# EDGAR Filing Document

**Accession Number:** 0001048286
**File Stem:** 0001628280-25-032859
**Filing Date:** 2025-6
**Character Count:** 208368
**Document Hash:** e339f2c0b1219438fa8924c7eea492cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-032859.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001628280-25-032859

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARRIOTT INTERNATIONAL INC /MD/
- **CENTRAL INDEX KEY:** 0001048286
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 522055918
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13881
- **FILM NUMBER:** 251069749

**BUSINESS ADDRESS:**
- **STREET 1:** 7750 WISCONSIN AVENUE
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 3013803000

**MAIL ADDRESS:**
- **STREET 1:** 7750 WISCONSIN AVENUE
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW MARRIOTT MI INC
- **DATE OF NAME CHANGE:** 19971023

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

**ANNUAL REPORT**

**Pursuant to Section 15(d) of the**

**Securities Exchange Act of 1934**

(Mark One):

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| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the plan year ended December 31, 2024** |
|  | **OR** |
| □ | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | <br>**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |

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**Commission file number 1-13881**

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

**MARRIOTT RETIREMENT SAVINGS PLAN**

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

**MARRIOTT INTERNATIONAL, INC.**

**7750 Wisconsin Avenue**

**Bethesda, MD 20814**

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**MARRIOTT RETIREMENT SAVINGS PLAN** 

**FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE WITH REPORT OF**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

December 31, 2024 and 2023

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **PAGE** |
| <u>[Report of Independent Registered Public Accounting Firm](#i399ca9b61bab450691dda2369c370dcf_7)</u> | <u>[3](#i399ca9b61bab450691dda2369c370dcf_7)</u> |
| Financial Statements |  |
| <u>[Statements of Net Assets Available for Benefits](#i399ca9b61bab450691dda2369c370dcf_13)</u> | <u>[4](#i399ca9b61bab450691dda2369c370dcf_13)</u> |
| <u>[Statement of Changes in Net Assets Available for Benefits](#i399ca9b61bab450691dda2369c370dcf_16)</u> | <u>[5](#i399ca9b61bab450691dda2369c370dcf_16)</u> |
| <u>[Notes to Financial Statements](#i399ca9b61bab450691dda2369c370dcf_19)</u> | <u>[6](#i399ca9b61bab450691dda2369c370dcf_19)</u> |
| <u>[Supplemental Schedule](#i399ca9b61bab450691dda2369c370dcf_49)</u> |  |
| <u>[Schedule H, Line 4i - Schedule of Assets (Held at End of Year)](#i399ca9b61bab450691dda2369c370dcf_49)</u> | <u>[17](#i399ca9b61bab450691dda2369c370dcf_49)</u> |
| <u>[Signatures](#i399ca9b61bab450691dda2369c370dcf_52)</u> | <u>[47](#i399ca9b61bab450691dda2369c370dcf_52)</u> |
| Exhibit Index |  |
| <u>[Ex 23.1 Consent of Independent Registered Public Accounting Firm - Cohn Reznick LLP](mar202411-kex231xcohnrezni.htm)</u> |  |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_13)</u>**

**<u>Report of Independent Registered Public Accounting Firm</u>**

To the Retirement Plan Committee and Plan Participants

Marriott Retirement Savings Plan

*Opinion on the Financial Statements* 

We have audited the accompanying statements of net assets available for benefits of the Marriott Retirement Savings Plan (the "Plan") as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion*

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

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

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

*Supplemental Information* 

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

/s/ CohnReznick LLP

We have served as the Plan's auditor since 2024.

Bethesda, Maryland

June 24, 2025

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_13)</u>**

**MARRIOTT RETIREMENT SAVINGS PLAN** 

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

DECEMBER 31, 2024 AND 2023

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| **Assets** |  |  |
| Investments, at fair value | $11550738669 | $— |
| Investments in Marriott International, Inc. Pooled Investment Trust for Participant-Directed Accounts, at fair value |  | 10080524469 |
|  | 11550738669 | 10080524469 |
| Receivables: |  |  |
| Notes receivable from participants | 125855112 | 99304614 |
| Employer contributions receivable | 9289168 |  |
| Total receivables | 135144280 | 99304614 |
| Total assets | 11685882949 | 10179829083 |
| **Liabilities** |  |  |
| Accrued expenses | 723336 | 592908 |
| Total liabilities | 723336 | 592908 |
| Net assets available for benefits | $11685159613 | $10179236175 |

---

The accompanying notes are an integral part of these financial statements.

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_16)</u>**

**MARRIOTT RETIREMENT SAVINGS PLAN** 

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

FOR THE YEAR ENDED DECEMBER 31, 2024

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

---

| | |
|:---|:---|
| **Additions** | |
| Interest and dividends | $85189849 |
| Net appreciation in fair value of investments | 1597508965 |
| Interest income on notes receivable from participants | 9577511 |
| Participants contributions | 408590708 |
| Rollover contributions | 27747269 |
| Marriott International, Inc. contributions | 249551760 |
| Total additions | 2378166062 |
| **Deductions** |  |
| Benefits paid to participants | 867954513 |
| Administrative expenses | 4288111 |
| Total deductions | 872242624 |
| Net increase | 1505923438 |
| Net assets available for benefits at beginning of year | 10179236175 |
| Net assets available for benefits at end of year | $11685159613 |

---

The accompanying notes are an integral part of these financial statements.

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

**MARRIOTT RETIREMENT SAVINGS PLAN**

**NOTES TO FINANCIAL STATEMENTS**

December 31, 2024 and 2023

---

| | |
|:---|:---|
| **NOTE 1:** | **DESCRIPTION OF THE PLAN** |

---

The following description of the Marriott Retirement Savings Plan (the "Plan"), formerly Marriott International, Inc. Employees' Profit Sharing, Retirement and Savings Plan and Trust, sponsored by Marriott International, Inc. (the "Company") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

Effective October 1, 2024, plan administration and recordkeeping were transferred from Alight Solutions to Fidelity Investments ("Fidelity"), and trusteeship was transferred from The Northern Trust Company to Fidelity Management Trust Company ("FMTC").

**General**

The Plan is a defined contribution plan covering eligible employees of the Company and participating subsidiaries. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. Effective January 1, 2024, the Plan became a safe harbor plan under Internal Revenue Services ("Code") Sections 401(k)(12) and 401(m)(11).

Prior to January 1, 2024, the Plan's assets were held and invested in the Marriott International, Inc. Pooled Investment Trust for Participant-Directed Accounts (the "Master Trust") (see Note 3). Effective January 1, 2024, the Master Trust was dissolved and replaced with a single employer trust.

Effective October 1, 2024, participants can enroll in the Plan immediately upon becoming eligible. Prior to October 1, 2024, there was a 90-day waiting period for enrollment. Where no action is taken, newly hired, rehired, or newly eligible employees will be enrolled automatically after 90 days of service. Contributions will automatically start at 3% of pay, on a before-tax basis, and will be invested in the Vanguard Target Retirement Fund most appropriate for the associate's age (assuming a retirement age of 65). Associates can change or cancel enrollment at any time.

**Contributions**

Plan participants may contribute up to 80% of compensation per pay period to the Plan, subject to legal limits.

Participants may also contribute (rollover) amounts representing eligible rollover distributions from other eligible retirement plans, including qualified defined benefit or defined contribution plans or traditional IRAs.

Participants who are age 50 or older by the end of the applicable Plan year and have contributed the maximum contributions allowable by the Plan during the Plan year may make an additional catch-up contribution. The catch-up contribution is subject to the Code section 414(v) limitation of $7,500 for the year ended December 31, 2024.

The Company generally makes matching contributions equal to 100% of each eligible participant's contributions, up to 5% of the participant's eligible pay.

The Company also makes non-discretionary supplemental contributions at select locations to certain non-management, non-highly compensated hourly associates who are eligible for the Company matching contribution in the Plan but who are not, in most cases, in a collective bargaining agreement. For associates covered under collective bargaining agreements, the Company contributions vary based on the terms of the agreement. Contributions are subject to certain limitations.

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

**Participant Accounts**

Individual accounts are maintained for each participant. Each participant account is credited with the participant contributions, the Company matching contribution (if eligible), the Company supplemental contribution (if eligible), and the applicable earnings or losses for the investments selected by the participant. Each account is charged with an allocation of administrative expenses. The benefit to which a participant is entitled is the vested benefit in the participant's account.

**Vesting**

Company contributions generally are 100% vested for all participants, with the exception of a small number of collectively bargained groups that have negotiated for a vesting schedule. All participants become fully vested upon death, termination of employment due to disability, or attainment of age 65.

**Notes Receivable from Participants**

Participants generally may take only one loan from their accounts at a time. The minimum loan amount is $1,000. The maximum is the lesser of (i) 50% of the vested account balance, or (ii) $50,000 minus the highest outstanding loan balance in the past 12 months. Loan terms range from 1 to 4 years, or up to 10 years for the purchase of a primary residence. The loans are collateralized by the vested balance in the participant's account. The interest rate is fixed at the time the loan is granted. Prior to July 2, 2012, Plan loans bore interest at the prime rate published by the Wall Street Journal plus one percentage point. For loans issued on and after July 2, 2012, loans bear interest at the prime rate as of the last business day of the prior calendar quarter as published by the Wall Street Journal plus two percentage points, except that for the loans issued in third quarter of 2016, loans bear an interest rate as of the last business day of the prior calendar quarter as published by the Wall Street Journal plus one percentage point. For loans issued on or after July 1, 2020, loans bear interest at the prime rate as of the 15th of the month preceding the date of the loan as published by the Wall Street Journal plus two percentage points. Interest rates on outstanding loans range from 4.25% to 10.50%. For loans issued on or after October 1, 2024, loans bear interest at the prime rate as of the 15th of the month preceding the date of the loan as published by Reuters, plus two percentage points. Principal and interest are paid ratably through weekly or bi-weekly, after-tax payroll deductions.

In cases where payroll deductions are not available, loan repayments can be made via direct debit, certified check, cashiers' check, or money order.

**Payment of Benefits**

A participant can take a distribution from the Plan upon termination of service, death, disability, attainment of age 59.5. If a participant's account balance is greater than $5,000, the participant can elect to receive a lump sum amount, partial distributions or installment payments equal to the value of the participant's vested interest in his or her account. If a participant's account balance is at least $1,000, but not more than $5,000 and if the participant does not elect within time frames established by the Plan administrator to receive a lump sum cash distribution or to make a direct rollover, the participant's vested account balance will be rolled over into an individual retirement account established by the Plan. The Plan provides for automatic lump sum distribution for participants who terminate employment with a vested account balance of less than $1,000.

**Administration**

The Retirement Plan Committee serves as the named fiduciary of the Plan, except with respect to the Company Stock Fund. Administration of the Plan is under the direction of (i) the Retirement Plan Committee, all of whom are members of senior management of the Company; (ii) a trustee; and (iii) a Plan administrator, who is an employee of the Company. Under section 404(c) of ERISA, the Plan offers participants the opportunity to direct their own investments. The Retirement Plan Committee is responsible for selecting and overseeing these investment options, other than the Company Stock Fund, and has delegated certain responsibilities to the Plan trustee and the investment adviser it has retained. The Stock Fund Investment Committee is the sole named fiduciary of the Plan with regards to the investment of the Company Stock Fund.

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

**Administrative and Investment Expenses**

To the extent not paid by the Company, administrative and investment expenses are paid from the Plan's forfeiture account and/or by the Plan participants, allocated based on account balances.

**Plan Termination**

Although it has not expressed any intent to do so, the Company has the right under the Plan to modify, suspend, or discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA.

**Investment Options**

Upon enrollment in the Plan, a participant may allocate employer and employee contributions to any of the available investment options. Participants may change their investment options on a daily basis, subject to any trading restrictions imposed by individual investment funds.

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| | |
|:---|:---|
| **NOTE 2:** | **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** |

---

**Basis of Accounting**

The financial statements of the Plan are prepared on the accrual basis of accounting.

**Use of Estimates**

The preparation of financial statements in conformity with United States Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Accordingly, ultimate results could differ from those estimates.

**Investments Valuation and Income Recognition**

The Plan's investments are stated at fair value. The fair value of the Plan's interest in the Master Trust is based on the specific interest that the Plan has in underlying investments. The investments of the Master Trust are valued as described under Fair Value Measurements in Note 4.

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

**Payment of Benefits**

Benefits are recorded when paid.

**Fair Value Measurements**

Accounting Standards Codification ("ASC") 820, *Fair Value Measurements and Disclosures* establishes a framework for measuring fair value. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements), the next priority to quoted values based on observable inputs (Level 2 measurements), and the lowest priority to values based on unobservable inputs (Level 3 measurements).The three levels of the fair value hierarchy under ASC 820 are briefly described below:

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

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| | |
|:---|:---|
| Level 1 | Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date. For example, stocks listed on a recognized exchange or listed mutual funds. |
| Level 2 | Inputs to the valuation methodology include: |

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&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;• Quoted prices for similar assets or liabilities in active markets;

&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;• Quoted prices for identical or similar assets or liabilities in inactive markets;

&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;• Inputs other than quoted prices that are observable for the asset or liability;

&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;• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified contractual term, the Level 2 input must be observable for substantially the full term of the asset or liability.

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| | |
|:---|:---|
| Level 3 | Level 3 inputs include unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data. |

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Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2024 and 2023.

*Cash and Cash Equivalents –* The Plan considers all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents.

*Corporate Bonds –* Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote if available.

*Common and Preferred Stock –* Securities are priced at the closing price reported on the active market on which individual securities are traded, or inputs other than quoted prices that are observable for the asset or liability.

*Government Debt Securities –* Valued using pricing models maximizing the use of observable inputs for similar securities.

*Mutual and Registered Investment Funds –* Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual and registered investment funds held by the Plan are deemed to be actively traded.

*Common Collective Trust* – Valued at the NAV of units of a collective trust. The NAV, as provided by the custodian, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities.

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

The Company Stock Fund (the "Stock Fund") is tracked on a unitized basis. The Stock Fund consists of Marriott International, Inc. common stock and funds held in Fidelity Treasury Portfolio and Northern Trust Company Collective Short-Term Investment Fund respectively for years ended December 31, 2024 and 20023, sufficient to meet the Stock Fund's daily cash needs, as well as interest and dividends receivable. Unitizing the Stock Fund allows for daily trades. The value of a unit reflects the combined market value of Marriott International, Inc. common stock, valued at its quoted market price, and the cash investments and receivables held by the Stock Fund. At December 31, 2024, 7,111,418 units were outstanding with a value of $278.94 per unit. At December 31, 2023, 7,465,609 units were outstanding with a value of $225.51 per unit.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in valuation methodologies from December 31, 2023 to December 31, 2024.

**Notes Receivable from Participants**

Notes receivable from participants are recorded at principal less repayments plus accrued interest. Interest income is recorded on the accrual basis. A loan generally is considered in default if (i) a payment is not made within 90 days after the due date, (ii) an outstanding loan balance is not repaid by the original due date, or (iii) there is a material misrepresentation in connection with the loan application. If the loan is deemed to be in default, the participant loan balance is reduced, and a benefit payment is recorded.

**Contributions**

Contributions from Plan participants and the matching contributions from the Company are recorded in the year in which the employee contributions are withheld from compensation.

**Expenses**

Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in administrative expenses. Investment related expenses are included in the "Net appreciation in fair value of investments" caption of the Statement of Changes in Net Assets Available for Benefits.

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

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| | |
|:---|:---|
| **NOTE 3:** | **MASTER TRUST** |

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The Northern Trust Company ("Northern Trust")'s custodianship was terminated on September 30, 2024, and effective October 1, 2024, FMTC became the custodian of the Plan. Prior to January 1, 2024, the assets of the Plan were principally held and invested on a commingled basis in the Master Trust, which was originally established for the investment of the assets of the Plan and another tax-qualified retirement plan sponsored by the Company. For the Plan year ended December 31, 2023, the Plan's overall interest in the net assets of the Master Trust was 100%. Effective January 1, 2024, the Master Trust was dissolved and replaced with a single employer trust.

The following table presents the net asset of the Master Trust as of December 31, 2023:

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| | |
|:---|:---|
| | **2023** |
| **Assets** |  |
| Investments, at fair value | $10092075816 |
| Receivables: |  |
| Receivables from sale of investments | 124531 |
| Accrued interest and dividends | 858658 |
| Total receivables | 983189 |
| Total assets | 10093059005 |
| **Liabilities** |  |
| Accounts payable on investments purchased | 10188209 |
| Custodian and advisor fees payable | 2346327 |
| Total liabilities | 12534536 |
| Net assets available for benefits | $10080524469 |

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The following tables present the investments in the Master Trust that are measured at fair value on a recurring basis at December 31, 2023.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 |
| | Level 1 | Level 2 | Level 3 | Total |
| Cash and cash equivalents | $1115462 | $— | $— | $1115462 |
| Corporate bonds |  | 678629695 |  | 678629695 |
| Preferred stock | 5322139 | 1525175 |  | 6847314 |
| Common stock - Marriott International, Inc. | 1683569486 |  |  | 1683569486 |
| Common stock - others | 2185644987 |  |  | 2185644987 |
| Foreign government debt securities |  | 23549835 |  | 23549835 |
| U.S. government debt securities |  | 422408621 |  | 422408621 |
| Mutual and registered investment funds | 208381940 |  |  | 208381940 |
| Total assets in the fair value hierarchy | 4082918552 | 1126113326 |  | 5210147340 |
| Investments measured at net asset value (a) |  |  |  | 4881928476 |
| Total investments at fair value |  |  |  | $10092075816 |

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

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| | |
|:---|:---|
| **NOTE 4:** | **FAIR VALUE MEASUREMENTS** |

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The follow table presents the investments of the Plan that are measured at fair value on a recurring basis at December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 |
| | Level 1 | Level 2 | Level 3 | Total |
| Cash and cash equivalents | $18472458 | $— | $— | $18472458 |
| Corporate bonds |  | 578350781 |  | 578350781 |
| Preferred stock | 5588806 | 906374 |  | 6495180 |
| Common stock - Marriott International, Inc. | 1983658937 |  |  | 1983658937 |
| Common stock - others | 2424616428 | 107399 |  | 2424723827 |
| Foreign government debt securities |  | 2662816 |  | 2662816 |
| U.S. government debt securities |  | 520647825 |  | 520647825 |
| Mutual and registered investment funds | 298193495 |  |  | 298193495 |
| Total assets in the fair value hierarchy | 4730530124 | 1102675195 |  | 5833205319 |
| Investments measured at net asset value <sup>(a)</sup> |  |  |  | 5717533349 |
| Total investments at fair value |  |  |  | $11550738668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>In accordance with Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets available for Benefits.

There were no Level 3 investments at December 31, 2024 and 2023.

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

As of December 31, 2024 and 2023, there were no unfunded commitments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2023 | Redemption | Redemption |
| | Fair Value | Fair Value | Frequency (if currently eligible) | Notice Period |
| Arrowstreet International Equity EAFE CIT Class B | $117378902 | $108720672 | Daily | 7 days |
| Axiom International Small Cap Trust 2 | 18096670 |  | Daily | 30 days |
| COLTV Short-term Investment Fund |  | 82555946 | Daily | 30 days |
| Fidelity Contrafund CP Class F | 744447041 | 530599971 | Daily | 30 days |
| Fidelity Pyramis Emerging Equity Small Cap | 29938189 | 28509219 | Daily | 30 days |
| Fidelity Blue Chip Growth Fund | 333684687 | 334957976 | Daily | 30 days |
| Northern Trust Collective Short-term Investment Fund |  | 19480469 | Daily | 30 days |
| Northern Trust Collective S&P 500 Index Fund | 775888038 | 559985848 | Daily | 30 days |
| Northern Trust Collective S&P 400 Index Fund | 24291536 | 16223779 | Daily | 30 days |
| Northern Trust Collective Russell 2000 Index Fund | 9427495 | 11859227 | Daily | 30 days |
| Northern Trust Collective Russell 1000 Index Fund | 20072185 |  | Daily | 30 days |
| Northern Trust Collective MSCI Index Fund |  | 6135741 | Daily | 30 days |
| Vanguard Retirement 2020 | 23879325 | 21762119 | Daily | 60 days |
| Vanguard Retirement 2025 | 742454137 | 740056798 | Daily | 60 days |
| Vanguard Retirement 2030 | 166525657 | 122637091 | Daily | 60 days |
| Vanguard Retirement 2035 | 917745784 | 804214381 | Daily | 60 days |
| Vanguard Retirement 2040 | 98134512 | 61365956 | Daily | 60 days |
| Vanguard Retirement 2045 | 789589923 | 675576021 | Daily | 60 days |
| Vanguard Retirement 2050 | 90741392 | 56149660 | Daily | 60 days |
| Vanguard Retirement 2055 | 382484586 | 305107328 | Daily | 60 days |
| Vanguard Retirement 2060 | 61841914 | 34632997 | Daily | 60 days |
| Vanguard Retirement 2065 | 52733203 | 30169832 | Daily | 60 days |
| Vanguard Retirement 2070 | 13017923 | 5838691 | Daily | 60 days |
| Vanguard Retirement Income | 305160250 | 325388754 | Daily | 60 days |
|  | $5717533349 | $4881928476 |  |  |

---

---

| | |
|:---|:---|
| **NOTE 5:** | **PARTY-IN-INTEREST** |

---

The Plan may, at the direction of Plan participants, invest its assets in securities issued by the Company. The Plan through the Stock Fund held 7,111,418 and 7,465,609 shares of common stock of the Company as of December 31, 2024 and 2023, respectively. There were dividends of $17,918,206 on Marriott International, Inc. common stock for the year ended December 31, 2024. The closing share price as listed on the Nasdaq stock exchange as of December 31, 2024 and 2023 was $278.94 and $225.51, respectively.

Certain Plan investments were invested in funds managed by Fidelity and Northern Trust. Fidelity is the trustee at December 31, 2024 and Northern Trust was the trustee at December 31, 2023, as defined by the Plan, and therefore, these transactions qualify as party-in-interest transactions.

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | |
|:---|:---|
| **NOTE 6:** | **INCOME TAX STATUS** |

---

The Plan received its most recent determination letter from the Internal Revenue Service ("IRS") dated December 16, 2019 stating that the Plan is qualified under Section 401(a) of the Code, and therefore, the related Trust is exempt from taxation under section 501(a) of the Code. Subsequent to this determination by the IRS, the Plan was amended, and Plan management believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code, and that the Plan and related Trust continue to be tax exempt.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no IRS audits for any tax periods in progress.

As of the date these financial statements were available to be issued, the nondiscrimination testing for the Plan year ended December 31, 2024, had not yet been completed. The Plan Administrator is in the process of completing the required testing. If the Plan fails any of the applicable tests, corrective actions, such as the return of excess contributions or qualified nonelective contributions, may be required. The financial impact of any such corrective actions, is not considered to be significant.

---

| | |
|:---|:---|
| **NOTE 7:** | **RISKS AND UNCERTAINTIES** |

---

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term, and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets available for Benefits.

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | |
|:---|:---|
| **NOTE 8:** | **RECONCILIATION OF FINANCIAL STATEMENTS AND FORM 5500** |

---

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

---

| | | |
|:---|:---|:---|
| | **December 31** | **December 31** |
| | **2024** | **2023** |
| Net assets available for benefits as reported in financial statements | $11685159613 | $10179236175 |
| Loans deemed as distribution for financial statements reporting purposes | 24587250 | 25220884 |
| (Deemed distributions)/net recoveries during the year for Form 5500 purposes | (24225939) | 1019653 |
| Net assets available for benefits as reported in Form 5500 | $11685520924 | $10205476712 |

---

The following is a reconciliation of benefits paid to participants as reported in the financial statements to the Form 5500 for the year ended December 31, 2024:

---

| | |
|:---|:---|
| Benefits paid to participants as reported in the financial statements | $867954513 |
| Loans deemed as distribution for financial statements reporting purposes as of December 31, 2024 | (24587250) |
| Loans deemed as distribution for financial statements reporting purposes as of December 31, 2023 | 25220884 |
| Loans deemed as distribution for the Form 5500 purposes for year ended December 31, 2024 | 24225939 |
| Net recoveries for the Form 5500 purposes for year ended December 31, 2023 | 1019653 |
| Benefits paid to participants as reported in the Form 5500 | $893833739 |

---

The following is a reconciliation of notes receivable from participants as reported in the financial statements to the Form 5500:

---

| | | |
|:---|:---|:---|
| | **December 31** | **December 31** |
| | **2024** | **2023** |
| Notes receivable from participants per financial statements | $125855112 | $99304614 |
| Loans deemed as distribution for the purpose of financial statements | 24587250 | 25220884 |
| (Deemed distributions)/net recoveries during the year for Form 5500 purposes | (24225939) | 1019653 |
| Notes receivable from participants per Form 5500 | $126216423 | $125545151 |

---

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

---

| | |
|:---|:---|
| Net increase in net assets available for benefits as reported in the financial statements | $1505923438 |
| Change in loans deemed as distribution for financial statements reporting purposes | (633634) |
| Change in loans deemed as distribution for Form 5500 purposes | (25245592) |
| Net increase in net assets available for benefits as reported in the Form 5500 | $1480044212 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | |
|:---|:---|
| **NOTE 9:** | **SUBSEQUENT EVENTS** |

---

The Plan has evaluated events subsequent to December 31, 2024 and through June 24, 2025, the date the financial statements were issued and determined that there were no events that require adjustments to these financial statements.

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

**SUPPLEMENTAL SCHEDULE**

**MARRIOTT RETIREMENT SAVINGS PLAN** 

**EIN: 52-2055918; Plan No.: 004**

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

December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| \* | PARTICIPANT LOANS | INTEREST RATES RANGE FROM 4.25% TO 10.5%;VARYING MATURITIES |  | 126216423 |
|  | **CASH & CASH EQUILVALENTS** |  |  | **18472458** |
|  | NA | CASH ON HAND | \*\* | 9221764 |
|  | NA | EURO MONETARY UNIT. | \*\* | 9 |
|  | NA | FUTURES CASH COLLATERAL | \*\* | 1511000 |
|  | NA | NET PAYABLES AND RECEIVALBES | \*\* | 7739685 |
|  | **COMMON STOCKS** | **Shares** |  | **4408382764** |
|  | AAON INC | 8548 | \*\* | 1005929 |
|  | ABM INDUSTRIES INC | 35959 | \*\* | 1840382 |
|  | ACADIA HEALTHCARE CO INC | 58700 | \*\* | 2327455 |
|  | ADIENT PLC | 167715 | \*\* | 2889729 |
|  | ADMA BIOLOGICS INC | 66130 | \*\* | 1134130 |
|  | ADOBE INC | 2709 | \*\* | 1204638 |
|  | ADVANCE AUTO PARTS INC | 66392 | \*\* | 3139678 |
|  | ADVANCED MICRO DEVICES INC | 5919 | \*\* | 714956 |
|  | AEGON LTD (NY REGD) NEW YORK REGISTERED SHARES | 700674 | \*\* | 4126970 |
|  | AFFIRM HOLDINGS INC | 2850 | \*\* | 173565 |
|  | AGILENT TECHNOLOGIES INC | 76800 | \*\* | 10317312 |
|  | AGILYSYS INC | 15623 | \*\* | 2057705 |
|  | AIR PRODUCTS & CHEMICALS INC | 40500 | \*\* | 11746620 |
|  | ALBANY INTERNATIONAL CORP CL A | 18200 | \*\* | 1455454 |
|  | ALCON INC | 61100 | \*\* | 5186779 |
|  | ALIGN TECHNOLOGY INC | 18900 | \*\* | 3940839 |
|  | ALKAMI TECHNOLOGY INC | 27500 | \*\* | 1008700 |
|  | ALNYLAM PHARMACEUTICALS INC | 52613 | \*\* | 12380365 |
|  | ALPHABET INC CL A | 314810 | \*\* | 59593533 |
|  | ALPHABET INC CL C | 84100 | \*\* | 16016004 |
|  | AMAZON.COM INC | 331848 | \*\* | 72804133 |
|  | AMERICAN ELECTRIC POWER CO INC | 65300 | \*\* | 6022619 |
|  | AMERICAN WOODMARK | 20352 | \*\* | 1618595 |
|  | AMERISAFE INC | 15250 | \*\* | 785985 |
|  | AMPHENOL CORPORATION CL A | 93014 | \*\* | 6459822 |
|  | ANHEUSER-BUSCH INBEV SPN ADR | 269000 | \*\* | 13468830 |
|  | APOLLO GLOBAL MANAGEMENT INC | 31657 | \*\* | 5228470 |
|  | APPLE INC | 214659 | \*\* | 53754907 |
|  | ARCELLX INC | 20354 | \*\* | 1560948 |
|  | ARGENX SE SPONSORED ADR | 6360 | \*\* | 3911400 |
|  | ASCENDIS PHARMA AS SPON ADR | 94408 | \*\* | 12997149 |
|  | ASML HLDG NV (NY REG SHS) NEW YORK REGISTERED SHAR | 1430 | \*\* | 991104 |
|  | ASSOCIATED BANC CORP | 79355 | \*\* | 1896585 |
|  | ASSURANT INC | 38000 | \*\* | 8102360 |
|  | ASTERA LABS INC | 16609 | \*\* | 2199862 |
|  | ATLASSIAN CORP PLC CLS A | 23503 | \*\* | 5720160 |
|  | ATRICURE INC | 44100 | \*\* | 1347696 |
|  | AURORA INNOVATION INC | 46013 | \*\* | 289882 |
|  | AVANTOR INC | 987500 | \*\* | 20806625 |
|  | AVERY DENNISON CORP | 39300 | \*\* | 7354209 |
|  | AVNET INC | 45362 | \*\* | 2373340 |
|  | AXIS CAPITAL HOLDINGS LTD | 39793 | \*\* | 3526456 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| BAKER HUGHES CO | 296600 | \*\* | 12166532 |
| BALDWIN INSURANCE GROUP INC/THE | 34895 | \*\* | 1352530 |
| BALL CORP | 139069 | \*\* | 7666874 |
| BANCFIRST CORP | 6100 | \*\* | 714798 |
| BANK OF AMERICA CORPORATION | 315610 | \*\* | 13871060 |
| BANK OF NEW YORK MELLON CORP | 282300 | \*\* | 21689109 |
| BATH & BODY WORKS INC | 97584 | \*\* | 3783332 |
| BAXTER INTL INC | 310000 | \*\* | 9039600 |
| BECTON DICKINSON & CO | 4686 | \*\* | 1063113 |
| BIOGEN INC | 25800 | \*\* | 3945336 |
| BIOMARIN PHARMACEUTICAL INC | 87300 | \*\* | 5738229 |
| BIRKENSTOCK HOLDING LTD | 40393 | \*\* | 2288667 |
| BLOCK INC CL A | 49680 | \*\* | 4222303 |
| BLUEPRINT MEDICINES CORP | 8273 | \*\* | 721571 |
| BOEING CO | 6359 | \*\* | 1125543 |
| BOSTON BEER COMPANY CL A | 3368 | \*\* | 1010333 |
| BRADY CORPORATION CL A | 7000 | \*\* | 516950 |
| BRAZE INC | 46200 | \*\* | 1934856 |
| BREAD FINANCIAL HOLDINGS | 30380 | \*\* | 1855003 |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC | 35200 | \*\* | 3901920 |
| BRIGHTHOUSE FINANCIAL INC | 48263 | \*\* | 2318555 |
| BRISTOL-MYERS SQUIBB CO | 101400 | \*\* | 5735184 |
| BROADCOM INC | 44710 | \*\* | 10365566 |
| BROADRIDGE FINANCIAL SOL | 22900 | \*\* | 5177461 |
| BRUKER CORP | 89246 | \*\* | 5231601 |
| BURLINGTON STORES INC | 22106 | \*\* | 6301536 |
| BWX TECHNOLOGIES INC | 33600 | \*\* | 3742704 |
| CAPITAL ONE FINANCIAL CORP | 110666 | \*\* | 19733961 |
| CARRIER GLOBAL CORP | 95000 | \*\* | 6484700 |
| CASEY GENERAL STORES | 15500 | \*\* | 6141565 |
| CAVA GROUP INC | 15869 | \*\* | 1790023 |
| CBOE GLOBAL MARKETS INC | 26900 | \*\* | 5256260 |
| CCC INTELLIGENT SOLUTIONS HOLD CL A | 491636 | \*\* | 5766890 |
| CELANESE CORP | 82600 | \*\* | 5716746 |
| CELSIUS HOLDINGS INC | 55800 | \*\* | 1469772 |
| CENTRAL GARDEN & PET CO CL A | 26700 | \*\* | 882435 |
| CHARTER COMMUNICATIONS INC A | 67200 | \*\* | 23034144 |
| CHECK POINT SOFTWARE TECHS LTD | 23480 | \*\* | 4383716 |
| CHENIERE ENERGY INC | 44700 | \*\* | 9604689 |
| CHIPOTLE MEXICAN GRILL INC | 93232 | \*\* | 5621890 |
| CIGNA GROUP (THE) | 60973 | \*\* | 16837084 |
| CISCO SYSTEMS INC | 159200 | \*\* | 9424640 |
| CLEAR SECURE INC | 31190 | \*\* | 830902 |
| CLEARWATER ANALYTICS HOLDINGS INC | 56161 | \*\* | 1545551 |
| CNO FINANCIAL GROUP INC | 77702 | \*\* | 2891291 |
| COGNEX CORP | 44000 | \*\* | 1577840 |
| COGNIZANT TECH SOLUTIONS CL A | 127600 | \*\* | 9812440 |
| COHERENT CORP | 57500 | \*\* | 5446975 |
| COLUMBIA BANKING SYSTEMS INC | 70680 | \*\* | 1909067 |
| COMCAST CORP CL A | 462400 | \*\* | 17353872 |
| COMFORT SYSTEMS USA INC | 4251 | \*\* | 1802679 |
| CONCENTRIX CORP | 45826 | \*\* | 1982891 |
| CONFLUENT INC | 61800 | \*\* | 1727928 |
| CONMED CORP | 22700 | \*\* | 1553588 |
| CONOCOPHILLIPS | 72400 | \*\* | 7179908 |
| CONSTELLATION BRANDS INC CL A | 12700 | \*\* | 2806700 |
| CONSTRUCTION PARTNERS INC CL A | 7813 | \*\* | 691138 |
| COOPER COMPANIES INC | 65600 | \*\* | 6030608 |
| CORE SCIENTIFIC INC | 44177 | \*\* | 620687 |
| CORPAY INC | 17700 | \*\* | 5990034 |
| COSTAR GROUP INC | 60416 | \*\* | 4325181 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| | COSTCO WHOLESALE CORP | 8830 | \*\* | 8090664 |
| | COUPANG INC A | 59862 | \*\* | 1315767 |
| | CRANE CO | 7990 | \*\* | 1212483 |
| | CREDO TECHNOLOGY GROUP HOLDING LTD | 35739 | \*\* | 2402018 |
| | CRINETICS PHARMACEUTICALS INC | 16205 | \*\* | 828562 |
| | CRISPR THERAPEUTICS AG | 29372 | \*\* | 1156082 |
| | CULLEN FROST BANKERS INC | 15900 | \*\* | 2134575 |
| | CVS HEALTH CORP | 418000 | \*\* | 18764020 |
| | CYBER-ARK SOFTWARE LTD | 6405 | \*\* | 2133826 |
| | CYTOKINETICS INC | 38900 | \*\* | 1829856 |
| | DANA INC | 132264 | \*\* | 1528972 |
| | DANAHER CORP | 5002 | \*\* | 1148209 |
| | DESCARTES SYS GROUP INC | 9886 | \*\* | 1123050 |
| | DEXCOM INC | 70280 | \*\* | 5465676 |
| | DIAMONDROCK HOSPITALITY CO | 89851 | \*\* | 811355 |
| | DOLLAR GENERAL CORP | 13798 | \*\* | 1046164 |
| | DOLLAR TREE INC | 92574 | \*\* | 6937496 |
| | DOMINION ENERGY INC | 148800 | \*\* | 8014368 |
| | DOMINOS PIZZA INC | 23704 | \*\* | 9949991 |
| | DOUGLAS DYNAMICS INC | 69469 | \*\* | 1641552 |
| | DOXIMITY INC | 19965 | \*\* | 1065931 |
| | DRAFTKINGS HOLDINGS INC | 172600 | \*\* | 6420720 |
| | DUOLINGO INC | 6321 | \*\* | 2049458 |
| | DUTCH BROS INC | 15083 | \*\* | 790048 |
| | DYNATRACE INC | 13392 | \*\* | 727855 |
| | ECHOSTAR CORP CL A | 82647 | \*\* | 1892616 |
| | ELANCO ANIMAL HEALTH INC | 492000 | \*\* | 5958120 |
| | ELF BEAUTY INC | 15400 | \*\* | 1933470 |
| | ELI LILLY & CO | 13652 | \*\* | 10539344 |
| | ENCOMPASS HEALTH CORP | 15900 | \*\* | 1468365 |
| | ENERPAC TOOL GROUP CORP CL A | 21200 | \*\* | 871108 |
| | ENOVIS CORP | 59532 | \*\* | 2612264 |
| | ENTEGRIS INC | 10515 | \*\* | 1041616 |
| | ENVISTA HOLDINGS CORP | 43536 | \*\* | 839809 |
| | EQT CORPORATION | 141100 | \*\* | 6506121 |
| | EQUIFAX INC | 30005 | \*\* | 7646774 |
| | ESAB CORP | 73958 | \*\* | 8870523 |
| | ESCO TECHNOLOGIES INC | 17900 | \*\* | 2384459 |
| | EVERCORE INC A | 5192 | \*\* | 1439170 |
| | EXACT SCIENCES CORP | 32200 | \*\* | 1809318 |
| | EXPAND ENERGY CORP | 32900 | \*\* | 3275195 |
| | FABRINET | 3618 | \*\* | 795526 |
| | FAIR ISAAC CORP | 3579 | \*\* | 7125538 |
| | FEDEX CORP | 82500 | \*\* | 23209725 |
| | FERGUSON ENTERPRISES INC | 19900 | \*\* | 3454043 |
| \* | FIDELITY NATL INFORM SVCS INC | 204000 | \*\* | 16477080 |
|  | FIRST FINL BANKSHARES INC | 47800 | \*\* | 1723190 |
|  | FIRST WATCH RESTAURANT GROUP INC | 43600 | \*\* | 811396 |
|  | FISERV INC | 218460 | \*\* | 44876053 |
|  | FIVE BELOW INC | 34289 | \*\* | 3598973 |
|  | FORTINET INC | 63900 | \*\* | 6037272 |
|  | FORTIVE CORP | 150687 | \*\* | 11301525 |
|  | FOX CORP CL A | 136215 | \*\* | 6617325 |
|  | FOX CORPORATION B | 78866 | \*\* | 3607331 |
|  | FRESHPET INC | 18186 | \*\* | 2693528 |
|  | FTAI AVIATION LTD | 12911 | \*\* | 1859700 |
|  | GAMING AND LEISURE PROPRTI INC | 90567 | \*\* | 4361707 |
|  | GAP INC | 200800 | \*\* | 4744904 |
|  | GARTNER INC | 1300 | \*\* | 629811 |
|  | GE AEROSPACE | 94800 | \*\* | 15811692 |
|  | GE HEALTHCARE TECHNOLOGIES INC WI | 94700 | \*\* | 7403646 |

