SEC Filing | Nordstrom

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to___________

Commission file number 001-15059

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Nordstrom 401(k) Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Nordstrom, Inc.

1617 Sixth Avenue, Seattle, Washington 98101

REQUIRED INFORMATION

1. Not applicable

2. Not applicable

3. Not applicable

4. The Nordstrom 401(k) Plan is subject to the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA are filed as Exhibit 99.1.

The Consent of Independent Registered Public Accounting Firm is filed as Exhibit 23.1.

The Exhibit Index is located on page 3.

Nordstrom 401(k) Plan

Exhibit Index

Exhibit

Method of Filing

23.1

Consent of Independent Registered Public Accounting Firm

Filed herewith electronically

99.1

Nordstrom 401(k) Plan Financial Statements

Filed herewith electronically

99.2

Nordstrom 401(k) Plan (2021 Restatement)

Incorporated by reference from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended May 1, 2021, Exhibit 10.2

99.3

Amendment 2021-1 to the Nordstrom 401(k) Plan

Incorporated by reference from the Registrant’s Quarterly Report on Form 11-K filed on June 10, 2022, Exhibit 99.3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the administrators of the employee benefit plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


Nordstrom 401(k) Plan

/s/ Catherine R. Smith
Catherine R. Smith
Chief Financial Officer
Nordstrom, Inc.



Date:			June 13, 2024

Document

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement No. 333-239083 on Form S-8 of Nordstrom, Inc. of our report dated June 13, 2024, relating to the financial statements and supplementary information of the Nordstrom 401(k) Plan (the “Plan”) appearing in this Annual Report on Form 11-K of the Plan for the year ended December 31, 2023.

/s/ Moss Adams LLP

San Francisco, California

June 13, 2024

Document

Exhibit 99.1

Nordstrom 401(k) Plan

Employer ID No: 91-0515058

Plan Number: 001


Report of Independent Registered Public Accounting Firm and

Financial Statements as of December 31, 2023 and 2022
and for the Year Ended December 31, 2023,
with Supplementary Information

Table of Contents

NORDSTROM 401(k) PLAN

PLAN YEAR ENDED DECEMBER 31, 2023

TABLE OF CONTENTS


		Page
DEFINITIONS OF COMMONLY USED TERMS		2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		3


FINANCIAL STATEMENTS
	Statements of Net Assets Available for Benefits as of December 31, 2023 and 2022	4

	Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2023	5

	Notes to Financial Statements

	Note 1: Description of the Plan	6

	Note 2: Summary of Significant Accounting Policies	7

	Note 3: Fair Value Measurements	8

	Note 4: Party-in-Interest Transactions	9

	Note 5: Federal Income Tax Status	10

	Note 6: Plan Termination	10

	Note 7: Excess Contributions Payable to Participants	10



SUPPLEMENTARY INFORMATION


	Schedule H, Line 4(i) — Schedule of Assets (Held at End of Year) as of December 31, 2023	11

All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

DEFINITIONS OF COMMONLY USED TERMS


Term			Definition
BNYM			Bank of New York Mellon
Board			Nordstrom, Inc.’s Board of Directors
Company			Nordstrom, Inc. and its participating subsidiaries
CCT			Common collective trust
DOL			Department of Labor
ERISA			Employee Retirement Income Security Act of 1974
GAAP			U.S. generally accepted accounting principles
IRA			Individual Retirement Account
IRC			Internal Revenue Code
IRS			Internal Revenue Service
NAV			Net asset value
Plan			Nordstrom 401(k) Plan
Plan Administrator			Nordstrom Retirement Committee appointed by the Board
PTE			Prohibited Transaction Exemption
VFCP			Voluntary Fiduciary Correction Program

Table of Contents

Report of Independent Registered Public Accounting Firm

The Plan Administrator and Participants

Nordstrom 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Nordstrom 401(k) Plan (the Plan) as of December 31, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, 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 as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 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 to 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.

Opinion on the Supplementary Information

The supplementary information included in Schedule H, Line 4(i) – Schedule of Assets (held at end of year) as of December 31, 2023 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplementary 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 supplementary information. In forming our opinion on the supplementary information in the accompanying schedule, we evaluated whether the supplementary information, including its form and content, is presented in conformity with Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplementary information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Moss Adams LLP

San Francisco, California

June 13, 2024

We have served as the Plan’s auditor since 2016.

Table of Contents

NORDSTROM 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

(Amounts in thousands)


	December 31,
	2023	2022
Assets
Participant-directed investments at fair value (see Note 3: Fair Value Measurements)	$3,849,678	$3,386,753

Notes receivable from participants	70,192	67,150
Accrued income and broker receivable	—	736
Total assets	3,919,870	3,454,639

Liabilities
Administrative expenses and other payables	1,365	2,471

Due to broker for securities purchased	3,226	15,571
Total liabilities	4,591	18,042

Net assets available for benefits	$3,915,279	$3,436,597

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Table of Contents

NORDSTROM 401(k) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(Amounts in thousands)


Plan year ended			December 31, 2023
Additions
Contributions
Company contributions			$69,492
Employee contributions			179,096
Total contributions			248,588

Investment income
Net appreciation in fair value of investments			523,058
Interest and dividends			39,411
Total investment income			562,469

Total contributions and investment income			811,057

Deductions
Benefit payments to participants			321,184
Administrative expenses and other			11,191
Total deductions			332,375

Net increase in net assets			478,682

Net assets available for benefits at beginning of year			3,436,597
Net assets available for benefits at end of year			$3,915,279

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Table of Contents

NORDSTROM 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

(Dollar and share amounts in thousands)

NOTE 1: DESCRIPTION OF THE PLAN

The Nordstrom 401(k) Plan, as amended and restated, was originally established on January 1, 1953 and is a defined contribution plan. The following description of the Plan’s provisions is for informational purposes only and does not bind the Plan. Participants should refer to the Plan documents for a more complete description of the Plan’s provisions.

General

The Plan covers substantially all employees of the Company and is subject to the provisions of ERISA. Employees are eligible to make elective salary deferrals and receive Company matching contributions upon hire. The Plan contains eligibility provisions to ensure that all eligible employees enter the Plan by the latest participation date required under the applicable provisions of the IRC.

Company contributions are paid each pay period that an eligible participant contributes to the Plan.

Plan Year

The Plan operates on a calendar year ending on December 31. References to 2023 and 2022 relate to the Plan years ended December 31, 2023 and December 31, 2022.

Trustee and Administrator of the Plan

BNYM is the asset trustee of the Plan and Alight Solutions provides recordkeeping services for the Plan.

The Plan is administered by the Company in conjunction with the Plan Administrator.

Plan Contributions

Contributions to the Plan are made through employee contributions, including catch-up contributions, Company contributions and participant rollover contributions. Contributions are subject to certain limitations of the IRC.

