Dow Inc.

06/13/2025 | Press release | Distributed by Public on 06/13/2025 05:07

Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)


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

FORM 11-K

(Mark One)
þ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number: 001-38646


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

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

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

Dow Inc.
2211 H.H. Dow Way
Midland, MI 48674


REQUIRED INFORMATION

Financial statements at December 31, 2024 and 2023 and year ended December 31, 2024, supplemental schedule at December 31, 2024 and Report of Independent Registered Public Accounting Firm.











The Dow Chemical
Company Employees'
Savings Plan
Financial Statements at December 31, 2024 and 2023,
and for year ended December 31, 2024 and Supplemental
Schedule at December 31, 2024



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
TABLE OF CONTENTS
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits at December 31, 2024 and 2023
2
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024
3
Notes to Financial Statements at December 31, 2024 and 2023, and for the year ended December 31, 2024
4
SUPPLEMENTAL SCHEDULE
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024
9
APPENDICES
11
EXHIBIT INDEX
33
SIGNATURES
34


Report of Independent Registered Public Accounting Firm

To Plan Participants and 401(k) Investment Committee of
The Dow Chemical Company Employees' Savings Plan
Midland, Michigan

Opinion on the Financial Statements

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

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 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 risk 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 the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedule H, Line 4i - Schedule of Assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ BDO USA, P.C.
BDO USA, P.C.
Grand Rapids, Michigan
June 13, 2025

We have served as the Plan's auditor since 2019.
1

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 2024 and 2023
In millions 2024 2023
Assets
Investments - at fair value (Note 3) $ 9,458 $ 8,555
Fully benefit-responsive investment contracts - at contract value 1,255 1,504
Receivables - interest, dividends and other 32 20
Receivables - participant notes 106 97
Total Assets 10,851 10,176
Liabilities
Other payables 21 11
Net Assets Available For Benefits $ 10,830 $ 10,165
See Notes to Financial Statements.

2

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2024


In millions 		2024
Additions
Investment income
Net realized/unrealized gain on investments $ 1,143
Interest and dividends 64
Total investment income 1,207
Employer contributions 229
Employee contributions 287
Interest on participant notes receivable 7
Total additions 1,730
Deductions
Distributions and withdrawals 1,064
Administrative expenses 1
Total deductions 1,065
Net increase 665
Net Assets Available for Benefits
Beginning of year 10,165
End of year $ 10,830
See Notes to Financial Statements.
3

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

1.DESCRIPTION OF THE PLAN
The following description of The Dow Chemical Company Employees' Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan document or the Summary Plan Description provided to all participants for a more complete description of the Plan's provisions.

General - The Plan is a defined contribution plan consisting of a profit sharing plan with a cash or deferred feature, which is intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code as of 1986, as amended ("Code"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. The Plan covers any person who is or becomes an eligible employee of The Dow Chemical Company (the "Company" or "TDCC") or of certain of TDCC's subsidiaries, including former employees with balances in the Plan. On April 1, 2019, Dow Inc. became the direct parent company of TDCC. Dow Inc. is an independent, publicly traded company and Dow Inc. common stock is listed on the New York Stock Exchange under the symbol "DOW."

Employee Contributions - Plan participants generally may elect to contribute from 0.5% to 40.0% of their compensation, depending on the participant's eligible pay, limited to a 0.5% minimum contribution. The maximum yearly gross compensation pre-tax or Roth 401(k) contribution made through payroll deductions was $23,000 in 2024. Participants who attained age 50 before the end of the plan year were eligible to make additional catch-up contributions in the amount of $7,500 in 2024. Plan participants may elect to increase, decrease, suspend or resume compensation deferrals at any time. New elections are effective as soon as practicable after the request is processed. Newly hired eligible employees not electing to enroll within a reasonable period of time are automatically enrolled to contribute 6% of their eligible pay to the Plan unless the employee elects to opt out. The automatic contributions will increase by 1% each year effective April 1, until the contribution rate reaches 15%, unless the employee designates otherwise. The contributions default to the applicable BlackRock® ("BR") LifePath® Fund based on the employee's date of birth, unless otherwise designated by the employee.

Company Contributions - In general, the Company's matching contribution provides a 100% match on the first 4% eligible pay deferrals and a 50% match on the next 2% of eligible pay deferrals. Effective January 1, 2024, all eligible U.S. employees receive an automatic non-elective contribution to the Plan of 4% of their eligible compensation. A small number of participants in certain unions referred to as "Legacy Union Employees" in the summary plan description are subject to different provisions. In addition, effective January 1, 2024, the Company implemented The Dow Student Debt Retirement Savings Match for eligible participants, allowing student debt payments to count as contributions, making them eligible for company match.

In the first quarter of 2025, the Company contributed $11.7 million to Plan participants, as required under the Plan's true-up provisions for the year ended December 31, 2024.

Dividends - Participants invested in the Dow Inc. stock fund may elect to receive dividends as a distribution rather than reinvesting dividends within the participant account.

Account Valuation - Participant account balances reflect the total contributions made to the Plan by employees and the Company, plus investment results, less expenses and withdrawals.

Vesting - Participants are immediately vested in all amounts credited to their Plan account, including employee contributions, Company contributions and investment earnings.

Benefits Distribution - Benefits are generally distributable upon termination of employment as a lump-sum payment or partial withdrawal or may be deferred until minimum distributions are required by law. The Plan makes a lump-sum payment to terminated participants who have a balance that does not exceed $1,000. Active employees may request in-service distributions upon the attainment of age 59-1/2. Active employees under the age of 59-1/2 may request a distribution in the event of a financial hardship as defined by the Plan.

4

Participant Notes Receivable - Active participants, retirees and terminated participants may borrow from their employee contributions, plus earnings on those contributions, with a minimum note receivable of $1,000. Participant notes receivable are limited to the smaller of 50% of the total account balance or $50,000, less the highest outstanding participant note receivable balance in the preceding 12 months.

Note receivable repayments for active employees are made through payroll deductions on an after tax basis, with a minimum term of six months and a maximum of 60 months for any purpose other than the purchase of a primary residence and a minimum term of six months and a maximum of 120 months for participant note receivable for the purpose of purchasing a primary residence. Repayments, both interest and principal, are credited to the participant's account and are allocated among the fund options according to the participant's current investment election. A fixed interest rate is applied to the note receivable. This rate is generally equal to the prime rate on the last day of each calendar quarter before the loan is processed. The range of interest rates on notes receivable outstanding, excluding deemed loans, at December 31, 2024 and 2023 was 3.25% to 8.5%.

Investments - Participants direct the investment of their contributions into various investment options offered by the Plan.

Related Party and Party-In-Interest Transactions - Administrative expenses of the trustee are charged to the Plan. The assets of the Plan are held by Fidelity Management Trust Company ("Fidelity"), who acts as independent trustee, custodian and recordkeeper for the investments in the Plan, except the assets held by Synthetic Guaranteed Investment Contracts ("Synthetic GICs"), which are custodied at Bank of New York Mellon ("BNY Mellon"). Fidelity manages certain Plan investments. All transactions with Fidelity and BNY Mellon qualify as party-in-interest transactions. Invesco Trust Company acts as a subadvisor on the Plan's Interest Income fund, manages assets in that fund and contracts on the Plan's behalf with the Synthetic GICs' insurers.

Plan investments include shares of common stock of TDCC's parent company, Dow Inc., and the Plan holds notes receivable from Plan participants.

Amendment or Termination - The Plan does not have an expiration date. The Company may at any time terminate, amend or modify the Plan, subject to certain rights of the Plan participants. Upon termination of the Plan, each participant is entitled to receive the entire balance in his or her account in accordance with the terms of the Plan.


2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Contributions - Employee contributions and related employer contributions, are recognized in the period during which the Company makes payroll deductions from the employee's compensation.

Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of Dow Inc., mutual funds and certain money market funds are stated at fair value based upon the quoted market value of such securities at year end. The investments in common/collective trusts are valued at net asset value ("NAV") per share (or its equivalent) of the fund, based on the fair values of the underlying net assets. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. There are no redemption restrictions or unfunded commitments on these investments. Temporary investments are investments in short term money market funds in the respective investment funds. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in the fair value of investments includes the Plan's gains and losses on investments bought and sold, as well as held, during the year.
5

Investments of the Interest Income Fund ("Fund") included in the Plan consist of Synthetic GICs, bonds, a money market fund and a common collective trust fund. All of the Plan's Synthetic GICs are fully benefit-responsive and are recorded at contract value. Contract value is the amount participants would normally receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents deposits made to the contract plus earnings at guaranteed crediting rates less withdrawals and applicable fees. Synthetic GICs operate similarly to an insurance company separate account investment contract, except that the assets are placed in a separate custodial account (owned by the Plan) rather than such assets being held in a separate account of the insurance company. A Synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio, owned by the Plan, of high-quality, intermediate term fixed income securities or common/collective trusts holding similar investments. The Plan purchases a wrapper contract from financial services institutions.

In addition to holding certain assets, Synthetic GICs include features designed to provide participant liquidity at book value as well as periodic interest crediting rates. The liquidity feature is also known as "benefit responsiveness."

The Synthetic GICs provide for prospective crediting interest rate adjustments based on the interest earnings and fair value of the underlying assets. The crediting interest rates are reset monthly and the contracts guarantee that the crediting interest rates cannot be less than zero.

Certain events may limit the ability of the Plan to transact at contract value with the insurance company and the financial institution issuer. Such events include the following: (i) amendments to the plan documents (including complete or partial plan termination or merger with another plan); (ii) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions; (iii) bankruptcy of the plan sponsor or other plan sponsor events (e.g., divestitures or spin offs of a subsidiary) which cause a significant withdrawal from the Plan; or (iv) the failure of the Plan to qualify for exemption from federal income taxes or any required exemption of prohibited transactions under ERISA. The plan administrator does not believe that the occurrence of any such event that may limit the Plan's ability to transact at contract value is probable.

Synthetic GICs generally impose conditions on both the Plan and the issuer. If an event of default occurs and is not resolved, the non-defaulting party may terminate the contract. The following may cause the Plan to be in default: a breach of material obligation under the contract; a material misrepresentation; or a material amendment to the plan agreement. The issuer may be in default if it breaches a material obligation under the investment contract; makes a material misrepresentation; or is acquired or reorganized and the successor issuer does not satisfy the investment or credit guidelines applicable to issuers. If, in the event of default of an issuer, the Plan were unable to obtain a replacement investment contract, losses may occur if the market value of the Plan's assets, which were covered by the contract, is below the contract value. The Plan may seek to add additional issuers over time to diversify the Plan's exposure to such risk, but there is no assurance the Plan may be able to do so. The combination of the default of an issuer and an inability to obtain a replacement agreement could render the Plan unable to achieve its objective of maintaining a stable contract value. The terms of an investment contract generally provide for settlement of payments only upon termination of the contract or total liquidation of the covered investments. Generally, payments will be made pro rata, based on the percentage of investments covered by each issuer. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default.

If the contract terminates due to issuer default (other than a default occurring because of a decline in its rating), the issuer will generally be required to pay to the Plan the excess, if any, of contract value over market value on the date of termination. If a contract terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to the Plan the cost of acquiring a replacement contract (i.e., replacement cost) within the meaning of the contract. If the contract terminates when the market value equals zero, the issuer will pay the excess of contract value over market value to the Plan to the extent necessary for the Plan to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.

Changes in fixed income market conditions and interest rates may affect the yield to maturity and the market value of the underlying investments. Such changes could have a material impact on the Synthetic GIC's future interest crediting rates. In addition, participant withdrawals from and transfers out of the Interest Income Fund made according to Plan provisions are paid at contract value but funded through the market value liquidation of the underlying investments. This process of funding participant withdrawals and transfers from market value liquidations of underlying investments may also have an effect on future interest crediting rates.

6

Other Receivables and Other Payables - Other receivables and other payables include the true-up employer contributions and investment securities sold and purchased during the reporting period that were not settled at the reporting date. Settlement can take up to three business days after the trade date, which is the standard in the industry.

Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.

Benefits Payable - Amounts payable to persons who have withdrawn from participation are not recorded as a liability of the Plan. Benefits payable to participants who had withdrawn from participation in the Plan at December 31, 2024 and 2023 were insignificant.

Federal Income Tax Status - The Internal Revenue Service has determined and informed the Company by a letter dated September 2, 2014, that the Plan is qualified and the trust established under the Plan is tax exempt under the appropriate sections of the Code. Although the Plan has been amended since receiving the determination letter, the plan administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.

In accordance with guidance on accounting for uncertainty in income taxes, management evaluated the Plan's tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The Plan is subject to routine audits by taxing authorities; however, there are currently no audits for any tax periods in progress.

Risks and Uncertainties - The Plan invests in various investment instruments, including shares of the common stock of Dow Inc. Investment securities, in general, are exposed to various risks, such as interest rate, credit 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 that such changes could materially affect the amounts reported in the financial statements.


3. FAIR VALUE
Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

For investments classified as Level 1 measurements, which are measured using quoted prices in active markets, the total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange in which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs.

For investments classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that security. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks.

For investments classified as Level 3 measurements, the total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment.

The investment's fair value level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
7

The following table presents information about certain assets of the Plan measured at fair value on a recurring basis:

Assets Measured at Fair Value on a Recurring Basis December 31, 2024 December 31, 2023
In millions Total Level 1 Total Level 1
Dow Inc. common stock $ 500 $ 500 $ 602 $ 602
Mutual funds
553 553 973 973
Temporary investments - Money market funds
41 41 58 58
Total categorized assets at fair value $ 1,094 $ 1,094 $ 1,633 $ 1,633
Fair value measured at net asset value per share:1
Common/collective trusts
8,364 6,922
Total assets at fair value $ 9,458 $ 8,555
1.Investments in common/collective trusts are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been categorized 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 amounts presented in the statements of net assets available for benefits.

The Plan's policy is to recognize transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer. There were no significant transfers between levels of the fair value hierarchy during 2024.


4. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 at December 31, 2024 and 2023:

Reconciliation of Net Assets Available for Benefits per the Financial Statements to Form 5500 at December 31
In millions 2024 2023
Net assets available for benefits per the financial statements $ 10,830 $ 10,165
Adjustment from contract value to fair value for fully benefit-responsive Synthetic GICs (82) (91)
Net assets available for benefits per Form 5500 $ 10,748 $ 10,074

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

Reconciliation of Net Increase in Net Assets Available for Benefits per the Financial Statements to Form 5500
In millions 2024
Net increase in net assets available for benefits per the financial statements $ 665
Change in adjustment from contract value to fair value for fully benefit-responsive Synthetic GICs 9
Net income per Form 5500 $ 674


5. SUBSEQUENT EVENTS
The Plan evaluated subsequent events from December 31, 2024 through June 13, 2025, the date these financials statements were available to be issued.
8

SUPPLEMENTAL SCHEDULE
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - B
AT DECEMBER 31, 2024
(c)
Description of Investment (e)
(b) Including Maturity Date, (d) Current
Identity of Issuer, Borrower, Rate of Interest, Collateral, Cost or Contract Value
(a) Lessor or Similar Party Par or Maturity Value Value (In millions)
* Dow Stock Dow Stock ** $ 500
NB Genesis R6 Mutual Fund ** 238
TRP High Yield Inst Mutual Fund ** 119
BTC LifePath RET T Common/Collective Trust ** 515
BTC LifePath 2030 T Common/Collective Trust ** 403
BTC LifePath 2035 T Common/Collective Trust ** 393
BTC LifePath 2040 T Common/Collective Trust ** 354
BTC LifePath 2045 T Common/Collective Trust ** 360
BTC LifePath 2050 T Common/Collective Trust ** 315
BTC LifePath 2055 T Common/Collective Trust ** 309
BTC LifePath 2060 T Common/Collective Trust ** 108
BTC LifePath 2065 T Common/Collective Trust ** 32
BTC LifePath 2070 T Common/Collective Trust ** 2
SS EMRG MKTS IDX II Common/Collective Trust ** 85
SS GACEQ EXUS IDX II Common/Collective Trust ** 154
INV GOVT Liquidty TR Common/Collective Trust ** 156
BBH Core Plus FX Inc Common/Collective Trust ** 144
FH MDT Mid Cap Growth Fund Common/Collective Trust ** 326
Franklin US Tips Common/Collective Trust ** 49
MKS Convertible Common/Collective Trust ** 29
MFS US REIT Fund Common/Collective Trust ** 55
BR Equity Index Common/Collective Trust ** 2,129
BR Extended EQ MKT Common/Collective Trust ** 410
BR US Debt Index NL Common/Collective Trust ** 131
Active Global ACW EQ Common/Collective Trust ** 241
Diverse Commodity Common/Collective Trust ** 17
Vang LT Treasury ADM Mutual Fund ** 44
Vang Dev Mkt IDX IP Mutual Fund ** 152
Small Cap Index Fund Common/Collective Trust ** 299
* Fidelity Contrafund Pool CL 3 Common/Collective Trust ** 1,348
* Interest Bearing Cash Temporary Investments ** 9
* Fidelity Short Term Investment Fund Temporary Investments ** 32
* Participant Notes Receivable Interest recorded at prime rate (3.25% - 8.5%) ** 106
Subtotal $ 9,564
* Represents a party-in-interest to the Plan
** Cost information not required
9

