UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K


(Mark One)
☒
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2025
or
☐
Transaction Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             .
Commission File Number 001-6991


A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
WALMART 401(k) PLAN
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Walmart Inc.
1 Customer Drive
Bentonville, Arkansas 72716



Walmart 401(k) Plan
Financial Statements and
Supplemental Schedule
As of January 31, 2025 and 2024, and for the year ended January 31, 2025


Table of Contents
Page




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Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of Walmart 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Walmart 401(k) Plan (the Plan) as of January 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended January 31, 2025, and the related notes (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 at January 31, 2025 and 2024, and the changes in its net assets available for benefits for the year ended January 31, 2025, in conformity with U.S. generally accepted accounting principles.

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 audit 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 purpose 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 audits 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 Schedule Required by ERISA

The accompanying supplemental schedule of assets (held at end of year) as of January 31, 2025 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the 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 schedule. In forming our opinion on the information, we evaluated whether such 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 information is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ Ernst & Young LLP


We have served as the Plan’s auditor since 1998.

Rogers, Arkansas
June 25, 2025

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Walmart 401(k) Plan
Statements of Net Assets Available for Benefits


January 31,
20252024
Assets
Investments, at fair value
$49,405,279,099 $40,304,881,249 
Notes receivable from participants
1,369,545,276 1,220,067,619 
Accrued investment income
15,355,303 13,805,931 
Total assets
50,790,179,678 41,538,754,799 
Liabilities
Accrued expenses
7,302,397 4,577,123 
Total liabilities
7,302,397 4,577,123 
Net assets available for benefits
$50,782,877,281 $41,534,177,676 
See accompanying notes.
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Walmart 401(k) Plan
Statement of Changes in Net Assets Available for Benefits

Year Ended
January 31, 2025
Additions
Investment income:
Net appreciation in fair value of investments$8,443,211,710 
Interest and dividends239,858,007
Net investment income8,683,069,717
Interest income on notes receivable from participants99,921,866
Contributions:
Company1,825,137,785
Participant2,566,646,040
Rollovers129,865,162
Total contributions4,521,648,987
Other, net9,371,172 
Total additions13,314,011,742 
Deductions
Benefits paid to participants4,024,046,985
Administrative expenses33,278,146
Fees on notes receivable from participants7,987,006
Total deductions4,065,312,137
Net increase9,248,699,605
Net assets available for benefits:
Beginning of year$41,534,177,676 
End of year$50,782,877,281 

See accompanying notes.







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Walmart 401(k) Plan
Notes to Financial Statements
January 31, 2025
Note 1. Description of the Plan
Walmart Inc., ("Walmart" or the "Company") sponsors the Walmart 401(k) Plan (the "Plan"). The following description provides only general information. This document is not part of the Summary Plan Description and is not a document pursuant to which the Plan is maintained within the meaning of Section 402(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Participants should refer to the Plan document for a complete description of the Plan's provisions. To the extent not specifically prohibited by statute or regulation, Walmart reserves the right to unilaterally amend, modify or terminate the Plan at any time; such changes may be applied to all Plan participants and their beneficiaries regardless of whether the participant is actively working or retired at the time of the change. The Plan may not be amended, however, to permit any part of the Plan's assets to be used for any purpose other than for the purpose of paying benefits to participants and their beneficiaries and paying Plan expenses.
General
The Plan is a defined contribution plan established by the Company on February 1, 1997. Each eligible employee can begin contributing to the Plan beginning on the employee's date of hire. The Plan is subject to the provisions of ERISA.
The responsibility for management of Plan assets and the investment policy is vested in the Plan's Benefits Investment Committee. Benefits Investment Committee members are appointed by the Company's Senior Vice President, Global Total Rewards (or individual from time to time performing such function). Responsibility for operation and administration of the Plan is vested in the Senior Vice President, Global Total Rewards (or individual from time to time performing such function). Effective March 15, 2024, the Plan was amended to allocate such responsibility to the Senior Vice President, Global Total Rewards (or individual from time to time performing such function).
The trustee function of the Plan is performed by Northern Trust Company ("Northern Trust Company" or the "Trustee"). The Trustee receives and holds contributions made to the Plan trust and invests those contributions as directed by participants according to the policies established by the Benefits Investment Committee. The Benefits Investment Committee directed Northern Trust Company to enter into a custodial agreement with Bank of America, N.A., a subsidiary of Bank of America Corporation, for the limited purpose of making payouts from the Plan in accordance with the Plan document. Merrill Lynch, Pierce, Fenner & Smith, Inc., which is the record keeper for the Plan, is a subsidiary of Merrill Lynch & Company and ultimately a subsidiary of Bank of America Corporation.
Contributions
Eligible employees may elect to contribute up to 50% of their eligible wages as either pretax or Roth deferrals, but are not required to contribute to the Plan. Participants who have attained age 50 before the end of the calendar year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other eligible retirement plans (rollover contributions).
Each eligible employee may begin receiving matching contributions on the first day of the month after completing at least 1,000 hours of service in a consecutive 12-month period commencing on date of hire (or during any subsequent Plan year). The Company match is 100% of deferrals up to 6% of each participant's eligible wages for the Plan year. Company matching contributions are contributed to the Plan each payroll period and are calculated based on each participant's cumulative compensation and cumulative elective and catch-up contributions through such payroll period. Rollover contributions into the Plan are not eligible for a Company matching contribution.
Additional types of contributions may be contributed by the Company to the Plan. No such additional types of contributions were made for the Plan year ended January 31, 2025. All contributions are subject to certain limitations in accordance with provisions of the Internal Revenue Code (the Code).
Participant Accounts
Each participant's account is adjusted for administrative expenses and earnings (losses). Adjustments are determined by the investments held in each participant's account, the participant's contributions, and an allocation of the Company's matching contributions to the Plan made on the participant's behalf. Forfeitures of non-vested contributions are used or allocated to restore account balances of rehired participants or participants whose distributions were previously unclaimed.
Vesting
Participants are immediately vested in all elective, catch-up, rollover, Company matching and qualified non-elective contributions. A participant's profit sharing contribution account shall vest based on years of service at a rate of 20% per year from years two through six and may become fully vested upon participant retirement at age 65 or above, total and permanent disability, or death.
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Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to the lesser of (a) $50,000 or (b) 50% of their vested account balance. The administrative loan origination fee of $50 per general loan, and $95 per residential loan is paid by the participant and is deducted from the proceeds of the loan. Participants may only have one general purpose loan and one residential loan outstanding at any time. Loan terms range from one to five years for general purpose loans and one to 15 years for residential loans. The loans are secured by the balance in the participant's account and bear fixed interest at the prime rate on the last day of the month preceding the month in which the loan is processed for payment, plus 1%. Generally, payments of principal and interest on the loan will be deducted from an employee's regular pay in equal amounts each pay period beginning with the first pay period following the date of the loan.
Payment of Benefits and Withdrawals
Generally, payment upon a participant's separation from the Company (and its controlled group members) is a lump-sum payment in cash for the balance of the participant's vested account. However, participants may elect to receive a single lump-sum payment of their profit sharing contributions in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, even if such contributions are not invested in Walmart equity securities. To the extent the participant's profit sharing contributions are not invested in Walmart equity securities, the contributions will automatically be distributed in cash, unless directed otherwise by the participant. Participants may also elect to receive a single lump-sum payment of the remainder of their accounts in whole shares of Walmart equity securities, with partial or fractional shares paid in cash, but only to the extent such contributions are invested in Walmart equity securities as of the date distributions are processed. Participants may also elect to rollover their account balance into a different tax-qualified retirement plan or individual retirement account upon separation from the Company (and its controlled group members).
The Plan permits withdrawals of active participants' vested balances in amounts necessary to satisfy financial hardship as defined by the Internal Revenue Service (IRS). In-service withdrawal of vested balances may be elected by participants who have reached 59 1/2 years of age. Rollovers may be distributed at any time.
Investment Options
A participant may direct the Trustee to invest any portion of his or her account in available investment options. Available investment options may change at any time. Participant investment options at January 31, 2025, include funds with a variety of equity securities, mutual funds, fixed income, and collective investment trusts/collective trust funds. Participants may change their elections at any time.
A participant may direct the Trustee to invest any portion of his or her profit sharing contributions in available investment options, including Walmart equity securities, or any of the investment options for other contributions described previously.
To the extent not directed by the participant, participant accounts are invested as determined by the Benefits Investment Committee.
Note 2. Summary of Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Contributions from Plan participants and the company matching contributions are recorded in the year in which the employee contributions are withheld from compensation.
Use of Estimates
The preparation of the financial statements in accordance with GAAP requires Plan management to use estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Benefits Investment Committee determines the Plan's valuation policies utilizing information provided by the Trustee. See Note 3 for discussion of fair value measurements.
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 in fair value of investments includes the gains and losses on investments bought and sold, as well as held during the year.
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Notes Receivable from Participants
Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Principal and interest from the repayment of loans are allocated to participants' investment accounts in accordance with each participant's investment election in effect at the repayment date. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan document.
Benefit Payments
Benefit payments are recorded when paid. As of January 31, 2025 and 2024, there were benefits in the amount of $34,848,080 and $29,324,794, respectively, requested before year-end, that were paid after year-end.
Expenses
The Plan allows certain administrative expenses to be paid from Plan assets, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. The Plan does not reimburse for these expenses. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are recorded as fees on notes receivable from participants when incurred. Investment related expenses that are indirect are included in net appreciation/depreciation of fair value of investments and direct expenses are included in administrative expenses.
Note 3. Fair Value Measurements
Accounting guidance provides a framework for measuring fair value and 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) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1
Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets that a plan has the ability to access.
Level 2
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; and inputs that are derived principally from or corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities.
Level 3
Significant unobservable inputs.
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at January 31, 2025 and 2024. During the year ended January 31, 2025, there were no transfers of financial instruments into or out of Level 3. Following is a description of the valuation methodologies used for assets measured at fair value:
Walmart Inc. equity securities - Valued at exchange quoted market prices on the last business day of the Plan year.
Common stocks - Valued at exchange quoted market prices on the last business day of the Plan year.
Cash equivalent - Valued at amortized cost, which approximates fair value.
Mutual fund - Valued at quoted market prices on the last business day of the Plan year.
Government securities - Valued using pricing models maximizing the use of observable inputs for similar securities.
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.
Asset-backed and mortgage-backed securities - Valued on the basis of the timing and certainty of the cash flows compared to investments with similar durations.
Collective investment trusts/collective trust funds - Stated at fair value as determined by the issuers of the funds on the fair market value of the underlying investments, which is valued at net asset value (NAV) as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although 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.
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Investments measured at fair value on a recurring basis consisted of the following types of instruments:
Fair Value Measurements as of January 31, 2025
Level 1Level 2Total
Walmart Inc. equity securities$5,738,048,126 $— $5,738,048,126 
Common stocks1,790,065,839 —1,790,065,839 
Cash equivalent19,368,827 —19,368,827 
Mutual funds1,032,322,277 —1,032,322,277 
Government securities—913,843,362 913,843,362 
Corporate bonds—390,618,298 390,618,298 
Asset-backed securities—139,248,391 139,248,391 
Mortgage-backed securities—44,064,257 44,064,257 
Total assets in the fair value hierarchy$8,579,805,069 $1,487,774,308 $10,067,579,377 
Investments measured at NAV*
Collective investment trusts/collective trust funds
39,337,699,722 
Total investments at fair value$49,405,279,099 

Fair Value Measurements as of January 31, 2024
Level 1Level 2Total
Walmart Inc. equity securities$3,494,368,568 $— $3,494,368,568 
Common stocks1,067,485,061 —1,067,485,061 
Cash equivalent20,806,602 —20,806,602 
Mutual fund
879,810,982 —879,810,982 
Government securities—819,161,539 819,161,539 
Corporate bonds—347,907,741 347,907,741 
Asset-backed securities—120,236,595 120,236,595 
Mortgage-backed securities—32,139,770 32,139,770 
Total assets in the fair value hierarchy$5,462,471,213 $1,319,445,645 $6,781,916,858 
Investments measured at NAV*
Collective investment trusts/collective trust funds
33,522,964,391 
Total investments at fair value$40,304,881,249 
*In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) 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 on the Statements of Net Assets Available for Benefits.
Note 4. Investments Measured Using NAV per Share as a Practical Expedient
The following table summarizes investments for which fair value is measured using NAV per share as a practical expedient as of January 31, 2025 and 2024.
Investments
Fair Value as of January 31,
Unfunded commitments
Redemption frequency (if currently eligible)
Redemption notice
20252024
Collective investment trusts/collective trust funds$39,337,699,722 $33,522,964,391 
N/A
Daily
N/A

Note 5. Related Party and Party-In-Interest Transactions
Certain Plan investments are managed by Bank of America, N.A., Merrill Lynch & Company and Northern Trust Company who provide investment management services to the Plan. The Plan also holds notes receivable from participants. Such transactions, while considered party-in-interest transactions under ERISA regulations, are permitted under the provisions of the Plan and are specifically exempt from the prohibition of party-in-interest transactions under ERISA.
A portion of the Plan's assets are invested in common stock of the Company. While the holding and acquisition of employer securities is generally prohibited by ERISA, the Plan meets the exception in ERISA section 407(b), which permits the acquisition and holding of employer securities by eligible individual account plans.

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Note 6. Plan Termination
While there is no intention to do so, the Company may terminate the Plan and discontinue its contributions at any time subject to the provisions of ERISA. In the event of complete or partial Plan termination, any unvested amounts in participants' accounts shall become fully vested. The Plan shall remain in effect and the assets shall be administered in the manner provided by the terms of the trust agreement and distributed as soon as administratively feasible.
Note 7. Tax Status
The Plan has received a determination letter from the IRS dated April 3, 2015, stating that the Plan and related trust is designed in accordance with applicable sections of the Code. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. Processes are in place to prevent operational failures, but when they occur, the Administrator takes corrective action to preserve the tax qualification of the Plan. Specifically, the Administrator has corrected, and will continue to correct, operational failures in a manner permitted under the Employee Plans Compliance Resolution System of the IRS in order to preserve the Plan's tax favored qualification. Although the Plan has been amended and restated since receiving the determination letter, the Administrator and the Plan's tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
Note 8. Risks and Uncertainties
The Trustee holds the Plan's investments and executes all investment transactions. The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility and credit risks. The Plan attempts to limit these risks by authorizing and offering participants a broad range of investment options that are invested in high quality securities or are offered and administered by reputable and known investment companies. 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 on the Statements of Net Assets Available for Benefits. The Plan's exposure to a concentration of risk is limited by the diversification of investments across multiple investment fund options. Additionally, the investments within each investment fund option are further diversified into varied financial instruments.
Note 9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
January 31,
20252024
Net assets available for benefits per the financial statements$50,782,877,281 $41,534,177,676 
Less: Benefits payable per the Form 5500(34,848,080)(29,324,794)
Net assets available for benefits per the Form 5500$50,748,029,201 $41,504,852,882 
The following is a reconciliation of the net change in net assets available for benefits per the financial statements to the Form 5500 for the year ended January 31, 2025:
Net increase in net assets available for benefits per the financial statements$9,248,699,605 
Less: Benefits payable per the Form 5500 at January 31, 2025(34,848,080)
Add: Benefits payable per the Form 5500 at January 31, 202429,324,794 
Net gain per the Form 5500$9,243,176,319 
Benefits payable are recorded in the Form 5500 for benefit payments that have been processed and approved for payment prior to January 31, but not paid as of that date.






