# EDGAR Filing Document

**Accession Number:** 0001363526
**File Stem:** 0001145549-25-040592
**Filing Date:** 2025-6
**Character Count:** 283428
**Document Hash:** ba200d2e8c0904bee4c4dbb4ac662571
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-040592.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001145549-25-040592

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes MDT Series
- **CENTRAL INDEX KEY:** 0001363526

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21904
- **FILM NUMBER:** 251066876

**BUSINESS ADDRESS:**
- **STREET 1:** FEDERATED INVESTORS FUNDS
- **STREET 2:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 412-288-1900

**MAIL ADDRESS:**
- **STREET 1:** FEDERATED INVESTORS FUNDS
- **STREET 2:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Federated MDT Series
- **DATE OF NAME CHANGE:** 20060519

## Series and Classes Contracts Data

### Federated Hermes MDT Balanced Fund (Series ID: S000012971)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000035055 | Class A Shares       | QABGX           |
| C000035056 | Class C Shares       | QCBGX           |
| C000035057 | Institutional Shares | QIBGX           |
| C000043498 | Class R6 Shares      | QKBGX           |
| C000188307 | Class T Shares       |  |

## Nport-Ex

Federated Hermes MDT Balanced Fund

Portfolio of Investments

April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | COMMON STOCKS—52.0% |  |
|  | **Communication Services—4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 20313 | Alphabet, Inc., Class A | &nbsp;&nbsp; $3225704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83798<br><sup>1</sup> <br>| Altice USA, Inc. | &nbsp;&nbsp; 207819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19336<br><sup>1</sup> <br>| CarGurus, Inc. | &nbsp;&nbsp; 540635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21112<br><sup>1</sup> <br>| Cars.com, Inc. | &nbsp;&nbsp; 245744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826 | Electronic Arts, Inc. | &nbsp;&nbsp; 119844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23793 | Fox Corp. | &nbsp;&nbsp; 1184653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751<br><sup>1</sup> <br>| Live Nation Entertainment, Inc. | &nbsp;&nbsp; 99470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3673 | Meta Platforms, Inc. | &nbsp;&nbsp; 2016477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251<br><sup>1</sup> <br>| Netflix, Inc. | &nbsp;&nbsp; 284062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7901<br><sup>1</sup> <br>| ROBLOX Corp. | &nbsp;&nbsp; 529762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4306<br><sup>1</sup> <br>| Spotify Technology SA | &nbsp;&nbsp; 2643798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3847 | T-Mobile USA, Inc. | &nbsp;&nbsp; 950017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760 | Verizon Communications, Inc. | &nbsp;&nbsp; 77546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12922<br><sup>1</sup> <br>| ZoomInfo Technologies, Inc. | &nbsp;&nbsp; 110612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 12236143 |
|  | **Consumer Discretionary—4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 43147 | Advance Auto Parts, Inc. | &nbsp;&nbsp; 1411770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14871<br><sup>1</sup> <br>| Amazon.com, Inc. | &nbsp;&nbsp; 2742510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171<br><sup>1</sup> <br>| AutoZone, Inc. | &nbsp;&nbsp; 643405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6656<br><sup>1</sup> <br>| Capri Holdings Ltd. | &nbsp;&nbsp; 100106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2543<br><sup>1</sup> <br>| Deckers Outdoor Corp. | &nbsp;&nbsp; 281841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4001<br><sup>1</sup> <br>| DoorDash, Inc. | &nbsp;&nbsp; 771753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3646 | eBay, Inc. | &nbsp;&nbsp; 248511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999<br><sup>1</sup> <br>| Expedia Group, Inc. | &nbsp;&nbsp; 627563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11449<br><sup>1</sup> <br>| Five Below, Inc. | &nbsp;&nbsp; 868865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22641 | Ford Motor Co. | &nbsp;&nbsp; 226636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15297<br><sup>1</sup> <br>| Goodyear Tire & Rubber Co. | &nbsp;&nbsp; 166431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209<br><sup>1</sup> <br>| Life Time Group Holdings, Inc. | &nbsp;&nbsp; 37068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762 | McDonald's Corp. | &nbsp;&nbsp; 563223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | Murphy USA, Inc. | &nbsp;&nbsp; 321079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446<br><sup>1</sup> <br>| O'Reilly Automotive, Inc. | &nbsp;&nbsp; 631179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3827 | PVH Corp. | &nbsp;&nbsp; 263987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 193204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11626<br><sup>1</sup> <br>| SharkNinja, Inc. | &nbsp;&nbsp; 935893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541<br><sup>1</sup> <br>| Tesla, Inc. | &nbsp;&nbsp; 152649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2427 | TJX Cos., Inc. | &nbsp;&nbsp; 312306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711<br><sup>1</sup> <br>| Ulta Beauty, Inc. | &nbsp;&nbsp; 281300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 11781279 |
|  | **Consumer Staples—3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11638 | Albertsons Cos., Inc. | &nbsp;&nbsp; 255803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7686<br><sup>1</sup> <br>| Bellring Brands, Inc. | &nbsp;&nbsp; 592898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | Coca-Cola Bottling Co. | &nbsp;&nbsp; 367425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7638 | Colgate-Palmolive Co. | &nbsp;&nbsp; 704147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455 | Costco Wholesale Corp. | &nbsp;&nbsp; 1446997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9408<br><sup>1</sup> <br>| Dollar Tree, Inc. | &nbsp;&nbsp; 769292 |

---

**1**

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---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Consumer Staples—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14322 | Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp; $858747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20502<br><sup>1</sup> <br>| Hain Celestial Group, Inc. | &nbsp;&nbsp; 62326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6237 | Kimberly-Clark Corp. | &nbsp;&nbsp; 821912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3632 | Kroger Co. | &nbsp;&nbsp; 262267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21095<br><sup>1</sup> <br>| Maplebear, Inc. | &nbsp;&nbsp; 841480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5562 | Philip Morris International, Inc. | &nbsp;&nbsp; 953104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3562<br><sup>1</sup> <br>| Sprouts Farmers Market, Inc. | &nbsp;&nbsp; 609102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 8545500 |
|  | **Energy—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4608 | Cheniere Energy, Inc. | &nbsp;&nbsp; 1064955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5060 | EOG Resources, Inc. | &nbsp;&nbsp; 558270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11786 | PBF Energy, Inc. | &nbsp;&nbsp; 202484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3317 | Targa Resources, Inc. | &nbsp;&nbsp; 566875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1133<br><sup>1</sup> <br>| Tidewater, Inc. | &nbsp;&nbsp; 41003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10462 | Weatherford International PLC | &nbsp;&nbsp; 433127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2866714 |
|  | **Financials—7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4958 | Ameriprise Financial, Inc. | &nbsp;&nbsp; 2335317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671<br><sup>1</sup> <br>| Arch Capital Group Ltd. | &nbsp;&nbsp; 151526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18978 | Bank of New York Mellon Corp. | &nbsp;&nbsp; 1526021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512 | Cboe Global Markets, Inc. | &nbsp;&nbsp; 335362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 | CME Group, Inc. | &nbsp;&nbsp; 97532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7457 | Corebridge Financial, Inc. | &nbsp;&nbsp; 220951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950 | Globe Life, Inc. | &nbsp;&nbsp; 240513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 407925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3851 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 661794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5283 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 887386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24198 | Jackson Financial, Inc. | &nbsp;&nbsp; 1885266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3640 | Morgan Stanley | &nbsp;&nbsp; 420129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 | MSCI, Inc., Class A | &nbsp;&nbsp; 157537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10570 | Northern Trust Corp. | &nbsp;&nbsp; 993369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5160 | Progressive Corp., OH | &nbsp;&nbsp; 1453778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19050 | Prudential Financial, Inc. | &nbsp;&nbsp; 1956625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23277 | State Street Corp. | &nbsp;&nbsp; 2050704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6068 | Synchrony Financial | &nbsp;&nbsp; 315233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653 | The Hartford Insurance Group, Inc. | &nbsp;&nbsp; 202774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5773 | The Travelers Cos., Inc. | &nbsp;&nbsp; 1524822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10476 | Virtu Financial, Inc. | &nbsp;&nbsp; 410135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827 | Visa, Inc., Class A | &nbsp;&nbsp; 285728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31056 | Western Union Co. | &nbsp;&nbsp; 307765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 18828192 |
|  | **Health Care—5.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14440 | AbbVie, Inc. | &nbsp;&nbsp; 2817244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1711<br><sup>1</sup> <br>| Acadia Healthcare Co., Inc. | &nbsp;&nbsp; 40037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3888<br><sup>1</sup> <br>| Align Technology, Inc. | &nbsp;&nbsp; 673790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549<br><sup>1</sup> <br>| Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp; 144519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6664 | Amgen, Inc. | &nbsp;&nbsp; 1938691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7913<br><sup>1</sup> <br>| AnaptysBio, Inc. | &nbsp;&nbsp; 175827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1680<br><sup>1</sup> <br>| Biogen, Inc. | &nbsp;&nbsp; 203414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2735 | Cardinal Health, Inc. | &nbsp;&nbsp; 386428 |

---

**2**

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---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3840 | Cencora, Inc. | &nbsp;&nbsp; $1123853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3856<br><sup>1</sup> <br>| Centene Corp. | &nbsp;&nbsp; 230782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1841<br><sup>1</sup> <br>| Charles River Laboratories International, Inc. | &nbsp;&nbsp; 218379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28629<br><sup>1</sup> <br>| Community Health Systems, Inc. | &nbsp;&nbsp; 78157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22826<br><sup>1</sup> <br>| Dexcom, Inc. | &nbsp;&nbsp; 1629320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51357<br><sup>1</sup> <br>| Elanco Animal Health, Inc. | &nbsp;&nbsp; 486864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 | Elevance Health, Inc. | &nbsp;&nbsp; 119865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4868 | Gilead Sciences, Inc. | &nbsp;&nbsp; 518637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728 | Humana, Inc. | &nbsp;&nbsp; 453151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8718<br><sup>1</sup> <br>| Illumina, Inc. | &nbsp;&nbsp; 676517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11363<br><sup>1</sup> <br>| Incyte Genomics, Inc. | &nbsp;&nbsp; 712006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635 | Merck & Co., Inc. | &nbsp;&nbsp; 139302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37945<br><sup>1</sup> <br>| Moderna, Inc. | &nbsp;&nbsp; 1082950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5672<br><sup>1</sup> <br>| Omnicell, Inc. | &nbsp;&nbsp; 177307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841<br><sup>1</sup> <br>| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 503557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | Teleflex, Inc. | &nbsp;&nbsp; 99224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708<br><sup>1</sup> <br>| Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp; 360726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4663<br><sup>1</sup> <br>| Waystar Holding Corp. | &nbsp;&nbsp; 173324 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 15163871 |
|  | **Industrials—5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571 | Allegion PLC | &nbsp;&nbsp; 218683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8207 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 757014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12831 | Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 444851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5631 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 675833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734 | C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 243928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371 | Emerson Electric Co. | &nbsp;&nbsp; 354326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348 | GE Aerospace | &nbsp;&nbsp; 271676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6234<br><sup>1</sup> <br>| GE Vernova, Inc. | &nbsp;&nbsp; 2311692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 | General Dynamics Corp. | &nbsp;&nbsp; 111569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095 | Lennox International, Inc. | &nbsp;&nbsp; 1145441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 | Lockheed Martin Corp. | &nbsp;&nbsp; 665506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4407 | Paycom Software, Inc. | &nbsp;&nbsp; 997701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17484 | Pitney Bowes, Inc. | &nbsp;&nbsp; 151761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 | Ryder System, Inc. | &nbsp;&nbsp; 100774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6476<br><sup>1</sup> <br>| SPX Technologies, Inc. | &nbsp;&nbsp; 868755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 | Trane Technologies PLC | &nbsp;&nbsp; 358395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7350<br><sup>1</sup> <br>| United Airlines Holdings, Inc. | &nbsp;&nbsp; 505827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23802 | Veralto Corp. | &nbsp;&nbsp; 2282612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2822 | Verisk Analytics, Inc. | &nbsp;&nbsp; 836525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | Waste Management, Inc. | &nbsp;&nbsp; 256696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 13559565 |
|  | **Information Technology—14.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5018<br><sup>1</sup> <br>| Adobe, Inc. | &nbsp;&nbsp; 1881650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5631<br><sup>1</sup> <br>| Advanced Micro Devices, Inc. | &nbsp;&nbsp; 548178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21098 | Apple, Inc. | &nbsp;&nbsp; 4483325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111 | Applied Materials, Inc. | &nbsp;&nbsp; 167439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8287<br><sup>1</sup> <br>| Arista Networks, Inc. | &nbsp;&nbsp; 681771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545<br><sup>1</sup> <br>| Atlassian Corp. PLC | &nbsp;&nbsp; 124429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 | Broadcom, Inc. | &nbsp;&nbsp; 186888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4701<br><sup>1</sup> <br>| Cirrus Logic, Inc. | &nbsp;&nbsp; 451484 |