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - B
AT DECEMBER 31, 2024
(c)
Description of Investment (e)
(b) Including Maturity Date, (d) Current
Identity of Issuer, Borrower, Rate of Interest, Collateral, Cost or Contract Value
(a) Lessor or Similar Party Par or Maturity Value Value (In millions)
Guaranteed Investment Contracts
Pacific Life:
* G-27523.01.0001 (IGT) IGT Invesco ST Bond;
IGT PIMCO Core Fixed Income Fund; Synthetic GIC 		** 206
Voya Retirement & Annuity:
* #60031-A (IGT) IGT Invesco ST Bond;
IGT PIMCO Core Fixed Income Fund; Synthetic GIC 		** 219
Nationwide Life Insurance:
* INV_DOW_IP_0524 (see underlying assets at Appendix A) NISA Dow; IGT Invesco ST Bond; Synthetic GIC ** 209
Prudential Insurance:
* GA-62233 (IGT) IGT Invesco ST Bond; IGT Jennison Intermediate Fund; Synthetic GIC ** 218
RGA:
* RGA00036 (see underlying assets at Appendix B) Wellington Dow; IGT Jennison Intermediate Fund; IGT Invesco ST Bond; Synthetic GIC ** 190
Met Tower Life:
* 38025 (see underlying assets at Appendix B) Wellington Dow; MacKay Shields Dow; IGT Invesco ST Bond; Synthetic GIC ** 213
Total guaranteed investment contracts 1,255
Total $ 10,819
* Represents a party-in-interest to the Plan
** Cost information not required


10

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
APPENDIX A - UNDERLYING ASSETS FOR NATIONWIDE LIFE INSURANCE - (INV_DOW_PI_0524)
AT DECEMBER 31, 2024
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
AETNA INC 6.625% 06/15/2036 DD 06/09/06 230,000 $ 246,665 $ 242,413
AKER BP ASA 144A 5.125% 10/01/2034 DD 10/01/24 260,000 259,176 244,208
ALGONQUIN POWER & UTILITIES CO STEP 06/15/2026 DD 03/15/2024 490,000 485,904 492,308
AMEREN CORP 5.700% 12/01/2026 DD 11/20/23 165,000 164,787 167,676
AMERICAN EXPRESS CO VAR RT 05/01/2026 DD 05/01/23 125,000 124,195 125,034
AMERICAN EXPRESS CO VAR RT 07/27/2029 DD 07/28/23 50,000 49,449 50,558
AMERICAN EXPRESS CO VAR RT 02/16/2028 DD 02/16/24 155,000 155,000 155,904
AMERICAN EXPRESS CO VAR RT 07/26/2035 DD 07/26/24 240,000 244,960 237,384
AMERICAN HONDA FINANCE CORP 5.050% 07/10/2031 DD 07/10/24 190,000 196,188 188,030
AMERICAN HONDA FINANCE CORP 4.400% 09/05/2029 DD 09/05/24 235,000 234,718 228,483
AMERICAN INTERNATIONAL GROUP I 5.125% 03/27/2033 DD 03/27/23 45,000 45,233 44,512
AMERICAN TOWER CORP 5.000% 01/31/2030 DD 11/21/24 85,000 84,679 84,518
AMERICOLD REALTY OPERATING PAR 5.409% 09/12/2034 DD 09/12/24 135,000 135,123 129,210
APPALACHIAN POWER CO 3.400% 06/01/2025 DD 05/18/15 385,000 373,015 382,686
BANCO SANTANDER SA VAR RT 09/14/2027 DD 09/14/21 165,000 150,366 155,971
BANCO SANTANDER SA VAR RT 03/14/2028 DD 03/14/24 140,000 140,000 141,214
BANK OF AMERICA CORP VAR RT 03/11/2027 DD 03/11/21 995,000 885,123 958,742
BANK OF AMERICA CORP VAR RT 10/20/2032 DD 10/20/21 120,000 102,967 101,324
BANK OF AMERICA CORP VAR RT 10/25/2035 DD 10/25/24 635,000 633,345 619,919
BANK OF MONTREAL 5.511% 06/04/2031 DD 06/04/24 300,000 315,232 304,701
BANK5 2023-5YR3 5YR3 A2 6.255% 09/15/2056 DD 09/01/23 529,702 554,097 547,590
BANK5 2024-5YR5 5YR5 A3 5.702% 02/15/2029 DD 02/01/24 638,077 657,210 650,386
BARCLAYS PLC VAR RT 08/09/2026 DD 08/09/22 80,000 80,034 80,151
BAYER US FINANCE II LLC 144A 4.375% 12/15/2028 DD 06/25/18 200,000 183,902 192,318
BAYER US FINANCE LLC 144A 6.375% 11/21/2030 DD 11/21/23 125,000 124,856 128,621
BAYER US FINANCE LLC 144A 6.500% 11/21/2033 DD 11/21/23 75,000 81,182 76,289
BLACK HILLS CORP 2.500% 06/15/2030 DD 06/17/20 225,000 197,620 196,322
BNP PARIBAS SA 144A VAR RT 11/19/2030 DD 11/19/24 200,000 200,000 197,906
BOEING CO/THE 3.600% 05/01/2034 DD 05/02/19 205,000 176,761 171,614
BOEING CO/THE 2.196% 02/04/2026 DD 02/04/21 240,000 236,083 232,740
BP CAPITAL MARKETS AMERICA INC 5.017% 11/17/2027 DD 05/17/24 680,000 698,938 687,378
BP CAPITAL MARKETS AMERICA INC 5.227% 11/17/2034 DD 05/17/24 120,000 119,519 118,291
BP CAPITAL MARKETS AMERICA INC 4.868% 11/25/2029 DD 11/25/24 205,000 205,000 205,082
BRISTOL-MYERS SQUIBB CO 5.200% 02/22/2034 DD 02/22/24 200,000 203,162 199,810
CAPITAL ONE FINANCIAL CORP VAR RT 02/01/2029 DD 02/01/23 110,000 110,000 110,756
CATERPILLAR FINANCIAL SERVICES 4.700% 11/15/2029 DD 11/15/24 300,000 299,511 298,953
CBRE SERVICES INC 4.875% 03/01/2026 DD 08/13/15 185,000 185,050 184,752
CENCORA INC 4.850% 12/15/2029 DD 12/09/24 230,000 230,052 228,857
CENTERPOINT ENERGY INC 5.400% 06/01/2029 DD 05/10/24 170,000 169,643 171,906
CITIBANK NA 5.570% 04/30/2034 DD 04/30/24 200,000 213,610 202,280
CITIGROUP INC VAR RT 01/29/2031 DD 01/29/20 105,000 94,793 92,891
11

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
CITIGROUP INC VAR RT 05/01/2032 DD 05/04/21 235,000 204,389 199,080
CITIGROUP INC VAR RT 02/13/2030 DD 02/13/24 215,000 221,250 214,796
CITIZENS FINANCIAL GROUP INC VAR RT 04/25/2035 DD 04/25/24 50,000 53,751 52,851
CITIZENS FINANCIAL GROUP INC VAR RT 07/23/2032 DD 07/23/24 145,000 147,078 145,539
CMS ENERGY CORP 3.600% 11/15/2025 DD 11/09/15 45,000 43,246 44,633
CNH EQUIPMENT TRUST 2023- A A3 4.810% 08/15/2028 DD 04/25/23 430,000 429,928 431,634
CNH INDUSTRIAL CAPITAL LLC 5.100% 04/20/2029 DD 03/21/24 195,000 200,725 195,027
CNH INDUSTRIAL CAPITAL LLC 4.500% 10/08/2027 DD 10/09/24 20,000 19,962 19,821
COTERRA ENERGY INC 5.400% 02/15/2035 DD 12/17/24 410,000 408,832 400,746
CREDIT AGRICOLE SA 144A VAR RT 09/11/2028 DD 09/11/24 145,000 145,000 143,164
DELTA AIR LINES INC / SKY 144A 4.750% 10/20/2028 DD 09/23/20 175,000 171,063 172,634
DENTSPLY SIRONA INC 3.250% 06/01/2030 DD 05/26/20 200,000 184,201 176,732
DEUTSCHE BANK AG/NEW YORK NY VAR RT 01/07/2033 DD 01/07/22 75,000 65,102 63,479
DNB BANK ASA 144A VAR RT 11/05/2030 DD 11/05/24 625,000 625,000 617,994
DTE ELECTRIC CO 2.625% 03/01/2031 DD 04/06/20 345,000 311,552 301,927
DTE ELECTRIC SECURITIZATION FU 5.970% 03/01/2033 DD 11/01/23 460,350 460,189 475,500
DTE ENERGY CO 4.950% 07/01/2027 DD 08/02/24 215,000 214,744 215,785
DUKE ENERGY CAROLINAS NC STORM 1.679% 07/01/2033 DD 11/24/21 171,991 148,057 153,856
DUKE ENERGY FLORIDA PROJECT FI 2.538% 09/01/2031 DD 06/22/16 525,021 526,938 497,069
EMORY UNIVERSITY 2.143% 09/01/2030 DD 05/20/20 300,000 263,403 261,195
ENERGY TRANSFER LP 5.950% 12/01/2025 DD 11/17/15 265,000 302,312 266,860
ESSENTIAL UTILITIES INC 2.704% 04/15/2030 DD 04/15/20 90,000 82,178 80,220
ESSENTIAL UTILITIES INC 2.400% 05/01/2031 DD 04/19/21 285,000 249,201 242,042
ESSENTIAL UTILITIES INC 4.800% 08/15/2027 DD 08/15/24 140,000 139,950 139,789
EVERSOURCE ENERGY 5.950% 02/01/2029 DD 11/10/23 335,000 334,621 345,090
EXTRA SPACE STORAGE LP 2.550% 06/01/2031 DD 05/11/21 165,000 144,033 140,346
FEDERAL FARM CR BK CONS BD 1.230% 07/29/2030 DD 07/29/20 645,000 550,250 537,672
FHLMC MULTICLASS MTG K102 A1 2.184% 05/25/2029 DD 12/01/19 1,068,981 996,324 1,012,368
FHLMC MULTICLASS MTG K122 A1 0.863% 05/25/2030 DD 12/01/20 986,422 864,391 883,114
FHLMC MULTICLASS MTG K517 A2 VAR RT 01/25/2029 DD 03/01/24 1,800,000 1,840,781 1,839,078
FIRSTENERGY PENNSYLVANIA 144A 5.200% 04/01/2028 DD 03/30/23 80,000 79,889 80,374
FLORIDA ST BRD OF ADMIN FIN CO 5.526% 07/01/2034 DD 05/01/24 125,000 128,409 126,253
FNMA POOL #0BZ1438 4.970% 07/01/2031 DD 07/01/24 585,000 585,091 584,298
GA GLOBAL FUNDING TRUST 144A 2.900% 01/06/2032 DD 01/06/22 85,000 72,599 71,210
GA GLOBAL FUNDING TRUST 144A 5.200% 12/09/2031 DD 12/09/24 175,000 174,696 170,783
GENERAL MILLS INC 4.875% 01/30/2030 DD 11/21/24 220,000 218,990 218,610
GEORGIA POWER CO 4.550% 03/15/2030 DD 12/05/24 205,000 204,518 201,652
GILEAD SCIENCES INC 4.800% 11/15/2029 DD 11/20/24 165,000 164,980 164,668
GLOBE LIFE INC 2.150% 08/15/2030 DD 08/21/20 480,000 412,144 405,739
GLOBE LIFE INC 5.850% 09/15/2034 DD 08/23/24 70,000 71,023 70,410
GM FINANCIAL CONSUMER AUT 2 A3 5.100% 03/16/2029 DD 04/10/24 255,000 254,951 257,522
GOLDMAN SACHS BANK USA/NEW YOR VAR RT 05/21/2027 DD 05/21/24 525,000 525,000 529,100
GOLDMAN SACHS GROUP INC/THE VAR RT 03/09/2027 DD 03/08/21 395,000 377,484 379,192
GOLDMAN SACHS GROUP INC/THE 2.600% 02/07/2030 DD 02/07/20 130,000 117,234 115,138
GOLDMAN SACHS GROUP INC/THE VAR RT 10/21/2027 DD 10/21/21 160,000 151,453 151,800
HONDA AUTO RECEIVABLES 20 3 A3 4.570% 03/21/2029 DD 08/21/24 195,000 194,969 195,150
12

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
HSBC HOLDINGS PLC VAR RT 05/22/2030 DD 05/22/19 160,000 152,782 151,026
HYUNDAI CAPITAL AMERICA 144A 1.800% 01/10/2028 DD 01/08/21 185,000 161,172 167,564
ITC HOLDINGS CORP 144A 5.650% 05/09/2034 DD 05/09/24 220,000 231,961 221,573
JPMORGAN CHASE & CO VAR RT 10/15/2030 DD 09/12/19 165,000 150,332 148,629
JPMORGAN CHASE & CO VAR RT 06/01/2029 DD 06/01/21 270,000 245,322 245,411
JPMORGAN CHASE & CO VAR RT 06/01/2028 DD 05/27/20 130,000 121,915 122,114
JPMORGAN CHASE & CO VAR RT 02/04/2032 DD 02/04/21 320,000 274,266 265,293
JPMORGAN CHASE & CO VAR RT 04/22/2027 DD 04/22/21 410,000 368,854 393,547
KANSAS GAS SERVICE SECURITIZAT 5.486% 08/01/2034 DD 11/18/22 491,736 491,635 500,410
L3HARRIS TECHNOLOGIES INC 2.900% 12/15/2029 DD 11/27/19 240,000 224,902 216,852
LABORATORY CORP OF AMERICA HOL 2.950% 12/01/2029 DD 11/25/19 235,000 213,462 213,258
LABORATORY CORP OF AMERICA HOL 4.350% 04/01/2030 DD 09/23/24 55,000 54,962 53,072
LG ELECTRONICS INC 144A 5.625% 04/24/2027 DD 04/24/24 115,000 114,540 116,311
LLOYDS BANKING GROUP PLC VAR RT 11/07/2028 DD 11/07/17 100,000 95,993 96,061
LONG BEACH MORTGAGE LOAN 3 M1 VAR RT 07/25/2033 DD 06/05/03 9,340 9,339 9,162
LPL HOLDINGS INC 144A 4.000% 03/15/2029 DD 03/15/21 148,000 137,525 140,215
LSEG US FIN CORP 144A 4.875% 03/28/2027 DD 03/28/24 110,000 109,470 110,230
MARSH & MCLENNAN COS INC 2.375% 12/15/2031 DD 12/08/21 175,000 153,743 146,781
MARSH & MCLENNAN COS INC 4.650% 03/15/2030 DD 11/08/24 430,000 427,981 424,629
MERCEDES-BENZ FINANCE NOR 144A 5.100% 11/15/2029 DD 11/15/24 365,000 364,730 364,077
MORGAN STANLEY VAR RT 01/22/2031 DD 01/22/20 155,000 140,018 137,730
MORGAN STANLEY VAR RT 09/16/2036 DD 09/16/21 185,000 151,336 150,499
MORGAN STANLEY VAR RT 04/19/2035 DD 04/19/24 105,000 110,981 107,191
MORGAN STANLEY BANK NA VAR RT 01/14/2028 DD 01/18/24 70,000 68,973 70,095
MORGAN STANLEY BANK NA VAR RT 05/26/2028 DD 05/30/24 1,330,000 1,333,182 1,348,540
NATIONAL BANK OF CANADA VAR RT 07/02/2027 DD 07/03/24 275,000 274,821 278,050
NATIONAL BANK OF CANADA 4.500% 10/10/2029 DD 10/10/24 300,000 294,853 291,885
NATIONAL SECURITIES CLEAR 144A 5.000% 05/30/2028 DD 05/30/23 215,000 214,417 215,671
NATIONAL SECURITIES CLEAR 144A 4.900% 06/26/2029 DD 06/26/24 295,000 294,469 295,381
NATWEST GROUP PLC VAR RT 05/08/2030 DD 05/08/19 105,000 102,424 101,264
NISSAN AUTO LEASE TRUST 2 A A3 4.910% 04/15/2027 DD 01/24/24 340,000 339,970 341,584
NORTHERN STAR RESOURCES L 144A 6.125% 04/11/2033 DD 04/11/23 305,000 322,916 312,271
NOVARTIS CAPITAL CORP 4.200% 09/18/2034 DD 09/18/24 215,000 213,456 200,135
NUVEEN LLC 144A 5.550% 01/15/2030 DD 04/11/24 240,000 239,731 244,402
OCCIDENTAL PETROLEUM CORP 6.625% 09/01/2030 DD 08/26/20 500,000 524,935 523,260
OCCIDENTAL PETROLEUM CORP 5.000% 08/01/2027 DD 07/26/24 320,000 319,821 320,128
OHIOHEALTH CORP 2.297% 11/15/2031 DD 10/26/21 270,000 235,078 226,338
OKLAHOMA DEVELOPMENT FI ONG A1 3.877% 05/01/2037 DD 08/25/22 605,887 605,887 578,798
ONCOR ELECTRIC DELIVERY C 144A 4.650% 11/01/2029 DD 11/13/24 280,000 279,465 277,287
PG&E ENERGY RECOVERY FUNDING L 1.460% 07/15/2033 DD 11/12/21 141,409 125,922 127,876
PG&E RECOVERY FUNDING LLC 5.045% 07/15/2034 DD 11/30/22 197,880 194,945 198,284
PG&E WILDFIRE RECOVERY FUNDING 4.022% 06/01/2033 DD 07/20/22 372,254 378,303 363,509
PG&E WILDFIRE RECOVERY FUNDING 3.594% 06/01/2032 DD 05/10/22 1,337,167 1,312,071 1,294,578
PHARMACIA LLC VAR RT 12/01/2028 DD 12/01/99 215,000 230,699 228,554
PHILIP MORRIS INTERNATIONAL IN 4.375% 11/01/2027 DD 11/01/24 235,000 233,268 232,986
PINNACLE WEST CAPITAL CORP 1.300% 06/15/2025 DD 06/17/20 710,000 678,367 698,079
13

