# EDGAR Filing Document

**Accession Number:** 0001849998
**File Stem:** 0001193125-25-292344
**Filing Date:** 2025-11
**Character Count:** 322533
**Document Hash:** bc7fc7438435353450d171c76df07aa7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-292344.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-292344

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23730
- **FILM NUMBER:** 251509919

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Federated Hermes Total Return Bond ETF

Portfolio of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount, Shares** <br>**or Contracts**<br>|  | **Value in** <br>**U.S. Dollars**<br>|
|  | U.S. TREASURIES—27.6% |  |
|  | **U.S. Treasury Bonds—4.3%** |  |
| &nbsp;&nbsp;&nbsp; $300000 | United States Treasury Bond, 4.625%, 2/15/2055 | &nbsp;&nbsp; $294799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000000 | United States Treasury Bond, 4.750%, 5/15/2055 | &nbsp;&nbsp; 14039079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 14333878 |
|  | **U.S. Treasury Inflation-Protected Notes—1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1522155 | U.S. Treasury Inflation-Protected Notes, 1.625%, 4/15/2030 | &nbsp;&nbsp; 1545491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2766555 | U.S. Treasury Inflation-Protected Notes, 1.875%, 7/15/2035 | &nbsp;&nbsp; 2788701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4334192 |
|  | **U.S. Treasury Notes—22.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 300 | United States Treasury Note, 0.750%, 8/31/2026 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | United States Treasury Note, 0.875%, 9/30/2026 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 117800 | United States Treasury Note, 1.250%, 11/30/2026 | &nbsp;&nbsp; 114497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95500 | United States Treasury Note, 1.250%, 12/31/2026 | &nbsp;&nbsp; 92653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | United States Treasury Note, 3.375%, 9/15/2027 | &nbsp;&nbsp; 1244424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | United States Treasury Note, 3.500%, 9/30/2029 | &nbsp;&nbsp; 893729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | United States Treasury Note, 3.750%, 4/15/2028 | &nbsp;&nbsp; 200608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13990000<br><sup>1</sup> <br>| United States Treasury Note, 3.750%, 5/15/2028 | &nbsp;&nbsp; 14034287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | United States Treasury Note, 3.875%, 6/30/2030 | &nbsp;&nbsp; 2817302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 666000 | United States Treasury Note, 4.000%, 2/29/2028 | &nbsp;&nbsp; 671831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | United States Treasury Note, 4.000%, 2/28/2030 | &nbsp;&nbsp; 1593244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4850000 | United States Treasury Note, 4.000%, 3/31/2030 | &nbsp;&nbsp; 4905625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | United States Treasury Note, 4.000%, 5/31/2030 | &nbsp;&nbsp; 5058965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5900000 | United States Treasury Note, 4.000%, 4/30/2032 | &nbsp;&nbsp; 5935039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 425000 | United States Treasury Note, 4.000%, 6/30/2032 | &nbsp;&nbsp; 427253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | United States Treasury Note, 4.125%, 10/31/2026 | &nbsp;&nbsp; 502204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1252000 | United States Treasury Note, 4.125%, 2/15/2027 | &nbsp;&nbsp; 1259153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | United States Treasury Note, 4.125%, 2/28/2027 | &nbsp;&nbsp; 201204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | United States Treasury Note, 4.125%, 11/15/2027 | &nbsp;&nbsp; 1414430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | United States Treasury Note, 4.125%, 10/31/2029 | &nbsp;&nbsp; 1371546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | United States Treasury Note, 4.125%, 3/31/2032 | &nbsp;&nbsp; 2837346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1975000 | United States Treasury Note, 4.250%, 12/31/2026 | &nbsp;&nbsp; 1987813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | United States Treasury Note, 4.250%, 1/15/2028 | &nbsp;&nbsp; 1013622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350000 | United States Treasury Note, 4.250%, 2/15/2028 | &nbsp;&nbsp; 354998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 596000 | United States Treasury Note, 4.250%, 6/30/2029 | &nbsp;&nbsp; 607869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 450000 | United States Treasury Note, 4.250%, 1/31/2030 | &nbsp;&nbsp; 459570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400 | United States Treasury Note, 4.250%, 6/30/2031 | &nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8150000 | United States Treasury Note, 4.250%, 11/15/2034 | &nbsp;&nbsp; 8241687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | United States Treasury Note, 4.250%, 5/15/2035 | &nbsp;&nbsp; 2320844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5825000 | United States Treasury Note, 4.375%, 12/31/2029 | &nbsp;&nbsp; 5975853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | United States Treasury Note, 4.500%, 3/31/2026 | &nbsp;&nbsp; 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | United States Treasury Note, 4.500%, 4/15/2027 | &nbsp;&nbsp; 1973982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | United States Treasury Note, 4.500%, 12/31/2031 | &nbsp;&nbsp; 3828119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4300 | United States Treasury Note, 4.625%, 2/28/2026 | &nbsp;&nbsp; 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550000 | United States Treasury Note, 4.625%, 6/15/2027 | &nbsp;&nbsp; 558737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | United States Treasury Note, 4.625%, 4/30/2029 | &nbsp;&nbsp; 928626 |

---

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | U.S. TREASURIES—continued |  |
|  | **U.S. Treasury Notes—continued** |  |
| &nbsp;&nbsp;&nbsp; $300000 | United States Treasury Note, 4.625%, 2/15/2035 | &nbsp;&nbsp; $311796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 74147267 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES <br>(IDENTIFIED COST $91,045,255)<br>| &nbsp;&nbsp;&nbsp; 92815337 |
|  | CORPORATE BONDS—25.0% |  |
|  | **Basic Industry - Chemicals—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | DuPont de Nemours, Inc., Sr. Unsecd. Note, 5.319%, 11/15/2038 | &nbsp;&nbsp; 14343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234000 | RPM International, Inc., Sr. Unsecd. Note, 5.250%, 6/1/2045 | &nbsp;&nbsp; 225611 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239954 |
|  | **Basic Industry - Metals & Mining—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Anglo American Capital PLC, Sr. Unsecd. Note, 144A, 5.625%, 4/1/2030 | &nbsp;&nbsp; 208748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291000 | Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034 | &nbsp;&nbsp; 298246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 123000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051 | &nbsp;&nbsp; 84289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | Glencore Funding LLC, Sr. Unsecd. Note, 144A, 5.634%, 4/4/2034 | &nbsp;&nbsp; 156113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Southern Copper Corp., Sr. Unsecd. Note, 6.750%, 4/16/2040 | &nbsp;&nbsp; 113520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Steel Dynamics, Inc., Sr. Unsecd. Note, 5.375%, 8/15/2034 | &nbsp;&nbsp; 51690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912606 |
|  | **Basic Industry - Paper—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Smurfit Kappa Treasury Unlimited Co., Sr. Unsecd. Note, 5.200%, 1/15/2030 | &nbsp;&nbsp; 205597 |
|  | **Capital Goods - Aerospace & Defense—1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 225000 | Airbus Group SE, Sr. Unsecd. Note, 144A, 3.150%, 4/10/2027 | &nbsp;&nbsp; 222463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 3.000%, 9/15/2050 | &nbsp;&nbsp; 135345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | BAE Systems PLC, Sr. Unsecd. Note, 144A, 5.300%, 3/26/2034 | &nbsp;&nbsp; 310873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Boeing Co., Sr. Unsecd. Note, 2.800%, 3/1/2027 | &nbsp;&nbsp; 34293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 508000 | Boeing Co., Sr. Unsecd. Note, 2.950%, 2/1/2030 | &nbsp;&nbsp; 478277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335000 | Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059 | &nbsp;&nbsp; 240683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110000 | General Dynamics Corp., Sr. Unsecd. Note, 1.150%, 6/1/2026 | &nbsp;&nbsp; 108007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 240000 | HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033 | &nbsp;&nbsp; 248978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027 | &nbsp;&nbsp; 162363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | L3Harris Technologies, Inc., Sr. Unsecd. Note, 5.500%, 8/15/2054 | &nbsp;&nbsp; 99394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216000 | Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030 | &nbsp;&nbsp; 215322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Lockheed Martin Corp., Sr. Unsecd. Note, 4.150%, 8/15/2028 | &nbsp;&nbsp; 1006236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 410000 | Lockheed Martin Corp., Sr. Unsecd. Note, 4.750%, 2/15/2034 | &nbsp;&nbsp; 413786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 177000 | Northrop Grumman Corp., Sr. Deb., 7.750%, 2/15/2031 | &nbsp;&nbsp; 204956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 351000 | RTX Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033 | &nbsp;&nbsp; 363546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Textron, Inc., Sr. Unsecd. Note, 2.450%, 3/15/2031 | &nbsp;&nbsp; 90043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4334565 |
|  | **Capital Goods - Building Materials—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 139000 | Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027 | &nbsp;&nbsp; 137258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235000 | Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034 | &nbsp;&nbsp; 252165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389423 |
|  | **Capital Goods - Construction Machinery—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 487000 | Ashtead Capital, Inc., Sr. Unsecd. Note, 144A, 5.550%, 5/30/2033 | &nbsp;&nbsp; 502313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24000 | CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.550%, 4/10/2028 | &nbsp;&nbsp; 24185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110000 | John Deere Capital Corp., Sr. Unsecd. Note, 4.200%, 7/15/2027 | &nbsp;&nbsp; 110721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341000 | John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 3.450%, 3/7/2029 | &nbsp;&nbsp; 335100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972319 |
|  | **Capital Goods - Diversified Manufacturing—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | Honeywell International, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2032 | &nbsp;&nbsp; 254497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 240000 | Parker-Hannifin Corp., Sr. Unsecd. Note, 4.500%, 9/15/2029 | &nbsp;&nbsp; 243249 |

---

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Capital Goods - Diversified Manufacturing—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $168000 | Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044 | &nbsp;&nbsp; $157033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117000 | Wabtec Corp., Sr. Unsecd. Note, 5.611%, 3/11/2034 | &nbsp;&nbsp; 122923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777702 |
|  | **Capital Goods - Environmental—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Republic Services, Inc., Sr. Unsecd. Note, 2.375%, 3/15/2033 | &nbsp;&nbsp; 327072 |
|  | **Communications - Cable & Satellite—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323000 | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | &nbsp;&nbsp; 338384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Comcast Corp., Sr. Unsecd. Note, 3.450%, 2/1/2050 | &nbsp;&nbsp; 195741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688000 | Comcast Corp., Sr. Unsecd. Note, 4.250%, 10/15/2030 | &nbsp;&nbsp; 689184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | NBCUniversal Media LLC, Sr. Unsecd. Note, 5.950%, 4/1/2041 | &nbsp;&nbsp; 23079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1246388 |
|  | **Communications - Media & Entertainment—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034 | &nbsp;&nbsp; 129031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | Interpublic Group of Cos., Inc., Sr. Unsecd. Note, 5.375%, 6/15/2033 | &nbsp;&nbsp; 15308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.400%, 8/15/2054 | &nbsp;&nbsp; 493991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257000 | Meta Platforms, Inc., Sr. Unsecd. Note, 5.550%, 8/15/2064 | &nbsp;&nbsp; 255111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412000 | Meta Platforms, Inc., Unsecd. Note, 5.600%, 5/15/2053 | &nbsp;&nbsp; 417911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301000 | Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028 | &nbsp;&nbsp; 307613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142000 | Omnicom Group, Inc., Sr. Unsecd. Note, 2.600%, 8/1/2031 | &nbsp;&nbsp; 128011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194000 | Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051 | &nbsp;&nbsp; 146756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1893732 |
|  | **Communications - Telecom Wireless—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | America Movil S.A.B. de C.V., Sr. Unsecd. Note, 2.875%, 5/7/2030 | &nbsp;&nbsp; 257119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228000 | American Tower Corp., Sr. Unsecd. Note, 2.700%, 4/15/2031 | &nbsp;&nbsp; 208013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | American Tower Corp., Sr. Unsecd. Note, 4.050%, 3/15/2032 | &nbsp;&nbsp; 266468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357000 | Crown Castle, Inc., Sr. Unsecd. Note, 3.250%, 1/15/2051 | &nbsp;&nbsp; 240841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Crown Castle, Inc., Sr. Unsecd. Note, 4.450%, 2/15/2026 | &nbsp;&nbsp; 159909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232000 | T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041 | &nbsp;&nbsp; 174330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506000 | T-Mobile USA, Inc., Series WI, 3.875%, 4/15/2030 | &nbsp;&nbsp; 496178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | Vodafone Group PLC, Sr. Unsecd. Note, 4.250%, 9/17/2050 | &nbsp;&nbsp; 286365 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2089223 |
|  | **Communications - Telecom Wirelines—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301000 | AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026 | &nbsp;&nbsp; 297459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434000 | AT&T, Inc., Sr. Unsecd. Note, 2.750%, 6/1/2031 | &nbsp;&nbsp; 397768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Rogers Communications, Inc., Sr. Unsecd. Note, 5.000%, 2/15/2029 | &nbsp;&nbsp; 203817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58000 | Verizon Communications, Inc., Sr. Unsecd. Note, 2.100%, 3/22/2028 | &nbsp;&nbsp; 55323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.150%, 3/22/2030 | &nbsp;&nbsp; 257237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133000 | Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041 | &nbsp;&nbsp; 105084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1316688 |
|  | **Consumer Cyclical - Automotive—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | American Honda Finance Corp., Sr. Unsecd. Note, 4.700%, 1/12/2028 | &nbsp;&nbsp; 126548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | American Honda Finance Corp., Sr. Unsecd. Note, Series GMTN, 5.125%, 7/7/2028 | &nbsp;&nbsp; 133306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347000 | Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028 | &nbsp;&nbsp; 326975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398000 | Ford Motor Credit Co. LLC, Sr. Unsecd. Note, 6.950%, 3/6/2026 | &nbsp;&nbsp; 401169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178000 | General Motors Co., Sr. Unsecd. Note, 5.150%, 4/1/2038 | &nbsp;&nbsp; 170304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181000 | General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031 | &nbsp;&nbsp; 188574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.150%, 3/27/2030 | &nbsp;&nbsp; 510212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 5.250%, 11/29/2027 | &nbsp;&nbsp; 311956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2169044 |