---

**3**

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| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Information Technology—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2931<br><sup>1</sup> <br>| Commvault Systems, Inc. | &nbsp;&nbsp; $489858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5732 | Dell Technologies, Inc. | &nbsp;&nbsp; 525968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14042<br><sup>1</sup> <br>| DXC Technology Co. | &nbsp;&nbsp; 217932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745<br><sup>1</sup> <br>| Enphase Energy, Inc. | &nbsp;&nbsp; 300760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30679<br><sup>1</sup> <br>| Fortinet, Inc. | &nbsp;&nbsp; 3183253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9970<br><sup>1</sup> <br>| GoDaddy, Inc. | &nbsp;&nbsp; 1877650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11792 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 191266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351 | IBM Corp. | &nbsp;&nbsp; 326699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4016 | Marvell Technology, Inc. | &nbsp;&nbsp; 234414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15622 | Microchip Technology, Inc. | &nbsp;&nbsp; 719862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14934 | Microsoft Corp. | &nbsp;&nbsp; 5902813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4462 | NetApp, Inc. | &nbsp;&nbsp; 400464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27671<br><sup>1</sup> <br>| Nutanix, Inc. | &nbsp;&nbsp; 1900998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25092 | NVIDIA Corp. | &nbsp;&nbsp; 2733021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5286<br><sup>1</sup> <br>| ON Semiconductor Corp. | &nbsp;&nbsp; 209854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5115<br><sup>1</sup> <br>| Palantir Technologies, Inc. | &nbsp;&nbsp; 605821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4381<br><sup>1</sup> <br>| Palo Alto Networks, Inc. | &nbsp;&nbsp; 818940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610 | Pegasystems, Inc. | &nbsp;&nbsp; 332409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875<br><sup>1</sup> <br>| Qorvo, Inc. | &nbsp;&nbsp; 134381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20295 | Qualcomm, Inc. | &nbsp;&nbsp; 3012996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836 | Salesforce, Inc. | &nbsp;&nbsp; 224642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105<br><sup>1</sup> <br>| ServiceNow, Inc. | &nbsp;&nbsp; 100276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13647 | Skyworks Solutions, Inc. | &nbsp;&nbsp; 877229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | TD SYNNEX Corp. | &nbsp;&nbsp; 224702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19269 | Teradyne, Inc. | &nbsp;&nbsp; 1429952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7238 | Vishay Intertechnology, Inc. | &nbsp;&nbsp; 94022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15452 | Xerox Holdings Corp. | &nbsp;&nbsp; 68143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319<br><sup>1</sup> <br>| Zoom Communications, Inc. | &nbsp;&nbsp; 102275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 35765764 |
|  | **Materials—1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5618 | Alcoa Corp. | &nbsp;&nbsp; 137810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3051<br><sup>1</sup> <br>| Axalta Coating Systems Ltd. | &nbsp;&nbsp; 99157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37721 | Celanese Corp. | &nbsp;&nbsp; 1678962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2537 | CRH PLC | &nbsp;&nbsp; 242081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6513 | FMC Corp. | &nbsp;&nbsp; 273025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793<br><sup>1</sup> <br>| Knife River Corp. | &nbsp;&nbsp; 447570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17934 | Newmont Corp. | &nbsp;&nbsp; 944763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1276 | Southern Copper Corp. | &nbsp;&nbsp; 114227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766 | Steel Dynamics, Inc. | &nbsp;&nbsp; 99358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4036953 |
|  | **Real Estate—2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Acadia Realty Trust | &nbsp;&nbsp; 114600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9200 | Agree Realty Corp. | &nbsp;&nbsp; 714012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | American Tower Corp. | &nbsp;&nbsp; 540984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | Camden Property Trust | &nbsp;&nbsp; 398300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | Cousins Properties, Inc. | &nbsp;&nbsp; 247860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | Digital Realty Trust, Inc. | &nbsp;&nbsp; 401350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650 | EastGroup Properties, Inc. | &nbsp;&nbsp; 269643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 | Equinix, Inc. | &nbsp;&nbsp; 533665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11100 | Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 357087 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 | Essex Property Trust, Inc. | &nbsp;&nbsp; $265192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | Extra Space Storage, Inc. | &nbsp;&nbsp; 146520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10200 | Kite Realty Group Trust | &nbsp;&nbsp; 220830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | Mid-American Apartment Communities, Inc. | &nbsp;&nbsp; 399125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | Public Storage | &nbsp;&nbsp; 135194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | Simon Property Group, Inc. | &nbsp;&nbsp; 346236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500 | Tanger, Inc. | &nbsp;&nbsp; 173305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Terreno Realty Corp. | &nbsp;&nbsp; 225320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Ventas, Inc. | &nbsp;&nbsp; 700800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000 | VICI Properties, Inc. | &nbsp;&nbsp; 352220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100 | Welltower, Inc. | &nbsp;&nbsp; 930799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7473042 |
|  | **Utilities—1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3331 | American Electric Power Co., Inc. | &nbsp;&nbsp; 360881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3221 | Dominion Energy, Inc. | &nbsp;&nbsp; 175158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4209 | Duke Energy Corp. | &nbsp;&nbsp; 513582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11595 | Edison International | &nbsp;&nbsp; 620448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11421 | Exelon Corp. | &nbsp;&nbsp; 535645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7005 | Southern Co. | &nbsp;&nbsp; 643689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1632 | WEC Energy Group, Inc. | &nbsp;&nbsp; 178737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3028140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $115,463,578)<br>| &nbsp;&nbsp; 133285163 |
|  | U.S. TREASURIES—9.4% |  |
|  | **Treasury Inflation-Indexed Note—0.1%** |  |
| $278828 | U.S. Treasury Inflation-Protected Notes, 1.625%, 10/15/2029 | &nbsp;&nbsp; 283492 |
|  | **U.S. Treasury Bond—1.8%** |  |
| &nbsp;&nbsp; 340000 | United States Treasury Bond, 2.250%, 2/15/2052 | &nbsp;&nbsp; 210341 |
| &nbsp;&nbsp; 125000 | United States Treasury Bond, 3.000%, 8/15/2052 | &nbsp;&nbsp; 91448 |
| &nbsp;&nbsp; 50000 | United States Treasury Bond, 3.250%, 5/15/2042 | &nbsp;&nbsp; 41737 |
| &nbsp;&nbsp; 225000 | United States Treasury Bond, 3.375%, 8/15/2042 | &nbsp;&nbsp; 190598 |
| &nbsp;&nbsp; 350000 | United States Treasury Bond, 4.125%, 8/15/2053 | &nbsp;&nbsp; 317305 |
| &nbsp;&nbsp; 475000 | United States Treasury Bond, 4.250%, 8/15/2054 | &nbsp;&nbsp; 440935 |
| &nbsp;&nbsp; 675000 | United States Treasury Bond, 4.500%, 11/15/2054 | &nbsp;&nbsp; 654228 |
| &nbsp;&nbsp; 2700000 | United States Treasury Bond, 4.625%, 2/15/2055 | &nbsp;&nbsp; 2674248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4620840 |
|  | **U.S. Treasury Note—7.5%** |  |
| &nbsp;&nbsp; 500000 | United States Treasury Note, 2.375%, 3/31/2029 | &nbsp;&nbsp; 476809 |
| &nbsp;&nbsp; 500000 | United States Treasury Note, 2.750%, 5/31/2029 | &nbsp;&nbsp; 482779 |
| &nbsp;&nbsp; 550000 | United States Treasury Note, 3.125%, 8/31/2029 | &nbsp;&nbsp; 537819 |
| &nbsp;&nbsp; 3000000 | United States Treasury Note, 3.750%, 4/30/2027 | &nbsp;&nbsp; 3009026 |
| &nbsp;&nbsp; 300000 | United States Treasury Note, 3.875%, 3/31/2027 | &nbsp;&nbsp; 301415 |
| &nbsp;&nbsp; 1100000 | United States Treasury Note, 4.000%, 2/28/2030 | &nbsp;&nbsp; 1114424 |
| &nbsp;&nbsp; 1725000 | United States Treasury Note, 4.000%, 3/31/2030 | &nbsp;&nbsp; 1746676 |
| &nbsp;&nbsp; 100000 | United States Treasury Note, 4.000%, 7/31/2030 | &nbsp;&nbsp; 101150 |
| &nbsp;&nbsp; 55000 | United States Treasury Note, 4.000%, 2/15/2034 | &nbsp;&nbsp; 54585 |
| &nbsp;&nbsp; 450000 | United States Treasury Note, 4.125%, 2/28/2027 | &nbsp;&nbsp; 453846 |
| &nbsp;&nbsp; 295000 | United States Treasury Note, 4.125%, 7/31/2028 | &nbsp;&nbsp; 299608 |
| &nbsp;&nbsp; 1675000 | United States Treasury Note, 4.125%, 10/31/2029 | &nbsp;&nbsp; 1704895 |
| &nbsp;&nbsp; 900000 | United States Treasury Note, 4.125%, 2/29/2032 | &nbsp;&nbsp; 910685 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. TREASURIES—continued |  |
|  | **U.S. Treasury Note—continued** |  |
| $100000 | United States Treasury Note, 4.125%, 3/31/2032 | &nbsp;&nbsp; $101181 |
| &nbsp;&nbsp; 200000 | United States Treasury Note, 4.250%, 11/30/2026 | &nbsp;&nbsp; 201687 |
| &nbsp;&nbsp; 2085000<br><sup>2</sup> <br>| United States Treasury Note, 4.250%, 11/15/2034 | &nbsp;&nbsp; 2101023 |
| &nbsp;&nbsp; 500000 | United States Treasury Note, 4.375%, 12/31/2029 | &nbsp;&nbsp; 514317 |
| &nbsp;&nbsp; 350000 | United States Treasury Note, 4.375%, 11/30/2030 | &nbsp;&nbsp; 359991 |
| &nbsp;&nbsp; 75000 | United States Treasury Note, 4.375%, 5/15/2034 | &nbsp;&nbsp; 76442 |
| &nbsp;&nbsp; 400000 | United States Treasury Note, 4.500%, 12/31/2031 | &nbsp;&nbsp; 413636 |
| &nbsp;&nbsp; 300000 | United States Treasury Note, 4.625%, 4/30/2031 | &nbsp;&nbsp; 312400 |
| &nbsp;&nbsp; 3900000 | United States Treasury Note, 4.625%, 2/15/2035 | &nbsp;&nbsp; 4046846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 19321240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $24,292,140)<br>| &nbsp;&nbsp;&nbsp; 24225572 |
|  | CORPORATE BONDS—7.4% |  |
|  | **Basic Industry - Chemicals—0.0%** |  |
| &nbsp;&nbsp; 6000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | &nbsp;&nbsp; 6151 |
|  | **Basic Industry - Metals & Mining—0.1%** |  |
| &nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | &nbsp;&nbsp; 200320 |
| &nbsp;&nbsp; 15000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | &nbsp;&nbsp; 15186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215506 |
|  | **Capital Goods - Aerospace & Defense—0.3%** |  |
| &nbsp;&nbsp; 200000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | &nbsp;&nbsp; 128395 |
| &nbsp;&nbsp; 110000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, Series WI, 3.844%, 5/1/2025 | &nbsp;&nbsp; 110000 |
| &nbsp;&nbsp; 250000 | L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.500%, 8/15/2054 | &nbsp;&nbsp; 236575 |
| &nbsp;&nbsp; 300000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | &nbsp;&nbsp; 259541 |
| &nbsp;&nbsp; 15000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | &nbsp;&nbsp; 14517 |
| &nbsp;&nbsp; 40000<br><sup>3</sup> <br>| Textron Financial Corp., Jr. Sub. Note, 144A, 6.319% (CME Term SOFR 3 Month +1.996%), 2/15/2042 | &nbsp;&nbsp; 36381 |
| &nbsp;&nbsp; 50000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | &nbsp;&nbsp; 49632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835041 |
|  | **Capital Goods - Building Materials—0.1%** |  |
| &nbsp;&nbsp; 225000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 5.600%, 5/29/2034 | &nbsp;&nbsp; 227983 |
| &nbsp;&nbsp; 85000 | Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054 | &nbsp;&nbsp; 89292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317275 |
|  | **Capital Goods - Construction Machinery—0.1%** |  |
| &nbsp;&nbsp; 255000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | &nbsp;&nbsp; 254609 |
|  | **Capital Goods - Diversified Manufacturing—0.0%** |  |
| &nbsp;&nbsp; 65000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054 | &nbsp;&nbsp; 62700 |
| &nbsp;&nbsp; 60000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | &nbsp;&nbsp; 56344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119044 |
|  | **Communications - Cable & Satellite—0.1%** |  |
| &nbsp;&nbsp; 300000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, <br> 2.250%, 1/15/2029<br>| &nbsp;&nbsp; 272272 |
| &nbsp;&nbsp; 145000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | &nbsp;&nbsp; 86109 |
| &nbsp;&nbsp; 15000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | &nbsp;&nbsp; 12860 |
| &nbsp;&nbsp; 10000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | &nbsp;&nbsp; 9428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380669 |
|  | **Communications - Media & Entertainment—0.1%** |  |
| &nbsp;&nbsp; 30000 | Grupo Televisa SAB, Sr. Unsecd. Note, 6.125%, 1/31/2046 | &nbsp;&nbsp; 23198 |
