# EDGAR Filing Document

**Accession Number:** 0001363526
**File Stem:** 0001193125-25-329835
**Filing Date:** 2025-12
**Character Count:** 301323
**Document Hash:** 9b85ac634a38e7d7eb7b6effa09d1007
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329835.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-329835

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**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:** 251595057

**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

October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | COMMON STOCKS—56.1% |  |
|  | **Communication Services—5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 26816 | Alphabet, Inc., Class A | &nbsp;&nbsp; $7540391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83798<br><sup>1</sup> <br>| Altice USA, Inc. | &nbsp;&nbsp; 186870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19336<br><sup>1</sup> <br>| CarGurus, Inc. | &nbsp;&nbsp; 679080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21112<br><sup>1</sup> <br>| Cars.com, Inc. | &nbsp;&nbsp; 226743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19091 | Fox Corp. | &nbsp;&nbsp; 1234233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5247<br><sup>1</sup> <br>| Grindr, Inc. | &nbsp;&nbsp; 72723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451<br><sup>1</sup> <br>| Live Nation Entertainment, Inc. | &nbsp;&nbsp; 67438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6209 | Meta Platforms, Inc. | &nbsp;&nbsp; 4025605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100<br><sup>1</sup> <br>| Netflix, Inc. | &nbsp;&nbsp; 1230746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2707<br><sup>1</sup> <br>| Reddit, Inc. | &nbsp;&nbsp; 565628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6346<br><sup>1</sup> <br>| ROBLOX Corp. | &nbsp;&nbsp; 721667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2654 | Verizon Communications, Inc. | &nbsp;&nbsp; 105470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12922<br><sup>1</sup> <br>| ZoomInfo Technologies, Inc. | &nbsp;&nbsp; 144985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 16801579 |
|  | **Consumer Discretionary—5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 45584 | Advance Auto Parts, Inc. | &nbsp;&nbsp; 2148374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18043<br><sup>1</sup> <br>| Amazon.com, Inc. | &nbsp;&nbsp; 4406461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171<br><sup>1</sup> <br>| AutoZone, Inc. | &nbsp;&nbsp; 628328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6656<br><sup>1</sup> <br>| Capri Holdings Ltd. | &nbsp;&nbsp; 138112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955<br><sup>1</sup> <br>| Deckers Outdoor Corp. | &nbsp;&nbsp; 77832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2781<br><sup>1</sup> <br>| DoorDash, Inc. | &nbsp;&nbsp; 707403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3646 | eBay, Inc. | &nbsp;&nbsp; 296456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999<br><sup>1</sup> <br>| Expedia Group, Inc. | &nbsp;&nbsp; 879780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9237<br><sup>1</sup> <br>| Five Below, Inc. | &nbsp;&nbsp; 1452703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22641 | Ford Motor Co. | &nbsp;&nbsp; 297276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15297<br><sup>1</sup> <br>| Goodyear Tire & Rubber Co. | &nbsp;&nbsp; 105396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 | McDonald's Corp. | &nbsp;&nbsp; 375425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 | Murphy USA, Inc. | &nbsp;&nbsp; 230681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5324<br><sup>1</sup> <br>| O'Reilly Automotive, Inc. | &nbsp;&nbsp; 502799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3827 | PVH Corp. | &nbsp;&nbsp; 299769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 167509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634<br><sup>1</sup> <br>| SharkNinja, Inc. | &nbsp;&nbsp; 310707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2719<br><sup>1</sup> <br>| Tesla, Inc. | &nbsp;&nbsp; 1241387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3427 | TJX Cos., Inc. | &nbsp;&nbsp; 480260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711<br><sup>1</sup> <br>| Ulta Beauty, Inc. | &nbsp;&nbsp; 369635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30877<br><sup>1</sup> <br>| Viking Holdings Ltd. | &nbsp;&nbsp; 1878865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 | Yum! Brands, Inc. | &nbsp;&nbsp; 120243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 17115401 |
|  | **Consumer Staples—2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11638 | Albertsons Cos., Inc. | &nbsp;&nbsp; 205876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710 | Coca-Cola Bottling Co. | &nbsp;&nbsp; 353330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7583 | Colgate-Palmolive Co. | &nbsp;&nbsp; 584270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695 | Costco Wholesale Corp. | &nbsp;&nbsp; 1544908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9408<br><sup>1</sup> <br>| Dollar Tree, Inc. | &nbsp;&nbsp; 932521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6706 | Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp; 648403 |

---

**1**

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---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Consumer Staples—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5628 | Kimberly-Clark Corp. | &nbsp;&nbsp; $673728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4410 | Kroger Co. | &nbsp;&nbsp; 280608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21095<br><sup>1</sup> <br>| Maplebear, Inc. | &nbsp;&nbsp; 777561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11387 | Philip Morris International, Inc. | &nbsp;&nbsp; 1643486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6288 | WalMart, Inc. | &nbsp;&nbsp; 636220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 8280911 |
|  | **Energy—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4608 | Cheniere Energy, Inc. | &nbsp;&nbsp; 976896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5092 | EOG Resources, Inc. | &nbsp;&nbsp; 538937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11786 | PBF Energy, Inc. | &nbsp;&nbsp; 402728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2760 | Targa Resources, Inc. | &nbsp;&nbsp; 425150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10462 | Weatherford International PLC | &nbsp;&nbsp; 770945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3114656 |
|  | **Financials—7.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3497 | Aflac, Inc. | &nbsp;&nbsp; 374843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4958 | Ameriprise Financial, Inc. | &nbsp;&nbsp; 2244834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157<br><sup>1</sup> <br>| Arch Capital Group Ltd. | &nbsp;&nbsp; 99861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16842 | Bank of New York Mellon Corp. | &nbsp;&nbsp; 1817757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512 | Cboe Global Markets, Inc. | &nbsp;&nbsp; 371408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | Charles Schwab Corp. | &nbsp;&nbsp; 295659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | CME Group, Inc. | &nbsp;&nbsp; 70355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6011 | Corebridge Financial, Inc. | &nbsp;&nbsp; 195718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289<br><sup>1</sup> <br>| Fiserv, Inc. | &nbsp;&nbsp; 85963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950 | Globe Life, Inc. | &nbsp;&nbsp; 256445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 | Goldman Sachs Group, Inc. | &nbsp;&nbsp; 384423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8918 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 627471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4959 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 725452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24198 | Jackson Financial, Inc. | &nbsp;&nbsp; 2439400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002 | Mastercard, Inc. | &nbsp;&nbsp; 1105084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 | Morgan Stanley | &nbsp;&nbsp; 144156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 | MSCI, Inc., Class A | &nbsp;&nbsp; 170091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10570 | Northern Trust Corp. | &nbsp;&nbsp; 1360042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4923<br><sup>1</sup> <br>| PayPal Holdings, Inc. | &nbsp;&nbsp; 341016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7026 | Progressive Corp., OH | &nbsp;&nbsp; 1447356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19050 | Prudential Financial, Inc. | &nbsp;&nbsp; 1981200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22861 | State Street Corp. | &nbsp;&nbsp; 2644103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6068 | Synchrony Financial | &nbsp;&nbsp; 451338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347 | The Hartford Insurance Group, Inc. | &nbsp;&nbsp; 167270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7870 | The Travelers Cos., Inc. | &nbsp;&nbsp; 2114039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10476 | Virtu Financial, Inc. | &nbsp;&nbsp; 364984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2834 | Visa, Inc., Class A | &nbsp;&nbsp; 965657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31056 | Western Union Co. | &nbsp;&nbsp; 289753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 23535678 |
|  | **Health Care—5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14292 | AbbVie, Inc. | &nbsp;&nbsp; 3116228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3612<br><sup>1</sup> <br>| Align Technology, Inc. | &nbsp;&nbsp; 498023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549<br><sup>1</sup> <br>| Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp; 250366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5790 | Amgen, Inc. | &nbsp;&nbsp; 1727910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7913<br><sup>1</sup> <br>| AnaptysBio, Inc. | &nbsp;&nbsp; 289457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020<br><sup>1</sup> <br>| Biogen, Inc. | &nbsp;&nbsp; 311625 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2473<br><sup>1</sup> <br>| BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp; $132479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694 | Cardinal Health, Inc. | &nbsp;&nbsp; 323164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3840 | Cencora, Inc. | &nbsp;&nbsp; 1297190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010<br><sup>1</sup> <br>| Charles River Laboratories International, Inc. | &nbsp;&nbsp; 181871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28629<br><sup>1</sup> <br>| Community Health Systems, Inc. | &nbsp;&nbsp; 111080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20319<br><sup>1</sup> <br>| Dexcom, Inc. | &nbsp;&nbsp; 1182972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51357<br><sup>1</sup> <br>| Elanco Animal Health, Inc. | &nbsp;&nbsp; 1137557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3373 | Gilead Sciences, Inc. | &nbsp;&nbsp; 404052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122 | Humana, Inc. | &nbsp;&nbsp; 590319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7715<br><sup>1</sup> <br>| Illumina, Inc. | &nbsp;&nbsp; 953111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11363<br><sup>1</sup> <br>| Incyte Genomics, Inc. | &nbsp;&nbsp; 1062213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2803 | Johnson & Johnson | &nbsp;&nbsp; 529403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4153 | Merck & Co., Inc. | &nbsp;&nbsp; 357075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31462<br><sup>1</sup> <br>| Moderna, Inc. | &nbsp;&nbsp; 854508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5672<br><sup>1</sup> <br>| Omnicell, Inc. | &nbsp;&nbsp; 190409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1910<br><sup>1</sup> <br>| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 1244938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | Teleflex, Inc. | &nbsp;&nbsp; 90116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173<br><sup>1</sup> <br>| Veeva Systems, Inc. | &nbsp;&nbsp; 50378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708<br><sup>1</sup> <br>| Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp; 301304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4663<br><sup>1</sup> <br>| Waystar Holding Corp. | &nbsp;&nbsp; 167169 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 17354917 |
|  | **Industrials—5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571 | Allegion PLC | &nbsp;&nbsp; 260425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8207 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp; 677488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12831 | Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 583554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5476 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 477288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734 | C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 421009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1088 | GE Aerospace | &nbsp;&nbsp; 336137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6763 | GE Vernova, Inc. | &nbsp;&nbsp; 3957302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 | General Dynamics Corp. | &nbsp;&nbsp; 211768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095 | Lennox International, Inc. | &nbsp;&nbsp; 1057975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273 | Lockheed Martin Corp. | &nbsp;&nbsp; 626163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4245 | Paycom Software, Inc. | &nbsp;&nbsp; 794197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17484 | Pitney Bowes, Inc. | &nbsp;&nbsp; 172742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 | Ryder System, Inc. | &nbsp;&nbsp; 123876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6476<br><sup>1</sup> <br>| SPX Technologies, Inc. | &nbsp;&nbsp; 1449912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 | Trane Technologies PLC | &nbsp;&nbsp; 361612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5826<br><sup>1</sup> <br>| Uber Technologies, Inc. | &nbsp;&nbsp; 562209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6303<br><sup>1</sup> <br>| United Airlines Holdings, Inc. | &nbsp;&nbsp; 592734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22723 | Veralto Corp. | &nbsp;&nbsp; 2242306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370 | Verisk Analytics, Inc. | &nbsp;&nbsp; 518461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 | Vertiv Holdings Co. | &nbsp;&nbsp; 50915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 15478073 |
|  | **Information Technology—18.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4377 | Accenture PLC | &nbsp;&nbsp; 1094688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10897<br><sup>1</sup> <br>| Adobe, Inc. | &nbsp;&nbsp; 3708358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30922 | Apple, Inc. | &nbsp;&nbsp; 8360381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303<br><sup>1</sup> <br>| AppLovin Corp. | &nbsp;&nbsp; 193111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4478<br><sup>1</sup> <br>| Arista Networks, Inc. | &nbsp;&nbsp; 706136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13776 | Broadcom, Inc. | &nbsp;&nbsp; 5092023 |