---

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Cyclical - Gaming—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $121000 | Boyd Gaming Corp., Sr. Unsecd. Note, 4.750%, 12/1/2027 | &nbsp;&nbsp; $120306 |
|  | **Consumer Cyclical - Retailers—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175500 | Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030 | &nbsp;&nbsp; 162929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324000 | AutoZone, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033 | &nbsp;&nbsp; 324495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236000 | Costco Wholesale Corp., Sr. Unsecd. Note, 1.600%, 4/20/2030 | &nbsp;&nbsp; 212768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136000 | Home Depot, Inc., Sr. Unsecd. Note, 2.700%, 4/15/2030 | &nbsp;&nbsp; 128105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127500 | Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029 | &nbsp;&nbsp; 122985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84500 | Tractor Supply Co., Sr. Unsecd. Note, 5.250%, 5/15/2033 | &nbsp;&nbsp; 87128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | WalMart, Inc., Sr. Unsecd. Note, 3.700%, 6/26/2028 | &nbsp;&nbsp; 24996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1063406 |
|  | **Consumer Cyclical - Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Amazon.com, Inc., Sr. Unsecd. Note, 1.500%, 6/3/2030 | &nbsp;&nbsp; 273296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | Amazon.com, Inc., Sr. Unsecd. Note, 2.875%, 5/12/2041 | &nbsp;&nbsp; 126606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | Amazon.com, Inc., Sr. Unsecd. Note, 3.150%, 8/22/2027 | &nbsp;&nbsp; 93965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157000 | Match Group Holdings II LLC, Sr. Unsecd. Note, 144A, 5.000%, 12/15/2027 | &nbsp;&nbsp; 156550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | Uber Technologies, Inc., Sr. Unsecd. Note, 4.800%, 9/15/2035 | &nbsp;&nbsp; 113957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764374 |
|  | **Consumer Non-Cyclical - Food/Beverage—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Bacardi-MartinI B.V, Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035 | &nbsp;&nbsp; 207976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Coca-Cola Co., Sr. Unsecd. Note, 2.125%, 9/6/2029 | &nbsp;&nbsp; 84235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030 | &nbsp;&nbsp; 291145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163000 | Constellation Brands, Inc., Sr. Unsecd. Note, 4.650%, 11/15/2028 | &nbsp;&nbsp; 164794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026 | &nbsp;&nbsp; 218052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Keurig Dr Pepper, Inc., Sr. Unsecd. Note, 3.200%, 5/1/2030 | &nbsp;&nbsp; 188675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 | Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046 | &nbsp;&nbsp; 10818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035 | &nbsp;&nbsp; 270866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Mars, Inc., Sr. Unsecd. Note, 144A, 5.700%, 5/1/2055 | &nbsp;&nbsp; 55712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296000 | PepsiCo, Inc., Sr. Unsecd. Note, 2.625%, 7/29/2029 | &nbsp;&nbsp; 281707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Smithfield Foods, Inc., Sr. Unsecd. Note, 144A, 3.000%, 10/15/2030 | &nbsp;&nbsp; 182724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Sysco Corp., Sr. Unsecd. Note, 3.150%, 12/14/2051 | &nbsp;&nbsp; 107075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | The Campbell's Co., Sr. Unsecd. Note, 5.200%, 3/21/2029 | &nbsp;&nbsp; 128356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193000 | Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034 | &nbsp;&nbsp; 203371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2395506 |
|  | **Consumer Non-Cyclical - Health Care—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Alcon Finance Corp., Sr. Unsecd. Note, 144A, 2.600%, 5/27/2030 | &nbsp;&nbsp; 231272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044 | &nbsp;&nbsp; 53734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293000 | CVS Health Corp., Sr. Unsecd. Note, 5.250%, 1/30/2031 | &nbsp;&nbsp; 301575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207000 | CVS Health Corp., Sr. Unsecd. Note, 5.250%, 2/21/2033 | &nbsp;&nbsp; 211791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050 | &nbsp;&nbsp; 155708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 4.800%, 8/14/2029 | &nbsp;&nbsp; 45884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276000 | GE HealthCare Technologies, Inc., Sr. Unsecd. Note, 5.857%, 3/15/2030 | &nbsp;&nbsp; 292422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000 | Haleon US Capital LLC, Sr. Unsecd. Note, 3.375%, 3/24/2027 | &nbsp;&nbsp; 301832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | HCA, Inc., 5.250%, 6/15/2026 | &nbsp;&nbsp; 85168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134000 | HCA, Inc., Sr. Unsecd. Note, 3.500%, 9/1/2030 | &nbsp;&nbsp; 127992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69000 | HCA, Inc., Sr. Unsecd. Note, 5.200%, 6/1/2028 | &nbsp;&nbsp; 70666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31000 | HCA, Inc., Sr. Unsecd. Note, 5.450%, 4/1/2031 | &nbsp;&nbsp; 32224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114000 | HCA, Inc., Sr. Unsecd. Note, 5.950%, 9/15/2054 | &nbsp;&nbsp; 113750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82000 | HCA, Inc., Sr. Unsecd. Note, 6.000%, 4/1/2054 | &nbsp;&nbsp; 82161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2106179 |

---

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Consumer Non-Cyclical - Pharmaceuticals—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $266000 | Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026 | &nbsp;&nbsp; $265871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Abbott Laboratories, Sr. Unsecd. Note, 4.900%, 11/30/2046 | &nbsp;&nbsp; 28793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112000 | AbbVie, Inc., Sr. Unsecd. Note, 2.950%, 11/21/2026 | &nbsp;&nbsp; 110714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192500 | AbbVie, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2035 | &nbsp;&nbsp; 189497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Amgen, Inc., Sr. Unsecd. Note, 2.450%, 2/21/2030 | &nbsp;&nbsp; 101894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Amgen, Inc., Sr. Unsecd. Note, 4.400%, 5/1/2045 | &nbsp;&nbsp; 173665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121000 | Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033 | &nbsp;&nbsp; 125337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | AstraZeneca PLC, Sr. Unsecd. Note, 3.125%, 6/12/2027 | &nbsp;&nbsp; 202722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126500 | Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030 | &nbsp;&nbsp; 115412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127000 | Bristol-Myers Squibb Co., Sr. Sub. Secd. Note, 5.550%, 2/22/2054 | &nbsp;&nbsp; 126576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 3.900%, 2/20/2028 | &nbsp;&nbsp; 210017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.125%, 6/15/2039 | &nbsp;&nbsp; 186620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049 | &nbsp;&nbsp; 186542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | Gilead Sciences, Inc., Sr. Unsecd. Note, 4.600%, 9/1/2035 | &nbsp;&nbsp; 192811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64000 | Johnson & Johnson, Sr. Unsecd. Note, 3.500%, 1/15/2048 | &nbsp;&nbsp; 50139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028 | &nbsp;&nbsp; 22251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177000 | Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.750%, 5/19/2033 | &nbsp;&nbsp; 178814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332000 | Pfizer, Inc., Sr. Unsecd. Note, 2.625%, 4/1/2030 | &nbsp;&nbsp; 311348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223500 | Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 1.750%, 9/15/2030 | &nbsp;&nbsp; 197125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050 | &nbsp;&nbsp; 150345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3126493 |
|  | **Consumer Non-Cyclical - Products—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Kenvue, Inc., Sr. Unsecd. Note, 4.900%, 3/22/2033 | &nbsp;&nbsp; 249057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131000 | Kenvue, Inc., Sr. Unsecd. Note, 5.050%, 3/22/2028 | &nbsp;&nbsp; 133837 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382894 |
|  | **Consumer Non-Cyclical - Supermarkets—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | Kroger Co., Sr. Unsecd. Note, 5.000%, 9/15/2034 | &nbsp;&nbsp; 262207 |
|  | **Consumer Non-Cyclical - Tobacco—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051 | &nbsp;&nbsp; 72059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | BAT Capital Corp., Sr. Unsecd. Note, 5.834%, 2/20/2031 | &nbsp;&nbsp; 333163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116000 | BAT International Finance PLC, Sr. Unsecd. Note, 1.668%, 3/25/2026 | &nbsp;&nbsp; 114595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156000 | Philip Morris International, Inc., Sr. Unsecd. Note, 2.100%, 5/1/2030 | &nbsp;&nbsp; 142163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413000 | Philip Morris International, Inc., Sr. Unsecd. Note, 3.875%, 8/21/2042 | &nbsp;&nbsp; 342868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Philip Morris International, Inc., Sr. Unsecd. Note, 4.900%, 11/1/2034 | &nbsp;&nbsp; 100786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118000 | Reynolds American, Inc., Sr. Unsecd. Note, 5.850%, 8/15/2045 | &nbsp;&nbsp; 116935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1222569 |
|  | **Energy - Independent—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | APA Corp., Sr. Unsecd. Note, 6.100%, 2/15/2035 | &nbsp;&nbsp; 51100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 5.200%, 4/18/2027 | &nbsp;&nbsp; 30431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033 | &nbsp;&nbsp; 183159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98500 | Hess Corp., Sr. Unsecd. Note, 7.300%, 8/15/2031 | &nbsp;&nbsp; 113420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121000 | Occidental Petroleum Corp., Sr. Unsecd. Note, 6.375%, 9/1/2028 | &nbsp;&nbsp; 126537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053 | &nbsp;&nbsp; 97188 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601835 |
|  | **Energy - Integrated—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.000%, 2/24/2050 | &nbsp;&nbsp; 64160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155500 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.234%, 11/6/2028 | &nbsp;&nbsp; 156236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 | BP Capital Markets America, Inc., Sr. Unsecd. Note, 4.893%, 9/11/2033 | &nbsp;&nbsp; 24348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Cenovus Energy, Inc., Sr. Unsecd. Note, 4.250%, 4/15/2027 | &nbsp;&nbsp; 199987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | Chevron Corp., Sr. Unsecd. Note, 3.078%, 5/11/2050 | &nbsp;&nbsp; 104067 |

---

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Energy - Integrated—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $150000 | Shell International Finance B.V., Sr. Unsecd. Note, 4.000%, 5/10/2046 | &nbsp;&nbsp; $123464 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672262 |
|  | **Energy - Midstream—1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93000 | Antero Midstream Partners LP, Sr. Unsecd. Note, 144A, 5.750%, 1/15/2028 | &nbsp;&nbsp; 92818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029 | &nbsp;&nbsp; 223168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129000 | Columbia Pipeline Group, Inc., Sr. Unsecd. Note, 5.800%, 6/1/2045 | &nbsp;&nbsp; 128386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Enbridge, Inc., Sr. Unsecd. Note, 2.500%, 8/1/2033 | &nbsp;&nbsp; 68099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Enbridge, Inc., Sr. Unsecd. Note, 4.900%, 6/20/2030 | &nbsp;&nbsp; 715846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141000 | Enbridge, Inc., Sr. Unsecd. Note, 5.950%, 4/5/2054 | &nbsp;&nbsp; 144815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | Energy Transfer LP, Sr. Unsecd. Note, 5.200%, 4/1/2030 | &nbsp;&nbsp; 350563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149000 | Energy Transfer LP, Sr. Unsecd. Note, 5.500%, 6/1/2027 | &nbsp;&nbsp; 151584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Energy Transfer LP, Sr. Unsecd. Note, 5.750%, 2/15/2033 | &nbsp;&nbsp; 262058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138000 | Enterprise Products Operating LLC, Sr. Unsecd. Note, 5.950%, 2/1/2041 | &nbsp;&nbsp; 146175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23000 | Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 5.800%, 3/15/2035 | &nbsp;&nbsp; 24101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Kinder Morgan, Inc., Sr. Unsecd. Note, 5.000%, 2/1/2029 | &nbsp;&nbsp; 102252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381500 | MPLX LP, Sr. Unsecd. Note, 4.950%, 9/1/2032 | &nbsp;&nbsp; 382708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031 | &nbsp;&nbsp; 91246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203000 | National Fuel Gas Co., Sr. Unsecd. Note, 3.950%, 9/15/2027 | &nbsp;&nbsp; 201811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032 | &nbsp;&nbsp; 289322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271000 | Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042 | &nbsp;&nbsp; 247360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333000 | Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033 | &nbsp;&nbsp; 316385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | TC Pipelines, LP, Sr. Unsecd. Note, 3.900%, 5/25/2027 | &nbsp;&nbsp; 223706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179000 | Tennessee Gas Pipeline Co. LLC, Sr. Unsecd. Note, 7.000%, 3/15/2027 | &nbsp;&nbsp; 185942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322000 | Williams Cos., Inc., Sr. Unsecd. Note, 4.900%, 3/15/2029 | &nbsp;&nbsp; 327963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Williams Cos., Inc., Sr. Unsecd. Note, 8.750%, 3/15/2032 | &nbsp;&nbsp; 97073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4773381 |
|  | **Energy - Oil Field Services—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Eni SpA, Sr. Unsecd. Note, 144A, 5.950%, 5/15/2054 | &nbsp;&nbsp; 249918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103000 | Halliburton Co., Sr. Unsecd. Note, 5.000%, 11/15/2045 | &nbsp;&nbsp; 93651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138000 | Schlumberger Holdings Corp., Sr. Unsecd. Note, 144A, 2.650%, 6/26/2030 | &nbsp;&nbsp; 128706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36000 | Schlumberger Holdings Corp., Sr. Unsecd. Note, 144A, 4.000%, 12/21/2025 | &nbsp;&nbsp; 35945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | Schlumberger Investment S.A., Sr. Unsecd. Note, 2.650%, 6/26/2030 | &nbsp;&nbsp; 466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508686 |
|  | **Energy - Refining—0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198000 | Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044 | &nbsp;&nbsp; 170418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | Phillips 66, Sr. Unsecd. Note, 1.300%, 2/15/2026 | &nbsp;&nbsp; 94896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Valero Energy Corp., Sr. Unsecd. Note, 7.500%, 4/15/2032 | &nbsp;&nbsp; 11567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276881 |
|  | **Financial Institution - Banking—5.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | American Express Co., Sr. Unsecd. Note, 4.050%, 5/3/2029 | &nbsp;&nbsp; 85158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637000 | American Express Co., Sr. Unsecd. Note, 5.850%, 11/5/2027 | &nbsp;&nbsp; 659940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755000 | Bank of America Corp., Sr. Unsecd. Note, 2.572%, 10/20/2032 | &nbsp;&nbsp; 676678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627000 | Bank of America Corp., Sr. Unsecd. Note, 2.687%, 4/22/2032 | &nbsp;&nbsp; 571185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787500 | Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035 | &nbsp;&nbsp; 822332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144000 | Bank of America Corp., Sr. Unsecd. Note, Series MTN, 1.898%, 7/23/2031 | &nbsp;&nbsp; 128622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 1.650%, 1/28/2031 | &nbsp;&nbsp; 92219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379000 | Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028 | &nbsp;&nbsp; 378857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500 | Capital One Financial Co., Sr. Unsecd. Note, 5.817%, 2/1/2034 | &nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208000 | Citigroup, Inc., Sr. Unsecd. Note, 2.976%, 11/5/2030 | &nbsp;&nbsp; 196901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605000 | Citigroup, Inc., Sr. Unsecd. Note, 4.412%, 3/31/2031 | &nbsp;&nbsp; 603980 |