Employee contributions — Eligible employees may elect to defer up to 50% of eligible compensation on a pre-tax basis, after-tax basis (“Roth”) or a combination of both. Employees aged 50 and over are allowed a catch-up contribution on a pre-tax basis, Roth or a combination of both, beginning in the year they turn age 50. Eligible employees who neither make an affirmative salary deferral election nor affirmatively opt out of the Plan are automatically enrolled in the Plan with a deferral contribution equal to 3% of eligible compensation. This deferral percentage is automatically increased by 1% annually, up to 10%, unless the participant elects otherwise. Employees have the option to opt out of deferring or to change their deferral percentage at any time in accordance with the Plan.

Company contributions — The Company matches employee contributions dollar for dollar on the first 1% of eligible compensation and 50 cents per dollar on the next 6% of eligible compensation, up to a total of 4% of eligible compensation.

Participant rollover contributions — Participants eligible for a withdrawal from another eligible retirement plan or traditional IRA may roll over all or part of that amount into the Plan. Participants may not roll over amounts from a Roth IRA into the Plan.

Investments

Participants can direct the investment of their accounts (including employee and Company contributions) among various funds, debt securities and Company common stock. The funds as of December 31, 2023 and 2022 include a variety of mutual funds, CCT funds, separately managed funds and custom target retirement date funds. The available funds are regularly reviewed by the Plan Administrator and are subject to change at any time.

Participation in Investment Activity

Individual accounts are credited daily with a pro-rata share of investment income or loss experienced by the respective funds into which their account balances have been directed. This income or loss is included in net appreciation or depreciation in fair value of investments on the Statement of Changes in Net Assets Available for Benefits.

Vesting in the Plan

Employees who terminate employment due to retirement, disability or death are 100% vested in their Plan accounts, regardless of years of service. The Plan defines “retirement” as age 60 or older for the purposes of vesting. On termination of employment for reasons other than retirement, disability or death, the amounts credited to the accounts of participants are vested as follows:

Employee contributions — Employee contributions (salary deferral, catch-up and rollover contributions) are always 100% vested.

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NORDSTROM 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

(Dollar and share amounts in thousands)

Company contributions — Company matching contributions are 100% vested after completion of two years of service. A year of service is any year in which an employee works at least 1,000 hours.

Forfeitures

Forfeitures of unvested Company matching contributions from terminated participant accounts can be used to offset Company matching contributions or to pay Plan administrative expenses, as determined by the Plan Administrator. As of December 31, 2023 and 2022, forfeited unvested accounts were $1,401 and $1,748. In 2023, the Plan used forfeitures of $8,469 to offset Company matching contributions.

Benefit Payments

On termination of service, a participant (or participant’s beneficiary in the case of death) may elect to roll over the value of the vested interest in his or her account to another qualified plan, to receive the value as a lump-sum distribution or elect to remain in the Plan, if the vested account balance exceeds $1 (subject to required distributions under Section 401(a)(9) of the IRC). When an active participant reaches age 59½ and continues to work for the Company, the participant is eligible to receive a partial or full distribution of their account. The Plan also allows distributions to active participants for financial hardship if certain criteria are met.

Participant Loans (Notes Receivable from Participants)

Participants may borrow a minimum of $1 from their account up to a maximum that is equal to the lesser of:

•50% of their vested account balance, less the balance of any other outstanding loans from the Plan as of the loan request date, or

•$50 less the highest outstanding principal balance of any loans, from this Plan or any other qualified Plan of the employer or a related employer, during the one-year period immediately preceding the loan request date

Loan terms are a maximum of five years or, if for the purchase of a principal residence, up to 20 years. The loans are secured by the balance in the participant’s account. The interest rate for a loan is determined at the time it is approved. The rate will be the prime rate as reported by the Wall Street Journal on the 15th day of the prior month, plus 1%. Interest rates for participant loans outstanding on December 31, 2023 range from 4.25% to 9.50% with various maturities through November 2043. Principal and interest is paid through payroll deductions, following the participant’s bi-weekly payroll cycle. A participant may have a maximum of two loans outstanding at any one time.

Participants may make monthly loan repayments during approved leaves of absence. Alternatively, payment obligations may be suspended during approved leaves of absence not longer than one year and during periods of qualified military service. Participants may continue to make loan repayments after termination of employment under procedures established by the Plan Administrator. Loan balances that become delinquent will be deemed distributed and become taxable income to the participant.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accompanying financial statements have been prepared in accordance with GAAP.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires Company plan management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities during the reporting period. Uncertainties regarding such estimates and assumptions are inherent in the preparation of financial statements and actual results may differ from these estimates and assumptions.

Risks and Uncertainties

The Plan holds various investment instruments, including, but not limited to, common stock, debt securities, mutual funds and CCTs. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

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NORDSTROM 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

(Dollar and share amounts in thousands)

Investment Valuation and Income Recognition

The Plan’s investments are held by the trustee and are recorded at fair value as follows:

•Common stock is valued at quoted market prices as of the last trading day of the Plan year.

•Shares of mutual funds are valued at quoted market prices as of the last trading day of the Plan year.

•CCTs and 103-12 investment entities are measured using the NAV practical expedient of each fund, as reported by the fund managers. The NAV practical expedient is based on the fair value of the underlying assets owned by the CCT or investment entity, less its liabilities, and divided by the number of units outstanding.

•Investments in debt securities are valued using the market approach and observable inputs, such as observable trade prices, multiple broker/dealer quotes, related yield curves and other assumptions about the securities.

•Self-directed brokerage accounts allow participants to invest all or a portion of their account in investments of their choice. The fair value is based on the underlying investments, which may include common stock, mutual funds and debt securities.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded when earned.

Net realized gains or losses on investment sales represent the difference between the sale proceeds and cost of the investments, or the adjusted market price. Net unrealized appreciation or depreciation on investments held at the end of the Plan year represents the net change in the fair value of investments during the year. The Statement of Changes in Net Assets Available for Benefits presents the net appreciation or depreciation in fair value of investments, which consists of realized and unrealized gains and losses.

Notes Receivable from Participants

Participant loans are included in notes receivable from participants on the Statements of Net Assets Available for Benefits and are measured at their unpaid principal balance plus any accrued unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

Benefit Payments

Benefits are recorded when paid. Amounts allocated to former participants who have withdrawn from the Plan, but have not yet been paid as of December 31, 2023 and 2022, were $4,793 and $3,833.

Administrative Expenses

Substantially all the administrative expenses, including recordkeeping, trustee and other fees, incurred in connection with the Plan are paid by the Plan through an allocation to participant accounts.

NOTE 3: FAIR VALUE MEASUREMENTS

The Plan discloses its assets that are measured at fair value in the Statements of Net Assets Available for Benefits by level within the fair value hierarchy as defined by applicable accounting standards:

Level 1: Quoted market prices in active markets for identical assets or liabilities

Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions

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NORDSTROM 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

(Dollar and share amounts in thousands)

The following tables set forth, by level within the fair value hierarchy, a summary of the Plan’s investments that were measured at fair value on a recurring basis as of December 31, 2023 and 2022. There have been no changes in the methodologies used as of December 31, 2023 and 2022.