---

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| GE VERNOVA INC | 12920 | \*\* | 4249776 |
| GENEDX HOLDINGS CORP-A | 12727 | \*\* | 978197 |
| GENESCO INC | 46287 | \*\* | 1978769 |
| GERMAN AMERICAN BANCORP INC | 20900 | \*\* | 840598 |
| GILEAD SCIENCES INC | 217600 | \*\* | 20099712 |
| GITLAB INC CL A | 8262 | \*\* | 465564 |
| GLAUKOS CORP | 15490 | \*\* | 2322571 |
| GLOBAL-E ONLINE LTD | 20073 | \*\* | 1094581 |
| GLOBE LIFE INC | 8807 | \*\* | 982157 |
| GLOBUS MEDICAL INC | 19105 | \*\* | 1580175 |
| GOLDMAN SACHS GROUP INC | 24500 | \*\* | 14029190 |
| GSK PLC SPONS ADR | 455500 | \*\* | 15405010 |
| GUIDEWIRE SOFTWARE INC | 8505 | \*\* | 1433773 |
| HALEON PLC SPONS ADR | 1150148 | \*\* | 10972412 |
| HAMILTON LANE INC - A | 8876 | \*\* | 1314092 |
| HAVERTY FURNITURE COS INC | 39362 | \*\* | 876198 |
| HAYWARD HOLDINGS INC | 37500 | \*\* | 573375 |
| HELEN OF TROY LTD | 29351 | \*\* | 1756070 |
| HILTON WORLDWIDE HOLDINGS INC | 35400 | \*\* | 8749464 |
| HOLOGIC INC | 164600 | \*\* | 11866014 |
| HONDA MOTOR LTD SPON ADR | 143300 | \*\* | 4091215 |
| HOOKER FURNISHINGS CORP | 36912 | \*\* | 517137 |
| HOWMET AEROSPACE INC | 23734 | \*\* | 2595788 |
| HP INC | 223900 | \*\* | 7305857 |
| HUBSPOT INC | 2014 | \*\* | 1403295 |
| HUMANA INC | 61000 | \*\* | 15476310 |
| HUNT J B TRANSPORT SERVICES IN | 33566 | \*\* | 5728374 |
| HUNTSMAN CORP | 106360 | \*\* | 1917671 |
| ICON PLC | 18770 | \*\* | 3936257 |
| IDEX CORPORATION | 15900 | \*\* | 3327711 |
| IMPINJ INC | 5039 | \*\* | 731965 |
| INCYTE CORP | 88243 | \*\* | 6094944 |
| INGERSOLL RAND INC | 102581 | \*\* | 9279477 |
| INSMED INC | 26462 | \*\* | 1826936 |
| INSPIRE MEDICAL SYSTEMS INC | 7800 | \*\* | 1445964 |
| INTAPP INC | 14450 | \*\* | 926101 |
| INTERCONTINENTAL EXCHANGE INC | 35300 | \*\* | 5260053 |
| INTERNATIONAL FLAVORS & FRAGRA | 142300 | \*\* | 12031465 |
| INTRA-CELLULAR THERAPIES INC | 14238 | \*\* | 1189158 |
| INTUIT INC | 8221 | \*\* | 5166899 |
| INTUITIVE SURGICAL INC | 6837 | \*\* | 3568641 |
| IONIS PHARMACEUTICALS INC | 103441 | \*\* | 3616297 |
| IRHYTHM TECHNOLOGIES INC | 12600 | \*\* | 1136142 |
| ITRON INC | 11673 | \*\* | 1267454 |
| ITT INC | 9000 | \*\* | 1285920 |
| J&J SNACKS FOOD CORP | 6300 | \*\* | 977319 |
| JANUX THERAPEUTICS INC | 28298 | \*\* | 1515075 |
| JBT MAREL CORP | 16600 | \*\* | 2109860 |
| JELD-WEN HOLDING INC | 238555 | \*\* | 1953765 |
| JFROG LTD | 42500 | \*\* | 1249925 |
| JOHNSON CONTROLS INTERNATIONAL PLC | 399100 | \*\* | 31500963 |
| KADANT INC | 755 | \*\* | 260467 |
| KEYSIGHT TECHNOLOGIES INC | 31600 | \*\* | 5075908 |
| KKR & CO INC | 3900 | \*\* | 576849 |
| KLAVIYO INC-A | 23228 | \*\* | 957923 |
| KOPPERS HLDGS INC | 51728 | \*\* | 1675987 |
| KORN FERRY | 43435 | \*\* | 2929691 |
| KRATOS DEFENSE & SEC SOLTN INC | 29441 | \*\* | 776654 |
| KRYSTAL BIOTECH INC | 5499 | \*\* | 861473 |
| LAM RESEARCH CORP | 57260 | \*\* | 4135890 |
| LANCASTER COLONY CORP | 7800 | \*\* | 1350492 |