---

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Banking—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $381500 | Citigroup, Inc., Sub. Note, 4.450%, 9/29/2027 | &nbsp;&nbsp; $383053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127000 | Citigroup, Inc., Sub., 5.827%, 2/13/2035 | &nbsp;&nbsp; 131718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428000 | Citizens Financial Group, Inc., Sr. Unsecd. Note, 2.500%, 2/6/2030 | &nbsp;&nbsp; 392735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302000 | Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030 | &nbsp;&nbsp; 314275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Fifth Third Bancorp, Sr. Unsecd. Note, 4.895%, 9/6/2030 | &nbsp;&nbsp; 71133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307000 | Fifth Third Bancorp, Sr. Unsecd. Note, 5.631%, 1/29/2032 | &nbsp;&nbsp; 321844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276000 | Fifth Third Bank, Inc., Sr. Unsecd. Note, Series BKNT, 2.250%, 2/1/2027 | &nbsp;&nbsp; 269229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | FNB Corp. (PA), 5.722%, 12/11/2030 | &nbsp;&nbsp; 345252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1139000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 2.615%, 4/22/2032 | &nbsp;&nbsp; 1033323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.500%, 11/16/2026 | &nbsp;&nbsp; 243404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378000 | Goldman Sachs Group, Inc., Sr. Unsecd. Note, 3.814%, 4/23/2029 | &nbsp;&nbsp; 374777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341000 | Huntington Bancshares, Inc., Sr. Unsecd. Note, 5.023%, 5/17/2033 | &nbsp;&nbsp; 343318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 1.953%, 2/4/2032 | &nbsp;&nbsp; 578999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033 | &nbsp;&nbsp; 89655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.336%, 1/23/2035 | &nbsp;&nbsp; 645452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 | JPMorgan Chase & Co., Sr. Unsecd. Note, 5.500%, 10/15/2040 | &nbsp;&nbsp; 352335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | JPMorgan Chase & Co., Sub., 5.576%, 7/23/2036 | &nbsp;&nbsp; 513158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 | KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035 | &nbsp;&nbsp; 282152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324000 | M&T Bank Corp., Sr. Unsecd. Note, 6.082%, 3/13/2032 | &nbsp;&nbsp; 344293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174000 | M&T Bank Corp., Sr. Unsecd. Note, 7.413%, 10/30/2029 | &nbsp;&nbsp; 189019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327000 | Morgan Stanley, Sr. Unsecd. Note, 1.593%, 5/4/2027 | &nbsp;&nbsp; 321838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322000 | Morgan Stanley, Sr. Unsecd. Note, 5.297%, 4/20/2037 | &nbsp;&nbsp; 326677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701000 | Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035 | &nbsp;&nbsp; 730123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196000 | Northern Trust Corp., Sub. Note, 3.950%, 10/30/2025 | &nbsp;&nbsp; 195902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.373%, 7/21/2036 | &nbsp;&nbsp; 514534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792000 | PNC Financial Services Group, Inc., Sr. Unsecd. Note, 5.582%, 6/12/2029 | &nbsp;&nbsp; 820696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310000 | Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030 | &nbsp;&nbsp; 323091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244000 | State Street Corp., Sub., 2.200%, 3/3/2031 | &nbsp;&nbsp; 217623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Synovus Bank GA, Sr. Unsecd. Note, 5.625%, 2/15/2028 | &nbsp;&nbsp; 255239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.711%, 1/24/2035 | &nbsp;&nbsp; 311663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034 | &nbsp;&nbsp; 169524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212000 | U.S. Bancorp, 4.967%, 7/22/2033 | &nbsp;&nbsp; 212829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433000 | U.S. Bancorp, Sr. Unsecd. Note, 5.384%, 1/23/2030 | &nbsp;&nbsp; 447687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 2.393%, 6/2/2028 | &nbsp;&nbsp; 1277345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 4.897%, 7/25/2033 | &nbsp;&nbsp; 482566 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 18047052 |
|  | **Financial Institution - Broker/Asset Mgr/Exchange—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | BlackRock, Inc., Sr. Unsecd. Note, 4.750%, 5/25/2033 | &nbsp;&nbsp; 143046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100500 | Charles Schwab Corp., Sr. Unsecd. Note, 3.250%, 5/22/2029 | &nbsp;&nbsp; 97603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287500 | Jefferies Financial Group, Inc., Sr. Unsecd. Note, 6.200%, 4/14/2034 | &nbsp;&nbsp; 305669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Nuveen LLC, Sr. Unsecd. Note, 144A, 4.000%, 11/1/2028 | &nbsp;&nbsp; 11962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558280 |
|  | **Financial Institution - Finance Companies—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346000 | AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, Sr. Unsecd. Note, 3.000%, 10/29/2028 | &nbsp;&nbsp; 333438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123000 | Air Lease Corp., Sr. Unsecd. Note, 3.125%, 12/1/2030 | &nbsp;&nbsp; 113714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Air Lease Corp., Sr. Unsecd. Note, 5.300%, 2/1/2028 | &nbsp;&nbsp; 223974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Ally Financial, Inc., Sr. Unsecd. Note, 6.184%, 7/26/2035 | &nbsp;&nbsp; 185651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856777 |
|  | **Financial Institution - Insurance - Health—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468000 | Centene Corp., 2.500%, 3/1/2031 | &nbsp;&nbsp; 403142 |

---

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - Insurance - Health—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $380000 | Elevance Health, Inc., Sr. Unsecd. Note, 5.150%, 6/15/2029 | &nbsp;&nbsp; $390958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567000 | UnitedHealth Group, Inc., Sr. Unsecd. Note, 4.900%, 4/15/2031 | &nbsp;&nbsp; 581359 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1375459 |
|  | **Financial Institution - Insurance - Life—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258000 | Corebridge Financial, Inc., Sr. Unsecd. Note, 5.750%, 1/15/2034 | &nbsp;&nbsp; 271383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | CoreBridge Global Funding, Sec. Fac. Bond, 144A, 4.850%, 6/6/2030 | &nbsp;&nbsp; 508664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Lincoln National Corp., Sr. Note, 7.000%, 6/15/2040 | &nbsp;&nbsp; 62471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363000 | Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 3.375%, 4/15/2050 | &nbsp;&nbsp; 252589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313000 | MetLife, Inc., Jr. Sub. Note, 6.400%, 12/15/2036 | &nbsp;&nbsp; 329374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201000 | MetLife, Inc., Jr. Sub. Note, 10.750%, 8/1/2039 | &nbsp;&nbsp; 268537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268000 | Northwestern Mutual Life Insurance Co., Sr. Unsecd. Note, 144A, 3.625%, 9/30/2059 | &nbsp;&nbsp; 185968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Pacific Life Global Funding II, Sr. Secd. Note, 144A, 4.900%, 1/11/2029 | &nbsp;&nbsp; 183846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192000 | Pacific LifeCorp., Bond, 144A, 6.600%, 9/15/2033 | &nbsp;&nbsp; 212809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508500 | Principal Financial Group, Inc., Sr. Unsecd. Note, 2.125%, 6/15/2030 | &nbsp;&nbsp; 460403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189000 | Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 5/15/2044 | &nbsp;&nbsp; 170034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Teachers Insurance & Annuity Association of America, Sub., 144A, 4.900%, 9/15/2044 | &nbsp;&nbsp; 212526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3118604 |
|  | **Financial Institution - Insurance - P&C—0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218500 | American International Group, Inc., Sr. Unsecd. Note, 5.125%, 3/27/2033 | &nbsp;&nbsp; 224776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93000 | Aon North America, Inc., 5.750%, 3/1/2054 | &nbsp;&nbsp; 93659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Beacon Funding Trust, Sr. Unsecd. Note, 6.266%, 8/15/2054 | &nbsp;&nbsp; 204666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | Chubb INA Holdings LLC., Sr. Unsecd. Note, 4.650%, 8/15/2029 | &nbsp;&nbsp; 382376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379000 | CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033 | &nbsp;&nbsp; 393334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030 | &nbsp;&nbsp; 208329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039 | &nbsp;&nbsp; 33900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | The Hartford Insurance Group, Inc., Sr. Unsecd. Note, 6.625%, 4/15/2042 | &nbsp;&nbsp; 125206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Travelers Cos., Inc.- Old, Sr. Unsecd. Note, 5.700%, 7/24/2055 | &nbsp;&nbsp; 517807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 2184053 |
|  | **Financial Institution - REIT - Apartment—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333500 | Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027 | &nbsp;&nbsp; 329571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383000 | Camden Property Trust, Sr. Unsecd. Note, 4.900%, 1/15/2034 | &nbsp;&nbsp; 388631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Mid-America Apartment Communities LP, Sr. Unsecd. Note, 5.300%, 2/15/2032 | &nbsp;&nbsp; 312165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219000 | UDR, Inc., Sr. Unsecd. Note, 3.100%, 11/1/2034 | &nbsp;&nbsp; 188548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | UDR, Inc., Sr. Unsecd. Note, Series MTN, 3.500%, 7/1/2027 | &nbsp;&nbsp; 89036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1307951 |
|  | **Financial Institution - REIT - Healthcare—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031 | &nbsp;&nbsp; 177940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178000 | Physicians Realty Trust, Sr. Unsecd. Note, 4.300%, 3/15/2027 | &nbsp;&nbsp; 178052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406000 | Welltower, Inc., Sr. Unsecd. Note, 2.750%, 1/15/2031 | &nbsp;&nbsp; 375352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731344 |
|  | **Financial Institution - REIT - Office—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 3.950%, 1/15/2027 | &nbsp;&nbsp; 353765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67000 | Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 5.250%, 5/15/2036 | &nbsp;&nbsp; 67364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Boston Properties LP, Sr. Unsecd. Note, 3.250%, 1/30/2031 | &nbsp;&nbsp; 116239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537368 |
|  | **Financial Institution - REIT - Other—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165000 | Host Hotels & Resorts LP, Sr. Unsecd. Note, 5.500%, 4/15/2035 | &nbsp;&nbsp; 166088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | ProLogis LP, Sr. Unsecd. Note, 5.250%, 6/15/2053 | &nbsp;&nbsp; 101516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | WP Carey, Inc., Sr. Unsecd. Note, 4.250%, 10/1/2026 | &nbsp;&nbsp; 240062 |

---

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Financial Institution - REIT - Other—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $220000 | WP Carey, Inc., Sr. Unsecd. Note, 5.375%, 6/30/2034 | &nbsp;&nbsp; $225433 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733099 |
|  | **Financial Institution - REIT - Retail—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 | Kimco Realty Corp., Sr. Unsecd. Note, 2.800%, 10/1/2026 | &nbsp;&nbsp; 414356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028 | &nbsp;&nbsp; 119994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155000 | Regency Centers LP, Sr. Unsecd. Note, 5.100%, 1/15/2035 | &nbsp;&nbsp; 156964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691314 |
|  | **Technology—2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185500 | Alphabet, Inc., Sr. Unsecd. Note, 1.900%, 8/15/2040 | &nbsp;&nbsp; 126759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617000 | Apple, Inc., 1.650%, 5/11/2030 | &nbsp;&nbsp; 557625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181000 | Apple, Inc., Sr. Unsecd. Note, 2.375%, 2/8/2041 | &nbsp;&nbsp; 130117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Apple, Inc., Sr. Unsecd. Note, 2.900%, 9/12/2027 | &nbsp;&nbsp; 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | Apple, Inc., Sr. Unsecd. Note, 3.950%, 8/8/2052 | &nbsp;&nbsp; 710593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035 | &nbsp;&nbsp; 287745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | Automatic Data Processing, Inc., Sr. Unsecd. Note, 4.450%, 9/9/2034 | &nbsp;&nbsp; 124411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Broadcom Corp., Sr. Unsecd. Note, Series WI, 3.875%, 1/15/2027 | &nbsp;&nbsp; 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179000 | Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030 | &nbsp;&nbsp; 178296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Broadcom, Inc., Sr. Unsecd. Note, 5.150%, 11/15/2031 | &nbsp;&nbsp; 259762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Broadcom, Inc., Sr. Unsecd. Note, 5.200%, 4/15/2032 | &nbsp;&nbsp; 520582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341000 | CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 2.670%, 12/1/2026 | &nbsp;&nbsp; 334530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Cisco Systems, Inc., Sr. Unsecd. Note, 4.750%, 2/24/2030 | &nbsp;&nbsp; 235982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217000 | Cisco Systems, Inc., Sr. Unsecd. Note, 4.800%, 2/26/2027 | &nbsp;&nbsp; 219605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.000%, 4/1/2030 | &nbsp;&nbsp; 225346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Fidelity National Information Services, Inc., Sr. Unsecd. Note, 3.100%, 3/1/2041 | &nbsp;&nbsp; 45298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | Fiserv, Inc., Sr. Unsecd. Note, 4.750%, 3/15/2030 | &nbsp;&nbsp; 253620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43000 | Fiserv, Inc., Sr. Unsecd. Note, 5.600%, 3/2/2033 | &nbsp;&nbsp; 45055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272000 | Fortinet, Inc., Sr. Unsecd. Note, 2.200%, 3/15/2031 | &nbsp;&nbsp; 242288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114000 | Global Payments, Inc., Sr. Unsecd. Note, 2.900%, 11/15/2031 | &nbsp;&nbsp; 102228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154000 | Global Payments, Inc., Sr. Unsecd. Note, 4.450%, 6/1/2028 | &nbsp;&nbsp; 154248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111000 | Global Payments, Inc., Sr. Unsecd. Note, 4.950%, 8/15/2027 | &nbsp;&nbsp; 112327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034 | &nbsp;&nbsp; 203406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Keysight Technologies, Inc., Sr. Unsecd. Note, 5.350%, 7/30/2030 | &nbsp;&nbsp; 311829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235000 | KLA Corp., Sr. Unsecd. Note, 4.650%, 7/15/2032 | &nbsp;&nbsp; 238474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249000 | Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029 | &nbsp;&nbsp; 248818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | Microchip Technology, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2029 | &nbsp;&nbsp; 194139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106000 | Oracle Corp., Sr. Unsecd. Note, 2.950%, 4/1/2030 | &nbsp;&nbsp; 99877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213000 | Oracle Corp., Sr. Unsecd. Note, 4.000%, 11/15/2047 | &nbsp;&nbsp; 165074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196000 | Oracle Corp., Sr. Unsecd. Note, 4.900%, 2/6/2033 | &nbsp;&nbsp; 197773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Qualcomm, Inc., Sr. Unsecd. Note, 5.000%, 5/20/2035 | &nbsp;&nbsp; 1020950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371000 | Roper Technologies, Inc., Sr. Unsecd. Note, 2.000%, 6/30/2030 | &nbsp;&nbsp; 333276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Trimble, Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033 | &nbsp;&nbsp; 171997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328000 | Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031 | &nbsp;&nbsp; 295633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321000 | Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029 | &nbsp;&nbsp; 320241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197000 | Visa, Inc., Sr. Unsecd. Note, 4.150%, 12/14/2035 | &nbsp;&nbsp; 190339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214000 | VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031 | &nbsp;&nbsp; 188753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9076611 |
|  | **Transportation - Railroads—0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180500 | Burlington Northern Santa Fe LLC, Sr. Unsecd. Note, 4.450%, 3/15/2043 | &nbsp;&nbsp; 162783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136000<br><sup>2</sup> <br>| Burlington Northern Santa Fe LLC, Sr. Unsecd. Note, 5.200% (180-DAY AVERAGE SOFR +0.000%), 4/15/2054 | &nbsp;&nbsp; 130517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Canadian Pacific Railway Co., Sr. Unsecd. Note, 1.750%, 12/2/2026 | &nbsp;&nbsp; 175303 |