	December 31, 2023
	Level 1	Level 2	Total
Fair value hierarchy:
Common stock	$524,175	$—	$524,175
Debt securities	21,740	143,278	165,018
Mutual funds	545,813	—	545,813
Brokerage securities	36,848	5,902	42,750
Interest-bearing cash securities	95	—	95
Total assets in fair value hierarchy	$1,128,671	$149,180	$1,277,851
Investments measured at NAV practical expedient1			2,571,827
Total participant-directed investments at fair value			$3,849,678

1 Includes CCTs and a 103-12 investment entity.


	December 31, 2022
	Level 1	Level 2	Total
Fair value hierarchy:
Common stock	$749,798	$—	$749,798
Debt securities	13,210	132,279	145,489
Mutual funds	947,278	—	947,278
Brokerage securities	29,580	4,869	34,449
Interest-bearing cash securities	106	—	106
Total assets in fair value hierarchy	$1,739,972	$137,148	$1,877,120
Investments measured at NAV practical expedient1			1,509,633
Total participant-directed investments at fair value			$3,386,753

1 Includes CCTs and a 103-12 investment entity.

Certain investments are measured at NAV as a practical expedient, including CCTs and a 103-12 investment entity. They are measured daily and may be redeemed daily with no restrictions related to the redemption notice period.

The Plan did not have any Level 3 measurements as of December 31, 2023 and 2022. During 2023, there were no transfers in or out of Levels 1, 2 or 3.

NOTE 4: PARTY-IN-INTEREST TRANSACTIONS

Parties-in-interest include fiduciaries or employees of the Plan, any person who provides services to the Plan, an employer whose employees are covered by the Plan, an employee organization whose members are covered by the Plan, a person who owns 50% or more of such an employer or employee organization or relatives of such persons. As of December 31, 2023 and 2022, Plan investments included units held in a collective trust managed by BNYM, BNYM common stock and interest-bearing cash managed by BNYM. As of December 31, 2023 and 2022, the Plan held 3,231 and 3,214 shares of Nordstrom, Inc. common stock, with a cost basis of $101,520 and $111,781. The Plan recorded $2,407 of dividend income from Nordstrom, Inc. common stock during 2023. In addition, the Plan holds notes receivable from participants and paid certain expenses related to plan operations and investment activities to various service providers. Transactions with these entities qualify as exempt party-in-interest transactions.

Table of Contents

NORDSTROM 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

(Dollar and share amounts in thousands)

NOTE 5: FEDERAL INCOME TAX STATUS

The Plan, as restated as of January 1, 2021, is an individually designed plan. While the restated Plan document does not have a determination letter from the IRS, the Company and Plan management believe that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC, and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2023 and 2022, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.

NOTE 6: PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. Under the Plan, the Company may also temporarily suspend contributions, which does not constitute or require termination of the Plan.

In the event the Plan is terminated, the respective accounts of the participants under the Plan shall become fully vested and nonforfeitable. After payment of expenses properly chargeable against the Plan, the trustee shall distribute all Plan assets to the participants in the proportions determined by their respective accounts.

NOTE 7: EXCESS CONTRIBUTIONS PAYABLE TO PARTICIPANTS

The Plan is subject to certain non-discrimination rules under ERISA and the IRC. For 2023 and 2022, the Plan passed all applicable non-discrimination tests. Additionally, the Plan is required to return contributions received from participants during the Plan year in excess of the IRC limits. There were no refunds for 2023 and 2022.

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NORDSTROM 401(k) PLAN

SCHEDULE H, LINE 4(i) — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2023

EIN: 91-0515058

Plan #: 001

(Dollars in thousands)

(a)

(b) Identity of issue, borrower, lessor, or similar party

(d) Cost

(e) Current Value ($)

Investments Measured at NAV

Capital Group EuroPacific Fund

CCT

$541,913

EB Temporary Investment Fund

CCT - due 12/31/2049 - 1.147%

18,016

Loomis Core Plus Fixed Income Fund

CCT

404,216

PGIM Retirement Real Estate Fund II LP

103-12 investment entity

92,847

Putnam Stable Value Fund

CCT

298,979

Schroder Collective International Multi-Cap Equity Trust

CCT

249,848

SSGA TIPS Index

CCT

44,457

Vanguard Fiduciary Trust Company

CCT

921,551

Total Investments Measured at NAV

2,571,827

Common Stock

Acadia Healthcare Co., Inc.

Common stock

4,110

Accenture PLC

Common stock

7,732

Advanced Drainage Systems, Inc.

Common stock

4,727

Advanced Micro Devices, Inc.

Common stock

4,762

Agilent Technologies, Inc.

Common stock

2,161

Alarm.com Holdings, Inc.

Common stock

2,678

Alphabet, Inc.

Common stock

20,015

Amazon.com, Inc.

Common stock

18,070

Ambarella, Inc.

Common stock

1,650

Amicus Therapeutics, Inc.

Common stock

3,064

Apollo Global Management, Inc.

Common stock

3,720

Axon Enterprise, Inc.

Common stock

5,189

Bio-Techne Corp.

Common stock

3,491

Blueprint Medicines Corp.

Common stock

3,228

Bright Horizons Family Solutions

Common stock

3,187

The Brink's Co.

Common stock

3,999

Builders Firstsource, Inc.

Common stock

3,775

Burlington Stores, Inc.

Common stock

2,200

BWX Technologies, Inc.

Common stock

6,103

Cameco Corp.

Common stock

3,108

The Carlyle Group, Inc.

Common stock

9,350

Casella Waste Systems, Inc.

Common stock

3,353

Certara, Inc.

Common stock

1,845

CF Industries Holdings, Inc.

Common stock

3,373

Charles River Laboratories International, Inc.

Common stock

2,122

Chart Industries, Inc.

Common stock

2,899

Chemed Corp.

Common stock

5,535

Chipotle Mexican Grill, Inc.

Common stock

5,249

Clearwater Analytics Holdings

Common stock

2,335

Cognex Corp.

Common stock

2,221

Copart, Inc.

Common stock

4,598

CoStar Group, Inc.

Common stock

3,347

Costco Wholesale Corp.

Common stock

6,145

Crown Holdings, Inc.

Common stock

3,954

Dynatrace, Inc.

Common stock

4,896

Eagle Materials, Inc.

Common stock

2,209

Elf Beauty, Inc.

Common stock

5,460

Encompass Health Corp.

Common stock

5,926

Entegris, Inc.

Common stock

2,202

Euronet Worldwide, Inc.

Common stock

1,257

Everest Group Ltd.

Common stock

2,469

Evolent Health, Inc.

