300000 | PA      | $270422.31    | 0.06%             | 2036-08-08      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                                                     | National Fuel Gas Co                                                                                                   | CUSIP: 636180BR1<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90906.80     | 0.02%             | 2031-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                 | National Rural Utilities Cooperative Finance Corp                                                                      | CUSIP: 637432NZ4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38708.61     | 0.01%             | 2032-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN SYSTEMS                                                 | Northrop Grumman Systems Corp                                                                                          | CUSIP: 666807AW2<br>LEI: 549300KYOZYCZII5OX23 | Long             | DBT              | CORP              | US        |    377000 | PA      | $427849.13    | 0.09%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                           | PECO Energy Co                                                                                                         | CUSIP: 693304AY3<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    200000 | PA      | $123626.86    | 0.03%             | 2050-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                                 | Public Service Enterprise Group Inc                                                                                    | CUSIP: 744573AU0<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    477500 | PA      | $423208.63    | 0.09%             | 2031-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                                  | Southern Co Gas Capital Corp                                                                                           | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    435000 | PA      | $381565.44    | 0.08%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PINNACLE BANK TN                                                         | Synovus Bank/Columbus GA                                                                                               | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252802.55    | 0.05%             | 2028-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                                                                | CUSIP: 90265EAM2<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |    190000 | PA      | $187963.89    | 0.04%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                                                                | CUSIP: 90265EAS9<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |    269000 | PA      | $230152.03    | 0.05%             | 2034-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                       | Union Pacific Corp                                                                                                     | CUSIP: 907818FH6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    717000 | PA      | $666881.26    | 0.14%             | 2030-02-05      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    683000 | PA      | $691583.12    | 0.15%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2795843.68   | 0.60%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CQA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4956892.50   | 1.06%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VALMONT INDUSTRIES INC                                                   | Valmont Industries Inc                                                                                                 | CUSIP: 920253AF8<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | DBT              | CORP              | US        |    268000 | PA      | $235610.91    | 0.05%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                                               | US 10YR FUT OPTN APR26C 113.5                                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -300 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                                                              | PepsiCo Inc                                                                                                            | CUSIP: 713448EL8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    396000 | PA      | $376503.16    | 0.08%             | 2029-07-29      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                 | Prudential Financial Inc                                                                                               | CUSIP: 74432QCA1<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    339000 | PA      | $292658.99    | 0.06%             | 2044-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                                    | United Parcel Service Inc                                                                                              | CUSIP: 911312BU9<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94539.42     | 0.02%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1007070.30   | 0.22%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5017578.00   | 1.07%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5913144.00   | 1.26%             | 2032-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $198312.50    | 0.04%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                                            | Volvo Financial Equipment LLC Series 2024-1                                                                            | CUSIP: 92887QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $650860.99    | 0.14%             |  |  |  | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** Federated Hermes ETF Trust

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes ETF Trust

**Title:** Chief Compliance Officer