| &nbsp;&nbsp; 200000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.550%, 8/15/2064 | &nbsp;&nbsp; 192618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215816 |
|  | **Communications - Telecom Wireless—0.5%** |  |
| &nbsp;&nbsp; 150000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.700%, 6/15/2026 | &nbsp;&nbsp; 148352 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Communications - Telecom Wireless—continued** |  |
| $350000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | &nbsp;&nbsp; $342466 |
| &nbsp;&nbsp; 300000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | &nbsp;&nbsp; 298180 |
| &nbsp;&nbsp; 180000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2055 | &nbsp;&nbsp; 167940 |
| &nbsp;&nbsp; 250000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.750%, 6/28/2054 | &nbsp;&nbsp; 236550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1193488 |
|  | **Communications - Telecom Wirelines—0.1%** |  |
| &nbsp;&nbsp; 12000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | &nbsp;&nbsp; 8040 |
| &nbsp;&nbsp; 11000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | &nbsp;&nbsp; 7284 |
| &nbsp;&nbsp; 5000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | &nbsp;&nbsp; 4720 |
| &nbsp;&nbsp; 150000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | &nbsp;&nbsp; 136968 |
| &nbsp;&nbsp; 90000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | &nbsp;&nbsp; 84745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241757 |
|  | **Consumer Cyclical - Automotive—0.2%** |  |
| &nbsp;&nbsp; 275000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031 | &nbsp;&nbsp; 268774 |
| &nbsp;&nbsp; 175000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | &nbsp;&nbsp; 150051 |
| &nbsp;&nbsp; 175000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | &nbsp;&nbsp; 176742 |
| &nbsp;&nbsp; 10000 | Mercedes-Benz Finance NA LLC, Co. Guarantee, 8.500%, 1/18/2031 | &nbsp;&nbsp; 11823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607390 |
|  | **Consumer Cyclical - Retailers—0.1%** |  |
| &nbsp;&nbsp; 170000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | &nbsp;&nbsp; 166811 |
|  | **Consumer Cyclical - Services—0.0%** |  |
| &nbsp;&nbsp; 15000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | &nbsp;&nbsp; 14028 |
| &nbsp;&nbsp; 10000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | &nbsp;&nbsp; 9254 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23282 |
|  | **Consumer Non-Cyclical - Food/Beverage—0.3%** |  |
| &nbsp;&nbsp; 30000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., Sr. Unsecd. Note, 4.700%, 2/1/2036 | &nbsp;&nbsp; 29015 |
| &nbsp;&nbsp; 300000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033 | &nbsp;&nbsp; 292930 |
| &nbsp;&nbsp; 300000 | Danone S.A., Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | &nbsp;&nbsp; 294172 |
| &nbsp;&nbsp; 270000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | &nbsp;&nbsp; 265289 |
| &nbsp;&nbsp; 15000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | &nbsp;&nbsp; 13607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895013 |
|  | **Consumer Non-Cyclical - Health Care—0.2%** |  |
| &nbsp;&nbsp; 105000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 6.377%, 11/22/2052 | &nbsp;&nbsp; 110446 |
| &nbsp;&nbsp; 300000 | HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 | &nbsp;&nbsp; 302026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412472 |
|  | **Consumer Non-Cyclical - Pharmaceuticals—0.2%** |  |
| &nbsp;&nbsp; 500000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | &nbsp;&nbsp; 405975 |
| &nbsp;&nbsp; 15000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | &nbsp;&nbsp; 12550 |
| &nbsp;&nbsp; 10000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | &nbsp;&nbsp; 8778 |
| &nbsp;&nbsp; 15000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | &nbsp;&nbsp; 13463 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440766 |
|  | **Consumer Non-Cyclical - Tobacco—0.2%** |  |
| &nbsp;&nbsp; 450000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | &nbsp;&nbsp; 472310 |
|  | **Energy - Independent—0.2%** |  |
| &nbsp;&nbsp; 50000 | APA Corp., Sr. Unsecd. Note, 144A, 6.100%, 2/15/2035 | &nbsp;&nbsp; 46816 |
| &nbsp;&nbsp; 125000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | &nbsp;&nbsp; 118530 |
| &nbsp;&nbsp; 5000 | ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062 | &nbsp;&nbsp; 3492 |
| &nbsp;&nbsp; 15000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | &nbsp;&nbsp; 14718 |
| &nbsp;&nbsp; 250000 | Occidental Petroleum Corp., 5.550%, 10/1/2034 | &nbsp;&nbsp; 233565 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Energy - Independent—continued** |  |
| $125000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; $121797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538918 |
|  | **Energy - Integrated—0.2%** |  |
| &nbsp;&nbsp; 135000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | &nbsp;&nbsp; 133382 |
| &nbsp;&nbsp; 300000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | &nbsp;&nbsp; 296445 |
| &nbsp;&nbsp; 170000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033 | &nbsp;&nbsp; 167095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596922 |
|  | **Energy - Midstream—0.2%** |  |
| &nbsp;&nbsp; 125000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | &nbsp;&nbsp; 110134 |
| &nbsp;&nbsp; 20000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | &nbsp;&nbsp; 20314 |
| &nbsp;&nbsp; 115000 | Energy Transfer LP, Sr. Unsecd. Note, 5.950%, 5/15/2054 | &nbsp;&nbsp; 104677 |
| &nbsp;&nbsp; 10000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | &nbsp;&nbsp; 9468 |
| &nbsp;&nbsp; 170000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | &nbsp;&nbsp; 169387 |
| &nbsp;&nbsp; 20000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | &nbsp;&nbsp; 21633 |
| &nbsp;&nbsp; 40000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | &nbsp;&nbsp; 39734 |
| &nbsp;&nbsp; 5000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | &nbsp;&nbsp; 4301 |
| &nbsp;&nbsp; 70000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | &nbsp;&nbsp; 63973 |
| &nbsp;&nbsp; 5000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | &nbsp;&nbsp; 5123 |
| &nbsp;&nbsp; 10000 | Western Midstream Operating, LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | &nbsp;&nbsp; 9924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558668 |
|  | **Energy - Refining—0.0%** |  |
| &nbsp;&nbsp; 15000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | &nbsp;&nbsp; 11300 |
| &nbsp;&nbsp; 10000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | &nbsp;&nbsp; 10050 |
| &nbsp;&nbsp; 15000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | &nbsp;&nbsp; 14947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36297 |
|  | **Financial Institution - Banking—1.5%** |  |
| &nbsp;&nbsp; 350000 | Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034 | &nbsp;&nbsp; 351064 |
| &nbsp;&nbsp; 300000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | &nbsp;&nbsp; 297614 |
| &nbsp;&nbsp; 15000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | &nbsp;&nbsp; 14988 |
| &nbsp;&nbsp; 165000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | &nbsp;&nbsp; 145012 |
| &nbsp;&nbsp; 170000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | &nbsp;&nbsp; 168404 |
| &nbsp;&nbsp; 370000 | Citigroup, Inc., Sr. Unsecd. Note, 5.610%, 9/29/2026 | &nbsp;&nbsp; 371302 |
| &nbsp;&nbsp; 15000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | &nbsp;&nbsp; 14957 |
| &nbsp;&nbsp; 75000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | &nbsp;&nbsp; 76793 |
| &nbsp;&nbsp; 30000 | Comerica, Inc., 3.800%, 7/22/2026 | &nbsp;&nbsp; 29515 |
| &nbsp;&nbsp; 215000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 214619 |
| &nbsp;&nbsp; 150000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | &nbsp;&nbsp; 156649 |
| &nbsp;&nbsp; 15000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | &nbsp;&nbsp; 13012 |
| &nbsp;&nbsp; 150000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 157214 |
| &nbsp;&nbsp; 100000 | M&T Bank Corp., Sr. Unsecd. Note, Series MTN, 5.385%, 1/16/2036 | &nbsp;&nbsp; 97385 |
| &nbsp;&nbsp; 100000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | &nbsp;&nbsp; 87864 |
| &nbsp;&nbsp; 180000 | Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 | &nbsp;&nbsp; 180058 |
| &nbsp;&nbsp; 105000 | Morgan Stanley, Sr. Unsecd. Note, 5.831%, 4/19/2035 | &nbsp;&nbsp; 108455 |
| &nbsp;&nbsp; 15000 | Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 4.000%, 7/23/2025 | &nbsp;&nbsp; 14979 |
| &nbsp;&nbsp; 240000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | &nbsp;&nbsp; 247498 |
| &nbsp;&nbsp; 165000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | &nbsp;&nbsp; 168752 |
| &nbsp;&nbsp; 10000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | &nbsp;&nbsp; 9146 |
| &nbsp;&nbsp; 160000 | Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 | &nbsp;&nbsp; 161521 |
| &nbsp;&nbsp; 300000 | U.S. Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | &nbsp;&nbsp; 309835 |
| &nbsp;&nbsp; 250000 | U.S. Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | &nbsp;&nbsp; 212984 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| $10000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | &nbsp;&nbsp; $9968 |
| &nbsp;&nbsp; 200000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | &nbsp;&nbsp; 201608 |
| &nbsp;&nbsp; 10000 | Westpac Banking Corp. Ltd., Sub., Series GMTN, 4.322%, 11/23/2031 | &nbsp;&nbsp; 9925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3831121 |
|  | **Financial Institution - Broker/Asset Mgr/Exchange—0.1%** |  |
| &nbsp;&nbsp; 80000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | &nbsp;&nbsp; 79503 |
| &nbsp;&nbsp; 70000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | &nbsp;&nbsp; 69549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149052 |
|  | **Financial Institution - Finance Companies—0.1%** |  |
| &nbsp;&nbsp; 220000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | &nbsp;&nbsp; 226732 |
|  | **Financial Institution - Insurance - Health—0.2%** |  |
| &nbsp;&nbsp; 300000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052 | &nbsp;&nbsp; 253146 |
| &nbsp;&nbsp; 250000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 5.150%, 7/15/2034 | &nbsp;&nbsp; 250890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504036 |
|  | **Financial Institution - Insurance - Life—0.2%** |  |
| &nbsp;&nbsp; 400000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | &nbsp;&nbsp; 301395 |
| &nbsp;&nbsp; 15000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | &nbsp;&nbsp; 14859 |
| &nbsp;&nbsp; 10000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | &nbsp;&nbsp; 13047 |
| &nbsp;&nbsp; 55000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | &nbsp;&nbsp; 41447 |
| &nbsp;&nbsp; 15000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | &nbsp;&nbsp; 17108 |
| &nbsp;&nbsp; 50000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | &nbsp;&nbsp; 53559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441415 |
|  | **Financial Institution - Insurance - P&C—0.0%** |  |
| &nbsp;&nbsp; 10000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | &nbsp;&nbsp; 8293 |
|  | **Financial Institution - REIT - Apartment—0.1%** |  |
| &nbsp;&nbsp; 60000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | &nbsp;&nbsp; 55229 |
| &nbsp;&nbsp; 200000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | &nbsp;&nbsp; 162492 |
| &nbsp;&nbsp; 70000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | &nbsp;&nbsp; 68661 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286382 |
|  | **Financial Institution - REIT - Healthcare—0.1%** |  |
| &nbsp;&nbsp; 185000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | &nbsp;&nbsp; 180302 |
|  | **Financial Institution - REIT - Office—0.1%** |  |
| &nbsp;&nbsp; 70000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | &nbsp;&nbsp; 69081 |
| &nbsp;&nbsp; 200000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.500%, 10/1/2035 | &nbsp;&nbsp; 198066 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267147 |
|  | **Financial Institution - REIT - Other—0.0%** |  |
| &nbsp;&nbsp; 70000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.700%, 7/1/2034 | &nbsp;&nbsp; 68929 |
|  | **Technology—0.6%** |  |
| &nbsp;&nbsp; 10000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | &nbsp;&nbsp; 8297 |
| &nbsp;&nbsp; 70000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.750%, 2/15/2051 | &nbsp;&nbsp; 51056 |
| &nbsp;&nbsp; 220000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032 | &nbsp;&nbsp; 209316 |
| &nbsp;&nbsp; 20000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | &nbsp;&nbsp; 17718 |
| &nbsp;&nbsp; 171000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | &nbsp;&nbsp; 173025 |
| &nbsp;&nbsp; 110000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | &nbsp;&nbsp; 104880 |
| &nbsp;&nbsp; 5000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | &nbsp;&nbsp; 4657 |
| &nbsp;&nbsp; 75000 | Micron Technology, Inc., Sr. Unsecd. Note, 6.050%, 11/1/2035 | &nbsp;&nbsp; 76078 |
| &nbsp;&nbsp; 7000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | &nbsp;&nbsp; 4651 |
| &nbsp;&nbsp; 8000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | &nbsp;&nbsp; 7144 |
| &nbsp;&nbsp; 200000 | Oracle Corp., Sr. Unsecd. Note, 6.125%, 8/3/2065 | &nbsp;&nbsp; 195311 |
| &nbsp;&nbsp; 500000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | &nbsp;&nbsp; 533395 |