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Supplemental Schedule
Walmart 401(k) Plan
EIN #71-0415188, Plan #003
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
January 31, 2025
(a)(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		(e)
Current value
Investments
*Walmart Inc. Equity SecuritiesCommon Stock**$5,738,048,126 
Other Common Stocks
1 800 Flowers Inc.Common Stock**1,145,793 
Aaon Inc. Common Stock**6,815,911 
Abercrombie & Fitch Co.Common Stock**3,432,175 
Academy Sports & Outdoors Inc.Common Stock**986,044 
Acadia Healthcare Company Inc.Common Stock**5,654,990 
Acuity Brands Inc.Common Stock**1,080,268 
ACV Auctions Inc.Common Stock**1,530,841 
Adeia Inc.Common Stock**3,289,600 
Aehr Test SystemsCommon Stock**2,116,433 
Aerovironment Inc.Common Stock**1,709,263 
Agilysys Inc.Common Stock**4,650,390 
Agnc Invt Corp.Common Stock**7,350,682 
Agree Realty Corp.Common Stock**2,852,001 
Alarm.com Holdings, Inc.Common Stock**9,966,504 
Alaska Air Group Inc.Common Stock**1,446,028 
Alkami Technology Inc.Common Stock**1,778,987 
Allison Transmission HoldingCommon Stock**2,160,033 
Ameren Woodmark Corp.Common Stock**2,845,783 
American Eagle Outfitters Inc.Common Stock**2,359,668 
American Public Education Inc.Common Stock**487,740 
Amicus Therapeutics Inc.Common Stock**953,114 
Amn Healthcare Services Inc.Common Stock**635,712 
Amphastar Pharmaceuticals Inc.Common Stock**1,030,409 
Angiodynamics Inc.Common Stock**2,464,560 
Antero Resources Corp.Common Stock**6,773,505 
Apogee Therapeutics Inc.Common Stock**2,417,161 
Appfolio Inc.Common Stock**15,248,827 
Apple Hospitality REIT Inc.Common Stock**3,419,188 
Applied Industrial Technologies Inc.Common Stock**7,189,049 
Archrock Inc.Common Stock**1,341,073 
Arlo Technologies Inc.Common Stock**10,295,245 
Artisan Partners Asset Management Inc.Common Stock**7,839,967 
ASGN IncorporatedCommon Stock**2,209,661 
Aspen Aerogels Inc.Common Stock**4,283,520 
Astera Labs Inc.Common Stock**2,978,705 
Asure Software Inc.Common Stock**3,219,780 
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Atlantic Union Bankshares Corp.Common Stock**2,232,207 
Avidity Biosciences Inc.Common Stock**1,483,595 
Axon Enterprise Inc.Common Stock**3,864,167 
AXT, Inc.Common Stock**271,700 
Azenta Inc.Common Stock**2,324,150 
Badger Meter Inc.Common Stock**2,093,109 
Bancorp Inc. DelCommon Stock**1,773,549 
Beacon Roofing Supply Inc.Common Stock**12,386,056 
Bellring Brands Inc.Common Stock**4,041,692 
Berkshire Hills Bancorp Inc.Common Stock**3,140,988 
Biocryst Pharmaceuticals Inc.Common Stock**3,753,124 
Bio-Techne Corp.Common Stock**17,485,262 
Bloom Energy Corp.Common Stock**1,347,503 
Bloomin Brands Inc.Common Stock**895,528 
Blueprint Medicines Corp.Common Stock**1,351,485 
Boot Barn Holdings Inc.Common Stock**2,576,174 
Brandywine Realty TrustCommon Stock**233,600 
Bridgebio Pharma Inc.Common Stock**1,210,931 
Bright Horizons Family Solutions Inc.Common Stock**6,792,653 
Broadstone Net Lease Inc.Common Stock**1,869,125 
Brp Inc.Common Stock**984,886 
Bruker Corp.Common Stock**5,591,413 
BWX Technologies Inc.Common Stock**6,310,528 
Cadence BankCommon Stock**8,430,048 
Cameco Corp.Common Stock**1,841,591 
Camtek Ltd.Common Stock**1,886,829 
Capri Holdings Ltd.Common Stock**6,125,244 
Carmax Inc.Common Stock**10,283,137 
Carpenter Technology Corp.Common Stock**2,965,402 
Carvana Co.Common Stock**3,534,014 
Casella Waste Sys Inc. Common Stock**14,597,157 
Cava Group Inc.Common Stock**3,516,432 
Celestica Inc.Common Stock**4,165,878 
Century Casinos Inc. Common Stock**1,973,572 
Ceva Inc. Common Stock**3,156,902 
Champion Homes Inc.Common Stock**1,245,532 
Charles River Laboratories Intl Inc.Common Stock**8,976,784 
Chart Industries Inc.Common Stock**2,599,595 
Cheesecake Factory Inc.Common Stock**639,380 
Churchill Downs Inc.Common Stock**2,286,230 
Ciena Corp.Common Stock**4,460,348 
Clearwater Analytics Holdings Inc.Common Stock**2,206,815 
Coda Octopus Group Inc. Common Stock**1,588,949 
Coherent Inc.Common Stock**6,005,640 
Cohu Inc.Common Stock**2,095,120 
Columbia Banking System Inc.Common Stock**3,627,000 
Columbus Mckinnon Corp.Common Stock**6,560,881 
Comerica Inc.Common Stock**13,242,517 
Comfort Systems USA Inc.Common Stock**5,568,563 
Commercial Metals Co.Common Stock**2,679,073 
Community Healthcare Trust Inc.Common Stock**2,016,711 
Community West BancsharesCommon Stock**562,287 
Commvault Systems Inc.Common Stock**3,082,796 
Compass Inc.Common Stock**1,790,786 
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Composecure Inc.Common Stock**2,778,884 
Computer Programs & Systems Inc.Common Stock**1,548,272 
Consensus Cloud Solutions Inc.Common Stock**1,665,046 
Construction Partners Inc.Common Stock**1,183,327 
Core & Main Inc.Common Stock**21,157,381 
Core Scientific Inc.Common Stock**1,507,001 
Coty Inc.Common Stock**5,377,545 
CRA International Inc.Common Stock**7,878,336 
Crane Co.Common Stock**2,909,747 
Credo Technology Group Holding Ltd.Common Stock**1,509,421 
Crinetics Pharmaceuticals Inc.Common Stock**4,807,145 
Cross Country Healthcare Inc.Common Stock**1,551,433 
CSW Industrials Inc.Common Stock**9,912,440 
Cullen/Frost Bankers Inc.Common Stock**9,445,047 
Curtiss Wright Corp.Common Stock**8,488,928 
Cushman & Wakefield Inc.Common Stock**10,975,737 
CyberArk Software Ltd.Common Stock**5,774,675 
Delek US Holdings Inc.Common Stock**1,696,700 
Dennys Corp.Common Stock**388,744 
Descartes Systems Group Inc. Common Stock**14,349,484 
Diamondrock Hospitality CoCommon Stock**1,401,288 
Dime Community Bancshares Inc.Common Stock**3,672,648 
Donnelley Financial Solutions Inc.Common Stock**10,225,759 
Douglas Dynamics Inc. Common Stock**7,618,383 
Dutch Bros Inc.Common Stock**2,831,218 
Eagle Materials Inc.Common Stock**17,817,756 
Eastern Bankshares Inc.Common Stock**3,677,508 
Edgewise Therapeutics Inc.Common Stock**1,020,544 
Elastic NVCommon Stock**1,752,645 
Elbit Systems Ltd.Common Stock**2,016,630 
Element Solution Inc. Common Stock**13,692,979 
Embraer Common Stock**3,469,544 
Emcor Group Inc.Common Stock**7,168,960 
Encompass Health Corp.Common Stock**4,551,530 
Endava PLCCommon Stock**4,155,985 
Enhabit Inc.Common Stock**1,478,400 
Enovix Corp.Common Stock**1,002,680 
Establishment Labs Holdings Inc. Common Stock**6,466,696 
Eventbrite Inc.Common Stock**1,394,680 
Evercore Inc.Common Stock**2,186,564 
Everest Group Ltd.Common Stock**4,135,369 
Evertec Inc. Common Stock**6,547,608 
Everus Construction Group Inc.Common Stock**1,714,057 
Evolus Inc.Common Stock**3,806,238 
Exelixis Inc.Common Stock**3,580,200 
Exlservice Holdings Inc.Common Stock**1,994,920 
Exponent Inc. Common Stock**9,080,555 
Federal Agricultural Mortgage Corp.Common Stock**10,570,154 
Federal Signal Corp.Common Stock**8,389,775 
11
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First American Financial Corp.Common Stock**10,257,129 
First Citizens Bancshares Inc.Common Stock**5,086,220 
First Community BanksharesCommon Stock**1,886,595 
First Merchants Corp.Common Stock**3,695,186 
Firstcash Holdings Inc.Common Stock**6,562,644 
Fiverr International Ltd.Common Stock**6,237,345 
Floor & Décor Holdings Inc.Common Stock**8,001,293 
Flowserve Corp.Common Stock**4,078,816 
Franklin Covey Co.Common Stock**6,669,430 
Freshpet Inc.Common Stock**4,464,045 
Freshworks Inc.Common Stock**1,113,880 
Ftai Aviation Ltd.Common Stock**2,580,203 
Fti Consulting Inc.Common Stock**703,260 
GATX Corp.Common Stock**4,690,247 
Gencor Industries Inc.Common Stock**1,077,300 
Gentex Corp.Common Stock**1,010,880 
Gibraltar Industries Inc.Common Stock**880,660 
Gildan Activewear Inc.Common Stock**7,511,061 
Glaukos Corp.Common Stock**4,655,498 
Globus Med Inc.Common Stock**6,388,872 
Globus Medical Inc.Common Stock**2,079,710 
Golden Entertainment Inc.Common Stock**1,250,668 
Goosehead Ins Inc.Common Stock**17,023,526 
Granite Construction Inc.Common Stock**5,028,387 
Greif Inc.Common Stock**2,271,262 
Guardant Health Inc.Common Stock**1,716,179 
Guidewire Software Inc.Common Stock**20,201,849 
Gulfport Energy Corp.Common Stock**1,343,288 
GXO Logistics Inc.Common Stock**6,425,039 
Hamilton Lane Inc. Common Stock**18,479,206 
Harmonic Inc.Common Stock**1,347,396 
Harrow Inc.Common Stock**6,315,448 
Hawkins Inc.Common Stock**3,153,310 
Hayward Holdings, Inc.Common Stock**12,970,244 
HCI Group Inc.Common Stock**1,581,310 
HealthEquity Inc. Common Stock**23,753,550 
Healthpeak OP LLCCommon Stock**3,305,600 
Heico Corp.Common Stock**18,412,715 
Heidrick & Struggles International Inc.Common Stock**2,677,824 
Helen Troy Ltd.Common Stock**1,597,013 
Helix Energy Solutions Group Inc.Common Stock**2,350,662 
Helmerich & Payne Inc.Common Stock**2,004,386 
Hexcel Corp.Common Stock**1,530,244 
HNI Corp.Common Stock**2,372,860 
Huntington Ingalls Industries Inc.Common Stock**5,056,760 
Huntsman Corp.Common Stock**1,134,342 
ICF International Inc.Common Stock**3,016,954 
Ingevity Corp.Common Stock**2,828,933 
Ingles Markets Inc.Common Stock**1,436,974 
12
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Inmode Ltd.Common Stock**1,867,285 
Innoviva Inc.Common Stock**3,578,880 
Insight Enterprises Inc. Common Stock**5,792,826 
Insmed Inc.Common Stock**308,694 
Inspire Medical Systems Inc.Common Stock**686,151 
Installed Building Products Inc.Common Stock**8,688,314 
Integer Holdings Corp.Common Stock**2,519,143 
Integra Lifesciences Holdings Corp.Common Stock**2,268,090 
Ionq Inc.Common Stock**923,513 
Iovance Biotherapeutics Inc.Common Stock**1,783,665 
IPG Photonics Corp.Common Stock**971,623 
Itron Inc.Common Stock**1,572,824 
Ituran Location & Control Common Stock**8,331,506 
Janux Therapeutics Inc.Common Stock**1,220,701 
Jazz Pharmaceuticals Common Stock**4,589,253 
Jbt CorporationCommon Stock**2,527,399 
John Bean Technologies Corp.Common Stock**18,014,052 
Kadant Inc. Common Stock**8,440,592 
Kaiser Aluminum Corp.Common Stock**1,729,000 
KB HomeCommon Stock**3,472,425 
KBR Inc.Common Stock**4,397,136 
Kemper CorporationCommon Stock**1,920,475 
Kiniksa Pharmaceuticals InternationalCommon Stock**3,653,460 
Kinsale Cap Group Inc.Common Stock**11,533,308 
Kirby Corp. Common Stock**3,338,353 
Kite Realty Group TrustCommon Stock**2,083,500 
Knife Riv Holdings Co.Common Stock**3,653,474 
Kratos Defense & Security Solutions Inc.Common Stock**1,472,952 
Kulicke & Soffa Industries Inc.Common Stock**758,385 
KVH Industries Inc.Common Stock**515,684 
Kymera Therapeutics Inc.Common Stock**1,789,389 
Lantheus Holdings Inc.Common Stock**1,175,895 
La-Z-Boy Inc.Common Stock**2,643,200 
Leidos Holdings Inc.Common Stock**2,489,076 
Lemaitre Vascular Inc. Common Stock**18,684,130 
Lendingclub Corp.Common Stock**1,324,839 
Leonardo Drs Inc.Common Stock**2,505,316 