---

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | CORPORATE BONDS—continued |  |
|  | **Transportation - Railroads—continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $417000 | Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030 | &nbsp;&nbsp; $388487 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857090 |
|  | **Transportation - Services—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150500 | Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.600%, 5/1/2028 | &nbsp;&nbsp; 152447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | GXO Logistics, Inc., Sr. Unsecd. Note, 6.250%, 5/6/2029 | &nbsp;&nbsp; 236286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463500 | Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028 | &nbsp;&nbsp; 477275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | Ryder System, Inc., Sr. Unsecd. Note, Series DMTN, 4.900%, 12/1/2029 | &nbsp;&nbsp; 194221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 5.650%, 3/1/2028 | &nbsp;&nbsp; 139794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198000 | United Parcel Service, Inc., Sr. Unsecd. Note, 4.875%, 3/3/2033 | &nbsp;&nbsp; 203678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 1403701 |
|  | **Utility - Electric—2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140500 | AEP Texas, Inc., Sr. Unsecd. Note, Series I, 2.100%, 7/1/2030 | &nbsp;&nbsp; 126702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279000 | Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028 | &nbsp;&nbsp; 263533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276500 | American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033 | &nbsp;&nbsp; 290655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | Commonwealth Edison Co., 3.650%, 6/15/2046 | &nbsp;&nbsp; 178086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | Consolidated Edison Co., Sr. Unsecd. Note, 4.625%, 12/1/2054 | &nbsp;&nbsp; 168029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440500 | Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033 | &nbsp;&nbsp; 470579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252000 | Dominion Energy, Inc., Sr. Unsecd. Note, Series C, 3.375%, 4/1/2030 | &nbsp;&nbsp; 242050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Duke Energy Corp., Sr. Unsecd. Note, 4.500%, 8/15/2032 | &nbsp;&nbsp; 322951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389000 | Duke Energy Corp., Sr. Unsecd. Note, 5.000%, 8/15/2052 | &nbsp;&nbsp; 350200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83000 | Duke Energy Indiana, LLC, Sr. Deb., 6.120%, 10/15/2035 | &nbsp;&nbsp; 90691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | EDP Finance B.V., Sr. Unsecd. Note, 144A, 1.710%, 1/24/2028 | &nbsp;&nbsp; 235869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 | Electricite de France S.A., Sr. Unsecd. Note, 144A, 6.250%, 5/23/2033 | &nbsp;&nbsp; 299738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Emera US Finance LP, Sr. Unsecd. Note, 3.550%, 6/15/2026 | &nbsp;&nbsp; 298223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Enel Finance International NV, Sr. Unsecd. Note, 144A, 4.375%, 9/30/2030 | &nbsp;&nbsp; 496599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77000 | Exelon Corp., Bond, 7.600%, 4/1/2032 | &nbsp;&nbsp; 89146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262500 | Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052 | &nbsp;&nbsp; 205261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 | FirstEnergy, Corp., Sr. Unsecd. Note, Series B, 3.900%, 7/15/2027 | &nbsp;&nbsp; 188835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | National Rural Utilities Cooperative Finance Corp., Sec. Fac. Bond, 4.150%, 12/15/2032 | &nbsp;&nbsp; 39008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231000 | National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046 | &nbsp;&nbsp; 230402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783000 | NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.250%, 6/1/2030 | &nbsp;&nbsp; 714896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437000 | NiSource, Inc., Sr. Unsecd. Note, 1.700%, 2/15/2031 | &nbsp;&nbsp; 379513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Peco Energy Co., 2.800%, 6/15/2050 | &nbsp;&nbsp; 128769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277500 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 2.450%, 11/15/2031 | &nbsp;&nbsp; 246208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Public Service Enterprises Group, Inc., Sr. Unsecd. Note, 5.400%, 3/15/2035 | &nbsp;&nbsp; 30911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 | Southern Power Co., Sr. Unsecd. Note, Series A, 4.250%, 10/1/2030 | &nbsp;&nbsp; 213704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348000 | Virginia Electric & Power Co., Sr. Unsecd. Note, 2.400%, 3/30/2032 | &nbsp;&nbsp; 307292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192000 | WEC Energy Group, Inc., Sr. Unsecd. Note, 2.200%, 12/15/2028 | &nbsp;&nbsp; 181045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Wisconsin Public Service, Sr. Unsecd. Note, 3.300%, 9/1/2049 | &nbsp;&nbsp; 52681 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 6841576 |
|  | **Utility - Natural Gas—0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Sempra Energy, Sr. Unsecd. Note, 6.000%, 10/15/2039 | &nbsp;&nbsp; 104000 |
|  | **Utility - Natural Gas Distributor—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | Southern California Gas Co., Term Loan - 1st Lien, 5.050%, 9/1/2034 | &nbsp;&nbsp; 284818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435000 | Southern Co. Gas Capital, Sr. Unsecd. Note, Series 20-A, 1.750%, 1/15/2031 | &nbsp;&nbsp; 380333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS <br>(IDENTIFIED COST $82,679,533)<br>| &nbsp;&nbsp;&nbsp; 84240722 |

---

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | MORTGAGE-BACKED SECURITIES—3.3% |  |
|  | **Federal Home Loan Mortgage Corporation—2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $4229535 | Federal Home Loan Mortgage Corp., Pool SD8193, 2.000%, 2/1/2052 | &nbsp;&nbsp; $3428167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521358 | Federal Home Loan Mortgage Corp., Pool SD8213, 3.000%, 5/1/2052 | &nbsp;&nbsp; 2224078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2549887 | Federal Home Loan Mortgage Corp., Pool SD8242, 3.000%, 9/1/2052 | &nbsp;&nbsp; 2243466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 7895711 |
|  | **Federal National Mortgage Association—1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765436 | Federal National Mortgage Association, Pool FS4947, 4.000%, 1/1/2053 | &nbsp;&nbsp; 1669287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595860 | Federal National Mortgage Association, Pool FS6809, 5.500%, 2/1/2054 | &nbsp;&nbsp; 1614253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3283540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $10,899,291)<br>| &nbsp;&nbsp;&nbsp; 11179251 |
|  | MUNICIPAL BONDS—2.7% |  |
|  | **Municipal Services—0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650000 | Texas Water Development Board, Revenue Bonds (Series 2024A), 5.000%, 10/15/2053 | &nbsp;&nbsp; 1717256 |
|  | **State/Provincial—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Connecticut State, UT GO Bonds (Series 2025B), 5.000%, 12/1/2034 | &nbsp;&nbsp; 1742180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230000 | Oregon State, UT GO Bonds (Series 2025A), 5.250%, 5/1/2050 | &nbsp;&nbsp; 1321505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3063685 |
|  | **Utility - Electric—0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375000 | Austin, TX Electric Utility System, Electric Utility System Revenue Refunding Bonds (Series 2024), 5.000%, 11/15/2043 | &nbsp;&nbsp; 1447937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | Energy Northwest, WA (Bonneville WA Power Administration), Electric Revenue Refunding Bonds (Series 2025-A), <br> 5.000%, 7/1/2040<br>| &nbsp;&nbsp; 1655240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3103177 |
|  | **Utility - Other—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue <br> Bonds (Series 2025BB), 5.000%, 6/15/2043<br>| &nbsp;&nbsp; 1198733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS <br>(IDENTIFIED COST $8,944,970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9082851 |
|  | ASSET-BACKED SECURITIES—2.6% |  |
|  | **Auto Receivables—1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160902 | BMW Vehicle Lease Trust 2024-1, Class A3, 4.980%, 3/25/2027 | &nbsp;&nbsp; 161484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Chesapeake Funding II LLC 2024-1A, Class B, 5.440%, 5/15/2036 | &nbsp;&nbsp; 101707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61851 | Enterprise Fleet Financing LLC 2024-1, Class A2, 5.230%, 3/20/2030 | &nbsp;&nbsp; 62389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | Enterprise Fleet Financing LLC 2025-2, Class A4, 4.580%, 12/22/2031 | &nbsp;&nbsp; 329112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | Honda Auto Receivables Owner Trust 2025-2, Class A4, 4.280%, 8/15/2031 | &nbsp;&nbsp; 604683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | Navistar Financial Dealer Note Master Trust 2024-1, Class A, 5.590%, 4/25/2029 | &nbsp;&nbsp; 755494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | SBNA Auto Lease Trust 2024-C, Class A3, 4.560%, 2/22/2028 | &nbsp;&nbsp; 1003351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | Toyota Lease Owner Trust 2024-B, Class A3, 4.210%, 9/20/2027 | &nbsp;&nbsp; 1002548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | World OMNI Select Auto Trust 2024-A, Class A3, 4.860%, 3/15/2029 | &nbsp;&nbsp; 201164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 4221932 |
|  | **Credit Card—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | American Express Credit Account Master Trust 2024-1, Class A, 5.230%, 4/15/2029 | &nbsp;&nbsp; 510385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | First National Master Note Trust 2024-1, Class A, 5.340%, 5/15/2030 | &nbsp;&nbsp; 178760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689145 |
|  | **Equipment Lease—1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | DLLAD LLC 2024-1A, Class A3, 5.300%, 7/20/2029 | &nbsp;&nbsp; 1020959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | John Deere Owner Trust 2024-B, Class A3, 5.200%, 3/15/2029 | &nbsp;&nbsp; 1014310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | John Deere Owner Trust 2024-C, Class A3, 4.060%, 6/15/2029 | &nbsp;&nbsp; 1002687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 | Volvo Financial Equipment LLC 2024-1A, Class A3, 4.290%, 10/16/2028 | &nbsp;&nbsp; 652643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 3690599 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $8,521,448)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8601676 |

---

**11**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount, Shares**<br> **or Contracts**<br>|  | **Value in**<br> **U.S. Dollars**<br>|
|  | FOREIGN GOVERNMENTS/AGENCIES—0.8% |  |
|  | **Financial Institution - Banking—0.6%** |  |
| EGP 103,000,000 | Egypt Treasury Bill, Unsecd. Note, Series 364D, 0.000%, 10/14/2025 | &nbsp;&nbsp; $2131549 |
|  | **Sovereign—0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AUD 750,000 | Australia, Government of, Sr. Unsecd. Note, Series 154, 2.750%, 11/21/2029 | &nbsp;&nbsp; 479471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOREIGN GOVERNMENTS/AGENCIES <br>(IDENTIFIED COST $2,566,772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2611020 |
|  | COMMERCIAL MORTGAGE-BACKED SECURITIES—0.7% |  |
|  | **Commercial Mortgage—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; $1000000 | Bank 2024-BNK48 A4, Class A4, 4.775%, 8/15/2034 | &nbsp;&nbsp; 1002362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Barclays Commercial Mortgage S 2025-C35, Class A4, 5.289%, 7/15/2058 | &nbsp;&nbsp; 143073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000<br><sup>2</sup> <br>| JW Commercial Mortgage Trust 2 2024-BERY, Class A, 5.743% (CME Term SOFR 1 Month +1.593%), 11/15/2039 | &nbsp;&nbsp; 500780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000<br><sup>2</sup> <br>| ORL Trust 2024-GLKS, Class B, 6.042% (CME Term SOFR 1 Month +1.892%), 12/15/2039 | &nbsp;&nbsp; 850530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES <br>(IDENTIFIED COST $2,497,967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2496745 |
|  | COLLATERALIZED MORTGAGE OBLIGATIONS—0.7% |  |
|  | **Federal Home Loan Mortgage Corporation—0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044874<br><sup>2</sup> <br>| FHLMC REMIC, Series 5396, Class FG, 5.356% (30-DAY AVERAGE SOFR +1.000%), 4/25/2054 | &nbsp;&nbsp; 1045631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1358768<br><sup>2</sup> <br>| FHLMC REMIC, Series 5402, Class FB, 5.456% (30-DAY AVERAGE SOFR +1.100%), 4/25/2054 | &nbsp;&nbsp; 1363641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS <br>(IDENTIFIED COST $2,395,608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2409272 |
|  | PURCHASED CALL OPTION—0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Bank of America Merrill Lynch AUD CALL/USD PUT, Notional Amount $1,650,000, Exercise Price $0.665, Expiration Date <br> 10/23/2025 <br>(IDENTIFIED COST $39,007)<br>| &nbsp;&nbsp; 14008 |
|  | PURCHASED PUT OPTIONS—0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Barclays EUR PUT/USD CALL, Notional Amount $2,925,000, Exercise Price $1.15, Expiration Date 11/6/2025 | &nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | United States Treasury, 0.000%, Notional Amount $8,744,250, Exercise Price $116, Expiration Date 10/25/2025 | &nbsp;&nbsp; 67969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PURCHASED PUT OPTIONS <br>(IDENTIFIED COST $89,669)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72019 |
|  | EXCHANGE-TRADED FUNDS—11.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268420 | iShares MBS ETF | &nbsp;&nbsp; 25540163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254320 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp; 11942867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXCHANGE-TRADED FUNDS <br>(IDENTIFIED COST $36,596,846)<br>| &nbsp;&nbsp;&nbsp; 37483030 |
|  | INVESTMENT COMPANIES—25.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70377 | Bank Loan Core Fund | &nbsp;&nbsp; 603837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1163946 | Emerging Markets Core Fund | &nbsp;&nbsp; 10405678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1772642 | Federated Hermes Government Obligations Fund, Premier Shares, 4.06%<sup>3</sup> <br>| &nbsp;&nbsp; 1772642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1832134 | High Yield Bond Core Fund | &nbsp;&nbsp; 10498130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5435054 | Mortgage Core Fund | &nbsp;&nbsp; 45871853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1739634 | Project and Trade Finance Core Fund | &nbsp;&nbsp; 15552327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES <br>(IDENTIFIED COST $82,697,080)<br>| &nbsp;&nbsp;&nbsp; 84704467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.7% <br>(IDENTIFIED COST $328,973,446)<br>| &nbsp;&nbsp; 335710398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.3%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1086147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS—100% | &nbsp;&nbsp; $336796545 |

---

**12**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Notional** <br>**Value**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**(Depreciation)**<br>|
| **Long Futures:** |  |  |  |  |
| United States Treasury Long Bond Long Futures | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; $5829688 | December 2025 | &nbsp;&nbsp;&nbsp; $(20427) |
| United States Treasury Notes 2-Year Long Futures | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; $83359375 | December 2025 | &nbsp;&nbsp;&nbsp; $(146885) |
| United States Treasury Notes 5-Year Long Futures | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; $13649414 | December 2025 | &nbsp;&nbsp;&nbsp; $(2330) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | &nbsp;&nbsp;&nbsp; $(169642) |

---

At September 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** | **Credit Default Swap** |
| **Counterparty** | **Reference** <br>**Entity**<br>| **Buy/** <br>**Sell**<br>| **Pay/** <br>**Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread at** <br>**09/30/2025**<sup>5</sup> <br>| **Notional** <br>**Amount**<br>| **Market** <br>**Value**<br>| **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **OTC Swaps:** |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | CDX Index EM Series 44 | Pay | 1.000% | 12/20/2030 | 1.47% | $2000000 | $43700 | $42900 | $800 |
| Barclays Bank PLC | CDX Index NA IG Series 45 | Buy | 1.000% | 12/20/2030 | 0.52% | $20000000 | $(455340) | $(449569) | $(5771) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CREDIT DEFAULT SWAPS | $(411640) | $(406669) | $(4971) |

---

At September 30, 2025, the Fund had the following outstanding written options contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Exercise** <br>**Price**<br>| **Value** |
| **Call Options:** |  |  |  |  |  |  |
| JP Morgan | iShares MBS ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (600) | &nbsp;&nbsp; $5709000 | October 2025 | &nbsp;&nbsp; $95.00 | &nbsp;&nbsp; $(28500) |
| Morgan Stanley | GBP CALL/USD PUT | &nbsp;&nbsp; (2000000) | &nbsp;&nbsp; $2000000 | October 2025 | &nbsp;&nbsp; $1.38 | &nbsp;&nbsp; $(852) |
| UBS | AUD CALL/ USD PUT | &nbsp;&nbsp; (3000000) | &nbsp;&nbsp; $3000000 | October 2025 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; $(6630) |
| Wells Fargo | United States Treasury | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) | &nbsp;&nbsp; $17488500 | October 2025 | &nbsp;&nbsp; $118.00 | &nbsp;&nbsp; $(93750) |
| **Put Options:** |  |  |  |  |  |  |
| Bank of America | AUD PUT/USD CALL | &nbsp;&nbsp; (2500000) | &nbsp;&nbsp; $2500000 | October 2025 | &nbsp;&nbsp; $0.65 | &nbsp;&nbsp; $(5678) |
| Bank of America | USD PUT/ZAR CALL | &nbsp;&nbsp; (3000000) | &nbsp;&nbsp; $3000000 | November 2025 | &nbsp;&nbsp; $17.60 | &nbsp;&nbsp; $(66522) |
| Morgan Stanley | GBP PUT/USD CALL | &nbsp;&nbsp; (2000000) | &nbsp;&nbsp; $2000000 | October 2025 | &nbsp;&nbsp; $1.34 | &nbsp;&nbsp; $(9248) |
| Wells Fargo | United States Treasury | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp; $5829500 | October 2025 | &nbsp;&nbsp; $114.00 | &nbsp;&nbsp; $(16406) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $264,361) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $264,361) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $264,361) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $264,361) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $264,361) | &nbsp;&nbsp;&nbsp;&nbsp; (Premium Received $264,361) | &nbsp;&nbsp; $(227586) |