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**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| | LATTICE SEMICONDUCTOR CORP | 151800 | \*\* | 8599470 |
| | LEGEND BIOTECH CORP SPON ADR | 123358 | \*\* | 4014069 |
| | LIBERTY MEDIA CORP LIBERTY FORMULA ONE CL C | 76182 | \*\* | 7059024 |
| | LIBERTY MEDIA CORP LIBERTY LIVE CL C | 12000 | \*\* | 816720 |
| | LIFE TIME GROUP HOLDINGS INC | 48972 | \*\* | 1083261 |
| | LITTELFUSE INC | 4000 | \*\* | 942600 |
| | LOAR HOLDINGS INC | 23393 | \*\* | 1728977 |
| | LPL FINL HLDGS INC | 1100 | \*\* | 359161 |
| | LUCKY STRIKE ENTERTAINMENT CORPORATION A | 49400 | \*\* | 494494 |
| | LULULEMON ATHLETICA INC | 5064 | \*\* | 1936524 |
| | LYONDELLBASELL INDS CLASS A | 98700 | \*\* | 7330449 |
| | MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC | 8658 | \*\* | 1124761 |
| | MADRIGAL PHARMACEUTICALS INC | 1498 | \*\* | 462238 |
| | MAGIC LEAP INC A P/P | 364 | \*\* | 0 |
| | MAKEMYTRIP LIMITED | 12722 | \*\* | 1428426 |
| | MALIBU BOATS INC CL A | 58941 | \*\* | 2215592 |
| | MAPLEBEAR INC | 65279 | \*\* | 2703856 |
| | MARCUS &MILLICHAP CO INC | 26891 | \*\* | 1028850 |
| | MARKEL GROUP INC | 1450 | \*\* | 2503034 |
| | MARKETAXESS HLDGS INC | 20900 | \*\* | 4724236 |
| \* | MARRIOTT INTERNATIONAL INC A | 7111418 | \*\* | 1983658937 |
|  | MARTIN MARIETTA MATERIALS INC | 11289 | \*\* | 5830769 |
|  | MARVELL TECHNOLOGY INC | 168995 | \*\* | 18665498 |
|  | MASTEC INC | 5391 | \*\* | 733931 |
|  | MASTERBRAND INC | 86561 | \*\* | 1264656 |
|  | MASTERCARD INC CL A | 11035 | \*\* | 5810700 |
|  | MATCH GROUP INC | 89277 | \*\* | 2920251 |
|  | MCCORMICK & CO INC NON-VTG | 30900 | \*\* | 2355816 |
|  | MEDTRONIC PLC | 56300 | \*\* | 4497244 |
|  | MERCADOLIBRE INC | 496 | \*\* | 843418 |
|  | META PLATFORMS INC CL A | 78589 | \*\* | 46014645 |
|  | METLIFE INC | 351700 | \*\* | 28797196 |
|  | METTLER-TOLEDO INTL INC | 3450 | \*\* | 4221696 |
|  | MGP INGREDIENTS INC | 21000 | \*\* | 826770 |
|  | MICROCHIP TECHNOLOGY | 154300 | \*\* | 8849105 |
|  | MICROSOFT CORP | 176859 | \*\* | 74546054 |
|  | MIRION TECHNOLOGIES INC-A | 47622 | \*\* | 831004 |
|  | MIRUM PHARMACEUTICALS INC | 12417 | \*\* | 513443 |
|  | MODINE MANUFACTURING CO | 13502 | \*\* | 1565287 |
|  | MOLINA HEALTHCARE INC | 10900 | \*\* | 3172445 |
|  | MOLSON COORS BEVERAGE CO B | 95300 | \*\* | 5462596 |
|  | MONDAY.COM LTD | 6633 | \*\* | 1561674 |
|  | MONGODB INC CL A | 4800 | \*\* | 1117488 |
|  | MONOLITHIC POWER SYS INC | 1800 | \*\* | 1065060 |
|  | MOOG INC CL A | 6303 | \*\* | 1240683 |
|  | MRC GLOBAL INC | 230584 | \*\* | 2946864 |
|  | MSA SAFETY INC | 12200 | \*\* | 2022394 |
|  | NATERA INC | 12628 | \*\* | 1999012 |
|  | NEOGEN CORP | 119900 | \*\* | 1455586 |
|  | NETFLIX INC | 14972 | \*\* | 13344843 |
|  | NEUROCRINE BIOSCIENCES INC | 17800 | \*\* | 2429700 |
|  | NEW YORK TIMES CO CL A | 65900 | \*\* | 3430095 |
|  | NEWELL BRANDS INC | 177436 | \*\* | 1767263 |
|  | NEWS CORP NEW CL A | 69000 | \*\* | 1900260 |
|  | NORFOLK SOUTHERN CORP | 77000 | \*\* | 18071900 |
|  | NOV INC | 121511 | \*\* | 1774061 |
|  | NOVANTA INC | 7100 | \*\* | 1084667 |
|  | NOVARTIS AG SPON ADR | 84300 | \*\* | 8203233 |
|  | NUTANIX INC CL A | 31455 | \*\* | 1924417 |
|  | NUVALENT INC-A | 9009 | \*\* | 705225 |
|  | NVIDIA CORP | 447166 | \*\* | 60049922 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| NXP SEMICONDUCTORS NV | 32040 | \*\* | 6659514 |
| OCCIDENTAL PETROLEUM CORP | 421573 | \*\* | 20829922 |
| OCCIDENTAL PETROLEUM CORP WT 08/03/27 | 83750 | \*\* | 2307313 |
| OLD DOMINION FREIGHT LINES INC | 13900 | \*\* | 2451960 |
| OLD NATIONAL BANCORP (IND) | 132604 | \*\* | 2878170 |
| OLIN CORP | 72826 | \*\* | 2461519 |
| OLLIES BARGAIN OUTLET HOLDINGS INC | 18124 | \*\* | 1988747 |
| OMNICELL INC | 25700 | \*\* | 1144164 |
| ON HOLDING AG | 32600 | \*\* | 1785502 |
| ONESTREAM INC | 83472 | \*\* | 2380621 |
| ORACLE CORP | 36560 | \*\* | 6092358 |
| ORION SA | 163533 | \*\* | 2582186 |
| PALOMAR HLDGS INC | 14300 | \*\* | 1509937 |
| PARSONS CORP | 15099 | \*\* | 1392883 |
| PAYLOCITY HOLDING CORP | 33950 | \*\* | 6772007 |
| PENUMBRA INC | 13600 | \*\* | 3229728 |
| PHIBRO ANIMAL HEALTH CORP CL A | 68570 | \*\* | 1439970 |
| PHREESIA INC | 41500 | \*\* | 1044140 |
| PIPER SANDLER COS | 6348 | \*\* | 1904083 |
| PJT PARTNERS INC | 9800 | \*\* | 1546538 |
| PLANET FITNESS INC CL A | 67700 | \*\* | 6693499 |
| PRIMO BRANDS CORP A | 30694 | \*\* | 944454 |
| PRIMORIS SVCS CORP | 7877 | \*\* | 601803 |
| PROCEPT BIOROBOTICS CORP | 19308 | \*\* | 1554680 |
| PROGRESSIVE CORP OHIO | 38100 | \*\* | 9129141 |
| PTC INC | 56500 | \*\* | 10388655 |
| PURE STORAGE INC CL A | 102600 | \*\* | 6302718 |
| PVH CORP | 16039 | \*\* | 1696124 |
| Q2 HOLDINGS INC | 16745 | \*\* | 1685384 |
| QUANTA SVCS INC | 7800 | \*\* | 2465190 |
| QUIDELORTHO CORP | 63841 | \*\* | 2844117 |
| RANGE RESOURCES CORP | 67500 | \*\* | 2428650 |
| RAYMOND JAMES FINANCIAL INC. | 39400 | \*\* | 6120002 |
| RB GLOBAL INC | 16500 | \*\* | 1488465 |
| RBC BEARINGS INC | 3800 | \*\* | 1136732 |
| REDDIT INC A | 40891 | \*\* | 6683225 |
| REGAL REXNORD CORP | 19620 | \*\* | 3043651 |
| REGENERON PHARMACEUTICALS INC | 13600 | \*\* | 9687688 |
| REMITLY GLOBAL INC | 25766 | \*\* | 581539 |
| REPLIGEN | 12700 | \*\* | 1828038 |
| RESIDEO TECHNOLOGIES INC | 113262 | \*\* | 2610689 |
| REVOLUTION MEDICINES INC | 28500 | \*\* | 1246590 |
| REYNOLDS CONSUMER PRODUCTS INC | 76200 | \*\* | 2056638 |
| ROCHE HOLDING LTD SPON ADR | 198700 | \*\* | 6930656 |
| ROKU INC CLASS A | 19500 | \*\* | 1449630 |
| ROPER TECHNOLOGIES INC | 3500 | \*\* | 1819475 |
| ROSS STORES INC | 63231 | \*\* | 9564953 |
| RPM INTERNATIONAL INC | 19600 | \*\* | 2411976 |
| RTX CORP | 302200 | \*\* | 34970584 |
| RUBRIK INC | 10700 | \*\* | 699352 |
| S&P GLOBAL INC | 11807 | \*\* | 5880240 |
| SALESFORCE INC | 25440 | \*\* | 8505355 |
| SANOFI SPON ADR | 512500 | \*\* | 24717875 |
| SAREPTA THERAPEUTICS INC | 17388 | \*\* | 2114207 |
| SBA COMMUNICATIONS CORP | 44000 | \*\* | 8967200 |
| SCANSOURCE INC | 18746 | \*\* | 889498 |
| SCHLUMBERGER LTD | 21004 | \*\* | 805293 |
| SCHWAB CHARLES CORP | 554862 | \*\* | 41065337 |
| SEALED AIR CORP | 97300 | \*\* | 3291659 |
| SELECTIVE INSURANCE GROUP INC | 7440 | \*\* | 695789 |
| SENSIENT TECHNOLOGIES CORP | 17000 | \*\* | 1211420 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| SENTINELONE INC | 79000 | \*\* | 1753800 |
| SERVICENOW INC | 15778 | \*\* | 16726573 |
| SERVICETITAN INC-A | 4375 | \*\* | 450056 |
| SERVISFIRST BANCSHARES INC | 23000 | \*\* | 1949020 |
| SHAKE SHACK INC - CLASS A | 9661 | \*\* | 1253998 |
| SHOPIFY INC CL A | 16716 | \*\* | 1777412 |
| SI-BONE INC | 46500 | \*\* | 651930 |
| SIMPLY GOOD FOODS CO | 60000 | \*\* | 2338800 |
| SIMPSON MANUFACTURING CO | 5700 | \*\* | 945231 |
| SKYWARD SPECIALTY INSURANCE GROUP INC | 28000 | \*\* | 1415120 |
| SMARTSHEET INC | 36300 | \*\* | 2033889 |
| SONOVA HLDG AG UNSPON ADR | 16582 | \*\* | 1078493 |
| SPECTRUM BRANDS HOLDINGS INC | 31251 | \*\* | 2640397 |
| SPOTIFY TECHNOLOGY SA | 11200 | \*\* | 5010656 |
| SPRINGWORKS THERAPEUTICS INC | 28545 | \*\* | 1031331 |
| SPROUTS FMRS MKT INC | 6538 | \*\* | 830784 |
| SPX TECHNOLOGIES INC | 6591 | \*\* | 959122 |
| STANDARDAERO INC | 59788 | \*\* | 1480351 |
| STANDEX INTL CORP | 9745 | \*\* | 1822218 |
| STATE STREET CORP | 55200 | \*\* | 5417880 |
| STEELCASE INC CLASS A | 192625 | \*\* | 2276828 |
| STERLING INFRASTRUCTURE INC | 7470 | \*\* | 1258322 |
| STOCK YARDS BANCORP INC | 15700 | \*\* | 1124277 |
| STONEX GROUP INC | 1515 | \*\* | 148425 |
| STRIDE INC | 8534 | \*\* | 886939 |
| STRIPE INC CLASS B PP | 3904 | \*\* | 107399 |
| STRYKER CORP | 6360 | \*\* | 2289918 |
| SUN COMMUNITIES INC - REIT | 62600 | \*\* | 7697922 |
| SWEETGREEN INC CL A | 51097 | \*\* | 1638170 |
| SYNOVUS FINANCIAL CORP. | 32212 | \*\* | 1650221 |
| TAIWAN SEMIC MFG CO LTD SP ADR | 33130 | \*\* | 6542844 |
| TANDEM DIABETES CARE INC | 24300 | \*\* | 875286 |
| TARGET CORP | 38390 | \*\* | 5189560 |
| TARSUS PHARMACEUTICALS INC | 23038 | \*\* | 1275614 |
| TE CONNECTIVITY PLC | 70500 | \*\* | 10079385 |
| TECHNIPFMC PLC | 241419 | \*\* | 6986666 |
| TELEFLEX INC | 58451 | \*\* | 10403109 |
| TENABLE HOLDINGS INC | 28900 | \*\* | 1138082 |
| TESLA INC | 31300 | \*\* | 12640192 |
| TEXAS ROADHOUSE INC | 3500 | \*\* | 631505 |
| TEXTRON INC | 105678 | \*\* | 8083310 |
| THE BOOKING HOLDINGS INC | 4036 | \*\* | 20052543 |
| THE SHYFT GROUP INC | 141647 | \*\* | 1662936 |
| T-MOBILE US INC | 63300 | \*\* | 13972209 |
| TOAST INC | 126600 | \*\* | 4614570 |
| TOPBUILD CORP | 4900 | \*\* | 1525566 |
| TPG INC | 15300 | \*\* | 961452 |
| TRACTOR SUPPLY CO. | 27745 | \*\* | 1472150 |
| TRADE DESK INC | 129600 | \*\* | 15231888 |
| TRADEWEB MARKETS INC A | 30533 | \*\* | 3997380 |
| TRANSCAT INC | 9400 | \*\* | 993956 |
| TRANSDIGM GROUP INC | 10259 | \*\* | 13001026 |
| TRANSUNION | 32334 | \*\* | 2997685 |
| TREEHOUSE FOODS INC | 34429 | \*\* | 1209491 |
| TRIMAS CORP | 124252 | \*\* | 3055357 |
| TRUEBLUE INC | 137110 | \*\* | 1151724 |
| TYLER TECHNOLOGIES INC | 14100 | \*\* | 8130624 |
| UBS GROUP AG | 147800 | \*\* | 4481296 |
| UL SOLUTIONS INC CL A | 29875 | \*\* | 1490165 |
| ULTA BEAUTY INC | 5492 | \*\* | 2388636 |
| UNION PACIFIC CORP | 24400 | \*\* | 5564176 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| | UNITED RENTALS INC | 4500 | \*\* | 3169980 |
| | UNITEDHEALTH GROUP INC | 44323 | \*\* | 22421233 |
| | UNIVERSAL CORP | 46283 | \*\* | 2538160 |
| | UNIVERSAL TECH INST INC | 30212 | \*\* | 776751 |
| | UNIVEST FINANCIAL CORP | 62406 | \*\* | 1841601 |
| | USANA HEALTH SCIENCES INC | 45141 | \*\* | 1620110 |
| | UTZ BRANDS INC A | 90400 | \*\* | 1415664 |
| | VALVOLINE INC | 16600 | \*\* | 600588 |
| | VAREX IMAGING CORP | 147442 | \*\* | 2151179 |
| | VARONIS SYSTEMS INC | 15798 | \*\* | 701905 |
| | VAXCYTE INC | 23254 | \*\* | 1903572 |
| | VEEVA SYS INC CL A | 49770 | \*\* | 10464143 |
| | VERA THERAPEUTICS INC | 22791 | \*\* | 963831 |
| | VERACYTE INC | 13900 | \*\* | 550440 |
| | VERALTO CORP | 31200 | \*\* | 3177720 |
| | VERICEL CORP | 10945 | \*\* | 600990 |
| | VERISK ANALYTICS INC | 13700 | \*\* | 3773391 |
| | VERTEX INC - CLASS A | 30836 | \*\* | 1645101 |
| | VERTIV HOLDINGS CO | 70640 | \*\* | 8025410 |
| | VF CORP | 242700 | \*\* | 5208342 |
| | VIKING HOLDINGS LTD | 78027 | \*\* | 3437870 |
| | VISA INC CL A | 66729 | \*\* | 21089033 |
| | VITA COCO CO INC/THE | 14600 | \*\* | 538886 |
| | VITAL FARMS INC | 19548 | \*\* | 736764 |
| | WASTE CONNECTIONS INC | 13900 | \*\* | 2384962 |
| | WATTS WATER TECH INC CL A | 7385 | \*\* | 1501371 |
| | WAYSTAR HOLDING CORP | 23470 | \*\* | 861349 |
| | WEATHERFORD INTERNATIONAL PLC | 27600 | \*\* | 1976988 |
| | WEBSTER FINANCIAL | 45840 | \*\* | 2531285 |
| | WELLS FARGO & CO | 458500 | \*\* | 32205040 |
| | WEST PHARMACEUTICAL SVCS INC | 5974 | \*\* | 1956843 |
| | WILLIAMS COMPANIES INC | 234424 | \*\* | 12687027 |
| | WIX.COM LTD | 8154 | \*\* | 1749441 |
| | WSFS FINANCIAL CORP | 61456 | \*\* | 3265157 |
| | XPO INC | 16900 | \*\* | 2216435 |
| | YUM BRANDS INC | 56159 | \*\* | 7534291 |
| | ZETA GLOBAL HOLDINGS CORP | 40141 | \*\* | 722137 |
| | ZIMMER BIOMET HLDGS INC | 111900 | \*\* | 11819997 |
| | ZOOM COMMUNICATIONS INC CL A | 60300 | \*\* | 4921083 |
| | **COMMON/COLLECTIVE TRUST** | | | **5717533349** |
| | ARROWSTREET INTERNATIONAL EQUITY EAFE CIT CLASS B | ARROWSTREET INTERNATIONAL EQUITY EAFE CIT CLASS B | \*\* | 117378902 |
| | AXIOM INTERNATIONAL SMALL CAP TRUST 2 | AXIOM INTERNATIONAL SMALL CAP TRUST 2 | \*\* | 18096670 |
| \* | FIAM EMERGING MARKETS EQUITY SMALL CAP COMMINGLED | FIAM EMERGING MARKETS EQUITY SMALL CAP COMMINGLED | \*\* | 29938189 |
| \* | FIDELITY BLUE CHIP GROWTH COMMINGLED POOL - CLASS | FIDELITY BLUE CHIP GROWTH COMMINGLED POOL - CLASS | \*\* | 333684687 |
| \* | NORTHERN TRUST COLLECTIVE RUSSELL 2000 INDEX FUND | NORTHERN TRUST COLLECTIVE RUSSELL 2000 INDEX FUND | \*\* | 9427495 |
| \* | NORTHERN TRUST COLLECTIVE S&P 400 INDEX FUND - DC | NORTHERN TRUST COLLECTIVE S&P 400 INDEX FUND - DC | \*\* | 24291536 |
| \* | NORTHERN TRUST COLLECTIVE S&P 500 INDEX FUND - DC | NORTHERN TRUST COLLECTIVE S&P 500 INDEX FUND - DC | \*\* | 775888038 |
| \* | NT COLLECTIVE RUSSELL 1000 GROWTH INDEX FUND - DC | NT COLLECTIVE RUSSELL 1000 GROWTH INDEX FUND - DC | \*\* | 20072185 |
|  | VANGUARD RETIREMENT RETIREMENT INCOME | VANGUARD RETIREMENT RETIREMENT INCOME | \*\* | 305160250 |
|  | VANGUARD RETIREMENT 2020 | VANGUARD RETIREMENT 2020 | \*\* | 23879325 |
|  | VANGUARD RETIREMENT 2025 | VANGUARD RETIREMENT 2025 | \*\* | 742454137 |
|  | VANGUARD RETIREMENT 2030 | VANGUARD RETIREMENT 2030 | \*\* | 166525657 |
|  | VANGUARD RETIREMENT 2035 | VANGUARD RETIREMENT 2035 | \*\* | 917745784 |
|  | VANGUARD RETIREMENT 2040 | VANGUARD RETIREMENT 2040 | \*\* | 98134512 |
|  | VANGUARD RETIREMENT 2045 | VANGUARD RETIREMENT 2045 | \*\* | 789589923 |
|  | VANGUARD RETIREMENT 2050 | VANGUARD RETIREMENT 2050 | \*\* | 90741392 |
|  | VANGUARD RETIREMENT 2055 | VANGUARD RETIREMENT 2055 | \*\* | 382484586 |
|  | VANGUARD RETIREMENT 2060 | VANGUARD RETIREMENT 2060 | \*\* | 61841914 |
|  | VANGUARD RETIREMENT 2065 | VANGUARD RETIREMENT 2065 | \*\* | 52733203 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| | VANGUARD RETIREMENT 2070 | VANGUARD RETIREMENT 2070 | \*\* | 13017923 |
| \* | FID CONTRA POOL CL F | FID CONTRA POOL CL F | \*\* | 744447041 |
|  | **CORPORATE BONDS** |  |  | **578350781** |
|  | ADVANCE AUTO PARTS INC 5.9% 03/09/2026 | ADVANCE AUTO PARTS INC 5.9% 03/09/2026 | \*\* | 735063 |
|  | AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR | \*\* | 1754102 |
|  | AES CORP 3.3% 07/15/2025 144A | AES CORP 3.3% 07/15/2025 144A | \*\* | 722981 |
|  | ALLY AUTO RECEIVABLES TR 2023-A B 6.01% 01/17/2034 | ALLY AUTO RECEIVABLES TR 2023-A B 6.01% 01/17/2034 | \*\* | 118771 |
|  | ALLY AUTO RECEIVABLES TR 2023-A C 6.08% 01/17/2034 | ALLY AUTO RECEIVABLES TR 2023-A C 6.08% 01/17/2034 | \*\* | 262976 |
|  | ALLY BK MIDVALE UTAH 24-A C 6.022% 05/17/2032 144A | ALLY BK MIDVALE UTAH 24-A C 6.022% 05/17/2032 144A | \*\* | 198175 |
|  | ALLY BK MIDVALE UTAH 24-B C 5.215% 09/15/2032 144A | ALLY BK MIDVALE UTAH 24-B C 5.215% 09/15/2032 144A | \*\* | 233375 |
|  | ALLY BK MIDVALE UTAH 4.97% 09/15/2032 144A | ALLY BK MIDVALE UTAH 4.97% 09/15/2032 144A | \*\* | 233551 |
|  | ALLY BK MIDVALE UTAH 5.827% 05/17/2032 144A | ALLY BK MIDVALE UTAH 5.827% 05/17/2032 144A | \*\* | 197910 |
|  | ALTRIA GROUP INC 2.625% 09/16/2026 | ALTRIA GROUP INC 2.625% 09/16/2026 | \*\* | 629647 |
|  | AMCOR FLEXIBLES NORTH AMERICA INC 4% 05/17/2025 | AMCOR FLEXIBLES NORTH AMERICA INC 4% 05/17/2025 | \*\* | 697401 |
|  | AMERICAN ELECTRIC POWER INC 5.2% 01/15/2029 | AMERICAN ELECTRIC POWER INC 5.2% 01/15/2029 | \*\* | 1098217 |
|  | AMERICAN ELECTRIC POWER INC 5.699% 08/15/2025 | AMERICAN ELECTRIC POWER INC 5.699% 08/15/2025 | \*\* | 677909 |
|  | AMERICAN EXPRESS CO 2.25% 03/04/2025 | AMERICAN EXPRESS CO 2.25% 03/04/2025 | \*\* | 847394 |
|  | AMERICAN EXPRESS CO 5.043%/VAR 07/26/2028 | AMERICAN EXPRESS CO 5.043%/VAR 07/26/2028 | \*\* | 552880 |
|  | AMERICAN EXPRESS CO 5.098%/VAR 02/16/2028 | AMERICAN EXPRESS CO 5.098%/VAR 02/16/2028 | \*\* | 346990 |
|  | AMERICAN EXPRESS CO 5.532%/VAR 04/25/2030 | AMERICAN EXPRESS CO 5.532%/VAR 04/25/2030 | \*\* | 682196 |
|  | AMERICAN TOWER CORP 1.6% 04/15/2026 | AMERICAN TOWER CORP 1.6% 04/15/2026 | \*\* | 1400165 |
|  | AMERICAN TOWER CORP 2.4% 03/15/2025 | AMERICAN TOWER CORP 2.4% 03/15/2025 | \*\* | 611750 |
|  | AMERICAN TOWER CORP 3.55% 07/15/2027 | AMERICAN TOWER CORP 3.55% 07/15/2027 | \*\* | 570978 |
|  | AMERICREDIT AUTOMOBILE RECEIVABLES TR 20221 2.77% | AMERICREDIT AUTOMOBILE RECEIVABLES TR 20221 2.77% | \*\* | 1674668 |
|  | AMERICREDIT AUTOMOBILE RECEIVABLES TR 2022-1 D 3.2 | AMERICREDIT AUTOMOBILE RECEIVABLES TR 2022-1 D 3.2 | \*\* | 315062 |
|  | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1.06% 08/ | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1.06% 08/ | \*\* | 83320 |
|  | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2021-2 D | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2021-2 D | \*\* | 1442635 |
|  | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2022-2 4. | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2022-2 4. | \*\* | 1651023 |
|  | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2023-1 5. | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2023-1 5. | \*\* | 341044 |
|  | AMPHENOL CORPORATION NEW 2.05% 03/01/2025 | AMPHENOL CORPORATION NEW 2.05% 03/01/2025 | \*\* | 880733 |
|  | AMPHENOL CORPORATION NEW 4.75% 03/30/2026 | AMPHENOL CORPORATION NEW 4.75% 03/30/2026 | \*\* | 345198 |
|  | AMPHENOL CORPORATION NEW 5.05% 04/05/2027 | AMPHENOL CORPORATION NEW 5.05% 04/05/2027 | \*\* | 327825 |
|  | AMSR 2020-SFR3 C TRUST 2.056% 09/17/2037 144A | AMSR 2020-SFR3 C TRUST 2.056% 09/17/2037 144A | \*\* | 686238 |
|  | AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.38% 0 | AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.38% 0 | \*\* | 247790 |
|  | AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.55% 0 | AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.55% 0 | \*\* | 201585 |
|  | APIDOS CLO XVIII TSFR3M+115 10/22/2030 144A | APIDOS CLO XVIII TSFR3M+115 10/22/2030 144A | \*\* | 869813 |
|  | APIDOS CLO XXV TSFR3M+115 10/20/2031 144A | APIDOS CLO XXV TSFR3M+115 10/20/2031 144A | \*\* | 1100797 |
|  | APPALACHIAN POWER CO 3.3% 06/01/2027 | APPALACHIAN POWER CO 3.3% 06/01/2027 | \*\* | 1276639 |
|  | APPLEBEE'S/IHOP FUNDING LLC 4.723% 06/05/2049 144A | APPLEBEE'S/IHOP FUNDING LLC 4.723% 06/05/2049 144A | \*\* | 739137 |
|  | APTIV SWISS HOLDINGS LTD 4.65% 09/13/2029 | APTIV SWISS HOLDINGS LTD 4.65% 09/13/2029 | \*\* | 402874 |
|  | ARBYS FUNDING 2015-1A LLC 3.237% 07/30/2050 144A | ARBYS FUNDING 2015-1A LLC 3.237% 07/30/2050 144A | \*\* | 1449944 |
|  | ARI FLEET LEASE TRUST 2023-A 5.41% 02/17/2032 144A | ARI FLEET LEASE TRUST 2023-A 5.41% 02/17/2032 144A | \*\* | 646465 |
|  | ARI FLEET LEASE TRUST 2024-B 5.54% 04/15/2033 144A | ARI FLEET LEASE TRUST 2024-B 5.54% 04/15/2033 144A | \*\* | 720898 |
|  | AT&T INC 4.1% 02/15/2028 | AT&T INC 4.1% 02/15/2028 | \*\* | 322841 |
|  | ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144A | ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144A | \*\* | 1619352 |
|  | ATHENE GLOBAL FUNDING 4.86% 08/27/2026 144A | ATHENE GLOBAL FUNDING 4.86% 08/27/2026 144A | \*\* | 664292 |
|  | ATHENE GLOBAL FUNDING 5.349% 07/09/2027 144A | ATHENE GLOBAL FUNDING 5.349% 07/09/2027 144A | \*\* | 661412 |
|  | ATHENE GLOBAL FUNDING 5.684% 02/23/2026 144A | ATHENE GLOBAL FUNDING 5.684% 02/23/2026 144A | \*\* | 897253 |
|  | ATLASSIAN CORP PLC 5.25% 05/15/2029 | ATLASSIAN CORP PLC 5.25% 05/15/2029 | \*\* | 337494 |
|  | AUTOZONE INC 3.625% 04/15/2025 | AUTOZONE INC 3.625% 04/15/2025 | \*\* | 318916 |
|  | AUXILIOR TERM FUNDING 2023-1 LLC 23-1A A2 6.18% 12 | AUXILIOR TERM FUNDING 2023-1 LLC 23-1A A2 6.18% 12 | \*\* | 832001 |
|  | AUXILIOR TERM FUNDING 2024-1 LLC 24-1A A3 5.49% 07 | AUXILIOR TERM FUNDING 2024-1 LLC 24-1A A3 5.49% 07 | \*\* | 379205 |
|  | AVIS BUDGET RENTCAR FDG AE LLC 6.12% 04/20/2028 14 | AVIS BUDGET RENTCAR FDG AE LLC 6.12% 04/20/2028 14 | \*\* | 1595849 |
|  | AVIS BUDGET RENTCAR FDG AE LLC 6.18% 10/20/2027 14 | AVIS BUDGET RENTCAR FDG AE LLC 6.18% 10/20/2027 14 | \*\* | 196110 |
|  | AVIS BUDGET RENTCAR FDG AE LLC 6.24% 04/20/2027 14 | AVIS BUDGET RENTCAR FDG AE LLC 6.24% 04/20/2027 14 | \*\* | 271593 |
|  | AVOLON HOLDINGS FUNDING LTD 2.125% 02/21/2026 144A | AVOLON HOLDINGS FUNDING LTD 2.125% 02/21/2026 144A | \*\* | 1131587 |
|  | AVOLON HOLDINGS FUNDING LTD 2.875% 02/15/2025 144A | AVOLON HOLDINGS FUNDING LTD 2.875% 02/15/2025 144A | \*\* | 961831 |
|  | AVOLON HOLDINGS FUNDING LTD 5.75% 03/01/2029 144A | AVOLON HOLDINGS FUNDING LTD 5.75% 03/01/2029 144A | \*\* | 641450 |
|  | AVOLON HOLDINGS FUNDING LTD 6.375% 05/04/2028 144A | AVOLON HOLDINGS FUNDING LTD 6.375% 05/04/2028 144A | \*\* | 308353 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| BACARDI MARTINI BV YCP 0% 01/22/2025 | BACARDI MARTINI BV YCP 0% 01/22/2025 | \*\* | 1705009 |
| BAE SYSTEMS PLC 5% 03/26/2027 144A | BAE SYSTEMS PLC 5% 03/26/2027 144A | \*\* | 718042 |
| BALLYROCK CLO 15 LTD TSFR3M+132.161 04/15/2034 144 | BALLYROCK CLO 15 LTD TSFR3M+132.161 04/15/2034 144 | \*\* | 365001 |
| BANCO DEL ESTADO DE CHILE 2.704% 01/09/2025 144A | BANCO DEL ESTADO DE CHILE 2.704% 01/09/2025 144A | \*\* | 259272 |
| BANCO SANTANDER MEXICO SA SAB DE CV 5.375% 04/17/2 | BANCO SANTANDER MEXICO SA SAB DE CV 5.375% 04/17/2 | \*\* | 1652749 |
| BANCO SANTANDER SA 3.496% 03/24/2025 | BANCO SANTANDER SA 3.496% 03/24/2025 | \*\* | 997643 |
| BANCO SANTANDER SA 5.552%/VAR 03/14/2028 | BANCO SANTANDER SA 5.552%/VAR 03/14/2028 | \*\* | 605262 |
| BANK NEW YORK MELLON CORP 4.414%/VAR 07/24/2026 | BANK NEW YORK MELLON CORP 4.414%/VAR 07/24/2026 | \*\* | 832781 |
| BANK NEW YORK MELLON CORP 4.947%/VAR 04/26/2027 | BANK NEW YORK MELLON CORP 4.947%/VAR 04/26/2027 | \*\* | 913796 |
| BANK OF AMERICA CORPORATION 1.734%/VAR 07/22/2027 | BANK OF AMERICA CORPORATION 1.734%/VAR 07/22/2027 | \*\* | 386097 |
| BANK OF AMERICA CORPORATION 2.496%/VAR 02/13/2031 | BANK OF AMERICA CORPORATION 2.496%/VAR 02/13/2031 | \*\* | 575933 |
| BANK OF AMERICA CORPORATION 2.572%/VAR 10/20/2032 | BANK OF AMERICA CORPORATION 2.572%/VAR 10/20/2032 | \*\* | 379697 |
| BANK OF AMERICA CORPORATION 3.384%/VAR 04/02/2026 | BANK OF AMERICA CORPORATION 3.384%/VAR 04/02/2026 | \*\* | 513006 |
| BANK OF AMERICA CORPORATION 3.846%/VAR 03/08/2037 | BANK OF AMERICA CORPORATION 3.846%/VAR 03/08/2037 | \*\* | 2192346 |
| BANK OF AMERICA CORPORATION 4.183% 11/25/2027 | BANK OF AMERICA CORPORATION 4.183% 11/25/2027 | \*\* | 883433 |
| BANK OF AMERICA CORPORATION 4.25% 10/22/2026 | BANK OF AMERICA CORPORATION 4.25% 10/22/2026 | \*\* | 594851 |
| BANK OF AMERICA CORPORATION 4.45% 03/03/2026 | BANK OF AMERICA CORPORATION 4.45% 03/03/2026 | \*\* | 149378 |
| BANK OF AMERICA CORPORATION 5.08%/VAR 01/20/2027 | BANK OF AMERICA CORPORATION 5.08%/VAR 01/20/2027 | \*\* | 345999 |
| BANK OF AMERICA CORPORATION 6.204%/VAR 11/10/2028 | BANK OF AMERICA CORPORATION 6.204%/VAR 11/10/2028 | \*\* | 258828 |
| BANK OF MONTREAL QUE 3.7% 06/07/2025 | BANK OF MONTREAL QUE 3.7% 06/07/2025 | \*\* | 1348758 |
| BANK OF NEW YORK MELLON 5.148%/VAR 05/22/2026 | BANK OF NEW YORK MELLON 5.148%/VAR 05/22/2026 | \*\* | 665863 |
| BANQUE FED CRED MUTUEL PARIS 0.998% 02/04/2025 144 | BANQUE FED CRED MUTUEL PARIS 0.998% 02/04/2025 144 | \*\* | 1086307 |
| BANQUE FED CRED MUTUEL PARIS 4.935% 01/26/2026 144 | BANQUE FED CRED MUTUEL PARIS 4.935% 01/26/2026 144 | \*\* | 601029 |
| BARCLAYS PLC 4.836% 05/09/2028 | BARCLAYS PLC 4.836% 05/09/2028 | \*\* | 1853829 |
| BARCLAYS PLC 5.304%/VAR 08/09/2026 | BARCLAYS PLC 5.304%/VAR 08/09/2026 | \*\* | 495933 |
| BARCLAYS PLC 5.501%/VAR 08/09/2028 | BARCLAYS PLC 5.501%/VAR 08/09/2028 | \*\* | 1263505 |
| BARCLAYS PLC 5.829%/VAR 05/09/2027 | BARCLAYS PLC 5.829%/VAR 05/09/2027 | \*\* | 707538 |
| BARCLAYS PLC 6.49%/VAR 09/13/2029 | BARCLAYS PLC 6.49%/VAR 09/13/2029 | \*\* | 520045 |
| BARCLAYS PLC 7.119%/VAR 06/27/2034 | BARCLAYS PLC 7.119%/VAR 06/27/2034 | \*\* | 212250 |
| BARCLAYS PLC 7.325%/VAR 11/02/2026 | BARCLAYS PLC 7.325%/VAR 11/02/2026 | \*\* | 600604 |
| BARINGS CLO LTD 2018-IV TSFR3M+180 10/15/2030 144A | BARINGS CLO LTD 2018-IV TSFR3M+180 10/15/2030 144A | \*\* | 1226083 |
| BAT CAPITAL CORP 2.259% 03/25/2028 | BAT CAPITAL CORP 2.259% 03/25/2028 | \*\* | 459351 |
| BAT CAPITAL CORP 2.726% 03/25/2031 | BAT CAPITAL CORP 2.726% 03/25/2031 | \*\* | 474623 |
| BAT CAPITAL CORP 4.742% 03/16/2032 | BAT CAPITAL CORP 4.742% 03/16/2032 | \*\* | 1154235 |
| BAT CAPITAL CORP 6.421% 08/02/2033 | BAT CAPITAL CORP 6.421% 08/02/2033 | \*\* | 1321171 |
| BAT INTL FINANCE PLC 1.668% 03/25/2026 | BAT INTL FINANCE PLC 1.668% 03/25/2026 | \*\* | 817739 |
| BAT INTL FINANCE PLC 4.448% 03/16/2028 | BAT INTL FINANCE PLC 4.448% 03/16/2028 | \*\* | 1608651 |
| BAYER US FIN II LLC 4.25% 12/15/2025 144A | BAYER US FIN II LLC 4.25% 12/15/2025 144A | \*\* | 1092586 |
| BAYER US FIN II LLC 4.375% 12/15/2028 144A | BAYER US FIN II LLC 4.375% 12/15/2028 144A | \*\* | 2043573 |
| BAYER US FIN LLC 6.5% 11/21/2033 144A | BAYER US FIN LLC 6.5% 11/21/2033 144A | \*\* | 203482 |
| BAYVIEW OPPORTUNITY MASTER FUND VII 2024-CAR1 LLC | BAYVIEW OPPORTUNITY MASTER FUND VII 2024-CAR1 LLC | \*\* | 296291 |
| BECTON DICKINSON & CO 4.693% 02/13/2028 | BECTON DICKINSON & CO 4.693% 02/13/2028 | \*\* | 1318470 |
| BLUE OWL ASSET LEASING TRUST 2024-1 LLC 5.41% 03/1 | BLUE OWL ASSET LEASING TRUST 2024-1 LLC 5.41% 03/1 | \*\* | 169902 |
| BLUE OWL ASSET LEASING TRUST 2024-1A A2 LLC 5.05% | BLUE OWL ASSET LEASING TRUST 2024-1A A2 LLC 5.05% | \*\* | 746556 |
| BLUEMOUNTAIN CLO 2016-3 LTD TSFR3M+120 11/15/2030 | BLUEMOUNTAIN CLO 2016-3 LTD TSFR3M+120 11/15/2030 | \*\* | 1205522 |
| BMW US CAPITAL LLC 4.6% 08/13/2027 144A | BMW US CAPITAL LLC 4.6% 08/13/2027 144A | \*\* | 1477583 |
| BNP PARIBAS 2.588%/VAR 08/12/2035 144A | BNP PARIBAS 2.588%/VAR 08/12/2035 144A | \*\* | 230265 |
| BNP PARIBAS 4.375% 05/12/2026 144A | BNP PARIBAS 4.375% 05/12/2026 144A | \*\* | 1557604 |
| BNP PARIBAS 4.375% 09/28/2025 144A | BNP PARIBAS 4.375% 09/28/2025 144A | \*\* | 2258883 |
| BNP PARIBAS 4.625% 03/13/2027 144A | BNP PARIBAS 4.625% 03/13/2027 144A | \*\* | 1596297 |
| BOEING CO 2.196% 02/04/2026 | BOEING CO 2.196% 02/04/2026 | \*\* | 489744 |
| BOEING CO 6.259% 05/01/2027 | BOEING CO 6.259% 05/01/2027 | \*\* | 1273588 |
| BOSTON PPTYS LTD PARTNERSHIP 2.9% 03/15/2030 | BOSTON PPTYS LTD PARTNERSHIP 2.9% 03/15/2030 | \*\* | 198706 |
| BOSTON PPTYS LTD PARTNERSHIP 3.2% 01/15/2025 | BOSTON PPTYS LTD PARTNERSHIP 3.2% 01/15/2025 | \*\* | 274779 |
| BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031 | BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031 | \*\* | 1582865 |
| BOSTON PPTYS LTD PARTNERSHIP 3.65% 02/01/2026 | BOSTON PPTYS LTD PARTNERSHIP 3.65% 02/01/2026 | \*\* | 665289 |
| BOSTON PPTYS LTD PARTNERSHIP 4.5% 12/01/2028 | BOSTON PPTYS LTD PARTNERSHIP 4.5% 12/01/2028 | \*\* | 1289289 |
| BOSTON PPTYS LTD PARTNERSHIP 6.5% 01/15/2034 | BOSTON PPTYS LTD PARTNERSHIP 6.5% 01/15/2034 | \*\* | 288170 |
| BPCE SA 4.5% 03/15/2025 144A | BPCE SA 4.5% 03/15/2025 144A | \*\* | 1282618 |
| BRAMBLES USA INC 4.125% 10/23/2025 144A | BRAMBLES USA INC 4.125% 10/23/2025 144A | \*\* | 908519 |
| BRE GRAND ISLANDER TIMESHARE ISSUER 2019-A LLC 3.2 | BRE GRAND ISLANDER TIMESHARE ISSUER 2019-A LLC 3.2 | \*\* | 130502 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| BRIGHTHOUSE FINANCIAL GLOBAL FUNDING 1.55% 05/24/2 | BRIGHTHOUSE FINANCIAL GLOBAL FUNDING 1.55% 05/24/2 | \*\* | 219408 |
| BRUNSWICK CORP CP 0% 01/03/2025 | BRUNSWICK CORP CP 0% 01/03/2025 | \*\* | 1714353 |
| CAIXABANK SA 6.684%/VAR 09/13/2027 144A | CAIXABANK SA 6.684%/VAR 09/13/2027 144A | \*\* | 1272588 |
| CANADIAN NATL RESOURCES LTD 2.05% 07/15/2025 | CANADIAN NATL RESOURCES LTD 2.05% 07/15/2025 | \*\* | 1462699 |
| CANADIAN PAC RY CO 1.75% 12/02/2026 | CANADIAN PAC RY CO 1.75% 12/02/2026 | \*\* | 501883 |
| CAPITAL ONE FINANCIAL CORP 2.636%/VAR 03/03/2026 | CAPITAL ONE FINANCIAL CORP 2.636%/VAR 03/03/2026 | \*\* | 756771 |
| CAPITAL ONE FINANCIAL CORP 4.2% 10/29/2025 | CAPITAL ONE FINANCIAL CORP 4.2% 10/29/2025 | \*\* | 1634232 |
| CAPITAL ONE FINANCIAL CORP 4.927%/VAR 05/10/2028 | CAPITAL ONE FINANCIAL CORP 4.927%/VAR 05/10/2028 | \*\* | 672828 |
| CAPITAL ONE FINANCIAL CORP 4.985%/VAR 07/24/2026 | CAPITAL ONE FINANCIAL CORP 4.985%/VAR 07/24/2026 | \*\* | 644491 |
| CAPITAL ONE FINANCIAL CORP 5.268%/VAR 05/10/2033 | CAPITAL ONE FINANCIAL CORP 5.268%/VAR 05/10/2033 | \*\* | 365166 |
| CAPITAL ONE FINANCIAL CORP 6.312%/VAR 06/08/2029 | CAPITAL ONE FINANCIAL CORP 6.312%/VAR 06/08/2029 | \*\* | 676352 |
| CAPITAL ONE FINANCIAL CORP 7.149%/VAR 10/29/2027 | CAPITAL ONE FINANCIAL CORP 7.149%/VAR 10/29/2027 | \*\* | 394333 |