Lincoln Electric Holdings Inc.Common Stock**4,265,819 
Life Time Group Holdings Inc.Common Stock**3,080,043 
Ligand Pharmaceuticals Inc. Common Stock**10,368,288 
Liquidity Services Inc.Common Stock**4,666,108 
Lithia Motors Inc.Common Stock**1,346,062 
Loar Holdings IncCommon Stock**1,377,547 
LSB Industries Inc.Common Stock**1,606,132 
LSI Industries Inc.Common Stock**5,204,290 
Lucky Strike Entertainment CorporationCommon Stock**1,675,948 
LXP Industrial TrustCommon Stock**2,444,416 
Madden Steven Ltd.Common Stock**2,190,018 
Madison Square Garden Entertainment Corp.Common Stock**3,266,966 
13
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Madison Square Garden Sports Corp.Common Stock**3,012,219 
Magnachip Semiconductor Corp.Common Stock**469,800 
Magnite Inc.Common Stock**1,474,780 
Magnolia Oil & Gas Corp.Common Stock**7,506,975 
Manhattan Associates Inc. Common Stock**13,215,219 
Manpowergroup Inc.Common Stock**5,197,287 
Maravai Lifesciences Holdings Inc.Common Stock**817,788 
Mastercraft Boat Holdings Inc.Common Stock**1,731,771 
Matador Resources Co.Common Stock**5,961,240 
Materion Corp.Common Stock**6,665,495 
Maxlinear Inc.Common Stock**660,016 
Medpace Holdings Inc.Common Stock**13,180,413 
Merit Medical Systems Inc.Common Stock**556,703 
Merus Common Stock**1,437,977 
Metallus Inc.Common Stock**1,855,548 
MFA Financial Inc.Common Stock**5,713,313 
Miller Industries Inc.Common Stock**2,045,070 
Mirum Pharmaceuticals Inc. Common Stock**2,514,974 
MKS Instruments Inc.Common Stock**2,520,480 
Modine Manufacturing Co.Common Stock**2,628,367 
Monday.Com Ltd.Common Stock**886,957 
Moog Inc.Common Stock**1,016,751 
Morningstar Inc.Common Stock**12,954,332 
Mueller Industries Inc.Common Stock**7,536,375 
Murphy Oil Corp.Common Stock**5,373,535 
Murphy USA Inc.Common Stock**16,655,373 
Natera Inc.Common Stock**4,741,279 
National Healthcare Corp.Common Stock**1,072,902 
Newmark Group Inc.Common Stock**1,882,116 
NexxenCommon Stock**4,120,904 
NNN Reit Inc.Common Stock**6,218,696 
Noble Corporation Common Stock**2,025,560 
Nomad Foods LimitedCommon Stock**2,718,292 
Northwestern Energy Group Inc.Common Stock**6,544,027 
Novanta Inc.Common Stock**16,311,892 
Nutanix Inc.Common Stock**1,998,242 
Nuvalent Inc.Common Stock**1,841,826 
Oceanfirst Financial Corp.Common Stock**1,790,612 
Old Republic International Corp.Common Stock**3,637,881 
Omniab Inc.Common Stock**2,347,873 
Onto Innovation Inc.Common Stock**3,204,494 
Optimizerx Corp.Common Stock**2,218,773 
Optinose Inc.Common Stock**419,645 
Orasure Technologies Inc.Common Stock**546,720 
Oshkosh CorporationCommon Stock**1,047,600 
OSI Systems Inc.Common Stock**6,060,174 
Ovintiv Inc.Common Stock**3,115,836 
Owens CorningCommon Stock**4,447,655 
Pacira BioSciences Inc. Common Stock**1,551,048 
14
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Palomar Holdings Inc.Common Stock**1,332,410 
Pan American Silver Corp.Common Stock**1,431,941 
Park City Group, Inc. Common Stock**11,587,502 
Paymentus Holdings Inc.Common Stock**1,410,267 
Perimeter Solutions, Inc.Common Stock**12,950,900 
Perion Network Ltd.Common Stock**520,576 
Permian Res Corp. Common Stock**5,703,904 
Perrigo Company LimitedCommon Stock**3,200,935 
Piedmont Office Realty TrustCommon Stock**852,150 
Piper Sandler CompaniesCommon Stock**6,311,086 
Pliant Therapeutics Inc.Common Stock**1,141,102 
Polaris Inc.Common Stock**1,035,090 
Portland General Electric Co.Common Stock**8,374,212 
PrInceton Bancorp Inc.Common Stock**1,129,240 
Procore Technologies Inc.Common Stock**11,890,878 
Progress Software Corp.Common Stock**3,935,705 
Progress Software Corp. Common Stock**2,558,179 
Prosperity Bancshares Inc.Common Stock**8,213,600 
Provident Financial Services Inc.Common Stock**3,856,061 
PTC Therapeutics Inc.Common Stock**1,510,783 
Pulte Group Inc.Common Stock**1,262,958 
Quanex Building Products Corp.Common Stock**2,508,450 
Quidelortho CorporationCommon Stock**493,271 
Quinstreet Inc.Common Stock**1,733,119 
Radius Recycling Inc.Common Stock**804,670 
Radware Ltd.Common Stock**5,594,896 
Rambus Inc.Common Stock**3,261,855 
RBC Bearings IncorporatedCommon Stock**13,252,151 
Red Rock Resorts Inc.Common Stock**7,575,773 
Regal Rexnord CorporationCommon Stock**2,650,791 
Repligen Corp.Common Stock**17,441,080 
Revance Therapeutics Inc.Common Stock**432,427 
Rex American Resources Corp.Common Stock**2,974,636 
RH Inc.Common Stock**1,911,980 
Rhythm Pharmaceuticals Inc.Common Stock**2,280,983 
Rocket Lab USA Inc.Common Stock**1,454,243 
Rocket Pharmaceuticals Inc. Common Stock**652,842 
Rush Enterprises Inc. Common Stock**7,905,398 
RXO LLCCommon Stock**7,890,222 
RxSight Inc.Common Stock**7,082,928 
Sabra Healthcare Reit Inc.Common Stock**3,874,214 
Saia Inc.Common Stock**1,223,800 
Sandy Spring Bancorp Inc.Common Stock**4,140,792 
Scholar Rock Holding CorporationCommon Stock**1,505,366 
Science Applications International Corp.Common Stock**2,614,962 
ScPharmaceuticals Inc.Common Stock**2,565,650 
Seadrill LimitedCommon Stock**1,967,104 
Select Water Solutions Inc.Common Stock**1,433,750 
Selective Insurance Group Inc.Common Stock**11,045,848 
15
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Semtech Corp.Common Stock**2,747,101 
Septerna Inc.Common Stock**748,098 
ServiceTitan Inc.Common Stock**4,692,684 
Shake Shack Inc.Common Stock**2,009,273 
ShotSpotter, Inc. Common Stock**3,864,371 
Shutterstock Inc. Common Stock**6,617,056 
Silicom Ltd.Common Stock**241,684 
Silicon Motion Technology Corp.Common Stock**3,336,671 
Simpson Manufacturing Co, Inc. Common Stock**7,877,352 
SiteOne Landscape Supply Inc.Common Stock**11,232,735 
Sitime CorporationCommon Stock**1,430,829 
Skyline Champion Corp.Common Stock**3,832,157 
Skyward Specialty Insurance Group Inc.Common Stock**1,246,615 
Sleep Number Corp.Common Stock**646,219 
Smith-Midland Corp.Common Stock**1,362,461 
Solarwinds Corp.Common Stock**366,718 
Sonos Inc.Common Stock**1,468,635 
Spectrum Brands Holdings Inc.Common Stock**3,018,792 
Sphere Entertainment Co.Common Stock**1,677,600 
Sportradar GroupCommon Stock**1,207,651 
Sprouts Farmers Market Inc.Common Stock**5,450,063 
SPS Commerce, Inc.Common Stock**10,411,520 
Spyre Therapeutics Inc.Common Stock**1,069,863 
Stag Industrial Inc.Common Stock**6,294,931 
Sterling Infrastructure Inc.Common Stock**2,113,370 
Stifel Financial Corp.Common Stock**4,529,735 
Stoneridge Inc.Common Stock**23,265 
Stride Inc.Common Stock**8,009,553 
Stride Inc. Common Stock**13,388,690 
Structure Therapeutics Inc.Common Stock**1,287,991 
Summit Hotel Properties Inc.Common Stock**661,606 
Supernus Pharmaceuticals Inc.Common Stock**6,582,374 
Sweetgreen Inc.Common Stock**1,419,905 
Tapestry Inc.Common Stock**3,143,714 
TechnipFMCCommon Stock**1,637,274 
Techtarget Inc.Common Stock**1,724,356 
Teekay Tankers Ltd.Common Stock**936,912 
Terawulf Inc.Common Stock**1,271,377 
Tetra Tech Inc.Common Stock**812,544 
Tower Semiconductor Ltd.Common Stock**3,647,194 
Transmedics Group Inc.Common Stock**1,205,362 
Travere Therapeutics Inc.Common Stock**2,777,199 
Trupanion, Inc. Common Stock**7,665,592 
Trustco Bank Corp.Common Stock**4,003,920 
U-Haul Holding CompanyCommon Stock**1,845,090 
Ultragenyx Pharmaceutical Inc.Common Stock**1,813,155 
Umb Financial Corp.Common Stock**4,244,400 
United Bankshares Inc.Common Stock**8,618,610 
United Community BankCommon Stock**3,106,371 
16
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United Fire Group Inc.Common Stock**1,548,144 
Universal Display Corp.Common Stock**1,851,512 
Upland Software Inc. Common Stock**2,680,205 
Upstart Holdings Inc.Common Stock**2,332,374 
Uranium Energy Corp.Common Stock**2,355,505 
Urban Outfitters Inc.Common Stock**4,339,386 
UroGen Pharma Ltd.Common Stock**1,954,517 
Utah Medical Products Inc.Common Stock**3,310,706 
Utz Brands Inc.Common Stock**7,105,102 
V2X Inc.Common Stock**2,330,211 
Valmont Inds Inc.Common Stock**4,336,103 
Valvoline Inc.Common Stock**6,265,652 
Varex Imaging Corp.Common Stock**3,577,278 
Varonis Systems Inc.Common Stock**1,267,086 
Vaxcyte Inc.Common Stock**2,968,877 
Veracyte Inc.Common Stock**2,046,645 
Verona PharmaCommon Stock**13,121,012 
Vertex Inc.Common Stock**2,118,039 
Village Super Market Inc.Common Stock**1,168,268 
Viridian Therapeutics Inc.Common Stock**3,341,907 
Vishay Intertechnology Inc.Common Stock**2,527,649 
Visteon Corp.Common Stock**2,416,725 
Wafd Inc.Common Stock**4,702,796 
Warby Parker Inc.Common Stock**4,656,666 
Wave Life Sciences Ltd.Common Stock**1,762,921 
WD-40 Co.Common Stock**6,979,660 
Webster Financial Corp.Common Stock**5,993,880 
Western Alliance BanCorp.Common Stock**13,275,400 
Western Alliance BancorporationCommon Stock**1,381,229 
Willdan Group Inc. Common Stock**2,776,138 
Williams Sonoma Inc.Common Stock**3,408,341 
Wix.Com Ltd.Common Stock**2,724,063 
Wns Holdings Ltd.Common Stock**7,369,600 
Xenon Pharmaceuticals Inc.Common Stock**3,501,768 
Y-mAbs Therapeutics, Inc. Common Stock**430,515 
Ziff Davis Inc.Common Stock**2,567,266 
Zions BanCorp.Common Stock**11,374,408 
Total Other Common Stocks1,790,065,839 
Cash Equivalent
*Bank of America, N.A. Merrill Lynch Bank DepositCash Equivalent, 4.22%**19,368,827 
Mutual Funds
PIMCOAll Asset Class Institutional Fund**1,014,166,854 
iSharesRussell 2000 Value ETF**18,155,423 
Total Mutual Funds1,032,322,277 
Government Securities
Abu Dhabi Crude Oil Pipeline LLC$857,000 par, 4.6%, due November 2, 2047**752,551 
17
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ADNOC Murban RSC Ltd.$1,630,000 par, 5.13%, due September 11, 2054**1,479,251 
ADNOC Murban RSC Ltd.$5,808,000 par, 4.25%, due September 11, 2029**5,638,011 
Airport Authority HK$1,337,000 par, 5.13%, due January 15, 2035**1,346,368 
Airport Authority HK$4,672,000 par, 4.88%, due July 15, 2030**4,684,476 
Bank Gospodarstwa Krajowego$212,000 par, 6.25%, due July 9, 2054**208,556 
California State Municipal Bond $1,015,000 par, 7.3%, due October 1, 2039**1,148,204 
Chile Electricity Lux$1,446,000 par, 5.58%, due October 20, 2035**1,420,840 
Comision Federal de Electricidad$1,189,000 par, 6.45%, due January 24, 2035**1,119,249 
Connecticut Avenue Securities Trust$463,384 par, 6.05%, due July 25, 2043**465,686 
FHLMC, Freddie Mac$1,049,000 par, 6.25%, due July 15, 2032**1,164,918 
FHLMC, Freddie Mac$1,125,716 par, 6.00%, due September 1, 2054**1,139,523 
FHLMC, Freddie Mac$1,197,254 par, 3.50%, due March 1, 2048**1,074,942 
FHLMC, Freddie Mac$1,204,130 par, 5.00%, due June 1, 2054**1,169,444 
FHLMC, Freddie Mac$1,216,792 par, 2.00%, due August 1, 2051**951,959 
FHLMC, Freddie Mac$1,228,843 par, 4.50%, due May 1, 2054**1,157,510 
FHLMC, Freddie Mac$1,277,029 par, 5.00%, due June 1, 2054**1,240,393 