Common stock

3,022

Exlservice Holdings, Inc.

Common stock

1,949

Firstservice Corp.

Common stock

2,636

Five Below, Inc.

Common stock

5,009

Flywire Corp.

Common stock

2,367

Freshpet, Inc.

Common stock

5,524

Globus Medical, Inc.

Common stock

1,581

Guidewire Software, Inc.

Common stock

5,187

HealthEquity, Inc.

Common stock

2,785

Heico Corp.

Common stock

3,724

Insmed, Inc.

Common stock

2,406

Inspire Medical Systems, Inc.

Common stock

3,111

Insulet Corp.

Common stock

3,728

Intuit, Inc.

Common stock

7,318

Intuitive Surgical, Inc.

Common stock

5,586

Kosmos Energy Ltd.

Common stock

1,986

Lam Research Corp.

Common stock

4,452

Lancaster Colony Corp.

Common stock

4,614

Lattice Semiconductor Corp.

Common stock

1,856

Linde PLC

Common stock

4,680

Live Nation Entertainment, Inc.

Common stock

6,945

Martin Marietta Materials, Inc.

Common stock

3,994

Mastercard, Inc.

Common stock

10,777

Mercury Systems, Inc.

Common stock

3,952

Merit Medical Systems, Inc.

Common stock

4,542

Microsoft Corp.

Common stock

31,191

Monster Beverage Corp.

Common stock

4,305

National Vision Holdings, Inc.

Common stock

3,412

Neogen Corp.

Common stock

2,869

New Fortress Energy, Inc.

Common stock

4,145

Nice Ltd.

Common stock

3,988

Nike, Inc.

Common stock

3,207

Noble Corp. PLC

Common stock

1,809

Nordstrom, Inc.

Common stock

59,603

Novanta, Inc.

Common stock

3,155

Nvidia Corp.

Common stock

11,996

O'Reilly Automotive, Inc.

Common stock

3,617

Palo Alto Networks, Inc.

Common stock

5,859

Penumbra, Inc.

Common stock

4,528

Pool Corp.

Common stock

5,368

Regal Rexnord Corp.

Common stock

1,737

Repligen Corp.

Common stock

3,370

Revolve Group, Inc.

Common stock

1,703

Salesforce, Inc.

Common stock

6,800

ServiceNow, Inc.

Common stock

5,987

Shoals Technologies Group, Inc.

Common stock

1,465

Siteone Landscape Supply, Inc.

Common stock

2,054

SPS Commerce, Inc.

Common stock

2,067

Starbucks Corp.

Common stock

2,904

Super Micro Computer, Inc.

Common stock

3,031

TechnipFMC plc

Common stock

1,487

Tenable Holdings, Inc.

Common stock

3,241

Texas Instruments, Inc.

Common stock

3,636

TopBuild Corp.

Common stock

3,288

Tradeweb Markets, Inc.

Common stock

3,421

Trex Co, Inc.

Common stock

3,385

Twist Bioscience Corp.

Common stock

2,566

Tyler Technologies, Inc.

Common stock

4,115

Uber Technologies, Inc.

Common stock

1,846

UnitedHealth Group, Inc.

Common stock

8,099

Varonis Systems, Inc.

Common stock

2,745

Veeva Systems, Inc.

Common stock

1,983

Virtu Financial, Inc.

Common stock

2,474

Western Alliance Bancorp

Common stock

2,428

Whitecap Resources, Inc.

Common stock

1,840

Willscot Mobile Mini Holdings

Common stock

1,709

Zoetis, Inc.

Common stock

4,297

Total Common Stock

524,175

Debt Securities

American Electric Power Co, Inc.

Corporate Debt - due 08/15/2025 - 5.699%

201

AT&T, Inc.

Corporate Debt - due 03/09/2048 - 4.500%

243

AT&T, Inc.

Corporate Debt - due 09/15/2055 - 3.550%

330

AT&T, Inc.

Corporate Debt - due 09/15/2059 - 3.650%

477

Bank of America Corp.

Corporate Debt - due 08/26/2024 - 4.200%

297

Bank of America Corp.

Corporate Debt - due 03/03/2026 - 4.450%

148

Bank of America Corp.

Corporate Debt - due 11/25/2027 - 4.183%

219

Bank of America Corp.

Corporate Debt - due 10/20/2032 - Variable

166

Bank of America Corp.

Corporate Debt - due 03/08/2037 - Variable

836

Bank of America Corp.

Corporate Debt - due 07/22/2033 - Variable

149

Bank of America Corp.

Corporate Debt - due 11/10/2028 - Variable

209

Barclays PLC

Corporate Debt - due 05/09/2028 - 4.836%

561

Barclays PLC

Corporate Debt - due 06/20/2030 - Variable

194

Barclays PLC

Corporate Debt - due 08/09/2028 - Variable

251

Barclays PLC

Corporate Debt - due 05/09/2027 - Variable

303

Barclays PLC

Corporate Debt - due 06/27/2034 - Variable

454

B.A.T. Capital Corp.

Corporate Debt - due 08/02/2033 - 6.421%

551

B.A.T. Capital Corp.

Corporate Debt - due 08/15/2037 - 4.390%

B.A.T. Capital Corp.

Corporate Debt - due 08/15/2047 - 4.540%

154

B.A.T. Capital Corp.

Corporate Debt - due 03/25/2031 - 2.726%

315

B.A.T. Capital Corp.

Corporate Debt - due 09/25/2040 - 3.734%

B.A.T. Capital Corp.

Corporate Debt - due 03/16/2052 - 5.650%

113

B.A.T. Capital Corp.

Corporate Debt - due 03/16/2032 - 4.742%

865

Bayer US Finance II LLC 144A

Corporate Debt - due 12/15/2028 - 4.375%

832

BNP Paribas S.A.

Corporate Debt - due 10/15/2024 - 4.250%

469

BNP Paribas S.A. 144A

Corporate Debt - due 09/28/2025 - 4.375%

709

BNP Paribas S.A. 144A

Corporate Debt - due 03/13/2027 - 4.625%

907

BNP Paribas S.A. 144A

Corporate Debt - due 08/12/2035 - Variable

164

BNSF Railway Co. 2007-1 Pass Through Trust

Corporate Debt - due 04/01/2024 - 5.996%

Boston Properties LP

Corporate Debt - due 02/01/2026 - 3.650%

217

Boston Properties LP

Corporate Debt - due 01/15/2025 - 3.200%

170

Boston Properties LP

Corporate Debt - due 03/15/2030 - 2.900%

257

Boston Properties LP

Corporate Debt - due 01/30/2031 - 3.250%

258

Boston Properties LP

Corporate Debt - due 01/15/2034 - 6.500%

423

Capital One Financial Corp.

Corporate Debt - due 02/05/2025 - 3.200%

415

Capital One Financial Corp.