| CAPITAL ONE FINANCIAL CORP 7.624%/VAR 10/30/2031 | CAPITAL ONE FINANCIAL CORP 7.624%/VAR 10/30/2031 | \*\* | 1104105 |
| CARMAX AUTO OWNER TR 1.5% 01/18/2028 | CARMAX AUTO OWNER TR 1.5% 01/18/2028 | \*\* | 1458846 |
| CARMAX AUTO OWNER TR 2023-2 C 5.57% 11/15/2028 | CARMAX AUTO OWNER TR 2023-2 C 5.57% 11/15/2028 | \*\* | 967473 |
| CARMAX AUTO OWNER TR 2023-2 D 6.55% 10/15/2029 | CARMAX AUTO OWNER TR 2023-2 D 6.55% 10/15/2029 | \*\* | 648797 |
| CARMAX AUTO OWNER TRUST 2022-4 8.08% 04/16/2029 | CARMAX AUTO OWNER TRUST 2022-4 8.08% 04/16/2029 | \*\* | 632991 |
| CARMAX AUTO OWNER TRUST 2024-1 4.94% 08/15/2029 | CARMAX AUTO OWNER TRUST 2024-1 4.94% 08/15/2029 | \*\* | 246287 |
| CARMAX AUTO OWNER TRUST 2024-1 5.47% 08/15/2029 | CARMAX AUTO OWNER TRUST 2024-1 5.47% 08/15/2029 | \*\* | 480618 |
| CARMAX AUTO OWNER TRUST 2024-3 5.67% 01/15/2031 | CARMAX AUTO OWNER TRUST 2024-3 5.67% 01/15/2031 | \*\* | 195155 |
| CARMAX AUTO OWNER TRUST 2024-3 A4 4.85% 01/15/2030 | CARMAX AUTO OWNER TRUST 2024-3 A4 4.85% 01/15/2030 | \*\* | 155671 |
| CARMAX SELECT RECEIVABLES TRUST 2024-A 5.35% 01/15 | CARMAX SELECT RECEIVABLES TRUST 2024-A 5.35% 01/15 | \*\* | 212072 |
| CARMAX SELECT RECEIVABLES TRUST 2024-A 5.62% 01/15 | CARMAX SELECT RECEIVABLES TRUST 2024-A 5.62% 01/15 | \*\* | 897739 |
| CARMX 2023-3 A3 5.470% 02/15/2029 | CARMX 2023-3 A3 5.470% 02/15/2029 | \*\* | 364147 |
| CARMX 2023-3 A3 5.61% 02/15/2029 | CARMX 2023-3 A3 5.61% 02/15/2029 | \*\* | 1089109 |
| CARMX 2023-3 A3 6.44% 12/16/2030 | CARMX 2023-3 A3 6.44% 12/16/2030 | \*\* | 351965 |
| CARVANA AUTO RECEIVABLES TRUST 2024-N2 B 5.67% 09/ | CARVANA AUTO RECEIVABLES TRUST 2024-N2 B 5.67% 09/ | \*\* | 637877 |
| CCO HLDGS LLC/CAP CORP 4.25% 01/15/2034 144A | CCO HLDGS LLC/CAP CORP 4.25% 01/15/2034 144A | \*\* | 2231048 |
| CCO HLDGS LLC/CAP CORP 4.5% 05/01/2032 | CCO HLDGS LLC/CAP CORP 4.5% 05/01/2032 | \*\* | 903171 |
| CCO HLDGS LLC/CAP CORP 4.5% 06/01/2033 144A | CCO HLDGS LLC/CAP CORP 4.5% 06/01/2033 144A | \*\* | 252416 |
| CDW LLC / CDW FIN CORP 5.1% 03/01/2030 | CDW LLC / CDW FIN CORP 5.1% 03/01/2030 | \*\* | 241298 |
| CELANESE US HLDGS LLC 6.05% 03/15/2025 | CELANESE US HLDGS LLC 6.05% 03/15/2025 | \*\* | 487340 |
| CEMEX SAB DE CV 5.2% 09/17/2030 144A | CEMEX SAB DE CV 5.2% 09/17/2030 144A | \*\* | 3771680 |
| CENCORA INC 4.625% 12/15/2027 | CENCORA INC 4.625% 12/15/2027 | \*\* | 509979 |
| CENCORA INC 4.85% 12/15/2029 | CENCORA INC 4.85% 12/15/2029 | \*\* | 273213 |
| CENTENE CORP 4.625% 12/15/2029 | CENTENE CORP 4.625% 12/15/2029 | \*\* | 576914 |
| CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM | \*\* | 6405526 |
| CIFC FUNDING 2016-1A AR3 LTD TSFR3M+100 10/21/2031 | CIFC FUNDING 2016-1A AR3 LTD TSFR3M+100 10/21/2031 | \*\* | 1205000 |
| CIFC FUNDING 2016-1A D1R3 LTD TSFR3M+250 10/21/203 | CIFC FUNDING 2016-1A D1R3 LTD TSFR3M+250 10/21/203 | \*\* | 480000 |
| CIGNA GROUP (THE) 4.375% 10/15/2028 | CIGNA GROUP (THE) 4.375% 10/15/2028 | \*\* | 1102818 |
| CIGNA GROUP (THE) 7.875% 05/15/2027 | CIGNA GROUP (THE) 7.875% 05/15/2027 | \*\* | 170984 |
| CITIGROUP INC 3.106%/VAR 04/08/2026 | CITIGROUP INC 3.106%/VAR 04/08/2026 | \*\* | 1781374 |
| CITIGROUP INC 4.125% 07/25/2028 | CITIGROUP INC 4.125% 07/25/2028 | \*\* | 607651 |
| CITIGROUP INC 4.412%/VAR 03/31/2031 | CITIGROUP INC 4.412%/VAR 03/31/2031 | \*\* | 408495 |
| CITIGROUP INC 5.174%/VAR 02/13/2030 | CITIGROUP INC 5.174%/VAR 02/13/2030 | \*\* | 604540 |
| CNH EQUIPMENT TRUST 2024-B 5.19% 09/17/2029 | CNH EQUIPMENT TRUST 2024-B 5.19% 09/17/2029 | \*\* | 389953 |
| CNH EQUIPMENT TRUST 2024-B 5.23% 11/17/2031 | CNH EQUIPMENT TRUST 2024-B 5.23% 11/17/2031 | \*\* | 338912 |
| CNO GLOBAL FUNDING 1.65% 01/06/2025 144A | CNO GLOBAL FUNDING 1.65% 01/06/2025 144A | \*\* | 1104587 |
| CNO GLOBAL FUNDING 1.75% 10/07/2026 144A | CNO GLOBAL FUNDING 1.75% 10/07/2026 144A | \*\* | 1035029 |
| COCA-COLA EUROPACIFIC PARTNERS PLC 1.5% 01/15/2027 | COCA-COLA EUROPACIFIC PARTNERS PLC 1.5% 01/15/2027 | \*\* | 186531 |
| COLUMBIA PIPELINES HOLDING CO LLC 6.055% 08/15/202 | COLUMBIA PIPELINES HOLDING CO LLC 6.055% 08/15/202 | \*\* | 147046 |
| CONSTELLATION BRANDS INC CP 0% 01/08/2025 | CONSTELLATION BRANDS INC CP 0% 01/08/2025 | \*\* | 1703193 |
| CONSTELLATION ENERGY GENERATION LLC 5.6% 03/01/202 | CONSTELLATION ENERGY GENERATION LLC 5.6% 03/01/202 | \*\* | 540567 |
| COREBRIDGE FINANCIAL INC 3.5% 04/04/2025 | COREBRIDGE FINANCIAL INC 3.5% 04/04/2025 | \*\* | 1763669 |
| COREBRIDGE GLOBAL FUNDING 4.65% 08/20/2027 144A | COREBRIDGE GLOBAL FUNDING 4.65% 08/20/2027 144A | \*\* | 308864 |
| COREBRIDGE GLOBAL FUNDING 5.2% 01/12/2029 144A | COREBRIDGE GLOBAL FUNDING 5.2% 01/12/2029 144A | \*\* | 306690 |
| CORPORACION NACIONAL DEL COBRE DE CHILE 3.625% 08/ | CORPORACION NACIONAL DEL COBRE DE CHILE 3.625% 08/ | \*\* | 1327869 |
| COX COMMUNICATIONS INC 3.35% 09/15/2026 144A | COX COMMUNICATIONS INC 3.35% 09/15/2026 144A | \*\* | 600199 |
| COX COMMUNICATIONS INC 3.5% 08/15/2027 144A | COX COMMUNICATIONS INC 3.5% 08/15/2027 144A | \*\* | 2823054 |
| COX COMMUNICATIONS INC 3.85% 02/01/2025 144A | COX COMMUNICATIONS INC 3.85% 02/01/2025 144A | \*\* | 1128810 |
| COX COMMUNICATIONS INC 5.45% 09/15/2028 144A | COX COMMUNICATIONS INC 5.45% 09/15/2028 144A | \*\* | 227331 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| CREDICORP LTD 2.75% 06/17/2025 144A | CREDICORP LTD 2.75% 06/17/2025 144A | \*\* | 197264 |
| CROSSROADS ASSET TRUST 2024-A 5.9% 08/20/2030 144A | CROSSROADS ASSET TRUST 2024-A 5.9% 08/20/2030 144A | \*\* | 321490 |
| CROWN CASTLE INC 1.05% 07/15/2026 | CROWN CASTLE INC 1.05% 07/15/2026 | \*\* | 1072392 |
| CROWN CASTLE INC 2.9% 03/15/2027 | CROWN CASTLE INC 2.9% 03/15/2027 | \*\* | 892885 |
| CROWN CASTLE INC 4.45% 02/15/2026 | CROWN CASTLE INC 4.45% 02/15/2026 | \*\* | 871715 |
| CROWN CASTLE INC 5% 01/11/2028 | CROWN CASTLE INC 5% 01/11/2028 | \*\* | 164853 |
| CROWN CASTLE INC 5.6% 06/01/2029 | CROWN CASTLE INC 5.6% 06/01/2029 | \*\* | 489286 |
| CROWN CASTLE INC CP 0% 01/07/2025 | CROWN CASTLE INC CP 0% 01/07/2025 | \*\* | 1049020 |
| CROWN CASTLE TOWERS LLC 4.241% 07/15/2048 144A | CROWN CASTLE TOWERS LLC 4.241% 07/15/2048 144A | \*\* | 274363 |
| CSL FINANCE PLC 3.85% 04/27/2027 144A | CSL FINANCE PLC 3.85% 04/27/2027 144A | \*\* | 170911 |
| CVS HEALTH CORP 1.3% 08/21/2027 | CVS HEALTH CORP 1.3% 08/21/2027 | \*\* | 1504129 |
| CVS HEALTH CORP 2.875% 06/01/2026 | CVS HEALTH CORP 2.875% 06/01/2026 | \*\* | 640916 |
| CVS HEALTH CORP 3% 08/15/2026 | CVS HEALTH CORP 3% 08/15/2026 | \*\* | 188890 |
| CVS HEALTH CORP 3.75% 04/01/2030 | CVS HEALTH CORP 3.75% 04/01/2030 | \*\* | 91596 |
| CVS HEALTH CORP 4.125% 04/01/2040 | CVS HEALTH CORP 4.125% 04/01/2040 | \*\* | 33587 |
| CVS HEALTH CORP 4.78% 03/25/2038 | CVS HEALTH CORP 4.78% 03/25/2038 | \*\* | 663203 |
| CVS HEALTH CORP 5% 02/20/2026 | CVS HEALTH CORP 5% 02/20/2026 | \*\* | 1358592 |
| CVS HEALTH CORP 5.05% 03/25/2048 | CVS HEALTH CORP 5.05% 03/25/2048 | \*\* | 177277 |
| CVS HEALTH CORP 7%/VAR 03/10/2055 | CVS HEALTH CORP 7%/VAR 03/10/2055 | \*\* | 1655536 |
| CVS HEALTH CORP CP 0% 01/27/2025 | CVS HEALTH CORP CP 0% 01/27/2025 | \*\* | 1703910 |
| CYRUSONE DATA CENTERS ISSUER I LLC2A A2 4.5% 05/2 | CYRUSONE DATA CENTERS ISSUER I LLC2A A2 4.5% 05/2 | \*\* | 1038713 |
| DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5% 01/15/ | DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5% 01/15/ | \*\* | 305687 |
| DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.125% 09 | DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.125% 09 | \*\* | 538127 |
| DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.15% 01/ | DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.15% 01/ | \*\* | 150490 |
| DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.2% 01/1 | DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.2% 01/1 | \*\* | 435037 |
| DANSKE BANK AS (UNGTD) 4.613%/VAR 10/02/2030 144A | DANSKE BANK AS (UNGTD) 4.613%/VAR 10/02/2030 144A | \*\* | 562741 |
| DANSKE BANK AS (UNGTD) 5.427%/VAR 03/01/2028 144A | DANSKE BANK AS (UNGTD) 5.427%/VAR 03/01/2028 144A | \*\* | 630475 |
| DANSKE BANK AS (UNGTD) 6.259%/VAR 09/22/2026 144A | DANSKE BANK AS (UNGTD) 6.259%/VAR 09/22/2026 144A | \*\* | 433612 |
| DARDEN RESTAURANTS INC 4.35% 10/15/2027 | DARDEN RESTAURANTS INC 4.35% 10/15/2027 | \*\* | 833570 |
| DCP MIDSTREAM OPER LP 5.375% 07/15/2025 | DCP MIDSTREAM OPER LP 5.375% 07/15/2025 | \*\* | 1088351 |
| DELL EQUIP FIN TR 2023-2 5.65% 01/22/2029 144A | DELL EQUIP FIN TR 2023-2 5.65% 01/22/2029 144A | \*\* | 945640 |
| DELL EQUIP FIN TR 2024-2 5.29% 02/24/2031 144A | DELL EQUIP FIN TR 2024-2 5.29% 02/24/2031 144A | \*\* | 184770 |
| DELL EQUIP FIN TR 2024-2 B 4.82% 08/22/2030 144A | DELL EQUIP FIN TR 2024-2 B 4.82% 08/22/2030 144A | \*\* | 99603 |
| DELL EQUIPMENT FINANCE TRUST 24-1 D 6.12% 09/23/20 | DELL EQUIPMENT FINANCE TRUST 24-1 D 6.12% 09/23/20 | \*\* | 162330 |
| DELL INTL/EMC CORP 6.02% 06/15/2026 | DELL INTL/EMC CORP 6.02% 06/15/2026 | \*\* | 322559 |
| DIAMONDBACK ENERGY INC 5.2% 04/18/2027 | DIAMONDBACK ENERGY INC 5.2% 04/18/2027 | \*\* | 429075 |
| DLLAA 2023-1A 5.64% 02/22/2028 144A | DLLAA 2023-1A 5.64% 02/22/2028 144A | \*\* | 654648 |
| DLLST 2024-1 LLC 4.93% 04/22/2030 144A | DLLST 2024-1 LLC 4.93% 04/22/2030 144A | \*\* | 60016 |
| DLLST 2024-1 LLC 5.05% 08/20/2027 144A | DLLST 2024-1 LLC 5.05% 08/20/2027 144A | \*\* | 231069 |
| DOLLAR GEN CORP NEW 3.875% 04/15/2027 | DOLLAR GEN CORP NEW 3.875% 04/15/2027 | \*\* | 278612 |
| DOLLAR GEN CORP NEW 4.125% 05/01/2028 | DOLLAR GEN CORP NEW 4.125% 05/01/2028 | \*\* | 956444 |
| DOLLAR GEN CORP NEW 4.625% 11/01/2027 | DOLLAR GEN CORP NEW 4.625% 11/01/2027 | \*\* | 471981 |
| DOLLAR GEN CORP NEW 5.2% 07/05/2028 | DOLLAR GEN CORP NEW 5.2% 07/05/2028 | \*\* | 543880 |
| DRIVEN BRANDS FUNDING LLC 3.981% 10/20/2049 144A | DRIVEN BRANDS FUNDING LLC 3.981% 10/20/2049 144A | \*\* | 312157 |
| DRIVEN BRANDS FUNDING LLC 4.641% 04/20/2049 144A | DRIVEN BRANDS FUNDING LLC 4.641% 04/20/2049 144A | \*\* | 551488 |
| DRYDEN 77 CLO LTD TSFR3M+ 05/20/2034 144A | DRYDEN 77 CLO LTD TSFR3M+ 05/20/2034 144A | \*\* | 1508219 |
| DRYDEN 86 CLO LTD / DRYDEN 86 CLO LLC 86A A1R TSFR | DRYDEN 86 CLO LTD / DRYDEN 86 CLO LLC 86A A1R TSFR | \*\* | 1587233 |
| DTE ENERGY CO 4.95% 07/01/2027 | DTE ENERGY CO 4.95% 07/01/2027 | \*\* | 461725 |
| ELANCO ANIMAL HEALTH INC VAR 08/28/2028 | ELANCO ANIMAL HEALTH INC VAR 08/28/2028 | \*\* | 1454866 |
| ELARA HGV TIMESHARE ISSUER 2019-A LLC 2.61% 01/25/ | ELARA HGV TIMESHARE ISSUER 2019-A LLC 2.61% 01/25/ | \*\* | 208762 |
| ELEMENT FLEET MANAGEMENT CORP 5.643% 03/13/2027 14 | ELEMENT FLEET MANAGEMENT CORP 5.643% 03/13/2027 14 | \*\* | 573148 |
| ELEVANCE HEALTH INC 2.25% 05/15/2030 | ELEVANCE HEALTH INC 2.25% 05/15/2030 | \*\* | 390931 |
| ELEVANCE HEALTH INC 4.75% 02/15/2030 | ELEVANCE HEALTH INC 4.75% 02/15/2030 | \*\* | 321111 |
| ELEVANCE HEALTH INC 5.35% 10/15/2025 | ELEVANCE HEALTH INC 5.35% 10/15/2025 | \*\* | 160655 |
| ENBRIDGE INC 2.5% 01/15/2025 | ENBRIDGE INC 2.5% 01/15/2025 | \*\* | 1298700 |
| ENBRIDGE INC 2.5% 02/14/2025 | ENBRIDGE INC 2.5% 02/14/2025 | \*\* | 583270 |
| ENBRIDGE INC 5.9% 11/15/2026 | ENBRIDGE INC 5.9% 11/15/2026 | \*\* | 372122 |
| ENBRIDGE INC 6% 11/15/2028 | ENBRIDGE INC 6% 11/15/2028 | \*\* | 310513 |
| ENEL FINANCE INTL NV 6% 10/07/2039 144A | ENEL FINANCE INTL NV 6% 10/07/2039 144A | \*\* | 1276022 |
| ENEL FINANCE INTL NV STEP 07/12/2026 144A | ENEL FINANCE INTL NV STEP 07/12/2026 144A | \*\* | 953273 |
| ENEL FINANCE INTL NV STEP 10/14/2025 144A | ENEL FINANCE INTL NV STEP 10/14/2025 144A | \*\* | 406411 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| ENERGY TRANSFER LP 2.9% 05/15/2025 | ENERGY TRANSFER LP 2.9% 05/15/2025 | \*\* | 119074 |
| ENERGY TRANSFER LP 5.25% 07/01/2029 | ENERGY TRANSFER LP 5.25% 07/01/2029 | \*\* | 497356 |
| ENERGY TRANSFER LP 6.05% 12/01/2026 | ENERGY TRANSFER LP 6.05% 12/01/2026 | \*\* | 1394227 |
| ENTERPRISE FLEET FINANCING 2024-3 LLC 4.98% 08/21/ | ENTERPRISE FLEET FINANCING 2024-3 LLC 4.98% 08/21/ | \*\* | 231334 |
| ENTERPRISE FLEET FINANCING 2024-3 LLC 5.06% 03/20/ | ENTERPRISE FLEET FINANCING 2024-3 LLC 5.06% 03/20/ | \*\* | 155705 |
| ENTERPRISE FLEET FINANCING 2024-4 LLC 4.7% 06/20/2 | ENTERPRISE FLEET FINANCING 2024-4 LLC 4.7% 06/20/2 | \*\* | 620811 |
| ENTERPRISE FLEET FING 2022-4 LLC 5.65% 10/22/2029 | ENTERPRISE FLEET FING 2022-4 LLC 5.65% 10/22/2029 | \*\* | 694100 |
| ENTERPRISE FLEET FING 2023-2 LLC 5.56% 04/22/2030 | ENTERPRISE FLEET FING 2023-2 LLC 5.56% 04/22/2030 | \*\* | 1110004 |
| EQT CORP 3.125% 05/15/2026 144A | EQT CORP 3.125% 05/15/2026 144A | \*\* | 593600 |
| EQUATE PETROCHEMICAL CO KSC 5% 05/18/2025 REGS | EQUATE PETROCHEMICAL CO KSC 5% 05/18/2025 REGS | \*\* | 1399076 |
| EQUINOR ASA 2.875% 04/06/2025 | EQUINOR ASA 2.875% 04/06/2025 | \*\* | 1911652 |
| EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1% 01/09/2 | EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1% 01/09/2 | \*\* | 327598 |
| EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.4% 07/07 | EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.4% 07/07 | \*\* | 63933 |
| EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12 | EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12 | \*\* | 401754 |
| ERAC USA FIN LLC 4.6% 05/01/2028 144A | ERAC USA FIN LLC 4.6% 05/01/2028 144A | \*\* | 1186908 |
| EXELON CORP 5.15% 03/15/2029 | EXELON CORP 5.15% 03/15/2029 | \*\* | 326640 |
| EXETER AUTOMOBILE RECEIVABLES 2024-4 5.48% 08/15/2 | EXETER AUTOMOBILE RECEIVABLES 2024-4 5.48% 08/15/2 | \*\* | 653655 |
| EXETER AUTOMOBILE RECEIVABLES TR 2022-1 2.56% 06/1 | EXETER AUTOMOBILE RECEIVABLES TR 2022-1 2.56% 06/1 | \*\* | 24275 |
| EXETER AUTOMOBILE RECEIVABLES TR 2022-5 6.51% 12/1 | EXETER AUTOMOBILE RECEIVABLES TR 2022-5 6.51% 12/1 | \*\* | 935250 |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4 5.98% 1 | EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4 5.98% 1 | \*\* | 1172545 |
| EXETER AUTOMOBILE RECEIVABLES TRUST 6.69% 06/15/20 | EXETER AUTOMOBILE RECEIVABLES TRUST 6.69% 06/15/20 | \*\* | 76352 |
| FEDEX CORP 3.25% 04/01/2026 | FEDEX CORP 3.25% 04/01/2026 | \*\* | 917717 |
| FIBERCOP SPA 7.2% 07/18/2036 144A | FIBERCOP SPA 7.2% 07/18/2036 144A | \*\* | 496070 |
| FIBERCOP SPA 7.721% 06/04/2038 144A | FIBERCOP SPA 7.721% 06/04/2038 144A | \*\* | 885128 |
| FIFTH THIRD BANCORP 4.895%/VAR 09/06/2030 | FIFTH THIRD BANCORP 4.895%/VAR 09/06/2030 | \*\* | 236718 |
| FINANCE OF AMERICA HECM BUYOUT 2024-HB1 4% 10/01/2 | FINANCE OF AMERICA HECM BUYOUT 2024-HB1 4% 10/01/2 | \*\* | 855633 |
| FIRSTENERGY CORP STEP 07/15/2027 | FIRSTENERGY CORP STEP 07/15/2027 | \*\* | 613489 |
| FIRSTENERGY TRANSMISSION LLC 4.55% 01/15/2030 144A | FIRSTENERGY TRANSMISSION LLC 4.55% 01/15/2030 144A | \*\* | 223910 |
| FIRSTKEY HOMES 2020-SFR1 TR 1.74% 08/17/2037 144A | FIRSTKEY HOMES 2020-SFR1 TR 1.74% 08/17/2037 144A | \*\* | 670352 |
| FIRSTKEY HOMES 2020-SFR1 TR 1.941% 08/17/2037 144A | FIRSTKEY HOMES 2020-SFR1 TR 1.941% 08/17/2037 144A | \*\* | 976540 |
| FIRSTKEY HOMES 2020-SFR2 1.567% 10/19/2037 144A | FIRSTKEY HOMES 2020-SFR2 1.567% 10/19/2037 144A | \*\* | 248072 |
| FIRSTKEY HOMES 2020-SFR2 1.968% 10/19/2037 144A | FIRSTKEY HOMES 2020-SFR2 1.968% 10/19/2037 144A | \*\* | 990535 |
| FISERV INC 5.15% 03/15/2027 | FISERV INC 5.15% 03/15/2027 | \*\* | 776285 |
| FMC CORP 3.45% 10/01/2029 | FMC CORP 3.45% 10/01/2029 | \*\* | 584328 |
| FOCUS BRANDS FUNDING LLC 5.093% 04/30/2047 144A | FOCUS BRANDS FUNDING LLC 5.093% 04/30/2047 144A | \*\* | 715296 |
| FORD CR AUTO OWNER TR 2020-REV1 2.29% 08/15/2031 1 | FORD CR AUTO OWNER TR 2020-REV1 2.29% 08/15/2031 1 | \*\* | 1310866 |
| FORD CR FLOORPLN MAST OWN TR 2023-1 C 5.75% 05/15/ | FORD CR FLOORPLN MAST OWN TR 2023-1 C 5.75% 05/15/ | \*\* | 402780 |
| FORD CR FLOORPLN MAST OWN TR 2023-1 D 6.62% 05/15/ | FORD CR FLOORPLN MAST OWN TR 2023-1 D 6.62% 05/15/ | \*\* | 490723 |
| FORD CR FLOORPLN MAST OWN TR A 5.48% 04/15/2029 14 | FORD CR FLOORPLN MAST OWN TR A 5.48% 04/15/2029 14 | \*\* | 444235 |
| FORD CREDIT AUTO LEASE TRUST 2023-B B 6.2% 02/15/2 | FORD CREDIT AUTO LEASE TRUST 2023-B B 6.2% 02/15/2 | \*\* | 243635 |
| FORD CREDIT AUTO LEASE TRUST 2023-B C 6.43% 04/15/ | FORD CREDIT AUTO LEASE TRUST 2023-B C 6.43% 04/15/ | \*\* | 458734 |
| FORD CREDIT AUTO OWNER TRUST 2023-A 5.07% 01/15/20 | FORD CREDIT AUTO OWNER TRUST 2023-A 5.07% 01/15/20 | \*\* | 1511173 |
| FORD CREDIT AUTO OWNER TRUST 22-C 5.22% 03/15/2030 | FORD CREDIT AUTO OWNER TRUST 22-C 5.22% 03/15/2030 | \*\* | 910365 |
| FORD MTR CR CO LLC 2.7% 08/10/2026 | FORD MTR CR CO LLC 2.7% 08/10/2026 | \*\* | 432140 |
| FORD MTR CR CO LLC 4.389% 01/08/2026 | FORD MTR CR CO LLC 4.389% 01/08/2026 | \*\* | 917611 |
| FORD MTR CR CO LLC 4.542% 08/01/2026 | FORD MTR CR CO LLC 4.542% 08/01/2026 | \*\* | 296561 |
| FORD MTR CR CO LLC 4.95% 05/28/2027 | FORD MTR CR CO LLC 4.95% 05/28/2027 | \*\* | 198176 |
| FORD MTR CR CO LLC 5.125% 06/16/2025 | FORD MTR CR CO LLC 5.125% 06/16/2025 | \*\* | 4267249 |
| FORD MTR CR CO LLC 5.125% 11/05/2026 | FORD MTR CR CO LLC 5.125% 11/05/2026 | \*\* | 583860 |
| FORD MTR CR CO LLC 5.8% 03/05/2027 | FORD MTR CR CO LLC 5.8% 03/05/2027 | \*\* | 787358 |
| FORD MTR CR CO LLC 6.8% 05/12/2028 | FORD MTR CR CO LLC 6.8% 05/12/2028 | \*\* | 852518 |
| FORD MTR CR CO LLC 7.35% 11/04/2027 | FORD MTR CR CO LLC 7.35% 11/04/2027 | \*\* | 785308 |
| FORDO 2024-B 5.1% 04/15/2029 | FORDO 2024-B 5.1% 04/15/2029 | \*\* | 1345444 |
| FORTINET INC 1% 03/15/2026 | FORTINET INC 1% 03/15/2026 | \*\* | 1008866 |
| FORTIVE CORP 3.15% 06/15/2026 | FORTIVE CORP 3.15% 06/15/2026 | \*\* | 661490 |
| FORTRESS CREDIT BSL VII LTD TSFR3M+109 07/23/2032 | FORTRESS CREDIT BSL VII LTD TSFR3M+109 07/23/2032 | \*\* | 445372 |
| FORTRESS CREDIT BSL VII LTD TSFR3M+140 07/23/2032 | FORTRESS CREDIT BSL VII LTD TSFR3M+140 07/23/2032 | \*\* | 700104 |
| FORTRESS CREDIT BSL VII LTD TSFR3M+165 07/23/2032 | FORTRESS CREDIT BSL VII LTD TSFR3M+165 07/23/2032 | \*\* | 890130 |
| FORTRESS CREDIT BSL VIII LTD 19-2A A1AR TSFR3M+105 | FORTRESS CREDIT BSL VIII LTD 19-2A A1AR TSFR3M+105 | \*\* | 1280221 |
| FORTRESS CREDIT BSL VIII LTD 19-2A A2R TSFR3M+140 | FORTRESS CREDIT BSL VIII LTD 19-2A A2R TSFR3M+140 | \*\* | 1765305 |
| FORTRESS CREDIT BSL XV LTD 2022-2A AR TSFR3M+140 1 | FORTRESS CREDIT BSL XV LTD 2022-2A AR TSFR3M+140 1 | \*\* | 1205295 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FOUNDRY JV HOLDCO LLC 5.9% 01/25/2030 144A | FOUNDRY JV HOLDCO LLC 5.9% 01/25/2030 144A | \*\* | 263645 |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+18 | FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+18 | \*\* | 251682 |
| GATX CORP 3.25% 03/30/2025 | GATX CORP 3.25% 03/30/2025 | \*\* | 1098842 |
| GATX CORP 3.25% 09/15/2026 | GATX CORP 3.25% 09/15/2026 | \*\* | 681355 |
| GATX CORP 3.85% 03/30/2027 | GATX CORP 3.85% 03/30/2027 | \*\* | 257941 |
| GATX CORP 5.4% 03/15/2027 | GATX CORP 5.4% 03/15/2027 | \*\* | 409538 |
| GE HEALTHCARE TECHNOLOGIES INC 5.905% 11/22/2032 | GE HEALTHCARE TECHNOLOGIES INC 5.905% 11/22/2032 | \*\* | 1142839 |
| GENERAL MTRS FINL CO INC 2.9% 02/26/2025 | GENERAL MTRS FINL CO INC 2.9% 02/26/2025 | \*\* | 886792 |
| GENERAL MTRS FINL CO INC 4% 01/15/2025 | GENERAL MTRS FINL CO INC 4% 01/15/2025 | \*\* | 1824234 |
| GENERAL MTRS FINL CO INC 5.35% 07/15/2027 | GENERAL MTRS FINL CO INC 5.35% 07/15/2027 | \*\* | 898856 |
| GENERAL MTRS FINL CO INC 5.4% 05/08/2027 | GENERAL MTRS FINL CO INC 5.4% 05/08/2027 | \*\* | 383970 |
| GENUINE PARTS CO 1.75% 02/01/2025 | GENUINE PARTS CO 1.75% 02/01/2025 | \*\* | 194476 |
| GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-2 B 5.5 | GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-2 B 5.5 | \*\* | 935105 |
| GM FINL AUTOMOBILE LEASING TR 2023-1 5.76% 01/20/2 | GM FINL AUTOMOBILE LEASING TR 2023-1 5.76% 01/20/2 | \*\* | 869979 |
| GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-1 | GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-1 | \*\* | 146082 |
| GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-2 | GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-2 | \*\* | 423403 |
| GMF FLOORPLAN OWNER REVOLVING TR 4.73% 11/15/2029 | GMF FLOORPLAN OWNER REVOLVING TR 4.73% 11/15/2029 | \*\* | 335157 |
| GMF FLOORPLAN OWNER REVOLVING TR 4.98% 11/15/2029 | GMF FLOORPLAN OWNER REVOLVING TR 4.98% 11/15/2029 | \*\* | 809268 |
| GMF FLOORPLAN OWNER REVOLVING TR 5.73% 06/15/2028 | GMF FLOORPLAN OWNER REVOLVING TR 5.73% 06/15/2028 | \*\* | 565528 |
| GOLDMAN SACHS GROUP INC (THE) 3.5% 04/01/2025 | GOLDMAN SACHS GROUP INC (THE) 3.5% 04/01/2025 | \*\* | 582913 |
| GOLDMAN SACHS GROUP INC (THE) 3.615%/VAR 03/15/202 | GOLDMAN SACHS GROUP INC (THE) 3.615%/VAR 03/15/202 | \*\* | 2601257 |
| GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/202 | GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/202 | \*\* | 390429 |
| GOLDMAN SACHS GROUP INC (THE) 5.798%/VAR 08/10/202 | GOLDMAN SACHS GROUP INC (THE) 5.798%/VAR 08/10/202 | \*\* | 1342453 |
| GRAY OAK PIPELINE LLC 2.6% 10/15/2025 144A | GRAY OAK PIPELINE LLC 2.6% 10/15/2025 144A | \*\* | 235682 |
| HARDEES FDG LLC / CARLS JR FDG LLC 2.865% 06/20/20 | HARDEES FDG LLC / CARLS JR FDG LLC 2.865% 06/20/20 | \*\* | 185771 |
| HARDEES FDG LLC / CARLS JR FDG LLC 3.981% 12/20/20 | HARDEES FDG LLC / CARLS JR FDG LLC 3.981% 12/20/20 | \*\* | 1669616 |
| HARDEES FDG LLC / CARLS JR FDG LLC 5.71% 06/20/204 | HARDEES FDG LLC / CARLS JR FDG LLC 5.71% 06/20/204 | \*\* | 514207 |
| HCA INC 3.125% 03/15/2027 | HCA INC 3.125% 03/15/2027 | \*\* | 971972 |
| HCA INC 3.375% 03/15/2029 | HCA INC 3.375% 03/15/2029 | \*\* | 765730 |
| HCA INC 4.125% 06/15/2029 | HCA INC 4.125% 06/15/2029 | \*\* | 333834 |
| HCA INC 5.375% 02/01/2025 | HCA INC 5.375% 02/01/2025 | \*\* | 575111 |
| HCA INC 5.625% 09/01/2028 | HCA INC 5.625% 09/01/2028 | \*\* | 1150032 |
| HCA INC 5.875% 02/15/2026 | HCA INC 5.875% 02/15/2026 | \*\* | 613067 |
| HEALTH CARE SVCS CORP 5.2% 06/15/2029 144A | HEALTH CARE SVCS CORP 5.2% 06/15/2029 144A | \*\* | 452049 |
| HEINEKEN NV 3.5% 01/29/2028 144A | HEINEKEN NV 3.5% 01/29/2028 144A | \*\* | 2911578 |
| HILTON GRAND VACATIONS TRUST 2018-A 3.54% 02/25/20 | HILTON GRAND VACATIONS TRUST 2018-A 3.54% 02/25/20 | \*\* | 433467 |
| HILTON GRAND VACATIONS TRUST 2023-1A 6.11% 01/25/2 | HILTON GRAND VACATIONS TRUST 2023-1A 6.11% 01/25/2 | \*\* | 794063 |
| HILTON GRAND VACATIONS TRUST 2023-1A C 6.94% 01/25 | HILTON GRAND VACATIONS TRUST 2023-1A C 6.94% 01/25 | \*\* | 149655 |
| HOME PARTNERS AMER 2022-1 TR 3.93% 04/17/2039 144A | HOME PARTNERS AMER 2022-1 TR 3.93% 04/17/2039 144A | \*\* | 290439 |
| HONDA AUTO RECEIVABLES 2024-4 OWNER TR 4.33% 05/15 | HONDA AUTO RECEIVABLES 2024-4 OWNER TR 4.33% 05/15 | \*\* | 1384196 |
| HPEFS EQIPMENT TR 2024-1 5.33% 05/20/2031 144A | HPEFS EQIPMENT TR 2024-1 5.33% 05/20/2031 144A | \*\* | 1120515 |
| HPEFS EQUIP TR 2024-2A B 5.35% 10/20/2031 144A | HPEFS EQUIP TR 2024-2A B 5.35% 10/20/2031 144A | \*\* | 131221 |
| HPEFS EQUIP TR 2024-2A D 5.82% 04/20/2032 144A | HPEFS EQUIP TR 2024-2A D 5.82% 04/20/2032 144A | \*\* | 323289 |
| HPEFS EQUIPTMENT TRUST 23-1A C 5.91% 04/20/2028 14 | HPEFS EQUIPTMENT TRUST 23-1A C 5.91% 04/20/2028 14 | \*\* | 595068 |
| HPHT FINANCE 21 II LTD 1.5% 09/17/2026 REGS | HPHT FINANCE 21 II LTD 1.5% 09/17/2026 REGS | \*\* | 1037840 |
| HSBC HOLDINGS PLC 1.645%/VAR 04/18/2026 | HSBC HOLDINGS PLC 1.645%/VAR 04/18/2026 | \*\* | 1222796 |
| HSBC HOLDINGS PLC 2.099%/VAR 06/04/2026 | HSBC HOLDINGS PLC 2.099%/VAR 06/04/2026 | \*\* | 622572 |
| HSBC HOLDINGS PLC 2.357%/VAR 08/18/2031 | HSBC HOLDINGS PLC 2.357%/VAR 08/18/2031 | \*\* | 532013 |
| HSBC HOLDINGS PLC 2.848%/VAR 06/04/2031 | HSBC HOLDINGS PLC 2.848%/VAR 06/04/2031 | \*\* | 346811 |
| HSBC HOLDINGS PLC 4.762%/VAR 03/29/2033 | HSBC HOLDINGS PLC 4.762%/VAR 03/29/2033 | \*\* | 703045 |
| HSBC HOLDINGS PLC 5.13%/VAR 11/19/2028 | HSBC HOLDINGS PLC 5.13%/VAR 11/19/2028 | \*\* | 874720 |
| HSBC HOLDINGS PLC 5.597%/VAR 05/17/2028 | HSBC HOLDINGS PLC 5.597%/VAR 05/17/2028 | \*\* | 833842 |
| HSBC HOLDINGS PLC 6.254%/VAR 03/09/2034 | HSBC HOLDINGS PLC 6.254%/VAR 03/09/2034 | \*\* | 596735 |
| HSBC HOLDINGS PLC 6.5% 05/02/2036 | HSBC HOLDINGS PLC 6.5% 05/02/2036 | \*\* | 882858 |
| HSBC HOLDINGS PLC 6.5% 09/15/2037 | HSBC HOLDINGS PLC 6.5% 09/15/2037 | \*\* | 1993973 |
| HSBC HOLDINGS PLC 8.113%/VAR 11/03/2033 | HSBC HOLDINGS PLC 8.113%/VAR 11/03/2033 | \*\* | 1518165 |
| HUMANA INC 1.35% 02/03/2027 | HUMANA INC 1.35% 02/03/2027 | \*\* | 371890 |
| HUMANA INC 5.75% 03/01/2028 | HUMANA INC 5.75% 03/01/2028 | \*\* | 305463 |
| HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SERIES 20 | HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SERIES 20 | \*\* | 1681373 |
| HUNTINGTON INGALLS INDUSTRIES INC 5.353% 01/15/203 | HUNTINGTON INGALLS INDUSTRIES INC 5.353% 01/15/203 | \*\* | 240477 |
| HYUNDAI AUTO RECEIVABLES TRUST 2024-C A3 4.41% 05/ | HYUNDAI AUTO RECEIVABLES TRUST 2024-C A3 4.41% 05/ | \*\* | 1394068 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| HYUNDAI CAP AMER 5.25% 01/08/2027 144A | HYUNDAI CAP AMER 5.25% 01/08/2027 144A | \*\* | 331923 |
| HYUNDAI CAP AMER 5.5% 03/30/2026 144A | HYUNDAI CAP AMER 5.5% 03/30/2026 144A | \*\* | 447773 |
| HYUNDAI CAP AMER 5.6% 03/30/2028 144A | HYUNDAI CAP AMER 5.6% 03/30/2028 144A | \*\* | 587148 |
| HYUNDAI CAP AMER 5.65% 06/26/2026 144A | HYUNDAI CAP AMER 5.65% 06/26/2026 144A | \*\* | 979331 |
| HYUNDAI CAP SVCS INC 2.125% 04/24/2025 144A | HYUNDAI CAP SVCS INC 2.125% 04/24/2025 144A | \*\* | 198158 |
| ICON INVESTMENTS SIX DESIGNATED ACTIVITY CO 5.809% | ICON INVESTMENTS SIX DESIGNATED ACTIVITY CO 5.809% | \*\* | 1138968 |
| IMPERIAL BRANDS FINANCE PLC 3.875% 07/26/2029 144A | IMPERIAL BRANDS FINANCE PLC 3.875% 07/26/2029 144A | \*\* | 4795180 |
| IMPERIAL BRANDS FINANCE PLC 4.25% 07/21/2025 144A | IMPERIAL BRANDS FINANCE PLC 4.25% 07/21/2025 144A | \*\* | 2087146 |
| IMPERIAL BRANDS FINANCE PLC 5.5% 02/01/2030 144A | IMPERIAL BRANDS FINANCE PLC 5.5% 02/01/2030 144A | \*\* | 227385 |
| IMPERIAL BRANDS FINANCE PLC 5.875% 07/01/2034 144A | IMPERIAL BRANDS FINANCE PLC 5.875% 07/01/2034 144A | \*\* | 199314 |
| IMPERIAL BRANDS FINANCE PLC 6.125% 07/27/2027 144A | IMPERIAL BRANDS FINANCE PLC 6.125% 07/27/2027 144A | \*\* | 898422 |
| INTEL CORP 3.4% 03/25/2025 | INTEL CORP 3.4% 03/25/2025 | \*\* | 1195851 |
| INTEL CORP 3.75% 08/05/2027 | INTEL CORP 3.75% 08/05/2027 | \*\* | 475270 |
| INTEL CORP 4% 08/05/2029 | INTEL CORP 4% 08/05/2029 | \*\* | 519147 |
| INTEL CORP 4.875% 02/10/2028 | INTEL CORP 4.875% 02/10/2028 | \*\* | 169133 |
| IQVIA INC 6.25% 02/01/2029 | IQVIA INC 6.25% 02/01/2029 | \*\* | 423914 |
| JACK IN THE BOX FUNDING LLC 3.445% 02/26/2052 144A | JACK IN THE BOX FUNDING LLC 3.445% 02/26/2052 144A | \*\* | 570302 |
| JACKSON NATL LIFE GLOBAL FDG 1.75% 01/12/2025 144A | JACKSON NATL LIFE GLOBAL FDG 1.75% 01/12/2025 144A | \*\* | 1044130 |
| JACKSON NATL LIFE GLOBAL FDG 5.55% 07/02/2027 144A | JACKSON NATL LIFE GLOBAL FDG 5.55% 07/02/2027 144A | \*\* | 561958 |
| JACKSON NATL LIFE GLOBAL FDG 5.6% 04/10/2026 144A | JACKSON NATL LIFE GLOBAL FDG 5.6% 04/10/2026 144A | \*\* | 977349 |
| JERSEY MIKE'S FUNDING 4.433% 02/15/2050 144A | JERSEY MIKE'S FUNDING 4.433% 02/15/2050 144A | \*\* | 166576 |
| JPMORGAN CHASE & CO 2.083%/VAR 04/22/2026 | JPMORGAN CHASE & CO 2.083%/VAR 04/22/2026 | \*\* | 3043630 |
| JPMORGAN CHASE & CO 2.522%/VAR 04/22/2031 | JPMORGAN CHASE & CO 2.522%/VAR 04/22/2031 | \*\* | 484530 |
| JPMORGAN CHASE & CO 2.956%/VAR 05/13/2031 | JPMORGAN CHASE & CO 2.956%/VAR 05/13/2031 | \*\* | 2951880 |
| JPMORGAN CHASE & CO 4.08%/VAR 04/26/2026 | JPMORGAN CHASE & CO 4.08%/VAR 04/26/2026 | \*\* | 503687 |
| JPMORGAN CHASE & CO 4.125% 12/15/2026 | JPMORGAN CHASE & CO 4.125% 12/15/2026 | \*\* | 148413 |
| JPMORGAN CHASE & CO 4.25% 10/01/2027 | JPMORGAN CHASE & CO 4.25% 10/01/2027 | \*\* | 570765 |
| JPMORGAN CHASE & CO 4.493%/VAR 03/24/2031 | JPMORGAN CHASE & CO 4.493%/VAR 03/24/2031 | \*\* | 1997478 |