FHLMC, Freddie Mac$1,344,143 par, 4.50%, due September 1, 2050**1,283,098 
FHLMC, Freddie Mac$1,386,000 par, 5.44%, due January 25, 2045**1,386,340 
FHLMC, Freddie Mac$1,433,373 par, 2.00%, due August 1, 2035**1,284,313 
FHLMC, Freddie Mac$1,478,266 par, 2.00%, due December 1, 2051**1,166,387 
FHLMC, Freddie Mac$1,500,352 par, 3.00%, July 1, 2050**1,295,577 
FHLMC, Freddie Mac$1,563,915 par, 3.50%, due January 25, 2051**1,482,517 
FHLMC, Freddie Mac$1,577,842 par, 2.50%, due February 1, 2052**1,291,557 
FHLMC, Freddie Mac$1,727,378 par, Floating Rate, due February 25, 2044**1,731,086 
FHLMC, Freddie Mac$1,778,419 par, due May 25, 2044**1,784,158 
FHLMC, Freddie Mac$1,880,983 par, 2.00%, due February 1, 2051**1,469,568 
FHLMC, Freddie Mac$103,344 par, 2.50%, due November 21, 2051**84,525 
FHLMC, Freddie Mac$120,332 par, 4.00%, due August 1, 2048**111,580 
FHLMC, Freddie Mac$153,726 par, 6.85%, due March 25, 2052**155,984 
FHLMC, Freddie Mac$177,035 par, 3.00%, due May 1, 2037**165,671 
FHLMC, Freddie Mac$187,117 par, 2.50%, due June 1, 2050**154,401 
FHLMC, Freddie Mac$192,949 par, 3.00%, due December 1, 2049**166,782 
FHLMC, Freddie Mac$2,058,406 par, 2.00%, due August 1, 2050**1,618,311 
FHLMC, Freddie Mac$2,214,929 par, 3.00%, June 1, 2050**1,919,999 
FHLMC, Freddie Mac$2,269,583 par, 2.50%, due February 1, 2052**1,866,657 
FHLMC, Freddie Mac$2,284,780 par, 2.00%, due February 1, 2052**1,732,008 
FHLMC, Freddie Mac$2,287,599 par, 4.00%, due November 25, 2051**2,212,305 
FHLMC, Freddie Mac$2,341,516 par, 2.50%, due April 1, 2052**1,937,439 
FHLMC, Freddie Mac$2,354,572 par, 5.00%, due February 1, 2055**2,275,670 
FHLMC, Freddie Mac$2,376,444 par, 2.50%, due July 1, 2051**1,962,147 
FHLMC, Freddie Mac$2,392,490 par, 2.00%, due February 25, 2052**2,089,541 
FHLMC, Freddie Mac$2,420,418 par, 2.50%, due August 1, 2051**1,993,626 
FHLMC, Freddie Mac$2,505,771 par, 5.50%, due June 1, 2053**2,492,801 
FHLMC, Freddie Mac$2,511,841 par, 2.50%, due May 1, 2051**2,050,579 
FHLMC, Freddie Mac$2,695,158 par, 6.00%, due June 1, 2053**2,735,089 
FHLMC, Freddie Mac$2,730,202 par, 4.00%, due July 1, 2049**2,529,567 
FHLMC, Freddie Mac$2,961,749 par, 6.50%, due August 1, 2054**3,055,680 
FHLMC, Freddie Mac$224,028 par, 3.00%, due February 1, 2050**193,875 
FHLMC, Freddie Mac$247,516 par, 2.50%, due March 1, 2051**203,123 
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FHLMC, Freddie Mac$252,338 par, 2.50%, due July 1, 2035**231,613 
FHLMC, Freddie Mac$277,073 par, 3.00%, due September 1, 2050**239,521 
FHLMC, Freddie Mac$3,149,923 par, 2.50%, due November 1, 2051**2,606,462 
FHLMC, Freddie Mac$3,294,605 par, 2.00%, due May 1 ,2051**2,583,179 
FHLMC, Freddie Mac$3,350,733 par, 2.00%, due November 1, 2050**2,633,294 
FHLMC, Freddie Mac$3,392,695 par, 3.50%, due January 1, 2051**3,045,407 
FHLMC, Freddie Mac$3,450,986 par, 6.00%, due September 1, 2054**3,515,646 
FHLMC, Freddie Mac$317,660 par, 2.50%, due February 1, 2051**261,998 
FHLMC, Freddie Mac$339,553 par, 4.00%, due September 1, 2052**311,061 
FHLMC, Freddie Mac$374,154 par, 3.00%, due January 1, 2050**323,220 
FHLMC, Freddie Mac$377,225 par, 2.50%, due March 1, 2052**311,595 
FHLMC, Freddie Mac$387,241 par, 0.00%, due June 1, 2036**345,498 
FHLMC, Freddie Mac$388,184 par, 2.50%, due July 1, 2050**308,425 
FHLMC, Freddie Mac$398,566 par, 3.00%, due May 1, 2037**376,203 
FHLMC, Freddie Mac$398,609 par, 3.00%, November 1, 2049**344,552 
FHLMC, Freddie Mac$4,008,363 par, 4.00%, due May 1, 2052**3,672,614 
FHLMC, Freddie Mac$4,316,600 par, 5.50%, due February 1, 2053**4,276,541 
FHLMC, Freddie Mac$4,582,827 par, 3.50%, due September 25, 2044**4,339,844 
FHLMC, Freddie Mac$4,985,311 par, 2.00%, due November 1, 2051**3,901,921 
FHLMC, Freddie Mac$406,186 par, 5.65%, due February 25, 2042**407,075 
FHLMC, Freddie Mac$41,141 par, 3.00%, due February 1, 2050**35,541 
FHLMC, Freddie Mac$47,115 par, 5.15%, due October 25, 2041**47,102 
FHLMC, Freddie Mac$476,882 par, 2.00%, due December 31, 2049**445,832 
FHLMC, Freddie Mac$499,511 par, 2.00%, due January 1, 2037**446,887 
FHLMC, Freddie Mac$5,643,982 par, 2.00%, due February 1, 2052**4,453,202 
FHLMC, Freddie Mac$518,213 par, 3.50%, due March 1, 2048**465,902 
FHLMC, Freddie Mac$543,537 par, 3.50%, due October 15, 2053**523,565 
FHLMC, Freddie Mac$589,222 par, 2.00%, due June 1, 2036**525,706 
FHLMC, Freddie Mac$591,516 par, 2.50%, due December 1, 2035**544,712 
FHLMC, Freddie Mac$61,515 par, 3.50%, due October 1, 2047**55,385 
FHLMC, Freddie Mac$61,810 par, 2.50%, due August 1, 2050**50,948 
FHLMC, Freddie Mac$634,900 par, 3.00%, due January 1, 2050**548,867 
FHLMC, Freddie Mac$664,569 par, 3.00%, due April 1, 2050**573,994 
FHLMC, Freddie Mac$722,284 par, 2.00%, due December 1, 2050**567,520 
FHLMC, Freddie Mac$744,034 par, 2.00%, due September 1, 2051**582,792 
FHLMC, Freddie Mac$872,454 par, 2.50%, due December 1, 2050**718,000 
FHLMC, Freddie Mac$902,909 par, 1.50%, due June 1, 2037**780,760 
FHLMC, Freddie Mac$947,644 par, 4.00%, due August 1, 2052**867,835 
FHLMC, Freddie Mac$949,391 par, 2.50%, due December 1, 2051**781,240 
FHLMC, Freddie Mac$1,684,193 par, 4.76%, due October 25, 2034**1,666,698 
FHLMC, Freddie Mac$1,880,622 par, 4.46%, due August 25, 2031**1,846,822 
FHLMC, Freddie Mac$1,959,240 par, due July 25, 2033**1,913,684 
FHLMC, Freddie Mac$3,880,881 par, 4.90%, due October 25, 2033**3,889,443 
FHLMC, Freddie Mac$4,558,414 par, 5.00%, due May 25, 2034**4,596,704 
FHLMC, Freddie Mac$901,000 par, 3.51%, due March 1, 2029**864,365 
FNMA, Fannie Mae$1,032,240 par, 2.00%, due August 1, 2036**920,972 
FNMA, Fannie Mae$1,032,444 par, 1.50%, due November 1, 2036**897,764 
FNMA, Fannie Mae$1,069,445 par, 2.00%, due June 25, 2041**951,056 
FNMA, Fannie Mae$1,073,350 par, 3.00%, due March 1, 2037**1,006,487 
FNMA, Fannie Mae$1,083,892 par, 2.00%, due March 1, 2037**973,277 
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Table of Contents
FNMA, Fannie Mae$1,129,546 par, 4.00%, due September 1, 2063**1,037,326 
FNMA, Fannie Mae$1,132,174 par, 3.00%, due November 1, 2049**978,980 
FNMA, Fannie Mae$1,177,972 par, 3.50%, due February 1, 2062**1,018,077 
FNMA, Fannie Mae$1,182,152 par, 4.00%, due December 1, 2052**1,087,418 
FNMA, Fannie Mae$1,243,654 par, 3.00%, due November 1, 2051**1,083,191 
FNMA, Fannie Mae$1,286,966 par, 2.00%, due June 25, 2046**1,114,037 
FNMA, Fannie Mae$1,307,594 par, 2.50%, due September 1, 2035**1,200,143 
FNMA, Fannie Mae$1,351,636 par, 3.00%, due December 1, 2049**1,167,493 
FNMA, Fannie Mae$1,402,653 par, 2.00%, due June 1, 2050**1,103,415 
FNMA, Fannie Mae$1,469,412 par, 2.50%, due July 1, 2036**1,352,388 
FNMA, Fannie Mae$1,471,080 par, 2.50%, due February 1, 2051**1,200,800 
FNMA, Fannie Mae$1,505,744 par, 5.00%, due March 1, 2062**1,466,409 
FNMA, Fannie Mae$1,545,649 par, 5.50%, due September 1, 2054**1,531,280 
FNMA, Fannie Mae$1,586,220 par, 6.00%, due February 1, 2055**1,602,571 
FNMA, Fannie Mae$1,668,715 par, 3.00%, due November 1, 2051**1,422,165 
FNMA, Fannie Mae$1,676,357 par, 3.00%, due February 1, 2050**1,429,473 
FNMA, Fannie Mae$1,699,121 par, 2.00%, due February 1, 2051**1,332,627 
FNMA, Fannie Mae$1,716,260 par, 2.50%, due August 1, 2050**1,416,172 
FNMA, Fannie Mae$1,722,908 par, 3.00%, due September 1, 2050**1,484,067 
FNMA, Fannie Mae$1,727,113 par, 4.00%, due June 1, 2048**1,601,503 
FNMA, Fannie Mae$1,727,755 par, 2.00%, due February 1, 2052**1,363,364 
FNMA, Fannie Mae$1,742,731 par, 4.00%, due June 1, 2052**1,623,009 
FNMA, Fannie Mae$1,838,693 par, 2.5%, due April 1, 2042**1,568,569 
FNMA, Fannie Mae$1,838,730 par, 3.50%, due May 1, 2052**1,636,730 
FNMA, Fannie Mae$1,842,215 par, 3.00%, due July 1, 2051**1,567,770 
FNMA, Fannie Mae$1,851,738 par, 1.50%, due May 1, 2037**1,601,227 
FNMA, Fannie Mae$1,889,057 par, 2.00%, due April 1, 2042**1,566,168 
FNMA, Fannie Mae$1,906,070 par, 3.50%, due May 1, 2052**1,696,090 
FNMA, Fannie Mae$102,234 par, 2.00%, due March 1, 2052**80,365 
FNMA, Fannie Mae$102,284 par, 3.00%, due May 1, 2050**88,664 
FNMA, Fannie Mae$106,553 par, 3.00%, due November 1, 2050**92,015 
FNMA, Fannie Mae$114,614 par, 2.00%, due September 1, 2050**89,897 
FNMA, Fannie Mae$127,275 par, 3.00%, due December 1, 2049**110,172 
FNMA, Fannie Mae$133,219 par, 2.00%, due September 1, 2035**119,363 
FNMA, Fannie Mae$168,564 par, 2.00%, due March 1, 2037**150,792 
FNMA, Fannie Mae$174,445 par, 2.50%, due December 1, 2050**143,459 
FNMA, Fannie Mae$177,473 par, 2.50%, due September 1, 2051**141,492 
FNMA, Fannie Mae$179,496 par, 3.00%, due May 1, 2036**169,869 
FNMA, Fannie Mae$185,034 par, 3.00%, due December 1, 2049**159,882 
FNMA, Fannie Mae$19,600 par, 4.50%, due January 1, 2030**19,494 
FNMA, Fannie Mae$192,136 par, 3.00%, due October 1, 2035**180,008 
FNMA, Fannie Mae$2,056,167 par, 2.50%, due December 1, 2034**1,892,166 
FNMA, Fannie Mae$2,075,043 par, 2.00%, due August 1, 2051**1,620,698 
FNMA, Fannie Mae$2,119,947 par, 2.50%, due December 1, 2051**1,744,873 
FNMA, Fannie Mae$2,126,031 par, 2.00%, due June 1, 2041**1,775,986 
FNMA, Fannie Mae$2,141,903 par, 3.00%, due February 1, 2051**1,822,840 
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FNMA, Fannie Mae$2,240,783 par, 3.00%, due February 1, 2050**1,935,735 
FNMA, Fannie Mae$2,254,398 par, 1.50%, due August 1, 2036**1,956,134 
FNMA, Fannie Mae$2,347,444 par, 2.50%, due September 1, 2050**1,873,748 
FNMA, Fannie Mae$2,356,923 par, 2.00%, due May 1, 2036**2,098,484 
FNMA, Fannie Mae$2,423,272 par, 2.50%, due September 1, 2050**1,993,551 
FNMA, Fannie Mae$2,423,516 par, 5.00%, due February 1, 2053**2,347,108 
FNMA, Fannie Mae$2,458,041 par, 5.50%, due February 1, 2053**2,445,638 
FNMA, Fannie Mae$2,498,527 par, 2.50%, due November 1, 2036**2,280,805 
FNMA, Fannie Mae$2,499,516 par, 4.50%, due April 1, 2056**2,374,969 
FNMA, Fannie Mae$2,499,694 par, 1.50%, due December 1, 2050**1,849,573 
FNMA, Fannie Mae$2,575,000 par, 5.5%**2,542,949 
FNMA, Fannie Mae$2,579,428 par, 2.00%, due February 1, 2052**2,011,497 
FNMA, Fannie Mae$2,590,767 par, 4.50%, due October 1, 2052**2,450,727 
FNMA, Fannie Mae$2,601,694 par, 2.00%, due November 1, 2051**2,038,102 
FNMA, Fannie Mae$2,685,252 par, 5.50%, due March 1, 2053**2,665,966 
FNMA, Fannie Mae$2,760,647 par, 3.50%, due January 1, 2058**2,489,863 
FNMA, Fannie Mae$2,779,121 par, 2.50%, due August 1, 2051**2,296,611 
FNMA, Fannie Mae$201,834 par, 3.00%, due February 1, 2050**172,110 
FNMA, Fannie Mae$203,222 par, 2.50%, due October 1, 2034**186,817 
FNMA, Fannie Mae$209,081 par, 2.00%, due May 1, 2051**158,511 
FNMA, Fannie Mae$214,497 par, 3.00%, due July 1, 2049**185,807 
FNMA, Fannie Mae$248,142 par, 2.00%, due October 1, 2041**206,807 
FNMA, Fannie Mae$272,837 par, 3.50%, due January 1, 2048**244,969 
