# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-000555
**Filing Date:** 2025-8
**Character Count:** 1044605
**Document Hash:** 7060c78047e501ead2776031f40f5976
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000555.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002066578-25-000555

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251268074

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 351-4583

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### State Farm Balanced Fund (Series ID: S000071158)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000225896 | State Farm Balanced Fund | STFBX           |

## Nport-Ex

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (98.86%)** | **Common Stocks (98.86%)** | **Common Stocks (98.86%)** |
| **Advertising & Marketing (0.03%)** | **Advertising & Marketing (0.03%)** | **Advertising & Marketing (0.03%)** |
| Interpublic Group of Cos. Inc., The | 115900 | $2837232 |
| **Aerospace & Defense (0.24%)** | **Aerospace & Defense (0.24%)** | **Aerospace & Defense (0.24%)** |
| Axon Enterprise Inc.(a) | 5600 | 4636464 |
| General Electric Co. | 6400 | 1647296 |
| Lockheed Martin Corp. | 27700 | 12828978 |
|  |  | 19112738 |
| **Apparel & Textile Products (0.21%)** | **Apparel & Textile Products (0.21%)** | **Apparel & Textile Products (0.21%)** |
| Tapestry Inc. | 196300 | 17237103 |
| VF Corp. | 100 | 1175 |
|  |  | 17238278 |
| **Asset Management (0.53%)** | **Asset Management (0.53%)** | **Asset Management (0.53%)** |
| Ameriprise Financial Inc. | 21800 | 11635314 |
| Blackstone Inc. | 100 | 14958 |
| Charles Schwab Corp., The | 100 | 9124 |
| Franklin Resources Inc. | 100 | 2385 |
| Invesco Ltd. | 944800 | 14899496 |
| Janus Henderson Group PLC | 419700 | 16301148 |
| KKR & Co. Inc. | 100 | 13303 |
|  |  | 42875728 |
| **Automotive (0.86%)** | **Automotive (0.86%)** | **Automotive (0.86%)** |
| Tesla Inc.(a) | 220800 | 70139328 |
| **Banking (2.56%)** | **Banking (2.56%)** | **Banking (2.56%)** |
| Bank of America Corp. | 122800 | 5810896 |
| Citigroup Inc. | 163500 | 13917120 |
| Citizens Financial Group Inc. | 100 | 4475 |
| Comerica Inc. | 100 | 5965 |
| Cullen/Frost Bankers Inc. | 101500 | 13046810 |
| Fifth Third Bancorp | 12000 | 493560 |
| Huntington Bancshares Inc. | 100 | 1676 |
| JPMorgan Chase & Co. | 170900 | 49545619 |
| KeyCorp | 103600 | 1804712 |
| M&T Bank Corp. | 62000 | 12027380 |
| Prosperity Bancshares Inc. | 30200 | 2121248 |
| Regions Financial Corp. | 100 | 2352 |
| Truist Financial Corp. | 100 | 4299 |
| US Bancorp | 100 | 4525 |
| Wells Fargo & Co. | 1359500 | 108923140 |
| Zions Bancorp NA | 100 | 5194 |
|  |  | 207718971 |
| **Beverages (1.14%)** | **Beverages (1.14%)** | **Beverages (1.14%)** |
| Coca-Cola Co., The | 745000 | 52708750 |
| PepsiCo Inc. | 301000 | 39744040 |
|  |  | 92452790 |
| **Biotechnology & Pharmaceuticals (10.92%)** | **Biotechnology & Pharmaceuticals (10.92%)** | **Biotechnology & Pharmaceuticals (10.92%)** |
| AbbVie Inc. | 612600 | 113710812 |
| Amgen Inc. | 102085 | 28503153 |
| Bristol-Myers Squibb Co. | 3600 | 166644 |
| Eli Lilly & Co. | 243100 | 189503743 |
| Gilead Sciences Inc. | 170200 | 18870074 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| Johnson & Johnson | 2303620 | $351877955 |
| Merck & Co. Inc. | 168750 | 13358250 |
| Pfizer Inc. | 2400732 | 58193744 |
| Zoetis Inc. | 721496 | 112517301 |
|  |  | 886701676 |
| **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** |
| Comcast Corp., Class A | 18500 | 660265 |
| **Chemicals (3.25%)** | **Chemicals (3.25%)** | **Chemicals (3.25%)** |
| Air Products and Chemicals Inc. | 724900 | 204465294 |
| Avery Dennison Corp. | 61100 | 10721217 |
| Ecolab Inc. | 29700 | 8002368 |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 524541 | 38579991 |
| Linde PLC | 5100 | 2392818 |
|  |  | 264161688 |
| **Commercial Support Services (1.20%)** | **Commercial Support Services (1.20%)** | **Commercial Support Services (1.20%)** |
| Automatic Data Processing Inc. | 109900 | 33893160 |
| Cintas Corp. | 79300 | 17673591 |
| H&R Block Inc. | 639300 | 35091177 |
| Paychex Inc. | 74900 | 10894954 |
|  |  | 97552882 |
| **Computers (0.01%)** | **Computers (0.01%)** | **Computers (0.01%)** |
| Super Micro Computer Inc.(a) | 20000 | 980200 |
| **Construction Materials (2.74%)** | **Construction Materials (2.74%)** | **Construction Materials (2.74%)** |
| Vulcan Materials Co. | 853700 | 222662034 |
| **Consumer Services (0.02%)** | **Consumer Services (0.02%)** | **Consumer Services (0.02%)** |
| Grand Canyon Education Inc.(a) | 7100 | 1341900 |
| **Containers & Packaging (0.84%)** | **Containers & Packaging (0.84%)** | **Containers & Packaging (0.84%)** |
| AptarGroup Inc. | 425797 | 66607425 |
| Packaging Corp of America | 8700 | 1639515 |
|  |  | 68246940 |
| **Diversified Industrials (2.37%)** | **Diversified Industrials (2.37%)** | **Diversified Industrials (2.37%)** |
| 3M Co. | 91900 | 13990856 |
| Emerson Electric Co. | 126400 | 16852912 |
| Illinois Tool Works Inc. | 652300 | 161281175 |
|  |  | 192124943 |
| **E-Commerce Discretionary (2.22%)** | **E-Commerce Discretionary (2.22%)** | **E-Commerce Discretionary (2.22%)** |
| Amazon.com Inc.(a) | 811900 | 178122741 |
| eBay Inc. | 26300 | 1958298 |
| Etsy Inc.(a) | 100 | 5016 |
|  |  | 180086055 |
| **Electric Utilities (1.33%)** | **Electric Utilities (1.33%)** | **Electric Utilities (1.33%)** |
| AES Corp., The | 713600 | 7507072 |
| Brookfield Renewable Corp. | 504800 | 16547344 |
| Clearway Energy Inc., Class C | 517100 | 16547200 |
| Consolidated Edison Inc. | 126200 | 12664170 |
| Constellation Energy Corp. | 3400 | 1097384 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Duke Energy Corp. | 82800 | $9770400 |
| Evergy Inc. | 79400 | 5473042 |
| NRG Energy Inc. | 15300 | 2456874 |
| OGE Energy Corp. | 287800 | 12772564 |
| Public Service Enterprise Group Inc. | 24100 | 2028738 |
| Southern Co., The | 156800 | 14398944 |
| Vistra Corp. | 32900 | 6376349 |
|  |  | 107640081 |
| **Electrical Equipment (0.54%)** | **Electrical Equipment (0.54%)** | **Electrical Equipment (0.54%)** |
| AMETEK Inc. | 7400 | 1339104 |
| GE Vernova Inc. | 52900 | 27992035 |
| Generac Holdings Inc.(a) | 100 | 14321 |
| Rockwell Automation Inc. | 1000 | 332170 |
| Vertiv Holdings Co., Class A | 109100 | 14009531 |
|  |  | 43687161 |
| **Entertainment Content (4.27%)** | **Entertainment Content (4.27%)** | **Entertainment Content (4.27%)** |
| Electronic Arts Inc. | 4000 | 638800 |
| Netflix Inc.(a) | 68200 | 91328666 |
| Paramount Global, Class B | 100 | 1290 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 2500 | 607125 |
| Walt Disney Co., The | 2049740 | 254188257 |
| Warner Bros Discovery Inc.(a) | 100 | 1146 |
|  |  | 346765284 |
| **Food (1.05%)** | **Food (1.05%)** | **Food (1.05%)** |
| General Mills Inc. | 83000 | 4300230 |
| Ingredion Inc. | 74200 | 10063004 |
| Kellanova | 70300 | 5590959 |
| McCormick & Co. Inc. | 856600 | 64947412 |
| WK Kellogg Co. | 11250 | 179325 |
|  |  | 85080930 |
| **Gas & Water Utilities (0.40%)** | **Gas & Water Utilities (0.40%)** | **Gas & Water Utilities (0.40%)** |
| National Fuel Gas Co. | 151100 | 12799681 |
| UGI Corp. | 549500 | 20012790 |
|  |  | 32812471 |
| **Health Care Facilities & Services (0.65%)** | **Health Care Facilities & Services (0.65%)** | **Health Care Facilities & Services (0.65%)** |
| Cardinal Health Inc. | 59900 | 10063200 |
| Cencora Inc. | 6100 | 1829085 |
| Chemed Corp. | 20000 | 9738600 |
| Cigna Group, The | 3400 | 1123972 |
| Encompass Health Corp. | 24900 | 3053487 |
| McKesson Corp. | 20000 | 14655600 |
| Medpace Holdings Inc.(a) | 38200 | 11989452 |
|  |  | 52453396 |
| **Home & Office Products (0.92%)** | **Home & Office Products (0.92%)** | **Home & Office Products (0.92%)** |
| HNI Corp. | 1387200 | 68222496 |
| Scotts Miracle-Gro Co., The | 100000 | 6596000 |
|  |  | 74818496 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Household Products (2.10%)** | **Household Products (2.10%)** | **Household Products (2.10%)** |
| Colgate-Palmolive Co. | 367600 | $33414840 |
| Kenvue Inc. | 1427196 | 29871212 |
| Procter & Gamble Co., The | 674755 | 107501967 |
|  |  | 170788019 |
| **Institutional Financial Services (0.53%)** | **Institutional Financial Services (0.53%)** | **Institutional Financial Services (0.53%)** |
| Cboe Global Markets Inc. | 8900 | 2075569 |
| CME Group Inc. | 25700 | 7083434 |
| Coinbase Global Inc., Class A(a) | 1500 | 525735 |
| Goldman Sachs Group Inc., The | 4100 | 2901775 |
| Intercontinental Exchange Inc. | 49900 | 9155153 |
| Jefferies Financial Group Inc. | 86700 | 4741623 |
| Morgan Stanley | 7200 | 1014192 |
| Northern Trust Corp. | 20600 | 2611874 |
| Virtu Financial Inc., Class A, Class A | 287000 | 12854730 |
|  |  | 42964085 |
| **Insurance (1.02%)** | **Insurance (1.02%)** | **Insurance (1.02%)** |
| Allstate Corp., The | 24500 | 4932095 |
| Assurant Inc. | 65200 | 12876348 |
| Berkshire Hathaway Inc., Class B(a) | 10100 | 4906277 |
| CNA Financial Corp. | 52400 | 2438172 |
| Equitable Holdings Inc. | 245800 | 13789380 |
| Hartford Insurance Group Inc., The | 54400 | 6901728 |
| Lincoln National Corp. | 193200 | 6684720 |
| Loews Corp. | 55400 | 5077964 |
| Old Republic International Corp. | 270400 | 10394176 |
| Willis Towers Watson PLC | 47200 | 14466800 |
|  |  | 82467660 |
| **Internet Media & Services (5.62%)** | **Internet Media & Services (5.62%)** | **Internet Media & Services (5.62%)** |
| Airbnb Inc., Class A(a) | 100 | 13234 |
| Alphabet Inc., Class A | 1473100 | 259604413 |
| Alphabet Inc., Class C | 118420 | 21006524 |
| Booking Holdings Inc. | 400 | 2315696 |
| Expedia Group Inc. | 3300 | 556644 |
| GoDaddy Inc., Class A(a) | 100 | 18006 |
| Match Group Inc. | 7900 | 244031 |
| Meta Platforms Inc., Class A | 213070 | 157264836 |
| Uber Technologies Inc.(a) | 20400 | 1903320 |
| VeriSign Inc. | 46700 | 13486960 |
|  |  | 456413664 |
| **IT Services (0.36%)** | **IT Services (0.36%)** | **IT Services (0.36%)** |
| Accenture PLC, Class A | 6900 | 2062341 |
| Amdocs Ltd. | 113900 | 10392236 |
| DXC Technology Co.(a) | 100 | 1529 |
| Gartner Inc.(a) | 4300 | 1738146 |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br>| 49000 | 14444220 |
| &nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.<br>| 7500 | 844575 |
|  |  | 29483047 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Leisure Facilities & Services (0.76%)** | **Leisure Facilities & Services (0.76%)** | **Leisure Facilities & Services (0.76%)** |
| Caesars Entertainment Inc.(a) | 100 | $2839 |
| Carnival Corp.(a) | 111600 | 3138192 |
| Chipotle Mexican Grill Inc.(a) | 100 | 5615 |
| Domino's Pizza Inc. | 20700 | 9327420 |
| Las Vegas Sands Corp. | 100 | 4351 |
| McDonald's Corp. | 87300 | 25506441 |
| MGM Resorts International(a) | 100 | 3439 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2028 |
| Royal Caribbean Cruises Ltd. | 40800 | 12776112 |
| TKO Group Holdings Inc. | 39900 | 7259805 |
| Wingstop Inc. | 6000 | 2020440 |
| Wynn Resorts Ltd. | 100 | 9367 |
| Yum! Brands Inc. | 10500 | 1555890 |
|  |  | 61611939 |
| **Machinery (4.34%)** | **Machinery (4.34%)** | **Machinery (4.34%)** |
| Caterpillar Inc. | 892321 | 346407935 |
| MSA Safety Inc. | 20600 | 3451118 |
| Snap-on Inc. | 9000 | 2800620 |
|  |  | 352659673 |
| **Medical Equipment & Devices (1.57%)** | **Medical Equipment & Devices (1.57%)** | **Medical Equipment & Devices (1.57%)** |
| Abbott Laboratories | 399800 | 54376798 |
| Agilent Technologies Inc. | 548071 | 64677858 |
| Dexcom Inc.(a) | 100 | 8729 |
| Insulet Corp.(a) | 100 | 31418 |
| ResMed Inc. | 19900 | 5134200 |
| Solventum Corp.(a) | 23075 | 1750008 |
| STERIS PLC | 3700 | 888814 |
| Thermo Fisher Scientific Inc. | 1600 | 648736 |
|  |  | 127516561 |
| **Metals & Mining (0.53%)** | **Metals & Mining (0.53%)** | **Metals & Mining (0.53%)** |
| Rio Tinto PLC Sponsored ADR | 479900 | 27992567 |
| Royal Gold Inc. | 85000 | 15116400 |
|  |  | 43108967 |
| **Oil & Gas Supply Chain (2.57%)** | **Oil & Gas Supply Chain (2.57%)** | **Oil & Gas Supply Chain (2.57%)** |
| Antero Midstream Corp. | 303600 | 5753220 |
| APA Corp. | 100 | 1829 |
| Cheniere Energy Inc. | 20300 | 4943456 |
| Chevron Corp. | 930800 | 133281252 |
| Civitas Resources Inc. | 498700 | 13724224 |
| ConocoPhillips | 26673 | 2393635 |
| Devon Energy Corp. | 100 | 3181 |
| Diamondback Energy Inc. | 24200 | 3325080 |
| EOG Resources Inc. | 124600 | 14903406 |
| EQT Corp. | 100 | 5832 |
| Exxon Mobil Corp. | 67800 | 7308840 |
| Murphy USA Inc. | 2200 | 894960 |
| Occidental Petroleum Corp. | 112300 | 4717723 |
| Targa Resources Corp. | 31500 | 5483520 |
| Texas Pacific Land Corp. | 10900 | 11514651 |
|  |  | 208254809 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Baker Hughes Co. | 100 | $3834 |
| **Publishing & Broadcasting (0.12%)** | **Publishing & Broadcasting (0.12%)** | **Publishing & Broadcasting (0.12%)** |
| Nexstar Media Group Inc. | 58500 | 10117575 |
| **Real Estate Investment Trusts (1.48%)** | **Real Estate Investment Trusts (1.48%)** | **Real Estate Investment Trusts (1.48%)** |
| Alexandria Real Estate Equities Inc. | 100 | 7263 |
| American Tower Corp. | 1500 | 331530 |
| AvalonBay Communities Inc. | 57400 | 11680900 |
| CubeSmart | 295500 | 12558750 |
| Essex Property Trust Inc. | 32300 | 9153820 |
| Highwoods Properties Inc. | 309200 | 9613028 |
| Host Hotels & Resorts Inc. | 306300 | 4704768 |
| Iron Mountain Inc. | 129500 | 13282815 |
| Kilroy Realty Corp. | 296300 | 10166053 |
| Lamar Advertising Co., Class A | 63700 | 7730632 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 64700 | 9576247 |
| Prologis Inc. | 2700 | 283824 |
| Public Storage | 37300 | 10944566 |
| Simon Property Group Inc. | 125900 | 20239684 |
|  |  | 120273880 |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | 14012 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3965 |
| **Retail - Consumer Staples (3.92%)** | **Retail - Consumer Staples (3.92%)** | **Retail - Consumer Staples (3.92%)** |
| Costco Wholesale Corp. | 30100 | 29797194 |
| Walmart Inc. | 2945900 | 288050102 |
|  |  | 317847296 |
| **Retail - Discretionary (0.77%)** | **Retail - Discretionary (0.77%)** | **Retail - Discretionary (0.77%)** |
| AutoZone Inc.(a) | 4600 | 17076258 |
| Bath & Body Works Inc. | 119800 | 3589208 |
| Best Buy Co. Inc. | 10700 | 718291 |
| Dick's Sporting Goods Inc. | 7400 | 1463794 |
| Lowe's Cos. Inc. | 13500 | 2995245 |
| O'Reilly Automotive Inc.(a) | 163500 | 14736255 |
| TJX Cos. Inc., The | 9700 | 1197853 |
| Williams-Sonoma Inc. | 126300 | 20633631 |
|  |  | 62410535 |
| **Semiconductors (11.89%)** | **Semiconductors (11.89%)** | **Semiconductors (11.89%)** |
| Advanced Micro Devices Inc.(a) | 3600 | 510840 |
| Analog Devices Inc. | 30700 | 7307214 |
| Applied Materials Inc. | 6300 | 1153341 |
| ASML Holding NV NY Reg. Shares | 205333 | 164551813 |
| Broadcom Inc. | 446100 | 122967465 |
| Intel Corp. | 100 | 2240 |
| KLA Corp. | 52900 | 47384646 |
| Lam Research Corp. | 146000 | 14211640 |
| Micron Technology Inc. | 100 | 12325 |
| NVIDIA Corp. | 3661600 | 578496184 |
| QUALCOMM Inc. | 47900 | 7628554 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| Skyworks Solutions Inc. | 198900 | $14822028 |
| Texas Instruments Inc. | 31726 | 6586952 |
|  |  | 965635242 |
| **Software (6.74%)** | **Software (6.74%)** | **Software (6.74%)** |
| Adobe Inc.(a) | 5916 | 2288782 |
| ANSYS Inc.(a) | 27400 | 9623428 |
| Bentley Systems Inc., Class B | 73100 | 3945207 |
| Crowdstrike Holdings Inc., Class A(a) | 23700 | 12070647 |
| Dayforce Inc.(a) | 100 | 5539 |
| Fortinet Inc.(a) | 65000 | 6871800 |
| Gen Digital Inc. | 14000 | 411600 |
| Intuit Inc. | 45800 | 36073454 |
| Microsoft Corp. | 856769 | 426165468 |
| Oracle Corp. | 1300 | 284219 |
| Palantir Technologies Inc., Class A(a) | 206100 | 28095552 |
| Palo Alto Networks Inc.(a) | 2400 | 491136 |
| Paycom Software Inc. | 21600 | 4998240 |
| PTC Inc.(a) | 100 | 17234 |
| Salesforce Inc. | 7800 | 2126982 |
| ServiceNow Inc.(a) | 500 | 514040 |
| Tyler Technologies Inc.(a) | 22400 | 13279616 |
|  |  | 547262944 |
| **Specialty Finance (1.61%)** | **Specialty Finance (1.61%)** | **Specialty Finance (1.61%)** |
| AGNC Investment Corp. | 847900 | 7792201 |
| Ally Financial Inc. | 6500 | 253175 |
| Broadridge Financial Solutions Inc. | 1700 | 413151 |
| Fair Isaac Corp.(a) | 300 | 548388 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 91700 | 7465297 |
| Fiserv Inc.(a) | 15900 | 2741319 |
| Global Payments Inc. | 100 | 8004 |
| Jack Henry & Associates Inc. | 9300 | 1675581 |
| Mastercard Inc., Class A | 1864 | 1047456 |
| MGIC Investment Corp. | 400700 | 11155488 |
| MSCI Inc. | 6300 | 3633462 |
| OneMain Holdings Inc. | 350000 | 19950000 |
| PayPal Holdings Inc.(a) | 100 | 7432 |
| Rithm Capital Corp. | 652400 | 7365596 |
| Starwood Property Trust Inc. | 820500 | 16467435 |
| UWM Holdings Corp. | 131119 | 542833 |
| Verisk Analytics Inc. | 49700 | 15481550 |
| Visa Inc., Class A | 95112 | 33769515 |
|  |  | 130317883 |
| **Steel (0.57%)** | **Steel (0.57%)** | **Steel (0.57%)** |
| Nucor Corp. | 357700 | 46336458 |
| **Technology Hardware (10.46%)** | **Technology Hardware (10.46%)** | **Technology Hardware (10.46%)** |
| Apple Inc. | 3784668 | 776500334 |
| Cisco Systems Inc. | 153700 | 10663706 |
| Corning Inc. | 859400 | 45195846 |
| Dell Technologies Inc., Class C | 100 | 12260 |
| F5 Inc.(a) | 3500 | 1030120 |
| HP Inc. | 8800 | 215248 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** |
| Motorola Solutions Inc. | 5400 | $2270484 |
| Teledyne Technologies Inc.(a) | 26100 | 13371291 |
|  |  | 849259289 |
| **Telecommunications (0.82%)** | **Telecommunications (0.82%)** | **Telecommunications (0.82%)** |
| AT&T Inc. | 1113700 | 32230478 |
| T-Mobile US Inc. | 66400 | 15820464 |
| Verizon Communications Inc. | 421800 | 18251286 |
|  |  | 66302228 |
| **Tobacco & Cannabis (0.68%)** | **Tobacco & Cannabis (0.68%)** | **Tobacco & Cannabis (0.68%)** |
| Altria Group Inc. | 451800 | 26489034 |
| Philip Morris International Inc. | 155500 | 28321215 |
|  |  | 54810249 |
| **Transportation & Logistics (0.33%)** | **Transportation & Logistics (0.33%)** | **Transportation & Logistics (0.33%)** |
| American Airlines Group Inc.(a) | 100 | 1122 |
| Delta Air Lines Inc. | 100 | 4918 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 114000 | 13024500 |
| Landstar System Inc. | 20000 | 2780400 |
| Ryder System Inc. | 31000 | 4929000 |
| Union Pacific Corp. | 25200 | 5798016 |
| United Airlines Holdings Inc.(a) | 100 | 7963 |
|  |  | 26545919 |
| **Wholesale - Consumer Staples (1.76%)** | **Wholesale - Consumer Staples (1.76%)** | **Wholesale - Consumer Staples (1.76%)** |
| Archer-Daniels-Midland Co. | 2709954 | 143031372 |
| **Total Common Stocks** <br>(cost $2,151,424,634)<br>|  | 8025592572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.04%)** | **U.S. Treasury Obligations (0.04%)** | **U.S. Treasury Obligations (0.04%)** |
| U.S. Treasury Bill<br> 4.134%, 11/28/2025(b),(c)<br>| $3747000 | 3682583 |
| **Total U.S. Treasury Obligations** <br>(cost $3,682,462)<br>|  | 3682583 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.06%)** | **Short-term Investments (1.06%)** | **Short-term Investments (1.06%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 4.16%(d)<br>| 86253213 | $86253213 |
| **Total Short-term Investments** <br>(cost $86,253,212)<br>|  | 86253213 |
| **TOTAL INVESTMENTS (99.96%)** <br>(cost $2,241,360,308)<br>|  | 8115528368 |
| **OTHER ASSETS, NET OF** <br> **LIABILITIES** <br>**(0.04%)**<br>|  | 2914727 |
| **NET ASSETS (100.00%)** |  | $8118443095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security pledged as collateral to cover margin requirements for open futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Discount rate at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate shown is the 7-day yield as of June 30, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number** <br>**of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** | **Long Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-Mini <br> S&P 500<br>| 192 | 9/19/2025 | USD | 60036000 | $1136135 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (69.85%)** | **Common Stocks (69.85%)** | **Common Stocks (69.85%)** |
| **Aerospace & Defense (0.18%)** | **Aerospace & Defense (0.18%)** | **Aerospace & Defense (0.18%)** |
| Axon Enterprise Inc.(a) | 2000 | $1655880 |
| General Electric Co. | 1600 | 411824 |
| Lockheed Martin Corp. | 5200 | 2408328 |
|  |  | 4476032 |
| **Apparel & Textile Products (0.24%)** | **Apparel & Textile Products (0.24%)** | **Apparel & Textile Products (0.24%)** |
| Tapestry Inc. | 67400 | 5918394 |
| **Asset Management (0.25%)** | **Asset Management (0.25%)** | **Asset Management (0.25%)** |
| Ameriprise Financial Inc. | 4800 | 2561904 |
| Blue Owl Capital Inc. | 29900 | 574379 |
| Charles Schwab Corp., The | 100 | 9124 |
| Invesco Ltd. | 128100 | 2020137 |
| Janus Henderson Group PLC | 24900 | 967116 |
| KKR & Co. Inc. | 100 | 13303 |
|  |  | 6145963 |
| **Automotive (0.55%)** | **Automotive (0.55%)** | **Automotive (0.55%)** |
| Tesla Inc.(a) | 42300 | 13437018 |
| **Banking (1.93%)** | **Banking (1.93%)** | **Banking (1.93%)** |
| Bank of America Corp. | 19700 | 932204 |
| Citigroup Inc. | 6400 | 544768 |
| Comerica Inc. | 19800 | 1181070 |
| Cullen/Frost Bankers Inc. | 18700 | 2403698 |
| JPMorgan Chase & Co. | 28000 | 8117480 |
| M&T Bank Corp. | 19000 | 3685810 |
| Wells Fargo & Co. | 381900 | 30597828 |
|  |  | 47462858 |
| **Beverages (0.67%)** | **Beverages (0.67%)** | **Beverages (0.67%)** |
| Coca-Cola Co., The | 147257 | 10418433 |
| PepsiCo Inc. | 46400 | 6126656 |
|  |  | 16545089 |
| **Biotechnology & Pharmaceuticals (8.61%)** | **Biotechnology & Pharmaceuticals (8.61%)** | **Biotechnology & Pharmaceuticals (8.61%)** |
| AbbVie Inc. | 64800 | 12028176 |
| Amgen Inc. | 51750 | 14449117 |
| Bristol-Myers Squibb Co. | 4600 | 212934 |
| Eli Lilly & Co. | 84300 | 65714379 |
| Gilead Sciences Inc. | 36400 | 4035668 |
| Johnson & Johnson | 391909 | 59864100 |
| Merck & Co. Inc. | 40100 | 3174316 |
| Moderna Inc.(a) | 100 | 2759 |
| Pfizer Inc. | 678740 | 16452658 |
| Vertex Pharmaceuticals Inc.(a) | 300 | 133560 |
| Zoetis Inc. | 229595 | 35805340 |
|  |  | 211873007 |
| **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** |
| Comcast Corp., Class A | 7500 | 267675 |
| **Chemicals (2.78%)** | **Chemicals (2.78%)** | **Chemicals (2.78%)** |
| Air Products and Chemicals Inc. | 195500 | 55142730 |
| Avery Dennison Corp. | 13000 | 2281110 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Chemicals (Cont.)** | **Chemicals (Cont.)** | **Chemicals (Cont.)** |
| Ecolab Inc. | 8000 | $2155520 |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 119888 | 8817762 |
|  |  | 68397122 |
| **Commercial Support Services (0.76%)** | **Commercial Support Services (0.76%)** | **Commercial Support Services (0.76%)** |
| Automatic Data Processing Inc. | 38600 | 11904240 |
| Cintas Corp. | 16400 | 3655068 |
| H&R Block Inc. | 18500 | 1015465 |
| Paychex Inc. | 15000 | 2181900 |
|  |  | 18756673 |
| **Computers (0.01%)** | **Computers (0.01%)** | **Computers (0.01%)** |
| Sandisk Corp.(a) | 33 | 1497 |
| Super Micro Computer Inc.(a) | 4500 | 220545 |
|  |  | 222042 |
| **Construction Materials (1.13%)** | **Construction Materials (1.13%)** | **Construction Materials (1.13%)** |
| Vulcan Materials Co. | 106400 | 27751248 |
| **Consumer Services (0.02%)** | **Consumer Services (0.02%)** | **Consumer Services (0.02%)** |
| Grand Canyon Education Inc.(a) | 2900 | 548100 |
| **Containers & Packaging (0.63%)** | **Containers & Packaging (0.63%)** | **Containers & Packaging (0.63%)** |
| AptarGroup Inc. | 97500 | 15251925 |
| Packaging Corp of America | 1100 | 207295 |
|  |  | 15459220 |
| **Diversified Financial Services (0.02%)** | **Diversified Financial Services (0.02%)** | **Diversified Financial Services (0.02%)** |
| Blackrock Inc. | 500 | 524625 |
| **Diversified Industrials (1.98%)** | **Diversified Industrials (1.98%)** | **Diversified Industrials (1.98%)** |
| 3M Co. | 53000 | 8068720 |
| Emerson Electric Co. | 62400 | 8319792 |
| Illinois Tool Works Inc. | 130400 | 32241400 |
|  |  | 48629912 |
| **E-Commerce Discretionary (0.95%)** | **E-Commerce Discretionary (0.95%)** | **E-Commerce Discretionary (0.95%)** |
| Amazon.com Inc.(a) | 106200 | 23299218 |
| eBay Inc. | 100 | 7446 |
| Etsy Inc.(a) | 100 | 5016 |
|  |  | 23311680 |
| **Electric Utilities (0.64%)** | **Electric Utilities (0.64%)** | **Electric Utilities (0.64%)** |
| AES Corp., The | 133100 | 1400212 |
| Clearway Energy Inc., Class C | 70200 | 2246400 |
| Consolidated Edison Inc. | 18300 | 1836405 |
| Constellation Energy Corp. | 800 | 258208 |
| Duke Energy Corp. | 20100 | 2371800 |
| Evergy Inc. | 15100 | 1040843 |
| NRG Energy Inc. | 3200 | 513856 |
| OGE Energy Corp. | 59200 | 2627296 |
| Public Service Enterprise Group Inc. | 3600 | 303048 |
| Southern Co., The | 33500 | 3076305 |
| Vistra Corp. | 100 | 19381 |
|  |  | 15693754 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electrical Equipment (0.19%)** | **Electrical Equipment (0.19%)** | **Electrical Equipment (0.19%)** |
| GE Vernova Inc. | 6600 | $3492390 |
| Generac Holdings Inc.(a) | 100 | 14321 |
| Vertiv Holdings Co., Class A | 8300 | 1065803 |
|  |  | 4572514 |
| **Entertainment Content (3.07%)** | **Entertainment Content (3.07%)** | **Entertainment Content (3.07%)** |
| Electronic Arts Inc. | 200 | 31940 |
| Netflix Inc.(a) | 3400 | 4553042 |
| Paramount Global, Class B | 100 | 1290 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 100 | 24285 |
| Walt Disney Co., The | 572395 | 70982703 |
| Warner Bros Discovery Inc.(a) | 100 | 1146 |
|  |  | 75594406 |
| **Food (0.41%)** | **Food (0.41%)** | **Food (0.41%)** |
| General Mills Inc. | 8700 | 450747 |
| Ingredion Inc. | 14800 | 2007176 |
| Kellanova | 91600 | 7284948 |
| Nestle SA Sponsored ADR | 100 | 9932 |
| WK Kellogg Co. | 24800 | 395312 |
|  |  | 10148115 |
| **Gas & Water Utilities (0.31%)** | **Gas & Water Utilities (0.31%)** | **Gas & Water Utilities (0.31%)** |
| National Fuel Gas Co. | 35700 | 3024147 |
| UGI Corp. | 123500 | 4497870 |
|  |  | 7522017 |
| **Health Care Facilities & Services (0.37%)** | **Health Care Facilities & Services (0.37%)** | **Health Care Facilities & Services (0.37%)** |
| Cencora Inc. | 800 | 239880 |
| Chemed Corp. | 4200 | 2045106 |
| Cigna Group, The | 600 | 198348 |
| Encompass Health Corp. | 6400 | 784832 |
| McKesson Corp. | 4500 | 3297510 |
| Medpace Holdings Inc.(a) | 7800 | 2448108 |
|  |  | 9013784 |
| **Home & Office Products (0.39%)** | **Home & Office Products (0.39%)** | **Home & Office Products (0.39%)** |
| HNI Corp. | 160000 | 7868800 |
| Scotts Miracle-Gro Co., The | 27900 | 1840284 |
|  |  | 9709084 |
| **Household Products (2.57%)** | **Household Products (2.57%)** | **Household Products (2.57%)** |
| Kenvue Inc. | 205557 | 4302308 |
| Procter & Gamble Co., The | 369300 | 58836876 |
|  |  | 63139184 |
| **Institutional Financial Services (0.30%)** | **Institutional Financial Services (0.30%)** | **Institutional Financial Services (0.30%)** |
| Cboe Global Markets Inc. | 2000 | 466420 |
| CME Group Inc. | 4700 | 1295414 |
| Coinbase Global Inc., Class A(a) | 400 | 140196 |
| Goldman Sachs Group Inc., The | 800 | 566200 |
| Intercontinental Exchange Inc. | 10000 | 1834700 |
| Morgan Stanley | 1700 | 239462 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| Northern Trust Corp. | 3400 | $431086 |
| Virtu Financial Inc., Class A, Class A | 55100 | 2467929 |
|  |  | 7441407 |
| **Insurance (0.53%)** | **Insurance (0.53%)** | **Insurance (0.53%)** |
| Allstate Corp., The | 4000 | 805240 |
| Assurant Inc. | 14400 | 2843856 |
| Berkshire Hathaway Inc., Class B(a) | 1700 | 825809 |
| Equitable Holdings Inc. | 5900 | 330990 |
| Hanover Insurance Group Inc., The | 100 | 16987 |
| Hartford Insurance Group Inc., The | 11600 | 1471692 |
| Lincoln National Corp. | 15600 | 539760 |
| Loews Corp. | 13900 | 1274074 |
| Old Republic International Corp. | 61000 | 2344840 |
| Willis Towers Watson PLC | 8800 | 2697200 |
|  |  | 13150448 |
| **Internet Media & Services (5.27%)** | **Internet Media & Services (5.27%)** | **Internet Media & Services (5.27%)** |
| Airbnb Inc., Class A(a) | 100 | 13234 |
| Alphabet Inc., Class A | 402240 | 70886755 |
| Alphabet Inc., Class C | 71180 | 12626620 |
| DoorDash Inc., Class A(a) | 100 | 24651 |
| Expedia Group Inc. | 100 | 16868 |
| GoDaddy Inc., Class A(a) | 100 | 18006 |
| Match Group Inc. | 100 | 3089 |
| Meta Platforms Inc., Class A | 57730 | 42609936 |
| Uber Technologies Inc.(a) | 4100 | 382530 |
| VeriSign Inc. | 10500 | 3032400 |
|  |  | 129614089 |
| **IT Services (0.27%)** | **IT Services (0.27%)** | **IT Services (0.27%)** |
| Accenture PLC, Class A | 2170 | 648591 |
| Amdocs Ltd. | 27000 | 2463480 |
| DXC Technology Co.(a) | 100 | 1529 |
| Gartner Inc.(a) | 600 | 242532 |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br>| 11000 | 3242580 |
|  |  | 6598712 |
| **Leisure Facilities & Services (0.37%)** | **Leisure Facilities & Services (0.37%)** | **Leisure Facilities & Services (0.37%)** |
| Caesars Entertainment Inc.(a) | 100 | 2839 |
| Carnival Corp.(a) | 100 | 2812 |
| Chipotle Mexican Grill Inc.(a) | 100 | 5615 |
| Domino's Pizza Inc. | 4600 | 2072760 |
| McDonald's Corp. | 19300 | 5638881 |
| MGM Resorts International(a) | 100 | 3439 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2028 |
| Royal Caribbean Cruises Ltd. | 100 | 31314 |
| Starbucks Corp. | 2200 | 201586 |
| Wingstop Inc. | 2400 | 808176 |
| Wynn Resorts Ltd. | 100 | 9367 |
| Yum! Brands Inc. | 1900 | 281542 |
|  |  | 9060359 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Machinery (4.71%)** | **Machinery (4.71%)** | **Machinery (4.71%)** |
| Caterpillar Inc. | 264200 | $102565082 |
| Deere & Co. | 20002 | 10170816 |
| Donaldson Co. Inc. | 36517 | 2532453 |
| MSA Safety Inc. | 4300 | 720379 |
|  |  | 115988730 |
| **Medical Equipment & Devices (1.09%)** | **Medical Equipment & Devices (1.09%)** | **Medical Equipment & Devices (1.09%)** |
| Abbott Laboratories | 53975 | 7341140 |
| Agilent Technologies Inc. | 143587 | 16944702 |
| Dexcom Inc.(a) | 100 | 8729 |
| Insulet Corp.(a) | 100 | 31418 |
| ResMed Inc. | 4700 | 1212600 |
| Solventum Corp.(a) | 13250 | 1004880 |
| STERIS PLC | 1200 | 288264 |
| Thermo Fisher Scientific Inc. | 300 | 121638 |
|  |  | 26953371 |
| **Metals & Mining (0.40%)** | **Metals & Mining (0.40%)** | **Metals & Mining (0.40%)** |
| Rio Tinto PLC Sponsored ADR | 110100 | 6422133 |
| Royal Gold Inc. | 18800 | 3343392 |
|  |  | 9765525 |
| **Oil & Gas Supply Chain (1.84%)** | **Oil & Gas Supply Chain (1.84%)** | **Oil & Gas Supply Chain (1.84%)** |
| Antero Midstream Corp. | 100 | 1895 |
| APA Corp. | 100 | 1829 |
| Cheniere Energy Inc. | 4600 | 1120192 |
| Chevron Corp. | 212400 | 30413556 |
| Civitas Resources Inc. | 110200 | 3032704 |
| EOG Resources Inc. | 21400 | 2559654 |
| Exxon Mobil Corp. | 54400 | 5864320 |
| Occidental Petroleum Corp. | 100 | 4201 |
| Targa Resources Corp. | 200 | 34816 |
| Texas Pacific Land Corp. | 2200 | 2324058 |
|  |  | 45357225 |
| **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** |
| News Corp., Class A | 100 | 2972 |
| Nexstar Media Group Inc. | 600 | 103770 |
|  |  | 106742 |
| **Real Estate Investment Trusts (0.82%)** | **Real Estate Investment Trusts (0.82%)** | **Real Estate Investment Trusts (0.82%)** |
| AvalonBay Communities Inc. | 13200 | 2686200 |
| CubeSmart | 1900 | 80750 |
| Essex Property Trust Inc. | 9100 | 2578940 |
| Highwoods Properties Inc. | 76300 | 2372167 |
| Host Hotels & Resorts Inc. | 68100 | 1046016 |
| Iron Mountain Inc. | 100 | 10257 |
| Kilroy Realty Corp. | 42500 | 1458175 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 16800 | 2486568 |
| Prologis Inc. | 500 | 52560 |
| Public Storage | 8900 | 2611438 |
| Simon Property Group Inc. | 30300 | 4871028 |
|  |  | 20254099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | $14012 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3965 |
| First Solar Inc.(a) | 100 | 16554 |
|  |  | 20519 |
| **Retail - Consumer Staples (1.40%)** | **Retail - Consumer Staples (1.40%)** | **Retail - Consumer Staples (1.40%)** |
| Costco Wholesale Corp. | 7050 | 6979077 |
| Walgreens Boots Alliance Inc. | 100 | 1148 |
| Walmart Inc. | 281400 | 27515292 |
|  |  | 34495517 |
| **Retail - Discretionary (0.42%)** | **Retail - Discretionary (0.42%)** | **Retail - Discretionary (0.42%)** |
| AutoZone Inc.(a) | 900 | 3341007 |
| Bath & Body Works Inc. | 100 | 2996 |
| Best Buy Co. Inc. | 9500 | 637735 |
| Builders FirstSource Inc.(a) | 100 | 11669 |
| Lowe's Cos. Inc. | 3000 | 665610 |
| O'Reilly Automotive Inc.(a) | 33000 | 2974290 |
| TJX Cos. Inc., The | 2400 | 296376 |
| Williams-Sonoma Inc. | 14400 | 2352528 |
|  |  | 10282211 |
| **Semiconductors (6.80%)** | **Semiconductors (6.80%)** | **Semiconductors (6.80%)** |
| Advanced Micro Devices Inc.(a) | 100 | 14190 |
| Analog Devices Inc. | 5500 | 1309110 |
| Applied Materials Inc. | 1300 | 237991 |
| ASML Holding NV NY Reg. Shares | 12921 | 10354760 |
| Broadcom Inc. | 80700 | 22244955 |
| Intel Corp. | 100 | 2240 |
| KLA Corp. | 5000 | 4478700 |
| Lam Research Corp. | 100 | 9734 |
| Microchip Technology Inc. | 100 | 7037 |
| Micron Technology Inc. | 100 | 12325 |
| Monolithic Power Systems Inc. | 100 | 73138 |