---

**9**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Technology—continued** |  |
| $175000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | &nbsp;&nbsp; $153198 |
| &nbsp;&nbsp; 70000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | &nbsp;&nbsp; 69464 |
| &nbsp;&nbsp; 15000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | &nbsp;&nbsp; 14280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1622470 |
|  | **Transportation - Railroads—0.1%** |  |
| &nbsp;&nbsp; 225000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.125%, 6/1/2026 | &nbsp;&nbsp; 221883 |
|  | **Transportation - Services—0.1%** |  |
| &nbsp;&nbsp; 15000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | &nbsp;&nbsp; 14854 |
| &nbsp;&nbsp; 20000 | FedEx Corp., Sr. Unsecd. Note, 144A, 3.900%, 2/1/2035 | &nbsp;&nbsp; 17564 |
| &nbsp;&nbsp; 210000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | &nbsp;&nbsp; 215224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247642 |
|  | **Utility - Electric—0.9%** |  |
| &nbsp;&nbsp; 200000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | &nbsp;&nbsp; 127076 |
| &nbsp;&nbsp; 90000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | &nbsp;&nbsp; 86211 |
| &nbsp;&nbsp; 70000 | Electricite de France S.A., Note, 144A, 5.600%, 1/27/2040 | &nbsp;&nbsp; 69051 |
| &nbsp;&nbsp; 300000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | &nbsp;&nbsp; 299446 |
| &nbsp;&nbsp; 140000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | &nbsp;&nbsp; 112940 |
| &nbsp;&nbsp; 170000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | &nbsp;&nbsp; 168222 |
| &nbsp;&nbsp; 200000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | &nbsp;&nbsp; 197841 |
| &nbsp;&nbsp; 110000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | &nbsp;&nbsp; 108429 |
| &nbsp;&nbsp; 25000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | &nbsp;&nbsp; 29292 |
| &nbsp;&nbsp; 200000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.900%, 3/15/2055 | &nbsp;&nbsp; 195105 |
| &nbsp;&nbsp; 250000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | &nbsp;&nbsp; 246547 |
| &nbsp;&nbsp; 175000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | &nbsp;&nbsp; 172729 |
| &nbsp;&nbsp; 250000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 5.450%, 4/1/2053 | &nbsp;&nbsp; 233923 |
| &nbsp;&nbsp; 103000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | &nbsp;&nbsp; 89349 |
| &nbsp;&nbsp; 170000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | &nbsp;&nbsp; 172801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2308962 |
|  | **Utility - Other—0.1%** |  |
| &nbsp;&nbsp; 125000 | National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 | &nbsp;&nbsp; 128927 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $19,917,987)<br>| &nbsp;&nbsp;&nbsp; 19021498 |
|  | ASSET-BACKED SECURITIES—2.8% |  |
|  | **Auto Receivables—1.3%** |  |
| &nbsp;&nbsp; 285000 | BMW Vehicle Lease Trust 2024-2, Class A4, 4.210%, 2/25/2028 | &nbsp;&nbsp; 284359 |
| &nbsp;&nbsp; 300000 | Citizens Auto Receivables Trust 2024-2, Class A3, 5.330%, 8/15/2028 | &nbsp;&nbsp; 302993 |
| &nbsp;&nbsp; 300000 | Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036 | &nbsp;&nbsp; 311078 |
| &nbsp;&nbsp; 300000 | General Motors 2024-2A, Class B, 5.350%, 3/15/2031 | &nbsp;&nbsp; 302974 |
| &nbsp;&nbsp; 250000 | Huntington Auto Trust 2024-1A, Class A3, 5.230%, 1/16/2029 | &nbsp;&nbsp; 252329 |
| &nbsp;&nbsp; 150000 | M&T Bank Auto Receivables Trust 2024-1A, Class A3, 5.220%, 2/17/2032 | &nbsp;&nbsp; 152120 |
| &nbsp;&nbsp; 100000 | Navistar Financial Dealer Note Master Trust 2023-1, Class A, 6.180%, 8/25/2028 | &nbsp;&nbsp; 100411 |
| &nbsp;&nbsp; 300000 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | &nbsp;&nbsp; 301228 |
| &nbsp;&nbsp; 250000 | Santander Drive Auto Receivables Trust 2023-3, Class C, 5.770%, 11/15/2030 | &nbsp;&nbsp; 256454 |
| &nbsp;&nbsp; 261163 | Securitized Term Auto Receivables Trust 2025-A, Class B, 5.038%, 7/25/2031 | &nbsp;&nbsp; 262533 |
| &nbsp;&nbsp; 225000 | SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031 | &nbsp;&nbsp; 232134 |
| &nbsp;&nbsp; 250000 | Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027 | &nbsp;&nbsp; 251024 |
| &nbsp;&nbsp; 250000 | Toyota Auto Loan Extended Note 2023-1A, Class A, 4.930%, 6/25/2036 | &nbsp;&nbsp; 255435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3265072 |
|  | **Credit Card—0.3%** |  |
| &nbsp;&nbsp; 345000 | First National Master Note Trust 2023-1, Class A, 5.130%, 4/15/2029 | &nbsp;&nbsp; 347293 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | ASSET-BACKED SECURITIES—continued |  |
|  | **Credit Card—continued** |  |
| $400000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | &nbsp;&nbsp; $380763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728056 |
|  | **Equipment Lease—1.0%** |  |
| &nbsp;&nbsp; 200000 | Dell Equipment Finance Trust 2023-2, Class C, 6.060%, 1/22/2029 | &nbsp;&nbsp; 201278 |
| &nbsp;&nbsp; 185000 | Dell Equipment Finance Trust 2025-1, Class A3, 4.610%, 2/24/2031 | &nbsp;&nbsp; 185319 |
| &nbsp;&nbsp; 300000 | DLLAA LLC 2025-1A, Class A4, 5.080%, 4/20/2033 | &nbsp;&nbsp; 307578 |
| &nbsp;&nbsp; 300000 | DLLAD LLC 2024-1A, Class A4, 5.380%, 9/22/2031 | &nbsp;&nbsp; 311558 |
| &nbsp;&nbsp; 200000 | DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031 | &nbsp;&nbsp; 203487 |
| &nbsp;&nbsp; 280000 | Great America Leasing Receivables 2025-1, Class A4, 4.580%, 1/15/2032 | &nbsp;&nbsp; 282947 |
| &nbsp;&nbsp; 400000 | HPEFS Equipment Trust 2024-2A, Class C, 5.520%, 10/20/2031 | &nbsp;&nbsp; 409015 |
| &nbsp;&nbsp; 300000 | Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028 | &nbsp;&nbsp; 306674 |
| &nbsp;&nbsp; 300000 | MMAF Equipment Finance LLC 2023-A, Class A4, 5.500%, 12/13/2038 | &nbsp;&nbsp; 309329 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2517185 |
|  | **Other—0.2%** |  |
| &nbsp;&nbsp; 225000 | PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028 | &nbsp;&nbsp; 228298 |
| &nbsp;&nbsp; 300000 | PFS Financing Corp. 2024-F, Class A, 4.750%, 8/15/2029 | &nbsp;&nbsp; 300605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528903 |
|  | **Student Loans—0.0%** |  |
| &nbsp;&nbsp; 136885 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | &nbsp;&nbsp; 124436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $7,091,890)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7163652 |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—2.1% |  |
|  | **Commercial Mortgage—0.3%** |  |
| &nbsp;&nbsp; 150000 | Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056 | &nbsp;&nbsp; 156112 |
| &nbsp;&nbsp; 250000 | Barclays Commercial Mortgage S 2024-5C27, Class A2, 5.550%, 7/15/2057 | &nbsp;&nbsp; 257425 |
| &nbsp;&nbsp; 225000<br><sup>3</sup> <br>| ORL TRUST 2024-GLKS, Class A, 5.814% (CME Term SOFR 1 Month +1.492%), 12/15/2039 | &nbsp;&nbsp; 223592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637129 |
|  | **Federal Home Loan Mortgage Corporation—1.3%** |  |
| &nbsp;&nbsp; 1151 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | &nbsp;&nbsp; 1191 |
| &nbsp;&nbsp; 252866<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5396, Class FG, 5.353% (30-DAY AVERAGE SOFR +1.000%), 4/25/2054 | &nbsp;&nbsp; 252049 |
| &nbsp;&nbsp; 309379<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5402, Class FB, 5.453% (30-DAY AVERAGE SOFR +1.100%), 4/25/2054 | &nbsp;&nbsp; 309241 |
| &nbsp;&nbsp; 193915<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5417, Class FC, 5.553% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054 | &nbsp;&nbsp; 193850 |
| &nbsp;&nbsp; 174719<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5426, Class FB, 5.553% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054 | &nbsp;&nbsp; 174588 |
| &nbsp;&nbsp; 386368<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5440, Class WF, 5.503% (30-DAY AVERAGE SOFR +1.150%), 8/25/2054 | &nbsp;&nbsp; 385992 |
| &nbsp;&nbsp; 189705<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5484, Class FB, 5.553% (30-DAY AVERAGE SOFR +1.200%), 12/25/2054 | &nbsp;&nbsp; 189853 |
| &nbsp;&nbsp; 191578<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5499, Class FN, 5.353% (30-DAY AVERAGE SOFR +1.000%), 2/25/2055 | &nbsp;&nbsp; 189661 |
| &nbsp;&nbsp; 390326<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5511, Class JF, 5.503% (30-DAY AVERAGE SOFR +1.150%), 3/25/2055 | &nbsp;&nbsp; 389516 |
| &nbsp;&nbsp; 780416<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5522, Class BF, 5.403% (30-DAY AVERAGE SOFR +1.050%), 3/25/2055 | &nbsp;&nbsp; 778720 |
| &nbsp;&nbsp; 250000 | Federal Home Loan Mortgage Corp. REMIC, Series K-161, Class A2, 4.900%, 10/25/2033 | &nbsp;&nbsp; 256362 |
| &nbsp;&nbsp; 200000 | Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030 | &nbsp;&nbsp; 206053 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3327076 |
|  | **Federal National Mortgage Association—0.3%** |  |
| &nbsp;&nbsp; 100 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp; 364496<br><sup>3</sup> <br>| Federal National Mortgage Association REMIC, Series 2024-82, Class HF, 5.553% (30-DAY AVERAGE SOFR <br> +1.200%), 11/25/2054<br>| &nbsp;&nbsp; 364842 |
| &nbsp;&nbsp; 391071<br><sup>3</sup> <br>| Federal National Mortgage Association REMIC, Series 2025-18, Class WF, 5.453% (30-DAY AVERAGE SOFR <br> +1.100%), 9/25/2054<br>| &nbsp;&nbsp; 390556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755498 |
|  | **Financial Institution - REIT - Other—0.1%** |  |
| &nbsp;&nbsp; 225000 | Wells Fargo Commercial Mortgage Trust 2024-5C2, Class A2, 5.439%, 11/15/2057 | &nbsp;&nbsp; 229558 |

---

**11**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—continued |  |
|  | **Non-Agency Mortgage—0.1%** |  |
| $4 | Bear Stearns Mortgage Securities, Inc. 1997-6, Class 1A, 8.830%, 3/25/2031 | &nbsp;&nbsp; $4 |
| &nbsp;&nbsp; 347950 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | &nbsp;&nbsp; 306168 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $5,246,687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5255433 |
|  | COMMERCIAL MORTGAGE-BACKED SECURITIES—0.6% |  |
|  | **Commercial Mortgage—0.3%** |  |
| &nbsp;&nbsp; 200000 | BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056 | &nbsp;&nbsp; 210188 |
| &nbsp;&nbsp; 200000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | &nbsp;&nbsp; 201066 |
| &nbsp;&nbsp; 250000<br><sup>3</sup> <br>| JW Commercial Mortgage Trust 2 2024-BERY, Class A, 5.914% (CME Term SOFR 1 Month +1.593%), 11/15/2039 | &nbsp;&nbsp; 248826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660080 |
|  | **Federal Home Loan Mortgage Corporation—0.2%** |  |
| &nbsp;&nbsp; 216943 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | &nbsp;&nbsp; 205071 |
| &nbsp;&nbsp; 350000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | &nbsp;&nbsp; 342096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547167 |
|  | **Financial Institution - Banking—0.1%** |  |
| &nbsp;&nbsp; 300000 | Bank 2024-BNK48, Class A4, 4.775%, 8/15/2034 | &nbsp;&nbsp; 292049 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $1,542,866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1499296 |
|  | MORTGAGE-BACKED SECURITIES—0.1% |  |
|  | **Federal Home Loan Mortgage Corporation—0.0%** |  |
| &nbsp;&nbsp; 17165 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | &nbsp;&nbsp; 16453 |
|  | **Federal National Mortgage Association—0.1%** |  |
| &nbsp;&nbsp; 4179 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | &nbsp;&nbsp; 4324 |
| &nbsp;&nbsp; 415 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp; 17524 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | &nbsp;&nbsp; 16918 |
| &nbsp;&nbsp; 31122 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | &nbsp;&nbsp; 29142 |
| &nbsp;&nbsp; 21996 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | &nbsp;&nbsp; 21796 |
| &nbsp;&nbsp; 10788 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | &nbsp;&nbsp; 9790 |
| &nbsp;&nbsp; 13339 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | &nbsp;&nbsp; 12112 |
| &nbsp;&nbsp; 4032 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | &nbsp;&nbsp; 3964 |
| &nbsp;&nbsp; 12588 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | &nbsp;&nbsp; 11940 |
| &nbsp;&nbsp; 7063 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | &nbsp;&nbsp; 6256 |
| &nbsp;&nbsp; 9236 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | &nbsp;&nbsp; 8457 |
| &nbsp;&nbsp; 11364 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | &nbsp;&nbsp; 10412 |
| &nbsp;&nbsp; 8585 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | &nbsp;&nbsp; 7538 |
| &nbsp;&nbsp; 5924 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | &nbsp;&nbsp; 5416 |
| &nbsp;&nbsp; 18405 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | &nbsp;&nbsp; 16377 |
| &nbsp;&nbsp; 8288 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | &nbsp;&nbsp; 7594 |
| &nbsp;&nbsp; 12149 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | &nbsp;&nbsp; 12315 |
| &nbsp;&nbsp; 15030 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | &nbsp;&nbsp; 14880 |
| &nbsp;&nbsp; 18511 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | &nbsp;&nbsp; 16777 |
| &nbsp;&nbsp; 14608 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | &nbsp;&nbsp; 14072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230507 |
|  | **Government National Mortgage Association—0.0%** |  |
| &nbsp;&nbsp; 10437 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | &nbsp;&nbsp; 9777 |
| &nbsp;&nbsp; 6686 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | &nbsp;&nbsp; 6434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $285,346)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263171 |