FNMA, Fannie Mae$298,579 par, 2.50%, due February 1, 2052**245,257 
FNMA, Fannie Mae$3,011,974 par, 3.50%, due December 1, 2062**2,640,438 
FNMA, Fannie Mae$3,015,080 par, 3.50%, due August 1, 2052**2,730,526 
FNMA, Fannie Mae$3,139,423 par, 4.50%, due August 1, 2052**2,960,281 
FNMA, Fannie Mae$3,196,468 par, 3.50%, due June 1, 2052**2,850,616 
FNMA, Fannie Mae$3,408,298 par, 2.00%, due December 1, 2050**2,678,533 
FNMA, Fannie Mae$3,415,060 par, 2.00%, due November 1, 2051**2,671,524 
FNMA, Fannie Mae$3,524,182 par, 2.50%, due March 1, 2052**2,882,176 
FNMA, Fannie Mae$3,526,415 par, 2.00%, due February 1, 2037**3,154,621 
FNMA, Fannie Mae$3,610,000 par, 7.00%**3,756,429 
FNMA, Fannie Mae$3,831,326 par, 4.00%, due June 1, 2052**3,509,992 
FNMA, Fannie Mae$3,847,730 par, 2.50%, due April 1, 2052**3,147,975 
FNMA, Fannie Mae$3,961,820 par, 2.00%, due September 1, 2051**3,104,184 
FNMA, Fannie Mae$3,970,000 par, 2.50%**3,235,142 
FNMA, Fannie Mae$308,176 par, 1.50%, due September 1, 2036**266,484 
FNMA, Fannie Mae$312,072 par, 2.50%, due August 1, 2051**257,621 
FNMA, Fannie Mae$341,932 par, 3.00%, due July 1, 2050**296,401 
FNMA, Fannie Mae$361,313 par, 2.00%, due November 1, 2050**284,008 
FNMA, Fannie Mae$362,139 par, 2.00%, due April 1, 2036**322,574 
FNMA, Fannie Mae$367,381 par, due January 25, 2044**367,480 
FNMA, Fannie Mae$373,971 par, 3.00%, due July 1, 2051**320,590 
FNMA, Fannie Mae$377,520 par, 2.50%, due September 1, 2052**309,465 
FNMA, Fannie Mae$390,995 par, 3.00%, due January 1, 2050**337,708 
FNMA, Fannie Mae$397,705 par, 2.00%, due October 1, 2050**312,613 
FNMA, Fannie Mae$4,056,178 par, 2.50%, due June 1, 2051**3,334,550 
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FNMA, Fannie Mae$4,280,000 par, 5.00%**4,132,721 
FNMA, Fannie Mae$4,363,242 par, 6.00%, due July 1, 2054**4,400,298 
FNMA, Fannie Mae$4,425,000 par, 6.00%**4,455,065 
FNMA, Fannie Mae$4,788,731 par, 5.50%, due January 1, 2055**4,752,535 
FNMA, Fannie Mae$4,800,525 par, 5.00%, due March 1, 2053**4,648,188 
FNMA, Fannie Mae$4,840,000 par, 4.50%**4,554,516 
FNMA, Fannie Mae$4,959,211 par, 2.50%, due June 1, 2051**4,065,223 
FNMA, Fannie Mae$4,995,000 par, 4.00%**4,567,303 
FNMA, Fannie Mae$489,107 par, 3.00%, due May 1, 2050**422,304 
FNMA, Fannie Mae$5,150,000 par, 3.50% **4,556,543 
FNMA, Fannie Mae$5,451,243 par, 2.00%, due January 1, 2052**4,287,975 
FNMA, Fannie Mae$501,099 par, 2.50%, due August 1, 2035**459,942 
FNMA, Fannie Mae$509,020 par, 3.00%, due October 1, 2051**397,104 
FNMA, Fannie Mae$534,093 par, 3.00%, due October 1, 2034**506,124 
FNMA, Fannie Mae$539,645 par, 2.00%, due October 1, 2051**425,921 
FNMA, Fannie Mae$559,238 par, 3.00%, due September 1, 2050**484,770 
FNMA, Fannie Mae$581,584 par, 3.00%, due August 1, 2050**499,091 
FNMA, Fannie Mae$6,060,000 par, 6.50%**6,212,681 
FNMA, Fannie Mae$600,866 par, 3.00%, due August 1, 2034**567,188 
FNMA, Fannie Mae$610,000 par, 3.00%**568,835 
FNMA, Fannie Mae$62,704 par, 3.50%, due June 1, 2047**56,397 
FNMA, Fannie Mae$636,325 par, 2.00%, due October 1, 2051**498,189 
FNMA, Fannie Mae$649,691 par, 3.50%, due October 1, 2048**583,287 
FNMA, Fannie Mae$676,221 par, 3.00%, due July 1, 2049**585,633 
FNMA, Fannie Mae$691,192 par, 3.00% due March 1, 2050**597,099 
FNMA, Fannie Mae$7,023,982 par, 1.50%, due January 1, 2051**5,199,498 
FNMA, Fannie Mae$7,310,000 par, 2.00%**5,689,236 
FNMA, Fannie Mae$7,331,415 par, 2.00%, due January 1, 2051**5,726,439 
FNMA, Fannie Mae$703,912 par, 2.50%, due March 1, 2052**576,906 
FNMA, Fannie Mae$735,000 par, 2.00%**653,223 
FNMA, Fannie Mae$74,745 par, 4.00%, due April 25, 2041**74,436 
FNMA, Fannie Mae$749,145 par, 3.00%, due November 1, 2049**647,316 
FNMA, Fannie Mae$754,212 par, 6.00%, due June 1, 2054**762,091 
FNMA, Fannie Mae$760,793 par, due December 25, 2041**760,561 
FNMA, Fannie Mae$8,925,000 par, 3.00%**7,589,258 
FNMA, Fannie Mae$850,632 par, 4.50%, due July 1, 2048**812,382 
FNMA, Fannie Mae$891,971 par, 2.50%, due August 1, 2035**818,706 
FNMA, Fannie Mae$992,494 par, Floating Rate, due June 25, 2043**1,002,112 
GNMA, Ginnie Mae$1,030,000 par, 4.5%**973,994 
GNMA, Ginnie Mae$1,032,975 par, 4.00%, due July 20, 2047**966,299 
GNMA, Ginnie Mae$1,081,959 par, 3.5%, due April 20, 2048**979,026 
GNMA, Ginnie Mae$1,113,663 par, 2.5%, due December 20, 2050**932,797 
GNMA, Ginnie Mae$1,117,799 par, 4.00%, due November 20, 2052**1,029,714 
GNMA, Ginnie Mae$1,154,624 par, 3.00%, due October 20, 2051**1,005,739 
GNMA, Ginnie Mae$1,172,672 par, 3.5%, due May 20, 2046**1,062,669 
GNMA, Ginnie Mae$1,186,453 par, 3.00%, due September 20, 2051**1,033,404 
GNMA, Ginnie Mae$1,251,279 par, 4.00%, due August 20, 2045**1,178,813 
GNMA, Ginnie Mae$1,285,000 par, 2.5%**1,074,249 
GNMA, Ginnie Mae$1,317,670 par, 3.00%, due May 20, 2051**1,149,627 
GNMA, Ginnie Mae$1,330,000 par, 2.00%**1,065,039 
GNMA, Ginnie Mae$1,447,975 par, 3.00%, due July 20, 2051**1,261,576 
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GNMA, Ginnie Mae$1,491,019 par, 3.5%, due February 20, 2046**1,352,696 
GNMA, Ginnie Mae$1,535,000 par, 3.5%**1,373,465 
GNMA, Ginnie Mae$1,634,177 par, 3.00%, due November 20, 2049**1,430,813 
GNMA, Ginnie Mae$1,906,045 par, 2.00%, due October 20, 2050**1,484,021 
GNMA, Ginnie Mae$1,966,048 par, 3.00%, due October 20, 2049**1,723,005 
GNMA, Ginnie Mae$1,973,188 par, 3.00%, due January 20, 2050**1,726,620 
GNMA, Ginnie Mae$106,477 par, 4.00%, due May 20, 2047**99,498 
GNMA, Ginnie Mae$141,842 par, 3.00%, due April 20, 2049**125,124 
GNMA, Ginnie Mae$159,553 par, 3.5%, due March 20, 2047**144,544 
GNMA, Ginnie Mae$16,582 par, 3.50%, due September 20, 2046**15,022 
GNMA, Ginnie Mae$2,570,653 par, 2.00%, due December 20, 2051**2,060,122 
GNMA, Ginnie Mae$2,632,493 par, 3.00%, due August 20, 2051**2,292,909 
GNMA, Ginnie Mae$2,661,155 par, 2.5%, due September 20, 2051**2,226,582 
GNMA, Ginnie Mae$294,510 par, 2.5%, due January 20, 2051**246,525 
GNMA, Ginnie Mae$3,595,000 par**3,625,333 
GNMA, Ginnie Mae$3,762,583 par, 2.00%, due January 20, 2052**3,014,792 
GNMA, Ginnie Mae$3,829,051 par, 2.00%, due October 20, 2051**3,068,636 
GNMA, Ginnie Mae$3,962,036 par, 2.00%, due November 20, 2051**3,175,201 
GNMA, Ginnie Mae$364,084 par, 3.5%, due November 20, 2047**329,830 
GNMA, Ginnie Mae$378,042 par, 4.00%, due June 20, 2047**353,855 
GNMA, Ginnie Mae$378,721 par, 4.00%, due December 20, 2047**353,530 
GNMA, Ginnie Mae$4,014,629 par, 2.5%, due December 20, 2051**3,359,030 
GNMA, Ginnie Mae$4,069,501 par, 2.5%, due February 20, 2051**3,404,942 
GNMA, Ginnie Mae$4,160,000 par**4,238,844 
GNMA, Ginnie Mae$4,506,807 par, 4.5%, due January 20, 2053**4,268,117 
GNMA, Ginnie Mae$4,580,000 par, 4.00%**4,217,178 
GNMA, Ginnie Mae$404,383 par, 4.00%, due July 20, 2045**380,490 
GNMA, Ginnie Mae$408,780 par, 4.00%, due September 20, 2047**382,003 
GNMA, Ginnie Mae$412,354 par, 4.00%, due January 20, 2048**384,558 
GNMA, Ginnie Mae$460,872 par, 3.5%, due April 20, 2046**417,759 
GNMA, Ginnie Mae$5,251,699 par, 2.5%, due November 20, 2051**4,394,084 
GNMA, Ginnie Mae$502,346 par, 3.00%, due July 20, 2049**441,141 
GNMA, Ginnie Mae$508,342 par, 3.5%, due December 20, 2047**459,572 
GNMA, Ginnie Mae$61,551 par, 3.5%, due August 20, 2046**55,761 
GNMA, Ginnie Mae$7,050,000 par, 5.00%**6,850,617 
GNMA, Ginnie Mae$7,815,000 par, 5.5%**7,758,830 
GNMA, Ginnie Mae$71,197 par, 3.5%, due August 20, 2047**64,421 
GNMA, Ginnie Mae$759,204 par, 3.5%, due March 20, 2046**691,078 
GNMA, Ginnie Mae$765,000 par, 3.00%**665,688 
GNMA, Ginnie Mae$80,286 par, 3.5%, due April 20, 2047**72,733 
GNMA, Ginnie Mae$80,604 par, 3.00%, due October 20, 2047**71,025 
GNMA, Ginnie Mae$843,910 par, 3.5%, due July 20, 2047**764,516 
GNMA, Ginnie Mae$854,324 par, 3.5%, due May 20, 2047**773,956 
GNMA, Ginnie Mae$942,955 par, 4.50%, due May 20, 2053**892,721 
GNMA, Ginnie Mae$993,562 par, 3.5%, due February 20, 2047**900,099 
Idaho Energy Resources Authority Transmission Facilities$1,035,000 par, 2.86%, due September 1, 2046**717,366 
Illinois State Taxable Pension$12,908,235 par, 5.1%, due June 1, 2033**12,750,047 
Korea Housing Finance Co.$904,000 par, 5.13%, due January 21, 2030**911,713 
New York$460,000 par, 5.11%, due October 1, 2054**434,881 
New York$675,000 par, 5.09%, due October 1, 2049**640,536 
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Panama Republic$1,454,000 par, 4.5%, due January 19, 2063**869,488 
PT Freeport Indonesia$1,054,000 par, 5.32%, due April 14, 2032**1,037,067 
Republic of Panama$940,000 par, 6.40%, due February 14, 2035**867,671 
Saudi Arabia$2,558,000 par, 0.00%, due January 13, 2031**2,579,042 
Saudi Arabian Oil Co.$948,000 par, 5.75%, due July 17, 2054**886,380 
Saudi International Bond$1,312,000 par, 5.63%, due January 13, 2035**1,325,319 
Tennessee Valley Authority$1,924,000 par, 0.75%, due May 15, 2025**1,904,505 
Texas Natural Gas Securitization Finance Corp.$2,519,000 par, 5.17%, due April 1, 2041**2,488,130 
Texas Natural Gas Securitization Finance Corp.$4,485,296 par, 0.00%, due April 1, 2035**4,511,075 
The United Mexican States$616,000 par, 6.34%, due May 4, 2053**549,371 
U.S. Treasury$1,537,000 par, 3.5%, due April 30, 2028**1,501,757 
U.S. Treasury$10,625,000 par, 2.0%, due November 15, 2041**7,173,950 
U.S. Treasury$10,870,000 par, 4.00%, due July 31, 2029**10,727,331 
U.S. Treasury$11,098,000 par, 4.13%, due October 31, 2029**10,999,592 
U.S. Treasury$11,132,000 par, 4.13%, due November 30, 2029**11,034,595 
U.S. Treasury$11,268,000 par, 4.13%, due March 31, 2029**11,184,370 
U.S. Treasury$11,306,000 par, 4.00%, due February 29, 2028**11,225,621 
U.S. Treasury$11,316,000 par, 3.63%, due August 31, 2029**10,989,781 
U.S. Treasury$11,798,000 par, 4.38%, due August 31, 2028**11,831,182 
U.S. Treasury$12,819,000 par, 4.63%, due April 30, 2029**12,968,722 
U.S. Treasury$13,223,000 par, 3.62%, due May 31, 2028**12,960,606 
U.S. Treasury$13,437,000 par, 4.25%, due August 15, 2054**12,250,765 
U.S. Treasury$15,069,000 par, 4.50%, due May 31, 2029**15,173,777 
U.S. Treasury$15,160,000 par, 4.25%, due January 15, 2028**15,163,553 
U.S. Treasury$2,521,000 par, 1.75%, due August 15, 2041**1,641,604 
U.S. Treasury$20,126,000 par, 4.25%, due November 15, 2034**19,657,442 
U.S. Treasury$23,694,000 par, 4.38%, due December 31, 2029**23,736,575 
U.S. Treasury$23,749,000 par, 4.63%, due November 15, 2044**23,055,084 
U.S. Treasury$3,436,000 par, 3.00%, due August 15, 2052**2,465,330 
U.S. Treasury$3,609,000 par, 3.50%, due September 30, 2029**3,483,390 
U.S. Treasury$3,794,000 par, 4.00%, due June 30, 2028**3,762,285 
U.S. Treasury$3,982,000 par, 2.88%, due May 15, 2052**2,784,445 
U.S. Treasury$30,667,000 par, 4.38%, due January 31, 2030**30,556,790 
U.S. Treasury$370,000 par, 4.25%, due December 31, 2026**370,246 