---

**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; 4701<br><sup>1</sup> <br>| Cirrus Logic, Inc. | &nbsp;&nbsp; $623588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2931<br><sup>1</sup> <br>| Commvault Systems, Inc. | &nbsp;&nbsp; 408054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416<br><sup>1</sup> <br>| Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 453290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3905 | Dell Technologies, Inc. | &nbsp;&nbsp; 632649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14042<br><sup>1</sup> <br>| DXC Technology Co. | &nbsp;&nbsp; 199396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9485<br><sup>1</sup> <br>| Enphase Energy, Inc. | &nbsp;&nbsp; 289387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8913<br><sup>1</sup> <br>| GoDaddy, Inc. | &nbsp;&nbsp; 1186588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11792 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 287961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | IBM Corp. | &nbsp;&nbsp; 101138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5350<br><sup>1</sup> <br>| Life360, Inc. | &nbsp;&nbsp; 528099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293<br><sup>1</sup> <br>| Lumentum Holdings, Inc. | &nbsp;&nbsp; 59057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2739 | Microchip Technology, Inc. | &nbsp;&nbsp; 170968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 | Micron Technology, Inc. | &nbsp;&nbsp; 186624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21627 | Microsoft Corp. | &nbsp;&nbsp; 11198677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4044 | NetApp, Inc. | &nbsp;&nbsp; 476302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27671<br><sup>1</sup> <br>| Nutanix, Inc. | &nbsp;&nbsp; 1971282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40355 | NVIDIA Corp. | &nbsp;&nbsp; 8171484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131<br><sup>1</sup> <br>| Onto Innovation, Inc. | &nbsp;&nbsp; 152640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15245<br><sup>1</sup> <br>| Palantir Technologies, Inc. | &nbsp;&nbsp; 3056165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334<br><sup>1</sup> <br>| Palo Alto Networks, Inc. | &nbsp;&nbsp; 293800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5556 | Pegasystems, Inc. | &nbsp;&nbsp; 353639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875<br><sup>1</sup> <br>| Qorvo, Inc. | &nbsp;&nbsp; 177975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1899 | Qualcomm, Inc. | &nbsp;&nbsp; 343529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477<br><sup>1</sup> <br>| Rubrik, Inc. | &nbsp;&nbsp; 111174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5013 | Salesforce, Inc. | &nbsp;&nbsp; 1305435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12135 | Skyworks Solutions, Inc. | &nbsp;&nbsp; 943132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 | TD SYNNEX Corp. | &nbsp;&nbsp; 317362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9513 | Teradyne, Inc. | &nbsp;&nbsp; 1729083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7238 | Vishay Intertechnology, Inc. | &nbsp;&nbsp; 122901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15452 | Xerox Holdings Corp. | &nbsp;&nbsp; 51301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319<br><sup>1</sup> <br>| Zoom Communications, Inc. | &nbsp;&nbsp; 115056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2580<br><sup>1</sup> <br>| Zscaler, Inc. | &nbsp;&nbsp; 854341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 56026774 |
|  | **Materials—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1484 | Alcoa Corp. | &nbsp;&nbsp; 54596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3051<br><sup>1</sup> <br>| Axalta Coating Systems Ltd. | &nbsp;&nbsp; 86862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34581 | Celanese Corp. | &nbsp;&nbsp; 1329294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3359 | FMC Corp. | &nbsp;&nbsp; 50956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19455 | Newmont Corp. | &nbsp;&nbsp; 1575271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3096979 |
|  | **Real Estate—2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Acadia Realty Trust | &nbsp;&nbsp; 114420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200 | Agree Realty Corp. | &nbsp;&nbsp; 233632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 | American Tower Corp. | &nbsp;&nbsp; 152133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 | Cousins Properties, Inc. | &nbsp;&nbsp; 111499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500 | Cubesmart | &nbsp;&nbsp; 169515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | DiamondRock Hospitality Co. | &nbsp;&nbsp; 156400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3050 | Digital Realty Trust, Inc. | &nbsp;&nbsp; 519750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650 | EastGroup Properties, Inc. | &nbsp;&nbsp; 287975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 | Equinix, Inc. | &nbsp;&nbsp; 355324 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COMMON STOCKS—continued |  |
|  | **Real Estate—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | Essex Property Trust, Inc. | &nbsp;&nbsp; $113297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | Extra Space Storage, Inc. | &nbsp;&nbsp; 333850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 160200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10200 | Kite Realty Group Trust | &nbsp;&nbsp; 225828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | Mid-American Apartment Communities, Inc. | &nbsp;&nbsp; 179522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200 | ProLogis, Inc. | &nbsp;&nbsp; 521178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | Public Storage | &nbsp;&nbsp; 111424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Simon Property Group, Inc. | &nbsp;&nbsp; 703040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000 | Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 141600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10100 | Tanger, Inc. | &nbsp;&nbsp; 328856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9100 | Ventas, Inc. | &nbsp;&nbsp; 671489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17200 | VICI Properties, Inc. | &nbsp;&nbsp; 515828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | Welltower, Inc. | &nbsp;&nbsp; 977616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7084376 |
|  | **Utilities—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1948 | American Electric Power Co., Inc. | &nbsp;&nbsp; 234267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5061 | Duke Energy Corp. | &nbsp;&nbsp; 629082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9147 | Edison International | &nbsp;&nbsp; 506561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12848 | Exelon Corp. | &nbsp;&nbsp; 592550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1277 | WEC Energy Group, Inc. | &nbsp;&nbsp; 142679 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2105139 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS <br>(IDENTIFIED COST $132,580,162)<br>| &nbsp;&nbsp; 169994483 |
|  | U.S. TREASURIES—8.6% |  |
|  | **Treasury Inflation-Indexed Note—1.0%** |  |
| $283121 | U.S. Treasury Inflation-Protected Notes, 1.625%, 10/15/2029 | &nbsp;&nbsp; 287849 |
| &nbsp;&nbsp; 1729988 | U.S. Treasury Inflation-Protected Notes, 1.625%, 4/15/2030 | &nbsp;&nbsp; 1751607 |
| &nbsp;&nbsp; 1008870 | U.S. Treasury Inflation-Protected Notes, 1.875%, 7/15/2035 | &nbsp;&nbsp; 1017625 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3057081 |
|  | **U.S. Treasury Bond—1.6%** |  |
| &nbsp;&nbsp; 340000 | United States Treasury Bond, 2.250%, 2/15/2052 | &nbsp;&nbsp; 213220 |
| &nbsp;&nbsp; 125000 | United States Treasury Bond, 3.000%, 8/15/2052 | &nbsp;&nbsp; 92368 |
| &nbsp;&nbsp; 50000 | United States Treasury Bond, 3.250%, 5/15/2042 | &nbsp;&nbsp; 42353 |
| &nbsp;&nbsp; 225000 | United States Treasury Bond, 3.375%, 8/15/2042 | &nbsp;&nbsp; 193234 |
| &nbsp;&nbsp; 350000 | United States Treasury Bond, 4.125%, 8/15/2053 | &nbsp;&nbsp; 319273 |
| &nbsp;&nbsp; 475000 | United States Treasury Bond, 4.250%, 8/15/2054 | &nbsp;&nbsp; 442794 |
| &nbsp;&nbsp; 485000 | United States Treasury Bond, 4.500%, 11/15/2054 | &nbsp;&nbsp; 471512 |
| &nbsp;&nbsp; 750000 | United States Treasury Bond, 4.625%, 2/15/2055 | &nbsp;&nbsp; 744256 |
| &nbsp;&nbsp; 1930000 | United States Treasury Bond, 4.750%, 5/15/2055 | &nbsp;&nbsp; 1954870 |
| &nbsp;&nbsp; 450000 | United States Treasury Bond, 4.750%, 8/15/2055 | &nbsp;&nbsp; 456047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4929927 |
|  | **U.S. Treasury Note—6.0%** |  |
| &nbsp;&nbsp; 500000 | United States Treasury Note, 2.375%, 3/31/2029 | &nbsp;&nbsp; 480025 |
| &nbsp;&nbsp; 500000 | United States Treasury Note, 2.750%, 5/31/2029 | &nbsp;&nbsp; 485189 |
| &nbsp;&nbsp; 550000 | United States Treasury Note, 3.125%, 8/31/2029 | &nbsp;&nbsp; 539631 |
| &nbsp;&nbsp; 1300000 | United States Treasury Note, 3.500%, 9/30/2027 | &nbsp;&nbsp; 1297523 |
| &nbsp;&nbsp; 800000 | United States Treasury Note, 3.500%, 10/31/2027 | &nbsp;&nbsp; 798500 |
| &nbsp;&nbsp; 1275000 | United States Treasury Note, 3.625%, 8/31/2027 | &nbsp;&nbsp; 1275203 |
| &nbsp;&nbsp; 650000 | United States Treasury Note, 3.625%, 8/31/2030 | &nbsp;&nbsp; 647801 |
| &nbsp;&nbsp; 1100000 | United States Treasury Note, 3.625%, 9/30/2030 | &nbsp;&nbsp; 1096047 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. TREASURIES—continued |  |
|  | **U.S. Treasury Note—continued** |  |
| $300000 | United States Treasury Note, 3.625%, 10/31/2030 | &nbsp;&nbsp; $298898 |
| &nbsp;&nbsp; 950000 | United States Treasury Note, 3.750%, 4/30/2027 | &nbsp;&nbsp; 951546 |
| &nbsp;&nbsp; 675000 | United States Treasury Note, 3.750%, 6/30/2027 | &nbsp;&nbsp; 676356 |
| &nbsp;&nbsp; 300000 | United States Treasury Note, 3.750%, 10/31/2032 | &nbsp;&nbsp; 297422 |
| &nbsp;&nbsp; 150000 | United States Treasury Note, 3.875%, 6/15/2028 | &nbsp;&nbsp; 151071 |
| &nbsp;&nbsp; 1320000 | United States Treasury Note, 3.875%, 6/30/2030 | &nbsp;&nbsp; 1330024 |
| &nbsp;&nbsp; 750000 | United States Treasury Note, 4.000%, 2/28/2030 | &nbsp;&nbsp; 759612 |
| &nbsp;&nbsp; 525000 | United States Treasury Note, 4.000%, 3/31/2030 | &nbsp;&nbsp; 531708 |
| &nbsp;&nbsp; 100000 | United States Treasury Note, 4.000%, 7/31/2030 | &nbsp;&nbsp; 101269 |
| &nbsp;&nbsp; 175000 | United States Treasury Note, 4.000%, 6/30/2032 | &nbsp;&nbsp; 176380 |
| &nbsp;&nbsp; 55000 | United States Treasury Note, 4.000%, 2/15/2034 | &nbsp;&nbsp; 55034 |
| &nbsp;&nbsp; 295000 | United States Treasury Note, 4.125%, 7/31/2028 | &nbsp;&nbsp; 299020 |
| &nbsp;&nbsp; 1675000 | United States Treasury Note, 4.125%, 10/31/2029 | &nbsp;&nbsp; 1703654 |
| &nbsp;&nbsp; 900000 | United States Treasury Note, 4.125%, 2/29/2032 | &nbsp;&nbsp; 914394 |
| &nbsp;&nbsp; 1760000<br><sup>2</sup> <br>| United States Treasury Note, 4.250%, 11/15/2034 | &nbsp;&nbsp; 1786784 |
| &nbsp;&nbsp; 400000 | United States Treasury Note, 4.250%, 8/15/2035 | &nbsp;&nbsp; 404938 |
| &nbsp;&nbsp; 350000 | United States Treasury Note, 4.375%, 11/30/2030 | &nbsp;&nbsp; 360425 |
| &nbsp;&nbsp; 75000 | United States Treasury Note, 4.375%, 5/15/2034 | &nbsp;&nbsp; 76977 |
| &nbsp;&nbsp; 400000 | United States Treasury Note, 4.500%, 12/31/2031 | &nbsp;&nbsp; 414731 |
| &nbsp;&nbsp; 300000 | United States Treasury Note, 4.625%, 4/30/2031 | &nbsp;&nbsp; 312818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 18222980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $26,144,988)<br>| &nbsp;&nbsp;&nbsp; 26209988 |
|  | CORPORATE BONDS—7.6% |  |
|  | **Basic Industry - Chemicals—0.0%** |  |
| &nbsp;&nbsp; 6000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 144A, 5.319%, 11/15/2038 | &nbsp;&nbsp; 6348 |
|  | **Basic Industry - Metals & Mining—0.1%** |  |
| &nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.500%, 5/2/2033 | &nbsp;&nbsp; 207668 |
| &nbsp;&nbsp; 15000 | Anglogold Ashanti Holdings PLC, Sr. Note, 6.500%, 4/15/2040 | &nbsp;&nbsp; 16076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223744 |
|  | **Capital Goods - Aerospace & Defense—0.2%** |  |
| &nbsp;&nbsp; 200000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | &nbsp;&nbsp; 136285 |
| &nbsp;&nbsp; 250000 | L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.500%, 8/15/2054 | &nbsp;&nbsp; 249802 |
| &nbsp;&nbsp; 300000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 2.300%, 2/15/2031 | &nbsp;&nbsp; 268862 |
| &nbsp;&nbsp; 15000 | Spirit AeroSystems, Inc., Sr. Unsecd. Note, 4.600%, 6/15/2028 | &nbsp;&nbsp; 15121 |
| &nbsp;&nbsp; 40000<br><sup>3</sup> <br>| Textron Financial Corp., Jr. Sub. Note, 144A, 6.207% (CME Term SOFR 3 Month +1.996%), 2/15/2042 | &nbsp;&nbsp; 36112 |
| &nbsp;&nbsp; 50000 | Textron, Inc., Sr. Unsecd. Note, 4.000%, 3/15/2026 | &nbsp;&nbsp; 49942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756124 |
|  | **Capital Goods - Building Materials—0.1%** |  |
| &nbsp;&nbsp; 225000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 5.600%, 5/29/2034 | &nbsp;&nbsp; 235757 |
| &nbsp;&nbsp; 85000 | Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054 | &nbsp;&nbsp; 93855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329612 |
|  | **Capital Goods - Construction Machinery—0.1%** |  |
| &nbsp;&nbsp; 255000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | &nbsp;&nbsp; 256812 |
|  | **Capital Goods - Diversified Manufacturing—0.1%** |  |
| &nbsp;&nbsp; 65000 | Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.700%, 6/15/2054 | &nbsp;&nbsp; 66273 |