---

Net Unrealized Appreciation/Depreciation on Futures Contracts, Swaps Contracts and the value of Written Option 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 September 30, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Value as of** <br>**6/30/2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<br>| **Net** <br>**Realized** <br>**Gain/** <br>**(Loss)**<br>| **Value as of** <br>**9/30/2025**<br>| **Shares** <br>**Held as of** <br>**9/30/2025**<br>| **Dividend** <br>**Income**<br>|
| Bank Loan Core Fund | $605948 | $— | $— | $(2111) | $— | $603837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70377 | $11124 |
| Emerging Markets Core Fund | $10054366 | $200000 | $— | $151312 | $— | $10405678 | &nbsp;&nbsp; 1163946 | $219221 |
| Federated Hermes Government Obligations Fund, <br> Premier Shares<br>| $3445277 | $10811719 | $(12484354) | $— | $— | $1772642 | &nbsp;&nbsp; 1772642 | $22833 |
| High Yield Bond Core Fund | $10242815 | $200000 | $— | $55315 | $— | $10498130 | &nbsp;&nbsp; 1832134 | $157901 |
| Mortgage Core Fund | $45273997 | $— | $— | $597856 | $— | $45871853 | &nbsp;&nbsp; 5435054 | $581647 |
| Project and Trade Finance Core Fund | $12975426 | $2500000 | $— | $76901 | $— | $15552327 | &nbsp;&nbsp; 1739634 | $242061 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OF AFFILIATED TRANSACTIONS | $82597829 | $13711719 | $(12484354) | $879273 | $— | $84704467 | 12013787 | $1234787 |

---

**13**

------

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

---

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

---

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

**Investment Valuation** 

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

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

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

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

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

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

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

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

**Fair Valuation and Significant Events Procedures** 

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

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

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

**14**

------

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

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

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

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

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

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

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

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

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

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

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

**15**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| U.S. Treasuries | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92815337 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $92815337 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84240722 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84240722 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11179251 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11179251 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9082851 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9082851 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8601676 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8601676 |
| Foreign Governments/Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2611020 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2611020 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2496745 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2496745 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2409272 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2409272 |
| **Purchased Call Option** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14008 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14008 |
| **Purchased Put Options** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72019 |
| **Exchange-Traded Funds** | &nbsp;&nbsp;&nbsp; 37483030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37483030 |
| **Investment Companies** | &nbsp;&nbsp;&nbsp; 69152140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 69152140 |
| Other Investments<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15552327 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | &nbsp;&nbsp; $106703139 | &nbsp;&nbsp; $213454932 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $335710398 |
| **Other Financial Instruments:** |  |  |  |  |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43700 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43700 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169642) |
| &nbsp;&nbsp; Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455340) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455340) |
| &nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (227586) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (227586) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER FINANCIAL INSTRUMENTS | &nbsp;&nbsp; $(169642) | &nbsp;&nbsp; $(639226) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(808868) |

---

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

---

| | |
|:---|:---|
| 1 | *As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $15,552,327 is measured at fair value using the net* <br> *asset value (NAV) per share practical expedient and has not been categorized in the fair value hierarchy chart above. The price of shares redeemed of Project and* <br> *Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to twenty-four days* <br> *after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE financial statements are* <br> *available on the EDGAR database on the SEC's website or upon request from the Fund.*<br>|

---

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

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| AUD | —Australian Dollar |
| BKNT | —Bank Notes |
| EGP | —Egyptian Pound |
| ETF | —Exchange-Traded Fund |
| EUR | —Euro |
| FHLMC | —Federal Home Loan Mortgage Corporation |
| GBP | —British Pound |
| GMTN | —Global Medium Term Note |
| GO | —General Obligation |
| MTN | —Medium Term Note |
| REIT | —Real Estate Investment Trust |
| REMIC | —Real Estate Mortgage Investment Conduit |
| SOFR | —Secured Overnight Financing Rate |
| USD | —United States Dollar |
| UT | —Unlimited Tax |
| ZAR | —South African Rand |

---

**16**

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Warrendale

  - **State:** PA

  - **Foreign country:** US

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

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $361189844.27

**Total Liabilities:** $24408767.85

**Net Assets:** $336781076.42

**Cash Not Reported:** $283243.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -244.524435000000 | **1-Year:** -5809.407387000000 | **5-Year:** -21222.600211000000 | **10-Year:** -22409.008204000000 | **30-Year:** -9243.965809000000

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

- **3-Month:** -6.069020000000 | **1-Year:** -13.963411000000 | **5-Year:** 9816.833178000000 | **10-Year:** 624.449925000000 | **30-Year:** 0.000047000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246534 | -0.24%               | 1.42%                | 1.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28964.17                | $-1898314.02                               |
| Month 2  | $-2870.73                | $2828823.77                                |
| Month 3  | $-16967.72               | $2050909.72                                |