| NVIDIA Corp. | 797900 | 126060221 |
| NXP Semiconductors NV | 100 | 21849 |
| ON Semiconductor Corp.(a) | 100 | 5241 |
| Qorvo Inc.(a) | 100 | 8491 |
| QUALCOMM Inc. | 8500 | 1353710 |
| Skyworks Solutions Inc. | 13700 | 1020924 |
|  |  | 167214616 |
| **Software (4.40%)** | **Software (4.40%)** | **Software (4.40%)** |
| ANSYS Inc.(a) | 5300 | 1861466 |
| Autodesk Inc.(a) | 100 | 30957 |
| Crowdstrike Holdings Inc., Class A(a) | 6300 | 3208653 |
| Dayforce Inc.(a) | 100 | 5539 |
| Fortinet Inc.(a) | 8000 | 845760 |
| Gen Digital Inc. | 100 | 2940 |
| Intuit Inc. | 8600 | 6773618 |
| Microsoft Corp. | 167421 | 83276880 |
| Oracle Corp. | 300 | 65589 |
| Palantir Technologies Inc., Class A(a) | 55500 | 7565760 |
| Palo Alto Networks Inc.(a) | 200 | 40928 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| Paycom Software Inc. | 5100 | $1180140 |
| Salesforce Inc. | 900 | 245421 |
| ServiceNow Inc.(a) | 100 | 102808 |
| Tyler Technologies Inc.(a) | 5000 | 2964200 |
|  |  | 108170659 |
| **Specialty Finance (1.32%)** | **Specialty Finance (1.32%)** | **Specialty Finance (1.32%)** |
| AGNC Investment Corp. | 334800 | 3076812 |
| Annaly Capital Management Inc. | 75600 | 1422792 |
| Broadridge Financial Solutions Inc. | 600 | 145818 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 5800 | 472178 |
| Fiserv Inc.(a) | 2600 | 448266 |
| GATX Corp. | 4200 | 644952 |
| Jack Henry & Associates Inc. | 1500 | 270255 |
| Mastercard Inc., Class A | 439 | 246692 |
| MGIC Investment Corp. | 86600 | 2410944 |
| MSCI Inc. | 1300 | 749762 |
| OneMain Holdings Inc. | 77800 | 4434600 |
| PayPal Holdings Inc.(a) | 100 | 7432 |
| Rithm Capital Corp. | 325900 | 3679411 |
| Starwood Property Trust Inc. | 178800 | 3588516 |
| UWM Holdings Corp. | 23170 | 95924 |
| Verisk Analytics Inc. | 10800 | 3364200 |
| Visa Inc., Class A | 20930 | 7431196 |
|  |  | 32489750 |
| **Steel (1.32%)** | **Steel (1.32%)** | **Steel (1.32%)** |
| Nucor Corp. | 251700 | 32605218 |
| **Technology Hardware (7.64%)** | **Technology Hardware (7.64%)** | **Technology Hardware (7.64%)** |
| Apple Inc. | 824804 | 169225037 |
| Corning Inc. | 279392 | 14693225 |
| Dell Technologies Inc., Class C | 100 | 12260 |
| F5 Inc.(a) | 1900 | 559208 |
| Motorola Solutions Inc. | 1100 | 462506 |
| Teledyne Technologies Inc.(a) | 5700 | 2920167 |
| Western Digital Corp. | 100 | 6399 |
|  |  | 187878802 |
| **Telecommunications (0.48%)** | **Telecommunications (0.48%)** | **Telecommunications (0.48%)** |
| AT&T Inc. | 182000 | 5267080 |
| EchoStar Corp., Class A(a) | 35 | 969 |
| T-Mobile US Inc. | 12700 | 3025902 |
| Verizon Communications Inc. | 81600 | 3530832 |
|  |  | 11824783 |
| **Tobacco & Cannabis (0.28%)** | **Tobacco & Cannabis (0.28%)** | **Tobacco & Cannabis (0.28%)** |
| Altria Group Inc. | 44800 | 2626624 |
| Philip Morris International Inc. | 23100 | 4207203 |
|  |  | 6833827 |
| **Transportation & Logistics (0.34%)** | **Transportation & Logistics (0.34%)** | **Transportation & Logistics (0.34%)** |
| American Airlines Group Inc.(a) | 100 | 1122 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 24200 | 2764850 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| Landstar System Inc. | 16500 | $2293830 |
| Union Pacific Corp. | 14566 | 3351345 |
|  |  | 8411147 |
| **Wholesale - Consumer Staples (1.18%)** | **Wholesale - Consumer Staples (1.18%)** | **Wholesale - Consumer Staples (1.18%)** |
| Archer-Daniels-Midland Co. | 550461 | 29053332 |
| **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** |
| Copart Inc.(a) | 100 | 4907 |
| **Total Common Stocks** <br>(cost $418,584,808)<br>|  | 1718709523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **Corporate Bonds (8.40%)** | **Corporate Bonds (8.40%)** | **Corporate Bonds (8.40%)** |
| **Aerospace & Defense (0.12%)** | **Aerospace & Defense (0.12%)** | **Aerospace & Defense (0.12%)** |
| RTX Corp.<br> 5.750%, 11/08/2026<br>| $100000 | 101846 |
| 6.000%, 03/15/2031 | 200000 | 214886 |
| 5.150%, 02/27/2033 | 250000 | 255544 |
| L3Harris Technologies Inc.<br> 5.400%, 01/15/2027<br>| 150000 | 152486 |
| 5.400%, 07/31/2033 | 100000 | 102718 |
| Boeing Co., The<br> 5.040%, 05/01/2027<br>| 150000 | 151117 |
| 6.259%, 05/01/2027 | 100000 | 102882 |
| 3.250%, 02/01/2028 | 250000 | 242484 |
| 5.150%, 05/01/2030 | 250000 | 254525 |
| 3.625%, 02/01/2031 | 150000 | 141319 |
| 6.528%, 05/01/2034 | 200000 | 217306 |
| Lockheed Martin Corp.<br> 5.100%, 11/15/2027<br>| 250000 | 256298 |
| 4.450%, 05/15/2028 | 250000 | 252861 |
| 5.250%, 01/15/2033 | 250000 | 259509 |
| 4.800%, 08/15/2034 | 100000 | 99656 |
| HEICO Corp.<br> 5.250%, 08/01/2028<br>| 150000 | 153884 |
| Northrop Grumman Corp.<br> 4.900%, 06/01/2034<br>| 100000 | 99708 |
|  |  | 3059029 |
| **Asset Management (0.19%)** | **Asset Management (0.19%)** | **Asset Management (0.19%)** |
| Charles Schwab Corp., The<br> 5.875%, 08/24/2026<br>| 100000 | 101675 |
| 2.000%, 03/20/2028 | 100000 | 94644 |
| 6.196%, 11/17/2029(b) | 100000 | 106105 |
| 4.625%, 03/22/2030 | 50000 | 50809 |
| 5.853%, 05/19/2034(b) | 150000 | 159347 |
| 6.136%, 08/24/2034(b) | 100000 | 108198 |
| Blackstone Private Credit Fund<br> 3.250%, 03/15/2027<br>| 500000 | 486159 |
| 4.000%, 01/15/2029 | 250000 | 239861 |
| 6.000%, 11/22/2034 | 100000 | 97785 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Asset Management (Cont.)** | **Asset Management (Cont.)** | **Asset Management (Cont.)** |
| Blue Owl Credit Income Corp.<br> 7.750%, 09/16/2027<br>| $250000 | $262232 |
| 7.950%, 06/13/2028 | 100000 | 106919 |
| 5.800%, 03/15/2030 | 100000 | 100163 |
| Blackstone Secured Lending Fund<br> 5.875%, 11/15/2027<br>| 150000 | 153109 |
| &nbsp;&nbsp;&nbsp; UBS AG(Variable, U.S. SOFR + <br> 0.72%)<br> 4.864%, 01/10/2028(b)<br>| 250000 | 252032 |
| 5.650%, 09/11/2028 | 200000 | 208280 |
| Brookfield Finance Inc.<br> 3.900%, 01/25/2028<br>| 100000 | 98827 |
| 5.675%, 01/15/2035 | 100000 | 102630 |
| Ares Capital Corp.<br> 5.875%, 03/01/2029<br>| 150000 | 152949 |
| 5.950%, 07/15/2029 | 150000 | 153476 |
| Blue Owl Capital Corp.<br> 5.950%, 03/15/2029<br>| 100000 | 100514 |
| 6.200%, 07/15/2030 | 50000 | 50509 |
| Ares Strategic Income Fund<br> 6.350%, 08/15/2029<br>| 100000 | 102523 |
| 5.600%, 02/15/2030 | 100000 | 99698 |
| FS K.K.R Capital Corp.<br> 6.875%, 08/15/2029<br>| 100000 | 102548 |
| Sixth Street Lending Partners<br> 5.750%, 01/15/2030<br>| 100000 | 100248 |
| BlackRock Inc.<br> 2.400%, 04/30/2030<br>| 250000 | 230077 |
| 4.750%, 05/25/2033 | 150000 | 151634 |
| Apollo Debt Solutions BDC<br> 6.700%, 07/29/2031<br>| 50000 | 51957 |
| 6.550%, 03/15/2032(c) | 100000 | 102139 |
| Ameriprise Financial Inc.<br> 4.500%, 05/13/2032<br>| 250000 | 248048 |
| 5.150%, 05/15/2033 | 100000 | 102608 |
| Brookfield Capital Finance LLC<br> 6.087%, 06/14/2033<br>| 100000 | 105791 |
|  |  | 4583494 |
| **Automotive (0.25%)** | **Automotive (0.25%)** | **Automotive (0.25%)** |
| American Honda Finance Corp.<br> 5.250%, 07/07/2026<br>| 250000 | 252099 |
| 5.125%, 07/07/2028 | 250000 | 255073 |
| 5.650%, 11/15/2028 | 100000 | 103891 |
| 4.800%, 03/05/2030 | 100000 | 100793 |
| 5.850%, 10/04/2030 | 100000 | 105661 |
| 4.900%, 01/10/2034 | 100000 | 98952 |
| Toyota Motor Corp.<br> 5.275%, 07/13/2026<br>| 250000 | 252311 |
| 5.118%, 07/13/2028 | 250000 | 256891 |
| 5.123%, 07/13/2033 | 250000 | 256657 |
| Toyota Motor Credit Corp.<br> 4.550%, 08/07/2026<br>| 200000 | 200695 |
| 4.550%, 09/20/2027 | 250000 | 252097 |
| 4.350%, 10/08/2027 | 100000 | 100415 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Automotive (Cont.)** | **Automotive (Cont.)** | **Automotive (Cont.)** |
| 4.550%, 05/17/2030 | $100000 | $100605 |
| 4.800%, 01/05/2034 | 100000 | 99960 |
| Ford Motor Credit Co. LLC<br> 5.800%, 03/05/2027<br>| 200000 | 201578 |
| 6.800%, 05/12/2028 | 200000 | 206705 |
| 6.798%, 11/07/2028 | 200000 | 207209 |
| 5.875%, 11/07/2029 | 200000 | 200587 |
| 7.350%, 03/06/2030 | 200000 | 211128 |
| 7.200%, 06/10/2030 | 200000 | 210479 |
| 6.050%, 03/05/2031 | 200000 | 199589 |
| 7.122%, 11/07/2033 | 200000 | 207567 |
| General Motors Financial Co. Inc.<br> 5.000%, 04/09/2027<br>| 250000 | 251547 |
| 5.400%, 05/08/2027 | 100000 | 101452 |
| 6.000%, 01/09/2028 | 250000 | 257480 |
| 5.800%, 06/23/2028 | 250000 | 257490 |
| 5.850%, 04/06/2030 | 250000 | 258443 |
| 5.600%, 06/18/2031 | 100000 | 101994 |
| 6.400%, 01/09/2033 | 250000 | 263040 |
| 5.450%, 09/06/2034 | 100000 | 98018 |
| 5.900%, 01/07/2035 | 50000 | 50265 |
| Aptiv Swiss Holdings Ltd.<br> 3.250%, 03/01/2032<br>| 100000 | 89502 |
| General Motors Co.<br> 5.600%, 10/15/2032<br>| 100000 | 101608 |
| Magna International Inc.<br> 5.500%, 03/21/2033<br>| 200000 | 204756 |
|  |  | 6116537 |
| **Banking (1.89%)** | **Banking (1.89%)** | **Banking (1.89%)** |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group Inc.<br> 5.880%, 07/13/2026<br>| 250000 | 253776 |
| 1.402%, 09/17/2026 | 100000 | 96548 |
| 5.520%, 01/13/2028 | 250000 | 257394 |
| 5.800%, 07/13/2028 | 250000 | 260439 |
| 3.040%, 07/16/2029 | 200000 | 189570 |
| 5.710%, 01/13/2030 | 250000 | 262273 |
| 5.766%, 01/13/2033 | 250000 | 262977 |
| 5.632%, 01/15/2035 | 200000 | 206973 |
| Toronto-Dominion Bank, The<br> 5.532%, 07/17/2026<br>| 250000 | 253078 |
| 4.108%, 06/08/2027 | 150000 | 149573 |
| 4.693%, 09/15/2027 | 250000 | 252405 |
| 5.156%, 01/10/2028 | 150000 | 153063 |
| 5.523%, 07/17/2028 | 150000 | 155157 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce<br> 5.615%, 07/17/2026<br>| 150000 | 151811 |
| 3.450%, 04/07/2027 | 150000 | 148081 |
| 5.001%, 04/28/2028 | 150000 | 152931 |
| Royal Bank of Canada<br> 5.200%, 07/20/2026<br>| 250000 | 252443 |
| 4.240%, 08/03/2027 | 150000 | 150244 |
| 6.000%, 11/01/2027 | 250000 | 259801 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.900%, 01/12/2028 | $150000 | $152735 |
| 5.200%, 08/01/2028 | 150000 | 154307 |
| 5.000%, 02/01/2033 | 150000 | 152325 |
| 5.000%, 05/02/2033 | 125000 | 126589 |
| U.S. Bancorp<br> 2.375%, 07/22/2026<br>| 250000 | 245469 |
| 3.150%, 04/27/2027 | 250000 | 245581 |
| 6.787%, 10/26/2027(b) | 250000 | 257355 |
| 3.900%, 04/26/2028 | 250000 | 248395 |
| 4.548%, 07/22/2028(b) | 150000 | 150338 |
| 4.653%, 02/01/2029(b) | 150000 | 150973 |
| 5.775%, 06/12/2029(b) | 250000 | 259602 |
| 5.384%, 01/23/2030(b) | 100000 | 102962 |
| 4.839%, 02/01/2034(b) | 150000 | 148113 |
| 5.836%, 06/12/2034(b) | 250000 | 262603 |
| 5.678%, 01/23/2035(b) | 250000 | 259544 |
| Citibank N.A.<br> 4.929%, 08/06/2026<br>| 250000 | 251716 |
| 5.803%, 09/29/2028 | 250000 | 261392 |
| Wells Fargo Bank N.A.<br> 5.450%, 08/07/2026<br>| 250000 | 253187 |
| Bank of America N.A.<br> 5.526%, 08/18/2026<br>| 250000 | 253546 |
| Wells Fargo & Co.<br> 3.000%, 10/23/2026<br>| 250000 | 245715 |
| 3.196%, 06/17/2027(b) | 100000 | 98802 |
| 3.526%, 03/24/2028(b) | 250000 | 246531 |
| 5.707%, 04/22/2028(b) | 150000 | 153257 |
| 3.584%, 05/22/2028(b) | 364000 | 358394 |
| 2.393%, 06/02/2028(b) | 150000 | 144512 |
| 4.150%, 01/24/2029 | 186000 | 185295 |
| 5.574%, 07/25/2029(b) | 200000 | 206512 |
| 6.303%, 10/23/2029(b) | 100000 | 105689 |
| 5.198%, 01/23/2030(b) | 150000 | 153645 |
| 5.244%, 01/24/2031(b) | 100000 | 102584 |
| 5.150%, 04/23/2031(b) | 100000 | 102416 |
| 3.350%, 03/02/2033(b) | 500000 | 456625 |
| 4.897%, 07/25/2033(b) | 500000 | 500097 |
| 5.389%, 04/24/2034(b) | 150000 | 153487 |
| 5.557%, 07/25/2034(b) | 150000 | 154804 |
| 5.499%, 01/23/2035(b) | 250000 | 256379 |
| 5.605%, 04/23/2036(b) | 150000 | 154833 |
| JPMorgan Chase Bank N.A.<br> 5.110%, 12/08/2026<br>| 250000 | 253165 |
| HSBC U.S.A. Inc.<br> 5.294%, 03/04/2027<br>| 200000 | 203264 |
| Bank of Montreal<br> 2.650%, 03/08/2027<br>| 150000 | 146470 |
| 4.700%, 09/14/2027 | 150000 | 151365 |
| 5.203%, 02/01/2028 | 150000 | 153404 |
| 3.088%, 01/10/2037(b) | 150000 | 129540 |
| National Australia Bank Ltd.<br> 3.905%, 06/09/2027<br>| 250000 | 249512 |
| 4.944%, 01/12/2028 | 250000 | 255292 |
| 4.900%, 06/13/2028 | 250000 | 256138 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 0.75%)<br> 1.554%, 07/09/2027(b)<br>| $200000 | $194161 |
| 5.667%, 05/27/2029(b) | 200000 | 207010 |
| 5.382%, 07/10/2030(b) | 200000 | 205750 |
| 5.739%, 05/27/2031(b) | 200000 | 208946 |
| 5.748%, 07/06/2034(b) | 200000 | 208206 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG(Variable, <br> U.S. SOFR + 2.52%)<br> 7.146%, 07/13/2027(b)<br>| 250000 | 256317 |
| 5.371%, 09/09/2027 | 250000 | 256432 |
| 2.552%, 01/07/2028(b) | 250000 | 242819 |
| 6.720%, 01/18/2029(b) | 250000 | 262618 |
| 6.819%, 11/20/2029(b) | 150000 | 159993 |
| 3.742%, 01/07/2033(b) | 250000 | 225020 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.(Variable, <br> U.S. SOFR + 0.96%)<br> 1.734%, 07/22/2027(b)<br>| 250000 | 242995 |
| 5.933%, 09/15/2027(b) | 250000 | 254364 |
| 2.551%, 02/04/2028(b) | 250000 | 242973 |
| 4.376%, 04/27/2028(b) | 250000 | 249948 |
| 4.948%, 07/22/2028(b) | 150000 | 151728 |
| 6.204%, 11/10/2028(b) | 250000 | 260170 |
| 3.419%, 12/20/2028(b) | 250000 | 244371 |
| 3.970%, 03/05/2029(b) | 250000 | 247234 |
| 5.202%, 04/25/2029(b) | 250000 | 255491 |
| 2.087%, 06/14/2029(b) | 250000 | 234333 |
| 4.271%, 07/23/2029(b) | 150000 | 149506 |
| 5.819%, 09/15/2029(b) | 100000 | 104172 |
| 3.974%, 02/07/2030(b) | 250000 | 246077 |
| 3.194%, 07/23/2030(b) | 250000 | 237973 |
| 2.572%, 10/20/2032(b) | 250000 | 220340 |
| 2.972%, 02/04/2033(b) | 500000 | 447743 |
| 4.571%, 04/27/2033(b) | 500000 | 492036 |
| 5.015%, 07/22/2033(b) | 500000 | 505854 |
| 5.288%, 04/25/2034(b) | 250000 | 255008 |
| 5.872%, 09/15/2034(b) | 175000 | 184671 |
| 5.468%, 01/23/2035(b) | 250000 | 256835 |
| 2.482%, 09/21/2036(b) | 250000 | 211837 |
| 3.846%, 03/08/2037(b) | 250000 | 228774 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., <br> The(Variable, U.S. SOFR + 0.80%)<br> 5.102%, 07/23/2027(b)<br>| 100000 | 100753 |
| 5.582%, 06/12/2029(b) | 250000 | 258905 |
| 5.492%, 05/14/2030(b) | 100000 | 103608 |
| 5.222%, 01/29/2031(b) | 100000 | 102627 |
| 4.812%, 10/21/2032(b) | 100000 | 100230 |
| 6.037%, 10/28/2033(b) | 150000 | 159517 |
| 5.939%, 08/18/2034(b) | 150000 | 158682 |
| 5.401%, 07/23/2035(b) | 100000 | 101828 |
| 5.575%, 01/29/2036(b) | 100000 | 103067 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.48%)<br> 5.985%, 08/07/2027(b)<br>| $250000 | $253790 |
| 3.750%, 03/18/2028(b) | 250000 | 246948 |
| 5.087%, 11/26/2028(b) | 200000 | 202628 |
| 5.679%, 01/05/2035(b) | 200000 | 205299 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC(Variable, <br> U.S. SOFR + 1.57%)<br> 5.887%, 08/14/2027(b)<br>| 250000 | 253566 |
| 4.755%, 06/09/2028(b) | 250000 | 250950 |
| 5.210%, 08/11/2028(b) | 250000 | 253535 |
| 7.390%, 11/03/2028(b) | 250000 | 265497 |
| 6.161%, 03/09/2029(b) | 250000 | 259955 |
| 5.402%, 08/11/2033(b) | 250000 | 256434 |
| 8.113%, 11/03/2033(b) | 250000 | 288608 |
| 6.254%, 03/09/2034(b) | 250000 | 267490 |
| 6.547%, 06/20/2034(b) | 200000 | 212468 |
| 7.399%, 11/13/2034(b) | 200000 | 223671 |
| 5.450%, 03/03/2036(b) | 200000 | 201102 |
| Banco Santander SA<br> 5.294%, 08/18/2027<br>| 200000 | 203365 |
| 5.552%, 03/14/2028(b) | 200000 | 203217 |
| 4.175%, 03/24/2028(b) | 200000 | 198831 |
| 5.588%, 08/08/2028 | 200000 | 206607 |
| 5.565%, 01/17/2030 | 200000 | 207655 |
| 6.921%, 08/08/2033 | 200000 | 216758 |
| Westpac Banking Corp.<br> 4.043%, 08/26/2027<br>| 250000 | 250034 |
| 5.457%, 11/18/2027 | 250000 | 257889 |
| 5.535%, 11/17/2028 | 100000 | 104659 |
| 5.050%, 04/16/2029 | 100000 | 103191 |
| 6.820%, 11/17/2033 | 100000 | 109962 |
| 5.618%, 11/20/2035(b) | 100000 | 100662 |
| 3.020%, 11/18/2036(b) | 100000 | 87795 |
| &nbsp;&nbsp;&nbsp; Barclays PLC(Variable, U.S. SOFR + <br> 1.88%)<br> 6.496%, 09/13/2027(b)<br>| 250000 | 255548 |
| 5.674%, 03/12/2028(b) | 200000 | 203793 |
| 6.490%, 09/13/2029(b) | 200000 | 211453 |
| 5.746%, 08/09/2033(b) | 250000 | 259137 |
| 7.437%, 11/02/2033(b) | 250000 | 283737 |
| 6.224%, 05/09/2034(b) | 250000 | 265339 |
| 7.119%, 06/27/2034(b) | 250000 | 273100 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.(Variable, <br> U.S. SOFR + 1.33%)<br> 6.070%, 10/22/2027(b)<br>| 250000 | 255429 |
| 5.040%, 01/23/2028(b) | 100000 | 100953 |
| 2.947%, 02/24/2028(b) | 250000 | 244279 |
| 5.571%, 04/22/2028(b) | 100000 | 102052 |
| 4.323%, 04/26/2028(b) | 150000 | 149856 |
| 4.851%, 07/25/2028(b) | 250000 | 252606 |
| 2.069%, 06/01/2029(b) | 250000 | 234481 |
| 4.203%, 07/23/2029(b) | 150000 | 149366 |
| 5.299%, 07/24/2029(b) | 250000 | 256678 |
| 6.087%, 10/23/2029(b) | 100000 | 105106 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.452%, 12/05/2029(b) | $150000 | $150281 |
| 5.012%, 01/23/2030(b) | 150000 | 152769 |
| 5.581%, 04/22/2030(b) | 250000 | 259589 |
| 3.702%, 05/06/2030(b) | 250000 | 243322 |
| 4.565%, 06/14/2030(b) | 250000 | 251101 |
| 4.995%, 07/22/2030(b) | 250000 | 254566 |
| 1.953%, 02/04/2032(b) | 250000 | 216802 |
| 2.580%, 04/22/2032(b) | 250000 | 223268 |
| 2.545%, 11/08/2032(b) | 250000 | 220086 |
| 2.963%, 01/25/2033(b) | 250000 | 224708 |
| 4.586%, 04/26/2033(b) | 500000 | 494872 |
| 4.912%, 07/25/2033(b) | 500000 | 502895 |
| 5.717%, 09/14/2033(b) | 250000 | 260574 |
| 5.350%, 06/01/2034(b) | 250000 | 257205 |
| 6.254%, 10/23/2034(b) | 250000 | 271710 |
| 5.336%, 01/23/2035(b) | 250000 | 255907 |
| 5.766%, 04/22/2035(b) | 100000 | 105059 |
| 4.946%, 10/22/2035(b) | 100000 | 98953 |
| 5.572%, 04/22/2036(b) | 50000 | 51817 |
| PNC Bank N.A.<br> 3.100%, 10/25/2027<br>| 250000 | 243858 |
| KeyBank N.A.<br> 5.850%, 11/15/2027<br>| 250000 | 258108 |
| &nbsp;&nbsp;&nbsp; Santander Holdings U.S.A. <br> Inc.(Variable, U.S. SOFR + 1.25%)<br> 2.490%, 01/06/2028(b)<br>| 250000 | 242005 |
| 5.741%, 03/20/2031(b) | 100000 | 102655 |
| 6.342%, 05/31/2035(b) | 75000 | 78320 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings <br> PLC(Variable, U.S. SOFR + 1.22%)<br> 2.469%, 01/11/2028(b)<br>| 250000 | 242041 |
| 6.534%, 01/10/2029(b) | 250000 | 260930 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group Inc.(Variable, U.S. Treasury <br> Yield Curve Rate CMT 1Y + <br> 0.83%)<br> 2.341%, 01/19/2028(b)<br>| 250000 | 242078 |
| 5.017%, 07/20/2028(b) | 250000 | 253198 |
| 5.422%, 02/22/2029(b) | 200000 | 205113 |
| 5.258%, 04/17/2030(b) | 200000 | 205151 |
| 2.309%, 07/20/2032(b) | 200000 | 174239 |
| 5.441%, 02/22/2034(b) | 200000 | 205876 |
| 5.406%, 04/19/2034(b) | 200000 | 205486 |
| Manufacturers & Traders Trust Co.<br> 4.700%, 01/27/2028<br>| 250000 | 252203 |
| &nbsp;&nbsp;&nbsp; Citigroup Inc.(Variable, U.S. SOFR + <br> 1.28%)<br> 3.070%, 02/24/2028(b)<br>| 250000 | 244459 |
| 4.658%, 05/24/2028(b) | 150000 | 150552 |
| 5.174%, 02/13/2030(b) | 250000 | 255058 |
| 3.980%, 03/20/2030(b) | 150000 | 147026 |
| 4.952%, 05/07/2031(b) | 150000 | 151710 |
| 2.561%, 05/01/2032(b) | 250000 | 221480 |
| 3.057%, 01/25/2033(b) | 500000 | 446856 |
| 3.785%, 03/17/2033(b) | 500000 | 467387 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.910%, 05/24/2033(b) | $500000 | $498879 |
| 6.270%, 11/17/2033(b) | 250000 | 269193 |
| 6.174%, 05/25/2034(b) | 250000 | 261707 |
| 5.827%, 02/13/2035(b) | 250000 | 255091 |
| 5.449%, 06/11/2035(b) | 250000 | 255358 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V.(Variable, U.S. SOFR + <br> 1.83%)<br> 4.017%, 03/28/2028(b)<br>| 200000 | 198694 |
| 5.335%, 03/19/2030(b) | 200000 | 205086 |
| 5.550%, 03/19/2035(b) | 200000 | 204785 |
| Bank of Nova Scotia, The<br> 5.250%, 06/12/2028<br>| 150000 | 154511 |
| 4.850%, 02/01/2030 | 250000 | 254749 |
| 4.588%, 05/04/2037(b) | 150000 | 141965 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc.(Variable, <br> U.S. SOFR + 1.97%)<br> 4.443%, 08/04/2028(b)<br>| 100000 | 99945 |
| 5.272%, 01/15/2031(b) | 200000 | 204919 |
| 5.709%, 02/02/2035(b) | 100000 | 102194 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp(Variable, <br> U.S. SOFR + 2.34%)<br> 6.339%, 07/27/2029(b)<br>| 150000 | 157995 |
| 4.772%, 07/28/2030(b) | 150000 | 150931 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.(Variable, <br> U.S. SOFR + 2.45%)<br> 7.161%, 10/30/2029(b)<br>| 150000 | 162253 |
| 5.435%, 01/24/2030(b) | 100000 | 102997 |
| 5.867%, 06/08/2034(b) | 150000 | 156704 |
| Citizens Financial Group Inc.<br> 5.841%, 01/23/2030(b)<br>| 100000 | 103574 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.91%)<br> 5.076%, 01/27/2030(b)<br>| 200000 | 202929 |
| 5.778%, 03/01/2035(b) | 200000 | 207689 |
|  |  | 46522818 |
| **Banks (0.02%)** | **Banks (0.02%)** | **Banks (0.02%)** |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.(Variable, <br> U.S. SOFR + 1.44%)<br> 4.873%, 01/26/2029(b)<br>| 100000 | 101155 |
| 5.071%, 05/20/2031(b) | 100000 | 101520 |
| 5.153%, 08/05/2032(b) | 100000 | 101944 |
| 5.711%, 01/24/2035(b) | 100000 | 103655 |
|  |  | 408274 |
| **Beverages (0.12%)** | **Beverages (0.12%)** | **Beverages (0.12%)** |
| Constellation Brands Inc.<br> 4.350%, 05/09/2027<br>| 250000 | 250022 |
| 4.750%, 05/09/2032 | 250000 | 248260 |
| 4.900%, 05/01/2033 | 100000 | 99084 |
| Coca-Cola Co., The<br> 1.450%, 06/01/2027<br>| 100000 | 95443 |
| 1.000%, 03/15/2028 | 100000 | 92823 |
| 3.450%, 03/25/2030 | 100000 | 97116 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Beverages (Cont.)** | **Beverages (Cont.)** | **Beverages (Cont.)** |
| 2.000%, 03/05/2031 | $200000 | $177823 |
| 5.000%, 05/13/2034 | 100000 | 102973 |
| Diageo Capital PLC<br> 5.300%, 10/24/2027<br>| 250000 | 256183 |
| 5.500%, 01/24/2033 | 200000 | 208190 |
| PepsiCo Inc.<br> 3.600%, 02/18/2028<br>| 250000 | 247849 |
| 4.450%, 05/15/2028 | 250000 | 253767 |
| 3.900%, 07/18/2032 | 100000 | 96649 |
| 4.450%, 02/15/2033 | 100000 | 100062 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide Inc.<br> 3.500%, 06/01/2030<br>| 350000 | 337664 |
| Keurig Dr. Pepper Inc.<br> 4.050%, 04/15/2032<br>| 250000 | 240244 |
| Brown-Forman Corp.<br> 4.750%, 04/15/2033<br>| 100000 | 99935 |
|  |  | 3004087 |
| **Biotechnology & Pharmaceuticals (0.32%)** | **Biotechnology & Pharmaceuticals (0.32%)** | **Biotechnology & Pharmaceuticals (0.32%)** |
| Amgen Inc.<br> 2.600%, 08/19/2026<br>| 250000 | 245384 |
| 5.150%, 03/02/2028 | 250000 | 255440 |
| 3.000%, 02/22/2029 | 250000 | 238862 |
| 4.050%, 08/18/2029 | 250000 | 247101 |
| 5.250%, 03/02/2030 | 250000 | 257596 |
| 3.350%, 02/22/2032 | 150000 | 138893 |
| 4.200%, 03/01/2033 | 150000 | 143974 |
| 5.250%, 03/02/2033 | 250000 | 256006 |
| Bristol-Myers Squibb Co.<br> 4.900%, 02/22/2027<br>| 100000 | 101275 |
| 5.100%, 02/22/2031 | 300000 | 310685 |
| 2.950%, 03/15/2032 | 250000 | 226653 |
| 5.200%, 02/22/2034 | 100000 | 102414 |
| Astrazeneca Finance LLC<br> 4.800%, 02/26/2027<br>| 100000 | 101101 |
| 4.875%, 03/03/2028 | 250000 | 255294 |
| 4.900%, 03/03/2030 | 250000 | 256462 |
| 4.875%, 03/03/2033 | 150000 | 152465 |
| 5.000%, 02/26/2034 | 100000 | 101944 |
| Johnson & Johnson<br> 4.500%, 03/01/2027<br>| 100000 | 100975 |
| 0.950%, 09/01/2027 | 100000 | 94060 |
| 4.800%, 06/01/2029 | 100000 | 102751 |
| 4.850%, 03/01/2032 | 200000 | 205734 |
| AbbVie Inc.<br> 4.800%, 03/15/2027<br>| 100000 | 100962 |
| 4.650%, 03/15/2028 | 100000 | 101512 |
| 4.250%, 11/14/2028 | 100000 | 100486 |
| 3.200%, 11/21/2029 | 250000 | 239126 |
| 4.875%, 03/15/2030 | 150000 | 153600 |
| 4.950%, 03/15/2031 | 100000 | 102663 |
| 5.050%, 03/15/2034 | 100000 | 101816 |
| 5.200%, 03/15/2035 | 100000 | 102167 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| GlaxoSmithKline Capital Inc.<br> 3.875%, 05/15/2028<br>| $250000 | $248863 |
| Merck & Co. Inc.<br> 4.050%, 05/17/2028<br>| 250000 | 251149 |
| 3.400%, 03/07/2029 | 150000 | 146334 |
| 4.300%, 05/17/2030 | 50000 | 50309 |
| 4.500%, 05/17/2033 | 150000 | 149576 |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. <br> Ltd.<br> 4.450%, 05/19/2028<br>| 250000 | 252003 |
| 4.650%, 05/19/2030 | 250000 | 253458 |
| 4.750%, 05/19/2033 | 250000 | 249248 |
| Sanofi SA<br> 3.625%, 06/19/2028<br>| 150000 | 148315 |
| Eli Lilly & Co.<br> 3.375%, 03/15/2029<br>| 207000 | 202511 |
| 4.700%, 02/27/2033 | 150000 | 151180 |
| 4.700%, 02/09/2034 | 100000 | 99942 |
| Pfizer Inc.<br> 3.450%, 03/15/2029<br>| 150000 | 146901 |
| Gilead Sciences Inc.<br> 1.650%, 10/01/2030<br>| 300000 | 262250 |
| Zoetis Inc.<br> 5.600%, 11/16/2032<br>| 250000 | 263952 |
| Novartis Capital Corp.<br> 4.200%, 09/18/2034<br>| 100000 | 96380 |
|  |  | 7869772 |
| **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** |
| Comcast Corp.<br> 3.300%, 04/01/2027<br>| 200000 | 196980 |
| 5.350%, 11/15/2027 | 250000 | 256582 |
| 4.550%, 01/15/2029 | 250000 | 252776 |
| 5.500%, 11/15/2032 | 250000 | 262606 |
| 4.650%, 02/15/2033 | 250000 | 248446 |
| 4.800%, 05/15/2033 | 250000 | 249505 |
| 5.300%, 05/15/2035 | 100000 | 101892 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br> LLC/Charter Communications <br> Operating Capital<br> 2.250%, 01/15/2029<br>| 250000 | 230246 |
| 4.400%, 04/01/2033 | 250000 | 235393 |
|  |  | 2034426 |
| **Chemicals (0.08%)** | **Chemicals (0.08%)** | **Chemicals (0.08%)** |
| Albemarle Corp.<br> 4.650%, 06/01/2027<br>| 150000 | 149477 |
| 5.050%, 06/01/2032 | 150000 | 144305 |
| Ecolab Inc.<br> 5.250%, 01/15/2028<br>| 150000 | 154509 |
| Sherwin-Williams Co., The<br> 4.550%, 03/01/2028<br>| 50000 | 50429 |
| 2.950%, 08/15/2029 | 70000 | 66126 |
| 4.800%, 09/01/2031 | 50000 | 50536 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Chemicals (Cont.)** | **Chemicals (Cont.)** | **Chemicals (Cont.)** |
| Nutrien Ltd.<br> 4.900%, 03/27/2028<br>| $150000 | $152123 |
| Air Products and Chemicals Inc.<br> 4.600%, 02/08/2029<br>| 100000 | 101435 |
| 4.800%, 03/03/2033 | 100000 | 100804 |
| 4.850%, 02/08/2034 | 100000 | 100248 |
| Cabot Corp.<br> 5.000%, 06/30/2032<br>| 150000 | 149725 |
| Eastman Chemical Co.<br> 5.750%, 03/08/2033<br>| 100000 | 103969 |
| Avery Dennison Corp.<br> 5.750%, 03/15/2033<br>| 100000 | 104558 |
| Dow Chemical Co., The<br> 6.300%, 03/15/2033<br>| 150000 | 160845 |
| 5.150%, 02/15/2034 | 100000 | 99959 |
| 5.350%, 03/15/2035 | 50000 | 49737 |
| FMC Corp.<br> 5.650%, 05/18/2033<br>| 60000 | 59306 |
| LYB International Finance III LLC<br> 5.500%, 03/01/2034<br>| 100000 | 99812 |
| 6.150%, 05/15/2035 | 50000 | 51896 |
|  |  | 1949799 |
| **Commercial Support Services (0.08%)** | **Commercial Support Services (0.08%)** | **Commercial Support Services (0.08%)** |
| GXO Logistics Inc.<br> 1.650%, 07/15/2026<br>| 250000 | 241806 |
| 2.650%, 07/15/2031 | 150000 | 130520 |
| Waste Management Inc.<br> 4.875%, 02/15/2029<br>| 150000 | 153617 |
| 4.625%, 02/15/2030 | 100000 | 101352 |
| 4.800%, 03/15/2032 | 100000 | 101505 |
| 4.150%, 04/15/2032 | 100000 | 97878 |
| 4.625%, 02/15/2033 | 100000 | 100168 |
| RELX Capital Inc.<br> 4.000%, 03/18/2029<br>| 150000 | 148860 |
| 3.000%, 05/22/2030 | 150000 | 141191 |
| Republic Services Inc.<br> 4.875%, 04/01/2029<br>| 150000 | 153191 |
| 4.750%, 07/15/2030 | 50000 | 50935 |
| 2.375%, 03/15/2033 | 100000 | 85436 |
| Waste Connections Inc.<br> 2.600%, 02/01/2030<br>| 200000 | 186092 |
| 5.000%, 03/01/2034 | 100000 | 101043 |
| Paychex Inc.<br> 5.100%, 04/15/2030<br>| 60000 | 61451 |
| 5.350%, 04/15/2032 | 60000 | 61611 |
| 5.600%, 04/15/2035 | 60000 | 62020 |
|  |  | 1978676 |
| **Construction Materials (0.02%)** | **Construction Materials (0.02%)** | **Construction Materials (0.02%)** |
| Owens Corning<br> 5.500%, 06/15/2027<br>| 100000 | 102141 |
| 3.500%, 02/15/2030 | 100000 | 95559 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Construction Materials (Cont.)** | **Construction Materials (Cont.)** | **Construction Materials (Cont.)** |
| CRH SMW Finance DAC<br> 5.125%, 01/09/2030<br>| $200000 | $205058 |
| Amrize Finance U.S. LLC<br> 5.400%, 04/07/2035(c)<br>| 130000 | 131906 |
|  |  | 534664 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| &nbsp;&nbsp;&nbsp; President and Fellows of Harvard <br> College<br> 4.609%, 02/15/2035<br>| 50000 | 49426 |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University, <br> The<br> 4.679%, 03/01/2035<br>| 50000 | 49652 |
|  |  | 99078 |
| **Containers & Packaging (0.01%)** | **Containers & Packaging (0.01%)** | **Containers & Packaging (0.01%)** |
| Berry Global Inc.<br> 5.500%, 04/15/2028<br>| 100000 | 102589 |
| WRKCo Inc.<br> 4.900%, 03/15/2029<br>| 100000 | 101266 |
| Amcor Finance U.S.A. Inc.<br> 5.625%, 05/26/2033<br>| 100000 | 103814 |
| Amcor Flexibles North America Inc.<br> 5.500%, 03/17/2035(c)<br>| 40000 | 40583 |
|  |  | 348252 |
| **Diversified Financial Services (0.01%)** | **Diversified Financial Services (0.01%)** | **Diversified Financial Services (0.01%)** |
| ORIX Corp.<br> 5.000%, 09/13/2027<br>| 50000 | 50647 |
| 4.000%, 04/13/2032 | 50000 | 47356 |
| 5.400%, 02/25/2035 | 50000 | 50612 |
|  |  | 148615 |
| **Diversified Industrials (0.05%)** | **Diversified Industrials (0.05%)** | **Diversified Industrials (0.05%)** |
| Parker-Hannifin Corp.<br> 4.250%, 09/15/2027<br>| 150000 | 150368 |
| 4.500%, 09/15/2029 | 150000 | 151488 |
| 3M Co.<br> 2.875%, 10/15/2027<br>| 100000 | 97131 |
| 2.375%, 08/26/2029 | 100000 | 92699 |
| 4.800%, 03/15/2030 | 50000 | 50831 |
| Honeywell International Inc.<br> 4.950%, 02/15/2028<br>| 150000 | 153207 |
| 4.250%, 01/15/2029 | 150000 | 150429 |
| 5.000%, 02/15/2033 | 125000 | 127014 |
| 4.500%, 01/15/2034 | 100000 | 97959 |
| 5.000%, 03/01/2035 | 100000 | 100644 |
|  |  | 1171770 |
| **E-Commerce Discretionary (0.08%)** | **E-Commerce Discretionary (0.08%)** | **E-Commerce Discretionary (0.08%)** |
| Amazon.com Inc.<br> 3.300%, 04/13/2027<br>| 150000 | 148344 |
| 4.550%, 12/01/2027 | 250000 | 253327 |
| 3.450%, 04/13/2029 | 250000 | 245320 |
| 4.650%, 12/01/2029 | 150000 | 153295 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **E-Commerce Discretionary (Cont.)** | **E-Commerce Discretionary (Cont.)** | **E-Commerce Discretionary (Cont.)** |
| 2.100%, 05/12/2031 | $150000 | $133180 |
| 3.600%, 04/13/2032 | 250000 | 239304 |
| 4.700%, 12/01/2032 | 250000 | 254780 |
| eBay Inc.<br> 5.950%, 11/22/2027<br>| 250000 | 259675 |
| 6.300%, 11/22/2032 | 250000 | 272891 |
|  |  | 1960116 |
| **Electric Utilities (0.63%)** | **Electric Utilities (0.63%)** | **Electric Utilities (0.63%)** |
| Sempra<br> 5.400%, 08/01/2026<br>| 100000 | 100969 |
| 3.700%, 04/01/2029 | 100000 | 97469 |
| 5.500%, 08/01/2033 | 200000 | 204147 |
| 6.875%, 10/01/2054(b) | 50000 | 50422 |
| CenterPoint Energy Inc.<br> 5.250%, 08/10/2026<br>| 150000 | 151044 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br> 4.800%, 02/05/2027<br>| 50000 | 50446 |
| 5.100%, 05/06/2027 | 50000 | 50794 |
| 4.800%, 03/15/2028 | 150000 | 152389 |
| 5.150%, 06/15/2029 | 50000 | 51462 |
| 4.950%, 02/07/2030 | 50000 | 51142 |
| 5.000%, 02/07/2031 | 100000 | 102507 |
| 2.750%, 04/15/2032 | 50000 | 44624 |
| 5.800%, 01/15/2033 | 50000 | 53134 |
| Eversource Energy<br> 2.900%, 03/01/2027<br>| 150000 | 146343 |
| 4.600%, 07/01/2027 | 150000 | 150708 |
| 5.450%, 03/01/2028 | 150000 | 153869 |
| 5.850%, 04/15/2031 | 100000 | 105192 |
| 5.125%, 05/15/2033 | 150000 | 150111 |
| 5.950%, 07/15/2034 | 100000 | 104643 |
| Exelon Corp.<br> 2.750%, 03/15/2027<br>| 150000 | 146354 |
| 5.150%, 03/15/2028 | 150000 | 153321 |
| 5.300%, 03/15/2033 | 150000 | 153710 |
| Virginia Electric and Power Co.<br> 3.750%, 05/15/2027<br>| 150000 | 148903 |
| 5.000%, 04/01/2033 | 150000 | 151542 |
| 5.300%, 08/15/2033 | 150000 | 152957 |
| 5.000%, 01/15/2034 | 100000 | 100120 |
| 5.150%, 03/15/2035 | 50000 | 50153 |
| Southern California Edison Co.<br> 4.700%, 06/01/2027<br>| 150000 | 150515 |
| 5.850%, 11/01/2027 | 150000 | 153700 |
| 5.300%, 03/01/2028 | 150000 | 151908 |
| 5.950%, 11/01/2032 | 150000 | 153930 |
| Pacific Gas and Electric Co.<br> 5.450%, 06/15/2027<br>| 150000 | 151736 |
| 4.550%, 07/01/2030 | 150000 | 146403 |
| 4.400%, 03/01/2032 | 150000 | 140401 |
| 5.900%, 06/15/2032 | 150000 | 153092 |
| 6.400%, 06/15/2033 | 150000 | 156797 |
| 6.950%, 03/15/2034 | 100000 | 107649 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.800%, 05/15/2034 | $100000 | $99980 |
| NextEra Energy Capital Holdings Inc.<br> 4.625%, 07/15/2027<br>| 150000 | 150925 |
| 4.900%, 02/28/2028 | 150000 | 152019 |
| 4.900%, 03/15/2029 | 100000 | 101603 |
| 5.000%, 02/28/2030 | 150000 | 153703 |
| 5.000%, 07/15/2032 | 150000 | 151758 |
| 5.050%, 02/28/2033 | 150000 | 151213 |
| 6.700%, 09/01/2054(b) | 50000 | 51523 |
| Southern Co., The<br> 5.113%, 08/01/2027<br>| 150000 | 152253 |
| 4.850%, 06/15/2028 | 150000 | 152577 |
| 5.500%, 03/15/2029 | 50000 | 52051 |
| 5.700%, 10/15/2032 | 150000 | 157560 |
| 5.200%, 06/15/2033 | 150000 | 152617 |
| 3.750%, 09/15/2051(b) | 100000 | 98622 |
| Alabama Power Co.<br> 3.750%, 09/01/2027<br>| 150000 | 149283 |
| WEC Energy Group Inc.<br> 5.150%, 10/01/2027<br>| 150000 | 152734 |
| 4.750%, 01/15/2028 | 150000 | 151523 |
| American Electric Power Co. Inc.<br> 5.750%, 11/01/2027<br>| 150000 | 154684 |
| 5.950%, 11/01/2032 | 150000 | 159016 |
| 7.050%, 12/15/2054(b) | 50000 | 51936 |
| Public Service Enterprise Group Inc.<br> 5.850%, 11/15/2027<br>| 150000 | 155248 |
| 5.400%, 03/15/2035 | 40000 | 40471 |
| Duke Energy Corp.<br> 5.000%, 12/08/2027<br>| 150000 | 152693 |
| 4.300%, 03/15/2028 | 150000 | 150185 |
| 4.850%, 01/05/2029 | 100000 | 101571 |
| 5.450%, 06/15/2034 | 50000 | 51354 |
| 6.450%, 09/01/2054(b) | 100000 | 102781 |
| Consumers Energy Co.<br> 4.650%, 03/01/2028<br>| 150000 | 152048 |
| 4.625%, 05/15/2033 | 150000 | 148531 |
| Constellation Energy Generation LLC<br> 5.600%, 03/01/2028<br>| 150000 | 155189 |