| &nbsp;&nbsp; 60000 | Lennox International, Inc., Sr. Unsecd. Note, 1.700%, 8/1/2027 | &nbsp;&nbsp; 57405 |
| &nbsp;&nbsp; 200000 | Siemens Funding B.V., Sr. Unsecd. Note, 144A, 5.200%, 5/28/2035 | &nbsp;&nbsp; 207408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331086 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods - Environmental—0.1%** |  |
| $190000 | Waste Connections, Inc., Sr. Unsecd. Note, 5.250%, 9/1/2035 | &nbsp;&nbsp; $196252 |
|  | **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; 279177 |
| &nbsp;&nbsp; 145000 | Comcast Corp., Sr. Unsecd. Note, 2.800%, 1/15/2051 | &nbsp;&nbsp; 86983 |
| &nbsp;&nbsp; 15000 | Comcast Corp., Sr. Unsecd. Note, 3.900%, 3/1/2038 | &nbsp;&nbsp; 13104 |
| &nbsp;&nbsp; 10000 | Comcast Corp., Sr. Unsecd. Note, 4.400%, 8/15/2035 | &nbsp;&nbsp; 9528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388792 |
|  | **Communications - Media & Entertainment—0.1%** |  |
| &nbsp;&nbsp; 30000 | Grupo Televisa SAB, Sr. Unsecd. Note, 6.125%, 1/31/2046 | &nbsp;&nbsp; 24115 |
| &nbsp;&nbsp; 200000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.550%, 8/15/2064 | &nbsp;&nbsp; 193824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217939 |
|  | **Communications - Telecom Wireless—0.4%** |  |
| &nbsp;&nbsp; 150000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.700%, 6/15/2026 | &nbsp;&nbsp; 149355 |
| &nbsp;&nbsp; 350000 | Crown Castle, Inc., Sr. Unsecd. Note, 5.100%, 5/1/2033 | &nbsp;&nbsp; 354679 |
| &nbsp;&nbsp; 300000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033 | &nbsp;&nbsp; 305184 |
| &nbsp;&nbsp; 180000 | T-Mobile USA, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2055 | &nbsp;&nbsp; 173788 |
| &nbsp;&nbsp; 250000 | Vodafone Group PLC, Sr. Unsecd. Note, 5.750%, 6/28/2054 | &nbsp;&nbsp; 245555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1228561 |
|  | **Communications - Telecom Wirelines—0.2%** |  |
| &nbsp;&nbsp; 275000 | AT&T, Inc., Sr. Secd. Note, 6.050%, 8/15/2056 | &nbsp;&nbsp; 282886 |
| &nbsp;&nbsp; 12000 | AT&T, Inc., Sr. Unsecd. Note, 3.500%, 9/15/2053 | &nbsp;&nbsp; 8218 |
| &nbsp;&nbsp; 11000 | AT&T, Inc., Sr. Unsecd. Note, 3.650%, 9/15/2059 | &nbsp;&nbsp; 7459 |
| &nbsp;&nbsp; 5000 | AT&T, Inc., Sr. Unsecd. Note, 4.500%, 5/15/2035 | &nbsp;&nbsp; 4811 |
| &nbsp;&nbsp; 150000 | Telefonica Emisiones SAU, Sr. Unsecd. Note, 5.520%, 3/1/2049 | &nbsp;&nbsp; 139615 |
| &nbsp;&nbsp; 90000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | &nbsp;&nbsp; 86021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529010 |
|  | **Consumer Cyclical - Automotive—0.4%** |  |
| &nbsp;&nbsp; 275000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.050%, 3/5/2031 | &nbsp;&nbsp; 281417 |
| &nbsp;&nbsp; 175000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 3.100%, 1/12/2032 | &nbsp;&nbsp; 158618 |
| &nbsp;&nbsp; 175000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | &nbsp;&nbsp; 183556 |
| &nbsp;&nbsp; 225000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 6.150%, 7/15/2035 | &nbsp;&nbsp; 237392 |
| &nbsp;&nbsp; 225000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.400%, 6/23/2032 | &nbsp;&nbsp; 232704 |
| &nbsp;&nbsp; 10000 | Mercedes-Benz Finance NA LLC, Co. Guarantee, 8.500%, 1/18/2031 | &nbsp;&nbsp; 11907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1105594 |
|  | **Consumer Cyclical - Retailers—0.0%** |  |
| &nbsp;&nbsp; 170000 | AutoNation, Inc., Sr. Unsecd. Note, 4.750%, 6/1/2030 | &nbsp;&nbsp; 170611 |
|  | **Consumer Cyclical - Services—0.1%** |  |
| &nbsp;&nbsp; 15000 | Expedia Group, Inc., Sr. Unsecd. Note, Series WI, 3.250%, 2/15/2030 | &nbsp;&nbsp; 14324 |
| &nbsp;&nbsp; 200000 | Sodexo, Inc., Sr. Secd. Note, 144A, 5.800%, 8/15/2035 | &nbsp;&nbsp; 209475 |
| &nbsp;&nbsp; 10000 | University of Southern California, Sr. Unsecd. Note, 5.250%, 10/1/2111 | &nbsp;&nbsp; 9835 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233634 |
|  | **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; 29720 |
| &nbsp;&nbsp; 300000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.900%, 5/1/2033 | &nbsp;&nbsp; 302061 |
| &nbsp;&nbsp; 300000 | Danone S.A., Sr. Unsecd. Note, 144A, 2.947%, 11/2/2026 | &nbsp;&nbsp; 296843 |
| &nbsp;&nbsp; 270000 | Heineken NV, Sr. Unsecd. Note, 144A, 3.500%, 1/29/2028 | &nbsp;&nbsp; 267223 |
| &nbsp;&nbsp; 15000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 5.200%, 7/15/2045 | &nbsp;&nbsp; 13911 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909758 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Non-Cyclical - Health Care—0.2%** |  |
| $200000 | 180 Medical, Inc., Sr. Unsecd. Note, 144A, 5.300%, 10/8/2035 | &nbsp;&nbsp; $198313 |
| &nbsp;&nbsp; 105000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 6.377%, 11/22/2052 | &nbsp;&nbsp; 115454 |
| &nbsp;&nbsp; 300000 | HCA, Inc., Sr. Unsecd. Note, 5.500%, 6/1/2033 | &nbsp;&nbsp; 312938 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626705 |
|  | **Consumer Non-Cyclical - Pharmaceuticals—0.1%** |  |
| &nbsp;&nbsp; 500000 | AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049 | &nbsp;&nbsp; 421173 |
| &nbsp;&nbsp; 15000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | &nbsp;&nbsp; 13014 |
| &nbsp;&nbsp; 10000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | &nbsp;&nbsp; 9090 |
| &nbsp;&nbsp; 15000 | Johnson & Johnson, Sr. Unsecd. Note, 3.550%, 3/1/2036 | &nbsp;&nbsp; 13823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457100 |
|  | **Consumer Non-Cyclical - Tobacco—0.2%** |  |
| &nbsp;&nbsp; 450000 | Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032 | &nbsp;&nbsp; 479300 |
|  | **Energy - Independent—0.2%** |  |
| &nbsp;&nbsp; 50000 | APA Corp., Sr. Unsecd. Note, 6.100%, 2/15/2035 | &nbsp;&nbsp; 50949 |
| &nbsp;&nbsp; 125000 | Cimarex Energy Co., Sr. Unsecd. Note, 3.900%, 5/15/2027 | &nbsp;&nbsp; 119920 |
| &nbsp;&nbsp; 5000 | ConocoPhillips Co., Sr. Unsecd. Note, 4.025%, 3/15/2062 | &nbsp;&nbsp; 3717 |
| &nbsp;&nbsp; 15000 | EQT Corp., Sr. Unsecd. Note, 3.900%, 10/1/2027 | &nbsp;&nbsp; 14893 |
| &nbsp;&nbsp; 250000 | Occidental Petroleum Corp., 5.550%, 10/1/2034 | &nbsp;&nbsp; 253416 |
| &nbsp;&nbsp; 125000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; 133758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576653 |
|  | **Energy - Integrated—0.2%** |  |
| &nbsp;&nbsp; 135000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026 | &nbsp;&nbsp; 134335 |
| &nbsp;&nbsp; 300000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.937%, 9/21/2028 | &nbsp;&nbsp; 299542 |
| &nbsp;&nbsp; 170000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033 | &nbsp;&nbsp; 173068 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606945 |
|  | **Energy - Midstream—0.5%** |  |
| &nbsp;&nbsp; 125000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032 | &nbsp;&nbsp; 115547 |
| &nbsp;&nbsp; 275000 | Enbridge, Inc., Sr. Unsecd. Note, 5.950%, 4/5/2054 | &nbsp;&nbsp; 282580 |
| &nbsp;&nbsp; 20000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | &nbsp;&nbsp; 20327 |
| &nbsp;&nbsp; 115000 | Energy Transfer LP, Sr. Unsecd. Note, 5.950%, 5/15/2054 | &nbsp;&nbsp; 111101 |
| &nbsp;&nbsp; 10000 | Energy Transfer LP, Sr. Unsecd. Note, 6.125%, 12/15/2045 | &nbsp;&nbsp; 9989 |
| &nbsp;&nbsp; 170000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 3.950%, 2/15/2027 | &nbsp;&nbsp; 169944 |
| &nbsp;&nbsp; 20000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, Series MTN, 6.950%, 1/15/2038 | &nbsp;&nbsp; 22589 |
| &nbsp;&nbsp; 40000 | MPLX LP, Sr. Unsecd. Note, 4.125%, 3/1/2027 | &nbsp;&nbsp; 39945 |
| &nbsp;&nbsp; 5000 | MPLX LP, Sr. Unsecd. Note, 4.500%, 4/15/2038 | &nbsp;&nbsp; 4536 |
| &nbsp;&nbsp; 70000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | &nbsp;&nbsp; 66682 |
| &nbsp;&nbsp; 325000 | Targa Resources, Inc., Sr. Unsecd. Note, 5.650%, 2/15/2036 | &nbsp;&nbsp; 333634 |
| &nbsp;&nbsp; 5000 | TransCanada PipeLines Ltd., Sr. Unsecd. Note, 6.200%, 10/15/2037 | &nbsp;&nbsp; 5388 |
| &nbsp;&nbsp; 10000 | Western Midstream Operating, LP, Sr. Unsecd. Note, 4.750%, 8/15/2028 | &nbsp;&nbsp; 10079 |
| &nbsp;&nbsp; 250000 | Williams Cos., Inc., Sr. Unsecd. Note, 5.300%, 9/30/2035 | &nbsp;&nbsp; 253824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1446165 |
|  | **Energy - Refining—0.0%** |  |
| &nbsp;&nbsp; 15000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.500%, 4/1/2048 | &nbsp;&nbsp; 12211 |
| &nbsp;&nbsp; 10000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 6.500%, 3/1/2041 | &nbsp;&nbsp; 10755 |
| &nbsp;&nbsp; 15000 | Valero Energy Corp., Sr. Unsecd. Note, 4.350%, 6/1/2028 | &nbsp;&nbsp; 15062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38028 |
|  | **Financial Institution - Banking—1.2%** |  |
| &nbsp;&nbsp; 350000 | Bank of America Corp., Sr. Unsecd. Note, 5.288%, 4/25/2034 | &nbsp;&nbsp; 362265 |
| &nbsp;&nbsp; 300000 | Bank of America Corp., Sr. Unsecd. Note, Series GMTN, 3.500%, 4/19/2026 | &nbsp;&nbsp; 299284 |
| &nbsp;&nbsp; 15000 | Bank of America Corp., Sub., Series MTN, 4.450%, 3/3/2026 | &nbsp;&nbsp; 15013 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| $70000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, 5.316%, 6/6/2036 | &nbsp;&nbsp; $72509 |
| &nbsp;&nbsp; 165000 | Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033 | &nbsp;&nbsp; 150807 |
| &nbsp;&nbsp; 170000 | Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026 | &nbsp;&nbsp; 169474 |
| &nbsp;&nbsp; 15000 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | &nbsp;&nbsp; 15051 |
| &nbsp;&nbsp; 75000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.841%, 1/23/2030 | &nbsp;&nbsp; 77991 |
| &nbsp;&nbsp; 30000 | Comerica, Inc., 3.800%, 7/22/2026 | &nbsp;&nbsp; 29861 |
| &nbsp;&nbsp; 215000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 219359 |
| &nbsp;&nbsp; 150000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 6.250%, 2/1/2041 | &nbsp;&nbsp; 165429 |
| &nbsp;&nbsp; 15000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 3.882%, 7/24/2038 | &nbsp;&nbsp; 13543 |
| &nbsp;&nbsp; 150000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 162650 |
| &nbsp;&nbsp; 100000 | M&T Bank Corp., Sr. Unsecd. Note, Series MTN, 5.385%, 1/16/2036 | &nbsp;&nbsp; 101331 |
| &nbsp;&nbsp; 100000 | Morgan Stanley, Sr. Unsecd. Note, 2.943%, 1/21/2033 | &nbsp;&nbsp; 91056 |
| &nbsp;&nbsp; 180000 | Morgan Stanley, Sr. Unsecd. Note, 5.250%, 4/21/2034 | &nbsp;&nbsp; 185837 |
| &nbsp;&nbsp; 105000 | Morgan Stanley, Sr. Unsecd. Note, 5.831%, 4/19/2035 | &nbsp;&nbsp; 111992 |
| &nbsp;&nbsp; 240000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | &nbsp;&nbsp; 248393 |
| &nbsp;&nbsp; 165000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | &nbsp;&nbsp; 171532 |
| &nbsp;&nbsp; 10000 | State Street Corp., Sub. Deb., 3.031%, 11/1/2034 | &nbsp;&nbsp; 9410 |
| &nbsp;&nbsp; 160000 | Synovus Financial Corp., Sr. Unsecd. Note, 6.168%, 11/1/2030 | &nbsp;&nbsp; 165696 |
| &nbsp;&nbsp; 300000 | U.S. Bancorp, Sr. Unsecd. Note, 5.836%, 6/12/2034 | &nbsp;&nbsp; 320013 |
| &nbsp;&nbsp; 250000 | U.S. Bancorp, Sr. Unsecd. Note, Series MTN, 1.375%, 7/22/2030 | &nbsp;&nbsp; 220030 |
| &nbsp;&nbsp; 10000 | Wells Fargo & Co., Series MTN, 4.100%, 6/3/2026 | &nbsp;&nbsp; 10001 |
| &nbsp;&nbsp; 200000 | Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035 | &nbsp;&nbsp; 208850 |
| &nbsp;&nbsp; 10000 | Westpac Banking Corp. Ltd., Sub., Series GMTN, 4.322%, 11/23/2031 | &nbsp;&nbsp; 9980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3607357 |
|  | **Financial Institution - Broker/Asset Mgr/Exchange—0.0%** |  |
| &nbsp;&nbsp; 80000 | Invesco Finance PLC, Sr. Unsecd. Note, 3.750%, 1/15/2026 | &nbsp;&nbsp; 79825 |
| &nbsp;&nbsp; 70000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | &nbsp;&nbsp; 69785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149610 |
|  | **Financial Institution - Finance Companies—0.1%** |  |
| &nbsp;&nbsp; 220000 | Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027 | &nbsp;&nbsp; 226184 |
|  | **Financial Institution - Insurance - Health—0.2%** |  |
| &nbsp;&nbsp; 300000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.750%, 5/15/2052 | &nbsp;&nbsp; 264776 |
| &nbsp;&nbsp; 250000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 5.150%, 7/15/2034 | &nbsp;&nbsp; 257042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521818 |
|  | **Financial Institution - Insurance - Life—0.1%** |  |
| &nbsp;&nbsp; 400000 | AIA Group Ltd., Sub., 144A, 3.200%, 9/16/2040 | &nbsp;&nbsp; 317609 |
| &nbsp;&nbsp; 15000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | &nbsp;&nbsp; 15839 |
| &nbsp;&nbsp; 10000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | &nbsp;&nbsp; 13396 |
| &nbsp;&nbsp; 15000 | Penn Mutual Life Insurance Co., Sr. Note, 144A, 7.625%, 6/15/2040 | &nbsp;&nbsp; 17663 |
| &nbsp;&nbsp; 50000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 6.200%, 11/15/2040 | &nbsp;&nbsp; 54479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418986 |
|  | **Financial Institution - Insurance - P&C—0.0%** |  |
| &nbsp;&nbsp; 10000 | Berkshire Hathaway Finance Corp., Sr. Unsecd. Note, 4.200%, 8/15/2048 | &nbsp;&nbsp; 8564 |
| &nbsp;&nbsp; 55000 | Nationwide Mutual Insurance Co., Sub., 144A, 4.350%, 4/30/2050 | &nbsp;&nbsp; 43901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52465 |
|  | **Financial Institution - REIT - Apartment—0.2%** |  |
| &nbsp;&nbsp; 250000 | Avalonbay Communities, Inc., Sr. Unsecd. Note, 5.000%, 8/1/2035 | &nbsp;&nbsp; 252452 |
| &nbsp;&nbsp; 60000 | Camden Property Trust, Sr. Unsecd. Note, 2.800%, 5/15/2030 | &nbsp;&nbsp; 56446 |
| &nbsp;&nbsp; 200000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.100%, 8/1/2032 | &nbsp;&nbsp; 171010 |