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
POLAR TANKERS INC 144A 5.951% 05/10/2037 DD 05/10/07 226,444 237,506 233,299
PRIVATE EXPORT FUNDING CORP 1.400% 07/15/2028 DD 06/28/21 420,000 368,155 377,811
PRIVATE EXPORT FUNDING CORP 3.900% 10/15/2027 DD 05/03/23 275,000 274,560 270,608
PRIVATE EXPORT FUNDING CORP 3.650% 03/15/2030 DD 09/17/24 265,000 264,608 253,960
PUBLIC SERVICE CO OF OKLAHOMA 5.200% 01/15/2035 DD 12/05/24 335,000 334,943 325,094
REALTY INCOME CORP 2.100% 03/15/2028 DD 09/15/23 23,000 20,394 21,137
REALTY INCOME CORP 2.700% 02/15/2032 DD 08/15/23 415,000 364,030 352,352
REGIONS FINANCIAL CORP VAR RT 09/06/2035 DD 09/06/24 260,000 259,499 253,640
RESOLUTION FDG CORP PRIN STRIP 0.000% 01/15/2030 DD 01/30/91 115,000 92,449 91,032
RGA GLOBAL FUNDING 144A 5.050% 12/06/2031 DD 12/06/24 150,000 149,642 147,513
ROCHE HOLDINGS INC 144A 5.338% 11/13/2028 DD 11/13/23 175,000 178,000 178,887
ROPER TECHNOLOGIES INC 4.500% 10/15/2029 DD 08/21/24 505,000 502,728 495,789
ROYAL BANK OF CANADA VAR RT 08/02/2030 DD 07/23/24 340,000 338,456 337,358
ROYALTY PHARMA PLC 5.150% 09/02/2029 DD 06/10/24 415,000 415,735 413,904
RTX CORP 3.500% 03/15/2027 DD 09/15/20 200,000 191,402 195,070
RTX CORP 2.375% 03/15/2032 DD 11/16/21 395,000 341,908 327,925
SANTANDER HOLDINGS USA INC VAR RT 05/31/2035 DD 05/31/24 255,000 267,235 259,213
SOLVAY FINANCE AMERICA LL 144A 5.850% 06/04/2034 DD 06/04/24 325,000 343,808 330,015
SOLVENTUM CORP 144A 5.400% 03/01/2029 DD 02/27/24 435,000 436,952 436,101
SONOCO PRODUCTS CO 4.600% 09/01/2029 DD 09/19/24 215,000 214,873 209,330
SOUTHERN CALIFORNIA EDISON CO 4.900% 06/01/2026 DD 05/22/23 135,000 134,852 135,227
SPIRE INC 5.300% 03/01/2026 DD 02/12/24 290,000 289,971 291,378
STANFORD HEALTH CARE 3.310% 08/15/2030 DD 04/01/20 110,000 101,382 101,254
STATE STREET BANK & TRUST CO 4.594% 11/25/2026 DD 11/25/24 285,000 285,000 285,581
SUMITOMO MITSUI FINANCIAL GROU 2.750% 01/15/2030 DD 01/15/20 355,000 319,899 316,880
SWEPCO STORM RECOVERY FUNDING 4.880% 09/01/2041 DD 12/18/24 145,000 144,929 141,727
SYNCHRONY BANK 5.625% 08/23/2027 DD 08/23/22 55,000 53,455 55,372
SYNCHRONY FINANCIAL 5.150% 03/19/2029 DD 03/19/19 65,000 64,257 64,035
SYNCHRONY FINANCIAL 2.875% 10/28/2031 DD 10/28/21 210,000 176,045 174,237
TEXAS TRANSPRTN COMMISSION ST 5.178% 04/01/2030 DD 08/05/10 265,000 267,515 267,496
TORONTO-DOMINION BANK/THE 0.750% 01/06/2026 DD 01/06/21 140,000 133,608 134,676
TORONTO-DOMINION BANK/THE 5.103% 01/09/2026 DD 01/10/23 110,000 110,524 110,510
TOYOTA MOTOR CREDIT CORP 4.350% 10/08/2027 DD 10/10/24 225,000 224,912 223,400
TRANSCONTINENTAL GAS PIPE LINE 7.850% 02/01/2026 DD 08/01/16 1,075,000 1,148,904 1,101,907
U S TREASURY NOTE 0.875% 09/30/2026 DD 09/30/21 4,555,000 4,289,330 4,298,235
U S TREASURY NOTE 4.375% 08/31/2028 DD 08/31/23 195,000 194,878 195,129
U S TREASURY NOTE 2.875% 05/15/2028 DD 05/15/18 705,000 670,554 673,331
U S TREASURY NOTE 2.875% 08/15/2028 DD 08/15/18 1,960,000 1,849,603 1,864,215
U S TREASURY NOTE 0.500% 05/31/2027 DD 05/31/20 915,000 836,939 836,548
U S TREASURY NOTE 0.500% 10/31/2027 DD 10/31/20 1,270,000 1,101,129 1,143,000
U S TREASURY NOTE 1.250% 05/31/2028 DD 05/31/21 1,440,000 1,297,937 1,300,334
U S TREASURY NOTE 1.125% 10/31/2026 DD 10/31/21 2,245,000 2,123,668 2,122,131
U S TREASURY NOTE 1.375% 11/15/2031 DD 11/15/21 760,000 629,523 621,004
U S TREASURY NOTE 2.375% 03/31/2029 DD 03/31/22 750,000 695,127 692,078
U S TREASURY NOTE 2.875% 05/15/2032 DD 05/15/22 1,735,000 1,592,525 1,558,186
U S TREASURY NOTE 4.000% 02/29/2028 DD 02/28/23 1,575,000 1,564,798 1,560,479
14

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
U S TREASURY NOTE 3.500% 04/30/2030 DD 04/30/23 1,315,000 1,255,517 1,258,245
U S TREASURY NOTE 3.375% 05/15/2033 DD 05/15/23 1,490,000 1,413,431 1,369,399
U S TREASURY NOTE 3.625% 05/31/2028 DD 05/31/23 540,000 531,328 528,104
U S TREASURY NOTE 3.875% 08/15/2033 DD 08/15/23 3,105,000 3,077,123 2,955,463
U S TREASURY NOTE 4.875% 10/31/2028 DD 10/31/23 1,405,000 1,439,142 1,430,079
U S TREASURY NOTE 4.500% 11/15/2033 DD 11/15/23 1,935,000 2,024,181 1,926,544
U S TREASURY NOTE 4.375% 11/30/2028 DD 11/30/23 1,900,000 1,900,266 1,900,513
U S TREASURY NOTE 4.375% 12/15/2026 DD 12/15/23 745,000 746,339 746,632
U S TREASURY NOTE 3.750% 12/31/2028 DD 12/31/23 1,295,000 1,265,084 1,265,759
U S TREASURY NOTE 4.000% 01/15/2027 DD 01/15/24 2,180,000 2,152,657 2,169,100
U S TREASURY NOTE 4.000% 01/31/2029 DD 01/31/24 865,000 869,257 853,037
U S TREASURY NOTE 4.000% 01/31/2031 DD 01/31/24 720,000 710,072 702,396
U S TREASURY NOTE 4.000% 02/15/2034 DD 02/15/24 2,715,000 2,636,261 2,599,721
U S TREASURY NOTE 4.125% 02/15/2027 DD 02/15/24 1,890,000 1,875,219 1,884,689
U S TREASURY NOTE 4.125% 03/31/2029 DD 03/31/24 870,000 873,602 861,335
U S TREASURY NOTE 4.625% 04/30/2031 DD 04/30/24 760,000 773,426 766,354
U S TREASURY NOTE 4.500% 05/15/2027 DD 05/15/24 3,940,000 3,971,273 3,959,227
U S TREASURY NOTE 4.625% 05/31/2031 DD 05/31/24 1,760,000 1,849,692 1,774,309
U S TREASURY NOTE 4.250% 06/30/2029 DD 06/30/24 3,870,000 3,885,518 3,848,096
U S TREASURY NOTE 3.875% 08/15/2034 DD 08/15/24 210,000 204,611 198,614
U S TREASURY NOTE 3.750% 08/15/2027 DD 08/15/24 1,305,000 1,285,463 1,288,283
U S TREASURY NOTE 3.750% 08/31/2031 DD 08/31/24 2,250,000 2,195,199 2,155,523
U S TREASURY NOTE 3.625% 09/30/2031 DD 09/30/24 1,390,000 1,321,302 1,320,778
U S TREASURY NOTE 4.125% 10/31/2029 DD 10/31/24 2,455,000 2,428,450 2,426,424
U S TREASURY NOTE 4.125% 10/31/2026 DD 10/31/24 2,785,000 2,781,026 2,778,483
U S TREASURY NOTE 4.250% 11/15/2034 DD 11/15/24 1,500,000 1,488,451 1,461,330
U S TREASURY NOTE 4.125% 11/15/2027 DD 11/15/24 5,971,000 5,951,199 5,943,951
U S TREASURY NOTE 4.125% 11/30/2029 DD 11/30/24 840,000 838,702 830,357
U S TREASURY NOTE 4.000% 12/15/2027 DD 12/15/24 1,870,000 1,859,653 1,855,395
U S TREASURY NOTE 4.500% 12/31/2031 DD 12/31/24 460,000 460,780 460,359
U S TREASURY NOTE 4.375% 12/31/2029 DD 12/31/24 1,105,000 1,103,940 1,104,315
U S TREASURY NOTE 4.250% 12/31/2026 DD 12/31/24 2,720,000 2,718,300 2,720,000
U. S. GOVERNMENT SECURITIES 4.125% 10/31/2029 DD 10/31/24 1,450,000 99 (1,444,380)
U. S. GOVERNMENT SECURITIES 4.125% 11/15/2027 DD 11/15/24 2,855,000 100 (2,859,129)
U. S. GOVERNMENT SECURITIES 3.750% 08/31/2026 DD 08/31/24 (3,740,000) 99 3,759,553
UBER TECHNOLOGIES INC 4.300% 01/15/2030 DD 09/09/24 155,000 154,949 149,949
UBS GROUP AG 144A VAR RT 02/02/2027 DD 02/02/21 220,000 195,692 211,405
UBS GROUP AG 144A VAR RT 08/10/2027 DD 08/10/21 535,000 503,899 506,169
US BANK NA/CINCINNATI OH VAR RT 10/22/2027 DD 10/22/24 235,000 233,924 233,689
VERALTO CORP 5.500% 09/18/2026 DD 03/18/24 310,000 309,950 313,587
VERALTO CORP 5.350% 09/18/2028 DD 03/18/24 520,000 519,662 526,536
VIRGINIA POWER FUEL SECURITIZA 4.877% 05/01/2033 DD 02/14/24 375,000 374,987 374,696
VITERRA FINANCE BV 144A 4.900% 04/21/2027 DD 04/21/22 250,000 251,108 247,665
VITERRA FINANCE BV 144A 5.250% 04/21/2032 DD 04/21/22 490,000 500,251 478,289
VMWARE LLC 1.400% 08/15/2026 DD 08/02/21 35,000 31,660 33,155
VOLKSWAGEN AUTO LOAN ENHA 1 A3 5.020% 06/20/2028 DD 06/13/23 260,000 259,936 261,498
15

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
WELLS FARGO & CO VAR RT 04/30/2026 DD 04/30/20 390,000 375,648 386,478
WELLS FARGO & CO VAR RT 06/02/2028 DD 06/02/20 320,000 304,288 301,386
WELLS FARGO & CO VAR RT 03/24/2028 DD 03/24/22 340,000 320,141 329,718
WELLS FARGO & CO VAR RT 10/23/2034 DD 10/23/23 475,000 509,941 504,692
WESTPAC BANKING CORP VAR RT 11/20/2035 DD 11/20/24 130,000 130,000 127,799
WILLIAMS COS INC/THE 3.500% 11/15/2030 DD 05/14/20 35,000 33,172 32,171
INTEREST BEARING CASH TEMPORARY INVESTMENTS 1,900,341 1,900,341
TOTAL UNDERLYING ASSETS $ 128,148,681 $ 126,788,687
NATIONWIDE LIFE INSURANCE (INV_DOW_PI_0524) - 100% of MARKET VALUE $ 126,788,687
* IGT INVESCO SHORT-TERM BOND FUND 69,100,889
FAIR VALUE NATIONWIDE LIFE INSURANCE (INV_DOW_PI_0524) 195,889,576
* NATIONWIDE LIFE INSURANCE - ADJUSTMENT FROM MARKET TO CONTRACT VALUE 13,484,948
NATIONWIDE LIFE INSURANCE (INV_DOW_PI_0524) - CONTRACT VALUE $ 209,374,524
* Represents a party-in-interest to the Plan
16