| Black Hills Corp.<br> 5.950%, 03/15/2028<br>| 150000 | 155377 |
| Florida Power & Light Co.<br> 5.050%, 04/01/2028<br>| 150000 | 153626 |
| 4.400%, 05/15/2028 | 150000 | 151120 |
| 5.150%, 06/15/2029 | 50000 | 51740 |
| 4.625%, 05/15/2030 | 150000 | 151968 |
| 5.100%, 04/01/2033 | 150000 | 153310 |
| 4.800%, 05/15/2033 | 150000 | 150386 |
| 5.300%, 06/15/2034 | 50000 | 51537 |
| Berkshire Hathaway Energy Co.<br> 3.250%, 04/15/2028<br>| 80000 | 78294 |
| 3.700%, 07/15/2030 | 50000 | 48512 |
| System Energy Resources Inc.<br> 6.000%, 04/15/2028<br>| 100000 | 104107 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Georgia Power Co.<br> 4.650%, 05/16/2028<br>| $150000 | $152061 |
| 4.700%, 05/15/2032 | 150000 | 149971 |
| 4.950%, 05/17/2033 | 150000 | 151162 |
| 5.250%, 03/15/2034 | 100000 | 101983 |
| DTE Energy Co.<br> 4.875%, 06/01/2028<br>| 150000 | 152205 |
| 5.100%, 03/01/2029 | 50000 | 50985 |
| 5.200%, 04/01/2030 | 100000 | 102329 |
| 5.850%, 06/01/2034 | 50000 | 52301 |
| AES Corp., The<br> 5.450%, 06/01/2028<br>| 150000 | 153284 |
| National Grid PLC<br> 5.602%, 06/12/2028<br>| 150000 | 155308 |
| 5.809%, 06/12/2033 | 150000 | 157650 |
| San Diego Gas & Electric Co.<br> 4.950%, 08/15/2028<br>| 150000 | 153150 |
| Duke Energy Carolinas LLC<br> 3.950%, 11/15/2028<br>| 90000 | 89781 |
| 4.850%, 03/15/2030 | 100000 | 102199 |
| 4.950%, 01/15/2033 | 150000 | 152624 |
| 4.850%, 01/15/2034 | 100000 | 99843 |
| 5.250%, 03/15/2035 | 50000 | 51134 |
| Duke Energy Progress LLC<br> 3.450%, 03/15/2029<br>| 100000 | 97284 |
| 5.050%, 03/15/2035 | 50000 | 50212 |
| Edison International<br> 5.450%, 06/15/2029<br>| 50000 | 49454 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Company of <br> New York, Inc.<br> 3.350%, 04/01/2030<br>| 50000 | 48053 |
| 5.500%, 03/15/2034 | 50000 | 51995 |
| 5.125%, 03/15/2035 | 50000 | 50640 |
| Tennessee Valley Authority<br> 7.125%, 05/01/2030<br>| 250000 | 285934 |
| PacifiCorp<br> 5.300%, 02/15/2031<br>| 100000 | 102981 |
| 5.450%, 02/15/2034 | 100000 | 101414 |
| 7.375%, 09/15/2055(b) | 100000 | 103956 |
| Puget Energy Inc.<br> 4.224%, 03/15/2032<br>| 150000 | 141167 |
| 5.725%, 03/15/2035(c) | 50000 | 50299 |
| AEP Texas Inc.<br> 4.700%, 05/15/2032<br>| 150000 | 147812 |
| Xcel Energy Inc.<br> 4.600%, 06/01/2032<br>| 150000 | 146681 |
| 5.450%, 08/15/2033 | 150000 | 152991 |
| Dominion Energy Inc.<br> 5.375%, 11/15/2032<br>| 150000 | 153747 |
| 6.875%, 02/01/2055(b) | 50000 | 52599 |
| Entergy Louisiana LLC<br> 4.000%, 03/15/2033<br>| 100000 | 94249 |
| 5.350%, 03/15/2034 | 100000 | 102573 |
| 5.150%, 09/15/2034 | 100000 | 100569 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric <br> LLC<br> 6.950%, 03/15/2033<br>| $100000 | $112523 |
| DTE Electric Co.<br> 5.200%, 04/01/2033<br>| 50000 | 51374 |
| 5.250%, 05/15/2035 | 50000 | 50914 |
| Southwestern Electric Power Co.<br> 5.300%, 04/01/2033<br>| 100000 | 100757 |
| PPL Electric Utilities Corp.<br> 5.000%, 05/15/2033<br>| 150000 | 152275 |
| 4.850%, 02/15/2034 | 100000 | 100022 |
| Ameren Illinois Co.<br> 4.950%, 06/01/2033<br>| 150000 | 152010 |
| Public Service Electric and Gas Co.<br> 5.200%, 08/01/2033<br>| 150000 | 154574 |
| Arizona Public Service Co.<br> 5.550%, 08/01/2033<br>| 150000 | 153511 |
| 5.700%, 08/15/2034 | 100000 | 103106 |
| Oncor Electric Delivery Co. LLC<br> 5.650%, 11/15/2033<br>| 100000 | 105092 |
| 5.350%, 04/01/2035(c) | 50000 | 50935 |
| Duke Energy Florida LLC<br> 5.875%, 11/15/2033<br>| 100000 | 106576 |
| Dominion Energy South Carolina Inc.<br> 5.300%, 01/15/2035<br>| 100000 | 102233 |
| Union Electric Co.<br> 5.250%, 04/15/2035<br>| 50000 | 51059 |
| Northern States Power Co.<br> 5.050%, 05/15/2035<br>| 50000 | 50500 |
| Duke Energy Ohio Inc.<br> 5.300%, 06/15/2035<br>| 50000 | 50768 |
| AEP Transmission Co. LLC<br> 5.375%, 06/15/2035<br>| 50000 | 51088 |
| Interstate Power and Light Co.<br> 5.600%, 06/29/2035<br>| 50000 | 51394 |
| Entergy Corp.<br> 7.125%, 12/01/2054(b)<br>| 50000 | 51733 |
|  |  | 15467258 |
| **Electrical Equipment (0.03%)** | **Electrical Equipment (0.03%)** | **Electrical Equipment (0.03%)** |
| Otis Worldwide Corp.<br> 5.250%, 08/16/2028<br>| 150000 | 154412 |
| Lennox International Inc.<br> 5.500%, 09/15/2028<br>| 100000 | 103120 |
| Amphenol Corp.<br> 5.050%, 04/05/2029<br>| 50000 | 51433 |
| 5.000%, 01/15/2035 | 50000 | 50537 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br> PLC/Tyco Fire & Security Finance <br> SCA<br> 5.500%, 04/19/2029<br>| 50000 | 51855 |
| Vontier Corp.<br> 2.950%, 04/01/2031<br>| 150000 | 134071 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electrical Equipment (Cont.)** | **Electrical Equipment (Cont.)** | **Electrical Equipment (Cont.)** |
| Allegion U.S. Holding Co. Inc.<br> 5.411%, 07/01/2032<br>| $150000 | $154408 |
| Trane Technologies Financing Ltd.<br> 5.250%, 03/03/2033<br>| 100000 | 103111 |
|  |  | 802947 |
| **Engineering & Construction (0.01%)** | **Engineering & Construction (0.01%)** | **Engineering & Construction (0.01%)** |
| Quanta Services Inc.<br> 4.750%, 08/09/2027<br>| 50000 | 50420 |
| Jacobs Engineering Group Inc.<br> 6.350%, 08/18/2028<br>| 100000 | 105079 |
| MasTec Inc.<br> 5.900%, 06/15/2029<br>| 50000 | 51720 |
|  |  | 207219 |
| **Entertainment Content (0.04%)** | **Entertainment Content (0.04%)** | **Entertainment Content (0.04%)** |
| Netflix Inc.<br> 4.375%, 11/15/2026<br>| 100000 | 100506 |
| 4.875%, 04/15/2028 | 100000 | 102095 |
| Walt Disney Co., The<br> 3.800%, 03/22/2030<br>| 150000 | 147690 |
| 6.200%, 12/15/2034 | 150000 | 167396 |
| Warnermedia Holdings Inc.<br> 4.279%, 03/15/2032<br>| 291000 | 216431 |
| AppLovin Corp.<br> 5.500%, 12/01/2034<br>| 150000 | 152294 |
|  |  | 886412 |
| **Food (0.12%)** | **Food (0.12%)** | **Food (0.12%)** |
| Conagra Brands Inc.<br> 5.300%, 10/01/2026<br>| 250000 | 252510 |
| &nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. <br> S.a.r.l.<br> 2.500%, 01/15/2027<br>| 250000 | 243179 |
| 5.125%, 02/01/2028 | 250000 | 255100 |
| 3.000%, 02/02/2029 | 250000 | 237508 |
| 5.500%, 01/15/2030 | 80000 | 81833 |
| 3.625%, 01/15/2032 | 250000 | 228597 |
| 5.750%, 04/01/2033 | 73000 | 75038 |
| Mondelez International Inc.<br> 2.625%, 03/17/2027<br>| 250000 | 243540 |
| General Mills Inc.<br> 4.875%, 01/30/2030<br>| 100000 | 101667 |
| 4.950%, 03/29/2033 | 100000 | 100136 |
| 5.250%, 01/30/2035 | 100000 | 100467 |
| Kraft Heinz Foods Co.<br> 3.750%, 04/01/2030<br>| 250000 | 242009 |
| Pilgrim's Pride Corp.<br> 4.250%, 04/15/2031<br>| 250000 | 241031 |
| 3.500%, 03/01/2032 | 250000 | 225063 |
| 6.250%, 07/01/2033 | 100000 | 105728 |
| Kellanova<br> 5.250%, 03/01/2033<br>| 100000 | 102364 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Food (Cont.)** | **Food (Cont.)** | **Food (Cont.)** |
| McCormick & Co. Inc.<br> 4.950%, 04/15/2033<br>| $100000 | $100870 |
| Hershey Co., The<br> 4.500%, 05/04/2033<br>| 100000 | 99142 |
|  |  | 3035782 |
| **Forestry, Paper & Wood Products (0.01%)** | **Forestry, Paper & Wood Products (0.01%)** | **Forestry, Paper & Wood Products (0.01%)** |
| Suzano Austria GmbH<br> 6.000%, 01/15/2029<br>| 200000 | 205313 |
|  |  | 205313 |
| **Gas (0.00%)** | **Gas (0.00%)** | **Gas (0.00%)** |
| Southern California Gas Co.<br> 5.450%, 06/15/2035<br>| 50000 | 51051 |
|  |  | 51051 |
| **Gas & Water Utilities (0.04%)** | **Gas & Water Utilities (0.04%)** | **Gas & Water Utilities (0.04%)** |
| National Fuel Gas Co.<br> 5.500%, 10/01/2026<br>| 250000 | 252612 |
| Southern California Gas Co.<br> 2.950%, 04/15/2027<br>| 100000 | 97956 |
| 5.200%, 06/01/2033 | 100000 | 101357 |
| CenterPoint Energy Resources Corp.<br> 5.250%, 03/01/2028<br>| 100000 | 102415 |
| 5.400%, 03/01/2033 | 9000 | 9245 |
| NiSource Inc.<br> 5.250%, 03/30/2028<br>| 100000 | 102373 |
| 5.200%, 07/01/2029 | 50000 | 51329 |
| Southwest Gas Corp.<br> 4.050%, 03/15/2032<br>| 100000 | 94826 |
| American Water Capital Corp.<br> 4.450%, 06/01/2032<br>| 100000 | 98718 |
| Southern Co. Gas Capital Corp.<br> 4.950%, 09/15/2034<br>| 100000 | 98981 |
|  |  | 1009812 |
| **Health Care Facilities & Services (0.32%)** | **Health Care Facilities & Services (0.32%)** | **Health Care Facilities & Services (0.32%)** |
| Universal Health Services Inc.<br> 1.650%, 09/01/2026<br>| 250000 | 241364 |
| 2.650%, 10/15/2030 | 250000 | 222905 |
| HCA Inc.<br> 3.125%, 03/15/2027<br>| 150000 | 146868 |
| 5.000%, 03/01/2028 | 100000 | 101486 |
| 5.200%, 06/01/2028 | 150000 | 153252 |
| 3.375%, 03/15/2029 | 150000 | 144113 |
| 5.250%, 03/01/2030 | 100000 | 102519 |
| 5.450%, 04/01/2031 | 100000 | 103114 |
| 3.625%, 03/15/2032 | 100000 | 92239 |
| 5.500%, 06/01/2033 | 100000 | 102381 |
| 5.600%, 04/01/2034 | 100000 | 102315 |
| 5.750%, 03/01/2035 | 100000 | 102837 |
| UnitedHealth Group Inc.<br> 3.700%, 05/15/2027<br>| 250000 | 247722 |
| 5.250%, 02/15/2028 | 250000 | 256606 |
| 4.000%, 05/15/2029 | 250000 | 247164 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** |
| 5.300%, 02/15/2030 | $250000 | $258926 |
| 4.200%, 05/15/2032 | 250000 | 242004 |
| 5.350%, 02/15/2033 | 100000 | 103033 |
| 4.500%, 04/15/2033 | 100000 | 97462 |
| 5.150%, 07/15/2034 | 100000 | 101010 |
| CommonSpirit Health<br> 6.073%, 11/01/2027<br>| 150000 | 155228 |
| Cencora Inc.<br> 4.625%, 12/15/2027<br>| 100000 | 100826 |
| 5.150%, 02/15/2035 | 100000 | 100848 |
| Humana Inc.<br> 5.750%, 03/01/2028<br>| 250000 | 257961 |
| 3.700%, 03/23/2029 | 250000 | 242277 |
| 5.375%, 04/15/2031 | 100000 | 102293 |
| IQVIA Inc.<br> 5.700%, 05/15/2028<br>| 200000 | 205084 |
| 6.250%, 02/01/2029 | 100000 | 104515 |
| Centene Corp.<br> 2.450%, 07/15/2028<br>| 250000 | 232159 |
| 2.500%, 03/01/2031 | 400000 | 344395 |
| McKesson Corp.<br> 4.900%, 07/15/2028<br>| 150000 | 153158 |
| 5.100%, 07/15/2033 | 100000 | 102317 |
| CVS Health Corp.<br> 5.000%, 01/30/2029<br>| 150000 | 152282 |
| 5.125%, 02/21/2030 | 250000 | 254513 |
| 3.750%, 04/01/2030 | 100000 | 95930 |
| 5.250%, 01/30/2031 | 250000 | 255599 |
| 5.250%, 02/21/2033 | 100000 | 100668 |
| 5.300%, 06/01/2033 | 100000 | 100847 |
| 5.700%, 06/01/2034 | 100000 | 102959 |
| Cigna Group, The<br> 5.000%, 05/15/2029<br>| 300000 | 306768 |
| 5.125%, 05/15/2031 | 100000 | 102862 |
| 5.250%, 02/15/2034 | 100000 | 101589 |
| Adventist Health System<br> 5.430%, 03/01/2032<br>| 150000 | 150651 |
| Elevance Health Inc.<br> 5.500%, 10/15/2032<br>| 250000 | 260633 |
| 4.750%, 02/15/2033 | 250000 | 248432 |
| 5.375%, 06/15/2034 | 100000 | 102210 |
| Sutter Health<br> 5.164%, 08/15/2033<br>| 100000 | 101369 |
| Quest Diagnostics Inc.<br> 6.400%, 11/30/2033<br>| 100000 | 109563 |
| Cardinal Health Inc.<br> 5.350%, 11/15/2034<br>| 100000 | 101983 |
|  |  | 7919239 |
| **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** |
| Solventum Corp.<br> 5.450%, 03/13/2031<br>| 100000 | 103835 |
|  |  | 103835 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Home Construction (0.03%)** | **Home Construction (0.03%)** | **Home Construction (0.03%)** |
| D.R. Horton Inc.<br> 1.300%, 10/15/2026<br>| $100000 | $96142 |
| 1.400%, 10/15/2027 | 100000 | 94025 |
| Lennar Corp.<br> 5.200%, 07/30/2030<br>| 50000 | 50940 |
| MDC Holdings Inc.<br> 2.500%, 01/15/2031<br>| 100000 | 87569 |
| Fortune Brands Innovations Inc.<br> 4.000%, 03/25/2032<br>| 150000 | 140945 |
| 5.875%, 06/01/2033 | 100000 | 104866 |
| Meritage Homes Corp.<br> 5.650%, 03/15/2035<br>| 75000 | 75213 |
|  |  | 649700 |
| **Household Products (0.08%)** | **Household Products (0.08%)** | **Household Products (0.08%)** |
| Procter & Gamble Co., The<br> 1.900%, 02/01/2027<br>| 100000 | 96882 |
| 3.950%, 01/26/2028 | 100000 | 100533 |
| 4.150%, 10/24/2029 | 50000 | 50337 |
| 2.300%, 02/01/2032 | 100000 | 89656 |
| 4.050%, 01/26/2033 | 100000 | 98702 |
| Haleon U.S. Capital LLC<br> 3.375%, 03/24/2027<br>| 250000 | 246345 |
| 3.625%, 03/24/2032 | 250000 | 233895 |
| Colgate-Palmolive Co.<br> 3.100%, 08/15/2027<br>| 100000 | 98361 |
| 4.600%, 03/01/2028 | 100000 | 101712 |
| Kenvue Inc.<br> 5.050%, 03/22/2028<br>| 100000 | 102406 |
| 5.000%, 03/22/2030 | 100000 | 103027 |
| 4.900%, 03/22/2033 | 100000 | 101479 |
| Unilever Capital Corp.<br> 1.375%, 09/14/2030<br>| 300000 | 260364 |
| Clorox Co., The<br> 4.600%, 05/01/2032<br>| 100000 | 99783 |
| Church & Dwight Co. Inc.<br> 5.600%, 11/15/2032<br>| 100000 | 105322 |
| Estee Lauder Cos. Inc., The<br> 4.650%, 05/15/2033<br>| 100000 | 98513 |
|  |  | 1987317 |
| **Industrial Intermediate Products (0.01%)** | **Industrial Intermediate Products (0.01%)** | **Industrial Intermediate Products (0.01%)** |
| Timken Co., The<br> 4.125%, 04/01/2032<br>| 150000 | 139746 |
|  |  | 139746 |
| **Institutional Financial Services (0.55%)** | **Institutional Financial Services (0.55%)** | **Institutional Financial Services (0.55%)** |
| State Street Corp.<br> 5.272%, 08/03/2026<br>| 150000 | 151506 |
| 2.203%, 02/07/2028(b) | 150000 | 145292 |
| 4.536%, 02/28/2028 | 100000 | 101139 |
| 4.729%, 02/28/2030 | 100000 | 101517 |
| 4.834%, 04/24/2030 | 100000 | 101855 |
| 4.675%, 10/22/2032(b) | 100000 | 100040 |
| 5.159%, 05/18/2034(b) | 150000 | 153229 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| 5.146%, 02/28/2036(b) | $60000 | $60701 |
| Bank of New York Mellon Corp., The<br> 2.450%, 08/17/2026<br>| 250000 | 245331 |
| 3.400%, 01/29/2028 | 250000 | 245883 |
| 3.992%, 06/13/2028(b) | 150000 | 149469 |
| 5.834%, 10/25/2033(b) | 150000 | 159092 |
| 4.706%, 02/01/2034(b) | 150000 | 148346 |
| 6.474%, 10/25/2034(b) | 250000 | 275293 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley(Variable, U.S. SOFR <br> + 0.86%)<br> 1.512%, 07/20/2027(b)<br>| 250000 | 242515 |
| 2.475%, 01/21/2028(b) | 250000 | 242663 |
| 5.652%, 04/13/2028(b) | 100000 | 102220 |
| 4.210%, 04/20/2028(b) | 250000 | 249483 |
| 3.772%, 01/24/2029(b) | 150000 | 147858 |
| 5.123%, 02/01/2029(b) | 250000 | 254364 |
| 5.164%, 04/20/2029(b) | 250000 | 254900 |
| 5.449%, 07/20/2029(b) | 250000 | 257113 |
| 6.407%, 11/01/2029(b) | 150000 | 158883 |
| 5.173%, 01/16/2030(b) | 150000 | 153142 |
| 4.431%, 01/23/2030(b) | 250000 | 249649 |
| 5.656%, 04/18/2030(b) | 250000 | 259678 |
| 5.042%, 07/19/2030(b) | 250000 | 254247 |
| 2.699%, 01/22/2031(b) | 250000 | 230529 |
| 2.239%, 07/21/2032(b) | 250000 | 216487 |
| 2.943%, 01/21/2033(b) | 250000 | 223124 |
| 4.889%, 07/20/2033(b) | 500000 | 500504 |
| 6.342%, 10/18/2033(b) | 500000 | 542854 |
| 5.250%, 04/21/2034(b) | 150000 | 152587 |
| 5.424%, 07/21/2034(b) | 150000 | 153660 |
| 6.627%, 11/01/2034(b) | 100000 | 110230 |
| 2.484%, 09/16/2036(b) | 250000 | 212434 |
| 5.297%, 04/20/2037(b) | 250000 | 249071 |
| 5.948%, 01/19/2038(b) | 250000 | 257187 |
| 5.942%, 02/07/2039(b) | 250000 | 256602 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., <br> The(Variable, U.S. SOFR + 0.82%)<br> 1.542%, 09/10/2027(b)<br>| 100000 | 96551 |
| 1.948%, 10/21/2027(b) | 200000 | 193652 |
| 2.640%, 02/24/2028(b) | 250000 | 242800 |
| 3.615%, 03/15/2028(b) | 250000 | 246509 |
| 4.482%, 08/23/2028(b) | 250000 | 250332 |
| 4.223%, 05/01/2029(b) | 150000 | 149145 |
| 6.484%, 10/24/2029(b) | 150000 | 159115 |
| 5.727%, 04/25/2030(b) | 250000 | 260239 |
| 5.049%, 07/23/2030(b) | 250000 | 254151 |
| 2.615%, 04/22/2032(b) | 250000 | 222213 |
| 2.383%, 07/21/2032(b) | 250000 | 218336 |
| 3.102%, 02/24/2033(b) | 500000 | 450023 |
| 6.561%, 10/24/2034(b) | 100000 | 110573 |
| 5.851%, 04/25/2035(b) | 100000 | 104869 |
| 5.330%, 07/23/2035(b) | 100000 | 100869 |
| 5.016%, 10/23/2035(b) | 100000 | 98790 |
| Intercontinental Exchange Inc.<br> 4.000%, 09/15/2027<br>| 250000 | 248900 |
| 4.350%, 06/15/2029 | 250000 | 250869 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| 4.600%, 03/15/2033 | $250000 | $248865 |
| Nomura Holdings Inc.<br> 5.842%, 01/18/2028<br>| 500000 | 515412 |
| 6.181%, 01/18/2033 | 250000 | 266303 |
| Jefferies Financial Group Inc.<br> 5.875%, 07/21/2028<br>| 100000 | 103710 |
| 6.200%, 04/14/2034 | 100000 | 104602 |
| BGC Group Inc.<br> 6.150%, 04/02/2030(c)<br>| 50000 | 50695 |
| LPL Holdings Inc.<br> 5.150%, 06/15/2030<br>| 50000 | 50620 |
| 5.650%, 03/15/2035 | 100000 | 100542 |
| CME Group Inc.<br> 2.650%, 03/15/2032<br>| 100000 | 89536 |
| Nasdaq Inc.<br> 5.550%, 02/15/2034<br>| 88000 | 91685 |
| Goldman Sachs Capital I<br> 6.345%, 02/15/2034<br>| 100000 | 103859 |
|  |  | 13454442 |
| **Insurance (0.20%)** | **Insurance (0.20%)** | **Insurance (0.20%)** |
| Berkshire Hathaway Finance Corp.<br> 2.300%, 03/15/2027<br>| 50000 | 48745 |
| 2.875%, 03/15/2032 | 100000 | 92185 |
| Progressive Corp., The<br> 2.500%, 03/15/2027<br>| 50000 | 48694 |
| 4.950%, 06/15/2033 | 100000 | 102132 |
| Aon Corp./Aon Global Holdings PLC<br> 2.850%, 05/28/2027<br>| 150000 | 146180 |
| 5.350%, 02/28/2033 | 250000 | 257357 |
| Willis North America Inc.<br> 4.650%, 06/15/2027<br>| 250000 | 251366 |
| F&G Annuities & Life Inc.<br> 7.400%, 01/13/2028<br>| 250000 | 261806 |
| 6.500%, 06/04/2029 | 100000 | 103108 |
| Corebridge Financial Inc.<br> 3.850%, 04/05/2029<br>| 250000 | 244950 |
| 3.900%, 04/05/2032 | 250000 | 234653 |
| 6.875%, 12/15/2052(b) | 250000 | 257898 |
| Chubb INA Holdings LLC<br> 4.650%, 08/15/2029<br>| 150000 | 152557 |
| 5.000%, 03/15/2034 | 100000 | 101883 |
| Marsh & McLennan Cos. Inc.<br> 4.650%, 03/15/2030<br>| 100000 | 101128 |
| 2.250%, 11/15/2030 | 250000 | 223834 |
| MetLife Inc.<br> 4.550%, 03/23/2030<br>| 250000 | 253373 |
| Aflac Inc.<br> 3.600%, 04/01/2030<br>| 250000 | 242803 |
| Lincoln National Corp.<br> 3.400%, 01/15/2031<br>| 150000 | 139525 |
| Arthur J. Gallagher & Co.<br> 5.000%, 02/15/2032<br>| 100000 | 101348 |
| 5.150%, 02/15/2035 | 100000 | 100047 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Insurance (Cont.)** | **Insurance (Cont.)** | **Insurance (Cont.)** |
| American International Group Inc.<br> 5.125%, 03/27/2033<br>| $250000 | $254164 |
| Allstate Corp., The<br> 5.250%, 03/30/2033<br>| 250000 | 256307 |
| Fairfax Financial Holdings Ltd.<br> 6.000%, 12/07/2033<br>| 100000 | 104299 |
| Aon North America Inc.<br> 5.450%, 03/01/2034<br>| 100000 | 102719 |
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 5Y + 3.16%)<br> 5.125%, 03/01/2052(b)<br>| 250000 | 241781 |
| 6.000%, 09/01/2052(b) | 250000 | 252120 |
| Athene Holding Ltd.<br> 6.625%, 10/15/2054(b)<br>| 250000 | 246100 |
|  |  | 4923062 |
| **Internet Media & Services (0.09%)** | **Internet Media & Services (0.09%)** | **Internet Media & Services (0.09%)** |
| Alphabet Inc.<br> 1.998%, 08/15/2026<br>| 150000 | 146755 |
| 4.500%, 05/15/2035 | 50000 | 49344 |
| Meta Platforms Inc.<br> 3.500%, 08/15/2027<br>| 500000 | 495217 |
| 4.600%, 05/15/2028 | 500000 | 509162 |
| 4.800%, 05/15/2030 | 100000 | 102957 |
| 3.850%, 08/15/2032 | 200000 | 192349 |
| 4.950%, 05/15/2033 | 250000 | 256347 |
| 4.750%, 08/15/2034 | 100000 | 100468 |
| Uber Technologies Inc.<br> 4.300%, 01/15/2030<br>| 100000 | 99539 |
| Expedia Group Inc.<br> 3.250%, 02/15/2030<br>| 100000 | 94333 |
| 5.400%, 02/15/2035 | 100000 | 100689 |
|  |  | 2147160 |
| **Investment Companies (0.00%)** | **Investment Companies (0.00%)** | **Investment Companies (0.00%)** |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital, Inc.<br> 6.150%, 01/15/2031<br>| 50000 | 50623 |
| 6.375%, 07/01/2034 | 50000 | 50003 |
|  |  | 100626 |
| **IT Services (0.08%)** | **IT Services (0.08%)** | **IT Services (0.08%)** |
| CGI Inc.<br> 1.450%, 09/14/2026<br>| 150000 | 144876 |
| Kyndryl Holdings Inc.<br> 2.050%, 10/15/2026<br>| 150000 | 145367 |
| 2.700%, 10/15/2028 | 250000 | 236121 |
| 3.150%, 10/15/2031 | 150000 | 135466 |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br> 2.200%, 02/09/2027<br>| 150000 | 145497 |
| 4.150%, 07/27/2027 | 150000 | 149983 |
| 4.500%, 02/06/2028 | 100000 | 100883 |
| 1.950%, 05/15/2030 | 200000 | 178409 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **IT Services (Cont.)** | **IT Services (Cont.)** | **IT Services (Cont.)** |
| 4.750%, 02/06/2033 | $250000 | $250982 |
| 5.200%, 02/10/2035 | 100000 | 101484 |
| Booz Allen Hamilton Inc.<br> 5.950%, 08/04/2033<br>| 100000 | 102651 |
| IBM International Capital Pte. Ltd.<br> 4.900%, 02/05/2034<br>| 100000 | 99816 |
| Accenture Capital Inc.<br> 4.500%, 10/04/2034<br>| 100000 | 97321 |
|  |  | 1888856 |
| **Leisure Facilities & Services (0.08%)** | **Leisure Facilities & Services (0.08%)** | **Leisure Facilities & Services (0.08%)** |
| Hyatt Hotels Corp.<br> 5.750%, 01/30/2027<br>| 80000 | 81647 |
| 5.050%, 03/30/2028 | 50000 | 50544 |
| 5.750%, 03/30/2032 | 100000 | 102662 |
| Starbucks Corp.<br> 4.850%, 02/08/2027<br>| 100000 | 100876 |
| 2.250%, 03/12/2030 | 100000 | 90681 |
| 4.800%, 02/15/2033 | 100000 | 99970 |
| 5.000%, 02/15/2034 | 100000 | 100647 |
| Las Vegas Sands Corp.<br> 5.900%, 06/01/2027<br>| 100000 | 102167 |
| 6.000%, 08/15/2029 | 100000 | 102780 |
| 6.000%, 06/14/2030 | 50000 | 51584 |
| McDonald's Corp.<br> 4.800%, 08/14/2028<br>| 250000 | 254686 |
| 3.600%, 07/01/2030 | 150000 | 145104 |
| 4.950%, 08/14/2033 | 100000 | 101864 |
| Marriott International Inc.<br> 4.900%, 04/15/2029<br>| 250000 | 254448 |
| 5.100%, 04/15/2032 | 100000 | 101127 |
| 5.300%, 05/15/2034 | 100000 | 101210 |
| 5.350%, 03/15/2035 | 50000 | 50409 |
|  |  | 1892406 |
| **Leisure Products (0.00%)** | **Leisure Products (0.00%)** | **Leisure Products (0.00%)** |
| Hasbro Inc.<br> 3.900%, 11/19/2029<br>| 50000 | 48213 |
|  |  | 48213 |
| **Machinery (0.14%)** | **Machinery (0.14%)** | **Machinery (0.14%)** |
| John Deere Capital Corp.<br> 5.150%, 09/08/2026<br>| 100000 | 101201 |
| 4.500%, 01/08/2027 | 100000 | 100628 |
| 4.150%, 09/15/2027 | 100000 | 100209 |
| 4.900%, 03/03/2028 | 100000 | 102139 |
| 4.950%, 07/14/2028 | 100000 | 102454 |
| 4.850%, 10/11/2029 | 150000 | 154177 |
| 4.700%, 06/10/2030 | 150000 | 152526 |
| 4.350%, 09/15/2032 | 100000 | 98863 |
| 5.100%, 04/11/2034 | 100000 | 102247 |
| 5.050%, 06/12/2034 | 100000 | 101698 |
| Veralto Corp.<br> 5.500%, 09/18/2026<br>| 100000 | 101192 |
| 5.350%, 09/18/2028 | 100000 | 103067 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Machinery (Cont.)** | **Machinery (Cont.)** | **Machinery (Cont.)** |
| Caterpillar Financial Services Corp.<br> 4.500%, 01/08/2027<br>| $100000 | $100593 |
| 5.000%, 05/14/2027 | 50000 | 50851 |
| 3.600%, 08/12/2027 | 100000 | 99012 |
| 4.375%, 08/16/2029 | 100000 | 100759 |
| 4.800%, 01/08/2030 | 100000 | 102402 |
| Stanley Black & Decker Inc.<br> 6.000%, 03/06/2028<br>| 150000 | 156165 |
| CNH Industrial Capital LLC<br> 4.750%, 03/21/2028<br>| 100000 | 100748 |
| 4.550%, 04/10/2028 | 100000 | 100456 |
| Regal Rexnord Corp.<br> 6.050%, 04/15/2028<br>| 150000 | 154572 |
| 6.300%, 02/15/2030 | 150000 | 157129 |
| 6.400%, 04/15/2033 | 250000 | 263951 |
| Eaton Corp.<br> 4.350%, 05/18/2028<br>| 150000 | 151206 |
| 4.150%, 03/15/2033 | 100000 | 96964 |
| Ingersoll Rand Inc.<br> 5.400%, 08/14/2028<br>| 150000 | 154615 |
| 5.176%, 06/15/2029 | 50000 | 51328 |
| 5.700%, 08/14/2033 | 100000 | 104720 |
| 5.450%, 06/15/2034 | 100000 | 102837 |
| Pentair Finance S.a.r.l.<br> 5.900%, 07/15/2032<br>| 100000 | 104474 |
| AGCO Corp.<br> 5.800%, 03/21/2034<br>| 100000 | 101491 |
|  |  | 3574674 |
| **Medical Equipment & Devices (0.11%)** | **Medical Equipment & Devices (0.11%)** | **Medical Equipment & Devices (0.11%)** |
| Thermo Fisher Scientific Inc.<br> 4.953%, 08/10/2026<br>| 250000 | 251918 |
| 4.800%, 11/21/2027 | 150000 | 152405 |
| 4.977%, 08/10/2030 | 250000 | 257284 |
| 5.086%, 08/10/2033 | 100000 | 102356 |
| Baxter International Inc.<br> 1.915%, 02/01/2027<br>| 150000 | 144407 |
| 2.539%, 02/01/2032 | 100000 | 87158 |
| Bio-Rad Laboratories Inc.<br> 3.300%, 03/15/2027<br>| 150000 | 147110 |
| GE HealthCare Technologies Inc.<br> 5.650%, 11/15/2027<br>| 150000 | 154541 |
| 5.857%, 03/15/2030 | 250000 | 264033 |
| 5.905%, 11/22/2032 | 250000 | 265750 |
| Illumina Inc.<br> 5.750%, 12/13/2027<br>| 150000 | 153684 |
| Stryker Corp.<br> 4.700%, 02/10/2028<br>| 100000 | 101356 |
| 4.850%, 02/10/2030 | 100000 | 102025 |
| 5.200%, 02/10/2035 | 100000 | 101903 |
| Becton Dickinson & Co.<br> 4.693%, 02/13/2028<br>| 150000 | 151466 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Medical Equipment & Devices (Cont.)** | **Medical Equipment & Devices (Cont.)** | **Medical Equipment & Devices (Cont.)** |
| Medtronic Global Holdings SCA<br> 4.250%, 03/30/2028<br>| $150000 | $150769 |
| 4.500%, 03/30/2033 | 100000 | 98984 |
|  |  | 2687149 |
| **Metals & Mining (0.06%)** | **Metals & Mining (0.06%)** | **Metals & Mining (0.06%)** |
| Rio Tinto Finance U.S.A. PLC<br> 4.375%, 03/12/2027<br>| 100000 | 100527 |
| 4.500%, 03/14/2028 | 100000 | 100788 |
| 4.875%, 03/14/2030 | 100000 | 101912 |
| 5.000%, 03/09/2033 | 100000 | 101415 |
| 5.250%, 03/14/2035 | 100000 | 101749 |
| BHP Billiton Finance U.S.A. Ltd.<br> 4.750%, 02/28/2028<br>| 150000 | 152333 |
| 5.100%, 09/08/2028 | 100000 | 102551 |
| 4.900%, 02/28/2033 | 100000 | 100387 |
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance <br> Pty Ltd.<br> 3.250%, 05/13/2030<br>| 100000 | 95263 |
| 5.350%, 03/15/2034 | 50000 | 51292 |
| Vale Overseas Ltd.<br> 3.750%, 07/08/2030<br>| 100000 | 94137 |
| 6.125%, 06/12/2033 | 100000 | 104728 |
| Freeport-McMoRan Inc.<br> 4.625%, 08/01/2030<br>| 100000 | 98966 |
| Yamana Gold Inc.<br> 2.630%, 08/15/2031<br>| 150000 | 132550 |
| Newmont Corp.<br> 5.875%, 04/01/2035<br>| 50000 | 53440 |
|  |  | 1492038 |
| **Oil & Gas Supply Chain (0.49%)** | **Oil & Gas Supply Chain (0.49%)** | **Oil & Gas Supply Chain (0.49%)** |
| Phillips 66 Co.<br> 3.550%, 10/01/2026<br>| 250000 | 247405 |
| 4.950%, 12/01/2027 | 125000 | 126948 |
| 3.750%, 03/01/2028 | 100000 | 98250 |
| 3.150%, 12/15/2029 | 150000 | 142125 |
| 5.300%, 06/30/2033 | 150000 | 151539 |
| ONEOK Inc.<br> 5.550%, 11/01/2026<br>| 250000 | 253439 |
| 5.650%, 11/01/2028 | 250000 | 258989 |
| 5.800%, 11/01/2030 | 250000 | 261699 |
| 6.100%, 11/15/2032 | 150000 | 158631 |
| 5.050%, 11/01/2034 | 100000 | 97315 |
| Kinder Morgan Inc.<br> 1.750%, 11/15/2026<br>| 250000 | 241452 |
| 5.200%, 06/01/2033 | 100000 | 100475 |
| 5.400%, 02/01/2034 | 100000 | 101268 |
| Enbridge Inc.<br> 5.900%, 11/15/2026<br>| 100000 | 101778 |
| 6.000%, 11/15/2028 | 100000 | 104980 |
| 5.300%, 04/05/2029 | 100000 | 102713 |
| 5.700%, 03/08/2033 | 150000 | 155518 |
| Energy Transfer L.P.<br> 6.050%, 12/01/2026<br>| 100000 | 102106 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 5.550%, 02/15/2028 | $250000 | $257211 |
| 5.750%, 02/15/2033 | 100000 | 103799 |
| 6.550%, 12/01/2033 | 100000 | 108496 |
| 5.550%, 05/15/2034 | 100000 | 101237 |
| 5.600%, 09/01/2034 | 100000 | 101561 |
| 5.700%, 04/01/2035 | 100000 | 101859 |
| Enterprise Products Operating LLC<br> 4.600%, 01/11/2027<br>| 100000 | 100577 |
| 3.125%, 07/31/2029 | 150000 | 143390 |
| 5.350%, 01/31/2033 | 100000 | 103639 |
| 4.950%, 02/15/2035 | 100000 | 99652 |
| Sabine Pass Liquefaction LLC<br> 5.000%, 03/15/2027<br>| 100000 | 100600 |
| 4.200%, 03/15/2028 | 100000 | 99470 |
| 4.500%, 05/15/2030 | 100000 | 99833 |
| Exxon Mobil Corp.<br> 3.294%, 03/19/2027<br>| 250000 | 248041 |
| 2.610%, 10/15/2030 | 250000 | 231363 |
| Coterra Energy Inc.<br> 3.900%, 05/15/2027<br>| 250000 | 246867 |
| 4.375%, 03/15/2029 | 250000 | 247582 |
| Targa Resources Corp.<br> 5.200%, 07/01/2027<br>| 250000 | 253352 |
| 6.150%, 03/01/2029 | 100000 | 105165 |
| 6.125%, 03/15/2033 | 100000 | 105390 |
| Chevron U.S.A. Inc.<br> 1.018%, 08/12/2027<br>| 250000 | 235031 |
| 3.850%, 01/15/2028 | 250000 | 249434 |
| 3.250%, 10/15/2029 | 250000 | 242483 |
| MPLX L.P.<br> 4.000%, 03/15/2028<br>| 100000 | 99019 |
| 2.650%, 08/15/2030 | 100000 | 90505 |
| 5.000%, 03/01/2033 | 100000 | 98609 |
| 5.500%, 06/01/2034 | 100000 | 100407 |
| EQT Corp.<br> 5.700%, 04/01/2028<br>| 250000 | 257155 |
| TransCanada PipeLines Ltd.<br> 4.250%, 05/15/2028<br>| 150000 | 149531 |
| Ovintiv Inc.<br> 5.650%, 05/15/2028<br>| 250000 | 257000 |
| 6.250%, 07/15/2033 | 250000 | 258110 |
| Williams Cos. Inc., The<br> 5.300%, 08/15/2028<br>| 250000 | 256794 |
| 2.600%, 03/15/2031 | 250000 | 223980 |
| 5.650%, 03/15/2033 | 100000 | 103919 |
| Occidental Petroleum Corp.<br> 6.375%, 09/01/2028<br>| 100000 | 103910 |
| 8.875%, 07/15/2030 | 100000 | 114269 |
| 5.550%, 10/01/2034 | 100000 | 98122 |
| Cheniere Energy Inc.<br> 4.625%, 10/15/2028<br>| 250000 | 249655 |
| BP Capital Markets America Inc.<br> 4.970%, 10/17/2029<br>| 100000 | 102579 |
| 2.721%, 01/12/2032 | 250000 | 223515 |
| 4.812%, 02/13/2033 | 250000 | 249666 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 4.893%, 09/11/2033 | $100000 | $100238 |
| 4.989%, 04/10/2034 | 100000 | 100630 |
| 5.227%, 11/17/2034 | 100000 | 101745 |
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & <br> Storage Inc.<br> 3.000%, 11/15/2029<br>| 150000 | 141685 |
| &nbsp;&nbsp;&nbsp; Cheniere Corp.us Christi Holdings <br> LLC<br> 3.700%, 11/15/2029<br>| 250000 | 241175 |
| Canadian Natural Resources Ltd.<br> 5.000%, 12/15/2029(c)<br>| 100000 | 100901 |
| 5.400%, 12/15/2034(c) | 100000 | 99352 |
| Diamondback Energy Inc.<br> 5.150%, 01/30/2030<br>| 100000 | 102282 |
| 6.250%, 03/15/2033 | 250000 | 266254 |
| 5.400%, 04/18/2034 | 100000 | 100296 |
| Chevron Corp.<br> 2.236%, 05/11/2030<br>| 250000 | 228288 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp.<br> 4.000%, 01/15/2032<br>| 250000 | 232997 |
| Western Midstream Operating L.P.<br> 6.150%, 04/01/2033<br>| 250000 | 260177 |
| Cheniere Energy Partners L.P.<br> 5.950%, 06/30/2033<br>| 100000 | 104384 |
| TotalEnergies Capital SA<br> 4.724%, 09/10/2034<br>| 100000 | 99354 |
| ConocoPhillips Co.<br> 5.000%, 01/15/2035<br>| 150000 | 149890 |
| Woodside Finance Ltd.<br> 6.000%, 05/19/2035<br>| 100000 | 102074 |
|  |  | 12061129 |
| **Oil, Gas Services & Equipment (0.01%)** | **Oil, Gas Services & Equipment (0.01%)** | **Oil, Gas Services & Equipment (0.01%)** |
| Schlumberger Investment SA<br> 2.650%, 06/26/2030<br>| 100000 | 92020 |
| Helmerich & Payne Inc.<br> 2.900%, 09/29/2031<br>| 100000 | 83616 |
|  |  | 175636 |
| **Packaging & Containers (0.01%)** | **Packaging & Containers (0.01%)** | **Packaging & Containers (0.01%)** |
| Sonoco Products Co.<br> 4.450%, 09/01/2026<br>| 100000 | 99900 |
| 4.600%, 09/01/2029 | 100000 | 99769 |
|  |  | 199669 |
| **Real Estate Investment Trusts (0.44%)** | **Real Estate Investment Trusts (0.44%)** | **Real Estate Investment Trusts (0.44%)** |
| Extra Space Storage L.P.<br> 3.500%, 07/01/2026<br>| 250000 | 247479 |
| 5.700%, 04/01/2028 | 250000 | 258223 |
| 3.900%, 04/01/2029 | 250000 | 244802 |
| 4.000%, 06/15/2029 | 50000 | 49034 |
| 5.500%, 07/01/2030 | 250000 | 259316 |
| 2.200%, 10/15/2030 | 100000 | 88453 |
| 2.400%, 10/15/2031 | 100000 | 86886 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| Crown Castle Inc.<br> 1.050%, 07/15/2026<br>| $100000 | $96311 |
| 4.000%, 03/01/2027 | 100000 | 99407 |
| 2.900%, 03/15/2027 | 100000 | 97285 |
| 3.650%, 09/01/2027 | 100000 | 98278 |
| 5.000%, 01/11/2028 | 100000 | 100985 |
| 2.250%, 01/15/2031 | 100000 | 86997 |
| 2.100%, 04/01/2031 | 100000 | 85797 |
| 2.500%, 07/15/2031 | 100000 | 87258 |
| 5.100%, 05/01/2033 | 250000 | 248972 |
| 5.800%, 03/01/2034 | 100000 | 103538 |
| Camden Property Trust<br> 5.850%, 11/03/2026<br>| 50000 | 50993 |
| Public Storage Operating Co.<br> 1.500%, 11/09/2026<br>| 250000 | 241369 |
| 5.125%, 01/15/2029 | 50000 | 51568 |
| Boston Properties L.P.<br> 6.750%, 12/01/2027<br>| 250000 | 262523 |
| Prologis L.P.<br> 3.375%, 12/15/2027<br>| 250000 | 245618 |
| 4.000%, 09/15/2028 | 250000 | 248609 |
| 2.875%, 11/15/2029 | 250000 | 235655 |
| 1.750%, 07/01/2030 | 250000 | 219802 |
| 4.750%, 06/15/2033 | 250000 | 249168 |
| 5.000%, 03/15/2034 | 100000 | 100254 |
| 5.250%, 05/15/2035 | 100000 | 101375 |
| Digital Realty Trust L.P.<br> 5.550%, 01/15/2028<br>| 250000 | 256416 |
| VICI Properties L.P.<br> 4.750%, 02/15/2028<br>| 250000 | 251371 |
| 5.125%, 05/15/2032 | 250000 | 249080 |
| 5.625%, 04/01/2035 | 100000 | 100919 |
| ERP Operating L.P.<br> 3.500%, 03/01/2028<br>| 50000 | 49176 |
| 3.000%, 07/01/2029 | 50000 | 47573 |
| 4.950%, 06/15/2032 | 50000 | 50571 |
| 4.650%, 09/15/2034 | 50000 | 48519 |
| American Tower Corp.<br> 5.500%, 03/15/2028<br>| 500000 | 513896 |
| 5.250%, 07/15/2028 | 500000 | 512573 |
| 5.650%, 03/15/2033 | 500000 | 521107 |
| Rexford Industrial Realty L.P.<br> 5.000%, 06/15/2028<br>| 250000 | 252142 |
| Realty Income Corp.<br> 4.700%, 12/15/2028<br>| 250000 | 253530 |
| 4.850%, 03/15/2030 | 250000 | 254468 |
| 5.625%, 10/13/2032 | 250000 | 261581 |
| 1.800%, 03/15/2033 | 100000 | 80679 |
| Ventas Realty L.P.<br> 4.400%, 01/15/2029<br>| 100000 | 99664 |
| 5.000%, 01/15/2035 | 100000 | 98289 |
| Alexandria Real Estate Equities Inc.<br> 2.750%, 12/15/2029<br>| 50000 | 46171 |
| 4.900%, 12/15/2030 | 50000 | 50357 |
| 2.000%, 05/18/2032 | 50000 | 41512 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| 1.875%, 02/01/2033 | $50000 | $39976 |
| 4.750%, 04/15/2035 | 50000 | 47833 |
| Omega Healthcare Investors Inc.<br> 5.200%, 07/01/2030<br>| 50000 | 50281 |
| Simon Property Group L.P.<br> 2.650%, 07/15/2030<br>| 50000 | 46124 |
| 5.500%, 03/08/2033 | 250000 | 260948 |
| 4.750%, 09/26/2034 | 100000 | 97359 |
| AvalonBay Communities Inc.<br> 2.450%, 01/15/2031<br>| 250000 | 224448 |
| CubeSmart L.P.<br> 2.000%, 02/15/2031<br>| 150000 | 129938 |
| Kimco Realty OP LLC<br> 3.200%, 04/01/2032<br>| 250000 | 227940 |
| American Homes 4 Rent L.P.<br> 3.625%, 04/15/2032<br>| 250000 | 230675 |
| Equinix Inc.<br> 3.900%, 04/15/2032<br>| 150000 | 142068 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating <br> Partnership L.P.<br> 4.150%, 04/15/2032<br>| 250000 | 236651 |