Corporate Debt - due 10/29/2025 - 4.200%

466

Capital One Financial Corp.

Corporate Debt - due 05/10/2028 - Variable

172

Capital One Financial Corp.

Corporate Debt - due 05/10/2033 - Variable

172

Capital One Financial Corp.

Corporate Debt - due 06/08/2034 - Variable

180

Capital One Financial Corp.

Corporate Debt - due 10/30/2031 - Variable

110

CCO Holdings LLC / CCO Holdings Capital Corp. 144A

Corporate Debt - due 06/01/2033 - 4.500%

423

CCO Holdings LLC / CCO Holdings Capital Corp. 144A

Corporate Debt - due 01/15/2034 - 4.250%

345

CCO Holdings LLC / CCO Holdings Capital Corp.

Corporate Debt - due 05/01/2032 - 4.500%

193

CEMEX S.A.B. de C.V. 144A

Corporate Debt - due 11/19/2029 - 5.450%

197

CEMEX S.A.B. de C.V. 144A

Corporate Debt - due 09/17/2030 - 5.200%

530

The Charles Schwab Corp.

Corporate Debt - due 05/19/2029 - Variable

154

The Charles Schwab Corp.

Corporate Debt - due 05/19/2034 - Variable

The Charles Schwab Corp.

Corporate Debt - due 08/24/2034 - Variable

105

The Charles Schwab Corp.

Corporate Debt - due 11/17/2029 - Variable

367

Charter Communications Operating LLC

Corporate Debt - due 10/23/2045 - 6.484%

1,331

Charter Communications Operating LLC

Corporate Debt - due 05/01/2047 - 5.375%

277

Charter Communications Operating LLC

Corporate Debt - due 04/01/2048 - 5.750%

557

Charter Communications Operating LLC

Corporate Debt - due 04/01/2033 - 4.400%

Charter Communications Operating LLC

Corporate Debt - due 04/01/2053 - 5.250%

252

The Cigna Group

Corporate Debt - due 10/15/2028 - 4.375%

149

The Cigna Group

Corporate Debt - due 05/15/2027 - 7.875%

207

Citigroup, Inc.

Corporate Debt - due 06/15/2032 - 6.625%

272

Citigroup, Inc.

Corporate Debt - due 08/05/2024 - 4.000%

519

Citigroup, Inc.

Corporate Debt - due 03/17/2033 - Variable

383

Cox Communications, Inc. 144A

Corporate Debt - due 02/01/2025 - 3.850%

403

Cox Communications, Inc. 144A

Corporate Debt - due 08/15/2027 - 3.500%

143

Cox Communications, Inc. 144A

Corporate Debt - due 10/01/2030 - 1.800%

163

CVS Health Corp.

Corporate Debt - due 03/25/2038 - 4.780%

261

CVS Health Corp.

Corporate Debt - due 04/01/2040 - 4.125%

151

Dillard's, Inc.

Corporate Debt - due 05/15/2027 - 7.750%

444

Dominion Energy, Inc.

Corporate Debt - due 10/01/2054 - Variable

688

Dominion Energy, Inc.

Corporate Debt - due 04/15/2026 - 1.450%

185

The Dow Chemical Co.

Corporate Debt - due 05/15/2039 - 9.400%

283

Elanco Animal Health, Inc.

Corporate Debt - due 08/28/2028 - Variable

389

Enel Finance International N.V. 144A

Corporate Debt - due 09/15/2037 - 6.800%

273

Enel Finance International N.V. 144A

Corporate Debt - due 10/07/2039 - 6.000%

509

Ford Motor Credit Co. LLC

Corporate Debt - due 06/16/2025 - 5.125%

444

Ford Motor Credit Co. LLC

Corporate Debt - due 08/10/2026 - 2.700%

672

Ford Motor Credit Co. LLC

Corporate Debt - due 03/06/2026 - 6.950%

205

Ford Motor Credit Co. LLC

Corporate Debt - due 05/12/2028 - 6.800%

732

Ford Motor Credit Co. LLC

Corporate Debt - due 01/09/2024 - 3.810%

225

Ford Motor Credit Co. LLC

Corporate Debt - due 11/01/2024 - 4.063%

491

GE Healthcare Technologies, Inc.

Corporate Debt - due 11/22/2032 - 5.905%

347

The Goldman Sachs Group, Inc.

Corporate Debt - due 03/15/2028 - Variable

816

HCA, Inc.

Corporate Debt - due 06/15/2039 - 5.125%

239

HCA, Inc. 144A

Corporate Debt - due 03/15/2032 - 3.625%

179

HSBC Holdings PLC

Corporate Debt - due 05/02/2036 - 6.500%

931

HSBC Holdings PLC

Corporate Debt - due 09/15/2037 - 6.500%

163

HSBC Holdings PLC

Corporate Debt - due 03/08/2026 - 4.300%

197

HSBC Holdings PLC

Corporate Debt - due 03/31/2030 - 4.950%

298

HSBC Holdings PLC

Corporate Debt - due 08/18/2031 - Variable

415

HSBC Holdings PLC

Corporate Debt - due 05/24/2025 - Variable

514

HSBC Holdings PLC

Corporate Debt - due 03/29/2033 - Variable

327

HSBC Holdings PLC

Corporate Debt - due 11/03/2033 - Variable

521

Imperial Brands Finance PLC 144A

Corporate Debt - due 07/26/2029 - 3.875%

724

Imperial Brands Finance PLC 144A

Corporate Debt - due 07/27/2027 - 6.125%

206

Imperial Brands Finance PLC 144A

Corporate Debt - due 07/21/2025 - 4.250%

1,252

JPMorgan Chase & Co.

Corporate Debt - due 04/22/2031 - Variable

281

JPMorgan Chase & Co.

Corporate Debt - due 05/13/2031 - Variable

1,584

JPMorgan Chase & Co.

Corporate Debt - due 09/14/2033 - Variable

466

Kinder Morgan, Inc.

Corporate Debt - due 06/01/2045 - 5.550%

169

Kinder Morgan Energy Partners

Corporate Debt - due 09/01/2039 - 6.500%

263

Kinder Morgan Energy Partners

Corporate Debt - due 08/15/2042 - 5.000%

474

Lloyds Banking Group PLC

Corporate Debt - due 11/15/2033 - Variable

544

Lloyds Banking Group PLC

Corporate Debt - due 11/04/2024 - 4.500%

568

Lloyds Banking Group PLC

Corporate Debt - due 03/24/2026 - 4.650%

514

Microchip Technology, Inc.

Corporate Debt - due 09/01/2024 - 0.983%

242

NatWest Group PLC

Corporate Debt - due 06/14/2027 - Variable

388

NatWest Group PLC

Corporate Debt - due 03/02/2034 - Variable

632

NatWest Group PLC

Corporate Debt - due 09/13/2029 - Variable

205

Nextera Energy Capital Holding

Corporate Debt - due 09/01/2024 - 4.255%

223

Nextera Energy Capital Holding

Corporate Debt - due 03/01/2025 - 6.051%

101

Nextera Energy Capital Holding

Corporate Debt - due 09/01/2025 - 5.749%

126

Nextera Energy Capital Holding

Corporate Debt - due 07/15/2027 - 4.625%

350

Nordstrom, Inc.

Corporate Debt - due 03/15/2028 - 6.950%

271

Occidental Petroleum Corp.

Corporate Debt - due 08/15/2024 - 2.900%

1,057

Petrobras Global Finance B.V.

Corporate Debt - due 03/19/2049 - 6.900%

298

Petroleos Mexicanos

Corporate Debt - due 06/15/2035 - 6.625%

537

Petroleos Mexicanos

Corporate Debt - due 02/16/2032 - 6.700%

1,229

Petroleos Mexicanos

Corporate Debt - due 01/23/2050 - 7.690%

1,795

Philip Morris International Inc.

Corporate Debt - due 11/17/2029 - 5.625%

Philip Morris International Inc.

Corporate Debt - due 11/17/2032 - 5.750%

Philip Morris International Inc.

Corporate Debt - due 02/15/2033 - 5.375%

205

Prosus N.V. 144A

Corporate Debt - due 07/06/2027 - 4.850%

626

Prosus N.V. 144A

Corporate Debt - due 01/21/2030 - 3.680%

614

Prosus N.V. 144A

Corporate Debt - due 07/13/2031 - 3.061%

991

Prosus N.V. 144A

Corporate Debt - due 01/19/2032 - 4.193%

173

Prosus N.V. 144A

Corporate Debt - due 01/19/2052 - 4.987%

470

Rio Oil Finance Trust Series 144A

Corporate Debt - due 01/06/2027 - 9.750%

403

Rio Oil Finance Trust Series 144A

Corporate Debt - due 04/06/2028 - 8.200%

612

RTX Corp.

Corporate Debt - due 03/15/2031 - 6.000%

160

RTX Corp.

Corporate Debt - due 03/15/2034 - 6.100%

163

SLM Student Loan Trust 20 3 A6

Corporate Debt - due 04/25/2040 - Variable

2,356

SLM Student Loan Trust 20 3 A6

Corporate Debt - due 01/25/2041 - Variable

3,111

The Southern Co.

Corporate Debt - due 08/01/2024 - Variable

297

The Southern Co.

Corporate Debt - due 08/01/2027 - Variable

431

The Southern Co.

Corporate Debt - due 01/15/2051 - Variable

713

The Southern Co.

Corporate Debt - due 09/15/2051 - Variable

524

The Southern Co.

Corporate Debt - due 06/15/2028 - 4.850%

176

Telecom Italia Capital S.A.

Corporate Debt - due 07/18/2036 - 7.200%

126

Telecom Italia Capital S.A.

Corporate Debt - due 06/04/2038 - 7.721%

560

Telecom Italia Spa/Milano 144A

Corporate Debt - due 05/30/2024 - 5.303%

1,020

Time Warner Cable LLC

Corporate Debt - due 07/01/2038 - 7.300%

336

T-Mobile USA, Inc.

Corporate Debt - due 04/15/2030 - 3.875%

403

T-Mobile USA, Inc.

Corporate Debt - due 02/15/2026 - 2.250%

308

T-Mobile USA, Inc.

Corporate Debt - due 04/15/2031 - 3.500%

685

TransCanada Trust

Corporate Debt - due 05/20/2075 - Variable

542

TransCanada Trust

Corporate Debt - due 08/15/2076 - Variable

473

TransCanada Trust

Corporate Debt - due 03/15/2077 - Variable

955

TransCanada Trust

Corporate Debt - due 09/15/2079 - Variable

513

UBS Group Ag 144A

Corporate Debt - due 09/22/2034 - Variable

478

UBS Group Ag 144A

Corporate Debt - due 01/12/2034 - Variable

777

Ultrapar International S.A. 144A

Corporate Debt - due 10/06/2026 - 5.250%

340

UniCredit S.P.A. 144A

Corporate Debt - due 04/02/2034 - Variable

875

UniCredit S.P.A. 144A

Corporate Debt - due 06/30/2035 - Variable

329

Union Pacific Railroad Co. 2006

Corporate Debt - due 07/02/2030 - 5.866%

270

VMware, Inc.

Corporate Debt - due 08/15/2026 - 1.400%

229

The Walt Disney Co.

Corporate Debt - due 11/15/2037 - 6.650%

265

Wells Fargo & Co.

Corporate Debt - due 06/03/2026 - 4.100%

245

Wells Fargo & Co.

Corporate Debt - due 07/22/2027 - 4.300%

416

Wells Fargo & Co.

Corporate Debt - due 03/02/2033 - Variable

241

Wells Fargo & Co.

Corporate Debt - due 07/25/2033 - Variable

146

California State

Municipal Debt - due 10/01/2039 - 7.300%

695

Colombia Government International

Municipal Debt - due 02/26/2044 - 5.625%

441

Illinois State

Municipal Debt - due 06/01/2033 - 5.100%

742

Los Angeles CA Unified School District

Municipal Debt - due 07/01/2034 - 6.758%

480

New Jersey State Turnpike Authority

Municipal Debt - due 01/01/2041 - 7.102%

725

Univ. Of California CA Rgts Med

Municipal Debt - due 05/15/2053 - 4.563%

233

Citigroup Capital XIII

Preferred Stock - due 10/30/2040 - 11.949%

850

JPMorgan Chase & Co.

Preferred Stock - due 09/01/2030 - 8.750%

541

Vodafone Group PLC

Preferred Stock - due 04/04/2079 - Variable

619

FHLMC Multiclass Mtg 2957 VZ

U.S. Government Securities - due 02/15/2035 - 5.000%

199

FHLMC Multiclass Mtg 4283 EW

U.S. Government Securities - due 12/15/2043 - Variable

FHLMC Multiclass Mtg 4315 JZ

U.S. Government Securities - due 03/15/2044 - 3.500%

1,164

FHLMC Multiclass Mtg 4319 MA

U.S. Government Securities - due 03/15/2044 - Variable

120

FHLMC Multiclass Mtg 4440 ZD

U.S. Government Securities - due 02/15/2045 - 2.500%

2,286

FHLMC Pool #1H-2592

U.S. Government Securities - due 01/01/2036 - Variable

FHLMC Pool #78-1274

U.S. Government Securities - due 02/01/2034 - Variable

FHLMC Pool #84-0286

U.S. Government Securities - due 05/01/2046 - Variable

FHLMC Pool #84-1463

U.S. Government Securities - due 07/01/2052 - Variable

931

FHLMC Pool #84-9254

U.S. Government Securities - due 01/01/2042 - Variable

FHLMC Pool #84-9327

U.S. Government Securities - due 05/01/2044 - Variable

129

FHLMC Pool #84-9505

U.S. Government Securities - due 10/01/2044 - Variable

FHLMC Pool #84-9544

U.S. Government Securities - due 12/01/2044 - Variable

FHLMC Pool #84-9625

U.S. Government Securities - due 01/01/2045 - Variable

FHLMC Pool #84-9626

U.S. Government Securities - due 08/01/2044 - Variable

FHLMC Pool #84-9849

U.S. Government Securities - due 10/01/2045 - Variable

FHLMC Pool #C9-0981

U.S. Government Securities - due 07/01/2026 - 6.500%

FHLMC Pool #C9-1013

U.S. Government Securities - due 01/01/2027 - 6.500%

FHLMC Pool #G0-7600

U.S. Government Securities - due 03/01/2042 - 4.500%

104

FHLMC Pool #G0-8723

U.S. Government Securities - due 08/01/2046 - 4.000%

671

FHLMC Pool #G6-0153

U.S. Government Securities - due 10/01/2044 - 4.500%

FHLMC Pool #G6-0764

U.S. Government Securities - due 10/01/2042 - 4.500%

111

FHLMC Pool #G6-1080

U.S. Government Securities - due 03/01/2047 - 4.500%

683

FHLMC Pool #H0-1774

U.S. Government Securities - due 09/01/2037 - 6.500%

FHLMC Pool #H0-9197

U.S. Government Securities - due 10/01/2038 - 6.500%

FHLMC Pool #H0-9212

U.S. Government Securities - due 05/01/2038 - 5.500%

FHLMC Pool #Q0-3517

U.S. Government Securities - due 09/01/2041 - 4.500%

FHLMC Pool #Qe-0768

U.S. Government Securities - due 04/01/2052 - 3.500%

576

FHLMC Pool #Qe-7330

U.S. Government Securities - due 07/01/2052 - 3.500%

3,757

FHLMC Pool #Ra-2958

U.S. Government Securities - due 07/01/2050 - 2.000%

1,215

FHLMC Pool #Ra-3167

U.S. Government Securities - due 07/01/2050 - 2.000%

1,911

FHLMC Pool #Ra-7063

U.S. Government Securities - due 04/01/2052 - 3.500%

1,951

FHLMC Pool #Ra-7656

U.S. Government Securities - due 07/01/2052 - 3.500%

3,947

FHLMC Pool #Rb-5141

U.S. Government Securities - due 01/01/2042 - 2.000%

851

FHLMC Pool #Sd-0752

U.S. Government Securities - due 11/01/2051 - 2.500%

1,132

FHLMC Pool #Sd-2253

U.S. Government Securities - due 12/01/2052 - 3.500%

522

FHLMC Pool #Sd-7530

U.S. Government Securities - due 11/01/2050 - 2.500%

1,250

FHLMC Pool #Sd-7536

U.S. Government Securities - due 02/01/2051 - 2.500%

675

FHLMC Pool #Sd-8194

U.S. Government Securities - due 01/01/2052 - 2.500%

2,978

FHLMC Pool #Sd-8214

U.S. Government Securities - due 05/01/2052 - 3.500%

943

FHLMC Pool #Sd-8255

U.S. Government Securities - due 10/01/2052 - 3.500%

3,451

FNMA GTD Remic P/T 01-79 BA

U.S. Government Securities - due 03/25/2045 - 7.000%

FNMA GTD Remic P/T 01-T10 A1

U.S. Government Securities - due 12/25/2041 - 7.000%

FNMA GTD Remic P/T 04-W2 5A

U.S. Government Securities - due 03/25/2044 - 7.500%

FNMA GTD Remic P/T 07-50 DZ

U.S. Government Securities - due 06/25/2037 - 5.500%

154

FNMA GTD Remic P/T 07-W10 2A

U.S. Government Securities - due 08/25/2047 - Variable

FNMA GTD Remic P/T 12-46 BA

U.S. Government Securities - due 05/25/2042 - 6.000%

139

FNMA GTD Remic P/T 13-128 CF

U.S. Government Securities - due 12/25/2043 - Variable

297

FNMA Pool #0256851

U.S. Government Securities - due 08/01/2037 - 7.000%

FNMA Pool #0735503

U.S. Government Securities - due 04/01/2035 - 6.000%

FNMA Pool #0735608

U.S. Government Securities - due 03/01/2035 - Variable

FNMA Pool #0745329

U.S. Government Securities - due 07/01/2035 - 6.000%

FNMA Pool #0884704

U.S. Government Securities - due 06/01/2036 - Variable

FNMA Pool #0888154

U.S. Government Securities - due 11/01/2036 - Variable

FNMA Pool #0888367

U.S. Government Securities - due 03/01/2037 - 7.000%

100

FNMA Pool #0889984

U.S. Government Securities - due 10/01/2038 - 6.500%

FNMA Pool #0976853

U.S. Government Securities - due 11/01/2029 - 5.500%

FNMA Pool #0995487

U.S. Government Securities - due 08/01/2037 - 6.000%

FNMA Pool #0Ab1763

U.S. Government Securities - due 11/01/2030 - 4.000%

FNMA Pool #0Ab8086

U.S. Government Securities - due 10/01/2037 - 6.000%

FNMA Pool #0Ad0121

U.S. Government Securities - due 09/01/2029 - 4.500%

FNMA Pool #0Ad0130

U.S. Government Securities - due 08/01/2039 - 6.500%

FNMA Pool #0Ad0198

U.S. Government Securities - due 09/01/2038 - 5.500%

FNMA Pool #0Ad0217

U.S. Government Securities - due 08/01/2037 - 6.000%

FNMA Pool #0Ad0218

U.S. Government Securities - due 09/01/2036 - 6.000%

FNMA Pool #0Ad0964

U.S. Government Securities - due 11/01/2039 - 5.500%

136

FNMA Pool #0Al1845

U.S. Government Securities - due 06/01/2039 - Variable

FNMA Pool #0Al1900

U.S. Government Securities - due 08/01/2026 - 4.500%

FNMA Pool #0Al4577

U.S. Government Securities - due 01/01/2034 - 4.500%

FNMA Pool #0Al5145

U.S. Government Securities - due 10/01/2033 - 4.000%

146

FNMA Pool #0Al5749

U.S. Government Securities - due 07/01/2042 - 4.500%

103

FNMA Pool #0Al6120

U.S. Government Securities - due 11/01/2044 - Variable

199

FNMA Pool #0Al6132

U.S. Government Securities - due 03/01/2029 - 4.500%

FNMA Pool #0Al6245

U.S. Government Securities - due 01/01/2045 - Variable

FNMA Pool #0Al7205

U.S. Government Securities - due 12/01/2029 - 3.500%

FNMA Pool #0Al7384

U.S. Government Securities - due 09/01/2045 - 4.500%

FNMA Pool #0Al8556

U.S. Government Securities - due 08/01/2044 - 4.500%

473

FNMA Pool #0Al8816

U.S. Government Securities - due 09/01/2045 - 4.500%

119

FNMA Pool #0Al8919

U.S. Government Securities - due 07/01/2046 - Variable

FNMA Pool #0Al9407

U.S. Government Securities - due 09/01/2042 - 4.500%

FNMA Pool #0Al9781

U.S. Government Securities - due 02/01/2046 - 4.500%

180

FNMA Pool #0Ao4105

U.S. Government Securities - due 06/01/2042 - Variable

FNMA Pool #0Ao8469

U.S. Government Securities - due 05/01/2042 - Variable

FNMA Pool #0Ap7562

U.S. Government Securities - due 09/01/2042 - Variable

FNMA Pool #0Aw4697

U.S. Government Securities - due 05/01/2044 - Variable

FNMA Pool #0Bf0118

U.S. Government Securities - due 06/01/2056 - 4.500%

253

FNMA Pool #0Bh7071

U.S. Government Securities - due 12/01/2047 - 4.500%

160

FNMA Pool #0Bm1357

U.S. Government Securities - due 01/01/2043 - 4.500%

244

FNMA Pool #0Bm6149

U.S. Government Securities - due 10/01/2049 - Variable

154

FNMA Pool #0Bm6908

U.S. Government Securities - due 04/01/2052 - Variable

833

FNMA Pool #0Bm6921

U.S. Government Securities - due 05/01/2052 - Variable

1,375

FNMA Pool #0Ca6271

U.S. Government Securities - due 07/01/2050 - 2.500%

2,558

FNMA Pool #0Ca6398

U.S. Government Securities - due 07/01/2050 - 2.500%

974

FNMA Pool #0Ca6662

U.S. Government Securities - due 08/01/2050 - 2.000%

2,044

FNMA Pool #0Ca6925

U.S. Government Securities - due 09/01/2050 - 2.000%

1,019

FNMA Pool #0Ca8099

U.S. Government Securities - due 12/01/2050 - 2.000%

1,639

FNMA Pool #0Ca8847

U.S. Government Securities - due 02/01/2051 - 2.000%

1,642

FNMA Pool #0Cb3576

U.S. Government Securities - due 05/01/2052 - 3.000%

2,979

FNMA Pool #0Cb3841

U.S. Government Securities - due 06/01/2052 - 3.500%

1,711

FNMA Pool #0Fm7599

U.S. Government Securities - due 01/01/2051 - 3.500%

1,832

FNMA Pool #0Fm8206

U.S. Government Securities - due 08/01/2051 - 2.500%

340

FNMA Pool #0Fm8768

U.S. Government Securities - due 02/01/2051 - 2.500%

272

FNMA Pool #0Fs1453

U.S. Government Securities - due 04/01/2052 - 3.500%

2,871

FNMA Pool #0Ma0232

U.S. Government Securities - due 11/01/2029 - 4.500%

FNMA Pool #0Ma2366

U.S. Government Securities - due 08/01/2035 - 4.000%

103

FNMA Pool #0Ma2455

U.S. Government Securities - due 11/01/2035 - 4.000%

209

FNMA Pool #0Ma2480

U.S. Government Securities - due 12/01/2035 - 4.000%

113

FNMA Pool #0Ma2880

U.S. Government Securities - due 01/01/2037 - 4.000%

560

FNMA Pool #0Ma2923

U.S. Government Securities - due 03/01/2037 - 3.500%

249

FNMA Pool #0Ma4933

U.S. Government Securities - due 01/01/2053 - 3.500%

597

GNMA GTD Remic P/T 15-H23 FA

U.S. Government Securities - due 09/20/2065 - Variable

388

GNMA GTD Remic P/T 16-H24 FD

U.S. Government Securities - due 11/20/2066 - Variable

772

GNMA GTD Remic P/T 17-H24 FQ

U.S. Government Securities - due 11/20/2067 - Variable

1,253

GNMA GTD Remic P/T 19-H02 FG

U.S. Government Securities - due 12/20/2068 - Variable

296

GNMA GTD Remic P/T 19-H17 FA

U.S. Government Securities - due 11/20/2069 - Variable

419

GNMA GTD Remic P/T 20-H01 FV

U.S. Government Securities - due 01/20/2070 - Variable

2,464

GNMA GTD Remic P/T 21-H19 FM

U.S. Government Securities - due 12/20/2071 - Variable

739

GNMA GTD Remic P/T 22-H08 FE

U.S. Government Securities - due 03/20/2072 - Variable

741

GNMA GTD Remic P/T 22-H09 FA

U.S. Government Securities - due 04/20/2072 - Variable

1,075

GNMA GTD Remic P/T 23-H04 FC

U.S. Government Securities - due 01/20/2073 - Variable

929

SBA GTD Partn Ctfs 2006-20E 1

U.S. Government Securities - due 05/01/2026 - 5.870%

SBA GTD Partn Ctfs 2007-20B 1

U.S. Government Securities - due 02/01/2027 - 5.490%

SBA GTD Partn Ctfs 2007-20D 1

U.S. Government Securities - due 04/01/2027 - 5.320%

U.S. Treasury Bond

U.S. Government Securities - due 05/15/2052 - 2.875%

1,000

U.S. Treasury Bond

U.S. Government Securities - due 08/15/2052 - 3.000%

1,648

U.S. Treasury Bond

U.S. Government Securities - due 08/15/2042 - 3.375%

1,640

U.S. Treasury Bond

U.S. Government Securities - due 02/15/2053 - 3.625%

413

U.S. Treasury Bond

U.S. Government Securities - due 05/15/2053 - 3.625%

1,082

U.S. Treasury Bond

U.S. Government Securities - due 08/15/2053 - 4.125%

7,760

U.S. Treasury Note

U.S. Government Securities - due 05/15/2033 - 3.375%

3,505

U.S. Treasury Note

U.S. Government Securities - due 11/15/2033 - 4.500%

1,683

U.S. Treasury Note

U.S. Government Securities - due 11/30/2030 - 4.375%

2,060

U.S. Treasury Note - CPI Inflation

U.S. Government Securities - due 02/15/2053 - 1.500%

949

Total Debt Securities

165,018

Mutual Funds

Dodge & Cox Stock Fund Class X

Mutual fund

352,024

Neuberger Berman Genesis Fund Class R-6

Mutual fund

193,789

Total Mutual Funds

545,813

Brokerage Securities

Brokerage securities

Self-directed brokerage securities

42,750

Total Brokerage Securities

42,750

BNY Mellon Cash Reserve

Interest-bearing cash

Total Investments

3,849,678

Loans To Participants

Loan interest rates range from 4.25% to 9.5% with various maturities through November 2043

70,192

Total

$3,919,870

* Party-in-interest

** Cost information is not required for participant-directed investments and therefore is not included.