---

**9**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - REIT - Apartment—continued** |  |
| $70000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 2.950%, 9/1/2026 | &nbsp;&nbsp; $69357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549265 |
|  | **Financial Institution - REIT - Healthcare—0.1%** |  |
| &nbsp;&nbsp; 275000 | Welltower OP LLC, Sr. Unsecd. Note, 5.125%, 7/1/2035 | &nbsp;&nbsp; 280489 |
| &nbsp;&nbsp; 185000 | Welltower, Inc., Sr. Unsecd. Note, 2.700%, 2/15/2027 | &nbsp;&nbsp; 182063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462552 |
|  | **Financial Institution - REIT - Office—0.1%** |  |
| &nbsp;&nbsp; 70000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2028 | &nbsp;&nbsp; 69520 |
| &nbsp;&nbsp; 200000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.500%, 10/1/2035 | &nbsp;&nbsp; 203884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273404 |
|  | **Financial Institution - REIT - Other—0.0%** |  |
| &nbsp;&nbsp; 70000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.700%, 7/1/2034 | &nbsp;&nbsp; 71835 |
|  | **Financial Institution - REIT - Retail—0.1%** |  |
| &nbsp;&nbsp; 275000 | Kimco Realty Corp., Sr. Unsecd. Note, 5.300%, 2/1/2036 | &nbsp;&nbsp; 281859 |
|  | **Technology—0.6%** |  |
| &nbsp;&nbsp; 10000 | Apple, Inc., Sr. Unsecd. Note, 3.850%, 5/4/2043 | &nbsp;&nbsp; 8528 |
| &nbsp;&nbsp; 165000 | Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035 | &nbsp;&nbsp; 169380 |
| &nbsp;&nbsp; 70000 | Broadcom, Inc., Sr. Unsecd. Note, 3.750%, 2/15/2051 | &nbsp;&nbsp; 54657 |
| &nbsp;&nbsp; 220000 | Broadcom, Inc., Sr. Unsecd. Note, 144A, 4.150%, 4/15/2032 | &nbsp;&nbsp; 215494 |
| &nbsp;&nbsp; 20000 | Corning, Inc., Unsecd. Note, 4.750%, 3/15/2042 | &nbsp;&nbsp; 18694 |
| &nbsp;&nbsp; 34000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 6.020%, 6/15/2026 | &nbsp;&nbsp; 34252 |
| &nbsp;&nbsp; 110000 | Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029 | &nbsp;&nbsp; 105887 |
| &nbsp;&nbsp; 5000 | Global Payments, Inc., Sr. Unsecd. Note, 3.200%, 8/15/2029 | &nbsp;&nbsp; 4727 |
| &nbsp;&nbsp; 75000 | Micron Technology, Inc., Sr. Unsecd. Note, 6.050%, 11/1/2035 | &nbsp;&nbsp; 80389 |
| &nbsp;&nbsp; 7000 | Microsoft Corp., Sr. Unsecd. Note, 2.921%, 3/17/2052 | &nbsp;&nbsp; 4725 |
| &nbsp;&nbsp; 8000 | Microsoft Corp., Sr. Unsecd. Note, 3.450%, 8/8/2036 | &nbsp;&nbsp; 7317 |
| &nbsp;&nbsp; 190000 | Oracle Corp., Sr. Unsecd. Note, 5.950%, 9/26/2055 | &nbsp;&nbsp; 180271 |
| &nbsp;&nbsp; 200000 | Oracle Corp., Sr. Unsecd. Note, 6.125%, 8/3/2065 | &nbsp;&nbsp; 191315 |
| &nbsp;&nbsp; 500000 | Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032 | &nbsp;&nbsp; 535865 |
| &nbsp;&nbsp; 175000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | &nbsp;&nbsp; 157957 |
| &nbsp;&nbsp; 70000 | Visa, Inc., Sr. Unsecd. Note, 3.150%, 12/14/2025 | &nbsp;&nbsp; 69923 |
| &nbsp;&nbsp; 15000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | &nbsp;&nbsp; 14549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1853930 |
|  | **Transportation - Railroads—0.1%** |  |
| &nbsp;&nbsp; 225000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.125%, 6/1/2026 | &nbsp;&nbsp; 223360 |
|  | **Transportation - Services—0.2%** |  |
| &nbsp;&nbsp; 15000 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 5.625%, 3/15/2042 | &nbsp;&nbsp; 15378 |
| &nbsp;&nbsp; 20000 | FedEx Corp., Sr. Unsecd. Note, 3.900%, 2/1/2035 | &nbsp;&nbsp; 18294 |
| &nbsp;&nbsp; 210000 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | &nbsp;&nbsp; 216211 |
| &nbsp;&nbsp; 275000 | United Parcel Service, Inc., Sr. Unsecd. Note, 5.950%, 5/14/2055 | &nbsp;&nbsp; 288427 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538310 |
|  | **Utility - Electric—0.8%** |  |
| &nbsp;&nbsp; 200000 | Alabama Power Co., Sr. Unsecd. Note, 3.000%, 3/15/2052 | &nbsp;&nbsp; 133416 |
| &nbsp;&nbsp; 90000 | Ameren Corp., Sr. Unsecd. Note, 1.950%, 3/15/2027 | &nbsp;&nbsp; 87463 |
| &nbsp;&nbsp; 70000 | Electricite de France S.A., Note, 144A, 5.600%, 1/27/2040 | &nbsp;&nbsp; 70894 |
| &nbsp;&nbsp; 300000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 4.500%, 9/21/2028 | &nbsp;&nbsp; 301607 |
| &nbsp;&nbsp; 140000 | Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046 | &nbsp;&nbsp; 121434 |
| &nbsp;&nbsp; 170000 | EverSource Energy, Sr. Unsecd. Note, 3.350%, 3/15/2026 | &nbsp;&nbsp; 169380 |
| &nbsp;&nbsp; 200000 | Exelon Corp., Sr. Unsecd. Note, 3.400%, 4/15/2026 | &nbsp;&nbsp; 199226 |
| &nbsp;&nbsp; 110000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | &nbsp;&nbsp; 109747 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | CORPORATE BONDS—continued |  |
|  | **Utility - Electric—continued** |  |
| $25000 | National Rural Utilities Cooperative Finance Corp., Sr. Unsecd. Note, Series MTNC, 8.000%, 3/1/2032 | &nbsp;&nbsp; $29698 |
| &nbsp;&nbsp; 200000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.900%, 3/15/2055 | &nbsp;&nbsp; 207077 |
| &nbsp;&nbsp; 250000 | PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026 | &nbsp;&nbsp; 248491 |
| &nbsp;&nbsp; 175000 | Southern Co., Sr. Unsecd. Note, 3.250%, 7/1/2026 | &nbsp;&nbsp; 173994 |
| &nbsp;&nbsp; 250000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 5.450%, 4/1/2053 | &nbsp;&nbsp; 243968 |
| &nbsp;&nbsp; 103000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 1.800%, 10/15/2030 | &nbsp;&nbsp; 91298 |
| &nbsp;&nbsp; 170000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027 | &nbsp;&nbsp; 173294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2360987 |
|  | **Utility - Natural Gas Distributor—0.1%** |  |
| &nbsp;&nbsp; 300000 | Southern California Gas Co., Term Loan - 1st Lien, 5.450%, 6/15/2035 | &nbsp;&nbsp; 312129 |
|  | **Utility - Other—0.0%** |  |
| &nbsp;&nbsp; 125000 | National Grid-SP PLC, Sr. Unsecd. Note, 5.602%, 6/12/2028 | &nbsp;&nbsp; 129406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $23,433,753)<br>| &nbsp;&nbsp;&nbsp; 23148230 |
|  | 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; 285486 |
| &nbsp;&nbsp; 292670 | Citizens Auto Receivables Trust 2024-2, Class A3, 5.330%, 8/15/2028 | &nbsp;&nbsp; 294786 |
| &nbsp;&nbsp; 300000 | Ford Credit Auto Owner Trust/Ford Credit 2023-2, Class SUB, 5.920%, 2/15/2036 | &nbsp;&nbsp; 310277 |
| &nbsp;&nbsp; 300000 | General Motors 2024-2A, Class B, 5.350%, 3/15/2031 | &nbsp;&nbsp; 302812 |
| &nbsp;&nbsp; 243523 | Huntington Auto Trust 2024-1A, Class A3, 5.230%, 1/16/2029 | &nbsp;&nbsp; 245940 |
| &nbsp;&nbsp; 150000 | LAD Auto Receivables Trust 2025-2A, Class C, 4.700%, 8/16/2032 | &nbsp;&nbsp; 150936 |
| &nbsp;&nbsp; 150000 | M&T Bank Auto Receivables Trust 2024-1A, Class A3, 5.220%, 2/17/2032 | &nbsp;&nbsp; 151700 |
| &nbsp;&nbsp; 225000 | PFS Financing Corp. 2025-D, Class A, 4.470%, 5/15/2030 | &nbsp;&nbsp; 227250 |
| &nbsp;&nbsp; 293408 | Santander Drive Auto Receivables Trust 2023-1, Class C, 5.090%, 5/15/2030 | &nbsp;&nbsp; 295345 |
| &nbsp;&nbsp; 250000 | Santander Drive Auto Receivables Trust 2023-3, Class C, 5.770%, 11/15/2030 | &nbsp;&nbsp; 255059 |
| &nbsp;&nbsp; 204002 | Securitized Term Auto Receivables Trust 2025-A, Class B, 5.038%, 7/25/2031 | &nbsp;&nbsp; 205483 |
| &nbsp;&nbsp; 225000 | SFS Auto Receivables Securitization Trust 2023-1A, Class C, 5.970%, 2/20/2031 | &nbsp;&nbsp; 231331 |
| &nbsp;&nbsp; 250000 | Stellantis Financial Underwritten Enhanced Lease Trust 2025-AA, Class A4, 4.500%, 3/20/2029 | &nbsp;&nbsp; 252169 |
| &nbsp;&nbsp; 103317 | Tesla Auto Lease Trust 2023-A, Class B, 6.410%, 7/20/2027 | &nbsp;&nbsp; 103431 |
| &nbsp;&nbsp; 250000 | Toyota Auto Loan Extended Note 2023-1A, Class A, 4.930%, 6/25/2036 | &nbsp;&nbsp; 255750 |
| &nbsp;&nbsp; 368218 | Truist Bank Auto Credit-Linked Notes Series 2025-1, Class B, 4.728%, 9/26/2033 | &nbsp;&nbsp; 368670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3936425 |
|  | **Credit Card—0.3%** |  |
| &nbsp;&nbsp; 345000 | First National Master Note Trust 2023-1, Class A, 5.130%, 4/15/2029 | &nbsp;&nbsp; 346658 |
| &nbsp;&nbsp; 400000 | Master Credit Card Trust 2022-2A, Class C, 2.730%, 7/21/2028 | &nbsp;&nbsp; 386353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733011 |
|  | **Equipment Lease—1.0%** |  |
| &nbsp;&nbsp; 200000 | Dell Equipment Finance Trust 2023-2, Class C, 6.060%, 1/22/2029 | &nbsp;&nbsp; 200588 |
| &nbsp;&nbsp; 185000 | Dell Equipment Finance Trust 2025-1, Class A3, 4.610%, 2/24/2031 | &nbsp;&nbsp; 186822 |
| &nbsp;&nbsp; 375000 | Dell Equipment Finance Trust 2025-2, Class C, 4.530%, 3/24/2031 | &nbsp;&nbsp; 377833 |
| &nbsp;&nbsp; 300000 | DLLAA LLC 2025-1A, Class A4, 5.080%, 4/20/2033 | &nbsp;&nbsp; 309351 |
| &nbsp;&nbsp; 300000 | DLLAD LLC 2024-1A, Class A4, 5.380%, 9/22/2031 | &nbsp;&nbsp; 311316 |
| &nbsp;&nbsp; 200000 | DLLMT LLC 2023-1A, Class A4, 5.350%, 3/20/2031 | &nbsp;&nbsp; 202147 |
| &nbsp;&nbsp; 280000 | Great America Leasing Receivables 2025-1, Class A4, 4.580%, 1/15/2032 | &nbsp;&nbsp; 284536 |
| &nbsp;&nbsp; 400000 | HPEFS Equipment Trust 2024-2A, Class C, 5.520%, 10/20/2031 | &nbsp;&nbsp; 406254 |
| &nbsp;&nbsp; 300000 | Kubota Credit Owner Trust 2023-2A, Class A4, 5.230%, 6/15/2028 | &nbsp;&nbsp; 305539 |
| &nbsp;&nbsp; 300000 | MMAF Equipment Finance LLC 2023-A, Class A4, 5.500%, 12/13/2038 | &nbsp;&nbsp; 308716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2893102 |

---

**11**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | ASSET-BACKED SECURITIES—continued |  |
|  | **Other—0.2%** |  |
| $225000 | PFS Financing Corp. 2023-B, Class A, 5.270%, 5/15/2028 | &nbsp;&nbsp; $226342 |
| &nbsp;&nbsp; 300000 | PFS Financing Corp. 2024-F, Class A, 4.750%, 8/15/2029 | &nbsp;&nbsp; 304288 |
| &nbsp;&nbsp; 200000 | PFS Financing Corp. 2025-F, Class A, 4.400%, 8/15/2030 | &nbsp;&nbsp; 201677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732307 |
|  | **Student Loans—0.0%** |  |
| &nbsp;&nbsp; 119748 | Navient Student Loan Trust 2021-A, Class A, 0.840%, 5/15/2069 | &nbsp;&nbsp; 110180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $8,318,533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8405025 |
|  | COMMERCIAL MORTGAGE-BACKED SECURITIES—1.2% |  |
|  | **Commercial Mortgage—0.8%** |  |
| &nbsp;&nbsp; 150000 | Bank 2023-BNK46, Class A4, 5.745%, 8/15/2056 | &nbsp;&nbsp; 159285 |
| &nbsp;&nbsp; 300000 | Bank 2024-BNK48, Class A4, 4.775%, 8/15/2034 | &nbsp;&nbsp; 301385 |
| &nbsp;&nbsp; 249077 | Barclays Commercial Mortgage S 2024-5C27, Class A2, 5.550%, 7/15/2057 | &nbsp;&nbsp; 257113 |
| &nbsp;&nbsp; 250000 | Barclays Commercial Mortgage S 2025-C35, Class A4, 5.289%, 7/15/2058 | &nbsp;&nbsp; 256045 |
| &nbsp;&nbsp; 200000 | BMO Mortgage Trust 2023-5C1, Class A3, 6.534%, 8/15/2056 | &nbsp;&nbsp; 209684 |
| &nbsp;&nbsp; 200000 | BMO Mortgage Trust 2023-C4, Class A5, 5.116%, 2/15/2056 | &nbsp;&nbsp; 204071 |
| &nbsp;&nbsp; 300000 | BMO Mortgage Trust 2025-5C11, Class A2, 5.187%, 7/15/2058 | &nbsp;&nbsp; 306672 |
| &nbsp;&nbsp; 350000 | BMO Mortgage Trust 2025-5C12, Class A2, 4.698%, 10/15/2058 | &nbsp;&nbsp; 351416 |
| &nbsp;&nbsp; 250000<br><sup>3</sup> <br>| JW Commercial Mortgage Trust 2 2024-BERY, Class A, 5.625% (CME Term SOFR 1 Month +1.593%), 11/15/2039 | &nbsp;&nbsp; 250234 |
| &nbsp;&nbsp; 225000<br><sup>3</sup> <br>| ORL Trust 2024-GLKS, Class A, 5.524% (CME Term SOFR 1 Month +1.492%), 12/15/2039 | &nbsp;&nbsp; 225211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2521116 |
|  | **Federal Home Loan Mortgage Corporation—0.3%** |  |
| &nbsp;&nbsp; 196943 | Federal Home Loan Mortgage Corp. REMIC, Series K106, Class A1, 1.783%, 10/25/2029 | &nbsp;&nbsp; 187638 |
| &nbsp;&nbsp; 250000 | Federal Home Loan Mortgage Corp. REMIC, Series K161, Class A2, 4.900%, 10/25/2033 | &nbsp;&nbsp; 259292 |
| &nbsp;&nbsp; 350000 | Federal Home Loan Mortgage Corp. REMIC, Series K737, Class A2, 2.525%, 10/25/2026 | &nbsp;&nbsp; 345382 |
| &nbsp;&nbsp; 200000 | Federal Home Loan Mortgage Corp. REMIC, Series K754, Class A2, 4.940%, 11/25/2030 | &nbsp;&nbsp; 207542 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999854 |
|  | **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; 230981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $3,736,208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3751951 |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—1.2% |  |
|  | **Federal Home Loan Mortgage Corporation—0.9%** |  |
| &nbsp;&nbsp; 1047 | Federal Home Loan Mortgage Corp. REMIC, Series 2497, Class JH, 6.000%, 9/15/2032 | &nbsp;&nbsp; 1081 |
| &nbsp;&nbsp; 200767<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5396, Class FG, 5.182% (30-DAY AVERAGE SOFR +1.000%), 4/25/2054 | &nbsp;&nbsp; 201012 |
| &nbsp;&nbsp; 265257<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5402, Class FB, 5.282% (30-DAY AVERAGE SOFR +1.100%), 4/25/2054 | &nbsp;&nbsp; 266357 |
| &nbsp;&nbsp; 162477<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5417, Class FC, 5.382% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054 | &nbsp;&nbsp; 162939 |
| &nbsp;&nbsp; 132812<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5426, Class FB, 5.382% (30-DAY AVERAGE SOFR +1.200%), 6/25/2054 | &nbsp;&nbsp; 133176 |
| &nbsp;&nbsp; 347478<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5440, Class WF, 5.332% (30-DAY AVERAGE SOFR +1.150%), 8/25/2054 | &nbsp;&nbsp; 349666 |
| &nbsp;&nbsp; 173861<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5484, Class FB, 5.382% (30-DAY AVERAGE SOFR +1.200%), 12/25/2054 | &nbsp;&nbsp; 174523 |
| &nbsp;&nbsp; 162506<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5499, Class FN, 5.182% (30-DAY AVERAGE SOFR +1.000%), 2/25/2055 | &nbsp;&nbsp; 161891 |
| &nbsp;&nbsp; 354080<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5511, Class JF, 5.332% (30-DAY AVERAGE SOFR +1.150%), 3/25/2055 | &nbsp;&nbsp; 354279 |
| &nbsp;&nbsp; 707555<br><sup>3</sup> <br>| Federal Home Loan Mortgage Corp. REMIC, Series 5522, Class BF, 5.232% (30-DAY AVERAGE SOFR +1.050%), 3/25/2055 | &nbsp;&nbsp; 708399 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2513323 |
|  | **Federal National Mortgage Association—0.2%** |  |
| &nbsp;&nbsp; 61 | Federal National Mortgage Association REMIC, Series 2003-35, Class UC, 3.750%, 5/25/2033 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp; 333240<br><sup>3</sup> <br>| Federal National Mortgage Association REMIC, Series 2024-82, Class HF, 5.382% (30-DAY AVERAGE SOFR <br> +1.200%), 11/25/2054<br>| &nbsp;&nbsp; 334595 |
| &nbsp;&nbsp; 355743<br><sup>3</sup> <br>| Federal National Mortgage Association REMIC, Series 2025-18, Class WF, 5.282% (30-DAY AVERAGE SOFR <br> +1.100%), 9/25/2054<br>| &nbsp;&nbsp; 356142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690798 |