| JPMORGAN CHASE & CO 4.979%/VAR 07/22/2028 | JPMORGAN CHASE & CO 4.979%/VAR 07/22/2028 | \*\* | 616957 |
| JPMORGAN CHASE & CO 5.04%/VAR 01/23/2028 | JPMORGAN CHASE & CO 5.04%/VAR 01/23/2028 | \*\* | 607241 |
| JPMORGAN CHASE & CO 8.75% 09/01/2030 | JPMORGAN CHASE & CO 8.75% 09/01/2030 | \*\* | 1323710 |
| JPMORGAN CHASE & CO FRN SOFR+88.5 04/22/2027 | JPMORGAN CHASE & CO FRN SOFR+88.5 04/22/2027 | \*\* | 105440 |
| KILROY REALTY LP 4.375% 10/01/2025 | KILROY REALTY LP 4.375% 10/01/2025 | \*\* | 159217 |
| KINDER MORGAN ENERGY PTNRS LP 5% 08/15/2042 | KINDER MORGAN ENERGY PTNRS LP 5% 08/15/2042 | \*\* | 631370 |
| KINDER MORGAN ENERGY PTNRS LP 6.5% 09/01/2039 | KINDER MORGAN ENERGY PTNRS LP 6.5% 09/01/2039 | \*\* | 496309 |
| KINDER MORGAN ENERGY PTNRS LP 6.95% 01/15/2038 | KINDER MORGAN ENERGY PTNRS LP 6.95% 01/15/2038 | \*\* | 514679 |
| KINDER MORGAN INC DEL 5.05% 02/15/2046 | KINDER MORGAN INC DEL 5.05% 02/15/2046 | \*\* | 868168 |
| KOREA ELEC POWER CORP 5.375% 07/31/2026 144A | KOREA ELEC POWER CORP 5.375% 07/31/2026 144A | \*\* | 1613190 |
| KOREA HSG FIN CORP 4.625% 02/24/2028 144A | KOREA HSG FIN CORP 4.625% 02/24/2028 144A | \*\* | 1913909 |
| KOREA HYDRO & NUCLE PWR CO LTD 5% 07/18/2028 144A | KOREA HYDRO & NUCLE PWR CO LTD 5% 07/18/2028 144A | \*\* | 1149345 |
| KROGER CO 2.65% 10/15/2026 | KROGER CO 2.65% 10/15/2026 | \*\* | 586176 |
| KROGER CO 3.7% 08/01/2027 | KROGER CO 3.7% 08/01/2027 | \*\* | 149377 |
| KT CORP 4% 08/08/2025 144A | KT CORP 4% 08/08/2025 144A | \*\* | 844941 |
| KT CORP 4.125% 02/02/2028 144A | KT CORP 4.125% 02/02/2028 144A | \*\* | 975854 |
| LLOYDS BANKING GROUP PLC 4.582% 12/10/2025 | LLOYDS BANKING GROUP PLC 4.582% 12/10/2025 | \*\* | 2150783 |
| LLOYDS BANKING GROUP PLC 4.65% 03/24/2026 | LLOYDS BANKING GROUP PLC 4.65% 03/24/2026 | \*\* | 1516016 |
| LLOYDS BANKING GROUP PLC 5.462%/VAR 01/05/2028 | LLOYDS BANKING GROUP PLC 5.462%/VAR 01/05/2028 | \*\* | 746221 |
| LLOYDS BANKING GROUP PLC 7.953%/VAR 11/15/2033 | LLOYDS BANKING GROUP PLC 7.953%/VAR 11/15/2033 | \*\* | 1450986 |
| LOWES COS INC 3.35% 04/01/2027 | LOWES COS INC 3.35% 04/01/2027 | \*\* | 150545 |
| LOWES COS INC 4.8% 04/01/2026 | LOWES COS INC 4.8% 04/01/2026 | \*\* | 646083 |
| LPL HOLDINGS INC 5.7% 05/20/2027 | LPL HOLDINGS INC 5.7% 05/20/2027 | \*\* | 898703 |
| LPL HOLDINGS INC 6.75% 11/17/2028 | LPL HOLDINGS INC 6.75% 11/17/2028 | \*\* | 315083 |
| LYB INTERNATIONAL FINANCE III LLC 1.25% 10/01/2025 | LYB INTERNATIONAL FINANCE III LLC 1.25% 10/01/2025 | \*\* | 712759 |
| MADISON PARK FUNDING XXIII LTD 23A BR TSFR3M+181.1 | MADISON PARK FUNDING XXIII LTD 23A BR TSFR3M+181.1 | \*\* | 576462 |
| MADISON PARK FUNDING XXIII LTD TSFR3M+123.161 07/2 | MADISON PARK FUNDING XXIII LTD TSFR3M+123.161 07/2 | \*\* | 626246 |
| MADISON PARK FUNDING XXIV LTD TSFR3M+205 10/20/202 | MADISON PARK FUNDING XXIV LTD TSFR3M+205 10/20/202 | \*\* | 676004 |
| MADISON PARK FUNDING XXXIII LTD CME+129 10/15/2032 | MADISON PARK FUNDING XXXIII LTD CME+129 10/15/2032 | \*\* | 910758 |
| MADISON PK FDG XLII LTD TSFR3M+115 11/21/2030 144A | MADISON PK FDG XLII LTD TSFR3M+115 11/21/2030 144A | \*\* | 1157030 |
| MADISON PK FDG XXIX LTD / MADISON PK FDG XXIX LLC | MADISON PK FDG XXIX LTD / MADISON PK FDG XXIX LLC | \*\* | 1672194 |
| MARATHON STATIC CLO 2022-18 LTD SOFR90A+ 07/20/203 | MARATHON STATIC CLO 2022-18 LTD SOFR90A+ 07/20/203 | \*\* | 643666 |
| MARBLE POINT CLO XII LTD TSFR3M+127.161 07/16/2031 | MARBLE POINT CLO XII LTD TSFR3M+127.161 07/16/2031 | \*\* | 318140 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| | MARBLE POINT CLO XIV LTD TSFR3M+120 01/20/2032 144 | MARBLE POINT CLO XIV LTD TSFR3M+120 01/20/2032 144 | \*\* | 1726026 |
| | MARBLE POINT CLO XV 1A A1R2 LTD TSFR3M+104 07/23/2 | MARBLE POINT CLO XV 1A A1R2 LTD TSFR3M+104 07/23/2 | \*\* | 1106353 |
| | MARS INC 4.55% 04/20/2028 144A | MARS INC 4.55% 04/20/2028 144A | \*\* | 1252666 |
| | MARSH & MCLENNAN COS INC 4.55% 11/08/2027 | MARSH & MCLENNAN COS INC 4.55% 11/08/2027 | \*\* | 1104143 |
| | MATTEL INC 3.375% 04/01/2026 144A | MATTEL INC 3.375% 04/01/2026 144A | \*\* | 759076 |
| | MATTEL INC 5.875% 12/15/2027 144A | MATTEL INC 5.875% 12/15/2027 144A | \*\* | 756370 |
| | MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 01/11 | MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 01/11 | \*\* | 1909502 |
| | MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 03/30 | MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 03/30 | \*\* | 685663 |
| | MICRON TECHNOLOGY INC 4.185% 02/15/2027 | MICRON TECHNOLOGY INC 4.185% 02/15/2027 | \*\* | 142947 |
| | MICRON TECHNOLOGY INC 4.975% 02/06/2026 | MICRON TECHNOLOGY INC 4.975% 02/06/2026 | \*\* | 150154 |
| | MICRON TECHNOLOGY INC 5.375% 04/15/2028 | MICRON TECHNOLOGY INC 5.375% 04/15/2028 | \*\* | 944840 |
| | MIDOCEAN CREDIT CLO 16-6A ARRR TSFR3M+123 04/20/20 | MIDOCEAN CREDIT CLO 16-6A ARRR TSFR3M+123 04/20/20 | \*\* | 609164 |
| | MMAF 2021-A 1.19% 11/13/2043 144A | MMAF 2021-A 1.19% 11/13/2043 144A | \*\* | 187194 |
| | MOHAWK INDUSTRIES INC 5.85% 09/18/2028 | MOHAWK INDUSTRIES INC 5.85% 09/18/2028 | \*\* | 503878 |
| | MORGAN STANLEY 2.188%/VAR 04/28/2026 | MORGAN STANLEY 2.188%/VAR 04/28/2026 | \*\* | 644203 |
| | MORGAN STANLEY 2.63%/VAR 02/18/2026 | MORGAN STANLEY 2.63%/VAR 02/18/2026 | \*\* | 473606 |
| | MORGAN STANLEY 6.138%/VAR 10/16/2026 | MORGAN STANLEY 6.138%/VAR 10/16/2026 | \*\* | 464636 |
| | MORGAN STANLEY BK NA SALT LAKE 4.754% 04/21/2026 | MORGAN STANLEY BK NA SALT LAKE 4.754% 04/21/2026 | \*\* | 770824 |
| | MVW 2021-2 LLC 1.43% 05/20/2039 144A | MVW 2021-2 LLC 1.43% 05/20/2039 144A | \*\* | 423929 |
| | MVW 2021-2 LLC 2.23% 05/20/2039 144A | MVW 2021-2 LLC 2.23% 05/20/2039 144A | \*\* | 66046 |
| | MVW 2023-1 LLC 4.93% 10/20/2040 144A | MVW 2023-1 LLC 4.93% 10/20/2040 144A | \*\* | 784990 |
| | MVWOT 2023-2A A 6.18% 11/20/2040 144A | MVWOT 2023-2A A 6.18% 11/20/2040 144A | \*\* | 206642 |
| | MVWOT 2023-2A B 6.33% 11/20/2040 144A | MVWOT 2023-2A B 6.33% 11/20/2040 144A | \*\* | 129504 |
| | NASDAQ INC 5.65% 06/28/2025 | NASDAQ INC 5.65% 06/28/2025 | \*\* | 123515 |
| | NATIONAL BANK OF CANADA 4.5% 10/10/2029 | NATIONAL BANK OF CANADA 4.5% 10/10/2029 | \*\* | 593286 |
| | NATWEST GROUP PLC 1.642%/VAR 06/14/2027 | NATWEST GROUP PLC 1.642%/VAR 06/14/2027 | \*\* | 1097324 |
| | NATWEST GROUP PLC 5.516%/VAR 09/30/2028 | NATWEST GROUP PLC 5.516%/VAR 09/30/2028 | \*\* | 202541 |
| | NATWEST GROUP PLC 5.808%/VAR 09/13/2029 | NATWEST GROUP PLC 5.808%/VAR 09/13/2029 | \*\* | 2039438 |
| | NATWEST GROUP PLC 6.475%/VAR 06/01/2034 | NATWEST GROUP PLC 6.475%/VAR 06/01/2034 | \*\* | 1129161 |
| | NAVIENT STUDENT LOAN TRUST 2016-5A A SOFR30A+136.4 | NAVIENT STUDENT LOAN TRUST 2016-5A A SOFR30A+136.4 | \*\* | 6715726 |
| | NAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 B | NAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 B | \*\* | 75722 |
| | NAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 C | NAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 C | \*\* | 121088 |
| | NAVISTAR FINL DEALER NT MASTER OWNER TR II 5.59% 0 | NAVISTAR FINL DEALER NT MASTER OWNER TR II 5.59% 0 | \*\* | 141533 |
| | NAVISTAR FINL DEALER NT MASTER OWNER TR II 6.18% 0 | NAVISTAR FINL DEALER NT MASTER OWNER TR II 6.18% 0 | \*\* | 822434 |
| | NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+ | NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+ | \*\* | 1400781 |
| | NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+1 | NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+1 | \*\* | 444898 |
| | NEWMONT CORP / NEWCREST FINANCE PTY LTD 5.3% 03/15 | NEWMONT CORP / NEWCREST FINANCE PTY LTD 5.3% 03/15 | \*\* | 387710 |
| | NEXTERA ENERGY CAP HLDGS INC 1.875% 01/15/2027 | NEXTERA ENERGY CAP HLDGS INC 1.875% 01/15/2027 | \*\* | 1025208 |
| | NEXTERA ENERGY CAP HLDGS INC 4.45% 06/20/2025 | NEXTERA ENERGY CAP HLDGS INC 4.45% 06/20/2025 | \*\* | 958387 |
| | NEXTERA ENERGY CAP HLDGS INC 4.625% 07/15/2027 | NEXTERA ENERGY CAP HLDGS INC 4.625% 07/15/2027 | \*\* | 1148440 |
| | NEXTERA ENERGY CAP HLDGS INC 4.9% 03/15/2029 | NEXTERA ENERGY CAP HLDGS INC 4.9% 03/15/2029 | \*\* | 1570050 |
| | NEXTERA ENERGY CAP HLDGS INC 5.749% 09/01/2025 | NEXTERA ENERGY CAP HLDGS INC 5.749% 09/01/2025 | \*\* | 452743 |
| | NEXTERA ENERGY CAP HLDGS INC 6.051% 03/01/2025 | NEXTERA ENERGY CAP HLDGS INC 6.051% 03/01/2025 | \*\* | 781380 |
| | NISOURCE INC 5.25% 03/30/2028 | NISOURCE INC 5.25% 03/30/2028 | \*\* | 312686 |
| | NISSAN MOTOR ACCEPTANCE CO LLC CP 0% 01/03/2025 | NISSAN MOTOR ACCEPTANCE CO LLC CP 0% 01/03/2025 | \*\* | 1704322 |
| \* | NORTHERN TRUST CORP 3.95% 10/30/2025 | NORTHERN TRUST CORP 3.95% 10/30/2025 | \*\* | 541700 |
|  | NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35% 09/15/202 | NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35% 09/15/202 | \*\* | 788605 |
|  | NORTHWOODS CAPITAL XIV-B LTD TSFR3M+125 11/13/2031 | NORTHWOODS CAPITAL XIV-B LTD TSFR3M+125 11/13/2031 | \*\* | 1517150 |
|  | NTT FINANCE CORP 4.239% 07/25/2025 144A | NTT FINANCE CORP 4.239% 07/25/2025 144A | \*\* | 199499 |
|  | NUCOR CORP 3.95% 05/23/2025 | NUCOR CORP 3.95% 05/23/2025 | \*\* | 478256 |
|  | NUTRIEN LTD 4.9% 03/27/2028 | NUTRIEN LTD 4.9% 03/27/2028 | \*\* | 399839 |
|  | NXP B V/NXP FDG LLC/NXP USA INC 2.7% 05/01/2025 | NXP B V/NXP FDG LLC/NXP USA INC 2.7% 05/01/2025 | \*\* | 1195324 |
|  | NXP B V/NXP FDG LLC/NXP USA INC 3.15% 05/01/2027 | NXP B V/NXP FDG LLC/NXP USA INC 3.15% 05/01/2027 | \*\* | 62468 |
|  | NXP B V/NXP FDG LLC/NXP USA INC 3.875% 06/18/2026 | NXP B V/NXP FDG LLC/NXP USA INC 3.875% 06/18/2026 | \*\* | 453569 |
|  | NXP B V/NXP FDG LLC/NXP USA INC 4.4% 06/01/2027 | NXP B V/NXP FDG LLC/NXP USA INC 4.4% 06/01/2027 | \*\* | 69264 |
|  | OCCIDENTAL PETROLEUM CORP 5% 08/01/2027 | OCCIDENTAL PETROLEUM CORP 5% 08/01/2027 | \*\* | 505240 |
|  | OCCIDENTAL PETROLEUM CORP 5.2% 08/01/2029 | OCCIDENTAL PETROLEUM CORP 5.2% 08/01/2029 | \*\* | 357175 |
|  | OCCIDENTAL PETROLEUM CORP 5.875% 09/01/2025 | OCCIDENTAL PETROLEUM CORP 5.875% 09/01/2025 | \*\* | 749288 |
|  | OCTAGON INVESTMENT PARTNERS 36 LTD TSFR3M+ 04/15/2 | OCTAGON INVESTMENT PARTNERS 36 LTD TSFR3M+ 04/15/2 | \*\* | 642785 |
|  | OCTAGON INVESTMENT PARTNERS 39 LTD TSFR3M+ 10/20/2 | OCTAGON INVESTMENT PARTNERS 39 LTD TSFR3M+ 10/20/2 | \*\* | 1026335 |
|  | OCTANE RECEIVABLE TRUST 5.68% 05/20/2030 144A | OCTANE RECEIVABLE TRUST 5.68% 05/20/2030 144A | \*\* | 294473 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| OCTANE RECEIVABLES TR 2024-RVM1 5.01% 01/22/2046 1 | OCTANE RECEIVABLES TR 2024-RVM1 5.01% 01/22/2046 1 | \*\* | 285064 |
| OCTANE RECEIVABLES TRUST 2021-2A A 1.21% 09/20/202 | OCTANE RECEIVABLES TRUST 2021-2A A 1.21% 09/20/202 | \*\* | 44978 |
| OCTANE RECEIVABLES TRUST 2022-1A A2 4.18% 03/20/20 | OCTANE RECEIVABLES TRUST 2022-1A A2 4.18% 03/20/20 | \*\* | 18633 |
| OCTANE RECEIVABLES TRUST 2022-1A B 4.9% 05/22/2028 | OCTANE RECEIVABLES TRUST 2022-1A B 4.9% 05/22/2028 | \*\* | 344855 |
| OCTANE RECEIVABLES TRUST 2023 5.88% 06/20/2031 144 | OCTANE RECEIVABLES TRUST 2023 5.88% 06/20/2031 144 | \*\* | 538178 |
| OCTANE RECEIVABLES TRUST 2023-1 5.87% 05/21/2029 1 | OCTANE RECEIVABLES TRUST 2023-1 5.87% 05/21/2029 1 | \*\* | 714433 |
| OCTANE RECEIVABLES TRUST 2023-1 5.96% 07/20/2029 1 | OCTANE RECEIVABLES TRUST 2023-1 5.96% 07/20/2029 1 | \*\* | 368382 |
| OCTANE RECEIVABLES TRUST 2024-3 4.94% 05/20/2030 1 | OCTANE RECEIVABLES TRUST 2024-3 4.94% 05/20/2030 1 | \*\* | 255352 |
| OCTANE RECEIVABLES TRUST 2024-3 5.51% 10/20/2031 1 | OCTANE RECEIVABLES TRUST 2024-3 5.51% 10/20/2031 1 | \*\* | 214479 |
| OCTANE RECEIVABLES TRUST 5.11% 02/22/2028 144A | OCTANE RECEIVABLES TRUST 5.11% 02/22/2028 144A | \*\* | 164484 |
| ONEOK INC 4.25% 09/24/2027 | ONEOK INC 4.25% 09/24/2027 | \*\* | 1162864 |
| ONEOK INC 5.55% 11/01/2026 | ONEOK INC 5.55% 11/01/2026 | \*\* | 678345 |
| ORACLE CORP 2.5% 04/01/2025 | ORACLE CORP 2.5% 04/01/2025 | \*\* | 3196482 |
| ORACLE CORP 5.8% 11/10/2025 | ORACLE CORP 5.8% 11/10/2025 | \*\* | 272674 |
| OREILLY AUTOMOTIVE INC 5.75% 11/20/2026 | OREILLY AUTOMOTIVE INC 5.75% 11/20/2026 | \*\* | 1756874 |
| OTIS WORLDWIDE CORP 2.056% 04/05/2025 | OTIS WORLDWIDE CORP 2.056% 04/05/2025 | \*\* | 744214 |
| OVINTIV INC 5.375% 01/01/2026 | OVINTIV INC 5.375% 01/01/2026 | \*\* | 329144 |
| OVINTIV INC 5.65% 05/15/2025 | OVINTIV INC 5.65% 05/15/2025 | \*\* | 761772 |
| OWENS CORNING NEW 3.4% 08/15/2026 | OWENS CORNING NEW 3.4% 08/15/2026 | \*\* | 388275 |
| OWENS CORNING NEW 5.5% 06/15/2027 | OWENS CORNING NEW 5.5% 06/15/2027 | \*\* | 544221 |
| OZLM FUNDING II LTD 12-2A A1A2 TSFR3M+120 07/30/20 | OZLM FUNDING II LTD 12-2A A1A2 TSFR3M+120 07/30/20 | \*\* | 652852 |
| OZLM XXI LTD TSFR3M+115 01/20/2031 144A | OZLM XXI LTD TSFR3M+115 01/20/2031 144A | \*\* | 1095665 |
| PACIFIC GAS & ELECTRIC CO 3.15% 01/01/2026 | PACIFIC GAS & ELECTRIC CO 3.15% 01/01/2026 | \*\* | 393028 |
| PACIFIC GAS & ELECTRIC CO 3.5% 06/15/2025 | PACIFIC GAS & ELECTRIC CO 3.5% 06/15/2025 | \*\* | 511339 |
| PAYPAL HLDGS INC 2.85% 10/01/2029 | PAYPAL HLDGS INC 2.85% 10/01/2029 | \*\* | 880431 |
| PEACEHEALTH OBLIGATED GROUP 1.375% 11/15/2025 | PEACEHEALTH OBLIGATED GROUP 1.375% 11/15/2025 | \*\* | 116277 |
| PENSKE TRUCK LEASING CO LP /CORP 1.7% 06/15/2026 1 | PENSKE TRUCK LEASING CO LP /CORP 1.7% 06/15/2026 1 | \*\* | 71600 |
| PENSKE TRUCK LEASING CO LP /CORP 5.35% 01/12/2027 | PENSKE TRUCK LEASING CO LP /CORP 5.35% 01/12/2027 | \*\* | 317176 |
| PENSKE TRUCK LEASING CO LP /CORP 5.75% 05/24/2026 | PENSKE TRUCK LEASING CO LP /CORP 5.75% 05/24/2026 | \*\* | 1601165 |
| PERNOD RICARD SA 3.25% 06/08/2026 144A | PERNOD RICARD SA 3.25% 06/08/2026 144A | \*\* | 1184933 |
| PETROLEOS MEXICANOS 6.375% 01/23/2045 | PETROLEOS MEXICANOS 6.375% 01/23/2045 | \*\* | 1119109 |
| PETROLEOS MEXICANOS 6.625% 06/15/2035 | PETROLEOS MEXICANOS 6.625% 06/15/2035 | \*\* | 176963 |
| PETROLEOS MEXICANOS 6.7% 02/16/2032 | PETROLEOS MEXICANOS 6.7% 02/16/2032 | \*\* | 3933428 |
| PETROLEOS MEXICANOS 6.75% 09/21/2047 | PETROLEOS MEXICANOS 6.75% 09/21/2047 | \*\* | 171875 |
| PETROLEOS MEXICANOS 7.69% 01/23/2050 | PETROLEOS MEXICANOS 7.69% 01/23/2050 | \*\* | 5188800 |
| PHILIP MORRIS INTL INC 4.875% 02/13/2029 | PHILIP MORRIS INTL INC 4.875% 02/13/2029 | \*\* | 99876 |
| PHILIP MORRIS INTL INC 5.125% 02/13/2031 | PHILIP MORRIS INTL INC 5.125% 02/13/2031 | \*\* | 300022 |
| PHILIP MORRIS INTL INC 5.375% 02/15/2033 | PHILIP MORRIS INTL INC 5.375% 02/15/2033 | \*\* | 701355 |
| PHILIP MORRIS INTL INC 5.625% 11/17/2029 | PHILIP MORRIS INTL INC 5.625% 11/17/2029 | \*\* | 257505 |
| PHILIP MORRIS INTL INC 5.75% 11/17/2032 | PHILIP MORRIS INTL INC 5.75% 11/17/2032 | \*\* | 308476 |
| PIONEER NATURAL RESOURCES CO 5.1% 03/29/2026 | PIONEER NATURAL RESOURCES CO 5.1% 03/29/2026 | \*\* | 837730 |
| PNC FINANCIAL SERVICES GRP INC 4.758%/VAR 01/26/20 | PNC FINANCIAL SERVICES GRP INC 4.758%/VAR 01/26/20 | \*\* | 908760 |
| PNC FINANCIAL SERVICES GRP INC 5.812%/VAR 06/12/20 | PNC FINANCIAL SERVICES GRP INC 5.812%/VAR 06/12/20 | \*\* | 341421 |
| POSCO 4.375% 08/04/2025 REGS | POSCO 4.375% 08/04/2025 REGS | \*\* | 896108 |
| POSCO 5.625% 01/17/2026 REGS | POSCO 5.625% 01/17/2026 REGS | \*\* | 1006127 |
| POST RD EQUIP FIN 2024-1 5.59% 11/15/2029 144A | POST RD EQUIP FIN 2024-1 5.59% 11/15/2029 144A | \*\* | 90138 |
| PRINCIPAL LIFE GLOBAL FDG II 0.875% 01/12/2026 144 | PRINCIPAL LIFE GLOBAL FDG II 0.875% 01/12/2026 144 | \*\* | 480611 |
| PROGRESS RESIDENTIAL 2021 1.546% 04/19/2038 144A | PROGRESS RESIDENTIAL 2021 1.546% 04/19/2038 144A | \*\* | 365815 |
| PROGRESS RESIDENTIAL 2021-SFR1 TR 1.805% 04/17/203 | PROGRESS RESIDENTIAL 2021-SFR1 TR 1.805% 04/17/203 | \*\* | 641620 |
| PROGRESS RESIDENTIAL TRUST 2021-SFR8 1.931% 10/17/ | PROGRESS RESIDENTIAL TRUST 2021-SFR8 1.931% 10/17/ | \*\* | 1260738 |
| PROSUS NV 3.061% 07/13/2031 144A | PROSUS NV 3.061% 07/13/2031 144A | \*\* | 1828370 |
| PROSUS NV 3.68% 01/21/2030 144A | PROSUS NV 3.68% 01/21/2030 144A | \*\* | 2490563 |
| PROSUS NV 4.85% 07/06/2027 144A | PROSUS NV 4.85% 07/06/2027 144A | \*\* | 2230751 |
| PROSUS NV 4.987% 01/19/2052 144A | PROSUS NV 4.987% 01/19/2052 144A | \*\* | 1674313 |
| PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1 | PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1 | \*\* | 318950 |
| QNB FINANCE LTD 2.625% 05/12/2025 REGS | QNB FINANCE LTD 2.625% 05/12/2025 REGS | \*\* | 1603184 |
| REALTY INCOME CORP 5.05% 01/13/2026 | REALTY INCOME CORP 5.05% 01/13/2026 | \*\* | 124924 |
| REGAL REXNORD CORP 6.05% 02/15/2026 | REGAL REXNORD CORP 6.05% 02/15/2026 | \*\* | 1540766 |
| REINSURANCE GRP OF AMERICA INC 3.95% 09/15/2026 | REINSURANCE GRP OF AMERICA INC 3.95% 09/15/2026 | \*\* | 641901 |
| REPUBLIC SERVICES INC 0.875% 11/15/2025 | REPUBLIC SERVICES INC 0.875% 11/15/2025 | \*\* | 241859 |
| RIO OIL FINANCE TR SER 2018-1 8.2% 04/06/2028 144A | RIO OIL FINANCE TR SER 2018-1 8.2% 04/06/2028 144A | \*\* | 190477 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| RIO OIL FINANCE TRUST SERIES 2014-3 9.75% 01/06/20 | RIO OIL FINANCE TRUST SERIES 2014-3 9.75% 01/06/20 | \*\* | 1205547 |
| ROCKFORD TOWER CLO 2019-2 LTD TSFR3M+113 08/20/203 | ROCKFORD TOWER CLO 2019-2 LTD TSFR3M+113 08/20/203 | \*\* | 1506452 |
| ROGERS COMMUNICATIONS INC 2.95% 03/15/2025 | ROGERS COMMUNICATIONS INC 2.95% 03/15/2025 | \*\* | 1511652 |
| ROGERS COMMUNICATIONS INC 3.2% 03/15/2027 | ROGERS COMMUNICATIONS INC 3.2% 03/15/2027 | \*\* | 1077179 |
| ROGERS COMMUNICATIONS INC 5% 02/15/2029 | ROGERS COMMUNICATIONS INC 5% 02/15/2029 | \*\* | 919105 |
| ROMARK CLO II LTD 2018-2A A2R TSFR3M+165 07/25/203 | ROMARK CLO II LTD 2018-2A A2R TSFR3M+165 07/25/203 | \*\* | 1676348 |
| ROPER TECHNOLOGIES INC 1% 09/15/2025 | ROPER TECHNOLOGIES INC 1% 09/15/2025 | \*\* | 136586 |
| ROSS STORES INC 0.875% 04/15/2026 | ROSS STORES INC 0.875% 04/15/2026 | \*\* | 809360 |
| ROSS STORES INC 4.6% 04/15/2025 | ROSS STORES INC 4.6% 04/15/2025 | \*\* | 2042436 |
| RTX CORP 6% 03/15/2031 | RTX CORP 6% 03/15/2031 | \*\* | 472064 |
| RTX CORP 6.1% 03/15/2034 | RTX CORP 6.1% 03/15/2034 | \*\* | 500173 |
| S&P GLOBAL INC 2.45% 03/01/2027 | S&P GLOBAL INC 2.45% 03/01/2027 | \*\* | 1424591 |
| SABINE PASS LIQUEFACTION LLC 5.625% 03/01/2025 | SABINE PASS LIQUEFACTION LLC 5.625% 03/01/2025 | \*\* | 254097 |
| SANTANDER BANK NA - SBCLN 22-B C 5.916% 08/16/2032 | SANTANDER BANK NA - SBCLN 22-B C 5.916% 08/16/2032 | \*\* | 2723 |
| SANTANDER BANK NA - SBCLN 23-B C 5.933% 12/15/2033 | SANTANDER BANK NA - SBCLN 23-B C 5.933% 12/15/2033 | \*\* | 1337763 |
| SANTANDER BANK NA - SBCLN 24-A B 5.622% 06/15/2032 | SANTANDER BANK NA - SBCLN 24-A B 5.622% 06/15/2032 | \*\* | 272265 |
| SANTANDER BANK NA - SBCLN 24-A C 5.818% 06/15/2032 | SANTANDER BANK NA - SBCLN 24-A C 5.818% 06/15/2032 | \*\* | 322440 |
| SANTANDER BANK NA - SBCLN 5.644% 12/15/2033 144A | SANTANDER BANK NA - SBCLN 5.644% 12/15/2033 144A | \*\* | 169101 |
| SANTANDER BANK NA - SBCLN 6.451% 12/15/2032 144A | SANTANDER BANK NA - SBCLN 6.451% 12/15/2032 144A | \*\* | 155435 |
| SANTANDER BANK NA - SBCLN 6.493% 06/15/2033 144A | SANTANDER BANK NA - SBCLN 6.493% 06/15/2033 144A | \*\* | 351565 |
| SANTANDER BANK NA - SBCLN 6.736% 06/15/2033 144A | SANTANDER BANK NA - SBCLN 6.736% 06/15/2033 144A | \*\* | 100500 |
| SANTANDER BK AUTO CR LINKED NTS SER 2024-B 4.965% | SANTANDER BK AUTO CR LINKED NTS SER 2024-B 4.965% | \*\* | 249458 |
| SANTANDER BK AUTO CR LINKED NTS SER 2024-B 5.141% | SANTANDER BK AUTO CR LINKED NTS SER 2024-B 5.141% | \*\* | 249457 |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-2 C 3. | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-2 C 3. | \*\* | 529220 |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-5 4.74 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-5 4.74 | \*\* | 269894 |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 5.09% 05/15 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 5.09% 05/15 | \*\* | 235822 |
| SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028 | SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028 | \*\* | 341414 |
| SANTANDER HLDGS USA INC 6.124%/VAR 05/31/2027 | SANTANDER HLDGS USA INC 6.124%/VAR 05/31/2027 | \*\* | 126827 |
| SBA TOWER TR 1.631% 05/15/2051 144A | SBA TOWER TR 1.631% 05/15/2051 144A | \*\* | 777030 |
| SBA TOWER TR 1.884% 07/15/2050 144A | SBA TOWER TR 1.884% 07/15/2050 144A | \*\* | 460243 |
| SBA TOWER TR 2.836% 01/15/2050 144A | SBA TOWER TR 2.836% 01/15/2050 144A | \*\* | 1208760 |
| SBA TOWER TR 4.831% 10/15/2029 144A | SBA TOWER TR 4.831% 10/15/2029 144A | \*\* | 1650776 |
| SBA TOWER TR 6.599% 11/15/2052 144A | SBA TOWER TR 6.599% 11/15/2052 144A | \*\* | 1012191 |
| SBAP 2006-20G 1 6.07% 7/26 | SBAP 2006-20G 1 6.07% 7/26 | \*\* | 4643 |
| SBAP 2006-20H 1 5.7 8/26 | SBAP 2006-20H 1 5.7 8/26 | \*\* | 5545 |
| SBAP 2007-20E 1 5.31% 5/27 | SBAP 2007-20E 1 5.31% 5/27 | \*\* | 12476 |
| SBNA AUTO LEASE TRUST 2024-A 5.24% 01/22/2029 144A | SBNA AUTO LEASE TRUST 2024-A 5.24% 01/22/2029 144A | \*\* | 231752 |
| SBNA AUTO LEASE TRUST 2024-A 5.39% 11/20/2026 144A | SBNA AUTO LEASE TRUST 2024-A 5.39% 11/20/2026 144A | \*\* | 241337 |
| SBNA AUTO LEASE TRUST 2024-B A4 5.55% 12/20/2028 1 | SBNA AUTO LEASE TRUST 2024-B A4 5.55% 12/20/2028 1 | \*\* | 858185 |
| SCF EQUIPMENT LEASING 2023-1A A3 LLC 6.17% 05/20/2 | SCF EQUIPMENT LEASING 2023-1A A3 LLC 6.17% 05/20/2 | \*\* | 760701 |
| SCHWAB CHARLES CORP 2.45% 03/03/2027 | SCHWAB CHARLES CORP 2.45% 03/03/2027 | \*\* | 1297728 |
| SCHWAB CHARLES CORP 5.643%/VAR 05/19/2029 | SCHWAB CHARLES CORP 5.643%/VAR 05/19/2029 | \*\* | 510108 |
| SCHWAB CHARLES CORP 5.853%/VAR 05/19/2034 | SCHWAB CHARLES CORP 5.853%/VAR 05/19/2034 | \*\* | 257340 |
| SCHWAB CHARLES CORP 6.136%/VAR 08/24/2034 | SCHWAB CHARLES CORP 6.136%/VAR 08/24/2034 | \*\* | 314977 |
| SCHWAB CHARLES CORP 6.196%/VAR 11/17/2029 | SCHWAB CHARLES CORP 6.196%/VAR 11/17/2029 | \*\* | 1094499 |
| SEB FUNDING LLC 1A A2 7.386% 04/30/2054 144A | SEB FUNDING LLC 1A A2 7.386% 04/30/2054 144A | \*\* | 976468 |
| SEMPRA 3.3% 04/01/2025 | SEMPRA 3.3% 04/01/2025 | \*\* | 692151 |
| SEMPRA 5.4% 08/01/2026 | SEMPRA 5.4% 08/01/2026 | \*\* | 544754 |
| SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 4.95 | SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 4.95 | \*\* | 266000 |
| SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 5.51 | SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 5.51 | \*\* | 90844 |
| SFS AUTO RECEIVABLES SECURITIZATION TR 2024-2 A4 5 | SFS AUTO RECEIVABLES SECURITIZATION TR 2024-2 A4 5 | \*\* | 232685 |
| SFS AUTO RECEIVABLES SECURITIZATION TRUST 2023-1 5 | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2023-1 5 | \*\* | 209077 |
| SHERWIN WILLIAMS CO 4.25% 08/08/2025 | SHERWIN WILLIAMS CO 4.25% 08/08/2025 | \*\* | 194563 |
| SHERWIN WILLIAMS CO 4.55% 03/01/2028 | SHERWIN WILLIAMS CO 4.55% 03/01/2028 | \*\* | 669404 |
| SIERRA TIMESHARE 2021-2 RECEIVABLES FUNDING LLC 1. | SIERRA TIMESHARE 2021-2 RECEIVABLES FUNDING LLC 1. | \*\* | 176608 |
| SLC STUDENT LN TR 2007 1 A5 SOFR90A+35.161 05/15/2 | SLC STUDENT LN TR 2007 1 A5 SOFR90A+35.161 05/15/2 | \*\* | 2502759 |
| SLC STUDENT LN TR SOFR90A+42.161 12/15/2039 | SLC STUDENT LN TR SOFR90A+42.161 12/15/2039 | \*\* | 4122898 |
| SLM STUDENT LN TR 2006 8 SOFR90A+42.161 01/25/2041 | SLM STUDENT LN TR 2006 8 SOFR90A+42.161 01/25/2041 | \*\* | 6483755 |
| SLM STUDENT LOAN TRUST 2011-3 SOFR30A+121.448 08/2 | SLM STUDENT LOAN TRUST 2011-3 SOFR30A+121.448 08/2 | \*\* | 179857 |
| SMALL BUS ADMIN GTD DEV PARTN 5.36% 11/01/2025 | SMALL BUS ADMIN GTD DEV PARTN 5.36% 11/01/2025 | \*\* | 4053 |
| SMALL BUS ADMIN GTD DEV PARTN 5.82% 06/01/2026 | SMALL BUS ADMIN GTD DEV PARTN 5.82% 06/01/2026 | \*\* | 7417 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| SMB PRIVATE ED LN TR 2022-DA A1A 5.37% 10/15/2058 | SMB PRIVATE ED LN TR 2022-DA A1A 5.37% 10/15/2058 | \*\* | 640737 |
| SMB PRIVATE ED LN TR 2023-B A1A 4.99% 10/16/2056 1 | SMB PRIVATE ED LN TR 2023-B A1A 4.99% 10/16/2056 1 | \*\* | 1850920 |
| SMB PRIVATE EDUCATION LOAN TRUST 2017-B A2A 2.82% | SMB PRIVATE EDUCATION LOAN TRUST 2017-B A2A 2.82% | \*\* | 230790 |
| SMB PRIVATE EDUCATION LOAN TRUST 2023-D A1A 6.15% | SMB PRIVATE EDUCATION LOAN TRUST 2023-D A1A 6.15% | \*\* | 520795 |
| SMB PRIVATE EDUCATION LOAN TRUST 2024-A A1A 5.24% | SMB PRIVATE EDUCATION LOAN TRUST 2024-A A1A 5.24% | \*\* | 1311736 |
| SOCIETE GENERALE FRANCE 5.519%/VAR 01/19/2028 144A | SOCIETE GENERALE FRANCE 5.519%/VAR 01/19/2028 144A | \*\* | 877889 |
| SOLVENTUM CORP 5.45% 02/25/2027 144A | SOLVENTUM CORP 5.45% 02/25/2027 144A | \*\* | 1519221 |
| SOUND POINT CLO XXII LTD TSFR3M+165 01/20/2032 144 | SOUND POINT CLO XXII LTD TSFR3M+165 01/20/2032 144 | \*\* | 250030 |
| SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC 4.911% 0 | SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC 4.911% 0 | \*\* | 852149 |
| SOUTHERN CALIFORNIA GAS CO 2.95% 04/15/2027 | SOUTHERN CALIFORNIA GAS CO 2.95% 04/15/2027 | \*\* | 351164 |
| SOUTHERN COMPANY 3.25% 07/01/2026 | SOUTHERN COMPANY 3.25% 07/01/2026 | \*\* | 548456 |
| SOUTHERN COMPANY 3.75%/VAR 09/15/2051 | SOUTHERN COMPANY 3.75%/VAR 09/15/2051 | \*\* | 1508249 |
| SOUTHERN COMPANY 4%/VAR 01/15/2051 | SOUTHERN COMPANY 4%/VAR 01/15/2051 | \*\* | 2719342 |
| SOUTHERN COMPANY 4.85% 06/15/2028 | SOUTHERN COMPANY 4.85% 06/15/2028 | \*\* | 475744 |
| SOUTHERN COMPANY STEP 08/01/2027 | SOUTHERN COMPANY STEP 08/01/2027 | \*\* | 1905850 |
| STANDARD CHARTERED PLC 4.3% 02/19/2027 144A | STANDARD CHARTERED PLC 4.3% 02/19/2027 144A | \*\* | 300798 |
| STANDARD CHARTERED PLC 5.688%/VAR 05/14/2028 144A | STANDARD CHARTERED PLC 5.688%/VAR 05/14/2028 144A | \*\* | 622872 |
| STARBUCKS CORP 4% 11/15/2028 | STARBUCKS CORP 4% 11/15/2028 | \*\* | 227772 |
| STATE BANK INDIA LONDON BRH 1.8% 07/13/2026 REGS | STATE BANK INDIA LONDON BRH 1.8% 07/13/2026 REGS | \*\* | 1573104 |
| STATE STREET CORP 4.33% 10/22/2027 | STATE STREET CORP 4.33% 10/22/2027 | \*\* | 1182646 |
| STATE STREET CORP 4.857%/VAR 01/26/2026 | STATE STREET CORP 4.857%/VAR 01/26/2026 | \*\* | 174978 |
| STATE STREET CORP 5.104%/VAR 05/18/2026 | STATE STREET CORP 5.104%/VAR 05/18/2026 | \*\* | 1046605 |
| STATE STREET CORP 5.751%/VAR 11/04/2026 | STATE STREET CORP 5.751%/VAR 11/04/2026 | \*\* | 720678 |
| STRYKER CORP 4.25% 09/11/2029 | STRYKER CORP 4.25% 09/11/2029 | \*\* | 588636 |
| SYMPHONY CLO XXIII LTD TSFR3M+128.161 01/15/2034 1 | SYMPHONY CLO XXIII LTD TSFR3M+128.161 01/15/2034 1 | \*\* | 912329 |
| TAKE-TWO INTERACTV SOFTWR INC 3.55% 04/14/2025 | TAKE-TWO INTERACTV SOFTWR INC 3.55% 04/14/2025 | \*\* | 816981 |
| TAKE-TWO INTERACTV SOFTWR INC 5% 03/28/2026 | TAKE-TWO INTERACTV SOFTWR INC 5% 03/28/2026 | \*\* | 952494 |
| TARGA RES CORP 5.2% 07/01/2027 | TARGA RES CORP 5.2% 07/01/2027 | \*\* | 578381 |
| TCI-FLATIRON CLO 2018-1 LTD TSFR3M+ 01/29/2032 144 | TCI-FLATIRON CLO 2018-1 LTD TSFR3M+ 01/29/2032 144 | \*\* | 640428 |
| TELECOM ITALIA CAP 7.721% 06/04/2038 | TELECOM ITALIA CAP 7.721% 06/04/2038 | \*\* | 421428 |
| THL CREDIT WIND RIVER 18-2A A1R CLO LTD TSFR3M+120 | THL CREDIT WIND RIVER 18-2A A1R CLO LTD TSFR3M+120 | \*\* | 160986 |
| THL CREDIT WIND RIVER 2015-1 CLO LTD TSFR3M+120 10 | THL CREDIT WIND RIVER 2015-1 CLO LTD TSFR3M+120 10 | \*\* | 1034029 |
| THL CREDIT WIND RIVER 2019-3 AR2 CLO LTD TSFR3M+10 | THL CREDIT WIND RIVER 2019-3 AR2 CLO LTD TSFR3M+10 | \*\* | 356065 |
| THL CREDIT WIND RIVER 2019-3 CLO LTD TSFR3M+155 04 | THL CREDIT WIND RIVER 2019-3 CLO LTD TSFR3M+155 04 | \*\* | 809991 |
| THL CREDIT WIND RIVER 2019-3A CR2 CLO LTD TSFR3M+2 | THL CREDIT WIND RIVER 2019-3A CR2 CLO LTD TSFR3M+2 | \*\* | 349995 |
| TIAA CLO I LTD TSFR3M+125 07/20/2031 144A | TIAA CLO I LTD TSFR3M+125 07/20/2031 144A | \*\* | 1250947 |
| TIME WARNER CABLE LLC 6.75% 06/15/2039 | TIME WARNER CABLE LLC 6.75% 06/15/2039 | \*\* | 563550 |
| T-MOBILE USA INC 2.55% 02/15/2031 | T-MOBILE USA INC 2.55% 02/15/2031 | \*\* | 365571 |
| T-MOBILE USA INC 2.625% 04/15/2026 | T-MOBILE USA INC 2.625% 04/15/2026 | \*\* | 58471 |
| T-MOBILE USA INC 3.5% 04/15/2025 | T-MOBILE USA INC 3.5% 04/15/2025 | \*\* | 1304076 |