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
APPENDIX B - UNDERLYING ASSETS FOR MET TOWER LIFE - 38025 and RGA - RGA00036
AT DECEMBER 31, 2024
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
ALGONQUIN POWER & UTILITIES CO STEP 06/15/2026 DD 03/15/2024 315,000 $ 312,355 $ 316,461
ALLY AUTO RECEIVABLES TRU 1 A4 5.270% 11/15/2028 DD 07/19/23 180,000 179,423 182,270
AMERICAN ELECTRIC POWER CO INC 5.200% 01/15/2029 DD 12/08/23 195,000 194,690 196,439
AMERICAN EXPRESS CO VAR RT 10/30/2026 DD 10/30/23 435,000 435,000 440,385
AMERICAN EXPRESS CREDIT AC 1 A 4.870% 05/15/2028 DD 06/14/23 250,000 246,035 251,318
AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031 DD 07/08/21 260,000 222,469 217,461
ATHENE GLOBAL FUNDING 144A 4.721% 10/08/2029 DD 10/08/24 280,000 280,000 273,050
ATHENE GLOBAL FUNDING 144A 5.583% 01/09/2029 DD 01/09/24 175,000 181,181 176,964
AUSTRALIA & NEW ZEALAND B 144A VAR RT 09/30/2035 DD 09/30/24 295,000 295,000 282,769
AVIS BUDGET RENTAL C 1A A 144A 5.360% 06/20/2030 DD 01/12/24 450,000 462,814 456,183
AVIS BUDGET RENTAL C 6A A 144A 5.810% 12/20/2029 DD 06/01/23 255,000 266,863 262,260
AVOLON HOLDINGS FUNDING L 144A 5.750% 11/15/2029 DD 05/15/24 310,000 307,498 313,748
BA CREDIT CARD TRUST A1 A 4.930% 05/15/2029 DD 06/13/24 270,000 269,985 272,584
BANCO SANTANDER SA 6.607% 11/07/2028 DD 11/07/23 200,000 200,000 210,272
BANK 2021-BNK35 BN35 AS 2.457% 06/15/2064 DD 08/01/21 525,000 444,281 434,039
BANK OF AMERICA CORP VAR RT 06/14/2029 DD 06/14/21 290,000 266,910 263,140
* BANK OF NEW YORK MELLON CORP/T VAR RT 07/22/2032 DD 07/22/24 175,000 180,618 174,645
BARCLAYS PLC VAR RT 08/09/2026 DD 08/09/22 385,000 385,000 385,728
BARCLAYS PLC VAR RT 09/10/2030 DD 09/10/24 320,000 320,000 313,802
BAT CAPITAL CORP 5.834% 02/20/2031 DD 02/20/24 210,000 222,621 214,746
BAYER US FINANCE LLC 144A 6.500% 11/21/2033 DD 11/21/23 165,000 178,408 167,836
BENCHMARK 2019-B10 MORT B10 A4 3.717% 03/15/2062 DD 04/01/19 460,000 441,546 435,013
BENCHMARK 2021-B26 MORT B26 A5 2.613% 06/15/2054 DD 05/01/21 410,000 353,273 345,942
BNP PARIBAS SA 144A VAR RT 01/13/2031 DD 01/13/20 195,000 179,322 173,946
BOEING CO/THE 6.388% 05/01/2031 DD 11/01/24 255,000 270,889 266,768
BPCE SA 144A 5.125% 01/18/2028 DD 01/18/23 240,000 239,851 240,209
BPCE SA 144A VAR RT 10/19/2029 DD 10/19/23 125,000 133,424 129,921
BRIDGECREST LENDING AUTO S 1 C 5.650% 04/16/2029 DD 01/24/24 295,000 294,979 298,248
BRIGHTHOUSE FINANCIAL GLO 144A 5.550% 04/09/2027 DD 04/11/24 495,000 494,617 499,302
BROOKLYN UNION GAS CO/THE 144A 4.632% 08/05/2027 DD 08/05/22 210,000 210,000 207,671
BROOKLYN UNION GAS CO/THE 144A 4.866% 08/05/2032 DD 08/05/22 140,000 136,514 132,937
BX COMMERCIAL MORT BRBK A 144A VAR RT 10/15/2041 DD 10/17/24 325,000 323,375 327,002
BX TRUST 2021-ARIA ARIA A 144A VAR RT 10/15/2036 DD 10/28/21 160,000 159,400 159,550
BX TRUST 2023-LIFE LIFE A 144A 5.045% 02/15/2028 DD 02/01/23 350,000 338,803 341,362
BXHPP TRUST 2021-F FILM A 144A VAR RT 08/15/2036 DD 08/26/21 400,000 389,214 387,380
CANADIAN IMPERIAL BANK OF COMM 5.260% 04/08/2029 DD 04/08/24 305,000 305,000 307,419
CAPITAL ONE FINANCIAL CORP VAR RT 10/30/2031 DD 11/01/23 155,000 176,388 171,171
CAPITAL ONE FINANCIAL CORP VAR RT 10/29/2027 DD 11/01/23 175,000 175,000 181,603
CARMAX AUTO OWNER TRUST 2 2 A4 5.010% 11/15/2028 DD 04/26/23 560,000 557,985 563,086
CARMAX AUTO OWNER TRUST 2 3 A3 5.280% 05/15/2028 DD 07/26/23 200,000 197,617 201,692
CARMAX AUTO OWNER TRUST 2 3 A4 0.740% 01/15/2027 DD 07/28/21 170,000 154,970 165,765
17

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
CARMAX AUTO OWNER TRUST 2 4 A4 0.820% 04/15/2027 DD 09/22/21 370,000 355,200 357,879
CARMAX AUTO OWNER TRUST 20 3 C 5.280% 03/15/2030 DD 07/30/24 445,000 444,931 447,265
CENTERPOINT ENERGY INC 5.400% 06/01/2029 DD 05/10/24 270,000 269,433 273,027
CITIGROUP COMMERCIAL M GC36 A5 3.616% 02/10/2049 DD 02/01/16 460,000 505,030 450,538
CITIGROUP COMMERCIAL MOR P1 A5 3.717% 09/15/2048 DD 08/01/15 575,000 630,434 570,199
CITIGROUP INC VAR RT 09/19/2030 DD 09/19/24 275,000 275,000 267,264
CITIZENS FINANCIAL GROUP INC VAR RT 01/23/2030 DD 01/23/24 345,000 345,000 350,306
CNH EQUIPMENT TRUST 2024- A A4 4.800% 07/15/2031 DD 01/24/24 200,000 199,931 200,068
CNH EQUIPMENT TRUST 2024- B A4 5.230% 11/17/2031 DD 05/20/24 540,000 539,891 546,307
COLUMBIA PIPELINES HOLDIN 144A 5.097% 10/01/2031 DD 09/09/24 310,000 309,988 302,439
COLUMBIA PIPELINES OPERAT 144A 5.927% 08/15/2030 DD 08/08/23 170,000 180,438 175,049
COMERICA INC VAR RT 01/30/2030 DD 01/30/24 275,000 275,000 278,020
COMM 2015-CCRE24 MORTG CR24 A5 3.696% 08/10/2048 DD 08/01/15 130,000 123,412 129,041
COMM 2015-PC1 MORTGAGE PC1 A5 3.902% 07/10/2050 DD 07/01/15 180,664 171,938 180,057
CONSUMERS ENERGY CO 4.650% 03/01/2028 DD 01/10/23 280,000 279,479 279,129
COOPERATIEVE RABOBANK UA 144A VAR RT 04/06/2028 DD 04/06/22 250,000 236,588 242,548
COTERRA ENERGY INC 4.375% 03/15/2029 DD 09/15/22 175,000 170,587 169,222
CREDIT AGRICOLE SA 144A VAR RT 09/11/2028 DD 09/11/24 250,000 250,000 246,835
CROWN CASTLE INC 4.900% 09/01/2029 DD 08/12/24 290,000 289,234 286,888
DEUTSCHE BANK AG/NEW YORK NY VAR RT 05/28/2032 DD 05/28/21 200,000 175,758 171,452
DEUTSCHE BANK AG/NEW YORK NY VAR RT 02/08/2028 DD 02/08/24 330,000 330,000 333,498
DISCOVER CARD EXECUTION N A1 A 4.310% 03/15/2028 DD 04/11/23 235,000 234,986 234,464
DOLP TRUST 2021-NYC NYC A 144A 2.956% 05/10/2041 DD 04/01/21 232,000 198,614 198,604
DRIVE AUTO RECEIVABLES TRU 1 B 5.310% 01/16/2029 DD 02/21/24 235,000 234,958 236,716
DRIVE AUTO RECEIVABLES TRU 1 D 1.450% 01/16/2029 DD 04/21/21 116,300 109,613 115,249
EVERGY MISSOURI WEST INC 144A 5.650% 06/01/2034 DD 05/29/24 170,000 179,338 172,004
EVERSOURCE ENERGY 5.950% 02/01/2029 DD 11/10/23 245,000 244,723 252,379
EVERSOURCE ENERGY 5.125% 05/15/2033 DD 05/11/23 220,000 222,913 213,807
EXETER AUTOMOBILE RECEIVA 2A D 1.400% 04/15/2027 DD 06/02/21 75,636 70,342 73,844
FEDERAL HOME LN BK CONS BD 1.350% 07/08/2030 DD 07/08/20 630,000 550,223 527,077
FIFTH THIRD BANCORP VAR RT 07/28/2030 DD 07/28/22 315,000 316,008 308,716
FIFTH THIRD BANCORP VAR RT 09/06/2030 DD 09/06/24 325,000 325,000 320,561
FIRST HORIZON BANK 5.750% 05/01/2030 DD 04/27/20 175,000 177,599 174,127
FLORIDA POWER & LIGHT CO 5.050% 04/01/2028 DD 03/03/23 340,000 339,558 343,305
FNMA POOL #0FM7685 3.000% 06/01/2051 DD 06/01/21 123,750 130,518 105,736
FNMA POOL #0FS9203 6.000% 09/01/2054 DD 09/01/24 410,843 415,658 413,054
FNMA POOL #0MA4331 1.500% 04/01/2031 DD 04/01/21 995,259 1,011,976 918,654
FNMA POOL #0MA4448 1.500% 09/01/2031 DD 09/01/21 418,409 426,973 384,371
FNMA POOL #0MA4476 1.500% 10/01/2031 DD 10/01/21 286,424 292,242 262,874
FNMA GTD REMIC P/T 20-63 B 1.250% 09/25/2050 DD 08/01/20 40,382 40,685 29,305
FORD CREDIT FLOORPLAN MAST 2 A 1.060% 09/15/2027 DD 09/18/20 210,000 193,044 204,874
FORD CREDIT FLOORPLAN MAST 4 A 4.060% 11/15/2030 DD 12/21/18 590,000 580,757 576,353
GENERAL MOTORS FINANCIAL CO IN 2.700% 06/10/2031 DD 06/10/21 310,000 269,117 262,731
GENERAL MOTORS FINANCIAL CO IN 5.550% 07/15/2029 DD 04/04/24 215,000 214,903 217,346
GM FINANCIAL CONSUMER AUT 3 A3 5.450% 06/16/2028 DD 07/19/23 170,000 169,057 171,834
GM FINANCIAL CONSUMER AUT 4 A3 5.780% 08/16/2028 DD 10/11/23 190,000 189,961 193,211
18

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
GM FINANCIAL CONSUMER AUTO 4 B 4.670% 05/16/2030 DD 10/16/24 290,000 289,997 288,248
GNMA GTD REMIC P/T 23-1 HD 3.500% 01/20/2052 DD 01/01/23 199,058 183,953 175,842
GNMA GTD REMIC P/T 23-147 DV 6.000% 08/20/2034 DD 10/01/23 184,086 187,320 184,649
GREAT-WEST LIFECO US FINA 144A 0.904% 08/12/2025 DD 08/12/20 360,000 360,000 351,634
GS MORTGAGE SECURITIES GS3 A4 2.850% 10/10/2049 DD 09/01/16 400,000 427,531 385,564
HONDA AUTO RECEIVABLES 20 4 A4 5.660% 02/21/2030 DD 11/08/23 250,000 249,941 255,050
HONEYWELL INTERNATIONAL INC 4.700% 02/01/2030 DD 08/01/24 245,000 244,789 243,964
HYUNDAI AUTO RECEIVABLES T B C 5.290% 10/15/2031 DD 07/24/24 500,000 511,973 501,110
HYUNDAI CAPITAL AMERICA 144A 1.650% 09/17/2026 DD 09/17/21 310,000 309,867 293,331
HYUNDAI CAPITAL AMERICA 144A 6.200% 09/21/2030 DD 09/21/23 250,000 270,250 260,148
HYUNDAI CAPITAL AMERICA 144A 4.750% 09/26/2031 DD 09/26/24 260,000 259,709 249,954
ING GROEP NV VAR RT 09/11/2027 DD 09/11/23 425,000 425,000 433,147
INVITATION HOMES OPERATING PAR 2.000% 08/15/2031 DD 08/06/21 265,000 221,686 215,063
JEFFERIES FINANCIAL GROUP INC 6.200% 04/14/2034 DD 04/16/24 70,000 74,478 72,197
JETBLUE 2019-1 CLASS AA PASS T 2.750% 11/15/2033 DD 11/12/19 234,342 205,783 203,397
JPMDB COMMERCIAL MORTG COR6 A4 3.057% 11/13/2052 DD 11/01/19 300,000 265,441 259,764
JPMORGAN CHASE & CO VAR RT 04/22/2030 DD 04/22/24 175,000 175,000 178,523
JPMORGAN CHASE & CO VAR RT 07/22/2030 DD 07/22/24 275,000 275,000 273,922
JPMORGAN CHASE & CO VAR RT 10/22/2035 DD 10/22/24 190,000 190,000 183,031
JPMORGAN CHASE & CO VAR RT 11/19/2031 DD 11/19/20 210,000 179,598 174,432
KENTUCKY POWER CO 144A 7.000% 11/15/2033 DD 11/10/23 245,000 271,607 259,663
KEYBANK NA/CLEVELAND OH 4.150% 08/08/2025 DD 08/08/22 355,000 354,901 353,186
KEYBANK NA/CLEVELAND OH 3.900% 04/13/2029 DD 03/13/19 190,000 179,320 178,359
LAD AUTO RECEIVABLES 3A B 144A 4.740% 01/15/2030 DD 10/29/24 265,000 264,985 262,016
LLOYDS BANKING GROUP PLC VAR RT 08/07/2027 DD 08/07/23 495,000 497,374 502,356
LLOYDS BANKING GROUP PLC VAR RT 06/05/2030 DD 06/05/24 130,000 136,023 132,239
LLOYDS BANKING GROUP PLC VAR RT 11/26/2028 DD 11/26/24 260,000 260,000 260,257
M&T BANK CORP VAR RT 01/16/2029 DD 12/17/24 200,000 200,000 199,102
MACQUARIE GROUP LTD 144A VAR RT 01/12/2027 DD 01/12/21 255,000 236,133 245,761
MANHATTAN WEST 2020 1MW A 144A 2.130% 09/10/2039 DD 08/01/20 470,000 429,187 431,676
MERCEDES-BENZ AUTO RECEIV 1 A4 4.790% 07/15/2031 DD 01/24/24 200,000 199,934 200,514
MITSUBISHI UFJ FINANCIAL GROUP VAR RT 07/20/2027 DD 07/20/21 1,035,000 952,190 984,326
MIZUHO FINANCIAL GROUP INC VAR RT 05/26/2030 DD 02/26/24 400,000 400,000 404,064
MORGAN STANLEY VAR RT 05/04/2027 DD 04/22/21 750,000 693,555 718,943
MORGAN STANLEY VAR RT 10/20/2032 DD 10/19/21 205,000 177,758 171,788
MORGAN STANLEY BANK OF C28 A4 3.544% 01/15/2049 DD 02/01/16 460,000 502,586 451,651
MORGAN STANLEY CAP BPR2 A 144A 7.291% 05/05/2029 DD 05/01/24 323,250 336,446 331,635
MORGAN STANLEY CAPI 420 A 144A VAR RT 10/12/2050 DD 03/01/15 279,526 269,044 268,345
MORGAN STANLEY CAPITAL I L1 A3 4.139% 10/15/2051 DD 10/01/18 335,000 325,945 324,880
MORGAN STANLEY CAPITAL UBS8 A4 3.809% 12/15/2048 DD 12/01/15 339,000 363,191 334,193
MSCI INC 144A 3.875% 02/15/2031 DD 05/26/20 285,000 270,240 261,114
NATIONAL FUEL GAS CO 2.950% 03/01/2031 DD 02/24/21 355,000 312,826 305,691
NATWEST GROUP PLC VAR RT 03/02/2027 DD 03/02/23 405,000 405,000 409,074
NATWEST GROUP PLC VAR RT 03/01/2028 DD 02/29/24 240,000 240,000 242,830
NEW YORK STATE ELECTRIC & 144A 5.650% 08/15/2028 DD 08/08/23 130,000 129,735 133,003
NEW YORK STATE ELECTRIC & 144A 5.850% 08/15/2033 DD 08/08/23 170,000 180,348 173,832
19

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
ONE BRYANT PARK TRU OBP A 144A 2.516% 09/15/2054 DD 08/21/19 250,000 222,148 218,293
ONE MARKET PLAZA T 1MKT A 144A 3.614% 02/10/2032 DD 02/01/17 273,918 253,630 255,922
PHILIP MORRIS INTERNATIONAL IN 4.750% 11/01/2031 DD 11/01/24 315,000 310,196 307,957
PHILIP MORRIS INTERNATIONAL IN 5.500% 09/07/2030 DD 09/07/23 170,000 179,937 174,095
PHILIP MORRIS INTERNATIONAL IN 4.875% 02/13/2029 DD 02/13/24 235,000 232,815 234,685
PNC FINANCIAL SERVICES GROUP I VAR RT 10/21/2032 DD 10/21/24 330,000 330,000 321,262
PNC FINANCIAL SERVICES GROUP I VAR RT 05/14/2030 DD 05/14/24 320,000 320,000 324,480
PUBLIC SERVICE ELECTRIC AND GA 0.950% 03/15/2026 DD 03/04/21 590,000 588,702 565,073
PUGET ENERGY INC 2.379% 06/15/2028 DD 06/14/21 290,000 267,096 264,779
RELIANCE STANDARD LIFE GL 144A 1.512% 09/28/2026 DD 09/28/21 265,000 265,000 248,522
ROYAL BANK OF CANADA VAR RT 08/02/2030 DD 07/23/24 390,000 390,000 386,970
SANTANDER DRIVE AUTO RECEI 2 B 5.240% 05/15/2028 DD 05/17/23 150,000 149,998 150,578
SANTANDER DRIVE AUTO RECEI 2 C 3.760% 07/16/2029 DD 03/30/22 435,000 414,487 430,302
SANTANDER DRIVE AUTO RECEI 5 B 4.430% 03/15/2027 DD 08/24/22 63,300 63,288 63,267
SANTANDER HOLDINGS USA INC VAR RT 03/09/2029 DD 03/09/23 255,000 267,125 262,028
SILGAN HOLDINGS INC 144A 1.400% 04/01/2026 DD 02/10/21 330,000 329,819 314,371
SLG OFFICE TRUST 20 OVA A 144A 2.585% 07/15/2041 DD 06/01/21 495,000 420,460 415,676
SOCIETE GENERALE SA 144A VAR RT 01/21/2033 DD 01/19/22 255,000 223,673 215,592
SOUTHERN CALIFORNIA EDISON CO 5.850% 11/01/2027 DD 11/08/22 375,000 374,783 385,590
SOUTHWESTERN ELECTRIC POWER CO 5.300% 04/01/2033 DD 03/30/23 175,000 179,522 173,189
SPRINT SPECTRUM CO LLC / 144A 4.738% 09/20/2029 DD 03/21/18 6,563 7,170 6,559
STATE STREET CORP VAR RT 11/04/2026 DD 11/04/22 450,000 450,000 453,605
SUMITOMO MITSUI FINANCIAL GROU 1.402% 09/17/2026 DD 09/17/21 620,000 620,000 586,284
SYNCHRONY BANK 5.400% 08/22/2025 DD 08/23/22 350,000 349,636 350,438
SYNCHRONY CARD FUNDING LL A1 A 5.540% 07/15/2029 DD 08/09/23 355,000 354,748 359,910
SYNCHRONY CARD FUNDING LL A2 A 5.740% 10/15/2029 DD 11/15/23 285,000 284,948 290,398
TAPESTRY INC 5.100% 03/11/2030 DD 12/11/24 195,000 194,758 192,779
TARGA RESOURCES CORP 4.200% 02/01/2033 DD 04/06/22 240,000 226,807 218,069
TORONTO-DOMINION BANK/THE VAR RT 09/10/2034 DD 09/10/24 45,000 45,000 43,920
TOYOTA AUTO RECEIVABLES 2 A A4 4.770% 04/16/2029 DD 01/30/24 145,000 144,989 145,315
TOYOTA MOTOR CREDIT CORP 5.100% 03/21/2031 DD 03/21/24 170,000 176,865 170,524
TOYOTA MOTOR CREDIT CORP 4.550% 08/09/2029 DD 08/09/24 300,000 299,391 296,451
TRUIST FINANCIAL CORP VAR RT 01/24/2030 DD 01/24/24 360,000 360,000 363,128
U S TREASURY NOTE 4.125% 10/31/2029 DD 10/31/24 10,070,000 10,053,086 9,952,785
U S TREASURY NOTE 4.125% 10/31/2026 DD 10/31/24 4,950,000 5,982,615 5,980,019
U S TREASURY NOTE 4.125% 10/31/2031 DD 10/31/24 8,315,000 8,290,083 8,138,306
U S TREASURY NOTE 4.250% 11/15/2034 DD 11/15/24 6,760,000 5,601,008 5,547,853
UBS AG/STAMFORD CT 7.500% 02/15/2028 DD 01/09/23 443,000 476,198 474,395
UNITED AIRLINES 2020-1 CLASS A 5.875% 04/15/2029 DD 10/28/20 225,192 250,245 229,962
US BANCORP VAR RT 01/23/2030 DD 01/23/24 200,000 200,000 201,734
VERIZON MASTER TRUST 7 A 144A 4.350% 08/20/2032 DD 09/18/24 445,000 444,876 435,869
WELLS FARGO & CO VAR RT 07/25/2028 DD 07/25/22 500,000 500,000 498,200
WELLS FARGO & CO VAR RT 03/02/2033 DD 03/02/22 245,000 223,001 214,828
WELLS FARGO & CO VAR RT 08/15/2026 DD 08/15/22 390,000 390,000 389,220
WESTERN MIDSTREAM OPERATING LP 6.350% 01/15/2029 DD 09/29/23 335,000 355,626 346,424
WESTPAC BANKING CORP VAR RT 11/18/2036 DD 11/18/21 310,000 269,300 262,294
20

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
WFCIT 2024-A1 A 4.940% 02/15/2029 DD 03/01/24 415,000 414,887 418,913
WFRBS COMMERCIAL MORTGA C21 AS 3.891% 08/15/2047 DD 08/01/14 109,817 108,933 107,040
WORLD FINANCIAL NETWORK CR A A 5.020% 03/15/2030 DD 05/16/23 375,000 373,460 376,976
WORLD FINANCIAL NETWORK CR A A 5.470% 02/15/2031 DD 05/15/24 250,000 249,960 254,083
ABBVIE INC 4.800% 03/15/2027 DD 02/26/24 110,000 109,845 110,639
ABBVIE INC 4.950% 03/15/2031 DD 02/26/24 45,000 44,953 45,001
ACCENTURE CAPITAL INC 4.250% 10/04/2031 DD 10/04/24 85,000 84,862 81,663
AGCO CORP 5.450% 03/21/2027 DD 03/21/24 55,000 54,957 55,516
ALLIANT ENERGY FINANCE LL 144A 5.950% 03/30/2029 DD 11/10/23 95,000 94,856 97,249
AMEREN CORP 1.950% 03/15/2027 DD 11/18/21 225,000 224,957 211,475
AMERICAN ELECTRIC POWER CO INC 5.750% 11/01/2027 DD 11/02/22 190,000 189,497 194,682
AMERICAN EXPRESS CO 5.850% 11/05/2027 DD 11/07/22 190,000 189,863 195,934
AMERICAN EXPRESS CO VAR RT 02/16/2028 DD 02/16/24 100,000 100,000 100,583
AMERICAN TOWER CORP 5.250% 07/15/2028 DD 05/25/23 125,000 124,640 125,781
AMERICAN TOWER CORP 5.000% 01/31/2030 DD 11/21/24 25,000 24,906 24,858
AMERICREDIT AUTOMOBILE RE 2 A3 5.810% 05/18/2028 DD 09/20/23 240,000 239,960 243,636
AMERIPRISE FINANCIAL INC 5.700% 12/15/2028 DD 11/09/23 55,000 54,908 56,668
AMGEN INC 5.150% 03/02/2028 DD 03/02/23 105,000 104,817 105,756
AMSR 2021-SFR4 TRU SFR4 A 144A 2.117% 12/17/2038 DD 11/23/21 255,000 234,162 242,046
AMSR 2024-SFR2 TRU SFR2 A 144A 4.150% 11/17/2041 DD 11/14/24 100,000 95,684 95,384
AMUR EQUIPMENT FINA 1A A2 144A 5.380% 01/21/2031 DD 01/31/24 86,118 86,109 86,944
ANHEUSER-BUSCH INBEV WORLDWIDE 4.750% 01/23/2029 DD 01/23/19 65,000 65,251 64,956
AON CORP / AON GLOBAL HOLDINGS 2.850% 05/28/2027 DD 02/28/22 40,000 39,978 38,239
ARES STRATEGIC INCOME FUN 144A 5.700% 03/15/2028 DD 11/21/24 70,000 69,574 69,985
ARI FLEET LEASE TRUS A A2 144A 5.410% 02/17/2032 DD 04/06/23 89,752 89,750 90,064
ARTHUR J GALLAGHER & CO 4.850% 12/15/2029 DD 12/19/24 15,000 14,988 14,924
ARZ TRUST 2024-BIL BILT A 144A 5.772% 06/11/2029 DD 05/01/24 70,000 69,995 70,771
AT&T INC 2.550% 12/01/2033 DD 06/01/21 33,000 32,534 26,599
ATHENE GLOBAL FUNDING 144A 2.717% 01/07/2029 DD 01/07/22 120,000 120,000 108,839
ATHENE GLOBAL FUNDING 144A 5.684% 02/23/2026 DD 02/23/24 140,000 140,000 141,134
ATHENE GLOBAL FUNDING 144A 4.721% 10/08/2029 DD 10/08/24 80,000 80,000 78,014
AUTOZONE INC 4.750% 02/01/2033 DD 01/27/23 60,000 56,866 57,569
AUXILIOR TERM FUNDI 1A A3 144A 5.490% 07/15/2031 DD 07/03/24 100,000 99,990 101,121
AVIS BUDGET RENTAL C 1A A 144A 5.360% 06/20/2030 DD 01/12/24 100,000 99,983 101,374
AVIS BUDGET RENTAL C 3A A 144A 5.230% 12/20/2030 DD 03/12/24 100,000 99,954 100,615
AVIS BUDGET RENTAL C 7A A 144A 5.900% 08/21/2028 DD 09/18/23 100,000 99,971 102,108
BACARDI LTD 144A 2.750% 07/15/2026 DD 07/14/16 120,000 126,638 115,836
BAE SYSTEMS PLC 144A 5.125% 03/26/2029 DD 03/26/24 200,000 203,386 200,410
BANK 2017-BNK8 BNK8 A4 3.488% 11/15/2050 DD 11/01/17 210,000 197,531 197,238
BANK OF AMERICA CORP VAR RT 07/22/2027 DD 04/22/21 190,000 189,250 181,148
BANK OF AMERICA CORP VAR RT 03/11/2027 DD 03/11/21 125,000 119,898 120,445
BANK OF AMERICA CORP VAR RT 07/23/2031 DD 07/23/20 160,000 150,036 134,568
BANK OF AMERICA CORP VAR RT 10/24/2031 DD 10/21/20 20,000 16,199 16,710
BANK OF AMERICA CORP VAR RT 03/11/2032 DD 03/11/21 175,000 178,008 150,896
BANK OF AMERICA CORP VAR RT 04/22/2032 DD 04/22/21 20,000 16,774 17,199
BANK OF AMERICA CORP VAR RT 07/21/2032 DD 07/21/21 65,000 53,778 54,226
21

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
BANK OF AMERICA CORP VAR RT 09/21/2036 DD 09/21/21 55,000 45,207 44,891
BANK OF AMERICA CORP VAR RT 09/15/2027 DD 09/15/23 60,000 60,000 61,081
BANK OF AMERICA CORP VAR RT 10/25/2035 DD 10/25/24 65,000 65,000 63,456
* BANK OF NEW YORK MELLON CORP/T VAR RT 10/25/2029 DD 10/25/23 135,000 135,000 141,815
* BANK OF NEW YORK MELLON CORP/T VAR RT 07/22/2032 DD 07/22/24 65,000 65,000 64,868
BBCMS MORTGAGE TRUST 20 C30 A2 6.128% 11/15/2057 DD 11/01/24 160,000 165,738 164,157
BENCHMARK 2019-B11 MORT B11 A2 3.410% 05/15/2052 DD 06/01/19 28,780 29,643 28,507
BHP BILLITON FINANCE USA LTD 4.750% 02/28/2028 DD 02/28/23 45,000 44,775 44,920
BOCA COMMERCIAL MO BOCA A 144A VAR RT 08/15/2041 DD 08/22/24 225,000 224,437 225,983
BOEING CO/THE 3.200% 03/01/2029 DD 02/15/19 60,000 55,449 55,265
BOEING CO/THE 6.388% 05/01/2031 DD 11/01/24 65,000 68,199 68,000
BOSTON GAS CO 144A 3.757% 03/16/2032 DD 03/16/22 15,000 15,000 13,364
BP CAPITAL MARKETS AMERICA INC 4.812% 02/13/2033 DD 02/13/23 100,000 100,000 96,502
BP CAPITAL MARKETS AMERICA INC 4.893% 09/11/2033 DD 05/11/23 65,000 64,999 62,893
BP CAPITAL MARKETS AMERICA INC 5.227% 11/17/2034 DD 05/17/24 95,000 94,724 93,647
BPCE SA 144A 5.125% 01/18/2028 DD 01/18/23 250,000 249,520 250,218
BPR TRUST 2023-BRK BRK2 A 144A VAR RT 10/05/2038 DD 10/01/23 200,000 199,990 205,698
BPR TRUST 2024-PMD PMDW A 144A VAR RT 11/05/2041 DD 11/01/24 100,000 99,999 99,664
BRIDGECREST LENDING AUTO 1 A3 5.530% 01/18/2028 DD 01/24/24 85,000 84,999 85,309
BRIDGECREST LENDING AUTO 1 A3 6.510% 11/15/2027 DD 10/25/23 136,027 136,010 136,813
BRIGHTHOUSE FINANCIAL GLO 144A 5.650% 06/10/2029 DD 06/10/24 110,000 109,934 110,887
BROADCOM INC 5.050% 07/12/2029 DD 07/12/24 20,000 19,974 20,070
BROADCOM INC 4.150% 02/15/2028 DD 10/02/24 105,000 104,848 103,253
BROOKFIELD FINANCE INC 3.900% 01/25/2028 DD 01/17/18 200,000 214,268 194,554
BROOKLYN UNION GAS CO/THE 144A 4.632% 08/05/2027 DD 08/05/22 110,000 110,000 108,780
CAPITAL ONE FINANCIAL CORP VAR RT 07/26/2030 DD 07/27/22 140,000 140,000 139,553
CAPITAL ONE FINANCIAL CORP VAR RT 10/30/2031 DD 11/01/23 95,000 102,088 104,911
CARDINAL HEALTH INC 5.000% 11/15/2029 DD 11/22/24 80,000 79,973 79,499
CATERPILLAR FINANCIAL SERVICES 4.700% 11/15/2029 DD 11/15/24 130,000 129,788 129,546
CD 2016-CD1 MORTGAGE T CD1 ASB 2.622% 08/10/2049 DD 08/01/16 50,173 53,207 49,356
CD 2016-CD2 MORTGAGE TR CD2 A4 VAR RT 11/10/2049 DD 12/01/16 55,000 52,785 52,719
CDW LLC / CDW FINANCE CORP 2.670% 12/01/2026 DD 12/01/21 205,000 205,000 196,558
CELANESE US HOLDINGS LLC VAR RT 03/15/2025 DD 07/14/22 55,000 54,996 55,039
CENCORA INC 4.850% 12/15/2029 DD 12/09/24 110,000 110,084 109,453
CENTERPOINT ENERGY INC 5.250% 08/10/2026 DD 08/10/23 110,000 109,798 110,857
CENTERPOINT ENERGY INC 5.400% 06/01/2029 DD 05/10/24 130,000 129,727 131,457
CHARTER COMMUNICATIONS OPERATI 4.908% 07/23/2025 DD 07/23/16 30,000 31,033 29,965
CHARTER COMMUNICATIONS OPERATI 4.200% 03/15/2028 DD 09/18/17 110,000 115,808 106,459
CISCO SYSTEMS INC 4.850% 02/26/2029 DD 02/26/24 90,000 89,969 90,567
CITIGROUP COMMERCIAL MOR P1 A5 3.717% 09/15/2048 DD 08/01/15 264,000 285,594 261,796
CITIGROUP INC VAR RT 06/09/2027 DD 06/09/21 225,000 223,163 214,225
CITIGROUP INC VAR RT 02/13/2030 DD 02/13/24 65,000 65,000 64,938
CITIZENS AUTO RECEIV 1 A4 144A 5.030% 10/15/2030 DD 01/23/24 65,000 64,998 65,477
CITIZENS FINANCIAL GROUP INC VAR RT 01/23/2030 DD 01/23/24 35,000 35,061 35,538
CITIZENS FINANCIAL GROUP INC VAR RT 04/25/2035 DD 04/25/24 10,000 10,330 10,570
CITIZENS FINANCIAL GROUP INC VAR RT 07/23/2032 DD 07/23/24 75,000 75,000 75,279
22

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
CLECO CORPORATE HOLDINGS LLC 3.375% 09/15/2029 DD 03/15/20 25,000 24,985 22,475
CNO GLOBAL FUNDING 144A 4.875% 12/10/2027 DD 12/12/24 80,000 79,995 79,623
COLUMBIA PIPELINES HOLDIN 144A 6.055% 08/15/2026 DD 08/08/23 15,000 15,000 15,213
COLUMBIA PIPELINES HOLDIN 144A 6.042% 08/15/2028 DD 08/08/23 155,000 155,179 158,746
COLUMBIA PIPELINES HOLDIN 144A 5.097% 10/01/2031 DD 09/09/24 26,000 25,881 25,366
COMCAST CORP 5.100% 06/01/2029 DD 05/22/24 95,000 94,932 96,009
COMM 2015-CCRE26 MORTG CR26 A4 3.630% 10/10/2048 DD 10/01/15 453,000 466,201 447,849
COMM 2015-LC19 MORTGAG LC19 A4 3.183% 02/10/2048 DD 02/01/15 135,645 134,755 135,430
COMM 2024-277P MOR 277P A 144A 6.338% 08/10/2044 DD 08/01/24 80,000 80,798 82,341
COMM 2024-CBM MORT CBM A2 144A VAR RT 12/10/2041 DD 12/01/24 40,000 40,598 40,445
COMMONSPIRIT HEALTH 5.205% 12/01/2031 DD 03/20/24 50,000 50,000 49,803
CONAGRA BRANDS INC 1.375% 11/01/2027 DD 10/16/20 240,000 219,165 217,910
CONOCOPHILLIPS CO 4.700% 01/15/2030 DD 12/05/24 100,000 99,867 98,960
CONSTELLATION BRANDS INC 3.600% 02/15/2028 DD 02/07/18 19,000 19,027 18,249
CONSTELLATION BRANDS INC 2.250% 08/01/2031 DD 07/26/21 30,000 29,867 24,968
CONSTELLATION BRANDS INC 5.000% 02/02/2026 DD 02/02/23 205,000 204,649 204,666
COREBRIDGE FINANCIAL INC 3.650% 04/05/2027 DD 04/05/23 135,000 134,811 131,247
COREBRIDGE GLOBAL FUNDING 144A 5.900% 09/19/2028 DD 09/19/23 25,000 24,977 25,702
COSTCO WHOLESALE CORP 1.600% 04/20/2030 DD 04/20/20 103,000 88,372 88,140
COTERRA ENERGY INC 5.400% 02/15/2035 DD 12/17/24 40,000 39,815 39,097
COX COMMUNICATIONS INC 144A 5.450% 09/01/2034 DD 08/20/24 155,000 154,876 150,087
CPS AUTO RECEIVABLES B A 144A 5.910% 08/16/2027 DD 04/26/23 54,317 54,316 54,433
CREDIT ACCEPTANCE AU 1A A 144A 5.680% 03/15/2034 DD 03/28/24 100,000 99,980 101,282
CREDIT ACCEPTANCE AU 2A A 144A 5.950% 06/15/2034 DD 06/20/24 155,000 154,998 158,080
CREDIT ACCEPTANCE AU 3A A 144A 4.680% 09/15/2034 DD 09/26/24 120,000 119,984 119,180
CROWN CASTLE INC 4.800% 09/01/2028 DD 04/26/23 120,000 119,728 118,630
CROWN CASTLE INC 4.900% 09/01/2029 DD 08/12/24 25,000 25,510 24,732
CSAIL 2015-C1 COMMERCIAL C1 A4 3.505% 04/15/2050 DD 03/01/15 82,204 87,673 81,978
CSAIL 2015-C3 COMMERCIAL C3 A3 3.447% 08/15/2048 DD 08/01/15 150,758 155,994 150,054
CSAIL 2016-C6 COMMERCIAL C6 A5 3.090% 01/15/2049 DD 05/01/16 175,000 170,345 170,643
CVS HEALTH CORP 3.750% 04/01/2030 DD 03/31/20 30,000 28,155 27,473
CVS HEALTH CORP 3.250% 08/15/2029 DD 08/15/19 65,000 60,055 59,193
CVS HEALTH CORP 1.750% 08/21/2030 DD 08/21/20 140,000 116,226 113,837
CVS HEALTH CORP 2.125% 09/15/2031 DD 08/18/21 50,000 40,809 40,050
CVS HEALTH CORP 5.000% 01/30/2029 DD 06/02/23 155,000 154,444 152,903
DEUTSCHE BANK AG/NEW YORK NY 5.371% 09/09/2027 DD 09/09/22 150,000 147,434 152,186
DIAMONDBACK ENERGY INC 5.400% 04/18/2034 DD 04/18/24 15,000 15,432 14,763
DISCOVER FINANCIAL SERVICES VAR RT 11/02/2034 DD 11/02/23 45,000 52,707 51,438
DISCOVERY COMMUNICATIONS LLC 3.625% 05/15/2030 DD 05/18/20 60,000 53,393 53,369
DLLAA 2023-1 LLC 1A A3 144A 5.640% 02/22/2028 DD 08/02/23 70,000 69,996 71,047
DLLAD 2024-1 LLC 1A A3 144A 5.300% 07/20/2029 DD 05/15/24 65,000 64,987 65,857
DOMINION ENERGY INC 3.375% 04/01/2030 DD 04/03/20 85,000 76,386 78,208
DRIVE AUTO RECEIVABLES TR 1 A3 5.350% 02/15/2028 DD 02/21/24 45,000 44,996 45,179
DUKE ENERGY CAROLINAS LLC 2.550% 04/15/2031 DD 04/01/21 115,000 114,868 99,668
DUKE ENERGY CORP 2.550% 06/15/2031 DD 06/10/21 90,000 86,831 76,857
DUKE ENERGY CORP 5.450% 06/15/2034 DD 06/07/24 20,000 19,974 19,949
23

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
DUKE ENERGY OHIO INC 5.250% 04/01/2033 DD 03/22/23 10,000 9,994 9,982
DUKE ENERGY PROGRESS LLC 3.400% 04/01/2032 DD 03/17/22 80,000 79,790 71,647
EDISON INTERNATIONAL 6.950% 11/15/2029 DD 11/10/22 50,000 54,229 53,386
EDISON INTERNATIONAL 5.250% 11/15/2028 DD 05/15/23 30,000 29,583 30,066
EDISON INTERNATIONAL 5.250% 03/15/2032 DD 11/05/24 45,000 44,970 44,510
ELEVANCE HEALTH INC 4.500% 10/30/2026 DD 10/31/24 60,000 59,989 59,854
ELI LILLY & CO 4.500% 02/09/2029 DD 02/09/24 155,000 154,898 154,144
ELI LILLY & CO 4.200% 08/14/2029 DD 08/14/24 40,000 39,912 39,220
ELI LILLY & CO 4.600% 08/14/2034 DD 08/14/24 25,000 24,992 24,005
EMERA US FINANCE LP 2.639% 06/15/2031 DD 06/04/21 70,000 60,388 59,210
ENBRIDGE INC 3.125% 11/15/2029 DD 11/15/19 60,000 55,364 54,928
ENBRIDGE INC 2.500% 02/14/2025 DD 02/17/22 285,000 284,812 284,156
ENBRIDGE INC 5.625% 04/05/2034 DD 04/05/24 40,000 40,021 40,252
ENERGY TRANSFER LP 5.250% 07/01/2029 DD 06/21/24 40,000 39,919 40,190
ENTERPRISE FLEET FIN 1 A3 144A 5.160% 09/20/2030 DD 01/30/24 50,000 49,985 50,528
ENTERPRISE FLEET FIN 2 A2 144A 5.560% 04/22/2030 DD 05/31/23 106,394 106,376 107,311
ENTERPRISE FLEET FIN 2 A4 144A 5.690% 12/20/2030 DD 04/30/24 75,000 74,990 76,862
ENTERPRISE FLEET FIN 3 A4 144A 5.060% 03/20/2031 DD 07/24/24 50,000 49,999 50,228
EVERGY INC 2.900% 09/15/2029 DD 09/09/19 30,000 29,960 27,292
EVERSOURCE ENERGY 4.600% 07/01/2027 DD 06/27/22 100,000 99,880 99,303
EVERSOURCE ENERGY 5.450% 03/01/2028 DD 03/06/23 80,000 80,016 81,043
EVERSOURCE ENERGY 5.125% 05/15/2033 DD 05/11/23 50,000 49,067 48,593
EXELON CORP 5.150% 03/15/2029 DD 02/27/24 95,000 94,792 95,464
FHLMC POOL #A4-1215 5.000% 11/01/2035 DD 12/01/05 29,229 28,072 29,036
FHLMC POOL #A4-1297 5.000% 12/01/2035 DD 12/01/05 19,241 18,478 19,125
FHLMC POOL #A4-1833 5.000% 01/01/2036 DD 01/01/06 1,677 1,610 1,689
FHLMC POOL #A4-7715 5.000% 11/01/2035 DD 11/01/05 259 248 256
FHLMC POOL #A7-0631 5.000% 12/01/2037 DD 12/01/07 9,617 9,224 9,475
FHLMC POOL #A7-7292 5.000% 04/01/2038 DD 05/01/08 33,428 33,010 33,344
FHLMC POOL #A9-6129 4.000% 01/01/2041 DD 12/01/10 542,207 560,040 512,060
FHLMC POOL #G0-1940 5.000% 10/01/2035 DD 10/01/05 9,353 8,786 9,293
FHLMC POOL #G0-4214 5.500% 05/01/2038 DD 04/01/08 32,504 32,728 32,683
FHLMC POOL #G0-8741 3.000% 01/01/2047 DD 12/01/16 899,190 923,918 780,066
FHLMC POOL #G0-8796 3.500% 12/01/2047 DD 12/01/17 96,779 95,838 86,887
FHLMC POOL #G0-8804 3.500% 03/01/2048 DD 02/01/18 296,944 294,055 266,759
FHLMC POOL #G0-8816 3.500% 05/01/2048 DD 05/01/18 104,287 103,086 93,686
FHLMC POOL #Q4-6279 3.500% 02/01/2047 DD 02/01/17 66,107 65,291 59,390
FHLMC POOL #Q5-3034 3.500% 12/01/2047 DD 12/01/17 57,249 56,589 51,431
FHLMC POOL #Q5-5617 3.500% 04/01/2048 DD 04/01/18 86,370 85,375 77,591
FHLMC POOL #Q5-6545 3.500% 06/01/2048 DD 06/01/18 343,191 339,853 308,313
FHLMC POOL #QE-6387 4.500% 07/01/2052 DD 07/01/22 711,067 666,625 670,614
FHLMC POOL #QE-6388 4.500% 07/01/2052 DD 07/01/22 689,754 647,238 654,246
FHLMC POOL #RA-5615 2.000% 08/01/2051 DD 07/01/21 1,129,929 1,156,279 890,689
FHLMC POOL #RA-7522 4.500% 06/01/2052 DD 06/01/22 709,223 663,567 667,996
FHLMC POOL #RA-7674 4.500% 07/01/2052 DD 07/01/22 772,343 722,744 727,578
FHLMC POOL #RA-7778 4.500% 08/01/2052 DD 08/01/22 769,387 719,617 724,808
24

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
FHLMC POOL #SD-2903 2.000% 03/01/2051 DD 05/01/23 1,142,138 914,960 894,808
FHLMC POOL #SD-8036 3.000% 01/01/2050 DD 12/01/19 1,381,572 1,400,218 1,189,437
FHLMC POOL #SD-8160 2.000% 07/01/2051 DD 07/01/21 1,182,336 1,205,659 924,469
FHLMC POOL #SD-8362 5.500% 09/01/2053 DD 08/01/23 1,490,101 1,446,912 1,472,205
FHLMC POOL #SD-8372 5.500% 11/01/2053 DD 10/01/23 1,489,276 1,445,994 1,471,122
FHLMC MULTICLASS MTG 3883 PB 3.000% 05/15/2041 DD 06/01/11 29,710 29,592 27,989
FHLMC MULTICLASS MTG 4961 JB 2.500% 12/15/2042 DD 02/01/20 86,086 89,193 77,185
FHLMC MULTICLASS MTG 5055 DG 1.500% 12/25/2050 DD 11/01/20 215,813 179,327 167,566
FHLMC MULTICLASS MTG 5170 DP 2.000% 07/25/2050 DD 11/01/21 215,753 199,446 184,028
FIFTH THIRD BANCORP VAR RT 07/27/2029 DD 07/27/23 15,000 15,000 15,561
FIRSTENERGY PENNSYLVANIA 144A 5.200% 04/01/2028 DD 03/30/23 5,000 4,993 5,023
FIRSTENERGY PENNSYLVANIA 144A 3.600% 06/01/2029 DD 06/03/19 35,000 32,109 32,918
FIRSTENERGY PENNSYLVANIA 144A 5.150% 03/30/2026 DD 03/30/23 5,000 4,988 5,013
FIRSTKEY HOMES 202 SFR1 A 144A 1.538% 08/17/2038 DD 07/15/21 264,779 242,237 252,028
FIRSTKEY HOMES 202 SFR3 A 144A 2.135% 12/17/2038 DD 12/09/21 98,192 90,218 93,448
FLAGSHIP CREDIT AUTO 1 A3 144A 5.010% 08/16/2027 DD 02/08/23 140,000 139,990 140,154
FLAGSHIP CREDIT AUTO 2 A3 144A 5.220% 12/15/2027 DD 05/04/23 248,000 247,999 248,630
FLORIDA POWER & LIGHT CO 5.050% 04/01/2028 DD 03/03/23 40,000 39,948 40,389
FLORIDA POWER & LIGHT CO 4.625% 05/15/2030 DD 05/18/23 125,000 124,949 123,873
FNMA POOL #0256315 5.500% 07/01/2036 DD 06/01/06 16,384 16,063 16,573
FNMA POOL #0725206 5.500% 02/01/2034 DD 02/01/04 26,398 30,074 26,617
FNMA POOL #0725222 5.500% 02/01/2034 DD 02/01/04 44,834 51,058 45,146
FNMA POOL #0725314 5.000% 04/01/2034 DD 03/01/04 11,444 10,871 11,347
FNMA POOL #0727187 5.500% 08/01/2033 DD 08/01/03 3,025 3,045 3,053
FNMA POOL #0733655 5.500% 09/01/2033 DD 08/01/03 10,892 10,963 10,962
FNMA POOL #0734847 5.500% 08/01/2033 DD 08/01/03 12,328 12,409 12,369
FNMA POOL #0735383 5.000% 04/01/2035 DD 03/01/05 107,638 120,531 106,713
FNMA POOL #0820263 5.000% 07/01/2035 DD 07/01/05 4,700 4,623 4,661
FNMA POOL #0825951 5.000% 07/01/2035 DD 06/01/05 7,166 7,049 7,147
FNMA POOL #0826955 5.000% 06/01/2035 DD 06/01/05 539 530 528
FNMA POOL #0828523 5.000% 07/01/2035 DD 07/01/05 9,708 9,549 9,626
FNMA POOL #0828547 5.000% 08/01/2035 DD 08/01/05 873 829 866
FNMA POOL #0828678 5.000% 07/01/2035 DD 07/01/05 3,881 3,817 3,807
FNMA POOL #0828712 5.000% 07/01/2035 DD 07/01/05 7,295 7,175 7,156
FNMA POOL #0830996 5.000% 08/01/2035 DD 07/01/05 7,711 7,585 7,644
FNMA POOL #0832013 5.000% 09/01/2035 DD 08/01/05 15,321 15,070 15,212
FNMA POOL #0832878 5.000% 09/01/2035 DD 08/01/05 17,721 17,136 17,594
FNMA POOL #0838778 5.000% 10/01/2035 DD 10/01/05 4,771 4,532 4,680
FNMA POOL #0840377 5.000% 11/01/2035 DD 11/01/05 1,756 1,668 1,741
FNMA POOL #0843360 5.000% 11/01/2035 DD 11/01/05 5,254 4,992 5,224
FNMA POOL #0844018 5.000% 11/01/2035 DD 10/01/05 16,245 15,430 16,102
FNMA POOL #0867065 5.000% 02/01/2036 DD 02/01/06 4,104 3,895 4,074
FNMA POOL #0882022 5.500% 05/01/2036 DD 05/01/06 316 309 319
FNMA POOL #0888023 5.500% 06/01/2036 DD 11/01/06 90,771 90,559 91,427
FNMA POOL #0888120 5.000% 10/01/2035 DD 12/01/06 30,119 29,124 29,879
FNMA POOL #0888635 5.500% 09/01/2036 DD 08/01/07 23,391 26,642 23,566
25

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
FNMA POOL #0893289 5.500% 08/01/2036 DD 08/01/06 3,637 3,570 3,668
FNMA POOL #0893363 5.000% 06/01/2036 DD 08/01/06 876 832 868
FNMA POOL #0900979 5.500% 09/01/2036 DD 09/01/06 4,996 4,903 5,044
FNMA POOL #0961876 5.000% 03/01/2038 DD 02/01/08 25,842 25,235 25,511
FNMA POOL #0AT2016 3.000% 04/01/2043 DD 04/01/13 271,416 273,960 239,163
FNMA POOL #0BJ8622 3.500% 05/01/2048 DD 04/01/18 7,663 7,596 6,875
FNMA POOL #0BK2229 2.500% 04/01/2050 DD 03/01/20 1,750,692 1,573,304 1,428,442
FNMA POOL #0BN5279 4.000% 02/01/2049 DD 02/01/19 327,828 334,384 303,664
FNMA POOL #0BR1035 2.000% 05/01/2051 DD 05/01/21 1,119,739 892,817 874,483
FNMA POOL #0CA1191 3.500% 11/01/2047 DD 01/01/18 31,572 31,306 28,325
FNMA POOL #0CB1666 2.500% 09/01/2051 DD 08/01/21 1,876,497 1,840,433 1,548,842
FNMA POOL #0FP0078 2.500% 12/01/2051 DD 10/01/23 982,137 822,847 807,543
FNMA POOL #0FS3497 3.500% 08/01/2052 DD 12/01/22 958,239 828,016 848,942
FNMA POOL #0FS6893 2.000% 08/01/2051 DD 01/01/24 1,109,603 887,682 869,673
FNMA POOL #0FS6925 2.500% 12/01/2051 DD 01/01/24 993,978 824,846 811,901
FNMA POOL #0MA4398 2.000% 08/01/2051 DD 07/01/21 1,175,280 1,198,465 919,046
FNMA POOL #0MA4582 2.000% 04/01/2037 DD 03/01/22 508,799 440,270 449,316
FNMA POOL #0MA5072 5.500% 06/01/2053 DD 06/01/23 1,524,893 1,481,052 1,506,853
FNMA GTD REMIC P/T 12-18 GA 2.000% 12/25/2041 DD 02/01/12 30,680 28,997 28,207
FNMA GTD REMIC P/T 12-21 PQ 2.000% 09/25/2041 DD 02/01/12 17,247 16,328 16,023
FNMA GTD REMIC P/T 12-52 PA 3.500% 05/25/2042 DD 04/01/12 28,149 28,513 26,686
FNMA GTD REMIC P/T 13-77 BP 1.700% 06/25/2043 DD 06/01/13 8,472 8,421 8,367
FNMA GTD REMIC P/T 15-48 QB 3.000% 02/25/2043 DD 06/01/15 29,886 30,139 29,155
FNMA GTD REMIC P/T 16-11 GA 2.500% 03/25/2046 DD 02/01/16 46,233 44,817 42,138
FNMA GTD REMIC P/T 17-34 JK 3.000% 05/25/2047 DD 04/01/17 16,161 15,651 15,677
FNMA GTD REMIC P/T 18-23 LA 3.500% 04/25/2048 DD 03/01/18 69,430 70,108 64,246
FNMA GTD REMIC P/T 22-90 AY 4.500% 12/25/2041 DD 12/01/22 400,000 404,500 373,820
FOUNDRY JV HOLDCO LLC 144A 6.150% 01/25/2032 DD 05/07/24 200,000 202,650 201,834
GE HEALTHCARE TECHNOLOGIES INC 5.650% 11/15/2027 DD 05/15/23 125,000 124,499 128,036
GENERAL MILLS INC 5.241% 11/18/2025 DD 11/18/22 45,000 45,000 45,000
GENERAL MOTORS FINANCIAL CO IN 2.350% 02/26/2027 DD 01/11/22 285,000 284,721 270,106
GENUINE PARTS CO 1.750% 02/01/2025 DD 01/10/22 285,000 284,205 284,236
GEORGIA POWER CO 4.650% 05/16/2028 DD 05/04/23 120,000 119,849 119,484
GEORGIA POWER CO 4.550% 03/15/2030 DD 12/05/24 75,000 74,824 73,775
GILEAD SCIENCES INC 1.200% 10/01/2027 DD 09/30/20 90,000 89,922 82,041
GILEAD SCIENCES INC 4.800% 11/15/2029 DD 11/20/24 40,000 39,995 39,920
GLENCORE FUNDING LLC 144A 5.400% 05/08/2028 DD 05/08/23 50,000 49,981 50,512
GLENCORE FUNDING LLC 144A 6.375% 10/06/2030 DD 10/06/23 55,000 59,029 57,765
GLENCORE FUNDING LLC 144A 5.338% 04/04/2027 DD 04/04/24 20,000 20,000 20,175
GLENCORE FUNDING LLC 144A 5.371% 04/04/2029 DD 04/04/24 40,000 39,978 40,329
GLENCORE FUNDING LLC 144A 5.634% 04/04/2034 DD 04/04/24 15,000 15,105 14,948
GNMA POOL #0465541 6.000% 07/15/2028 DD 07/01/98 135 140 136
GNMA POOL #0486703 6.000% 11/15/2028 DD 11/01/98 160 167 166
GNMA POOL #0491289 6.000% 11/15/2028 DD 11/01/98 3,953 4,132 4,005
GNMA POOL #0596613 6.000% 10/15/2032 DD 10/01/02 150 155 155
GNMA POOL #0601319 6.000% 02/15/2033 DD 02/01/03 1,477 1,544 1,488
26

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
GNMA POOL #0739896 4.000% 01/15/2041 DD 01/01/11 17,544 18,946 16,475
GNMA POOL #0767263 4.000% 08/15/2041 DD 08/01/11 178,816 193,114 167,930
GNMA POOL #0770410 4.000% 06/15/2041 DD 06/01/11 9,731 10,519 9,091
GNMA POOL #0778693 4.000% 12/15/2041 DD 12/01/11 25,586 27,657 23,953
GNMA POOL #0781856 6.000% 08/15/2034 DD 01/01/05 45,298 46,866 46,316
GNMA POOL #0782071 7.000% 05/15/2033 DD 03/01/06 8,781 9,163 9,049
GNMA GTD REMIC P/T 13-37 LG 2.000% 01/20/2042 DD 03/01/13 25,538 23,830 24,709
GNMA II POOL #0MA4652 3.500% 08/20/2047 DD 08/01/17 406,462 423,292 367,117
GNMA II POOL #0MA4961 3.000% 01/20/2048 DD 01/01/18 68,626 66,269 60,160
GNMA II POOL #0MA5018 3.000% 02/20/2048 DD 02/01/18 677,432 654,171 594,643
GNMA II POOL #0MA7051 2.000% 12/20/2050 DD 12/01/20 1,188,232 947,986 951,524
GNMA II POOL #0MA7313 3.000% 04/20/2051 DD 04/01/21 641,330 562,266 556,944
GNMA II POOL #0MA7368 3.000% 05/20/2051 DD 05/01/21 138,365 121,307 120,170
GNMA II POOL #0MA7472 2.500% 07/20/2051 DD 07/01/21 556,213 469,827 464,577
GNMA II POOL #0MA7589 2.500% 09/20/2051 DD 09/01/21 878,832 740,828 734,036
GNMA II POOL #0MA7989 3.500% 04/20/2052 DD 04/01/22 1,406,402 1,238,074 1,256,930
GOLDMAN SACHS GROUP INC/THE VAR RT 04/22/2032 DD 04/22/21 5,000 5,000 4,263
GOLDMAN SACHS GROUP INC/THE VAR RT 04/25/2030 DD 04/25/24 50,000 50,000 51,025
GOLDMAN SACHS GROUP INC/THE VAR RT 07/23/2030 DD 07/23/24 110,000 110,000 109,439
GOLDMAN SACHS GROUP INC/THE VAR RT 10/23/2030 DD 10/23/24 80,000 80,000 78,342
GOLDMAN SACHS GROUP INC/THE VAR RT 10/23/2035 DD 10/23/24 20,000 20,000 19,153
GOLDMAN SACHS GROUP INC/THE VAR RT 01/27/2032 DD 01/27/21 65,000 65,000 53,678
GOLDMAN SACHS GROUP INC/THE VAR RT 10/21/2027 DD 10/21/21 300,000 299,469 284,625
GOLDMAN SACHS GROUP INC/THE VAR RT 08/23/2028 DD 08/23/22 80,000 79,880 79,070
GREATAMERICA LEASING 1 A4 144A 5.080% 12/16/2030 DD 01/31/24 65,000 64,994 65,426
GS MORTGAGE SECURITIES GS7 A4 3.430% 08/10/2050 DD 08/01/17 70,000 66,771 66,519
HALEON US CAPITAL LLC 3.375% 03/24/2027 DD 09/24/22 270,000 269,409 262,121
HEICO CORP 5.250% 08/01/2028 DD 07/27/23 40,000 39,944 40,380
HERTZ VEHICLE FINANC 3A A 144A 5.940% 02/25/2028 DD 08/24/23 245,000 244,943 248,898
HESS CORP 7.125% 03/15/2033 DD 03/05/02 70,000 80,970 77,599
HEWLETT PACKARD ENTERPRISE CO 4.850% 10/15/2031 DD 09/26/24 85,000 84,922 82,938
HSBC HOLDINGS PLC VAR RT 05/17/2028 DD 05/17/24 255,000 255,000 257,764
HTL COMMERCIAL MORT T53 A 144A VAR RT 05/10/2039 DD 04/01/24 100,000 100,000 100,512
HUMANA INC 5.750% 03/01/2028 DD 11/22/22 125,000 124,689 127,266
HYUNDAI AUTO LEASE S A A4 144A 5.070% 02/15/2028 DD 01/24/24 100,000 99,995 100,598
HYUNDAI CAPITAL AMERICA 144A 5.500% 03/30/2026 DD 03/30/23 125,000 124,548 125,769
INTEL CORP 4.875% 02/10/2028 DD 02/10/23 105,000 105,426 104,453
INTERCONTINENTAL EXCHANGE INC 2.100% 06/15/2030 DD 05/26/20 205,000 165,394 177,118
INTERCONTINENTAL EXCHANGE INC 4.000% 09/15/2027 DD 05/23/22 45,000 44,879 44,318
INTERCONTINENTAL EXCHANGE INC 5.250% 06/15/2031 DD 05/13/24 35,000 34,967 35,319
ITC HOLDINGS CORP 144A 4.950% 09/22/2027 DD 09/22/22 80,000 80,053 80,123
JACKSON NATIONAL LIFE GLO 144A 5.550% 07/02/2027 DD 07/02/24 150,000 149,828 151,872
JERSEY CENTRAL POWER & LI 144A 5.100% 01/15/2035 DD 12/05/24 15,000 14,947 14,647
JPMBB COMMERCIAL MORTGA C32 A5 3.598% 11/15/2048 DD 10/01/15 322,000 351,219 316,610
JPMORGAN CHASE & CO VAR RT 09/22/2027 DD 09/22/21 305,000 301,699 288,545
JPMORGAN CHASE & CO VAR RT 01/23/2030 DD 01/23/24 140,000 140,000 139,860
27

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
JPMORGAN CHASE & CO VAR RT 01/23/2029 DD 01/23/18 215,000 215,000 206,293
JPMORGAN CHASE & CO VAR RT 01/29/2027 DD 01/29/19 275,000 275,000 272,863
JPMORGAN CHASE & CO VAR RT 05/06/2030 DD 05/06/19 45,000 45,000 42,608
JPMORGAN CHASE & CO VAR RT 07/24/2029 DD 07/24/23 135,000 135,000 136,362
JPMORGAN CHASE & CO VAR RT 01/23/2035 DD 01/23/24 45,000 45,000 44,794
JPMORGAN CHASE & CO VAR RT 04/22/2030 DD 04/22/24 65,000 65,000 66,308
JPMORGAN CHASE & CO VAR RT 07/22/2030 DD 07/22/24 110,000 110,000 109,569
JPMORGAN CHASE & CO VAR RT 10/22/2028 DD 10/22/24 105,000 105,000 104,072
JPMORGAN CHASE & CO VAR RT 10/22/2035 DD 10/22/24 20,000 20,000 19,266
KENVUE INC 5.500% 03/22/2025 DD 09/22/23 60,000 60,742 60,104
KEURIG DR PEPPER INC 5.100% 03/15/2027 DD 03/07/24 120,000 119,849 121,094
L3HARRIS TECHNOLOGIES INC 4.400% 06/15/2028 DD 12/15/19 54,000 61,276 53,044
L3HARRIS TECHNOLOGIES INC 5.050% 06/01/2029 DD 03/13/24 110,000 109,755 109,963
LABORATORY CORP OF AMERICA HOL 4.350% 04/01/2030 DD 09/23/24 130,000 129,910 125,444
LENNOX INTERNATIONAL INC 1.350% 08/01/2025 DD 07/30/20 120,000 119,890 117,445
LOCKHEED MARTIN CORP 4.700% 12/15/2031 DD 12/11/24 60,000 59,964 59,071
LOWE'S COS INC 4.800% 04/01/2026 DD 03/30/23 95,000 94,984 95,155
M&T BANK CORP VAR RT 10/30/2029 DD 10/30/23 25,000 25,351 26,808
MANUFACTURERS & TRADERS TRUST 5.400% 11/21/2025 DD 11/21/22 250,000 249,850 250,745
MARVELL TECHNOLOGY INC 2.450% 04/15/2028 DD 04/12/21 60,000 57,148 55,342
MARVELL TECHNOLOGY INC 5.750% 02/15/2029 DD 09/18/23 75,000 74,802 76,862
MERCEDES-BENZ FINANCE NOR 144A 4.950% 03/30/2025 DD 03/30/23 150,000 149,961 150,033
MICROCHIP TECHNOLOGY INC 4.900% 03/15/2028 DD 12/16/24 75,000 74,921 74,762
MICROCHIP TECHNOLOGY INC 5.050% 02/15/2030 DD 12/16/24 50,000 49,961 49,612
MONDELEZ INTERNATIONAL INC 2.625% 03/17/2027 DD 03/17/22 65,000 64,834 62,187
MORGAN STANLEY VAR RT 07/20/2027 DD 07/20/21 300,000 294,999 285,153
MORGAN STANLEY VAR RT 07/20/2029 DD 07/21/23 40,000 40,000 40,443
MORGAN STANLEY VAR RT 05/04/2027 DD 04/22/21 270,000 270,000 258,819
MORGAN STANLEY VAR RT 04/28/2032 DD 01/25/21 115,000 115,000 94,083
MORGAN STANLEY VAR RT 11/01/2029 DD 11/01/23 80,000 80,000 83,565
MORGAN STANLEY 3.125% 07/27/2026 DD 07/25/16 205,000 203,638 200,240
MORGAN STANLEY CAPITA UB11 ASB 2.606% 08/15/2049 DD 08/01/16 110,741 117,200 109,180
MPLX LP 4.250% 12/01/2027 DD 12/01/19 50,000 47,048 49,209
MPLX LP 1.750% 03/01/2026 DD 08/18/20 70,000 63,559 67,580
NASDAQ INC 5.350% 06/28/2028 DD 06/28/23 65,000 64,871 65,935
NATIONAL GRID PLC 5.602% 06/12/2028 DD 06/12/23 140,000 140,000 142,717
NATIONAL RURAL UTILITIES COOPE 3.700% 03/15/2029 DD 01/31/19 20,000 19,955 19,116
NATWEST GROUP PLC VAR RT 09/30/2028 DD 06/30/22 200,000 200,000 202,526
NAVIENT PRIVATE EDUC FA A 144A 1.110% 02/18/2070 DD 09/28/21 106,253 91,050 92,767
NAVIENT PRIVATE EDUCA A A 144A 5.510% 10/15/2071 DD 04/27/23 137,366 137,167 137,591
NEXTERA ENERGY CAPITAL HOLDING 6.051% 03/01/2025 DD 03/01/23 50,000 50,125 50,089
NEXTERA ENERGY CAPITAL HOLDING 5.749% 09/01/2025 DD 08/10/23 55,000 55,076 55,337
NISOURCE INC 5.250% 03/30/2028 DD 03/24/23 175,000 175,878 176,521
NISOURCE INC 3.490% 05/15/2027 DD 05/22/17 65,000 65,881 63,276
NJ TRUST 2023-GSP GSP A 144A VAR RT 01/06/2029 DD 12/01/23 235,000 242,152 244,522
NUTRIEN LTD 5.950% 11/07/2025 DD 11/09/22 125,000 124,865 126,201
28