---

**12**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | MUNICIPAL BOND—0.0% |  |
| $30000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 <br>(IDENTIFIED COST $32,131)<br>| &nbsp;&nbsp; $30691 |
|  | EXCHANGE-TRADED FUNDS—10.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70200 | iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; 3802734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269500 | iShares MSCI EAFE ETF | &nbsp;&nbsp; 22840125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(IDENTIFIED COST $23,926,617)<br>| &nbsp;&nbsp;&nbsp; 26642859 |
|  | INVESTMENT COMPANIES—15.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15345 | Bank Loan Core Fund | &nbsp;&nbsp; 130888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 332027 | Emerging Markets Core Fund | &nbsp;&nbsp; 2842151 |
| &nbsp;&nbsp; 8439569 | Federated Hermes Government Obligations Fund, Premier Shares, 4.25%<sup>4</sup> <br>| &nbsp;&nbsp; 8439569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 481747 | High Yield Bond Core Fund | &nbsp;&nbsp; 2688146 |
| &nbsp;&nbsp; 2257095 | Mortgage Core Fund | &nbsp;&nbsp; 18801602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 693546 | Project and Trade Finance Core Fund | &nbsp;&nbsp; 6144817 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $39,946,140)<br>| &nbsp;&nbsp;&nbsp; 39047173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100% <br>(IDENTIFIED COST $237,745,382)<br>| &nbsp;&nbsp; 256434508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.0%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112727 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $256547235 |

---

At April 30, 2025, the Fund had the following outstanding futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Long Bond Long Futures | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $116625 | June 2025 | &nbsp;&nbsp;&nbsp; $594 |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; $8742234 | June 2025 | &nbsp;&nbsp;&nbsp; $33939 |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; $7097695 | June 2025 | &nbsp;&nbsp;&nbsp; $70155 |
| United States Treasury Notes 10-Year Long Futures | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; $1122188 | June 2025 | &nbsp;&nbsp;&nbsp; $14976 |
| United States Treasury Notes 10-Year Ultra Long Futures | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; $2638891 | June 2025 | &nbsp;&nbsp;&nbsp; $29952 |
| United States Treasury Ultra Bond Long Futures | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; $1452375 | June 2025 | &nbsp;&nbsp;&nbsp; $32878 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $182494 |

---

Net Unrealized Appreciation on Futures Contracts is included in "Other Assets and Liabilities—Net."

Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended April 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Value as of** <br>**7/31/2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Net** <br>**Realized** <br>**Gain/** <br>**(Loss)**<br>| **Value as of** <br>**4/30/2025**<br>| **Shares** <br>**Held as of** <br>**4/30/2025**<br>| **Dividend** <br>**Income**<br>|
| Bank Loan Core Fund | $1736624 | $2186531 | $(3741000) | $8360 | $(59627) | $130888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15345 | $111531 |
| Emerging Markets Core Fund | $4261538 | $2032072 | $(3501400) | $(225132) | $275073 | $2842151 | &nbsp;&nbsp;&nbsp;&nbsp; 332027 | $147072 |
| Federated Hermes Government Obligations <br> Fund, Premier Shares\*<br>| $4577775 | $128399715 | $(124537921) | $— | $— | $8439569 | &nbsp;&nbsp; 8439569 | $317925 |
| High Yield Bond Core Fund | $2108468 | $2362636 | $(1810000) | $53968 | $(26926) | $2688146 | &nbsp;&nbsp;&nbsp;&nbsp; 481747 | $107522 |
| Mortgage Core Fund | $22210294 | $4356984 | $(7664400) | $934956 | $(1036232) | $18801602 | &nbsp;&nbsp; 2257095 | $757184 |
| Project and Trade Finance Core Fund | $4822111 | $1312147 | $— | $10559 | $— | $6144817 | &nbsp;&nbsp;&nbsp;&nbsp; 693546 | $302147 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED TRANSACTIONS | $39716810 | $140650085 | $(141254721) | $782711 | $(847712) | $39047173 | 12219329 | $1743381 |

---

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

\* *All or a portion of the balance/activity for the fund relates to cash collateral received on securities lending transactions.*

**13**

------

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

---

| | |
|:---|:---|
| 1 | *Non-income-producing security.* |
| 2 | *All or a portion of this security is pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding futures contracts.* |
| 3 | *Floating/variable note with current rate and current maturity or next reset date shown.* |
| 4 | *7-day net yield.* |
| 5 | *Assets, other than investments in securities, less liabilities.* |

---

Note: The categories of investments are shown as a percentage of net assets at April 30, 2025.

**Investment Valuation** 

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

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

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

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

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

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

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

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation and Significant Events Procedures** 

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

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

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is

**14**

------

both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Equity Securities:** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Domestic | &nbsp;&nbsp; $127909193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127909193 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp; 5375970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5375970 |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 24225572 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24225572 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 19021498 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19021498 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7163652 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7163652 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5255433 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5255433 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1499296 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1499296 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263171 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263171 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30691 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30691 |
| **Exchange-Traded Funds** | &nbsp;&nbsp;&nbsp; 26642859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26642859 |
| **Investment Companies** | &nbsp;&nbsp;&nbsp; 32902356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32902356 |
| **Other Investments**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6144817 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $192830378 | &nbsp;&nbsp; $57459313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $256434508 |
| **Other Financial Instruments:**<sup>2</sup> <br>|  |  |  |  |
| Assets | &nbsp;&nbsp; $182494 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $182494 |

---

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

---

| | |
|:---|:---|
| 1 | *As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $6,144,817 is measured at fair value using the net asset* <br> *value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and Trade* <br> *Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days after* <br> *receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are* <br> *available on the EDGAR database on the SEC's website or upon request from the Fund.*<br>|
| 2 | *Other financial instruments are futures contracts.* |

---

**15**

------

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| ETF | —Exchange-Traded Fund |
| GMTN | —Global Medium Term Note |
| MTN | —Medium Term Note |
| REIT | —Real Estate Investment Trust |
| REMIC | —Real Estate Mortgage Investment Conduit |
| SOFR | —Secured Overnight Financing Rate |

---

**16**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Federated Hermes MDT Series

- **b. Investment Company Act file number:** 811-21904

- **c. CIK number of Registrant:** 0001363526

- **d. LEI of Registrant:** 254900ZW3CXBDK3XPE89

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

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

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

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

  - **Telephone number:** 8003417400

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

- **a. Name of Series:** Federated Hermes MDT Balanced Fund

- **b. EDGAR series identifier (if any):** S000012971

- **c. LEI of Series:** 254900P9KFKAK2YQQ553

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $256825065.15

**Total Liabilities:** $396211.85

**Net Assets:** $256428853.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -86.359519000000 | **1-Year:** -1699.848281000000 | **5-Year:** -4422.025088000000 | **10-Year:** -5012.161456000000 | **30-Year:** -2866.051932000000

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

- **3-Month:** -0.454861000000 | **1-Year:** -26.590507000000 | **5-Year:** -53.193750000000 | **10-Year:** -160.286250000000 | **30-Year:** -11.523622000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000035055 | -0.41%               | -3.07%               | 0.33%                |
| Class ID C000035056 | -0.52%               | -3.11%               | 0.24%                |
| Class ID C000035057 | -0.41%               | -3.06%               | 0.33%                |
| Class ID C000043498 | -0.41%               | -3.03%               | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3614309.75              | $-5140377.76                               |
| Month 2  | $-238166.74              | $-7917575.08                               |
| Month 3  | $-401001.50              | $742728.96                                 |