U.S. Treasury$4,093,000 par, 3.88%, due February 15, 2043**3,622,945 
U.S. Treasury$4,301,000 par, 2.0%, due August 15, 2051**2,460,474 
U.S. Treasury$4,391,000 par, 4.38%, due August 15, 2043**4,144,349 
U.S. Treasury$5,218,000 par, 3.63%, due February 15, 2053**4,243,498 
U.S. Treasury$5,576,000 par, 4.63%, due May 15, 2044**5,418,304 
U.S. Treasury$5,723,000 par, 2.25%, due May 15, 2041**4,079,202 
U.S. Treasury$5,726,000 par, 4.13%, due August 15, 2044**5,194,556 
U.S. Treasury$5,930,000 par, 3.75%, due December 31, 2028**5,811,863 
U.S. Treasury$5,957,000 par, 3.38%, due August 15, 2042**4,937,096 
U.S. Treasury$558,000 par, 4.50%, due December 31, 2031**559,831 
U.S. Treasury$6,028,000 par, 3.63%, due May 15, 2053**4,903,401 
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U.S. Treasury$6,178,000 par, 4.75%, due November 15, 2043**6,116,944 
U.S. Treasury$6,320,000 par, 4.38%, due November 30, 2028**6,335,800 
U.S. Treasury$6,557,000 par, 3.25%, due May 15, 2042**5,352,151 
U.S. Treasury$6,566,000 par, 4.75%, due November 15, 2053**6,489,055 
U.S. Treasury$6,575,000 par, 4.25%, due February 28, 2029**6,559,076 
U.S. Treasury$6,600,000 par, 4.13%, due August 15, 2053**5,878,125 
U.S. Treasury$6,974,000 par, 4.50%, due February 15, 2044**6,671,884 
U.S. Treasury$7,013,000 par, 4.75%, due May 15, 2054**6,804,802 
U.S. Treasury$7,079,000 par, 4.25%, due February 15, 2054**6,447,420 
U.S. Treasury$7,117,000 par, 4.88%, due October 31, 2028**7,257,672 
U.S. Treasury$7,308,000 par, 3.13%, due May 15, 2048**5,491,848 
U.S. Treasury$743,000 par, 4.25%, due January 31, 2027**741,897 
U.S. Treasury$8,253,000 par, 4.00%, due November 15, 2042**7,446,721 
U.S. Treasury$8,878,000 par, 4.63%, due September 30, 2028**8,977,184 
U.S. Treasury$9,239,000 par, 4.13%, due July 31, 2028**9,194,609 
U.S. Treasury$9,432,000 par, 4.25%, due June 30, 2029**9,402,893 
U.S. Treasury$9,914,000 par, 2.38%, due Februrary 15, 2042**7,090,446 
United Mexican States$1,076,000 par, 7.38%, due May 13, 2055**1,084,274 
United Mexican States$787,000 par, 6.88%, due May 13, 2037**791,200 
Wisconsin Treasury Security$4,145,000 par, 3.85%, due May 15, 2043**3,660,391 
Total Government Securities913,843,362 
Corporate Bonds
6297782 LLC$626,000 par, 5.03%, due October 1, 2029 ** 615,940 
6297782 LLC$957,000 par, 6.18%, due October 1, 2054 ** 909,964 
Abbvie, Inc.$1,799,000 par, 5.4%, due March 15, 2054 ** 1,735,558 
AerCap Ireland Capital DAC$2,687,000 par, 5.38%, due December 15, 2031 ** 2,684,461 
Aker BP ASA$3,304,000 par, 3.75%, due January 15, 2030 ** 3,081,577 
Alabama Power Company$624,000 par, 3.45%, due October 1, 2049 ** 437,160 
Alta Energy Ltd.$880,000 par, 8.13%, due September 15, 2030 ** 985,833 
Amerada Hess Corp.$1,876,000 par, 7.88%, due October 1, 2029 ** 2,085,576 
Ameren Corp.$1,080,000 par, 4.3%, due December 1, 2028 ** 1,057,283 
Ameren Corp.$2,228,000 par, 5.70%, due December 1, 2026 ** 2,264,162 
American Electric Power$1,694,000 par, 5.70% due August 15, 2025 ** 1,701,225 
American Honda Motor Co.$933,000 par, 4.85%, due October 23, 2031 ** 917,113 
AMGEN Inc.$363,000 par, 5.60%, due March 1, 2043 ** 355,897 
Anglo American Capital Plc$2,502,000 par, 5.75%, due April 5, 2034 ** 2,520,799 
ArcelorMittal S.A.$965,000 par, 6.35%, due June 17, 2054 ** 963,058 
AT&T Inc.$1,872,000 par, 2.55%, due December 1, 2033 ** 1,511,121 
AT&T Inc.$3,280,000 par, 3.50%, due September 15, 2053 ** 2,215,052 
Athene Holding Ltd.$1,379,000 par, 6.25%, due April 1, 2054 ** 1,383,007 
B.A.T. Capital Corp.$375,000 par, 4.54%, due August 15, 2047 ** 299,207 
B.A.T. Capital Corp.$915,000 par, 4.76%, due September 6, 2049 ** 747,871 
*Bank of America Corp.$1,100,000 par, 5.51%, due January 24, 2036 ** 1,106,097 
*Bank of America Corp.$1,754,000 par, 4.08%, due April 23, 2040 ** 1,503,167 
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*Bank of America Corp.$4,969,000 par, 3.19%, due July 23, 2030 ** 4,603,705 
Blue Owl Finance LLC$1,725,000 par, 6.25%, due April 18, 2034 ** 1,772,332 
BNP Paribas$2,979,000 par, 5.28%, due November 19, 2030 ** 2,968,564 
Canadian Natural Resources Limited$1,534,000 par, 2.95%, due July 15, 2030 ** 1,370,306 
Canadian Natural Resources Limited$1,538,000 par, 5.4%, due December 15, 2034 ** 1,486,827 
Canadian Natural Resources Limited$1,780,000 par, 3.9%, due February 1, 2025 ** 1,780,000 
Canadian Natural Resources Limited$5,120,000 par, 5.00%, due December 15, 2029 ** 5,059,205 
CenterPoint Energy, Inc.$687,000 par, 5.4%, due June 1, 2029 ** 694,856 
Charter Communications Operating LLC$462,000 par, 5.25%, due April 1, 2053 ** 372,740 
Charter Communications Operating LLC$699,000 par, 3.9%, due June 1, 2052 ** 449,277 
Charter Communications, Inc.$457,000 par, 5.75%, due April 1, 2048 ** 395,429 
Citadel Ltd. Partnership$1,252,000 par, 6.00%, due January 23, 2030 ** 1,265,458 
Citadel Ltd. Partnership$648,000 par, 6.38%, due January 23, 2032 ** 658,972 
CK Hutchinson International 24 II Ltd.$1,585,000 par, 4.38%, due March 13, 2030 ** 1,553,643 
CK Hutchison International Ltd.$212,000 par, 3.13%, due April 15, 2041 ** 160,002 
Columbia University$1,967,000 par, 4.36%, due October 1, 2035 ** 1,860,242 
Comcast Corp.$754,000 par, 5.65%, due June 1, 2054 ** 724,392 
Constellation Energy Generation LLC$1,358,000 par, 6.5%, due October 1, 2053 ** 1,424,357 
CRH America Finance, Inc.$1,089,000 par, 5.5%, due January 9, 2035 ** 1,095,739 
CRH SMW Finance DAC$2,203,000 par, 5.13%, due January 9, 2030 ** 2,212,295 
CVS Health Corp.$2,173,000 par, 6.00%, due June 1, 2044 ** 2,085,169 
CVS Health Corp.$396,000 par, 4.78%, due March 25, 2038 ** 347,827 
Daimler Truck Financial$2,837,000 par, 5.25%, due January 13, 2030 ** 2,843,916 
Danske Bank A/S$1,927,000 par, 4.61%, due October 2, 2030 ** 1,877,872 
Danske Bank A/S$3,796,000 par, 5.71%, due March 1, 2030 ** 3,870,070 
Deere & Co.$4,764,000 par, 5.45%, due January 16, 2035 ** 4,858,406 
Diamondback Energy Inc.$669,000 par, 5.9%, due April 18, 2064 ** 628,128 
DPL Inc.$1,802,000 par, 4.13%, due July 1, 2025 ** 1,796,063 
DPL Inc.$720,000 par, 4.35%, due April 15, 2029 ** 671,276 
Duke Energy Florida LLC$2,415,000 par, 6.20%, due November 15, 2053 ** 2,529,600 
Elevance Health Inc.$2,543,000 par, 5.7%, due February 15, 2055 ** 2,447,922 
Enbridge Inc.$3,354,000 par, 3.7%, due July 15, 2027 ** 3,277,213 
Enbridge Inc.$885,000 par, 5.25%, due April 5, 2027 ** 894,549 
Encana Corp.$1,060,000 par, 6.5%, due February 1, 2038 ** 1,079,387 
Enel Finance America LLC$397,000 par, 2.88%, due July 12, 2041 ** 269,535 
Enel Finance International N.V.$3,946,000 par, 5.13%, due June 26, 2029 ** 3,948,483 
Enel Finance International N.V.$5,793,000 par, 3.63%, due May 25, 2027 ** 5,637,135 
Enel Finance International N.V.$756,000 par, 3.50%, due April 6, 2028 ** 723,702 
Energy Transfer L.P.$1,488,000 par, 6.05%, due September 1, 2054 ** 1,450,014 
Energy Transfer LP$1,637,000 par, 5.95%, due May 15, 2054 ** 1,575,027 
Enlink Midstream LLC$3,514,000 par, 5.63%, due January 15, 2028 ** 3,551,976 
Enlink Midstream LLC$5,120,000 par, 4.85%, due July 15, 2026 ** 5,101,194 
Enlink Midstream LLC$5,529,000 par, 6.5%, due September 1, 2030 ** 5,817,048 
Equitable Financial Life$2,756,000 par, 4.88%, due November 19, 2027 ** 2,759,088 
Eversource Energy, Inc.$1,082,000 par, 4.75%, due May 15, 2026 ** 1,081,515 
Eversource Energy, Inc.$3,528,000 par, 5.95%, due February 1, 2029 ** 3,634,807 
FirstEnergy Corp.$433,000 par, 3.40%, due March 1, 2050 ** 290,108 
FirstEnergy Transmission LLC$389,000 par, 5.45%, due July 15, 2044 ** 371,353 
FirstEnergy Transmission LLC$681,000 par, 2.87%, due September 15, 2028 ** 635,304 
Ford Motor Credit Co. LLC$1,256,000 par, 5.88%, due November 7, 2029 ** 1,258,031 
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Ford Motor Credit Co. LLC$2,012,000 par, 6.13%, due March 8, 2034 ** 1,971,113 
GA Global Funding Trust$1,434,000 par, 4.4%, due September 23, 2027 ** 1,413,431 
GA Global Funding Trust$1,703,000 par, 5.2%, due December 9, 2031 ** 1,666,348 
General Electric Co.$1,479,000 par, 3.63%, due August 1, 2027 ** 1,428,058 
General Motors Co.$1,500,000 par, 5.00%, due April 1, 2035 ** 1,399,747 
Georgia Power Co.$2,391,000 par, 4.3%, due March 15, 2042 ** 2,026,605 
Georgia Power Co.$715,000 par, 4.55%, due March 15, 2030 ** 702,981 
Glencore FDG LLC$3,590,000 par, 5.34%, due April 4, 2027 ** 3,628,655 
Glencore FDG LLC$4,535,000 par, 4.00%, due March 27, 2027 ** 4,461,335 
Glencore Funding LLC$957,000 par, 6.38%, due October 6, 2030 ** 1,008,119 
Goldman Sachs Bank USA$3,310,000 par, 5.41%, due May 21, 2027 ** 3,338,856 
Goldman Sachs Group Inc.$1,410,000 par, 5.54%, due January 28, 2036 ** 1,408,886 
Goldman Sachs Group Inc.$1,595,000 par, 1.54%, due September 10, 2027 ** 1,513,805 
Goldman Sachs Group Inc.$1,869,000 par, 5.73%, due April 25, 2030 ** 1,909,748 
Goldman Sachs Group Inc.$2,324,000 par, 5.73%, due January 28, 2056 ** 2,313,209 
Hess Corp.$3,289,000 par, 4.30%, due April 1, 2027 ** 3,255,502 
HSBC Holdings$4,127,000 par, 5.45%, due November 19, 2030 ** 4,123,003 
Huntington Bancshares Inc.$1,186,000 par, 5.27%, due January 15, 2031 ** 1,188,444 
Huntington Bancshares Inc.$1,987,000 par, 5.71%, due February 2, 2035 ** 1,988,593 
Hyundai Capital America$4,059,000 par, 6.10%, due September 21, 2028 ** 4,193,369 
Intel Corp.$836,000 par, 4.9%, due August 5, 2052 ** 660,631 
JBS USA Food Co.$1,719,000 par, 7.25%, due November 15, 2053 ** 1,908,449 
JPMorgan Chase & Co.$1,215,000 par, 5.30%, due July 24, 2029 ** 1,230,660 
JPMorgan Chase & Co.$1,775,000 par, 5.53%, due November 29, 2045 ** 1,743,157 
JPMorgan Chase & Co.$4,060,000 par, 5.58%, due April 22, 2030 ** 4,145,938 
JPMorgan Chase & Co.$4,215,000 par, 4.92%, due January 24, 2029 ** 4,219,604 
Kinder Morgan$2,618,000 par, 5.5%, due March 1, 2044 ** 2,430,465 
Kroger Co.$910,000 par, 5.65%, due September 15, 2064 ** 852,448 
Lloyds Banking Group Plc$2,500,000 par, 5.46%, due January 5, 2028 ** 2,523,574 
M&T Bank Corp.$2,841,000 par, 5.39%, due January 16, 2036 ** 2,769,960 
Marathon Petroleum Corp.$2,004,000 par, 5.13%, December 15,2026 ** 2,015,070 
Mercedes-Benz Financial North America$3,183,000 par, 4.90%, due November 15, 2027 ** 3,181,791 
Meta Platforms Inc.$2,239,000 par, 5.4%, due August 15, 2054 ** 2,172,292 
Meta Platforms Inc.$313,000 par, 5.55%, due August 15, 2064  ** 304,021 
Microchip Technology Inc.$1,954,000 par, 4.90%, due March 15, 2028 ** 1,951,144 
Microchip Technology Inc.$3,569,000 par, 5.05%, due February 15, 2030 ** 3,546,700 
Mitsubishi UFJ Financial Group Inc.$4,015,000 par, 5.57%, due January 16, 2036 ** 4,036,202 
Morgan Stanley$1,502,000 par, 5.59%, due January 18, 2036 ** 1,515,074 
Morgan Stanley$1,746,000 par, 5.52%, due November 19, 2055 ** 1,690,244 
Morgan Stanley$2,790,000 par, 5.50%, due May 26, 2028 ** 2,829,945 
Morgan Stanley$3,642,000 par, 4.65%, due October 18, 2030 ** 3,576,536 
Morgan Stanley$4,565,000 par, 5.32%, due July 19, 2035 ** 4,510,555 
National Rural Utilities$1,596,000 par, 5.10%, due May 6, 2027 ** 1,613,101 
Netflix Inc.$2,858,000 par, 5.38%, due November 15, 2029 ** 2,916,238 
Newmont Corp. / Newcrest Fin Pty Ltd.$5,251,000 par, 5.35%, due March 15, 2034 ** 5,254,817 
NextEra Energy Capital Holdings Inc.$1,225,000 par, 1.88%, due January 15, 2027 ** 1,160,648 
NextEra Energy Capital Holdings Inc.$1,571,000 par, 5.90%, due March 15, 2055 ** 1,562,656 
NextEra Energy Capital Holdings Inc.$2,457,000 par, 1.90%, due June 15, 2028 ** 2,234,257 
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NextEra Energy Capital Holdings Inc.$2,459,000 par, 5.45%, due March 15, 2035 ** 2,444,508 
NextEra Energy Capital Holdings Inc.$3,305,000 par, 4.85%, due February 4, 2028 ** 3,305,784 
NiSource Inc.$2,654,000 par, 5.20%, due July 1, 2029 ** 2,677,765 
Nissan Motor Ltd.$1,242,000 par, 4.81%, due September 17, 2030 ** 1,157,845 
Nordea Bank ABP$1,770,000 par, 4.38%, due September 10, 2029 ** 1,731,686 
Occidental Petroleum$1,294,000 par, 7.88%, due September 15, 2031 ** 1,437,501 
Occidental Petroleum$2,304,000 par, 6.38%, due September 1, 2028 ** 2,385,601 
Occidental Petroleum Corp.$918,000 par, 8.88%, due July 15, 2030 ** 1,050,217 
Oglethorpe Power Corp.$1,224,750 par, 6.19%, due January 1, 2031 ** 1,261,091 
Oglethorpe Power Corp.$2,032,000 par, 6.20%, due December 1, 2053 ** 2,092,922 
ONEOK Inc.$2,784,000 par, 4.75%, due October 15, 2031 ** 2,693,545 
Oracle Corp.$1,463,000 par, 5.25%, due February 3, 2032 ** 1,459,650 
Oracle Corp.$1,475,000 par, 6.13%, due August 3, 2065 ** 1,470,318 
Oracle Corp.$2,841,000 par, 2.95%, due April 1, 2030 ** 2,574,309 
Ovintiv Inc.$1,631,000 par, 7.10%, due July 15, 2053 ** 1,744,913 
Pacific Gas & Electric Co.$324,000 par, 6.75%, due January 15, 2053 ** 335,068 
Pacific Gas & Electric Co.$7,654,000 par, 3.15%, due January 1, 2026 ** 7,512,698 
Pacific Gas & Electric Co. $2,806,000 par, 4.50%, due July 1, 2040 ** 2,320,170 
Pfizer Investment Enterprises$2,290,000 par, 5.30%, due May 19, 2053 ** 2,144,211 
Pfizer Investment Enterprises$691,000 par, 5.11%, due May 19, 2043 ** 653,031 
Plains All American Pipeline L.P.$3,078,000 par, 5.95%, due June 15, 2035 ** 3,114,898 
PNC Financial Services Group$1,381,000 par, 5.58%, due January 29, 2036 ** 1,387,851 
PPL Capital Funding Inc.$2,766,000 par, 5.25%, due September 1, 2034 ** 2,717,189 
Protective Life$928,000 par, 5.43%, due January 14, 2032 ** 933,687 
PT Indonesia Asahan Aluminium$1,003,000 par, 5.45%, due May 15, 2030 ** 1,005,238 
PT Indonesia Asahan Aluminium$2,149,000 par, 4.75%, due May 15, 2025 ** 2,147,437 
PT Indonesia Asahan Aluminium$2,473,000 par, 6.53%, due November 15, 2028 ** 2,583,283 
RGA Global Funding$2,395,000 par, 5.25%, due January 9, 2030 ** 2,402,839 
Royal Bank of Canada$2,539,000 par, 4.65%, due October 18, 2030 ** 2,495,544 
Royal Bank of Canada$953,000 par, 4.97%, due January 24, 2029 ** 956,480 
RWE Finance US LLC$2,233,000 par, 5.88%, due April 16, 2034 ** 2,235,409 
RWE Finance US LLC$62,000 par, 6.25%, due April 16, 2054 ** 60,613 
Sempra Energy$584,000 par, 6.00%, due October 15, 2039 ** 587,086 
Smurfit Westrock $1,090,000 par, 5.42%, due January 15, 2035 ** 1,089,553 
Southern California Edison$2,201,000 par, 4.00%, due April 1, 2047 ** 1,611,351 
Southern California Edison$3,450,000 par, 1.20%, due February 1, 2026 ** 3,315,325 
Southern California Edison Co.$1,639,000 par, 4.88%, due February 1, 2027 ** 1,628,871 
Southern California Edison Co.$1,639,000 par, 4.90%, due June 1, 2026 ** 1,632,704 
Southern California Gas Co.$1,933,000 par, 5.05%, due September 1, 2034 ** 1,884,390 
Sprint Capital Corp.$2,402,000 par, 6.88%, due November 15, 2028 ** 2,548,342 
Standard Chartered PLC$1,675,000 par, 5.69%, due May 14, 2028 ** 1,697,060 
Stryker Corp.$1,640,000 par, 4.70%, due February 10, 2028 ** 1,640,169 
Stryker Corp.$1,641,000 par, 4.55%, due February 10, 2027 ** 1,640,202 
Stryker Corp.$2,810,000 par, 4.85%, due February 10, 2030 ** 2,804,675 
Sumitomo Mitsui Financial Group Inc.$1,164,000 par, 5.84%, due July 9, 2044  ** 1,168,325 
Sunoco Logistics$1,452,000 par, 3.90%, due July 15, 2026  ** 1,434,400 
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The Bank of Nova Scotia$1,010,000 par, 5.31%, due February 14, 2031 ** 1,009,387 
The Boeing Co.$1,269,000 par, 3.25%, due February 1, 2028 ** 1,204,254 
The Boeing Co.$1,498,000 par, 6.30%, due May 1, 2029 ** 1,558,342 
The Boeing Co.$1,880,000 par, 6.86%, due May 1, 2054 ** 2,017,313 
The Boeing Co.$135,000 par, 5.81%, due May 1, 2050 ** 127,062 
T-Mobile USA, Inc.$395,000 par, 4.50%, due April 15, 2050 ** 324,013 
Toyota Motor Credit Corp.$697,000 par, 5.35%, due January 9, 2035  ** 700,651 
U.S. Bancorp$790,000 par, 5.68%, due January 23, 2035 ** 797,749 
United Parcel Service Inc.$1,555,000 par, 5.50%, due May 22, 2054  ** 1,512,960 
UnitedHealth Group Inc.$4,619,000 par, 5.63%, due July 15, 2054  ** 4,489,906 
Vale Overseas Ltd.$1,855,000 par, 6.13%, due June 12, 2033  ** 1,896,363 
Vale Overseas Ltd.$477,000 par, 6.40%, due June 28, 2054  ** 472,963 
Verizon Communications Inc.$1,950,000 par, 2.55%, due March 21, 2031 ** 1,690,738 
Verizon Communications Inc.$5,819,000 par, 4.33%, due September 21, 2028 ** 5,740,142 
Viacom Inc.$363,000 par, 5.85%, due September 1, 2043  ** 319,563 
Vistra Operations Co. LLC$1,507,000 par, 6.00%, due April 15, 2034  ** 1,522,100 
Vistra Operations Co. LLC$1,885,000 par, 5.05%, due December 30, 2026  ** 1,886,664 
Vistra Operations Co. LLC$2,529,000 par, 5.70%, due December 30, 2034  ** 2,497,170 
Volkswagen Group America Finance LLC$3,991,000 par, 3.20%, due September 26, 2026  ** 3,873,613 
Warnermedia Holdings, Inc.$1,040,000 par, 5.14%, due March 15, 2052 ** 775,718 
Warnermedia Holdings, Inc.$1,044,000 par, 5.05%, due March 15, 2042 ** 840,240 
Wells Fargo & Co.$1,679,000 par, 3.07%, due April 30, 2041  ** 1,235,994 
Wells Fargo & Co.$3,665,000 par, 5.71%, due April 22, 2028  ** 3,725,504 
Wells Fargo & Co.$5,006,000 par, 5.24%, due January 24, 2031 ** 5,031,450 
Wells Fargo & Co.$2,770,000 par, 5.56%, due July 25, 2034 ** 2,778,739 
Western Gas Partners$3,061,000 par, 5.30%, due March 1, 2048  ** 2,600,987 
Western Midstream Partners, LP$2,119,000 par, 6.35%, due January 15, 2029 ** 2,191,417 
Williams Cos Inc.$4,113,000 par, 5.60%, due March 15, 2035  ** 4,128,293 
Williams Partners$712,000 par, 3.75%, due June 15, 2027  ** 696,078 
Total Corporate Bonds390,618,298 
Asset-Backed Securities
American Express Company$5,026,000 par, 5.23%, due April 15, 2029 ** 5,105,103 
Avis Budget Rental Car Funding (AESOP) LLC$2,726,000 par, 5.36%, due June 20, 2030 ** 2,764,475 
Avis Budget Rental Car Funding (AESOP) LLC$390,000 par, 1.66%, due February 20, 2028 ** 368,544 
BMW Vehicle Lease Trust$1,231,000 par, 4.21%, due February 25, 2028 ** 1,219,173 
Capital One Multi-Asset Execution Trust$2,574,000 par, 4.42%, due May 15, 2028 ** 2,573,746 
Capital One Prime Auto Receivables Trust$813,000 par, 5.82%, due June 15, 2028 ** 827,436 
Carmax Auto Owner Trust$1,247,000 par, 4.94%, due August 15, 2029 ** 1,255,436 
Carmax Auto Owner Trust$1,440,000 par, 0.00%, due July 16, 2029 ** 1,449,692 
Carmax Auto Owner Trust$2,455,000 par, 4.67%, due December 15, 2027 ** 2,457,148 
Carmax Auto Owner Trust$210,707 par, 0.76%, due June 15, 2026 ** 209,418 
Carmax Auto Owner Trust$270,464 par, 0.72%, due September 15, 2026 ** 267,865 
Carmax Auto Owner Trust$659,851 par, 0.53%, due October 15, 2026 ** 657,002 
Carmax Auto Owner Trust$670,794 par, 1.47%, due December 15, 2026 ** 663,410 
Carvana Auto Receivables Trust$1,351,000 par, 4.62%, due February 10, 2028 ** 1,350,973 
Carvana Auto Receivables Trust$970,000 par, 1.03%, due June 10, 2027 ** 939,546 
Chase Auto Owner Trust$612,195 par, 4.18%, due August 27, 2029 ** 606,874 
Discover Card Execution Note Trust$3,177,000 par, 4.93%, due June 15, 2028 ** 3,196,303 
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Driveway Finance Corp.$1,106,000 par, 4.6%, due December 17, 2029 ** 1,097,115 
Driveway Finance Corp.$1,153,000 par, 4.52%, due March 15, 2029 ** 1,149,076 
Driveway Finance Corp.$1,323,000 par, 5.23%, due January 18, 2028 ** 1,328,768 
Driveway Finance Corp.$1,518,000 par, 4.64%, due November 15, 2027 ** 1,518,043 
DT Auto Owner Trust$392,021 par, 6.57%, due August 16, 2027 ** 393,237 
DT Auto Owner Trust$621,731 par, 5.19%, due October 16, 2028 ** 622,221 
Flagship Credit Auto Trust$60,671 par, 5.38%, due December 15 ,2026 ** 60,682 
Ford Credit Auto Lease Trust$1,463,000 par, 4.99%, due December 15, 2027 ** 1,472,639 
Ford Credit Auto Lease Trust$1,476,000 par, 5.25%, due February 15, 2029 ** 1,479,150 
Ford Credit Auto Owner Trust$1,216,000 par, 4.11%, due July 15, 2030 ** 1,195,698 
Ford Credit Auto Owner Trust$1,231,000 par, 4.61%, due August 15, 2029 ** 1,233,182 
Ford Credit Auto Owner Trust$1,258,000 par, 5.08%, due September 15, 2030 ** 1,260,456 
Ford Credit Auto Owner Trust$1,749,000 par, 4.07%, due July 15, 2029 ** 1,733,296 
Ford Credit Auto Owner Trust$2,648,000 par, due August 15, 2036 ** 2,661,872 
Ford Credit Auto Owner Trust$215,322 par, 1.35%, due June 15, 2026 ** 214,033 
Ford Credit Auto Owner Trust$454,000 par, 5.23%, due May 15, 2028 ** 457,597 
Ford Credit Auto Owner Trust$700,766 par, 4.65%, due February 15, 2028 ** 701,746 
General Motors Financial Company, Inc.$1,227,000 par, 4.44% due April 16, 2030 ** 1,218,934 
General Motors Financial Company, Inc.$1,564,000 par, 5.13%, due March 15, 2029 ** 1,578,861 
General Motors Financial Company, Inc.$2,235,000 par, 4.73%, due November 15, 2029 ** 2,240,706 
General Motors Financial Company, Inc.$2,910,000 par, 4.68%, due November 15, 2028 ** 2,913,473 
GM Financial Automobile Leasing Trust$419,000 par, 4.22%, due October 20, 2028 ** 415,651 
GM Financial Floorplan Owner Trust$2,823,000 par, 5.06%, due March 15, 2031 ** 2,852,937 
GM Financial Securitized Term Auto Receivables Trust$1,867,000 par, 4.4% due August 16, 2029 ** 1,862,062 
Harley-Davidson Motorcycle Trust$680,106 par, 0.53%, due September 15, 2028 ** 671,838 
Honda Auto Receivables Owner Trust$172,894 par, 0.88%, due January 21, 2026 ** 171,804 
Hyundai Auto Lease Securitization Trust$2,239,000 par, 4.83%, due January 18, 2028 ** 2,245,954 
Hyundai Auto Lease Securitization Trust$749,000 par, 5.17%, due April 15, 2027 ** 751,399 
Hyundai Auto Receivables Trust$1,481,000 par, 4.4%, due January 15, 2031 ** 1,472,274 
Hyundai Auto Receivables Trust$841,000 par, 5.55%, due December 17, 2029 ** 860,557 
Mercedes-Benz Auto Lease Trust$1,684,000 par, due February 15, 2028 ** 1,677,444 
Mercedes-Benz Auto Receivables Trust$2,514,000 par, 4.92%, due April 15, 2031 ** 2,539,164 
Mercedes-Benz Auto Receivables Trust$2,775,000 par, 4.78%, due December 17, 2029 ** 2,790,483 
Nissan Auto Lease Trust$1,000,000 par, 5.61%, due November 15, 2027 ** 1,007,112 
Nissan Auto Receivables Owner Trust$1,113,000 par, 5.28%, due December 15, 2028 ** 1,125,328 
Porsche Innovative Lease Owner Trust$1,525,000 par, 4.35%, due October 20, 2027 ** 1,522,007 
REMIC Funding Trust$1,907,801 par, 7.5%, due July 25, 2059 ** 1,910,725 
Santander Drive Auto Receivables LLC$2,207,000 par, 4.88%, due September 15, 2027 ** 2,209,654 
Santander Drive Auto Receivables LLC$2,554,000 par, 5.63%, due January 16, 2029 ** 2,580,368 
Santander Drive Auto Receivables LLC$2,596,000 par, 4.74%, due January 16, 2029 ** 2,598,278 
Santander Drive Auto Receivables LLC$918,000 par, 4.62%, due November 15, 2028 ** 916,819 
Santander Drive Auto Receivables Trust$2,673,000 par, 5.73%, due April 17, 2028 ** 2,687,520 
SBNA Auto Lease Trust$1,049,854 par, 4.94%, due November 20, 2026 ** 1,050,821 
SBNA Auto Lease Trust$1,231,000 par, 5.55%, due December 20, 2028 ** 1,249,257 
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SBNA Auto Lease Trust$1,279,000 par, 4.56%, due February 22, 2028 ** 1,278,594 
SBNA Auto Lease Trust$2,561,000 par, 5.56%, due November 22, 2027 ** 2,591,348 
SFS Auto Receivables Securitization Trust$1,363,000 par, 5.33%, due November 20, 2029 ** 1,377,837 
SFS Auto Receivables Securitization Trust$1,741,000 par, 4.55%, due June 20, 2030 ** 1,740,406 
Synchrony Card Issuance Trust$2,477,000 par, 4.93%, due July 15, 2030 ** 2,495,975 
Tesla Electric Vehicle Trust$603,000 par, 5.38%, due February 20, 2029 ** 611,569 
Toyota Auto Receivables Owner Trust$502,000 par, 1.02%, due March 15, 2027 ** 489,934 
Toyota Auto Receivables Owner Trust$928,767 par, 0.53%, due October 15, 2026 ** 916,882 
Toyota Lease Owner Trust$1,350,000 par, 5.26%, due June 20, 2028 ** 1,363,562 
Toyota Lease Owner Trust$3,223,000 par, 4.21%, due September 20, 2027 ** 3,204,504 
Verizon Master Trust$1,816,000 par, 4.62%, due November 20, 2030 ** 1,818,540 
Verizon Master Trust$2,286,000 par, 5%, due December 20, 2028 ** 2,297,323 
Verizon Master Trust$2,595,000 par, 4.17%, August 20, 2030 ** 2,569,523 
Verizon Master Trust$2,837,000 par, 5.08%, January 21, 2031 ** 2,847,825 
Verizon Master Trust$983,000 par, due January 22, 2029 ** 982,855 
Volkswagen Auto Lease Trust$1,093,000 par, 5.58%, due June 21, 2027 ** 1,103,045 
Volt CII LLC$962,410 par, 4.87%, due August 25, 2051 ** 961,320 
Volt XCIV LLC$307,088 par, 5.24%, due February 27, 2051 ** 306,970 
VOLT XCIV LLC$507,809 par, due March 27, 2051 ** 507617
Westlake Automobile Receivables Trust$1,067,428 par, 6.02%, due January 18, 2028 ** 1068335
Westlake Technology Holdings$2,607,590 par, 4.71%, due April 17, 2028 ** 2,607,789 
WF Card Issuance Trust$2,487,000 par, 4.94%, due February 15, 2029 ** 2,510,833 
WF Card Issuance Trust$5,124,000 par, 4.29%, due October 15, 2029 ** 5,097,275 
World Omni Auto Receivables LLC$1,357,000 par, 5.08%, due November 15, 2030 ** 1,363,452 
World Omni Auto Receivables LLC$3,409,000 par, 4.86%, due November 15, 2030 ** 3,426,737 
World Omni Auto Receivables Trust$1,025,000 par, 5.79%, due February 15, 2029 ** 1,040,965 
World Omni Auto Receivables Trust$524,000 par, 5.04%, due July 17, 2028 ** 525,220 
World Omni Financial Corp.$2,500,000 par, 5.25%, due September 17, 2029 ** 2,529,771 
Total Asset-Backed Securities139,248,391 
Mortgage-Backed Securities
ATLX Trust$1,269,679 par, 3.85%, due April 25, 2064**1,211,792 
ATLX Trust$1,794,918 par, due April 25, 2063**1,715,396 
Benchmark Mortgage Trust$477,000 par, 2.29%, due March 15, 2053**410,578 
BMO Commercial Mortgage Securities LLC$1,837,944 par, 5.76%, due July 15, 2057**1,904,399 
BX Commercial Mortgage Trust$928,000 par, 5.59%, due November 13, 2046**930,303 
Citigroup Commercial Mortgage Trust$816,000 par, 3.72% floating rate, due December 10, 2049**787,276 
CMO Mortgage LLC$656,415 par, 7.02%, due January 25, 2029**658,437 
CMO NY Commercial Mortgage Trust$944,000 par, due February 10, 2035**961,985 
CMO VAR$1,184,139 par, due September 25, 2054**1,174,894 
Connecticut Avenue Securities Trust$651,296 par, 5.85%, due October 25, 2043**654,696 
FHLMC, Freddie Mac$1,246,923 par, Floating Rate, due November 25, 2041**1,245,393 
GitSit Mortgage Loan Trust $806,178 par, 7.47%, due June 25, 2054**806,442 
GS Mortgage-Backed Securities Trust $1,446,794 par, due September 25, 2061**1,347,085 
GS Mortgage-Backed Securities Trust $766,418 par, 3.75%, due July 25, 2061**742,368 
Legacy Mortgage Assest Trust$1,994,690 par, 1.75%, due April 25, 2061**1,990,839 
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Legacy Mortgage Assest Trust$405,686 par, 1.65%, due June 25, 2061**405,661 
MFRA Trust$2,486,537 par, due October 25, 2062**2,495,361 
Mill City Mortgage Loan Trust$334,809 par, 1.13%, due November 25, 2060**318,257 
Morgan Stanley Residential Mortgage Loan Trust $1,417,020 par, 4.00%, due June 25, 2064**1,360,052 
New Residential Mortgage Loan Trust $2,608,397 par, 3.80%, due January 25, 2064**2,428,132 
NLT$516,583 par, 3.2%, due October 25, 2062**458,506 
NYMT Loan Trust $1,456,513 par, 3.75%, due February 25, 2068**1,337,951 
Preston Ridge Partners Series Mortgage Trust$305,821 par, due June 25, 2024**304,692 
PRET 2025-RPL1 Trust $1,408,000 par, 4.00%, due July 25, 2069**1,341,784 
Pretium Mortgage Credit Partners $1,162,198 par, due October 25, 2054**1,163,959 
Pretium Mortgage Credit Partners $960,815 par, due November 25, 2054**963,541 
PRP Advisors LLC $1,551,283 par, due March 25, 2054**1,500,945 
PRP Advisors LLC $2,239,007 par, due May 25, 2029**2,244,446 
PRPM LLC$767,157 par, 1.32%, due July 25, 2051**701,606 
PRPM 2021-9 LLC$419,041 par, 5.37%, due October 25, 2026**418,175 
PRPM 2023-RCF2 LLC$902,460 par, 4.00%, due November 25, 2053**882,526 
PRPM 2024-1 LLC $1,561,734 par, 6.96%, due February 25, 2029**1,569,285 
PRPM 2024-RPL1 LLC $807,489 par, 4.20%, due December 25, 2064**785,312 
RCO X Mortgage LLC $1,577,000 par, due January 25, 2030**1,576,984 
VCAT Asset Securitization LLC $1,356,000 par, due January 25, 2055**1,356,584 
Vericrest Opportunity Loan Transferee $183,503 par, 1.89%, due February 27, 2051**183,478 
Volt$315,487 par, 5.12%, due March 27, 2051**315,483 
Volt XCIII LLC$119,899 par, due March 27, 2051**119,883 
Volt XCIX LLC$207,181 par, 5.12%, due April 25, 2051**207,285 
Volt XCVII LLC$844,875 par, due April 25, 2051**845,557 
Wells Fargo Commercial Mortgage Trust$306,000 par, 4.44% due September 15, 2061**299,376 
Wells Fargo Commercial Mortgage Trust$413,000 par, 3.81% due December 15, 2048**408,626 
Wells Fargo Commercial Mortgage Trust$677,000 par, 3.10% due May 15, 2049**657,676 
Wells Fargo Commercial Mortgage Trust$880,000 par, 3.70%, due November 15, 2048**871,251 
Total Mortgage-Backed Securities44,064,257 
Collective Investment Trusts / Collective Trust Funds
BlackRock Institutional Trust Company, N.A.Government Short-Term Investment Fund ** 762,090,765 
BlackRock Institutional Trust Company, N.A.Intermediate Government Bond Index Non-Lendable Fund  ** 423,138,593 
BlackRock Institutional Trust Company, N.A.Long Term Government Bond Index Non-Lendable Fund ** 267,132,531 
BlackRock Institutional Trust Company, N.A.MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund  ** 2,856,964,964 
BlackRock Institutional Trust Company, N.A.MSCI USA Minimum Volatility Index Fund  ** 1,373,322,071 
BlackRock Institutional Trust Company, N.A.MSCI USA Momentum Index RSL Fund  ** 1,390,376,821 
BlackRock Institutional Trust Company, N.A.MSCI USA Quality Index RSL Fund  ** 1,375,213,783 
BlackRock Institutional Trust Company, N.A.MSCI USA Value Weighted Index RSL Fund  ** 1,383,414,780 
BlackRock Institutional Trust Company, N.A.Russell 1000 Index Non-Lendable Fund  ** 13,632,103,458 
BlackRock Institutional Trust Company, N.A.Russell 2000 Index Non-Lendable Fund  ** 639,011,029 
BlackRock Institutional Trust Company, N.A.Russell 2500 Index Non-Lendable Fund  ** 1,412,689,966 
BlackRock Institutional Trust Company, N.A.U.S. Debt Index Non Lendable Fund  ** 1,526,439,200 
BlackRock Institutional Trust Company, N.A.U.S. Treasury Inflation Protected Securities Non-Lendable Fund ** 295,031,960 
Global Trust CompanyAltrinsic International Equity Collective Fund ** 912,780,772 
Global Trust CompanyAQR Emerging Equities Collective Investment Fund ** 450,937,408 
Global Trust CompanyVictory Mid Cap Value Collective Investment Trust Fund ** 411,918,391 
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JPMorgan Chase Bank, N.A.Short Duration Bond Fund ** 365,928,332 
Principal Global Investors Trust CompanyGlobal Real Estate Securities Fund ** 491,433,594 
Prudential Trust CompanyCore Plus Bond Fund ** 1,438,723,301 
Prudential Trust CompanyLong Duration Credit Fund ** 1,098,071,384 
Reliance Trust CompanyDriehaus Emerging Markets Growth CIT Fund ** 439,698,512 
Reliance Trust CompanyThe Collective LSV International (ACWI EX US) Value Equity Fund ** 1,825,210,352 
SEI Trust CompanyAEW Global Properties Trust Fund  ** 490,185,662 
SEI Trust CompanyCohen & Steers Global Listed Infrastructure Fund ** 114,480,730 
SEI Trust CompanyCoreCommodity Management Diversified I CIT Fund ** 127,728,017 
SEI Trust CompanyFiera Asset Management USA Collective Trust ** 1,395,993,363 
SEI Trust CompanyNuveen Global Infrastructure Fund  ** 232,738,440 
*The Northern Trust CompanyCollective Government Short Term Investment Fund ** 61,401,132 
*The Northern Trust CompanyGQG Partners International Equity CIT Fund ** 1,360,890,377 
*The Northern Trust CompanyThe First Sentier Global Listed Infrastructure Fund ** 234,287,809 
*The Northern Trust CompanyThe Presima Global Real Estate Concentrated Collective Fund ** 420,575,206 
Wellington Trust Company, NACIF II Commodities Portfolio ** 127,787,019 
Total Collective Investment Trusts/Collective Trust Funds39,337,699,722 
Total Investments$49,405,279,099 
*Notes Receivable from participantsLoans to participants, interest rates ranging from 6% to 9.50%, with various maturities$1,369,545,276 

* Represents a party-in-interest.
** Column (d) cost information not required as accounts are participant directed.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Walmart 401(k) Plan
June 25, 2025
By:
/s/ Donna Morris
Donna Morris
Executive Vice President, Global People
Walmart Inc.


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ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-23.1