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
NUTRIEN LTD 4.900% 03/27/2028 DD 03/27/23 100,000 99,757 99,963
NUVEEN LLC 144A 5.550% 01/15/2030 DD 04/11/24 15,000 14,983 15,275
NXP BV / NXP FUNDING LLC 5.350% 03/01/2026 DD 03/01/22 89,000 98,645 89,349
NXP BV / NXP FUNDING LLC / NXP 2.700% 05/01/2025 DD 05/01/22 250,000 249,790 248,280
ONCOR ELECTRIC DELIVERY CO LLC 2.750% 05/15/2030 DD 03/20/20 110,000 115,169 98,743
ONEOK INC 6.100% 11/15/2032 DD 11/18/22 60,000 60,273 62,152
ONEOK INC 4.250% 09/24/2027 DD 09/24/24 85,000 84,969 83,762
ORACLE CORP 2.300% 03/25/2028 DD 03/24/21 310,000 298,542 286,583
O'REILLY AUTOMOTIVE INC 5.750% 11/20/2026 DD 11/20/23 50,000 49,977 50,863
OTIS WORLDWIDE CORP 2.056% 04/05/2025 DD 02/27/20 150,000 150,268 148,844
OTIS WORLDWIDE CORP 2.565% 02/15/2030 DD 08/15/20 70,000 60,777 62,199
PACIFIC GAS AND ELECTRIC CO 2.100% 08/01/2027 DD 06/19/20 190,000 189,647 177,200
PACIFIC GAS AND ELECTRIC CO 4.550% 07/01/2030 DD 07/02/20 45,000 42,555 43,552
PACIFIC GAS AND ELECTRIC CO 5.450% 06/15/2027 DD 06/08/22 235,000 234,589 237,686
PACIFIC GAS AND ELECTRIC CO 6.100% 01/15/2029 DD 06/05/23 15,000 14,880 15,525
PARKER-HANNIFIN CORP 4.250% 09/15/2027 DD 06/15/22 65,000 64,862 64,308
PATTERSON-UTI ENERGY INC 5.150% 11/15/2029 DD 11/15/19 45,000 43,263 43,816
PENSKE TRUCK LEASING CO L 144A 5.550% 05/01/2028 DD 03/29/23 125,000 124,428 126,884
PENSKE TRUCK LEASING CO L 144A 5.750% 05/24/2026 DD 05/24/23 45,000 44,492 45,457
PENSKE TRUCK LEASING CO L 144A 5.350% 03/30/2029 DD 04/02/24 10,000 9,998 10,067
PEPSICO INC 2.750% 03/19/2030 DD 03/19/20 5,000 4,560 4,543
PEPSICO INC 1.625% 05/01/2030 DD 05/01/20 18,000 15,390 15,357
PFIZER INVESTMENT ENTERPRISES 4.450% 05/19/2028 DD 05/19/23 125,000 124,850 123,890
PHILIP MORRIS INTERNATIONAL IN 5.125% 02/15/2030 DD 02/15/23 215,000 214,678 216,017
PHILIP MORRIS INTERNATIONAL IN 5.375% 02/15/2033 DD 02/15/23 60,000 59,467 60,130
PHILIP MORRIS INTERNATIONAL IN 5.125% 02/13/2031 DD 02/13/24 55,000 54,206 55,035
PHILIP MORRIS INTERNATIONAL IN 4.375% 11/01/2027 DD 11/01/24 90,000 89,485 89,229
PHILIP MORRIS INTERNATIONAL IN 4.750% 11/01/2031 DD 11/01/24 40,000 39,539 39,106
PHILLIPS 66 CO 4.950% 12/01/2027 DD 03/29/23 85,000 84,803 85,685
PIONEER NATURAL RESOURCES CO 5.100% 03/29/2026 DD 03/29/23 100,000 100,035 100,683
PNC FINANCIAL SERVICES GROUP I VAR RT 12/02/2028 DD 12/02/22 125,000 125,000 126,769
PNC FINANCIAL SERVICES GROUP I VAR RT 10/20/2027 DD 10/20/23 115,000 115,000 118,468
PNC FINANCIAL SERVICES GROUP I VAR RT 10/21/2032 DD 10/21/24 75,000 75,000 73,014
PRINCIPAL LIFE GLOBAL FUN 144A 5.100% 01/25/2029 DD 01/25/24 55,000 54,904 55,120
PROGRESS RESIDENTI SFR7 A 144A 4.750% 10/27/2039 DD 09/29/22 98,562 97,481 97,762
PROGRESS RESIDENTI SFR7 A 144A 1.692% 08/17/2040 DD 08/05/21 178,715 161,115 160,822
PROTECTIVE LIFE GLOBAL FU 144A 1.646% 01/13/2025 DD 01/13/22 215,000 215,000 214,787
PUBLIC SERVICE CO OF OKLAHOMA 5.200% 01/15/2035 DD 12/05/24 65,000 65,080 63,078
PUBLIC SERVICE ENTERPRISE GROUP 5.850% 11/15/2027 DD 11/08/22 250,000 249,738 257,143
PUBLIC SERVICE ENTERPRISE GROUP 5.200% 04/01/2029 DD 03/27/24 60,000 59,913 60,636
PUGET ENERGY INC 4.100% 06/15/2030 DD 05/19/20 70,000 69,883 66,010
QUEST DIAGNOSTICS INC 4.625% 12/15/2029 DD 08/19/24 110,000 109,883 108,283
REPUBLIC SERVICES INC 1.450% 02/15/2031 DD 08/20/20 30,000 23,936 24,338
REPUBLIC SERVICES INC 4.875% 04/01/2029 DD 03/28/23 35,000 35,182 34,913
REPUBLIC SERVICES INC 5.000% 11/15/2029 DD 06/25/24 180,000 179,649 180,932
RGA GLOBAL FUNDING 144A 5.448% 05/24/2029 DD 05/24/24 50,000 50,000 50,689
29

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
ROCK TRUST 2024-CN CNTR A 144A 5.388% 11/13/2041 DD 10/01/24 300,000 301,082 299,127
ROGERS COMMUNICATIONS INC 5.000% 02/15/2029 DD 02/09/24 70,000 69,800 69,547
ROYAL BANK OF CANADA 2.050% 01/21/2027 DD 01/21/22 285,000 284,812 270,573
RTX CORP 5.150% 02/27/2033 DD 02/27/23 65,000 64,809 64,469
RTX CORP 4.125% 11/16/2028 DD 08/16/18 15,000 14,678 14,598
RYDER SYSTEM INC 4.900% 12/01/2029 DD 11/05/24 40,000 39,964 39,658
SANTANDER DRIVE AUTO RECE 1 A3 5.250% 04/17/2028 DD 01/18/24 25,000 24,999 25,109
SANTANDER DRIVE AUTO RECE 2 A3 5.210% 07/15/2027 DD 05/17/23 128,966 128,962 129,109
SANTANDER DRIVE AUTO RECE 3 A3 5.610% 10/15/2027 DD 07/26/23 49,421 49,415 49,562
SANTANDER DRIVE AUTO RECE 4 A3 5.730% 04/17/2028 DD 08/23/23 115,000 114,978 115,738
SANTANDER DRIVE AUTO RECE 5 A3 6.020% 09/15/2028 DD 10/18/23 155,000 154,976 156,634
SANTANDER DRIVE AUTO RECE 6 A3 5.930% 07/17/2028 DD 11/21/23 35,000 35,000 35,365
SANTANDER DRIVE AUTO RECE 7 A3 5.750% 04/15/2027 DD 11/22/22 12,601 12,600 12,611
SBNA AUTO LEASE TRUS A A4 144A 5.240% 01/22/2029 DD 01/30/24 40,000 39,997 40,305
SCF EQUIPMENT LEASI 1A A2 144A 6.560% 01/22/2030 DD 11/15/23 110,041 110,040 110,874
SCF EQUIPMENT LEASI 1A A3 144A 5.520% 01/20/2032 DD 06/21/24 100,000 99,989 101,598
SEMPRA 3.400% 02/01/2028 DD 01/12/18 20,000 20,728 19,119
SEMPRA 3.700% 04/01/2029 DD 03/24/22 10,000 9,963 9,499
SEMPRA 5.400% 08/01/2026 DD 06/23/23 70,000 69,739 70,584
SFS AUTO RECEIVABLE 1A A4 144A 5.470% 12/20/2029 DD 06/30/23 105,000 104,965 106,626
SFS AUTO RECEIVABLE 1A A4 144A 4.940% 01/21/2031 DD 01/17/24 35,000 34,990 35,116
SHERWIN-WILLIAMS CO/THE 3.450% 06/01/2027 DD 05/16/17 45,000 43,182 43,753
SKYWORKS SOLUTIONS INC 1.800% 06/01/2026 DD 05/26/21 35,000 34,983 33,522
SMITH & NEPHEW PLC 2.032% 10/14/2030 DD 10/14/20 60,000 50,931 50,275
SMITH & NEPHEW PLC 5.150% 03/20/2027 DD 03/20/24 35,000 34,963 35,248
SOLVENTUM CORP 144A 5.450% 02/25/2027 DD 02/27/24 220,000 219,971 222,059
SOUTHERN CALIFORNIA EDISON CO 5.850% 11/01/2027 DD 11/08/22 85,000 85,167 87,400
SOUTHERN CO/THE 3.250% 07/01/2026 DD 05/24/16 140,000 131,340 137,155
SOUTHERN CO/THE 4.850% 06/15/2028 DD 05/18/23 90,000 89,863 90,137
SOUTHERN CO/THE 5.500% 03/15/2029 DD 09/08/23 60,000 60,477 61,216
SOUTHWEST GAS CORP 2.200% 06/15/2030 DD 06/04/20 65,000 50,606 55,999
STANDARD CHARTERED PLC 144A VAR RT 10/15/2030 DD 10/15/24 200,000 200,246 196,470
SYNCHRONY FINANCIAL 4.875% 06/13/2025 DD 06/13/22 200,000 199,856 199,806
TAPESTRY INC 5.100% 03/11/2030 DD 12/11/24 45,000 45,081 44,487
TARGA RESOURCES CORP 5.200% 07/01/2027 DD 07/07/22 135,000 134,908 135,806
TARGA RESOURCES PARTNERS LP / 4.000% 01/15/2032 DD 02/02/21 15,000 13,115 13,648
TEXAS EASTERN TRANSMISSIO 144A 3.500% 01/15/2028 DD 01/09/18 60,000 59,689 57,387
TEXAS NATURAL GAS SECURITIZTN 5.102% 04/01/2035 DD 09/01/23 152,939 152,939 153,261
T-MOBILE USA INC 2.400% 03/15/2029 DD 12/06/21 15,000 14,990 13,510
T-MOBILE USA INC 3.750% 04/15/2027 DD 04/15/21 110,000 109,953 107,455
T-MOBILE USA INC 4.950% 03/15/2028 DD 02/09/23 190,000 189,603 190,074
T-MOBILE USA INC 4.800% 07/15/2028 DD 05/11/23 100,000 99,789 99,445
T-MOBILE USA INC 4.200% 10/01/2029 DD 09/26/24 80,000 79,835 77,453
TOTALENERGIES CAPITAL SA 4.724% 09/10/2034 DD 09/10/24 40,000 40,000 38,480
TRANE TECHNOLOGIES FINANCING L 5.100% 06/13/2034 DD 06/13/24 14,000 13,959 13,846
TRICON RESIDENTIAL SFR1 A 144A 5.100% 07/17/2040 DD 07/11/23 99,908 97,682 99,801
30

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
TRICON RESIDENTIAL SFR2 A 144A 4.750% 06/17/2040 DD 06/05/24 99,938 96,552 98,657
TRICON RESIDENTIAL SFR4 A 144A 4.300% 11/17/2041 DD 11/12/24 110,000 105,590 105,989
TYSON FOODS INC 5.400% 03/15/2029 DD 03/08/24 25,000 24,960 25,276
U S TREASURY NOTE 4.500% 03/31/2026 DD 03/31/24 5,575,000 5,562,587 5,590,053
U S TREASURY NOTE 4.125% 10/31/2029 DD 10/31/24 3,300,000 955,147 950,210
U S TREASURY NOTE 4.125% 11/30/2029 DD 11/30/24 965,000 953,126 953,922
UBS COMMERCIAL MORTGAG C12 ASB 4.195% 08/15/2051 DD 08/01/18 184,244 205,503 182,853
UBS GROUP AG 144A VAR RT 08/11/2028 DD 08/12/22 250,000 250,000 258,363
UNITEDHEALTH GROUP INC 4.950% 01/15/2032 DD 07/25/24 60,000 59,864 59,252
US BANCORP VAR RT 01/27/2028 DD 01/27/22 285,000 285,000 270,194
US TREAS-CPI INFLAT 1.375% 02/15/2044 DD 02/15/14 623,019 522,005 518,427
US TREAS-CPI INFLAT 0.750% 02/15/2045 DD 02/15/15 221,174 161,576 160,263
VERALTO CORP 5.500% 09/18/2026 DD 03/18/24 65,000 65,709 65,752
VIRGINIA ELECTRIC AND POWER CO 5.000% 04/01/2033 DD 03/30/23 120,000 119,664 117,467
VIRGINIA ELECTRIC AND POWER CO 5.050% 08/15/2034 DD 08/12/24 30,000 29,932 29,278
VOLVO FINANCIAL EQU 1A A4 144A 4.290% 07/15/2031 DD 09/18/24 45,000 44,990 44,203
WARNERMEDIA HOLDINGS INC 4.279% 03/15/2032 DD 03/15/23 280,000 254,382 246,817
WARNERMEDIA HOLDINGS INC 4.054% 03/15/2029 DD 03/15/23 210,000 208,153 195,449
WASTE MANAGEMENT INC 4.950% 07/03/2031 DD 07/03/24 80,000 79,514 80,093
WASTE MANAGEMENT INC 144A 3.875% 01/15/2029 DD 07/15/24 55,000 53,329 52,993
WEC ENERGY GROUP INC 5.000% 09/27/2025 DD 09/27/22 50,000 49,964 50,086
WELLS FARGO & CO VAR RT 07/25/2028 DD 07/25/22 180,000 180,000 179,352
WELLS FARGO & CO VAR RT 01/23/2030 DD 01/23/24 115,000 115,000 115,255
WELLS FARGO & CO VAR RT 01/23/2035 DD 01/23/24 50,000 50,000 49,858
WELLS FARGO & CO 3.000% 04/22/2026 DD 04/22/16 65,000 64,708 63,565
WELLS FARGO & CO VAR RT 10/30/2030 DD 10/31/19 125,000 107,706 112,801
WELLS FARGO & CO VAR RT 03/24/2028 DD 03/24/22 200,000 200,000 193,952
WELLS FARGO & CO VAR RT 10/23/2029 DD 10/23/23 105,000 104,914 109,262
WELLTOWER OP LLC 4.000% 06/01/2025 DD 05/26/15 170,000 182,092 169,373
WESTLAKE AUTOMOBILE 1A A3 144A 5.210% 01/18/2028 DD 01/20/23 67,307 67,304 67,384
WESTPAC BANKING CORP 5.457% 11/18/2027 DD 11/18/22 190,000 190,000 194,423
WHISTLER PIPELINE LLC 144A 5.400% 09/30/2029 DD 08/05/24 110,000 110,176 109,574
WILLIAMS COS INC/THE 5.400% 03/02/2026 DD 03/02/23 80,000 79,926 80,546
WILLIS NORTH AMERICA INC 4.500% 09/15/2028 DD 09/10/18 60,000 66,189 58,905
WILLIS NORTH AMERICA INC 4.650% 06/15/2027 DD 05/19/22 270,000 269,879 269,339
WORLD OMNI AUTO RECEIVABLE A A4 4.660% 05/15/2029 DD 02/15/23 100,000 99,985 100,068
WORLD OMNI AUTO RECEIVABLE B A4 4.680% 05/15/2029 DD 04/19/23 320,000 319,999 319,984
XCEL ENERGY INC 1.750% 03/15/2027 DD 11/03/21 375,000 374,164 351,124
INTEREST BEARING CASH TEMPORARY INVESTMENTS 6,626,297 6,626,297
TOTAL UNDERLYING ASSETS $ 168,755,872 $ 165,268,496
MET TOWER LIFE 38025 - 72.6% of MARKET VALUE $ 120,008,444
* IGT INVESCO SHORT-TERM BOND FUND 78,670,253
FAIR VALUE MET TOWER LIFE 38025 198,678,697
* MET TOWER LIFE 38025 - ADJ MARKET TO CONTRACT VALUE 13,938,724
MET TOWER LIFE 38025 - CONTRACT VALUE $ 212,617,421
31

(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
RGA - RGA00036 - 27.4% of MARKET VALUE $ 45,260,052
* IGT INVESCO SHORT-TERM BOND FUND 85,472,017
* IGT JENNISON INTERMEDIATE FUND 46,287,637
FAIR VALUE RGA - RGA00036 177,019,706
* RGA - RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE 12,523,513
RGA - RGA00036 - CONTRACT VALUE $ 189,543,219
* Represents a party-in-interest to the Plan
32

EXHIBIT INDEX


EXHIBIT NO. DESCRIPTION
23.1 *
Consent of BDO USA, P.C.
* Filed herewith
33

SIGNATURES


The Plan. 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.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN


DATE: June 13, 2025
BY: /s/ BRYAN JENDRETZKE
Bryan Jendretzke
Global Benefits Director and Plan Administrator
34
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