| Welltower OP LLC<br> 3.850%, 06/15/2032<br>| 250000 | 237027 |
| Healthpeak OP LLC<br> 5.250%, 12/15/2032<br>| 250000 | 254414 |
| Weyerhaeuser Co.<br> 3.375%, 03/09/2033<br>| 100000 | 89560 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. <br> LLC<br> 5.500%, 06/15/2034<br>| 50000 | 51206 |
| Brixmor Operating Partnership L.P.<br> 5.750%, 02/15/2035<br>| 100000 | 102752 |
|  |  | 10854749 |
| **Retail - Consumer Staples (0.09%)** | **Retail - Consumer Staples (0.09%)** | **Retail - Consumer Staples (0.09%)** |
| Target Corp.<br> 1.950%, 01/15/2027<br>| 250000 | 242149 |
| 6.350%, 11/01/2032 | 100000 | 110989 |
| 4.400%, 01/15/2033 | 250000 | 245757 |
| Walmart Inc.<br> 3.950%, 09/09/2027<br>| 150000 | 150131 |
| 3.900%, 04/15/2028 | 250000 | 250280 |
| 4.000%, 04/15/2030 | 250000 | 250210 |
| 4.150%, 09/09/2032 | 250000 | 246953 |
| 4.100%, 04/15/2033 | 250000 | 244193 |
| Dollar General Corp.<br> 5.200%, 07/05/2028<br>| 250000 | 254935 |
| Kroger Co., The<br> 1.700%, 01/15/2031<br>| 250000 | 215823 |
|  |  | 2211420 |
| **Retail - Discretionary (0.09%)** | **Retail - Discretionary (0.09%)** | **Retail - Discretionary (0.09%)** |
| AutoZone Inc.<br> 5.050%, 07/15/2026<br>| 150000 | 150947 |
| 4.500%, 02/01/2028 | 150000 | 151151 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Retail - Discretionary (Cont.)** | **Retail - Discretionary (Cont.)** | **Retail - Discretionary (Cont.)** |
| 6.250%, 11/01/2028 | $100000 | $105908 |
| Lowe's Cos. Inc.<br> 3.350%, 04/01/2027<br>| 150000 | 147766 |
| 1.300%, 04/15/2028 | 150000 | 138777 |
| 3.750%, 04/01/2032 | 150000 | 141469 |
| 5.150%, 07/01/2033 | 250000 | 255120 |
| Home Depot Inc., The<br> 2.875%, 04/15/2027<br>| 150000 | 147066 |
| 4.900%, 04/15/2029 | 100000 | 102596 |
| 2.950%, 06/15/2029 | 100000 | 95693 |
| 4.750%, 06/25/2029 | 100000 | 102073 |
| 2.700%, 04/15/2030 | 50000 | 46691 |
| 4.500%, 09/15/2032 | 250000 | 251192 |
| 4.950%, 06/25/2034 | 100000 | 101205 |
| Genuine Parts Co.<br> 6.500%, 11/01/2028<br>| 50000 | 53110 |
| AutoNation Inc.<br> 3.850%, 03/01/2032<br>| 150000 | 138183 |
| O'Reilly Automotive Inc.<br> 4.700%, 06/15/2032<br>| 150000 | 148941 |
|  |  | 2277888 |
| **Semiconductors (0.21%)** | **Semiconductors (0.21%)** | **Semiconductors (0.21%)** |
| Texas Instruments Inc.<br> 1.125%, 09/15/2026<br>| 150000 | 144917 |
| 2.900%, 11/03/2027 | 150000 | 146375 |
| 4.900%, 03/14/2033 | 250000 | 256095 |
| 5.100%, 05/23/2035 | 50000 | 50940 |
| TSMC Arizona Corp.<br> 1.750%, 10/25/2026<br>| 200000 | 193522 |
| 3.875%, 04/22/2027 | 200000 | 198939 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A. Inc.<br> 3.150%, 05/01/2027<br>| 150000 | 146762 |
| 3.400%, 05/01/2030 | 150000 | 141976 |
| 2.500%, 05/11/2031 | 100000 | 88316 |
| QUALCOMM Inc.<br> 3.250%, 05/20/2027<br>| 150000 | 148105 |
| 5.400%, 05/20/2033 | 250000 | 263574 |
| 5.000%, 05/20/2035 | 50000 | 50346 |
| Broadcom Inc.<br> 5.050%, 07/12/2027<br>| 200000 | 202829 |
| 4.150%, 02/15/2028 | 100000 | 99709 |
| 4.000%, 04/15/2029(c) | 150000 | 147953 |
| 5.050%, 07/12/2029 | 100000 | 102402 |
| 4.350%, 02/15/2030 | 100000 | 99629 |
| 2.450%, 02/15/2031(c) | 150000 | 134129 |
| 5.150%, 11/15/2031 | 100000 | 102878 |
| 4.550%, 02/15/2032 | 100000 | 99075 |
| 4.150%, 04/15/2032(c) | 150000 | 144501 |
| 2.600%, 02/15/2033(c) | 100000 | 85534 |
| 3.419%, 04/15/2033(c) | 100000 | 90693 |
| 3.469%, 04/15/2034(c) | 100000 | 89329 |
| 4.800%, 10/15/2034 | 100000 | 98792 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| Intel Corp.<br> 3.750%, 08/05/2027<br>| $150000 | $148030 |
| 4.875%, 02/10/2028 | 100000 | 101263 |
| 1.600%, 08/12/2028 | 250000 | 229714 |
| 4.000%, 08/05/2029 | 150000 | 146869 |
| 5.125%, 02/10/2030 | 150000 | 153380 |
| 5.200%, 02/10/2033 | 250000 | 252113 |
| Micron Technology Inc.<br> 5.375%, 04/15/2028<br>| 250000 | 257034 |
| 6.750%, 11/01/2029 | 150000 | 162136 |
| 5.875%, 02/09/2033 | 250000 | 260711 |
| NVIDIA Corp.<br> 1.550%, 06/15/2028<br>| 50000 | 46780 |
| 2.850%, 04/01/2030 | 50000 | 47419 |
| 2.000%, 06/15/2031 | 50000 | 44357 |
| Marvell Technology Inc.<br> 5.750%, 02/15/2029<br>| 50000 | 52057 |
| 5.950%, 09/15/2033 | 50000 | 52802 |
|  |  | 5281985 |
| **Software (0.15%)** | **Software (0.15%)** | **Software (0.15%)** |
| Oracle Corp.<br> 2.650%, 07/15/2026<br>| 150000 | 147296 |
| 3.250%, 11/15/2027 | 150000 | 146624 |
| 4.500%, 05/06/2028 | 250000 | 251524 |
| 6.150%, 11/09/2029 | 150000 | 160050 |
| 4.650%, 05/06/2030 | 150000 | 151368 |
| 2.875%, 03/25/2031 | 100000 | 91202 |
| 6.250%, 11/09/2032 | 250000 | 270539 |
| 4.900%, 02/06/2033 | 250000 | 250669 |
| Concentrix Corp.<br> 6.650%, 08/02/2026<br>| 150000 | 152707 |
| Microsoft Corp.<br> 2.400%, 08/08/2026<br>| 250000 | 245741 |
| 3.400%, 09/15/2026 | 100000 | 99370 |
| 3.300%, 02/06/2027 | 250000 | 247444 |
| VMware LLC<br> 1.400%, 08/15/2026<br>| 150000 | 145077 |
| Intuit Inc.<br> 5.250%, 09/15/2026<br>| 100000 | 101139 |
| Workday Inc.<br> 3.500%, 04/01/2027<br>| 150000 | 148059 |
| 3.800%, 04/01/2032 | 150000 | 140948 |
| Synopsys Inc.<br> 4.550%, 04/01/2027<br>| 40000 | 40199 |
| 4.650%, 04/01/2028 | 45000 | 45458 |
| 4.850%, 04/01/2030 | 90000 | 91248 |
| 5.000%, 04/01/2032 | 65000 | 65841 |
| Adobe Inc.<br> 4.850%, 04/04/2027<br>| 100000 | 101442 |
| 4.950%, 01/17/2030 | 100000 | 103283 |
| 5.300%, 01/17/2035 | 100000 | 104531 |
| Roper Technologies Inc.<br> 4.500%, 10/15/2029<br>| 100000 | 100199 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| 4.750%, 02/15/2032 | $100000 | $100175 |
| 4.900%, 10/15/2034 | 100000 | 98616 |
|  |  | 3600749 |
| **Specialty Finance (0.32%)** | **Specialty Finance (0.32%)** | **Specialty Finance (0.32%)** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust<br> 2.450%, 10/29/2026<br>| 500000 | 487138 |
| 6.450%, 04/15/2027 | 150000 | 154887 |
| 3.000%, 10/29/2028 | 150000 | 142901 |
| 3.300%, 01/30/2032 | 500000 | 452995 |
| Mastercard Inc.<br> 2.950%, 11/21/2026<br>| 150000 | 147864 |
| 4.875%, 03/09/2028 | 250000 | 255649 |
| 4.850%, 03/09/2033 | 250000 | 254750 |
| 4.875%, 05/09/2034 | 50000 | 50599 |
| Global Payments Inc.<br> 2.150%, 01/15/2027<br>| 150000 | 145095 |
| 5.400%, 08/15/2032 | 150000 | 153111 |
| S&P Global Inc.<br> 2.450%, 03/01/2027<br>| 150000 | 145967 |
| 4.250%, 05/01/2029 | 150000 | 149916 |
| 2.500%, 12/01/2029 | 150000 | 139465 |
| 1.250%, 08/15/2030 | 250000 | 215229 |
| FactSet Research Systems Inc.<br> 2.900%, 03/01/2027<br>| 150000 | 146163 |
| American Express Co.<br> 2.550%, 03/04/2027<br>| 150000 | 146048 |
| 5.389%, 07/28/2027(b) | 250000 | 252487 |
| 5.850%, 11/05/2027 | 150000 | 155475 |
| 5.282%, 07/27/2029(b) | 150000 | 154232 |
| 5.085%, 01/30/2031(b) | 100000 | 102347 |
| 5.016%, 04/25/2031(b) | 100000 | 102111 |
| 5.043%, 05/01/2034(b) | 150000 | 151421 |
| 5.284%, 07/26/2035(b) | 100000 | 101236 |
| 5.442%, 01/30/2036(b) | 60000 | 61248 |
| 5.667%, 04/25/2036(b) | 60000 | 62132 |
| PayPal Holdings Inc.<br> 3.900%, 06/01/2027<br>| 100000 | 99640 |
| 4.400%, 06/01/2032 | 150000 | 148234 |
| 5.150%, 06/01/2034 | 50000 | 50786 |
| Ally Financial Inc.<br> 4.750%, 06/09/2027<br>| 100000 | 100537 |
| 6.848%, 01/03/2030(b) | 150000 | 158367 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.(Variable, <br> U.S. SOFR + 2.44%)<br> 7.149%, 10/29/2027(b)<br>| 150000 | 154985 |
| 4.927%, 05/10/2028(b) | 150000 | 151098 |
| 5.468%, 02/01/2029(b) | 150000 | 153597 |
| 6.312%, 06/08/2029(b) | 100000 | 104970 |
| 5.247%, 07/26/2030(b) | 150000 | 153341 |
| 7.624%, 10/30/2031(b) | 100000 | 112985 |
| 6.377%, 06/08/2034(b) | 150000 | 159691 |
| 5.884%, 07/26/2035(b) | 100000 | 103100 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| Synchrony Financial<br> 3.950%, 12/01/2027<br>| $150000 | $147499 |
| Air Lease Corp.<br> 5.300%, 02/01/2028<br>| 250000 | 255486 |
| 3.125%, 12/01/2030 | 200000 | 184817 |
| Fiserv Inc.<br> 5.450%, 03/02/2028<br>| 250000 | 256900 |
| 5.600%, 03/02/2033 | 250000 | 259226 |
| Equifax Inc.<br> 5.100%, 06/01/2028<br>| 250000 | 254773 |
| Visa Inc.<br> 1.100%, 02/15/2031<br>| 250000 | 213258 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br> 5.100%, 07/15/2032<br>| 150000 | 152752 |
| GATX Corp.<br> 5.450%, 09/15/2033<br>| 100000 | 102058 |
| 6.900%, 05/01/2034 | 125000 | 138369 |
|  |  | 7946935 |
| **Steel (0.03%)** | **Steel (0.03%)** | **Steel (0.03%)** |
| Nucor Corp.<br> 4.300%, 05/23/2027<br>| 150000 | 150511 |
| 3.125%, 04/01/2032 | 150000 | 136592 |
| ArcelorMittal SA<br> 6.550%, 11/29/2027<br>| 150000 | 156358 |
| 6.800%, 11/29/2032 | 150000 | 164875 |
| Steel Dynamics Inc.<br> 3.250%, 01/15/2031<br>| 50000 | 46639 |
| 5.250%, 05/15/2035 | 50000 | 50053 |
|  |  | 705028 |
| **Technology Hardware (0.20%)** | **Technology Hardware (0.20%)** | **Technology Hardware (0.20%)** |
| TD SYNNEX Corp.<br> 1.750%, 08/09/2026<br>| 150000 | 145029 |
| Apple Inc.<br> 2.050%, 09/11/2026<br>| 200000 | 195414 |
| 1.200%, 02/08/2028 | 100000 | 93261 |
| 4.000%, 05/10/2028 | 250000 | 250882 |
| 4.000%, 05/12/2028 | 100000 | 100190 |
| 1.400%, 08/05/2028 | 250000 | 231647 |
| 3.250%, 08/08/2029 | 150000 | 145684 |
| 4.150%, 05/10/2030 | 150000 | 151565 |
| 1.650%, 02/08/2031 | 150000 | 130945 |
| 4.300%, 05/10/2033 | 250000 | 250755 |
| Hewlett Packard Enterprise Co.<br> 4.450%, 09/25/2026<br>| 100000 | 100157 |
| 4.400%, 09/25/2027 | 100000 | 100087 |
| 4.550%, 10/15/2029 | 100000 | 99500 |
| 5.000%, 10/15/2034 | 100000 | 97002 |
| Dell International LLC/EMC Corp.<br> 4.900%, 10/01/2026<br>| 150000 | 150669 |
| 5.250%, 02/01/2028 | 100000 | 102380 |
| 5.300%, 10/01/2029 | 150000 | 154374 |
| 6.200%, 07/15/2030 | 150000 | 160515 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** |
| 5.750%, 02/01/2033 | $250000 | $262432 |
| 5.400%, 04/15/2034 | 50000 | 50921 |
| CDW LLC/CDW Finance Corp.<br> 2.670%, 12/01/2026<br>| 150000 | 146211 |
| Cisco Systems Inc.<br> 4.800%, 02/26/2027<br>| 100000 | 101213 |
| 4.550%, 02/24/2028 | 100000 | 101322 |
| 4.850%, 02/26/2029 | 100000 | 102477 |
| 4.950%, 02/26/2031 | 100000 | 102866 |
| 5.050%, 02/26/2034 | 100000 | 102355 |
| 5.100%, 02/24/2035 | 100000 | 102360 |
| Jabil Inc.<br> 4.250%, 05/15/2027<br>| 150000 | 149588 |
| 5.450%, 02/01/2029 | 250000 | 256355 |
| Teledyne Technologies Inc.<br> 2.750%, 04/01/2031<br>| 250000 | 226795 |
| HP Inc.<br> 2.650%, 06/17/2031<br>| 150000 | 132748 |
| 4.200%, 04/15/2032 | 150000 | 143341 |
| Motorola Solutions Inc.<br> 5.600%, 06/01/2032<br>| 150000 | 156257 |
| 5.400%, 04/15/2034 | 100000 | 101985 |
|  |  | 4899282 |
| **Telecommunications (0.20%)** | **Telecommunications (0.20%)** | **Telecommunications (0.20%)** |
| Verizon Communications Inc.<br> 3.000%, 03/22/2027<br>| 200000 | 196002 |
| 2.100%, 03/22/2028 | 100000 | 94749 |
| 3.875%, 02/08/2029 | 500000 | 493756 |
| 1.750%, 01/20/2031 | 100000 | 86168 |
| 2.550%, 03/21/2031 | 150000 | 134533 |
| 2.355%, 03/15/2032 | 150000 | 129300 |
| 5.050%, 05/09/2033 | 250000 | 253502 |
| 4.780%, 02/15/2035 | 165000 | 160743 |
| AT&T Inc.<br> 1.650%, 02/01/2028<br>| 200000 | 187625 |
| 4.100%, 02/15/2028 | 100000 | 99583 |
| 4.350%, 03/01/2029 | 500000 | 501049 |
| 4.300%, 02/15/2030 | 135000 | 134561 |
| 2.750%, 06/01/2031 | 150000 | 136006 |
| 2.250%, 02/01/2032 | 100000 | 86065 |
| T-Mobile U.S.A. Inc.<br> 4.950%, 03/15/2028<br>| 100000 | 101688 |
| 4.800%, 07/15/2028 | 100000 | 101340 |
| 2.400%, 03/15/2029 | 300000 | 279337 |
| 3.875%, 04/15/2030 | 300000 | 291365 |
| 2.550%, 02/15/2031 | 100000 | 89523 |
| 3.500%, 04/15/2031 | 100000 | 93891 |
| 2.700%, 03/15/2032 | 500000 | 440655 |
| 5.050%, 07/15/2033 | 250000 | 251694 |
| British Telecommunications PLC<br> 5.125%, 12/04/2028<br>| 200000 | 204417 |
| Rogers Communications Inc.<br> 5.000%, 02/15/2029<br>| 100000 | 101417 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Telecommunications (Cont.)** | **Telecommunications (Cont.)** | **Telecommunications (Cont.)** |
| 3.800%, 03/15/2032 | $75000 | $69694 |
| 5.300%, 02/15/2034 | 100000 | 100106 |
|  |  | 4818769 |
| **Tobacco & Cannabis (0.09%)** | **Tobacco & Cannabis (0.09%)** | **Tobacco & Cannabis (0.09%)** |
| Philip Morris International Inc.<br> 4.750%, 02/12/2027<br>| 100000 | 100891 |
| 5.125%, 11/17/2027 | 150000 | 153001 |
| 4.875%, 02/15/2028 | 150000 | 152526 |
| 5.250%, 09/07/2028 | 100000 | 102855 |
| 5.625%, 11/17/2029 | 150000 | 157505 |
| 5.125%, 02/15/2030 | 150000 | 154324 |
| 5.125%, 02/13/2031 | 100000 | 102995 |
| 5.750%, 11/17/2032 | 150000 | 158580 |
| 5.375%, 02/15/2033 | 150000 | 154907 |
| 4.875%, 04/30/2035 | 100000 | 98657 |
| BAT International Finance PLC<br> 4.448%, 03/16/2028<br>| 150000 | 150240 |
| 5.931%, 02/02/2029 | 150000 | 157412 |
| Altria Group Inc.<br> 6.200%, 11/01/2028<br>| 100000 | 105558 |
| BAT Capital Corp.<br> 6.343%, 08/02/2030<br>| 150000 | 161637 |
| 5.834%, 02/20/2031 | 100000 | 105230 |
| 6.421%, 08/02/2033 | 150000 | 162903 |
|  |  | 2179221 |
| **Transportation & Logistics (0.09%)** | **Transportation & Logistics (0.09%)** | **Transportation & Logistics (0.09%)** |
| Canadian Pacific Railway Co.<br> 1.750%, 12/02/2026<br>| 150000 | 144754 |
| 2.875%, 11/15/2029 | 150000 | 140916 |
| 2.450%, 12/02/2031 | 100000 | 87782 |
| Ryder System Inc.<br> 2.850%, 03/01/2027<br>| 150000 | 146104 |
| 4.300%, 06/15/2027 | 150000 | 150102 |
| 5.250%, 06/01/2028 | 150000 | 153897 |
| &nbsp;&nbsp;&nbsp; United Airlines 2020-1 Class A Pass <br> Through Trust<br> 5.875%, 10/15/2027<br>| 39750 | 40560 |
| Union Pacific Corp.<br> 3.700%, 03/01/2029<br>| 250000 | 245819 |
| 2.800%, 02/14/2032 | 100000 | 90142 |
| 4.500%, 01/20/2033 | 100000 | 99391 |
| United Parcel Service Inc.<br> 2.500%, 09/01/2029<br>| 150000 | 140023 |
| 4.875%, 03/03/2033 | 100000 | 101719 |
| 5.250%, 05/14/2035 | 50000 | 50989 |
| Norfolk Southern Corp.<br> 5.050%, 08/01/2030<br>| 150000 | 154941 |
| 3.000%, 03/15/2032 | 100000 | 90700 |
| &nbsp;&nbsp;&nbsp; United Airlines 2019-1 Class AA <br> Pass Through Trust<br> 4.150%, 08/25/2031<br>| 65758 | 62977 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| &nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class AA <br> Pass Through Trust<br> 3.150%, 02/15/2032<br>| $72871 | $66917 |
| Canadian National Railway Co.<br> 3.850%, 08/05/2032<br>| 100000 | 95118 |
| CSX Corp.<br> 4.100%, 11/15/2032<br>| 100000 | 97005 |
| &nbsp;&nbsp;&nbsp; American Airlines 2021-1 Class A <br> Pass Through Trust<br> 2.875%, 07/11/2034<br>| 86594 | 76230 |
|  |  | 2236086 |
| **Transportation Equipment (0.02%)** | **Transportation Equipment (0.02%)** | **Transportation Equipment (0.02%)** |
| PACCAR Financial Corp.<br> 4.450%, 08/06/2027<br>| 100000 | 101156 |
| 4.000%, 09/26/2029 | 100000 | 99467 |
| 5.000%, 03/22/2034 | 50000 | 50830 |
| Cummins Inc.<br> 4.900%, 02/20/2029<br>| 100000 | 102252 |
| 4.700%, 02/15/2031 | 100000 | 100909 |
|  |  | 454614 |
| **Wholesale - Consumer Staples (0.01%)** | **Wholesale - Consumer Staples (0.01%)** | **Wholesale - Consumer Staples (0.01%)** |
| Sysco Corp.<br> 5.750%, 01/17/2029<br>| 100000 | 104260 |
| 5.100%, 09/23/2030 | 100000 | 102453 |
| 5.400%, 03/23/2035 | 50000 | 50857 |
| Archer-Daniels-Midland Co.<br> 4.500%, 08/15/2033<br>| 100000 | 97966 |
|  |  | 355536 |
| **Total Corporate Bonds** <br>(cost $201,302,957)<br>|  | 206722360 |
| **Foreign Government Bonds (1.39%)** | **Foreign Government Bonds (1.39%)** | **Foreign Government Bonds (1.39%)** |
| **Austria (0.01%)** | **Austria (0.01%)** | **Austria (0.01%)** |
| Oesterreichische Kontrollbank AG<br> 4.750%, 05/21/2027<br>| 100000 | 101619 |
| 3.625%, 09/09/2027 | 250000 | 249190 |
|  |  | 350809 |
| **Canada (0.16%)** | **Canada (0.16%)** | **Canada (0.16%)** |
| Province of British Columbia Canada<br> 0.900%, 07/20/2026<br>| 250000 | 241956 |
| 4.800%, 11/15/2028 | 100000 | 102714 |
| 4.900%, 04/24/2029 | 150000 | 155069 |
| 4.200%, 07/06/2033 | 100000 | 98119 |
| Province of Quebec Canada<br> 2.750%, 04/12/2027<br>| 100000 | 97994 |
| 3.625%, 04/13/2028 | 175000 | 173917 |
| 4.500%, 04/03/2029 | 150000 | 153029 |
| 1.350%, 05/28/2030 | 250000 | 220609 |
| 4.500%, 09/08/2033 | 100000 | 100110 |
| 4.250%, 09/05/2034 | 200000 | 195441 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Canada (Cont.)** | **Canada (Cont.)** | **Canada (Cont.)** |
| Province of Ontario Canada<br> 3.100%, 05/19/2027<br>| $250000 | $246326 |
| 1.050%, 05/21/2027 | 100000 | 94823 |
| 4.200%, 01/18/2029 | 100000 | 100984 |
| 1.125%, 10/07/2030 | 100000 | 86234 |
| 1.600%, 02/25/2031 | 100000 | 87457 |
| 1.800%, 10/14/2031 | 50000 | 43354 |
| 2.125%, 01/21/2032 | 50000 | 43883 |
| 5.050%, 04/24/2034 | 100000 | 103701 |
| Province of Saskatchewan Canada<br> 3.250%, 06/08/2027<br>| 100000 | 98743 |
| Export Development Canada<br> 3.875%, 02/14/2028<br>| 150000 | 150380 |
| 4.125%, 02/13/2029 | 200000 | 202172 |
| Province of Alberta Canada<br> 3.300%, 03/15/2028<br>| 250000 | 246200 |
| 4.500%, 06/26/2029 | 100000 | 102063 |
| 1.300%, 07/22/2030 | 250000 | 219105 |
| 4.500%, 01/24/2034 | 100000 | 99663 |
| &nbsp;&nbsp;&nbsp; Canada Government International <br> Bond<br> 3.750%, 04/26/2028<br>| 175000 | 175055 |
| 4.000%, 03/18/2030 | 200000 | 201532 |
| Province of Manitoba Canada<br> 1.500%, 10/25/2028<br>| 100000 | 92536 |
| 4.300%, 07/27/2033 | 50000 | 49285 |
|  |  | 3982454 |
| **Chile (0.02%)** | **Chile (0.02%)** | **Chile (0.02%)** |
| Chile Government International Bond<br> 2.750%, 01/31/2027<br>| 250000 | 243175 |
| 3.240%, 02/06/2028 | 250000 | 243148 |
|  |  | 486323 |
| **Germany (0.19%)** | **Germany (0.19%)** | **Germany (0.19%)** |
| Kreditanstalt fuer Wiederaufbau<br> 4.625%, 08/07/2026<br>| 500000 | 503653 |
| 1.000%, 10/01/2026 | 250000 | 241188 |
| 4.375%, 03/01/2027 | 200000 | 201776 |
| 3.000%, 05/20/2027 | 250000 | 246402 |
| 3.750%, 02/15/2028 | 200000 | 200313 |
| 2.875%, 04/03/2028 | 500000 | 489273 |
| 3.875%, 06/15/2028 | 100000 | 100460 |
| 4.000%, 03/15/2029 | 350000 | 352906 |
| 1.750%, 09/14/2029 | 250000 | 230579 |
| 4.625%, 03/18/2030 | 180000 | 186307 |
| 3.750%, 07/15/2030 | 650000 | 647822 |
| 0.750%, 09/30/2030 | 175000 | 149504 |
| 4.750%, 10/29/2030 | 200000 | 208379 |
| 4.125%, 07/15/2033 | 200000 | 199499 |
| 4.375%, 02/28/2034 | 200000 | 202176 |
| Landwirtschaftliche Rentenbank<br> 3.875%, 09/28/2027<br>| 250000 | 250659 |
| 0.875%, 09/03/2030 | 250000 | 215360 |
|  |  | 4626256 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Indonesia (0.04%)** | **Indonesia (0.04%)** | **Indonesia (0.04%)** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond<br> 4.550%, 01/11/2028<br>| $250000 | $251955 |
| 4.100%, 04/24/2028 | 250000 | 249790 |
| 4.750%, 02/11/2029 | 250000 | 254374 |
| 4.850%, 01/11/2033 | 250000 | 250810 |
|  |  | 1006929 |
| **Israel (0.02%)** | **Israel (0.02%)** | **Israel (0.02%)** |
| &nbsp;&nbsp;&nbsp; Israel Government International <br> Bond<br> 2.750%, 07/03/2030<br>| 250000 | 226254 |
| 5.500%, 03/12/2034 | 200000 | 202382 |
| 5.625%, 02/19/2035 | 200000 | 203250 |
|  |  | 631886 |
| **Italy (0.01%)** | **Italy (0.01%)** | **Italy (0.01%)** |
| &nbsp;&nbsp;&nbsp; Republic of Italy Government <br> International Bond<br> 2.875%, 10/17/2029<br>| 250000 | 234415 |
|  |  | 234415 |
| **Japan (0.04%)** | **Japan (0.04%)** | **Japan (0.04%)** |
| &nbsp;&nbsp;&nbsp; Japan Bank for International <br> Cooperation<br> 4.625%, 07/22/2027<br>| 200000 | 202693 |
| 4.625%, 07/19/2028 | 250000 | 255174 |
| 3.250%, 07/20/2028 | 250000 | 245293 |
| 1.875%, 04/15/2031 | 200000 | 177118 |
|  |  | 880278 |
| **Mexico (0.08%)** | **Mexico (0.08%)** | **Mexico (0.08%)** |
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond<br> 4.150%, 03/28/2027<br>| 250000 | 248252 |
| 5.400%, 02/09/2028 | 250000 | 255125 |
| 4.500%, 04/22/2029 | 250000 | 246013 |
| 2.659%, 05/24/2031 | 1000000 | 865000 |
| 4.750%, 04/27/2032 | 200000 | 189982 |
| 4.875%, 05/19/2033 | 200000 | 188640 |
|  |  | 1993012 |
| **Panama (0.02%)** | **Panama (0.02%)** | **Panama (0.02%)** |
| &nbsp;&nbsp;&nbsp; Panama Government International <br> Bond<br> 7.500%, 03/01/2031<br>| 200000 | 212808 |
| 3.298%, 01/19/2033 | 250000 | 203584 |
|  |  | 416392 |
| **Peru (0.01%)** | **Peru (0.01%)** | **Peru (0.01%)** |
| &nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond<br> 3.000%, 01/15/2034<br>| 300000 | 252480 |
|  |  | 252480 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Philippines (0.03%)** | **Philippines (0.03%)** | **Philippines (0.03%)** |
| &nbsp;&nbsp;&nbsp; Philippine Government International <br> Bond<br> 5.170%, 10/13/2027<br>| $250000 | $254608 |
| 3.750%, 01/14/2029 | 250000 | 245320 |
| 5.609%, 04/13/2033 | 250000 | 261835 |
|  |  | 761763 |
| **Poland (0.03%)** | **Poland (0.03%)** | **Poland (0.03%)** |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond<br> 5.750%, 11/16/2032<br>| 250000 | 263783 |
| 4.875%, 10/04/2033 | 200000 | 198820 |
| 5.375%, 02/12/2035 | 200000 | 203638 |
|  |  | 666241 |
| **South Korea (0.03%)** | **South Korea (0.03%)** | **South Korea (0.03%)** |
| Export-Import Bank of Korea<br> 4.250%, 09/15/2027<br>| 250000 | 250620 |
| 5.000%, 01/11/2028 | 250000 | 255210 |
| 5.125%, 01/11/2033 | 250000 | 258079 |
|  |  | 763909 |
| **Supranational (0.68%)** | **Supranational (0.68%)** | **Supranational (0.68%)** |
| &nbsp;&nbsp;&nbsp; International Bank for <br> Reconstruction & Development<br> 0.875%, 07/15/2026<br>| 250000 | 242178 |
| 4.000%, 08/27/2026 | 250000 | 250113 |
| 3.125%, 06/15/2027 | 250000 | 246750 |
| 0.750%, 11/24/2027 | 250000 | 232910 |
| 1.375%, 04/20/2028 | 200000 | 187458 |
| 3.500%, 07/12/2028 | 250000 | 248139 |
| 1.125%, 09/13/2028 | 200000 | 184143 |
| 3.875%, 10/16/2029 | 200000 | 200470 |
| 1.750%, 10/23/2029 | 250000 | 229609 |
| 3.875%, 02/14/2030 | 250000 | 250394 |
| 4.125%, 03/20/2030 | 250000 | 253063 |
| 0.875%, 05/14/2030 | 250000 | 217303 |
| 4.000%, 07/25/2030 | 250000 | 251567 |
| 4.000%, 01/10/2031 | 250000 | 250980 |
| 1.250%, 02/10/2031 | 250000 | 216525 |
| 4.500%, 04/10/2031 | 150000 | 154335 |
| 1.625%, 11/03/2031 | 250000 | 216713 |
| 4.625%, 01/15/2032 | 250000 | 258536 |
| 4.750%, 11/14/2033 | 100000 | 103957 |
| 5.750%, 05/02/2034 | 100000 | 100817 |
| 3.875%, 08/28/2034 | 250000 | 242865 |
| African Development Bank<br> 0.875%, 07/22/2026<br>| 250000 | 241991 |
| 4.375%, 11/03/2027 | 250000 | 253329 |
| &nbsp;&nbsp;&nbsp; Council of Europe Development <br> Bank<br> 0.875%, 09/22/2026<br>| 250000 | 240931 |
| 3.625%, 01/26/2028 | 250000 | 249070 |
| International Finance Corp.<br> 0.750%, 10/08/2026<br>| 250000 | 240329 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 0.750%, 08/27/2030 | $250000 | $213758 |
| European Investment Bank<br> 0.750%, 10/26/2026<br>| 250000 | 239971 |
| 1.375%, 03/15/2027 | 200000 | 192006 |
| 4.375%, 03/19/2027 | 150000 | 151370 |
| 0.625%, 10/21/2027 | 250000 | 232995 |
| 3.875%, 03/15/2028 | 225000 | 225847 |
| 3.875%, 06/15/2028 | 180000 | 180786 |
| 4.500%, 10/16/2028 | 500000 | 511632 |
| 4.000%, 02/15/2029 | 225000 | 226750 |
| 1.750%, 03/15/2029 | 100000 | 93083 |
| 4.750%, 06/15/2029 | 225000 | 232953 |
| 1.625%, 10/09/2029 | 250000 | 228828 |
| 3.750%, 11/15/2029 | 300000 | 299385 |
| 4.500%, 03/14/2030 | 300000 | 308702 |
| 3.625%, 07/15/2030 | 250000 | 247386 |
| 1.250%, 02/14/2031 | 250000 | 216895 |
| 4.375%, 10/10/2031 | 250000 | 255404 |
| 4.250%, 08/16/2032 | 500000 | 506707 |
| 3.750%, 02/14/2033 | 200000 | 195947 |
| 4.125%, 02/13/2034 | 150000 | 149058 |
| 4.625%, 02/12/2035 | 150000 | 154311 |
| Asian Development Bank<br> 4.125%, 01/12/2027<br>| 100000 | 100378 |
| 1.500%, 01/20/2027 | 250000 | 241135 |
| 3.125%, 08/20/2027 | 200000 | 197409 |
| 1.250%, 06/09/2028 | 250000 | 232703 |
| 4.500%, 08/25/2028 | 250000 | 255432 |
| 3.125%, 09/26/2028 | 250000 | 245131 |
| 4.375%, 03/06/2029 | 100000 | 102003 |
| 1.875%, 03/15/2029 | 250000 | 233562 |
| 1.750%, 09/19/2029 | 250000 | 230079 |
| 1.875%, 01/24/2030 | 250000 | 229607 |
| 4.125%, 05/30/2030 | 200000 | 202479 |
| 3.125%, 04/27/2032 | 250000 | 236228 |
| 4.125%, 01/12/2034 | 100000 | 99281 |
| Inter-American Development Bank<br> 1.500%, 01/13/2027<br>| 250000 | 241201 |
| 2.375%, 07/07/2027 | 250000 | 243251 |
| 0.625%, 09/16/2027 | 250000 | 233511 |
| 4.000%, 01/12/2028 | 250000 | 251453 |
| 1.125%, 07/20/2028 | 250000 | 231090 |
| 4.125%, 02/15/2029 | 150000 | 151644 |
| 2.250%, 06/18/2029 | 250000 | 235721 |
| 3.500%, 09/14/2029 | 250000 | 247000 |
| 1.125%, 01/13/2031 | 500000 | 431037 |
| 3.500%, 04/12/2033 | 100000 | 95714 |
| 4.500%, 09/13/2033 | 100000 | 101965 |
| 4.375%, 07/17/2034 | 150000 | 151276 |
| Nordic Investment Bank<br> 3.375%, 09/08/2027<br>| 250000 | 247948 |
| &nbsp;&nbsp;&nbsp; European Bank for Reconstruction & <br> Development<br> 4.125%, 01/25/2029<br>| 150000 | 151611 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 4.250%, 03/13/2034 | $100000 | $99896 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment <br> Bank, The<br> 4.250%, 03/13/2034<br>| 100000 | 100198 |
|  |  | 16648192 |
| **Sweden (0.01%)** | **Sweden (0.01%)** | **Sweden (0.01%)** |
| Svensk Exportkredit AB<br> 4.875%, 09/14/2026<br>| 200000 | 202000 |
|  |  | 202000 |
| **Uruguay (0.01%)** | **Uruguay (0.01%)** | **Uruguay (0.01%)** |
| &nbsp;&nbsp;&nbsp; Uruguay Government International <br> Bond<br> 4.375%, 01/23/2031<br>| 200000 | 199602 |
|  |  | 199602 |
| **Total Foreign Government Bonds** <br>(cost $33,395,191)<br>|  | 34102941 |
| **Agency Securities (d) (0.29%)** | **Agency Securities (d) (0.29%)** | **Agency Securities (d) (0.29%)** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |  |
| 4.500%, 08/14/2026 | 850000 | 854683 |
| 1.300%, 03/30/2027 | 300000 | 286933 |
| Federal Home Loan Banks | Federal Home Loan Banks |  |
| 0.900%, 02/26/2027 | 250000 | 237943 |
| 4.000%, 06/30/2028 | 1000000 | 1008916 |
| 4.625%, 11/17/2026 | 500000 | 504367 |
| 4.125%, 01/15/2027 | 2125000 | 2135487 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| 6.750%, 03/15/2031 | 250000 | 286040 |
| 6.250%, 07/15/2032 | 250000 | 283451 |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| 7.125%, 01/15/2030 | 250000 | 284319 |
| 6.625%, 11/15/2030 | 250000 | 282855 |
| 7.250%, 05/15/2030 | 250000 | 287920 |
| 1.875%, 09/24/2026 | 250000 | 243648 |
| 0.750%, 10/08/2027 | 500000 | 467773 |
| **Total Agency Securities** <br>(cost $7,042,236)<br>|  | 7164335 |
| **U.S. Treasury Obligations (18.52%)** | **U.S. Treasury Obligations (18.52%)** | **U.S. Treasury Obligations (18.52%)** |
| U.S. Treasury Bill<br> 4.132%, 11/28/2025(e),(f)<br>| 973000 | 956273 |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 0.625%, 07/31/2026 | 10000000 | 9647266 |
| 4.375%, 07/31/2026 | 5000000 | 5019922 |
| 4.375%, 08/15/2026 | 2000000 | 2008672 |
| 3.750%, 08/31/2026 | 4000000 | 3990469 |
| 3.500%, 09/30/2026 | 5000000 | 4974219 |
| 1.125%, 10/31/2026 | 5000000 | 4821680 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.250%, 11/30/2026 | $5000000 | $5025781 |
| 1.250%, 11/30/2026 | 2500000 | 2410547 |
| 1.625%, 11/30/2026 | 1000000 | 969531 |
| 4.250%, 12/31/2026 | 6000000 | 6034922 |
| 1.250%, 12/31/2026 | 2500000 | 2406543 |
| 1.750%, 12/31/2026 | 1000000 | 969844 |
| 4.000%, 01/15/2027 | 2000000 | 2004766 |
| 1.500%, 01/31/2027 | 2000000 | 1929141 |
| 4.125%, 01/31/2027 | 1000000 | 1004570 |
| 4.125%, 02/15/2027 | 1000000 | 1004805 |
| 1.125%, 02/28/2027 | 10000000 | 9571484 |
| 4.125%, 02/28/2027 | 5000000 | 5025977 |
| 0.625%, 03/31/2027 | 10000000 | 9472656 |
| 3.875%, 03/31/2027 | 7000000 | 7010937 |
| 4.500%, 04/15/2027 | 1000000 | 1012461 |
| 0.500%, 04/30/2027 | 10000000 | 9429297 |
| 3.750%, 04/30/2027 | 5000000 | 4999219 |
| 2.750%, 04/30/2027 | 2000000 | 1964531 |
| 4.500%, 05/15/2027 | 3000000 | 3039492 |
| 3.875%, 05/31/2027 | 5000000 | 5011719 |
| 2.625%, 05/31/2027 | 5000000 | 4896680 |
| 4.625%, 06/15/2027 | 1000000 | 1016562 |
| 3.750%, 06/30/2027 | 5000000 | 5003125 |
| 0.375%, 09/30/2027 | 10000000 | 9285156 |
| 4.125%, 09/30/2027 | 2000000 | 2018203 |
| 2.250%, 11/15/2027 | 2000000 | 1933984 |
| 0.625%, 11/30/2027 | 5000000 | 4647852 |
| 0.625%, 12/31/2027 | 5000000 | 4635547 |
| 3.500%, 01/31/2028 | 5000000 | 4974609 |
| 0.750%, 01/31/2028 | 5000000 | 4638867 |
| 2.750%, 02/15/2028 | 5000000 | 4881055 |
| 1.250%, 03/31/2028 | 5000000 | 4681836 |
| 3.500%, 04/30/2028 | 5000000 | 4972852 |
| 2.875%, 05/15/2028 | 3500000 | 3421934 |
| 1.250%, 06/30/2028 | 5000000 | 4654883 |
| 2.875%, 08/15/2028 | 5000000 | 4876953 |
| 4.375%, 08/31/2028 | 7000000 | 7138086 |
| 1.250%, 09/30/2028 | 3000000 | 2775586 |
| 4.625%, 09/30/2028 | 2000000 | 2055391 |
| 4.875%, 10/31/2028 | 2000000 | 2071875 |
| 3.125%, 11/15/2028 | 5000000 | 4906641 |
| 4.375%, 11/30/2028 | 3000000 | 3062461 |
| 1.375%, 12/31/2028 | 4000000 | 3695312 |
| 4.000%, 01/31/2029 | 4000000 | 4036094 |
| 2.625%, 02/15/2029 | 4000000 | 3852031 |
| 4.250%, 02/28/2029 | 5000000 | 5088086 |
| 4.125%, 03/31/2029 | 3400000 | 3445953 |
| 2.875%, 04/30/2029 | 10000000 | 9694922 |
| 4.625%, 04/30/2029 | 3000000 | 3093750 |
| 2.375%, 05/15/2029 | 5000000 | 4756250 |
| 2.750%, 05/31/2029 | 5000000 | 4821484 |
| 4.500%, 05/31/2029 | 4000000 | 4109062 |
| 4.250%, 06/30/2029 | 2000000 | 2037187 |
| 2.625%, 07/31/2029 | 8000000 | 7662812 |
| 1.625%, 08/15/2029 | 5000000 | 4604297 |
| 3.625%, 08/31/2029 | 5000000 | 4975195 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 3.500%, 09/30/2029 | $5000000 | $4949609 |
| 4.125%, 10/31/2029 | 2000000 | 2028594 |
| 1.750%, 11/15/2029 | 6000000 | 5525156 |
| 4.125%, 11/30/2029 | 5000000 | 5073437 |
| 4.375%, 12/31/2029 | 7000000 | 7173633 |
| 3.875%, 12/31/2029 | 2000000 | 2008516 |
| 4.250%, 01/31/2030 | 3850000 | 3925947 |
| 1.500%, 02/15/2030 | 15000000 | 13573828 |
| 4.000%, 02/28/2030 | 4000000 | 4038906 |
| 4.000%, 03/31/2030 | 5500000 | 5551133 |
| 3.875%, 04/30/2030 | 4500000 | 4517578 |
| 4.000%, 05/31/2030 | 3750000 | 3786328 |
| 3.875%, 06/30/2030 | 4500000 | 4517227 |
| 4.875%, 10/31/2030 | 3000000 | 3149180 |
| 0.875%, 11/15/2030 | 20000000 | 17155469 |
| 4.000%, 01/31/2031 | 2000000 | 2014141 |
| 4.250%, 02/28/2031 | 2000000 | 2038594 |
| 4.625%, 04/30/2031 | 1000000 | 1038281 |
| 1.625%, 05/15/2031 | 12000000 | 10583437 |
| 1.250%, 08/15/2031 | 8000000 | 6843750 |
| 1.375%, 11/15/2031 | 7000000 | 5989102 |
| 1.875%, 02/15/2032 | 11500000 | 10102031 |
| 4.000%, 04/30/2032 | 750000 | 750937 |
| 4.125%, 05/31/2032 | 750000 | 756328 |
| 2.750%, 08/15/2032 | 2000000 | 1845000 |
| 4.125%, 11/15/2032 | 4000000 | 4027656 |
| 3.500%, 02/15/2033 | 2000000 | 1927969 |
| 3.375%, 05/15/2033 | 2000000 | 1906484 |
| 3.875%, 08/15/2033 | 7000000 | 6893359 |
| 4.500%, 11/15/2033 | 5000000 | 5135937 |
| 4.000%, 02/15/2034 | 5000000 | 4947852 |
| 4.375%, 05/15/2034 | 5500000 | 5585723 |
| 3.875%, 08/15/2034 | 6500000 | 6346387 |
| 4.250%, 11/15/2034 | 7500000 | 7524609 |
| 4.625%, 02/15/2035 | 7750000 | 7995820 |
| 4.250%, 05/15/2035 | 4250000 | 4256641 |
| **Total U.S. Treasury Obligations** <br>(cost $448,000,095)<br>|  | 455623876 |
| **Long-term Municipal Bonds (0.05%)** | **Long-term Municipal Bonds (0.05%)** | **Long-term Municipal Bonds (0.05%)** |
| **California (0.04%)** | **California (0.04%)** | **California (0.04%)** |
| &nbsp;&nbsp;&nbsp; State of California Taxable Various <br> Purpose, General Obligation <br> Bonds<br> 6.000%, 03/01/2033<br>| 250000 | 271693 |
| &nbsp;&nbsp;&nbsp; University of California Regents <br> Medical Center Pooled Taxable <br> Revenue Bonds<br> 4.132%, 05/15/2032<br>| 250000 | 245172 |
| &nbsp;&nbsp;&nbsp; State of California Taxable, General <br> Obligation Bonds<br> 4.875%, 09/01/2030<br>| 500000 | 517181 |
|  |  | 1034046 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** |
| **Louisiana (0.01%)** | **Louisiana (0.01%)** | **Louisiana (0.01%)** |
| &nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & <br> Community Development <br> Authority Taxable Revenue Bonds<br> 4.145%, 02/01/2033<br>| $250000 | $247330 |
|  |  | 247330 |
| **Total Long-term Municipal Bonds** <br>(cost $1,242,841)<br>|  | 1281376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.32%)** | **Short-term Investments (1.32%)** | **Short-term Investments (1.32%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 4.16%(g)<br>| 32378918 | 32378918 |
| **Total Short-term Investments** <br>(cost $32,378,918)<br>|  | 32378918 |
| **TOTAL INVESTMENTS (99.82%)** <br>(cost $1,141,947,046)<br>|  | 2455983329 |
| **OTHER ASSETS, NET OF** <br> **LIABILITIES** <br>**(0.18%)**<br>|  | 4424029 |
| **NET ASSETS (100.00%)** |  | $2460407358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate presented is the rate in effect at June 30, 2025, and the related index and spread are shown parenthetically for each security, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $1,318,949 or 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 6, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corp. ("Freddie Mac") into conservatorship. The United States Treasury has put in place a set of financing agreements to help ensure that these entities continue to meet their obligations to holders of bonds they have issued or guaranteed.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security pledged as collateral to cover margin requirements for open futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Discount rate at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate shown is the 7-day yield as of June 30, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