| T-MOBILE USA INC 3.5% 04/15/2031 | T-MOBILE USA INC 3.5% 04/15/2031 | \*\* | 2085113 |
| T-MOBILE USA INC 3.875% 04/15/2030 | T-MOBILE USA INC 3.875% 04/15/2030 | \*\* | 1435006 |
| TOWD PT MTG TR 2019-1 3.75% 03/25/2058 144A | TOWD PT MTG TR 2019-1 3.75% 03/25/2058 144A | \*\* | 202290 |
| TOYOTA AUTO RECEIVABLES 2024-C OWNER TRUST 4.88% 0 | TOYOTA AUTO RECEIVABLES 2024-C OWNER TRUST 4.88% 0 | \*\* | 1362295 |
| TOYOTA MOTOR CREDIT CORP 3.05% 03/22/2027 | TOYOTA MOTOR CREDIT CORP 3.05% 03/22/2027 | \*\* | 275756 |
| TRANSCANADA TRUST 5.3%/VAR 03/15/2077 | TRANSCANADA TRUST 5.3%/VAR 03/15/2077 | \*\* | 2440176 |
| TRANSCANADA TRUST 5.5%/VAR 09/15/2079 | TRANSCANADA TRUST 5.5%/VAR 09/15/2079 | \*\* | 1825847 |
| TRANSCANADA TRUST 5.625%/VAR 05/20/2075 | TRANSCANADA TRUST 5.625%/VAR 05/20/2075 | \*\* | 3223920 |
| TRANSCANADA TRUST 5.875%/VAR 08/15/2076 | TRANSCANADA TRUST 5.875%/VAR 08/15/2076 | \*\* | 1578677 |
| TRINITAS CLO IX LTD TSFR3M+ 01/20/2032 144A | TRINITAS CLO IX LTD TSFR3M+ 01/20/2032 144A | \*\* | 979489 |
| TRINITAS CLO VI LTD / TRINITAS CLO VI LLC TSFR3M+1 | TRINITAS CLO VI LTD / TRINITAS CLO VI LLC TSFR3M+1 | \*\* | 1208972 |
| UBER TECHNOLOGIES INC 4.5% 08/15/2029 144A | UBER TECHNOLOGIES INC 4.5% 08/15/2029 144A | \*\* | 1338450 |
| UBS GROUP AG 1.494%/VAR 08/10/2027 144A | UBS GROUP AG 1.494%/VAR 08/10/2027 144A | \*\* | 189235 |
| UBS GROUP AG 4.488%/VAR 05/12/2026 144A | UBS GROUP AG 4.488%/VAR 05/12/2026 144A | \*\* | 199537 |
| UBS GROUP AG 5.959%/VAR 01/12/2034 144A | UBS GROUP AG 5.959%/VAR 01/12/2034 144A | \*\* | 3015988 |
| UBS GROUP AG 6.301%/VAR 09/22/2034 144A | UBS GROUP AG 6.301%/VAR 09/22/2034 144A | \*\* | 523007 |
| UBS GROUP AG 6.327%/VAR 12/22/2027 144A | UBS GROUP AG 6.327%/VAR 12/22/2027 144A | \*\* | 507892 |
| UBS GROUP AG 6.537%/VAR 08/12/2033 144A | UBS GROUP AG 6.537%/VAR 08/12/2033 144A | \*\* | 583134 |
| ULTRAPAR INTERNATIONL SA 5.25% 10/06/2026 144A | ULTRAPAR INTERNATIONL SA 5.25% 10/06/2026 144A | \*\* | 1182756 |
| UNICREDIT SPA 5.459%/VAR 06/30/2035 144A | UNICREDIT SPA 5.459%/VAR 06/30/2035 144A | \*\* | 1062159 |
| UNICREDIT SPA 7.296%/VAR 04/02/2034 144A | UNICREDIT SPA 7.296%/VAR 04/02/2034 144A | \*\* | 3317068 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| | UNION PAC RR CO 2006 1 PT TR 5.866% 07/02/2030 | UNION PAC RR CO 2006 1 PT TR 5.866% 07/02/2030 | \*\* | 150775 |
| | UNUM GROUP 6.75% 12/15/2028 | UNUM GROUP 6.75% 12/15/2028 | \*\* | 78989 |
| | US BANCORP DEL 4.548%/VAR 07/22/2028 | US BANCORP DEL 4.548%/VAR 07/22/2028 | \*\* | 927351 |
| | US BANCORP DEL 5.727%/VAR 10/21/2026 | US BANCORP DEL 5.727%/VAR 10/21/2026 | \*\* | 488262 |
| | USCLN 2023-1 6.789% 08/25/2032 144A | USCLN 2023-1 6.789% 08/25/2032 144A | \*\* | 135769 |
| | UTAH ACQUISITION SUB INC 3.95% 06/15/2026 | UTAH ACQUISITION SUB INC 3.95% 06/15/2026 | \*\* | 899481 |
| | VENTAS RLTY LTD PARTNERSHIP 3.5% 02/01/2025 | VENTAS RLTY LTD PARTNERSHIP 3.5% 02/01/2025 | \*\* | 653858 |
| | VERDANT RECEIVABLES 2023-1 LLC 6.24% 01/13/2031 14 | VERDANT RECEIVABLES 2023-1 LLC 6.24% 01/13/2031 14 | \*\* | 416589 |
| | VERDANT RECEIVABLES 2024-1 LLC 5.68% 12/12/2031 14 | VERDANT RECEIVABLES 2024-1 LLC 5.68% 12/12/2031 14 | \*\* | 197340 |
| | VF CORPORATION 2.4% 04/23/2025 | VF CORPORATION 2.4% 04/23/2025 | \*\* | 1388693 |
| | VF CORPORATION 2.8% 04/23/2027 | VF CORPORATION 2.8% 04/23/2027 | \*\* | 664963 |
| | VIATRIS INC 2.3% 06/22/2027 | VIATRIS INC 2.3% 06/22/2027 | \*\* | 637681 |
| | VISTRA OPERATIONS CO LLC 5.05% 12/30/2026 144A | VISTRA OPERATIONS CO LLC 5.05% 12/30/2026 144A | \*\* | 325286 |
| | VISTRA OPERATIONS CO LLC 5.125% 05/13/2025 144A | VISTRA OPERATIONS CO LLC 5.125% 05/13/2025 144A | \*\* | 297668 |
| | VITERRA FINANCE BV 2% 04/21/2026 144A | VITERRA FINANCE BV 2% 04/21/2026 144A | \*\* | 191541 |
| | VITERRA FINANCE BV 4.9% 04/21/2027 144A | VITERRA FINANCE BV 4.9% 04/21/2027 144A | \*\* | 965981 |
| | VMWARE INC 1.4% 08/15/2026 | VMWARE INC 1.4% 08/15/2026 | \*\* | 260511 |
| | VODAFONE GROUP PLC 7%/VAR 04/04/2079 | VODAFONE GROUP PLC 7%/VAR 04/04/2079 | \*\* | 1792124 |
| | VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 0 | VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 0 | \*\* | 472708 |
| | VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144 | VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144 | \*\* | 682211 |
| | VOLKSWAGEN GROUP AMER FIN LLC 4.85% 08/15/2027 144 | VOLKSWAGEN GROUP AMER FIN LLC 4.85% 08/15/2027 144 | \*\* | 1034217 |
| | VOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144A | VOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144A | \*\* | 544674 |
| | VOLKSWAGEN GROUP AMER FIN LLC 5.8% 09/12/2025 144A | VOLKSWAGEN GROUP AMER FIN LLC 5.8% 09/12/2025 144A | \*\* | 633828 |
| | VOLKSWAGEN GROUP AMER FIN LLC 6% 11/16/2026 144A | VOLKSWAGEN GROUP AMER FIN LLC 6% 11/16/2026 144A | \*\* | 604238 |
| | VOYA CLO 2018-3 LTD TSFR3M+ 10/15/2031 144A | VOYA CLO 2018-3 LTD TSFR3M+ 10/15/2031 144A | \*\* | 986667 |
| | WELLFLEET CLO 2018-2 LTD TSFR3M+108 10/20/2031 144 | WELLFLEET CLO 2018-2 LTD TSFR3M+108 10/20/2031 144 | \*\* | 1565725 |
| | WELLS FARGO & CO NEW 2.188%/VAR 04/30/2026 | WELLS FARGO & CO NEW 2.188%/VAR 04/30/2026 | \*\* | 2571505 |
| | WELLS FARGO & CO NEW 2.393%/VAR 06/02/2028 | WELLS FARGO & CO NEW 2.393%/VAR 06/02/2028 | \*\* | 988919 |
| | WELLS FARGO & CO NEW 2.572%/VAR 02/11/2031 | WELLS FARGO & CO NEW 2.572%/VAR 02/11/2031 | \*\* | 485035 |
| | WELLS FARGO & CO NEW 3.908%/VAR 04/25/2026 | WELLS FARGO & CO NEW 3.908%/VAR 04/25/2026 | \*\* | 513425 |
| | WELLS FARGO & CO NEW 4.1% 06/03/2026 | WELLS FARGO & CO NEW 4.1% 06/03/2026 | \*\* | 934761 |
| | WELLS FARGO & CO NEW 4.3% 07/22/2027 | WELLS FARGO & CO NEW 4.3% 07/22/2027 | \*\* | 1652596 |
| | WELLS FARGO & CO NEW 4.54%/VAR 08/15/2026 | WELLS FARGO & CO NEW 4.54%/VAR 08/15/2026 | \*\* | 503991 |
| | WELLS FARGO & CO NEW 4.897%/VAR 07/25/2033 | WELLS FARGO & CO NEW 4.897%/VAR 07/25/2033 | \*\* | 579459 |
| | WELLS FARGO & CO NEW 5.198%/VAR 01/23/2030 | WELLS FARGO & CO NEW 5.198%/VAR 01/23/2030 | \*\* | 576636 |
| | WESTERN UN CO 1.35% 03/15/2026 | WESTERN UN CO 1.35% 03/15/2026 | \*\* | 1505525 |
| | WESTERN UN CO 2.85% 01/10/2025 | WESTERN UN CO 2.85% 01/10/2025 | \*\* | 2183909 |
| | WILLIAMS COS INC 4.8% 11/15/2029 | WILLIAMS COS INC 4.8% 11/15/2029 | \*\* | 498228 |
| | WILLIAMS COS INC 5.4% 03/02/2026 | WILLIAMS COS INC 5.4% 03/02/2026 | \*\* | 1620856 |
| | WOODSIDE FIN LTD 3.7% 09/15/2026 144A | WOODSIDE FIN LTD 3.7% 09/15/2026 144A | \*\* | 348883 |
| | WORKDAY INC 3.5% 04/01/2027 | WORKDAY INC 3.5% 04/01/2027 | \*\* | 424026 |
| | WORLD OMNI SELECT AUTO TR 2023-A 5.87% 08/15/2028 | WORLD OMNI SELECT AUTO TR 2023-A 5.87% 08/15/2028 | \*\* | 212583 |
| | WORLD OMNI SELECT AUTO TRUST - A 1.44% 11/15/2027 | WORLD OMNI SELECT AUTO TRUST - A 1.44% 11/15/2027 | \*\* | 155381 |
| | WRKCO INC 3.75% 03/15/2025 | WRKCO INC 3.75% 03/15/2025 | \*\* | 354059 |
| | ZOETIS INC 3% 09/12/2027 | ZOETIS INC 3% 09/12/2027 | \*\* | 905641 |
| | ZOETIS INC 4.5% 11/13/2025 | ZOETIS INC 4.5% 11/13/2025 | \*\* | 499475 |
| | **FOREIGN GOVERNMENT DEBT SECURITIES** | | | **2662816** |
| | REPUBLIC OF COLOMBIA | COLOMBIA REPUBLIC OF 5% 06/15/2045 | \*\* | 301595 |
| | REPUBLIC OF COLOMBIA | COLOMBIA REPUBLIC OF 5.625% 02/26/2044 | \*\* | 999675 |
| | REPUBLIC OF COLOMBIA | COLOMBIA REPUBLIC OF 7.75% 11/07/2036 | \*\* | 878436 |
| | REPUBLIC OF COLOMBIA | COLOMBIA REPUBLIC OF 8.375% 11/07/2054 | \*\* | 483110 |
| | **MUTUAL AND REGISTERED INVESTMENT FUNDS** | | | **298193495** |
| | AMERICAN FUNDS EUROPACIFIC GROWTH R6 | AMERICAN FUNDS EUROPACIFIC GROWTH R6 | \*\* | 77720095 |
| | DREYFUS TRS PRIME;INST | DREYFUS TRS PRIME;INST | \*\* | 56526337 |
| \* | FIDELITY INVESTMENTS | FIDELITY INVESTMENTS MONEY MONEY PORTFOLIO | \*\* | 20134933 |
|  | T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND | T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND | \*\* | 9437548 |
|  | VANGUARD TREASURY MONEY MARKET INVESTOR | VANGUARD TREASURY MONEY MARKET | \*\* | 134374582 |
|  | **PREFERRED STOCKS** |  |  | **6495181** |
|  | CITIGROUP CAP XIII 7.875%/VAR PFD PAR=25 | CITIGROUP CAP XIII 7.875%/VAR PFD PAR=25 | \*\* | 5588807 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| DATABRICKS INC SER G PC PP | DATABRICKS INC SER G PC PP | \*\* | 307378 |
| NURO INC/CA SER C PC PP | NURO INC/CA SER C PC PP | \*\* | 51414 |
| RAPPI INC SER E PFD PERP PP | RAPPI INC SER E PFD PERP PP | \*\* | 79279 |
| SILA NANOTECHNOLOGIES INC SER F 0% PC PP | SILA NANOTECHNOLOGIES INC SER F 0% PC PP | \*\* | 361569 |
| WAYMO LLC SER A2 0% PC PERP P/P | WAYMO LLC SER A2 0% PC PERP P/P | \*\* | 106734 |
| **U.S. GOVERNMENT DEBT SECURITIES** |  |  | **520647825** |
| ALEN 2021-ACEN MTG TR TSFR1M+126.448 04/15/2038 14 | ALEN 2021-ACEN MTG TR TSFR1M+126.448 04/15/2038 14 | \*\* | 329262 |
| ANGEL OAK MORTGAGE TRUST 2021-6 1.714% 09/25/2066 | ANGEL OAK MORTGAGE TRUST 2021-6 1.714% 09/25/2066 | \*\* | 477359 |
| ANGEL OAK MORTGAGE TRUST 2022-6 4.3% 07/25/2067 14 | ANGEL OAK MORTGAGE TRUST 2022-6 4.3% 07/25/2067 14 | \*\* | 1512927 |
| ANGEL OAK MORTGAGE TRUST 2023-3 4.8% 09/26/2067 14 | ANGEL OAK MORTGAGE TRUST 2023-3 4.8% 09/26/2067 14 | \*\* | 1321661 |
| ANGEL OAK MORTGAGE TRUST 2024-9 5.341% 09/25/2069 | ANGEL OAK MORTGAGE TRUST 2024-9 5.341% 09/25/2069 | \*\* | 980419 |
| ANGEL OAK MORTGAGE TRUST LLC VAR 01/25/2067 144A | ANGEL OAK MORTGAGE TRUST LLC VAR 01/25/2067 144A | \*\* | 924753 |
| ANGEL OAK MTG TR 2021-6 1.581% 09/25/2066 144A | ANGEL OAK MTG TR 2021-6 1.581% 09/25/2066 144A | \*\* | 477001 |
| ANGEL OAK MTG TR 2022-1 VAR 12/25/2066 144A | ANGEL OAK MTG TR 2022-1 VAR 12/25/2066 144A | \*\* | 372311 |
| BANK 2019-BNK19 2.263% 08/15/2061 | BANK 2019-BNK19 2.263% 08/15/2061 | \*\* | 16772 |
| BANK 2024-BNK47 A1 5.523% 06/15/2057 | BANK 2024-BNK47 A1 5.523% 06/15/2057 | \*\* | 145715 |
| BANK5 2024-5YR10 AS 5.637% 10/15/2057 | BANK5 2024-5YR10 AS 5.637% 10/15/2057 | \*\* | 444327 |
| BANK5 2024-5YR11 AS 6.139% 11/15/2057 | BANK5 2024-5YR11 AS 6.139% 11/15/2057 | \*\* | 496593 |
| BANK5 2024-5YR12 5.902% 12/15/2057 | BANK5 2024-5YR12 5.902% 12/15/2057 | \*\* | 298703 |
| BANK5 2024-5YR12 AS VAR 12/15/2057 | BANK5 2024-5YR12 AS VAR 12/15/2057 | \*\* | 784200 |
| BANK5 2024-5YR8 AS VAR 08/15/2057 | BANK5 2024-5YR8 AS VAR 08/15/2057 | \*\* | 587838 |
| BANK5 2024-5YR9 4.8894% 08/15/2057 | BANK5 2024-5YR9 4.8894% 08/15/2057 | \*\* | 664887 |
| BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2022-1 A | BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2022-1 A | \*\* | 283744 |
| BBCMS TRUST 5.502% 07/15/2057 | BBCMS TRUST 5.502% 07/15/2057 | \*\* | 39171 |
| BENCHMARK 2023-B39 C MTG TR 6.03532% 07/15/2056 | BENCHMARK 2023-B39 C MTG TR 6.03532% 07/15/2056 | \*\* | 200250 |
| BENCHMARK 2024-V11 AM MTG TR 6.201% 11/15/2057 | BENCHMARK 2024-V11 AM MTG TR 6.201% 11/15/2057 | \*\* | 426522 |
| BENCHMARK 2024-V6 MTG TR 5.56775% 03/15/2057 | BENCHMARK 2024-V6 MTG TR 5.56775% 03/15/2057 | \*\* | 131279 |
| BENCHMARK MORTGAGE TRUST 2024-V9 AS 6.06412% 08/15 | BENCHMARK MORTGAGE TRUST 2024-V9 AS 6.06412% 08/15 | \*\* | 791610 |
| BINOM SECURITIZATION TRUST 2021-INV1 A2 2.37% 06/2 | BINOM SECURITIZATION TRUST 2021-INV1 A2 2.37% 06/2 | \*\* | 364184 |
| BINOM SECURITIZATION TRUST 2021-INV1 A3 2.625% 06/ | BINOM SECURITIZATION TRUST 2021-INV1 A3 2.625% 06/ | \*\* | 113786 |
| BMARK 2024-V8 5.514% 07/15/2057 | BMARK 2024-V8 5.514% 07/15/2057 | \*\* | 353128 |
| BMO 2024-5C5 AS MTG TR CSTR 02/15/2057 | BMO 2024-5C5 AS MTG TR CSTR 02/15/2057 | \*\* | 826497 |
| BMO 2024-C8 A1 5.54224% 03/15/2057 | BMO 2024-C8 A1 5.54224% 03/15/2057 | \*\* | 230093 |
| BRAVO RESIDENTIAL FUNDING TRUST 2021-NQM3 1.699% 0 | BRAVO RESIDENTIAL FUNDING TRUST 2021-NQM3 1.699% 0 | \*\* | 605206 |
| BVINV 2021-5 A20 2.5% 11/25/2051 144A | BVINV 2021-5 A20 2.5% 11/25/2051 144A | \*\* | 600205 |
| BX COML MTG TR 2024-GPA3 TSFR1M+164.233 12/15/2039 | BX COML MTG TR 2024-GPA3 TSFR1M+164.233 12/15/2039 | \*\* | 504684 |
| BX COML MTG TR 2024-MDHS 6.8415% 05/15/2041 144A | BX COML MTG TR 2024-MDHS 6.8415% 05/15/2041 144A | \*\* | 639564 |
| BX COML MTG TR 2024-MDHS TSFR1M+184.1 05/15/2041 1 | BX COML MTG TR 2024-MDHS TSFR1M+184.1 05/15/2041 1 | \*\* | 636978 |
| BX COML MTG TR 2024-SLCT TSFR1M+239.195 01/15/2042 | BX COML MTG TR 2024-SLCT TSFR1M+239.195 01/15/2042 | \*\* | 758101 |
| BX COMMERCIAL MORTGAGE TRUST 2024-SLCT TSFR1M+ 01/ | BX COMMERCIAL MORTGAGE TRUST 2024-SLCT TSFR1M+ 01/ | \*\* | 294448 |
| BX TRUST 2023-LIFE 5.3908% 02/15/2028 144A | BX TRUST 2023-LIFE 5.3908% 02/15/2028 144A | \*\* | 1621302 |
| CA ST 7.3% 10/01/39 | CA ST 7.3% 10/01/39 | \*\* | 1309397 |
| CA ST 7.5% 4/1/34 | CA ST 7.5% 4/1/34 | \*\* | 855644 |
| CA ST 7.55% 4/1/39 | CA ST 7.55% 4/1/39 | \*\* | 295508 |
| CAMB COML MTG TR 2019-LIFE A TSFR1M+118.448 12/15/ | CAMB COML MTG TR 2019-LIFE A TSFR1M+118.448 12/15/ | \*\* | 720360 |
| CD 2017-CD6 MTG TR 2017-CD6 A5 3.456% 11/13/2050 | CD 2017-CD6 MTG TR 2017-CD6 A5 3.456% 11/13/2050 | \*\* | 1461269 |
| CGCMT 2017-P7 A4 3.712% 04/01/2050 | CGCMT 2017-P7 A4 3.712% 04/01/2050 | \*\* | 1484158 |
| COLT 2024-6 MORTGAGE LOAN TRUST 5.644% 11/25/2069 | COLT 2024-6 MORTGAGE LOAN TRUST 5.644% 11/25/2069 | \*\* | 916905 |
| COLT 2024-INV4 A3 MORTGAGE LOAN TRUST VAR 05/25/20 | COLT 2024-INV4 A3 MORTGAGE LOAN TRUST VAR 05/25/20 | \*\* | 878390 |
| COMM 2014-CCRE15 MTG TR VAR 02/10/2047 | COMM 2014-CCRE15 MTG TR VAR 02/10/2047 | \*\* | 295285 |
| CONNECTICUT AVENUE SECURITIES TRUST 2024-R06 1A1 S | CONNECTICUT AVENUE SECURITIES TRUST 2024-R06 1A1 S | \*\* | 1438694 |
| CSAIL 2020-C19 COMMERCIAL MORTGAGE TRUST 1.2955% 0 | CSAIL 2020-C19 COMMERCIAL MORTGAGE TRUST 1.2955% 0 | \*\* | 204642 |
| DOLP TR 2021-NYC 2.956% 05/10/2041 144A | DOLP TR 2021-NYC 2.956% 05/10/2041 144A | \*\* | 749042 |
| EFMT 2024-INV2 5.035% 10/25/2069 144A | EFMT 2024-INV2 5.035% 10/25/2069 144A | \*\* | 701352 |
| EFMT 2024-INV2 5.289% 10/25/2069 144A | EFMT 2024-INV2 5.289% 10/25/2069 144A | \*\* | 401901 |
| EFMT 2024-NQM1 5.81% 11/25/2069 144A | EFMT 2024-NQM1 5.81% 11/25/2069 144A | \*\* | 1411977 |
| ELLINGTON FINANCIAL MORTGAGE TRUST 2021-3 A3 1.55% | ELLINGTON FINANCIAL MORTGAGE TRUST 2021-3 A3 1.55% | \*\* | 505306 |
| FANNIE MAE CONN 30YR SOFR30A+366.448 07/25/2029 | FANNIE MAE CONN 30YR SOFR30A+366.448 07/25/2029 | \*\* | 404861 |
| FED HOME LOAN MTG CORP - GOLD SOFR30A+72.448 09/15 | FED HOME LOAN MTG CORP - GOLD SOFR30A+72.448 09/15 | \*\* | 476275 |
| FEDERAL HOME LN MTG 30YR 4.5% 10/46#CC2046 | FEDERAL HOME LN MTG 30YR 4.5% 10/46#CC2046 | \*\* | 81121 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FEDERAL HOME LN MTG MLT CTF GT 2% 02/15/2040 | FEDERAL HOME LN MTG MLT CTF GT 2% 02/15/2040 | \*\* | 13075 |
| FEDERAL HOME LN MTG MLT CTF GT 2.5% 04/25/2050 | FEDERAL HOME LN MTG MLT CTF GT 2.5% 04/25/2050 | \*\* | 4048688 |
| FEDERAL HOME LN MTG MLT CTF GT 4.6% 06/25/2030 | FEDERAL HOME LN MTG MLT CTF GT 4.6% 06/25/2030 | \*\* | 516169 |
| FEDERAL HOME LN MTG MLT CTF GT 5.0% 02/15/2035 | FEDERAL HOME LN MTG MLT CTF GT 5.0% 02/15/2035 | \*\* | 358756 |
| FEDERAL HOME LN MTG MLT CTF GT 5.5% 04/15/2026 | FEDERAL HOME LN MTG MLT CTF GT 5.5% 04/15/2026 | \*\* | 17360 |
| FEDERAL HOME LN MTG MLT CTF GT CSTR 04/25/2027 | FEDERAL HOME LN MTG MLT CTF GT CSTR 04/25/2027 | \*\* | 31946 |
| FEDERAL HOME LN MTG MLT CTF GT CSTR 06/25/2027 | FEDERAL HOME LN MTG MLT CTF GT CSTR 06/25/2027 | \*\* | 29630 |
| FEDERAL HOME LN MTG MLT CTF GT CSTR 07/25/2027 | FEDERAL HOME LN MTG MLT CTF GT CSTR 07/25/2027 | \*\* | 66386 |
| FEDERAL HOME LN MTG MLT CTF GT VAR 03/15/2044 | FEDERAL HOME LN MTG MLT CTF GT VAR 03/15/2044 | \*\* | 157534 |
| FEDERAL HOME LN MTG MLT CTF GT VAR 03/25/2026 | FEDERAL HOME LN MTG MLT CTF GT VAR 03/25/2026 | \*\* | 7516 |
| FEDERAL HOME LN MTG MLT CTF GT VAR 05/25/2026 | FEDERAL HOME LN MTG MLT CTF GT VAR 05/25/2026 | \*\* | 3160 |
| FEDERAL HOME LN MTG MLT CTF GT VAR 12/15/2043 | FEDERAL HOME LN MTG MLT CTF GT VAR 12/15/2043 | \*\* | 54902 |
| FEDERAL HOME LN MTG MLT CTF GT VAR/.068895% 10/25/ | FEDERAL HOME LN MTG MLT CTF GT VAR/.068895% 10/25/ | \*\* | 299437 |
| FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2030 | FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2030 | \*\* | 306381 |
| FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2031 | FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2031 | \*\* | 364716 |
| FEDERAL NAT MTG ASN GTD REM PA 1ML 12/25/2043 | FEDERAL NAT MTG ASN GTD REM PA 1ML 12/25/2043 | \*\* | 270356 |
| FEDERAL NAT MTG ASN GTD REM PA 4.0% 02/25/2042 | FEDERAL NAT MTG ASN GTD REM PA 4.0% 02/25/2042 | \*\* | 43540 |
| FEDERAL NAT MTG ASN GTD REM PA 5.5% 07/25/2037 | FEDERAL NAT MTG ASN GTD REM PA 5.5% 07/25/2037 | \*\* | 14501 |
| FEDERAL NAT MTG ASN GTD REM PA 6% 04/25/2037 | FEDERAL NAT MTG ASN GTD REM PA 6% 04/25/2037 | \*\* | 35026 |
| FEDERAL NAT MTG ASN GTD REM PA 7% 10/25/2041 | FEDERAL NAT MTG ASN GTD REM PA 7% 10/25/2041 | \*\* | 23025 |
| FEDERAL NAT MTG ASN GTD REM PA SOFR30A+ 02/25/2044 | FEDERAL NAT MTG ASN GTD REM PA SOFR30A+ 02/25/2044 | \*\* | 172870 |
| FEDERAL NAT MTG ASN GTD REM PA SOFR30A+63.448 12/2 | FEDERAL NAT MTG ASN GTD REM PA SOFR30A+63.448 12/2 | \*\* | 470922 |
| FEDERAL NATL MTG AS GTD RE PTT 2017-90 KA 3% 11/25 | FEDERAL NATL MTG AS GTD RE PTT 2017-90 KA 3% 11/25 | \*\* | 193149 |
| FHL ARM 2.88% 10/01/44#849505 | FHL ARM 2.88% 10/01/44#849505 | \*\* | 69585 |
| FHLG 5.00% 8/40 #G05955 | FHLG 5.00% 8/40 #G05955 | \*\* | 15685 |
| FHLG 5.00% 8/40 #G05958 | FHLG 5.00% 8/40 #G05958 | \*\* | 59719 |
| FHLG 5.00% 11/33 #A15852 | FHLG 5.00% 11/33 #A15852 | \*\* | 1312 |
| FHLG 5.00% 11/33 #A15907 | FHLG 5.00% 11/33 #A15907 | \*\* | 1735 |
| FHLG 5.00% 11/33 #A15908 | FHLG 5.00% 11/33 #A15908 | \*\* | 1444 |
| FHLG 5.00% 11/33 #D86309 | FHLG 5.00% 11/33 #D86309 | \*\* | 2559 |
| FHLG 5.00% 12/35 #G01974 | FHLG 5.00% 12/35 #G01974 | \*\* | 654 |
| FHLG 5.50% 1/35 #G01749 | FHLG 5.50% 1/35 #G01749 | \*\* | 73277 |
| FHLG 5.50% 1/40 #G06021 | FHLG 5.50% 1/40 #G06021 | \*\* | 24465 |
| FHLG 5.50% 2/40 #G05923 | FHLG 5.50% 2/40 #G05923 | \*\* | 46077 |
| FHLG 5.50% 5/40 #G06209 | FHLG 5.50% 5/40 #G06209 | \*\* | 7234 |
| FHLG 5.50% 10/38 #G04814 | FHLG 5.50% 10/38 #G04814 | \*\* | 15798 |
| FHLG 5.50% 12/39 #G06020 | FHLG 5.50% 12/39 #G06020 | \*\* | 13469 |
| FHLG 6.00% 2/35 #G01777 | FHLG 6.00% 2/35 #G01777 | \*\* | 126727 |
| FHLG 6.00% 6/35 #G02382 | FHLG 6.00% 6/35 #G02382 | \*\* | 13555 |
| FHLG 6.00% 6/38 #H09203 | FHLG 6.00% 6/38 #H09203 | \*\* | 2996 |
| FHLG 6.00% 8/38 #G04653 | FHLG 6.00% 8/38 #G04653 | \*\* | 6317 |
| FHLG 6.00% 9/35 #G01899 | FHLG 6.00% 9/35 #G01899 | \*\* | 7759 |
| FHLG 6.00% 10/32 #C72128 | FHLG 6.00% 10/32 #C72128 | \*\* | 240 |
| FHLG 6.00% 12/36 #G02462 | FHLG 6.00% 12/36 #G02462 | \*\* | 21000 |
| FHLG 6.50% 8/37 #A64639 | FHLG 6.50% 8/37 #A64639 | \*\* | 5909 |
| FHLG 6.50% 9/37 #H09069 | FHLG 6.50% 9/37 #H09069 | \*\* | 13195 |
| FHLG 6.50% 9/37 #H09070 | FHLG 6.50% 9/37 #H09070 | \*\* | 5670 |
| FHLG 6.50% 11/37 #H09117 | FHLG 6.50% 11/37 #H09117 | \*\* | 5591 |
| FHLG 6.50% 12/31 #G01768 | FHLG 6.50% 12/31 #G01768 | \*\* | 5152 |
| FHLG 7.00% 6/32 #C68205 | FHLG 7.00% 6/32 #C68205 | \*\* | 312 |
| FHLG 7.00% 6/32 #C68248 | FHLG 7.00% 6/32 #C68248 | \*\* | 474 |
| FHLG 15YR 1.5% 02/01/2036#RC1756 | FHLG 15YR 1.5% 02/01/2036#RC1756 | \*\* | 424773 |
| FHLG 15YR 1.5% 02/01/2036#SB0869 | FHLG 15YR 1.5% 02/01/2036#SB0869 | \*\* | 108112 |
| FHLG 15YR 3% 01/01/2033#ZS7930 | FHLG 15YR 3% 01/01/2033#ZS7930 | \*\* | 228708 |
| FHLG 15YR 3% 11/01/2034#SB0222 | FHLG 15YR 3% 11/01/2034#SB0222 | \*\* | 70888 |
| FHLG 15YR 4.5% 06/01/2026#G14694 | FHLG 15YR 4.5% 06/01/2026#G14694 | \*\* | 1166 |
| FHLG 20YR 2% 12/01/2041#QK1220 | FHLG 20YR 2% 12/01/2041#QK1220 | \*\* | 1339793 |
| FHLG 20YR 3.5% 10/01/2035#C91853 | FHLG 20YR 3.5% 10/01/2035#C91853 | \*\* | 121184 |
| FHLG 20YR 4% 04/01/2034#ZS9057 | FHLG 20YR 4% 04/01/2034#ZS9057 | \*\* | 169317 |
| FHLG 20YR 4.0% 10/01/2031#C91402 | FHLG 20YR 4.0% 10/01/2031#C91402 | \*\* | 49735 |
| FHLG 20YR 4.5% 07/01/2032#G30689 | FHLG 20YR 4.5% 07/01/2032#G30689 | \*\* | 141865 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FHLG 20YR 4.5% 12/01/2030#C91349 | FHLG 20YR 4.5% 12/01/2030#C91349 | \*\* | 46531 |
| FHLG 20YR 6.5% 01/01/2027#G30317 | FHLG 20YR 6.5% 01/01/2027#G30317 | \*\* | 9138 |
| FHLG 20YR 6.5% 09/01/2027#C91109 | FHLG 20YR 6.5% 09/01/2027#C91109 | \*\* | 27171 |
| FHLG 20YR 6.5% 12/01/2026#C91008 | FHLG 20YR 6.5% 12/01/2026#C91008 | \*\* | 1114 |
| FHLG 30YR 2% 04/01/2051#SD8140 | FHLG 30YR 2% 04/01/2051#SD8140 | \*\* | 1119375 |
| FHLG 30YR 2% 07/01/2050#RA2958 | FHLG 30YR 2% 07/01/2050#RA2958 | \*\* | 1028205 |
| FHLG 30YR 2% 07/01/2050#RA3053 | FHLG 30YR 2% 07/01/2050#RA3053 | \*\* | 1625957 |
| FHLG 30YR 2% 08/01/2050#RA3404 | FHLG 30YR 2% 08/01/2050#RA3404 | \*\* | 3792387 |
| FHLG 30YR 2% 09/01/2050#RA3454 | FHLG 30YR 2% 09/01/2050#RA3454 | \*\* | 436517 |
| FHLG 30YR 2% 09/01/2050#SD8090 | FHLG 30YR 2% 09/01/2050#SD8090 | \*\* | 26896 |
| FHLG 30YR 2% 11/01/2050#SD0513 | FHLG 30YR 2% 11/01/2050#SD0513 | \*\* | 2853284 |
| FHLG 30YR 2% 12/01/2050#RA4119 | FHLG 30YR 2% 12/01/2050#RA4119 | \*\* | 5188856 |
| FHLG 30YR 2.5% 01/01/2052#RA6623 | FHLG 30YR 2.5% 01/01/2052#RA6623 | \*\* | 806100 |
| FHLG 30YR 2.5% 02/01/2052#SD8194 | FHLG 30YR 2.5% 02/01/2052#SD8194 | \*\* | 3647452 |
| FHLG 30YR 2.5% 05/01/2051#SI2106 | FHLG 30YR 2.5% 05/01/2051#SI2106 | \*\* | 1862254 |
| FHLG 30YR 2.5% 05/01/2052#SD8212 | FHLG 30YR 2.5% 05/01/2052#SD8212 | \*\* | 404797 |
| FHLG 30YR 2.5% 09/01/2052#SD1581 | FHLG 30YR 2.5% 09/01/2052#SD1581 | \*\* | 4478067 |
| FHLG 30YR 2.5% 11/01/2050#SD7530 | FHLG 30YR 2.5% 11/01/2050#SD7530 | \*\* | 11013923 |
| FHLG 30YR 3% 05/01/2052#SD1080 | FHLG 30YR 3% 05/01/2052#SD1080 | \*\* | 551115 |
| FHLG 30YR 3% 06/01/2052#SD8220 | FHLG 30YR 3% 06/01/2052#SD8220 | \*\* | 985676 |
| FHLG 30YR 3.5% 04/01/2052#QE0768 | FHLG 30YR 3.5% 04/01/2052#QE0768 | \*\* | 641336 |
| FHLG 30YR 3.5% 04/01/2052#RA7063 | FHLG 30YR 3.5% 04/01/2052#RA7063 | \*\* | 6534584 |
| FHLG 30YR 3.5% 05/01/2052#QE2001 | FHLG 30YR 3.5% 05/01/2052#QE2001 | \*\* | 431687 |
| FHLG 30YR 3.5% 05/01/2052#QE2008 | FHLG 30YR 3.5% 05/01/2052#QE2008 | \*\* | 2552897 |
| FHLG 30YR 3.5% 05/01/2052#SD8214 | FHLG 30YR 3.5% 05/01/2052#SD8214 | \*\* | 4160983 |
| FHLG 30YR 3.5% 06/01/2052#SD1933 | FHLG 30YR 3.5% 06/01/2052#SD1933 | \*\* | 2527476 |
| FHLG 30YR 3.5% 06/52#SD8221 | FHLG 30YR 3.5% 06/52#SD8221 | \*\* | 1476186 |
| FHLG 30YR 3.5% 07/01/2052#QE7330 | FHLG 30YR 3.5% 07/01/2052#QE7330 | \*\* | 2690803 |
| FHLG 30YR 3.5% 07/01/2052#RA7656 | FHLG 30YR 3.5% 07/01/2052#RA7656 | \*\* | 4621643 |
| FHLG 30YR 3.5% 07/01/2052#SD3139 | FHLG 30YR 3.5% 07/01/2052#SD3139 | \*\* | 1918450 |
| FHLG 30YR 3.5% 08/01/2052#QE7119 | FHLG 30YR 3.5% 08/01/2052#QE7119 | \*\* | 2570131 |
| FHLG 30YR 3.5% 08/01/2052#SD1546 | FHLG 30YR 3.5% 08/01/2052#SD1546 | \*\* | 819031 |
| FHLG 30YR 3.5% 09/01/2052#SD8243 | FHLG 30YR 3.5% 09/01/2052#SD8243 | \*\* | 1239068 |
| FHLG 30YR 3.5% 12/01/2052#SD2253 | FHLG 30YR 3.5% 12/01/2052#SD2253 | \*\* | 2005728 |
| FHLG 30YR 4% 03/01/2046#Q39499 | FHLG 30YR 4% 03/01/2046#Q39499 | \*\* | 997960 |
| FHLG 30YR 4% 09/01/2052#SD8244 | FHLG 30YR 4% 09/01/2052#SD8244 | \*\* | 9964278 |
| FHLG 30YR 4% 10/01/2052#SD8256 | FHLG 30YR 4% 10/01/2052#SD8256 | \*\* | 7751009 |
| FHLG 30YR 4% 11/01/2047#G61220 | FHLG 30YR 4% 11/01/2047#G61220 | \*\* | 133540 |
| FHLG 30YR 4% 12/49#RA1906 | FHLG 30YR 4% 12/49#RA1906 | \*\* | 28309 |
| FHLG 30YR 4.5% 02/45#G60034 | FHLG 30YR 4.5% 02/45#G60034 | \*\* | 86169 |
| FHLG 30YR 4.5% 03/01/2042#G07107 | FHLG 30YR 4.5% 03/01/2042#G07107 | \*\* | 68699 |
| FHLG 30YR 4.5% 03/01/2044#G07686 | FHLG 30YR 4.5% 03/01/2044#G07686 | \*\* | 52433 |
| FHLG 30YR 4.5% 03/47#G61030 | FHLG 30YR 4.5% 03/47#G61030 | \*\* | 320174 |
| FHLG 30YR 4.5% 03/47#G61080 | FHLG 30YR 4.5% 03/47#G61080 | \*\* | 1098214 |
| FHLG 30YR 4.5% 04/01/2047#V83157 | FHLG 30YR 4.5% 04/01/2047#V83157 | \*\* | 176886 |
| FHLG 30YR 4.5% 05/01/2041#G06447 | FHLG 30YR 4.5% 05/01/2041#G06447 | \*\* | 257280 |
| FHLG 30YR 4.5% 05/01/2042#G60342 | FHLG 30YR 4.5% 05/01/2042#G60342 | \*\* | 257394 |
| FHLG 30YR 4.5% 07/01/2041#G07504 | FHLG 30YR 4.5% 07/01/2041#G07504 | \*\* | 32478 |
| FHLG 30YR 4.5% 08/01/2044#G07892 | FHLG 30YR 4.5% 08/01/2044#G07892 | \*\* | 212848 |
| FHLG 30YR 4.5% 08/01/2044#G07943 | FHLG 30YR 4.5% 08/01/2044#G07943 | \*\* | 194665 |
| FHLG 30YR 4.5% 09/01/2041#G07568 | FHLG 30YR 4.5% 09/01/2041#G07568 | \*\* | 159851 |
| FHLG 30YR 4.5% 09/01/2052#SD8245 | FHLG 30YR 4.5% 09/01/2052#SD8245 | \*\* | 2333284 |
| FHLG 30YR 4.5% 10/01/2040#A94663 | FHLG 30YR 4.5% 10/01/2040#A94663 | \*\* | 14279 |
| FHLG 30YR 4.5% 11/01/2043#G07598 | FHLG 30YR 4.5% 11/01/2043#G07598 | \*\* | 109591 |
| FHLG 30YR 4.5% 11/01/2045#G60480 | FHLG 30YR 4.5% 11/01/2045#G60480 | \*\* | 130593 |
| FHLG 30YR 4.5% 12/01/2043#G07612 | FHLG 30YR 4.5% 12/01/2043#G07612 | \*\* | 35849 |
| FHLG 30YR 4.5% 12/01/2052#SD8275 | FHLG 30YR 4.5% 12/01/2052#SD8275 | \*\* | 1058420 |
| FHLG 30YR 5% 04/01/2040#A91947 | FHLG 30YR 5% 04/01/2040#A91947 | \*\* | 1547 |
| FHLG 30YR 5% 06/01/2040#A92485 | FHLG 30YR 5% 06/01/2040#A92485 | \*\* | 15648 |
| FHLG 30YR 5% 07/01/2033# | FHLG 30YR 5% 07/01/2033# | \*\* | 187 |
| FHLG 30YR 5% 12/01/2041#ZS3941 | FHLG 30YR 5% 12/01/2041#ZS3941 | \*\* | 33216 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FHLG 30YR 5.0% 07/01/2040#A93101 | FHLG 30YR 5.0% 07/01/2040#A93101 | \*\* | 9672 |
| FHLG 30YR 5.0% 08/01/2035#G08072 | FHLG 30YR 5.0% 08/01/2035#G08072 | \*\* | 18819 |
| FHLG 30YR 5.5% 06/01/2037#H09204 | FHLG 30YR 5.5% 06/01/2037#H09204 | \*\* | 4892 |
| FHLG 30YR 6% 08/01/2038#A81039 | FHLG 30YR 6% 08/01/2038#A81039 | \*\* | 6208 |
| FHLG 30YR 6.0% 09/01/2034#A26586 | FHLG 30YR 6.0% 09/01/2034#A26586 | \*\* | 1189 |
| FHLG 30YR 7% 03/39#G62030 | FHLG 30YR 7% 03/39#G62030 | \*\* | 27046 |
| FHLG 30YR 7% 04/01/2032# | FHLG 30YR 7% 04/01/2032# | \*\* | 165 |
| FHLG 30YR 7% 11/01/2030# | FHLG 30YR 7% 11/01/2030# | \*\* | 755 |
| FHLG 30YR 7.5% 06/38#G62031 | FHLG 30YR 7.5% 06/38#G62031 | \*\* | 25222 |
| FHLG 4.5% 7/40 #A92792 | FHLG 4.5% 7/40 #A92792 | \*\* | 49089 |
| FHLG ARM 0% 07/01/2044#2B2791 | FHLG ARM 0% 07/01/2044#2B2791 | \*\* | 23409 |
| FHLG ARM 2.88% 11/01/2044#2B3527 | FHLG ARM 2.88% 11/01/2044#2B3527 | \*\* | 132410 |
| FHLM ARM 0% 01/45#849625 | FHLM ARM 0% 01/45#849625 | \*\* | 59843 |
| FHLM ARM 0% 02/01/2037#1N1433 | FHLM ARM 0% 02/01/2037#1N1433 | \*\* | 15192 |
| FHLM ARM 0% 04/01/2037#1G1684 | FHLM ARM 0% 04/01/2037#1G1684 | \*\* | 33396 |
| FHLM ARM 0% 05/01/2044#849312 | FHLM ARM 0% 05/01/2044#849312 | \*\* | 16137 |
| FHLM ARM 0% 08/01/2042#849207 | FHLM ARM 0% 08/01/2042#849207 | \*\* | 28244 |
| FHLM ARM 0% 08/01/2046#840419 | FHLM ARM 0% 08/01/2046#840419 | \*\* | 74736 |
| FHLM ARM 0% 08/46#840380 | FHLM ARM 0% 08/46#840380 | \*\* | 76030 |
| FHLM ARM 0% 10/01/2045#849820 | FHLM ARM 0% 10/01/2045#849820 | \*\* | 49687 |
| FHLM ARM 0% 11/01/2039#1Q1535 | FHLM ARM 0% 11/01/2039#1Q1535 | \*\* | 38410 |
| FHLM ARM 0% 12/01/2045#2B4962 | FHLM ARM 0% 12/01/2045#2B4962 | \*\* | 83754 |
| FHLM ARM 0.0% 02/01/2037#1G1496 | FHLM ARM 0.0% 02/01/2037#1G1496 | \*\* | 2244 |
| FHLM ARM 0.0% 05/01/2037#1G1921 | FHLM ARM 0.0% 05/01/2037#1G1921 | \*\* | 2167 |
| FHLM ARM 0.0% 05/01/2038#847962 | FHLM ARM 0.0% 05/01/2038#847962 | \*\* | 7764 |
| FHLM ARM 2.21% 8/36 #1Q0142 | FHLM ARM 2.21% 8/36 #1Q0142 | \*\* | 18650 |
| FHLM ARM 2.37% 1/36 #1H2581 | FHLM ARM 2.37% 1/36 #1H2581 | \*\* | 12169 |
| FHLM ARM 2.54% 01/01/2042#849254 | FHLM ARM 2.54% 01/01/2042#849254 | \*\* | 22105 |
| FHLM ARM 2.57% 9/35 #1Q0107 | FHLM ARM 2.57% 9/35 #1Q0107 | \*\* | 3214 |
| FHLM ARM 2.756% 05/01/2046#840286 | FHLM ARM 2.756% 05/01/2046#840286 | \*\* | 128290 |
| FHLM ARM 2.785% 10/45#849849 | FHLM ARM 2.785% 10/45#849849 | \*\* | 53448 |
| FHLM ARM 2.822% 07/01/2046#2B5468 | FHLM ARM 2.822% 07/01/2046#2B5468 | \*\* | 289343 |