---

**12**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—continued |  |
|  | **Non-Agency Mortgage—0.1%** |  |
| $332713 | GS Mortgage-Backed Securities Trust 2023-PJ1, Class A4, 3.500%, 2/25/2053 | &nbsp;&nbsp; $301989 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $3,498,446)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3506110 |
|  | MORTGAGE-BACKED SECURITIES—0.1% |  |
|  | **Federal Home Loan Mortgage Corporation—0.0%** |  |
| &nbsp;&nbsp; 16300 | Federal Home Loan Mortgage Corp., Pool G07801, 4.000%, 10/1/2044 | &nbsp;&nbsp; 15920 |
|  | **Federal National Mortgage Association—0.1%** |  |
| &nbsp;&nbsp; 3853 | Federal National Mortgage Association, Pool 357761, 5.500%, 5/1/2035 | &nbsp;&nbsp; 3997 |
| &nbsp;&nbsp; 389 | Federal National Mortgage Association, Pool 728709, 5.500%, 7/1/2033 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp; 16325 | Federal National Mortgage Association, Pool 932864, 4.000%, 12/1/2040 | &nbsp;&nbsp; 16019 |
| &nbsp;&nbsp; 29443 | Federal National Mortgage Association, Pool AB7859, 3.500%, 2/1/2043 | &nbsp;&nbsp; 28095 |
| &nbsp;&nbsp; 21298 | Federal National Mortgage Association, Pool AD6938, 4.500%, 6/1/2040 | &nbsp;&nbsp; 21365 |
| &nbsp;&nbsp; 10534 | Federal National Mortgage Association, Pool AQ0945, 3.000%, 11/1/2042 | &nbsp;&nbsp; 9711 |
| &nbsp;&nbsp; 12464 | Federal National Mortgage Association, Pool AT2127, 3.000%, 4/1/2043 | &nbsp;&nbsp; 11491 |
| &nbsp;&nbsp; 2978 | Federal National Mortgage Association, Pool AT7861, 3.000%, 6/1/2028 | &nbsp;&nbsp; 2940 |
| &nbsp;&nbsp; 11307 | Federal National Mortgage Association, Pool BM4388, 4.000%, 8/1/2048 | &nbsp;&nbsp; 10917 |
| &nbsp;&nbsp; 6740 | Federal National Mortgage Association, Pool BM5024, 3.000%, 11/1/2048 | &nbsp;&nbsp; 6101 |
| &nbsp;&nbsp; 8737 | Federal National Mortgage Association, Pool BM5246, 3.500%, 11/1/2048 | &nbsp;&nbsp; 8166 |
| &nbsp;&nbsp; 11174 | Federal National Mortgage Association, Pool CA0833, 3.500%, 12/1/2047 | &nbsp;&nbsp; 10448 |
| &nbsp;&nbsp; 8170 | Federal National Mortgage Association, Pool CA4427, 3.000%, 10/1/2049 | &nbsp;&nbsp; 7341 |
| &nbsp;&nbsp; 5352 | Federal National Mortgage Association, Pool FM0008, 3.500%, 8/1/2049 | &nbsp;&nbsp; 5006 |
| &nbsp;&nbsp; 17551 | Federal National Mortgage Association, Pool FM1000, 3.000%, 4/1/2047 | &nbsp;&nbsp; 15891 |
| &nbsp;&nbsp; 8009 | Federal National Mortgage Association, Pool FM1221, 3.500%, 7/1/2049 | &nbsp;&nbsp; 7504 |
| &nbsp;&nbsp; 11331 | Federal National Mortgage Association, Pool MA0500, 5.000%, 8/1/2040 | &nbsp;&nbsp; 11559 |
| &nbsp;&nbsp; 13708 | Federal National Mortgage Association, Pool MA0666, 4.500%, 3/1/2041 | &nbsp;&nbsp; 13748 |
| &nbsp;&nbsp; 17697 | Federal National Mortgage Association, Pool MA1430, 3.000%, 5/1/2043 | &nbsp;&nbsp; 16296 |
| &nbsp;&nbsp; 12955 | Federal National Mortgage Association, Pool MA2803, 2.500%, 11/1/2031 | &nbsp;&nbsp; 12524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219520 |
|  | **Government National Mortgage Association—0.0%** |  |
| &nbsp;&nbsp; 9867 | Government National Mortgage Association, Pool MA0625, 3.500%, 12/20/2042 | &nbsp;&nbsp; 9352 |
| &nbsp;&nbsp; 6319 | Government National Mortgage Association, Pool MA1376, 4.000%, 10/20/2043 | &nbsp;&nbsp; 6134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $268,059)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250926 |
|  | MUNICIPAL BOND—0.0% |  |
| &nbsp;&nbsp; 30000 | Texas State Transportation Commission - State Highway Fund, 5.178%, 4/1/2030 <br>(IDENTIFIED COST $31,929)<br>| &nbsp;&nbsp; 30640 |
|  | EXCHANGE-TRADED FUNDS—7.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 113500 | iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; 7748645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 155800 | iShares MSCI EAFE ETF | &nbsp;&nbsp; 14721542 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(IDENTIFIED COST $19,189,700)<br>| &nbsp;&nbsp;&nbsp; 22470187 |
|  | INVESTMENT COMPANIES—14.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 108131 | Bank Loan Core Fund | &nbsp;&nbsp; 925601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 315820 | Emerging Markets Core Fund | &nbsp;&nbsp; 2880276 |
| &nbsp;&nbsp; 7504220 | Federated Hermes Government Obligations Fund, Premier Shares, 4.03%<sup>4</sup> <br>| &nbsp;&nbsp; 7504220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 486296 | High Yield Bond Core Fund | &nbsp;&nbsp; 2781614 |
| &nbsp;&nbsp; 2654883 | Mortgage Core Fund | &nbsp;&nbsp; 22513405 |

---

**13**

------

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>|  | **Value** |
|  | INVESTMENT COMPANIES—continued |  |
| 915381 | Project and Trade Finance Core Fund | &nbsp;&nbsp; $8183507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $45,029,860)<br>| &nbsp;&nbsp;&nbsp; 44788623 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.8% <br>(IDENTIFIED COST $262,231,638)<br>| &nbsp;&nbsp; 302556163 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.2%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472985 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $303029148 |

---

At October 31, 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>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Long Bond Long Futures | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $117313 | December 2025 | &nbsp;&nbsp;&nbsp; $3259 |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; $41440195 | December 2025 | &nbsp;&nbsp;&nbsp; $(34026) |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; $4150016 | December 2025 | &nbsp;&nbsp;&nbsp; $2643 |
| United States Treasury Notes 10-Year Ultra Long Futures | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $5196797 | December 2025 | &nbsp;&nbsp;&nbsp; $32276 |
| **Short Futures:** |  |  |  |  |
| United States Treasury Notes 10-Year Short Futures | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $225344 | December 2025 | &nbsp;&nbsp;&nbsp; $1818 |
| United States Treasury Ultra Bond Short Futures | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; $2789469 | December 2025 | &nbsp;&nbsp;&nbsp; $9642 |
| &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; $15612 |

---

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 October 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Value as of** <br>**7/31/2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Net** <br>**Realized** <br>**Gain/** <br>**(Loss)**<br>| **Value as of** <br>**10/31/2025**<br>| **Shares** <br>**Held as of** <br>**10/31/2025**<br>| **Dividend** <br>**Income**<br>|
| Bank Loan Core Fund | $2754459 | $33350 | $(1857000) | $(820) | $(4388) | $925601 | &nbsp;&nbsp;&nbsp;&nbsp; 108131 | $33351 |
| Emerging Markets Core Fund | $3284591 | $156157 | $(630000) | $21609 | $47919 | $2880276 | &nbsp;&nbsp;&nbsp;&nbsp; 315820 | $71160 |
| Federated Hermes Government Obligations Fund, <br> Premier Shares\*<br>| $8948486 | $13798966 | $(15243232) | $— | $— | $7504220 | &nbsp;&nbsp; 7504220 | $107399 |
| High Yield Bond Core Fund | $2641252 | $126485 | $— | $13877 | $— | $2781614 | &nbsp;&nbsp;&nbsp;&nbsp; 486296 | $41484 |
| Mortgage Core Fund | $21002335 | $924665 | $— | $586405 | $— | $22513405 | &nbsp;&nbsp; 2654883 | $274665 |
| Project and Trade Finance Core Fund | $7796906 | $369018 | $— | $17583 | $— | $8183507 | &nbsp;&nbsp;&nbsp;&nbsp; 915381 | $134018 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED TRANSACTIONS | $46428029 | $15408641 | $(17730232) | $638654 | $43531 | $44788623 | 11984731 | $662077 |

---

&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.*

&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 October 31, 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").

**14**

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■ 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, as amended, the Fund's Board of Trustees (the "Trustees") has designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

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

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

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

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

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

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

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

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

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

**15**

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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 October 31, 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; $164298884 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164298884 |
| &nbsp;&nbsp; International | &nbsp;&nbsp;&nbsp;&nbsp; 5695599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5695599 |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 26209988 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26209988 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 23148230 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23148230 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8405025 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8405025 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3751951 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3751951 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3506110 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3506110 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250926 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250926 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30640 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30640 |
| **Exchange-Traded Funds** | &nbsp;&nbsp;&nbsp; 22470187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22470187 |
| **Investment Companies** | &nbsp;&nbsp;&nbsp; 36605116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36605116 |
| **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; 8183507 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $229069786 | &nbsp;&nbsp; $65302870 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $302556163 |
| **Other Financial Instruments:**<sup>2</sup> <br>|  |  |  |  |
| Assets | &nbsp;&nbsp; $49638 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49638 |
| Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34026) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $15612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15612 |

---

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

---

| | |
|:---|:---|
| 1 | *As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $8,183,507 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.* |

---

&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:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $303232934.35

**Total Liabilities:** $193928.06

**Net Assets:** $303039006.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -142.081473000000 | **1-Year:** -1899.177823000000 | **5-Year:** -5199.449365000000 | **10-Year:** -7083.931957000000 | **30-Year:** -3779.946588000000