LLC

Limited Liability Company

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number** <br>**of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** | **Long Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-Mini <br> S&P 500<br>| 61 | 9/19/2025 | USD | 19073938 | $266379 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (98.91%)** | **U.S. Treasury Obligations (98.91%)** | **U.S. Treasury Obligations (98.91%)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.375%, 07/31/2026 | $2650000 | $2660559 |
| 0.625%, 07/31/2026 | 500000 | 482363 |
| 1.875%, 07/31/2026 | 288000 | 281610 |
| 4.375%, 08/15/2026 | 1000000 | 1004336 |
| 1.500%, 08/15/2026 | 500000 | 486582 |
| 0.750%, 08/31/2026 | 2862000 | 2758364 |
| 1.375%, 08/31/2026 | 1150000 | 1116488 |
| 3.750%, 08/31/2026 | 1000000 | 997617 |
| 4.625%, 09/15/2026 | 2300000 | 2318508 |
| 3.500%, 09/30/2026 | 3000000 | 2984531 |
| 0.875%, 09/30/2026 | 2500000 | 2408203 |
| 1.625%, 09/30/2026 | 1314000 | 1277762 |
| 4.625%, 10/15/2026 | 2000000 | 2017812 |
| 4.125%, 10/31/2026 | 4150000 | 4161510 |
| 1.125%, 10/31/2026 | 3357000 | 3237276 |
| 1.625%, 10/31/2026 | 1275000 | 1237896 |
| 4.625%, 11/15/2026 | 3500000 | 3533906 |
| 2.000%, 11/15/2026 | 400000 | 390016 |
| 1.250%, 11/30/2026 | 3585000 | 3456724 |
| 4.250%, 11/30/2026 | 2400000 | 2412375 |
| 4.375%, 12/15/2026 | 750000 | 755596 |
| 4.250%, 12/31/2026 | 3000000 | 3017461 |
| 1.250%, 12/31/2026 | 2330000 | 2242898 |
| 4.000%, 01/15/2027 | 2000000 | 2004766 |
| 1.500%, 01/31/2027 | 3696000 | 3565052 |
| 4.125%, 01/31/2027 | 2000000 | 2009141 |
| 4.125%, 02/15/2027 | 2000000 | 2009609 |
| 2.250%, 02/15/2027 | 1600000 | 1561000 |
| 4.125%, 02/28/2027 | 4050000 | 4071041 |
| 1.875%, 02/28/2027 | 2722000 | 2638320 |
| 4.250%, 03/15/2027 | 2500000 | 2518945 |
| 3.875%, 03/31/2027 | 4700000 | 4707344 |
| 2.500%, 03/31/2027 | 3011000 | 2946663 |
| 4.500%, 04/15/2027 | 2600000 | 2632398 |
| 3.750%, 04/30/2027 | 3850000 | 3849398 |
| 2.750%, 04/30/2027 | 1951000 | 1916400 |
| 0.500%, 04/30/2027 | 1000000 | 942930 |
| 2.375%, 05/15/2027 | 2000000 | 1950547 |
| 4.500%, 05/15/2027 | 1250000 | 1266455 |
| 2.625%, 05/31/2027 | 2892000 | 2832240 |
| 3.875%, 05/31/2027 | 2350000 | 2355508 |
| 4.625%, 06/15/2027 | 750000 | 762422 |
| 3.750%, 06/30/2027 | 2500000 | 2501562 |
| 3.250%, 06/30/2027 | 1675000 | 1660017 |
| 4.375%, 07/15/2027 | 2400000 | 2429906 |
| 2.750%, 07/31/2027 | 3500000 | 3431777 |
| 3.750%, 08/15/2027 | 3000000 | 3001406 |
| 3.125%, 08/31/2027 | 3400000 | 3358164 |
| 3.375%, 09/15/2027 | 3000000 | 2979258 |
| 4.125%, 09/30/2027 | 3312000 | 3342144 |
| 3.875%, 10/15/2027 | 4000000 | 4013906 |
| 4.125%, 10/31/2027 | 3000000 | 3027422 |
| 4.125%, 11/15/2027 | 1000000 | 1009258 |
| 3.875%, 11/30/2027 | 3500000 | 3513399 |
| 4.000%, 12/15/2027 | 2800000 | 2819906 |
| 3.875%, 12/31/2027 | 4150000 | 4167508 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.250%, 01/15/2028 | $2500000 | $2532324 |
| 3.500%, 01/31/2028 | 4400000 | 4377656 |
| 4.250%, 02/15/2028 | 3400000 | 3445953 |
| 2.750%, 02/15/2028 | 400000 | 390484 |
| 4.000%, 02/29/2028 | 3400000 | 3425766 |
| 3.875%, 03/15/2028 | 4500000 | 4521621 |
| 3.625%, 03/31/2028 | 3750000 | 3743555 |
| 3.750%, 04/15/2028 | 2950000 | 2953687 |
| 3.500%, 04/30/2028 | 3400000 | 3381539 |
| 2.875%, 05/15/2028 | 4000000 | 3910781 |
| 3.750%, 05/15/2028 | 1750000 | 1752598 |
| 3.625%, 05/31/2028 | 2900000 | 2893883 |
| 3.875%, 06/15/2028 | 2000000 | 2010625 |
| 4.000%, 06/30/2028 | 3250000 | 3277930 |
| 4.125%, 07/31/2028 | 3550000 | 3592850 |
| 2.875%, 08/15/2028 | 3125000 | 3048096 |
| 4.375%, 08/31/2028 | 2500000 | 2549316 |
| 4.625%, 09/30/2028 | 4250000 | 4367705 |
| 4.875%, 10/31/2028 | 4000000 | 4143750 |
| 1.375%, 10/31/2028 | 3250000 | 3013486 |
| 3.125%, 11/15/2028 | 600000 | 588797 |
| 4.375%, 11/30/2028 | 4000000 | 4083281 |
| 1.500%, 11/30/2028 | 2750000 | 2555889 |
| 3.750%, 12/31/2028 | 3000000 | 3002695 |
| 1.375%, 12/31/2028 | 600000 | 554297 |
| 4.000%, 01/31/2029 | 3500000 | 3531582 |
| 1.750%, 01/31/2029 | 2000000 | 1868438 |
| 2.625%, 02/15/2029 | 500000 | 481504 |
| 4.250%, 02/28/2029 | 4500000 | 4579277 |
| 4.125%, 03/31/2029 | 2500000 | 2533789 |
| 2.375%, 03/31/2029 | 2000000 | 1905625 |
| 4.625%, 04/30/2029 | 3000000 | 3093750 |
| 2.875%, 04/30/2029 | 1000000 | 969492 |
| 4.500%, 05/31/2029 | 6000000 | 6163594 |
| 4.250%, 06/30/2029 | 3800000 | 3870656 |
| 3.250%, 06/30/2029 | 1000000 | 981719 |
| 4.000%, 07/31/2029 | 3500000 | 3532676 |
| 2.625%, 07/31/2029 | 1000000 | 957852 |
| 3.625%, 08/31/2029 | 4900000 | 4875691 |
| 3.500%, 09/30/2029 | 4825000 | 4776373 |
| 4.125%, 10/31/2029 | 4500000 | 4564336 |
| 4.000%, 10/31/2029 | 250000 | 252383 |
| 4.125%, 11/30/2029 | 4750000 | 4819766 |
| 4.375%, 12/31/2029 | 4000000 | 4099219 |
| 4.250%, 01/31/2030 | 3750000 | 3823975 |
| 4.000%, 02/28/2030 | 6225000 | 6285548 |
| 4.000%, 03/31/2030 | 4775000 | 4819393 |
| 3.875%, 04/30/2030 | 4650000 | 4668164 |
| 4.000%, 05/31/2030 | 6125000 | 6184336 |
| 3.875%, 06/30/2030 | 4000000 | 4015312 |
| **Total U.S. Treasury Obligations** <br>(cost $293,466,912)<br>|  | 294809219 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.42%)** | **Short-term Investments (0.42%)** | **Short-term Investments (0.42%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio <br> (Premier Class), 4.16%(a)<br>| 1248189 | $1248189 |
| **Total Short-term Investments** <br>(cost $1,248,189)<br>|  | 1248189 |
| **TOTAL INVESTMENTS (99.33%)** <br>(cost $294,715,101)<br>|  | 296057408 |
| **OTHER ASSETS, NET OF LIABILITIES** <br>**(0.67%)**<br>|  | 2006279 |
| **NET ASSETS (100.00%)** |  | $298063687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 7-day yield as of June 30, 2025.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** |
| **Alabama (2.42%)** | **Alabama (2.42%)** | **Alabama (2.42%)** | **Alabama (2.42%)** | **Alabama (2.42%)** |
| City of Athens, Alabama, Electric Revenue Warrants | 3.500% | 06/01/2026 | $220000 | $220057 |
| City of Athens, Alabama, Electric Revenue Warrants | 3.750% | 06/01/2027 | 645000 | 645200 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.000% | 05/01/2028 | 980000 | 965299 |
| City of Athens, Alabama, Electric Revenue Warrants | 4.000% | 06/01/2028 | 665000 | 665287 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.125% | 05/01/2029 | 1010000 | 990880 |
| Black Belt Energy Gas District Revenue Bonds, Series C-1(a) | 5.250% | 06/01/2029 | 1000000 | 1051613 |
| Black Belt Energy Gas District Revenue Bonds, Series B(b) | 5.250% | 12/01/2030 | 2000000 | 2143394 |
| Black Belt Energy Gas District Revenue Bonds, Series D(c) | 5.000% | 11/01/2034 | 1740000 | 1840934 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2035 | 215000 | 216046 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2036 | 310000 | 310569 |
| Mobile County Board of School Commissioners Special Tax Warrants, Series B | 5.000% | 03/01/2037 | 1000000 | 1064178 |
| County of Jefferson, Alabama, Revenue Refunding Warrants | 5.000% | 10/01/2038 | 1000000 | 1053296 |
| City of Huntsville, Alabama, Electric System Revenue Warrants | 5.000% | 12/01/2042 | 1000000 | 1049362 |
|  |  |  |  | 12216115 |
| **Alaska (1.75%)** | **Alaska (1.75%)** | **Alaska (1.75%)** | **Alaska (1.75%)** | **Alaska (1.75%)** |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.250% | 09/01/2028 | 1095000 | 1098279 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.250% | 09/01/2028 | 1050000 | 1053144 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2029 | 1390000 | 1396325 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2029 | 1090000 | 1094960 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2030 | 1440000 | 1445594 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2030 | 1125000 | 1129371 |
| Alaska State Municipal Bank Authority Master Resolution Revenue Bonds, Series A | 5.500% | 10/01/2042 | 1560000 | 1599884 |
|  |  |  |  | 8817557 |
| **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** |
| County of Pima, Arizona, General Obligation Bonds, Series A | 4.000% | 07/01/2026 | 2000000 | 2001756 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2026 | 555000 | 555839 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2027 | 400000 | 400610 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District Electric System Revenue <br> Refunding Bonds, Series A<br>| 4.000% | 01/01/2038 | 1000000 | 992546 |
|  |  |  |  | 3950751 |
| **Arkansas (0.88%)** | **Arkansas (0.88%)** | **Arkansas (0.88%)** | **Arkansas (0.88%)** | **Arkansas (0.88%)** |
| State of Arkansas, General Obligation Refunding Bonds | 4.000% | 06/01/2027 | 3000000 | 3001214 |
| Rogers School District No. 30, General Obligation Refunding Bonds | 3.000% | 02/01/2033 | 1500000 | 1428433 |
|  |  |  |  | 4429647 |
| **California (4.69%)** | **California (4.69%)** | **California (4.69%)** | **California (4.69%)** | **California (4.69%)** |
| East Side Union High School District, General Obligation Refunding Bonds | 3.500% | 08/01/2027 | 1000000 | 1000491 |
| Southern California Public Power Authority Revenue Refunding Bonds, Series A | 5.000% | 07/01/2028 | 755000 | 794608 |
| Santee School District, General Obligation Refunding Bonds(d) | 3.500% | 08/01/2028 | 1565000 | 1565527 |
| Santee School District, General Obligation Refunding Bonds(d) | 3.500% | 08/01/2029 | 1725000 | 1725581 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority Kaiser Permanente Revenue Bonds, <br> Series 2009C(e)<br>| 5.000% | 11/01/2029 | 2500000 | 2716843 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2030 | 540000 | 544960 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2031 | 400000 | 402184 |
| &nbsp;&nbsp;&nbsp; Redondo Beach Unified School District, General Obligation Refunding Bonds, Election of 2008, <br> Series D<br>| 3.000% | 08/01/2031 | 750000 | 743814 |
| Los Angeles Unified School District, General Obligation Refunding Bonds, Series A | 5.000% | 07/01/2032 | 2000000 | 2272577 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2032 | 500000 | 501048 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B(d) | 5.000% | 08/01/2034 | 200000 | 200327 |
| Peralta Community College District, General Obligation Refunding Bonds | 5.000% | 08/01/2034 | 1250000 | 1438127 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **California (Cont.)** | **California (Cont.)** | **California (Cont.)** | **California (Cont.)** | **California (Cont.)** |
| Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B | 5.000% | 07/01/2035 | $1340000 | $1380063 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2035 | 1150000 | 1064088 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2035 | 300000 | 280879 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2035 | 1000000 | 930976 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B(d) | 5.000% | 08/01/2035 | 355000 | 355581 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2036 | 600000 | 540553 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2036 | 1000000 | 907877 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B(d) | 5.000% | 08/01/2036 | 400000 | 400654 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2037 | 755000 | 663758 |
| University of California Revenue Bonds, Series CA | 5.000% | 05/15/2039 | 3000000 | 3278013 |
|  |  |  |  | 23708529 |
| **Colorado (3.45%)** | **Colorado (3.45%)** | **Colorado (3.45%)** | **Colorado (3.45%)** | **Colorado (3.45%)** |
| &nbsp;&nbsp;&nbsp; Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation <br> Refunding Bonds, Series B<br>| 2.500% | 12/15/2027 | 3000000 | 2976225 |
| Eagle River Water & Sanitation District, General Obligation Bonds | 4.000% | 12/01/2030 | 465000 | 470917 |
| Regional Transportation District Sales Tax Revenue Refunding Bonds, Series B | 5.000% | 11/01/2034 | 1465000 | 1517661 |
| Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B | 5.000% | 12/15/2034 | 2000000 | 2043301 |
| &nbsp;&nbsp;&nbsp; Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, <br> Series A<br>| 4.000% | 11/01/2035 | 980000 | 965352 |
| Regional Transportation District, Refunding Certificate of Participation | 5.000% | 06/01/2036 | 1075000 | 1191308 |
| Colorado Bridge & Tunnel Enterprise Revenue Refunding Bonds, Series B | 5.000% | 12/01/2036 | 855000 | 956765 |
| Westminster Public Schools General Obligation Bonds, Series A | 5.000% | 12/01/2037 | 3895000 | 4310974 |
| Rangeview Library District, Certificate of Participation, Series A | 5.000% | 12/15/2037 | 650000 | 692169 |
| Adams & Arapahoe Counties Joint School District No.28J Aurora, General Obligation Bonds | 5.500% | 12/01/2040 | 1300000 | 1475706 |
| Fremont County School District RE-1 Canon City, General Obligation Bonds | 5.000% | 12/01/2041 | 790000 | 829235 |
|  |  |  |  | 17429613 |
| **Connecticut (0.94%)** | **Connecticut (0.94%)** | **Connecticut (0.94%)** | **Connecticut (0.94%)** | **Connecticut (0.94%)** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, <br> Series A(f)<br>| 2.000% | 07/01/2026 | 3500000 | 3445970 |
| State of Connecticut Special Tax Obligation Revenue Bonds, Series A | 4.000% | 09/01/2035 | 1300000 | 1298225 |
|  |  |  |  | 4744195 |
| **Florida (3.79%)** | **Florida (3.79%)** | **Florida (3.79%)** | **Florida (3.79%)** | **Florida (3.79%)** |
| City of Pembroke Pines, Florida, General Obligation Refunding Bonds | 5.000% | 09/01/2031 | 2100000 | 2107782 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.000% | 08/01/2032 | 520000 | 496491 |
| Collier County Water-Sewer District Revenue Bonds | 3.000% | 07/01/2033 | 5080000 | 4862767 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.250% | 08/01/2033 | 535000 | 516174 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2033 | 750000 | 781084 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 4.000% | 08/01/2034 | 555000 | 565198 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2034 | 750000 | 779092 |
| Florida Department of Management Services, Certificate of Participation, Series A | 3.000% | 11/01/2035 | 1000000 | 906649 |
| Orlando Utilities Commission Utility System Revenue Bonds, Series 2018A | 5.000% | 10/01/2037 | 540000 | 554982 |
| Miami-Dade County Water & Sewer System Revenue Refunding Bonds, Series B | 4.000% | 10/01/2038 | 2000000 | 1987555 |
| County of Sarasota Utility System Revenue Bonds | 5.250% | 10/01/2039 | 1000000 | 1082880 |
| Florida State Atlantic University Finance Corporation Capital Improvement Revenue Bonds | 5.000% | 07/01/2040 | 500000 | 523724 |
| Saint Johns County School Board, Certificate of Participation, Series A | 5.000% | 07/01/2041 | 1425000 | 1481898 |
| South Miami Health Facilities Authority Revenue Refunding Bonds | 5.000% | 08/15/2042 | 2500000 | 2511658 |
|  |  |  |  | 19157934 |
| **Georgia (1.93%)** | **Georgia (1.93%)** | **Georgia (1.93%)** | **Georgia (1.93%)** | **Georgia (1.93%)** |
| Bartow County Development Authority Revenue Refunding Bonds | 1.800% | 09/01/2029 | 1000000 | 891493 |
| Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series C(g) | 5.000% | 12/01/2031 | 5000000 | 5252721 |
| Harris County School District, General Obligation Bonds | 3.000% | 03/01/2035 | 250000 | 230032 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Georgia (Cont.)** | **Georgia (Cont.)** | **Georgia (Cont.)** | **Georgia (Cont.)** | **Georgia (Cont.)** |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2036 | $900000 | $1025722 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2038 | 1250000 | 1419907 |
| Liberty County Public Facilities Authority Revenue Bonds | 5.000% | 09/01/2041 | 875000 | 935856 |
|  |  |  |  | 9755731 |
| **Hawaii (0.50%)** | **Hawaii (0.50%)** | **Hawaii (0.50%)** | **Hawaii (0.50%)** | **Hawaii (0.50%)** |
| City & County of Honolulu, Hawaii, General Obligation Bonds, Series B | 5.000% | 07/01/2030 | 890000 | 982706 |
| State of Hawaii Department of Budget & Finance Special Purpose Revenue Refunding Bonds | 5.000% | 07/01/2036 | 1405000 | 1556573 |
|  |  |  |  | 2539279 |
| **Idaho (1.22%)** | **Idaho (1.22%)** | **Idaho (1.22%)** | **Idaho (1.22%)** | **Idaho (1.22%)** |
| Nez Perce County Independent School District No 1., General Obligation Bonds | 4.000% | 09/15/2031 | 2880000 | 2917813 |
| Boise State University Revenue Bonds, Series A | 4.000% | 04/01/2032 | 445000 | 453689 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2033 | 545000 | 517210 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2033 | 180000 | 181826 |
| Idaho Health Facilities Authority Revenue Refunding Bonds | 4.000% | 03/01/2034 | 400000 | 410236 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2034 | 240000 | 250333 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2034 | 255000 | 256167 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2035 | 250000 | 260047 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2035 | 300000 | 275545 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2035 | 175000 | 175046 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2036 | 200000 | 197913 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2037 | 310000 | 272940 |
|  |  |  |  | 6168765 |
| **Illinois (5.69%)** | **Illinois (5.69%)** | **Illinois (5.69%)** | **Illinois (5.69%)** | **Illinois (5.69%)** |
| Illinois State Sales Tax Revenue Bonds, Series A | 5.000% | 06/15/2032 | 3010000 | 3300490 |
| &nbsp;&nbsp;&nbsp; DeWitt Ford & Livingston Etc. Counties Community College District No. 540 Heartland, General <br> Obligation Refunding Bonds<br>| 3.000% | 12/01/2032 | 1500000 | 1433977 |
| County of Sangamon, Illinois, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 800000 | 752836 |
| Village of Schaumburg, Illinois, General Obligation Refunding Bonds | 4.000% | 12/01/2034 | 2500000 | 2568028 |
| Sangamon County School District No. 186 Springfield, General Obligation Bonds | 3.000% | 02/01/2035 | 1000000 | 921970 |
| Illinois General Obligation Bonds, Series B | 5.000% | 05/01/2037 | 5680000 | 6003002 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series C | 5.000% | 01/01/2038 | 1050000 | 1053537 |
| Illinois Finance Authority Revenue Refunding Bonds | 4.000% | 08/01/2038 | 1000000 | 925550 |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical <br> Center<br>| 5.000% | 11/15/2038 | 2645000 | 2644905 |
| Cook County Community Consolidated School District No. 65 Evanston Revenue Bonds | 5.000% | 12/01/2039 | 1000000 | 1041988 |
| Village of Mundelein, Illinois, General Obligation Bonds | 4.000% | 12/15/2039 | 1355000 | 1262852 |
| Illinois State Toll Highway Authority Revenue Bonds, Series B | 5.000% | 01/01/2040 | 3000000 | 2985159 |
| Illinois State Toll Highway Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2041 | 1590000 | 1630944 |
| Sales Tax Securitization Corporation Senior Lien Revenue Refunding Bonds, Series A | 5.000% | 01/01/2041 | 1200000 | 1237373 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series D | 5.250% | 01/01/2042 | 1000000 | 1007079 |
|  |  |  |  | 28769690 |
| **Indiana (3.41%)** | **Indiana (3.41%)** | **Indiana (3.41%)** | **Indiana (3.41%)** | **Indiana (3.41%)** |
| East Noble School Building Corporation Revenue Bonds | 2.000% | 01/15/2027 | 1205000 | 1177093 |
| &nbsp;&nbsp;&nbsp; City of Lebanon, Indiana, Sewage Works Revenue Bonds (Prerefunded to 07-01-2027 @ <br> 100)(d)<br>| 4.000% | 07/01/2027 | 1760000 | 1805328 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds, Series G(d) | 4.500% | 07/15/2028 | 500000 | 500259 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 3.750% | 07/01/2029 | 220000 | 220828 |
| Valparaiso Multi-Schools Building Corporation Revenue Bonds | 5.000% | 07/15/2029 | 3000000 | 3038533 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 4.000% | 07/01/2030 | 750000 | 752899 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Indiana (Cont.)** | **Indiana (Cont.)** | **Indiana (Cont.)** | **Indiana (Cont.)** | **Indiana (Cont.)** |
| Munster School Building Corporation Revenue Bonds | 3.375% | 01/15/2031 | $1095000 | $1102595 |
| Carmel Redevelopment Authority Revenue Bonds, Series B | 5.000% | 01/15/2033 | 2485000 | 2760349 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2033 | 650000 | 606806 |
| Borden-Henryville Multi-School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 1270000 | 1376224 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 335000 | 349061 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2034 | 675000 | 622721 |
| Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series E | 5.000% | 02/01/2035 | 900000 | 978629 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2035 | 700000 | 636067 |
| Sunman-Dearborn High School Building Corporation Revenue Bonds | 5.000% | 07/15/2039 | 1220000 | 1288445 |
|  |  |  |  | 17215837 |
| **Iowa (1.67%)** | **Iowa (1.67%)** | **Iowa (1.67%)** | **Iowa (1.67%)** | **Iowa (1.67%)** |
| &nbsp;&nbsp;&nbsp; Des Moines Metropolitan Wastewater Reclamation Authority Revenue Refunding Bonds, <br> Series E<br>| 3.000% | 06/01/2027 | 1610000 | 1610078 |
| Waukee Community School District, General Obligation Refunding Bonds, Series B | 2.000% | 06/01/2027 | 2100000 | 2032421 |
| City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D | 3.000% | 06/01/2029 | 950000 | 936051 |
| City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A | 3.000% | 06/01/2029 | 1050000 | 1046205 |
| City of West Des Moines, Iowa, General Obligation Bonds, Series D | 3.000% | 06/01/2031 | 1770000 | 1732592 |
| Cedar Rapids, General Obligation Bonds, Series A | 5.000% | 06/01/2040 | 1055000 | 1102782 |
|  |  |  |  | 8460129 |
| **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** |
| &nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission, General Obligation <br> Refunding Bonds, Series A<br>| 3.000% | 10/01/2027 | 1000000 | 999644 |
| Wyandotte County/Kansas City Unified Government, General Obligation Bonds, Series A | 5.000% | 08/01/2028 | 1410000 | 1501907 |
| State of Kansas Department of Transportation Revenue Bonds, Series A | 5.000% | 09/01/2033 | 5000000 | 5178581 |
|  |  |  |  | 7680132 |
| **Kentucky (4.42%)** | **Kentucky (4.42%)** | **Kentucky (4.42%)** | **Kentucky (4.42%)** | **Kentucky (4.42%)** |
| Northern Kentucky Water District Revenue Bonds, Series A | 4.000% | 02/01/2028 | 1110000 | 1110619 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.250% | 09/15/2029 | 1735000 | 1731181 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.000% | 10/01/2029 | 1060000 | 1036930 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.375% | 09/15/2030 | 1800000 | 1800037 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.125% | 10/01/2030 | 1095000 | 1080434 |
| Northern Kentucky Water District Revenue Refunding Bonds | 3.000% | 02/01/2031 | 3660000 | 3563913 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 12/01/2031 | 1565000 | 1360136 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 02/01/2032 | 1770000 | 1533990 |
| Kentucky State Public Energy Authority Gas Supply Revenue Refunding Bonds, Series B(h) | 5.000% | 08/01/2032 | 3330000 | 3518297 |
| Kentucky State Property & Buildings Commission Revenue Refunding Bonds, Series B | 5.000% | 04/01/2033 | 730000 | 819609 |
| City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds | 3.000% | 06/01/2033 | 3115000 | 2900535 |
| Kentucky State Municipal Energy Agency Power System Revenue Bonds | 5.000% | 01/01/2039 | 785000 | 836314 |
| Woodford County School District Finance Corporation Revenue Bonds, Series A | 5.000% | 08/01/2039 | 1000000 | 1043259 |
|  |  |  |  | 22335254 |
| **Louisiana (1.23%)** | **Louisiana (1.23%)** | **Louisiana (1.23%)** | **Louisiana (1.23%)** | **Louisiana (1.23%)** |
| State of Louisiana General Obligation Bonds, Series E | 5.000% | 09/01/2032 | 2000000 | 2244076 |
| St. John the Baptist Parish School District No. 1, General Obligation Bonds | 5.250% | 03/01/2037 | 1500000 | 1581324 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority <br> Revenue Bonds<br>| 5.000% | 08/15/2037 | 1000000 | 1015056 |
| City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A | 5.000% | 12/01/2039 | 830000 | 857328 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority Revenue Bonds, Department of Public Safety Crime (AGC <br> Insured)<br>| 5.000% | 08/01/2041 | 485000 | 507980 |
|  |  |  |  | 6205764 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Maryland (0.78%)** | **Maryland (0.78%)** | **Maryland (0.78%)** | **Maryland (0.78%)** | **Maryland (0.78%)** |
| County of Caroline, Maryland, General Obligation Refunding Bonds | 3.000% | 01/15/2032 | $1150000 | $1104632 |
| City of Baltimore, Massachusetts, Revenue Bonds, Series A | 5.000% | 07/01/2035 | 1000000 | 1098479 |
| County of Baltimore, General Obligation Bonds | 4.000% | 03/01/2038 | 1750000 | 1750306 |
|  |  |  |  | 3953417 |
| **Massachusetts (2.55%)** | **Massachusetts (2.55%)** | **Massachusetts (2.55%)** | **Massachusetts (2.55%)** | **Massachusetts (2.55%)** |
| Massachusetts State Development Finance Agency Variable Revenue Bonds, Series A-1(i) | 5.000% | 05/13/2032 | 4260000 | 4727084 |
| &nbsp;&nbsp;&nbsp; Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners <br> Healthcare System<br>| 5.000% | 07/01/2035 | 1400000 | 1416562 |
| Massachusetts State Development Finance Agency Variable Revenue Bonds(j) | 5.000% | 11/01/2035 | 2000000 | 2266248 |
| Massachusetts State, General Obligation Bonds, Series A | 5.000% | 01/01/2037 | 1810000 | 1892553 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series J | 5.000% | 12/01/2038 | 1000000 | 1012517 |
| Commonwealth of Massachusetts, General Obligation Refunding Bonds, Series B | 5.000% | 05/01/2039 | 1480000 | 1591436 |
|  |  |  |  | 12906400 |
| **Michigan (3.15%)** | **Michigan (3.15%)** | **Michigan (3.15%)** | **Michigan (3.15%)** | **Michigan (3.15%)** |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2027 | 500000 | 500592 |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2028 | 300000 | 300329 |
| Utica Community Schools, General Obligation Bonds | 5.000% | 05/01/2031 | 1100000 | 1222273 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | 4.000% | 10/01/2032 | 595000 | 608281 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | 4.000% | 10/01/2034 | 670000 | 682049 |
| Rockford Public Schools, General Obligation Bonds, Series I | 4.000% | 05/01/2035 | 1755000 | 1772139 |
| Van Buren Public Schools, General Obligation Refunding Bonds | 4.000% | 11/01/2035 | 1000000 | 1007621 |
| Grosse Pointe Public School System, General Obligation Refunding Bonds | 5.000% | 05/01/2036 | 1635000 | 1716107 |
| Lowell Area Schools, General Obligation Bonds | 4.000% | 05/01/2036 | 865000 | 870727 |
| West Bloomfield School District, General Obligation Bonds | 3.000% | 05/01/2036 | 3825000 | 3426779 |
| Dundee Community Schools, General Obligation Bonds | 5.000% | 05/01/2037 | 1000000 | 1076936 |
| Fowlerville Community Schools, General Obligation Refunding Bonds | 4.000% | 05/01/2038 | 1470000 | 1446343 |
| Grand Rapids Public Schools, General Obligation Bonds | 5.000% | 05/01/2041 | 1220000 | 1276638 |
|  |  |  |  | 15906814 |
| **Minnesota (3.66%)** | **Minnesota (3.66%)** | **Minnesota (3.66%)** | **Minnesota (3.66%)** | **Minnesota (3.66%)** |
| City of Eagan, Minnesota, General Obligation Bonds, Series A | 3.250% | 02/01/2032 | 1245000 | 1246284 |
| Metropolitan Council, General Obligation Bonds, Series C | 3.750% | 03/01/2032 | 5500000 | 5502109 |
| Big Lake Independent School District No. 727, General Obligation Bonds, Series A | 3.000% | 02/01/2033 | 570000 | 542930 |
| White Bear Lake Independent School District No. 624, General Obligation Bonds, Series A | 5.000% | 02/01/2033 | 4750000 | 5302229 |
| &nbsp;&nbsp;&nbsp; North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation <br> Bonds, Series B<br>| 3.000% | 02/01/2034 | 3300000 | 3106067 |
| Red Rock Central Independent School District No. 2884, General Obligation Bonds, Series A | 3.000% | 02/01/2034 | 1000000 | 954206 |
| City of Minneapolis, Minnesota, General Obligation Bonds | 3.000% | 12/01/2035 | 2000000 | 1831666 |
|  |  |  |  | 18485491 |
| **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** |
| State of Mississippi, General Obligation Bonds, Series F | 3.000% | 11/01/2026 | 3000000 | 3001102 |
| **Missouri (2.51%)** | **Missouri (2.51%)** | **Missouri (2.51%)** | **Missouri (2.51%)** | **Missouri (2.51%)** |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2033 | 1000000 | 1002603 |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2034 | 2500000 | 2503626 |
| Jackson County School District No. R-5 Grain Valley, General Obligation Bonds, Series A | 5.000% | 03/01/2035 | 2000000 | 2080627 |
| City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B | 3.000% | 10/01/2035 | 2520000 | 2313969 |
| Cape Girardeau County School District No. R-2, General Obligation Refunding Bonds | 4.000% | 03/01/2036 | 645000 | 657111 |
| Platte County School District Park Hill, General Obligation Bonds | 3.350% | 03/01/2036 | 1000000 | 912515 |
| Nixa Public Schools General Obligation Bonds | 5.000% | 03/01/2039 | 1170000 | 1259553 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Missouri (Cont.)** | **Missouri (Cont.)** | **Missouri (Cont.)** | **Missouri (Cont.)** | **Missouri (Cont.)** |
| Willard No. R-2, General Obligation Bonds | 5.000% | 03/01/2039 | $860000 | $911749 |
| Troy Reorganized School District No. 3 Lincoln County, General Obligation Bonds | 5.000% | 03/01/2040 | 1000000 | 1042440 |
|  |  |  |  | 12684193 |
| **Montana (2.80%)** | **Montana (2.80%)** | **Montana (2.80%)** | **Montana (2.80%)** | **Montana (2.80%)** |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2032 | 945000 | 974084 |
| Missoula High School District No. 1, General Obligation Bonds | 4.000% | 07/01/2032 | 1010000 | 1014983 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2033 | 1005000 | 1034585 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2034 | 505000 | 519191 |
| Cascade County High School District A Great Falls, General Obligation Bonds | 5.000% | 07/01/2034 | 725000 | 754071 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2034 | 1000000 | 1023283 |
| Hellgate School District No. 4, General Obligation Bonds | 5.250% | 06/15/2035 | 880000 | 912239 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2035 | 845000 | 852687 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2035 | 750000 | 760975 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | 5.000% | 07/01/2035 | 1925000 | 1993403 |
| Montana State Board of Regents Revenue Refunding Bonds | 3.000% | 11/15/2035 | 3660000 | 3329915 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2036 | 585000 | 588565 |
| Broadwater County K-12 School District No. 1 Townsend, General Obligation Bonds | 3.000% | 07/01/2037 | 465000 | 407061 |
|  |  |  |  | 14165042 |
| **Nebraska (0.93%)** | **Nebraska (0.93%)** | **Nebraska (0.93%)** | **Nebraska (0.93%)** | **Nebraska (0.93%)** |
| Gretna Public Schools, General Obligation Refunding Bonds | 4.000% | 12/15/2025 | 180000 | 180648 |
| &nbsp;&nbsp;&nbsp; Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ <br> 100)(d)<br>| 5.000% | 12/15/2025 | 510000 | 514950 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2028 | 150000 | 152558 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2029 | 250000 | 253672 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2030 | 325000 | 329224 |
| City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds | 3.000% | 06/15/2034 | 1105000 | 1033230 |
| City of Kearney, Nebraska, General Obligation Bonds | 4.000% | 05/15/2035 | 500000 | 496532 |
| County of Sarpy, Nebraska, General Obligation Bonds | 3.500% | 06/01/2037 | 1000000 | 938436 |
| City of La Vista, Nebraska, General Obligation Bonds | 3.000% | 09/15/2041 | 1000000 | 793258 |
|  |  |  |  | 4692508 |
| **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** |
| Nevada System of Higher Education Revenue Refunding Bonds | 4.000% | 07/01/2030 | 3045000 | 3067556 |
| Clark County School District, General Obligation Refunding Bonds, Series C | 4.000% | 06/15/2037 | 2000000 | 1966124 |
|  |  |  |  | 5033680 |
| **New Jersey (1.93%)** | **New Jersey (1.93%)** | **New Jersey (1.93%)** | **New Jersey (1.93%)** | **New Jersey (1.93%)** |
| Hopewell Valley Regional School District, General Obligation Bonds | 3.500% | 01/15/2027 | 3330000 | 3334628 |
| New Jersey Educational Facilities Authority Revenue Refunding Bonds, Series A | 5.000% | 05/15/2028 | 3000000 | 3164855 |
| New Jersey State Educational Facilities Authority Variable Revenue Bonds, Series A(k) | 5.000% | 07/01/2031 | 2000000 | 2198416 |
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Department of Human Services <br> Revenue Refunding Bonds<br>| 5.000% | 09/15/2031 | 25000 | 27416 |
| Hopewell Valley Regional School District, General Obligation Bonds | 4.000% | 01/15/2032 | 1000000 | 1002791 |
|  |  |  |  | 9728106 |
| **New Mexico (2.92%)** | **New Mexico (2.92%)** | **New Mexico (2.92%)** | **New Mexico (2.92%)** | **New Mexico (2.92%)** |
| County of Bernalillo, New Mexico, General Obligation Bonds | 3.000% | 08/15/2025 | 1235000 | 1234400 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2026 | 225000 | 225161 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2027 | 700000 | 700524 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | 3.000% | 08/01/2027 | 1515000 | 1509383 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2028 | 725000 | 725494 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | 3.500% | 08/01/2028 | 900000 | 900337 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2029 | 750000 | 750453 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **New Mexico (Cont.)** | **New Mexico (Cont.)** | **New Mexico (Cont.)** | **New Mexico (Cont.)** | **New Mexico (Cont.)** |
| Santa Fe Public School District, General Obligation Bonds | 3.625% | 08/01/2029 | $3075000 | $3095036 |
| Santa Fe Public School District, General Obligation Bonds | 4.000% | 08/01/2030 | 1000000 | 1011229 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2034 | 1800000 | 1878703 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2035 | 2600000 | 2699867 |
|  |  |  |  | 14730587 |
| **New York (2.34%)** | **New York (2.34%)** | **New York (2.34%)** | **New York (2.34%)** | **New York (2.34%)** |
| New York State Housing Finance Agency Variable Revenue Bonds, Series J(l) | 1.100% | 05/01/2027 | 970000 | 924955 |
| New York State Dormitory Authority Revenue Bonds(m) | 5.000% | 10/01/2028 | 965000 | 1035109 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Financing Authority Future Tax Subordinate Revenue Refunding <br> Bonds<br>| 5.000% | 11/01/2031 | 2020000 | 2263224 |
| State of New York Mortgage Agency Revenue Refunding Bonds, Series 220 | 2.400% | 10/01/2034 | 1000000 | 851714 |
| New York State Urban Development Corporation Revenue Refunding Bonds, Series A | 5.000% | 03/15/2035 | 2000000 | 2005876 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding <br> Bonds, Series BB, Subseries BB-2<br>| 5.000% | 06/15/2036 | 2725000 | 3098032 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, <br> Series B-1<br>| 5.250% | 11/01/2036 | 1500000 | 1648837 |
|  |  |  |  | 11827747 |
| **North Carolina (0.76%)** | **North Carolina (0.76%)** | **North Carolina (0.76%)** | **North Carolina (0.76%)** | **North Carolina (0.76%)** |
| Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds | 4.000% | 07/01/2027 | 1210000 | 1210600 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2028 | 700000 | 701103 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2029 | 265000 | 265405 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | 5.000% | 02/01/2035 | 1000000 | 1066776 |
| County of Pender, North Carolina, Limited Obligation Revenue Bonds, Series A | 5.000% | 04/01/2041 | 575000 | 613427 |
|  |  |  |  | 3857311 |
| **North Dakota (1.28%)** | **North Dakota (1.28%)** | **North Dakota (1.28%)** | **North Dakota (1.28%)** | **North Dakota (1.28%)** |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.125% | 05/01/2028 | 845000 | 844980 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.250% | 05/01/2029 | 835000 | 834970 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2031 | 1015000 | 1004867 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2032 | 1060000 | 1033662 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2033 | 1350000 | 1291333 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2034 | 1550000 | 1451514 |
|  |  |  |  | 6461326 |
| **Ohio (3.17%)** | **Ohio (3.17%)** | **Ohio (3.17%)** | **Ohio (3.17%)** | **Ohio (3.17%)** |
| Lake Local School District/Stark County, General Obligation Bonds | 3.000% | 12/01/2025 | 190000 | 189849 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds | 5.000% | 12/01/2027 | 175000 | 175264 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds | 4.000% | 12/01/2030 | 365000 | 365154 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2031 | 350000 | 352264 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2032 | 220000 | 222928 |
| Northeast Ohio Regional Sewer District Revenue Refunding Bonds | 5.000% | 11/15/2032 | 1140000 | 1293700 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2032 | 315000 | 315058 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2032 | 1750000 | 1758626 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2032 | 375000 | 376882 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2033 | 370000 | 373786 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2033 | 235000 | 235077 |
| Dublin City School District, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 500000 | 509424 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2033 | 400000 | 401435 |
| City of Toledo, Ohio, General Obligation Bonds | 5.250% | 12/01/2034 | 1000000 | 1107179 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2034 | 1000000 | 1002253 |
| Dublin City School District, General Obligation Bonds, Series A | 4.000% | 12/01/2034 | 500000 | 507252 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2034 | 875000 | 877285 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2035 | 1870000 | 1870191 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** |
| Worthington City School District, General Obligation Bonds | 4.000% | 12/01/2035 | $475000 | $479314 |
| &nbsp;&nbsp;&nbsp; Ohio State Water Development Authority Water Pollution Control Sustainable Revenue Bonds, <br> Series D<br>| 5.000% | 12/01/2038 | 3295000 | 3618362 |
|  |  |  |  | 16031283 |
| **Oklahoma (2.10%)** | **Oklahoma (2.10%)** | **Oklahoma (2.10%)** | **Oklahoma (2.10%)** | **Oklahoma (2.10%)** |
| City of Tulsa, Oklahoma, General Obligation Bonds | 3.000% | 04/01/2028 | 3000000 | 2999916 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No. 52 Midwest City, General Obligation <br> Bonds(m)<br>| 4.000% | 07/01/2028 | 1000000 | 1022322 |
| Edmond Public Works Authority Revenue Bonds | 5.000% | 07/01/2032 | 1500000 | 1552808 |
| &nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement Authority State Facilities Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2032 | 1150000 | 1292752 |
| Oklahoma County Finance Authority Revenue Bonds | 5.000% | 09/01/2036 | 2500000 | 2674388 |
| Oklahoma State Turnpike Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2042 | 1000000 | 1054648 |
|  |  |  |  | 10596834 |
| **Oregon (0.72%)** | **Oregon (0.72%)** | **Oregon (0.72%)** | **Oregon (0.72%)** | **Oregon (0.72%)** |
| &nbsp;&nbsp;&nbsp; Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation <br> Bonds<br>| 3.000% | 06/15/2035 | 2865000 | 2649868 |
| State of Oregon Housing & Community Services Department Mortgage Revenue Bonds | 4.750% | 07/01/2040 | 1000000 | 1000049 |
|  |  |  |  | 3649917 |
| **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** |
| Township of Upper St. Clair, Pennsylvania, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2029 | 305000 | 308076 |
| Pennsylvania Housing Finance Agency Revenue Bonds, Series 137 | 2.200% | 04/01/2033 | 2785000 | 2383345 |
| Allegheny County Hospital Development Authority Revenue Refunding Bonds | 5.000% | 07/15/2033 | 1220000 | 1281358 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 400000 | 379660 |
| Delaware River Port Authority Revenue Bonds | 5.000% | 01/01/2037 | 1000000 | 1000308 |
| Philadelphia Redevelopment Authority Sustainable Revenue Bonds, Series B | 5.000% | 09/01/2041 | 1345000 | 1393976 |
| County of Dauphin, Pennsylvania, General Obligation Refunding Notes, Series B | 5.000% | 11/15/2043 | 3620000 | 3720833 |
|  |  |  |  | 10467556 |
| **Rhode Island (1.23%)** | **Rhode Island (1.23%)** | **Rhode Island (1.23%)** | **Rhode Island (1.23%)** | **Rhode Island (1.23%)** |
| Rhode Island State Health & Educational Building Corporation Revenue Bonds, Series C | 5.000% | 05/15/2032 | 1065000 | 1185139 |
| Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A | 2.200% | 10/01/2033 | 780000 | 660500 |
| Rhode Island State Health & Educational Building Corp. Revenue Bonds | 5.000% | 05/15/2041 | 1735000 | 1799415 |
| Rhode Island State Health & Educational Building Corporation Revenue Bonds, Series D | 5.250% | 05/15/2042 | 2445000 | 2586493 |
|  |  |  |  | 6231547 |
| **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 3.500% | 12/01/2027 | 380000 | 379997 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 4.000% | 12/01/2028 | 520000 | 520164 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 4.000% | 12/01/2030 | 535000 | 535081 |
|  |  |  |  | 1435242 |
| **Tennessee (0.89%)** | **Tennessee (0.89%)** | **Tennessee (0.89%)** | **Tennessee (0.89%)** | **Tennessee (0.89%)** |
| County of Washington, Tennessee, General Obligation Bonds, Series B | 3.000% | 06/01/2030 | 850000 | 841974 |
| County of Knox, Tennessee, General Obligation Refunding Bonds, Series B | 3.000% | 06/01/2032 | 1105000 | 1074117 |
| City of Memphis, Tennessee, Electric System Revenue Bonds, Series A | 3.000% | 12/01/2035 | 1000000 | 915137 |
| City of Knoxville, Tennessee, Electric Revenue Bonds, Series QQ | 5.000% | 07/01/2042 | 1615000 | 1667727 |
|  |  |  |  | 4498955 |
| **Texas (7.79%)** | **Texas (7.79%)** | **Texas (7.79%)** | **Texas (7.79%)** | **Texas (7.79%)** |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Bonds(n) | 5.000% | 05/15/2026 | 1000000 | 1012042 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to <br> 02-15-2027 @ 100)(d)<br>| 4.000% | 02/15/2027 | $235000 | $239610 |
| Clifton Higher Education Finance Corp. Revenue Refunding Bonds | 5.000% | 08/15/2028 | 1600000 | 1697855 |
| Bell County Water Control & Improvement District No. 1 Revenue Bonds | 5.000% | 07/10/2031 | 535000 | 589928 |
| Upper Brushy Creek Water Control and Improvement District, General Obligation Bonds | 3.000% | 08/15/2031 | 1000000 | 985252 |
| Aldine Independent School District, General Obligation Refunding Bonds | 4.000% | 02/15/2033 | 1000000 | 1005112 |
| Arlington Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 920000 | 1037236 |
| Humble Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 690000 | 777927 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds, Unrefunded <br> Balance<br>| 4.000% | 02/15/2033 | 765000 | 768910 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 5.000% | 03/01/2033 | 200000 | 208569 |
| Texas Water Development Board Revenue Bonds, Series A | 5.000% | 04/15/2033 | 3405000 | 3855503 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2034 | 280000 | 283816 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2035 | 200000 | 202069 |
| Texas State Technical College Revenue Bonds | 5.250% | 08/01/2035 | 1000000 | 1108557 |
| State of Texas Transportation Commission Mobility Fund, General Obligation Refunding Bonds | 4.000% | 10/01/2035 | 2655000 | 2656614 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2036 | 1745000 | 1802741 |
| Richardson Independent School District, General Obligation Bonds, Series A | 5.000% | 02/15/2036 | 1000000 | 1093687 |
| Texas A&M University Revenue Bonds | 5.250% | 05/15/2036 | 1000000 | 1103875 |
| Trinity River Authority Central Regional Wastewater System Revenue Bonds | 3.500% | 08/01/2036 | 1000000 | 969926 |
| Leander Independent School District, General Obligation Refunding Bonds, Series A | 5.000% | 08/15/2036 | 1000000 | 1118788 |
| Texas Water Development Board Revenue Bonds | 4.450% | 10/15/2036 | 1000000 | 1030700 |
| Texas Water Development Board Revenue Bonds | 4.000% | 10/15/2036 | 1000000 | 990452 |
| City of Cedar Park, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1064233 |
| Waller Consolidated Independent School District, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1080623 |
| North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series A | 4.125% | 01/01/2039 | 1375000 | 1368222 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2039 | 1000000 | 1037770 |
| County of Smith, General Obligation Bonds | 5.000% | 08/15/2039 | 1000000 | 1049365 |
| Harlandale Independent School District, General Obligation Bonds, Series A | 5.250% | 08/15/2039 | 1000000 | 1084985 |
| Northside Independent School District, General Obligation Refunding Bonds | 5.000% | 08/15/2039 | 1105000 | 1126684 |
| City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, Series D | 5.000% | 11/15/2039 | 1725000 | 1726782 |
| Permanent University Fund - University of Texas System Revenue Refunding Bonds, Series A | 5.000% | 07/01/2040 | 1750000 | 1868189 |
| Austin Community College District, General Obligation Bonds | 4.000% | 08/01/2040 | 1050000 | 983273 |
| City of San Antonio, Texas, General Obligation Bonds | 5.000% | 02/01/2041 | 2275000 | 2409961 |
|  |  |  |  | 39339256 |
| **Utah (0.90%)** | **Utah (0.90%)** | **Utah (0.90%)** | **Utah (0.90%)** | **Utah (0.90%)** |
| Central Utah Water Conservancy District Revenue Refunding Bonds, Series B | 4.000% | 10/01/2033 | 2500000 | 2520513 |
| Wasatch County School District Local Building Authority Revenue Bonds | 5.000% | 06/01/2034 | 750000 | 822582 |
| Duchesne County School District Revenue Bonds | 5.000% | 06/01/2036 | 1150000 | 1194151 |
|  |  |  |  | 4537246 |
| **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2032 | 175000 | 185762 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2033 | 190000 | 200650 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2034 | 255000 | 267996 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2034 | 410000 | 430896 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2035 | 265000 | 277051 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2035 | 435000 | 454782 |
|  |  |  |  | 1817137 |
| **Virginia (0.55%)** | **Virginia (0.55%)** | **Virginia (0.55%)** | **Virginia (0.55%)** | **Virginia (0.55%)** |
| County of Stafford, Virginia, General Obligation Bonds | 4.000% | 07/01/2030 | 1205000 | 1205365 |
| City of Danville, Virginia, General Obligation Bonds | 4.000% | 09/01/2039 | 1625000 | 1596249 |
|  |  |  |  | 2801614 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Washington (5.06%)** | **Washington (5.06%)** | **Washington (5.06%)** | **Washington (5.06%)** | **Washington (5.06%)** |
| Clark County School District No. 98 Hockinson, General Obligation Bonds(d) | 4.000% | 12/01/2027 | $1090000 | $1090768 |
| City of Camas, Washington, Water & Sewer Revenue Refunding Bonds | 4.000% | 12/01/2028 | 1050000 | 1054542 |
| City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A | 3.250% | 12/01/2028 | 350000 | 350269 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | 5.000% | 09/01/2029 | 1000000 | 1000873 |
| Energy Northwest Revenue Refunding Bonds(d) | 5.000% | 07/01/2030 | 5000000 | 5000000 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | 5.000% | 09/01/2030 | 2100000 | 2101786 |
| King County School District No 414 Lake Washington, General Obligation Bonds | 4.000% | 12/01/2033 | 5000000 | 5055083 |
| King County School District No. 405 Bellevue, General Obligation Bonds | 3.000% | 12/01/2033 | 5095000 | 4849138 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 840000 | 849566 |
| Clark County Public Utility District No. 1 Revenue Refunding Bonds | 5.000% | 01/01/2034 | 1010000 | 1033469 |
| Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds | 4.375% | 12/01/2034 | 1040000 | 1067474 |
| Lakehaven Water & Sewer District Revenue Bonds | 3.000% | 10/01/2035 | 700000 | 642777 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | 4.000% | 12/01/2035 | 500000 | 503289 |
| City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds | 4.000% | 05/01/2036 | 1000000 | 976689 |
|  |  |  |  | 25575723 |
| **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** |
| Braxton County Board of Education, General Obligation Refunding Bonds | 4.000% | 05/01/2026 | 250000 | 252137 |
| Braxton County Board of Education, General Obligation Refunding Bonds | 2.250% | 05/01/2026 | 125000 | 123874 |
|  |  |  |  | 376011 |
| **Wisconsin (5.78%)** | **Wisconsin (5.78%)** | **Wisconsin (5.78%)** | **Wisconsin (5.78%)** | **Wisconsin (5.78%)** |
| Wisconsin-Dells School District, General Obligation Bonds | 3.125% | 03/01/2030 | 1595000 | 1580880 |
| City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A | 2.000% | 03/01/2031 | 895000 | 799086 |
| Burlington Area School District, General Obligation Bonds | 3.125% | 04/01/2031 | 1000000 | 985055 |
| Poynette School District, General Obligation Bonds | 3.000% | 04/01/2031 | 850000 | 827111 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2031 | 300000 | 304433 |
| Burlington Area School District, General Obligation Bonds | 3.250% | 04/01/2032 | 1120000 | 1103702 |
| Hamilton School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 2000000 | 1999526 |
| Poynette School District, General Obligation Bonds | 3.125% | 04/01/2032 | 1520000 | 1485016 |
| Western Technical College District, General Obligation Refunding Bonds, Series F | 3.000% | 04/01/2032 | 2240000 | 2221882 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2032 | 675000 | 682933 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2034 | 1390000 | 1398715 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2035 | 1405000 | 1285547 |
| New Richmond School District, General Obligation Bonds | 4.000% | 04/01/2035 | 4170000 | 4236085 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2036 | 1535000 | 1377312 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 07/01/2038 | 1000000 | 1007040 |
| Two Rivers Public School District, General Obligation Refunding Bonds | 4.000% | 03/01/2039 | 1000000 | 981871 |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds | 4.000% | 04/01/2039 | 1000000 | 938455 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 11/15/2039 | 3025000 | 3033029 |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 04/01/2040 | 2810000 | 2977851 |
|  |  |  |  | 29225529 |
| **Total Long-term Municipal Bond** <br>(cost $509,999,111)<br>|  |  |  | 497602496 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.95%)** | **Short-term Investments (0.95%)** | **Short-term Investments (0.95%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 4.16%(o) | 4799653 | $4799653 |
| **Total Short-term Investments** <br>(cost $4,799,653)<br>|  | 4799653 |
| **TOTAL INVESTMENTS (99.42%)** <br>(cost $514,798,764)<br>|  | 502402149 |
| **OTHER ASSETS, NET OF LIABILITIES (0.58%)** |  | 2934539 |
| **NET ASSETS (100.00%)** |  | $505336688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is fixed until mandatory tender date of June 1, 2029.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown is fixed until mandatory tender date of December 1, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate shown is fixed until mandatory tender date of November 1, 2034.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Advanced Refunded Bonds are backed by an escrow or trust containing U.S. Government,
 U.S. Government Agency or other securities to support the timely payment of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate shown is fixed until mandatory tender date of November 1, 2029.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate shown is fixed until mandatory tender date of July 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate shown is fixed until mandatory tender date of December 1, 2031.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Rate shown is fixed until mandatory tender date of August 1, 2032.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Rate shown is fixed until mandatory tender date of May 13, 2032

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate shown is fixed until mandatory tender date of November 1, 2035.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Rate shown is fixed until mandatory tender date of July 1, 2031.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Rate shown is fixed until mandatory tender date of May 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Security purchased on a "when-issued" basis.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown is fixed until mandatory tender date of May 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Rate shown is the 7-day yield as of June 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisers Investment Trust

- **b. Investment Company Act file number:** 811-22538

- **c. CIK number of Registrant:** 0001516523

- **d. LEI of Registrant:** 549300BG52TB5QPLYE22

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 S. LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 312-557-4100

**Item A.2. Information about the Series.**

- **a. Name of Series:** State Farm Balanced Fund

- **b. EDGAR series identifier (if any):** S000071158

- **c. LEI of Series:** 549300S6Y40MX47LDJ87

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2462926814.73

**Total Liabilities:** $1113794.98

**Net Assets:** $2461813019.75

**Cash Not Reported:** $21.39

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 8.640325021246 | **1-Year:** 17040.581006537812 | **5-Year:** 51015.461755648143 | **10-Year:** 29766.381783262999 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 99.925590520070 | **10-Year:** 51.622688790243 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225896 | -1.03%               | 3.31%                | 3.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5956917.80              | $-34959183.37                              |
| Month 2  | $7741348.08              | $63209910.70                               |
| Month 3  | $7350175.18              | $66614761.31                               |