**Designated Index Information**

- **Index Name:** 60% S&P 500, 40% BBG Barc US Aggregate Index

- **Index Identifier:** 60% SPX, 40% LBUSTRUU

### Schedule of Portfolio Investments

| Name                                                                     | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                                                               | AbbVie Inc                                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     14440 | NS      | $2817244.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                                | Adobe Inc                                                                       | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      4842 | NS      | $1815653.16   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                                 | AT&T Inc                                                                        | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4719.84      | 0.00%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     12000 | PA      | $8040.16      | 0.00%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Acadia Realty Trust                                                      | Acadia Realty Trust                                                             | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               |  | US        |      6000 | NS      | $114600.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                                                   | Advance Auto Parts Inc                                                          | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     43147 | NS      | $1411769.84   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                                        | Agree Realty Corp                                                               | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9200 | NS      | $714012.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                                               | Alcoa Corp                                                                      | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      5618 | NS      | $137809.54    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271AK5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     70000 | PA      | $69081.10     | 0.03%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Holdings                                            | Allison Transmission Holdings Inc                                               | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      8207 | NS      | $757013.68    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                             | Alphabet Inc                                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20313 | NS      | $3225704.40   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                           | Amazon.com Inc                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     14871 | NS      | $2742509.82   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                                 | Ameriprise Financial Inc                                                        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4958 | NS      | $2335317.16   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                                | Amgen Inc                                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6664 | NS      | $1938690.88   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                                   | Anglo American Capital PLC                                                      | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200320.11    | 0.08%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                                                   | AngloGold Ashanti Holdings PLC                                                  | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     15000 | PA      | $15185.93     | 0.01%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                  | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29014.33     | 0.01%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc                                                      | Elevance Health Inc                                                             | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       285 | NS      | $119865.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORP                                                                 | APA Corp                                                                        | CUSIP: 03743QAQ1<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46815.52     | 0.02%             | 2035-02-15      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Apple Inc                                                                | Apple Inc                                                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     21098 | NS      | $4483325.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                                | Apple Inc                                                                       | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8296.65      | 0.00%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                                                      | Arista Networks Inc                                                             | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      8287 | NS      | $681771.49    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                                             | AutoZone Inc                                                                    | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       171 | NS      | $643404.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO Mortgage Trust                                                       | BMO 2023-5C1 Mortgage Trust                                                     | CUSIP: 055986AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $210187.78    | 0.08%             | 2056-08-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                     | Bank of America Corp                                                            | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14988.36     | 0.01%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351064.30    | 0.14%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp/T                                           | Bank of New York Mellon Corp/The                                                | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     18978 | NS      | $1526020.98   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank                                                                     | BANK 2023-BNK46                                                                 | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $156111.83    | 0.06%             | 2056-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                                               | Biogen Inc                                                                      | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1680 | NS      | $203414.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FBG5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     70000 | PA      | $51055.81     | 0.02%             | 2051-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Cboe Global Markets Inc                                                  | Cboe Global Markets Inc                                                         | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      1512 | NS      | $335361.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                   | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    255000 | PA      | $254609.42    | 0.10%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                                                    | Camden Property Trust                                                           | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      3500 | NS      | $398300.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                                                      | Cardinal Health Inc                                                             | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2735 | NS      | $386428.15    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORP                                                      | Carrier Global Corp                                                             | CUSIP: 14448CBD5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89292.57     | 0.03%             | 2054-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Cars.com Inc                                                             | Cars.com Inc                                                                    | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |     21112 | NS      | $245743.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                                                            | Celanese Corp                                                                   | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     37721 | NS      | $1678961.71   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimarex Energy Co                                                        | Cimarex Energy Co                                                               | CUSIP: 171798AD3<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118530.19    | 0.05%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                            | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14957.47     | 0.01%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Consolidated Inc                                               | Coca-Cola Consolidated Inc                                                      | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |       271 | NS      | $367424.51    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                                                             | Comerica Inc                                                                    | CUSIP: 200340AQ0<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29514.49     | 0.01%             | 2026-07-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc                                                 | Corebridge Financial Inc                                                        | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      7457 | NS      | $220950.91    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                                                              | Corning Inc                                                                     | CUSIP: 219350AW5<br>LEI: 549300X2937PB0CJ7I56 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17717.64     | 0.01%             | 2042-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                                                    | Costco Wholesale Corp                                                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1455 | NS      | $1446997.50   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DLLAD LLC                                                                | Dllad 2024-1 LLC                                                                | CUSIP: 23346MAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $311558.18    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DXC Technology Co                                                        | DXC Technology Co                                                               | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     14042 | NS      | $217931.84    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                                                | Danone SA                                                                       | CUSIP: 23636TAE0<br>LEI: 969500KMUQ2B6CBAF162 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $294171.41    | 0.11%             | 2026-11-02      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                                             | Dell Equipment Finance Trust 2023-2                                             | CUSIP: 24703GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201277.63    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dell Technologies Inc                                                    | Dell Technologies Inc                                                           | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      5732 | NS      | $525968.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                  | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    171000 | PA      | $173024.95    | 0.07%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer Partners LP                                                     | CUSIP: 29273RBJ7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9467.65      | 0.00%             | 2045-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer LP                                                              | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $104677.07    | 0.04%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer Operating LP                                                    | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20314.51     | 0.01%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enphase Energy Inc                                                       | Enphase Energy Inc                                                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      6745 | NS      | $300759.55    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                 | Enterprise Products Operating LLC                                               | CUSIP: 29379VBL6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169386.92    | 0.07%             | 2027-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Essential Properties Realty Tr                                           | Essential Properties Realty Trust Inc                                           | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     11100 | NS      | $357087.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                                        | Eversource Energy                                                               | CUSIP: 30040WAB4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168221.85    | 0.07%             | 2026-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Gold Pool                                                           | CUSIP: 3128MAAA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17165 | PA      | $16452.63     | 0.01%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae REMICS                                                               | CUSIP: 3136BTGP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364496 | PA      | $364842.51    | 0.14%             | 2054-11-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HC4Q2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    252866 | PA      | $252049.29    | 0.10%             | 2054-04-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HDEX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    193915 | PA      | $193849.59    | 0.08%             | 2054-06-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HDZQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    386368 | PA      | $385991.90    | 0.15%             | 2054-08-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HHKT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    189705 | PA      | $189852.36    | 0.07%             | 2054-12-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HJX36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    191578 | PA      | $189661.25    | 0.07%             | 2055-02-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3138MGBP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10788 | PA      | $9790.41      | 0.00%             | 2042-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3138WVWX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4032 | PA      | $3963.98      | 0.00%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 31392VGQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1151 | PA      | $1190.86      | 0.00%             | 2032-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL QMA STRAT VAL-                                                | FEDERATED CORE TR MUTUAL FUND                                                   | CUSIP: 31409N887<br>LEI: 254900HYFNGKM5PJOV84 | Long             | EC               | RF                | US        |    330470 | NS      | $2828825.79   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140QB4M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8585 | PA      | $7537.45      | 0.00%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140X3AJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5924 | PA      | $5416.31      | 0.00%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140X4DE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18405 | PA      | $16376.94     | 0.01%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31417EWV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31122 | PA      | $29141.93     | 0.01%             | 2043-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31418CDH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14608 | PA      | $14072.41     | 0.01%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                                               | FedEx Corp                                                                      | CUSIP: 31428XCM6<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17564.33     | 0.01%             | 2035-02-01      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                      | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104879.93    | 0.04%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Five Below Inc                                                           | Five Below Inc                                                                  | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     11449 | NS      | $868864.61    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                                             | Fortinet Inc                                                                    | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     30679 | NS      | $3183253.04   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                   | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAM5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $110446.00    | 0.04%             | 2052-11-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc                                                           | GE Vernova Inc                                                                  | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      6234 | NS      | $2311691.88   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                 | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176741.90    | 0.07%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156648.65    | 0.06%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                         | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302025.71    | 0.12%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Heineken NV                                                              | Heineken NV                                                                     | CUSIP: 423012AF0<br>LEI: 724500K5PTPSST86UQ23 | Long             | DBT              | CORP              | NL        |    270000 | PA      | $265289.21    | 0.10%             | 2028-01-29      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Humana Inc                                                               | Humana Inc                                                                      | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1728 | NS      | $453150.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                                              | Incyte Corp                                                                     | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     11363 | NS      | $712005.58    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                                                      | International Business Machines Corp                                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1351 | NS      | $326698.82    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Finance PLC                                                      | Invesco Finance PLC                                                             | CUSIP: 46132FAD2<br>LEI: 549300OYQ3LAJYXXO449 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $79502.82     | 0.03%             | 2026-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                        | L3Harris Technologies Inc                                                       | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236574.75    | 0.09%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The                                                 | Estee Lauder Cos Inc/The                                                        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     13684 | NS      | $820492.64    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                                            | Live Nation Entertainment Inc                                                   | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       751 | NS      | $99469.95     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                                                  | Marathon Petroleum Corp                                                         | CUSIP: 56585ABE1<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $11299.41     | 0.00%             | 2048-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                   | Marvell Technology Inc                                                          | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4016 | NS      | $234413.92    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                                           | Microsoft Corp                                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14934 | NS      | $5902812.84   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                                                 | Microchip Technology Inc                                                        | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     15622 | NS      | $719861.76    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                                           | Murphy USA Inc                                                                  | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       644 | NS      | $321079.08    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                 | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432CT0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     25000 | PA      | $29291.94     | 0.01%             | 2032-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp                                                      | Northern Trust Corp                                                             | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     10570 | NS      | $993368.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                                              | Nutanix Inc                                                                     | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     27671 | NS      | $1900997.70   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                              | NVIDIA Corp                                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     25092 | NS      | $2733020.64   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen LLC                                                               | Nuveen LLC                                                                      | CUSIP: 67080LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69549.20     | 0.03%             | 2028-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Omnicell Inc                                                             | Omnicell Inc                                                                    | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      5672 | NS      | $177306.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                                                    | ON Semiconductor Corp                                                           | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      5286 | NS      | $209854.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $533395.30    | 0.21%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                      | PFS Financing Corp                                                              | CUSIP: 69335PEV3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $228297.56    | 0.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp.                                                      | PFS Financing Corp                                                              | CUSIP: 69335PFP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300605.55    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    240000 | PA      | $247498.07    | 0.10%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding Inc                                                  | PPL Capital Funding Inc                                                         | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246547.44    | 0.10%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Philip Morris International In                                           | Philip Morris International Inc                                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5562 | NS      | $953104.32    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                                                 | Prudential Financial Inc                                                        | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     19050 | NS      | $1956625.50   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                                                 | Prudential Financial Inc                                                        | CUSIP: 74432QBQ7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53559.17     | 0.02%             | 2040-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Qorvo Inc                                                                | Qorvo Inc                                                                       | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      1875 | NS      | $134381.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                                                         | Ryder System Inc                                                                | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       732 | NS      | $100774.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                                           | salesforce.com Inc                                                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       836 | NS      | $224641.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                   | Santander Drive Auto Receivables Trust 2023-1                                   | CUSIP: 80287GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $301228.04    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                 | Simon Property Group Inc                                                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      2200 | NS      | $346236.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                                                     | Southern Copper Corp                                                            | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      1276 | NS      | $114227.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Inc                                                   | Spirit AeroSystems Inc                                                          | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14516.85     | 0.01%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                        | State Street Corp                                                               | CUSIP: 857477BF9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9146.25      | 0.00%             | 2034-11-01      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                                          | TJX Cos Inc/The                                                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2427 | NS      | $312306.36    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                                          | T-Mobile US Inc                                                                 | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      3847 | NS      | $950016.65    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ADG7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    180000 | PA      | $167940.02    | 0.07%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tanger Inc                                                               | Tanger Factory Outlet Centers Inc                                               | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      5500 | NS      | $173305.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                                                             | Teleflex Inc                                                                    | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       724 | NS      | $99224.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFONICA EMISIONES SAU                                                 | Telefonica Emisiones SA                                                         | CUSIP: 87938WAX1<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    150000 | PA      | $136968.33    | 0.05%             | 2049-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                   | Tesla Auto Lease Trust 2023-A                                                   | CUSIP: 88167PAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251023.88    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Textron Inc                                                              | Textron Inc                                                                     | CUSIP: 883203BW0<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49632.06     | 0.02%             | 2026-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Travelers Cos Inc/The                                                    | Travelers Cos Inc/The                                                           | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      5773 | NS      | $1524822.49   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309835.42    | 0.12%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $41737.15     | 0.02%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $190598.31    | 0.07%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $482778.75    | 0.19%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $101150.12    | 0.04%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2085000 | PA      | $2101022.39   | 0.82%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201686.86    | 0.08%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $413636.24    | 0.16%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $514317.20    | 0.20%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1725000 | PA      | $1746676.35   | 0.68%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3009025.80   | 1.17%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                   | UnitedHealth Group Inc                                                          | CUSIP: 91324PEK4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $253145.88    | 0.10%             | 2052-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                   | UnitedHealth Group Inc                                                          | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250890.15    | 0.10%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                                                       | Valero Energy Corp                                                              | CUSIP: 91913YAV2<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14947.23     | 0.01%             | 2028-06-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Ventas Inc                                                               | Ventas Inc                                                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     10000 | NS      | $700800.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                               | Vertex Pharmaceuticals Inc                                                      | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       708 | NS      | $360726.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                                 | Visa Inc                                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       827 | NS      | $285728.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc                                               | VISHAY INTERTECHNOLOGY INC                                                      | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      7238 | NS      | $94021.62     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | Vodafone Group PLC                                                              | CUSIP: 92857WCA6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $236550.29    | 0.09%             | 2054-06-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc                                                     | WEC Energy Group Inc                                                            | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      1632 | NS      | $178736.64    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC Energy Group Inc                                                            | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172800.65    | 0.07%             | 2027-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Waystar Holding Corp                                                     | Waystar Holding Corp                                                            | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4663 | NS      | $173323.71    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                | CUSIP: 94974BFY1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9968.08      | 0.00%             | 2026-06-03      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Welltower Inc                                                            | Welltower Inc                                                                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      6100 | NS      | $930799.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                                                     | Western Union Co/The                                                            | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     31056 | NS      | $307764.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp                                                     | Westpac Banking Corp                                                            | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     10000 | PA      | $9925.24      | 0.00%             | 2031-11-23      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 2YR NOTE (CBT) JUN25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        48 | NC      | $41674.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                                                   | Arch Capital Group Ltd                                                          | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      1671 | NS      | $151526.28    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                                             | Allegion PLC                                                                    | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      1571 | NS      | $218683.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                                                       | Capri Holdings Ltd                                                              | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |      6656 | NS      | $100106.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                                               | Advanced Micro Devices Inc                                                      | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      5631 | NS      | $548177.85    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ALABAMA POWER CO                                                         | Alabama Power Co                                                                | CUSIP: 010392FW3<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    200000 | PA      | $127075.91    | 0.05%             | 2052-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271BE8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    200000 | PA      | $198065.61    | 0.08%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                                                   | Allegion US Holding Co Inc                                                      | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    225000 | PA      | $227982.82    | 0.09%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                                                      | American Tower Corp                                                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      2400 | NS      | $540984.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                              | AmerisourceBergen Corp                                                          | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      3840 | NS      | $1123852.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                                | Amgen Inc                                                                       | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12549.83     | 0.00%             | 2045-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AnaptysBio Inc                                                           | AnaptysBio Inc                                                                  | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |      7913 | NS      | $175826.86    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTONATION INC                                                           | AutoNation Inc                                                                  | CUSIP: 05329WAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $166810.98    | 0.07%             | 2030-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                                          | BAE Systems PLC                                                                 | CUSIP: 05523RAE7<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $128394.58    | 0.05%             | 2050-09-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp                                                     | Bank of America Corp                                                            | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297614.20    | 0.12%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BellRing Brands Inc                                                      | BellRing Brands Inc                                                             | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      7686 | NS      | $592898.04    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                                   | Berkshire Hathaway Finance Corp                                                 | CUSIP: 084664CQ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8293.36      | 0.00%             | 2048-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Co                                           | Booz Allen Hamilton Holding Corp                                                | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      5631 | NS      | $675832.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                  | CUSIP: 10373QAC4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296445.11    | 0.12%             | 2028-09-21      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                  | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167095.15    | 0.07%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8778.44      | 0.00%             | 2039-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                             | Broadcom Inc                                                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       971 | NS      | $186888.37    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    220000 | PA      | $209315.65    | 0.08%             | 2032-04-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| CME Group Inc                                                            | CME Group Inc                                                                   | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       352 | NS      | $97532.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                                    | Camden Property Trust                                                           | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |     60000 | PA      | $55228.71     | 0.02%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                 | Canadian Pacific Railway Co                                                     | CUSIP: 13648TAB3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $221883.12    | 0.09%             | 2026-06-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Cargurus Inc                                                             | Cargurus Inc                                                                    | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     19336 | NS      | $540634.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int                                           | Charles River Laboratories International Inc                                    | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      1841 | NS      | $218379.42    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                 | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $272271.75    | 0.11%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    370000 | PA      | $371302.46    | 0.14%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                             | Comcast Corp                                                                    | CUSIP: 20030NBP5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9428.50      | 0.00%             | 2035-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                             | Comcast Corp                                                                    | CUSIP: 20030NCJ8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12859.78     | 0.01%             | 2038-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                    | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    145000 | PA      | $86108.87     | 0.03%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Commvault Systems Inc                                                    | CommVault Systems Inc                                                           | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      2931 | NS      | $489858.03    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                                   | ConocoPhillips Co                                                               | CUSIP: 20826FBD7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3491.76      | 0.00%             | 2062-03-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                 | Constellation Brands Inc                                                        | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292930.29    | 0.11%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Deckers Outdoor Corp                                                     | Deckers Outdoor Corp                                                            | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      2543 | NS      | $281840.69    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                                             | Dell Equipment Finance Trust 2025-1                                             | CUSIP: 24703UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185000 | PA      | $185319.25    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dexcom Inc                                                               | DexCom Inc                                                                      | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     22826 | NS      | $1629319.88   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                                      | Dominion Energy Inc                                                             | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      3221 | NS      | $175157.98    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                                             | DoorDash Inc                                                                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      4001 | NS      | $771752.89    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                                                    | DuPont de Nemours Inc                                                           | CUSIP: 26078JAE0<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6150.84      | 0.00%             | 2038-11-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                 | Electricite de France SA                                                        | CUSIP: 268317AE4<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     70000 | PA      | $69051.18     | 0.03%             | 2040-01-27      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                 | Electricite de France SA                                                        | CUSIP: 268317AU8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $299445.63    | 0.12%             | 2028-09-21      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EOG Resources Inc                                                        | EOG Resources Inc                                                               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5060 | NS      | $558269.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                                                 | EQT Corp                                                                        | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14718.15     | 0.01%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                     | ERAC USA Finance LLC                                                            | CUSIP: 26884TAE2<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14854.36     | 0.01%             | 2042-03-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| EastGroup Properties Inc                                                 | EastGroup Properties Inc                                                        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      1650 | NS      | $269643.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                                     | Edison International                                                            | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     10948 | NS      | $585827.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                                                      | Emerson Electric Co                                                             | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      3371 | NS      | $354325.81    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                                              | Equinix Inc                                                                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       620 | NS      | $533665.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                                        | Expedia Group Inc                                                               | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3999 | NS      | $627563.07    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP INC                                                        | Expedia Group Inc                                                               | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14027.82     | 0.01%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                                                  | Extra Space Storage Inc                                                         | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $146520.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                                                                 | FMC Corp                                                                        | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      6513 | NS      | $273024.96    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                         | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FQXJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    350000 | PA      | $342095.95    | 0.13%             | 2026-10-25      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                         | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HB2X1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $256362.20    | 0.10%             | 2033-10-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HC3A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    309379 | PA      | $309241.31    | 0.12%             | 2054-04-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HKKW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    390326 | PA      | $389516.35    | 0.15%             | 2055-03-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae REMICS                                                               | CUSIP: 31393BL86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       100 | PA      | $99.71        | 0.00%             | 2033-05-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31402GR62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       415 | PA      | $427.35       | 0.00%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140Q74T1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11364 | PA      | $10412.04     | 0.00%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140X4LB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8288 | PA      | $7593.76      | 0.00%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust III - Federated Project and Trade Finance Core Fund | FEDERATED CORE TR III FEDERATED PROJ+TRADE FIN CORE                             | CUSIP: 31415N103<br>LEI: 549300K79QCJYF3J1472 | Long             | EC               | RF                | US        |    689640 | NS      | $6110213.94   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                 | Ford Credit Auto Owner Trust 2023-REV2                                          | CUSIP: 34535CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $311078.21    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                                              | CUSIP: 36179MVS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10437 | PA      | $9777.41      | 0.00%             | 2042-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                                              | CUSIP: 36179NQ50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6687 | PA      | $6433.78      | 0.00%             | 2043-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                                      | Gilead Sciences Inc                                                             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      4868 | NS      | $518636.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                                              | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       745 | NS      | $407924.75    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVABLES                                        | GreatAmerica Leasing Receivables Funding LLC                                    | CUSIP: 39154GAK2<br>LEI: 549300JFP7GIDD4UWO79 | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $282946.44    | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co                                            | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     11792 | NS      | $191266.24    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                 | Host Hotels & Resorts LP                                                        | CUSIP: 44107TBB1<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |     70000 | PA      | $68928.59     | 0.03%             | 2034-07-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Huntington Auto Trust                                                    | Huntington Auto Trust 2024-1                                                    | CUSIP: 446144AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252329.50    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                 | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AS5<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110000.00    | 0.04%             | 2025-05-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                                       | Ingersoll Rand Inc                                                              | CUSIP: 45687VAG1<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62699.96     | 0.02%             | 2054-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| iShares MSCI EAFE ETF                                                    | iShares MSCI EAFE ETF                                                           | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |    269500 | NS      | $22840125.00  | 8.91%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                                   | iShares Core MSCI Emerging Markets ETF                                          | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |     70200 | NS      | $3802734.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13011.91     | 0.01%             | 2038-07-24      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                        | Johnson & Johnson                                                               | CUSIP: 478160BU7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13463.23     | 0.01%             | 2036-03-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                  | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157213.60    | 0.06%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Kimberly-Clark Corp                                                      | Kimberly-Clark Corp                                                             | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      6237 | NS      | $821911.86    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNOX INTERNATIONAL INC                                                 | Lennox International Inc                                                        | CUSIP: 526107AF4<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56343.59     | 0.02%             | 2027-08-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Life Time Group Holdings Inc                                             | Life Time Group Holdings Inc                                                    | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1209 | NS      | $37067.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                                                     | Lockheed Martin Corp                                                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1393 | NS      | $665505.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                   | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97384.58     | 0.04%             | 2036-01-16      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| M&T Bank Auto Receivables Trust                                          | M&T Bank Auto Receivables Trust 2024-1                                          | CUSIP: 55286TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152119.78    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                         | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39733.87     | 0.02%             | 2027-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Maplebear Inc                                                            | Maplebear Inc                                                                   | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21095 | NS      | $841479.55    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                                                  | Marathon Petroleum Corp                                                         | CUSIP: 56585AAF9<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10050.10     | 0.00%             | 2041-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Master Credit Card Trust                                                 | Master Credit Card Trust                                                        | CUSIP: 576339CS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    400000 | PA      | $380763.32    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| McDonald's Corp                                                          | McDonald's Corp                                                                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1762 | NS      | $563223.30    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                                           | Merck & Co Inc                                                                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1635 | NS      | $139302.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                                              | MetLife Inc                                                                     | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14858.73     | 0.01%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communit                                           | Mid-America Apartment Communities Inc                                           | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      2500 | NS      | $399125.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Government Obligations Fund                             | Federated Hermes Government Obligations Fund                                    | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   8439569 | NS      | $8439569.39   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    105000 | PA      | $108454.49    | 0.04%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                 | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432NK7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108428.93    | 0.04%             | 2046-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                               | Navient Private Education Refi Loan Trust 2021-A                                | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136885 | PA      | $124436.10    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Netflix Inc                                                              | Netflix Inc                                                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       251 | NS      | $284061.72    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                                             | Newmont Corp                                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     17216 | NS      | $906938.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC                                                              | Ovintiv Inc                                                                     | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121797.29    | 0.05%             | 2053-07-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| PBF Energy Inc                                                           | PBF Energy Inc                                                                  | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     11786 | NS      | $202483.48    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                                   | Palo Alto Networks Inc                                                          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4381 | NS      | $818940.33    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                                      | Paycom Software Inc                                                             | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      4407 | NS      | $997700.73    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                                                          | Pegasystems Inc                                                                 | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      3610 | NS      | $332408.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                                 | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $215223.38    | 0.08%             | 2028-05-01      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| QUALCOMM Inc                                                             | QUALCOMM Inc                                                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     20295 | NS      | $3012995.70   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                                            | Regeneron Pharmaceuticals Inc                                                   | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       841 | NS      | $503557.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                   | Regions Financial Corp                                                          | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    165000 | PA      | $168751.54    | 0.07%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust                                | SFS Auto Receivables Securitization Trust 2023-1                                | CUSIP: 78398AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $232134.27    | 0.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                   | Santander Drive Auto Receivables Trust 2023-3                                   | CUSIP: 80285XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $256454.24    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                                  | Securitized Term Auto Receivables Trust                                         | CUSIP: 81378RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    261163 | PA      | $262532.59    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Skyworks Solutions Inc                                                   | Skyworks Solutions Inc                                                          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     13647 | NS      | $877229.16    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                              | Southern Co/The                                                                 | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172728.59    | 0.07%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sprouts Farmers Market Inc                                               | Sprouts Farmers Market Inc                                                      | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      3562 | NS      | $609102.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                                        | State Street Corp                                                               | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     23277 | NS      | $2050703.70   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                                                       | Steel Dynamics Inc                                                              | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       766 | NS      | $99357.86     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                                                   | Synovus Financial Corp                                                          | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161520.96    | 0.06%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                      | Synchrony Financial                                                             | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6068 | NS      | $315232.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298180.10    | 0.12%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp                                                     | Targa Resources Corp                                                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      3317 | NS      | $566875.30    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63972.79     | 0.02%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Teradyne Inc                                                             | Teradyne Inc                                                                    | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     18761 | NS      | $1392253.81   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                                | Tesla Inc                                                                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       681 | NS      | $192150.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Financial Corp                                                   | Textron Financial Corp                                                          | CUSIP: 883199AR2<br>LEI: 4E8B2CNXPE5P5AY03O18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36381.12     | 0.01%             | 2042-02-15      | Variable      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Tidewater Inc                                                            | Tidewater Inc                                                                   | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      1133 | NS      | $41003.27     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Auto Loan Extended Note Trust                                     | Toyota Auto Loan Extended Note Trust 2023-1                                     | CUSIP: 89231WAA1<br>LEI: 5493000KI9FC40RVHF71 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255434.80    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES                                                    | TransCanada PipeLines Ltd                                                       | CUSIP: 89352HAD1<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $5122.82      | 0.00%             | 2037-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                                                          | Ulta Beauty Inc                                                                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       711 | NS      | $281300.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $91448.06     | 0.04%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $317304.65    | 0.12%             | 2053-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    475000 | PA      | $440934.76    | 0.17%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2700000 | PA      | $2674247.94   | 1.04%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $476808.70    | 0.19%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $537819.21    | 0.21%             | 2029-08-31      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1114424.19   | 0.43%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    295000 | PA      | $299607.46    | 0.12%             | 2028-07-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $359991.38    | 0.14%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     55000 | PA      | $54585.01     | 0.02%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3900000 | PA      | $4046846.31   | 1.58%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $101180.81    | 0.04%             | 2032-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $301414.77    | 0.12%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                                               | Verizon Communications Inc                                                      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      1760 | NS      | $77545.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                                 | Visa Inc                                                                        | CUSIP: 92826CAD4<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69463.69     | 0.03%             | 2025-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201608.34    | 0.08%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                    | Wells Fargo Commercial Mortgage Trust 2024-5C2                                  | CUSIP: 95003UAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $229557.89    | 0.09%             | 2057-11-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                 | Western Gas Partners LP                                                         | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9923.67      | 0.00%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp                                                      | Xerox Holdings Corp                                                             | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |     15452 | NS      | $68143.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                                                | ZoomInfo Technologies Inc                                                       | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     12922 | NS      | $110612.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR NOTE (CBT)JUN25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        10 | NC      | $14976.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR ULTRA FUT JUN25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        17 | NC      | $31090.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US LONG BOND(CBT) JUN25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         1 | NC      | $593.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                                                  | CRH PLC                                                                         | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      2537 | NS      | $242080.54    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC                                            | Weatherford International PLC                                                   | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     10462 | NS      | $433126.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                                                           | SharkNinja Inc                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11626 | NS      | $935893.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                                              | Royal Caribbean Cruises Ltd                                                     | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       899 | NS      | $193204.09    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                                    | Spotify Technology SA                                                           | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      4306 | NS      | $2643797.88   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                                                            | AIA Group Ltd                                                                   | CUSIP: 00131LAK1<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    400000 | PA      | $301395.15    | 0.12%             | 2040-09-16      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $405974.44    | 0.16%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co Inc                                                 | Acadia Healthcare Co Inc                                                        | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |      1711 | NS      | $40037.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc                                                       | Albertsons Cos Inc                                                              | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |     11638 | NS      | $255803.24    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                                              | Alnylam Pharmaceuticals Inc                                                     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       549 | NS      | $144518.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice USA Inc                                                           | Altice USA Inc                                                                  | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     83798 | NS      | $207819.