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

- **3-Month:** -0.520649000000 | **1-Year:** -25.141756000000 | **5-Year:** -65.922482000000 | **10-Year:** -152.502716000000 | **30-Year:** -10.540543000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000035055 | 1.48%                | 1.67%                | 0.68%                |
| Class ID C000035056 | 1.43%                | 1.59%                | 0.61%                |
| Class ID C000035057 | 1.52%                | 1.66%                | 0.71%                |
| Class ID C000043498 | 1.52%                | 1.67%                | 0.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1847951.12              | $1830228.03                                |
| Month 2  | $547413.78               | $3981991.14                                |
| Month 3  | $1457636.14              | $294831.75                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Inc                                                                | Apple Inc                                                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     30922 | NS      | $8360381.14   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                       | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8528.11      | 0.00%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                                                   | Boardwalk Pipelines LP                                                          | CUSIP: 096630AJ7<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    125000 | PA      | $115547.08    | 0.04%             | 2032-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    220000 | PA      | $215494.19    | 0.07%             | 2032-04-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                 | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77990.99     | 0.03%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                                                     | Colgate-Palmolive Co                                                            | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      7583 | NS      | $584270.15    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Inc                                             | Community Health Systems Inc                                                    | CUSIP: 203668108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28629 | NS      | $111080.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                                                                 | EQT Corp                                                                        | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14892.80     | 0.00%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Equinix Inc                                                              | Equinix Inc                                                                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       420 | NS      | $355324.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                                                 | Essex Property Trust Inc                                                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |       450 | NS      | $113296.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae REMICS                                                               | CUSIP: 3136BTGP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    333240 | PA      | $334594.95    | 0.11%             | 2054-11-25      | Floating      | 5.38%                 | No            |                  2 | 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        |    196943 | PA      | $187637.75    | 0.06%             | 2029-10-25      | Fixed         | 1.78%                 | 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      | $207541.74    | 0.07%             | 2030-11-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 31392VGQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1047 | PA      | $1081.31      | 0.00%             | 2032-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31417YW45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13708 | PA      | $13747.54     | 0.00%             | 2041-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co/The                                            | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     15297 | NS      | $105396.33    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Auto Trust                                                    | Huntington Auto Trust 2024-1                                                    | CUSIP: 446144AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    243523 | PA      | $245940.03    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                                       | Ingersoll Rand Inc                                                              | CUSIP: 45687VAG1<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66273.21     | 0.02%             | 2054-06-15      | Fixed         | 5.70%                 | 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      | $250234.48    | 0.08%             | 2039-11-15      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Kimberly-Clark Corp                                                      | Kimberly-Clark Corp                                                             | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      5628 | NS      | $673727.88    | 0.22%             |  |  |  | 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      | $225828.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Government Obligations Fund                                    | Federated Hermes Government Obligations Fund                                    | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   7504221 | NS      | $7504220.55   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    105000 | PA      | $111991.70    | 0.04%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                                                 | Nationwide Mutual Insurance Co                                                  | CUSIP: 638671AN7<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |     55000 | PA      | $43900.92     | 0.01%             | 2050-04-30      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Northern Trust Corp                                                      | Northern Trust Corp                                                             | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     10570 | NS      | $1360041.90   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    450000 | PA      | $479300.32    | 0.16%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROBLOX Corp                                                              | ROBLOX Corp                                                                     | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6346 | NS      | $721667.12    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                                                   | Skyworks Solutions Inc                                                          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     12135 | NS      | $943132.20    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SODEXO INC                                                               | Sodexo Inc                                                                      | CUSIP: 833794AD2<br>LEI: 549300WSZGQGJQXRFU84 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209475.52    | 0.07%             | 2035-08-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                            | CUSIP: 87612GAQ4<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    325000 | PA      | $333633.91    | 0.11%             | 2036-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                                                | Tesla Inc                                                                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2719 | NS      | $1241386.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE                                                    | United Parcel Service Inc                                                       | CUSIP: 911312CK0<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    275000 | PA      | $288426.35    | 0.10%             | 2055-05-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $539630.91    | 0.18%             | 2029-08-31      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $312818.31    | 0.10%             | 2031-04-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1760000 | PA      | $1786783.50   | 0.59%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    175000 | PA      | $176379.58    | 0.06%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC Energy Group Inc                                                            | CUSIP: 92939UAE6<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    103000 | PA      | $91297.65     | 0.03%             | 2030-10-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                 | Western Gas Partners LP                                                         | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10079.40     | 0.00%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US LONG BOND(CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         1 | NC      | $3259.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                                                      | Viking Holdings Ltd                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     30877 | NS      | $1878865.45   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding                                           | Credo Technology Group Holding Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2416 | NS      | $453289.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                                 | Ameriprise Financial Inc                                                        | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4958 | NS      | $2244833.66   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES                                                    | AvalonBay Communities Inc                                                       | CUSIP: 053484AG6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |    250000 | PA      | $252451.99    | 0.08%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORNING INC                                                              | Corning Inc                                                                     | CUSIP: 219350AW5<br>LEI: 549300X2937PB0CJ7I56 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18694.43     | 0.01%             | 2042-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS INC                                                    | DuPont de Nemours Inc                                                           | CUSIP: 26614NAE2<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6348.48      | 0.00%             | 2038-11-15      | Fixed         | 5.32%                 | Yes           |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                        | Eversource Energy                                                               | CUSIP: 30040WAB4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169380.45    | 0.06%             | 2026-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31418ASU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17697 | PA      | $16296.16     | 0.01%             | 2043-05-01      | Fixed         | 3.00%                 | 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      | $406254.52    | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                             | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13542.83     | 0.00%             | 2038-07-24      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc                                                 | Lennox International Inc                                                        | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      2095 | NS      | $1057975.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                  | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173067.51    | 0.06%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Gold Pool                                                           | CUSIP: 3128MAAA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16300 | PA      | $15920.45     | 0.01%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                                                 | Prudential Financial Inc                                                        | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     19050 | NS      | $1981200.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                                                   | Arch Capital Group Ltd                                                          | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      1157 | NS      | $99860.67     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORP                                                  | Marathon Petroleum Corp                                                         | CUSIP: 56585ABE1<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $12210.78     | 0.00%             | 2048-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PBF Energy Inc                                                           | PBF Energy Inc                                                                  | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     11786 | NS      | $402727.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                                                                 | PVH Corp                                                                        | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |      3827 | NS      | $299768.91    | 0.10%             |  |  |  | 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      | $216211.25    | 0.07%             | 2028-05-01      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp                                                        | State Street Corp                                                               | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     22861 | NS      | $2644103.26   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305183.64    | 0.10%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                         | CUSIP: 90265EAT7<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |    200000 | PA      | $171009.53    | 0.06%             | 2032-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1930000 | PA      | $1954869.79   | 0.65%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $759612.15    | 0.25%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $531708.29    | 0.18%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR ULTRA FUT DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        42 | NC      | $32509.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                                                            | AIA Group Ltd                                                                   | CUSIP: 00131LAK1<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    400000 | PA      | $317609.01    | 0.10%             | 2040-09-16      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     11000 | PA      | $7459.48      | 0.00%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                               | AbbVie Inc                                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     14292 | NS      | $3116227.68   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALABAMA POWER CO                                                         | Alabama Power Co                                                                | CUSIP: 010392FW3<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    200000 | PA      | $133416.10    | 0.04%             | 2052-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc                                                       | Albertsons Cos Inc                                                              | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |     11638 | NS      | $205876.22    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                                                     | Align Technology Inc                                                            | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      3612 | NS      | $498022.56    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings                                            | Allison Transmission Holdings Inc                                               | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      8207 | NS      | $677487.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                             | Alphabet Inc                                                                    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     26816 | NS      | $7540391.04   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271BE8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    200000 | PA      | $203883.49    | 0.07%             | 2035-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Altice USA Inc                                                           | Altice USA Inc                                                                  | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     83798 | NS      | $186869.54    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                                   | Anglo American Capital PLC                                                      | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207668.35    | 0.07%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                       | BMO 2023-5C1 Mortgage Trust                                                     | CUSIP: 055986AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $209684.14    | 0.07%             | 2056-08-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                                  | BMW Vehicle Lease Trust                                                         | CUSIP: 05613MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $285486.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                   | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RCJ4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72509.23     | 0.02%             | 2036-06-06      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2024-BNK48                                                                 | CUSIP: 06541GAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $301385.13    | 0.10%             | 2057-10-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                                               | Biogen Inc                                                                      | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      2020 | NS      | $311625.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO Mortgage Trust                                                       | BMO 2025-5C11 Mortgage Trust                                                    | CUSIP: 096941AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $306671.58    | 0.10%             | 2058-07-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY OP CO                                                     | Cimarex Energy Co                                                               | CUSIP: 171798AD3<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119920.13    | 0.04%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citizens Auto Receivables Trust                                          | Citizens Auto Receivables Trust 2024-2                                          | CUSIP: 17331XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292670 | PA      | $294786.23    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                    | CUSIP: 20030NBP5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9527.56      | 0.00%             | 2035-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DLLMT LLC                                                                | DLLMT 2023-1 LLC                                                                | CUSIP: 232989AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202146.52    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DLLAD LLC                                                                | Dllad 2024-1 LLC                                                                | CUSIP: 23346MAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $311315.61    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Duke Energy Corp                                                         | Duke Energy Corp                                                                | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      5061 | NS      | $629082.30    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                                     | Edison International                                                            | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      9147 | NS      | $506560.86    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                 | Enterprise Products Operating LLC                                               | CUSIP: 29379VBL6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169944.43    | 0.06%             | 2027-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                        | Expedia Group Inc                                                               | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14324.26     | 0.00%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3138WPLH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12465 | PA      | $11490.97     | 0.00%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL QMA STRAT VAL-                                                | FEDERATED CORE TR MUTUAL FUND                                                   | CUSIP: 31409N887<br>LEI: 254900HYFNGKM5PJOV84 | Long             | EC               | RF                | US        |    312906 | NS      | $2853698.26   | 0.94%             |  |  |  | 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        |      1347 | NS      | $167270.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                                              | Incyte Corp                                                                     | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     11363 | NS      | $1062213.24   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                                                      | International Business Machines Corp                                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       329 | NS      | $101137.89    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                                                        | Johnson & Johnson                                                               | CUSIP: 478160BU7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13822.37     | 0.00%             | 2036-03-01      | Fixed         | 3.55%                 | No            |                  2 | 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      | $305539.32    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| LENNOX INTERNATIONAL INC                                                 | Lennox International Inc                                                        | CUSIP: 526107AF4<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57404.91     | 0.02%             | 2027-08-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                                           | Merck & Co Inc                                                                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4153 | NS      | $357074.94    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                                           | Microsoft Corp                                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     21627 | NS      | $11198676.87  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                                           | Murphy USA Inc                                                                  | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       644 | NS      | $230680.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                                               | NetApp Inc                                                                      | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      4044 | NS      | $476302.32    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 180 MEDICAL INC                                                          | 180 Medical Inc                                                                 | CUSIP: 682357AB4<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198312.78    | 0.07%             | 2035-10-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Onto Innovation Inc                                                      | Onto Innovation Inc                                                             | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      1131 | NS      | $152639.76    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PFS Financing Corp.                                                      | PFS Financing Corp                                                              | CUSIP: 69335PEV3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $226341.74    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Philip Morris International In                                           | Philip Morris International Inc                                                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     11387 | NS      | $1643485.71   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                                             | Prologis Inc                                                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4200 | NS      | $521178.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                           | Public Storage                                                                  | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |       400 | NS      | $111424.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                    | Southern California Gas Co                                                      | CUSIP: 842434DC3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312128.87    | 0.10%             | 2035-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Teradyne Inc                                                             | Teradyne Inc                                                                    | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      9513 | NS      | $1729082.88   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON FINANCIAL CORP                                                   | Textron Financial Corp                                                          | CUSIP: 883199AR2<br>LEI: 4E8B2CNXPE5P5AY03O18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36112.48     | 0.01%             | 2042-02-15      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies Inc                                                    | Uber Technologies Inc                                                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      5826 | NS      | $562209.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                                          | Ulta Beauty Inc                                                                 | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       711 | NS      | $369634.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    340000 | PA      | $213220.36    | 0.07%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $92367.66     | 0.03%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $456046.88    | 0.15%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                              | Walmart Inc                                                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      6288 | NS      | $636219.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                                                    | Waste Connections Inc                                                           | CUSIP: 94106BAJ0<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $196252.40    | 0.06%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                | CUSIP: 94974BFY1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10001.46     | 0.00%             | 2026-06-03      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Allegion plc                                                             | Allegion PLC                                                                    | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      1571 | NS      | $260424.67    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                           | Amazon.com Inc                                                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     18043 | NS      | $4406461.46   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORP                                                              | Ameren Corp                                                                     | CUSIP: 023608AL6<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87462.60     | 0.03%             | 2027-03-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                                           | American Electric Power Co Inc                                                  | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      1948 | NS      | $234266.48    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                                      | American Tower Corp                                                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       850 | NS      | $152133.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                              | AmerisourceBergen Corp                                                          | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      3840 | NS      | $1297190.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                                                | Amgen Inc                                                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5790 | NS      | $1727909.70   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORP                                                                 | APA Corp                                                                        | CUSIP: 03743QAR9<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50948.94     | 0.02%             | 2035-02-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                                                      | Arista Networks Inc                                                             | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4478 | NS      | $706135.82    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies                                            | Atmus Filtration Technologies Inc                                               | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12831 | NS      | $583553.88    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                                                          | BAE Systems PLC                                                                 | CUSIP: 05523RAE7<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $136284.79    | 0.04%             | 2050-09-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2023-BNK46                                                                 | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $159284.79    | 0.05%             | 2056-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                              | BBCMS Mortgage Trust 2025-C35                                                   | CUSIP: 07337DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $256045.48    | 0.08%             | 2058-07-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| BioMarin Pharmaceutical Inc                                              | BioMarin Pharmaceutical Inc                                                     | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      2473 | NS      | $132478.61    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co                                           | Booz Allen Hamilton Holding Corp                                                | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      5476 | NS      | $477288.16    | 0.16%             |  |  |  | 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      | $299542.19    | 0.10%             | 2028-09-21      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                    | CUSIP: 11135FCS8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     70000 | PA      | $54656.44     | 0.02%             | 2051-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cboe Global Markets Inc                                                  | Cboe Global Markets Inc                                                         | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      1512 | NS      | $371407.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                                             | Cargurus Inc                                                                    | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     19336 | NS      | $679080.32    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                                        | Agree Realty Corp                                                               | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $233632.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                                                             | Cars.com Inc                                                                    | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |     21112 | NS      | $226742.88    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                                      | Cheniere Energy Inc                                                             | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      4608 | NS      | $976896.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                       | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13013.91     | 0.00%             | 2045-05-01      | Fixed         | 4.40%                 | 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      | $29720.29     | 0.01%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AppLovin Corp                                                            | AppLovin Corp                                                                   | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       303 | NS      | $193110.99    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9090.25      | 0.00%             | 2039-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                 | Canadian Pacific Railway Co                                                     | CUSIP: 13648TAB3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $223359.67    | 0.07%             | 2026-06-01      | Fixed         | 3.13%                 | No            |                  2 | 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      | $279177.06    | 0.09%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Cirrus Logic Inc                                                         | Cirrus Logic Inc                                                                | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      4701 | NS      | $623587.65    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 172967KN0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169474.51    | 0.06%             | 2026-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Consolidated Inc                                               | Coca-Cola Consolidated Inc                                                      | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      2710 | NS      | $353329.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                 | Constellation Brands Inc                                                        | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302060.62    | 0.10%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle International Corp                                                 | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    150000 | PA      | $149354.97    | 0.05%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                                               | DexCom Inc                                                                      | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     20319 | NS      | $1182972.18   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                    | CUSIP: 20030NCJ8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13104.37     | 0.00%             | 2038-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                                                             | Comerica Inc                                                                    | CUSIP: 200340AQ0<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29861.05     | 0.01%             | 2026-07-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| EMERA US FINANCE LP                                                      | Emera US Finance LP                                                             | CUSIP: 29103DAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $121434.49    | 0.04%             | 2046-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31376KMJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3853 | PA      | $3996.86      | 0.00%             | 2035-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140X3AJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5352 | PA      | $5006.02      | 0.00%             | 2049-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fox Corp                                                                 | Fox Corp                                                                        | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     19091 | NS      | $1234233.15   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                                                    | CommVault Systems Inc                                                           | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      2931 | NS      | $408053.82    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                                   | ConocoPhillips Co                                                               | CUSIP: 20826FBD7<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |      5000 | PA      | $3717.21      | 0.00%             | 2062-03-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                                      | Gilead Sciences Inc                                                             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3373 | NS      | $404051.67    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO TELEVISA SAB                                                       | Grupo Televisa SAB                                                              | CUSIP: 40049JBC0<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |     30000 | PA      | $24115.09     | 0.01%             | 2046-01-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                  | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     34000 | PA      | $34252.42     | 0.01%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | 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      | $186821.74    | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Humana Inc                                                               | Humana Inc                                                                      | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2122 | NS      | $590319.18    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                                            | Interactive Brokers Group Inc                                                   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      8918 | NS      | $627470.48    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                            | Intercontinental Exchange Inc                                                   | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      4959 | NS      | $725452.11    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                                                    | Jackson Financial Inc                                                           | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     24198 | NS      | $2439400.38   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                                          | Dollar Tree Inc                                                                 | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      9408 | NS      | $932520.96    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                                                 | Elanco Animal Health Inc                                                        | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     51357 | NS      | $1137557.55   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                                                     | Lockheed Martin Corp                                                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1273 | NS      | $626163.24    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORP                                                  | Marathon Petroleum Corp                                                         | CUSIP: 56585AAF9<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10755.21     | 0.00%             | 2041-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer LP                                                              | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111100.50    | 0.04%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                        | Expedia Group Inc                                                               | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3999 | NS      | $879780.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                                           | MasterCard, Inc. Class A                                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2002 | NS      | $1105083.98   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC                                                    | Micron Technology Inc                                                           | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     75000 | PA      | $80389.25     | 0.03%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                                                  | Extra Space Storage Inc                                                         | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $333850.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HDZQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    347478 | PA      | $349665.40    | 0.12%             | 2054-08-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31402GR62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       389 | PA      | $401.15       | 0.00%             | 2033-07-01      | Fixed         | 5.50%                 | 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        |   2644185 | NS      | $22422685.19  | 7.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                                                             | Newmont Corp                                                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     19455 | NS      | $1575271.35   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                              | NVIDIA Corp                                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     40355 | NS      | $8171483.95   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140J82W2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11307 | PA      | $10917.05     | 0.00%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140J9ZL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8737 | PA      | $8166.45      | 0.00%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XDC6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191315.30    | 0.06%             | 2065-08-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                                            | Regeneron Pharmaceuticals Inc                                                   | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1910 | NS      | $1244938.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                               | Fiserv Inc                                                                      | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1289 | NS      | $85963.41     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                      | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105887.06    | 0.03%             | 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        |      9237 | NS      | $1452702.99   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    275000 | PA      | $281417.23    | 0.09%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust                   | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A                   | CUSIP: 858928AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252168.79    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                                                   | Synovus Financial Corp                                                          | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165696.07    | 0.05%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                                              | CUSIP: 36179NQ50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6319 | PA      | $6133.88      | 0.00%             | 2043-10-20      | Fixed         | 4.00%                 | No            |                  2 | 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        |    332713 | PA      | $301988.74    | 0.10%             | 2053-02-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1675000 | PA      | $1703654.39   | 0.56%             | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    675000 | PA      | $676355.60    | 0.22%             | 2027-06-30      | Fixed         | 3.75%                 | 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      | $158618.04    | 0.05%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                 | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $183556.39    | 0.06%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $404937.52    | 0.13%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Veralto Corp                                                             | Veralto Corp                                                                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     22723 | NS      | $2242305.64   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                 | CUSIP: 37045XFK7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    225000 | PA      | $237391.61    | 0.08%             | 2035-07-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                             | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4727.22      | 0.00%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                                 | Visa Inc                                                                        | CUSIP: 92826CAD4<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69922.70     | 0.02%             | 2025-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Vishay Intertechnology Inc                                               | VISHAY INTERTECHNOLOGY INC                                                      | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      7238 | NS      | $122901.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                                           | Globe Life Inc                                                                  | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      1950 | NS      | $256444.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                                              | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       487 | NS      | $384423.19    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $165429.44    | 0.05%             | 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      | $312938.49    | 0.10%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208849.66    | 0.07%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower OP LLC                                                                | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    275000 | PA      | $280489.02    | 0.09%             | 2035-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                 | Host Hotels & Resorts LP                                                        | CUSIP: 44107TBB1<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |     70000 | PA      | $71834.67     | 0.02%             | 2034-07-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| INVESCO FINANCE PLC                                                      | Invesco Finance PLC                                                             | CUSIP: 46132FAD2<br>LEI: 549300OYQ3LAJYXXO449 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $79824.44     | 0.03%             | 2026-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                                   | iShares Core MSCI Emerging Markets ETF                                          | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |    113500 | NS      | $7748645.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                        | Johnson & Johnson                                                               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2803 | NS      | $529402.61    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN ENER PART                                                  | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AW6<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     20000 | PA      | $22589.19     | 0.01%             | 2038-01-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Kroger Co/The                                                            | Kroger Co/The                                                                   | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      4410 | NS      | $280608.30    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECH INC                                                        | L3Harris Technologies Inc                                                       | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249801.91    | 0.08%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Life360 Inc                                                              | Life360 Inc                                                                     | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      5350 | NS      | $528098.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                                            | Live Nation Entertainment Inc                                                   | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       451 | NS      | $67438.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                                                    | Lumentum Holdings Inc                                                           | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       293 | NS      | $59057.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                   | Williams Cos Inc/The                                                            | CUSIP: 969457CS7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253823.84    | 0.08%             | 2035-09-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Zoom Communications Inc                                                  | Zoom Communications Inc                                                         | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1319 | NS      | $115056.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Master Credit Card Trust                                                 | Master Credit Card Trust                                                        | CUSIP: 576339CS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    400000 | PA      | $386353.18    | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MICROSOFT CORP                                                           | Microsoft Corp                                                                  | CUSIP: 594918BS2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7316.61      | 0.00%             | 2036-08-08      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                              | Netflix Inc                                                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1100 | NS      | $1230746.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVEEN LLC                                                               | Nuveen LLC                                                                      | CUSIP: 67080LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69785.35     | 0.02%             | 2028-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ORL TRUST                                                                | ORL Trust 2024-GLKS                                                             | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $225211.16    | 0.07%             | 2039-12-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                 | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253415.75    | 0.08%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                                              | Ovintiv Inc                                                                     | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    125000 | PA      | $133757.65    | 0.04%             | 2053-07-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248392.66    | 0.08%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    275000 | PA      | $282885.65    | 0.09%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $421173.20    | 0.14%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                                                   | Palo Alto Networks Inc                                                          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      1334 | NS      | $293800.16    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                                                      | PayPal Holdings Inc                                                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      4923 | NS      | $341016.21    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                                   | Trane Technologies PLC                                                          | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       806 | NS      | $361611.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15013.46     | 0.00%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                                      | Carrier Global Corp                                                             | CUSIP: 14448CBD5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     85000 | PA      | $93854.54     | 0.03%             | 2054-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                                     | Progressive Corp/The                                                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      7026 | NS      | $1447356.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                   | Roper Technologies Inc                                                          | CUSIP: 776743AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    175000 | PA      | $157956.95    | 0.05%             | 2030-06-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CubeSmart                                                                | CubeSmart                                                                       | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4500 | NS      | $169515.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                                        | EOG Resources Inc                                                               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5092 | NS      | $538937.28    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                                           | salesforce.com Inc                                                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5013 | NS      | $1305435.33   | 0.43%             |  |  |  | No            |                  1 | 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      | $255059.01    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                    | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $282579.77    | 0.09%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                                              | Exelon Corp                                                                     | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     12848 | NS      | $592549.76    | 0.20%             |  |  |  | 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        |    293408 | PA      | $295345.02    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                 | Simon Property Group Inc                                                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      4000 | NS      | $703040.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HCY63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    132812 | PA      | $133175.89    | 0.04%             | 2054-06-25      | Floating      | 5.38%                 | 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        |    483868 | NS      | $2767724.87   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors                                                           | GMF Floorplan Owner Revolving Trust                                             | CUSIP: 361886DG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302812.40    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Illumina Inc                                                             | Illumina Inc                                                                    | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      7715 | NS      | $953111.10    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                                                        | State Street Corp                                                               | CUSIP: 857477BF9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9409.53      | 0.00%             | 2034-11-01      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX Corp                                                           | SYNNEX Corp                                                                     | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      2028 | NS      | $317361.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFONICA EMISIONES SAU                                                 | Telefonica Emisiones SA                                                         | CUSIP: 87938WAX1<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    150000 | PA      | $139615.50    | 0.05%             | 2049-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| TEXTRON INC                                                              | Textron Inc                                                                     | CUSIP: 883203BW0<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49942.02     | 0.02%             | 2026-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The                                                 | Estee Lauder Cos Inc/The                                                        | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      6706 | NS      | $648403.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185836.60    | 0.06%             | 2034-04-21      | 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        |    119748 | PA      | $110180.13    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $193234.50    | 0.06%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | 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      | $255749.83    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Truist Bank Auto Credit-Linked Notes                                     | Truist Bank Auto Credit-Linked Notes Series 2025-1                              | CUSIP: 897926CB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    368219 | PA      | $368670.55    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                         | CUSIP: 90265EAL4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |     70000 | PA      | $69357.39     | 0.02%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $42352.89     | 0.01%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $951545.84    | 0.31%             | 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      | $264776.55    | 0.09%             | 2052-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    485000 | PA      | $471511.86    | 0.16%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $744255.53    | 0.25%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                 | Visa Inc                                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2834 | NS      | $965657.16    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 5YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        30 | NC      | $3034.95      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $480025.30    | 0.16%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $485188.85    | 0.16%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    295000 | PA      | $299019.73    | 0.10%             | 2028-07-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $101269.29    | 0.03%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     55000 | PA      | $55034.38     | 0.02%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    283121 | PA      | $287848.81    | 0.09%             | 2029-10-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $914393.88    | 0.30%             | 2032-02-29      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1008870 | PA      | $1017624.57   | 0.34%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $798500.00    | 0.26%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNIV SOUTHERN CALIFORNIA                                                 | University of Southern California                                               | CUSIP: 914886AA4<br>LEI: 0GMCSQ6M60R4T46U5511 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9834.55      | 0.00%             | 2111-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Veeva Systems Inc                                                        | Veeva Systems Inc                                                               | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       173 | NS      | $50377.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                               | Vertex Pharmaceuticals Inc                                                      | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       708 | NS      | $301303.56    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                                       | Vertiv Holdings Co                                                              | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |       264 | NS      | $50915.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                                                      | VICI Properties Inc                                                             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     17200 | NS      | $515828.00    | 0.17%             |  |  |  | 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      | $243967.98    | 0.08%             | 2053-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Virtu Financial Inc                                                      | Virtu Financial Inc                                                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     10476 | NS      | $364983.84    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                                     | WEC Energy Group Inc                                                            | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      1277 | NS      | $142679.21    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC Energy Group Inc                                                            | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173293.67    | 0.06%             | 2027-10-01      | Fixed         | 5.15%                 | 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      | $230980.64    | 0.08%             | 2057-11-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Welltower Inc                                                            | Welltower Inc                                                                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      5400 | NS      | $977616.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                                                     | Western Union Co/The                                                            | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     31056 | NS      | $289752.48    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp                                                      | Xerox Holdings Corp                                                             | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |     15452 | NS      | $51300.64     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US ULTRA BOND CBT DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -25 | NC      | $1052.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 2YR NOTE (CBT) DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       199 | NC      | $-34025.88    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC                                            | Weatherford International PLC                                                   | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     10462 | NS      | $770944.78    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                                              | Royal Caribbean Cruises Ltd                                                     | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       584 | NS      | $167508.72    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                                                           | AnaptysBio Inc                                                                  | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |      7913 | NS      | $289457.54    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                                                            | Celanese Corp                                                                   | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     34581 | NS      | $1329293.64   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ERAC USA FINANCE LLC                                                     | ERAC USA Finance LLC                                                            | CUSIP: 26884TAE2<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15378.34     | 0.01%             | 2042-03-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Enphase Energy Inc                                                       | Enphase Energy Inc                                                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      9485 | NS      | $289387.35    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB CORP                                                                 | FNB Corp/PA                                                                     | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    215000 | PA      | $219358.58    | 0.07%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3138MGBP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10534 | PA      | $9710.87      | 0.00%             | 2042-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae REMICS                                                               | CUSIP: 31393BL86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        61 | PA      | $60.62        | 0.00%             | 2033-05-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31417YRW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11331 | PA      | $11558.88     | 0.00%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                      | Kimco Realty OP LLC                                                             | CUSIP: 49447BAC7<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    275000 | PA      | $281859.34    | 0.09%             | 2036-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MSCI Inc                                                                 | MSCI Inc                                                                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       289 | NS      | $170090.95    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                                             | QUALCOMM Inc                                                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1899 | NS      | $343529.10    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCANADA PIPELINES                                                    | TransCanada PipeLines Ltd                                                       | CUSIP: 89352HAD1<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $5387.71      | 0.00%             | 2037-10-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     12000 | PA      | $8218.17      | 0.00%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alcoa Corp                                                               | Alcoa Corp                                                                      | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1484 | NS      | $54596.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                                                   | AngloGold Ashanti Holdings PLC                                                  | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     15000 | PA      | $16075.37     | 0.01%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                       | BMO 2023-C4 Mortgage Trust                                                      | CUSIP: 05610CAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204070.78    | 0.07%             | 2056-02-15      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                                   | Berkshire Hathaway Finance Corp                                                 | CUSIP: 084664CQ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8563.79      | 0.00%             | 2048-08-15      | Fixed         | 4.20%                 | 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      | $134335.19    | 0.04%             | 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      | $421008.66    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle Inc                                                                | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    350000 | PA      | $354678.81    | 0.12%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Dell Technologies Inc                                                    | Dell Technologies Inc                                                           | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      3905 | NS      | $632649.05    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                                             | DoorDash Inc                                                                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      2781 | NS      | $707402.97    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                                                | Aflac Inc                                                                       | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      3497 | NS      | $374843.43    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                                                 | eBay Inc                                                                        | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3646 | NS      | $296456.26    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                       | Meta Platforms Inc                                                              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6209 | NS      | $4025605.15   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                                                      | Acadia Realty Trust                                                             | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               |  | US        |      6000 | NS      | $114420.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                                | Adobe Inc                                                                       | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     10897 | NS      | $3708358.07   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                              | BBCMS Mortgage Trust 2024-5C27                                                  | CUSIP: 05555FAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249078 | PA      | $257113.10    | 0.08%             | 2057-07-15      | Fixed         | 5.55%                 | 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        |     16842 | NS      | $1817757.06   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                             | Broadcom Inc                                                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     13776 | NS      | $5092022.88   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                                                      | Cardinal Health Inc                                                             | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1694 | NS      | $323164.38    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                                                 | Corebridge Financial Inc                                                        | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      6011 | NS      | $195718.