| FHLM ARM 2.896% 02/01/45#2B3797 | FHLM ARM 2.896% 02/01/45#2B3797 | \*\* | 166142 |
| FHLM ARM 3.06% 05/01/2044#849327 | FHLM ARM 3.06% 05/01/2044#849327 | \*\* | 326186 |
| FHLM ARM 3.078% 04/01/2044#849278 | FHLM ARM 3.078% 04/01/2044#849278 | \*\* | 28593 |
| FHLM ARM 3.134% 05/44#849399 | FHLM ARM 3.134% 05/44#849399 | \*\* | 151117 |
| FHLM ARM 4.60% 6/38 #1G2860 | FHLM ARM 4.60% 6/38 #1G2860 | \*\* | 15104 |
| FHLM ARM 4.69% 9/35 #1G1114 | FHLM ARM 4.69% 9/35 #1G1114 | \*\* | 1888 |
| FHLM ARM 5.02% 3/36 #1Q0081 | FHLM ARM 5.02% 3/36 #1Q0081 | \*\* | 4581 |
| FHLM ARM 5.21% 2/37 #1J0248 | FHLM ARM 5.21% 2/37 #1J0248 | \*\* | 1348 |
| FHLM ARM 5.55% 10/36 #1G2603 | FHLM ARM 5.55% 10/36 #1G2603 | \*\* | 6186 |
| FHLM ARM 5.74% 10/37 #1G2241 | FHLM ARM 5.74% 10/37 #1G2241 | \*\* | 9937 |
| FHLM ARM 5.78% 2/37 #1Q0196 | FHLM ARM 5.78% 2/37 #1Q0196 | \*\* | 5628 |
| FHLM ARM 5.90% 1/37 #1B3203 | FHLM ARM 5.90% 1/37 #1B3203 | \*\* | 12126 |
| FHLM ARM 5.93% 12/36 #1G1353 | FHLM ARM 5.93% 12/36 #1G1353 | \*\* | 1779 |
| FHLM ARM 5.98% 10/36 #1H1351 | FHLM ARM 5.98% 10/36 #1H1351 | \*\* | 349 |
| FHLM ARM 6.01% 11/36 #1G1326 | FHLM ARM 6.01% 11/36 #1G1326 | \*\* | 2284 |
| FHLM ARM RFT1Y+208.3 2/38 #1J0889 | FHLM ARM RFT1Y+208.3 2/38 #1J0889 | \*\* | 10403 |
| FHR 2456 CJ 6.5% 6/32 | FHR 2456 CJ 6.5% 6/32 | \*\* | 26508 |
| FNGT 01-T1 A1 7.5 10/40 | FNGT 01-T1 A1 7.5 10/40 | \*\* | 27123 |
| FNMA 4.50% 5/41 #AI1888 | FNMA 4.50% 5/41 #AI1888 | \*\* | 154824 |
| FNMA 5.00% 6/40 #AD6438 | FNMA 5.00% 6/40 #AD6438 | \*\* | 41224 |
| FNMA 5.00% 10/33 #254903 | FNMA 5.00% 10/33 #254903 | \*\* | 34945 |
| FNMA 5.50% 1/36 #745283 | FNMA 5.50% 1/36 #745283 | \*\* | 8849 |
| FNMA 5.50% 1/36 #745428 | FNMA 5.50% 1/36 #745428 | \*\* | 40744 |
| FNMA 5.50% 1/37 #888688 | FNMA 5.50% 1/37 #888688 | \*\* | 28617 |
| FNMA 5.50% 1/38 #961181 | FNMA 5.50% 1/38 #961181 | \*\* | 23411 |
| FNMA 5.50% 2/35 #735228 | FNMA 5.50% 2/35 #735228 | \*\* | 6579 |
| FNMA 5.50% 3/36 #745353 | FNMA 5.50% 3/36 #745353 | \*\* | 2652 |
| FNMA 5.50% 4/35 #357748 | FNMA 5.50% 4/35 #357748 | \*\* | 3244 |
| FNMA 5.50% 4/37 #AD0249 | FNMA 5.50% 4/37 #AD0249 | \*\* | 99995 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FNMA 5.50% 5/35 #735500 | FNMA 5.50% 5/35 #735500 | \*\* | 10437 |
| FNMA 5.50% 5/36 #745516 | FNMA 5.50% 5/36 #745516 | \*\* | 11316 |
| FNMA 5.50% 5/37 #190379 | FNMA 5.50% 5/37 #190379 | \*\* | 8825 |
| FNMA 5.50% 5/38 #889624 | FNMA 5.50% 5/38 #889624 | \*\* | 44858 |
| FNMA 5.50% 5/39 #995838 | FNMA 5.50% 5/39 #995838 | \*\* | 3083 |
| FNMA 5.50% 6/38 #889588 | FNMA 5.50% 6/38 #889588 | \*\* | 4963 |
| FNMA 5.50% 6/39 #AD0527 | FNMA 5.50% 6/39 #AD0527 | \*\* | 24087 |
| FNMA 5.50% 7/40 #AE0098 | FNMA 5.50% 7/40 #AE0098 | \*\* | 23151 |
| FNMA 5.50% 8/37 #889565 | FNMA 5.50% 8/37 #889565 | \*\* | 1090 |
| FNMA 5.50% 8/37 #995023 | FNMA 5.50% 8/37 #995023 | \*\* | 1981 |
| FNMA 5.50% 8/37 #AE0188 | FNMA 5.50% 8/37 #AE0188 | \*\* | 6766 |
| FNMA 5.50% 9/36 #995788 | FNMA 5.50% 9/36 #995788 | \*\* | 93808 |
| FNMA 5.50% 9/38 #AD0198 | FNMA 5.50% 9/38 #AD0198 | \*\* | 102855 |
| FNMA 5.50% 10/36 #AE0099 | FNMA 5.50% 10/36 #AE0099 | \*\* | 53820 |
| FNMA 5.50% 11/34 #725946 | FNMA 5.50% 11/34 #725946 | \*\* | 9659 |
| FNMA 5.50% 11/36 #745946 | FNMA 5.50% 11/36 #745946 | \*\* | 3711 |
| FNMA 5.50% 12/35 #745412 | FNMA 5.50% 12/35 #745412 | \*\* | 12358 |
| FNMA 5.50% 12/35 #888884 | FNMA 5.50% 12/35 #888884 | \*\* | 68096 |
| FNMA 5.50% 8/37 #995024 | FNMA 5.50% 8/37 #995024 | \*\* | 27540 |
| FNMA 6.00% 2/34 #725162 | FNMA 6.00% 2/34 #725162 | \*\* | 17203 |
| FNMA 6.00% 2/36 #745256 | FNMA 6.00% 2/36 #745256 | \*\* | 45491 |
| FNMA 6.00% 2/36 #888086 | FNMA 6.00% 2/36 #888086 | \*\* | 102871 |
| FNMA 6.00% 3/33 #555285 | FNMA 6.00% 3/33 #555285 | \*\* | 17753 |
| FNMA 6.00% 3/34 #725229 | FNMA 6.00% 3/34 #725229 | \*\* | 36834 |
| FNMA 6.00% 3/34 #725330 | FNMA 6.00% 3/34 #725330 | \*\* | 56802 |
| FNMA 6.00% 3/37 #888268 | FNMA 6.00% 3/37 #888268 | \*\* | 12583 |
| FNMA 6.00% 3/37 #889506 | FNMA 6.00% 3/37 #889506 | \*\* | 10942 |
| FNMA 6.00% 3/37 #995051 | FNMA 6.00% 3/37 #995051 | \*\* | 49132 |
| FNMA 6.00% 4/35 #735502 | FNMA 6.00% 4/35 #735502 | \*\* | 2433 |
| FNMA 6.00% 5/38 #889579 | FNMA 6.00% 5/38 #889579 | \*\* | 1763 |
| FNMA 6.00% 6/35 #745398 | FNMA 6.00% 6/35 #745398 | \*\* | 44616 |
| FNMA 6.00% 8/34 #725704 | FNMA 6.00% 8/34 #725704 | \*\* | 2457 |
| FNMA 6.00% 8/38 #929836 | FNMA 6.00% 8/38 #929836 | \*\* | 14958 |
| FNMA 6.00% 10/38 #889983 | FNMA 6.00% 10/38 #889983 | \*\* | 4918 |
| FNMA 6.00% 10/38 #AD0220 | FNMA 6.00% 10/38 #AD0220 | \*\* | 9912 |
| FNMA 6.00% 11/34 #255459 | FNMA 6.00% 11/34 #255459 | \*\* | 3191 |
| FNMA 6.00% 11/34 #735061 | FNMA 6.00% 11/34 #735061 | \*\* | 3836 |
| FNMA 6.00% 11/34 #AD0163 | FNMA 6.00% 11/34 #AD0163 | \*\* | 106300 |
| FNMA 6.00% 11/36 #745950 | FNMA 6.00% 11/36 #745950 | \*\* | 10567 |
| FNMA 6.00% 12/33 #254984 | FNMA 6.00% 12/33 #254984 | \*\* | 5245 |
| FNMA 6.00% 12/34 #735115 | FNMA 6.00% 12/34 #735115 | \*\* | 1366 |
| FNMA 6.00% 12/35 #888433 | FNMA 6.00% 12/35 #888433 | \*\* | 5850 |
| FNMA 6.50% 2/38 #310048 | FNMA 6.50% 2/38 #310048 | \*\* | 59801 |
| FNMA 6.50% 3/35 #735417 | FNMA 6.50% 3/35 #735417 | \*\* | 30728 |
| FNMA 6.50% 3/35 #735570 | FNMA 6.50% 3/35 #735570 | \*\* | 19433 |
| FNMA 6.50% 7/38 #889782 | FNMA 6.50% 7/38 #889782 | \*\* | 19718 |
| FNMA 6.50% 8/39 #AD0130 | FNMA 6.50% 8/39 #AD0130 | \*\* | 93118 |
| FNMA 6.50% 10/35 #889341 | FNMA 6.50% 10/35 #889341 | \*\* | 16450 |
| FNMA 6.50% 11/36 #902382 | FNMA 6.50% 11/36 #902382 | \*\* | 1210 |
| FNMA 6.50% 11/37 #899859 | FNMA 6.50% 11/37 #899859 | \*\* | 189 |
| FNMA 6.50% 12/36 #901646 | FNMA 6.50% 12/36 #901646 | \*\* | 1462 |
| FNMA 6.50% 12/36 #905906 | FNMA 6.50% 12/36 #905906 | \*\* | 3558 |
| FNMA 7.00% 8/37 #256851 | FNMA 7.00% 8/37 #256851 | \*\* | 12759 |
| FNMA 7.00% 9/29 #511384 | FNMA 7.00% 9/29 #511384 | \*\* | 194 |
| FNMA 7.00% 10/37 #256939 | FNMA 7.00% 10/37 #256939 | \*\* | 6793 |
| FNMA 7.00% 11/37 #256985 | FNMA 7.00% 11/37 #256985 | \*\* | 9965 |
| FNMA 15YR 5.00% 9/25 #AE0552 | FNMA 15YR 5.00% 9/25 #AE0552 | \*\* | 109 |
| FNMA 15YR 3% 02/01/2035# | FNMA 15YR 3% 02/01/2035# | \*\* | 76873 |
| FNMA 15YR 3% 09/01/2028#AU6682 | FNMA 15YR 3% 09/01/2028#AU6682 | \*\* | 90811 |
| FNMA 15YR 3% 12/01/2034#CA4885 | FNMA 15YR 3% 12/01/2034#CA4885 | \*\* | 166829 |
| FNMA 15YR 3.5% 02/01/2031#AL9063 | FNMA 15YR 3.5% 02/01/2031#AL9063 | \*\* | 89883 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FNMA 15YR 3.5% 04/01/2034#BM5721 | FNMA 15YR 3.5% 04/01/2034#BM5721 | \*\* | 26536 |
| FNMA 15YR 3.5% 11/01/2025#AE7919 | FNMA 15YR 3.5% 11/01/2025#AE7919 | \*\* | 137 |
| FNMA 15YR 3.5% 11/01/2026#AJ5340 | FNMA 15YR 3.5% 11/01/2026#AJ5340 | \*\* | 15274 |
| FNMA 15YR 4.5% #AL4147 | FNMA 15YR 4.5% #AL4147 | \*\* | 45 |
| FNMA 20YR 3% 09/01/2042#FS3743 | FNMA 20YR 3% 09/01/2042#FS3743 | \*\* | 2975721 |
| FNMA 20YR 3.5% 03/01/2037#MA2923 | FNMA 20YR 3.5% 03/01/2037#MA2923 | \*\* | 1136986 |
| FNMA 20YR 3.5% 04/37#MA2962 | FNMA 20YR 3.5% 04/37#MA2962 | \*\* | 421006 |
| FNMA 20YR 4% 01/01/2037#MA2880 | FNMA 20YR 4% 01/01/2037#MA2880 | \*\* | 122811 |
| FNMA 20YR 4% 05/01/2032#AX3726 | FNMA 20YR 4% 05/01/2032#AX3726 | \*\* | 39585 |
| FNMA 20YR 4% 11/01/2035#MA2455 | FNMA 20YR 4% 11/01/2035#MA2455 | \*\* | 333980 |
| FNMA 20YR 4.0% 04/01/34#MA1858 | FNMA 20YR 4.0% 04/01/34#MA1858 | \*\* | 486591 |
| FNMA 20YR 4.0% 07/01/2035#MA2366 | FNMA 20YR 4.0% 07/01/2035#MA2366 | \*\* | 308663 |
| FNMA 20YR 4.0% 09/01/2034 #MA2055 | FNMA 20YR 4.0% 09/01/2034 #MA2055 | \*\* | 366176 |
| FNMA 20YR 4.0% 09/01/2034#MA2019 | FNMA 20YR 4.0% 09/01/2034#MA2019 | \*\* | 131114 |
| FNMA 20YR 4.0% 10/01/2032#AL4778 | FNMA 20YR 4.0% 10/01/2032#AL4778 | \*\* | 123267 |
| FNMA 20YR 4.0% 11/1/30 #AB1763 | FNMA 20YR 4.0% 11/1/30 #AB1763 | \*\* | 193547 |
| FNMA 20YR 4.5% #AL4165 | FNMA 20YR 4.5% #AL4165 | \*\* | 286599 |
| FNMA 20YR 4.5% #AL5861 | FNMA 20YR 4.5% #AL5861 | \*\* | 38747 |
| FNMA 20YR 4.5% 01/01/2031#MA0634 | FNMA 20YR 4.5% 01/01/2031#MA0634 | \*\* | 86576 |
| FNMA 20YR 4.5% 09/01/2031#AI8900 | FNMA 20YR 4.5% 09/01/2031#AI8900 | \*\* | 39292 |
| FNMA 20YR 4.5% 09/01/30#MA0511 | FNMA 20YR 4.5% 09/01/30#MA0511 | \*\* | 204371 |
| FNMA 20YR 4.5% 12/33 #AL4577 | FNMA 20YR 4.5% 12/33 #AL4577 | \*\* | 104818 |
| FNMA 20YRS 4.00% 9/31 #MA3894 | FNMA 20YRS 4.00% 9/31 #MA3894 | \*\* | 39220 |
| FNMA 30YR 6.00% 3/36 #888956 | FNMA 30YR 6.00% 3/36 #888956 | \*\* | 38942 |
| FNMA 30YR 2% 01/01/2051#CA8473 | FNMA 30YR 2% 01/01/2051#CA8473 | \*\* | 3149534 |
| FNMA 30YR 2% 01/01/2051#MA4237 | FNMA 30YR 2% 01/01/2051#MA4237 | \*\* | 1898344 |
| FNMA 30YR 2% 02/01/2051#CA8813 | FNMA 30YR 2% 02/01/2051#CA8813 | \*\* | 2334535 |
| FNMA 30YR 2% 02/01/2051#FM5997 | FNMA 30YR 2% 02/01/2051#FM5997 | \*\* | 598567 |
| FNMA 30YR 2% 07/01/2050#CA6388 | FNMA 30YR 2% 07/01/2050#CA6388 | \*\* | 2000314 |
| FNMA 30YR 2% 09/01/2050#CA6902 | FNMA 30YR 2% 09/01/2050#CA6902 | \*\* | 8388555 |
| FNMA 30YR 2% 09/01/2050#CA6925 | FNMA 30YR 2% 09/01/2050#CA6925 | \*\* | 1054522 |
| FNMA 30YR 2% 10/01/2050#MA4158 | FNMA 30YR 2% 10/01/2050#MA4158 | \*\* | 23466 |
| FNMA 30YR 2% 12/01/2051#MA4492 | FNMA 30YR 2% 12/01/2051#MA4492 | \*\* | 876768 |
| FNMA 30YR 2.5% 01/01/2052# | FNMA 30YR 2.5% 01/01/2052# | \*\* | 578458 |
| FNMA 30YR 2.5% 02/01/2051#FM8768 | FNMA 30YR 2.5% 02/01/2051#FM8768 | \*\* | 1242209 |
| FNMA 30YR 2.5% 03/01/2051#FM8215 | FNMA 30YR 2.5% 03/01/2051#FM8215 | \*\* | 4451 |
| FNMA 30YR 2.5% 03/01/2052#BV4119 | FNMA 30YR 2.5% 03/01/2052#BV4119 | \*\* | 254256 |
| FNMA 30YR 2.5% 07/01/2050#CA6238 | FNMA 30YR 2.5% 07/01/2050#CA6238 | \*\* | 2919441 |
| FNMA 30YR 2.5% 07/01/2050#CA6329 | FNMA 30YR 2.5% 07/01/2050#CA6329 | \*\* | 4470626 |
| FNMA 30YR 2.5% 07/01/2050#CA6401 | FNMA 30YR 2.5% 07/01/2050#CA6401 | \*\* | 3128438 |
| FNMA 30YR 2.5% 08/01/2050#FM4228 | FNMA 30YR 2.5% 08/01/2050#FM4228 | \*\* | 900489 |
| FNMA 30YR 2.5% 09/01/2050#CA6990 | FNMA 30YR 2.5% 09/01/2050#CA6990 | \*\* | 5737908 |
| FNMA 30YR 2.5% 11/01/2050#FM7733 | FNMA 30YR 2.5% 11/01/2050#FM7733 | \*\* | 2504780 |
| FNMA 30YR 3% 03/01/2052#FS0980 | FNMA 30YR 3% 03/01/2052#FS0980 | \*\* | 812543 |
| FNMA 30YR 3% 05/01/2052#CB3576 | FNMA 30YR 3% 05/01/2052#CB3576 | \*\* | 5422286 |
| FNMA 30YR 3.5% 01/01/2051#FM7599 | FNMA 30YR 3.5% 01/01/2051#FM7599 | \*\* | 6329556 |
| FNMA 30YR 3.5% 01/01/2052# | FNMA 30YR 3.5% 01/01/2052# | \*\* | 21871 |
| FNMA 30YR 3.5% 02/01/2048#BH9277 | FNMA 30YR 3.5% 02/01/2048#BH9277 | \*\* | 998908 |
| FNMA 30YR 3.5% 04/01/2052#BU8931 | FNMA 30YR 3.5% 04/01/2052#BU8931 | \*\* | 695660 |
| FNMA 30YR 3.5% 05/01/2052#CB3593 | FNMA 30YR 3.5% 05/01/2052#CB3593 | \*\* | 3667562 |
| FNMA 30YR 3.5% 05/01/2052#MA4600 | FNMA 30YR 3.5% 05/01/2052#MA4600 | \*\* | 4340553 |
| FNMA 30YR 3.5% 06/01/2052# | FNMA 30YR 3.5% 06/01/2052# | \*\* | 2824302 |
| FNMA 30YR 3.5% 06/01/2052#BV9913 | FNMA 30YR 3.5% 06/01/2052#BV9913 | \*\* | 210905 |
| FNMA 30YR 3.5% 06/01/2052#FS2140 | FNMA 30YR 3.5% 06/01/2052#FS2140 | \*\* | 7021801 |
| FNMA 30YR 3.5% 07/01/2052#FS2343 | FNMA 30YR 3.5% 07/01/2052#FS2343 | \*\* | 2996039 |
| FNMA 30YR 3.5% 07/01/2052#MA4654 | FNMA 30YR 3.5% 07/01/2052#MA4654 | \*\* | 1013905 |
| FNMA 30YR 3.5% 08/01/2052#CB4361 | FNMA 30YR 3.5% 08/01/2052#CB4361 | \*\* | 1239568 |
| FNMA 30YR 3.5% 12/01/2045#MA2471 | FNMA 30YR 3.5% 12/01/2045#MA2471 | \*\* | 18179 |
| FNMA 30YR 3.5% 12/01/45#MA2495 | FNMA 30YR 3.5% 12/01/45#MA2495 | \*\* | 140821 |
| FNMA 30YR 4% 01/01/2047#AL9717 | FNMA 30YR 4% 01/01/2047#AL9717 | \*\* | 35500 |
| FNMA 30YR 4% 01/01/2047#BM1687 | FNMA 30YR 4% 01/01/2047#BM1687 | \*\* | 603607 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FNMA 30YR 4% 04/01/2044#FM2162 | FNMA 30YR 4% 04/01/2044#FM2162 | \*\* | 187177 |
| FNMA 30YR 4% 06/01/2052#BW0490 | FNMA 30YR 4% 06/01/2052#BW0490 | \*\* | 4697214 |
| FNMA 30YR 4% 07/01/2053#FS7754 | FNMA 30YR 4% 07/01/2053#FS7754 | \*\* | 1106501 |
| FNMA 30YR 4% 08/01/2052#MA4700 | FNMA 30YR 4% 08/01/2052#MA4700 | \*\* | 1303951 |
| FNMA 30YR 4% 09/01/2047#MA3121 | FNMA 30YR 4% 09/01/2047#MA3121 | \*\* | 11416 |
| FNMA 30YR 4% 09/01/2052#MA4732 | FNMA 30YR 4% 09/01/2052#MA4732 | \*\* | 2480246 |
| FNMA 30YR 4% 10/01/2047#BM2003 | FNMA 30YR 4% 10/01/2047#BM2003 | \*\* | 46587 |
| FNMA 30YR 4% 10/01/2048#BM5811 | FNMA 30YR 4% 10/01/2048#BM5811 | \*\* | 12758 |
| FNMA 30YR 4% 11/49#CA4571 | FNMA 30YR 4% 11/49#CA4571 | \*\* | 26086 |
| FNMA 30YR 4% 12/01/2049#CA4823 | FNMA 30YR 4% 12/01/2049#CA4823 | \*\* | 8630 |
| FNMA 30YR 4.5% 01/43#BM1357 | FNMA 30YR 4.5% 01/43#BM1357 | \*\* | 205434 |
| FNMA 30YR 4.5% 02/01/2041#AL5440 | FNMA 30YR 4.5% 02/01/2041#AL5440 | \*\* | 66424 |
| FNMA 30YR 4.5% 02/01/2045#AL7147 | FNMA 30YR 4.5% 02/01/2045#AL7147 | \*\* | 108754 |
| FNMA 30YR 4.5% 02/01/2046#AL9128 | FNMA 30YR 4.5% 02/01/2046#AL9128 | \*\* | 82794 |
| FNMA 30YR 4.5% 02/46#AL9781 | FNMA 30YR 4.5% 02/46#AL9781 | \*\* | 171486 |
| FNMA 30YR 4.5% 03/01/2048#CA1390 | FNMA 30YR 4.5% 03/01/2048#CA1390 | \*\* | 268236 |
| FNMA 30YR 4.5% 03/01/2050#FS3871 | FNMA 30YR 4.5% 03/01/2050#FS3871 | \*\* | 258493 |
| FNMA 30YR 4.5% 03/01/2052#BF0045 | FNMA 30YR 4.5% 03/01/2052#BF0045 | \*\* | 319207 |
| FNMA 30YR 4.5% 05/01/2049#CA3514 | FNMA 30YR 4.5% 05/01/2049#CA3514 | \*\* | 67621 |
| FNMA 30YR 4.5% 06/01/2046#AL8840 | FNMA 30YR 4.5% 06/01/2046#AL8840 | \*\* | 203883 |
| FNMA 30YR 4.5% 06/01/2048#BJ9262 | FNMA 30YR 4.5% 06/01/2048#BJ9262 | \*\* | 695497 |
| FNMA 30YR 4.5% 07/46#AL8816 | FNMA 30YR 4.5% 07/46#AL8816 | \*\* | 363979 |
| FNMA 30YR 4.5% 09/01/2042#AL2280 | FNMA 30YR 4.5% 09/01/2042#AL2280 | \*\* | 6167 |
| FNMA 30YR 4.5% 09/01/2048#MA3468 | FNMA 30YR 4.5% 09/01/2048#MA3468 | \*\* | 12552 |
| FNMA 30YR 4.5% 10/01/2048#CA2483 | FNMA 30YR 4.5% 10/01/2048#CA2483 | \*\* | 97793 |
| FNMA 30YR 4.5% 11/01/2048#CA2643 | FNMA 30YR 4.5% 11/01/2048#CA2643 | \*\* | 365998 |
| FNMA 30YR 4.5% 12/01/2048#MA3537 | FNMA 30YR 4.5% 12/01/2048#MA3537 | \*\* | 41482 |
| FNMA 30YR 5% 03/01/2049#MA3617 | FNMA 30YR 5% 03/01/2049#MA3617 | \*\* | 96514 |
| FNMA 30YR 5% 08/01/2054#CB8976 | FNMA 30YR 5% 08/01/2054#CB8976 | \*\* | 583239 |
| FNMA 30YR 5% 09/01/2053#FS8870 | FNMA 30YR 5% 09/01/2053#FS8870 | \*\* | 3351553 |
| FNMA 30YR 5% 10/01/2052#MA4785 | FNMA 30YR 5% 10/01/2052#MA4785 | \*\* | 1176632 |
| FNMA 30YR 5% 10/01/2053#CB7235 | FNMA 30YR 5% 10/01/2053#CB7235 | \*\* | 1606689 |
| FNMA 30YR 5.0% 07/01/2041#AL0546 | FNMA 30YR 5.0% 07/01/2041#AL0546 | \*\* | 69532 |
| FNMA 30YR 5.5% 01/01/2036#849077 | FNMA 30YR 5.5% 01/01/2036#849077 | \*\* | 18046 |
| FNMA 30YR 5.5% 01/01/2036#888223 | FNMA 30YR 5.5% 01/01/2036#888223 | \*\* | 26655 |
| FNMA 30YR 5.5% 02/01/2038#AE0287 | FNMA 30YR 5.5% 02/01/2038#AE0287 | \*\* | 41565 |
| FNMA 30YR 5.5% 03/01/2054#FS7426 | FNMA 30YR 5.5% 03/01/2054#FS7426 | \*\* | 894798 |
| FNMA 30YR 5.5% 04/01/2037#AE0601 | FNMA 30YR 5.5% 04/01/2037#AE0601 | \*\* | 66657 |
| FNMA 30YR 5.5% 05/01/2040#AE0549 | FNMA 30YR 5.5% 05/01/2040#AE0549 | \*\* | 9361 |
| FNMA 30YR 5.5% 06/01/2040#890245 | FNMA 30YR 5.5% 06/01/2040#890245 | \*\* | 58190 |
| FNMA 30YR 5.5% 08/01/2037#889633 | FNMA 30YR 5.5% 08/01/2037#889633 | \*\* | 264559 |
| FNMA 30YR 5.5% 08/01/2053#SD3630 | FNMA 30YR 5.5% 08/01/2053#SD3630 | \*\* | 814115 |
| FNMA 30YR 5.5% 09/01/2041#AL5590 | FNMA 30YR 5.5% 09/01/2041#AL5590 | \*\* | 2057 |
| FNMA 30YR 5.5% 10/01/2054#FS9533 | FNMA 30YR 5.5% 10/01/2054#FS9533 | \*\* | 1019699 |
| FNMA 30YR 5.5% 12/01/2034#804395 | FNMA 30YR 5.5% 12/01/2034#804395 | \*\* | 11540 |
| FNMA 30YR 6% 02/01/2037#889396 | FNMA 30YR 6% 02/01/2037#889396 | \*\* | 5730 |
| FNMA 30YR 6% 02/01/2039#AL1849 | FNMA 30YR 6% 02/01/2039#AL1849 | \*\* | 14650 |
| FNMA 30YR 6% 02/01/2049#FM1095 | FNMA 30YR 6% 02/01/2049#FM1095 | \*\* | 260760 |
| FNMA 30YR 6% 06/01/2054#CB8772 | FNMA 30YR 6% 06/01/2054#CB8772 | \*\* | 1097164 |
| FNMA 30YR 6% 09/01/2038#AL6965 | FNMA 30YR 6% 09/01/2038#AL6965 | \*\* | 5313 |
| FNMA 30YR 6% 09/01/2053#SD3916 | FNMA 30YR 6% 09/01/2053#SD3916 | \*\* | 1004102 |
| FNMA 30YR 6.0% 02/37#AB0299 | FNMA 30YR 6.0% 02/37#AB0299 | \*\* | 458 |
| FNMA 30YR 6.0% 07/01/2039#AL3598 | FNMA 30YR 6.0% 07/01/2039#AL3598 | \*\* | 102919 |
| FNMA 30YR 6.5% 02/01/2054#MA5273 | FNMA 30YR 6.5% 02/01/2054#MA5273 | \*\* | 8655394 |
| FNMA 30YR 6.5% 03/01/2031#535761 | FNMA 30YR 6.5% 03/01/2031#535761 | \*\* | 10891 |
| FNMA 30YR 6.5% 04/01/2038#889474 | FNMA 30YR 6.5% 04/01/2038#889474 | \*\* | 26830 |
| FNMA 30YR 6.5% 08/01/2036#887303 | FNMA 30YR 6.5% 08/01/2036#887303 | \*\* | 866 |
| FNMA 30YR 6.5% 08/01/2038#AL6966 | FNMA 30YR 6.5% 08/01/2038#AL6966 | \*\* | 8198 |
| FNMA 30YR 6.5% 11/01/2037#953390 | FNMA 30YR 6.5% 11/01/2037#953390 | \*\* | 293 |
| FNMA 30YR 6.5% 11/01/2037#954717 | FNMA 30YR 6.5% 11/01/2037#954717 | \*\* | 11262 |
| FNMA 30YR 6.5% 12/01/2032#995629 | FNMA 30YR 6.5% 12/01/2032#995629 | \*\* | 10604 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FNMA 5.50% 12/39 #AD0494 | FNMA 5.50% 12/39 #AD0494 | \*\* | 21820 |
| FNMA 5.50% 2/38 #AE0105 | FNMA 5.50% 2/38 #AE0105 | \*\* | 6666 |
| FNMA 5.50% 4/36 #745418 | FNMA 5.50% 4/36 #745418 | \*\* | 24282 |
| FNMA 5.50% 6/33 #555531 | FNMA 5.50% 6/33 #555531 | \*\* | 16062 |
| FNMA 6.00% #AE0801 | FNMA 6.00% #AE0801 | \*\* | 42641 |
| FNMA 6.00% 11/32 #545993 | FNMA 6.00% 11/32 #545993 | \*\* | 3194 |
| FNMA 6.00% 8/37 #AD0217 | FNMA 6.00% 8/37 #AD0217 | \*\* | 31458 |
| FNMA 6.50% 10/41 #AL0885 | FNMA 6.50% 10/41 #AL0885 | \*\* | 15276 |
| FNMA 6.50% 7/32 #545759 | FNMA 6.50% 7/32 #545759 | \*\* | 15502 |
| FNMA ARM 5.77% 8/37 #949782 | FNMA ARM 5.77% 8/37 #949782 | \*\* | 1553 |
| FNMA ARM 5.79% 12/37 #966635 | FNMA ARM 5.79% 12/37 #966635 | \*\* | 23345 |
| FNMA ARM 5.92% 12/36 #905196 | FNMA ARM 5.92% 12/36 #905196 | \*\* | 7363 |
| FNMA ARM 0% 01/01/2046#AL7899 | FNMA ARM 0% 01/01/2046#AL7899 | \*\* | 43158 |
| FNMA ARM 0% 01/01/2046#AX5655 | FNMA ARM 0% 01/01/2046#AX5655 | \*\* | 23227 |
| FNMA ARM 0% 01/01/2049#BM5402 | FNMA ARM 0% 01/01/2049#BM5402 | \*\* | 593762 |
| FNMA ARM 0% 04/01/2042#AO0824 | FNMA ARM 0% 04/01/2042#AO0824 | \*\* | 9459 |
| FNMA ARM 0% 04/01/2046#AL8267 | FNMA ARM 0% 04/01/2046#AL8267 | \*\* | 133500 |
| FNMA ARM 0% 04/01/2049#BM5750 | FNMA ARM 0% 04/01/2049#BM5750 | \*\* | 262329 |
| FNMA ARM 0% 05/01/2035#825252 | FNMA ARM 0% 05/01/2035#825252 | \*\* | 3243 |
| FNMA ARM 0% 06/01/2034#777133 | FNMA ARM 0% 06/01/2034#777133 | \*\* | 18837 |
| FNMA ARM 0% 07/01/2052#841463 | FNMA ARM 0% 07/01/2052#841463 | \*\* | 995838 |
| FNMA ARM 0% 08/01/2038#981434 | FNMA ARM 0% 08/01/2038#981434 | \*\* | 6988 |
| FNMA ARM 0% 09/01/2035#832729 | FNMA ARM 0% 09/01/2035#832729 | \*\* | 12693 |
| FNMA ARM 0% 09/01/2046#AL9011 | FNMA ARM 0% 09/01/2046#AL9011 | \*\* | 33083 |
| FNMA ARM 0% 10/01/2048#BM4873 | FNMA ARM 0% 10/01/2048#BM4873 | \*\* | 435576 |
| FNMA ARM 0% 11/01/2044#AX0875 | FNMA ARM 0% 11/01/2044#AX0875 | \*\* | 34516 |
| FNMA ARM 0% 12/01/2038#AE0557 | FNMA ARM 0% 12/01/2038#AE0557 | \*\* | 132073 |
| FNMA ARM 0% 12/01/2049#BM6222 | FNMA ARM 0% 12/01/2049#BM6222 | \*\* | 483542 |
| FNMA ARM 2.181% 04/01/2044#AL6208 | FNMA ARM 2.181% 04/01/2044#AL6208 | \*\* | 20371 |
| FNMA ARM 2.198% 06/42#AO5135 | FNMA ARM 2.198% 06/42#AO5135 | \*\* | 54624 |
| FNMA ARM 2.907% 09/01/2044#AT7040 | FNMA ARM 2.907% 09/01/2044#AT7040 | \*\* | 20604 |
| FNMA ARM 2.919% 12/01/2049#BM6181 | FNMA ARM 2.919% 12/01/2049#BM6181 | \*\* | 2549380 |
| FNMA ARM 2.938% 01/01/2045 #AL6377 | FNMA ARM 2.938% 01/01/2045 #AL6377 | \*\* | 73862 |
| FNMA ARM 3.03% 11/35 #745216 | FNMA ARM 3.03% 11/35 #745216 | \*\* | 2400 |
| FNMA ARM 3.27% 1/33 #677052 | FNMA ARM 3.27% 1/33 #677052 | \*\* | 3318 |
| FNMA ARM 3.359% 10/01/2049#BM6149 | FNMA ARM 3.359% 10/01/2049#BM6149 | \*\* | 495176 |
| FNMA ARM 4.453% 10/01/2033#725693 | FNMA ARM 4.453% 10/01/2033#725693 | \*\* | 26004 |
| FNMA ARM 4.817% 08/01/2053#841607 | FNMA ARM 4.817% 08/01/2053#841607 | \*\* | 1420667 |
| FNMA ARM 4.84% 7/35 #832100 | FNMA ARM 4.84% 7/35 #832100 | \*\* | 16205 |
| FNMA ARM 4.90% 3/36 #879052 | FNMA ARM 4.90% 3/36 #879052 | \*\* | 11005 |
| FNMA ARM 4.92% 8/38 #983349 | FNMA ARM 4.92% 8/38 #983349 | \*\* | 10335 |
| FNMA ARM 5.04% 7/35 #834927 | FNMA ARM 5.04% 7/35 #834927 | \*\* | 20996 |
| FNMA ARM 5.48% 12/35 #848522 | FNMA ARM 5.48% 12/35 #848522 | \*\* | 1665 |
| FNMA ARM 5.51% 7/36 #745777 | FNMA ARM 5.51% 7/36 #745777 | \*\* | 10206 |
| FNMA ARM 5.99% 8/36 #745761 | FNMA ARM 5.99% 8/36 #745761 | \*\* | 8799 |
| FNMA ARM RFT1Y+159 09/45#AX5628 | FNMA ARM RFT1Y+159 09/45#AX5628 | \*\* | 29931 |
| FNMA ARM RFT1Y+169 6 5/38 #979931 | FNMA ARM RFT1Y+169 6 5/38 #979931 | \*\* | 3173 |
| FNMA ARM RFT1Y+178.8 7 5/38 #908482 | FNMA ARM RFT1Y+178.8 7 5/38 #908482 | \*\* | 1359 |
| FNMA ARM RFT1Y+183 8 4/38 #956679 | FNMA ARM RFT1Y+183 8 4/38 #956679 | \*\* | 14270 |
| FNMA ARM RFT1Y+188.1 84 5/38#963117 | FNMA ARM RFT1Y+188.1 84 5/38#963117 | \*\* | 283 |
| FNMA FHAL 6% 03/01/2039#AB8053 | FNMA FHAL 6% 03/01/2039#AB8053 | \*\* | 21497 |
| FNR 2002-33 A1 7% 6/32 | FNR 2002-33 A1 7% 6/32 | \*\* | 27557 |
| FNR 2002-90 A1 6.5 6/42 | FNR 2002-90 A1 6.5 6/42 | \*\* | 61526 |
| FNW 2001-W3 A 7% 9/41 | FNW 2001-W3 A 7% 9/41 | \*\* | 13166 |
| FNW 2002-W6 2A1 + 06/42 | FNW 2002-W6 2A1 + 06/42 | \*\* | 43717 |
| FNW 2004-W9 2A1 6.5% 2/44 | FNW 2004-W9 2A1 6.5% 2/44 | \*\* | 10177 |
| FNW 2006-W1 1A1 6.5 12/45 | FNW 2006-W1 1A1 6.5 12/45 | \*\* | 48016 |
| FNW 2006-W1 1A4 8% 12/25/45 | FNW 2006-W1 1A4 8% 12/25/45 | \*\* | 11331 |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA1 M2 SOFR30A | FREDDIE MAC STACR REMIC TRUST 2021-DNA1 M2 SOFR30A | \*\* | 934396 |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+29 | FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+29 | \*\* | 267324 |
| FSPC T-48 1A CSTR 7/33 | FSPC T-48 1A CSTR 7/33 | \*\* | 28390 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| FSPC T-51 1A CSTR 9/43 | FSPC T-51 1A CSTR 9/43 | \*\* | 315694 |
| FSPC T-54 3A 7% 2/43 | FSPC T-54 3A 7% 2/43 | \*\* | 237762 |
| GALTON FUNDING MORTGAGE TRUST 2019-1 A32 4% 02/25/ | GALTON FUNDING MORTGAGE TRUST 2019-1 A32 4% 02/25/ | \*\* | 10350 |
| GINNIE MAE I POOL 30YR 5.5% 09/45#784653 | GINNIE MAE I POOL 30YR 5.5% 09/45#784653 | \*\* | 102682 |
| GNII II 4.50% 7/40 #004746 | GNII II 4.50% 7/40 #004746 | \*\* | 23314 |
| GNII II 5.00% 2/40 #004637 | GNII II 5.00% 2/40 #004637 | \*\* | 6178 |
| GNII II 5.00% 11/39 #004578 | GNII II 5.00% 11/39 #004578 | \*\* | 146961 |
| GNII II 5.00% 12/35 #003795 | GNII II 5.00% 12/35 #003795 | \*\* | 3975 |
| GNII II 3% 09/20/2047#MA4718 | GNII II 3% 09/20/2047#MA4718 | \*\* | 702334 |
| GNII II 4% 04/20/2050#BS6831 | GNII II 4% 04/20/2050#BS6831 | \*\* | 3918 |
| GNII II 4% 04/20/2050#BS6832 | GNII II 4% 04/20/2050#BS6832 | \*\* | 4880 |
| GNII II 4% 04/20/2050#BS6833 | GNII II 4% 04/20/2050#BS6833 | \*\* | 981 |
| GNII II 4% 04/20/2050#BS9707 | GNII II 4% 04/20/2050#BS9707 | \*\* | 2307 |
| GNII II 4% 04/20/2050#BS9717 | GNII II 4% 04/20/2050#BS9717 | \*\* | 11485 |
| GNII II 4% 10/20/2050#MA6934 | GNII II 4% 10/20/2050#MA6934 | \*\* | 335381 |
| GNII II 4.5% 03/20/2044#MA1762 | GNII II 4.5% 03/20/2044#MA1762 | \*\* | 282742 |
| GNII II 5% 01/20/2048#MA4965 | GNII II 5% 01/20/2048#MA4965 | \*\* | 177334 |
| GNII II 5% 02/20/2048#MA5022 | GNII II 5% 02/20/2048#MA5022 | \*\* | 52588 |
| GNII II 5% 1/36 #003805 | GNII II 5% 1/36 #003805 | \*\* | 3246 |
| GNII II 5% 12/34 #003651 | GNII II 5% 12/34 #003651 | \*\* | 6196 |
| GNII II 5% 5/36 #003850 | GNII II 5% 5/36 #003850 | \*\* | 3831 |
| GNII II 5.5% 02/20/2049#MA5766 | GNII II 5.5% 02/20/2049#MA5766 | \*\* | 109425 |
| GNII II 5.5% 03/20/2048#MA5081 | GNII II 5.5% 03/20/2048#MA5081 | \*\* | 17902 |
| GNII II 5.5% 03/20/2049#MA5820 | GNII II 5.5% 03/20/2049#MA5820 | \*\* | 8122 |
| GNII II 5.5% 12/20/2048#MA5654 | GNII II 5.5% 12/20/2048#MA5654 | \*\* | 28980 |
| GNII II 8.5% 07/20/2026#002250 | GNII II 8.5% 07/20/2026#002250 | \*\* | 114 |
| GNMA II 3.5% 03/43 #AD8825 | GNMA II 3.5% 03/43 #AD8825 | \*\* | 72979 |
| GNMA II 3.5% 07/20/2052#MA8149 | GNMA II 3.5% 07/20/2052#MA8149 | \*\* | 1710250 |
| GNMA II 4% 03/48#BE6823 | GNMA II 4% 03/48#BE6823 | \*\* | 14082 |
| GNMA II 4% 04/20/2050#BT2982 | GNMA II 4% 04/20/2050#BT2982 | \*\* | 3895 |
| GNMA II 4% 04/20/2050#BT2983 | GNMA II 4% 04/20/2050#BT2983 | \*\* | 4638 |
| GNMA II 4% 04/20/2050#BU2156 | GNMA II 4% 04/20/2050#BU2156 | \*\* | 10035 |
| GNMA II 4% 04/20/2050#BU2157 | GNMA II 4% 04/20/2050#BU2157 | \*\* | 7978 |
| GNMA II 4% 10/20/2052#MA8346 | GNMA II 4% 10/20/2052#MA8346 | \*\* | 539447 |
| GNMA II 5.5% 09/20/2054#MA9906 | GNMA II 5.5% 09/20/2054#MA9906 | \*\* | 1388424 |
| GNR 2022-H09 FA SOFR30A+67 04/20/2072 | GNR 2022-H09 FA SOFR30A+67 04/20/2072 | \*\* | 2799927 |
| GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 03/20/2072 | GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 03/20/2072 | \*\* | 749767 |
| GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 06/20/2068 | GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 06/20/2068 | \*\* | 1915986 |
| GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 12/20/2071 | GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 12/20/2071 | \*\* | 1176881 |
| GOVERNMENT NAT MTG AS REMIC PT SOFR30A+75 03/20/20 | GOVERNMENT NAT MTG AS REMIC PT SOFR30A+75 03/20/20 | \*\* | 3023198 |
| GOVERNMENT NAT MTG AS REMIC PT SOFR30A+85 01/20/20 | GOVERNMENT NAT MTG AS REMIC PT SOFR30A+85 01/20/20 | \*\* | 1175047 |
| GOVERNMENT NAT MTG AS REMIC PT SOFR30A+97 05/20/20 | GOVERNMENT NAT MTG AS REMIC PT SOFR30A+97 05/20/20 | \*\* | 701383 |
| GOVERNMENT NAT MTG AS REMIC PT TSFR12M+ 02/20/2068 | GOVERNMENT NAT MTG AS REMIC PT TSFR12M+ 02/20/2068 | \*\* | 683467 |
| GOVERNMENT NAT MTG AS REMIC PT TSFR12M+117.513 07/ | GOVERNMENT NAT MTG AS REMIC PT TSFR12M+117.513 07/ | \*\* | 1369534 |
| GOVERNMENT NAT MTG ASSN HECM DF TSFR12M+73.513 07/ | GOVERNMENT NAT MTG ASSN HECM DF TSFR12M+73.513 07/ | \*\* | 443956 |
| GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 02/20/2069 | GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 02/20/2069 | \*\* | 378386 |
| GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 11/20/2066 | GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 11/20/2066 | \*\* | 806183 |
| GOVERNMENT NAT MTG ASSN HECM TSFR12M+76.513 02/20/ | GOVERNMENT NAT MTG ASSN HECM TSFR12M+76.513 02/20/ | \*\* | 510283 |
| GOVERNMENT NAT MTG ASSN HECM TSFR12M+79.513 05/20/ | GOVERNMENT NAT MTG ASSN HECM TSFR12M+79.513 05/20/ | \*\* | 285999 |
| GOVERNMENT NAT MTG ASSN HECM TSFR12M+96.513 09/20/ | GOVERNMENT NAT MTG ASSN HECM TSFR12M+96.513 09/20/ | \*\* | 5757742 |
| GOVERNMENT NAT MTG ASSN HECM TSFR1M+ 09/20/2069 | GOVERNMENT NAT MTG ASSN HECM TSFR1M+ 09/20/2069 | \*\* | 1474444 |
| GS MTG SECS TR 2017-GS6 3.433% 05/10/2050 | GS MTG SECS TR 2017-GS6 3.433% 05/10/2050 | \*\* | 688951 |
| GS MTG-BACKED SECS TR 2014-EB1A 2A1 CSTR 07/25/204 | GS MTG-BACKED SECS TR 2014-EB1A 2A1 CSTR 07/25/204 | \*\* | 3139 |
| HILT COMMERCIAL MORTGAGE TRUST 2024-ORL B TSFR1M+1 | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL B TSFR1M+1 | \*\* | 765000 |
| HYT COMMERCIAL MORTGAGE TRUST 2024-RGCY TSFR1M+184 | HYT COMMERCIAL MORTGAGE TRUST 2024-RGCY TSFR1M+184 | \*\* | 525325 |
| IL ST TAXMUNI 5.1% 6/01/33 | IL ST TAXMUNI 5.1% 6/01/33 | \*\* | 2718737 |
| IMPERIAL FUND MORTGAGE TRUST 1.516% 09/25/2056 144 | IMPERIAL FUND MORTGAGE TRUST 1.516% 09/25/2056 144 | \*\* | 153852 |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM4 A1 4.767% 0 | IMPERIAL FUND MORTGAGE TRUST 2022-NQM4 A1 4.767% 0 | \*\* | 541988 |
| J P MORGAN CHASE COML MTG SECS TR 2019-BROOK C TSF | J P MORGAN CHASE COML MTG SECS TR 2019-BROOK C TSF | \*\* | 426251 |
| J P MORGAN CHASE COML MTG SECS TR 2020-609M TSFR1M | J P MORGAN CHASE COML MTG SECS TR 2020-609M TSFR1M | \*\* | 198000 |
| LSTAR COML MTG TR 2017-5 4.021% 03/10/2050 144A | LSTAR COML MTG TR 2017-5 4.021% 03/10/2050 144A | \*\* | 1405226 |

---

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(b) Identity of Issue, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **$ Current Value** |
| MED COML MTG TR 2024-MOB A TSFR1M+159.151 05/15/20 | MED COML MTG TR 2024-MOB A TSFR1M+159.151 05/15/20 | \*\* | 379722 |
| METLIFE SECURITIZATION TR 2017-1 3% 04/25/2055 144 | METLIFE SECURITIZATION TR 2017-1 3% 04/25/2055 144 | \*\* | 244029 |
| MFA 2021-NQM2 A1 TR 1.029% 11/25/2064 144A | MFA 2021-NQM2 A1 TR 1.029% 11/25/2064 144A | \*\* | 271213 |
| MFA 2023-INV2 TRUST STEP 10/25/2058 144A | MFA 2023-INV2 TRUST STEP 10/25/2058 144A | \*\* | 510174 |
| MORGAN STANLEY CAPITAL I 2.782% 08/15/2049 | MORGAN STANLEY CAPITAL I 2.782% 08/15/2049 | \*\* | 1241603 |
| NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BDS-TA | NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BDS-TA | \*\* | 143200 |
| NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BONDS- | NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BONDS- | \*\* | 1982279 |
| NEW RESIDENTIAL MTG LN TR 2021-INV2 2.5% 09/25/205 | NEW RESIDENTIAL MTG LN TR 2021-INV2 2.5% 09/25/205 | \*\* | 544102 |
| OBX 2024-NQM17 TRUST 6.015% 11/25/2064 144A | OBX 2024-NQM17 TRUST 6.015% 11/25/2064 144A | \*\* | 526596 |
| OSS 2024-H6 MTG TR 5.383% 09/25/2069 144A | OSS 2024-H6 MTG TR 5.383% 09/25/2069 144A | \*\* | 1232826 |
| RCKT MORTGAGE TRUST 2024-CES9 STEP 12/25/2044 144A | RCKT MORTGAGE TRUST 2024-CES9 STEP 12/25/2044 144A | \*\* | 128999 |
| SDR COMMERCIAL MORTGAGE TRUST 2024-DSNY TSFR1M+174 | SDR COMMERCIAL MORTGAGE TRUST 2024-DSNY TSFR1M+174 | \*\* | 629375 |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2016-1 | SEASONED CREDIT RISK TRANSFER TRUST SERIES 2016-1 | \*\* | 262929 |
| SEQUOIA MTG TR 2018-CH2 A3 4% 06/25/2048 144A | SEQUOIA MTG TR 2018-CH2 A3 4% 06/25/2048 144A | \*\* | 37688 |
| SEQUOIA MTG TR 2018-CH3 4.5% 08/25/2048 144A | SEQUOIA MTG TR 2018-CH3 4.5% 08/25/2048 144A | \*\* | 1653 |
| STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-4 1.162% | STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-4 1.162% | \*\* | 762243 |
| SYMPHONY STATIC CLO I LTD TSFR3M+171.161 10/25/202 | SYMPHONY STATIC CLO I LTD TSFR3M+171.161 10/25/202 | \*\* | 750511 |
| TOORAK MORTGAGE CORP 2018-1 LTD 1.562% 07/25/2056 | TOORAK MORTGAGE CORP 2018-1 LTD 1.562% 07/25/2056 | \*\* | 281600 |
| TOWD POINT MORTGAGE TRUST 2019-HY3 M1 TSFR1M+161.4 | TOWD POINT MORTGAGE TRUST 2019-HY3 M1 TSFR1M+161.4 | \*\* | 268648 |
| TX TR 2024-HOU B TSFR1M+209.066 06/15/2029 144A | TX TR 2024-HOU B TSFR1M+209.066 06/15/2029 144A | \*\* | 834567 |
| UNITED STATES TREASURY BOND 2.875% 05/15/2052 | UNITED STATES TREASURY BOND 2.875% 05/15/2052 | \*\* | 2063029 |
| UNITED STATES TREASURY BOND 3% 08/15/2052 | UNITED STATES TREASURY BOND 3% 08/15/2052 | \*\* | 4385872 |
| UNITED STATES TREASURY BOND 3.375% 08/15/2042 | UNITED STATES TREASURY BOND 3.375% 08/15/2042 | \*\* | 1180397 |
| UNITED STATES TREASURY BOND 3.625% 05/15/2053 | UNITED STATES TREASURY BOND 3.625% 05/15/2053 | \*\* | 2515119 |
| UNITED STATES TREASURY BOND 4.125% 08/15/2044 | UNITED STATES TREASURY BOND 4.125% 08/15/2044 | \*\* | 4315801 |
| UNITED STATES TREASURY BOND 4.125% 08/15/2053 | UNITED STATES TREASURY BOND 4.125% 08/15/2053 | \*\* | 8181453 |
| UNITED STATES TREASURY BOND 4.25% 08/15/2054 | UNITED STATES TREASURY BOND 4.25% 08/15/2054 | \*\* | 1172550 |
| UNITED STATES TREASURY BOND 4.5% 02/15/2044 | UNITED STATES TREASURY BOND 4.5% 02/15/2044 | \*\* | 5779312 |
| UNITED STATES TREASURY BOND 4.625% 11/15/2044 | UNITED STATES TREASURY BOND 4.625% 11/15/2044 | \*\* | 4123751 |
| UNITED STATES TREASURY BOND 4.75% 11/15/2053 | UNITED STATES TREASURY BOND 4.75% 11/15/2053 | \*\* | 855739 |
| UST NOTES 3.375% 09/15/2027 | UST NOTES 3.375% 09/15/2027 | \*\* | 1975938 |
| UST NOTES 3.5% 09/30/2026 | UST NOTES 3.5% 09/30/2026 | \*\* | 27864540 |
| UST NOTES 3.75% 06/30/2030 | UST NOTES 3.75% 06/30/2030 | \*\* | 5030377 |
| UST NOTES 3.75% 08/31/2026 | UST NOTES 3.75% 08/31/2026 | \*\* | 27743666 |
| UST NOTES 3.75% 12/31/2030 | UST NOTES 3.75% 12/31/2030 | \*\* | 4475294 |
| UST NOTES 3.875% 08/15/2034 | UST NOTES 3.875% 08/15/2034 | \*\* | 2838844 |
| UST NOTES 4% 07/31/2030 | UST NOTES 4% 07/31/2030 | \*\* | 701958 |
| UST NOTES 4.125% 03/31/2031 | UST NOTES 4.125% 03/31/2031 | \*\* | 7774414 |
| UST NOTES 4.125% 07/31/2031 | UST NOTES 4.125% 07/31/2031 | \*\* | 2534462 |
| UST NOTES 4.125% 10/31/2026 | UST NOTES 4.125% 10/31/2026 | \*\* | 34224917 |
| UST NOTES 4.125% 10/31/2029 | UST NOTES 4.125% 10/31/2029 | \*\* | 5604702 |
| UST NOTES 4.25% 11/30/2026 | UST NOTES 4.25% 11/30/2026 | \*\* | 27989433 |
| UST NOTES 4.625% 04/30/2031 | UST NOTES 4.625% 04/30/2031 | \*\* | 1318046 |
| USTN TII 1.5% 02/15/2053 | USTN TII 1.5% 02/15/2053 | \*\* | 2702067 |
| UWM 2021-INV2 A4 2.5% 09/25/2051 144A | UWM 2021-INV2 A4 2.5% 09/25/2051 144A | \*\* | 101344 |
| VERUS SECURITIZATION TR 2019-INV3 3.692% 11/25/205 | VERUS SECURITIZATION TR 2019-INV3 3.692% 11/25/205 | \*\* | 120518 |
| VERUS SECURITIZATION TRUST 2021 1.437% 06/25/2066 | VERUS SECURITIZATION TRUST 2021 1.437% 06/25/2066 | \*\* | 571671 |
| VERUS SECURITIZATION TRUST 2021-5 1.373% 09/25/206 | VERUS SECURITIZATION TRUST 2021-5 1.373% 09/25/206 | \*\* | 130886 |
| VERUS SECURITIZATION TRUST 2022-1 A3 3.288% 01/25/ | VERUS SECURITIZATION TRUST 2022-1 A3 3.288% 01/25/ | \*\* | 599533 |
| VERUS SECURITIZATION TRUST 2022-6 4.91% 06/25/2067 | VERUS SECURITIZATION TRUST 2022-6 4.91% 06/25/2067 | \*\* | 165817 |
| VERUS SECURITIZATION TRUST 2023-8 6.6642% 12/25/20 | VERUS SECURITIZATION TRUST 2023-8 6.6642% 12/25/20 | \*\* | 723902 |
| VERUS SECURITIZATION TRUST 2023-INV3 A2 7.33% 11/2 | VERUS SECURITIZATION TRUST 2023-INV3 A2 7.33% 11/2 | \*\* | 769519 |
| VERUS SECURITIZATION TRUST 23-6 6.939% 09/25/2068 | VERUS SECURITIZATION TRUST 23-6 6.939% 09/25/2068 | \*\* | 347570 |
| WFCM TR 2015-NXS2 3.02% 7/58 | WFCM TR 2015-NXS2 3.02% 7/58 | \*\* | 46909 |
| WSTN TRUST 2023-MAUI VAR 07/05/2037 144A | WSTN TRUST 2023-MAUI VAR 07/05/2037 144A | \*\* | 935251 |
| TOTAL INVESTMENTS, AT FAIR VALUE |  |  | 11550738669 |

---

\*Party-in-interest to the Plan

<sup>\*\*</sup>Cost information not required

See Report of Independent Registered Public Accounting Firm

------

**<u>[**Table of Contents**](#i399ca9b61bab450691dda2369c370dcf_4)</u>**

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **MARRIOTT RETIREMENT SAVINGS PLAN** |
| Dated: June 24, 2025 | /s/ Thaddeus Shepherd |
| | Plan Administrator |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement of Marriott International, Inc. on Form S-8 (No. 333-262744, 333-269762, 333-277033, and 333-284982) of our report dated <u>[June 24, 2025](mar202411-k.htm#i399ca9b61bab450691dda2369c370dcf_7)</u> appearing in this Annual Report on Form 11-K of Marriott Retirement Savings Plan for the year ended December 31, 2024.

/s/ CohnReznick LLP

Bethesda, Maryland

June 24, 2025

<br>