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORP                                                              | Ameren Corp                                                                     | CUSIP: 023608AL6<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86210.64     | 0.03%             | 2027-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                              | BBCMS Mortgage Trust 2024-5C27                                                  | CUSIP: 05555FAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $257425.53    | 0.10%             | 2057-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                  | CUSIP: 10373QAT7<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    135000 | PA      | $133381.26    | 0.05%             | 2026-05-04      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CH Robinson Worldwide Inc                                                | CH Robinson Worldwide Inc                                                       | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      2734 | NS      | $243927.48    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                                      | Cheniere Energy Inc                                                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      4608 | NS      | $1064954.88   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Auto Receivables Trust                                          | Citizens Auto Receivables Trust 2024-2                                          | CUSIP: 17331XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302992.53    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                 | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76793.45     | 0.03%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Community Health Systems Inc                                             | Community Health Systems Inc                                                    | CUSIP: 203668108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28629 | NS      | $78157.17     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle International Corp                                                 | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    150000 | PA      | $148352.09    | 0.06%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                                                                | DLLAA 2025-1 LLC                                                                | CUSIP: 233249AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $307578.38    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Digital Realty Trust Inc                                                 | Digital Realty Trust Inc                                                        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      2500 | NS      | $401350.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                                          | Dollar Tree Inc                                                                 | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      9408 | NS      | $769292.16    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                                                 | Elanco Animal Health Inc                                                        | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     51357 | NS      | $486864.36    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31376KMJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4179 | PA      | $4324.14      | 0.00%             | 2035-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HCY63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    174719 | PA      | $174587.61    | 0.07%             | 2054-06-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140J9ZL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9236 | PA      | $8456.51      | 0.00%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31412RMM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17524 | PA      | $16917.80     | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31417YW45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15030 | PA      | $14880.30     | 0.01%             | 2041-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| First National Master Note Trust                                         | First National Master Note Trust                                                | CUSIP: 32113CBV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $347293.20    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    275000 | PA      | $268773.82    | 0.10%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                                                 | Fox Corp                                                                        | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     23793 | NS      | $1184653.47   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                      | GS Mortgage-Backed Securities Trust 2023-PJ1                                    | CUSIP: 36267TAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    347950 | PA      | $306168.65    | 0.12%             | 2053-02-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| General Dynamics Corp                                                    | General Dynamics Corp                                                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       410 | NS      | $111569.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                                      | General Electric Co                                                             | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      1348 | NS      | $271675.92    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Televisa SAB                                                       | Grupo Televisa SAB                                                              | CUSIP: 40049JBC0<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |     30000 | PA      | $23198.48     | 0.01%             | 2046-01-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                   | JW Trust 2024-BERY                                                              | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $248826.00    | 0.10%             | 2039-11-15      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                  | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AW6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21633.32     | 0.01%             | 2038-01-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MSCI Inc                                                                 | MSCI Inc                                                                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       289 | NS      | $157536.79    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                                              | MetLife Inc                                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     10000 | PA      | $13047.04     | 0.01%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                           | Microsoft Corp                                                                  | CUSIP: 594918BS2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7144.17      | 0.00%             | 2036-08-08      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87863.80     | 0.03%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180057.63    | 0.07%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                                                 | Nationwide Mutual Insurance Co                                                  | CUSIP: 638671AN7<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |     55000 | PA      | $41446.93     | 0.02%             | 2050-04-30      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust                              | Navistar Financial Dealer Note Master Owner Trust II                            | CUSIP: 63938PBU2<br>LEI: 549300S28N49H5RT4J50 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100411.19    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NetApp Inc                                                               | NetApp Inc                                                                      | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      4462 | NS      | $400464.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ORL TRUST                                                                | ORL Trust 2024-GLKS                                                             | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $223592.04    | 0.09%             | 2039-12-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                 | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233565.19    | 0.09%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PENN MUTUAL LIFE INS CO                                                  | Penn Mutual Life Insurance Co/The                                               | CUSIP: 707567AC7<br>LEI: BIYXEJSLUQ3IWFUXX074 | Long             | DBT              | CORP              | US        |     15000 | PA      | $17107.52     | 0.01%             | 2040-06-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| ServiceNow Inc                                                           | ServiceNow Inc                                                                  | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       105 | NS      | $100276.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                                          | Southern Co/The                                                                 | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      7005 | NS      | $643689.45    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    340000 | PA      | $210341.48    | 0.08%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $312400.29    | 0.12%             | 2031-04-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Waste Management Inc                                                     | Waste Management Inc                                                            | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      1100 | NS      | $256696.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 5YR NOTE (CBT) JUN25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        38 | NC      | $73510.16     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                                   | Trane Technologies PLC                                                          | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       935 | NS      | $358394.85    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB CORP                                                                 | FNB Corp/PA                                                                     | CUSIP: 000000000<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    215000 | PA      | $214619.41    | 0.08%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                                           | Air Lease Corp                                                                  | CUSIP: 00914AAT9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226731.94    | 0.09%             | 2027-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| eBay Inc                                                                 | eBay Inc                                                                        | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3646 | NS      | $248511.36    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                            | Intercontinental Exchange Inc                                                   | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      5283 | NS      | $887385.51    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS INC                                                               | Leidos Inc                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    300000 | PA      | $259541.15    | 0.10%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Align Technology Inc                                                     | Align Technology Inc                                                            | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      3888 | NS      | $673790.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                                    | Applied Materials Inc                                                           | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1111 | NS      | $167438.81    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO Mortgage Trust                                                       | BMO 2023-C4 Mortgage Trust                                                      | CUSIP: 05610CAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $201065.76    | 0.08%             | 2056-02-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Securities Inc.                                    | Bear Stearns Mortgage Securities Inc                                            | CUSIP: 073914VW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         4 | PA      | $3.88         | 0.00%             | 2031-03-25      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                                                   | Boardwalk Pipelines LP                                                          | CUSIP: 096630AJ7<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110134.33    | 0.04%             | 2032-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Centene Corp                                                             | Centene Corp                                                                    | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      3856 | NS      | $230781.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                                                         | Cirrus Logic Inc                                                                | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      4701 | NS      | $451484.04    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    165000 | PA      | $145011.81    | 0.06%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                                                     | Colgate-Palmolive Co                                                            | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      7638 | NS      | $704147.22    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle Inc                                                                | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    350000 | PA      | $342465.74    | 0.13%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                                     | Daimler Finance North America LLC                                               | CUSIP: 233835AQ0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11823.07     | 0.00%             | 2031-01-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc                                                      | Electronic Arts Inc                                                             | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       826 | NS      | $119844.34    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                                                 | Essex Property Trust Inc                                                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       950 | NS      | $265192.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                                              | Exelon Corp                                                                     | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     11421 | NS      | $535644.90    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                       | Meta Platforms Inc                                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3673 | NS      | $2016477.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                         | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FRUS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    216943 | PA      | $205071.21    | 0.08%             | 2029-10-25      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HKMB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    780416 | PA      | $778719.80    | 0.30%             | 2055-03-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - Federated Mortgage Core Portfolio                 | FEDERATED CORE TR MTG CORE PORTFOLIO                                            | CUSIP: 31409N200<br>LEI: 254900WC9GWJKY8X3D48 | Long             | EC               | RF                | US        |   2247871 | NS      | $18724767.21  | 7.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31417YRW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12149 | PA      | $12315.09     | 0.00%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Co                                                            | Ford Motor Co                                                                   | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     22641 | NS      | $226636.41    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                                              | GoDaddy Inc                                                                     | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      9970 | NS      | $1877650.10   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The                                            | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     15297 | NS      | $166431.36    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hain Celestial Group Inc/The                                             | Hain Celestial Group Inc/The                                                    | CUSIP: 405217100<br>LEI: 5493000S8QXWHLIXDP75 | Long             | EC               | CORP              | US        |     20502 | NS      | $62326.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                                                    | Jackson Financial Inc                                                           | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     24198 | NS      | $1885266.18   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                                                  | Kite Realty Group Trust                                                         | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10200 | NS      | $220830.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                                                         | Knife River Corp                                                                | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4793 | NS      | $447570.34    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Foods Co                                                     | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13607.32     | 0.01%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                                               | MMAF Equipment Finance LLC 2023-A                                               | CUSIP: 55317WAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $309328.86    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                         | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4300.55      | 0.00%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                                    | Micron Technology Inc                                                           | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76078.59     | 0.03%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC                                                        | National Grid PLC                                                               | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $128927.40    | 0.05%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                   | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDM9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195105.06    | 0.08%             | 2055-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                                                  | O'Reilly Automotive Inc                                                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       446 | NS      | $631179.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195311.11    | 0.08%             | 2065-08-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PVH Corp                                                                 | PVH Corp                                                                        | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |      3827 | NS      | $263986.46    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    450000 | PA      | $472310.21    | 0.18%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                                     | Progressive Corp/The                                                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      5160 | NS      | $1453778.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                   | Roper Technologies Inc                                                          | CUSIP: 776743AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    175000 | PA      | $153198.35    | 0.06%             | 2030-06-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                             | United Airlines Holdings Inc                                                    | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      7350 | NS      | $505827.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                      | CUSIP: 91159HJA9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $212983.74    | 0.08%             | 2030-07-22      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $453845.84    | 0.18%             | 2027-02-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Veralto Corp                                                             | Veralto Corp                                                                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     23802 | NS      | $2282611.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                      | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84745.17     | 0.03%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower Inc                                                                   | CUSIP: 95040QAK0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    185000 | PA      | $180302.38    | 0.07%             | 2027-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US ULTRA BOND CBT JUN25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        17 | NC      | $48335.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     11000 | PA      | $7283.92      | 0.00%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| DLLMT LLC                                                                | DLLMT 2023-1 LLC                                                                | CUSIP: 232989AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203487.36    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                              | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192617.87    | 0.08%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - High Yield Bond Portfolio                         | FED HIGH YLD BOND PORT                                                          | CUSIP: 000000000<br>LEI: 549300FJ1PZWFDNRP685 | Long             | EC               | RF                | US        |    479873 | NS      | $2677693.90   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140J82W2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12588 | PA      | $11940.34     | 0.00%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31418ASU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18511 | PA      | $16777.18     | 0.01%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                 | CUSIP: 37045XDS2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $150051.20    | 0.06%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust                                                    | HPEFS Equipment Trust 2024-2                                                    | CUSIP: 40444MAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $409014.58    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MICROSOFT CORP                                                           | Microsoft Corp                                                                  | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      7000 | PA      | $4651.25      | 0.00%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Moderna Inc                                                              | Moderna Inc                                                                     | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |     37945 | NS      | $1082950.30   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley                                                                  | CUSIP: 6174468C6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14979.17     | 0.01%             | 2025-07-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                           | Public Storage                                                                  | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |       450 | NS      | $135193.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                                                     | SPX Technologies Inc                                                            | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      6476 | NS      | $868755.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                                           | SYNNEX Corp                                                                     | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      2028 | NS      | $224702.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                                                      | Terreno Realty Corp                                                             | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |      4000 | NS      | $225320.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSIONST HIGHWAY FUND REVENUE                     | Texas Transportation Commission State Highway Fund                              | CUSIP: 88283LHU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30690.68     | 0.01%             | 2030-04-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     75000 | PA      | $76441.73     | 0.03%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Virtu Financial Inc                                                      | Virtu Financial Inc                                                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     10476 | NS      | $410135.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                                               | Axalta Coating Systems Ltd                                                      | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      3051 | NS      | $99157.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140J9SN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7063 | PA      | $6256.18      | 0.00%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Globe Life Inc                                                           | Globe Life Inc                                                                  | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      1950 | NS      | $240513.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    675000 | PA      | $654227.69    | 0.26%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $910685.07    | 0.36%             | 2032-02-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                                           | American Electric Power Co Inc                                                  | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      3331 | NS      | $360880.54    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                                           | Atlassian Corp                                                                  | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       545 | NS      | $124428.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies                                            | Atmus Filtration Technologies Inc                                               | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12831 | NS      | $444850.77    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BMW Vehicle Lease Trust                                                  | BMW Vehicle Lease Trust                                                         | CUSIP: 05613MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $284358.65    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2024-BNK48                                                                 | CUSIP: 06541GAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $292049.37    | 0.11%             | 2057-10-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                            | Citigroup Inc                                                                   | CUSIP: 172967KN0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168403.56    | 0.07%             | 2026-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Cousins Properties Inc                                                   | Cousins Properties Inc                                                          | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      9000 | NS      | $247860.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                         | Duke Energy Corp                                                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      4209 | NS      | $513582.18    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Emera US Finance LP                                                      | Emera US Finance LP                                                             | CUSIP: 29103DAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $112940.50    | 0.04%             | 2046-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                                              | Exelon Corp                                                                     | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197841.00    | 0.08%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae REMICS                                                               | CUSIP: 3136BVMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    391071 | PA      | $390555.82    | 0.15%             | 2054-09-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                         | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HBC51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $206053.06    | 0.08%             | 2030-11-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3138WPLH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13340 | PA      | $12111.55     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - Federated Bank Loan Core Fund                     | FEDERATED CORE TR FEDERATED BANK LOAN CORE FUND                                 | CUSIP: 31409N804<br>LEI: 549300FJK5JF0KIC2N83 | Long             | EC               | RF                | US        |     13698 | NS      | $116846.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31418UV84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21996 | PA      | $21795.89     | 0.01%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| General Motors                                                           | GMF Floorplan Owner Revolving Trust                                             | CUSIP: 361886DG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302973.90    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                             | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4657.23      | 0.00%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Hartford Insurance Group Inc/T                                           | Hartford Financial Services Group Inc/The                                       | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1653 | NS      | $202773.51    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                                             | Illumina Inc                                                                    | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      8718 | NS      | $676516.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                                            | Interactive Brokers Group Inc                                                   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      3851 | NS      | $661794.35    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Credit Owner Trust                                                | Kubota Credit Owner Trust 2023-2                                                | CUSIP: 500945AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $306674.36    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kroger Co/The                                                            | Kroger Co/The                                                                   | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      3632 | NS      | $262266.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                                                 | Lennox International Inc                                                        | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      2095 | NS      | $1145441.25   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley                                                                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3640 | NS      | $420128.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                                | Palantir Technologies Inc                                                       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      5115 | NS      | $605820.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc                                                         | Pitney Bowes Inc                                                                | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |     17484 | NS      | $151761.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                                              | ROBLOX Corp                                                                     | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7901 | NS      | $529762.05    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                                  | UDR Inc                                                                         | CUSIP: 90265EAL4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |     70000 | PA      | $68661.26     | 0.03%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                         | CUSIP: 90265EAT7<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |    200000 | PA      | $162492.12    | 0.06%             | 2032-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1675000 | PA      | $1704895.23   | 0.66%             | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    278828 | PA      | $283491.84    | 0.11%             | 2029-10-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| UNIV SOUTHERN CALIFORNIA                                                 | University of Southern California                                               | CUSIP: 914886AA4<br>LEI: 0GMCSQ6M60R4T46U5511 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9254.52      | 0.00%             | 2111-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                                                     | Verisk Analytics Inc                                                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2822 | NS      | $836525.46    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                                      | VICI Properties Inc                                                             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     11000 | NS      | $352220.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                 | Virginia Electric and Power Co                                                  | CUSIP: 927804GL2<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233923.19    | 0.09%             | 2053-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                 | Visa Inc                                                                        | CUSIP: 92826CAE2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14280.14     | 0.01%             | 2035-12-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC Energy Group Inc                                                            | CUSIP: 92939UAE6<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    103000 | PA      | $89349.08     | 0.03%             | 2030-10-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Zoom Communications Inc                                                  | Zoom Video Communications Inc                                                   | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1319 | NS      | $102275.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-24

**Name of Applicant:** Federated Hermes MDT Series

**Signature:** Stephen Van Meter

**Name of Signer:** Federated Hermes MDT Series

**Title:** Chief Compliance Officer