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                                    | Costco Wholesale Corp                                                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1695 | NS      | $1544907.75   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                                                   | Cousins Properties Inc                                                          | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      4300 | NS      | $111499.00    | 0.04%             |  |  |  | No            |                  1 | 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      | $200587.78    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae REMICS                                                               | CUSIP: 3136BVMZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    355743 | PA      | $356142.39    | 0.12%             | 2054-09-25      | Floating      | 5.28%                 | No            |                  2 | 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      | $345382.70    | 0.11%             | 2026-10-25      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                 | Electricite de France SA                                                        | CUSIP: 268317AU8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $301606.82    | 0.10%             | 2028-09-21      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EastGroup Properties Inc                                                 | EastGroup Properties Inc                                                        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      1650 | NS      | $287974.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HC3A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    265257 | PA      | $266356.48    | 0.09%             | 2054-04-25      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HC4Q2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200767 | PA      | $201011.92    | 0.07%             | 2054-04-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                              | Exelon Corp                                                                     | CUSIP: 30161NAU5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199225.88    | 0.07%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FMC Corp                                                                 | FMC Corp                                                                        | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      3359 | NS      | $50956.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HDEX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162477 | PA      | $162939.16    | 0.05%             | 2054-06-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HJX36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162506 | PA      | $161891.41    | 0.05%             | 2055-02-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                              | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193823.90    | 0.06%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HKKW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    354081 | PA      | $354279.00    | 0.12%             | 2055-03-25      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HKMB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    707555 | PA      | $708399.25    | 0.23%             | 2055-03-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140Q74T1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11174 | PA      | $10448.42     | 0.00%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3138WVWX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2978 | PA      | $2940.16      | 0.00%             | 2028-06-01      | 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        |    107362 | NS      | $919020.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140X4DE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17551 | PA      | $15891.53     | 0.01%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Co                                                            | Ford Motor Co                                                                   | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     22641 | NS      | $297276.33    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31418UV84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21298 | PA      | $21364.58     | 0.01%             | 2040-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                                               | FedEx Corp                                                                      | CUSIP: 31428XDK9<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18293.87     | 0.01%             | 2035-02-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                 | Ginnie Mae II Pool                                                              | CUSIP: 36179MVS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9866 | PA      | $9351.65      | 0.00%             | 2042-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                   | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAM5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    105000 | PA      | $115454.01    | 0.04%             | 2052-11-22      | Fixed         | 6.38%                 | 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      | $346658.26    | 0.11%             |  |  |  | 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      | $310276.62    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| General Dynamics Corp                                                    | General Dynamics Corp                                                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       614 | NS      | $211768.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                                              | GoDaddy Inc                                                                     | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      8913 | NS      | $1186587.69   | 0.39%             |  |  |  | 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      | $284536.28    | 0.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HEINEKEN NV                                                              | Heineken NV                                                                     | CUSIP: 423012AF0<br>LEI: 724500K5PTPSST86UQ23 | Long             | DBT              | CORP              | NL        |    270000 | PA      | $267223.09    | 0.09%             | 2028-01-29      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| General Electric Co                                                      | General Electric Co                                                             | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      1088 | NS      | $336137.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                                                | Host Hotels & Resorts Inc                                                       | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     10000 | NS      | $160200.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                                            | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     11792 | NS      | $287960.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE ETF                                                    | iShares MSCI EAFE ETF                                                           | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |    155800 | NS      | $14721542.00  | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                                     | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAM8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13911.25     | 0.00%             | 2045-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                         | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39944.85     | 0.01%             | 2027-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                               | Leidos Inc                                                                      | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268861.69    | 0.09%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                              | MetLife Inc                                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     10000 | PA      | $13395.33     | 0.00%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| McDonald's Corp                                                          | McDonald's Corp                                                                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1258 | NS      | $375424.94    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit                                           | Mid-America Apartment Communities Inc                                           | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      1400 | NS      | $179522.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                           | Morgan Stanley                                                                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |       879 | NS      | $144156.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL GRID PLC                                                        | National Grid PLC                                                               | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $129405.77    | 0.04%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Moderna Inc                                                              | Moderna Inc                                                                     | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |     31462 | NS      | $854507.92    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                                                  | O'Reilly Automotive Inc                                                         | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      5324 | NS      | $502798.56    | 0.17%             |  |  |  | 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      | $29698.20     | 0.01%             | 2032-03-01      | Fixed         | 8.00%                 | 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      | $109747.17    | 0.04%             | 2046-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                      | PFS Financing Corp                                                              | CUSIP: 69335PGC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201676.48    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                                                  | PPL Capital Funding Inc                                                         | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248491.08    | 0.08%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Paycom Software Inc                                                      | Paycom Software Inc                                                             | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      4245 | NS      | $794197.05    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                                               | Rubrik Inc                                                                      | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |      1477 | NS      | $111173.79    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                   | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDM9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207077.26    | 0.07%             | 2055-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Nutanix Inc                                                              | Nutanix Inc                                                                     | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     27671 | NS      | $1971282.04   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                              | Southern Co/The                                                                 | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173993.57    | 0.06%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                      | Synchrony Financial                                                             | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6068 | NS      | $451337.84    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PFS Financing Corp.                                                      | PFS Financing Corp                                                              | CUSIP: 69335PFY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $227250.38    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Palantir Technologies Inc                                                | Palantir Technologies Inc                                                       | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     15245 | NS      | $3056165.15   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                | CUSIP: 87264ADG7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    180000 | PA      | $173788.02    | 0.06%             | 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        |     10100 | NS      | $328856.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                 | Prudential Financial Inc                                                        | CUSIP: 74432QBQ7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54479.16     | 0.02%             | 2040-11-15      | Fixed         | 6.20%                 | 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      | $231331.14    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SPX Technologies Inc                                                     | SPX Technologies Inc                                                            | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      6476 | NS      | $1449911.64   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                                             | Sunstone Hotel Investors Inc                                                    | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |     16000 | NS      | $141600.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                                          | TJX Cos Inc/The                                                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      3427 | NS      | $480259.78    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Auto Lease Trust                                                   | Tesla Auto Lease Trust 2023-A                                                   | CUSIP: 88167PAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103317 | PA      | $103430.93    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                             | United Airlines Holdings Inc                                                    | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      6303 | NS      | $592734.12    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                      | CUSIP: 91159HJA9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220030.34    | 0.07%             | 2030-07-22      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp                                                     | Targa Resources Corp                                                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      2760 | NS      | $425150.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66682.32     | 0.02%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    475000 | PA      | $442794.00    | 0.15%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     75000 | PA      | $76976.82     | 0.03%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1300000 | PA      | $1297523.24   | 0.43%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                                               | Verizon Communications Inc                                                      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      2654 | NS      | $105469.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                                                             | Teleflex Inc                                                                    | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       724 | NS      | $90116.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                                                    | Travelers Cos Inc/The                                                           | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      7870 | NS      | $2114039.40   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                                                 | Visa Inc                                                                        | CUSIP: 92826CAE2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14548.75     | 0.00%             | 2035-12-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | Vodafone Group PLC                                                              | CUSIP: 92857WCA6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $245555.19    | 0.08%             | 2054-06-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                                                          | Yum! Brands Inc                                                                 | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       870 | NS      | $120242.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                                              | Zscaler Inc                                                                     | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      2580 | NS      | $854341.20    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                             | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $319273.36    | 0.11%             | 2053-08-15      | 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      | $360425.28    | 0.12%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SharkNinja Inc                                                           | SharkNinja Inc                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      3634 | NS      | $310707.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $414730.56    | 0.14%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $151070.64    | 0.05%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $647801.31    | 0.21%             | 2030-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                                                       | Valero Energy Corp                                                              | CUSIP: 91913YAV2<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15062.07     | 0.00%             | 2028-06-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                                                     | Westpac Banking Corp                                                            | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     10000 | PA      | $9980.13      | 0.00%             | 2031-11-23      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| ZoomInfo Technologies Inc                                                | ZoomInfo Technologies Inc                                                       | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |     12922 | NS      | $144984.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR NOTE (CBT)DEC25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $1817.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                                               | Axalta Coating Systems Ltd                                                      | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      3051 | NS      | $86861.97     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                                                       | Capri Holdings Ltd                                                              | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |      6656 | NS      | $138112.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                        | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4810.70      | 0.00%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc                                                   | Advance Auto Parts Inc                                                          | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     45584 | NS      | $2148373.92   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORP                                                           | Air Lease Corp                                                                  | CUSIP: 00914AAT9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226183.54    | 0.07%             | 2027-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271AK5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     70000 | PA      | $69520.35     | 0.02%             | 2028-01-15      | Fixed         | 3.95%                 | 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      | $235757.14    | 0.08%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                                              | Alnylam Pharmaceuticals Inc                                                     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       549 | NS      | $250365.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK INC                                                             | Autodesk Inc                                                                    | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169379.80    | 0.06%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                                                           | AutoNation Inc                                                                  | CUSIP: 05329WAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $170611.44    | 0.06%             | 2030-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                                             | AutoZone Inc                                                                    | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       171 | NS      | $628327.53    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299284.13    | 0.10%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    350000 | PA      | $362265.07    | 0.12%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                       | BMO 2025-5C12 Mortgage Trust                                                    | CUSIP: 09663VAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $351415.65    | 0.12%             | 2058-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                                                            | CME Group Inc                                                                   | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       265 | NS      | $70354.85     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                   | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    255000 | PA      | $256811.79    | 0.08%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                                    | Camden Property Trust                                                           | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |     60000 | PA      | $56446.52     | 0.02%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Charles River Laboratories Int                                           | Charles River Laboratories International Inc                                    | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |      1010 | NS      | $181870.70    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15050.65     | 0.00%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                   | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    165000 | PA      | $150806.84    | 0.05%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                    | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    145000 | PA      | $86983.32     | 0.03%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                                                                | DLLAA 2025-1 LLC                                                                | CUSIP: 233249AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $309351.47    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DXC Technology Co                                                        | DXC Technology Co                                                               | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     14042 | NS      | $199396.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                                     | Daimler Finance North America LLC                                               | CUSIP: 233835AQ0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11906.66     | 0.00%             | 2031-01-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DANONE SA                                                                | Danone SA                                                                       | CUSIP: 23636TAE0<br>LEI: 969500KMUQ2B6CBAF162 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $296842.97    | 0.10%             | 2026-11-02      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Deckers Outdoor Corp                                                     | Deckers Outdoor Corp                                                            | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       955 | NS      | $77832.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Equipment Finance Trust                                             | Dell Equipment Finance Trust 2025-2                                             | CUSIP: 24703VAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $377832.71    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DiamondRock Hospitality Co                                               | DiamondRock Hospitality Co                                                      | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               |  | US        |     20000 | NS      | $156400.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                                                 | Digital Realty Trust Inc                                                        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      3050 | NS      | $519750.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                 | Electricite de France SA                                                        | CUSIP: 268317AE4<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     70000 | PA      | $70894.22     | 0.02%             | 2040-01-27      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer Partners LP                                                     | CUSIP: 29273RBJ7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9988.82      | 0.00%             | 2045-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer Operating LP                                                    | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20327.46     | 0.01%             | 2027-06-01      | Fixed         | 5.50%                 | 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      | $259291.98    | 0.09%             | 2033-10-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                              | CUSIP: 3137HHKT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    173862 | PA      | $174523.17    | 0.06%             | 2054-12-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140J9SN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6740 | PA      | $6100.75      | 0.00%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140QB4M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8170 | PA      | $7341.07      | 0.00%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 3140X4LB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8009 | PA      | $7503.72      | 0.00%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31412RMM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16325 | PA      | $16018.55     | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | 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        |    910347 | NS      | $8138503.40   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                 | CUSIP: 31417EWV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29443 | PA      | $28095.49     | 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        |     12955 | PA      | $12524.00     | 0.00%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc                                                           | GE Vernova Inc                                                                  | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      6763 | NS      | $3957301.82   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Grindr Inc                                                               | Grindr Inc                                                                      | CUSIP: 39854F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5247 | NS      | $72723.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                  | Hyundai Capital America                                                         | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    225000 | PA      | $232704.19    | 0.08%             | 2032-06-23      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| KEYCORP                                                                  | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162649.80    | 0.05%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                                               | LAD Auto Receivables Trust 2025-2                                               | CUSIP: 505912AG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150936.14    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                   | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101330.64    | 0.03%             | 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      | $151699.67    | 0.05%             |  |  |  | Yes           |                  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      | $308715.96    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                         | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4535.82      | 0.00%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maplebear Inc                                                            | Maplebear Inc                                                                   | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21095 | NS      | $777561.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                                              | MetLife Inc                                                                     | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15839.27     | 0.01%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                           | Microsoft Corp                                                                  | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      7000 | PA      | $4725.21      | 0.00%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Microchip Technology Inc                                                 | Microchip Technology Inc                                                        | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      2739 | NS      | $170968.38    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                                                    | Micron Technology Inc                                                           | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       834 | NS      | $186624.18    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                  | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91056.11     | 0.03%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Omnicell Inc                                                             | Omnicell Inc                                                                    | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      5672 | NS      | $190409.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $535864.97    | 0.18%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $180270.50    | 0.06%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                      | PFS Financing Corp                                                              | CUSIP: 69335PFP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304288.29    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Pegasystems Inc                                                          | Pegasystems Inc                                                                 | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      5556 | NS      | $353639.40    | 0.12%             |  |  |  | No            |                  1 | 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      | $17663.11     | 0.01%             | 2040-06-15      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Pitney Bowes Inc                                                         | Pitney Bowes Inc                                                                | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |     17484 | NS      | $172741.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                                                | Qorvo Inc                                                                       | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      1875 | NS      | $177975.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                                               | Reddit Inc                                                                      | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2707 | NS      | $565627.65    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                   | Regions Financial Corp                                                          | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171532.12    | 0.06%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Ryder System Inc                                                         | Ryder System Inc                                                                | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       732 | NS      | $123876.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                                                  | Charles Schwab Corp/The                                                         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      3128 | NS      | $295658.56    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Securitized Term Auto Receivables Trust                                  | Securitized Term Auto Receivables Trust                                         | CUSIP: 81378RAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    204002 | PA      | $205482.91    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                                                       | Siemens Funding BV                                                              | CUSIP: 82622RAE6<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207407.78    | 0.07%             | 2035-05-28      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                                   | Spirit AeroSystems Inc                                                          | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15121.04     | 0.00%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPRTN COMMISSION ST HIGHWAY FUND REVENUE                       | Texas Transportation Commission State Highway Fund                              | CUSIP: 88283LHU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30640.17     | 0.01%             | 2030-04-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    300000 | PA      | $320013.40    | 0.11%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Inflation-Indexed Notes                                           | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1729988 | PA      | $1751607.31   | 0.58%             | 2030-04-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1320000 | PA      | $1330024.48   | 0.44%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1275000 | PA      | $1275203.24   | 0.42%             | 2027-08-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1096046.60   | 0.36%             | 2030-09-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $298898.43    | 0.10%             | 2030-10-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                             | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $297421.89    | 0.10%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                   | UnitedHealth Group Inc                                                          | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257041.93    | 0.08%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Ventas Inc                                                               | Ventas Inc                                                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      9100 | NS      | $671489.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                      | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86020.97     | 0.03%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                                                     | Verisk Analytics Inc                                                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      2370 | NS      | $518461.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                                                     | Waystar Holding Corp                                                            | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4663 | NS      | $167168.55    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower Inc                                                                   | CUSIP: 95040QAK0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    185000 | PA      | $182062.86    | 0.06%             | 2027-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Accenture PLC                                                            | Accenture PLC                                                                   | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      4377 | NS      | $1094687.70   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer