11-K 1 mar202411-k.htm 11-K Document
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One):
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the plan year ended December 31, 2024
 OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from                  to                 
Commission file number 1-13881
 
 A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
MARRIOTT RETIREMENT SAVINGS PLAN
 
 B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
MARRIOTT INTERNATIONAL, INC.
7750 Wisconsin Avenue
Bethesda, MD 20814






MARRIOTT RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE WITH REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
December 31, 2024 and 2023
TABLE OF CONTENTS
 

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Report of Independent Registered Public Accounting Firm


To the Retirement Plan Committee and Plan Participants
Marriott Retirement Savings Plan

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

Supplemental Information

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



/s/ CohnReznick LLP

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

Bethesda, Maryland
June 24, 2025


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MARRIOTT RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2024 AND 2023
December 31,
20242023
Assets
Investments, at fair value$11,550,738,669 $— 
Investments in Marriott International, Inc. Pooled Investment Trust for Participant-Directed Accounts, at fair value— 10,080,524,469 
11,550,738,669 10,080,524,469 
Receivables:
Notes receivable from participants125,855,112 99,304,614 
Employer contributions receivable9,289,168 — 
Total receivables135,144,280 99,304,614 
Total assets11,685,882,949 10,179,829,083 
Liabilities
Accrued expenses723,336 592,908 
Total liabilities723,336 592,908 
Net assets available for benefits$11,685,159,613 $10,179,236,175 

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

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MARRIOTT RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2024
     
Additions
Interest and dividends$85,189,849 
Net appreciation in fair value of investments1,597,508,965 
Interest income on notes receivable from participants9,577,511 
Participants contributions408,590,708 
Rollover contributions27,747,269 
Marriott International, Inc. contributions249,551,760 
Total additions2,378,166,062 
Deductions
Benefits paid to participants867,954,513 
Administrative expenses4,288,111 
Total deductions872,242,624 
Net increase1,505,923,438 
Net assets available for benefits at beginning of year10,179,236,175 
Net assets available for benefits at end of year$11,685,159,613 





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

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MARRIOTT RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2024 and 2023

NOTE 1:DESCRIPTION OF THE PLAN
The following description of the Marriott Retirement Savings Plan (the “Plan”), formerly Marriott International, Inc. Employees’ Profit Sharing, Retirement and Savings Plan and Trust, sponsored by Marriott International, Inc. (the “Company”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
Effective October 1, 2024, plan administration and recordkeeping were transferred from Alight Solutions to Fidelity Investments ("Fidelity"), and trusteeship was transferred from The Northern Trust Company to Fidelity Management Trust Company ("FMTC").
General
The Plan is a defined contribution plan covering eligible employees of the Company and participating subsidiaries. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Effective January 1, 2024, the Plan became a safe harbor plan under Internal Revenue Services (“Code”) Sections 401(k)(12) and 401(m)(11).
Prior to January 1, 2024, the Plan’s assets were held and invested in the Marriott International, Inc. Pooled Investment Trust for Participant-Directed Accounts (the “Master Trust”) (see Note 3). Effective January 1, 2024, the Master Trust was dissolved and replaced with a single employer trust.
Effective October 1, 2024, participants can enroll in the Plan immediately upon becoming eligible. Prior to October 1, 2024, there was a 90-day waiting period for enrollment. Where no action is taken, newly hired, rehired, or newly eligible employees will be enrolled automatically after 90 days of service. Contributions will automatically start at 3% of pay, on a before-tax basis, and will be invested in the Vanguard Target Retirement Fund most appropriate for the associate's age (assuming a retirement age of 65). Associates can change or cancel enrollment at any time.
Contributions
Plan participants may contribute up to 80% of compensation per pay period to the Plan, subject to legal limits.
Participants may also contribute (rollover) amounts representing eligible rollover distributions from other eligible retirement plans, including qualified defined benefit or defined contribution plans or traditional IRAs.
Participants who are age 50 or older by the end of the applicable Plan year and have contributed the maximum contributions allowable by the Plan during the Plan year may make an additional catch-up contribution. The catch-up contribution is subject to the Code section 414(v) limitation of $7,500 for the year ended December 31, 2024.
The Company generally makes matching contributions equal to 100% of each eligible participant's contributions, up to 5% of the participant's eligible pay.
The Company also makes non-discretionary supplemental contributions at select locations to certain non-management, non-highly compensated hourly associates who are eligible for the Company matching contribution in the Plan but who are not, in most cases, in a collective bargaining agreement. For associates covered under collective bargaining agreements, the Company contributions vary based on the terms of the agreement. Contributions are subject to certain limitations.


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Participant Accounts
Individual accounts are maintained for each participant. Each participant account is credited with the participant contributions, the Company matching contribution (if eligible), the Company supplemental contribution (if eligible), and the applicable earnings or losses for the investments selected by the participant. Each account is charged with an allocation of administrative expenses. The benefit to which a participant is entitled is the vested benefit in the participant’s account.
Vesting
Company contributions generally are 100% vested for all participants, with the exception of a small number of collectively bargained groups that have negotiated for a vesting schedule. All participants become fully vested upon death, termination of employment due to disability, or attainment of age 65.
Notes Receivable from Participants
Participants generally may take only one loan from their accounts at a time. The minimum loan amount is $1,000. The maximum is the lesser of (i) 50% of the vested account balance, or (ii) $50,000 minus the highest outstanding loan balance in the past 12 months. Loan terms range from 1 to 4 years, or up to 10 years for the purchase of a primary residence. The loans are collateralized by the vested balance in the participant’s account. The interest rate is fixed at the time the loan is granted. Prior to July 2, 2012, Plan loans bore interest at the prime rate published by the Wall Street Journal plus one percentage point. For loans issued on and after July 2, 2012, loans bear interest at the prime rate as of the last business day of the prior calendar quarter as published by the Wall Street Journal plus two percentage points, except that for the loans issued in third quarter of 2016, loans bear an interest rate as of the last business day of the prior calendar quarter as published by the Wall Street Journal plus one percentage point. For loans issued on or after July 1, 2020, loans bear interest at the prime rate as of the 15th of the month preceding the date of the loan as published by the Wall Street Journal plus two percentage points. Interest rates on outstanding loans range from 4.25% to 10.50%. For loans issued on or after October 1, 2024, loans bear interest at the prime rate as of the 15th of the month preceding the date of the loan as published by Reuters, plus two percentage points. Principal and interest are paid ratably through weekly or bi-weekly, after-tax payroll deductions.
In cases where payroll deductions are not available, loan repayments can be made via direct debit, certified check, cashiers’ check, or money order.
Payment of Benefits
A participant can take a distribution from the Plan upon termination of service, death, disability, attainment of age 59.5. If a participant’s account balance is greater than $5,000, the participant can elect to receive a lump sum amount, partial distributions or installment payments equal to the value of the participant’s vested interest in his or her account. If a participant’s account balance is at least $1,000, but not more than $5,000 and if the participant does not elect within time frames established by the Plan administrator to receive a lump sum cash distribution or to make a direct rollover, the participant’s vested account balance will be rolled over into an individual retirement account established by the Plan. The Plan provides for automatic lump sum distribution for participants who terminate employment with a vested account balance of less than $1,000.
Administration
The Retirement Plan Committee serves as the named fiduciary of the Plan, except with respect to the Company Stock Fund. Administration of the Plan is under the direction of (i) the Retirement Plan Committee, all of whom are members of senior management of the Company; (ii) a trustee; and (iii) a Plan administrator, who is an employee of the Company. Under section 404(c) of ERISA, the Plan offers participants the opportunity to direct their own investments. The Retirement Plan Committee is responsible for selecting and overseeing these investment options, other than the Company Stock Fund, and has delegated certain responsibilities to the Plan trustee and the investment adviser it has retained. The Stock Fund Investment Committee is the sole named fiduciary of the Plan with regards to the investment of the Company Stock Fund.

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Administrative and Investment Expenses
To the extent not paid by the Company, administrative and investment expenses are paid from the Plan's forfeiture account and/or by the Plan participants, allocated based on account balances.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to modify, suspend, or discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA.
Investment Options
Upon enrollment in the Plan, a participant may allocate employer and employee contributions to any of the available investment options. Participants may change their investment options on a daily basis, subject to any trading restrictions imposed by individual investment funds.
NOTE 2:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with United States Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Accordingly, ultimate results could differ from those estimates.
Investments Valuation and Income Recognition
The Plan’s investments are stated at fair value. The fair value of the Plan’s interest in the Master Trust is based on the specific interest that the Plan has in underlying investments. The investments of the Master Trust are valued as described under Fair Value Measurements in Note 4.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.
Payment of Benefits
Benefits are recorded when paid.
Fair Value Measurements
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures establishes a framework for measuring fair value. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements), the next priority to quoted values based on observable inputs (Level 2 measurements), and the lowest priority to values based on unobservable inputs (Level 3 measurements).The three levels of the fair value hierarchy under ASC 820 are briefly described below:
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Level 1Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date. For example, stocks listed on a recognized exchange or listed mutual funds.
Level 2Inputs to the valuation methodology include:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets; 
•Inputs other than quoted prices that are observable for the asset or liability;
•Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified contractual term, the Level 2 input must be observable for substantially the full term of the asset or liability.
Level 3Level 3 inputs include unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2024 and 2023.
Cash and Cash Equivalents – The Plan considers all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents.
Corporate Bonds – Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote if available.
Common and Preferred Stock – Securities are priced at the closing price reported on the active market on which individual securities are traded, or inputs other than quoted prices that are observable for the asset or liability.
Government Debt Securities – Valued using pricing models maximizing the use of observable inputs for similar securities.
Mutual and Registered Investment Funds – Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual and registered investment funds held by the Plan are deemed to be actively traded.
Common Collective Trust – Valued at the NAV of units of a collective trust. The NAV, as provided by the custodian, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities.
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The Company Stock Fund (the “Stock Fund”) is tracked on a unitized basis. The Stock Fund consists of Marriott International, Inc. common stock and funds held in Fidelity Treasury Portfolio and Northern Trust Company Collective Short-Term Investment Fund respectively for years ended December 31, 2024 and 20023, sufficient to meet the Stock Fund’s daily cash needs, as well as interest and dividends receivable. Unitizing the Stock Fund allows for daily trades. The value of a unit reflects the combined market value of Marriott International, Inc. common stock, valued at its quoted market price, and the cash investments and receivables held by the Stock Fund. At December 31, 2024, 7,111,418 units were outstanding with a value of $278.94 per unit. At December 31, 2023, 7,465,609 units were outstanding with a value of $225.51 per unit.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in valuation methodologies from December 31, 2023 to December 31, 2024.
Notes Receivable from Participants
Notes receivable from participants are recorded at principal less repayments plus accrued interest. Interest income is recorded on the accrual basis. A loan generally is considered in default if (i) a payment is not made within 90 days after the due date, (ii) an outstanding loan balance is not repaid by the original due date, or (iii) there is a material misrepresentation in connection with the loan application. If the loan is deemed to be in default, the participant loan balance is reduced, and a benefit payment is recorded.
Contributions
Contributions from Plan participants and the matching contributions from the Company are recorded in the year in which the employee contributions are withheld from compensation.
Expenses
Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment related expenses are included in the "Net appreciation in fair value of investments" caption of the Statement of Changes in Net Assets Available for Benefits.

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NOTE 3:MASTER TRUST

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

The following table presents the net asset of the Master Trust as of December 31, 2023:
2023
Assets
Investments, at fair value$10,092,075,816 
Receivables:
Receivables from sale of investments124,531 
Accrued interest and dividends858,658 
Total receivables983,189 
Total assets10,093,059,005 
Liabilities
Accounts payable on investments purchased10,188,209 
Custodian and advisor fees payable2,346,327 
Total liabilities12,534,536 
Net assets available for benefits$10,080,524,469 

The following tables present the investments in the Master Trust that are measured at fair value on a recurring basis at December 31, 2023.
Assets at Fair Value as of December 31, 2023
Level 1Level 2Level 3Total
Cash and cash equivalents$1,115,462 $— $— $1,115,462
Corporate bonds— 678,629,695 — 678,629,695 
Preferred stock5,322,139 1,525,175 — 6,847,314 
Common stock - Marriott International, Inc.1,683,569,486 — — 1,683,569,486 
Common stock - others2,185,644,987 — — 2,185,644,987 
Foreign government debt securities— 23,549,835 — 23,549,835 
U.S. government debt securities— 422,408,621 — 422,408,621 
Mutual and registered investment funds208,381,940 — — 208,381,940 
Total assets in the fair value hierarchy4,082,918,552 1,126,113,326 — 5,210,147,340 
Investments measured at net asset value (a)4,881,928,476 
Total investments at fair value$10,092,075,816 

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NOTE 4:FAIR VALUE MEASUREMENTS
The follow table presents the investments of the Plan that are measured at fair value on a recurring basis at December 31, 2024.
Assets at Fair Value as of December 31, 2024
 Level 1  Level 2  Level 3  Total
Cash and cash equivalents$18,472,458 $— $— $18,472,458 
Corporate bonds— 578,350,781 — 578,350,781
Preferred stock5,588,806 906,374 — 6,495,180
Common stock - Marriott International, Inc.1,983,658,937 — — 1,983,658,937
Common stock - others2,424,616,428 107,399 — 2,424,723,827
Foreign government debt securities— 2,662,816 — 2,662,816
U.S. government debt securities— 520,647,825 — 520,647,825
Mutual and registered investment funds298,193,495 — — 298,193,495
Total assets in the fair value hierarchy4,730,530,124 1,102,675,195 — 5,833,205,319 
Investments measured at net asset value (a)
5,717,533,349 
Total investments at fair value$11,550,738,668 
 
(a)In accordance with Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets available for Benefits.
There were no Level 3 investments at December 31, 2024 and 2023.

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The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
As of December 31, 2024 and 2023, there were no unfunded commitments.
December 31, 2024December 31, 2023RedemptionRedemption
 Fair Value  Fair Value Frequency (if currently eligible)Notice Period
Arrowstreet International Equity EAFE CIT Class B$117,378,902 $108,720,672 Daily7 days
Axiom International Small Cap Trust 218,096,670 — Daily30 days
COLTV Short-term Investment Fund — 82,555,946 Daily30 days
Fidelity Contrafund CP Class F744,447,041 530,599,971 Daily30 days
Fidelity Pyramis Emerging Equity Small Cap 29,938,189 28,509,219 Daily30 days
Fidelity Blue Chip Growth Fund333,684,687 334,957,976 Daily30 days
Northern Trust Collective Short-term Investment Fund— 19,480,469 Daily30 days
Northern Trust Collective S&P 500 Index Fund775,888,038 559,985,848 Daily30 days
Northern Trust Collective S&P 400 Index Fund24,291,536 16,223,779 Daily30 days
Northern Trust Collective Russell 2000 Index Fund9,427,495 11,859,227 Daily30 days
Northern Trust Collective Russell 1000 Index Fund20,072,185 — Daily30 days
Northern Trust Collective MSCI Index Fund— 6,135,741 Daily30 days
Vanguard Retirement 202023,879,325 21,762,119 Daily60 days
Vanguard Retirement 2025 742,454,137 740,056,798 Daily60 days
Vanguard Retirement 2030166,525,657 122,637,091 Daily60 days
Vanguard Retirement 2035 917,745,784 804,214,381 Daily60 days
Vanguard Retirement 204098,134,512 61,365,956 Daily60 days
Vanguard Retirement 2045 789,589,923 675,576,021 Daily60 days
Vanguard Retirement 205090,741,392 56,149,660 Daily60 days
Vanguard Retirement 2055 382,484,586 305,107,328 Daily60 days
Vanguard Retirement 206061,841,914 34,632,997 Daily60 days
Vanguard Retirement 206552,733,203 30,169,832 Daily60 days
Vanguard Retirement 207013,017,923 5,838,691 Daily60 days
Vanguard Retirement Income 305,160,250 325,388,754 Daily60 days
$5,717,533,349 $4,881,928,476 
 
NOTE 5:PARTY-IN-INTEREST

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

Certain Plan investments were invested in funds managed by Fidelity and Northern Trust. Fidelity is the trustee at December 31, 2024 and Northern Trust was the trustee at December 31, 2023, as defined by the Plan, and therefore, these transactions qualify as party-in-interest transactions.
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NOTE 6:INCOME TAX STATUS

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

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

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

NOTE 7:RISKS AND UNCERTAINTIES

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


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NOTE 8:RECONCILIATION OF FINANCIAL STATEMENTS AND FORM 5500
The following is a reconciliation of net assets available for benefits as reported in the financial statements to the Form 5500: 
 December 31
 20242023
Net assets available for benefits as reported in financial statements$11,685,159,613 $10,179,236,175 
Loans deemed as distribution for financial statements reporting purposes24,587,250 25,220,884 
(Deemed distributions)/net recoveries during the year for Form 5500 purposes(24,225,939)1,019,653 
Net assets available for benefits as reported in Form 5500$11,685,520,924 $10,205,476,712 

The following is a reconciliation of benefits paid to participants as reported in the financial statements to the Form 5500 for the year ended December 31, 2024:
Benefits paid to participants as reported in the financial statements
$867,954,513 
Loans deemed as distribution for financial statements reporting purposes as of December 31, 2024(24,587,250)
Loans deemed as distribution for financial statements reporting purposes as of December 31, 202325,220,884 
Loans deemed as distribution for the Form 5500 purposes for year ended December 31, 202424,225,939 
Net recoveries for the Form 5500 purposes for year ended December 31, 20231,019,653 
Benefits paid to participants as reported in the Form 5500$893,833,739 

The following is a reconciliation of notes receivable from participants as reported in the financial statements to the Form 5500: 
 December 31
20242023
Notes receivable from participants per financial statements$125,855,112 $99,304,614 
Loans deemed as distribution for the purpose of financial statements24,587,250 25,220,884 
(Deemed distributions)/net recoveries during the year for Form 5500 purposes(24,225,939)1,019,653 
Notes receivable from participants per Form 5500$126,216,423 $125,545,151 

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

Net increase in net assets available for benefits as reported in the financial statements$1,505,923,438 
Change in loans deemed as distribution for financial statements reporting purposes(633,634)
Change in loans deemed as distribution for Form 5500 purposes(25,245,592)
Net increase in net assets available for benefits as reported in the Form 5500$1,480,044,212 



 
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NOTE 9:SUBSEQUENT EVENTS

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

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SUPPLEMENTAL SCHEDULE
MARRIOTT RETIREMENT SAVINGS PLAN
EIN: 52-2055918; Plan No.: 004
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2024

(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
*PARTICIPANT LOANSINTEREST RATES RANGE FROM 4.25% TO 10.5%;VARYING MATURITIES126,216,423
CASH & CASH EQUILVALENTS18,472,458
NACASH ON HAND**9,221,764
NAEURO MONETARY UNIT.**9
NAFUTURES CASH COLLATERAL**1,511,000
NANET PAYABLES AND RECEIVALBES**7,739,685
COMMON STOCKSShares4,408,382,764
AAON INC8,548**1,005,929
ABM INDUSTRIES INC35,959**1,840,382
ACADIA HEALTHCARE CO INC58,700**2,327,455
ADIENT PLC167,715**2,889,729
ADMA BIOLOGICS INC66,130**1,134,130
ADOBE INC2,709**1,204,638
ADVANCE AUTO PARTS INC66,392**3,139,678
ADVANCED MICRO DEVICES INC5,919**714,956
AEGON LTD (NY REGD) NEW YORK REGISTERED SHARES700,674**4,126,970
AFFIRM HOLDINGS INC2,850**173,565
AGILENT TECHNOLOGIES INC76,800**10,317,312
AGILYSYS INC15,623**2,057,705
AIR PRODUCTS & CHEMICALS INC40,500**11,746,620
ALBANY INTERNATIONAL CORP CL A18,200**1,455,454
ALCON INC61,100**5,186,779
ALIGN TECHNOLOGY INC18,900**3,940,839
ALKAMI TECHNOLOGY INC27,500**1,008,700
ALNYLAM PHARMACEUTICALS INC52,613**12,380,365
ALPHABET INC CL A314,810**59,593,533
ALPHABET INC CL C84,100**16,016,004
AMAZON.COM INC331,848**72,804,133
AMERICAN ELECTRIC POWER CO INC65,300**6,022,619
AMERICAN WOODMARK20,352**1,618,595
AMERISAFE INC15,250**785,985
AMPHENOL CORPORATION CL A93,014**6,459,822
ANHEUSER-BUSCH INBEV SPN ADR269,000**13,468,830
APOLLO GLOBAL MANAGEMENT INC31,657**5,228,470
APPLE INC214,659**53,754,907
ARCELLX INC20,354**1,560,948
ARGENX SE SPONSORED ADR6,360**3,911,400
ASCENDIS PHARMA AS SPON ADR94,408**12,997,149
ASML HLDG NV (NY REG SHS) NEW YORK REGISTERED SHAR1,430**991,104
ASSOCIATED BANC CORP79,355**1,896,585
ASSURANT INC38,000**8,102,360
ASTERA LABS INC16,609**2,199,862
ATLASSIAN CORP PLC CLS A23,503**5,720,160
ATRICURE INC44,100**1,347,696
AURORA INNOVATION INC46,013**289,882
AVANTOR INC987,500**20,806,625
AVERY DENNISON CORP39,300**7,354,209
AVNET INC45,362**2,373,340
AXIS CAPITAL HOLDINGS LTD39,793**3,526,456
17
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
BAKER HUGHES CO296,600**12,166,532
BALDWIN INSURANCE GROUP INC/THE34,895**1,352,530
BALL CORP139,069**7,666,874
BANCFIRST CORP6,100**714,798
BANK OF AMERICA CORPORATION315,610**13,871,060
BANK OF NEW YORK MELLON CORP282,300**21,689,109
BATH & BODY WORKS INC97,584**3,783,332
BAXTER INTL INC310,000**9,039,600
BECTON DICKINSON & CO4,686**1,063,113
BIOGEN INC25,800**3,945,336
BIOMARIN PHARMACEUTICAL INC87,300**5,738,229
BIRKENSTOCK HOLDING LTD40,393**2,288,667
BLOCK INC CL A49,680**4,222,303
BLUEPRINT MEDICINES CORP8,273**721,571
BOEING CO6,359**1,125,543
BOSTON BEER COMPANY CL A3,368**1,010,333
BRADY CORPORATION CL A7,000**516,950
BRAZE INC46,200**1,934,856
BREAD FINANCIAL HOLDINGS30,380**1,855,003
BRIGHT HORIZONS FAMILY SOLUTIONS INC35,200**3,901,920
BRIGHTHOUSE FINANCIAL INC48,263**2,318,555
BRISTOL-MYERS SQUIBB CO101,400**5,735,184
BROADCOM INC44,710**10,365,566
BROADRIDGE FINANCIAL SOL22,900**5,177,461
BRUKER CORP89,246**5,231,601
BURLINGTON STORES INC22,106**6,301,536
BWX TECHNOLOGIES INC33,600**3,742,704
CAPITAL ONE FINANCIAL CORP110,666**19,733,961
CARRIER GLOBAL CORP95,000**6,484,700
CASEY GENERAL STORES15,500**6,141,565
CAVA GROUP INC15,869**1,790,023
CBOE GLOBAL MARKETS INC26,900**5,256,260
CCC INTELLIGENT SOLUTIONS HOLD CL A491,636**5,766,890
CELANESE CORP82,600**5,716,746
CELSIUS HOLDINGS INC55,800**1,469,772
CENTRAL GARDEN & PET CO CL A26,700**882,435
CHARTER COMMUNICATIONS INC A67,200**23,034,144
CHECK POINT SOFTWARE TECHS LTD23,480**4,383,716
CHENIERE ENERGY INC44,700**9,604,689
CHIPOTLE MEXICAN GRILL INC93,232**5,621,890
CIGNA GROUP (THE)60,973**16,837,084
CISCO SYSTEMS INC159,200**9,424,640
CLEAR SECURE INC31,190**830,902
CLEARWATER ANALYTICS HOLDINGS INC56,161**1,545,551
CNO FINANCIAL GROUP INC77,702**2,891,291
COGNEX CORP44,000**1,577,840
COGNIZANT TECH SOLUTIONS CL A127,600**9,812,440
COHERENT CORP57,500**5,446,975
COLUMBIA BANKING SYSTEMS INC70,680**1,909,067
COMCAST CORP CL A462,400**17,353,872
COMFORT SYSTEMS USA INC4,251**1,802,679
CONCENTRIX CORP45,826**1,982,891
CONFLUENT INC61,800**1,727,928
CONMED CORP22,700**1,553,588
CONOCOPHILLIPS72,400**7,179,908
CONSTELLATION BRANDS INC CL A12,700**2,806,700
CONSTRUCTION PARTNERS INC CL A7,813**691,138
COOPER COMPANIES INC65,600**6,030,608
CORE SCIENTIFIC INC44,177**620,687
CORPAY INC17,700**5,990,034
COSTAR GROUP INC60,416**4,325,181
18
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
COSTCO WHOLESALE CORP8,830**8,090,664
COUPANG INC A59,862**1,315,767
CRANE CO7,990**1,212,483
CREDO TECHNOLOGY GROUP HOLDING LTD35,739**2,402,018
CRINETICS PHARMACEUTICALS INC16,205**828,562
CRISPR THERAPEUTICS AG29,372**1,156,082
CULLEN FROST BANKERS INC15,900**2,134,575
CVS HEALTH CORP418,000**18,764,020
CYBER-ARK SOFTWARE LTD6,405**2,133,826
CYTOKINETICS INC38,900**1,829,856
DANA INC132,264**1,528,972
DANAHER CORP5,002**1,148,209
DESCARTES SYS GROUP INC9,886**1,123,050
DEXCOM INC70,280**5,465,676
DIAMONDROCK HOSPITALITY CO89,851**811,355
DOLLAR GENERAL CORP13,798**1,046,164
DOLLAR TREE INC92,574**6,937,496
DOMINION ENERGY INC148,800**8,014,368
DOMINOS PIZZA INC23,704**9,949,991
DOUGLAS DYNAMICS INC69,469**1,641,552
DOXIMITY INC19,965**1,065,931
DRAFTKINGS HOLDINGS INC172,600**6,420,720
DUOLINGO INC6,321**2,049,458
DUTCH BROS INC15,083**790,048
DYNATRACE INC13,392**727,855
ECHOSTAR CORP CL A82,647**1,892,616
ELANCO ANIMAL HEALTH INC492,000**5,958,120
ELF BEAUTY INC15,400**1,933,470
ELI LILLY & CO13,652**10,539,344
ENCOMPASS HEALTH CORP15,900**1,468,365
ENERPAC TOOL GROUP CORP CL A21,200**871,108
ENOVIS CORP59,532**2,612,264
ENTEGRIS INC10,515**1,041,616
ENVISTA HOLDINGS CORP43,536**839,809
EQT CORPORATION141,100**6,506,121
EQUIFAX INC30,005**7,646,774
ESAB CORP73,958**8,870,523
ESCO TECHNOLOGIES INC17,900**2,384,459
EVERCORE INC A5,192**1,439,170
EXACT SCIENCES CORP32,200**1,809,318
EXPAND ENERGY CORP32,900**3,275,195
FABRINET3,618**795,526
FAIR ISAAC CORP3,579**7,125,538
FEDEX CORP82,500**23,209,725
FERGUSON ENTERPRISES INC19,900**3,454,043
*FIDELITY NATL INFORM SVCS INC204,000**16,477,080
FIRST FINL BANKSHARES INC47,800**1,723,190
FIRST WATCH RESTAURANT GROUP INC43,600**811,396
FISERV INC218,460**44,876,053
FIVE BELOW INC34,289**3,598,973
FORTINET INC63,900**6,037,272
FORTIVE CORP150,687**11,301,525
FOX CORP CL A136,215**6,617,325
FOX CORPORATION B78,866**3,607,331
FRESHPET INC18,186**2,693,528
FTAI AVIATION LTD12,911**1,859,700
GAMING AND LEISURE PROPRTI INC90,567**4,361,707
GAP INC200,800**4,744,904
GARTNER INC1,300**629,811
GE AEROSPACE94,800**15,811,692
GE HEALTHCARE TECHNOLOGIES INC WI94,700**7,403,646
19
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
GE VERNOVA INC12,920**4,249,776
GENEDX HOLDINGS CORP-A12,727**978,197
GENESCO INC46,287**1,978,769
GERMAN AMERICAN BANCORP INC20,900**840,598
GILEAD SCIENCES INC217,600**20,099,712
GITLAB INC CL A8,262**465,564
GLAUKOS CORP15,490**2,322,571
GLOBAL-E ONLINE LTD20,073**1,094,581
GLOBE LIFE INC8,807**982,157
GLOBUS MEDICAL INC19,105**1,580,175
GOLDMAN SACHS GROUP INC24,500**14,029,190
GSK PLC SPONS ADR455,500**15,405,010
GUIDEWIRE SOFTWARE INC8,505**1,433,773
HALEON PLC SPONS ADR1,150,148**10,972,412
HAMILTON LANE INC - A8,876**1,314,092
HAVERTY FURNITURE COS INC39,362**876,198
HAYWARD HOLDINGS INC37,500**573,375
HELEN OF TROY LTD29,351**1,756,070
HILTON WORLDWIDE HOLDINGS INC35,400**8,749,464
HOLOGIC INC164,600**11,866,014
HONDA MOTOR LTD SPON ADR143,300**4,091,215
HOOKER FURNISHINGS CORP36,912**517,137
HOWMET AEROSPACE INC23,734**2,595,788
HP INC223,900**7,305,857
HUBSPOT INC2,014**1,403,295
HUMANA INC61,000**15,476,310
HUNT J B TRANSPORT SERVICES IN33,566**5,728,374
HUNTSMAN CORP106,360**1,917,671
ICON PLC18,770**3,936,257
IDEX CORPORATION15,900**3,327,711
IMPINJ INC5,039**731,965
INCYTE CORP88,243**6,094,944
INGERSOLL RAND INC102,581**9,279,477
INSMED INC26,462**1,826,936
INSPIRE MEDICAL SYSTEMS INC7,800**1,445,964
INTAPP INC14,450**926,101
INTERCONTINENTAL EXCHANGE INC35,300**5,260,053
INTERNATIONAL FLAVORS & FRAGRA142,300**12,031,465
INTRA-CELLULAR THERAPIES INC14,238**1,189,158
INTUIT INC8,221**5,166,899
INTUITIVE SURGICAL INC6,837**3,568,641
IONIS PHARMACEUTICALS INC103,441**3,616,297
IRHYTHM TECHNOLOGIES INC12,600**1,136,142
ITRON INC11,673**1,267,454
ITT INC9,000**1,285,920
J&J SNACKS FOOD CORP6,300**977,319
JANUX THERAPEUTICS INC28,298**1,515,075
JBT MAREL CORP16,600**2,109,860
JELD-WEN HOLDING INC238,555**1,953,765
JFROG LTD42,500**1,249,925
JOHNSON CONTROLS INTERNATIONAL PLC399,100**31,500,963
KADANT INC755**260,467
KEYSIGHT TECHNOLOGIES INC31,600**5,075,908
KKR & CO INC3,900**576,849
KLAVIYO INC-A23,228**957,923
KOPPERS HLDGS INC51,728**1,675,987
KORN FERRY43,435**2,929,691
KRATOS DEFENSE & SEC SOLTN INC29,441**776,654
KRYSTAL BIOTECH INC5,499**861,473
LAM RESEARCH CORP57,260**4,135,890
LANCASTER COLONY CORP7,800**1,350,492
20
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
LATTICE SEMICONDUCTOR CORP151,800**8,599,470
LEGEND BIOTECH CORP SPON ADR123,358**4,014,069
LIBERTY MEDIA CORP LIBERTY FORMULA ONE CL C76,182**7,059,024
LIBERTY MEDIA CORP LIBERTY LIVE CL C12,000**816,720
LIFE TIME GROUP HOLDINGS INC48,972**1,083,261
LITTELFUSE INC4,000**942,600
LOAR HOLDINGS INC23,393**1,728,977
LPL FINL HLDGS INC1,100**359,161
LUCKY STRIKE ENTERTAINMENT CORPORATION A49,400**494,494
LULULEMON ATHLETICA INC5,064**1,936,524
LYONDELLBASELL INDS CLASS A98,700**7,330,449
MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC8,658**1,124,761
MADRIGAL PHARMACEUTICALS INC1,498**462,238
MAGIC LEAP INC A P/P364**0
MAKEMYTRIP LIMITED12,722**1,428,426
MALIBU BOATS INC CL A58,941**2,215,592
MAPLEBEAR INC65,279**2,703,856
MARCUS &MILLICHAP CO INC26,891**1,028,850
MARKEL GROUP INC1,450**2,503,034
MARKETAXESS HLDGS INC20,900**4,724,236
*MARRIOTT INTERNATIONAL INC A7,111,418**1,983,658,937
MARTIN MARIETTA MATERIALS INC11,289**5,830,769
MARVELL TECHNOLOGY INC168,995**18,665,498
MASTEC INC5,391**733,931
MASTERBRAND INC86,561**1,264,656
MASTERCARD INC CL A11,035**5,810,700
MATCH GROUP INC89,277**2,920,251
MCCORMICK & CO INC NON-VTG30,900**2,355,816
MEDTRONIC PLC56,300**4,497,244
MERCADOLIBRE INC496**843,418
META PLATFORMS INC CL A78,589**46,014,645
METLIFE INC351,700**28,797,196
METTLER-TOLEDO INTL INC3,450**4,221,696
MGP INGREDIENTS INC21,000**826,770
MICROCHIP TECHNOLOGY154,300**8,849,105
MICROSOFT CORP176,859**74,546,054
MIRION TECHNOLOGIES INC-A47,622**831,004
MIRUM PHARMACEUTICALS INC12,417**513,443
MODINE MANUFACTURING CO13,502**1,565,287
MOLINA HEALTHCARE INC10,900**3,172,445
MOLSON COORS BEVERAGE CO B95,300**5,462,596
MONDAY.COM LTD6,633**1,561,674
MONGODB INC CL A4,800**1,117,488
MONOLITHIC POWER SYS INC1,800**1,065,060
MOOG INC CL A6,303**1,240,683
MRC GLOBAL INC230,584**2,946,864
MSA SAFETY INC12,200**2,022,394
NATERA INC12,628**1,999,012
NEOGEN CORP119,900**1,455,586
NETFLIX INC14,972**13,344,843
NEUROCRINE BIOSCIENCES INC17,800**2,429,700
NEW YORK TIMES CO CL A65,900**3,430,095
NEWELL BRANDS INC177,436**1,767,263
NEWS CORP NEW CL A69,000**1,900,260
NORFOLK SOUTHERN CORP77,000**18,071,900
NOV INC121,511**1,774,061
NOVANTA INC7,100**1,084,667
NOVARTIS AG SPON ADR84,300**8,203,233
NUTANIX INC CL A31,455**1,924,417
NUVALENT INC-A9,009**705,225
NVIDIA CORP447,166**60,049,922
21
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
NXP SEMICONDUCTORS NV32,040**6,659,514
OCCIDENTAL PETROLEUM CORP421,573**20,829,922
OCCIDENTAL PETROLEUM CORP WT 08/03/2783,750**2,307,313
OLD DOMINION FREIGHT LINES INC13,900**2,451,960
OLD NATIONAL BANCORP (IND)132,604**2,878,170
OLIN CORP72,826**2,461,519
OLLIES BARGAIN OUTLET HOLDINGS INC18,124**1,988,747
OMNICELL INC25,700**1,144,164
ON HOLDING AG32,600**1,785,502
ONESTREAM INC83,472**2,380,621
ORACLE CORP36,560**6,092,358
ORION SA163,533**2,582,186
PALOMAR HLDGS INC14,300**1,509,937
PARSONS CORP15,099**1,392,883
PAYLOCITY HOLDING CORP33,950**6,772,007
PENUMBRA INC13,600**3,229,728
PHIBRO ANIMAL HEALTH CORP CL A68,570**1,439,970
PHREESIA INC41,500**1,044,140
PIPER SANDLER COS6,348**1,904,083
PJT PARTNERS INC9,800**1,546,538
PLANET FITNESS INC CL A67,700**6,693,499
PRIMO BRANDS CORP A30,694**944,454
PRIMORIS SVCS CORP7,877**601,803
PROCEPT BIOROBOTICS CORP19,308**1,554,680
PROGRESSIVE CORP OHIO38,100**9,129,141
PTC INC56,500**10,388,655
PURE STORAGE INC CL A102,600**6,302,718
PVH CORP16,039**1,696,124
Q2 HOLDINGS INC16,745**1,685,384
QUANTA SVCS INC7,800**2,465,190
QUIDELORTHO CORP63,841**2,844,117
RANGE RESOURCES CORP67,500**2,428,650
RAYMOND JAMES FINANCIAL INC.39,400**6,120,002
RB GLOBAL INC16,500**1,488,465
RBC BEARINGS INC3,800**1,136,732
REDDIT INC A40,891**6,683,225
REGAL REXNORD CORP19,620**3,043,651
REGENERON PHARMACEUTICALS INC13,600**9,687,688
REMITLY GLOBAL INC25,766**581,539
REPLIGEN12,700**1,828,038
RESIDEO TECHNOLOGIES INC113,262**2,610,689
REVOLUTION MEDICINES INC28,500**1,246,590
REYNOLDS CONSUMER PRODUCTS INC76,200**2,056,638
ROCHE HOLDING LTD SPON ADR198,700**6,930,656
ROKU INC CLASS A19,500**1,449,630
ROPER TECHNOLOGIES INC3,500**1,819,475
ROSS STORES INC63,231**9,564,953
RPM INTERNATIONAL INC19,600**2,411,976
RTX CORP302,200**34,970,584
RUBRIK INC10,700**699,352
S&P GLOBAL INC11,807**5,880,240
SALESFORCE INC25,440**8,505,355
SANOFI SPON ADR512,500**24,717,875
SAREPTA THERAPEUTICS INC17,388**2,114,207
SBA COMMUNICATIONS CORP44,000**8,967,200
SCANSOURCE INC18,746**889,498
SCHLUMBERGER LTD21,004**805,293
SCHWAB CHARLES CORP554,862**41,065,337
SEALED AIR CORP97,300**3,291,659
SELECTIVE INSURANCE GROUP INC7,440**695,789
SENSIENT TECHNOLOGIES CORP17,000**1,211,420
22
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
SENTINELONE INC79,000**1,753,800
SERVICENOW INC15,778**16,726,573
SERVICETITAN INC-A4,375**450,056
SERVISFIRST BANCSHARES INC23,000**1,949,020
SHAKE SHACK INC - CLASS A9,661**1,253,998
SHOPIFY INC CL A16,716**1,777,412
SI-BONE INC46,500**651,930
SIMPLY GOOD FOODS CO60,000**2,338,800
SIMPSON MANUFACTURING CO5,700**945,231
SKYWARD SPECIALTY INSURANCE GROUP INC28,000**1,415,120
SMARTSHEET INC36,300**2,033,889
SONOVA HLDG AG UNSPON ADR16,582**1,078,493
SPECTRUM BRANDS HOLDINGS INC31,251**2,640,397
SPOTIFY TECHNOLOGY SA11,200**5,010,656
SPRINGWORKS THERAPEUTICS INC28,545**1,031,331
SPROUTS FMRS MKT INC6,538**830,784
SPX TECHNOLOGIES INC6,591**959,122
STANDARDAERO INC59,788**1,480,351
STANDEX INTL CORP9,745**1,822,218
STATE STREET CORP55,200**5,417,880
STEELCASE INC CLASS A192,625**2,276,828
STERLING INFRASTRUCTURE INC7,470**1,258,322
STOCK YARDS BANCORP INC15,700**1,124,277
STONEX GROUP INC1,515**148,425
STRIDE INC8,534**886,939
STRIPE INC CLASS B PP3,904**107,399
STRYKER CORP6,360**2,289,918
SUN COMMUNITIES INC - REIT62,600**7,697,922
SWEETGREEN INC CL A51,097**1,638,170
SYNOVUS FINANCIAL CORP.32,212**1,650,221
TAIWAN SEMIC MFG CO LTD SP ADR33,130**6,542,844
TANDEM DIABETES CARE INC24,300**875,286
TARGET CORP38,390**5,189,560
TARSUS PHARMACEUTICALS INC23,038**1,275,614
TE CONNECTIVITY PLC70,500**10,079,385
TECHNIPFMC PLC241,419**6,986,666
TELEFLEX INC58,451**10,403,109
TENABLE HOLDINGS INC28,900**1,138,082
TESLA INC31,300**12,640,192
TEXAS ROADHOUSE INC3,500**631,505
TEXTRON INC105,678**8,083,310
THE BOOKING HOLDINGS INC4,036**20,052,543
THE SHYFT GROUP INC141,647**1,662,936
T-MOBILE US INC63,300**13,972,209
TOAST INC126,600**4,614,570
TOPBUILD CORP4,900**1,525,566
TPG INC15,300**961,452
TRACTOR SUPPLY CO.27,745**1,472,150
TRADE DESK INC129,600**15,231,888
TRADEWEB MARKETS INC A30,533**3,997,380
TRANSCAT INC9,400**993,956
TRANSDIGM GROUP INC10,259**13,001,026
TRANSUNION32,334**2,997,685
TREEHOUSE FOODS INC34,429**1,209,491
TRIMAS CORP124,252**3,055,357
TRUEBLUE INC137,110**1,151,724
TYLER TECHNOLOGIES INC14,100**8,130,624
UBS GROUP AG147,800**4,481,296
UL SOLUTIONS INC CL A29,875**1,490,165
ULTA BEAUTY INC5,492**2,388,636
UNION PACIFIC CORP24,400**5,564,176
23
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
UNITED RENTALS INC4,500**3,169,980
UNITEDHEALTH GROUP INC44,323**22,421,233
UNIVERSAL CORP46,283**2,538,160
UNIVERSAL TECH INST INC30,212**776,751
UNIVEST FINANCIAL CORP62,406**1,841,601
USANA HEALTH SCIENCES INC45,141**1,620,110
UTZ BRANDS INC A90,400**1,415,664
VALVOLINE INC16,600**600,588
VAREX IMAGING CORP147,442**2,151,179
VARONIS SYSTEMS INC15,798**701,905
VAXCYTE INC23,254**1,903,572
VEEVA SYS INC CL A49,770**10,464,143
VERA THERAPEUTICS INC22,791**963,831
VERACYTE INC13,900**550,440
VERALTO CORP31,200**3,177,720
VERICEL CORP10,945**600,990
VERISK ANALYTICS INC13,700**3,773,391
VERTEX INC - CLASS A30,836**1,645,101
VERTIV HOLDINGS CO70,640**8,025,410
VF CORP242,700**5,208,342
VIKING HOLDINGS LTD78,027**3,437,870
VISA INC CL A66,729**21,089,033
VITA COCO CO INC/THE14,600**538,886
VITAL FARMS INC19,548**736,764
WASTE CONNECTIONS INC13,900**2,384,962
WATTS WATER TECH INC CL A7,385**1,501,371
WAYSTAR HOLDING CORP23,470**861,349
WEATHERFORD INTERNATIONAL PLC27,600**1,976,988
WEBSTER FINANCIAL45,840**2,531,285
WELLS FARGO & CO458,500**32,205,040
WEST PHARMACEUTICAL SVCS INC5,974**1,956,843
WILLIAMS COMPANIES INC234,424**12,687,027
WIX.COM LTD8,154**1,749,441
WSFS FINANCIAL CORP61,456**3,265,157
XPO INC16,900**2,216,435
YUM BRANDS INC56,159**7,534,291
ZETA GLOBAL HOLDINGS CORP40,141**722,137
ZIMMER BIOMET HLDGS INC111,900**11,819,997
ZOOM COMMUNICATIONS INC CL A60,300**4,921,083
COMMON/COLLECTIVE TRUST5,717,533,349
ARROWSTREET INTERNATIONAL EQUITY EAFE CIT CLASS BARROWSTREET INTERNATIONAL EQUITY EAFE CIT CLASS B**117,378,902
AXIOM INTERNATIONAL SMALL CAP TRUST 2AXIOM INTERNATIONAL SMALL CAP TRUST 2**18,096,670
*FIAM EMERGING MARKETS EQUITY SMALL CAP COMMINGLEDFIAM EMERGING MARKETS EQUITY SMALL CAP COMMINGLED**29,938,189
*FIDELITY BLUE CHIP GROWTH COMMINGLED POOL - CLASSFIDELITY BLUE CHIP GROWTH COMMINGLED POOL - CLASS**333,684,687
*NORTHERN TRUST COLLECTIVE RUSSELL 2000 INDEX FUNDNORTHERN TRUST COLLECTIVE RUSSELL 2000 INDEX FUND**9,427,495
*NORTHERN TRUST COLLECTIVE S&P 400 INDEX FUND - DCNORTHERN TRUST COLLECTIVE S&P 400 INDEX FUND - DC**24,291,536
*NORTHERN TRUST COLLECTIVE S&P 500 INDEX FUND - DCNORTHERN TRUST COLLECTIVE S&P 500 INDEX FUND - DC**775,888,038
*NT COLLECTIVE RUSSELL 1000 GROWTH INDEX FUND - DCNT COLLECTIVE RUSSELL 1000 GROWTH INDEX FUND - DC**20,072,185
VANGUARD RETIREMENT RETIREMENT INCOMEVANGUARD RETIREMENT RETIREMENT INCOME**305,160,250
VANGUARD RETIREMENT 2020VANGUARD RETIREMENT 2020**23,879,325
VANGUARD RETIREMENT 2025VANGUARD RETIREMENT 2025**742,454,137
VANGUARD RETIREMENT 2030VANGUARD RETIREMENT 2030**166,525,657
VANGUARD RETIREMENT 2035VANGUARD RETIREMENT 2035**917,745,784
VANGUARD RETIREMENT 2040VANGUARD RETIREMENT 2040**98,134,512
VANGUARD RETIREMENT 2045VANGUARD RETIREMENT 2045**789,589,923
VANGUARD RETIREMENT 2050VANGUARD RETIREMENT 2050**90,741,392
VANGUARD RETIREMENT 2055VANGUARD RETIREMENT 2055**382,484,586
VANGUARD RETIREMENT 2060VANGUARD RETIREMENT 2060**61,841,914
VANGUARD RETIREMENT 2065VANGUARD RETIREMENT 2065**52,733,203
24
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
VANGUARD RETIREMENT 2070VANGUARD RETIREMENT 2070**13,017,923
*FID CONTRA POOL CL FFID CONTRA POOL CL F**744,447,041
CORPORATE BONDS578,350,781
ADVANCE AUTO PARTS INC 5.9% 03/09/2026ADVANCE AUTO PARTS INC 5.9% 03/09/2026**735,063
AERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TRAERCAP IRELAND CAP LTD / AERCAP GLOBAL AVIATION TR**1,754,102
AES CORP 3.3% 07/15/2025 144AAES CORP 3.3% 07/15/2025 144A**722,981
ALLY AUTO RECEIVABLES TR 2023-A B 6.01% 01/17/2034ALLY AUTO RECEIVABLES TR 2023-A B 6.01% 01/17/2034**118,771
ALLY AUTO RECEIVABLES TR 2023-A C 6.08% 01/17/2034ALLY AUTO RECEIVABLES TR 2023-A C 6.08% 01/17/2034**262,976
ALLY BK MIDVALE UTAH 24-A C 6.022% 05/17/2032 144AALLY BK MIDVALE UTAH 24-A C 6.022% 05/17/2032 144A**198,175
ALLY BK MIDVALE UTAH 24-B C 5.215% 09/15/2032 144AALLY BK MIDVALE UTAH 24-B C 5.215% 09/15/2032 144A**233,375
ALLY BK MIDVALE UTAH 4.97% 09/15/2032 144AALLY BK MIDVALE UTAH 4.97% 09/15/2032 144A**233,551
ALLY BK MIDVALE UTAH 5.827% 05/17/2032 144AALLY BK MIDVALE UTAH 5.827% 05/17/2032 144A**197,910
ALTRIA GROUP INC 2.625% 09/16/2026ALTRIA GROUP INC 2.625% 09/16/2026**629,647
AMCOR FLEXIBLES NORTH AMERICA INC 4% 05/17/2025AMCOR FLEXIBLES NORTH AMERICA INC 4% 05/17/2025**697,401
AMERICAN ELECTRIC POWER INC 5.2% 01/15/2029AMERICAN ELECTRIC POWER INC 5.2% 01/15/2029**1,098,217
AMERICAN ELECTRIC POWER INC 5.699% 08/15/2025AMERICAN ELECTRIC POWER INC 5.699% 08/15/2025**677,909
AMERICAN EXPRESS CO 2.25% 03/04/2025AMERICAN EXPRESS CO 2.25% 03/04/2025**847,394
AMERICAN EXPRESS CO 5.043%/VAR 07/26/2028AMERICAN EXPRESS CO 5.043%/VAR 07/26/2028**552,880
AMERICAN EXPRESS CO 5.098%/VAR 02/16/2028AMERICAN EXPRESS CO 5.098%/VAR 02/16/2028**346,990
AMERICAN EXPRESS CO 5.532%/VAR 04/25/2030AMERICAN EXPRESS CO 5.532%/VAR 04/25/2030**682,196
AMERICAN TOWER CORP 1.6% 04/15/2026AMERICAN TOWER CORP 1.6% 04/15/2026**1,400,165
AMERICAN TOWER CORP 2.4% 03/15/2025AMERICAN TOWER CORP 2.4% 03/15/2025**611,750
AMERICAN TOWER CORP 3.55% 07/15/2027AMERICAN TOWER CORP 3.55% 07/15/2027**570,978
AMERICREDIT AUTOMOBILE RECEIVABLES TR 20221 2.77%AMERICREDIT AUTOMOBILE RECEIVABLES TR 20221 2.77%**1,674,668
AMERICREDIT AUTOMOBILE RECEIVABLES TR 2022-1 D 3.2AMERICREDIT AUTOMOBILE RECEIVABLES TR 2022-1 D 3.2**315,062
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1.06% 08/AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1.06% 08/**83,320
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2021-2 DAMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2021-2 D**1,442,635
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2022-2 4.AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2022-2 4.**1,651,023
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2023-1 5.AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2023-1 5.**341,044
AMPHENOL CORPORATION NEW 2.05% 03/01/2025AMPHENOL CORPORATION NEW 2.05% 03/01/2025**880,733
AMPHENOL CORPORATION NEW 4.75% 03/30/2026AMPHENOL CORPORATION NEW 4.75% 03/30/2026**345,198
AMPHENOL CORPORATION NEW 5.05% 04/05/2027AMPHENOL CORPORATION NEW 5.05% 04/05/2027**327,825
AMSR 2020-SFR3 C TRUST 2.056% 09/17/2037 144AAMSR 2020-SFR3 C TRUST 2.056% 09/17/2037 144A**686,238
AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.38% 0AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.38% 0**247,790
AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.55% 0AMUR EQIPMENT FINANCE RECEIVABLES XIII LLC 5.55% 0**201,585
APIDOS CLO XVIII TSFR3M+115 10/22/2030 144AAPIDOS CLO XVIII TSFR3M+115 10/22/2030 144A**869,813
APIDOS CLO XXV TSFR3M+115 10/20/2031 144AAPIDOS CLO XXV TSFR3M+115 10/20/2031 144A**1,100,797
APPALACHIAN POWER CO 3.3% 06/01/2027APPALACHIAN POWER CO 3.3% 06/01/2027**1,276,639
APPLEBEE'S/IHOP FUNDING LLC 4.723% 06/05/2049 144AAPPLEBEE'S/IHOP FUNDING LLC 4.723% 06/05/2049 144A**739,137
APTIV SWISS HOLDINGS LTD 4.65% 09/13/2029APTIV SWISS HOLDINGS LTD 4.65% 09/13/2029**402,874
ARBYS FUNDING 2015-1A LLC 3.237% 07/30/2050 144AARBYS FUNDING 2015-1A LLC 3.237% 07/30/2050 144A**1,449,944
ARI FLEET LEASE TRUST 2023-A 5.41% 02/17/2032 144AARI FLEET LEASE TRUST 2023-A 5.41% 02/17/2032 144A**646,465
ARI FLEET LEASE TRUST 2024-B 5.54% 04/15/2033 144AARI FLEET LEASE TRUST 2024-B 5.54% 04/15/2033 144A**720,898
AT&T INC 4.1% 02/15/2028AT&T INC 4.1% 02/15/2028**322,841
ATHENE GLOBAL FUNDING 1.716% 01/07/2025 144AATHENE GLOBAL FUNDING 1.716% 01/07/2025 144A**1,619,352
ATHENE GLOBAL FUNDING 4.86% 08/27/2026 144AATHENE GLOBAL FUNDING 4.86% 08/27/2026 144A**664,292
ATHENE GLOBAL FUNDING 5.349% 07/09/2027 144AATHENE GLOBAL FUNDING 5.349% 07/09/2027 144A**661,412
ATHENE GLOBAL FUNDING 5.684% 02/23/2026 144AATHENE GLOBAL FUNDING 5.684% 02/23/2026 144A**897,253
ATLASSIAN CORP PLC 5.25% 05/15/2029ATLASSIAN CORP PLC 5.25% 05/15/2029**337,494
AUTOZONE INC 3.625% 04/15/2025AUTOZONE INC 3.625% 04/15/2025**318,916
AUXILIOR TERM FUNDING 2023-1 LLC 23-1A A2 6.18% 12AUXILIOR TERM FUNDING 2023-1 LLC 23-1A A2 6.18% 12**832,001
AUXILIOR TERM FUNDING 2024-1 LLC 24-1A A3 5.49% 07AUXILIOR TERM FUNDING 2024-1 LLC 24-1A A3 5.49% 07**379,205
AVIS BUDGET RENTCAR FDG AE LLC 6.12% 04/20/2028 14AVIS BUDGET RENTCAR FDG AE LLC 6.12% 04/20/2028 14**1,595,849
AVIS BUDGET RENTCAR FDG AE LLC 6.18% 10/20/2027 14AVIS BUDGET RENTCAR FDG AE LLC 6.18% 10/20/2027 14**196,110
AVIS BUDGET RENTCAR FDG AE LLC 6.24% 04/20/2027 14AVIS BUDGET RENTCAR FDG AE LLC 6.24% 04/20/2027 14**271,593
AVOLON HOLDINGS FUNDING LTD 2.125% 02/21/2026 144AAVOLON HOLDINGS FUNDING LTD 2.125% 02/21/2026 144A**1,131,587
AVOLON HOLDINGS FUNDING LTD 2.875% 02/15/2025 144AAVOLON HOLDINGS FUNDING LTD 2.875% 02/15/2025 144A**961,831
AVOLON HOLDINGS FUNDING LTD 5.75% 03/01/2029 144AAVOLON HOLDINGS FUNDING LTD 5.75% 03/01/2029 144A**641,450
AVOLON HOLDINGS FUNDING LTD 6.375% 05/04/2028 144AAVOLON HOLDINGS FUNDING LTD 6.375% 05/04/2028 144A**308,353
25
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
BACARDI MARTINI BV YCP 0% 01/22/2025BACARDI MARTINI BV YCP 0% 01/22/2025**1,705,009
BAE SYSTEMS PLC 5% 03/26/2027 144ABAE SYSTEMS PLC 5% 03/26/2027 144A**718,042
BALLYROCK CLO 15 LTD TSFR3M+132.161 04/15/2034 144BALLYROCK CLO 15 LTD TSFR3M+132.161 04/15/2034 144**365,001
BANCO DEL ESTADO DE CHILE 2.704% 01/09/2025 144ABANCO DEL ESTADO DE CHILE 2.704% 01/09/2025 144A**259,272
BANCO SANTANDER MEXICO SA SAB DE CV 5.375% 04/17/2BANCO SANTANDER MEXICO SA SAB DE CV 5.375% 04/17/2**1,652,749
BANCO SANTANDER SA 3.496% 03/24/2025BANCO SANTANDER SA 3.496% 03/24/2025**997,643
BANCO SANTANDER SA 5.552%/VAR 03/14/2028BANCO SANTANDER SA 5.552%/VAR 03/14/2028**605,262
BANK NEW YORK MELLON CORP 4.414%/VAR 07/24/2026BANK NEW YORK MELLON CORP 4.414%/VAR 07/24/2026**832,781
BANK NEW YORK MELLON CORP 4.947%/VAR 04/26/2027BANK NEW YORK MELLON CORP 4.947%/VAR 04/26/2027**913,796
BANK OF AMERICA CORPORATION 1.734%/VAR 07/22/2027BANK OF AMERICA CORPORATION 1.734%/VAR 07/22/2027**386,097
BANK OF AMERICA CORPORATION 2.496%/VAR 02/13/2031BANK OF AMERICA CORPORATION 2.496%/VAR 02/13/2031**575,933
BANK OF AMERICA CORPORATION 2.572%/VAR 10/20/2032BANK OF AMERICA CORPORATION 2.572%/VAR 10/20/2032**379,697
BANK OF AMERICA CORPORATION 3.384%/VAR 04/02/2026BANK OF AMERICA CORPORATION 3.384%/VAR 04/02/2026**513,006
BANK OF AMERICA CORPORATION 3.846%/VAR 03/08/2037BANK OF AMERICA CORPORATION 3.846%/VAR 03/08/2037**2,192,346
BANK OF AMERICA CORPORATION 4.183% 11/25/2027BANK OF AMERICA CORPORATION 4.183% 11/25/2027**883,433
BANK OF AMERICA CORPORATION 4.25% 10/22/2026BANK OF AMERICA CORPORATION 4.25% 10/22/2026**594,851
BANK OF AMERICA CORPORATION 4.45% 03/03/2026BANK OF AMERICA CORPORATION 4.45% 03/03/2026**149,378
BANK OF AMERICA CORPORATION 5.08%/VAR 01/20/2027BANK OF AMERICA CORPORATION 5.08%/VAR 01/20/2027**345,999
BANK OF AMERICA CORPORATION 6.204%/VAR 11/10/2028BANK OF AMERICA CORPORATION 6.204%/VAR 11/10/2028**258,828
BANK OF MONTREAL QUE 3.7% 06/07/2025BANK OF MONTREAL QUE 3.7% 06/07/2025**1,348,758
BANK OF NEW YORK MELLON 5.148%/VAR 05/22/2026BANK OF NEW YORK MELLON 5.148%/VAR 05/22/2026**665,863
BANQUE FED CRED MUTUEL PARIS 0.998% 02/04/2025 144BANQUE FED CRED MUTUEL PARIS 0.998% 02/04/2025 144**1,086,307
BANQUE FED CRED MUTUEL PARIS 4.935% 01/26/2026 144BANQUE FED CRED MUTUEL PARIS 4.935% 01/26/2026 144**601,029
BARCLAYS PLC 4.836% 05/09/2028BARCLAYS PLC 4.836% 05/09/2028**1,853,829
BARCLAYS PLC 5.304%/VAR 08/09/2026BARCLAYS PLC 5.304%/VAR 08/09/2026**495,933
BARCLAYS PLC 5.501%/VAR 08/09/2028BARCLAYS PLC 5.501%/VAR 08/09/2028**1,263,505
BARCLAYS PLC 5.829%/VAR 05/09/2027BARCLAYS PLC 5.829%/VAR 05/09/2027**707,538
BARCLAYS PLC 6.49%/VAR 09/13/2029BARCLAYS PLC 6.49%/VAR 09/13/2029**520,045
BARCLAYS PLC 7.119%/VAR 06/27/2034BARCLAYS PLC 7.119%/VAR 06/27/2034**212,250
BARCLAYS PLC 7.325%/VAR 11/02/2026BARCLAYS PLC 7.325%/VAR 11/02/2026**600,604
BARINGS CLO LTD 2018-IV TSFR3M+180 10/15/2030 144ABARINGS CLO LTD 2018-IV TSFR3M+180 10/15/2030 144A**1,226,083
BAT CAPITAL CORP 2.259% 03/25/2028BAT CAPITAL CORP 2.259% 03/25/2028**459,351
BAT CAPITAL CORP 2.726% 03/25/2031BAT CAPITAL CORP 2.726% 03/25/2031**474,623
BAT CAPITAL CORP 4.742% 03/16/2032BAT CAPITAL CORP 4.742% 03/16/2032**1,154,235
BAT CAPITAL CORP 6.421% 08/02/2033BAT CAPITAL CORP 6.421% 08/02/2033**1,321,171
BAT INTL FINANCE PLC 1.668% 03/25/2026BAT INTL FINANCE PLC 1.668% 03/25/2026**817,739
BAT INTL FINANCE PLC 4.448% 03/16/2028BAT INTL FINANCE PLC 4.448% 03/16/2028**1,608,651
BAYER US FIN II LLC 4.25% 12/15/2025 144ABAYER US FIN II LLC 4.25% 12/15/2025 144A**1,092,586
BAYER US FIN II LLC 4.375% 12/15/2028 144ABAYER US FIN II LLC 4.375% 12/15/2028 144A**2,043,573
BAYER US FIN LLC 6.5% 11/21/2033 144ABAYER US FIN LLC 6.5% 11/21/2033 144A**203,482
BAYVIEW OPPORTUNITY MASTER FUND VII 2024-CAR1 LLCBAYVIEW OPPORTUNITY MASTER FUND VII 2024-CAR1 LLC**296,291
BECTON DICKINSON & CO 4.693% 02/13/2028BECTON DICKINSON & CO 4.693% 02/13/2028**1,318,470
BLUE OWL ASSET LEASING TRUST 2024-1 LLC 5.41% 03/1BLUE OWL ASSET LEASING TRUST 2024-1 LLC 5.41% 03/1**169,902
BLUE OWL ASSET LEASING TRUST 2024-1A A2 LLC 5.05%BLUE OWL ASSET LEASING TRUST 2024-1A A2 LLC 5.05%**746,556
BLUEMOUNTAIN CLO 2016-3 LTD TSFR3M+120 11/15/2030BLUEMOUNTAIN CLO 2016-3 LTD TSFR3M+120 11/15/2030**1,205,522
BMW US CAPITAL LLC 4.6% 08/13/2027 144ABMW US CAPITAL LLC 4.6% 08/13/2027 144A**1,477,583
BNP PARIBAS 2.588%/VAR 08/12/2035 144ABNP PARIBAS 2.588%/VAR 08/12/2035 144A**230,265
BNP PARIBAS 4.375% 05/12/2026 144ABNP PARIBAS 4.375% 05/12/2026 144A**1,557,604
BNP PARIBAS 4.375% 09/28/2025 144ABNP PARIBAS 4.375% 09/28/2025 144A**2,258,883
BNP PARIBAS 4.625% 03/13/2027 144ABNP PARIBAS 4.625% 03/13/2027 144A**1,596,297
BOEING CO 2.196% 02/04/2026BOEING CO 2.196% 02/04/2026**489,744
BOEING CO 6.259% 05/01/2027BOEING CO 6.259% 05/01/2027**1,273,588
BOSTON PPTYS LTD PARTNERSHIP 2.9% 03/15/2030BOSTON PPTYS LTD PARTNERSHIP 2.9% 03/15/2030**198,706
BOSTON PPTYS LTD PARTNERSHIP 3.2% 01/15/2025BOSTON PPTYS LTD PARTNERSHIP 3.2% 01/15/2025**274,779
BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031**1,582,865
BOSTON PPTYS LTD PARTNERSHIP 3.65% 02/01/2026BOSTON PPTYS LTD PARTNERSHIP 3.65% 02/01/2026**665,289
BOSTON PPTYS LTD PARTNERSHIP 4.5% 12/01/2028BOSTON PPTYS LTD PARTNERSHIP 4.5% 12/01/2028**1,289,289
BOSTON PPTYS LTD PARTNERSHIP 6.5% 01/15/2034BOSTON PPTYS LTD PARTNERSHIP 6.5% 01/15/2034**288,170
BPCE SA 4.5% 03/15/2025 144ABPCE SA 4.5% 03/15/2025 144A**1,282,618
BRAMBLES USA INC 4.125% 10/23/2025 144ABRAMBLES USA INC 4.125% 10/23/2025 144A**908,519
BRE GRAND ISLANDER TIMESHARE ISSUER 2019-A LLC 3.2BRE GRAND ISLANDER TIMESHARE ISSUER 2019-A LLC 3.2**130,502
26
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
BRIGHTHOUSE FINANCIAL GLOBAL FUNDING 1.55% 05/24/2BRIGHTHOUSE FINANCIAL GLOBAL FUNDING 1.55% 05/24/2**219,408
BRUNSWICK CORP CP 0% 01/03/2025BRUNSWICK CORP CP 0% 01/03/2025**1,714,353
CAIXABANK SA 6.684%/VAR 09/13/2027 144ACAIXABANK SA 6.684%/VAR 09/13/2027 144A**1,272,588
CANADIAN NATL RESOURCES LTD 2.05% 07/15/2025CANADIAN NATL RESOURCES LTD 2.05% 07/15/2025**1,462,699
CANADIAN PAC RY CO 1.75% 12/02/2026CANADIAN PAC RY CO 1.75% 12/02/2026**501,883
CAPITAL ONE FINANCIAL CORP 2.636%/VAR 03/03/2026CAPITAL ONE FINANCIAL CORP 2.636%/VAR 03/03/2026**756,771
CAPITAL ONE FINANCIAL CORP 4.2% 10/29/2025CAPITAL ONE FINANCIAL CORP 4.2% 10/29/2025**1,634,232
CAPITAL ONE FINANCIAL CORP 4.927%/VAR 05/10/2028CAPITAL ONE FINANCIAL CORP 4.927%/VAR 05/10/2028**672,828
CAPITAL ONE FINANCIAL CORP 4.985%/VAR 07/24/2026CAPITAL ONE FINANCIAL CORP 4.985%/VAR 07/24/2026**644,491
CAPITAL ONE FINANCIAL CORP 5.268%/VAR 05/10/2033CAPITAL ONE FINANCIAL CORP 5.268%/VAR 05/10/2033**365,166
CAPITAL ONE FINANCIAL CORP 6.312%/VAR 06/08/2029CAPITAL ONE FINANCIAL CORP 6.312%/VAR 06/08/2029**676,352
CAPITAL ONE FINANCIAL CORP 7.149%/VAR 10/29/2027CAPITAL ONE FINANCIAL CORP 7.149%/VAR 10/29/2027**394,333
CAPITAL ONE FINANCIAL CORP 7.624%/VAR 10/30/2031CAPITAL ONE FINANCIAL CORP 7.624%/VAR 10/30/2031**1,104,105
CARMAX AUTO OWNER TR 1.5% 01/18/2028CARMAX AUTO OWNER TR 1.5% 01/18/2028**1,458,846
CARMAX AUTO OWNER TR 2023-2 C 5.57% 11/15/2028CARMAX AUTO OWNER TR 2023-2 C 5.57% 11/15/2028**967,473
CARMAX AUTO OWNER TR 2023-2 D 6.55% 10/15/2029CARMAX AUTO OWNER TR 2023-2 D 6.55% 10/15/2029**648,797
CARMAX AUTO OWNER TRUST 2022-4 8.08% 04/16/2029CARMAX AUTO OWNER TRUST 2022-4 8.08% 04/16/2029**632,991
CARMAX AUTO OWNER TRUST 2024-1 4.94% 08/15/2029CARMAX AUTO OWNER TRUST 2024-1 4.94% 08/15/2029**246,287
CARMAX AUTO OWNER TRUST 2024-1 5.47% 08/15/2029CARMAX AUTO OWNER TRUST 2024-1 5.47% 08/15/2029**480,618
CARMAX AUTO OWNER TRUST 2024-3 5.67% 01/15/2031CARMAX AUTO OWNER TRUST 2024-3 5.67% 01/15/2031**195,155
CARMAX AUTO OWNER TRUST 2024-3 A4 4.85% 01/15/2030CARMAX AUTO OWNER TRUST 2024-3 A4 4.85% 01/15/2030**155,671
CARMAX SELECT RECEIVABLES TRUST 2024-A 5.35% 01/15CARMAX SELECT RECEIVABLES TRUST 2024-A 5.35% 01/15**212,072
CARMAX SELECT RECEIVABLES TRUST 2024-A 5.62% 01/15CARMAX SELECT RECEIVABLES TRUST 2024-A 5.62% 01/15**897,739
CARMX 2023-3 A3 5.470% 02/15/2029CARMX 2023-3 A3 5.470% 02/15/2029**364,147
CARMX 2023-3 A3 5.61% 02/15/2029CARMX 2023-3 A3 5.61% 02/15/2029**1,089,109
CARMX 2023-3 A3 6.44% 12/16/2030CARMX 2023-3 A3 6.44% 12/16/2030**351,965
CARVANA AUTO RECEIVABLES TRUST 2024-N2 B 5.67% 09/CARVANA AUTO RECEIVABLES TRUST 2024-N2 B 5.67% 09/**637,877
CCO HLDGS LLC/CAP CORP 4.25% 01/15/2034 144ACCO HLDGS LLC/CAP CORP 4.25% 01/15/2034 144A**2,231,048
CCO HLDGS LLC/CAP CORP 4.5% 05/01/2032CCO HLDGS LLC/CAP CORP 4.5% 05/01/2032**903,171
CCO HLDGS LLC/CAP CORP 4.5% 06/01/2033 144ACCO HLDGS LLC/CAP CORP 4.5% 06/01/2033 144A**252,416
CDW LLC / CDW FIN CORP 5.1% 03/01/2030CDW LLC / CDW FIN CORP 5.1% 03/01/2030**241,298
CELANESE US HLDGS LLC 6.05% 03/15/2025CELANESE US HLDGS LLC 6.05% 03/15/2025**487,340
CEMEX SAB DE CV 5.2% 09/17/2030 144ACEMEX SAB DE CV 5.2% 09/17/2030 144A**3,771,680
CENCORA INC 4.625% 12/15/2027CENCORA INC 4.625% 12/15/2027**509,979
CENCORA INC 4.85% 12/15/2029CENCORA INC 4.85% 12/15/2029**273,213
CENTENE CORP 4.625% 12/15/2029CENTENE CORP 4.625% 12/15/2029**576,914
CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COMCHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM**6,405,526
CIFC FUNDING 2016-1A AR3 LTD TSFR3M+100 10/21/2031CIFC FUNDING 2016-1A AR3 LTD TSFR3M+100 10/21/2031**1,205,000
CIFC FUNDING 2016-1A D1R3 LTD TSFR3M+250 10/21/203CIFC FUNDING 2016-1A D1R3 LTD TSFR3M+250 10/21/203**480,000
CIGNA GROUP (THE) 4.375% 10/15/2028CIGNA GROUP (THE) 4.375% 10/15/2028**1,102,818
CIGNA GROUP (THE) 7.875% 05/15/2027CIGNA GROUP (THE) 7.875% 05/15/2027**170,984
CITIGROUP INC 3.106%/VAR 04/08/2026CITIGROUP INC 3.106%/VAR 04/08/2026**1,781,374
CITIGROUP INC 4.125% 07/25/2028CITIGROUP INC 4.125% 07/25/2028**607,651
CITIGROUP INC 4.412%/VAR 03/31/2031CITIGROUP INC 4.412%/VAR 03/31/2031**408,495
CITIGROUP INC 5.174%/VAR 02/13/2030CITIGROUP INC 5.174%/VAR 02/13/2030**604,540
CNH EQUIPMENT TRUST 2024-B 5.19% 09/17/2029CNH EQUIPMENT TRUST 2024-B 5.19% 09/17/2029**389,953
CNH EQUIPMENT TRUST 2024-B 5.23% 11/17/2031CNH EQUIPMENT TRUST 2024-B 5.23% 11/17/2031**338,912
CNO GLOBAL FUNDING 1.65% 01/06/2025 144ACNO GLOBAL FUNDING 1.65% 01/06/2025 144A**1,104,587
CNO GLOBAL FUNDING 1.75% 10/07/2026 144ACNO GLOBAL FUNDING 1.75% 10/07/2026 144A**1,035,029
COCA-COLA EUROPACIFIC PARTNERS PLC 1.5% 01/15/2027COCA-COLA EUROPACIFIC PARTNERS PLC 1.5% 01/15/2027**186,531
COLUMBIA PIPELINES HOLDING CO LLC 6.055% 08/15/202COLUMBIA PIPELINES HOLDING CO LLC 6.055% 08/15/202**147,046
CONSTELLATION BRANDS INC CP 0% 01/08/2025CONSTELLATION BRANDS INC CP 0% 01/08/2025**1,703,193
CONSTELLATION ENERGY GENERATION LLC 5.6% 03/01/202CONSTELLATION ENERGY GENERATION LLC 5.6% 03/01/202**540,567
COREBRIDGE FINANCIAL INC 3.5% 04/04/2025COREBRIDGE FINANCIAL INC 3.5% 04/04/2025**1,763,669
COREBRIDGE GLOBAL FUNDING 4.65% 08/20/2027 144ACOREBRIDGE GLOBAL FUNDING 4.65% 08/20/2027 144A**308,864
COREBRIDGE GLOBAL FUNDING 5.2% 01/12/2029 144ACOREBRIDGE GLOBAL FUNDING 5.2% 01/12/2029 144A**306,690
CORPORACION NACIONAL DEL COBRE DE CHILE 3.625% 08/CORPORACION NACIONAL DEL COBRE DE CHILE 3.625% 08/**1,327,869
COX COMMUNICATIONS INC 3.35% 09/15/2026 144ACOX COMMUNICATIONS INC 3.35% 09/15/2026 144A**600,199
COX COMMUNICATIONS INC 3.5% 08/15/2027 144ACOX COMMUNICATIONS INC 3.5% 08/15/2027 144A**2,823,054
COX COMMUNICATIONS INC 3.85% 02/01/2025 144ACOX COMMUNICATIONS INC 3.85% 02/01/2025 144A**1,128,810
COX COMMUNICATIONS INC 5.45% 09/15/2028 144ACOX COMMUNICATIONS INC 5.45% 09/15/2028 144A**227,331
27
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
CREDICORP LTD 2.75% 06/17/2025 144ACREDICORP LTD 2.75% 06/17/2025 144A**197,264
CROSSROADS ASSET TRUST 2024-A 5.9% 08/20/2030 144ACROSSROADS ASSET TRUST 2024-A 5.9% 08/20/2030 144A**321,490
CROWN CASTLE INC 1.05% 07/15/2026CROWN CASTLE INC 1.05% 07/15/2026**1,072,392
CROWN CASTLE INC 2.9% 03/15/2027CROWN CASTLE INC 2.9% 03/15/2027**892,885
CROWN CASTLE INC 4.45% 02/15/2026CROWN CASTLE INC 4.45% 02/15/2026**871,715
CROWN CASTLE INC 5% 01/11/2028CROWN CASTLE INC 5% 01/11/2028**164,853
CROWN CASTLE INC 5.6% 06/01/2029CROWN CASTLE INC 5.6% 06/01/2029**489,286
CROWN CASTLE INC CP 0% 01/07/2025CROWN CASTLE INC CP 0% 01/07/2025**1,049,020
CROWN CASTLE TOWERS LLC 4.241% 07/15/2048 144ACROWN CASTLE TOWERS LLC 4.241% 07/15/2048 144A**274,363
CSL FINANCE PLC 3.85% 04/27/2027 144ACSL FINANCE PLC 3.85% 04/27/2027 144A**170,911
CVS HEALTH CORP 1.3% 08/21/2027CVS HEALTH CORP 1.3% 08/21/2027**1,504,129
CVS HEALTH CORP 2.875% 06/01/2026CVS HEALTH CORP 2.875% 06/01/2026**640,916
CVS HEALTH CORP 3% 08/15/2026CVS HEALTH CORP 3% 08/15/2026**188,890
CVS HEALTH CORP 3.75% 04/01/2030CVS HEALTH CORP 3.75% 04/01/2030**91,596
CVS HEALTH CORP 4.125% 04/01/2040CVS HEALTH CORP 4.125% 04/01/2040**33,587
CVS HEALTH CORP 4.78% 03/25/2038CVS HEALTH CORP 4.78% 03/25/2038**663,203
CVS HEALTH CORP 5% 02/20/2026CVS HEALTH CORP 5% 02/20/2026**1,358,592
CVS HEALTH CORP 5.05% 03/25/2048CVS HEALTH CORP 5.05% 03/25/2048**177,277
CVS HEALTH CORP 7%/VAR 03/10/2055CVS HEALTH CORP 7%/VAR 03/10/2055**1,655,536
CVS HEALTH CORP CP 0% 01/27/2025CVS HEALTH CORP CP 0% 01/27/2025**1,703,910
CYRUSONE DATA CENTERS ISSUER I LLC2A A2 4.5% 05/2CYRUSONE DATA CENTERS ISSUER I LLC2A A2 4.5% 05/2**1,038,713
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5% 01/15/DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5% 01/15/**305,687
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.125% 09DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.125% 09**538,127
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.15% 01/DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.15% 01/**150,490
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.2% 01/1DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.2% 01/1**435,037
DANSKE BANK AS (UNGTD) 4.613%/VAR 10/02/2030 144ADANSKE BANK AS (UNGTD) 4.613%/VAR 10/02/2030 144A**562,741
DANSKE BANK AS (UNGTD) 5.427%/VAR 03/01/2028 144ADANSKE BANK AS (UNGTD) 5.427%/VAR 03/01/2028 144A**630,475
DANSKE BANK AS (UNGTD) 6.259%/VAR 09/22/2026 144ADANSKE BANK AS (UNGTD) 6.259%/VAR 09/22/2026 144A**433,612
DARDEN RESTAURANTS INC 4.35% 10/15/2027DARDEN RESTAURANTS INC 4.35% 10/15/2027**833,570
DCP MIDSTREAM OPER LP 5.375% 07/15/2025DCP MIDSTREAM OPER LP 5.375% 07/15/2025**1,088,351
DELL EQUIP FIN TR 2023-2 5.65% 01/22/2029 144ADELL EQUIP FIN TR 2023-2 5.65% 01/22/2029 144A**945,640
DELL EQUIP FIN TR 2024-2 5.29% 02/24/2031 144ADELL EQUIP FIN TR 2024-2 5.29% 02/24/2031 144A**184,770
DELL EQUIP FIN TR 2024-2 B 4.82% 08/22/2030 144ADELL EQUIP FIN TR 2024-2 B 4.82% 08/22/2030 144A**99,603
DELL EQUIPMENT FINANCE TRUST 24-1 D 6.12% 09/23/20DELL EQUIPMENT FINANCE TRUST 24-1 D 6.12% 09/23/20**162,330
DELL INTL/EMC CORP 6.02% 06/15/2026DELL INTL/EMC CORP 6.02% 06/15/2026**322,559
DIAMONDBACK ENERGY INC 5.2% 04/18/2027DIAMONDBACK ENERGY INC 5.2% 04/18/2027**429,075
DLLAA 2023-1A 5.64% 02/22/2028 144ADLLAA 2023-1A 5.64% 02/22/2028 144A**654,648
DLLST 2024-1 LLC 4.93% 04/22/2030 144ADLLST 2024-1 LLC 4.93% 04/22/2030 144A**60,016
DLLST 2024-1 LLC 5.05% 08/20/2027 144ADLLST 2024-1 LLC 5.05% 08/20/2027 144A**231,069
DOLLAR GEN CORP NEW 3.875% 04/15/2027DOLLAR GEN CORP NEW 3.875% 04/15/2027**278,612
DOLLAR GEN CORP NEW 4.125% 05/01/2028DOLLAR GEN CORP NEW 4.125% 05/01/2028**956,444
DOLLAR GEN CORP NEW 4.625% 11/01/2027DOLLAR GEN CORP NEW 4.625% 11/01/2027**471,981
DOLLAR GEN CORP NEW 5.2% 07/05/2028DOLLAR GEN CORP NEW 5.2% 07/05/2028**543,880
DRIVEN BRANDS FUNDING LLC 3.981% 10/20/2049 144ADRIVEN BRANDS FUNDING LLC 3.981% 10/20/2049 144A**312,157
DRIVEN BRANDS FUNDING LLC 4.641% 04/20/2049 144ADRIVEN BRANDS FUNDING LLC 4.641% 04/20/2049 144A**551,488
DRYDEN 77 CLO LTD TSFR3M+ 05/20/2034 144ADRYDEN 77 CLO LTD TSFR3M+ 05/20/2034 144A**1,508,219
DRYDEN 86 CLO LTD / DRYDEN 86 CLO LLC 86A A1R TSFRDRYDEN 86 CLO LTD / DRYDEN 86 CLO LLC 86A A1R TSFR**1,587,233
DTE ENERGY CO 4.95% 07/01/2027DTE ENERGY CO 4.95% 07/01/2027**461,725
ELANCO ANIMAL HEALTH INC VAR 08/28/2028ELANCO ANIMAL HEALTH INC VAR 08/28/2028**1,454,866
ELARA HGV TIMESHARE ISSUER 2019-A LLC 2.61% 01/25/ELARA HGV TIMESHARE ISSUER 2019-A LLC 2.61% 01/25/**208,762
ELEMENT FLEET MANAGEMENT CORP 5.643% 03/13/2027 14ELEMENT FLEET MANAGEMENT CORP 5.643% 03/13/2027 14**573,148
ELEVANCE HEALTH INC 2.25% 05/15/2030ELEVANCE HEALTH INC 2.25% 05/15/2030**390,931
ELEVANCE HEALTH INC 4.75% 02/15/2030ELEVANCE HEALTH INC 4.75% 02/15/2030**321,111
ELEVANCE HEALTH INC 5.35% 10/15/2025ELEVANCE HEALTH INC 5.35% 10/15/2025**160,655
ENBRIDGE INC 2.5% 01/15/2025ENBRIDGE INC 2.5% 01/15/2025**1,298,700
ENBRIDGE INC 2.5% 02/14/2025ENBRIDGE INC 2.5% 02/14/2025**583,270
ENBRIDGE INC 5.9% 11/15/2026ENBRIDGE INC 5.9% 11/15/2026**372,122
ENBRIDGE INC 6% 11/15/2028ENBRIDGE INC 6% 11/15/2028**310,513
ENEL FINANCE INTL NV 6% 10/07/2039 144AENEL FINANCE INTL NV 6% 10/07/2039 144A**1,276,022
ENEL FINANCE INTL NV STEP 07/12/2026 144AENEL FINANCE INTL NV STEP 07/12/2026 144A**953,273
ENEL FINANCE INTL NV STEP 10/14/2025 144AENEL FINANCE INTL NV STEP 10/14/2025 144A**406,411
28
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
ENERGY TRANSFER LP 2.9% 05/15/2025ENERGY TRANSFER LP 2.9% 05/15/2025**119,074
ENERGY TRANSFER LP 5.25% 07/01/2029ENERGY TRANSFER LP 5.25% 07/01/2029**497,356
ENERGY TRANSFER LP 6.05% 12/01/2026ENERGY TRANSFER LP 6.05% 12/01/2026**1,394,227
ENTERPRISE FLEET FINANCING 2024-3 LLC 4.98% 08/21/ENTERPRISE FLEET FINANCING 2024-3 LLC 4.98% 08/21/**231,334
ENTERPRISE FLEET FINANCING 2024-3 LLC 5.06% 03/20/ENTERPRISE FLEET FINANCING 2024-3 LLC 5.06% 03/20/**155,705
ENTERPRISE FLEET FINANCING 2024-4 LLC 4.7% 06/20/2ENTERPRISE FLEET FINANCING 2024-4 LLC 4.7% 06/20/2**620,811
ENTERPRISE FLEET FING 2022-4 LLC 5.65% 10/22/2029ENTERPRISE FLEET FING 2022-4 LLC 5.65% 10/22/2029**694,100
ENTERPRISE FLEET FING 2023-2 LLC 5.56% 04/22/2030ENTERPRISE FLEET FING 2023-2 LLC 5.56% 04/22/2030**1,110,004
EQT CORP 3.125% 05/15/2026 144AEQT CORP 3.125% 05/15/2026 144A**593,600
EQUATE PETROCHEMICAL CO KSC 5% 05/18/2025 REGSEQUATE PETROCHEMICAL CO KSC 5% 05/18/2025 REGS**1,399,076
EQUINOR ASA 2.875% 04/06/2025EQUINOR ASA 2.875% 04/06/2025**1,911,652
EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1% 01/09/2EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1% 01/09/2**327,598
EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.4% 07/07EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.4% 07/07**63,933
EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12**401,754
ERAC USA FIN LLC 4.6% 05/01/2028 144AERAC USA FIN LLC 4.6% 05/01/2028 144A**1,186,908
EXELON CORP 5.15% 03/15/2029EXELON CORP 5.15% 03/15/2029**326,640
EXETER AUTOMOBILE RECEIVABLES 2024-4 5.48% 08/15/2EXETER AUTOMOBILE RECEIVABLES 2024-4 5.48% 08/15/2**653,655
EXETER AUTOMOBILE RECEIVABLES TR 2022-1 2.56% 06/1EXETER AUTOMOBILE RECEIVABLES TR 2022-1 2.56% 06/1**24,275
EXETER AUTOMOBILE RECEIVABLES TR 2022-5 6.51% 12/1EXETER AUTOMOBILE RECEIVABLES TR 2022-5 6.51% 12/1**935,250
EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4 5.98% 1EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4 5.98% 1**1,172,545
EXETER AUTOMOBILE RECEIVABLES TRUST 6.69% 06/15/20EXETER AUTOMOBILE RECEIVABLES TRUST 6.69% 06/15/20**76,352
FEDEX CORP 3.25% 04/01/2026FEDEX CORP 3.25% 04/01/2026**917,717
FIBERCOP SPA 7.2% 07/18/2036 144AFIBERCOP SPA 7.2% 07/18/2036 144A**496,070
FIBERCOP SPA 7.721% 06/04/2038 144AFIBERCOP SPA 7.721% 06/04/2038 144A**885,128
FIFTH THIRD BANCORP 4.895%/VAR 09/06/2030FIFTH THIRD BANCORP 4.895%/VAR 09/06/2030**236,718
FINANCE OF AMERICA HECM BUYOUT 2024-HB1 4% 10/01/2FINANCE OF AMERICA HECM BUYOUT 2024-HB1 4% 10/01/2**855,633
FIRSTENERGY CORP STEP 07/15/2027FIRSTENERGY CORP STEP 07/15/2027**613,489
FIRSTENERGY TRANSMISSION LLC 4.55% 01/15/2030 144AFIRSTENERGY TRANSMISSION LLC 4.55% 01/15/2030 144A**223,910
FIRSTKEY HOMES 2020-SFR1 TR 1.74% 08/17/2037 144AFIRSTKEY HOMES 2020-SFR1 TR 1.74% 08/17/2037 144A**670,352
FIRSTKEY HOMES 2020-SFR1 TR 1.941% 08/17/2037 144AFIRSTKEY HOMES 2020-SFR1 TR 1.941% 08/17/2037 144A**976,540
FIRSTKEY HOMES 2020-SFR2 1.567% 10/19/2037 144AFIRSTKEY HOMES 2020-SFR2 1.567% 10/19/2037 144A**248,072
FIRSTKEY HOMES 2020-SFR2 1.968% 10/19/2037 144AFIRSTKEY HOMES 2020-SFR2 1.968% 10/19/2037 144A**990,535
FISERV INC 5.15% 03/15/2027FISERV INC 5.15% 03/15/2027**776,285
FMC CORP 3.45% 10/01/2029FMC CORP 3.45% 10/01/2029**584,328
FOCUS BRANDS FUNDING LLC 5.093% 04/30/2047 144AFOCUS BRANDS FUNDING LLC 5.093% 04/30/2047 144A**715,296
FORD CR AUTO OWNER TR 2020-REV1 2.29% 08/15/2031 1FORD CR AUTO OWNER TR 2020-REV1 2.29% 08/15/2031 1**1,310,866
FORD CR FLOORPLN MAST OWN TR 2023-1 C 5.75% 05/15/FORD CR FLOORPLN MAST OWN TR 2023-1 C 5.75% 05/15/**402,780
FORD CR FLOORPLN MAST OWN TR 2023-1 D 6.62% 05/15/FORD CR FLOORPLN MAST OWN TR 2023-1 D 6.62% 05/15/**490,723
FORD CR FLOORPLN MAST OWN TR A 5.48% 04/15/2029 14FORD CR FLOORPLN MAST OWN TR A 5.48% 04/15/2029 14**444,235
FORD CREDIT AUTO LEASE TRUST 2023-B B 6.2% 02/15/2FORD CREDIT AUTO LEASE TRUST 2023-B B 6.2% 02/15/2**243,635
FORD CREDIT AUTO LEASE TRUST 2023-B C 6.43% 04/15/FORD CREDIT AUTO LEASE TRUST 2023-B C 6.43% 04/15/**458,734
FORD CREDIT AUTO OWNER TRUST 2023-A 5.07% 01/15/20FORD CREDIT AUTO OWNER TRUST 2023-A 5.07% 01/15/20**1,511,173
FORD CREDIT AUTO OWNER TRUST 22-C 5.22% 03/15/2030FORD CREDIT AUTO OWNER TRUST 22-C 5.22% 03/15/2030**910,365
FORD MTR CR CO LLC 2.7% 08/10/2026FORD MTR CR CO LLC 2.7% 08/10/2026**432,140
FORD MTR CR CO LLC 4.389% 01/08/2026FORD MTR CR CO LLC 4.389% 01/08/2026**917,611
FORD MTR CR CO LLC 4.542% 08/01/2026FORD MTR CR CO LLC 4.542% 08/01/2026**296,561
FORD MTR CR CO LLC 4.95% 05/28/2027FORD MTR CR CO LLC 4.95% 05/28/2027**198,176
FORD MTR CR CO LLC 5.125% 06/16/2025FORD MTR CR CO LLC 5.125% 06/16/2025**4,267,249
FORD MTR CR CO LLC 5.125% 11/05/2026FORD MTR CR CO LLC 5.125% 11/05/2026**583,860
FORD MTR CR CO LLC 5.8% 03/05/2027FORD MTR CR CO LLC 5.8% 03/05/2027**787,358
FORD MTR CR CO LLC 6.8% 05/12/2028FORD MTR CR CO LLC 6.8% 05/12/2028**852,518
FORD MTR CR CO LLC 7.35% 11/04/2027FORD MTR CR CO LLC 7.35% 11/04/2027**785,308
FORDO 2024-B 5.1% 04/15/2029FORDO 2024-B 5.1% 04/15/2029**1,345,444
FORTINET INC 1% 03/15/2026FORTINET INC 1% 03/15/2026**1,008,866
FORTIVE CORP 3.15% 06/15/2026FORTIVE CORP 3.15% 06/15/2026**661,490
FORTRESS CREDIT BSL VII LTD TSFR3M+109 07/23/2032FORTRESS CREDIT BSL VII LTD TSFR3M+109 07/23/2032**445,372
FORTRESS CREDIT BSL VII LTD TSFR3M+140 07/23/2032FORTRESS CREDIT BSL VII LTD TSFR3M+140 07/23/2032**700,104
FORTRESS CREDIT BSL VII LTD TSFR3M+165 07/23/2032FORTRESS CREDIT BSL VII LTD TSFR3M+165 07/23/2032**890,130
FORTRESS CREDIT BSL VIII LTD 19-2A A1AR TSFR3M+105FORTRESS CREDIT BSL VIII LTD 19-2A A1AR TSFR3M+105**1,280,221
FORTRESS CREDIT BSL VIII LTD 19-2A A2R TSFR3M+140FORTRESS CREDIT BSL VIII LTD 19-2A A2R TSFR3M+140**1,765,305
FORTRESS CREDIT BSL XV LTD 2022-2A AR TSFR3M+140 1FORTRESS CREDIT BSL XV LTD 2022-2A AR TSFR3M+140 1**1,205,295
29
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FOUNDRY JV HOLDCO LLC 5.9% 01/25/2030 144AFOUNDRY JV HOLDCO LLC 5.9% 01/25/2030 144A**263,645
FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+18FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+18**251,682
GATX CORP 3.25% 03/30/2025GATX CORP 3.25% 03/30/2025**1,098,842
GATX CORP 3.25% 09/15/2026GATX CORP 3.25% 09/15/2026**681,355
GATX CORP 3.85% 03/30/2027GATX CORP 3.85% 03/30/2027**257,941
GATX CORP 5.4% 03/15/2027GATX CORP 5.4% 03/15/2027**409,538
GE HEALTHCARE TECHNOLOGIES INC 5.905% 11/22/2032GE HEALTHCARE TECHNOLOGIES INC 5.905% 11/22/2032**1,142,839
GENERAL MTRS FINL CO INC 2.9% 02/26/2025GENERAL MTRS FINL CO INC 2.9% 02/26/2025**886,792
GENERAL MTRS FINL CO INC 4% 01/15/2025GENERAL MTRS FINL CO INC 4% 01/15/2025**1,824,234
GENERAL MTRS FINL CO INC 5.35% 07/15/2027GENERAL MTRS FINL CO INC 5.35% 07/15/2027**898,856
GENERAL MTRS FINL CO INC 5.4% 05/08/2027GENERAL MTRS FINL CO INC 5.4% 05/08/2027**383,970
GENUINE PARTS CO 1.75% 02/01/2025GENUINE PARTS CO 1.75% 02/01/2025**194,476
GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-2 B 5.5GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-2 B 5.5**935,105
GM FINL AUTOMOBILE LEASING TR 2023-1 5.76% 01/20/2GM FINL AUTOMOBILE LEASING TR 2023-1 5.76% 01/20/2**869,979
GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-1GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-1**146,082
GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-2GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-2**423,403
GMF FLOORPLAN OWNER REVOLVING TR 4.73% 11/15/2029GMF FLOORPLAN OWNER REVOLVING TR 4.73% 11/15/2029**335,157
GMF FLOORPLAN OWNER REVOLVING TR 4.98% 11/15/2029GMF FLOORPLAN OWNER REVOLVING TR 4.98% 11/15/2029**809,268
GMF FLOORPLAN OWNER REVOLVING TR 5.73% 06/15/2028GMF FLOORPLAN OWNER REVOLVING TR 5.73% 06/15/2028**565,528
GOLDMAN SACHS GROUP INC (THE) 3.5% 04/01/2025GOLDMAN SACHS GROUP INC (THE) 3.5% 04/01/2025**582,913
GOLDMAN SACHS GROUP INC (THE) 3.615%/VAR 03/15/202GOLDMAN SACHS GROUP INC (THE) 3.615%/VAR 03/15/202**2,601,257
GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/202GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/202**390,429
GOLDMAN SACHS GROUP INC (THE) 5.798%/VAR 08/10/202GOLDMAN SACHS GROUP INC (THE) 5.798%/VAR 08/10/202**1,342,453
GRAY OAK PIPELINE LLC 2.6% 10/15/2025 144AGRAY OAK PIPELINE LLC 2.6% 10/15/2025 144A**235,682
HARDEES FDG LLC / CARLS JR FDG LLC 2.865% 06/20/20HARDEES FDG LLC / CARLS JR FDG LLC 2.865% 06/20/20**185,771
HARDEES FDG LLC / CARLS JR FDG LLC 3.981% 12/20/20HARDEES FDG LLC / CARLS JR FDG LLC 3.981% 12/20/20**1,669,616
HARDEES FDG LLC / CARLS JR FDG LLC 5.71% 06/20/204HARDEES FDG LLC / CARLS JR FDG LLC 5.71% 06/20/204**514,207
HCA INC 3.125% 03/15/2027HCA INC 3.125% 03/15/2027**971,972
HCA INC 3.375% 03/15/2029HCA INC 3.375% 03/15/2029**765,730
HCA INC 4.125% 06/15/2029HCA INC 4.125% 06/15/2029**333,834
HCA INC 5.375% 02/01/2025HCA INC 5.375% 02/01/2025**575,111
HCA INC 5.625% 09/01/2028HCA INC 5.625% 09/01/2028**1,150,032
HCA INC 5.875% 02/15/2026HCA INC 5.875% 02/15/2026**613,067
HEALTH CARE SVCS CORP 5.2% 06/15/2029 144AHEALTH CARE SVCS CORP 5.2% 06/15/2029 144A**452,049
HEINEKEN NV 3.5% 01/29/2028 144AHEINEKEN NV 3.5% 01/29/2028 144A**2,911,578
HILTON GRAND VACATIONS TRUST 2018-A 3.54% 02/25/20HILTON GRAND VACATIONS TRUST 2018-A 3.54% 02/25/20**433,467
HILTON GRAND VACATIONS TRUST 2023-1A 6.11% 01/25/2HILTON GRAND VACATIONS TRUST 2023-1A 6.11% 01/25/2**794,063
HILTON GRAND VACATIONS TRUST 2023-1A C 6.94% 01/25HILTON GRAND VACATIONS TRUST 2023-1A C 6.94% 01/25**149,655
HOME PARTNERS AMER 2022-1 TR 3.93% 04/17/2039 144AHOME PARTNERS AMER 2022-1 TR 3.93% 04/17/2039 144A**290,439
HONDA AUTO RECEIVABLES 2024-4 OWNER TR 4.33% 05/15HONDA AUTO RECEIVABLES 2024-4 OWNER TR 4.33% 05/15**1,384,196
HPEFS EQIPMENT TR 2024-1 5.33% 05/20/2031 144AHPEFS EQIPMENT TR 2024-1 5.33% 05/20/2031 144A**1,120,515
HPEFS EQUIP TR 2024-2A B 5.35% 10/20/2031 144AHPEFS EQUIP TR 2024-2A B 5.35% 10/20/2031 144A**131,221
HPEFS EQUIP TR 2024-2A D 5.82% 04/20/2032 144AHPEFS EQUIP TR 2024-2A D 5.82% 04/20/2032 144A**323,289
HPEFS EQUIPTMENT TRUST 23-1A C 5.91% 04/20/2028 14HPEFS EQUIPTMENT TRUST 23-1A C 5.91% 04/20/2028 14**595,068
HPHT FINANCE 21 II LTD 1.5% 09/17/2026 REGSHPHT FINANCE 21 II LTD 1.5% 09/17/2026 REGS**1,037,840
HSBC HOLDINGS PLC 1.645%/VAR 04/18/2026HSBC HOLDINGS PLC 1.645%/VAR 04/18/2026**1,222,796
HSBC HOLDINGS PLC 2.099%/VAR 06/04/2026HSBC HOLDINGS PLC 2.099%/VAR 06/04/2026**622,572
HSBC HOLDINGS PLC 2.357%/VAR 08/18/2031HSBC HOLDINGS PLC 2.357%/VAR 08/18/2031**532,013
HSBC HOLDINGS PLC 2.848%/VAR 06/04/2031HSBC HOLDINGS PLC 2.848%/VAR 06/04/2031**346,811
HSBC HOLDINGS PLC 4.762%/VAR 03/29/2033HSBC HOLDINGS PLC 4.762%/VAR 03/29/2033**703,045
HSBC HOLDINGS PLC 5.13%/VAR 11/19/2028HSBC HOLDINGS PLC 5.13%/VAR 11/19/2028**874,720
HSBC HOLDINGS PLC 5.597%/VAR 05/17/2028HSBC HOLDINGS PLC 5.597%/VAR 05/17/2028**833,842
HSBC HOLDINGS PLC 6.254%/VAR 03/09/2034HSBC HOLDINGS PLC 6.254%/VAR 03/09/2034**596,735
HSBC HOLDINGS PLC 6.5% 05/02/2036HSBC HOLDINGS PLC 6.5% 05/02/2036**882,858
HSBC HOLDINGS PLC 6.5% 09/15/2037HSBC HOLDINGS PLC 6.5% 09/15/2037**1,993,973
HSBC HOLDINGS PLC 8.113%/VAR 11/03/2033HSBC HOLDINGS PLC 8.113%/VAR 11/03/2033**1,518,165
HUMANA INC 1.35% 02/03/2027HUMANA INC 1.35% 02/03/2027**371,890
HUMANA INC 5.75% 03/01/2028HUMANA INC 5.75% 03/01/2028**305,463
HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SERIES 20HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SERIES 20**1,681,373
HUNTINGTON INGALLS INDUSTRIES INC 5.353% 01/15/203HUNTINGTON INGALLS INDUSTRIES INC 5.353% 01/15/203**240,477
HYUNDAI AUTO RECEIVABLES TRUST 2024-C A3 4.41% 05/HYUNDAI AUTO RECEIVABLES TRUST 2024-C A3 4.41% 05/**1,394,068
30
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
HYUNDAI CAP AMER 5.25% 01/08/2027 144AHYUNDAI CAP AMER 5.25% 01/08/2027 144A**331,923
HYUNDAI CAP AMER 5.5% 03/30/2026 144AHYUNDAI CAP AMER 5.5% 03/30/2026 144A**447,773
HYUNDAI CAP AMER 5.6% 03/30/2028 144AHYUNDAI CAP AMER 5.6% 03/30/2028 144A**587,148
HYUNDAI CAP AMER 5.65% 06/26/2026 144AHYUNDAI CAP AMER 5.65% 06/26/2026 144A**979,331
HYUNDAI CAP SVCS INC 2.125% 04/24/2025 144AHYUNDAI CAP SVCS INC 2.125% 04/24/2025 144A**198,158
ICON INVESTMENTS SIX DESIGNATED ACTIVITY CO 5.809%ICON INVESTMENTS SIX DESIGNATED ACTIVITY CO 5.809%**1,138,968
IMPERIAL BRANDS FINANCE PLC 3.875% 07/26/2029 144AIMPERIAL BRANDS FINANCE PLC 3.875% 07/26/2029 144A**4,795,180
IMPERIAL BRANDS FINANCE PLC 4.25% 07/21/2025 144AIMPERIAL BRANDS FINANCE PLC 4.25% 07/21/2025 144A**2,087,146
IMPERIAL BRANDS FINANCE PLC 5.5% 02/01/2030 144AIMPERIAL BRANDS FINANCE PLC 5.5% 02/01/2030 144A**227,385
IMPERIAL BRANDS FINANCE PLC 5.875% 07/01/2034 144AIMPERIAL BRANDS FINANCE PLC 5.875% 07/01/2034 144A**199,314
IMPERIAL BRANDS FINANCE PLC 6.125% 07/27/2027 144AIMPERIAL BRANDS FINANCE PLC 6.125% 07/27/2027 144A**898,422
INTEL CORP 3.4% 03/25/2025INTEL CORP 3.4% 03/25/2025**1,195,851
INTEL CORP 3.75% 08/05/2027INTEL CORP 3.75% 08/05/2027**475,270
INTEL CORP 4% 08/05/2029INTEL CORP 4% 08/05/2029**519,147
INTEL CORP 4.875% 02/10/2028INTEL CORP 4.875% 02/10/2028**169,133
IQVIA INC 6.25% 02/01/2029IQVIA INC 6.25% 02/01/2029**423,914
JACK IN THE BOX FUNDING LLC 3.445% 02/26/2052 144AJACK IN THE BOX FUNDING LLC 3.445% 02/26/2052 144A**570,302
JACKSON NATL LIFE GLOBAL FDG 1.75% 01/12/2025 144AJACKSON NATL LIFE GLOBAL FDG 1.75% 01/12/2025 144A**1,044,130
JACKSON NATL LIFE GLOBAL FDG 5.55% 07/02/2027 144AJACKSON NATL LIFE GLOBAL FDG 5.55% 07/02/2027 144A**561,958
JACKSON NATL LIFE GLOBAL FDG 5.6% 04/10/2026 144AJACKSON NATL LIFE GLOBAL FDG 5.6% 04/10/2026 144A**977,349
JERSEY MIKE'S FUNDING 4.433% 02/15/2050 144AJERSEY MIKE'S FUNDING 4.433% 02/15/2050 144A**166,576
JPMORGAN CHASE & CO 2.083%/VAR 04/22/2026JPMORGAN CHASE & CO 2.083%/VAR 04/22/2026**3,043,630
JPMORGAN CHASE & CO 2.522%/VAR 04/22/2031JPMORGAN CHASE & CO 2.522%/VAR 04/22/2031**484,530
JPMORGAN CHASE & CO 2.956%/VAR 05/13/2031JPMORGAN CHASE & CO 2.956%/VAR 05/13/2031**2,951,880
JPMORGAN CHASE & CO 4.08%/VAR 04/26/2026JPMORGAN CHASE & CO 4.08%/VAR 04/26/2026**503,687
JPMORGAN CHASE & CO 4.125% 12/15/2026JPMORGAN CHASE & CO 4.125% 12/15/2026**148,413
JPMORGAN CHASE & CO 4.25% 10/01/2027JPMORGAN CHASE & CO 4.25% 10/01/2027**570,765
JPMORGAN CHASE & CO 4.493%/VAR 03/24/2031JPMORGAN CHASE & CO 4.493%/VAR 03/24/2031**1,997,478
JPMORGAN CHASE & CO 4.979%/VAR 07/22/2028JPMORGAN CHASE & CO 4.979%/VAR 07/22/2028**616,957
JPMORGAN CHASE & CO 5.04%/VAR 01/23/2028JPMORGAN CHASE & CO 5.04%/VAR 01/23/2028**607,241
JPMORGAN CHASE & CO 8.75% 09/01/2030JPMORGAN CHASE & CO 8.75% 09/01/2030**1,323,710
JPMORGAN CHASE & CO FRN SOFR+88.5 04/22/2027JPMORGAN CHASE & CO FRN SOFR+88.5 04/22/2027**105,440
KILROY REALTY LP 4.375% 10/01/2025KILROY REALTY LP 4.375% 10/01/2025**159,217
KINDER MORGAN ENERGY PTNRS LP 5% 08/15/2042KINDER MORGAN ENERGY PTNRS LP 5% 08/15/2042**631,370
KINDER MORGAN ENERGY PTNRS LP 6.5% 09/01/2039KINDER MORGAN ENERGY PTNRS LP 6.5% 09/01/2039**496,309
KINDER MORGAN ENERGY PTNRS LP 6.95% 01/15/2038KINDER MORGAN ENERGY PTNRS LP 6.95% 01/15/2038**514,679
KINDER MORGAN INC DEL 5.05% 02/15/2046KINDER MORGAN INC DEL 5.05% 02/15/2046**868,168
KOREA ELEC POWER CORP 5.375% 07/31/2026 144AKOREA ELEC POWER CORP 5.375% 07/31/2026 144A**1,613,190
KOREA HSG FIN CORP 4.625% 02/24/2028 144AKOREA HSG FIN CORP 4.625% 02/24/2028 144A**1,913,909
KOREA HYDRO & NUCLE PWR CO LTD 5% 07/18/2028 144AKOREA HYDRO & NUCLE PWR CO LTD 5% 07/18/2028 144A**1,149,345
KROGER CO 2.65% 10/15/2026KROGER CO 2.65% 10/15/2026**586,176
KROGER CO 3.7% 08/01/2027KROGER CO 3.7% 08/01/2027**149,377
KT CORP 4% 08/08/2025 144AKT CORP 4% 08/08/2025 144A**844,941
KT CORP 4.125% 02/02/2028 144AKT CORP 4.125% 02/02/2028 144A**975,854
LLOYDS BANKING GROUP PLC 4.582% 12/10/2025LLOYDS BANKING GROUP PLC 4.582% 12/10/2025**2,150,783
LLOYDS BANKING GROUP PLC 4.65% 03/24/2026LLOYDS BANKING GROUP PLC 4.65% 03/24/2026**1,516,016
LLOYDS BANKING GROUP PLC 5.462%/VAR 01/05/2028LLOYDS BANKING GROUP PLC 5.462%/VAR 01/05/2028**746,221
LLOYDS BANKING GROUP PLC 7.953%/VAR 11/15/2033LLOYDS BANKING GROUP PLC 7.953%/VAR 11/15/2033**1,450,986
LOWES COS INC 3.35% 04/01/2027LOWES COS INC 3.35% 04/01/2027**150,545
LOWES COS INC 4.8% 04/01/2026LOWES COS INC 4.8% 04/01/2026**646,083
LPL HOLDINGS INC 5.7% 05/20/2027LPL HOLDINGS INC 5.7% 05/20/2027**898,703
LPL HOLDINGS INC 6.75% 11/17/2028LPL HOLDINGS INC 6.75% 11/17/2028**315,083
LYB INTERNATIONAL FINANCE III LLC 1.25% 10/01/2025LYB INTERNATIONAL FINANCE III LLC 1.25% 10/01/2025**712,759
MADISON PARK FUNDING XXIII LTD 23A BR TSFR3M+181.1MADISON PARK FUNDING XXIII LTD 23A BR TSFR3M+181.1**576,462
MADISON PARK FUNDING XXIII LTD TSFR3M+123.161 07/2MADISON PARK FUNDING XXIII LTD TSFR3M+123.161 07/2**626,246
MADISON PARK FUNDING XXIV LTD TSFR3M+205 10/20/202MADISON PARK FUNDING XXIV LTD TSFR3M+205 10/20/202**676,004
MADISON PARK FUNDING XXXIII LTD CME+129 10/15/2032MADISON PARK FUNDING XXXIII LTD CME+129 10/15/2032**910,758
MADISON PK FDG XLII LTD TSFR3M+115 11/21/2030 144AMADISON PK FDG XLII LTD TSFR3M+115 11/21/2030 144A**1,157,030
MADISON PK FDG XXIX LTD / MADISON PK FDG XXIX LLCMADISON PK FDG XXIX LTD / MADISON PK FDG XXIX LLC**1,672,194
MARATHON STATIC CLO 2022-18 LTD SOFR90A+ 07/20/203MARATHON STATIC CLO 2022-18 LTD SOFR90A+ 07/20/203**643,666
MARBLE POINT CLO XII LTD TSFR3M+127.161 07/16/2031MARBLE POINT CLO XII LTD TSFR3M+127.161 07/16/2031**318,140
31
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
MARBLE POINT CLO XIV LTD TSFR3M+120 01/20/2032 144MARBLE POINT CLO XIV LTD TSFR3M+120 01/20/2032 144**1,726,026
MARBLE POINT CLO XV 1A A1R2 LTD TSFR3M+104 07/23/2MARBLE POINT CLO XV 1A A1R2 LTD TSFR3M+104 07/23/2**1,106,353
MARS INC 4.55% 04/20/2028 144AMARS INC 4.55% 04/20/2028 144A**1,252,666
MARSH & MCLENNAN COS INC 4.55% 11/08/2027MARSH & MCLENNAN COS INC 4.55% 11/08/2027**1,104,143
MATTEL INC 3.375% 04/01/2026 144AMATTEL INC 3.375% 04/01/2026 144A**759,076
MATTEL INC 5.875% 12/15/2027 144AMATTEL INC 5.875% 12/15/2027 144A**756,370
MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 01/11MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 01/11**1,909,502
MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 03/30MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 03/30**685,663
MICRON TECHNOLOGY INC 4.185% 02/15/2027MICRON TECHNOLOGY INC 4.185% 02/15/2027**142,947
MICRON TECHNOLOGY INC 4.975% 02/06/2026MICRON TECHNOLOGY INC 4.975% 02/06/2026**150,154
MICRON TECHNOLOGY INC 5.375% 04/15/2028MICRON TECHNOLOGY INC 5.375% 04/15/2028**944,840
MIDOCEAN CREDIT CLO 16-6A ARRR TSFR3M+123 04/20/20MIDOCEAN CREDIT CLO 16-6A ARRR TSFR3M+123 04/20/20**609,164
MMAF 2021-A 1.19% 11/13/2043 144AMMAF 2021-A 1.19% 11/13/2043 144A**187,194
MOHAWK INDUSTRIES INC 5.85% 09/18/2028MOHAWK INDUSTRIES INC 5.85% 09/18/2028**503,878
MORGAN STANLEY 2.188%/VAR 04/28/2026MORGAN STANLEY 2.188%/VAR 04/28/2026**644,203
MORGAN STANLEY 2.63%/VAR 02/18/2026MORGAN STANLEY 2.63%/VAR 02/18/2026**473,606
MORGAN STANLEY 6.138%/VAR 10/16/2026MORGAN STANLEY 6.138%/VAR 10/16/2026**464,636
MORGAN STANLEY BK NA SALT LAKE 4.754% 04/21/2026MORGAN STANLEY BK NA SALT LAKE 4.754% 04/21/2026**770,824
MVW 2021-2 LLC 1.43% 05/20/2039 144AMVW 2021-2 LLC 1.43% 05/20/2039 144A**423,929
MVW 2021-2 LLC 2.23% 05/20/2039 144AMVW 2021-2 LLC 2.23% 05/20/2039 144A**66,046
MVW 2023-1 LLC 4.93% 10/20/2040 144AMVW 2023-1 LLC 4.93% 10/20/2040 144A**784,990
MVWOT 2023-2A A 6.18% 11/20/2040 144AMVWOT 2023-2A A 6.18% 11/20/2040 144A**206,642
MVWOT 2023-2A B 6.33% 11/20/2040 144AMVWOT 2023-2A B 6.33% 11/20/2040 144A**129,504
NASDAQ INC 5.65% 06/28/2025NASDAQ INC 5.65% 06/28/2025**123,515
NATIONAL BANK OF CANADA 4.5% 10/10/2029NATIONAL BANK OF CANADA 4.5% 10/10/2029**593,286
NATWEST GROUP PLC 1.642%/VAR 06/14/2027NATWEST GROUP PLC 1.642%/VAR 06/14/2027**1,097,324
NATWEST GROUP PLC 5.516%/VAR 09/30/2028NATWEST GROUP PLC 5.516%/VAR 09/30/2028**202,541
NATWEST GROUP PLC 5.808%/VAR 09/13/2029NATWEST GROUP PLC 5.808%/VAR 09/13/2029**2,039,438
NATWEST GROUP PLC 6.475%/VAR 06/01/2034NATWEST GROUP PLC 6.475%/VAR 06/01/2034**1,129,161
NAVIENT STUDENT LOAN TRUST 2016-5A A SOFR30A+136.4NAVIENT STUDENT LOAN TRUST 2016-5A A SOFR30A+136.4**6,715,726
NAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 BNAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 B**75,722
NAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 CNAVISTAR FINL DEALER NT MASTER OWNER TR II 24-1 C**121,088
NAVISTAR FINL DEALER NT MASTER OWNER TR II 5.59% 0NAVISTAR FINL DEALER NT MASTER OWNER TR II 5.59% 0**141,533
NAVISTAR FINL DEALER NT MASTER OWNER TR II 6.18% 0NAVISTAR FINL DEALER NT MASTER OWNER TR II 6.18% 0**822,434
NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+**1,400,781
NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+1NEUBERGER BERMAN LOAN ADVISERS CLO 32 LTD TSFR3M+1**444,898
NEWMONT CORP / NEWCREST FINANCE PTY LTD 5.3% 03/15NEWMONT CORP / NEWCREST FINANCE PTY LTD 5.3% 03/15**387,710
NEXTERA ENERGY CAP HLDGS INC 1.875% 01/15/2027NEXTERA ENERGY CAP HLDGS INC 1.875% 01/15/2027**1,025,208
NEXTERA ENERGY CAP HLDGS INC 4.45% 06/20/2025NEXTERA ENERGY CAP HLDGS INC 4.45% 06/20/2025**958,387
NEXTERA ENERGY CAP HLDGS INC 4.625% 07/15/2027NEXTERA ENERGY CAP HLDGS INC 4.625% 07/15/2027**1,148,440
NEXTERA ENERGY CAP HLDGS INC 4.9% 03/15/2029NEXTERA ENERGY CAP HLDGS INC 4.9% 03/15/2029**1,570,050
NEXTERA ENERGY CAP HLDGS INC 5.749% 09/01/2025NEXTERA ENERGY CAP HLDGS INC 5.749% 09/01/2025**452,743
NEXTERA ENERGY CAP HLDGS INC 6.051% 03/01/2025NEXTERA ENERGY CAP HLDGS INC 6.051% 03/01/2025**781,380
NISOURCE INC 5.25% 03/30/2028NISOURCE INC 5.25% 03/30/2028**312,686
NISSAN MOTOR ACCEPTANCE CO LLC CP 0% 01/03/2025NISSAN MOTOR ACCEPTANCE CO LLC CP 0% 01/03/2025**1,704,322
*NORTHERN TRUST CORP 3.95% 10/30/2025NORTHERN TRUST CORP 3.95% 10/30/2025**541,700
NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35% 09/15/202NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35% 09/15/202**788,605
NORTHWOODS CAPITAL XIV-B LTD TSFR3M+125 11/13/2031NORTHWOODS CAPITAL XIV-B LTD TSFR3M+125 11/13/2031**1,517,150
NTT FINANCE CORP 4.239% 07/25/2025 144ANTT FINANCE CORP 4.239% 07/25/2025 144A**199,499
NUCOR CORP 3.95% 05/23/2025NUCOR CORP 3.95% 05/23/2025**478,256
NUTRIEN LTD 4.9% 03/27/2028NUTRIEN LTD 4.9% 03/27/2028**399,839
NXP B V/NXP FDG LLC/NXP USA INC 2.7% 05/01/2025NXP B V/NXP FDG LLC/NXP USA INC 2.7% 05/01/2025**1,195,324
NXP B V/NXP FDG LLC/NXP USA INC 3.15% 05/01/2027NXP B V/NXP FDG LLC/NXP USA INC 3.15% 05/01/2027**62,468
NXP B V/NXP FDG LLC/NXP USA INC 3.875% 06/18/2026NXP B V/NXP FDG LLC/NXP USA INC 3.875% 06/18/2026**453,569
NXP B V/NXP FDG LLC/NXP USA INC 4.4% 06/01/2027NXP B V/NXP FDG LLC/NXP USA INC 4.4% 06/01/2027**69,264
OCCIDENTAL PETROLEUM CORP 5% 08/01/2027OCCIDENTAL PETROLEUM CORP 5% 08/01/2027**505,240
OCCIDENTAL PETROLEUM CORP 5.2% 08/01/2029OCCIDENTAL PETROLEUM CORP 5.2% 08/01/2029**357,175
OCCIDENTAL PETROLEUM CORP 5.875% 09/01/2025OCCIDENTAL PETROLEUM CORP 5.875% 09/01/2025**749,288
OCTAGON INVESTMENT PARTNERS 36 LTD TSFR3M+ 04/15/2OCTAGON INVESTMENT PARTNERS 36 LTD TSFR3M+ 04/15/2**642,785
OCTAGON INVESTMENT PARTNERS 39 LTD TSFR3M+ 10/20/2OCTAGON INVESTMENT PARTNERS 39 LTD TSFR3M+ 10/20/2**1,026,335
OCTANE RECEIVABLE TRUST 5.68% 05/20/2030 144AOCTANE RECEIVABLE TRUST 5.68% 05/20/2030 144A**294,473
32
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
OCTANE RECEIVABLES TR 2024-RVM1 5.01% 01/22/2046 1OCTANE RECEIVABLES TR 2024-RVM1 5.01% 01/22/2046 1**285,064
OCTANE RECEIVABLES TRUST 2021-2A A 1.21% 09/20/202OCTANE RECEIVABLES TRUST 2021-2A A 1.21% 09/20/202**44,978
OCTANE RECEIVABLES TRUST 2022-1A A2 4.18% 03/20/20OCTANE RECEIVABLES TRUST 2022-1A A2 4.18% 03/20/20**18,633
OCTANE RECEIVABLES TRUST 2022-1A B 4.9% 05/22/2028OCTANE RECEIVABLES TRUST 2022-1A B 4.9% 05/22/2028**344,855
OCTANE RECEIVABLES TRUST 2023 5.88% 06/20/2031 144OCTANE RECEIVABLES TRUST 2023 5.88% 06/20/2031 144**538,178
OCTANE RECEIVABLES TRUST 2023-1 5.87% 05/21/2029 1OCTANE RECEIVABLES TRUST 2023-1 5.87% 05/21/2029 1**714,433
OCTANE RECEIVABLES TRUST 2023-1 5.96% 07/20/2029 1OCTANE RECEIVABLES TRUST 2023-1 5.96% 07/20/2029 1**368,382
OCTANE RECEIVABLES TRUST 2024-3 4.94% 05/20/2030 1OCTANE RECEIVABLES TRUST 2024-3 4.94% 05/20/2030 1**255,352
OCTANE RECEIVABLES TRUST 2024-3 5.51% 10/20/2031 1OCTANE RECEIVABLES TRUST 2024-3 5.51% 10/20/2031 1**214,479
OCTANE RECEIVABLES TRUST 5.11% 02/22/2028 144AOCTANE RECEIVABLES TRUST 5.11% 02/22/2028 144A**164,484
ONEOK INC 4.25% 09/24/2027ONEOK INC 4.25% 09/24/2027**1,162,864
ONEOK INC 5.55% 11/01/2026ONEOK INC 5.55% 11/01/2026**678,345
ORACLE CORP 2.5% 04/01/2025ORACLE CORP 2.5% 04/01/2025**3,196,482
ORACLE CORP 5.8% 11/10/2025ORACLE CORP 5.8% 11/10/2025**272,674
OREILLY AUTOMOTIVE INC 5.75% 11/20/2026OREILLY AUTOMOTIVE INC 5.75% 11/20/2026**1,756,874
OTIS WORLDWIDE CORP 2.056% 04/05/2025OTIS WORLDWIDE CORP 2.056% 04/05/2025**744,214
OVINTIV INC 5.375% 01/01/2026OVINTIV INC 5.375% 01/01/2026**329,144
OVINTIV INC 5.65% 05/15/2025OVINTIV INC 5.65% 05/15/2025**761,772
OWENS CORNING NEW 3.4% 08/15/2026OWENS CORNING NEW 3.4% 08/15/2026**388,275
OWENS CORNING NEW 5.5% 06/15/2027OWENS CORNING NEW 5.5% 06/15/2027**544,221
OZLM FUNDING II LTD 12-2A A1A2 TSFR3M+120 07/30/20OZLM FUNDING II LTD 12-2A A1A2 TSFR3M+120 07/30/20**652,852
OZLM XXI LTD TSFR3M+115 01/20/2031 144AOZLM XXI LTD TSFR3M+115 01/20/2031 144A**1,095,665
PACIFIC GAS & ELECTRIC CO 3.15% 01/01/2026PACIFIC GAS & ELECTRIC CO 3.15% 01/01/2026**393,028
PACIFIC GAS & ELECTRIC CO 3.5% 06/15/2025PACIFIC GAS & ELECTRIC CO 3.5% 06/15/2025**511,339
PAYPAL HLDGS INC 2.85% 10/01/2029PAYPAL HLDGS INC 2.85% 10/01/2029**880,431
PEACEHEALTH OBLIGATED GROUP 1.375% 11/15/2025PEACEHEALTH OBLIGATED GROUP 1.375% 11/15/2025**116,277
PENSKE TRUCK LEASING CO LP /CORP 1.7% 06/15/2026 1PENSKE TRUCK LEASING CO LP /CORP 1.7% 06/15/2026 1**71,600
PENSKE TRUCK LEASING CO LP /CORP 5.35% 01/12/2027PENSKE TRUCK LEASING CO LP /CORP 5.35% 01/12/2027**317,176
PENSKE TRUCK LEASING CO LP /CORP 5.75% 05/24/2026PENSKE TRUCK LEASING CO LP /CORP 5.75% 05/24/2026**1,601,165
PERNOD RICARD SA 3.25% 06/08/2026 144APERNOD RICARD SA 3.25% 06/08/2026 144A**1,184,933
PETROLEOS MEXICANOS 6.375% 01/23/2045PETROLEOS MEXICANOS 6.375% 01/23/2045**1,119,109
PETROLEOS MEXICANOS 6.625% 06/15/2035PETROLEOS MEXICANOS 6.625% 06/15/2035**176,963
PETROLEOS MEXICANOS 6.7% 02/16/2032PETROLEOS MEXICANOS 6.7% 02/16/2032**3,933,428
PETROLEOS MEXICANOS 6.75% 09/21/2047PETROLEOS MEXICANOS 6.75% 09/21/2047**171,875
PETROLEOS MEXICANOS 7.69% 01/23/2050PETROLEOS MEXICANOS 7.69% 01/23/2050**5,188,800
PHILIP MORRIS INTL INC 4.875% 02/13/2029PHILIP MORRIS INTL INC 4.875% 02/13/2029**99,876
PHILIP MORRIS INTL INC 5.125% 02/13/2031PHILIP MORRIS INTL INC 5.125% 02/13/2031**300,022
PHILIP MORRIS INTL INC 5.375% 02/15/2033PHILIP MORRIS INTL INC 5.375% 02/15/2033**701,355
PHILIP MORRIS INTL INC 5.625% 11/17/2029PHILIP MORRIS INTL INC 5.625% 11/17/2029**257,505
PHILIP MORRIS INTL INC 5.75% 11/17/2032PHILIP MORRIS INTL INC 5.75% 11/17/2032**308,476
PIONEER NATURAL RESOURCES CO 5.1% 03/29/2026PIONEER NATURAL RESOURCES CO 5.1% 03/29/2026**837,730
PNC FINANCIAL SERVICES GRP INC 4.758%/VAR 01/26/20PNC FINANCIAL SERVICES GRP INC 4.758%/VAR 01/26/20**908,760
PNC FINANCIAL SERVICES GRP INC 5.812%/VAR 06/12/20PNC FINANCIAL SERVICES GRP INC 5.812%/VAR 06/12/20**341,421
POSCO 4.375% 08/04/2025 REGSPOSCO 4.375% 08/04/2025 REGS**896,108
POSCO 5.625% 01/17/2026 REGSPOSCO 5.625% 01/17/2026 REGS**1,006,127
POST RD EQUIP FIN 2024-1 5.59% 11/15/2029 144APOST RD EQUIP FIN 2024-1 5.59% 11/15/2029 144A**90,138
PRINCIPAL LIFE GLOBAL FDG II 0.875% 01/12/2026 144PRINCIPAL LIFE GLOBAL FDG II 0.875% 01/12/2026 144**480,611
PROGRESS RESIDENTIAL 2021 1.546% 04/19/2038 144APROGRESS RESIDENTIAL 2021 1.546% 04/19/2038 144A**365,815
PROGRESS RESIDENTIAL 2021-SFR1 TR 1.805% 04/17/203PROGRESS RESIDENTIAL 2021-SFR1 TR 1.805% 04/17/203**641,620
PROGRESS RESIDENTIAL TRUST 2021-SFR8 1.931% 10/17/PROGRESS RESIDENTIAL TRUST 2021-SFR8 1.931% 10/17/**1,260,738
PROSUS NV 3.061% 07/13/2031 144APROSUS NV 3.061% 07/13/2031 144A**1,828,370
PROSUS NV 3.68% 01/21/2030 144APROSUS NV 3.68% 01/21/2030 144A**2,490,563
PROSUS NV 4.85% 07/06/2027 144APROSUS NV 4.85% 07/06/2027 144A**2,230,751
PROSUS NV 4.987% 01/19/2052 144APROSUS NV 4.987% 01/19/2052 144A**1,674,313
PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1PROTECTIVE LIFE GLOBAL FUNDING 3.218% 03/28/2025 1**318,950
QNB FINANCE LTD 2.625% 05/12/2025 REGSQNB FINANCE LTD 2.625% 05/12/2025 REGS**1,603,184
REALTY INCOME CORP 5.05% 01/13/2026REALTY INCOME CORP 5.05% 01/13/2026**124,924
REGAL REXNORD CORP 6.05% 02/15/2026REGAL REXNORD CORP 6.05% 02/15/2026**1,540,766
REINSURANCE GRP OF AMERICA INC 3.95% 09/15/2026REINSURANCE GRP OF AMERICA INC 3.95% 09/15/2026**641,901
REPUBLIC SERVICES INC 0.875% 11/15/2025REPUBLIC SERVICES INC 0.875% 11/15/2025**241,859
RIO OIL FINANCE TR SER 2018-1 8.2% 04/06/2028 144ARIO OIL FINANCE TR SER 2018-1 8.2% 04/06/2028 144A**190,477
33
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
RIO OIL FINANCE TRUST SERIES 2014-3 9.75% 01/06/20RIO OIL FINANCE TRUST SERIES 2014-3 9.75% 01/06/20**1,205,547
ROCKFORD TOWER CLO 2019-2 LTD TSFR3M+113 08/20/203ROCKFORD TOWER CLO 2019-2 LTD TSFR3M+113 08/20/203**1,506,452
ROGERS COMMUNICATIONS INC 2.95% 03/15/2025ROGERS COMMUNICATIONS INC 2.95% 03/15/2025**1,511,652
ROGERS COMMUNICATIONS INC 3.2% 03/15/2027ROGERS COMMUNICATIONS INC 3.2% 03/15/2027**1,077,179
ROGERS COMMUNICATIONS INC 5% 02/15/2029ROGERS COMMUNICATIONS INC 5% 02/15/2029**919,105
ROMARK CLO II LTD 2018-2A A2R TSFR3M+165 07/25/203ROMARK CLO II LTD 2018-2A A2R TSFR3M+165 07/25/203**1,676,348
ROPER TECHNOLOGIES INC 1% 09/15/2025ROPER TECHNOLOGIES INC 1% 09/15/2025**136,586
ROSS STORES INC 0.875% 04/15/2026ROSS STORES INC 0.875% 04/15/2026**809,360
ROSS STORES INC 4.6% 04/15/2025ROSS STORES INC 4.6% 04/15/2025**2,042,436
RTX CORP 6% 03/15/2031RTX CORP 6% 03/15/2031**472,064
RTX CORP 6.1% 03/15/2034RTX CORP 6.1% 03/15/2034**500,173
S&P GLOBAL INC 2.45% 03/01/2027S&P GLOBAL INC 2.45% 03/01/2027**1,424,591
SABINE PASS LIQUEFACTION LLC 5.625% 03/01/2025SABINE PASS LIQUEFACTION LLC 5.625% 03/01/2025**254,097
SANTANDER BANK NA - SBCLN 22-B C 5.916% 08/16/2032SANTANDER BANK NA - SBCLN 22-B C 5.916% 08/16/2032**2,723
SANTANDER BANK NA - SBCLN 23-B C 5.933% 12/15/2033SANTANDER BANK NA - SBCLN 23-B C 5.933% 12/15/2033**1,337,763
SANTANDER BANK NA - SBCLN 24-A B 5.622% 06/15/2032SANTANDER BANK NA - SBCLN 24-A B 5.622% 06/15/2032**272,265
SANTANDER BANK NA - SBCLN 24-A C 5.818% 06/15/2032SANTANDER BANK NA - SBCLN 24-A C 5.818% 06/15/2032**322,440
SANTANDER BANK NA - SBCLN 5.644% 12/15/2033 144ASANTANDER BANK NA - SBCLN 5.644% 12/15/2033 144A**169,101
SANTANDER BANK NA - SBCLN 6.451% 12/15/2032 144ASANTANDER BANK NA - SBCLN 6.451% 12/15/2032 144A**155,435
SANTANDER BANK NA - SBCLN 6.493% 06/15/2033 144ASANTANDER BANK NA - SBCLN 6.493% 06/15/2033 144A**351,565
SANTANDER BANK NA - SBCLN 6.736% 06/15/2033 144ASANTANDER BANK NA - SBCLN 6.736% 06/15/2033 144A**100,500
SANTANDER BK AUTO CR LINKED NTS SER 2024-B 4.965%SANTANDER BK AUTO CR LINKED NTS SER 2024-B 4.965%**249,458
SANTANDER BK AUTO CR LINKED NTS SER 2024-B 5.141%SANTANDER BK AUTO CR LINKED NTS SER 2024-B 5.141%**249,457
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-2 C 3.SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-2 C 3.**529,220
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-5 4.74SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-5 4.74**269,894
SANTANDER DRIVE AUTO RECEIVABLES TRUST 5.09% 05/15SANTANDER DRIVE AUTO RECEIVABLES TRUST 5.09% 05/15**235,822
SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028SANTANDER HLDGS USA INC 2.49%/VAR 01/06/2028**341,414
SANTANDER HLDGS USA INC 6.124%/VAR 05/31/2027SANTANDER HLDGS USA INC 6.124%/VAR 05/31/2027**126,827
SBA TOWER TR 1.631% 05/15/2051 144ASBA TOWER TR 1.631% 05/15/2051 144A**777,030
SBA TOWER TR 1.884% 07/15/2050 144ASBA TOWER TR 1.884% 07/15/2050 144A**460,243
SBA TOWER TR 2.836% 01/15/2050 144ASBA TOWER TR 2.836% 01/15/2050 144A**1,208,760
SBA TOWER TR 4.831% 10/15/2029 144ASBA TOWER TR 4.831% 10/15/2029 144A**1,650,776
SBA TOWER TR 6.599% 11/15/2052 144ASBA TOWER TR 6.599% 11/15/2052 144A**1,012,191
SBAP 2006-20G 1 6.07% 7/26SBAP 2006-20G 1 6.07% 7/26**4,643
SBAP 2006-20H 1 5.7 8/26SBAP 2006-20H 1 5.7 8/26**5,545
SBAP 2007-20E 1 5.31% 5/27SBAP 2007-20E 1 5.31% 5/27**12,476
SBNA AUTO LEASE TRUST 2024-A 5.24% 01/22/2029 144ASBNA AUTO LEASE TRUST 2024-A 5.24% 01/22/2029 144A**231,752
SBNA AUTO LEASE TRUST 2024-A 5.39% 11/20/2026 144ASBNA AUTO LEASE TRUST 2024-A 5.39% 11/20/2026 144A**241,337
SBNA AUTO LEASE TRUST 2024-B A4 5.55% 12/20/2028 1SBNA AUTO LEASE TRUST 2024-B A4 5.55% 12/20/2028 1**858,185
SCF EQUIPMENT LEASING 2023-1A A3 LLC 6.17% 05/20/2SCF EQUIPMENT LEASING 2023-1A A3 LLC 6.17% 05/20/2**760,701
SCHWAB CHARLES CORP 2.45% 03/03/2027SCHWAB CHARLES CORP 2.45% 03/03/2027**1,297,728
SCHWAB CHARLES CORP 5.643%/VAR 05/19/2029SCHWAB CHARLES CORP 5.643%/VAR 05/19/2029**510,108
SCHWAB CHARLES CORP 5.853%/VAR 05/19/2034SCHWAB CHARLES CORP 5.853%/VAR 05/19/2034**257,340
SCHWAB CHARLES CORP 6.136%/VAR 08/24/2034SCHWAB CHARLES CORP 6.136%/VAR 08/24/2034**314,977
SCHWAB CHARLES CORP 6.196%/VAR 11/17/2029SCHWAB CHARLES CORP 6.196%/VAR 11/17/2029**1,094,499
SEB FUNDING LLC 1A A2 7.386% 04/30/2054 144ASEB FUNDING LLC 1A A2 7.386% 04/30/2054 144A**976,468
SEMPRA 3.3% 04/01/2025SEMPRA 3.3% 04/01/2025**692,151
SEMPRA 5.4% 08/01/2026SEMPRA 5.4% 08/01/2026**544,754
SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 4.95SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 4.95**266,000
SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 5.51SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 5.51**90,844
SFS AUTO RECEIVABLES SECURITIZATION TR 2024-2 A4 5SFS AUTO RECEIVABLES SECURITIZATION TR 2024-2 A4 5**232,685
SFS AUTO RECEIVABLES SECURITIZATION TRUST 2023-1 5SFS AUTO RECEIVABLES SECURITIZATION TRUST 2023-1 5**209,077
SHERWIN WILLIAMS CO 4.25% 08/08/2025SHERWIN WILLIAMS CO 4.25% 08/08/2025**194,563
SHERWIN WILLIAMS CO 4.55% 03/01/2028SHERWIN WILLIAMS CO 4.55% 03/01/2028**669,404
SIERRA TIMESHARE 2021-2 RECEIVABLES FUNDING LLC 1.SIERRA TIMESHARE 2021-2 RECEIVABLES FUNDING LLC 1.**176,608
SLC STUDENT LN TR 2007 1 A5 SOFR90A+35.161 05/15/2SLC STUDENT LN TR 2007 1 A5 SOFR90A+35.161 05/15/2**2,502,759
SLC STUDENT LN TR SOFR90A+42.161 12/15/2039SLC STUDENT LN TR SOFR90A+42.161 12/15/2039**4,122,898
SLM STUDENT LN TR 2006 8 SOFR90A+42.161 01/25/2041SLM STUDENT LN TR 2006 8 SOFR90A+42.161 01/25/2041**6,483,755
SLM STUDENT LOAN TRUST 2011-3 SOFR30A+121.448 08/2SLM STUDENT LOAN TRUST 2011-3 SOFR30A+121.448 08/2**179,857
SMALL BUS ADMIN GTD DEV PARTN 5.36% 11/01/2025SMALL BUS ADMIN GTD DEV PARTN 5.36% 11/01/2025**4,053
SMALL BUS ADMIN GTD DEV PARTN 5.82% 06/01/2026SMALL BUS ADMIN GTD DEV PARTN 5.82% 06/01/2026**7,417
34
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
SMB PRIVATE ED LN TR 2022-DA A1A 5.37% 10/15/2058SMB PRIVATE ED LN TR 2022-DA A1A 5.37% 10/15/2058**640,737
SMB PRIVATE ED LN TR 2023-B A1A 4.99% 10/16/2056 1SMB PRIVATE ED LN TR 2023-B A1A 4.99% 10/16/2056 1**1,850,920
SMB PRIVATE EDUCATION LOAN TRUST 2017-B A2A 2.82%SMB PRIVATE EDUCATION LOAN TRUST 2017-B A2A 2.82%**230,790
SMB PRIVATE EDUCATION LOAN TRUST 2023-D A1A 6.15%SMB PRIVATE EDUCATION LOAN TRUST 2023-D A1A 6.15%**520,795
SMB PRIVATE EDUCATION LOAN TRUST 2024-A A1A 5.24%SMB PRIVATE EDUCATION LOAN TRUST 2024-A A1A 5.24%**1,311,736
SOCIETE GENERALE FRANCE 5.519%/VAR 01/19/2028 144ASOCIETE GENERALE FRANCE 5.519%/VAR 01/19/2028 144A**877,889
SOLVENTUM CORP 5.45% 02/25/2027 144ASOLVENTUM CORP 5.45% 02/25/2027 144A**1,519,221
SOUND POINT CLO XXII LTD TSFR3M+165 01/20/2032 144SOUND POINT CLO XXII LTD TSFR3M+165 01/20/2032 144**250,030
SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC 4.911% 0SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC 4.911% 0**852,149
SOUTHERN CALIFORNIA GAS CO 2.95% 04/15/2027SOUTHERN CALIFORNIA GAS CO 2.95% 04/15/2027**351,164
SOUTHERN COMPANY 3.25% 07/01/2026SOUTHERN COMPANY 3.25% 07/01/2026**548,456
SOUTHERN COMPANY 3.75%/VAR 09/15/2051SOUTHERN COMPANY 3.75%/VAR 09/15/2051**1,508,249
SOUTHERN COMPANY 4%/VAR 01/15/2051SOUTHERN COMPANY 4%/VAR 01/15/2051**2,719,342
SOUTHERN COMPANY 4.85% 06/15/2028SOUTHERN COMPANY 4.85% 06/15/2028**475,744
SOUTHERN COMPANY STEP 08/01/2027SOUTHERN COMPANY STEP 08/01/2027**1,905,850
STANDARD CHARTERED PLC 4.3% 02/19/2027 144ASTANDARD CHARTERED PLC 4.3% 02/19/2027 144A**300,798
STANDARD CHARTERED PLC 5.688%/VAR 05/14/2028 144ASTANDARD CHARTERED PLC 5.688%/VAR 05/14/2028 144A**622,872
STARBUCKS CORP 4% 11/15/2028STARBUCKS CORP 4% 11/15/2028**227,772
STATE BANK INDIA LONDON BRH 1.8% 07/13/2026 REGSSTATE BANK INDIA LONDON BRH 1.8% 07/13/2026 REGS**1,573,104
STATE STREET CORP 4.33% 10/22/2027STATE STREET CORP 4.33% 10/22/2027**1,182,646
STATE STREET CORP 4.857%/VAR 01/26/2026STATE STREET CORP 4.857%/VAR 01/26/2026**174,978
STATE STREET CORP 5.104%/VAR 05/18/2026STATE STREET CORP 5.104%/VAR 05/18/2026**1,046,605
STATE STREET CORP 5.751%/VAR 11/04/2026STATE STREET CORP 5.751%/VAR 11/04/2026**720,678
STRYKER CORP 4.25% 09/11/2029STRYKER CORP 4.25% 09/11/2029**588,636
SYMPHONY CLO XXIII LTD TSFR3M+128.161 01/15/2034 1SYMPHONY CLO XXIII LTD TSFR3M+128.161 01/15/2034 1**912,329
TAKE-TWO INTERACTV SOFTWR INC 3.55% 04/14/2025TAKE-TWO INTERACTV SOFTWR INC 3.55% 04/14/2025**816,981
TAKE-TWO INTERACTV SOFTWR INC 5% 03/28/2026TAKE-TWO INTERACTV SOFTWR INC 5% 03/28/2026**952,494
TARGA RES CORP 5.2% 07/01/2027TARGA RES CORP 5.2% 07/01/2027**578,381
TCI-FLATIRON CLO 2018-1 LTD TSFR3M+ 01/29/2032 144TCI-FLATIRON CLO 2018-1 LTD TSFR3M+ 01/29/2032 144**640,428
TELECOM ITALIA CAP 7.721% 06/04/2038TELECOM ITALIA CAP 7.721% 06/04/2038**421,428
THL CREDIT WIND RIVER 18-2A A1R CLO LTD TSFR3M+120THL CREDIT WIND RIVER 18-2A A1R CLO LTD TSFR3M+120**160,986
THL CREDIT WIND RIVER 2015-1 CLO LTD TSFR3M+120 10THL CREDIT WIND RIVER 2015-1 CLO LTD TSFR3M+120 10**1,034,029
THL CREDIT WIND RIVER 2019-3 AR2 CLO LTD TSFR3M+10THL CREDIT WIND RIVER 2019-3 AR2 CLO LTD TSFR3M+10**356,065
THL CREDIT WIND RIVER 2019-3 CLO LTD TSFR3M+155 04THL CREDIT WIND RIVER 2019-3 CLO LTD TSFR3M+155 04**809,991
THL CREDIT WIND RIVER 2019-3A CR2 CLO LTD TSFR3M+2THL CREDIT WIND RIVER 2019-3A CR2 CLO LTD TSFR3M+2**349,995
TIAA CLO I LTD TSFR3M+125 07/20/2031 144ATIAA CLO I LTD TSFR3M+125 07/20/2031 144A**1,250,947
TIME WARNER CABLE LLC 6.75% 06/15/2039TIME WARNER CABLE LLC 6.75% 06/15/2039**563,550
T-MOBILE USA INC 2.55% 02/15/2031T-MOBILE USA INC 2.55% 02/15/2031**365,571
T-MOBILE USA INC 2.625% 04/15/2026T-MOBILE USA INC 2.625% 04/15/2026**58,471
T-MOBILE USA INC 3.5% 04/15/2025T-MOBILE USA INC 3.5% 04/15/2025**1,304,076
T-MOBILE USA INC 3.5% 04/15/2031T-MOBILE USA INC 3.5% 04/15/2031**2,085,113
T-MOBILE USA INC 3.875% 04/15/2030T-MOBILE USA INC 3.875% 04/15/2030**1,435,006
TOWD PT MTG TR 2019-1 3.75% 03/25/2058 144ATOWD PT MTG TR 2019-1 3.75% 03/25/2058 144A**202,290
TOYOTA AUTO RECEIVABLES 2024-C OWNER TRUST 4.88% 0TOYOTA AUTO RECEIVABLES 2024-C OWNER TRUST 4.88% 0**1,362,295
TOYOTA MOTOR CREDIT CORP 3.05% 03/22/2027TOYOTA MOTOR CREDIT CORP 3.05% 03/22/2027**275,756
TRANSCANADA TRUST 5.3%/VAR 03/15/2077TRANSCANADA TRUST 5.3%/VAR 03/15/2077**2,440,176
TRANSCANADA TRUST 5.5%/VAR 09/15/2079TRANSCANADA TRUST 5.5%/VAR 09/15/2079**1,825,847
TRANSCANADA TRUST 5.625%/VAR 05/20/2075TRANSCANADA TRUST 5.625%/VAR 05/20/2075**3,223,920
TRANSCANADA TRUST 5.875%/VAR 08/15/2076TRANSCANADA TRUST 5.875%/VAR 08/15/2076**1,578,677
TRINITAS CLO IX LTD TSFR3M+ 01/20/2032 144ATRINITAS CLO IX LTD TSFR3M+ 01/20/2032 144A**979,489
TRINITAS CLO VI LTD / TRINITAS CLO VI LLC TSFR3M+1TRINITAS CLO VI LTD / TRINITAS CLO VI LLC TSFR3M+1**1,208,972
UBER TECHNOLOGIES INC 4.5% 08/15/2029 144AUBER TECHNOLOGIES INC 4.5% 08/15/2029 144A**1,338,450
UBS GROUP AG 1.494%/VAR 08/10/2027 144AUBS GROUP AG 1.494%/VAR 08/10/2027 144A**189,235
UBS GROUP AG 4.488%/VAR 05/12/2026 144AUBS GROUP AG 4.488%/VAR 05/12/2026 144A**199,537
UBS GROUP AG 5.959%/VAR 01/12/2034 144AUBS GROUP AG 5.959%/VAR 01/12/2034 144A**3,015,988
UBS GROUP AG 6.301%/VAR 09/22/2034 144AUBS GROUP AG 6.301%/VAR 09/22/2034 144A**523,007
UBS GROUP AG 6.327%/VAR 12/22/2027 144AUBS GROUP AG 6.327%/VAR 12/22/2027 144A**507,892
UBS GROUP AG 6.537%/VAR 08/12/2033 144AUBS GROUP AG 6.537%/VAR 08/12/2033 144A**583,134
ULTRAPAR INTERNATIONL SA 5.25% 10/06/2026 144AULTRAPAR INTERNATIONL SA 5.25% 10/06/2026 144A**1,182,756
UNICREDIT SPA 5.459%/VAR 06/30/2035 144AUNICREDIT SPA 5.459%/VAR 06/30/2035 144A**1,062,159
UNICREDIT SPA 7.296%/VAR 04/02/2034 144AUNICREDIT SPA 7.296%/VAR 04/02/2034 144A**3,317,068
35
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
UNION PAC RR CO 2006 1 PT TR 5.866% 07/02/2030UNION PAC RR CO 2006 1 PT TR 5.866% 07/02/2030**150,775
UNUM GROUP 6.75% 12/15/2028UNUM GROUP 6.75% 12/15/2028**78,989
US BANCORP DEL 4.548%/VAR 07/22/2028US BANCORP DEL 4.548%/VAR 07/22/2028**927,351
US BANCORP DEL 5.727%/VAR 10/21/2026US BANCORP DEL 5.727%/VAR 10/21/2026**488,262
USCLN 2023-1 6.789% 08/25/2032 144AUSCLN 2023-1 6.789% 08/25/2032 144A**135,769
UTAH ACQUISITION SUB INC 3.95% 06/15/2026UTAH ACQUISITION SUB INC 3.95% 06/15/2026**899,481
VENTAS RLTY LTD PARTNERSHIP 3.5% 02/01/2025VENTAS RLTY LTD PARTNERSHIP 3.5% 02/01/2025**653,858
VERDANT RECEIVABLES 2023-1 LLC 6.24% 01/13/2031 14VERDANT RECEIVABLES 2023-1 LLC 6.24% 01/13/2031 14**416,589
VERDANT RECEIVABLES 2024-1 LLC 5.68% 12/12/2031 14VERDANT RECEIVABLES 2024-1 LLC 5.68% 12/12/2031 14**197,340
VF CORPORATION 2.4% 04/23/2025VF CORPORATION 2.4% 04/23/2025**1,388,693
VF CORPORATION 2.8% 04/23/2027VF CORPORATION 2.8% 04/23/2027**664,963
VIATRIS INC 2.3% 06/22/2027VIATRIS INC 2.3% 06/22/2027**637,681
VISTRA OPERATIONS CO LLC 5.05% 12/30/2026 144AVISTRA OPERATIONS CO LLC 5.05% 12/30/2026 144A**325,286
VISTRA OPERATIONS CO LLC 5.125% 05/13/2025 144AVISTRA OPERATIONS CO LLC 5.125% 05/13/2025 144A**297,668
VITERRA FINANCE BV 2% 04/21/2026 144AVITERRA FINANCE BV 2% 04/21/2026 144A**191,541
VITERRA FINANCE BV 4.9% 04/21/2027 144AVITERRA FINANCE BV 4.9% 04/21/2027 144A**965,981
VMWARE INC 1.4% 08/15/2026VMWARE INC 1.4% 08/15/2026**260,511
VODAFONE GROUP PLC 7%/VAR 04/04/2079VODAFONE GROUP PLC 7%/VAR 04/04/2079**1,792,124
VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 0VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 0**472,708
VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144VOLKSWAGEN GROUP AMER FIN LLC 3.95% 06/06/2025 144**682,211
VOLKSWAGEN GROUP AMER FIN LLC 4.85% 08/15/2027 144VOLKSWAGEN GROUP AMER FIN LLC 4.85% 08/15/2027 144**1,034,217
VOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144AVOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144A**544,674
VOLKSWAGEN GROUP AMER FIN LLC 5.8% 09/12/2025 144AVOLKSWAGEN GROUP AMER FIN LLC 5.8% 09/12/2025 144A**633,828
VOLKSWAGEN GROUP AMER FIN LLC 6% 11/16/2026 144AVOLKSWAGEN GROUP AMER FIN LLC 6% 11/16/2026 144A**604,238
VOYA CLO 2018-3 LTD TSFR3M+ 10/15/2031 144AVOYA CLO 2018-3 LTD TSFR3M+ 10/15/2031 144A**986,667
WELLFLEET CLO 2018-2 LTD TSFR3M+108 10/20/2031 144WELLFLEET CLO 2018-2 LTD TSFR3M+108 10/20/2031 144**1,565,725
WELLS FARGO & CO NEW 2.188%/VAR 04/30/2026WELLS FARGO & CO NEW 2.188%/VAR 04/30/2026**2,571,505
WELLS FARGO & CO NEW 2.393%/VAR 06/02/2028WELLS FARGO & CO NEW 2.393%/VAR 06/02/2028**988,919
WELLS FARGO & CO NEW 2.572%/VAR 02/11/2031WELLS FARGO & CO NEW 2.572%/VAR 02/11/2031**485,035
WELLS FARGO & CO NEW 3.908%/VAR 04/25/2026WELLS FARGO & CO NEW 3.908%/VAR 04/25/2026**513,425
WELLS FARGO & CO NEW 4.1% 06/03/2026WELLS FARGO & CO NEW 4.1% 06/03/2026**934,761
WELLS FARGO & CO NEW 4.3% 07/22/2027WELLS FARGO & CO NEW 4.3% 07/22/2027**1,652,596
WELLS FARGO & CO NEW 4.54%/VAR 08/15/2026WELLS FARGO & CO NEW 4.54%/VAR 08/15/2026**503,991
WELLS FARGO & CO NEW 4.897%/VAR 07/25/2033WELLS FARGO & CO NEW 4.897%/VAR 07/25/2033**579,459
WELLS FARGO & CO NEW 5.198%/VAR 01/23/2030WELLS FARGO & CO NEW 5.198%/VAR 01/23/2030**576,636
WESTERN UN CO 1.35% 03/15/2026WESTERN UN CO 1.35% 03/15/2026**1,505,525
WESTERN UN CO 2.85% 01/10/2025WESTERN UN CO 2.85% 01/10/2025**2,183,909
WILLIAMS COS INC 4.8% 11/15/2029WILLIAMS COS INC 4.8% 11/15/2029**498,228
WILLIAMS COS INC 5.4% 03/02/2026WILLIAMS COS INC 5.4% 03/02/2026**1,620,856
WOODSIDE FIN LTD 3.7% 09/15/2026 144AWOODSIDE FIN LTD 3.7% 09/15/2026 144A**348,883
WORKDAY INC 3.5% 04/01/2027WORKDAY INC 3.5% 04/01/2027**424,026
WORLD OMNI SELECT AUTO TR 2023-A 5.87% 08/15/2028WORLD OMNI SELECT AUTO TR 2023-A 5.87% 08/15/2028**212,583
WORLD OMNI SELECT AUTO TRUST - A 1.44% 11/15/2027WORLD OMNI SELECT AUTO TRUST - A 1.44% 11/15/2027**155,381
WRKCO INC 3.75% 03/15/2025WRKCO INC 3.75% 03/15/2025**354,059
ZOETIS INC 3% 09/12/2027ZOETIS INC 3% 09/12/2027**905,641
ZOETIS INC 4.5% 11/13/2025ZOETIS INC 4.5% 11/13/2025**499,475
FOREIGN GOVERNMENT DEBT SECURITIES2,662,816
REPUBLIC OF COLOMBIACOLOMBIA REPUBLIC OF 5% 06/15/2045**301,595
REPUBLIC OF COLOMBIACOLOMBIA REPUBLIC OF 5.625% 02/26/2044**999,675
REPUBLIC OF COLOMBIACOLOMBIA REPUBLIC OF 7.75% 11/07/2036**878,436
REPUBLIC OF COLOMBIACOLOMBIA REPUBLIC OF 8.375% 11/07/2054**483,110
MUTUAL AND REGISTERED INVESTMENT FUNDS298,193,495
AMERICAN FUNDS EUROPACIFIC GROWTH R6AMERICAN FUNDS EUROPACIFIC GROWTH R6**77,720,095
DREYFUS TRS PRIME;INSTDREYFUS TRS PRIME;INST**56,526,337
*FIDELITY INVESTMENTSFIDELITY INVESTMENTS MONEY MONEY PORTFOLIO**20,134,933
T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUNDT ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND**9,437,548
VANGUARD TREASURY MONEY MARKET INVESTORVANGUARD TREASURY MONEY MARKET**134,374,582
PREFERRED STOCKS6,495,181
CITIGROUP CAP XIII 7.875%/VAR PFD PAR=25CITIGROUP CAP XIII 7.875%/VAR PFD PAR=25**5,588,807
36
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
DATABRICKS INC SER G PC PPDATABRICKS INC SER G PC PP**307,378
NURO INC/CA SER C PC PPNURO INC/CA SER C PC PP**51,414
RAPPI INC SER E PFD PERP PPRAPPI INC SER E PFD PERP PP**79,279
SILA NANOTECHNOLOGIES INC SER F 0% PC PPSILA NANOTECHNOLOGIES INC SER F 0% PC PP**361,569
WAYMO LLC SER A2 0% PC PERP P/PWAYMO LLC SER A2 0% PC PERP P/P**106,734
U.S. GOVERNMENT DEBT SECURITIES520,647,825
ALEN 2021-ACEN MTG TR TSFR1M+126.448 04/15/2038 14ALEN 2021-ACEN MTG TR TSFR1M+126.448 04/15/2038 14**329,262
ANGEL OAK MORTGAGE TRUST 2021-6 1.714% 09/25/2066ANGEL OAK MORTGAGE TRUST 2021-6 1.714% 09/25/2066**477,359
ANGEL OAK MORTGAGE TRUST 2022-6 4.3% 07/25/2067 14ANGEL OAK MORTGAGE TRUST 2022-6 4.3% 07/25/2067 14**1,512,927
ANGEL OAK MORTGAGE TRUST 2023-3 4.8% 09/26/2067 14ANGEL OAK MORTGAGE TRUST 2023-3 4.8% 09/26/2067 14**1,321,661
ANGEL OAK MORTGAGE TRUST 2024-9 5.341% 09/25/2069ANGEL OAK MORTGAGE TRUST 2024-9 5.341% 09/25/2069**980,419
ANGEL OAK MORTGAGE TRUST LLC VAR 01/25/2067 144AANGEL OAK MORTGAGE TRUST LLC VAR 01/25/2067 144A**924,753
ANGEL OAK MTG TR 2021-6 1.581% 09/25/2066 144AANGEL OAK MTG TR 2021-6 1.581% 09/25/2066 144A**477,001
ANGEL OAK MTG TR 2022-1 VAR 12/25/2066 144AANGEL OAK MTG TR 2022-1 VAR 12/25/2066 144A**372,311
BANK 2019-BNK19 2.263% 08/15/2061BANK 2019-BNK19 2.263% 08/15/2061**16,772
BANK 2024-BNK47 A1 5.523% 06/15/2057BANK 2024-BNK47 A1 5.523% 06/15/2057**145,715
BANK5 2024-5YR10 AS 5.637% 10/15/2057BANK5 2024-5YR10 AS 5.637% 10/15/2057**444,327
BANK5 2024-5YR11 AS 6.139% 11/15/2057BANK5 2024-5YR11 AS 6.139% 11/15/2057**496,593
BANK5 2024-5YR12 5.902% 12/15/2057BANK5 2024-5YR12 5.902% 12/15/2057**298,703
BANK5 2024-5YR12 AS VAR 12/15/2057BANK5 2024-5YR12 AS VAR 12/15/2057**784,200
BANK5 2024-5YR8 AS VAR 08/15/2057BANK5 2024-5YR8 AS VAR 08/15/2057**587,838
BANK5 2024-5YR9 4.8894% 08/15/2057BANK5 2024-5YR9 4.8894% 08/15/2057**664,887
BAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2022-1 ABAYVIEW MSR OPPORTUNITY MASTER FUND TRUST 2022-1 A**283,744
BBCMS TRUST 5.502% 07/15/2057BBCMS TRUST 5.502% 07/15/2057**39,171
BENCHMARK 2023-B39 C MTG TR 6.03532% 07/15/2056BENCHMARK 2023-B39 C MTG TR 6.03532% 07/15/2056**200,250
BENCHMARK 2024-V11 AM MTG TR 6.201% 11/15/2057BENCHMARK 2024-V11 AM MTG TR 6.201% 11/15/2057**426,522
BENCHMARK 2024-V6 MTG TR 5.56775% 03/15/2057BENCHMARK 2024-V6 MTG TR 5.56775% 03/15/2057**131,279
BENCHMARK MORTGAGE TRUST 2024-V9 AS 6.06412% 08/15BENCHMARK MORTGAGE TRUST 2024-V9 AS 6.06412% 08/15**791,610
BINOM SECURITIZATION TRUST 2021-INV1 A2 2.37% 06/2BINOM SECURITIZATION TRUST 2021-INV1 A2 2.37% 06/2**364,184
BINOM SECURITIZATION TRUST 2021-INV1 A3 2.625% 06/BINOM SECURITIZATION TRUST 2021-INV1 A3 2.625% 06/**113,786
BMARK 2024-V8 5.514% 07/15/2057BMARK 2024-V8 5.514% 07/15/2057**353,128
BMO 2024-5C5 AS MTG TR CSTR 02/15/2057BMO 2024-5C5 AS MTG TR CSTR 02/15/2057**826,497
BMO 2024-C8 A1 5.54224% 03/15/2057BMO 2024-C8 A1 5.54224% 03/15/2057**230,093
BRAVO RESIDENTIAL FUNDING TRUST 2021-NQM3 1.699% 0BRAVO RESIDENTIAL FUNDING TRUST 2021-NQM3 1.699% 0**605,206
BVINV 2021-5 A20 2.5% 11/25/2051 144ABVINV 2021-5 A20 2.5% 11/25/2051 144A**600,205
BX COML MTG TR 2024-GPA3 TSFR1M+164.233 12/15/2039BX COML MTG TR 2024-GPA3 TSFR1M+164.233 12/15/2039**504,684
BX COML MTG TR 2024-MDHS 6.8415% 05/15/2041 144ABX COML MTG TR 2024-MDHS 6.8415% 05/15/2041 144A**639,564
BX COML MTG TR 2024-MDHS TSFR1M+184.1 05/15/2041 1BX COML MTG TR 2024-MDHS TSFR1M+184.1 05/15/2041 1**636,978
BX COML MTG TR 2024-SLCT TSFR1M+239.195 01/15/2042BX COML MTG TR 2024-SLCT TSFR1M+239.195 01/15/2042**758,101
BX COMMERCIAL MORTGAGE TRUST 2024-SLCT TSFR1M+ 01/BX COMMERCIAL MORTGAGE TRUST 2024-SLCT TSFR1M+ 01/**294,448
BX TRUST 2023-LIFE 5.3908% 02/15/2028 144ABX TRUST 2023-LIFE 5.3908% 02/15/2028 144A**1,621,302
CA ST 7.3% 10/01/39CA ST 7.3% 10/01/39**1,309,397
CA ST 7.5% 4/1/34CA ST 7.5% 4/1/34**855,644
CA ST 7.55% 4/1/39CA ST 7.55% 4/1/39**295,508
CAMB COML MTG TR 2019-LIFE A TSFR1M+118.448 12/15/CAMB COML MTG TR 2019-LIFE A TSFR1M+118.448 12/15/**720,360
CD 2017-CD6 MTG TR 2017-CD6 A5 3.456% 11/13/2050CD 2017-CD6 MTG TR 2017-CD6 A5 3.456% 11/13/2050**1,461,269
CGCMT 2017-P7 A4 3.712% 04/01/2050CGCMT 2017-P7 A4 3.712% 04/01/2050**1,484,158
COLT 2024-6 MORTGAGE LOAN TRUST 5.644% 11/25/2069COLT 2024-6 MORTGAGE LOAN TRUST 5.644% 11/25/2069**916,905
COLT 2024-INV4 A3 MORTGAGE LOAN TRUST VAR 05/25/20COLT 2024-INV4 A3 MORTGAGE LOAN TRUST VAR 05/25/20**878,390
COMM 2014-CCRE15 MTG TR VAR 02/10/2047COMM 2014-CCRE15 MTG TR VAR 02/10/2047**295,285
CONNECTICUT AVENUE SECURITIES TRUST 2024-R06 1A1 SCONNECTICUT AVENUE SECURITIES TRUST 2024-R06 1A1 S**1,438,694
CSAIL 2020-C19 COMMERCIAL MORTGAGE TRUST 1.2955% 0CSAIL 2020-C19 COMMERCIAL MORTGAGE TRUST 1.2955% 0**204,642
DOLP TR 2021-NYC 2.956% 05/10/2041 144ADOLP TR 2021-NYC 2.956% 05/10/2041 144A**749,042
EFMT 2024-INV2 5.035% 10/25/2069 144AEFMT 2024-INV2 5.035% 10/25/2069 144A**701,352
EFMT 2024-INV2 5.289% 10/25/2069 144AEFMT 2024-INV2 5.289% 10/25/2069 144A**401,901
EFMT 2024-NQM1 5.81% 11/25/2069 144AEFMT 2024-NQM1 5.81% 11/25/2069 144A**1,411,977
ELLINGTON FINANCIAL MORTGAGE TRUST 2021-3 A3 1.55%ELLINGTON FINANCIAL MORTGAGE TRUST 2021-3 A3 1.55%**505,306
FANNIE MAE CONN 30YR SOFR30A+366.448 07/25/2029FANNIE MAE CONN 30YR SOFR30A+366.448 07/25/2029**404,861
FED HOME LOAN MTG CORP - GOLD SOFR30A+72.448 09/15FED HOME LOAN MTG CORP - GOLD SOFR30A+72.448 09/15**476,275
FEDERAL HOME LN MTG 30YR 4.5% 10/46#CC2046FEDERAL HOME LN MTG 30YR 4.5% 10/46#CC2046**81,121
37
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FEDERAL HOME LN MTG MLT CTF GT 2% 02/15/2040FEDERAL HOME LN MTG MLT CTF GT 2% 02/15/2040**13,075
FEDERAL HOME LN MTG MLT CTF GT 2.5% 04/25/2050FEDERAL HOME LN MTG MLT CTF GT 2.5% 04/25/2050**4,048,688
FEDERAL HOME LN MTG MLT CTF GT 4.6% 06/25/2030FEDERAL HOME LN MTG MLT CTF GT 4.6% 06/25/2030**516,169
FEDERAL HOME LN MTG MLT CTF GT 5.0% 02/15/2035FEDERAL HOME LN MTG MLT CTF GT 5.0% 02/15/2035**358,756
FEDERAL HOME LN MTG MLT CTF GT 5.5% 04/15/2026FEDERAL HOME LN MTG MLT CTF GT 5.5% 04/15/2026**17,360
FEDERAL HOME LN MTG MLT CTF GT CSTR 04/25/2027FEDERAL HOME LN MTG MLT CTF GT CSTR 04/25/2027**31,946
FEDERAL HOME LN MTG MLT CTF GT CSTR 06/25/2027FEDERAL HOME LN MTG MLT CTF GT CSTR 06/25/2027**29,630
FEDERAL HOME LN MTG MLT CTF GT CSTR 07/25/2027FEDERAL HOME LN MTG MLT CTF GT CSTR 07/25/2027**66,386
FEDERAL HOME LN MTG MLT CTF GT VAR 03/15/2044FEDERAL HOME LN MTG MLT CTF GT VAR 03/15/2044**157,534
FEDERAL HOME LN MTG MLT CTF GT VAR 03/25/2026FEDERAL HOME LN MTG MLT CTF GT VAR 03/25/2026**7,516
FEDERAL HOME LN MTG MLT CTF GT VAR 05/25/2026FEDERAL HOME LN MTG MLT CTF GT VAR 05/25/2026**3,160
FEDERAL HOME LN MTG MLT CTF GT VAR 12/15/2043FEDERAL HOME LN MTG MLT CTF GT VAR 12/15/2043**54,902
FEDERAL HOME LN MTG MLT CTF GT VAR/.068895% 10/25/FEDERAL HOME LN MTG MLT CTF GT VAR/.068895% 10/25/**299,437
FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2030FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2030**306,381
FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2031FEDERAL HOME LN MTG MLT CTF GT X1 CSTR 01/25/2031**364,716
FEDERAL NAT MTG ASN GTD REM PA 1ML 12/25/2043FEDERAL NAT MTG ASN GTD REM PA 1ML 12/25/2043**270,356
FEDERAL NAT MTG ASN GTD REM PA 4.0% 02/25/2042FEDERAL NAT MTG ASN GTD REM PA 4.0% 02/25/2042**43,540
FEDERAL NAT MTG ASN GTD REM PA 5.5% 07/25/2037FEDERAL NAT MTG ASN GTD REM PA 5.5% 07/25/2037**14,501
FEDERAL NAT MTG ASN GTD REM PA 6% 04/25/2037FEDERAL NAT MTG ASN GTD REM PA 6% 04/25/2037**35,026
FEDERAL NAT MTG ASN GTD REM PA 7% 10/25/2041FEDERAL NAT MTG ASN GTD REM PA 7% 10/25/2041**23,025
FEDERAL NAT MTG ASN GTD REM PA SOFR30A+ 02/25/2044FEDERAL NAT MTG ASN GTD REM PA SOFR30A+ 02/25/2044**172,870
FEDERAL NAT MTG ASN GTD REM PA SOFR30A+63.448 12/2FEDERAL NAT MTG ASN GTD REM PA SOFR30A+63.448 12/2**470,922
FEDERAL NATL MTG AS GTD RE PTT 2017-90 KA 3% 11/25FEDERAL NATL MTG AS GTD RE PTT 2017-90 KA 3% 11/25**193,149
FHL ARM 2.88% 10/01/44#849505FHL ARM 2.88% 10/01/44#849505**69,585
FHLG 5.00% 8/40 #G05955FHLG 5.00% 8/40 #G05955**15,685
FHLG 5.00% 8/40 #G05958FHLG 5.00% 8/40 #G05958**59,719
FHLG 5.00% 11/33 #A15852FHLG 5.00% 11/33 #A15852**1,312
FHLG 5.00% 11/33 #A15907FHLG 5.00% 11/33 #A15907**1,735
FHLG 5.00% 11/33 #A15908FHLG 5.00% 11/33 #A15908**1,444
FHLG 5.00% 11/33 #D86309FHLG 5.00% 11/33 #D86309**2,559
FHLG 5.00% 12/35 #G01974FHLG 5.00% 12/35 #G01974**654
FHLG 5.50% 1/35 #G01749FHLG 5.50% 1/35 #G01749**73,277
FHLG 5.50% 1/40 #G06021FHLG 5.50% 1/40 #G06021**24,465
FHLG 5.50% 2/40 #G05923FHLG 5.50% 2/40 #G05923**46,077
FHLG 5.50% 5/40 #G06209FHLG 5.50% 5/40 #G06209**7,234
FHLG 5.50% 10/38 #G04814FHLG 5.50% 10/38 #G04814**15,798
FHLG 5.50% 12/39 #G06020FHLG 5.50% 12/39 #G06020**13,469
FHLG 6.00% 2/35 #G01777FHLG 6.00% 2/35 #G01777**126,727
FHLG 6.00% 6/35 #G02382FHLG 6.00% 6/35 #G02382**13,555
FHLG 6.00% 6/38 #H09203FHLG 6.00% 6/38 #H09203**2,996
FHLG 6.00% 8/38 #G04653FHLG 6.00% 8/38 #G04653**6,317
FHLG 6.00% 9/35 #G01899FHLG 6.00% 9/35 #G01899**7,759
FHLG 6.00% 10/32 #C72128FHLG 6.00% 10/32 #C72128**240
FHLG 6.00% 12/36 #G02462FHLG 6.00% 12/36 #G02462**21,000
FHLG 6.50% 8/37 #A64639FHLG 6.50% 8/37 #A64639**5,909
FHLG 6.50% 9/37 #H09069FHLG 6.50% 9/37 #H09069**13,195
FHLG 6.50% 9/37 #H09070FHLG 6.50% 9/37 #H09070**5,670
FHLG 6.50% 11/37 #H09117FHLG 6.50% 11/37 #H09117**5,591
FHLG 6.50% 12/31 #G01768FHLG 6.50% 12/31 #G01768**5,152
FHLG 7.00% 6/32 #C68205FHLG 7.00% 6/32 #C68205**312
FHLG 7.00% 6/32 #C68248FHLG 7.00% 6/32 #C68248**474
FHLG 15YR 1.5% 02/01/2036#RC1756FHLG 15YR 1.5% 02/01/2036#RC1756**424,773
FHLG 15YR 1.5% 02/01/2036#SB0869FHLG 15YR 1.5% 02/01/2036#SB0869**108,112
FHLG 15YR 3% 01/01/2033#ZS7930FHLG 15YR 3% 01/01/2033#ZS7930**228,708
FHLG 15YR 3% 11/01/2034#SB0222FHLG 15YR 3% 11/01/2034#SB0222**70,888
FHLG 15YR 4.5% 06/01/2026#G14694FHLG 15YR 4.5% 06/01/2026#G14694**1,166
FHLG 20YR 2% 12/01/2041#QK1220FHLG 20YR 2% 12/01/2041#QK1220**1,339,793
FHLG 20YR 3.5% 10/01/2035#C91853FHLG 20YR 3.5% 10/01/2035#C91853**121,184
FHLG 20YR 4% 04/01/2034#ZS9057FHLG 20YR 4% 04/01/2034#ZS9057**169,317
FHLG 20YR 4.0% 10/01/2031#C91402FHLG 20YR 4.0% 10/01/2031#C91402**49,735
FHLG 20YR 4.5% 07/01/2032#G30689FHLG 20YR 4.5% 07/01/2032#G30689**141,865
38
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FHLG 20YR 4.5% 12/01/2030#C91349FHLG 20YR 4.5% 12/01/2030#C91349**46,531
FHLG 20YR 6.5% 01/01/2027#G30317FHLG 20YR 6.5% 01/01/2027#G30317**9,138
FHLG 20YR 6.5% 09/01/2027#C91109FHLG 20YR 6.5% 09/01/2027#C91109**27,171
FHLG 20YR 6.5% 12/01/2026#C91008FHLG 20YR 6.5% 12/01/2026#C91008**1,114
FHLG 30YR 2% 04/01/2051#SD8140FHLG 30YR 2% 04/01/2051#SD8140**1,119,375
FHLG 30YR 2% 07/01/2050#RA2958FHLG 30YR 2% 07/01/2050#RA2958**1,028,205
FHLG 30YR 2% 07/01/2050#RA3053FHLG 30YR 2% 07/01/2050#RA3053**1,625,957
FHLG 30YR 2% 08/01/2050#RA3404FHLG 30YR 2% 08/01/2050#RA3404**3,792,387
FHLG 30YR 2% 09/01/2050#RA3454FHLG 30YR 2% 09/01/2050#RA3454**436,517
FHLG 30YR 2% 09/01/2050#SD8090FHLG 30YR 2% 09/01/2050#SD8090**26,896
FHLG 30YR 2% 11/01/2050#SD0513FHLG 30YR 2% 11/01/2050#SD0513**2,853,284
FHLG 30YR 2% 12/01/2050#RA4119FHLG 30YR 2% 12/01/2050#RA4119**5,188,856
FHLG 30YR 2.5% 01/01/2052#RA6623FHLG 30YR 2.5% 01/01/2052#RA6623**806,100
FHLG 30YR 2.5% 02/01/2052#SD8194FHLG 30YR 2.5% 02/01/2052#SD8194**3,647,452
FHLG 30YR 2.5% 05/01/2051#SI2106FHLG 30YR 2.5% 05/01/2051#SI2106**1,862,254
FHLG 30YR 2.5% 05/01/2052#SD8212FHLG 30YR 2.5% 05/01/2052#SD8212**404,797
FHLG 30YR 2.5% 09/01/2052#SD1581FHLG 30YR 2.5% 09/01/2052#SD1581**4,478,067
FHLG 30YR 2.5% 11/01/2050#SD7530FHLG 30YR 2.5% 11/01/2050#SD7530**11,013,923
FHLG 30YR 3% 05/01/2052#SD1080FHLG 30YR 3% 05/01/2052#SD1080**551,115
FHLG 30YR 3% 06/01/2052#SD8220FHLG 30YR 3% 06/01/2052#SD8220**985,676
FHLG 30YR 3.5% 04/01/2052#QE0768FHLG 30YR 3.5% 04/01/2052#QE0768**641,336
FHLG 30YR 3.5% 04/01/2052#RA7063FHLG 30YR 3.5% 04/01/2052#RA7063**6,534,584
FHLG 30YR 3.5% 05/01/2052#QE2001FHLG 30YR 3.5% 05/01/2052#QE2001**431,687
FHLG 30YR 3.5% 05/01/2052#QE2008FHLG 30YR 3.5% 05/01/2052#QE2008**2,552,897
FHLG 30YR 3.5% 05/01/2052#SD8214FHLG 30YR 3.5% 05/01/2052#SD8214**4,160,983
FHLG 30YR 3.5% 06/01/2052#SD1933FHLG 30YR 3.5% 06/01/2052#SD1933**2,527,476
FHLG 30YR 3.5% 06/52#SD8221FHLG 30YR 3.5% 06/52#SD8221**1,476,186
FHLG 30YR 3.5% 07/01/2052#QE7330FHLG 30YR 3.5% 07/01/2052#QE7330**2,690,803
FHLG 30YR 3.5% 07/01/2052#RA7656FHLG 30YR 3.5% 07/01/2052#RA7656**4,621,643
FHLG 30YR 3.5% 07/01/2052#SD3139FHLG 30YR 3.5% 07/01/2052#SD3139**1,918,450
FHLG 30YR 3.5% 08/01/2052#QE7119FHLG 30YR 3.5% 08/01/2052#QE7119**2,570,131
FHLG 30YR 3.5% 08/01/2052#SD1546FHLG 30YR 3.5% 08/01/2052#SD1546**819,031
FHLG 30YR 3.5% 09/01/2052#SD8243FHLG 30YR 3.5% 09/01/2052#SD8243**1,239,068
FHLG 30YR 3.5% 12/01/2052#SD2253FHLG 30YR 3.5% 12/01/2052#SD2253**2,005,728
FHLG 30YR 4% 03/01/2046#Q39499FHLG 30YR 4% 03/01/2046#Q39499**997,960
FHLG 30YR 4% 09/01/2052#SD8244FHLG 30YR 4% 09/01/2052#SD8244**9,964,278
FHLG 30YR 4% 10/01/2052#SD8256FHLG 30YR 4% 10/01/2052#SD8256**7,751,009
FHLG 30YR 4% 11/01/2047#G61220FHLG 30YR 4% 11/01/2047#G61220**133,540
FHLG 30YR 4% 12/49#RA1906FHLG 30YR 4% 12/49#RA1906**28,309
FHLG 30YR 4.5% 02/45#G60034FHLG 30YR 4.5% 02/45#G60034**86,169
FHLG 30YR 4.5% 03/01/2042#G07107FHLG 30YR 4.5% 03/01/2042#G07107**68,699
FHLG 30YR 4.5% 03/01/2044#G07686FHLG 30YR 4.5% 03/01/2044#G07686**52,433
FHLG 30YR 4.5% 03/47#G61030FHLG 30YR 4.5% 03/47#G61030**320,174
FHLG 30YR 4.5% 03/47#G61080FHLG 30YR 4.5% 03/47#G61080**1,098,214
FHLG 30YR 4.5% 04/01/2047#V83157FHLG 30YR 4.5% 04/01/2047#V83157**176,886
FHLG 30YR 4.5% 05/01/2041#G06447FHLG 30YR 4.5% 05/01/2041#G06447**257,280
FHLG 30YR 4.5% 05/01/2042#G60342FHLG 30YR 4.5% 05/01/2042#G60342**257,394
FHLG 30YR 4.5% 07/01/2041#G07504FHLG 30YR 4.5% 07/01/2041#G07504**32,478
FHLG 30YR 4.5% 08/01/2044#G07892FHLG 30YR 4.5% 08/01/2044#G07892**212,848
FHLG 30YR 4.5% 08/01/2044#G07943FHLG 30YR 4.5% 08/01/2044#G07943**194,665
FHLG 30YR 4.5% 09/01/2041#G07568FHLG 30YR 4.5% 09/01/2041#G07568**159,851
FHLG 30YR 4.5% 09/01/2052#SD8245FHLG 30YR 4.5% 09/01/2052#SD8245**2,333,284
FHLG 30YR 4.5% 10/01/2040#A94663FHLG 30YR 4.5% 10/01/2040#A94663**14,279
FHLG 30YR 4.5% 11/01/2043#G07598FHLG 30YR 4.5% 11/01/2043#G07598**109,591
FHLG 30YR 4.5% 11/01/2045#G60480FHLG 30YR 4.5% 11/01/2045#G60480**130,593
FHLG 30YR 4.5% 12/01/2043#G07612FHLG 30YR 4.5% 12/01/2043#G07612**35,849
FHLG 30YR 4.5% 12/01/2052#SD8275FHLG 30YR 4.5% 12/01/2052#SD8275**1,058,420
FHLG 30YR 5% 04/01/2040#A91947FHLG 30YR 5% 04/01/2040#A91947**1,547
FHLG 30YR 5% 06/01/2040#A92485FHLG 30YR 5% 06/01/2040#A92485**15,648
FHLG 30YR 5% 07/01/2033#FHLG 30YR 5% 07/01/2033#**187
FHLG 30YR 5% 12/01/2041#ZS3941FHLG 30YR 5% 12/01/2041#ZS3941**33,216
39
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FHLG 30YR 5.0% 07/01/2040#A93101FHLG 30YR 5.0% 07/01/2040#A93101**9,672
FHLG 30YR 5.0% 08/01/2035#G08072FHLG 30YR 5.0% 08/01/2035#G08072**18,819
FHLG 30YR 5.5% 06/01/2037#H09204FHLG 30YR 5.5% 06/01/2037#H09204**4,892
FHLG 30YR 6% 08/01/2038#A81039FHLG 30YR 6% 08/01/2038#A81039**6,208
FHLG 30YR 6.0% 09/01/2034#A26586FHLG 30YR 6.0% 09/01/2034#A26586**1,189
FHLG 30YR 7% 03/39#G62030FHLG 30YR 7% 03/39#G62030**27,046
FHLG 30YR 7% 04/01/2032#FHLG 30YR 7% 04/01/2032#**165
FHLG 30YR 7% 11/01/2030#FHLG 30YR 7% 11/01/2030#**755
FHLG 30YR 7.5% 06/38#G62031FHLG 30YR 7.5% 06/38#G62031**25,222
FHLG 4.5% 7/40 #A92792FHLG 4.5% 7/40 #A92792**49,089
FHLG ARM 0% 07/01/2044#2B2791FHLG ARM 0% 07/01/2044#2B2791**23,409
FHLG ARM 2.88% 11/01/2044#2B3527FHLG ARM 2.88% 11/01/2044#2B3527**132,410
FHLM ARM 0% 01/45#849625FHLM ARM 0% 01/45#849625**59,843
FHLM ARM 0% 02/01/2037#1N1433FHLM ARM 0% 02/01/2037#1N1433**15,192
FHLM ARM 0% 04/01/2037#1G1684FHLM ARM 0% 04/01/2037#1G1684**33,396
FHLM ARM 0% 05/01/2044#849312FHLM ARM 0% 05/01/2044#849312**16,137
FHLM ARM 0% 08/01/2042#849207FHLM ARM 0% 08/01/2042#849207**28,244
FHLM ARM 0% 08/01/2046#840419FHLM ARM 0% 08/01/2046#840419**74,736
FHLM ARM 0% 08/46#840380FHLM ARM 0% 08/46#840380**76,030
FHLM ARM 0% 10/01/2045#849820FHLM ARM 0% 10/01/2045#849820**49,687
FHLM ARM 0% 11/01/2039#1Q1535FHLM ARM 0% 11/01/2039#1Q1535**38,410
FHLM ARM 0% 12/01/2045#2B4962FHLM ARM 0% 12/01/2045#2B4962**83,754
FHLM ARM 0.0% 02/01/2037#1G1496FHLM ARM 0.0% 02/01/2037#1G1496**2,244
FHLM ARM 0.0% 05/01/2037#1G1921FHLM ARM 0.0% 05/01/2037#1G1921**2,167
FHLM ARM 0.0% 05/01/2038#847962FHLM ARM 0.0% 05/01/2038#847962**7,764
FHLM ARM 2.21% 8/36 #1Q0142FHLM ARM 2.21% 8/36 #1Q0142**18,650
FHLM ARM 2.37% 1/36 #1H2581FHLM ARM 2.37% 1/36 #1H2581**12,169
FHLM ARM 2.54% 01/01/2042#849254FHLM ARM 2.54% 01/01/2042#849254**22,105
FHLM ARM 2.57% 9/35 #1Q0107FHLM ARM 2.57% 9/35 #1Q0107**3,214
FHLM ARM 2.756% 05/01/2046#840286FHLM ARM 2.756% 05/01/2046#840286**128,290
FHLM ARM 2.785% 10/45#849849FHLM ARM 2.785% 10/45#849849**53,448
FHLM ARM 2.822% 07/01/2046#2B5468FHLM ARM 2.822% 07/01/2046#2B5468**289,343
FHLM ARM 2.896% 02/01/45#2B3797FHLM ARM 2.896% 02/01/45#2B3797**166,142
FHLM ARM 3.06% 05/01/2044#849327FHLM ARM 3.06% 05/01/2044#849327**326,186
FHLM ARM 3.078% 04/01/2044#849278FHLM ARM 3.078% 04/01/2044#849278**28,593
FHLM ARM 3.134% 05/44#849399FHLM ARM 3.134% 05/44#849399**151,117
FHLM ARM 4.60% 6/38 #1G2860FHLM ARM 4.60% 6/38 #1G2860**15,104
FHLM ARM 4.69% 9/35 #1G1114FHLM ARM 4.69% 9/35 #1G1114**1,888
FHLM ARM 5.02% 3/36 #1Q0081FHLM ARM 5.02% 3/36 #1Q0081**4,581
FHLM ARM 5.21% 2/37 #1J0248FHLM ARM 5.21% 2/37 #1J0248**1,348
FHLM ARM 5.55% 10/36 #1G2603FHLM ARM 5.55% 10/36 #1G2603**6,186
FHLM ARM 5.74% 10/37 #1G2241FHLM ARM 5.74% 10/37 #1G2241**9,937
FHLM ARM 5.78% 2/37 #1Q0196FHLM ARM 5.78% 2/37 #1Q0196**5,628
FHLM ARM 5.90% 1/37 #1B3203FHLM ARM 5.90% 1/37 #1B3203**12,126
FHLM ARM 5.93% 12/36 #1G1353FHLM ARM 5.93% 12/36 #1G1353**1,779
FHLM ARM 5.98% 10/36 #1H1351FHLM ARM 5.98% 10/36 #1H1351**349
FHLM ARM 6.01% 11/36 #1G1326FHLM ARM 6.01% 11/36 #1G1326**2,284
FHLM ARM RFT1Y+208.3 2/38 #1J0889FHLM ARM RFT1Y+208.3 2/38 #1J0889**10,403
FHR 2456 CJ 6.5% 6/32FHR 2456 CJ 6.5% 6/32**26,508
FNGT 01-T1 A1 7.5 10/40FNGT 01-T1 A1 7.5 10/40**27,123
FNMA 4.50% 5/41 #AI1888FNMA 4.50% 5/41 #AI1888**154,824
FNMA 5.00% 6/40 #AD6438FNMA 5.00% 6/40 #AD6438**41,224
FNMA 5.00% 10/33 #254903FNMA 5.00% 10/33 #254903**34,945
FNMA 5.50% 1/36 #745283FNMA 5.50% 1/36 #745283**8,849
FNMA 5.50% 1/36 #745428FNMA 5.50% 1/36 #745428**40,744
FNMA 5.50% 1/37 #888688FNMA 5.50% 1/37 #888688**28,617
FNMA 5.50% 1/38 #961181FNMA 5.50% 1/38 #961181**23,411
FNMA 5.50% 2/35 #735228FNMA 5.50% 2/35 #735228**6,579
FNMA 5.50% 3/36 #745353FNMA 5.50% 3/36 #745353**2,652
FNMA 5.50% 4/35 #357748FNMA 5.50% 4/35 #357748**3,244
FNMA 5.50% 4/37 #AD0249FNMA 5.50% 4/37 #AD0249**99,995
40
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FNMA 5.50% 5/35 #735500FNMA 5.50% 5/35 #735500**10,437
FNMA 5.50% 5/36 #745516FNMA 5.50% 5/36 #745516**11,316
FNMA 5.50% 5/37 #190379FNMA 5.50% 5/37 #190379**8,825
FNMA 5.50% 5/38 #889624FNMA 5.50% 5/38 #889624**44,858
FNMA 5.50% 5/39 #995838FNMA 5.50% 5/39 #995838**3,083
FNMA 5.50% 6/38 #889588FNMA 5.50% 6/38 #889588**4,963
FNMA 5.50% 6/39 #AD0527FNMA 5.50% 6/39 #AD0527**24,087
FNMA 5.50% 7/40 #AE0098FNMA 5.50% 7/40 #AE0098**23,151
FNMA 5.50% 8/37 #889565FNMA 5.50% 8/37 #889565**1,090
FNMA 5.50% 8/37 #995023FNMA 5.50% 8/37 #995023**1,981
FNMA 5.50% 8/37 #AE0188FNMA 5.50% 8/37 #AE0188**6,766
FNMA 5.50% 9/36 #995788FNMA 5.50% 9/36 #995788**93,808
FNMA 5.50% 9/38 #AD0198FNMA 5.50% 9/38 #AD0198**102,855
FNMA 5.50% 10/36 #AE0099FNMA 5.50% 10/36 #AE0099**53,820
FNMA 5.50% 11/34 #725946FNMA 5.50% 11/34 #725946**9,659
FNMA 5.50% 11/36 #745946FNMA 5.50% 11/36 #745946**3,711
FNMA 5.50% 12/35 #745412FNMA 5.50% 12/35 #745412**12,358
FNMA 5.50% 12/35 #888884FNMA 5.50% 12/35 #888884**68,096
FNMA 5.50% 8/37 #995024FNMA 5.50% 8/37 #995024**27,540
FNMA 6.00% 2/34 #725162FNMA 6.00% 2/34 #725162**17,203
FNMA 6.00% 2/36 #745256FNMA 6.00% 2/36 #745256**45,491
FNMA 6.00% 2/36 #888086FNMA 6.00% 2/36 #888086**102,871
FNMA 6.00% 3/33 #555285FNMA 6.00% 3/33 #555285**17,753
FNMA 6.00% 3/34 #725229FNMA 6.00% 3/34 #725229**36,834
FNMA 6.00% 3/34 #725330FNMA 6.00% 3/34 #725330**56,802
FNMA 6.00% 3/37 #888268FNMA 6.00% 3/37 #888268**12,583
FNMA 6.00% 3/37 #889506FNMA 6.00% 3/37 #889506**10,942
FNMA 6.00% 3/37 #995051FNMA 6.00% 3/37 #995051**49,132
FNMA 6.00% 4/35 #735502FNMA 6.00% 4/35 #735502**2,433
FNMA 6.00% 5/38 #889579FNMA 6.00% 5/38 #889579**1,763
FNMA 6.00% 6/35 #745398FNMA 6.00% 6/35 #745398**44,616
FNMA 6.00% 8/34 #725704FNMA 6.00% 8/34 #725704**2,457
FNMA 6.00% 8/38 #929836FNMA 6.00% 8/38 #929836**14,958
FNMA 6.00% 10/38 #889983FNMA 6.00% 10/38 #889983**4,918
FNMA 6.00% 10/38 #AD0220FNMA 6.00% 10/38 #AD0220**9,912
FNMA 6.00% 11/34 #255459FNMA 6.00% 11/34 #255459**3,191
FNMA 6.00% 11/34 #735061FNMA 6.00% 11/34 #735061**3,836
FNMA 6.00% 11/34 #AD0163FNMA 6.00% 11/34 #AD0163**106,300
FNMA 6.00% 11/36 #745950FNMA 6.00% 11/36 #745950**10,567
FNMA 6.00% 12/33 #254984FNMA 6.00% 12/33 #254984**5,245
FNMA 6.00% 12/34 #735115FNMA 6.00% 12/34 #735115**1,366
FNMA 6.00% 12/35 #888433FNMA 6.00% 12/35 #888433**5,850
FNMA 6.50% 2/38 #310048FNMA 6.50% 2/38 #310048**59,801
FNMA 6.50% 3/35 #735417FNMA 6.50% 3/35 #735417**30,728
FNMA 6.50% 3/35 #735570FNMA 6.50% 3/35 #735570**19,433
FNMA 6.50% 7/38 #889782FNMA 6.50% 7/38 #889782**19,718
FNMA 6.50% 8/39 #AD0130FNMA 6.50% 8/39 #AD0130**93,118
FNMA 6.50% 10/35 #889341FNMA 6.50% 10/35 #889341**16,450
FNMA 6.50% 11/36 #902382FNMA 6.50% 11/36 #902382**1,210
FNMA 6.50% 11/37 #899859FNMA 6.50% 11/37 #899859**189
FNMA 6.50% 12/36 #901646FNMA 6.50% 12/36 #901646**1,462
FNMA 6.50% 12/36 #905906FNMA 6.50% 12/36 #905906**3,558
FNMA 7.00% 8/37 #256851FNMA 7.00% 8/37 #256851**12,759
FNMA 7.00% 9/29 #511384FNMA 7.00% 9/29 #511384**194
FNMA 7.00% 10/37 #256939FNMA 7.00% 10/37 #256939**6,793
FNMA 7.00% 11/37 #256985FNMA 7.00% 11/37 #256985**9,965
FNMA 15YR 5.00% 9/25 #AE0552FNMA 15YR 5.00% 9/25 #AE0552**109
FNMA 15YR 3% 02/01/2035#FNMA 15YR 3% 02/01/2035#**76,873
FNMA 15YR 3% 09/01/2028#AU6682FNMA 15YR 3% 09/01/2028#AU6682**90,811
FNMA 15YR 3% 12/01/2034#CA4885FNMA 15YR 3% 12/01/2034#CA4885**166,829
FNMA 15YR 3.5% 02/01/2031#AL9063FNMA 15YR 3.5% 02/01/2031#AL9063**89,883
41
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FNMA 15YR 3.5% 04/01/2034#BM5721FNMA 15YR 3.5% 04/01/2034#BM5721**26,536
FNMA 15YR 3.5% 11/01/2025#AE7919FNMA 15YR 3.5% 11/01/2025#AE7919**137
FNMA 15YR 3.5% 11/01/2026#AJ5340FNMA 15YR 3.5% 11/01/2026#AJ5340**15,274
FNMA 15YR 4.5% #AL4147FNMA 15YR 4.5% #AL4147**45
FNMA 20YR 3% 09/01/2042#FS3743FNMA 20YR 3% 09/01/2042#FS3743**2,975,721
FNMA 20YR 3.5% 03/01/2037#MA2923FNMA 20YR 3.5% 03/01/2037#MA2923**1,136,986
FNMA 20YR 3.5% 04/37#MA2962FNMA 20YR 3.5% 04/37#MA2962**421,006
FNMA 20YR 4% 01/01/2037#MA2880FNMA 20YR 4% 01/01/2037#MA2880**122,811
FNMA 20YR 4% 05/01/2032#AX3726FNMA 20YR 4% 05/01/2032#AX3726**39,585
FNMA 20YR 4% 11/01/2035#MA2455FNMA 20YR 4% 11/01/2035#MA2455**333,980
FNMA 20YR 4.0% 04/01/34#MA1858FNMA 20YR 4.0% 04/01/34#MA1858**486,591
FNMA 20YR 4.0% 07/01/2035#MA2366FNMA 20YR 4.0% 07/01/2035#MA2366**308,663
FNMA 20YR 4.0% 09/01/2034 #MA2055FNMA 20YR 4.0% 09/01/2034 #MA2055**366,176
FNMA 20YR 4.0% 09/01/2034#MA2019FNMA 20YR 4.0% 09/01/2034#MA2019**131,114
FNMA 20YR 4.0% 10/01/2032#AL4778FNMA 20YR 4.0% 10/01/2032#AL4778**123,267
FNMA 20YR 4.0% 11/1/30 #AB1763FNMA 20YR 4.0% 11/1/30 #AB1763**193,547
FNMA 20YR 4.5% #AL4165FNMA 20YR 4.5% #AL4165**286,599
FNMA 20YR 4.5% #AL5861FNMA 20YR 4.5% #AL5861**38,747
FNMA 20YR 4.5% 01/01/2031#MA0634FNMA 20YR 4.5% 01/01/2031#MA0634**86,576
FNMA 20YR 4.5% 09/01/2031#AI8900FNMA 20YR 4.5% 09/01/2031#AI8900**39,292
FNMA 20YR 4.5% 09/01/30#MA0511FNMA 20YR 4.5% 09/01/30#MA0511**204,371
FNMA 20YR 4.5% 12/33 #AL4577FNMA 20YR 4.5% 12/33 #AL4577**104,818
FNMA 20YRS 4.00% 9/31 #MA3894FNMA 20YRS 4.00% 9/31 #MA3894**39,220
FNMA 30YR 6.00% 3/36 #888956FNMA 30YR 6.00% 3/36 #888956**38,942
FNMA 30YR 2% 01/01/2051#CA8473FNMA 30YR 2% 01/01/2051#CA8473**3,149,534
FNMA 30YR 2% 01/01/2051#MA4237FNMA 30YR 2% 01/01/2051#MA4237**1,898,344
FNMA 30YR 2% 02/01/2051#CA8813FNMA 30YR 2% 02/01/2051#CA8813**2,334,535
FNMA 30YR 2% 02/01/2051#FM5997FNMA 30YR 2% 02/01/2051#FM5997**598,567
FNMA 30YR 2% 07/01/2050#CA6388FNMA 30YR 2% 07/01/2050#CA6388**2,000,314
FNMA 30YR 2% 09/01/2050#CA6902FNMA 30YR 2% 09/01/2050#CA6902**8,388,555
FNMA 30YR 2% 09/01/2050#CA6925FNMA 30YR 2% 09/01/2050#CA6925**1,054,522
FNMA 30YR 2% 10/01/2050#MA4158FNMA 30YR 2% 10/01/2050#MA4158**23,466
FNMA 30YR 2% 12/01/2051#MA4492FNMA 30YR 2% 12/01/2051#MA4492**876,768
FNMA 30YR 2.5% 01/01/2052#FNMA 30YR 2.5% 01/01/2052#**578,458
FNMA 30YR 2.5% 02/01/2051#FM8768FNMA 30YR 2.5% 02/01/2051#FM8768**1,242,209
FNMA 30YR 2.5% 03/01/2051#FM8215FNMA 30YR 2.5% 03/01/2051#FM8215**4,451
FNMA 30YR 2.5% 03/01/2052#BV4119FNMA 30YR 2.5% 03/01/2052#BV4119**254,256
FNMA 30YR 2.5% 07/01/2050#CA6238FNMA 30YR 2.5% 07/01/2050#CA6238**2,919,441
FNMA 30YR 2.5% 07/01/2050#CA6329FNMA 30YR 2.5% 07/01/2050#CA6329**4,470,626
FNMA 30YR 2.5% 07/01/2050#CA6401FNMA 30YR 2.5% 07/01/2050#CA6401**3,128,438
FNMA 30YR 2.5% 08/01/2050#FM4228FNMA 30YR 2.5% 08/01/2050#FM4228**900,489
FNMA 30YR 2.5% 09/01/2050#CA6990FNMA 30YR 2.5% 09/01/2050#CA6990**5,737,908
FNMA 30YR 2.5% 11/01/2050#FM7733FNMA 30YR 2.5% 11/01/2050#FM7733**2,504,780
FNMA 30YR 3% 03/01/2052#FS0980FNMA 30YR 3% 03/01/2052#FS0980**812,543
FNMA 30YR 3% 05/01/2052#CB3576FNMA 30YR 3% 05/01/2052#CB3576**5,422,286
FNMA 30YR 3.5% 01/01/2051#FM7599FNMA 30YR 3.5% 01/01/2051#FM7599**6,329,556
FNMA 30YR 3.5% 01/01/2052#FNMA 30YR 3.5% 01/01/2052#**21,871
FNMA 30YR 3.5% 02/01/2048#BH9277FNMA 30YR 3.5% 02/01/2048#BH9277**998,908
FNMA 30YR 3.5% 04/01/2052#BU8931FNMA 30YR 3.5% 04/01/2052#BU8931**695,660
FNMA 30YR 3.5% 05/01/2052#CB3593FNMA 30YR 3.5% 05/01/2052#CB3593**3,667,562
FNMA 30YR 3.5% 05/01/2052#MA4600FNMA 30YR 3.5% 05/01/2052#MA4600**4,340,553
FNMA 30YR 3.5% 06/01/2052#FNMA 30YR 3.5% 06/01/2052#**2,824,302
FNMA 30YR 3.5% 06/01/2052#BV9913FNMA 30YR 3.5% 06/01/2052#BV9913**210,905
FNMA 30YR 3.5% 06/01/2052#FS2140FNMA 30YR 3.5% 06/01/2052#FS2140**7,021,801
FNMA 30YR 3.5% 07/01/2052#FS2343FNMA 30YR 3.5% 07/01/2052#FS2343**2,996,039
FNMA 30YR 3.5% 07/01/2052#MA4654FNMA 30YR 3.5% 07/01/2052#MA4654**1,013,905
FNMA 30YR 3.5% 08/01/2052#CB4361FNMA 30YR 3.5% 08/01/2052#CB4361**1,239,568
FNMA 30YR 3.5% 12/01/2045#MA2471FNMA 30YR 3.5% 12/01/2045#MA2471**18,179
FNMA 30YR 3.5% 12/01/45#MA2495FNMA 30YR 3.5% 12/01/45#MA2495**140,821
FNMA 30YR 4% 01/01/2047#AL9717FNMA 30YR 4% 01/01/2047#AL9717**35,500
FNMA 30YR 4% 01/01/2047#BM1687FNMA 30YR 4% 01/01/2047#BM1687**603,607
42
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FNMA 30YR 4% 04/01/2044#FM2162FNMA 30YR 4% 04/01/2044#FM2162**187,177
FNMA 30YR 4% 06/01/2052#BW0490FNMA 30YR 4% 06/01/2052#BW0490**4,697,214
FNMA 30YR 4% 07/01/2053#FS7754FNMA 30YR 4% 07/01/2053#FS7754**1,106,501
FNMA 30YR 4% 08/01/2052#MA4700FNMA 30YR 4% 08/01/2052#MA4700**1,303,951
FNMA 30YR 4% 09/01/2047#MA3121FNMA 30YR 4% 09/01/2047#MA3121**11,416
FNMA 30YR 4% 09/01/2052#MA4732FNMA 30YR 4% 09/01/2052#MA4732**2,480,246
FNMA 30YR 4% 10/01/2047#BM2003FNMA 30YR 4% 10/01/2047#BM2003**46,587
FNMA 30YR 4% 10/01/2048#BM5811FNMA 30YR 4% 10/01/2048#BM5811**12,758
FNMA 30YR 4% 11/49#CA4571FNMA 30YR 4% 11/49#CA4571**26,086
FNMA 30YR 4% 12/01/2049#CA4823FNMA 30YR 4% 12/01/2049#CA4823**8,630
FNMA 30YR 4.5% 01/43#BM1357FNMA 30YR 4.5% 01/43#BM1357**205,434
FNMA 30YR 4.5% 02/01/2041#AL5440FNMA 30YR 4.5% 02/01/2041#AL5440**66,424
FNMA 30YR 4.5% 02/01/2045#AL7147FNMA 30YR 4.5% 02/01/2045#AL7147**108,754
FNMA 30YR 4.5% 02/01/2046#AL9128FNMA 30YR 4.5% 02/01/2046#AL9128**82,794
FNMA 30YR 4.5% 02/46#AL9781FNMA 30YR 4.5% 02/46#AL9781**171,486
FNMA 30YR 4.5% 03/01/2048#CA1390FNMA 30YR 4.5% 03/01/2048#CA1390**268,236
FNMA 30YR 4.5% 03/01/2050#FS3871FNMA 30YR 4.5% 03/01/2050#FS3871**258,493
FNMA 30YR 4.5% 03/01/2052#BF0045FNMA 30YR 4.5% 03/01/2052#BF0045**319,207
FNMA 30YR 4.5% 05/01/2049#CA3514FNMA 30YR 4.5% 05/01/2049#CA3514**67,621
FNMA 30YR 4.5% 06/01/2046#AL8840FNMA 30YR 4.5% 06/01/2046#AL8840**203,883
FNMA 30YR 4.5% 06/01/2048#BJ9262FNMA 30YR 4.5% 06/01/2048#BJ9262**695,497
FNMA 30YR 4.5% 07/46#AL8816FNMA 30YR 4.5% 07/46#AL8816**363,979
FNMA 30YR 4.5% 09/01/2042#AL2280FNMA 30YR 4.5% 09/01/2042#AL2280**6,167
FNMA 30YR 4.5% 09/01/2048#MA3468FNMA 30YR 4.5% 09/01/2048#MA3468**12,552
FNMA 30YR 4.5% 10/01/2048#CA2483FNMA 30YR 4.5% 10/01/2048#CA2483**97,793
FNMA 30YR 4.5% 11/01/2048#CA2643FNMA 30YR 4.5% 11/01/2048#CA2643**365,998
FNMA 30YR 4.5% 12/01/2048#MA3537FNMA 30YR 4.5% 12/01/2048#MA3537**41,482
FNMA 30YR 5% 03/01/2049#MA3617FNMA 30YR 5% 03/01/2049#MA3617**96,514
FNMA 30YR 5% 08/01/2054#CB8976FNMA 30YR 5% 08/01/2054#CB8976**583,239
FNMA 30YR 5% 09/01/2053#FS8870FNMA 30YR 5% 09/01/2053#FS8870**3,351,553
FNMA 30YR 5% 10/01/2052#MA4785FNMA 30YR 5% 10/01/2052#MA4785**1,176,632
FNMA 30YR 5% 10/01/2053#CB7235FNMA 30YR 5% 10/01/2053#CB7235**1,606,689
FNMA 30YR 5.0% 07/01/2041#AL0546FNMA 30YR 5.0% 07/01/2041#AL0546**69,532
FNMA 30YR 5.5% 01/01/2036#849077FNMA 30YR 5.5% 01/01/2036#849077**18,046
FNMA 30YR 5.5% 01/01/2036#888223FNMA 30YR 5.5% 01/01/2036#888223**26,655
FNMA 30YR 5.5% 02/01/2038#AE0287FNMA 30YR 5.5% 02/01/2038#AE0287**41,565
FNMA 30YR 5.5% 03/01/2054#FS7426FNMA 30YR 5.5% 03/01/2054#FS7426**894,798
FNMA 30YR 5.5% 04/01/2037#AE0601FNMA 30YR 5.5% 04/01/2037#AE0601**66,657
FNMA 30YR 5.5% 05/01/2040#AE0549FNMA 30YR 5.5% 05/01/2040#AE0549**9,361
FNMA 30YR 5.5% 06/01/2040#890245FNMA 30YR 5.5% 06/01/2040#890245**58,190
FNMA 30YR 5.5% 08/01/2037#889633FNMA 30YR 5.5% 08/01/2037#889633**264,559
FNMA 30YR 5.5% 08/01/2053#SD3630FNMA 30YR 5.5% 08/01/2053#SD3630**814,115
FNMA 30YR 5.5% 09/01/2041#AL5590FNMA 30YR 5.5% 09/01/2041#AL5590**2,057
FNMA 30YR 5.5% 10/01/2054#FS9533FNMA 30YR 5.5% 10/01/2054#FS9533**1,019,699
FNMA 30YR 5.5% 12/01/2034#804395FNMA 30YR 5.5% 12/01/2034#804395**11,540
FNMA 30YR 6% 02/01/2037#889396FNMA 30YR 6% 02/01/2037#889396**5,730
FNMA 30YR 6% 02/01/2039#AL1849FNMA 30YR 6% 02/01/2039#AL1849**14,650
FNMA 30YR 6% 02/01/2049#FM1095FNMA 30YR 6% 02/01/2049#FM1095**260,760
FNMA 30YR 6% 06/01/2054#CB8772FNMA 30YR 6% 06/01/2054#CB8772**1,097,164
FNMA 30YR 6% 09/01/2038#AL6965FNMA 30YR 6% 09/01/2038#AL6965**5,313
FNMA 30YR 6% 09/01/2053#SD3916FNMA 30YR 6% 09/01/2053#SD3916**1,004,102
FNMA 30YR 6.0% 02/37#AB0299FNMA 30YR 6.0% 02/37#AB0299**458
FNMA 30YR 6.0% 07/01/2039#AL3598FNMA 30YR 6.0% 07/01/2039#AL3598**102,919
FNMA 30YR 6.5% 02/01/2054#MA5273FNMA 30YR 6.5% 02/01/2054#MA5273**8,655,394
FNMA 30YR 6.5% 03/01/2031#535761FNMA 30YR 6.5% 03/01/2031#535761**10,891
FNMA 30YR 6.5% 04/01/2038#889474FNMA 30YR 6.5% 04/01/2038#889474**26,830
FNMA 30YR 6.5% 08/01/2036#887303FNMA 30YR 6.5% 08/01/2036#887303**866
FNMA 30YR 6.5% 08/01/2038#AL6966FNMA 30YR 6.5% 08/01/2038#AL6966**8,198
FNMA 30YR 6.5% 11/01/2037#953390FNMA 30YR 6.5% 11/01/2037#953390**293
FNMA 30YR 6.5% 11/01/2037#954717FNMA 30YR 6.5% 11/01/2037#954717**11,262
FNMA 30YR 6.5% 12/01/2032#995629FNMA 30YR 6.5% 12/01/2032#995629**10,604
43
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FNMA 5.50% 12/39 #AD0494FNMA 5.50% 12/39 #AD0494**21,820
FNMA 5.50% 2/38 #AE0105FNMA 5.50% 2/38 #AE0105**6,666
FNMA 5.50% 4/36 #745418FNMA 5.50% 4/36 #745418**24,282
FNMA 5.50% 6/33 #555531FNMA 5.50% 6/33 #555531**16,062
FNMA 6.00% #AE0801FNMA 6.00% #AE0801**42,641
FNMA 6.00% 11/32 #545993FNMA 6.00% 11/32 #545993**3,194
FNMA 6.00% 8/37 #AD0217FNMA 6.00% 8/37 #AD0217**31,458
FNMA 6.50% 10/41 #AL0885FNMA 6.50% 10/41 #AL0885**15,276
FNMA 6.50% 7/32 #545759FNMA 6.50% 7/32 #545759**15,502
FNMA ARM 5.77% 8/37 #949782FNMA ARM 5.77% 8/37 #949782**1,553
FNMA ARM 5.79% 12/37 #966635FNMA ARM 5.79% 12/37 #966635**23,345
FNMA ARM 5.92% 12/36 #905196FNMA ARM 5.92% 12/36 #905196**7,363
FNMA ARM 0% 01/01/2046#AL7899FNMA ARM 0% 01/01/2046#AL7899**43,158
FNMA ARM 0% 01/01/2046#AX5655FNMA ARM 0% 01/01/2046#AX5655**23,227
FNMA ARM 0% 01/01/2049#BM5402FNMA ARM 0% 01/01/2049#BM5402**593,762
FNMA ARM 0% 04/01/2042#AO0824FNMA ARM 0% 04/01/2042#AO0824**9,459
FNMA ARM 0% 04/01/2046#AL8267FNMA ARM 0% 04/01/2046#AL8267**133,500
FNMA ARM 0% 04/01/2049#BM5750FNMA ARM 0% 04/01/2049#BM5750**262,329
FNMA ARM 0% 05/01/2035#825252FNMA ARM 0% 05/01/2035#825252**3,243
FNMA ARM 0% 06/01/2034#777133FNMA ARM 0% 06/01/2034#777133**18,837
FNMA ARM 0% 07/01/2052#841463FNMA ARM 0% 07/01/2052#841463**995,838
FNMA ARM 0% 08/01/2038#981434FNMA ARM 0% 08/01/2038#981434**6,988
FNMA ARM 0% 09/01/2035#832729FNMA ARM 0% 09/01/2035#832729**12,693
FNMA ARM 0% 09/01/2046#AL9011FNMA ARM 0% 09/01/2046#AL9011**33,083
FNMA ARM 0% 10/01/2048#BM4873FNMA ARM 0% 10/01/2048#BM4873**435,576
FNMA ARM 0% 11/01/2044#AX0875FNMA ARM 0% 11/01/2044#AX0875**34,516
FNMA ARM 0% 12/01/2038#AE0557FNMA ARM 0% 12/01/2038#AE0557**132,073
FNMA ARM 0% 12/01/2049#BM6222FNMA ARM 0% 12/01/2049#BM6222**483,542
FNMA ARM 2.181% 04/01/2044#AL6208FNMA ARM 2.181% 04/01/2044#AL6208**20,371
FNMA ARM 2.198% 06/42#AO5135FNMA ARM 2.198% 06/42#AO5135**54,624
FNMA ARM 2.907% 09/01/2044#AT7040FNMA ARM 2.907% 09/01/2044#AT7040**20,604
FNMA ARM 2.919% 12/01/2049#BM6181FNMA ARM 2.919% 12/01/2049#BM6181**2,549,380
FNMA ARM 2.938% 01/01/2045 #AL6377FNMA ARM 2.938% 01/01/2045 #AL6377**73,862
FNMA ARM 3.03% 11/35 #745216FNMA ARM 3.03% 11/35 #745216**2,400
FNMA ARM 3.27% 1/33 #677052FNMA ARM 3.27% 1/33 #677052**3,318
FNMA ARM 3.359% 10/01/2049#BM6149FNMA ARM 3.359% 10/01/2049#BM6149**495,176
FNMA ARM 4.453% 10/01/2033#725693FNMA ARM 4.453% 10/01/2033#725693**26,004
FNMA ARM 4.817% 08/01/2053#841607FNMA ARM 4.817% 08/01/2053#841607**1,420,667
FNMA ARM 4.84% 7/35 #832100FNMA ARM 4.84% 7/35 #832100**16,205
FNMA ARM 4.90% 3/36 #879052FNMA ARM 4.90% 3/36 #879052**11,005
FNMA ARM 4.92% 8/38 #983349FNMA ARM 4.92% 8/38 #983349**10,335
FNMA ARM 5.04% 7/35 #834927FNMA ARM 5.04% 7/35 #834927**20,996
FNMA ARM 5.48% 12/35 #848522FNMA ARM 5.48% 12/35 #848522**1,665
FNMA ARM 5.51% 7/36 #745777FNMA ARM 5.51% 7/36 #745777**10,206
FNMA ARM 5.99% 8/36 #745761FNMA ARM 5.99% 8/36 #745761**8,799
FNMA ARM RFT1Y+159 09/45#AX5628FNMA ARM RFT1Y+159 09/45#AX5628**29,931
FNMA ARM RFT1Y+169 6 5/38 #979931FNMA ARM RFT1Y+169 6 5/38 #979931**3,173
FNMA ARM RFT1Y+178.8 7 5/38 #908482FNMA ARM RFT1Y+178.8 7 5/38 #908482**1,359
FNMA ARM RFT1Y+183 8 4/38 #956679FNMA ARM RFT1Y+183 8 4/38 #956679**14,270
FNMA ARM RFT1Y+188.1 84 5/38#963117FNMA ARM RFT1Y+188.1 84 5/38#963117**283
FNMA FHAL 6% 03/01/2039#AB8053FNMA FHAL 6% 03/01/2039#AB8053**21,497
FNR 2002-33 A1 7% 6/32FNR 2002-33 A1 7% 6/32**27,557
FNR 2002-90 A1 6.5 6/42FNR 2002-90 A1 6.5 6/42**61,526
FNW 2001-W3 A 7% 9/41FNW 2001-W3 A 7% 9/41**13,166
FNW 2002-W6 2A1 + 06/42FNW 2002-W6 2A1 + 06/42**43,717
FNW 2004-W9 2A1 6.5% 2/44FNW 2004-W9 2A1 6.5% 2/44**10,177
FNW 2006-W1 1A1 6.5 12/45FNW 2006-W1 1A1 6.5 12/45**48,016
FNW 2006-W1 1A4 8% 12/25/45FNW 2006-W1 1A4 8% 12/25/45**11,331
FREDDIE MAC STACR REMIC TRUST 2021-DNA1 M2 SOFR30AFREDDIE MAC STACR REMIC TRUST 2021-DNA1 M2 SOFR30A**934,396
FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+29FREDDIE MAC STACR REMIC TRUST 2021-DNA1 SOFR30A+29**267,324
FSPC T-48 1A CSTR 7/33FSPC T-48 1A CSTR 7/33**28,390
44
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
FSPC T-51 1A CSTR 9/43FSPC T-51 1A CSTR 9/43**315,694
FSPC T-54 3A 7% 2/43FSPC T-54 3A 7% 2/43**237,762
GALTON FUNDING MORTGAGE TRUST 2019-1 A32 4% 02/25/GALTON FUNDING MORTGAGE TRUST 2019-1 A32 4% 02/25/**10,350
GINNIE MAE I POOL 30YR 5.5% 09/45#784653GINNIE MAE I POOL 30YR 5.5% 09/45#784653**102,682
GNII II 4.50% 7/40 #004746GNII II 4.50% 7/40 #004746**23,314
GNII II 5.00% 2/40 #004637GNII II 5.00% 2/40 #004637**6,178
GNII II 5.00% 11/39 #004578GNII II 5.00% 11/39 #004578**146,961
GNII II 5.00% 12/35 #003795GNII II 5.00% 12/35 #003795**3,975
GNII II 3% 09/20/2047#MA4718GNII II 3% 09/20/2047#MA4718**702,334
GNII II 4% 04/20/2050#BS6831GNII II 4% 04/20/2050#BS6831**3,918
GNII II 4% 04/20/2050#BS6832GNII II 4% 04/20/2050#BS6832**4,880
GNII II 4% 04/20/2050#BS6833GNII II 4% 04/20/2050#BS6833**981
GNII II 4% 04/20/2050#BS9707GNII II 4% 04/20/2050#BS9707**2,307
GNII II 4% 04/20/2050#BS9717GNII II 4% 04/20/2050#BS9717**11,485
GNII II 4% 10/20/2050#MA6934GNII II 4% 10/20/2050#MA6934**335,381
GNII II 4.5% 03/20/2044#MA1762GNII II 4.5% 03/20/2044#MA1762**282,742
GNII II 5% 01/20/2048#MA4965GNII II 5% 01/20/2048#MA4965**177,334
GNII II 5% 02/20/2048#MA5022GNII II 5% 02/20/2048#MA5022**52,588
GNII II 5% 1/36 #003805GNII II 5% 1/36 #003805**3,246
GNII II 5% 12/34 #003651GNII II 5% 12/34 #003651**6,196
GNII II 5% 5/36 #003850GNII II 5% 5/36 #003850**3,831
GNII II 5.5% 02/20/2049#MA5766GNII II 5.5% 02/20/2049#MA5766**109,425
GNII II 5.5% 03/20/2048#MA5081GNII II 5.5% 03/20/2048#MA5081**17,902
GNII II 5.5% 03/20/2049#MA5820GNII II 5.5% 03/20/2049#MA5820**8,122
GNII II 5.5% 12/20/2048#MA5654GNII II 5.5% 12/20/2048#MA5654**28,980
GNII II 8.5% 07/20/2026#002250GNII II 8.5% 07/20/2026#002250**114
GNMA II 3.5% 03/43 #AD8825GNMA II 3.5% 03/43 #AD8825**72,979
GNMA II 3.5% 07/20/2052#MA8149GNMA II 3.5% 07/20/2052#MA8149**1,710,250
GNMA II 4% 03/48#BE6823GNMA II 4% 03/48#BE6823**14,082
GNMA II 4% 04/20/2050#BT2982GNMA II 4% 04/20/2050#BT2982**3,895
GNMA II 4% 04/20/2050#BT2983GNMA II 4% 04/20/2050#BT2983**4,638
GNMA II 4% 04/20/2050#BU2156GNMA II 4% 04/20/2050#BU2156**10,035
GNMA II 4% 04/20/2050#BU2157GNMA II 4% 04/20/2050#BU2157**7,978
GNMA II 4% 10/20/2052#MA8346GNMA II 4% 10/20/2052#MA8346**539,447
GNMA II 5.5% 09/20/2054#MA9906GNMA II 5.5% 09/20/2054#MA9906**1,388,424
GNR 2022-H09 FA SOFR30A+67 04/20/2072GNR 2022-H09 FA SOFR30A+67 04/20/2072**2,799,927
GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 03/20/2072GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 03/20/2072**749,767
GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 06/20/2068GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 06/20/2068**1,915,986
GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 12/20/2071GOVERNMENT NAT MTG AS REMIC PT SOFR30A+ 12/20/2071**1,176,881
GOVERNMENT NAT MTG AS REMIC PT SOFR30A+75 03/20/20GOVERNMENT NAT MTG AS REMIC PT SOFR30A+75 03/20/20**3,023,198
GOVERNMENT NAT MTG AS REMIC PT SOFR30A+85 01/20/20GOVERNMENT NAT MTG AS REMIC PT SOFR30A+85 01/20/20**1,175,047
GOVERNMENT NAT MTG AS REMIC PT SOFR30A+97 05/20/20GOVERNMENT NAT MTG AS REMIC PT SOFR30A+97 05/20/20**701,383
GOVERNMENT NAT MTG AS REMIC PT TSFR12M+ 02/20/2068GOVERNMENT NAT MTG AS REMIC PT TSFR12M+ 02/20/2068**683,467
GOVERNMENT NAT MTG AS REMIC PT TSFR12M+117.513 07/GOVERNMENT NAT MTG AS REMIC PT TSFR12M+117.513 07/**1,369,534
GOVERNMENT NAT MTG ASSN HECM DF TSFR12M+73.513 07/GOVERNMENT NAT MTG ASSN HECM DF TSFR12M+73.513 07/**443,956
GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 02/20/2069GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 02/20/2069**378,386
GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 11/20/2066GOVERNMENT NAT MTG ASSN HECM TSFR12M+ 11/20/2066**806,183
GOVERNMENT NAT MTG ASSN HECM TSFR12M+76.513 02/20/GOVERNMENT NAT MTG ASSN HECM TSFR12M+76.513 02/20/**510,283
GOVERNMENT NAT MTG ASSN HECM TSFR12M+79.513 05/20/GOVERNMENT NAT MTG ASSN HECM TSFR12M+79.513 05/20/**285,999
GOVERNMENT NAT MTG ASSN HECM TSFR12M+96.513 09/20/GOVERNMENT NAT MTG ASSN HECM TSFR12M+96.513 09/20/**5,757,742
GOVERNMENT NAT MTG ASSN HECM TSFR1M+ 09/20/2069GOVERNMENT NAT MTG ASSN HECM TSFR1M+ 09/20/2069**1,474,444
GS MTG SECS TR 2017-GS6 3.433% 05/10/2050GS MTG SECS TR 2017-GS6 3.433% 05/10/2050**688,951
GS MTG-BACKED SECS TR 2014-EB1A 2A1 CSTR 07/25/204GS MTG-BACKED SECS TR 2014-EB1A 2A1 CSTR 07/25/204**3,139
HILT COMMERCIAL MORTGAGE TRUST 2024-ORL B TSFR1M+1HILT COMMERCIAL MORTGAGE TRUST 2024-ORL B TSFR1M+1**765,000
HYT COMMERCIAL MORTGAGE TRUST 2024-RGCY TSFR1M+184HYT COMMERCIAL MORTGAGE TRUST 2024-RGCY TSFR1M+184**525,325
IL ST TAXMUNI 5.1% 6/01/33IL ST TAXMUNI 5.1% 6/01/33**2,718,737
IMPERIAL FUND MORTGAGE TRUST 1.516% 09/25/2056 144IMPERIAL FUND MORTGAGE TRUST 1.516% 09/25/2056 144**153,852
IMPERIAL FUND MORTGAGE TRUST 2022-NQM4 A1 4.767% 0IMPERIAL FUND MORTGAGE TRUST 2022-NQM4 A1 4.767% 0**541,988
J P MORGAN CHASE COML MTG SECS TR 2019-BROOK C TSFJ P MORGAN CHASE COML MTG SECS TR 2019-BROOK C TSF**426,251
J P MORGAN CHASE COML MTG SECS TR 2020-609M TSFR1MJ P MORGAN CHASE COML MTG SECS TR 2020-609M TSFR1M**198,000
LSTAR COML MTG TR 2017-5 4.021% 03/10/2050 144ALSTAR COML MTG TR 2017-5 4.021% 03/10/2050 144A**1,405,226
45
(b) Identity of Issue, Borrower, Lessor, or Similar Party(c ) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value(d) Cost** $ Current Value
MED COML MTG TR 2024-MOB A TSFR1M+159.151 05/15/20MED COML MTG TR 2024-MOB A TSFR1M+159.151 05/15/20**379,722
METLIFE SECURITIZATION TR 2017-1 3% 04/25/2055 144METLIFE SECURITIZATION TR 2017-1 3% 04/25/2055 144**244,029
MFA 2021-NQM2 A1 TR 1.029% 11/25/2064 144AMFA 2021-NQM2 A1 TR 1.029% 11/25/2064 144A**271,213
MFA 2023-INV2 TRUST STEP 10/25/2058 144AMFA 2023-INV2 TRUST STEP 10/25/2058 144A**510,174
MORGAN STANLEY CAPITAL I 2.782% 08/15/2049MORGAN STANLEY CAPITAL I 2.782% 08/15/2049**1,241,603
NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BDS-TANEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BDS-TA**143,200
NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BONDS-NEW JERSEY ST TPK AUTH TPK REVBUILD AMERICA BONDS-**1,982,279
NEW RESIDENTIAL MTG LN TR 2021-INV2 2.5% 09/25/205NEW RESIDENTIAL MTG LN TR 2021-INV2 2.5% 09/25/205**544,102
OBX 2024-NQM17 TRUST 6.015% 11/25/2064 144AOBX 2024-NQM17 TRUST 6.015% 11/25/2064 144A**526,596
OSS 2024-H6 MTG TR 5.383% 09/25/2069 144AOSS 2024-H6 MTG TR 5.383% 09/25/2069 144A**1,232,826
RCKT MORTGAGE TRUST 2024-CES9 STEP 12/25/2044 144ARCKT MORTGAGE TRUST 2024-CES9 STEP 12/25/2044 144A**128,999
SDR COMMERCIAL MORTGAGE TRUST 2024-DSNY TSFR1M+174SDR COMMERCIAL MORTGAGE TRUST 2024-DSNY TSFR1M+174**629,375
SEASONED CREDIT RISK TRANSFER TRUST SERIES 2016-1SEASONED CREDIT RISK TRANSFER TRUST SERIES 2016-1**262,929
SEQUOIA MTG TR 2018-CH2 A3 4% 06/25/2048 144ASEQUOIA MTG TR 2018-CH2 A3 4% 06/25/2048 144A**37,688
SEQUOIA MTG TR 2018-CH3 4.5% 08/25/2048 144ASEQUOIA MTG TR 2018-CH3 4.5% 08/25/2048 144A**1,653
STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-4 1.162%STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-4 1.162%**762,243
SYMPHONY STATIC CLO I LTD TSFR3M+171.161 10/25/202SYMPHONY STATIC CLO I LTD TSFR3M+171.161 10/25/202**750,511
TOORAK MORTGAGE CORP 2018-1 LTD 1.562% 07/25/2056TOORAK MORTGAGE CORP 2018-1 LTD 1.562% 07/25/2056**281,600
TOWD POINT MORTGAGE TRUST 2019-HY3 M1 TSFR1M+161.4TOWD POINT MORTGAGE TRUST 2019-HY3 M1 TSFR1M+161.4**268,648
TX TR 2024-HOU B TSFR1M+209.066 06/15/2029 144ATX TR 2024-HOU B TSFR1M+209.066 06/15/2029 144A**834,567
UNITED STATES TREASURY BOND 2.875% 05/15/2052UNITED STATES TREASURY BOND 2.875% 05/15/2052**2,063,029
UNITED STATES TREASURY BOND 3% 08/15/2052UNITED STATES TREASURY BOND 3% 08/15/2052**4,385,872
UNITED STATES TREASURY BOND 3.375% 08/15/2042UNITED STATES TREASURY BOND 3.375% 08/15/2042**1,180,397
UNITED STATES TREASURY BOND 3.625% 05/15/2053UNITED STATES TREASURY BOND 3.625% 05/15/2053**2,515,119
UNITED STATES TREASURY BOND 4.125% 08/15/2044UNITED STATES TREASURY BOND 4.125% 08/15/2044**4,315,801
UNITED STATES TREASURY BOND 4.125% 08/15/2053UNITED STATES TREASURY BOND 4.125% 08/15/2053**8,181,453
UNITED STATES TREASURY BOND 4.25% 08/15/2054UNITED STATES TREASURY BOND 4.25% 08/15/2054**1,172,550
UNITED STATES TREASURY BOND 4.5% 02/15/2044UNITED STATES TREASURY BOND 4.5% 02/15/2044**5,779,312
UNITED STATES TREASURY BOND 4.625% 11/15/2044UNITED STATES TREASURY BOND 4.625% 11/15/2044**4,123,751
UNITED STATES TREASURY BOND 4.75% 11/15/2053UNITED STATES TREASURY BOND 4.75% 11/15/2053**855,739
UST NOTES 3.375% 09/15/2027UST NOTES 3.375% 09/15/2027**1,975,938
UST NOTES 3.5% 09/30/2026UST NOTES 3.5% 09/30/2026**27,864,540
UST NOTES 3.75% 06/30/2030UST NOTES 3.75% 06/30/2030**5,030,377
UST NOTES 3.75% 08/31/2026UST NOTES 3.75% 08/31/2026**27,743,666
UST NOTES 3.75% 12/31/2030UST NOTES 3.75% 12/31/2030**4,475,294
UST NOTES 3.875% 08/15/2034UST NOTES 3.875% 08/15/2034**2,838,844
UST NOTES 4% 07/31/2030UST NOTES 4% 07/31/2030**701,958
UST NOTES 4.125% 03/31/2031UST NOTES 4.125% 03/31/2031**7,774,414
UST NOTES 4.125% 07/31/2031UST NOTES 4.125% 07/31/2031**2,534,462
UST NOTES 4.125% 10/31/2026UST NOTES 4.125% 10/31/2026**34,224,917
UST NOTES 4.125% 10/31/2029UST NOTES 4.125% 10/31/2029**5,604,702
UST NOTES 4.25% 11/30/2026UST NOTES 4.25% 11/30/2026**27,989,433
UST NOTES 4.625% 04/30/2031UST NOTES 4.625% 04/30/2031**1,318,046
USTN TII 1.5% 02/15/2053USTN TII 1.5% 02/15/2053**2,702,067
UWM 2021-INV2 A4 2.5% 09/25/2051 144AUWM 2021-INV2 A4 2.5% 09/25/2051 144A**101,344
VERUS SECURITIZATION TR 2019-INV3 3.692% 11/25/205VERUS SECURITIZATION TR 2019-INV3 3.692% 11/25/205**120,518
VERUS SECURITIZATION TRUST 2021 1.437% 06/25/2066VERUS SECURITIZATION TRUST 2021 1.437% 06/25/2066**571,671
VERUS SECURITIZATION TRUST 2021-5 1.373% 09/25/206VERUS SECURITIZATION TRUST 2021-5 1.373% 09/25/206**130,886
VERUS SECURITIZATION TRUST 2022-1 A3 3.288% 01/25/VERUS SECURITIZATION TRUST 2022-1 A3 3.288% 01/25/**599,533
VERUS SECURITIZATION TRUST 2022-6 4.91% 06/25/2067VERUS SECURITIZATION TRUST 2022-6 4.91% 06/25/2067**165,817
VERUS SECURITIZATION TRUST 2023-8 6.6642% 12/25/20VERUS SECURITIZATION TRUST 2023-8 6.6642% 12/25/20**723,902
VERUS SECURITIZATION TRUST 2023-INV3 A2 7.33% 11/2VERUS SECURITIZATION TRUST 2023-INV3 A2 7.33% 11/2**769,519
VERUS SECURITIZATION TRUST 23-6 6.939% 09/25/2068VERUS SECURITIZATION TRUST 23-6 6.939% 09/25/2068**347,570
WFCM TR 2015-NXS2 3.02% 7/58WFCM TR 2015-NXS2 3.02% 7/58**46,909
WSTN TRUST 2023-MAUI VAR 07/05/2037 144AWSTN TRUST 2023-MAUI VAR 07/05/2037 144A**935,251
TOTAL INVESTMENTS, AT FAIR VALUE11,550,738,669
*Party-in-interest to the Plan
**Cost information not required
See Report of Independent Registered Public Accounting Firm

46
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  MARRIOTT RETIREMENT SAVINGS PLAN
Dated: June 24, 2025  /s/ Thaddeus Shepherd
  Plan Administrator
47