**Designated Index Information**

- **Index Name:** Barclays US Universal

- **Index Identifier:** LC07TRUU

### Schedule of Portfolio Investments

| Name                                                                     | Title                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hess Corp                                                                | Hess Corp                                                                                                              | CUSIP: 023551AJ3<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     98500 | PA      | $113419.72    | 0.03%             | 2031-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| APA CORP                                                                 | APA Corp                                                                                                               | CUSIP: 03743QAR9<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51099.96     | 0.02%             | 2035-02-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                   | Bank of New York Mellon Corp/The                                                                                       | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    379000 | PA      | $378856.59    | 0.11%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122DE5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210017.33    | 0.06%             | 2028-02-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle International Corp                                                                                        | CUSIP: 22822VAB7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    160000 | PA      | $159909.24    | 0.05%             | 2026-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                                                               | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    301000 | PA      | $297458.69    | 0.09%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                      | American Express Co                                                                                                    | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85158.44     | 0.03%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                                    | Aon North America Inc                                                                                                  | CUSIP: 03740MAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     93000 | PA      | $93658.52     | 0.03%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                 | Burlington Northern Santa Fe LLC                                                                                       | CUSIP: 12189LAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180500 | PA      | $162782.96    | 0.05%             | 2043-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                   | Diamondback Energy Inc                                                                                                 | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30430.64     | 0.01%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE                                               | Energy Northwest                                                                                                       | CUSIP: 29270C7C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1655239.95   | 0.49%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                 | Capital One Financial Corp                                                                                             | CUSIP: 14040HCY9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      4500 | PA      | $4719.18      | 0.00%             | 2034-02-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                                      | Carrier Global Corp                                                                                                    | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    235000 | PA      | $252165.21    | 0.07%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                      | Dominion Energy Inc                                                                                                    | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    252000 | PA      | $242049.80    | 0.07%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                                      | PURCHASED USD / SOLD NZD                                                                                               | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DFE              |  | US        |         1 | NC      | $-8157.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2521358 | PA      | $2224077.43   | 0.66%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                                                        | CUSIP: 3140XNR71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1595860 | PA      | $1614253.50   | 0.48%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                                                     | Keurig Dr Pepper Inc                                                                                                   | CUSIP: 49271VAJ9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188674.65    | 0.06%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP                                                                                                                | CUSIP: 55336VBU3<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    381500 | PA      | $382708.61    | 0.11%             | 2032-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                                      | Emera US Finance LP                                                                                                    | CUSIP: 29103DAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $298223.47    | 0.09%             | 2026-06-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                     | Enel Finance International NV                                                                                          | CUSIP: 29278GBG2<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $496599.39    | 0.15%             | 2030-09-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                                                 | Nationwide Mutual Insurance Co                                                                                         | CUSIP: 638671AK3<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |     25000 | PA      | $33899.56     | 0.01%             | 2039-08-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                                                 | Northwestern Mutual Life Insurance Co                                                                                  | CUSIP: 668138AC4<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    268000 | PA      | $185968.15    | 0.06%             | 2059-09-30      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Nuveen LLC                                                               | Nuveen LLC                                                                                                             | CUSIP: 67080LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11962.24     | 0.00%             | 2028-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| UDR INC                                                                  | UDR Inc                                                                                                                | CUSIP: 90265EAS9<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |    219000 | PA      | $188548.12    | 0.06%             | 2034-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                       | Union Pacific Corp                                                                                                     | CUSIP: 907818FH6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    417000 | PA      | $388487.14    | 0.12%             | 2030-02-05      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $459570.47    | 0.14%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                                 | Virginia Electric and Power Co                                                                                         | CUSIP: 927804GG3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    348000 | PA      | $307292.32    | 0.09%             | 2032-03-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                 | Visa Inc                                                                                                               | CUSIP: 92826CAE2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    197000 | PA      | $190339.33    | 0.06%             | 2035-12-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| WP Carey Inc                                                             | WP Carey Inc                                                                                                           | CUSIP: 92936UAE9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    240000 | PA      | $240061.89    | 0.07%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                      | Abbott Laboratories                                                                                                    | CUSIP: 002824BF6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    266000 | PA      | $265870.56    | 0.08%             | 2026-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNB CORP                                                                 | FNB Corp/PA                                                                                                            | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    340000 | PA      | $345251.75    | 0.10%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Federated Core Trust - Federated Mortgage Core Portfolio                 | FEDERATED CORE TR MTG CORE PORTFOLIO                                                                                   | CUSIP: 31409N200<br>LEI: 254900WC9GWJKY8X3D48 | Long             | EC               | RF                | US        |   5435054 | NS      | $45871852.66  | 13.62%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                      | Abbott Laboratories                                                                                                    | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28792.56     | 0.01%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                                                             | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    112000 | PA      | $110714.22    | 0.03%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                               | Fannie Mae Pool                                                                                                        | CUSIP: 3140XLP93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1765436 | PA      | $1669286.78   | 0.50%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                                                                    | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    111000 | PA      | $112327.02    | 0.03%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113750.02    | 0.03%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                           | Home Depot Inc/The                                                                                                     | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    136000 | PA      | $128105.14    | 0.04%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                                       | Advance Auto Parts Inc                                                                                                 | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    175500 | PA      | $162929.71    | 0.05%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                       | Ally Financial Inc                                                                                                     | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185650.74    | 0.06%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                                               | Kenvue Inc                                                                                                             | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    131000 | PA      | $133837.59    | 0.04%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                 | Marsh & McLennan Cos Inc                                                                                               | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    205000 | PA      | $208329.27    | 0.06%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                             | Alphabet Inc                                                                                                           | CUSIP: 02079KAE7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    185500 | PA      | $126759.04    | 0.04%             | 2040-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                         | Altria Group Inc                                                                                                       | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    100000 | PA      | $72058.81     | 0.02%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                                                         | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    322000 | PA      | $326677.18    | 0.10%             | 2037-04-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC                                                        | Omnicom Group Inc                                                                                                      | CUSIP: 681919BD7<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    142000 | PA      | $128010.97    | 0.04%             | 2031-08-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                                           | PECO Energy Co                                                                                                         | CUSIP: 693304AY3<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    200000 | PA      | $128769.09    | 0.04%             | 2050-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                                   | Roper Technologies Inc                                                                                                 | CUSIP: 776743AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    371000 | PA      | $333275.72    | 0.10%             | 2030-06-30      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                           | Amazon.com Inc                                                                                                         | CUSIP: 023135BS4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    305000 | PA      | $273295.67    | 0.08%             | 2030-06-03      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                           | Amazon.com Inc                                                                                                         | CUSIP: 023135CA2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    165000 | PA      | $126605.73    | 0.04%             | 2041-05-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                                              | Ameren Corp                                                                                                            | CUSIP: 023608AK8<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    279000 | PA      | $263532.94    | 0.08%             | 2028-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                                                  | America Movil SAB de CV                                                                                                | CUSIP: 02364WBJ3<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |    275000 | PA      | $257118.68    | 0.08%             | 2030-05-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                                                     | Smithfield Foods Inc                                                                                                   | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182724.00    | 0.05%             | 2030-10-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                                                       | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    232000 | PA      | $174330.15    | 0.05%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                  | American Electric Power Co Inc                                                                                         | CUSIP: 025537AX9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    276500 | PA      | $290655.25    | 0.09%             | 2033-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                      | American Express Co                                                                                                    | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    637000 | PA      | $659940.41    | 0.20%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust                             | American Express Credit Account Master Trust                                                                           | CUSIP: 02582JKH2<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $510384.75    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                   | American Honda Finance Corp                                                                                            | CUSIP: 02665WED9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126548.22    | 0.04%             | 2028-01-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL                                                   | American International Group Inc                                                                                       | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    218500 | PA      | $224776.42    | 0.07%             | 2033-03-27      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                      | American Tower Corp                                                                                                    | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    228000 | PA      | $208013.64    | 0.06%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                                                              | CUSIP: 031162CU2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    110000 | PA      | $101894.15    | 0.03%             | 2030-02-21      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                | Amgen Inc                                                                                                              | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    121000 | PA      | $125336.74    | 0.04%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                      | Elevance Health Inc                                                                                                    | CUSIP: 036752AY9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    380000 | PA      | $390957.79    | 0.12%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                                                              | CUSIP: 037833DU1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    617000 | PA      | $557624.49    | 0.17%             | 2030-05-11      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                                                              | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    181000 | PA      | $130117.33    | 0.04%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                            | AppLovin Corp                                                                                                          | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129030.78    | 0.04%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                                      | Ashtead Capital Inc                                                                                                    | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    487000 | PA      | $502313.52    | 0.15%             | 2033-05-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca PLC                                                          | AstraZeneca PLC                                                                                                        | CUSIP: 046353AN8<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    205000 | PA      | $202721.67    | 0.06%             | 2027-06-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ELEC UTILITY SYS REVENUE                                       | City of Austin TX Electric Utility Revenue                                                                             | CUSIP: 052414WK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1447936.74   | 0.43%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                                          | BAE Systems PLC                                                                                                        | CUSIP: 05523RAE7<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $135344.56    | 0.04%             | 2050-09-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| AUTOMATIC DATA PROCESSNG                                                 | Automatic Data Processing Inc                                                                                          | CUSIP: 053015AH6<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124411.14    | 0.04%             | 2034-09-09      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                                             | AutoZone Inc                                                                                                           | CUSIP: 053332BD3<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    324000 | PA      | $324494.78    | 0.10%             | 2033-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                                                          | CUSIP: 097023BU8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34293.06     | 0.01%             | 2027-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    127000 | PA      | $126575.87    | 0.04%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                                      | CDW LLC / CDW Finance Corp                                                                                             | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    341000 | PA      | $334529.85    | 0.10%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                                             | Chevron Corp                                                                                                           | CUSIP: 166764CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $104067.24    | 0.03%             | 2050-05-11      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                                                    | AvalonBay Communities Inc                                                                                              | CUSIP: 05348EBA6<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |    333500 | PA      | $329570.96    | 0.10%             | 2027-05-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                         | BAT Capital Corp                                                                                                       | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    315000 | PA      | $333162.55    | 0.10%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    208000 | PA      | $196901.43    | 0.06%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                                         | Coca-Cola Co/The                                                                                                       | CUSIP: 191216CM0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84234.71     | 0.03%             | 2029-09-06      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                                                             | Comerica Inc                                                                                                           | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    302000 | PA      | $314275.19    | 0.09%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Co                                                   | Commonwealth Edison Co                                                                                                 | CUSIP: 202795JJ0<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    230000 | PA      | $178085.71    | 0.05%             | 2046-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                                   | Daimler Trucks Finance North America LLC                                                                               | CUSIP: 233853AG5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    347000 | PA      | $326974.65    | 0.10%             | 2028-12-14      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                                                     | ERAC USA Finance LLC                                                                                                   | CUSIP: 26884TAV4<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    150500 | PA      | $152447.33    | 0.05%             | 2028-05-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC                                                                 | AT&T Inc                                                                                                               | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    434000 | PA      | $397767.44    | 0.12%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                                           | Air Lease Corp                                                                                                         | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223974.37    | 0.07%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                                                            | AEP Texas Inc                                                                                                          | CUSIP: 00108WAM2<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    140500 | PA      | $126702.00    | 0.04%             | 2030-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Airbus SE                                                                | Airbus SE                                                                                                              | CUSIP: 009279AA8<br>LEI: MINO79WLOO247M1IL051 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $222463.26    | 0.07%             | 2027-04-10      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com Inc                                                           | Amazon.com Inc                                                                                                         | CUSIP: 023135BC9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93965.62     | 0.03%             | 2027-08-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                                   | American Honda Finance Corp                                                                                            | CUSIP: 02665WEM9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133305.99    | 0.04%             | 2028-07-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                | Apple Inc                                                                                                              | CUSIP: 037833EQ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    875000 | PA      | $710592.49    | 0.21%             | 2052-08-08      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                                             | Autodesk Inc                                                                                                           | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    280000 | PA      | $287745.09    | 0.09%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                 | Antero Midstream Partners LP / Antero Midstream Finance Corp                                                           | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     93000 | PA      | $92817.92     | 0.03%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                                     | BAT International Finance PLC                                                                                          | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    116000 | PA      | $114594.83    | 0.03%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                                   | Bank of New York Mellon Corp/The                                                                                       | CUSIP: 06406RAR8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    105000 | PA      | $92219.38     | 0.03%             | 2031-01-28      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24347.67     | 0.01%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                          | CVS Health Corp                                                                                                        | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    207000 | PA      | $211791.20    | 0.06%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                                                | Chesapeake Funding II LLC                                                                                              | CUSIP: 165183DF8<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101707.03    | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                                          | BAE Systems PLC                                                                                                        | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $310872.75    | 0.09%             | 2034-03-26      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Boardwalk Pipelines LP                                                   | Boardwalk Pipelines LP                                                                                                 | CUSIP: 096630AG3<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223168.12    | 0.07%             | 2029-05-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                                                           | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $715846.06    | 0.21%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer LP                                                                                                     | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $350562.62    | 0.10%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                                                          | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    335000 | PA      | $240683.43    | 0.07%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     97000 | PA      | $64159.57     | 0.02%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | PURCHASED EUR / SOLD USD                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |         1 | NC      | $7319.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                           | Enterprise Fleet Financing 2024-1 LLC                                                                                  | CUSIP: 29375PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61851 | PA      | $62389.57     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    206000 | PA      | $186620.28    | 0.06%             | 2039-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                  | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    225000 | PA      | $186541.85    | 0.06%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                 | Charter Communications Operating LLC / Charter Communications Operating Capital                                        | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    323000 | PA      | $338384.32    | 0.10%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    605000 | PA      | $603980.51    | 0.18%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                                                   | Coca-Cola Femsa SAB de CV                                                                                              | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    310000 | PA      | $291145.22    | 0.09%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                                                 | Constellation Brands Inc                                                                                               | CUSIP: 21036PBC1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    163000 | PA      | $164793.99    | 0.05%             | 2028-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Exelon Corp                                                              | Exelon Corp                                                                                                            | CUSIP: 210371AF7<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     77000 | PA      | $89146.13     | 0.03%             | 2032-04-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                 | Constellation Energy Generation LLC                                                                                    | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    440500 | PA      | $470578.96    | 0.14%             | 2033-03-01      | Fixed         | 5.80%                 | 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        |   1739634 | NS      | $15552326.72  | 4.62%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                                    | General Dynamics Corp                                                                                                  | CUSIP: 369550BN7<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108006.74    | 0.03%             | 2026-06-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| DANAHER CORP                                                             | Danaher Corp                                                                                                           | CUSIP: 235851AV4<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $155708.57    | 0.05%             | 2050-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | PURCHASED EUR / SOLD USD                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |         1 | NC      | $6006.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BACARDI-MARTINI BV                                                       | Bacardi-Martini BV                                                                                                     | CUSIP: 05634WAB8<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207975.90    | 0.06%             | 2035-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    144000 | PA      | $128622.37    | 0.04%             | 2031-07-23      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                     | Glencore Funding LLC                                                                                                   | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156112.95    | 0.05%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    378000 | PA      | $374777.28    | 0.11%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                   | PNC Financial Services Group Inc/The                                                                                   | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514534.06    | 0.15%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                                                  | Schlumberger Holdings Corp                                                                                             | CUSIP: 806851AG6<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35945.17     | 0.01%             | 2025-12-21      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                                                           | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    141000 | PA      | $144815.09    | 0.04%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                   | General Motors Financial Co Inc                                                                                        | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    181000 | PA      | $188573.74    | 0.06%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                                     | Glencore Funding LLC                                                                                                   | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    123000 | PA      | $84289.00     | 0.03%             | 2051-09-23      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243403.79    | 0.07%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                                                  | Southern Co Gas Capital Corp                                                                                           | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    435000 | PA      | $380332.82    | 0.11%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                                                        | Southern Power Co                                                                                                      | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    215000 | PA      | $213703.55    | 0.06%             | 2030-10-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                                                             | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     43000 | PA      | $45054.96     | 0.01%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GXO LOGISTICS INC                                                        | GXO Logistics Inc                                                                                                      | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    225000 | PA      | $236286.06    | 0.07%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    627000 | PA      | $571184.55    | 0.17%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    755000 | PA      | $676677.75    | 0.20%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                     | Bank of America Corp                                                                                                   | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    787500 | PA      | $822331.96    | 0.24%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Bank                                                                     | BANK 2024-BNK48                                                                                                        | CUSIP: 06541GAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1002362.10   | 0.30%             | 2057-10-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1350000 | PA      | $1371545.73   | 0.41%             | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201203.70    | 0.06%             | 2027-02-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                   | GE HealthCare Technologies Inc                                                                                         | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45884.10     | 0.01%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Global Payments Inc                                                                                                    | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    114000 | PA      | $102227.72    | 0.03%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     31000 | PA      | $32223.86     | 0.01%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     82000 | PA      | $82160.60     | 0.02%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | Vodafone Group PLC                                                                                                     | CUSIP: 92857WBU3<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $286364.85    | 0.09%             | 2050-09-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                         | Welltower Inc                                                                                                          | CUSIP: 95040QAL8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    406000 | PA      | $375351.83    | 0.11%             | 2031-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                                  | Hyundai Capital America                                                                                                | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510212.49    | 0.15%             | 2030-03-27      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                        | Kinder Morgan Inc                                                                                                      | CUSIP: 494553AD2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102252.21    | 0.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                              | BBCMS Mortgage Trust 2025-C35                                                                                          | CUSIP: 07337DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $143072.69    | 0.04%             | 2058-07-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                                                     | Beacon Funding Trust                                                                                                   | CUSIP: 073952AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $204665.64    | 0.06%             | 2054-08-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                                    | Becton Dickinson and Co                                                                                                | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53733.64     | 0.02%             | 2044-12-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                                               | Biogen Inc                                                                                                             | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    126500 | PA      | $115412.45    | 0.03%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                 | Mars Inc                                                                                                               | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    265000 | PA      | $270866.18    | 0.08%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                                                         | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    327000 | PA      | $321838.18    | 0.10%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                 | National Rural Utilities Cooperative Finance Corp                                                                      | CUSIP: 637432NK7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    231000 | PA      | $230401.80    | 0.07%             | 2046-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Trust                              | Navistar Financial Dealer Note Master Owner Trust                                                                      | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $755494.28    | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BLACKROCK INC                                                            | BlackRock Inc                                                                                                          | CUSIP: 09247XAT8<br>LEI: 549300LRIF3NWCU26A80 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143045.54    | 0.04%             | 2033-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                | Boeing Co/The                                                                                                          | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    508000 | PA      | $478276.90    | 0.14%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAC002372 AUD CALL USD PUT                                                                                             | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |   2500000 | OU      | $14007.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                         | Hewlett Packard Enterprise Co                                                                                          | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    205000 | PA      | $203406.01    | 0.06%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS                                                    | Interpublic Group of Cos Inc/The                                                                                       | CUSIP: 460690BU3<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15308.40     | 0.00%             | 2033-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    621000 | PA      | $645452.27    | 0.19%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                   | JW Trust 2024-BERY                                                                                                     | CUSIP: 46676AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500780.60    | 0.15%             | 2039-11-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                                                       | Pacific Life Global Funding II                                                                                         | CUSIP: 6944PL2Z1<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183845.67    | 0.05%             | 2029-01-11      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                  | Pfizer Investment Enterprises Pte Ltd                                                                                  | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    177000 | PA      | $178814.54    | 0.05%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                                               | Kenvue Inc                                                                                                             | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    245000 | PA      | $249056.69    | 0.07%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                                                     | Kraft Heinz Foods Co                                                                                                   | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     13000 | PA      | $10818.44     | 0.00%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                                     | Boston Properties LP                                                                                                   | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |    125000 | PA      | $116239.29    | 0.03%             | 2031-01-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                                         | Boyd Gaming Corp                                                                                                       | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    121000 | PA      | $120305.51    | 0.04%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                                                 | Prudential Financial Inc                                                                                               | CUSIP: 74432QCA1<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    189000 | PA      | $170034.54    | 0.05%             | 2044-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                                       | Regency Centers LP                                                                                                     | CUSIP: 75884RBC6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    155000 | PA      | $156963.86    | 0.05%             | 2035-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                               | Leidos Inc                                                                                                             | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    216000 | PA      | $215321.60    | 0.06%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                     | Lockheed Martin Corp                                                                                                   | CUSIP: 539830CA5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    410000 | PA      | $413785.81    | 0.12%             | 2034-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                   | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QAE0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    155500 | PA      | $156235.95    | 0.05%             | 2028-11-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| BROADCOM CRP / CAYMN FI                                                  | Broadcom Corp / Broadcom Cayman Finance Ltd                                                                            | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      5000 | PA      | $4996.25      | 0.00%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    179000 | PA      | $178295.80    | 0.05%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259762.17    | 0.08%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MASS MUTUAL LIFE INS CO                                                  | Massachusetts Mutual Life Insurance Co                                                                                 | CUSIP: 575767AQ1<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    363000 | PA      | $252588.62    | 0.08%             | 2050-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                                     | Mercedes-Benz Finance North America LLC                                                                                | CUSIP: 58769JAC1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    305000 | PA      | $311955.75    | 0.09%             | 2027-11-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL                                                 | Regeneron Pharmaceuticals Inc                                                                                          | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    223500 | PA      | $197125.30    | 0.06%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                                         | Ryder System Inc                                                                                                       | CUSIP: 78355HKV0<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139793.95    | 0.04%             | 2028-03-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                      | Charles Schwab Corp/The                                                                                                | CUSIP: 808513BA2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100500 | PA      | $97602.95     | 0.03%             | 2029-05-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                                       | Steel Dynamics Inc                                                                                                     | CUSIP: 858119BQ2<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51689.84     | 0.02%             | 2034-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                                                     | National Fuel Gas Co                                                                                                   | CUSIP: 636180BR1<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91246.52     | 0.03%             | 2031-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                 | National Rural Utilities Cooperative Finance Corp                                                                      | CUSIP: 637432NZ4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39008.03     | 0.01%             | 2032-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                | ONEOK Inc                                                                                                              | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $289321.73    | 0.09%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                              | Oracle Corp                                                                                                            | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    196000 | PA      | $197773.45    | 0.06%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       300 | PA      | $291.96       | 0.00%             | 2026-08-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    117800 | PA      | $114497.15    | 0.03%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                 | Burlington Northern Santa Fe LLC                                                                                       | CUSIP: 12189LBK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136000 | PA      | $130516.65    | 0.04%             | 2054-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                   | CNH Industrial Capital LLC                                                                                             | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24184.75     | 0.01%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $893729.52    | 0.27%             | 2029-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1013621.80   | 0.30%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                                                       | CNA Financial Corp                                                                                                     | CUSIP: 126117AX8<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    379000 | PA      | $393334.18    | 0.12%             | 2033-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                                    | Camden Property Trust                                                                                                  | CUSIP: 133131BB7<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |    383000 | PA      | $388631.29    | 0.12%             | 2034-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Inflation-Indexed Notes                                                                                  | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2766555 | PA      | $2788701.27   | 0.83%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                                                       | Valero Energy Corp                                                                                                     | CUSIP: 91913YAE0<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11567.06     | 0.00%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                              | PepsiCo Inc                                                                                                            | CUSIP: 713448EL8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    296000 | PA      | $281707.42    | 0.08%             | 2029-07-29      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                                             | QUALCOMM Inc                                                                                                           | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020949.69   | 0.30%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                                                     | VERISK ANALYTICS INC SR UNSECURED 03/29 4.125                                                                          | CUSIP: 92345YAF3<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    321000 | PA      | $320241.18    | 0.10%             | 2029-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC Energy Group Inc                                                                                                   | CUSIP: 92939UAG1<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    192000 | PA      | $181045.36    | 0.05%             | 2028-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                                       | Regency Centers LP                                                                                                     | CUSIP: 75884RAX1<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    120000 | PA      | $119994.26    | 0.04%             | 2028-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                                                   | Regions Financial Corp                                                                                                 | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    310000 | PA      | $323090.62    | 0.10%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY                                                    | Campbell Soup Co                                                                                                       | CUSIP: 134429BN8<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128355.84    | 0.04%             | 2029-03-21      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                 | Canadian Pacific Railway Co                                                                                            | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $175302.96    | 0.05%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    475000 | PA      | $482566.05    | 0.14%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                                               | Zoetis Inc                                                                                                             | CUSIP: 98978VAT0<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    225000 | PA      | $150344.92    | 0.04%             | 2050-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                             | Centene Corp                                                                                                           | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    468000 | PA      | $403141.75    | 0.12%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                                   | Chubb INA Holdings LLC                                                                                                 | CUSIP: 171239AL0<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    375000 | PA      | $382376.01    | 0.11%             | 2029-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TEXAS WTR DEV BRD REVENUE                                                | Texas Water Development Board                                                                                          | CUSIP: 88285AGA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1717255.82   | 0.51%             | 2053-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     95500 | PA      | $92653.53     | 0.03%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                        | Cisco Systems Inc                                                                                                      | CUSIP: 17275RBQ4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    217000 | PA      | $219605.22    | 0.07%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                                                        | Cisco Systems Inc                                                                                                      | CUSIP: 17275RBX9<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235981.92    | 0.07%             | 2030-02-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    381500 | PA      | $383052.82    | 0.11%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | Citigroup Inc                                                                                                          | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    127000 | PA      | $131718.22    | 0.04%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                          | Long: BP9H1EU47 CDS USD R V 03MEVENT SP9H1EU47_PRO CCPCDX / Short: BP9H1EU47 CDS USD P F  1.00000 SP9H1EU47_FEE CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  20000000 | OU      | $-455340.00   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1575000 | PA      | $1593244.17   | 0.47%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3700000 | PA      | $3828118.79   | 1.14%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5058965.00   | 1.50%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Valmont Industries Inc                                                   | Valmont Industries Inc                                                                                                 | CUSIP: 920253AF8<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | DBT              | CORP              | US        |    168000 | PA      | $157032.70    | 0.05%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US LONG BOND(CBT) DEC25                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       100 | NC      | $-40855.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US BOND FUTR OPTN NOV25C 118                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -150 | NC      | $-93750.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                 | Citizens Financial Group Inc                                                                                           | CUSIP: 174610AS4<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    428000 | PA      | $392734.84    | 0.12%             | 2030-02-06      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE GROUP                                                  | Columbia Pipeline Group Inc                                                                                            | CUSIP: 198280AH2<br>LEI: 549300SRP1TQM9JJBG80 | Long             | DBT              | CORP              | US        |    129000 | PA      | $128385.94    | 0.04%             | 2045-06-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                                       | UBC002400 AUD CALL USD PUT                                                                                             | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              |  | US        |  -3000000 | OU      | $-3.00        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                                      | Egypt Treasury Bills                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        | 103000000 | PA      | $2131548.58   | 0.63%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                             | Comcast Corp                                                                                                           | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    688000 | PA      | $689183.86    | 0.20%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                             | Comcast Corp                                                                                                           | CUSIP: 20030NCZ2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    280000 | PA      | $195740.77    | 0.06%             | 2050-02-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                                             | VeriSign Inc                                                                                                           | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    328000 | PA      | $295632.81    | 0.09%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                  | Long: SP9X1VWY6 CDS USD R V 03MEVENT SP9X1VWY6_PRO CDX / Short: SP9X1VWY6 CDS USD P F  1.00000 SP9X1VWY6_FEE CDX       | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCR              |  | US        |   2000000 | OU      | $43700.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                           | State of Connecticut                                                                                                   | CUSIP: 20772KC72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1742180.10   | 0.52%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                  | Consolidated Edison Co of New York Inc                                                                                 | CUSIP: 209111FF5<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    195000 | PA      | $168029.40    | 0.05%             | 2054-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                 | Corebridge Financial Inc                                                                                               | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    258000 | PA      | $271383.16    | 0.08%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP                                                    | Costco Wholesale Corp                                                                                                  | CUSIP: 22160KAP0<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    236000 | PA      | $212767.86    | 0.06%             | 2030-04-20      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp                                                  | John Deere Capital Corp                                                                                                | CUSIP: 24422EUU1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    341000 | PA      | $335100.06    | 0.10%             | 2029-03-07      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                  | John Deere Capital Corp                                                                                                | CUSIP: 24422EXV6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110720.85    | 0.03%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                   | Diamondback Energy Inc                                                                                                 | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    170000 | PA      | $183159.61    | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                                  | Walt Disney Co/The                                                                                                     | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    194000 | PA      | $146755.78    | 0.04%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAP002378 AUD PUT USD CALL                                                                                             | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |  -2500000 | OU      | $-5677.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSC002401 NZD CALL USD PUT                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -3000000 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | PURCHASED USD / SOLD EUR                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $4454.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | PURCHASED USD / SOLD EUR                                                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $3797.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                           | PURCHASED USD / SOLD EGP                                                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-25849.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                                      | PURCHASED NZD / SOLD USD                                                                                               | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NZ        |         1 | NC      | $15350.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                                                   | BYP002356 EUR PUT USD CALL                                                                                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              |  | US        |   2500000 | OU      | $4050.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Australia Government Bonds                                               | Australia Government Bonds                                                                                             | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    750000 | PA      | $479471.09    | 0.14%             | 2029-11-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                         | Duke Energy Corp                                                                                                       | CUSIP: 26441CBT1<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    325000 | PA      | $322950.83    | 0.10%             | 2032-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDP FINANCE BV                                                           | EDP Finance BV                                                                                                         | CUSIP: 26835PAH3<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $235869.33    | 0.07%             | 2028-01-24      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| ENI SPA                                                                  | Eni SpA                                                                                                                | CUSIP: 26874RAP3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    250000 | PA      | $249917.66    | 0.07%             | 2054-05-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                                 | Electricite de France SA                                                                                               | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    275000 | PA      | $299737.89    | 0.09%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | Enbridge Inc                                                                                                           | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $68098.77     | 0.02%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer LP                                                                                                     | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262058.11    | 0.08%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | Energy Transfer Operating LP                                                                                           | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    149000 | PA      | $151583.67    | 0.05%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                           | Enterprise Fleet Financing 2025-2 LLC                                                                                  | CUSIP: 29375TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $329112.06    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                 | Enterprise Products Operating LLC                                                                                      | CUSIP: 29379VAT0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    138000 | PA      | $146175.02    | 0.04%             | 2041-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                              | Exelon Corp                                                                                                            | CUSIP: 30161NBH3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    262500 | PA      | $205260.88    | 0.06%             | 2052-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                                                                     | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493990.78    | 0.15%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                                                                     | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    257000 | PA      | $255111.72    | 0.08%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWEP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2549888 | PA      | $2243466.33   | 0.67%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                                                                     | CUSIP: 3137HC3A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1358768 | PA      | $1363640.60   | 0.40%             | 2054-04-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac REMICS                                                                                                     | CUSIP: 3137HC4Q2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1044874 | PA      | $1045631.14   | 0.31%             | 2054-04-25      | Floating      | 5.36%                 | 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        |   1832134 | NS      | $10498130.35  | 3.12%             |  |  |  | No            |                  1 | 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        |     70377 | NS      | $603837.06    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                  | Fidelity National Information Services Inc                                                                             | CUSIP: 31620MBU9<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     60000 | PA      | $45298.47     | 0.01%             | 2041-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                      | Fifth Third Bancorp                                                                                                    | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71132.76     | 0.02%             | 2030-09-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK                                                         | Fifth Third Bank/Cincinnati OH                                                                                         | CUSIP: 31677QBR9<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    276000 | PA      | $269229.15    | 0.08%             | 2027-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| First National Master Note Trust                                         | First National Master Note Trust                                                                                       | CUSIP: 32113CCB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $178759.77    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FISERV INC                                                               | Fiserv Inc                                                                                                             | CUSIP: 337738BM9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253619.89    | 0.08%             | 2030-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Flowers Foods Inc                                                        | Flowers Foods Inc                                                                                                      | CUSIP: 343498AB7<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218051.90    | 0.06%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                 | Ford Motor Credit Co LLC                                                                                               | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    398000 | PA      | $401169.04    | 0.12%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FORTINET INC                                                             | Fortinet Inc                                                                                                           | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |    272000 | PA      | $242287.53    | 0.07%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC                                                    | GSK Consumer Healthcare Capital US LLC                                                                                 | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    305000 | PA      | $301832.59    | 0.09%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                   | GE HealthCare Technologies Inc                                                                                         | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    276000 | PA      | $292421.98    | 0.09%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                                        | General Motors Co                                                                                                      | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    178000 | PA      | $170304.14    | 0.05%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc                                                      | Gilead Sciences Inc                                                                                                    | CUSIP: 375558BG7<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    195000 | PA      | $192811.19    | 0.06%             | 2035-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1139000 | PA      | $1033322.70   | 0.31%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                  | HCA Inc                                                                                                                | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85168.41     | 0.03%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     69000 | PA      | $70665.91     | 0.02%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HARTFORD INSUR GRP INC/T                                                 | Hartford Financial Services Group Inc/The                                                                              | CUSIP: 416518AC2<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |    115000 | PA      | $125206.42    | 0.04%             | 2042-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                                                 | Healthcare Trust of America Holdings LP                                                                                | CUSIP: 42225UAH7<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |    205000 | PA      | $177940.54    | 0.05%             | 2031-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                                                               | HEICO Corp                                                                                                             | CUSIP: 422806AB5<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248978.47    | 0.07%             | 2033-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                       | Honda Auto Receivables 2025-2 Owner Trust                                                                              | CUSIP: 437921AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $604682.58    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                                 | Huntington Ingalls Industries Inc                                                                                      | CUSIP: 446413AL0<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    165000 | PA      | $162362.99    | 0.05%             | 2027-12-01      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46625HHV5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    340000 | PA      | $352335.02    | 0.10%             | 2040-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    655000 | PA      | $578998.78    | 0.17%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     98000 | PA      | $89654.70     | 0.03%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                      | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    495000 | PA      | $513157.59    | 0.15%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                                  | Jefferies Financial Group Inc                                                                                          | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    287500 | PA      | $305669.00    | 0.09%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                                                   | John Deere Owner Trust 2024-C                                                                                          | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002687.40   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                        | Johnson & Johnson                                                                                                      | CUSIP: 478160CM4<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |     64000 | PA      | $50138.60     | 0.01%             | 2048-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KLA CORP                                                                 | KLA Corp                                                                                                               | CUSIP: 482480AL4<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    235000 | PA      | $238474.02    | 0.07%             | 2032-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                                                  | KeyCorp                                                                                                                | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    260000 | PA      | $282152.31    | 0.08%             | 2035-03-06      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                                    | Keysight Technologies Inc                                                                                              | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311829.15    | 0.09%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                      | Kimco Realty Corp                                                                                                      | CUSIP: 49446RAP4<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    420000 | PA      | $414355.73    | 0.12%             | 2026-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                                  | Kinder Morgan Energy Partners LP                                                                                       | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24101.06     | 0.01%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                                                | Kroger Co/The                                                                                                          | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262207.31    | 0.08%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                                                        | Lam Research Corp                                                                                                      | CUSIP: 512807AU2<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    249000 | PA      | $248818.38    | 0.07%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp                                                    | Lincoln National Corp                                                                                                  | CUSIP: 534187BA6<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |     55000 | PA      | $62470.89     | 0.02%             | 2040-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                     | Lockheed Martin Corp                                                                                                   | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006236.45   | 0.30%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                                                          | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    174000 | PA      | $189018.90    | 0.06%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                                                  | Corebridge Global Funding                                                                                              | CUSIP: 00138CBF4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508664.40    | 0.15%             | 2030-06-06      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| ABBVIE INC                                                               | AbbVie Inc                                                                                                             | CUSIP: 00287YCY3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    192500 | PA      | $189496.96    | 0.06%             | 2035-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                              | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    346000 | PA      | $333437.60    | 0.10%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                                           | Air Lease Corp                                                                                                         | CUSIP: 00914AAK8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    123000 | PA      | $113714.55    | 0.03%             | 2030-12-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                     | M&T Bank Corp                                                                                                          | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    324000 | PA      | $344292.82    | 0.10%             | 2032-03-13      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                                                  | Marathon Petroleum Corp                                                                                                | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    198000 | PA      | $170418.23    | 0.05%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                                                       | Alcon Finance Corp                                                                                                     | CUSIP: 01400EAD5<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231271.64    | 0.07%             | 2030-05-27      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                                                                    | CUSIP: 015271AJ8<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    355000 | PA      | $353765.44    | 0.11%             | 2027-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                                   | Match Group Inc                                                                                                        | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    157000 | PA      | $156550.41    | 0.05%             | 2027-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MetLife Inc                                                              | MetLife Inc                                                                                                            | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    201000 | PA      | $268536.80    | 0.08%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                                 | Alexandria Real Estate Equities Inc                                                                                    | CUSIP: 015271BC2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |     67000 | PA      | $67363.64     | 0.02%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                                                   | Allegion US Holding Co Inc                                                                                             | CUSIP: 01748NAE4<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    139000 | PA      | $137257.97    | 0.04%             | 2027-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                      | American Tower Corp                                                                                                    | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    275000 | PA      | $266467.93    | 0.08%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                                                | Amgen Inc                                                                                                              | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $173665.42    | 0.05%             | 2045-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                                   | Anglo American Capital PLC                                                                                             | CUSIP: 034863AW0<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208747.64    | 0.06%             | 2030-04-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Apple Inc                                                                | Apple Inc                                                                                                              | CUSIP: 037833DB3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24619.40     | 0.01%             | 2027-09-12      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                                 | Microchip Technology Inc                                                                                               | CUSIP: 595017BE3<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194138.94    | 0.06%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS                                                   | Mid-America Apartments LP                                                                                              | CUSIP: 59523UAW7<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              |  | US        |    300000 | PA      | $312164.99    | 0.09%             | 2032-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                                                  | BMW Vehicle Lease Trust 2024-1                                                                                         | CUSIP: 05611UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160902 | PA      | $161483.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                             | Broadcom Inc                                                                                                           | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520581.73    | 0.15%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                          | CVS Health Corp                                                                                                        | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    293000 | PA      | $301575.26    | 0.09%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                                       | Cenovus Energy Inc                                                                                                     | CUSIP: 15135UAM1<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $199986.80    | 0.06%             | 2027-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                         | Crown Castle International Corp                                                                                        | CUSIP: 22822VAU5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    357000 | PA      | $240841.14    | 0.07%             | 2051-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DLLAD LLC                                                                | Dllad 2024-1 LLC                                                                                                       | CUSIP: 23346MAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1020959.40   | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                  | Dell International LLC / EMC Corp                                                                                      | CUSIP: 24703TAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $225346.34    | 0.07%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                           | PURCHASED EUR / SOLD USD                                                                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | XX        |         1 | NC      | $-7187.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | Morgan Stanley                                                                                                         | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    701000 | PA      | $730122.53    | 0.22%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Co                                                     | National Fuel Gas Co                                                                                                   | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    203000 | PA      | $201810.97    | 0.06%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Dupont De Nemours Inc                                                    | DuPont de Nemours Inc                                                                                                  | CUSIP: 26078JAE0<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |     14000 | PA      | $14343.22     | 0.00%             | 2038-11-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                                         | Duke Energy Corp                                                                                                       | CUSIP: 26441CBU8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    389000 | PA      | $350199.53    | 0.10%             | 2052-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                       | Meta Platforms Inc                                                                                                     | CUSIP: 30303M8Q8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    412000 | PA      | $417910.79    | 0.12%             | 2053-05-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                              | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWC68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4229535 | PA      | $3428166.80   | 1.02%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERATED CORE TR                                                        | FEDERATED CORE TR MUTUAL FUND                                                                                          | CUSIP: 31409N887<br>LEI: 254900HYFNGKM5PJOV84 | Long             | EC               | RF                | US        |   1163946 | NS      | $10405678.49  | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                      | Fifth Third Bancorp                                                                                                    | CUSIP: 316773DL1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    307000 | PA      | $321843.61    | 0.10%             | 2032-01-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                                         | FirstEnergy Corp                                                                                                       | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188834.76    | 0.06%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                                     | Freeport-McMoRan Inc                                                                                                   | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    291000 | PA      | $298245.68    | 0.09%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                              | Netflix Inc                                                                                                            | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    301000 | PA      | $307613.23    | 0.09%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE                 | New York City Municipal Water Finance Authority                                                                        | CUSIP: 64972GL28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1198733.60   | 0.36%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                  | HCA Inc                                                                                                                | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    134000 | PA      | $127991.72    | 0.04%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Halliburton Co                                                           | Halliburton Co                                                                                                         | CUSIP: 406216BK6<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    103000 | PA      | $93651.10     | 0.03%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                   | NextEra Energy Capital Holdings Inc                                                                                    | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    783000 | PA      | $714896.42    | 0.21%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                             | NiSource Inc                                                                                                           | CUSIP: 65473PAL9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    437000 | PA      | $379512.92    | 0.11%             | 2031-02-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                                           | Home Depot Inc/The                                                                                                     | CUSIP: 437076BY7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    127500 | PA      | $122984.87    | 0.04%             | 2029-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                                  | Honeywell International Inc                                                                                            | CUSIP: 438516CZ7<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254497.11    | 0.08%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corp                                                      | Northern Trust Corp                                                                                                    | CUSIP: 665859AP9<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    196000 | PA      | $195902.32    | 0.06%             | 2025-10-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN SYSTEMS                                                 | Northrop Grumman Systems Corp                                                                                          | CUSIP: 666807AW2<br>LEI: 549300KYOZYCZII5OX23 | Long             | DBT              | CORP              | US        |    177000 | PA      | $204955.92    | 0.06%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ORL TRUST                                                                | ORL Trust 2024-GLKS                                                                                                    | CUSIP: 67120DAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $850530.06    | 0.25%             | 2039-12-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| OREGON ST                                                                | STATE OF OREGON                                                                                                        | CUSIP: 68609UPR0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1321504.74   | 0.39%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                 | Host Hotels & Resorts LP                                                                                               | CUSIP: 44107TBC9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    165000 | PA      | $166088.54    | 0.05%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                                                    | Huntington Bancshares Inc/OH                                                                                           | CUSIP: 446150BA1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    341000 | PA      | $343318.15    | 0.10%             | 2033-05-17      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                                              | Ovintiv Inc                                                                                                            | CUSIP: 69047QAD4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |     90000 | PA      | $97187.92     | 0.03%             | 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        |    792000 | PA      | $820695.69    | 0.24%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| iShares MBS ETF                                                          | iShares MBS ETF                                                                                                        | CUSIP: 464288588<br>LEI: 549300M0TH0IE2E6RP07 | Long             | EC               | RF                | US        |    268420 | NS      | $25540163.00  | 7.58%             |  |  |  | No            |                  1 | On Loan: No      |
| John Deere Owner Trust                                                   | John Deere Owner Trust 2024-B                                                                                          | CUSIP: 47786WAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1014310.00   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                                                  | Duke Energy Indiana LLC                                                                                                | CUSIP: 693627AY7<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     83000 | PA      | $90691.25     | 0.03%             | 2035-10-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFECORP                                                         | Pacific LifeCorp                                                                                                       | CUSIP: 694476AA0<br>LEI: VFN8KLUEIK7XMVX1JM30 | Long             | DBT              | CORP              | US        |    192000 | PA      | $212808.60    | 0.06%             | 2033-09-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| PFIZER INC                                                               | Pfizer Inc                                                                                                             | CUSIP: 717081EW9<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    332000 | PA      | $311347.68    | 0.09%             | 2030-04-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                                                        | CUSIP: 718172AU3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    413000 | PA      | $342867.61    | 0.10%             | 2042-08-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                                        | L3Harris Technologies Inc                                                                                              | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99394.53     | 0.03%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                 | Mars Inc                                                                                                               | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55712.04     | 0.02%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| MetLife Inc                                                              | MetLife Inc                                                                                                            | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    313000 | PA      | $329374.28    | 0.10%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Federated Government Obligations Fund                                    | Federated Hermes Government Obligations Fund                                                                           | CUSIP: 608919718<br>LEI: 254900VAJ9169N7JRF45 | Long             | STIV             | RF                | US        |   1772642 | NS      | $1772641.64   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NBCUniversal Media LLC                                                   | NBCUniversal Media LLC                                                                                                 | CUSIP: 63946BAG5<br>LEI: VTBDOQJ6KOGQ6K786R46 | Long             | DBT              | CORP              | US        |     22000 | PA      | $23078.71     | 0.01%             | 2041-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                 | Occidental Petroleum Corp                                                                                              | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    121000 | PA      | $126537.32    | 0.04%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                              | Oracle Corp                                                                                                            | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    213000 | PA      | $165073.81    | 0.05%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                              | ORACLE CORP SR UNSECURED 04/30 2.95                                                                                    | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    106000 | PA      | $99876.91     | 0.03%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                                                        | CUSIP: 718172CP2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    156000 | PA      | $142163.48    | 0.04%             | 2030-05-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| DOC DR LLC                                                               | Physicians Realty LP                                                                                                   | CUSIP: 71951QAA0<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              |  | US        |    178000 | PA      | $178051.61    | 0.05%             | 2027-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                                     | Parker-Hannifin Corp                                                                                                   | CUSIP: 701094AS3<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243249.03    | 0.07%             | 2029-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                                 | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                          | CUSIP: 709599BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    463500 | PA      | $477274.42    | 0.14%             | 2028-05-01      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                                                  | Pfizer Investment Enterprises Pte Ltd                                                                                  | CUSIP: 716973AC6<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |     22000 | PA      | $22250.79     | 0.01%             | 2028-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                   | Philip Morris International Inc                                                                                        | CUSIP: 718172DQ9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100786.53    | 0.03%             | 2034-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66                                                              | Phillips 66                                                                                                            | CUSIP: 718546AZ7<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |     96000 | PA      | $94895.51     | 0.03%             | 2026-02-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                 | Plains All American Pipeline LP / PAA Finance Corp                                                                     | CUSIP: 72650RBA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    271000 | PA      | $247359.96    | 0.07%             | 2042-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                                                  | Principal Financial Group Inc                                                                                          | CUSIP: 74251VAS1<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    508500 | PA      | $460403.09    | 0.14%             | 2030-06-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                                 | Public Service Enterprise Group Inc                                                                                    | CUSIP: 744573AU0<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    277500 | PA      | $246207.61    | 0.07%             | 2031-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                              | Prologis LP                                                                                                            | CUSIP: 74340XCF6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |    105000 | PA      | $101516.41    | 0.03%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                                    | Republic Services Inc                                                                                                  | CUSIP: 760759BA7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    375000 | PA      | $327071.87    | 0.10%             | 2033-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                                                 | Public Service Enterprise Group Inc                                                                                    | CUSIP: 744573BB1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30910.90     | 0.01%             | 2035-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| RPM International Inc                                                    | RPM International Inc                                                                                                  | CUSIP: 749685AU7<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |    234000 | PA      | $225610.77    | 0.07%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                                 | Raytheon Technologies Corp                                                                                             | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    351000 | PA      | $363545.78    | 0.11%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc                                                    | Reynolds American Inc                                                                                                  | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    118000 | PA      | $116934.73    | 0.03%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                                 | Rogers Communications Inc                                                                                              | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $203817.31    | 0.06%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                                         | Ryder System Inc                                                                                                       | CUSIP: 78355HLD9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194221.36    | 0.06%             | 2029-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                                    | SBNA Auto Lease Trust 2024-C                                                                                           | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1003351.20   | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                                                  | Schlumberger Holdings Corp                                                                                             | CUSIP: 806851AR2<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    138000 | PA      | $128705.88    | 0.04%             | 2030-06-26      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET CORP                                                        | State Street Corp                                                                                                      | CUSIP: 857477BP7<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    244000 | PA      | $217622.55    | 0.06%             | 2031-03-03      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| SYNOVUS BANK GA                                                          | Synovus Bank/Columbus GA                                                                                               | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255238.96    | 0.08%             | 2028-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER INVESTMENT                                                  | Schlumberger Investment SA                                                                                             | CUSIP: 806854AJ4<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |       500 | PA      | $466.33       | 0.00%             | 2030-06-26      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | Sempra Energy                                                                                                          | CUSIP: 816851AP4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103999.56    | 0.03%             | 2039-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXTRON INC                                                              | Textron Inc                                                                                                            | CUSIP: 883203CC3<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90042.57     | 0.03%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| TRIMBLE INC                                                              | Trimble Inc                                                                                                            | CUSIP: 896239AE0<br>LEI: 549300E2MI7NSZFQWS19 | Long             | DBT              | CORP              | US        |    160000 | PA      | $171997.11    | 0.05%             | 2033-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| SHELL INTERNATIONAL FIN                                                  | Shell International Finance BV                                                                                         | CUSIP: 822582BQ4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $123464.38    | 0.04%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                                   | Smurfit Kappa Treasury ULC                                                                                             | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $205596.84    | 0.06%             | 2030-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                    | Southern California Gas Co                                                                                             | CUSIP: 842434DB5<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    280000 | PA      | $284817.85    | 0.08%             | 2034-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Southern Copper Corp                                                     | Southern Copper Corp                                                                                                   | CUSIP: 84265VAE5<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113520.60    | 0.03%             | 2040-04-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    666000 | PA      | $671831.23    | 0.20%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1252000 | PA      | $1259153.55   | 0.37%             | 2027-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3000 | PA      | $3009.20      | 0.00%             | 2026-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $928625.76    | 0.28%             | 2029-04-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       400 | PA      | $408.80       | 0.00%             | 2031-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    596000 | PA      | $607869.04    | 0.18%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                        | Sysco Corp                                                                                                             | CUSIP: 871829BR7<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    160000 | PA      | $107075.03    | 0.03%             | 2051-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| TC PipeLines LP                                                          | TC PipeLines LP                                                                                                        | CUSIP: 87233QAC2<br>LEI: 6HL0C5LCIE4TN8UZHL06 | Long             | DBT              | CORP              | US        |    225000 | PA      | $223705.79    | 0.07%             | 2027-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                         | T-Mobile USA Inc                                                                                                       | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    506000 | PA      | $496177.80    | 0.15%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                     | Targa Resources Corp                                                                                                   | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    333000 | PA      | $316384.82    | 0.09%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                                 | Teachers Insurance & Annuity Association of America                                                                    | CUSIP: 878091BD8<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    230000 | PA      | $212526.10    | 0.06%             | 2044-09-15      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                                                   | Tennessee Gas Pipeline Co LLC                                                                                          | CUSIP: 880451AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $185941.91    | 0.06%             | 2027-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                   | Williams Cos Inc/The                                                                                                   | CUSIP: 88339WAB2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    322000 | PA      | $327963.09    | 0.10%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                                      | Total System Services Inc                                                                                              | CUSIP: 891906AF6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    154000 | PA      | $154248.31    | 0.05%             | 2028-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1975000 | PA      | $1987812.81   | 0.59%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2320843.75   | 0.69%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                                                 | Toyota Lease Owner Trust 2024-B                                                                                        | CUSIP: 891943AD4<br>LEI: 254900R64DFTI1MWY364 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002547.70   | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO                                                        | Tractor Supply Co                                                                                                      | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |     84500 | PA      | $87127.80     | 0.03%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2817301.76   | 0.84%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                   | UnitedHealth Group Inc                                                                                                 | CUSIP: 91324PFA5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    567000 | PA      | $581359.21    | 0.17%             | 2031-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                                   | Westinghouse Air Brake Technologies Corp                                                                               | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    117000 | PA      | $122923.12    | 0.04%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                   | Williams Cos Inc/The                                                                                                   | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     80000 | PA      | $97072.89     | 0.03%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US BOND FUTR OPTN NOV25P 114                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |       -50 | NC      | $-16406.25    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC                                                        | Travelers Cos Inc/The                                                                                                  | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517807.01    | 0.15%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                    | Truist Financial Corp                                                                                                  | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    160000 | PA      | $169524.13    | 0.05%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                    | Truist Financial Corp                                                                                                  | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    297000 | PA      | $311663.19    | 0.09%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                                          | Tyson Foods Inc                                                                                                        | CUSIP: 902494BM4<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    193000 | PA      | $203371.09    | 0.06%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UDR Inc                                                                  | UDR Inc                                                                                                                | CUSIP: 90265EAM2<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |     90000 | PA      | $89036.02     | 0.03%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                    | Uber Technologies Inc                                                                                                  | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113956.74    | 0.03%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                                    | United Parcel Service Inc                                                                                              | CUSIP: 911312BZ8<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    198000 | PA      | $203677.43    | 0.06%             | 2033-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                                                             | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    212000 | PA      | $212829.23    | 0.06%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US Bancorp                                                                                                             | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    433000 | PA      | $447686.74    | 0.13%             | 2030-01-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $294798.63    | 0.09%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Bonds                                                                                                    | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $14039079.60  | 4.17%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       400 | PA      | $388.93       | 0.00%             | 2026-09-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      4300 | PA      | $4311.64      | 0.00%             | 2026-02-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1950000 | PA      | $1973981.69   | 0.59%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $558737.03    | 0.17%             | 2027-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1244424.13   | 0.37%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $502203.90    | 0.15%             | 2026-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8150000 | PA      | $8241687.50   | 2.45%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CLX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1414430.08   | 0.42%             | 2027-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5825000 | PA      | $5975853.52   | 1.77%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $311795.73    | 0.09%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $354997.65    | 0.11%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2837345.56   | 0.84%             | 2032-03-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4850000 | PA      | $4905625.14   | 1.46%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200607.68    | 0.06%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5900000 | PA      | $5935039.51   | 1.76%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Inflation-Indexed Notes                                                                                  | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1522155 | PA      | $1545490.55   | 0.46%             | 2030-04-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13990000 | PA      | $14034286.74  | 4.17%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                   | U.S. Treasury Notes                                                                                                    | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $427253.05    | 0.13%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vanguard Mortgage-Backed Securities ETF                                  | Vanguard Mortgage-Backed Securities ETF                                                                                | CUSIP: 92206C771<br>LEI: 157FPOCFDEEVUKWE4M41 | Long             | EC               | RF                | US        |    254320 | NS      | $11942867.20  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                                                             | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    269000 | PA      | $257236.88    | 0.08%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                                                             | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     58000 | PA      | $55322.88     | 0.02%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                   | Verizon Communications Inc                                                                                             | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    133000 | PA      | $105084.41    | 0.03%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                                               | VMware Inc                                                                                                             | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    214000 | PA      | $188752.81    | 0.06%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Volvo Financial Equipment LLC                                            | Volvo Financial Equipment LLC Series 2024-1                                                                            | CUSIP: 92887QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $652642.45    | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WP CAREY INC                                                             | WP Carey Inc                                                                                                           | CUSIP: 92936UAM1<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    220000 | PA      | $225432.59    | 0.07%             | 2034-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                              | Walmart Inc                                                                                                            | CUSIP: 931142EE9<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24995.78     | 0.01%             | 2028-06-26      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | Wells Fargo & Co                                                                                                       | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1277346.32   | 0.38%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| WISCONSIN PUBLIC SERVICE                                                 | Wisconsin Public Service Corp                                                                                          | CUSIP: 976843BM3<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |     75000 | PA      | $52680.62     | 0.02%             | 2049-09-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                                        | World Omni Auto Receivables Trust 2024-A                                                                               | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201163.90    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                   | US 10YR NOTE (CBT)DEC25                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        70 | NC      | $-50392.16    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 2YR NOTE (CBT) DEC25                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       550 | NC      | $-161996.60   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                   | US 5YR NOTE (CBT) DEC25                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        50 | NC      | $4277.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US BOND FUTR OPTN OCT25C 117                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |      -150 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | ISHARES MBS ETF                                                                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |      -600 | NC      | $-28500.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                                   | US BOND FUTR OPTN NOV25P 116                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |        75 | NC      | $67968.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSC002399 GBP CALL USD PUT                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -2000000 | OU      | $-852.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSP002387 GBP PUT USD CALL                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -2000000 | OU      | $-9248.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                                 | MSP002388 NZD PUT USD CALL                                                                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |  -3000000 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                                                    | BAP002380 USD PUT ZAR CALL                                                                                             | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | N/A              | DFE              |  | US        |  -3000000 | OU      | $-66522.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Stephen Van Meter

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

**Title:** Chief Compliance Officer