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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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									(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

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(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

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EXHIBIT INDEX

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

* Filed herewith

33

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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