### Schedule of Portfolio Investments

| Name                                                                                 | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ontario (Province Of)                                                                | ONT 1.05 05/21/27                                              | CUSIP: 683234AQ1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $94822.97     | 0.00%             | 2027-05-21      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.484 09/16/36                                             | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $212433.78    | 0.01%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AER 2.45 10/29/26                                              | CUSIP: 00774MAV7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $487138.25    | 0.02%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 6.82 11/17/33                                             | CUSIP: 961214FP3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $109961.66    | 0.00%             | 2033-11-17      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC 5.3 02/15/31                                            | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102981.18    | 0.00%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.198 01/23/30                                            | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153645.30    | 0.01%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.336 01/23/35                                            | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255907.44    | 0.01%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 4.5 01/24/34                                              | CUSIP: 013051ET0<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $99663.17     | 0.00%             | 2034-01-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                         | CFG V5.841 01/23/30                                            | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103574.18    | 0.00%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                                                            | EDC 4.125 02/13/29                                             | CUSIP: 30216BKC5<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |    200000 | PA      | $202172.48    | 0.01%             | 2029-02-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.7 02/09/34                                               | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99942.13     | 0.00%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 5.25 03/15/34                                               | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101982.84    | 0.00%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                               | Verisk Analytics, Inc. COM USD0.001                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     10800 | NS      | $3364200.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                  | ABIBB 3.5 06/01/30                                             | CUSIP: 035240AV2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    350000 | PA      | $337664.28    | 0.01%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | XOM 2.61 10/15/30                                              | CUSIP: 30231GBN1<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231362.75    | 0.01%             | 2030-10-15      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| CubeSmart LP                                                                         | CUBE 2 02/15/31                                                | CUSIP: 22966RAG1<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129937.52    | 0.01%             | 2031-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.102 07/23/27                                            | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100752.69    | 0.00%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                                                | PCAR 4.45 08/06/27                                             | CUSIP: 69371RT30<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101155.62    | 0.00%             | 2027-08-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                                                               | CB 4.65 08/15/29                                               | CUSIP: 171239AL0<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152556.54    | 0.01%             | 2029-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.4 09/25/27                                               | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100087.46    | 0.00%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings, LLC                                                | CHCOCH 3.7 11/15/29                                            | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241175.13    | 0.01%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass Through Trust 2020-1A                                           | UAL 5.875 10/15/27 20-1                                        | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39750 | PA      | $40560.41     | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                             | V 1.1 02/15/31                                                 | CUSIP: 92826CAN2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $213258.04    | 0.01%             | 2031-02-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 1.6 08/12/28                                              | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229713.77    | 0.01%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 3.2 11/21/29                                              | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239125.60    | 0.01%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 1.75 01/20/31                                               | CUSIP: 92343VFR0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86167.75     | 0.00%             | 2031-01-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                    | ISRAEL 2.75 07/03/30 10Y                                       | CUSIP: 46513JB34<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    250000 | PA      | $226254.28    | 0.01%             | 2030-07-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 0.95 09/01/27                                              | CUSIP: 478160CP7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94059.60     | 0.00%             | 2027-09-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | GILD 1.65 10/01/30                                             | CUSIP: 375558BY8<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    300000 | PA      | $262250.38    | 0.01%             | 2030-10-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 3.625 02/01/31                                              | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141318.62    | 0.01%             | 2031-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     41100 | NS      | $9016929.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     11625 | NS      | $1581116.25   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                                             | The Allstate Corporation COM USD0.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      4000 | NS      | $805240.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5658 | NS      | $1579770.18   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                                                      | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      5300 | NS      | $829079.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     91615 | NS      | $18796649.55  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AER 3.3 01/30/32                                               | CUSIP: 00774MAX3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $452994.91    | 0.02%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.64 02/24/28                                              | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242800.34    | 0.01%             | 2028-02-24      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc.                                                               | Applied Materials Inc. COM USD0.01                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1200 | NS      | $219684.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                                                         | Henry Jack & Associates Inc. COM USD0.01                       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      1500 | NS      | $270255.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | JPM 5.11 12/08/26                                              | CUSIP: 48125LRU8<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253164.99    | 0.01%             | 2026-12-08      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.8 01/05/34 MTN                                        | CUSIP: 89236TLM5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99960.45     | 0.00%             | 2034-01-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp.                                                               | OBDC 5.95 03/15/29                                             | CUSIP: 69121KAH7<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100513.95    | 0.00%             | 2029-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 4.85 02/08/27                                             | CUSIP: 855244BG3<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100875.66    | 0.00%             | 2027-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | Goldman Sachs Group, Inc. COM USD0.01                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       800 | NS      | $566200.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                                          | Verizon Communications Inc. COM USD0.10                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     81600 | NS      | $3530832.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5 02/15/29                                               | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101416.63    | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 4.9 02/22/27                                               | CUSIP: 110122EE4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101275.27    | 0.00%             | 2027-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | Bristol-Myers Squibb Company COM USD0.10                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      4600 | NS      | $212934.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                                                       | Verisign, Inc. COM USD0.001                                    | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     10500 | NS      | $3032400.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.45 04/01/31                                              | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103113.84    | 0.00%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.375 03/06/29 GMTN                                       | CUSIP: 045167GD9<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $102002.86    | 0.00%             | 2029-03-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tyler Technologies Inc.                                                              | Tyler Technologies Inc. COM USD0.01                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      5000 | NS      | $2964200.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                                                                   | Cintas Corporation COM NPV                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16400 | NS      | $3655068.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.8 02/26/27                                              | CUSIP: 17275RBQ4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101212.66    | 0.00%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 5.05 02/26/34                                             | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102354.95    | 0.00%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Packaging Corporation of America                                                     | Packaging Corporation of America COM USD0.01                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      1100 | NS      | $207295.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                                      | Deere & Company COM USD1                                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       718 | NS      | $365095.82    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley COM USD0.01                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1700 | NS      | $239462.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                                                          | Ecolab Inc. COM USD1                                           | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      8000 | NS      | $2155520.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LYB International Finance III LLC                                                    | LYB 5.5 03/01/34                                               | CUSIP: 50249AAM5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99811.92     | 0.00%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 5 03/01/35                                                 | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100643.82    | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.042 07/19/30                                             | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254247.37    | 0.01%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.15 07/15/34                                              | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101009.75    | 0.00%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | Fiserv Inc. COM USD0.01                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      2500 | NS      | $431025.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                                              | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     30000 | NS      | $2206500.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.884 07/26/35                                            | CUSIP: 14040HDH5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103100.10    | 0.00%             | 2035-07-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Newmont Corp / Newcrest Finance Pty Ltd.                                             | NEM 3.25 05/13/30                                              | CUSIP: 65163LAB5<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95263.36     | 0.00%             | 2030-05-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     90715 | NS      | $13856716.25  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                                                            | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       700 | NS      | $627018.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                                                            | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      4200 | NS      | $3762108.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                                                            | Kellanova COM USD0.25                                          | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     80000 | NS      | $6362400.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Louisiana LLC                                                                | ETR 5.15 09/15/34                                              | CUSIP: 29364WBP2<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100569.15    | 0.00%             | 2034-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 1.402 09/17/26                                          | CUSIP: 86562MCH1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $96548.05     | 0.00%             | 2026-09-17      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.125 02/28/27                                               | CUSIP: 912828ZB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9571484.40   | 0.39%             | 2027-02-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty Corporation                                                            | Kilroy Realty Corporation COM STK USD0.01                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     42500 | NS      | $1458175.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                                                               | Lincoln National Corp. COM NPV                                 | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     15600 | NS      | $539760.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY V6.848 01/03/30                                           | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158367.05    | 0.01%             | 2030-01-03      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corporation                                                   | PPL 4.85 02/15/34                                              | CUSIP: 69351UBC6<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100021.99    | 0.00%             | 2034-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | SANTAN V4.175 03/24/28                                         | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $198831.04    | 0.01%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.7 12/01/32                                              | CUSIP: 023135CR5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254779.80    | 0.01%             | 2032-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Loews Corporation                                                                    | Loews Corporation COM USD0.01                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     13900 | NS      | $1274074.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowes Companies, Inc. COM USD0.50                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      3000 | NS      | $665610.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29700 | NS      | $4252743.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                                                                | MGIC Investment Corp. COM USD1.00                              | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     86600 | NS      | $2410944.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 05/15/34                                               | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101237.14    | 0.00%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.125 02/13/34                                             | CUSIP: 298785KA3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $149057.67    | 0.01%             | 2034-02-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.65 12/01/29                                             | CUSIP: 023135CQ7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153295.10    | 0.01%             | 2029-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 3.85 08/15/32                                             | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192349.32    | 0.01%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc.                                                               | WCNCN 5 03/01/34                                               | CUSIP: 94106BAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101042.99    | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.1 03/01/29                                               | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50984.86     | 0.00%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | McDonald's Corp. COM USD0.01                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     19300 | NS      | $5638881.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                                                            | Host Hotels & Resorts Inc COM STK USD0.01                      | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     68100 | NS      | $1046016.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 3.5 08/15/27                                              | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495217.29    | 0.02%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 6.25 07/01/33                                              | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105728.00    | 0.00%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     77902 | NS      | $38749233.82  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    258166 | NS      | $20684259.92  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.1 04/15/33                                               | CUSIP: 931142FD0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244193.49    | 0.01%             | 2033-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.375 02/12/35 10Y                                      | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $203637.80    | 0.01%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 5.7 05/15/28                                               | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205084.00    | 0.01%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings Inc                                                               | CB 5 03/15/34                                                  | CUSIP: 171239AK2<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101883.20    | 0.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.4 03/23/35                                               | CUSIP: 871829BV8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50857.30     | 0.00%             | 2035-03-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 4.729 02/28/30                                             | CUSIP: 857477CW1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101516.69    | 0.00%             | 2030-02-28      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.875 08/15/28                                               | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4876953.10   | 0.20%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 1.875 04/15/31                                            | CUSIP: 471048CM8<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $177118.62    | 0.01%             | 2031-04-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Nucor Corporation                                                                    | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     43684 | NS      | $5658825.36   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                                          | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      4300 | NS      | $567772.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 1.5 01/13/27                                              | CUSIP: 4581X0EB0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $241200.56    | 0.01%             | 2027-01-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fortune Brands Innovations Inc                                                       | FBINUS 4 03/25/32                                              | CUSIP: 34964CAF3<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140945.18    | 0.01%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    180636 | NS      | $4378616.64   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                                                           | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     53000 | NS      | $8068720.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3 05/20/27                                                 | CUSIP: 500769JT2<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $246402.27    | 0.01%             | 2027-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                   | TAISEM 3.875 04/22/27                                          | CUSIP: 872898AF8<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198939.43    | 0.01%             | 2027-04-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                                                | PWR 4.75 08/09/27                                              | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50419.61     | 0.00%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 4.8 09/01/31                                               | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50535.90     | 0.00%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.45 09/25/26                                              | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100156.94    | 0.00%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.55 02/24/28                                             | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101321.99    | 0.00%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     71347 | NS      | $11367004.04  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     43853 | NS      | $6986659.96   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.125 08/20/27 GMTN                                       | CUSIP: 045167FP3<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $197408.83    | 0.01%             | 2027-08-20      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 4.8 03/15/28                                              | CUSIP: 63743HFG2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152389.09    | 0.01%             | 2028-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DHI 1.3 10/15/26                                               | CUSIP: 23331ABQ1<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96141.93     | 0.00%             | 2026-10-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.4 08/05/28                                              | CUSIP: 037833EH9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231646.82    | 0.01%             | 2028-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                 | PANAMA 3.298 01/19/33                                          | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    250000 | PA      | $203584.20    | 0.01%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V6.819 11/20/29                                             | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    150000 | PA      | $159993.21    | 0.01%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.766 01/13/33                                          | CUSIP: 86562MCS7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $262976.98    | 0.01%             | 2033-01-13      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                   | CTRA 4.375 03/15/29                                            | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247582.10    | 0.01%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 5.8 03/01/34                                               | CUSIP: 22822VBE0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103538.20    | 0.00%             | 2034-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.125 01/12/34 GMTN                                       | CUSIP: 045167GB3<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $99281.19     | 0.00%             | 2034-01-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.8 05/15/33                                             | CUSIP: 20030NEE7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249505.02    | 0.01%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.95 05/15/33                                             | CUSIP: 30303M8N5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256346.43    | 0.01%             | 2033-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM 5.001 04/28/28                                              | CUSIP: 13607LNG4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152930.97    | 0.01%             | 2028-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.043 05/01/34                                            | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151421.12    | 0.01%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 08/31/28                                               | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7138085.92   | 0.29%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                    | LPLA 5.65 03/15/35                                             | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100542.30    | 0.00%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 4.85 01/05/29                                              | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101570.74    | 0.00%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5 01/15/34                                                   | CUSIP: 927804GP3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100120.44    | 0.00%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Asian Infrastructure Investment Bank                                                 | AIIB 4.25 03/13/34                                             | CUSIP: 04522KAM8<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100198.10    | 0.00%             | 2034-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 5.375 04/15/31                                             | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102292.70    | 0.00%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 4.536 02/28/28                                             | CUSIP: 857477CU5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101138.99    | 0.00%             | 2028-02-28      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 04/30/30                                               | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4517578.13   | 0.18%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                            | ADBE 4.85 04/04/27                                             | CUSIP: 00724PAE9<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101441.88    | 0.00%             | 2027-04-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.75 06/15/29                                              | CUSIP: 298785KC9<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    225000 | PA      | $232952.77    | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 04/30/27                                                | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4999218.75   | 0.20%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.125 11/15/28                                               | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4906640.60   | 0.20%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.9 01/10/34 GMTN                                         | CUSIP: 02665WEZ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98952.57     | 0.00%             | 2034-01-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | ARCC 5.875 03/01/29                                            | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152948.62    | 0.01%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.012 01/23/30                                            | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152768.55    | 0.01%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 5.25 02/15/34                                               | CUSIP: 125523CV0<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101588.63    | 0.00%             | 2034-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | APD 4.85 02/08/34                                              | CUSIP: 009158BK1<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100248.02    | 0.00%             | 2034-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5.3 02/15/34                                             | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100106.23    | 0.00%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 3.35 04/01/27                                              | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147765.54    | 0.01%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 09/30/27                                               | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2018203.12   | 0.08%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 5.15 02/15/34                                              | CUSIP: 260543DJ9<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99959.01     | 0.00%             | 2034-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.8 02/26/27                                               | CUSIP: 04636NAK9<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101101.17    | 0.00%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                                      | UHS 1.65 09/01/26                                              | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241363.73    | 0.01%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 02/15/28                                               | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257210.90    | 0.01%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.95 03/15/31                                             | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102663.27    | 0.00%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 6.25 02/01/29                                              | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104515.10    | 0.00%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.3 02/15/30 *                                             | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157128.77    | 0.01%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.707 04/22/28 MTN                                        | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153257.33    | 0.01%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.5 04/10/31                                              | CUSIP: 459058LF8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $154334.72    | 0.01%             | 2031-04-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AER 6.45 04/15/27                                              | CUSIP: 00774MBG9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $154887.31    | 0.01%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 5.4 04/15/34                                              | CUSIP: 24703DBN0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50920.79     | 0.00%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.33 07/23/35                                              | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100869.43    | 0.00%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 6.125 03/15/33                                            | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105390.40    | 0.00%             | 2033-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 5.4 02/09/28                                               | CUSIP: 91087BAU4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $255125.00    | 0.01%             | 2028-02-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.727 04/25/30                                             | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260238.55    | 0.01%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                                                        | AEP 4.7 05/15/32                                               | CUSIP: 00108WAP5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147812.31    | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 5.156 01/10/28                                              | CUSIP: 89115A2M3<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $153063.35    | 0.01%             | 2028-01-10      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 5.25 02/01/28                                             | CUSIP: 24703DBJ9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102379.47    | 0.00%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                       | C 4.929 08/06/26                                               | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251715.92    | 0.01%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.55 08/07/26                                           | CUSIP: 89236TMJ1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200694.81    | 0.01%             | 2026-08-07      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.766 04/22/35                                            | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105058.88    | 0.00%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 5 05/14/27                                                 | CUSIP: 14913UAL4<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50851.21     | 0.00%             | 2027-05-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.5 07/12/28                                              | CUSIP: 459058KT9<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $248138.81    | 0.01%             | 2028-07-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 4.7 12/15/28                                                 | CUSIP: 756109BS2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253529.94    | 0.01%             | 2028-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | ARCC 5.95 07/15/29                                             | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153476.12    | 0.01%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D V6.875 02/01/55 A                                            | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52599.21     | 0.00%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 09/30/26                                                 | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4974218.75   | 0.20%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 02/15/28                                                | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4881054.70   | 0.20%             | 2028-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.75 03/01/35                                              | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102837.32    | 0.00%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.383 07/21/32                                             | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $218336.46    | 0.01%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                               | MSI 5.4 04/15/34                                               | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101985.34    | 0.00%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.5 04/03/29                                                 | CUSIP: 748148M91<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    150000 | PA      | $153029.26    | 0.01%             | 2029-04-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 1.35 05/28/30                                                | CUSIP: 748148SB0<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $220608.85    | 0.01%             | 2030-05-28      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.125 10/07/30                                             | CUSIP: 683234AR9<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $86234.46     | 0.00%             | 2030-10-07      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.85 04/15/31                                               | CUSIP: 30040WBA5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105191.81    | 0.00%             | 2031-04-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.581 04/22/30                                            | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259589.22    | 0.01%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Council of Europe Development Bank                                                   | COE 0.875 09/22/26                                             | CUSIP: 222213AY6<br>LEI: 549300UYNXMI821WYG82 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $240931.10    | 0.01%             | 2026-09-22      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| The Timken Company                                                                   | TKR 4.125 04/01/32                                             | CUSIP: 887389AL8<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139746.34    | 0.01%             | 2032-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.482 09/21/36                                            | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211837.45    | 0.01%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 2.25 01/15/29                                             | CUSIP: 161175CD4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    250000 | PA      | $230246.06    | 0.01%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC / Tyco Fire & Security Finance S.C.A.             | JCI 5.5 04/19/29                                               | CUSIP: 477921AA8<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |     50000 | PA      | $51854.80     | 0.00%             | 2029-04-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.652 04/13/28 MTN                                         | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102220.20    | 0.00%             | 2028-04-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                                                        | Rio Tinto PLC ADR EACH REP 1 ORD                               | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    110100 | NS      | $6422133.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                                                             | Skyworks Solutions, Inc. COM USD0.25                           | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     13600 | NS      | $1013472.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.625 07/31/29                                               | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7662812.48   | 0.31%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 08/15/32                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1845000.00   | 0.07%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.057 01/25/33                                              | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $446855.61    | 0.02%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 5.535 11/17/28                                            | CUSIP: 961214FN8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $104658.81    | 0.00%             | 2028-11-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Illumina Inc                                                                         | ILMN 5.75 12/13/27                                             | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153684.40    | 0.01%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.55 12/01/27                                             | CUSIP: 023135CP9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253327.21    | 0.01%             | 2027-12-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 5.5 03/15/34                                                | CUSIP: 209111GF4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51995.14     | 0.00%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.9 04/15/29                                                | CUSIP: 437076CW0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102596.22    | 0.00%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                                   | MTNA 6.8 11/29/32                                              | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $164875.27    | 0.01%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 5 12/08/27                                                 | CUSIP: 26441CBW4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152693.11    | 0.01%             | 2027-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.851 04/25/35                                             | CUSIP: 38141GA95<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104868.92    | 0.00%             | 2035-04-25      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5.1 05/06/27 MTN                                          | CUSIP: 63743HFR8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50793.74     | 0.00%             | 2027-05-06      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                                                | CL 4.6 03/01/28                                                | CUSIP: 194162AR4<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101711.40    | 0.00%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.625 07/15/30                                             | CUSIP: 298785JW7<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $247386.36    | 0.01%             | 2030-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.125 01/12/27 GMTN                                       | CUSIP: 045167GA5<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100378.43    | 0.00%             | 2027-01-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| President & Fellows of Harvard College                                               | HARVRD 4.609 02/15/35 .                                        | CUSIP: 740816AR4<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49425.67     | 0.00%             | 2035-02-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.6 05/15/28                                              | CUSIP: 30303M8L9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509162.36    | 0.02%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5 05/02/33 GMTN                                             | CUSIP: 78016HZQ6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $126589.41    | 0.01%             | 2033-05-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | INTNED V5.335 03/19/30                                         | CUSIP: 456837BL6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $205086.12    | 0.01%             | 2030-03-19      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE V6.875 10/01/54                                            | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50421.96     | 0.00%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 09/30/29                                                 | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4949609.40   | 0.20%             | 2029-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 4.95 02/07/30                                             | CUSIP: 63743HFX5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51141.92     | 0.00%             | 2030-02-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Agco Corporation                                                                     | AGCO 5.8 03/21/34                                              | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101491.29    | 0.00%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 5.05 04/05/29                                              | CUSIP: 032095AP6<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51432.71     | 0.00%             | 2029-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.875 01/24/30 GMTN                                       | CUSIP: 045167ER0<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $229607.16    | 0.01%             | 2030-01-24      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.375 12/31/28                                               | CUSIP: 91282CDP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3695312.48   | 0.15%             | 2028-12-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.258 04/17/30                                           | CUSIP: 606822DE1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205151.22    | 0.01%             | 2030-04-17      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.85 06/01/34                                              | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52301.43     | 0.00%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Southwest Gas Corp                                                                   | SWX 4.05 03/15/32                                              | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94826.42     | 0.00%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.586 04/26/33                                            | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494871.58    | 0.02%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.375 03/01/27                                             | CUSIP: 500769KE3<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $201775.83    | 0.01%             | 2027-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | INTNED V5.55 03/19/35                                          | CUSIP: 456837BM4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $204785.46    | 0.01%             | 2035-03-19      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 3.1 05/19/27                                               | CUSIP: 683234DB1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $246325.82    | 0.01%             | 2027-05-19      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 04/30/28                                                 | CUSIP: 91282CHA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4972851.55   | 0.20%             | 2028-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Canada (Government of)                                                               | CANADA 3.75 04/26/28                                           | CUSIP: 135087Q56<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    175000 | PA      | $175054.85    | 0.01%             | 2028-04-26      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4 04/15/30                                                 | CUSIP: 931142FC2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250210.08    | 0.01%             | 2030-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.571 04/22/28                                            | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102052.01    | 0.00%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.656 04/18/30                                             | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259677.69    | 0.01%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.8 05/15/30                                              | CUSIP: 30303M8M7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102956.46    | 0.00%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 4.65 05/16/28                                               | CUSIP: 373334KS9<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152061.32    | 0.01%             | 2028-05-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.1 09/23/30                                               | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102452.60    | 0.00%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.65 03/15/28                                             | CUSIP: 00287YDY2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101511.80    | 0.00%             | 2028-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.1 04/15/32                                               | CUSIP: 571903BT9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101126.69    | 0.00%             | 2032-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.625 11/30/26                                               | CUSIP: 912828YU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $969531.25    | 0.04%             | 2026-11-30      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.75 12/31/26                                                | CUSIP: 912828YX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $969843.75    | 0.04%             | 2026-12-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.375 11/15/31                                               | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $5989101.58   | 0.24%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions, Inc.                                                             | Skyworks Solutions, Inc. COM USD0.25                           | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       100 | NS      | $7452.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company                                                       | The Scotts Miracle-Gro Company CLASS'A'COM NPV                 | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     27900 | NS      | $1840284.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 11/30/26                                                | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2410546.88   | 0.10%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 12/31/26                                                | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2406542.98   | 0.10%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | INTNED V4.017 03/28/28                                         | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $198693.94    | 0.01%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE 3.7 04/01/29                                               | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97468.86     | 0.00%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.21 04/20/28                                              | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249483.47    | 0.01%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                                                     | OKB 3.625 09/09/27                                             | CUSIP: 676167CF4<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |    250000 | PA      | $249189.50    | 0.01%             | 2027-09-09      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D 5.375 11/15/32                                               | CUSIP: 25746UDR7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153746.95    | 0.01%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.52 01/13/28                                           | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $257393.80    | 0.01%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                             | Simon Property Group Inc COM USD0.0001                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     30300 | NS      | $4871028.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                                                                 | Wynn Resorts Limited COM USD0.01                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       100 | NS      | $9367.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.173 01/16/30                                             | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153142.33    | 0.01%             | 2030-01-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.04 01/23/28                                             | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100953.41    | 0.00%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4 03/15/29                                                 | CUSIP: 500769KC7<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    350000 | PA      | $352905.76    | 0.01%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| European Bank For Reconstruction & Development                                       | EBRD 4.125 01/25/29                                            | CUSIP: 29874QFA7<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $151611.36    | 0.01%             | 2029-01-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5 02/01/33 GMTN                                             | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152325.23    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.389 04/24/34                                            | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153487.07    | 0.01%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 5.375 04/15/28                                              | CUSIP: 595112CA9<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257034.35    | 0.01%             | 2028-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                            | JBL 5.45 02/01/29                                              | CUSIP: 46656PAA2<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256355.13    | 0.01%             | 2029-02-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.1 02/22/31                                               | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310684.92    | 0.01%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 02/13/31                                              | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102994.56    | 0.00%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.95 02/26/31                                             | CUSIP: 17275RBS0<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102866.20    | 0.00%             | 2031-02-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Aon North America Inc.                                                               | AON 5.45 03/01/34                                              | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102718.90    | 0.00%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.288 04/25/34                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255008.44    | 0.01%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.164 04/20/29 MTN                                         | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254900.04    | 0.01%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                                                       | HSBC 5.294 03/04/27                                            | CUSIP: 40428HA44<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203263.73    | 0.01%             | 2027-03-04      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.995 07/22/30                                            | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254565.57    | 0.01%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 08/15/26                                               | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2008671.88   | 0.08%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 04/15/27                                                 | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1012460.94   | 0.04%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.401 07/23/35                                            | CUSIP: 693475BZ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101828.40    | 0.00%             | 2035-07-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.95 02/15/35                                              | CUSIP: 29379VCG6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99651.78     | 0.00%             | 2035-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.284 07/26/35                                            | CUSIP: 025816DW6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101235.62    | 0.00%             | 2035-07-26      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 4.55 03/01/28 *                                            | CUSIP: 824348BS4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50429.46     | 0.00%             | 2028-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                            | ADBE 4.95 01/17/30                                             | CUSIP: 00724PAJ8<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103282.56    | 0.00%             | 2030-01-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | SYK 4.85 02/10/30                                              | CUSIP: 863667BL4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102024.98    | 0.00%             | 2030-02-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                   | TAISEM 1.75 10/25/26                                           | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193521.47    | 0.01%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.963 01/25/33                                            | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224707.73    | 0.01%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                    | ISRAEL 5.625 02/19/35 10Y                                      | CUSIP: 46514Y8B6<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $203249.50    | 0.01%             | 2035-02-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.25 03/01/30                                              | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102519.43    | 0.00%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.875 03/15/30                                            | CUSIP: 00287YDZ9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153599.98    | 0.01%             | 2030-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 5.1 02/24/35                                              | CUSIP: 17275RBZ4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102360.46    | 0.00%             | 2035-02-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V6.196 11/17/29                                           | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106105.19    | 0.00%             | 2029-11-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.989 04/10/34                                            | CUSIP: 10373QBW9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100629.89    | 0.00%             | 2034-04-10      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.25 02/10/31                                             | CUSIP: 459058JR5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $216525.22    | 0.01%             | 2031-02-10      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 3.7 03/23/29                                               | CUSIP: 444859BT8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242277.03    | 0.01%             | 2029-03-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.5 01/08/27                                               | CUSIP: 14913UAE0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100592.71    | 0.00%             | 2027-01-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC 5.45 02/15/34                                           | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101413.97    | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                         | CMI 4.9 02/20/29                                               | CUSIP: 231021AV8<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102252.23    | 0.00%             | 2029-02-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 5.05 03/15/34                                             | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101816.26    | 0.00%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 3.9 04/01/29                                               | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244802.29    | 0.01%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 3.75 04/01/32                                              | CUSIP: 548661EH6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141468.57    | 0.01%             | 2032-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NWG V5.778 03/01/35                                            | CUSIP: 639057AN8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207689.40    | 0.01%             | 2035-03-01      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 4.625 07/22/27                                            | CUSIP: 471048DB1<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $202692.85    | 0.01%             | 2027-07-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                                   | MTNA 6.55 11/29/27                                             | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $156357.78    | 0.01%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.75 02/15/33                                               | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103799.38    | 0.00%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.25 04/21/34 MTN                                          | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152587.23    | 0.01%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 3.9 04/15/28                                               | CUSIP: 931142FB4<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250279.50    | 0.01%             | 2028-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 5.55 10/01/34                                              | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98122.26     | 0.00%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.75 08/15/34                                             | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100467.96    | 0.00%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 4.95 05/17/33                                               | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151161.91    | 0.01%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GATX Corporation                                                                     | GMT 5.45 09/15/33                                              | CUSIP: 361448BL6<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102058.31    | 0.00%             | 2033-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 5.2 02/10/35 ..                                            | CUSIP: 459200LJ8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101484.10    | 0.00%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 4.5 03/01/27                                               | CUSIP: 478160DG6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100974.97    | 0.00%             | 2027-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 5.2 03/15/35                                              | CUSIP: 00287YEA3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102166.59    | 0.00%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.323 04/26/28                                            | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149855.66    | 0.01%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Adventist Health Systems (West)                                                      | ADVENT 5.43 03/01/32                                           | CUSIP: 007944AH4<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150651.15    | 0.01%             | 2032-03-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 12/31/29                                               | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2008515.62   | 0.08%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                   | CTRA 3.9 05/15/27                                              | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246866.91    | 0.01%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 5 01/11/28                                                 | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100985.22    | 0.00%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V6.72 01/18/29                                              | CUSIP: 251526CS6<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $262618.14    | 0.01%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.406 04/19/34                                           | CUSIP: 606822DC5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205486.13    | 0.01%             | 2034-04-19      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                                                       | TXN 1.125 09/15/26                                             | CUSIP: 882508BK9<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144917.24    | 0.01%             | 2026-09-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.572 10/20/32                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220340.26    | 0.01%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 2.875 11/15/29                                              | CUSIP: 13648TAC1<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $140915.60    | 0.01%             | 2029-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.202 04/25/29                                            | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255490.50    | 0.01%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.55 01/15/29                                            | CUSIP: 20030NED9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252775.90    | 0.01%             | 2029-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 5.1 05/01/33                                               | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248971.98    | 0.01%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.5 06/01/33                                               | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102381.15    | 0.00%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 4.9 05/01/33                                               | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99084.10     | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.625 02/12/35                                             | CUSIP: 298785KH8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $154311.42    | 0.01%             | 2035-02-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.2 04/01/30                                               | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102328.55    | 0.00%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | Comcast Corporation COM USD0.01 CL A                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      7500 | NS      | $267675.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                                             | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     42864 | NS      | $11179788.48  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                                                   | STT V5.146 02/28/36                                            | CUSIP: 857477CX9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60700.77     | 0.00%             | 2036-02-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                        | SPLLLC 4.2 03/15/28                                            | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99470.41     | 0.00%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.05 04/15/28                                              | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154572.48    | 0.01%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | SANTAN V5.552 03/14/28                                         | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203216.70    | 0.01%             | 2028-03-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 4.625 11/17/26                                            | CUSIP: 3130AXU63<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $504366.69    | 0.02%             | 2026-11-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                              | DUK 5.875 11/15/33                                             | CUSIP: 26444HAQ4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106575.56    | 0.00%             | 2033-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 0.625 09/16/27                                            | CUSIP: 4581X0DQ8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $233511.14    | 0.01%             | 2027-09-16      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| African Development Bank                                                             | AFDB 0.875 07/22/26 GDIF                                       | CUSIP: 00828EEF2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $241991.25    | 0.01%             | 2026-07-22      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 2.375 07/07/27                                            | CUSIP: 4581X0CY2<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $243251.31    | 0.01%             | 2027-07-07      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| 3M Company                                                                           | MMM 2.875 10/15/27                                             | CUSIP: 88579YAY7<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97131.48     | 0.00%             | 2027-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                                                | PCAR 5 03/22/34 mtn                                            | CUSIP: 69371RS98<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50829.60     | 0.00%             | 2034-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.1 04/11/34 MTN                                            | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102247.04    | 0.00%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                                                    | NGGLN 5.809 06/12/33                                           | CUSIP: 636274AE2<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $157650.50    | 0.01%             | 2033-06-12      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GEHC 5.65 11/15/27                                             | CUSIP: 36267VAF0<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154541.27    | 0.01%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 5.4 04/18/34                                              | CUSIP: 25278XAZ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100295.93    | 0.00%             | 2034-04-18      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.9 04/24/29                                             | CUSIP: 110709AL6<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    150000 | PA      | $155068.81    | 0.01%             | 2029-04-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.05 03/05/31                                                | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199589.01    | 0.01%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.499 01/23/35                                            | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256379.46    | 0.01%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Swedish Export Credit Corp.                                                          | SEK 4.875 09/14/26 GMTN                                        | CUSIP: 87031CAM5<br>LEI: 1FOLRR5RWTWWI397R131 | Long             | DBT              | NUSS              | SE        |    200000 | PA      | $202000.10    | 0.01%             | 2026-09-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.872 09/15/34                                            | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    175000 | PA      | $184670.50    | 0.01%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Company                                                       | PNW 5.7 08/15/34                                               | CUSIP: 040555DH4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103106.31    | 0.00%             | 2034-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.4 04/15/33                                               | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263951.08    | 0.01%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK 3.4 01/29/28 +MTN                                           | CUSIP: 06406RAF4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245882.70    | 0.01%             | 2028-01-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 0.625 10/21/27                                             | CUSIP: 298785JJ6<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $232994.97    | 0.01%             | 2027-10-21      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                       | MCK 4.9 07/15/28                                               | CUSIP: 581557BT1<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153158.53    | 0.01%             | 2028-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc.                                                            | LII 5.5 09/15/28                                               | CUSIP: 526107AG2<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103120.30    | 0.00%             | 2028-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                       | C 5.803 09/29/28                                               | CUSIP: 17325FBB3<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261392.21    | 0.01%             | 2028-09-29      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 7.125 01/15/30                                            | CUSIP: 31359MFJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $284318.99    | 0.01%             | 2030-01-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 7.125 05/01/30                                             | CUSIP: 880591DM1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    250000 | PA      | $285933.54    | 0.01%             | 2030-05-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHLMC 6.75 03/15/31                                            | CUSIP: 3134A4AA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $286039.97    | 0.01%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | NFLX 4.375 11/15/26                                            | CUSIP: 64110LAN6<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100506.38    | 0.00%             | 2026-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                                       | KR 1.7 01/15/31                                                | CUSIP: 501044DQ1<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    250000 | PA      | $215822.54    | 0.01%             | 2031-01-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | MRVL 5.95 09/15/33                                             | CUSIP: 573874AQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52801.52     | 0.00%             | 2033-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V6.787 10/26/27                                            | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257355.44    | 0.01%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 3.9 01/25/28                                              | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $98826.76     | 0.00%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.3 05/17/30                                               | CUSIP: 58933YBJ3<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50308.60     | 0.00%             | 2030-05-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Limited                                                                | VALEBZ 6.125 06/12/33                                          | CUSIP: 91911TAR4<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $104727.80    | 0.00%             | 2033-06-12      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GEHC 5.857 03/15/30                                            | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264032.78    | 0.01%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 4.2 01/18/29                                               | CUSIP: 683234DQ8<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $100984.04    | 0.00%             | 2029-01-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.468 01/23/35                                            | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256834.64    | 0.01%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.375 03/15/27 GMTN                                        | CUSIP: 298785JQ0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $192006.20    | 0.01%             | 2027-03-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V3.75 03/18/28                                          | CUSIP: 53944YAS2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $246947.73    | 0.01%             | 2028-03-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.547 06/20/34                                           | CUSIP: 404280DX4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $212468.09    | 0.01%             | 2034-06-20      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                                                            | FG 7.4 01/13/28                                                | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    250000 | PA      | $261805.80    | 0.01%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.85 10/04/30 GMTN                                        | CUSIP: 02665WER8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105660.94    | 0.00%             | 2030-10-04      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.484 10/24/29                                             | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159114.93    | 0.01%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.174 02/13/30                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255058.39    | 0.01%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.2 02/22/34                                               | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102414.12    | 0.00%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania                                | PNC 3.1 10/25/27 BKNT                                          | CUSIP: 69353RFG8<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243858.21    | 0.01%             | 2027-10-25      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V3.772 01/24/29 GMTN                                        | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147858.45    | 0.01%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.625 10/09/29                                             | CUSIP: 298785JA5<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $228827.50    | 0.01%             | 2029-10-09      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.775 06/12/29                                            | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259602.35    | 0.01%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.785 03/17/33                                              | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $467387.38    | 0.02%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 6 11/01/27 MTN                                              | CUSIP: 78016FZU1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $259801.45    | 0.01%             | 2027-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GEHC 5.905 11/22/32                                            | CUSIP: 36267VAK9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265750.28    | 0.01%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE 5.5 08/01/33                                               | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204147.36    | 0.01%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.25 09/07/28                                               | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102855.21    | 0.00%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 3.25 11/15/27                                             | CUSIP: 68389XBN4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146624.17    | 0.01%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 4.9 03/22/33                                              | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101479.28    | 0.00%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.087 10/23/29                                            | CUSIP: 46647PDX1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105105.68    | 0.00%             | 2029-10-23      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                  | SYF 3.95 12/01/27                                              | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147498.69    | 0.01%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.125 09/26/28 gMTN                                       | CUSIP: 045167EJ8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $245130.77    | 0.01%             | 2028-09-26      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.75 10/23/29 GDIF                                        | CUSIP: 459058HJ5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $229609.48    | 0.01%             | 2029-10-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                            | FFCB 4.5 08/14/26                                              | CUSIP: 3133EPSW6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    850000 | PA      | $854682.70    | 0.03%             | 2026-08-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                           | INTU 5.25 09/15/26                                             | CUSIP: 46124HAE6<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101139.34    | 0.00%             | 2026-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.07 10/22/27                                             | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255429.11    | 0.01%             | 2027-10-22      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 6.55 12/01/33                                               | CUSIP: 29273VAU4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108496.33    | 0.00%             | 2033-12-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.561 10/24/34                                             | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110572.65    | 0.00%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 3.65 09/01/27                                              | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98278.18     | 0.00%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.25 06/09/28 GMTN                                        | CUSIP: 045167FF5<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $232702.64    | 0.01%             | 2028-06-09      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.582 06/12/29                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258905.36    | 0.01%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 5.5 07/01/30                                               | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259315.50    | 0.01%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | MRVL 5.75 02/15/29                                             | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52057.02     | 0.00%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.254 10/23/34                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $271710.13    | 0.01%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.75 02/12/27                                               | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100891.21    | 0.00%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE V6.7 09/01/54                                              | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51522.90     | 0.00%             | 2054-09-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V6.303 10/23/29                                            | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105688.77    | 0.00%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 6.05 12/01/26                                               | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102105.96    | 0.00%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.35 02/15/33                                              | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103033.23    | 0.00%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 3.35 02/22/32                                             | CUSIP: 031162DE7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138893.47    | 0.01%             | 2032-02-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.85 02/26/29                                             | CUSIP: 17275RBR2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102477.46    | 0.00%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                 | PANAMA 7.5 03/01/31                                            | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $212808.00    | 0.01%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Generac Holdings Inc.                                                                | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       100 | NS      | $14321.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                                | NXP Semiconductors NV EUR0.20                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       100 | NS      | $21849.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile (Republic Of)                                                                  | CHILE 3.24 02/06/28                                            | CUSIP: 168863CF3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    250000 | PA      | $243147.50    | 0.01%             | 2028-02-06      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.97 03/05/29 MTN                                         | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247234.16    | 0.01%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 3.3 03/15/28                                              | CUSIP: 013051EA1<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $246199.51    | 0.01%             | 2028-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.1 04/24/28                                             | CUSIP: 455780CF1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $249789.46    | 0.01%             | 2028-04-24      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 1.05 07/15/26                                              | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96311.17     | 0.00%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    787848 | NS      | $787847.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                    | BRKHEC 3.7 07/15/30                                            | CUSIP: 084659AV3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48512.46     | 0.00%             | 2030-07-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.5 04/15/31                                              | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93891.51     | 0.00%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.875 03/25/31                                            | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91201.96     | 0.00%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Super Micro Computer Inc.                                                            | Super Micro Computer Inc. COM NEW                              | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      4500 | NS      | $220545.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     33600 | NS      | $7371504.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                                                            | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |       100 | NS      | $1052.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                                                          | Advanced Micro Devices Inc. COM USD0.01                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       100 | NS      | $14190.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | Air Products & Chemicals, Inc. COM USD1                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    195500 | NS      | $55142730.00  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5930 | NS      | $1655715.30   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                                                                  | Analog Devices Inc. COM USD0.16 2/3                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       100 | NS      | $23802.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    417000 | NS      | $65881830.00  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                                                      | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     58148 | NS      | $9096091.64   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    533093 | NS      | $109374690.81 | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                                                               | Applied Materials Inc. COM USD0.01                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       100 | NS      | $18307.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                                                           | Archer-Daniels-Midland Co. COM NPV                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    421344 | NS      | $22238536.32  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                                                         | Autodesk Inc COM USD0.01                                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       100 | NS      | $30957.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                                                           | Copart Inc COM USD0.0001                                       | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |       100 | NS      | $4907.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                                                                 | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     56345 | NS      | $2963183.55   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                                                               | ON Semiconductor Corp. COM USD0.01                             | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |       100 | NS      | $5241.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                                                          | Fiserv Inc. COM USD0.01                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       100 | NS      | $17241.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.                                                   | Take-Two Interactive Software Inc. COM USD0.01                 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       100 | NS      | $24285.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                                              | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     89888 | NS      | $6611262.40   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                                                            | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       100 | NS      | $89574.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                                                         | Costco Wholesale Corporation COM USD0.01                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      7000 | NS      | $6929580.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                                                         | Costco Wholesale Corporation COM USD0.01                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        50 | NS      | $49497.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    254100 | NS      | $40483212.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 2.875 04/03/28                                             | CUSIP: 500769HS6<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    500000 | PA      | $489272.58    | 0.02%             | 2028-04-03      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 4 03/15/28                                                | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99018.90     | 0.00%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 0.9 02/26/27                                              | CUSIP: 3130AL5A8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $237942.88    | 0.01%             | 2027-02-26      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 2 03/05/31                                                  | CUSIP: 191216DK3<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177823.23    | 0.01%             | 2031-03-05      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                            | TDY 2.75 04/01/31                                              | CUSIP: 879360AE5<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226794.86    | 0.01%             | 2031-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.469 04/15/34 144A                                       | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89329.32     | 0.00%             | 2034-04-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.3 04/05/29                                             | CUSIP: 29250NCB9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102712.94    | 0.00%             | 2029-04-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Sandisk Corporation                                                                  | Sandisk Corporation COM                                        | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        33 | NS      | $1496.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Louisiana LLC                                                                | ETR 4 03/15/33                                                 | CUSIP: 29364WBA5<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94249.28     | 0.00%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.1 03/22/28                                                | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94748.96     | 0.00%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 2.6 02/15/33 144A                                         | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85533.41     | 0.00%             | 2033-02-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 3.85 01/15/28                                              | CUSIP: 166756AR7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249433.72    | 0.01%             | 2028-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 1.125 01/13/31 GMTN                                       | CUSIP: 4581X0DS4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $431037.03    | 0.02%             | 2031-01-13      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                        | SPLLLC 4.5 05/15/30                                            | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99832.70     | 0.00%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.6 02/25/31                                               | CUSIP: 68323AFH2<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $87456.84     | 0.00%             | 2031-02-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW 2 03/20/28                                                | CUSIP: 808513BP9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94644.48     | 0.00%             | 2028-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.58 04/22/32                                             | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223268.47    | 0.01%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.1 04/01/31                                               | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85796.55     | 0.00%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.55 03/21/31                                               | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134533.22    | 0.01%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.419 04/15/33 144A                                       | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90692.87     | 0.00%             | 2033-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Lam Research Corporation                                                             | Lam Research Corporation COM NEW                               | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       100 | NS      | $9734.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5 03/01/28                                                 | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101485.72    | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M.D.C. Holdings Inc.                                                                 | MDC 2.5 01/15/31                                               | CUSIP: 552676AU2<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87568.39     | 0.00%             | 2031-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 2.5 03/01/31                                               | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    400000 | PA      | $344394.72    | 0.01%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 2.6 03/15/31                                               | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223979.94    | 0.01%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       300 | NS      | $158745.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.223 05/01/29                                             | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149144.92    | 0.01%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 3.25 10/15/29                                              | CUSIP: 166756AS5<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242483.15    | 0.01%             | 2029-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4434046 | NS      | $4434045.66   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 08/15/31                                                | CUSIP: 91282CCS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $6843750.00   | 0.28%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 03/31/28                                                | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4681835.95   | 0.19%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.3 05/10/33                                              | CUSIP: 037833EV8<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250755.42    | 0.01%             | 2033-05-10      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.125 05/15/33                                              | CUSIP: 30040WAU2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150110.68    | 0.01%             | 2033-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.893 09/11/33                                            | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100238.24    | 0.00%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.625 02/15/29                                               | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3852031.24   | 0.16%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO 2.65 03/08/27 MTN                                          | CUSIP: 06368FAJ8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $146470.18    | 0.01%             | 2027-03-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TD Synnex Corp                                                                       | SNX 1.75 08/09/26                                              | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145029.29    | 0.01%             | 2026-08-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.05 11/01/34                                              | CUSIP: 682680CE1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97314.66     | 0.00%             | 2034-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 1.3 07/22/30                                              | CUSIP: 013051EM5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $219104.88    | 0.01%             | 2030-07-22      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Unilever Capital Corporation                                                         | UNANA 1.375 09/14/30                                           | CUSIP: 904764BK2<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    300000 | PA      | $260364.11    | 0.01%             | 2030-09-14      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V1.512 07/20/27 GMTN                                        | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242514.98    | 0.01%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.239 07/21/32 GMTN                                        | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $216486.90    | 0.01%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                           | VMW 1.4 08/15/26                                               | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145077.22    | 0.01%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V1.948 10/21/27                                             | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193652.35    | 0.01%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.75 10/29/30                                              | CUSIP: 500769KB9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $208379.30    | 0.01%             | 2030-10-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.65 11/15/28                                             | CUSIP: 02665WEV9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103891.30    | 0.00%             | 2028-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.6 01/11/27                                               | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100576.82    | 0.00%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 5.834 02/20/31                                          | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105229.93    | 0.00%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.8 03/15/27                                              | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100961.93    | 0.00%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.8 05/15/34                                               | CUSIP: 694308KR7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99979.82     | 0.00%             | 2034-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.375 07/17/34                                            | CUSIP: 4581X0EP9<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $151275.53    | 0.01%             | 2034-07-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.049 07/23/30                                             | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254151.08    | 0.01%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.35 03/15/35                                              | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50409.21     | 0.00%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.7 04/01/35                                                | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101859.35    | 0.00%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.271 07/23/29 MTN                                        | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149505.88    | 0.01%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.375 05/15/29                                               | CUSIP: 9128286T2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4756250.00   | 0.19%             | 2029-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.625 08/15/29                                               | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4604296.90   | 0.19%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.75 09/19/29 GMTN                                        | CUSIP: 045167EP4<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $230079.27    | 0.01%             | 2029-09-19      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Match Group Inc                                                                      | Match Group Inc COM                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |       100 | NS      | $3089.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.375 09/30/27                                               | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9285156.20   | 0.38%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| eBay Inc.                                                                            | EBAY 5.95 11/22/27                                             | CUSIP: 278642BA0<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259674.62    | 0.01%             | 2027-11-22      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.75 11/16/32 10Y                                       | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    250000 | PA      | $263783.26    | 0.01%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.875 02/14/30                                            | CUSIP: 459058KQ5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $250394.12    | 0.01%             | 2030-02-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 4.45 02/15/33                                              | CUSIP: 713448FS2<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100062.40    | 0.00%             | 2033-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.25 03/02/30                                             | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257595.47    | 0.01%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 4.85 03/09/33                                               | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254750.47    | 0.01%             | 2033-03-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| System Energy Resources, Inc.                                                        | ETR 6 04/15/28                                                 | CUSIP: 871911AU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104107.29    | 0.00%             | 2028-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Brown-Forman Corp.                                                                   | BFB 4.75 04/15/33                                              | CUSIP: 115637AU4<br>LEI: 549300873K3LXF7ARU34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99934.91     | 0.00%             | 2033-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.5 04/15/33                                               | CUSIP: 91324PEV0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97462.35     | 0.00%             | 2033-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 5.15 07/01/33                                              | CUSIP: 548661EQ6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255120.05    | 0.01%             | 2033-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| The Allstate Corporation                                                             | ALL 5.25 03/30/33                                              | CUSIP: 020002BK6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256307.35    | 0.01%             | 2033-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4 05/10/28                                                | CUSIP: 037833ET3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250881.77    | 0.01%             | 2028-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                                          | PGR 4.95 06/15/33                                              | CUSIP: 743315BB8<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102131.66    | 0.00%             | 2033-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS 5.25 06/12/28                                              | CUSIP: 06418GAD9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $154510.67    | 0.01%             | 2028-06-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.449 06/11/35                                              | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255357.65    | 0.01%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 10/31/29                                               | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2028593.76   | 0.08%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 01/31/30                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3850000 | PA      | $3925947.26   | 0.16%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.75 03/30/32                                                | CUSIP: 448579AV4<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102661.67    | 0.00%             | 2032-03-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 5.8 03/15/30                                            | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100162.99    | 0.00%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4 05/12/28                                                | CUSIP: 037833EY2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100189.82    | 0.00%             | 2028-05-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 6 11/22/34                                               | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97785.22     | 0.00%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.125 05/30/30 GMTN                                       | CUSIP: 045167GL1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $202479.35    | 0.01%             | 2030-05-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.5 04/30/27                                                 | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9429296.90   | 0.38%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.75 01/31/28                                                | CUSIP: 91282CBJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4638867.20   | 0.19%             | 2028-01-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO V3.088 01/10/37                                            | CUSIP: 06368DH72<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $129539.58    | 0.01%             | 2037-01-10      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.8 11/21/27                                               | CUSIP: 883556CT7<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152405.31    | 0.01%             | 2027-11-21      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | APD 4.8 03/03/33                                               | CUSIP: 009158BF2<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100804.57    | 0.00%             | 2033-03-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 5.7 04/01/28                                               | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258222.66    | 0.01%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| American International Group Inc.                                                    | AIG 5.125 03/27/33                                             | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254163.79    | 0.01%             | 2033-03-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                  | GIS 4.95 03/29/33                                              | CUSIP: 370334CT9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100135.75    | 0.00%             | 2033-03-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Hershey Co. (The)                                                                    | HSY 4.5 05/04/33                                               | CUSIP: 427866BJ6<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99141.79     | 0.00%             | 2033-05-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 3.55 10/01/26                                              | CUSIP: 718547AF9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247405.08    | 0.01%             | 2026-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.8 07/15/28                                              | CUSIP: 87264ADA0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101340.10    | 0.00%             | 2028-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Sutter Health                                                                        | SUTHEA 5.164 08/15/33                                          | CUSIP: 86944BAK9<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101368.61    | 0.00%             | 2033-08-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5 01/30/29                                                 | CUSIP: 126650DW7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152281.72    | 0.01%             | 2029-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.7 06/10/30 MTN                                            | CUSIP: 24422EWZ8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152526.42    | 0.01%             | 2030-06-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Dollar General Corporation                                                           | DG 5.2 07/05/28                                                | CUSIP: 256677AN5<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254934.68    | 0.01%             | 2028-07-05      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                       | MCK 5.1 07/15/33                                               | CUSIP: 581557BU8<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102316.86    | 0.00%             | 2033-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                | UBS 5.65 09/11/28                                              | CUSIP: 902674ZW3<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |    200000 | PA      | $208280.35    | 0.01%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 02/15/34                                                   | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4947851.55   | 0.20%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.382 07/10/30                                         | CUSIP: 60687YDF3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205750.36    | 0.01%             | 2030-07-10      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 08/31/26                                                | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3990468.76   | 0.16%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 12/31/26                                                | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6034921.86   | 0.25%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.05 03/30/28                                                | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50544.07     | 0.00%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 04/30/32                                                   | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $750937.50    | 0.03%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                         | CMI 4.7 02/15/31                                               | CUSIP: 231021AZ9<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100909.44    | 0.00%             | 2031-02-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Lennar Corp.                                                                         | LEN 5.2 07/30/30                                               | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50940.30     | 0.00%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp.                                                               | OBDC 6.2 07/15/30                                              | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50508.85     | 0.00%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                            | Teledyne Technologies Inc COM USD0.01                          | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      5700 | NS      | $2920167.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     22804 | NS      | $1613383.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                                                                | Comerica Incorporated COM USD5                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     19500 | NS      | $1163175.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                                                           | Cullen/Frost Bankers, Inc. COM USD0.01                         | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     18700 | NS      | $2403698.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc.                                          | Expeditors International Of Washington Inc. COM USD0.01        | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     24200 | NS      | $2764850.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                                                                 | M&T Bank Corporation COM USD0.50                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     19000 | NS      | $3685810.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                                           | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      3900 | NS      | $3071757.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                                           | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4700 | NS      | $3701861.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     51393 | NS      | $7850280.75   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.                                                    | The Hartford Insurance Group Inc. COM USD0.01                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     11600 | NS      | $1471692.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                                          | Cencora Inc COM USD0.01                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       700 | NS      | $209895.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.                                              | Mid-America Apartment Communities, Inc. COM USD0.01            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     16800 | NS      | $2486568.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       200 | NS      | $43726.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                                                          | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    133490 | NS      | $3235797.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHLMC 6.25 07/15/32                                            | CUSIP: 3134A4KX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $283451.26    | 0.01%             | 2032-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1600 | NS      | $2142608.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                                                     | Royal Gold, Inc. COM USD0.01                                   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     18800 | NS      | $3343392.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                                                               | The TJX Companies Inc. COM USD1                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2400 | NS      | $296376.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                                                        | Accenture PLC CLS'A'USD0.0000225                               | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2170 | NS      | $648591.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.85 11/01/27                                              | CUSIP: 842400HS5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153699.93    | 0.01%             | 2027-11-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.15 11/09/29                                             | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160049.50    | 0.01%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.27 11/17/33                                               | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $269193.01    | 0.01%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 5.457 11/18/27                                            | CUSIP: 961214FK4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $257888.53    | 0.01%             | 2027-11-18      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 6.1 11/15/32                                               | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158630.77    | 0.01%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 11/17/27                                              | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153000.53    | 0.01%             | 2027-11-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC 4.75 01/15/28                                              | CUSIP: 92939UAL0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151523.21    | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                                                            | EDC 3.875 02/14/28                                             | CUSIP: 30216BJW3<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |    150000 | PA      | $150380.31    | 0.01%             | 2028-02-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.875 02/15/28                                              | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152526.22    | 0.01%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 4.875 03/09/28                                              | CUSIP: 57636QAW4<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255649.00    | 0.01%             | 2028-03-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                              | RSG 4.875 04/01/29                                             | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153191.47    | 0.01%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Medtronic Global Holdings SCA                                                        | MDT 4.5 03/30/33                                               | CUSIP: 58507LBC2<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $98984.42     | 0.00%             | 2033-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 3.75 03/01/28                                              | CUSIP: 718547AH5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98250.45     | 0.00%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.174 05/25/34                                              | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261707.22    | 0.01%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3.875 06/15/28                                             | CUSIP: D4S46MLM5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    100000 | PA      | $100459.65    | 0.00%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.35 06/01/34                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257205.40    | 0.01%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.3 06/01/33                                               | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100847.45    | 0.00%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG 3.85 04/05/29                                             | CUSIP: 21871XAF6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244950.51    | 0.01%             | 2029-04-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 6 11/15/28                                               | CUSIP: 29250NBX2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104980.25    | 0.00%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 11/15/33                                                 | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5135937.50   | 0.21%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 5.8 03/05/27                                                 | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201577.87    | 0.01%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.3 06/15/34                                               | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51536.76     | 0.00%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 3.4 09/15/26                                              | CUSIP: 594918CN2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99369.70     | 0.00%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/31/29                                               | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4975195.30   | 0.20%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 5.25 05/15/35                                              | CUSIP: 74340XCR0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101374.65    | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC                                                    | LYB 6.15 05/15/35                                              | CUSIP: 50249AAP8<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51895.60     | 0.00%             | 2035-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                                                       | TXN 5.1 05/23/35                                               | CUSIP: 882508CM4<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50940.45     | 0.00%             | 2035-05-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 5.25 05/14/35                                              | CUSIP: 911312CJ3<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50989.24     | 0.00%             | 2035-05-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                                           | ARESSI 6.35 08/15/29                                           | CUSIP: 04020EAB3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102522.85    | 0.00%             | 2029-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Willis Towers Watson Public Limited Company                                          | Willis Towers Watson Public Limited Company COM USD0.000304635 | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      8800 | NS      | $2697200.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.25 11/15/27                                                | CUSIP: 9128283F5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1933984.38   | 0.08%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Sanofi SA                                                                            | SANFP 3.625 06/19/28                                           | CUSIP: 801060AD6<br>LEI: 549300E9PC51EN656011 | Long             | DBT              | CORP              | FR        |    150000 | PA      | $148314.84    | 0.01%             | 2028-06-19      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.75 11/15/29                                                | CUSIP: 912828YS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5525156.28   | 0.22%             | 2029-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 06/30/28                                                | CUSIP: 91282CCH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4654882.80   | 0.19%             | 2028-06-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.875 02/15/32                                               | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11500000 | PA      | $10102031.25  | 0.41%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 05/31/29                                                | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4821484.40   | 0.20%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V6.204 11/10/28                                            | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260169.50    | 0.01%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.65 02/15/33                                            | CUSIP: 20030NEC1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248446.06    | 0.01%             | 2033-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.375 02/15/33                                              | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154907.49    | 0.01%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.7 03/08/33                                             | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $155517.51    | 0.01%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 4.95 12/01/27                                              | CUSIP: 718547AT9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126948.04    | 0.01%             | 2027-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 5.3 06/30/33                                               | CUSIP: 718547AR3<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151538.80    | 0.01%             | 2033-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V6.224 05/09/34                                           | CUSIP: 06738ECG8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $265338.87    | 0.01%             | 2034-05-09      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| The Estee Lauder Companies Inc.                                                      | EL 4.65 05/15/33                                               | CUSIP: 29736RAT7<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98513.06     | 0.00%             | 2033-05-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd New York Branch                                          | NAB 4.9 06/13/28                                               | CUSIP: 63253QAE4<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $256138.17    | 0.01%             | 2028-06-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Ameren Illinois Company                                                              | AEE 4.95 06/01/33                                              | CUSIP: 02361DBA7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152010.44    | 0.01%             | 2033-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 6.4 06/15/33                                               | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156796.80    | 0.01%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.25 01/30/31                                              | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255598.99    | 0.01%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                                                    | NGGLN 5.602 06/12/28                                           | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $155307.62    | 0.01%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V6.496 09/13/27                                           | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $255547.96    | 0.01%             | 2027-09-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 4.85 01/15/34                                              | CUSIP: 26442CBM5<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99843.12     | 0.00%             | 2034-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 5.45 06/15/34                                              | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51354.04     | 0.00%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 5.75 05/02/34 GDIF                                        | CUSIP: 45906M5J6<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100817.17    | 0.00%             | 2034-05-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI 5.2 07/01/29                                                | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51329.07     | 0.00%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                              | RSG 4.75 07/15/30                                              | CUSIP: 760759BL3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50935.03     | 0.00%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                     | DTE 5.25 05/15/35                                              | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50913.60     | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.875 11/15/30                                               | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $17155468.80  | 0.70%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 11/30/27                                               | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4647851.55   | 0.19%             | 2027-11-30      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.95 11/01/32                                              | CUSIP: 842400HT3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153929.81    | 0.01%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.625 11/17/29                                              | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157505.46    | 0.01%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 01/31/28                                                 | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4974609.40   | 0.20%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 02/15/33                                                 | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1927968.76   | 0.08%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.125 02/21/30                                             | CUSIP: 126650DT4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254512.97    | 0.01%             | 2030-02-21      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Consumers Energy Company                                                             | CMS 4.625 05/15/33                                             | CUSIP: 210518DU7<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148530.70    | 0.01%             | 2033-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Avery Dennison Corporation                                                           | AVY 5.75 03/15/33                                              | CUSIP: 053611AN9<br>LEI: 549300PW7VPFCYKLIV37 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104557.60    | 0.00%             | 2033-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 4.9 04/15/29                                               | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254448.60    | 0.01%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5 04/01/33                                                   | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151541.61    | 0.01%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co.                                                           | ADM 4.5 08/15/33                                               | CUSIP: 039482AE4<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97966.18     | 0.00%             | 2033-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 3.15 12/15/29                                              | CUSIP: 718547AK8<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142125.26    | 0.01%             | 2029-12-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.05 05/09/33                                               | CUSIP: 92343VGT5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253501.64    | 0.01%             | 2033-05-09      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Equifax Inc.                                                                         | EFX 5.1 06/01/28                                               | CUSIP: 294429AW5<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254773.31    | 0.01%             | 2028-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG V6.875 12/15/52                                           | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257897.85    | 0.01%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.836 06/12/34                                            | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262603.41    | 0.01%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V6.49 09/13/29                                            | CUSIP: 06738ECK9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211452.74    | 0.01%             | 2029-09-13      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V5.679 01/05/35                                         | CUSIP: 53944YAX1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205298.74    | 0.01%             | 2035-01-05      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.75 06/25/29                                               | CUSIP: 437076DC3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102073.26    | 0.00%             | 2029-06-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 01/31/27                                               | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1004570.31   | 0.04%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.35 04/01/35 144A                                      | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50935.22     | 0.00%             | 2035-04-01      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                          | SANUSA V5.741 03/20/31                                         | CUSIP: 80282KBQ8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102654.98    | 0.00%             | 2031-03-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 5 05/20/35                                                | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50346.30     | 0.00%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ventas Realty Limited Partnership                                                    | VTR 4.4 01/15/29                                               | CUSIP: 92277GAN7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99664.29     | 0.00%             | 2029-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                                                             | Crowdstrike Holdings Inc COM USD0.0005 CL A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      6300 | NS      | $3208653.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.875 06/30/26                                               | CUSIP: 91282CCJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9695703.10   | 0.39%             | 2026-06-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.125 10/31/26                                               | CUSIP: 91282CDG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4821679.70   | 0.20%             | 2026-10-31      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                          | ZTS 5.6 11/16/32                                               | CUSIP: 98978VAV5<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263951.54    | 0.01%             | 2032-11-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| KeyBank National Association                                                         | KEY 5.85 11/15/27 BKNT                                         | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258107.76    | 0.01%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Williams-Sonoma Inc.                                                                 | Williams-Sonoma Inc. COM USD0.01                               | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     14400 | NS      | $2352528.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                                                                 | Carnival Corporation UNITS (COMPR 1 COM & 1 TR                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |       100 | NS      | $2812.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.75 11/17/32                                               | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158579.66    | 0.01%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 4.875 02/10/28                                            | CUSIP: 458140CE8<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101262.73    | 0.00%             | 2028-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 5.15 02/27/33                                              | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255544.35    | 0.01%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.812 02/13/33                                            | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249665.76    | 0.01%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.25 02/21/33                                              | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100668.10    | 0.00%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                                                       | TXN 4.9 03/14/33                                               | CUSIP: 882508CB8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256094.50    | 0.01%             | 2033-03-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Medtronic Global Holdings SCA                                                        | MDT 4.25 03/30/28                                              | CUSIP: 58507LBB4<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $150768.74    | 0.01%             | 2028-03-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Company                                                  | AEP 5.3 04/01/33                                               | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100756.53    | 0.00%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.2 06/01/28                                               | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153251.95    | 0.01%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 4.875 06/01/28                                             | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152204.51    | 0.01%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.5 05/17/33                                               | CUSIP: 58933YBK0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149575.78    | 0.01%             | 2033-05-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.45 05/15/28                                              | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252860.97    | 0.01%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG 3.9 04/05/32                                              | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234652.70    | 0.01%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V6.377 06/08/34                                            | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159690.51    | 0.01%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.2 06/10/30                                                 | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210479.10    | 0.01%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 11/30/28                                               | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3062460.93   | 0.12%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.5 01/08/27                                                | CUSIP: 24422EXF1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100628.50    | 0.00%             | 2027-01-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mastec, Inc.                                                                         | MTZ 5.9 06/15/29                                               | CUSIP: 576323AT6<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51719.80     | 0.00%             | 2029-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 4.5 06/26/29                                              | CUSIP: 013051EV5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $102062.77    | 0.00%             | 2029-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.203 07/23/29                                            | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149366.36    | 0.01%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                      | Gen Digital Inc COM                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |       100 | NS      | $2940.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                                                     | Paramount Global CLASS B COM                                   | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |       100 | NS      | $1290.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                                    | NUE 3.125 04/01/32                                             | CUSIP: 670346AV7<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136591.99    | 0.01%             | 2032-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                         | MDLZ 2.625 03/17/27                                            | CUSIP: 609207BA2<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243540.04    | 0.01%             | 2027-03-17      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 5.75 03/01/28                                              | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257961.05    | 0.01%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 02/28/30                                                   | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4038906.24   | 0.16%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                      | BHP 4.9 02/28/33                                               | CUSIP: 055451BA5<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $100386.89    | 0.00%             | 2033-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 02/15/30                                              | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154323.91    | 0.01%             | 2030-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Magna International Inc                                                              | MGCN 5.5 03/21/33                                              | CUSIP: 559222AY0<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $204755.99    | 0.01%             | 2033-03-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                                                          | NTRCN 4.9 03/27/28                                             | CUSIP: 67077MBA5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152122.83    | 0.01%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.375 05/15/33                                               | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1906484.38   | 0.08%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.25 07/15/28                                              | CUSIP: 03027XCC2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512572.55    | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.875 10/31/30                                               | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3149179.68   | 0.13%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/31/29                                                   | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4036093.76   | 0.16%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/31/31                                                   | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2014140.62   | 0.08%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V7.05 12/15/54 *                                           | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51936.30     | 0.00%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                           | CNHI 4.75 03/21/28                                             | CUSIP: 12592BAU8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100747.83    | 0.00%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| eBay Inc.                                                                            | EBAY 6.3 11/22/32                                              | CUSIP: 278642BB8<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $272890.72    | 0.01%             | 2032-11-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.875 03/15/28                                             | CUSIP: 298785JU1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    225000 | PA      | $225846.90    | 0.01%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.625 02/15/30                                              | CUSIP: 94106LBT5<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101352.16    | 0.00%             | 2030-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.625 02/15/33                                              | CUSIP: 94106LBU2<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100168.08    | 0.00%             | 2033-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.3 03/01/28                                               | CUSIP: 842400HU0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151907.74    | 0.01%             | 2028-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                        | CA CAS 6 03/01/2033                                            | CUSIP: 13063D3R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271693.13    | 0.01%             | 2033-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI 5.25 03/30/28                                               | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102372.71    | 0.00%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 4.75 06/15/33                                              | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249167.93    | 0.01%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.15 05/10/30                                             | CUSIP: 037833EU0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151565.18    | 0.01%             | 2030-05-10      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.05 05/17/28                                              | CUSIP: 58933YBH7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251149.04    | 0.01%             | 2028-05-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 05/31/29                                                 | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4109062.48   | 0.17%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.15 06/15/29                                              | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51739.93     | 0.00%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                  | FSK 6.875 08/15/29                                             | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102548.07    | 0.00%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 06/30/29                                                | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2037187.50   | 0.08%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.6 09/01/34                                                | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101561.40    | 0.00%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.05 06/12/34 MTN1                                          | CUSIP: 24422EXU8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101697.73    | 0.00%             | 2034-06-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 06/15/27                                               | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1016562.50   | 0.04%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 5.675 01/15/35                                            | CUSIP: 11271LAM4<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102630.26    | 0.00%             | 2035-01-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.95 06/25/34                                               | CUSIP: 437076DE9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101204.85    | 0.00%             | 2034-06-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.6 06/18/31                                                | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101994.17    | 0.00%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                 | EIX 5.45 06/15/29                                              | CUSIP: 281020BA4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49453.89     | 0.00%             | 2029-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 02/28/27                                               | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5025976.55   | 0.20%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Woodside Finance Ltd.                                                                | WDSAU 6 05/19/35                                               | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $102073.93    | 0.00%             | 2035-05-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                                           | ARESSI 5.6 02/15/30                                            | CUSIP: 04020EAD9<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99697.50     | 0.00%             | 2030-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Cboe Global Markets Inc                                                              | Cboe Global Markets Inc COM USD0.01                            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      2000 | NS      | $466420.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                                                                  | Rithm Capital Corp. COM NPV                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    325900 | NS      | $3679411.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                                                          | AVB 2.45 01/15/31 MTN                                          | CUSIP: 05348EBH1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224448.42    | 0.01%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       100 | NS      | $7916.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                                                                | Targa Resources Corp. COM USD0.001                             | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       200 | NS      | $34816.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                                                 | STLD 3.25 01/15/31                                             | CUSIP: 858119BM1<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46639.37     | 0.00%             | 2031-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Limited                                                                | VALEBZ 3.75 07/08/30                                           | CUSIP: 91911TAQ6<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $94137.07     | 0.00%             | 2030-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       100 | NS      | $11800.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    210082 | NS      | $32762287.90  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | FCX 4.625 08/01/30                                             | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98966.25     | 0.00%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 1.65 02/01/28                                                | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187625.26    | 0.01%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                   | Vertiv Holdings Co COM CL A                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      8300 | NS      | $1065803.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 1.95 05/15/30                                              | CUSIP: 459200KJ9<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178409.03    | 0.01%             | 2030-05-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     19213 | NS      | $2996267.35   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                                                         | Wingstop Inc COM USD0.01                                       | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      2400 | NS      | $808176.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Gas Transmission and Storage Inc                                             | BRKHEC 3 11/15/29                                              | CUSIP: 276480AH3<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141684.81    | 0.01%             | 2029-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.15 09/09/32                                              | CUSIP: 931142EY5<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246953.34    | 0.01%             | 2032-09-09      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.15 09/15/27 MTN                                           | CUSIP: 24422EWK1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100208.55    | 0.00%             | 2027-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 5.1 11/15/27                                               | CUSIP: 539830BV0<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256298.29    | 0.01%             | 2027-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                                                           | BIO 3.3 03/15/27                                               | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147110.04    | 0.01%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 3 02/22/29                                                | CUSIP: 031162DD9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238862.39    | 0.01%             | 2029-02-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                   | R 2.85 03/01/27 MTN                                            | CUSIP: 78355HKT5<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146103.51    | 0.01%             | 2027-03-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co.                                                          | SRE 2.95 04/15/27                                              | CUSIP: 842434CW0<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97955.95     | 0.00%             | 2027-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.9 03/15/27                                               | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97284.61     | 0.00%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 2.875 03/15/32                                             | CUSIP: 084664DA6<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92184.88     | 0.00%             | 2032-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GXO Logistics Inc.                                                                   | GXO 1.65 07/15/26                                              | CUSIP: 36262GAB7<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241806.02    | 0.01%             | 2026-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.548 07/22/28 MTN                                        | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150338.46    | 0.01%             | 2028-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.55 09/20/27 MTN                                       | CUSIP: 89236TKJ3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252097.04    | 0.01%             | 2027-09-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.5 09/15/32                                                | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251192.20    | 0.01%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 2.875 11/15/29                                             | CUSIP: 74340XBY6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235655.23    | 0.01%             | 2029-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V5.834 10/25/33 MTN                                         | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159091.58    | 0.01%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.25 02/01/32                                                | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86064.92     | 0.00%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | International Business Machines Corp. COM USD0.20              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     11000 | NS      | $3242580.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo Capital PLC                                                                   | DGELN 5.5 01/24/33                                             | CUSIP: 25243YBH1<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208190.28    | 0.01%             | 2033-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 1 10/01/26                                                 | CUSIP: 500769JQ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $241188.28    | 0.01%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HPQ 2.65 06/17/31                                              | CUSIP: 40434LAJ4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132748.38    | 0.01%             | 2031-06-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Aon Corp/ Aon Global Holdings PLC                                                    | AON 2.85 05/28/27                                              | CUSIP: 03740LAD4<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146179.68    | 0.01%             | 2027-05-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                           | PRU V5.125 03/01/52                                            | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241780.88    | 0.01%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Autonation Inc. (Florida)                                                            | AN 3.85 03/01/32                                               | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $138182.66    | 0.01%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Company                                                                 | WY 3.375 03/09/33                                              | CUSIP: 962166CA0<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89559.50     | 0.00%             | 2033-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                     | BATSLN 4.448 03/16/28                                          | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $150240.35    | 0.01%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 6.25 03/15/33                                             | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $266253.57    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 4 09/15/28                                                 | CUSIP: 74340XBX8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248609.08    | 0.01%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 3.375 12/15/27                                             | CUSIP: 74340XBV2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245618.18    | 0.01%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.342 10/18/33                                             | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $542853.88    | 0.02%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 0.75 10/26/26                                              | CUSIP: 298785JP2<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $239970.85    | 0.01%             | 2026-10-26      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.5 01/20/27 GMTN                                         | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $241134.52    | 0.01%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 2.125 01/21/32 MTN                                         | CUSIP: 683234AU2<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |     50000 | PA      | $43882.71     | 0.00%             | 2032-01-21      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.35 03/02/33 MTN                                         | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $456624.97    | 0.02%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CME Group Inc.                                                                       | CME 2.65 03/15/32                                              | CUSIP: 12572QAK1<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89536.14     | 0.00%             | 2032-03-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP 2.55 03/04/27                                              | CUSIP: 025816CS6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146047.67    | 0.01%             | 2027-03-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                  | Analog Devices Inc. COM USD0.16 2/3                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      5400 | NS      | $1285308.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    142600 | NS      | $22529374.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.846 03/08/37                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228773.52    | 0.01%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 2.3 03/15/27                                               | CUSIP: 084664CZ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48745.33     | 0.00%             | 2027-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.615 03/15/28                                             | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246509.30    | 0.01%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.717 09/14/33                                            | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260574.39    | 0.01%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                          | EIBKOR 4.25 09/15/27                                           | CUSIP: 302154DR7<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $250620.10    | 0.01%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust, L.P.                                                           | DLR 5.55 01/15/28                                              | CUSIP: 25389JAV8<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256416.29    | 0.01%             | 2028-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 5.625 10/13/32                                               | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261580.59    | 0.01%             | 2032-10-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 1.75 07/01/30                                              | CUSIP: 74340XBZ3<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219802.22    | 0.01%             | 2030-07-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.85 10/11/29 MTN                                           | CUSIP: 24422EWN5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154177.21    | 0.01%             | 2029-10-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                  | CATMED 6.073 11/01/27                                          | CUSIP: 20268JAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155227.62    | 0.01%             | 2027-11-01      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                                                   | DGELN 5.3 10/24/27                                             | CUSIP: 25243YBG3<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $256182.46    | 0.01%             | 2027-10-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 5.25 01/15/33                                              | CUSIP: 539830BW8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259509.48    | 0.01%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.375 04/20/28 GDIF                                       | CUSIP: 459058JW4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $187458.25    | 0.01%             | 2028-04-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.125 09/13/28                                            | CUSIP: 459058JZ7<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $184143.37    | 0.01%             | 2028-09-13      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.526 03/24/28 MTN                                        | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246531.06    | 0.01%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                  | FITB V4.772 07/28/30                                           | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150930.67    | 0.01%             | 2030-07-28      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                                                      | CSX 4.1 11/15/32                                               | CUSIP: 126408HU0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97005.19     | 0.00%             | 2032-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.35 09/15/32 MTN                                           | CUSIP: 24422EWL9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98863.13     | 0.00%             | 2032-09-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Ansys Inc                                                                            | Ansys Inc COM USD0.01                                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      5300 | NS      | $1861466.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                                                                       | Mckesson Corp. COM USD0.01                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4500 | NS      | $3297510.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                                                       | Amdocs Limited ORD GBP0.01                                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     27000 | NS      | $2463480.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                                                      | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     15600 | NS      | $4811040.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal                                                                     | BMO 4.7 09/14/27 H                                             | CUSIP: 06368LAQ9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $151364.96    | 0.01%             | 2027-09-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 5.7 04/01/28                                               | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257154.73    | 0.01%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| International Finance Corporation                                                    | IFC 0.75 10/08/26 GMTN                                         | CUSIP: 45950KCX6<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $240328.53    | 0.01%             | 2026-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.8 10/14/31                                               | CUSIP: 68323AFJ8<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |     50000 | PA      | $43353.78     | 0.00%             | 2031-10-14      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                                          | PGR 2.5 03/15/27                                               | CUSIP: 743315AY9<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48693.52     | 0.00%             | 2027-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.4 04/01/33                                              | CUSIP: 161175CJ1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235393.08    | 0.01%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 4.05 08/18/29                                             | CUSIP: 031162DH0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247101.16    | 0.01%             | 2029-08-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 4.5 01/20/33                                               | CUSIP: 907818GB8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99391.05     | 0.00%             | 2033-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB 5.371 09/09/27                                              | CUSIP: 25160PAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $256432.45    | 0.01%             | 2027-09-09      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 3.5 09/14/29                                              | CUSIP: 4581X0EF1<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $247000.31    | 0.01%             | 2029-09-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | Autozone, Inc. COM USD0.01                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       900 | NS      | $3341007.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                                                           | Avery Dennison Corporation COM USD1                            | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     13000 | NS      | $2281110.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 4.693 09/15/27 MTN                                          | CUSIP: 89115A2H4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $252404.53    | 0.01%             | 2027-09-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                            | PHILIP 5.17 10/13/27                                           | CUSIP: 718286CV7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    250000 | PA      | $254607.61    | 0.01%             | 2027-10-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5.8 01/15/33                                              | CUSIP: 637432PA7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53134.02     | 0.00%             | 2033-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 6.3 03/15/33                                               | CUSIP: 260543DG5<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160844.68    | 0.01%             | 2033-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.3 02/15/30                                               | CUSIP: 91324PEQ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258925.77    | 0.01%             | 2030-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.625 11/03/31                                            | CUSIP: 459058KA0<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $216713.39    | 0.01%             | 2031-11-03      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 2.9 03/01/27                                                | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146343.12    | 0.01%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Puget Energy Inc                                                                     | PSD 4.224 03/15/32                                             | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141167.04    | 0.01%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 3.95 09/09/27                                              | CUSIP: 931142EX7<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150130.83    | 0.01%             | 2027-09-09      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                                                       | RENTEN 3.875 09/28/27                                          | CUSIP: 515110CC6<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $250659.57    | 0.01%             | 2027-09-28      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Block(H&R)Inc                                                                        | Block(H&R)Inc COM NPV                                          | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     18500 | NS      | $1015465.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                                                          | AvalonBay Communities, Inc. COM USD0.01                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     13200 | NS      | $2686200.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                                                         | SO 5.7 10/15/32                                                | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157559.61    | 0.01%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                            | PHILIP 5.609 04/13/33                                          | CUSIP: 718286CT2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    250000 | PA      | $261834.74    | 0.01%             | 2033-04-13      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2000 | NS      | $776420.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     43538 | NS      | $16901886.98  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     18855 | NS      | $3344688.45   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc.                                                                | OneMain Holdings Inc. USD0.01                                  | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     77800 | NS      | $4434600.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     20400 | NS      | $5914164.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                                                            | Consolidated Edison, Inc. COM USD0.10                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     18300 | NS      | $1836405.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                                                    | EXPE 3.25 02/15/30                                             | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94333.33     | 0.00%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 2.45 02/15/31 144A                                        | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134129.22    | 0.01%             | 2031-02-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| F5 Inc                                                                               | F5 Inc COM STK NPV                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      1900 | NS      | $559208.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                                                                     | Donaldson Co Inc COM USD5                                      | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      9447 | NS      | $655149.45    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 1.3 04/15/28                                               | CUSIP: 548661DX2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138776.80    | 0.01%             | 2028-04-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 0.75 10/08/27                                             | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $467772.65    | 0.02%             | 2027-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 3.25 02/01/28                                               | CUSIP: 097023DB8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242483.67    | 0.01%             | 2028-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 3.125 12/01/30                                              | CUSIP: 00914AAK8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184816.53    | 0.01%             | 2030-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 6.375 09/01/28                                             | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103909.90    | 0.00%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Texas Pacific Land Corporation                                                       | Texas Pacific Land Corporation COM                             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2200 | NS      | $2324058.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    155360 | NS      | $27379092.80  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation                                                         | Antero Midstream Corporation COM USD1.00                       | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $1895.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 1 03/15/28                                                  | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92822.83     | 0.00%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 1.8 03/15/33                                                 | CUSIP: 756109BA1<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80679.35     | 0.00%             | 2033-03-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DHI 1.4 10/15/27                                               | CUSIP: 23331ABP3<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94024.87     | 0.00%             | 2027-10-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 0.75 11/24/27                                             | CUSIP: 459058JN4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $232909.95    | 0.01%             | 2027-11-24      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp. COM USD0.01                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     19700 | NS      | $932204.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                                                                 | Electronic Arts Inc. COM USD0.01                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       200 | NS      | $31940.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                                                                 | Emerson Electric Co. COM USD0.50                               | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     62400 | NS      | $8319792.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. COM USD0.0001                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      9100 | NS      | $2578940.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                                                                   | EOG Resources Inc. COM USD0.01                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     21400 | NS      | $2559654.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                                                          | ResMed Inc. COM USD0.004                                       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      4700 | NS      | $1212600.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                                                                     | GATX Corporation COM USD0.625                                  | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      4200 | NS      | $644952.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                                                                  | General Mills, Inc. COM USD0.10                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      8700 | NS      | $450747.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences Inc. COM USD0.001                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     36400 | NS      | $4035668.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                                                         | Gartner Inc. COM USD0.0005                                     | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       600 | NS      | $242532.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2774 | NS      | $2162416.22   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                                                             | UGI Corp COM NPV                                               | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    123500 | NS      | $4497870.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                                                            | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      8800 | NS      | $2024704.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                                                  | Paycom Software Inc COM USD0.01                                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      5000 | NS      | $1157000.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.75 03/15/29                                              | CUSIP: 298785JR8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $93082.79     | 0.00%             | 2029-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HPQ 4.2 04/15/32                                               | CUSIP: 40434LAL9<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143340.97    | 0.01%             | 2032-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 2.5 12/01/29                                              | CUSIP: 78409VAP9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139464.54    | 0.01%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.75 06/01/31                                                | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136005.70    | 0.01%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 1.018 08/12/27                                             | CUSIP: 166756AL0<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235031.34    | 0.01%             | 2027-08-12      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Group Inc                                                              | Nexstar Media Group Inc COM USD0.01 CL'A'                      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       600 | NS      | $103770.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 03/31/27                                               | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9472656.20   | 0.38%             | 2027-03-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| UNIV CALIF REGTS MED CTR                                                             | CA UNVHGR 4.13 05/15/2032                                      | CUSIP: 913366KV1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245171.60    | 0.01%             | 2032-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.667 05/27/29                                         | CUSIP: 60687YCP2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $207010.36    | 0.01%             | 2029-05-27      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.254 03/09/34                                           | CUSIP: 404280DV8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $267490.46    | 0.01%             | 2034-03-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                     | DTE 5.2 04/01/33                                               | CUSIP: 23338VAS5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51373.64     | 0.00%             | 2033-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 5.65 03/15/33                                              | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103919.17    | 0.00%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| HNI Corp                                                                             | HNI Corp COM USD1                                              | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    160000 | NS      | $7868800.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3100 | NS      | $497798.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 5 03/09/33                                               | CUSIP: 76720AAN6<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $101415.38    | 0.00%             | 2033-03-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                   | R 5.25 06/01/28 MTN                                            | CUSIP: 78355HKW8<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153897.07    | 0.01%             | 2028-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                          | ETN 4.35 05/18/28                                              | CUSIP: 278062AK0<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151205.97    | 0.01%             | 2028-05-18      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 4.625 05/15/30                                             | CUSIP: 341081GP6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151967.52    | 0.01%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 6 06/14/30                                                 | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51583.66     | 0.00%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 05/31/27                                               | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5011718.75   | 0.20%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.875 04/30/29                                               | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9694921.90   | 0.39%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp.                                                   | CNP 5.4 03/01/33                                               | CUSIP: 15189YAH9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9244.95      | 0.00%             | 2033-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                              | BKH 5.95 03/15/28                                              | CUSIP: 092113AV1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155377.43    | 0.01%             | 2028-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.05 04/01/28                                              | CUSIP: 341081GK7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153626.44    | 0.01%             | 2028-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                           | Fidelity National Information Services Inc COM USD0.01         | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      5800 | NS      | $472178.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                                                                 | CubeSmart (Maryland) COM USD0.01                               | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1900 | NS      | $80750.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern California Gas Co.                                                          | SRE 5.2 06/01/33                                               | CUSIP: 842434CZ3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101356.62    | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.2 06/15/33                                                | CUSIP: 842587DR5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152616.99    | 0.01%             | 2033-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 09/30/28                                               | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2055390.62   | 0.08%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.875 10/31/28                                               | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2071875.00   | 0.08%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 11/30/29                                               | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5073437.50   | 0.21%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 5.625 04/01/35                                            | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100919.26    | 0.00%             | 2035-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.6 04/15/35                                              | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62019.71     | 0.00%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 05/15/35                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1502343.75   | 0.06%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 09/30/28                                                | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2775585.93   | 0.11%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 04/30/27                                                | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1964531.24   | 0.08%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH                               | LA LASGOV 4.14 02/01/2033                                      | CUSIP: 54627RAM2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247329.98    | 0.01%             | 2033-02-01      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.161 03/09/29                                           | CUSIP: 404280DU0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $259954.57    | 0.01%             | 2029-03-09      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.5 03/15/28                                               | CUSIP: 03027XBY5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513896.35    | 0.02%             | 2028-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 2.45 03/01/27                                             | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145967.01    | 0.01%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 5.5 03/08/33                                               | CUSIP: 828807DU8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260947.61    | 0.01%             | 2033-03-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 4.85 06/15/28                                               | CUSIP: 842587DQ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152577.46    | 0.01%             | 2028-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Company                                                            | NFG 5.5 10/01/26                                               | CUSIP: 636180BS9<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252611.71    | 0.01%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 08/15/33                                               | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6893359.34   | 0.28%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 06/30/26                                               | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3017578.14   | 0.12%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 08/15/34                                               | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6346386.74   | 0.26%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 11/30/26                                                | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5025781.25   | 0.20%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 02/15/35                                               | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7750000 | PA      | $7995820.31   | 0.32%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 5.35 03/15/35                                              | CUSIP: 260543DL4<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49736.68     | 0.00%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 03/31/30                                                   | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5551132.84   | 0.23%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 03/31/27                                               | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7010937.50   | 0.28%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.1 04/15/30                                              | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61450.80     | 0.00%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.572 04/22/36                                            | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51817.17     | 0.00%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 4.834 04/24/30                                             | CUSIP: 857477DB6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101855.00    | 0.00%             | 2030-04-24      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3.75 07/15/30                                              | CUSIP: 500769KK9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    650000 | PA      | $647822.44    | 0.03%             | 2030-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.952 05/07/31                                              | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151709.56    | 0.01%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.875 03/03/28                                             | CUSIP: 04636NAF0<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255294.19    | 0.01%             | 2028-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                                          | OVV 5.65 05/15/28                                              | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257000.16    | 0.01%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.297 04/20/37                                             | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249071.27    | 0.01%             | 2037-04-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.113 08/01/27                                              | CUSIP: 842587DD6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152252.79    | 0.01%             | 2027-08-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 02/28/31                                                | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2038593.76   | 0.08%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 05/15/34                                               | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5585722.67   | 0.23%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                           | AMP 4.5 05/13/32                                               | CUSIP: 03076CAL0<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248047.79    | 0.01%             | 2032-05-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.55 01/11/28                                            | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $251955.09    | 0.01%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC V7.375 09/15/55                                         | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103956.04    | 0.00%             | 2055-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                        | CA CAS 4.88 09/01/2030                                         | CUSIP: 13063EHU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517181.25    | 0.02%             | 2030-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Healthpeak Properties Inc                                                            | DOC 5.25 12/15/32                                              | CUSIP: 42250PAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254413.97    | 0.01%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 5.3 02/01/28                                                | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255486.43    | 0.01%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.667 04/25/36                                            | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62131.74     | 0.00%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.605 04/23/36                                            | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154832.91    | 0.01%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Council of Europe Development Bank                                                   | COE 3.625 01/26/28                                             | CUSIP: 222213BB5<br>LEI: 549300UYNXMI821WYG82 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $249070.10    | 0.01%             | 2028-01-26      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                           | CNHI 4.55 04/10/28                                             | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100455.74    | 0.00%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.78 02/15/35                                               | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    165000 | PA      | $160742.91    | 0.01%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.5 05/15/35                                             | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49343.46     | 0.00%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.8 05/12/28                                                 | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206704.97    | 0.01%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                                            | WBD 4.279 03/15/32                                             | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    500000 | PA      | $371875.00    | 0.02%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.3 05/15/35                                             | CUSIP: 20030NEP2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101892.04    | 0.00%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.625 05/31/27                                               | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4896679.70   | 0.20%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| 3M Company                                                                           | MMM 4.8 03/15/30                                               | CUSIP: 88579YBQ3<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50831.01     | 0.00%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.875 05/15/28                                               | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3421933.59   | 0.14%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 11/15/32                                               | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4027656.24   | 0.16%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Eastman Chemical Company                                                             | EMN 5.75 03/08/33                                              | CUSIP: 277432AX8<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103969.21    | 0.00%             | 2033-03-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp.                                                               | LNC 3.4 01/15/31                                               | CUSIP: 534187BK4<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139524.59    | 0.01%             | 2031-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.15 04/15/32 144A                                        | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144501.33    | 0.01%             | 2032-04-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Kellanova                                                                            | K 5.25 03/01/33                                                | CUSIP: 487836BZ0<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102363.72    | 0.00%             | 2033-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 4.25 04/15/31                                              | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241030.88    | 0.01%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.3 04/13/27                                              | CUSIP: 023135CF1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148343.72    | 0.01%             | 2027-04-13      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.571 04/27/33                                            | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492035.51    | 0.02%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                           | AMP 5.15 05/15/33                                              | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102608.23    | 0.00%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.45 03/01/28                                               | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153868.76    | 0.01%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.75 05/19/33                                              | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $249248.41    | 0.01%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Amcor Finance (USA) Inc.                                                             | AMCR 5.625 05/26/33                                            | CUSIP: 02343UAJ4<br>LEI: 549300ZMT7FVT8R77U18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103814.13    | 0.00%             | 2033-05-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                                                                       | ALB 4.65 06/01/27                                              | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149477.15    | 0.01%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| The Clorox Company                                                                   | CLX 4.6 05/01/32                                               | CUSIP: 189054AZ2<br>LEI: 54930044KVSC06Z79I06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99783.07     | 0.00%             | 2032-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 4.25 01/15/29                                              | CUSIP: 438516CL8<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150429.18    | 0.01%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.55 05/17/30 MTN                                       | CUSIP: 89236TKU8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100605.47    | 0.00%             | 2030-05-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.15 04/15/32                                               | CUSIP: 94106LBS7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97877.61     | 0.00%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO 5.203 02/01/28                                             | CUSIP: 06368LGV2<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $153403.62    | 0.01%             | 2028-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/15/27                                                   | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2004765.62   | 0.08%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 02/15/27                                               | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1004804.69   | 0.04%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Consumers Energy Company                                                             | CMS 4.65 03/01/28                                              | CUSIP: 210518DS2<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152048.35    | 0.01%             | 2028-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 5.35 01/31/33                                              | CUSIP: 29379VCD3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103638.73    | 0.00%             | 2033-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                                                 | NOMURA 6.181 01/18/33                                          | CUSIP: 65535HBK4<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $266303.15    | 0.01%             | 2033-01-18      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 4.875 10/04/33 10Y                                      | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $198819.62    | 0.01%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V5.087 11/26/28                                         | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202627.97    | 0.01%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                                                   | CNQCN 5 12/15/29 144A                                          | CUSIP: 136385BB6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100901.17    | 0.00%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 02/28/29                                                | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5088085.95   | 0.21%             | 2029-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.15 04/23/31                                             | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102416.30    | 0.00%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 6.259 05/01/27                                              | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102881.54    | 0.00%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.85 04/01/30                                             | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91248.29     | 0.00%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FI 5.45 03/02/28                                               | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256899.85    | 0.01%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FI 5.6 03/02/33                                                | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259226.30    | 0.01%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.55 04/01/27                                             | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40199.36     | 0.00%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 5.25 03/14/35                                            | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $101748.50    | 0.00%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.65 03/15/33                                              | CUSIP: 03027XBZ2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521107.30    | 0.02%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.9 03/03/30                                               | CUSIP: 04636NAG8<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256462.07    | 0.01%             | 2030-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                | URUGUA 4.375 01/23/31                                          | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    200000 | PA      | $199602.00    | 0.01%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 4.15 01/24/29 MTN                                          | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    186000 | PA      | $185295.11    | 0.01%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 4.5 03/14/28                                             | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $100787.59    | 0.00%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.5 01/31/27                                                 | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1929140.62   | 0.08%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.875 03/03/33                                             | CUSIP: 04636NAH6<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152464.73    | 0.01%             | 2033-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 4.5 01/15/34                                               | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97959.13     | 0.00%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                                                     | WELL 3.85 06/15/32                                             | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237026.70    | 0.01%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                                                          | WDAY 3.8 04/01/32                                              | CUSIP: 98138HAJ0<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140948.25    | 0.01%             | 2032-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                                            | AES 5.45 06/01/28                                              | CUSIP: 00130HCH6<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153283.53    | 0.01%             | 2028-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V6.047 06/08/27 MTN                                        | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253358.71    | 0.01%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                            | AMH 3.625 04/15/32                                             | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    250000 | PA      | $230674.68    | 0.01%             | 2032-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                                                        | EQIX 3.9 04/15/32                                              | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142068.38    | 0.01%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 03/31/29                                               | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3445953.11   | 0.14%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 04/30/31                                               | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1038281.25   | 0.04%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 5.15 05/01/30                                               | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254524.88    | 0.01%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | MMC 2.25 11/15/30                                              | CUSIP: 571748BN1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223834.23    | 0.01%             | 2030-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 4.75 02/15/28                                             | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251371.11    | 0.01%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 4.35 05/09/27                                              | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250021.88    | 0.01%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp                                                          | AWK 4.45 06/01/32                                              | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98717.71     | 0.00%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                                            | WTW 4.65 06/15/27                                              | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251366.09    | 0.01%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 04/30/29                                               | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3093750.00   | 0.13%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 07/31/26                                               | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5019921.90   | 0.20%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | ICE 4.6 03/15/33                                               | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248865.23    | 0.01%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                          | EIBKOR 5 01/11/28                                              | CUSIP: 302154DV8<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $255209.80    | 0.01%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 11/15/34                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7524609.38   | 0.31%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Holcim Finance US LLC                                                                | AMRZ 5.4 04/07/35 144A                                         | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131905.96    | 0.01%             | 2035-04-07      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                                                 | NOMURA 5.842 01/18/28                                          | CUSIP: 65535HBH1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $515411.86    | 0.02%             | 2028-01-18      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 3.95 01/26/28                                               | CUSIP: 742718FZ7<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100532.62    | 0.00%             | 2028-01-26      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.016 04/25/31                                            | CUSIP: 025816EF2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102111.43    | 0.00%             | 2031-04-25      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 05/31/32                                               | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $756328.13    | 0.03%             | 2032-05-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | AZO 4.5 02/01/28                                               | CUSIP: 053332BC5<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151151.02    | 0.01%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                                                    | MTB 4.7 01/27/28                                               | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252202.62    | 0.01%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 12/31/27                                               | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4635546.90   | 0.19%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                         | SWK 6 03/06/28                                                 | CUSIP: 854502AT8<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156165.11    | 0.01%             | 2028-03-06      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 3.625 04/13/28                                               | CUSIP: 748148SD6<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    175000 | PA      | $173917.21    | 0.01%             | 2028-04-13      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                          | COR 5.15 02/15/35                                              | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100848.57    | 0.00%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corporation                                                   | PPL 5 05/15/33                                                 | CUSIP: 69351UBA0<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152274.76    | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 4.25 05/01/29                                             | CUSIP: 78409VBG8<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149915.64    | 0.01%             | 2029-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.45 05/19/28                                              | CUSIP: 716973AC6<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $252002.93    | 0.01%             | 2028-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                       | BLK 4.75 05/25/33                                              | CUSIP: 09247XAT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $151634.34    | 0.01%             | 2033-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 4.8 05/15/33                                               | CUSIP: 341081GQ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150386.46    | 0.01%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fortune Brands Innovations Inc                                                       | FBINUS 5.875 06/01/33                                          | CUSIP: 34964CAH9<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104866.31    | 0.00%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.867 06/08/34 MTN                                        | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156703.50    | 0.01%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V6.312 06/08/29                                            | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104969.93    | 0.00%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Relx Capital Inc.                                                                    | RELLN 3 05/22/30                                               | CUSIP: 74949LAD4<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141190.68    | 0.01%             | 2030-05-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.25 01/15/31                                              | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86996.56     | 0.00%             | 2031-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 05/15/27                                                 | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3039492.18   | 0.12%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BGC Group Inc                                                                        | BGC 6.15 04/02/30 144A                                         | CUSIP: 05555LAC5<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50695.21     | 0.00%             | 2030-04-02      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                    | LPLA 5.15 06/15/30                                             | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50619.94     | 0.00%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.35 04/15/32                                             | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61610.75     | 0.00%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 07/31/26                                               | CUSIP: 91282CCP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9647265.60   | 0.39%             | 2026-07-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Aon Corp/ Aon Global Holdings PLC                                                    | AON 5.35 02/28/33                                              | CUSIP: 03740LAG7<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257357.01    | 0.01%             | 2033-02-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 4.875 03/03/33                                             | CUSIP: 911312BZ8<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101718.65    | 0.00%             | 2033-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp.                                                   | CNP 5.25 03/01/28                                              | CUSIP: 15189YAG1<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102415.33    | 0.00%             | 2028-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 4.55 07/01/30                                              | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146403.44    | 0.01%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 1.25 08/15/30                                             | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $215228.72    | 0.01%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.1 04/01/33                                               | CUSIP: 341081GL5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153309.58    | 0.01%             | 2033-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                                          | OVV 6.25 07/15/33                                              | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258110.14    | 0.01%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.65 05/19/30                                              | CUSIP: 716973AD4<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $253457.62    | 0.01%             | 2030-05-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V5.853 05/19/34                                           | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159346.69    | 0.01%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V5.159 05/18/34                                            | CUSIP: 857477CC5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153228.68    | 0.01%             | 2034-05-18      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                            | FMC 5.65 05/18/33                                              | CUSIP: 302491AX3<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59305.99     | 0.00%             | 2033-05-18      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 4.4 05/15/28                                               | CUSIP: 341081GN1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151120.35    | 0.01%             | 2028-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 12/31/29                                               | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7173632.83   | 0.29%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.625 01/15/32 GMTN                                       | CUSIP: 459058LQ4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $258536.39    | 0.01%             | 2032-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                            | ADBE 5.3 01/17/35                                              | CUSIP: 00724PAK5<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104530.80    | 0.00%             | 2035-01-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                               | AEE 5.25 04/15/35                                              | CUSIP: 906548DA7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51058.99     | 0.00%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.875 04/30/35                                              | CUSIP: 718172DU0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98656.57     | 0.00%             | 2035-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 05/31/30                                                   | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3786328.13   | 0.15%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UWM Holdings Corp                                                                    | UWM Holdings Corp COM CL A                                     | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23170 | NS      | $95923.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                                                  | DIS 6.2 12/15/34                                               | CUSIP: 254687DZ6<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    150000 | PA      | $167395.43    | 0.01%             | 2034-12-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.699 01/22/31 GMTN                                        | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $230529.10    | 0.01%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.75 04/27/32                                              | CUSIP: 91087BAK6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $189982.00    | 0.01%             | 2032-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 1.45 06/01/27                                               | CUSIP: 191216CU2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95442.78     | 0.00%             | 2027-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                                        | CVX 2.236 05/11/30                                             | CUSIP: 166764BY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $228287.50    | 0.01%             | 2030-05-11      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 8.875 07/15/30                                             | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $114269.00    | 0.00%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.875 02/08/29                                              | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493755.95    | 0.02%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V2.393 06/02/28 MTN                                        | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144512.17    | 0.01%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 2.65 08/15/30                                             | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90504.48     | 0.00%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | Solventum Corp. COM SHS                                        | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     13250 | NS      | $1004880.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                                                          | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |    128000 | NS      | $2018560.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     21100 | NS      | $3842943.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     25575 | NS      | $18876651.75  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                    | ASML Holding N.V. NY REGISTRY SHS                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     12317 | NS      | $9870720.63   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.431 01/23/30 GMTN                                        | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249648.52    | 0.01%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES PASS THROUGH CERTIFICATES                                            | UAL 4.15 08/25/31 AA                                           | CUSIP: 90931CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65758 | PA      | $62977.39     | 0.00%             | 2031-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.974 02/07/30 MTN                                        | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246077.15    | 0.01%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 3.7 03/01/29                                               | CUSIP: 907818FB9<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245818.89    | 0.01%             | 2029-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc                                                               | Equitable Holdings Inc COM                                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      5900 | NS      | $330990.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                                                                      | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      6300 | NS      | $3333645.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                                                        | Starwood Property Trust, Inc. COM USD0.01                      | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    178800 | NS      | $3588516.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                                                          | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     41023 | NS      | $7614689.26   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                                                                  | Virtu Financial Inc COM CL A USD0.00001                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     55100 | NS      | $2467929.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.5 04/22/29                                               | CUSIP: 91087BAF7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $246012.50    | 0.01%             | 2029-04-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                       | BLK 2.4 04/30/30                                               | CUSIP: 09247XAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $230076.94    | 0.01%             | 2030-04-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 5.04 05/01/27                                               | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151117.45    | 0.01%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Schlumberger Investment SA                                                           | SLB 2.65 06/26/30                                              | CUSIP: 806854AJ4<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $92019.97     | 0.00%             | 2030-06-26      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                  | LNG 4.625 10/15/28                                             | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249654.87    | 0.01%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V2.309 07/20/32                                           | CUSIP: 606822BX1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $174238.80    | 0.01%             | 2032-07-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY 4.75 06/09/27                                             | CUSIP: 02005NBQ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100537.25    | 0.00%             | 2027-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                                                                | PH 4.5 09/15/29                                                | CUSIP: 701094AS3<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151487.64    | 0.01%             | 2029-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                           | FIS 5.1 07/15/32                                               | CUSIP: 31620MBY1<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152751.74    | 0.01%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V4.897 07/25/33 MTN                                        | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500097.20    | 0.02%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Annaly Capital Management, Inc.                                                      | Annaly Capital Management, Inc. COM NEW                        | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     75600 | NS      | $1422792.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                                                            | APA Corp. COM                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       100 | NS      | $1829.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  26386735 | NS      | $26386734.86  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 4.9 10/01/26                                              | CUSIP: 24703TAE6<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150668.89    | 0.01%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V3.992 06/13/28 MTN                                         | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149468.61    | 0.01%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.45 06/15/27                                              | CUSIP: 694308KF3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151736.17    | 0.01%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.9 06/15/32                                               | CUSIP: 694308KG1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153091.93    | 0.01%             | 2032-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Allegion US Holding Company Inc                                                      | ALLE 5.411 07/01/32                                            | CUSIP: 01748TAC5<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154408.34    | 0.01%             | 2032-07-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 3.6 02/18/28                                               | CUSIP: 713448FL7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247849.33    | 0.01%             | 2028-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                                            | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    133000 | NS      | $1399160.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                                                           | Archer-Daniels-Midland Co. COM NPV                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    129117 | NS      | $6814795.26   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                                                            | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    114420 | NS      | $13502704.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    218662 | NS      | $84886775.02  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                                                                | Comerica Incorporated COM USD5                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       300 | NS      | $17895.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    504102 | NS      | $62513689.02  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                                                            | eBay Inc. COM USD0.001                                         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       100 | NS      | $7446.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                                                             | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |    107600 | NS      | $26604100.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation COM USD0.001                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       100 | NS      | $2240.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    249801 | NS      | $38157102.75  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     72041 | NS      | $56158120.73  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                                          | Cencora Inc COM USD0.01                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       100 | NS      | $29985.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110662 | NS      | $15845691.78  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                                                            | MGM Resorts International COM USD0.01                          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |       100 | NS      | $3439.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     35650 | NS      | $17732666.50  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     53869 | NS      | $26794979.29  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                                                               | Micron Technology Inc. COM USD0.10                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       100 | NS      | $12325.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated                                                    | Microchip Technology Incorporated COM USD0.001                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |       100 | NS      | $7037.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                                                            | Nestle SA SPON ADR REPR 1 COM CHF0.10                          | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |       100 | NS      | $9932.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                                                           | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      3400 | NS      | $431086.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    112034 | NS      | $8976164.08   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                                    | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    208016 | NS      | $26946392.64  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | Occidental Petroleum Corp. COM USD0.20                         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       100 | NS      | $4201.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                                                               | OGE Energy Corporation COM USD0.01                             | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     59200 | NS      | $2627296.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation                                               | Old Republic International Corporation COM USD1                | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     61000 | NS      | $2344840.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       100 | NS      | $21863.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                                                          | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    364614 | NS      | $8838243.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       100 | NS      | $15926.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                        | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1800 | NS      | $2410434.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                                                                | Royal Caribbean Group COM USD0.01                              | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       100 | NS      | $31314.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                                                       | The Charles Schwab Corporation COM USD0.01                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       100 | NS      | $9124.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | Thermo Fisher Scientific Inc COM USD1                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       300 | NS      | $121638.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     36600 | NS      | $2145858.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                                             | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     63536 | NS      | $16571459.52  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 6.2 07/15/30                                              | CUSIP: 24703TAH9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160515.01    | 0.01%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |       100 | NS      | $2996.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 3.15 05/01/27                                             | CUSIP: 62954HAX6<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $146761.95    | 0.01%             | 2027-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.7 03/15/32                                              | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440655.12    | 0.02%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.017 07/20/28                                           | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $253197.72    | 0.01%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| WK Kellogg Co                                                                        | WK Kellogg Co COM SHS                                          | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |     24800 | NS      | $395312.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                                                         | B 0 11/28/25                                                   | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    973000 | PA      | $956272.51    | 0.04%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                                           | Airbnb Inc COM CL A                                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       100 | NS      | $13234.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                                                                 | Blue Owl Capital Inc COM CL A                                  | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29900 | NS      | $574379.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                                                          | Warner Bros. Discovery Inc. COM SER A                          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |       100 | NS      | $1146.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                                                                | PH 4.25 09/15/27                                               | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150368.31    | 0.01%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                                                             | ORLY 4.7 06/15/32                                              | CUSIP: 67103HAL1<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148941.03    | 0.01%             | 2032-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cabot Corporation                                                                    | CBT 5 06/30/32                                                 | CUSIP: 127055AM3<br>LEI: K05C0SER542GQ6VLRO68 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149725.39    | 0.01%             | 2032-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                           | BAX 1.915 02/01/27                                             | CUSIP: 071813CL1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144406.63    | 0.01%             | 2027-02-01      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| CGI Inc                                                                              | GIBACN 1.45 09/14/26                                           | CUSIP: 12532HAC8<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $144876.12    | 0.01%             | 2026-09-14      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.015 07/22/33 MTN                                        | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505854.13    | 0.02%             | 2033-07-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       700 | NS      | $59584.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 2.659 05/24/31                                             | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $865000.00    | 0.04%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 2.45 07/15/28                                              | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232158.81    | 0.01%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Helmerich & Payne Inc                                                                | HP 2.9 09/29/31                                                | CUSIP: 423452AG6<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83615.80     | 0.00%             | 2031-09-29      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V4.755 06/09/28                                           | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $250950.28    | 0.01%             | 2028-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5 04/01/32                                                | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65840.71     | 0.00%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc                                                    | AMCR 5.5 03/17/35 144A                                         | CUSIP: 02344AAE8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40582.61     | 0.00%             | 2035-03-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 3.125 07/31/29                                             | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143390.09    | 0.01%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                                  | SUZANO 6 01/15/29                                              | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $205313.34    | 0.01%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 3.3 04/01/27                                             | CUSIP: 20030NDK4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196979.46    | 0.01%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 2.85 04/01/30                                             | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47419.10     | 0.00%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.125 07/15/33                                             | CUSIP: 500769JY1<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $199498.91    | 0.01%             | 2033-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.98 03/20/30                                               | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147026.39    | 0.01%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                              | AAL 3.15 02/15/32 AA                                           | CUSIP: 02377LAA2<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |     72871 | PA      | $66917.31     | 0.00%             | 2032-02-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 2.05 09/11/26                                             | CUSIP: 037833DN7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195414.03    | 0.01%             | 2026-09-11      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 2.25 03/12/30                                             | CUSIP: 855244AW9<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90681.13     | 0.00%             | 2030-03-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 5.532 07/17/26 MTN                                          | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $253078.18    | 0.01%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5.2 07/20/26 GMTN                                           | CUSIP: 78016FZZ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $252442.79    | 0.01%             | 2026-07-20      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5.2 08/01/28 GMTN                                           | CUSIP: 78016HZS2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $154306.69    | 0.01%             | 2028-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.55 11/01/26                                              | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253439.28    | 0.01%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Jacobs Engineering Group Inc.                                                        | J 6.35 08/18/28                                                | CUSIP: 469814AB3<br>LEI: 549300CZ8QS1GE53O776 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105079.57    | 0.00%             | 2028-08-18      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V6.136 08/24/34                                           | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108197.92    | 0.00%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 7.75 09/16/27 *                                         | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262232.00    | 0.01%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.15 09/08/26 MTN                                           | CUSIP: 24422EXD6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101201.15    | 0.00%             | 2026-09-08      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.5 03/15/29                                                | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52051.33     | 0.00%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                             | DUK 3.45 03/15/29                                              | CUSIP: 26442UAH7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97284.14     | 0.00%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.702 05/06/30                                            | CUSIP: 46647PBD7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243321.91    | 0.01%             | 2030-05-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 2.95 08/15/29                                              | CUSIP: 824348BJ4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66126.42     | 0.00%             | 2029-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 1.75 09/14/29                                              | CUSIP: 500769JD7<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $230578.72    | 0.01%             | 2029-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 4.625 07/19/28                                            | CUSIP: 471048CX4<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    250000 | PA      | $255173.94    | 0.01%             | 2028-07-19      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.424 07/21/34 MTN                                         | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153660.38    | 0.01%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 4 06/30/28                                                | CUSIP: 3130AWN63<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1008916.30   | 0.04%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.299 07/24/29                                            | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256678.07    | 0.01%             | 2029-07-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 5.272 08/03/26                                             | CUSIP: 857477CD3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151506.24    | 0.01%             | 2026-08-03      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 3 02/02/29                                              | CUSIP: 46590XAN6<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $237508.08    | 0.01%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.5 08/25/28 GMTN                                         | CUSIP: 045167FZ1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $255432.49    | 0.01%             | 2028-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.5 10/16/28                                               | CUSIP: 298785JY3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $511631.93    | 0.02%             | 2028-10-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.196 06/17/27 MTN                                        | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98802.19     | 0.00%             | 2027-06-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 2.5 09/01/29                                               | CUSIP: 911312BU9<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140022.99    | 0.01%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                           | HAS 3.9 11/19/29                                               | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48213.42     | 0.00%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | DIS 3.8 03/22/30                                               | CUSIP: 254687FQ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147689.54    | 0.01%             | 2030-03-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.25 02/14/31                                              | CUSIP: 298785JL1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $216895.34    | 0.01%             | 2031-02-14      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Manitoba (Province of)                                                               | MP 1.5 10/25/28 HB                                             | CUSIP: 563469UY9<br>LEI: 5493003QILFOB3JRKE30 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $92536.27     | 0.00%             | 2028-10-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 5.118 07/13/28                                          | CUSIP: 892331AQ2<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $256891.26    | 0.01%             | 2028-07-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 6.421 08/02/33                                          | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162903.10    | 0.01%             | 2033-08-02      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.5 09/08/33                                                 | CUSIP: 748148SE4<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $100109.50    | 0.00%             | 2033-09-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Aflac Incorporated                                                                   | AFL 3.6 04/01/30                                               | CUSIP: 001055BJ0<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242803.29    | 0.01%             | 2030-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW 4.625 03/22/30                                            | CUSIP: 808513BC8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50809.49     | 0.00%             | 2030-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.7 04/15/30                                                | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46690.71     | 0.00%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Concentrix Corp.                                                                     | CNXC 6.65 08/02/26                                             | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152707.16    | 0.01%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 3.625 01/15/32                                          | CUSIP: 46590XAU0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $228597.43    | 0.01%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                                                                | BAC 5.526 08/18/26                                             | CUSIP: 06428CAA2<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253545.64    | 0.01%             | 2026-08-18      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW 5.875 08/24/26                                            | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101675.02    | 0.00%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.625 08/07/26                                             | CUSIP: 500769JZ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    500000 | PA      | $503652.62    | 0.02%             | 2026-08-07      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | PFE 3.45 03/15/29                                              | CUSIP: 717081ET6<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146901.19    | 0.01%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| 3M Company                                                                           | MMM 2.375 08/26/29                                             | CUSIP: 88579YBJ9<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92698.50     | 0.00%             | 2029-08-26      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc.                                                               | WCNCN 2.6 02/01/30                                             | CUSIP: 94106BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $186092.43    | 0.01%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 3.45 03/25/30                                               | CUSIP: 191216CT5<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97115.64     | 0.00%             | 2030-03-25      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3.75 04/01/30                                              | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95929.77     | 0.00%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pentair Finance S.a r.l.                                                             | PNR 5.9 07/15/32                                               | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $104473.64    | 0.00%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | AZO 5.05 07/15/26                                              | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150947.50    | 0.01%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 5.875 07/21/28                                             | CUSIP: 47233WBM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103709.51    | 0.00%             | 2028-07-21      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.557 07/25/34 MTN                                        | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154804.12    | 0.01%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 5.523 07/17/28 MTN                                          | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $155156.51    | 0.01%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                                                                   | CAG 5.3 10/01/26                                               | CUSIP: 205887CJ9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252510.29    | 0.01%             | 2026-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 5.125 02/01/28                                          | CUSIP: 46590XAZ9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $255100.00    | 0.01%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.                                                                 | OTIS 5.25 08/16/28                                             | CUSIP: 68902VAP2<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154412.20    | 0.01%             | 2028-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.939 08/18/34                                            | CUSIP: 693475BS3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158681.82    | 0.01%             | 2034-08-18      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                      | BHP 5.1 09/08/28                                               | CUSIP: 055451BC1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $102550.68    | 0.00%             | 2028-09-08      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.35 03/01/29                                                | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501048.92    | 0.02%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| WRKCO Inc                                                                            | SW 4.9 03/15/29                                                | CUSIP: 92940PAD6<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101265.54    | 0.00%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.95 06/15/29                                               | CUSIP: 437076BY7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95693.03     | 0.00%             | 2029-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 3.25 05/20/27                                             | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148105.11    | 0.01%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V2.561 05/01/32                                              | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $221479.71    | 0.01%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.194 07/23/30 MTN                                        | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237972.57    | 0.01%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 4.45 05/15/28                                              | CUSIP: 713448FR4<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253766.45    | 0.01%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.574 07/25/29 MTN                                        | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206511.52    | 0.01%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.95 07/14/28 MTN                                           | CUSIP: 24422EXB0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102454.41    | 0.00%             | 2028-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 2.5 01/15/27                                            | CUSIP: 46590XAS5<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $243179.50    | 0.01%             | 2027-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 5.5 01/15/30                                            | CUSIP: 46590XAL0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     80000 | PA      | $81832.96     | 0.00%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                                                       | DGX 6.4 11/30/33                                               | CUSIP: 74834LBD1<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109563.02    | 0.00%             | 2033-11-30      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V7.399 11/13/34                                           | CUSIP: 404280EC9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $223670.72    | 0.01%             | 2034-11-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.5 09/13/33 GMTN                                         | CUSIP: 4581X0EL8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $101964.65    | 0.00%             | 2033-09-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 3.375 03/15/29                                             | CUSIP: 532457BV9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    207000 | PA      | $202511.27    | 0.01%             | 2029-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 3.4 03/07/29                                               | CUSIP: 58933YAX3<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146334.37    | 0.01%             | 2029-03-07      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Relx Capital Inc.                                                                    | RELLN 4 03/18/29                                               | CUSIP: 74949LAC6<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148859.66    | 0.01%             | 2029-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 2.25 06/18/29                                             | CUSIP: 4581X0DG0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $235721.34    | 0.01%             | 2029-06-18      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 3.04 07/16/29                                           | CUSIP: 86562MBP4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $189569.68    | 0.01%             | 2029-07-16      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Newmont Corporation                                                                  | NEM 5.875 04/01/35 *                                           | CUSIP: 651639AW6<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53439.70     | 0.00%             | 2035-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Italy (Republic Of)                                                                  | ITALY 2.875 10/17/29 10Y                                       | CUSIP: 465410BY3<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    250000 | PA      | $234415.00    | 0.01%             | 2029-10-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3 03/22/27                                                  | CUSIP: 92343VFF6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196002.28    | 0.01%             | 2027-03-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                         | MET 4.55 03/23/30                                              | CUSIP: 59156RBZ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253373.46    | 0.01%             | 2030-03-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                         | PEG 5.4 03/15/35                                               | CUSIP: 744573BB1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40470.88     | 0.00%             | 2035-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Puget Energy Inc                                                                     | PSD 5.725 03/15/35 144A                                        | CUSIP: 745310AP7<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50299.39     | 0.00%             | 2035-03-15      | Fixed         | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 4.9 12/15/30                                               | CUSIP: 015271AU3<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50357.02     | 0.00%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 3.6 07/01/30 MTN                                           | CUSIP: 58013MFQ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145103.86    | 0.01%             | 2030-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 3.35 04/01/30 20A                                           | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48053.16     | 0.00%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                                                       | RENTEN 0.875 09/03/30                                          | CUSIP: 515110BY9<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $215360.21    | 0.01%             | 2030-09-03      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                      | XEL 5.45 08/15/33                                              | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152991.48    | 0.01%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 5.75 04/01/33                                           | CUSIP: 46590XAY2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     73000 | PA      | $75038.16     | 0.00%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.65 11/01/28                                              | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258988.64    | 0.01%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                            | INVH 4.15 04/15/32                                             | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236650.57    | 0.01%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.355 03/15/32                                              | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129299.63    | 0.01%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5 04/09/27                                                  | CUSIP: 37045XDW3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251546.97    | 0.01%             | 2027-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.125 06/15/27                                            | CUSIP: 459058KJ1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $246749.67    | 0.01%             | 2027-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.889 07/20/33                                             | CUSIP: 61747YEU5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500504.15    | 0.02%             | 2033-07-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 4.15 07/27/27                                              | CUSIP: 459200KT7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149982.60    | 0.01%             | 2027-07-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 4.043 08/26/27                                            | CUSIP: 961214FC2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $250033.78    | 0.01%             | 2027-08-26      | Fixed         | 4.04%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.565 06/14/30                                            | CUSIP: 46647PDF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251101.49    | 0.01%             | 2030-06-14      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 4.625 07/15/27                                             | CUSIP: 65339KCH1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150924.60    | 0.01%             | 2027-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 1.125 07/20/28                                            | CUSIP: 4581X0DX3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $231089.88    | 0.01%             | 2028-07-20      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V1.554 07/09/27                                         | CUSIP: 60687YBS7<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $194161.48    | 0.01%             | 2027-07-09      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 4.108 06/08/27                                              | CUSIP: 89115A2C5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149573.12    | 0.01%             | 2027-06-08      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Saskatchewan (Province Of)                                                           | SCDA 3.25 06/08/27                                             | CUSIP: 803854KQ0<br>LEI: 549300FKDIB7OJMBSP83 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $98743.16     | 0.00%             | 2027-06-08      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                           | BAX 2.539 02/01/32                                             | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87158.47     | 0.00%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| GXO Logistics Inc.                                                                   | GXO 2.65 07/15/31                                              | CUSIP: 36262GAD3<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130520.17    | 0.01%             | 2031-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.912 07/25/33                                            | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502894.64    | 0.02%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                                  | Coinbase Global Inc COM CL A                                   | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       400 | NS      | $140196.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Australia Bank Ltd New York Branch                                          | NAB 3.905 06/09/27                                             | CUSIP: 63254ABE7<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $249512.35    | 0.01%             | 2027-06-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.387 06/15/27                                             | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249624.40    | 0.01%             | 2027-06-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.4 03/15/29                                              | CUSIP: 87264ACS2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $279337.43    | 0.01%             | 2029-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 3.9 07/18/32                                               | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96649.39     | 0.00%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.851 07/25/28                                            | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252606.23    | 0.01%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.948 07/22/28 MTN                                        | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151728.35    | 0.01%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | Kenvue Inc. COM                                                | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    205557 | NS      | $4302308.01   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                                                              | Berkshire Hathaway Inc. COM USD0.0033 CLASS'B'                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1700 | NS      | $825809.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 3.75 05/15/27 B                                              | CUSIP: 927804GH1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148903.40    | 0.01%             | 2027-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 4.6 07/01/27                                                | CUSIP: 30040WAR9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150707.92    | 0.01%             | 2027-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                       | Blackrock Inc. COM                                             | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       500 | NS      | $524625.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                                                                      | MSA Safety Inc. COM NPV                                        | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      4300 | NS      | $720379.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4 05/15/29                                                 | CUSIP: 91324PEH1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247163.73    | 0.01%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                               | MSI 5.6 06/01/32                                               | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156257.43    | 0.01%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 3.4 05/01/30                                              | CUSIP: 62954HAY4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $141975.75    | 0.01%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                         | Public Service Enterprise Group Incorporated COM NPV           | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      3600 | NS      | $303048.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc.                                                                     | Yum! Brands Inc. COM NPV                                       | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1900 | NS      | $281542.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                                                         | Southern Co. COM USD5                                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     33500 | NS      | $3076305.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                                                      | Starbucks Corp. COM USD0.001                                   | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      2200 | NS      | $201586.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                                       | Public Storage COM USD0.10                                     | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8900 | NS      | $2611438.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | Intercontinental Exchange Inc COM USD0.01                      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     10000 | NS      | $1834700.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                                                                | Medpace Holdings Inc. COM USD0.01                              | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      7800 | NS      | $2448108.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      9400 | NS      | $2591110.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                                                           | Evergy Inc COM NPV                                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     15100 | NS      | $1040843.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                                                      | The Cigna Group COM USD0.01                                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       600 | NS      | $198348.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                                | Uber Technologies Inc COM USD0.00001                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4100 | NS      | $382530.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | PYPL 4.4 06/01/32                                              | CUSIP: 70450YAL7<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148234.34    | 0.01%             | 2032-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.7 05/15/27                                               | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247721.83    | 0.01%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Nucor Corporation                                                                    | NUE 4.3 05/23/27                                               | CUSIP: 670346AY1<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150510.58    | 0.01%             | 2027-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Steris PLC                                                                           | Steris PLC ORD USD0.001                                        | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1200 | NS      | $288264.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                                                           | Constellation Energy Corp. COM                                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       800 | NS      | $258208.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | PYPL 3.9 06/01/27                                              | CUSIP: 70450YAK9<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99640.37     | 0.00%             | 2027-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.2 05/15/32                                               | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242004.40    | 0.01%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 4.7 06/01/27 D                                             | CUSIP: 842400HQ9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150515.03    | 0.01%             | 2027-06-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                                                         | GE Aerospace COM NEW                                           | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      1600 | NS      | $411824.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                                               | Motorola Solutions Inc COM USD0.01                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1100 | NS      | $462506.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.658 05/24/28                                              | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150551.73    | 0.01%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 5.2 07/01/27                                              | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253351.71    | 0.01%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Ingredion Incorporated                                                               | Ingredion Incorporated COM USD0.01                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     14800 | NS      | $2007176.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     13755 | NS      | $10152427.95  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                    | ASML Holding N.V. NY REGISTRY SHS                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       604 | NS      | $484039.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     69300 | NS      | $12212739.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                                                         | Encompass Health Corporation COM USD0.01                       | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      6400 | NS      | $784832.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | ICE 4 09/15/27                                                 | CUSIP: 45866FAU8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248900.23    | 0.01%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.91 05/24/33                                               | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498879.44    | 0.02%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 2.5 05/11/31                                              | CUSIP: 62954HBA5<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $88315.50     | 0.00%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     23777 | NS      | $4413486.74   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 1.9 02/01/27                                                | CUSIP: 742718FV6<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96881.96     | 0.00%             | 2027-02-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5 07/15/32                                                 | CUSIP: 65339KCJ7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151758.30    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP 5.85 11/05/27                                              | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155475.06    | 0.01%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP 5.95 11/01/32                                              | CUSIP: 025537AW1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159015.83    | 0.01%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.65 02/08/31                                             | CUSIP: 037833ED8<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130944.92    | 0.01%             | 2031-02-08      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.2 02/08/28                                              | CUSIP: 037833EC0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93260.96     | 0.00%             | 2028-02-08      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 5.4 05/20/33                                              | CUSIP: 747525BS1<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263573.56    | 0.01%             | 2033-05-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC.                                                               | HLNLN 3.375 03/24/27                                           | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246345.38    | 0.01%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.4 08/08/26                                              | CUSIP: 594918BR4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245741.03    | 0.01%             | 2026-08-08      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 3 10/23/26                                                 | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245715.22    | 0.01%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                                                          | ECL 5.25 01/15/28                                              | CUSIP: 278865BP4<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154508.76    | 0.01%             | 2028-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 3.75 04/01/30                                              | CUSIP: 50077LAV8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242008.66    | 0.01%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co Inc.                                                              | CHD 5.6 11/15/32                                               | CUSIP: 17136MAC6<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105321.45    | 0.00%             | 2032-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                                 | BXP 6.75 12/01/27                                              | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262523.09    | 0.01%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.9 11/15/26                                             | CUSIP: 29250NBW4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101777.95    | 0.00%             | 2026-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V1.953 02/04/32                                            | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $216802.42    | 0.01%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC.                                                               | HLNLN 3.625 03/24/32                                           | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233895.10    | 0.01%             | 2032-03-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.5 11/15/32                                             | CUSIP: 20030NEB3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262605.80    | 0.01%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 3.3 02/06/27                                              | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247444.23    | 0.01%             | 2027-02-06      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V1.542 09/10/27                                             | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96550.75     | 0.00%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                         | PEG 5.85 11/15/27                                              | CUSIP: 744573AV8<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155247.50    | 0.01%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.25 11/09/32                                             | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $270539.44    | 0.01%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 5.3 10/01/29                                              | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154373.70    | 0.01%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | AZO 6.25 11/01/28                                              | CUSIP: 053332BG6<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105907.66    | 0.00%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.8 11/15/28                                             | CUSIP: 110709AJ1<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $102713.53    | 0.00%             | 2028-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V6.474 10/25/34 MTN                                         | CUSIP: 06406RBU0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    250000 | PA      | $275293.03    | 0.01%             | 2034-10-25      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 6.2 11/01/28                                                | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105558.37    | 0.00%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 6.625 11/15/30                                            | CUSIP: 31359MGK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $282855.26    | 0.01%             | 2030-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 7.25 05/15/30                                             | CUSIP: 31359MFP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $287919.77    | 0.01%             | 2030-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                         | TGT 6.35 11/01/32                                              | CUSIP: 87612EAK2<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110988.86    | 0.00%             | 2032-11-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.65 07/15/26                                             | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147295.54    | 0.01%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB 2.375 07/22/26 V                                           | CUSIP: 91159HHN3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245469.01    | 0.01%             | 2026-07-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK 2.45 08/17/26 MTN                                           | CUSIP: 06406FAE3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245330.57    | 0.01%             | 2026-08-17      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 2.6 08/19/26                                              | CUSIP: 031162CJ7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245384.21    | 0.01%             | 2026-08-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.5 07/15/31                                               | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87257.60     | 0.00%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 5.05 03/22/28                                             | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102405.79    | 0.00%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 5 03/22/30                                                | CUSIP: 49177JAH5<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103026.89    | 0.00%             | 2030-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                                                     | GPC 6.5 11/01/28                                               | CUSIP: 372460AE5<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53110.14     | 0.00%             | 2028-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 6 03/15/31                                                 | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    200000 | PA      | $214886.05    | 0.01%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                              | CNP 6.95 03/15/33 K2                                           | CUSIP: 15189XAD0<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112522.85    | 0.00%             | 2033-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Capital I                                                              | GS 6.345 02/15/34                                              | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103858.70    | 0.00%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 2.95 11/21/26                                               | CUSIP: 57636QAG9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147864.17    | 0.01%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.15 03/28/27                                              | CUSIP: 91087BAC4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $248252.50    | 0.01%             | 2027-03-28      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                        | SPLLLC 5 03/15/27                                              | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100600.29    | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V1.734 07/22/27                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242994.70    | 0.01%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO V3.75 09/15/51 21-A                                         | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98622.10     | 0.00%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 2.3 02/01/32                                                | CUSIP: 742718FW4<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89656.20     | 0.00%             | 2032-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.933 09/15/27                                            | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254364.27    | 0.01%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.819 09/15/29                                            | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104171.79    | 0.00%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                                                                | CPT 5.85 11/03/26                                              | CUSIP: 133131BA9<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50993.14     | 0.00%             | 2026-11-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.75 01/17/29                                              | CUSIP: 871829BS5<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104260.29    | 0.00%             | 2029-01-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 6.95 03/15/34                                              | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107649.20    | 0.00%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.615 04/22/32                                             | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222213.24    | 0.01%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.069 06/01/29                                            | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234481.20    | 0.01%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM 5.615 07/17/26                                              | CUSIP: 13607LSL8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $151811.40    | 0.01%             | 2026-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V7.149 10/29/27                                            | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154984.58    | 0.01%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 5.75 11/08/26                                              | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101846.25    | 0.00%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 4 03/01/27                                                 | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99407.41     | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 2.75 04/12/27                                                | CUSIP: 748149AN1<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $97994.37     | 0.00%             | 2027-04-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.087 06/14/29 MTN                                        | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234332.69    | 0.01%             | 2029-06-14      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Brookfield Capital Finance LLC                                                       | BNCN 6.087 06/14/33                                            | CUSIP: 11259NAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105790.73    | 0.00%             | 2033-06-14      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.122 11/07/33                                               | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207567.30    | 0.01%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.75 11/14/33                                             | CUSIP: 459058KY8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $103956.54    | 0.00%             | 2033-11-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 1.998 08/15/26                                           | CUSIP: 02079KAC1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146755.37    | 0.01%             | 2026-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB 3.15 04/27/27 X                                            | CUSIP: 91159HHR4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245580.90    | 0.01%             | 2027-04-27      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.584 05/22/28 MTN                                        | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    364000 | PA      | $358394.25    | 0.01%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 2.1 05/12/31                                              | CUSIP: 023135BZ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133180.31    | 0.01%             | 2031-05-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                            | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $291365.34    | 0.01%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.55 02/15/31                                             | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89522.70     | 0.00%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V1.462 06/09/27                                              | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97164.55     | 0.00%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.627 11/01/34                                             | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110229.93    | 0.00%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V7.161 10/30/29 MTN                                        | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162253.07    | 0.01%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.798 11/07/28                                               | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207208.66    | 0.01%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 6.15 03/01/29                                             | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105165.36    | 0.00%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 1.875 09/24/26                                            | CUSIP: 3135G0Q22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $243647.94    | 0.01%             | 2026-09-24      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 1.55 06/15/28                                             | CUSIP: 67066GAM6<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46779.95     | 0.00%             | 2028-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 2 06/15/31                                                | CUSIP: 67066GAN4<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44356.57     | 0.00%             | 2031-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.678 01/23/35                                            | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259543.94    | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.407 11/01/29                                             | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158883.26    | 0.01%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V7.624 10/30/31 .                                          | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112984.57    | 0.00%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 5.4 02/01/34                                               | CUSIP: 494553AE0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101268.44    | 0.00%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 4.9 03/15/29                                               | CUSIP: 65339KCT5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101603.00    | 0.00%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 5.125 05/15/31                                              | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102862.02    | 0.00%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.827 02/13/35                                              | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255091.11    | 0.01%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| GATX Corporation                                                                     | GMT 6.9 05/01/34                                               | CUSIP: 361448BN2<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    125000 | PA      | $138369.25    | 0.01%             | 2034-05-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.176 06/15/29                                              | CUSIP: 45687VAD8<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51328.04     | 0.00%             | 2029-06-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.97 10/17/29                                             | CUSIP: 10373QBZ2<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102579.34    | 0.00%             | 2029-10-17      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 4.9 10/15/34                                               | CUSIP: 776696AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98616.29     | 0.00%             | 2034-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                        | VLTO 5.5 09/18/26                                              | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101191.55    | 0.00%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                                              | SON 4.45 09/01/26                                              | CUSIP: 835495AQ5<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99899.36     | 0.00%             | 2026-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Accenture Capital Inc.                                                               | ACN 4.5 10/04/34                                               | CUSIP: 00440KAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97321.41     | 0.00%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 5.875 02/09/33                                              | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260710.69    | 0.01%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.946 10/22/35                                            | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98952.50     | 0.00%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 4.125 01/15/27                                            | CUSIP: 3130AYPN0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2125000 | PA      | $2135487.11   | 0.09%             | 2027-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5.05 02/28/33                                              | CUSIP: 65339KCP3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151212.69    | 0.01%             | 2033-02-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 4.8 02/15/33                                              | CUSIP: 855244BF5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99970.05     | 0.00%             | 2033-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 5.125 02/10/30                                            | CUSIP: 458140CF5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153380.16    | 0.01%             | 2030-02-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 5.2 02/10/33                                              | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252113.37    | 0.01%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 6 08/15/29                                                 | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102780.13    | 0.00%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 5.05 04/16/29                                             | CUSIP: 961214FT5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $103190.70    | 0.00%             | 2029-04-16      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.75 02/14/33                                              | CUSIP: 298785JV9<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $195946.51    | 0.01%             | 2033-02-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.95 03/15/28                                             | CUSIP: 87264ACZ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101687.76    | 0.00%             | 2028-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Equinix Europe 2 Financing Corp LLC                                                  | EQIX 5.5 06/15/34                                              | CUSIP: 29390XAA2<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51205.77     | 0.00%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                                                     | OKB 4.75 05/21/27                                              | CUSIP: 676167CM9<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |    100000 | PA      | $101619.27    | 0.00%             | 2027-05-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | BDX 4.693 02/13/28                                             | CUSIP: 075887CQ0<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151465.77    | 0.01%             | 2028-02-13      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 7.95 06/13/28                                           | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106918.49    | 0.00%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                                                        | OC 5.5 06/15/27                                                | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102141.14    | 0.00%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.05 07/12/29                                             | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102401.87    | 0.00%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Newmont Corp / Newcrest Finance Pty Ltd.                                             | NEM 5.35 03/15/34                                              | CUSIP: 65163LAR0<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51291.61     | 0.00%             | 2034-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                                                        | OC 3.5 02/15/30                                                | CUSIP: 690742AM3<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95558.95     | 0.00%             | 2030-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                                              | SON 4.6 09/01/29                                               | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99769.26     | 0.00%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                                           | CDW 2.67 12/01/26                                              | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $146211.00    | 0.01%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.102 02/24/33                                             | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $450023.32    | 0.02%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.35 10/08/27 MTN                                       | CUSIP: 89236TMS1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100415.01    | 0.00%             | 2027-10-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.435 01/24/30 MTN                                        | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102997.25    | 0.00%             | 2030-01-24      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.475 01/21/28                                             | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242662.61    | 0.01%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 2.2 02/09/27                                               | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145496.81    | 0.01%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.65 11/15/33                                           | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105091.53    | 0.00%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.8 08/15/34                                               | CUSIP: 539830CD9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99656.30     | 0.00%             | 2034-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 2.8 02/14/32                                               | CUSIP: 907818FX1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90142.02     | 0.00%             | 2032-02-14      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FactSet Research Systems Inc.                                                        | FDS 2.9 03/01/27                                               | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146162.53    | 0.01%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                         | NOC 4.9 06/01/34                                               | CUSIP: 666807CL4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99707.59     | 0.00%             | 2034-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5.15 06/15/29                                             | CUSIP: 63743HFS6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51462.28     | 0.00%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 4.24 08/03/27 GMTN                                          | CUSIP: 78016FZS6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $150244.40    | 0.01%             | 2027-08-03      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                          | ETN 4.15 03/15/33                                              | CUSIP: 278062AH7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96964.11     | 0.00%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 5.227 11/17/34                                            | CUSIP: 10373QCA6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101745.16    | 0.00%             | 2034-11-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | PYPL 5.15 06/01/34                                             | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50786.36     | 0.00%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V7.437 11/02/33                                           | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $283737.48    | 0.01%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 4.95 02/15/28                                              | CUSIP: 438516CJ3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153207.34    | 0.01%             | 2028-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 5 02/15/33                                                 | CUSIP: 438516CK0<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127013.97    | 0.01%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V7.39 11/03/28                                            | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $265497.43    | 0.01%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.875 08/28/34                                            | CUSIP: 459058LL5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $242864.99    | 0.01%             | 2034-08-28      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.55 02/15/32 .                                           | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99074.83     | 0.00%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 1.75 12/02/26                                               | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $144754.46    | 0.01%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                          | SANUSA V2.49 01/06/28                                          | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242005.29    | 0.01%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.709 02/02/35                                           | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102193.59    | 0.00%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| IBM International Capital Pte. Ltd.                                                  | IBM 4.9 02/05/34                                               | CUSIP: 449276AE4<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $99816.44     | 0.00%             | 2034-02-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V3.742 01/07/33                                             | CUSIP: 25160PAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $225019.57    | 0.01%             | 2033-01-07      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V2.552 01/07/28                                             | CUSIP: 25160PAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $242819.24    | 0.01%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 5 02/26/34                                                 | CUSIP: 04636NAN3<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101943.85    | 0.00%             | 2034-02-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.492 05/14/30                                            | CUSIP: 693475BX2<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103607.77    | 0.00%             | 2030-05-14      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Yamana Gold Inc                                                                      | YRICN 2.63 08/15/31                                            | CUSIP: 98462YAF7<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $132550.50    | 0.01%             | 2031-08-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                  | CHILE 2.75 01/31/27                                            | CUSIP: 168863DX3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    250000 | PA      | $243175.00    | 0.01%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4 08/27/26                                                | CUSIP: 459058LK7<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $250113.06    | 0.01%             | 2026-08-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.45 09/06/34                                               | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98017.82     | 0.00%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.07 02/24/28 VAR                                           | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244458.77    | 0.01%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.247 07/26/30                                            | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153341.12    | 0.01%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.2 09/18/34                                            | CUSIP: 66989HAV0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96379.90     | 0.00%             | 2034-09-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.35 02/15/30                                             | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99629.09     | 0.00%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.402 08/11/33                                           | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $256433.63    | 0.01%             | 2033-08-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V4.675 10/22/32                                            | CUSIP: 857477CR2<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100040.22    | 0.00%             | 2032-10-22      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                   | FFHCN 6 12/07/33                                               | CUSIP: 303901BN1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $104299.37    | 0.00%             | 2033-12-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 5 03/15/34                                                 | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100254.04    | 0.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 5 01/15/35                                                 | CUSIP: 032095AR2<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50536.71     | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES PASS THROUGH TRUST                                                 | AAL 2.875 07/11/34 A                                           | CUSIP: 02379KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86594 | PA      | $76229.48     | 0.00%             | 2034-07-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.384 01/23/30                                            | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102961.79    | 0.00%             | 2030-01-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | APD 4.6 02/08/29                                               | CUSIP: 009158BH8<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101435.31    | 0.00%             | 2029-02-08      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP V3.02 11/18/36                                            | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $87795.36     | 0.00%             | 2036-11-18      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.545 11/08/32                                            | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220086.00    | 0.01%             | 2032-11-08      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK V6.45 09/01/54                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102781.25    | 0.00%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.55 10/15/29                                              | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99499.79     | 0.00%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Kimco Realty Corporation                                                             | KIM 3.2 04/01/32                                               | CUSIP: 49446RAZ2<br>LEI: 254900ARY41P4V1JL861 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227940.41    | 0.01%             | 2032-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V5.746 08/09/33                                           | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $259136.79    | 0.01%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.15 02/15/28                                             | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99709.01     | 0.00%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.125 02/15/29                                            | CUSIP: 4581X0EN4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $151643.97    | 0.01%             | 2029-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 5 05/15/29                                                  | CUSIP: 125523CT5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306767.99    | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.4 05/08/27                                                | CUSIP: 37045XEQ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101452.15    | 0.00%             | 2027-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 5.9 06/01/27                                               | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102166.63    | 0.00%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.5 06/01/34                                              | CUSIP: 55336VBX7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100406.48    | 0.00%             | 2034-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                                     | BRX 5.75 02/15/35                                              | CUSIP: 11120BAA5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102751.88    | 0.00%             | 2035-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                                                            | FG 6.5 06/04/29                                                | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    100000 | PA      | $103107.82    | 0.00%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.15 11/15/31                                             | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102877.68    | 0.00%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.75 11/15/29                                              | CUSIP: 298785KF2<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    300000 | PA      | $299385.41    | 0.01%             | 2029-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP 5.75 11/01/27                                              | CUSIP: 025537AV3<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154684.13    | 0.01%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| African Development Bank                                                             | AFDB 4.375 11/03/27 GMTN                                       | CUSIP: 00828EEP0<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $253328.76    | 0.01%             | 2027-11-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.25 09/05/34                                                | CUSIP: 748148SF1<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    200000 | PA      | $195440.52    | 0.01%             | 2034-09-05      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital S.A.                                                           | TTEFP 4.724 09/10/34                                           | CUSIP: 89157XAD3<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $99354.44     | 0.00%             | 2034-09-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 6.75 11/01/29                                               | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162136.40    | 0.01%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 5.5 10/15/32                                               | CUSIP: 036752AW3<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260632.74    | 0.01%             | 2032-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                        | VLTO 5.35 09/18/28                                             | CUSIP: 92338CAD5<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103067.03    | 0.00%             | 2028-09-18      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 5 10/15/34                                                 | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97001.84     | 0.00%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 4.85 03/01/32                                              | CUSIP: 478160DK7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205733.54    | 0.01%             | 2032-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                   | PERU 3 01/15/34                                                | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    300000 | PA      | $252480.00    | 0.01%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V2.203 02/07/28                                            | CUSIP: 857477BS1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145292.14    | 0.01%             | 2028-02-07      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Aptiv PLC / Aptiv Corp                                                               | APTV 3.25 03/01/32                                             | CUSIP: 00217GAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    100000 | PA      | $89501.89     | 0.00%             | 2032-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.8 10/15/34                                              | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98791.87     | 0.00%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.875 10/16/29                                            | CUSIP: 459058LN1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $200470.12    | 0.01%             | 2029-10-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                               | GM 5.6 10/15/32                                                | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101607.59    | 0.00%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 4.3 03/15/28                                               | CUSIP: 26441CBS3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150185.16    | 0.01%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4 02/15/29                                                 | CUSIP: 298785JZ0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    225000 | PA      | $226749.91    | 0.01%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 4.8 02/05/27 GMTN                                         | CUSIP: 63743HFM9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50446.39     | 0.00%             | 2027-02-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V4.443 08/04/28                                           | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99944.67     | 0.00%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 3.25 03/15/27                                            | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486158.62    | 0.02%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | KD 2.7 10/15/28                                                | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236120.90    | 0.01%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.35 11/15/27                                            | CUSIP: 20030NEA5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256582.28    | 0.01%             | 2027-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V6.037 10/28/33                                            | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159517.16    | 0.01%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 0.875 05/14/30                                            | CUSIP: 459058JC8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $217302.73    | 0.01%             | 2030-05-14      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                            | AER 3 10/29/28                                                 | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $142901.24    | 0.01%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                              | RSG 2.375 03/15/33                                             | CUSIP: 760759BA7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85436.26     | 0.00%             | 2033-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V2.341 01/19/28                                           | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $242078.44    | 0.01%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                         | TGT 1.95 01/15/27                                              | CUSIP: 87612EBM7<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242148.77    | 0.01%             | 2027-01-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.943 01/21/33                                             | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223123.54    | 0.01%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.551 02/04/28 MTN                                        | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242972.91    | 0.01%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5 02/07/31 GMTN                                           | CUSIP: 63743HFP2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102507.23    | 0.00%             | 2031-02-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.942 02/07/39                                             | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256601.87    | 0.01%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.972 02/04/33 MTN                                        | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $447743.35    | 0.02%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 4 01/15/29                                               | CUSIP: 09261HAR8<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239861.28    | 0.01%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 5 02/15/34                                                | CUSIP: 855244BJ7<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100647.07    | 0.00%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.3 05/15/34                                               | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101210.60    | 0.00%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.6 04/01/34                                               | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102314.73    | 0.00%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.375 02/28/34                                             | CUSIP: 500769KD5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $202175.85    | 0.01%             | 2034-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                           | PRU V6 09/01/52                                                | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252120.25    | 0.01%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                                                | CL 3.1 08/15/27                                                | CUSIP: 194162AN3<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98361.15     | 0.00%             | 2027-08-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 4.8 06/01/29                                               | CUSIP: 478160CU6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102750.65    | 0.00%             | 2029-06-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 5.375 06/15/34                                             | CUSIP: 036752AZ6<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102210.11    | 0.00%             | 2034-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.21 08/11/28                                            | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $253534.63    | 0.01%             | 2028-08-11      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | KD 2.05 10/15/26                                               | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145366.69    | 0.01%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                | UBER 4.3 01/15/30                                              | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99538.84     | 0.00%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Ventas Realty Limited Partnership                                                    | VTR 5 01/15/35                                                 | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98288.96     | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V8.113 11/03/33                                           | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $288608.44    | 0.01%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                    | EXPE 5.4 02/15/35                                              | CUSIP: 30212PBL8<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100689.29    | 0.00%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 4.75 09/26/34                                              | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97359.38     | 0.00%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V4.812 10/21/32                                            | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100229.93    | 0.00%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                      | SANUK V2.469 01/11/28                                          | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $242040.82    | 0.01%             | 2028-01-11      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 2.75 04/15/32                                             | CUSIP: 637432NY7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44624.01     | 0.00%             | 2032-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                            | FFCB 1.3 03/30/27                                              | CUSIP: 3133EMUQ3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    300000 | PA      | $286933.08    | 0.01%             | 2027-03-30      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 4.875 05/09/34                                              | CUSIP: 57636QAZ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50598.79     | 0.00%             | 2034-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                            | TRGP 4 01/15/32                                                | CUSIP: 87612BBU5<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232997.08    | 0.01%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 2.95 03/15/32                                              | CUSIP: 110122DU9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226653.06    | 0.01%             | 2032-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 5 05/13/34                                                  | CUSIP: 191216DR8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102972.40    | 0.00%             | 2034-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                                                      | BXSL 5.875 11/15/27                                            | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153108.62    | 0.01%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | SANTAN 5.294 08/18/27                                          | CUSIP: 05964HAS4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203364.89    | 0.01%             | 2027-08-18      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 5.4 08/15/32                                               | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153111.00    | 0.01%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                                  | ETR V7.125 12/01/54                                            | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51732.82     | 0.00%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                          | SANUSA V6.342 05/31/35                                         | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78319.90     | 0.00%             | 2035-05-31      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | KD 3.15 10/15/31                                               | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135465.78    | 0.01%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC 5.15 10/01/27                                              | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152734.47    | 0.01%             | 2027-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.375 10/10/31                                             | CUSIP: 298785KE5<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $255404.10    | 0.01%             | 2031-10-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.05 07/12/27                                             | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202829.08    | 0.01%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 2.721 01/12/32                                            | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223514.92    | 0.01%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 3 03/15/32                                                 | CUSIP: 655844CM8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90699.78     | 0.00%             | 2032-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.375 08/16/29                                             | CUSIP: 14913UAQ3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100759.26    | 0.00%             | 2029-08-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 4.75 02/15/32                                              | CUSIP: 776696AH9<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100175.33    | 0.00%             | 2032-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 4.4 03/01/32                                               | CUSIP: 694308KC0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140401.26    | 0.01%             | 2032-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.875 05/19/33                                             | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $188640.00    | 0.01%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 4.5 10/15/29                                               | CUSIP: 776696AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100198.59    | 0.00%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southern Company Gas Capital Corp.                                                   | SO 4.95 09/15/34                                               | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98981.16     | 0.00%             | 2034-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Company                                                    | CNRCN 3.85 08/05/32                                            | CUSIP: 136375DC3<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $95118.28     | 0.00%             | 2032-08-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 4 08/05/29                                                | CUSIP: 458140BZ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146869.08    | 0.01%             | 2029-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                                                | PCAR 4 09/26/29                                                | CUSIP: 69371RT48<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99466.87     | 0.00%             | 2029-09-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                   | ATH V6.625 10/15/54                                            | CUSIP: 04686JAJ0<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246100.13    | 0.01%             | 2054-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.016 10/23/35                                             | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98790.41     | 0.00%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 4.2 03/01/33                                              | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143973.65    | 0.01%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 0.75 09/30/30                                              | CUSIP: 500769JG0<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    175000 | PA      | $149504.13    | 0.01%             | 2030-09-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 1.75 11/15/26                                              | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241452.38    | 0.01%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                       | PSA 1.5 11/09/26                                               | CUSIP: 74460DAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $241369.36    | 0.01%             | 2026-11-09      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 2.15 01/15/27                                              | CUSIP: 37940XAG7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145095.20    | 0.01%             | 2027-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 2.45 12/02/31                                               | CUSIP: 13645RBF0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $87782.45     | 0.00%             | 2031-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Vontier Corporation                                                                  | VNT 2.95 04/01/31                                              | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134070.95    | 0.01%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.947 02/24/28                                            | CUSIP: 46647PCW4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244278.60    | 0.01%             | 2028-02-24      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 3.6 08/12/27 MTN                                           | CUSIP: 14913R3A3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99011.76     | 0.00%             | 2027-08-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 3.75 08/05/27                                             | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148029.93    | 0.01%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Alabama Power Company                                                                | SO 3.75 09/01/27                                               | CUSIP: 010392FY9<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149282.66    | 0.01%             | 2027-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.482 08/23/28                                             | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250332.12    | 0.01%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.625 03/18/30                                             | CUSIP: 500769KH6<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    180000 | PA      | $186307.00    | 0.01%             | 2030-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 5.875 11/07/29                                               | CUSIP: 345397G49<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200586.97    | 0.01%             | 2029-11-07      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.25 02/15/28                                              | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256606.27    | 0.01%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.9 01/07/35                                                | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50265.26     | 0.00%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | XOM 3.294 03/19/27                                             | CUSIP: 30231GBJ0<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248041.13    | 0.01%             | 2027-03-19      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4 01/12/28                                                | CUSIP: 4581X0EH7<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $251452.83    | 0.01%             | 2028-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 5.25 03/15/35 *                                            | CUSIP: 26442CBQ6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51134.31     | 0.00%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.45 03/13/31                                             | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103835.15    | 0.00%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                            | APODS 6.55 03/15/32 144A                                       | CUSIP: 03770DAE3<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102139.32    | 0.00%             | 2032-03-15      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 0.9 07/20/26                                             | CUSIP: 110709AH5<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $241956.40    | 0.01%             | 2026-07-20      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.8 01/08/30                                               | CUSIP: 14913UAX8<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102401.92    | 0.00%             | 2030-01-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc                                                   | D 5.3 01/15/35 2025                                            | CUSIP: 25731VAC8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102232.96    | 0.00%             | 2035-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 0.875 07/15/26                                            | CUSIP: 459058JX2<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $242178.22    | 0.01%             | 2026-07-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| UBS AG Stamford Branch                                                               | UBS V4.864 01/10/28                                            | CUSIP: 90261AAD4<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $252032.37    | 0.01%             | 2028-01-10      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.5 03/14/30                                               | CUSIP: 298785KG0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    300000 | PA      | $308701.61    | 0.01%             | 2030-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.222 01/29/31                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102626.56    | 0.00%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                                        | SIXSLP 5.75 01/15/30                                           | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100247.93    | 0.00%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.085 01/30/31                                            | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102347.07    | 0.00%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.442 01/30/36                                            | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61248.45     | 0.00%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | SANTAN 5.565 01/17/30                                          | CUSIP: 05964HBJ3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $207654.71    | 0.01%             | 2030-01-17      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.632 01/15/35                                          | CUSIP: 86562MDU1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206973.42    | 0.01%             | 2035-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.575 01/29/36                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103066.98    | 0.00%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| CRH Smw Finance DAC                                                                  | CRHID 5.125 01/09/30                                           | CUSIP: 12704PAB4<br>LEI: 54930044475SH442C864 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $205058.19    | 0.01%             | 2030-01-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.244 01/24/31                                            | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102583.75    | 0.00%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4 04/15/29 144A                                           | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147952.42    | 0.01%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS V4.588 05/04/37                                            | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $141964.69    | 0.01%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.45 04/13/29                                             | CUSIP: 023135CG9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245320.23    | 0.01%             | 2029-04-13      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 5.125 05/15/32                                            | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249079.70    | 0.01%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.95 07/15/34                                               | CUSIP: 30040WAZ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104642.64    | 0.00%             | 2034-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.8 03/15/32                                                | CUSIP: 94106LCD9<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101504.83    | 0.00%             | 2032-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4 01/10/31                                                | CUSIP: 459058LA9<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $250979.87    | 0.01%             | 2031-01-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 5.95 06/30/33                                              | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104383.53    | 0.00%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.375 03/19/27                                             | CUSIP: 298785KB1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $151370.24    | 0.01%             | 2027-03-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| European Bank For Reconstruction & Development                                       | EBRD 4.25 03/13/34 MTN                                         | CUSIP: 29874QFB5<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $99896.20     | 0.00%             | 2034-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 5.15 01/30/30                                             | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102281.64    | 0.00%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.7 06/01/34                                               | CUSIP: 126650ED8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102959.53    | 0.00%             | 2034-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP V5.618 11/20/35 GMTN                                      | CUSIP: 961214FW8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $100661.85    | 0.00%             | 2035-11-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 4.15 10/24/29                                               | CUSIP: 742718GK9<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50337.14     | 0.00%             | 2029-10-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                  | GIS 4.875 01/30/30                                             | CUSIP: 370334DA9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101666.96    | 0.00%             | 2030-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Applovin Corp.                                                                       | APP 5.5 12/01/34                                               | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152294.33    | 0.01%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                  | GIS 5.25 01/30/35                                              | CUSIP: 370334DB7<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100467.22    | 0.00%             | 2035-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V5.674 03/12/28                                           | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203793.21    | 0.01%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 5.05 04/24/34                                              | CUSIP: 683234AV0<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $103701.34    | 0.00%             | 2034-04-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | MMC 4.65 03/15/30                                              | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101127.81    | 0.00%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                    | ISRAEL 5.5 03/12/34 10Y                                        | CUSIP: 46514BRL3<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $202382.38    | 0.01%             | 2034-03-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                                                     | BERY 5.5 04/15/28                                              | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102589.49    | 0.00%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                                | ETR 5.35 03/15/34                                              | CUSIP: 29364WBM9<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102573.33    | 0.00%             | 2034-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.45 06/15/34                                               | CUSIP: 45687VAF3<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102836.79    | 0.00%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.272 01/15/31                                           | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204919.40    | 0.01%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 6.2 04/14/34                                               | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104601.78    | 0.00%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 5.125 03/15/35                                              | CUSIP: 209111GM9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50640.36     | 0.00%             | 2035-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                                | CAH 5.35 11/15/34                                              | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101983.50    | 0.00%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                      | XEL 4.6 06/01/32                                               | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146680.98    | 0.01%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 2.75 03/15/27                                              | CUSIP: 30161NBB6<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146354.00    | 0.01%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                                      | UHS 2.65 10/15/30                                              | CUSIP: 913903AW0<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222904.66    | 0.01%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 4.95 01/15/33                                              | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152624.05    | 0.01%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.35 03/06/30                                                | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211127.68    | 0.01%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 6.15 04/01/33                                              | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260177.07    | 0.01%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Qorvo Inc                                                                            | Qorvo Inc COM USD0.0001                                        | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       100 | NS      | $8491.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                                                  | Axon Enterprise Inc COM USD0.00001                             | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      2000 | NS      | $1655880.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                                                         | Tapestry Inc COM USD0.01                                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     67400 | NS      | $5918394.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                                                                  | Clearway Energy Inc COM USD0.01 CLASS C                        | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     70200 | NS      | $2246400.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                                                           | Caesars Entertainment Inc. COM                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       100 | NS      | $2839.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                                                         | DoorDash Inc CL A                                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       100 | NS      | $24651.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc.                                                        | Walgreens Boots Alliance Inc. COM USD0.01                      | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |       100 | NS      | $1148.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                                                            | Janus Henderson Group PLC ORD USD1.50                          | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     24900 | NS      | $967116.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     31500 | NS      | $6910785.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     42350 | NS      | $5760023.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     40162 | NS      | $11213632.02  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    238300 | NS      | $37649017.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                                                      | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     34052 | NS      | $5326754.36   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    200096 | NS      | $41053696.32  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                                                      | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     23000 | NS      | $7093200.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc.                                                                     | Best Buy Co Inc. COM USD0.10                                   | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      9500 | NS      | $637735.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                                                            | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     29167 | NS      | $3441997.67   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                                      | Deere & Company COM USD1                                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     19284 | NS      | $9805721.16   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     68293 | NS      | $8469014.93   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | Walmart Inc COM USD0.10                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    281400 | NS      | $27515292.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                                                                | Western Digital Corp. COM USD0.01                              | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |       100 | NS      | $6399.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                                                  | Paycom Software Inc COM USD0.01                                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       100 | NS      | $23140.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     52325 | NS      | $9281931.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     33600 | NS      | $9261840.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     37700 | NS      | $10392005.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                                                        | KKR & Co Inc. COM USD0.01                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |       100 | NS      | $13303.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                                                                   | Iron Mountain Inc. COM USD0.01                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |       100 | NS      | $10257.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                                                                | Dell Technologies Inc COM USD0.01 CL C                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       100 | NS      | $12260.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                                            | Palantir Technologies Inc CL A                                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     55500 | NS      | $7565760.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                                                          | American Airlines Group Inc COM USD0.01                        | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $1122.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | Paypal Holdings Inc. COM USD0.0001                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       100 | NS      | $7432.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                                                          | Vistra Corp COM USD0.01                                        | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       100 | NS      | $19381.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                                                                | Civitas Resources Inc COM NEW                                  | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |    110200 | NS      | $3032704.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                                                                 | Agnc Investment Corp COM USD0.01                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    334800 | NS      | $3076812.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                                                               | DXC Technology Company COM USD0.01                             | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |       100 | NS      | $1529.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                                                         | Dayforce Inc COM USD0.01                                       | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       100 | NS      | $5539.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     18400 | NS      | $13580856.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                                               | Palo Alto Networks Inc COM USD0.0001                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       200 | NS      | $40928.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                                                   | Norwegian Cruise Line Holdings Ltd COM USD0.001                | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       100 | NS      | $2028.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                                                          | Godaddy Inc COM USD0.001 CLASS A                               | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       100 | NS      | $18006.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    177580 | NS      | $31294923.40  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                                                          | Moderna Inc COM USD0.0001                                      | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       100 | NS      | $2759.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                                                      | CBRE Group Inc. COM USD0.01 CLASS A                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       100 | NS      | $14012.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                                                                     | News Corporation COM USD0.01 CL'A'                             | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |       100 | NS      | $2972.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                                                             | Etsy Inc USD0.001                                              | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |       100 | NS      | $5016.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                                                                   | COP 5 01/15/35                                                 | CUSIP: 20826FBL9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149890.30    | 0.01%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                     | AJG 5.15 02/15/35                                              | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100047.15    | 0.00%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 4.85 03/15/30                                              | CUSIP: 26442CBP8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102198.50    | 0.00%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.65 04/01/28                                             | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45458.06     | 0.00%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       100 | NS      | $16058.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                                                      | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       100 | NS      | $27269.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                                                         | Fortinet Inc COM USD0.001                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      8000 | NS      | $845760.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                                                                       | Servicenow Inc COM USD0.001                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       100 | NS      | $102808.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc.                                                        | Monolithic Power Systems Inc. COM STK USD0.001                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       100 | NS      | $73138.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders Firstsource, Inc.                                                           | Builders Firstsource, Inc. COM USD0.01                         | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       100 | NS      | $11669.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                                                           | DexCom Inc COM USD0.001                                        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       100 | NS      | $8729.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                                                           | Chipotle Mexican Grill Inc COM USD0.01                         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $5615.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                                                      | First Solar Inc COM STK USD0.001                               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       100 | NS      | $16554.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                                            | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     34000 | NS      | $10800440.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       100 | NS      | $8512.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                                                                  | Insulet Corporation COM STK USD0.001                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       100 | NS      | $31418.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                                                    | Expedia Group Inc COM USD0.001                                 | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |       100 | NS      | $16868.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                                                          | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |       100 | NS      | $1577.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                                                       | EchoStar Corp. COM USD0.001 CLASS A                            | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |        35 | NS      | $969.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                                                                   | Enphase Energy Inc COM USD0.00001                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       100 | NS      | $3965.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5 02/28/30                                                 | CUSIP: 65339KCN8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153702.54    | 0.01%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.7 02/27/33                                               | CUSIP: 532457CF3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151180.27    | 0.01%             | 2033-02-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                      | BHP 4.75 02/28/28                                              | CUSIP: 055451AZ1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $152332.96    | 0.01%             | 2028-02-28      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 5.15 03/15/28                                              | CUSIP: 30161NBJ9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153320.67    | 0.01%             | 2028-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.65 05/06/30                                             | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151367.81    | 0.01%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.468 02/01/29                                            | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153596.82    | 0.01%             | 2029-02-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.653 02/01/29                                            | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150973.08    | 0.01%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 5.05 07/15/33                                             | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251694.25    | 0.01%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V4.706 02/01/34                                             | CUSIP: 06406RBP1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148346.38    | 0.01%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 4.5 02/06/28                                               | CUSIP: 459200KX8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100882.93    | 0.00%             | 2028-02-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.739 05/27/31                                         | CUSIP: 60687YCR8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $208945.80    | 0.01%             | 2031-05-27      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 5.3 03/15/33                                               | CUSIP: 30161NBK6<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153709.58    | 0.01%             | 2033-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Trane Technologies Financing Ltd.                                                    | TT 5.25 03/03/33                                               | CUSIP: 892938AA9<br>LEI: 549300A5OEF3CJI2CO89 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $103110.46    | 0.00%             | 2033-03-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.75 02/15/33                                              | CUSIP: 28622HAB7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248431.59    | 0.01%             | 2033-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 3.5 03/01/32                                               | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225063.15    | 0.01%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.441 02/22/34                                           | CUSIP: 606822CX0<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205876.02    | 0.01%             | 2034-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS 4.85 02/01/30                                              | CUSIP: 06417XAP6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $254749.03    | 0.01%             | 2030-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.9 02/06/33                                              | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250668.94    | 0.01%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5 03/01/33                                                | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98608.63     | 0.00%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 5.2 06/01/33                                               | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100474.48    | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 4.05 01/26/33                                               | CUSIP: 742718GA1<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98701.98     | 0.00%             | 2033-01-26      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.5 05/06/28                                              | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251523.55    | 0.01%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.839 02/01/34                                            | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148112.91    | 0.01%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 4.75 02/06/33                                              | CUSIP: 459200KY6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250981.49    | 0.01%             | 2033-02-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 5.6 03/01/28                                               | CUSIP: 210385AB6<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155188.93    | 0.01%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.15 03/02/28                                             | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255440.44    | 0.01%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.422 02/22/29                                           | CUSIP: 606822CS1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205112.59    | 0.01%             | 2029-02-22      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 4.9 02/28/28                                               | CUSIP: 65339KCM0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152019.30    | 0.01%             | 2028-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.25 03/02/33                                             | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256005.67    | 0.01%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 4.375 03/12/27                                           | CUSIP: 76720AAQ9<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $100527.40    | 0.00%             | 2027-03-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.625 05/15/31                                               | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $10583437.44  | 0.43%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                                                          | WDAY 3.5 04/01/27                                              | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148058.82    | 0.01%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.376 04/27/28                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249947.78    | 0.01%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | ICE 4.35 06/15/29                                              | CUSIP: 45866FAV6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250869.13    | 0.01%             | 2029-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 3.25 08/08/29                                             | CUSIP: 037833EN6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145683.48    | 0.01%             | 2029-08-08      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.71 01/13/30                                           | CUSIP: 86562MCW8<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $262273.06    | 0.01%             | 2030-01-13      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.85 01/11/33                                            | CUSIP: 455780DR4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $250810.36    | 0.01%             | 2033-01-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd New York Branch                                          | NAB 4.944 01/12/28                                             | CUSIP: 63253QAB0<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $255292.46    | 0.01%             | 2028-01-12      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.948 01/19/38                                             | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257186.84    | 0.01%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 4.9 01/12/28 GMTN                                           | CUSIP: 78016FZW7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152734.81    | 0.01%             | 2028-01-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 3.5 04/12/33 GMTN                                         | CUSIP: 4581X0EJ3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $95714.26     | 0.00%             | 2033-04-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | SYK 5.2 02/10/35                                               | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101902.64    | 0.00%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Stanford University                                                                  | STNFRD 4.679 03/01/35                                          | CUSIP: 85440KAE4<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49652.57     | 0.00%             | 2035-03-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                  | MTH 5.65 03/15/35                                              | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75213.00     | 0.00%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.125 04/27/32                                            | CUSIP: 045167FN8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $236227.82    | 0.01%             | 2032-04-27      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3.75 02/15/28                                              | CUSIP: 500769JW5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $200313.05    | 0.01%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated                                                    | MKC 4.95 04/15/33                                              | CUSIP: 579780AT4<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100869.64    | 0.00%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                                                   | CNQCN 5.4 12/15/34 144A                                        | CUSIP: 136385BC4<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99351.43     | 0.00%             | 2034-12-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                     | AJG 5 02/15/32                                                 | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101348.35    | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | SYK 4.7 02/10/28                                               | CUSIP: 863667BK6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101355.67    | 0.00%             | 2028-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.875 06/15/28                                             | CUSIP: 298785KJ4<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    180000 | PA      | $180785.60    | 0.01%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                            | APODS 6.7 07/29/31                                             | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51956.79     | 0.00%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                 | STLD 5.25 05/15/35                                             | CUSIP: 858119BS8<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50053.08     | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM 3.45 04/07/27                                               | CUSIP: 13607HR61<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $148080.72    | 0.01%             | 2027-04-07      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V4.927 05/10/28                                            | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151098.07    | 0.01%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 4.7 05/15/32                                                | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149970.85    | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 4.75 05/09/32                                              | CUSIP: 21036PBL1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248260.35    | 0.01%             | 2032-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 6.4 01/09/33                                                | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263039.91    | 0.01%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                      | SANUK V6.534 01/10/29                                          | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $260929.88    | 0.01%             | 2029-01-10      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                          | EIBKOR 5.125 01/11/33                                          | CUSIP: 302154DW6<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $258079.19    | 0.01%             | 2033-01-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 6 01/09/28                                                  | CUSIP: 37045XEB8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257479.59    | 0.01%             | 2028-01-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                         | TGT 4.4 01/15/33                                               | CUSIP: 87612EBQ8<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245757.48    | 0.01%             | 2033-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 4.85 03/15/30                                                | CUSIP: 756109BR4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254468.28    | 0.01%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.8 03/05/30                                              | CUSIP: 02665WFY2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100792.91    | 0.00%             | 2030-03-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.125 03/20/30                                            | CUSIP: 459058LR2<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $253062.74    | 0.01%             | 2030-03-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 4.875 03/14/30                                           | CUSIP: 76720AAS5<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $101912.33    | 0.00%             | 2030-03-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.5 02/15/30                                                 | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $13573828.20  | 0.55%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.875 04/15/27                                              | CUSIP: 437076CN0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147066.33    | 0.01%             | 2027-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                 | KDP 4.05 04/15/32                                              | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240243.97    | 0.01%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.6 04/13/32                                              | CUSIP: 023135CH7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239303.91    | 0.01%             | 2032-04-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                            | JBL 4.25 05/15/27                                              | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149587.81    | 0.01%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                                                                       | ALB 5.05 06/01/32                                              | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144304.68    | 0.01%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                   | R 4.3 06/15/27 MTN                                             | CUSIP: 78355HKU2<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150101.49    | 0.01%             | 2027-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.123 02/01/29                                             | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254363.79    | 0.01%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 5.75 02/01/33                                             | CUSIP: 24703DBL4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262432.12    | 0.01%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.9 03/03/28 MTN                                            | CUSIP: 24422EWV7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102139.19    | 0.00%             | 2028-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty L P                                                        | REXR 5 06/15/28                                                | CUSIP: 76169XAC8<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252142.27    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.85 04/06/30                                               | CUSIP: 37045XEG7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258442.65    | 0.01%             | 2030-04-06      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                          | COR 4.625 12/15/27                                             | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100826.29    | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | BA 6.528 05/01/34                                              | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $217305.68    | 0.01%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5.15 03/15/35                                                | CUSIP: 927804GT5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50153.10     | 0.00%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                             | DUK 5.05 03/15/35                                              | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50211.84     | 0.00%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.45 03/03/36                                            | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201102.41    | 0.01%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    770290 | NS      | $770289.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      7600 | NS      | $2203316.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    124453 | NS      | $8805049.75   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                                                                 | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    223047 | NS      | $11730041.73  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                                                                     | Donaldson Co Inc COM USD5                                      | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     27070 | NS      | $1877304.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                                           | Highwoods Properties, Inc. COM USD0.01                         | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     76300 | NS      | $2372167.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                                                             | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     22800 | NS      | $5637300.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                                                            | Kellanova COM USD0.25                                          | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     11600 | NS      | $922548.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                                                                 | Landstar System Inc. COM USD0.01                               | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     16500 | NS      | $2293830.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      9485 | NS      | $7393842.05   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation COM USD1.00                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5200 | NS      | $2408328.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72038 | NS      | $10315121.22  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                                                            | National Fuel Gas Company COM USD1                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     35700 | NS      | $3024147.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     11700 | NS      | $937404.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                                                          | Paychex Inc COM USD0.01                                        | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     15000 | NS      | $2181900.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                                          | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     42100 | NS      | $5558884.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      8400 | NS      | $1337784.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      8200 | NS      | $480766.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                                                            | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      5766 | NS      | $1326641.28   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated                                                  | Vertex Pharmaceuticals Incorporated COM USD0.01                | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       300 | NS      | $133560.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                                                     | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     40000 | NS      | $3166400.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                                     | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     20000 | NS      | $2360000.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       300 | NS      | $46785.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                                                  | Cheniere Energy Inc COM USD0.003                               | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      4600 | NS      | $1120192.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                                                        | Assurant Inc. COM USD0.01                                      | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     14400 | NS      | $2843856.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                                                                   | Chemed Corporation CAP USD1                                    | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      4200 | NS      | $2045106.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                                                      | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       800 | NS      | $218152.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                                                                   | Dominos Pizza Inc. COM USD0.01                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      4600 | NS      | $2072760.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                                                           | Ameriprise Financial, Inc. COM USD0.01                         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4800 | NS      | $2561904.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                                             | AT&T Inc COM USD1                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    182000 | NS      | $5267080.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.                                                    | The Hanover Insurance Group, Inc. COM USD0.01                  | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       100 | NS      | $16987.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                                                           | Grand Canyon Education Inc COM USD0.01                         | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      2900 | NS      | $548100.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                                                             | O'Reilly Automotive Inc. USD0.01                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     33000 | NS      | $2974290.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                                                        | Prologis Inc. COM USD0.01                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |       500 | NS      | $52560.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                                                      | T-Mobile US Inc COM USD0.00001                                 | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     12700 | NS      | $3025902.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                                                              | MasterCard Incorporated COM USD0.0001 CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       439 | NS      | $246691.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | Exxon Mobil Corp. COM NPV                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     28300 | NS      | $3050740.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | Exxon Mobil Corp. COM NPV                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     26100 | NS      | $2813580.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                                            | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      8300 | NS      | $2636578.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      5600 | NS      | $476672.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.                                                  | Broadridge Financial Solutions Inc. COM USD0.01                | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       600 | NS      | $145818.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                                                                       | CME Group Inc. COM USD0.01                                     | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4700 | NS      | $1295414.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                                                            | MSCI Inc. COM USD0.01                                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      1300 | NS      | $749762.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2000 | NS      | $364260.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                                             | Visa Inc COM STK USD0.0001                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     20930 | NS      | $7431196.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| British Telecommunications PLC                                                       | BRITEL 5.125 12/04/28                                          | CUSIP: 111021AL5<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204416.85    | 0.01%             | 2028-12-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V7.119 06/27/34                                           | CUSIP: 06738ECH6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $273099.85    | 0.01%             | 2034-06-27      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.88 07/13/26                                           | CUSIP: 86562MDA5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $253775.67    | 0.01%             | 2026-07-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                                                           | NDAQ 5.55 02/15/34                                             | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     88000 | PA      | $91684.50     | 0.00%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.2 07/06/33                                             | CUSIP: 11070TAM0<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $98119.02     | 0.00%             | 2033-07-06      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.25 07/07/26 GMTN                                        | CUSIP: 02665WEK3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252098.69    | 0.01%             | 2026-07-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 2.2 10/15/30                                               | CUSIP: 30225VAP2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88453.46     | 0.00%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                       | PSA 5.125 01/15/29                                             | CUSIP: 74460WAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51568.12     | 0.00%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank, National Association                                               | WFC 5.45 08/07/26 BKNT                                         | CUSIP: 94988J6D4<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253187.03    | 0.01%             | 2026-08-07      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 5.4 07/31/33                                               | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102717.95    | 0.00%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | SANTAN 6.921 08/08/33                                          | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $216758.38    | 0.01%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.375 03/15/29                                             | CUSIP: 404119CJ6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144113.25    | 0.01%             | 2029-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.25 11/14/28                                             | CUSIP: 00287YBF5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100486.16    | 0.00%             | 2028-11-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.452 12/05/29                                            | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150281.44    | 0.01%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 4 06/15/29                                                 | CUSIP: 30225VAN7<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49034.01     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.125 03/15/27                                             | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146868.26    | 0.01%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.625 03/15/32                                             | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92238.58     | 0.00%             | 2032-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.875 03/15/29 GMTN                                       | CUSIP: 045167FL2<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $233561.58    | 0.01%             | 2029-03-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 5.123 07/13/33                                          | CUSIP: 892331AR0<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $256657.16    | 0.01%             | 2033-07-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.75 01/30/27                                                | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81646.89     | 0.00%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Company                                                       | PNW 5.55 08/01/33                                              | CUSIP: 040555DG6<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153511.09    | 0.01%             | 2033-08-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.125 07/07/28 GMTN                                       | CUSIP: 02665WEM9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255073.21    | 0.01%             | 2028-07-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.748 07/06/34                                         | CUSIP: 60687YDB2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $208205.52    | 0.01%             | 2034-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 3.5 07/01/26                                               | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247478.83    | 0.01%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                  | FITB V6.339 07/27/29                                           | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157995.15    | 0.01%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.887 08/14/27                                           | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $253566.48    | 0.01%             | 2027-08-14      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Public Service Electric & Gas Co.                                                    | PEG 5.2 08/01/33                                               | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154574.04    | 0.01%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                                               | CNP 5.25 08/10/26                                              | CUSIP: 15189TBF3<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151044.18    | 0.01%             | 2026-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.419 12/20/28                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244370.95    | 0.01%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 3.25 07/20/28                                             | CUSIP: 471048BT4<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    250000 | PA      | $245293.05    | 0.01%             | 2028-07-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.3 02/15/30                                                 | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134560.81    | 0.01%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V7.146 07/13/27                                             | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $256316.49    | 0.01%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Heico Corp                                                                           | HEI 5.25 08/01/28                                              | CUSIP: 422806AA7<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153884.03    | 0.01%             | 2028-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Manitoba (Province of)                                                               | MP 4.3 07/27/33                                                | CUSIP: 563469VC6<br>LEI: 5493003QILFOB3JRKE30 | Long             | DBT              | MUN               | CA        |     50000 | PA      | $49285.15     | 0.00%             | 2033-07-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.953 08/10/26                                             | CUSIP: 883556CV2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251918.00    | 0.01%             | 2026-08-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 5.086 08/10/33                                             | CUSIP: 883556CX8<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102355.79    | 0.00%             | 2033-08-10      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                     | BATSLN 5.931 02/02/29                                          | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $157411.76    | 0.01%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 5.05 08/01/30                                              | CUSIP: 655844CR7<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154940.58    | 0.01%             | 2030-08-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5.3 08/15/33                                                 | CUSIP: 927804GM0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152957.39    | 0.01%             | 2033-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.8 11/01/30                                               | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261698.77    | 0.01%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Incorporated                                                       | TXN 2.9 11/03/27                                               | CUSIP: 882508BC7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146375.28    | 0.01%             | 2027-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB 3.9 04/26/28 MTN                                           | CUSIP: 91159HHS2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248394.89    | 0.01%             | 2028-04-26      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                    | BRKHEC 3.25 04/15/28                                           | CUSIP: 084659AM3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78294.35     | 0.00%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| International Finance Corporation                                                    | IFC 0.75 08/27/30                                              | CUSIP: 45950KCU2<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $213758.23    | 0.01%             | 2030-08-27      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.8 06/23/28                                                | CUSIP: 37045XEH5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257489.95    | 0.01%             | 2028-06-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 5.275 07/13/26                                          | CUSIP: 892331AP4<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $252310.73    | 0.01%             | 2026-07-13      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.8 07/13/28                                            | CUSIP: 86562MDB3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $260439.39    | 0.01%             | 2028-07-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 5.3 08/15/28                                               | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256794.28    | 0.01%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 5.4 01/15/27                                               | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152485.50    | 0.01%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.7 08/14/33                                                | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104719.91    | 0.00%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 4.95 08/14/33                                              | CUSIP: 58013MFV1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101864.57    | 0.00%             | 2033-08-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 4.8 08/14/28                                               | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254685.86    | 0.01%             | 2028-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NWG V5.076 01/27/30                                            | CUSIP: 78009PEH0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202928.86    | 0.01%             | 2030-01-27      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.1 02/15/28                                                 | CUSIP: 00206RGL0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99583.26     | 0.00%             | 2028-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.75 02/11/29                                            | CUSIP: 455780CH7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $254374.29    | 0.01%             | 2029-02-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4 07/25/30                                                | CUSIP: 459058KU6<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $251566.79    | 0.01%             | 2030-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                     | SRE 4.95 08/15/28                                              | CUSIP: 797440CE2<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153149.53    | 0.01%             | 2028-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                                              | BAH 5.95 08/04/33                                              | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102651.43    | 0.00%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TransCanada Pipelines Limited                                                        | TRPCN 4.25 05/15/28                                            | CUSIP: 89352HAW9<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149530.69    | 0.01%             | 2028-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 3.95 11/15/28                                              | CUSIP: 26442CAX2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89781.00     | 0.00%             | 2028-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | NFLX 4.875 04/15/28                                            | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102094.68    | 0.00%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 2.4 10/15/31                                               | CUSIP: 30225VAQ0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86885.84     | 0.00%             | 2031-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.282 07/27/29                                            | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154231.79    | 0.01%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.875 02/15/29                                              | CUSIP: 94106LBV0<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153616.90    | 0.01%             | 2029-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 6.343 08/02/30                                          | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $161636.86    | 0.01%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                | SANTAN 5.588 08/08/28                                          | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $206607.03    | 0.01%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital Inc.                                                         | GSK 3.875 05/15/28                                             | CUSIP: 377372AN7<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248863.31    | 0.01%             | 2028-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                            | PHILIP 3.75 01/14/29                                           | CUSIP: 718286CG0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    250000 | PA      | $245320.16    | 0.01%             | 2029-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Nordic Investment Bank                                                               | NIB 3.375 09/08/27                                             | CUSIP: 65562QBV6<br>LEI: 213800HYL1S7VAXG6Z48 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $247947.99    | 0.01%             | 2027-09-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE 5.4 08/01/26                                               | CUSIP: 816851BQ1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100969.03    | 0.00%             | 2026-08-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.449 07/20/29                                             | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257112.71    | 0.01%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.977 08/10/30                                             | CUSIP: 883556CW0<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257283.52    | 0.01%             | 2030-08-10      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.389 07/28/27                                            | CUSIP: 025816DG1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252487.06    | 0.01%             | 2027-07-28      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 3.8 03/15/32                                             | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $69694.30     | 0.00%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V5.985 08/07/27                                         | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $253789.64    | 0.01%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.4 08/14/28                                                | CUSIP: 45687VAA4<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154614.86    | 0.01%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| International Monetary Market                                                        | FUT. EMINI S&P SEP25                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        44 | NC      | $13758250.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer