# EDGAR Filing Document

**Accession Number:** 0001700933
**File Stem:** 0001752724-23-073129
**Filing Date:** 2023-3
**Character Count:** 351514
**Document Hash:** 3c884491ce66397e075ebd4a224b1680
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073129.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073129

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Beacon Institutional Funds Trust
- **CENTRAL INDEX KEY:** 0001700933
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23239
- **FILM NUMBER:** 23777567

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 817-391-6100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

## Series and Classes Contracts Data

### American Beacon Diversified Fund (Series ID: S000057856)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000186839 | AAL Class    | ZABDFX          |

## Nport-Ex

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**United States** 

**Securities and Exchange Commission** 

**Washington, DC 20549** 

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**FORM N-Q** 

------

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANY** 

**Investment Company Act file number: 811-04984** 

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## AMERICAN BEACON FUNDS
**(Exact name of Registrant as specified in charter)** 

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**220 East Las Colinas Blvd., Suite 1200** 

**Irving, Texas 75039** 

**(Address of principal executive offices) (Zip code)** 

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**Jeffrey K. Ringdahl, PRESIDENT** 

**220 East Las Colinas Blvd., Suite 1200** 

**Irving, Texas 75039** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (817) 391-6100** 

**Date of fiscal year end: October 31, 2023** 

**Date of reporting period: January 31, 2023** 

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Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A Registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A Registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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ITEM 1. SCHEDULE OF INVESTMENTS.

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**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% |  |  |
|  **Communication Services - 2.61%** |  |  |
|  **Diversified Telecommunication Services - 0.14%** |  |  |
|  Telkom Indonesia Persero Tbk PT, ADR<sup>A</sup> | 28448 | $**740217** |
|  **Entertainment - 0.46%** |  |  |
|  Electronic Arts, Inc. | 10209 | 1313694 |
|  Warner Bros Discovery, Inc.<sup>B</sup> | 70500 | 1044810 |
|  |  | **2358504** |
|  **Interactive Media & Services - 0.65%** |  |  |
|  Alphabet, Inc., Class A<sup>B</sup> | 16900 | 1670396 |
|  Autohome, Inc., ADR | 21075 | 734675 |
|  Tencent Holdings Ltd.<sup>C</sup> | 20100 | 979683 |
|  |  | **3384754** |
|  **Media - 1.03%** |  |  |
|  Cogeco Communications, Inc. | 11065 | 571733 |
|  Comcast Corp., Class A | 73627 | 2897222 |
|  News Corp., Class A | 40600 | 822556 |
|  Omnicom Group, Inc. | 4600 | 395554 |
|  Paramount Global, Class B | 27500 | 636900 |
|  |  | **5323965** |
|  **Wireless Telecommunication Services - 0.33%** |  |  |
|  T-Mobile U.S., Inc.<sup>B</sup> | 6789 | 1013665 |
|  Vodafone Group PLC, ADR | 58800 | 680904 |
|  |  | **1694569** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **13502009** |
|  **Consumer Discretionary - 7.16%** |  |  |
|  **Auto Components - 1.22%** |  |  |
|  Adient PLC<sup>B</sup> | 6800 | 306136 |
|  Aptiv PLC<sup>B</sup> | 19325 | 2185464 |
|  Cie Generale des Etablissements Michelin SCA, ADR | 94080 | 1484583 |
|  Continental AG<sup>C</sup> | 10231 | 716730 |
|  Goodyear Tire & Rubber Co.<sup>B</sup> | 16200 | 182250 |
|  Magna International, Inc.<sup>A</sup> | 21800 | 1415692 |
|  |  | **6290855** |
|  **Automobiles - 0.88%** |  |  |
|  Ferrari NV<sup>C</sup> | 10314 | 2571967 |
|  General Motors Co. | 50400 | 1981728 |
|  |  | **4553695** |
|  **Hotels, Restaurants & Leisure - 1.48%** |  |  |
|  Aramark | 29454 | 1311587 |
|  Booking Holdings, Inc.<sup>B</sup> | 260 | 632866 |
|  Compass Group PLC<sup>C</sup> | 32667 | 778843 |
|  Evolution AB<sup>C D</sup> | 18059 | 2029462 |
|  Las Vegas Sands Corp.<sup>B</sup> | 49016 | 2891944 |
|  |  | **7644702** |
|  **Household Durables - 0.80%** |  |  |
|  Lennar Corp., Class A | 21800 | 2232320 |
|  Lennar Corp., Class B | 666 | 57516 |
|  Sony Group Corp., ADR | 20700 | 1851822 |
|  |  | **4141658** |
|  **Internet & Direct Marketing Retail - 0.30%** |  |  |
|  Alibaba Group Holding Ltd.<sup>B C</sup> | 110100 | 1521392 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Consumer Discretionary - 7.16% (continued)** | **Consumer Discretionary - 7.16% (continued)** | **Consumer Discretionary - 7.16% (continued)** |
|  **Internet & Direct Marketing Retail - 0.30% (continued)** | **Internet & Direct Marketing Retail - 0.30% (continued)** | **Internet & Direct Marketing Retail - 0.30% (continued)** |
|  Meituan, Class B<sup>B C D</sup> | 2010 | $44780 |
|  |  | **1566172** |
|  **Leisure Products - 0.39%** |  |  |
|  Bandai Namco Holdings, Inc.<sup>A C</sup> | 11000 | 735416 |
|  BRP, Inc. | 6572 | 548412 |
|  Yamaha Corp.<sup>A C</sup> | 18600 | 723533 |
|  |  | **2007361** |
|  **Multiline Retail - 0.36%** |  |  |
|  Dollar General Corp. | 7872 | **1838899** |
|  **Specialty Retail - 0.38%** |  |  |
|  Advance Auto Parts, Inc. | 7035 | 1071290 |
|  Lithia Motors, Inc. | 3302 | 869086 |
|  |  | **1940376** |
|  **Textiles, Apparel & Luxury Goods - 1.35%** |  |  |
|  Asics Corp.<sup>C</sup> | 37400 | 891577 |
|  Gildan Activewear, Inc. | 15855 | 497141 |
|  Li Ning Co. Ltd.<sup>C</sup> | 242500 | 2392508 |
|  Lululemon Athletica, Inc.<sup>B</sup> | 3745 | 1149265 |
|  LVMH Moet Hennessy Louis Vuitton SE<sup>C</sup> | 2347 | 2050303 |
|  |  | **6980794** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **36964512** |
|  **Consumer Staples - 3.60%** |  |  |
|  **Beverages - 1.66%** |  |  |
|  Arca Continental SAB de CV | 150400 | 1326648 |
|  Carlsberg AS, Class B<sup>C</sup> | 7862 | 1112346 |
|  Coca-Cola Co. | 28400 | 1741488 |
|  Coca-Cola Europacific Partners PLC | 26190 | 1472402 |
|  Constellation Brands, Inc., Class A | 6000 | 1389120 |
|  Pernod Ricard SA<sup>C</sup> | 7472 | 1546005 |
|  |  | **8588009** |
|  **Food & Staples Retailing - 0.39%** |  |  |
|  MatsukiyoCocokara & Co.<sup>C</sup> | 12500 | 623201 |
|  Sysco Corp. | 18200 | 1409772 |
|  |  | **2032973** |
|  **Food Products - 0.36%** |  |  |
|  Nestle SA<sup>C</sup> | 15389 | **1877942** |
|  **Household Products - 0.32%** |  |  |
|  Procter & Gamble Co. | 11400 | **1623132** |
|  **Personal Products - 0.47%** |  |  |
|  Unilever PLC<sup>C</sup> | 22771 | 1163344 |
|  Unilever PLC, ADR<sup>A</sup> | 24300 | 1241730 |
|  |  | **2405074** |
|  **Tobacco - 0.40%** |  |  |
|  Philip Morris International, Inc. | 19536 | **2036433** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **18563563** |
|  **Energy - 4.85%** |  |  |
|  **Energy Equipment & Services - 0.81%** |  |  |
|  Baker Hughes Co. | 10800 | 342792 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Energy - 4.85% (continued)** | **Energy - 4.85% (continued)** | **Energy - 4.85% (continued)** |
|  **Energy Equipment & Services - 0.81% (continued)** | **Energy Equipment & Services - 0.81% (continued)** | **Energy Equipment & Services - 0.81% (continued)** |
|  Halliburton Co. | 56424 | $2325798 |
|  NOV, Inc. | 46300 | 1131572 |
|  Schlumberger Ltd. | 6700 | 381766 |
|  |  | **4181928** |
|  **Oil, Gas & Consumable Fuels - 4.04%** |  |  |
|  APA Corp. | 40800 | 1808664 |
|  BP PLC<sup>C</sup> | 291716 | 1764954 |
|  Cenovus Energy, Inc.<sup>A</sup> | 22100 | 441558 |
|  Coterra Energy, Inc. | 67100 | 1679513 |
|  Equinor ASA<sup>C</sup> | 17233 | 523522 |
|  Galp Energia SGPS SA<sup>C</sup> | 44176 | 604319 |
|  Hess Corp. | 19454 | 2921213 |
|  Marathon Oil Corp. | 37300 | 1024631 |
|  Murphy Oil Corp. | 15000 | 654150 |
|  Ovintiv, Inc. | 18400 | 905832 |
|  Phillips 66 | 34661 | 3475458 |
|  Pioneer Natural Resources Co. | 8805 | 2028232 |
|  Reliance Industries Ltd., GDR<sup>C D</sup> | 11223 | 643746 |
|  Shell PLC, ADR | 20800 | 1223248 |
|  Suncor Energy, Inc. | 33932 | 1177693 |
|  |  | **20876733** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **25058661** |
|  **Financials - 11.30%** |  |  |
|  **Banks - 5.57%** |  |  |
|  Bank Mandiri Persero Tbk PT<sup>C</sup> | 1451000 | 965011 |
|  Barclays PLC<sup>C</sup> | 248931 | 570890 |
|  Citigroup, Inc. | 68100 | 3556182 |
|  Citizens Financial Group, Inc. | 26300 | 1139316 |
|  Commerce Bancshares, Inc. | 15697 | 1044792 |
|  Cullen/Frost Bankers, Inc. | 11000 | 1433080 |
|  DBS Group Holdings Ltd.<sup>C</sup> | 40740 | 1115271 |
|  First Citizens BancShares, Inc., Class A | 612 | 475940 |
|  Grupo Financiero Banorte SAB de CV, Class O | 115200 | 954367 |
|  ICICI Bank Ltd., ADR | 121216 | 2524929 |
|  KB Financial Group, Inc.<sup>C</sup> | 10607 | 483293 |
|  M&T Bank Corp. | 10533 | 1643148 |
|  Mitsubishi UFJ Financial Group, Inc., ADR | 150600 | 1109922 |
|  Nordea Bank Abp<sup>C</sup> | 76744 | 894962 |
|  PNC Financial Services Group, Inc. | 9400 | 1555042 |
|  Sumitomo Mitsui Financial Group, Inc.<sup>C</sup> | 29800 | 1296725 |
|  U.S. Bancorp | 41914 | 2087317 |
|  UniCredit SpA<sup>C</sup> | 40555 | 790332 |
|  Wells Fargo & Co. | 109317 | 5123688 |
|  |  | **28764207** |
|  **Capital Markets - 2.09%** |  |  |
|  3i Group PLC<sup>C</sup> | 50881 | 992172 |
|  Ameriprise Financial, Inc. | 6500 | 2275780 |
|  Bank of New York Mellon Corp. | 30600 | 1547442 |
|  Blackstone, Inc. | 15800 | 1516168 |
|  Goldman Sachs Group, Inc. | 4660 | 1704675 |
|  Northern Trust Corp. | 13281 | 1287858 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Financials - 11.30% (continued)** | **Financials - 11.30% (continued)** | **Financials - 11.30% (continued)** |
|  **Capital Markets - 2.09% (continued)** | **Capital Markets - 2.09% (continued)** | **Capital Markets - 2.09% (continued)** |
|  State Street Corp. | 16000 | $1461280 |
|  |  | **10785375** |
|  **Consumer Finance - 0.67%** |  |  |
|  American Express Co. | 6498 | 1136695 |
|  Capital One Financial Corp. | 19700 | 2344300 |
|  |  | **3480995** |
|  **Diversified Financial Services - 0.14%** |  |  |
|  Corebridge Financial, Inc. | 16500 | 359040 |
|  Equitable Holdings, Inc. | 11500 | 368805 |
|  |  | **727845** |
|  **Insurance - 2.83%** |  |  |
|  AIA Group Ltd.<sup>C</sup> | 133205 | 1504219 |
|  Allstate Corp. | 7852 | 1008746 |
|  American International Group, Inc. | 58373 | 3690341 |
|  Aon PLC, Class A | 10367 | 3303756 |
|  Cincinnati Financial Corp. | 14300 | 1618045 |
|  Hartford Financial Services Group, Inc. | 14100 | 1094301 |
|  Prudential PLC<sup>C</sup> | 61264 | 1015221 |
|  Willis Towers Watson PLC | 5403 | 1373389 |
|  |  | **14608018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **58366440** |
|  **Health Care - 9.72%** |  |  |
|  **Biotechnology - 0.74%** |  |  |
|  Amgen, Inc. | 7300 | 1842520 |
|  CSL Ltd.<sup>A C</sup> | 9381 | 1980105 |
|  |  | **3822625** |
|  **Health Care Equipment & Supplies - 2.73%** |  |  |
|  Alcon, Inc.<sup>C</sup> | 26643 | 2008946 |
|  Alcon, Inc. | 21100 | 1586931 |
|  GE HealthCare Technologies, Inc.<sup>B</sup> | 16383 | 1138946 |
|  Hoya Corp.<sup>C</sup> | 6900 | 759800 |
|  Medtronic PLC | 37259 | 3118206 |
|  Olympus Corp.<sup>C</sup> | 56800 | 1067112 |
|  Osstem Implant Co. Ltd.<sup>B C</sup> | 9211 | 1404099 |
|  ResMed, Inc. | 5195 | 1186382 |
|  STERIS PLC | 6322 | 1305556 |
|  Zimmer Biomet Holdings, Inc. | 3800 | 483892 |
|  |  | **14059870** |
|  **Health Care Providers & Services - 2.07%** |  |  |
|  Centene Corp.<sup>B</sup> | 11600 | 884384 |
|  Cigna Corp. | 1800 | 570006 |
|  CVS Health Corp. | 25769 | 2273341 |
|  Elevance Health, Inc. | 7052 | 3525929 |
|  HCA Healthcare, Inc. | 3300 | 841731 |
|  Humana, Inc. | 900 | 460530 |
|  UnitedHealth Group, Inc. | 4277 | 2135036 |
|  |  | **10690957** |
|  **Life Sciences Tools & Services - 1.41%** |  |  |
|  Danaher Corp. | 8156 | 2156283 |
|  ICON PLC<sup>B</sup> | 11538 | 2661932 |
|  Lonza Group AG<sup>C</sup> | 1755 | 1001886 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Health Care - 9.72% (continued)** | **Health Care - 9.72% (continued)** | **Health Care - 9.72% (continued)** |
|  **Life Sciences Tools & Services - 1.41% (continued)** | **Life Sciences Tools & Services - 1.41% (continued)** | **Life Sciences Tools & Services - 1.41% (continued)** |
|  Mettler-Toledo International, Inc.<sup>B</sup> | 961 | $1473136 |
|  |  | **7293237** |
|  **Pharmaceuticals - 2.77%** |  |  |
|  AstraZeneca PLC<sup>C</sup> | 14210 | 1859212 |
|  Bayer AG<sup>C</sup> | 12942 | 802756 |
|  GSK PLC, ADR | 9600 | 338496 |
|  Merck & Co., Inc. | 36066 | 3873849 |
|  Merck KGaA<sup>C</sup> | 7892 | 1640870 |
|  Novo Nordisk AS, Class B<sup>C</sup> | 21309 | 2950948 |
|  Perrigo Co. PLC | 41105 | 1538149 |
|  Sanofi<sup>C</sup> | 9632 | 946505 |
|  Sanofi, ADR | 7400 | 363636 |
|  |  | **14314421** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **50181110** |
|  **Industrials - 9.14%** |  |  |
|  **Aerospace & Defense - 0.94%** |  |  |
|  Boeing Co.<sup>B</sup> | 4300 | 915900 |
|  General Dynamics Corp. | 6200 | 1444972 |
|  MTU Aero Engines AG<sup>C</sup> | 2929 | 729344 |
|  Raytheon Technologies Corp. | 7600 | 758860 |
|  Thales SA<sup>C</sup> | 7606 | 1004898 |
|  |  | **4853974** |
|  **Air Freight & Logistics - 0.54%** |  |  |
|  DSV AS<sup>C</sup> | 5803 | 958313 |
|  FedEx Corp. | 9490 | 1839731 |
|  |  | **2798044** |
|  **Airlines - 0.13%** |  |  |
|  Ryanair Holdings PLC, ADR<sup>B</sup> | 7460 | **675354** |
|  **Commercial Services & Supplies - 0.22%** |  |  |
|  Waste Connections, Inc. | 8360 | **1111044** |
|  **Construction & Engineering - 0.45%** |  |  |
|  AECOM | 22870 | 1995865 |
|  Fluor Corp.<sup>B</sup> | 8100 | 297675 |
|  |  | **2293540** |
|  **Electrical Equipment - 0.96%** |  |  |
|  ABB Ltd.<sup>C</sup> | 34336 | 1195647 |
|  Schneider Electric SE<sup>C</sup> | 13060 | 2117775 |
|  Vertiv Holdings Co. | 116559 | 1657469 |
|  |  | **4970891** |
|  **Industrial Conglomerates - 1.00%** |  |  |
|  General Electric Co. | 31550 | 2539144 |
|  Hitachi Ltd.<sup>C</sup> | 15300 | 803381 |
|  Honeywell International, Inc. | 8700 | 1813776 |
|  |  | **5156301** |
|  **Machinery - 2.43%** |  |  |
|  Atlas Copco AB, Class A<sup>C</sup> | 84802 | 1002991 |
|  CNH Industrial NV | 42100 | 746012 |
|  Cummins, Inc. | 3900 | 973206 |
|  Deere & Co. | 4074 | 1722651 |
|  Oshkosh Corp. | 11700 | 1179126 |
|  PACCAR, Inc. | 6500 | 710515 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Industrials - 9.14% (continued)** | **Industrials - 9.14% (continued)** | **Industrials - 9.14% (continued)** |
|  **Machinery - 2.43% (continued)** | **Machinery - 2.43% (continued)** | **Machinery - 2.43% (continued)** |
|  Parker-Hannifin Corp. | 6600 | $2151600 |
|  Sandvik AB<sup>C</sup> | 36920 | 763665 |
|  Stanley Black & Decker, Inc. | 10465 | 934629 |
|  Wuxi Lead Intelligent Equipment Co. Ltd., Class A<sup>C</sup> | 97599 | 670070 |
|  Xylem, Inc. | 16300 | 1695363 |
|  |  | **12549828** |
|  **Professional Services - 1.11%** |  |  |
|  Experian PLC<sup>C</sup> | 62933 | 2300859 |
|  RELX PLC<sup>C</sup> | 55599 | 1652488 |
|  Teleperformance<sup>C</sup> | 1889 | 525471 |
|  Thomson Reuters Corp. | 10680 | 1270475 |
|  |  | **5749293** |
|  **Road & Rail - 0.93%** |  |  |
|  Canadian Pacific Railway Ltd. | 41428 | 3268669 |
|  JB Hunt Transport Services, Inc. | 8084 | 1528280 |
|  |  | **4796949** |
|  **Trading Companies & Distributors - 0.43%** |  |  |
|  Ferguson PLC<sup>C</sup> | 15873 | **2233358** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **47188576** |
|  **Information Technology - 10.24%** |  |  |
|  **Communications Equipment - 0.50%** |  |  |
|  F5, Inc.<sup>B</sup> | 12300 | 1816218 |
|  Telefonaktiebolaget LM Ericsson, ADR | 128800 | 743176 |
|  |  | **2559394** |
|  **Electronic Equipment, Instruments & Components - 0.66%** |  |  |
|  Corning, Inc. | 20800 | 719888 |
|  Keyence Corp.<sup>C</sup> | 4300 | 1986285 |
|  TE Connectivity Ltd. | 5500 | 699325 |
|  |  | **3405498** |
|  **IT Services - 1.96%** |  |  |
|  Accenture PLC, Class A | 5604 | 1563796 |
|  Adyen NV<sup>B C D</sup> | 1122 | 1696183 |
|  Capgemini SE<sup>C</sup> | 2851 | 540659 |
|  Cognizant Technology Solutions Corp., Class A | 17382 | 1160248 |
|  EPAM Systems, Inc.<sup>B</sup> | 4940 | 1643291 |
|  Fidelity National Information Services, Inc. | 33991 | 2550685 |
|  Fiserv, Inc.<sup>B</sup> | 3700 | 394716 |
|  PayPal Holdings, Inc.<sup>B</sup> | 7000 | 570430 |
|  |  | **10120008** |
|  **Semiconductors & Semiconductor Equipment - 3.65%** |  |  |
|  ASM International NV<sup>C</sup> | 4641 | 1573102 |
|  ASML Holding NV | 2742 | 1812023 |
|  ASML Holding NV<sup>C</sup> | 1627 | 1077503 |
|  Broadcom, Inc. | 2946 | 1723439 |
|  Disco Corp.<sup>C</sup> | 4400 | 1321172 |
|  Infineon Technologies AG<sup>C</sup> | 32737 | 1171005 |
|  Lasertec Corp.<sup>A C</sup> | 8100 | 1609479 |
|  Microchip Technology, Inc. | 27100 | 2103502 |
|  Micron Technology, Inc. | 11700 | 705510 |
|  QUALCOMM, Inc. | 22292 | 2969517 |
|  SK Hynix, Inc.<sup>C</sup> | 10906 | 793746 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Information Technology - 10.24% (continued)** | **Information Technology - 10.24% (continued)** | **Information Technology - 10.24% (continued)** |
|  **Semiconductors & Semiconductor Equipment - 3.65% (continued)** | **Semiconductors & Semiconductor Equipment - 3.65% (continued)** | **Semiconductors & Semiconductor Equipment - 3.65% (continued)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.<sup>C</sup> | 114000 | $2011210 |
|  |  | **18871208** |
|  **Software - 3.47%** |  |  |
|  Adobe, Inc.<sup>B</sup> | 5300 | 1962802 |
|  ANSYS, Inc.<sup>B</sup> | 6800 | 1811248 |
|  Atlassian Corp., Class A<sup>B</sup> | 11273 | 1821942 |
|  Autodesk, Inc.<sup>B</sup> | 8000 | 1721280 |
|  Microsoft Corp. | 22200 | 5501382 |
|  Oracle Corp. | 32464 | 2871766 |
|  Workday, Inc., Class A<sup>B</sup> | 12200 | 2213446 |
|  |  | **17903866** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **52859974** |
|  **Materials - 4.43%** |  |  |
|  **Chemicals - 3.84%** |  |  |
|  Air Liquide SA<sup>C</sup> | 12388 | 1974199 |
|  Air Products & Chemicals, Inc. | 7933 | 2542606 |
|  Akzo Nobel NV<sup>C</sup> | 12665 | 942036 |
|  Axalta Coating Systems Ltd.<sup>B</sup> | 63087 | 1898919 |
|  Corteva, Inc. | 43300 | 2790685 |
|  DuPont de Nemours, Inc. | 20044 | 1482254 |
|  Ecolab, Inc. | 8600 | 1331538 |
|  International Flavors & Fragrances, Inc. | 9050 | 1017763 |
|  Linde PLC<sup>B C</sup> | 3680 | 1209820 |
|  Olin Corp. | 16600 | 1072194 |
|  RPM International, Inc. | 16800 | 1510488 |
|  Sika AG<sup>C</sup> | 7168 | 2040740 |
|  |  | **19813242** |
|  **Construction Materials - 0.35%** |  |  |
|  Martin Marietta Materials, Inc. | 5100 | **1834164** |
|  **Containers & Packaging - 0.05%** |  |  |
|  International Paper Co. | 6100 | **255102** |
|  **Metals & Mining - 0.19%** |  |  |
|  Anglo American PLC<sup>C</sup> | 22966 | **989939** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **22892447** |
|  **Real Estate - 1.19%** |  |  |
|  **Equity Real Estate Investment Trusts (REITs) - 1.01%** |  |  |
|  Crown Castle, Inc. | 10600 | 1569966 |
|  Equity LifeStyle Properties, Inc. | 14700 | 1055166 |
|  VICI Properties, Inc. | 75266 | 2572592 |
|  |  | **5197724** |
|  **Real Estate Management & Development - 0.18%** |  |  |
|  ESR Group Ltd.<sup>C D</sup> | 459400 | **924106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **6121830** |
|  **Utilities - 1.69%** |  |  |
|  **Electric Utilities - 0.92%** |  |  |
|  Pinnacle West Capital Corp. | 19928 | 1485632 |
|  PPL Corp. | 51300 | 1518480 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) | COMMON STOCKS - 65.93% (continued) |
|  **Utilities - 1.69% (continued)** | **Utilities - 1.69% (continued)** | **Utilities - 1.69% (continued)** |
|  **Electric Utilities - 0.92% (continued)** | **Electric Utilities - 0.92% (continued)** | **Electric Utilities - 0.92% (continued)** |
|  Xcel Energy, Inc. | 25700 | $1767389 |
|  |  | **4771501** |
|  **Gas Utilities - 0.47%** |  |  |
|  Atmos Energy Corp. | 15850 | 1863009 |
|  ENN Energy Holdings Ltd.<sup>C</sup> | 38600 | 580866 |
|  |  | **2443875** |
|  **Independent Power & Renewable Electricity Producers - 0.13%** |  |  |
|  China Longyuan Power Group Corp. Ltd., Class H<sup>C</sup> | 476000 | **654388** |
|  **Multi-Utilities - 0.17%** |  |  |
|  Engie SA<sup>C</sup> | 60754 | **864296** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **8734060** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $274,713,968)** |  | **340433182** |
|  | **Principal Amount** |  |
|  CORPORATE OBLIGATIONS - 7.37% |  |  |
|  **Basic Materials - 0.05%** |  |  |
|  **Chemicals - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EI du Pont de Nemours & Co., 1.700%, Due 7/15/2025 | $180000 | **167896** |
|  **Forest Products & Paper - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Paper Co., 6.000%, Due 11/15/2041 | 100000 | **106775** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **274671** |
|  **Communications - 0.82%** |  |  |
|  **Internet - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., 3.875%, Due 8/22/2037 | 335000 | 310222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., 4.450%, Due 8/15/2052 | 1524000 | 1323431 |
|  |  | **1633653** |
|  **Media - 0.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, Due 4/1/2031 | 160000 | 130715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2042 | 125000 | 86264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, Due 4/1/2051 | 180000 | 118858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, Due 4/1/2030 | 195000 | 182572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950%, Due 1/15/2031 | 185000 | 154536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887%, Due 11/1/2051 | 166000 | 115052 |
|  |  | **787997** |
|  **Telecommunications - 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., 2.250%, Due 2/1/2032 | 180000 | 146610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 4/15/2030 | 745000 | 695783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, Due 1/15/2053 | 584000 | 605484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/10/2033 | 85000 | 82833 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) |
|  **Communications - 0.82% (continued)** | **Communications - 0.82% (continued)** | **Communications - 0.82% (continued)** |
|  **Telecommunications - 0.35% (continued)** | **Telecommunications - 0.35% (continued)** | **Telecommunications - 0.35% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, Due 3/22/2041 | $345000 | $276422 |
|  |  | **1807132** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **4228782** |
|  **Consumer, Cyclical - 0.69%** |  |  |
|  **Airlines - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019 1 AA | 108054 | **93821** |
|  **Auto Manufacturers - 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., 2.000%, Due 3/24/2028 | 145000 | 128830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, Due 10/15/2032 | 761000 | 749989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, Due 4/1/2045 | 460000 | 400377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 2.500%, Due 3/22/2024 | 335000 | 326930 |
|  |  | **1606126** |
|  **Home Furnishings - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp., 4.600%, Due 5/15/2050 | 145000 | **124626** |
|  **Lodging - 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., 5.000%, Due 10/15/2027 | 185000 | **186402** |
|  **Retail - 0.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., 3.850%, Due 3/1/2032 | 105000 | 88900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., 5.625%, Due 4/15/2053 | 1109000 | 1137893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp., 2.550%, Due 11/15/2030 | 188000 | 163843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co., 1.750%, Due 11/1/2030 | 185000 | 146981 |
|  |  | **1537617** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **3548592** |
|  **Consumer, Non-Cyclical - 0.51%** |  |  |
|  **Agriculture - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., 1.375%, Due 7/23/2023<sup>D</sup> | 120000 | **118017** |
|  **Biotechnology - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 4.400%, Due 5/1/2045 | 140000 | **124437** |
|  **Commercial Services - 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp., 2.550%, Due 8/18/2060 | 180000 | 105933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, Due 10/1/2030 | 275000 | 235580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050%, Due 10/1/2041 | 190000 | 134833 |
|  |  | **476346** |
|  **Food - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., 1.500%, Due 2/4/2031 | 145000 | **115768** |
|  **Health Care - Products - 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.857%, Due 3/15/2030<sup>D</sup> | 230000 | **243597** |
|  **Health Care - Services - 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Health Network, Inc., 3.099%, Due 5/1/2050, Series 20 A | 185000 | 125985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, Due 6/1/2050<sup>D</sup> | 105000 | 78308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, 3.002%, Due 6/1/2051, Series 2021 | 130000 | 95341 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) |
|  **Consumer, Non-Cyclical - 0.51% (continued)** | **Consumer, Non-Cyclical - 0.51% (continued)** | **Consumer, Non-Cyclical - 0.51% (continued)** |
|  **Health Care - Services - 0.18% (continued)** | **Health Care - Services - 0.18% (continued)** | **Health Care - Services - 0.18% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 12/15/2028 | $400000 | $388920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 2/15/2053 | 190000 | 216191 |
|  |  | **904745** |
|  **Pharmaceuticals - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, Due 5/14/2046 | 130000 | 119027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 11/14/2048 | 255000 | 248356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029 | 76000 | 72269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., 4.300%, Due 3/25/2028 | 107000 | 104911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc., 3.850%, Due 6/22/2040 | 120000 | 87299 |
|  |  | **631862** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **2614772** |
|  **Energy - 0.77%** |  |  |
|  **Oil & Gas - 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron USA, Inc., 2.343%, Due 8/12/2050 | 130000 | 87292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips Co., 2.125%, Due 3/8/2024 | 360000 | 349824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., 7.875%, Due 9/30/2031 | 160000 | 187076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, Due 3/24/2031 | 330000 | 287392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, Due 3/15/2033 | 780000 | 828207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 3/15/2052 | 220000 | 175684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 10/1/2029 | 60000 | 68071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300%, Due 8/15/2031 | 100000 | 111736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 Co., 3.750%, Due 3/1/2028<sup>D</sup> | 155000 | 146471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 2.150%, Due 1/15/2031 | 90000 | 74291 |
|  |  | **2316044** |
|  **Pipelines - 0.32%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 2.742%, Due 12/31/2039 | 158000 | 129093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, 7.500%, Due 7/1/2038 | 145000 | 164371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC, 2.000%, Due 9/15/2023<sup>D</sup> | 190000 | 185641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., 4.550%, Due 7/15/2028 | 175000 | 170420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 3/15/2028 | 455000 | 438873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/15/2030 | 130000 | 125897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, Due 3/15/2031 | 325000 | 274392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 3/4/2044 | 170000 | 165440 |
|  |  | **1654127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **3970171** |
|  **Financial - 2.90%** |  |  |
|  **Banks - 1.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.592%, Due 4/29/2031, (Secured Overnight Financing Rate + 2.150%)<sup>E</sup> | 180000 | 153696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.299%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.220%)<sup>E</sup> | 465000 | 377315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, Due 10/20/2032, (Secured Overnight Financing Rate + 1.210%)<sup>E</sup> | 220000 | 181669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)<sup>E</sup> | 145000 | 112659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.676%, Due 6/19/2041, (Secured Overnight Financing Rate + 1.930%)<sup>E</sup> | 205000 | 150595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) |
|  **Financial - 2.90% (continued)** | **Financial - 2.90% (continued)** | **Financial - 2.90% (continued)** |
|  **Banks - 1.69% (continued)** | **Banks - 1.69% (continued)** | **Banks - 1.69% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.281%, Due 11/3/2025, (Secured Overnight Financing Rate + 0.528%)<sup>E</sup> | $105000 | $97875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.412%, Due 3/31/2031, (Secured Overnight Financing Rate + 3.914%)<sup>E</sup> | 695000 | 665190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.785%, Due 3/17/2033, (Secured Overnight Financing Rate + 1.939%)<sup>E</sup> | 660000 | 595507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, Due 11/1/2024 | 1330000 | 1348790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.431%, Due 3/9/2027, (Secured Overnight Financing Rate + 0.798%)<sup>E</sup> | 430000 | 384618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.542%, Due 9/10/2027, (Secured Overnight Financing Rate + 0.818%)<sup>E</sup> | 290000 | 255869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.615%, Due 4/22/2032, (Secured Overnight Financing Rate + 1.281%)<sup>E</sup> | 180000 | 150164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.301%, Due 10/15/2025, (Secured Overnight Financing Rate + 1.160%)<sup>E</sup> | 485000 | 461496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.782%, Due 2/1/2028, (3 mo. USD LIBOR + 1.337%)<sup>E</sup> | 265000 | 254350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.963%, Due 1/25/2033, (Secured Overnight Financing Rate + 1.260%)<sup>E</sup> | 270000 | 230564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.912%, Due 7/25/2033, (Secured Overnight Financing Rate + 2.080%)<sup>E</sup> | 840000 | 834007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.882%, Due 7/24/2038, (3 mo. USD LIBOR + 1.360%)<sup>E</sup> | 230000 | 201937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.591%, Due 7/22/2028, (3 mo. USD LIBOR + 1.340%)<sup>E</sup> | 295000 | 278614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.794%, Due 2/13/2032, (Secured Overnight Financing Rate + 1.034%)<sup>E</sup> | 265000 | 209116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.239%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.178%)<sup>E</sup> | 180000 | 145364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.864%, Due 10/21/2025, Series I, (Secured Overnight Financing Rate + 0.745%)<sup>E</sup> | 295000 | 273308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp., 6.125%, Due 11/2/2032 | 180000 | 197442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 3.400%, Due 9/15/2026, Series T, (5 yr. CMT + 2.595%)<sup>E F</sup> | 215000 | 183287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.354%, Due 11/1/2025, (Secured Overnight Financing Rate + 0.940%)<sup>E</sup> | 260000 | 249576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, Due 3/3/2031 | 130000 | 107953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., 1.267%, Due 3/2/2027, (Secured Overnight Financing Rate + 0.609%)<sup>E</sup> | 160000 | 144531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572%, Due 2/11/2031, (Secured Overnight Financing Rate + 1.262%)<sup>E</sup> | 420000 | 362061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Due 11/2/2043 | 150000 | 151142 |
|  |  | **8758695** |
|  **Diversified Financial Services - 0.29%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co., 2.250%, Due 3/4/2025 | 225000 | 214002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, 3.125%, Due 6/10/2031<sup>D</sup> | 630000 | 489059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 3/18/2024 | 150000 | 143350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, Due 5/22/2029 | 180000 | 167167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., 2.650%, Due 3/15/2032 | 365000 | 319007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., 4.950%, Due 6/15/2052 | 175000 | 171633 |
|  |  | **1504218** |
|  **Insurance - 0.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., 3.850%, Due 3/15/2052 | 135000 | 115623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., 4.500%, Due 3/1/2026 | 225000 | 223979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., 3.200%, Due 9/17/2051 | 145000 | 90621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, 5.462%, Due 6/28/2024, (Secured Overnight Financing Rate + 1.150%)<sup>D E</sup> | 1560000 | 1566786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp., 2.500%, Due 3/15/2027 | 180000 | 167561 |
|  |  | **2164570** |
|  **Investment Companies - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 2.500%, Due 8/24/2026 | 745000 | **652503** |
|  **REITS - 0.37%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033 | 145000 | 111743 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) |
|  **Financial - 2.90% (continued)** | **Financial - 2.90% (continued)** | **Financial - 2.90% (continued)** |
|  **REITS - 0.37% (continued)** | **REITS - 0.37% (continued)** | **REITS - 0.37% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., 2.300%, Due 9/15/2031 | $250000 | $201992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust, 3.150%, Due 7/1/2029 | 140000 | 128930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, Due 2/15/2028 | 155000 | 147581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, Due 4/1/2041 | 135000 | 98616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust LP, 3.700%, Due 8/15/2027 | 190000 | 180445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., 2.500%, Due 5/15/2031 | 781000 | 651037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis LP, 1.250%, Due 10/15/2030 | 135000 | 106358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, 2.250%, Due 11/9/2031 | 335000 | 280523 |
|  |  | **1907225** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **14987211** |
|  **Industrial - 0.35%** |  |  |
|  **Aerospace/Defense - 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 2/1/2026 | 210000 | 197769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, Due 5/1/2050 | 260000 | 263427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 3.850%, Due 4/15/2045 | 190000 | 161673 |
|  |  | **622869** |
|  **Building Materials - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., 0.650%, Due 7/15/2023 | 120000 | **117559** |
|  **Environmental Control - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, Due 1/15/2032 | 150000 | 123941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 1/15/2033 | 185000 | 179229 |
|  |  | **303170** |
|  **Miscellaneous Manufacturing - 0.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., 2.200%, Due 3/1/2032 | 145000 | **115432** |
|  **Packaging & Containers - 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., 2.690%, Due 5/25/2031 | 110000 | 92821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., 1.650%, Due 1/15/2027 | 210000 | 183438 |
|  |  | **276259** |
|  **Transportation - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, 4.450%, Due 1/15/2053 | 185000 | 175202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp., 3.250%, Due 5/15/2041 | 125000 | 95300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., 4.100%, Due 9/15/2067 | 135000 | 113447 |
|  |  | **383949** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **1819238** |
|  **Technology - 0.37%** |  |  |
|  **Computers - 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., 3.950%, Due 8/8/2052 | 175000 | 156059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, Due 10/1/2029 | 410000 | 413009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, Due 12/15/2041<sup>D</sup> | 630000 | 451990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, Due 12/15/2051<sup>D</sup> | 195000 | 128673 |
|  |  | **1149731** |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) | CORPORATE OBLIGATIONS - 7.37% (continued) |
|  **Technology - 0.37% (continued)** | **Technology - 0.37% (continued)** | **Technology - 0.37% (continued)** |
|  **Semiconductors - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entegris Escrow Corp., 4.750%, Due 4/15/2029<sup>D</sup> | $190000 | $177861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 3/15/2026 | 80000 | 78253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, Due 6/15/2030 | 180000 | 150995 |
|  |  | **407109** |
|  **Software - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., 4.300%, Due 7/8/2034 | 243000 | 223995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., 2.200%, Due 8/15/2031 | 180000 | 142374 |
|  |  | **366369** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **1923209** |
|  **Utilities - 0.91%** |  |  |
|  **Electric - 0.81%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 2.031%, Due 3/15/2024 | 320000 | 309141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y | 70000 | 61625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Co., 2.500%, Due 5/1/2060 | 155000 | 93303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 3.375%, Due 4/1/2030, Series C | 180000 | 163680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., 1.050%, Due 6/1/2025, Series F | 275000 | 251703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., 2.650%, Due 9/1/2026 | 220000 | 205423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 4.150%, Due 12/1/2044 | 255000 | 225765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, Series A 2 | 715000 | 588237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, 3.350%, Due 6/15/2052 | 115000 | 86512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp., 2.800%, Due 6/15/2030 | 115000 | 99880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, 4.000%, Due 3/15/2033 | 137000 | 129002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., 4.050%, Due 4/15/2030 | 180000 | 172930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light Co., 3.950%, Due 3/1/2048 | 120000 | 105118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Utilities Co., 3.300%, Due 6/1/2050 | 185000 | 138053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 10/18/2024, Series D | 180000 | 168565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 10/30/2025 | 220000 | 224213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co., 2.600%, Due 6/1/2051 | 185000 | 125698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Power Co., 2.600%, Due 4/1/2030, Series P | 160000 | 139333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas & Electric Co., 0.553%, Due 5/26/2023 | 215000 | 212014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy, 3.300%, Due 4/1/2025 | 335000 | 324165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 5.125%, Due 5/13/2025<sup>D</sup> | 385000 | 377595 |
|  |  | **4201955** |
|  **Gas - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., 3.950%, Due 9/15/2027 | 225000 | 211714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sempra Global, 3.250%, Due 1/15/2032<sup>D</sup> | 205000 | 170270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas Co., 2.550%, Due 2/1/2030, Series XX | 135000 | 118020 |
|  |  | **500004** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **4701959** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $41,426,766)** |  | **38068605** |
|  FOREIGN CORPORATE OBLIGATIONS - 0.70% |  |  |
|  **Basic Materials - 0.06%** |  |  |
|  **Mining - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, 2.625%, Due 9/23/2031<sup>D</sup> | 135000 | 112367 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 0.70% (continued) | FOREIGN CORPORATE OBLIGATIONS - 0.70% (continued) | FOREIGN CORPORATE OBLIGATIONS - 0.70% (continued) |
|  **Basic Materials - 0.06% (continued)** | **Basic Materials - 0.06% (continued)** | **Basic Materials - 0.06% (continued)** |
|  **Mining - 0.06% (continued)** | **Mining - 0.06% (continued)** | **Mining - 0.06% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., 6.000%, Due 8/15/2040 | $210000 | $212906 |
|  |  | **325273** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **325273** |
|  **Communications - 0.03%** |  |  |
|  **Telecommunications - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp., 3.400%, Due 5/13/2032 | 160000 | **141493** |
|  **Consumer, Non-Cyclical - 0.15%** |  |  |
|  **Agriculture - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., 2.259%, Due 3/25/2028 | 290000 | 248897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds American, Inc., 5.700%, Due 8/15/2035 | 135000 | 128761 |
|  |  | **377658** |
|  **Beverages - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, Due 2/1/2046 | 100000 | 97231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 4/15/2038 | 110000 | 103937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, Due 1/23/2049 | 80000 | 85355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV, 1.850%, Due 9/1/2032 | 150000 | 117910 |
|  |  | **404433** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **782091** |
|  **Energy - 0.06%** |  |  |
|  **Oil & Gas - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, 3.127%, Due 5/29/2050 | 185000 | **140291** |
|  **Pipelines - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., 2.500%, Due 2/14/2025 | 190000 | **180709** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **321000** |
|  **Financial - 0.36%** |  |  |
|  **Banks - 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, 2.894%, Due 11/24/2032, (1 yr. CMT + 1.300%)<sup>E</sup> | 295000 | 240193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.311%, Due 11/16/2027, (Secured Overnight Financing Rate + 1.219%)<sup>E</sup> | 200000 | 176517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.552%, Due 1/7/2028, (Secured Overnight Financing Rate + 1.318%)<sup>E</sup> | 210000 | 187199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., 2.193%, Due 2/25/2025 | 180000 | 170181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 2.250%, Due 11/1/2024 | 350000 | 335782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, 3.250%, Due 3/11/2024 | 525000 | 515835 |
|  |  | **1625707** |
|  **Financial Services - 0.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, Due 10/29/2028 | 275000 | **242031** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **1867738** |
|  **Industrial - 0.04%** |  |  |
|  **Transportation - 0.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., 3.100%, Due 12/2/2051 | 255000 | **186744** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $4,134,892)** |  | **3624339** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 0.04% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bonds, 4.600%, Due 1/23/2046 | 160000 | 131969 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 0.04% (continued) | FOREIGN SOVEREIGN OBLIGATIONS - 0.04% (continued) | FOREIGN SOVEREIGN OBLIGATIONS - 0.04% (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bonds, 3.160%, Due 1/23/2030 | $95000 | $83336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations (Cost $267,060)** |  | **215305** |
|  ASSET-BACKED OBLIGATIONS - 1.33% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022 1 A3 | 320000 | 313516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.370%, Due 8/18/2025, 2021 1 A3 | 113616 | 111606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.340%, Due 12/18/2026, 2021 2 A3 | 190310 | 185221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.380%, Due 4/18/2028, 2022 2 A3 | 265000 | 262027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022 A A3 | 170000 | 165931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, 0.550%, Due 7/15/2026, 2021 A1 A1 | 325000 | 305705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 4.750%, Due 10/15/2027, 2023 1 A3 | 255000 | 254924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.160%, Due 6/16/2025, 2020 A A3 | 63471 | 62652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.400%, Due 12/15/2025, 2021 A A3 | 214178 | 205920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, 3.230%, Due 5/15/2025, 2022 A A3 | 420000 | 412650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021 2 A<sup>D</sup> | 300000 | 267435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, Due 3/20/2025, 2022 1 A3 | 290000 | 281279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.010%, Due 9/22/2025, 2022 3 A3 | 275000 | 271943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 1.490%, Due 12/16/2024, 2020 2 A3 | 22580 | 22329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021 1 A<sup>D</sup> | 245000 | 217345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 1.880%, Due 5/15/2026, 2022 1 A3 | 325000 | 309707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.320%, Due 9/16/2026, 2022 A A3 | 250000 | 239549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.740%, Due 2/16/2027, 2022 B A3 | 300000 | 293283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, 0.400%, Due 11/15/2024, 2021 B A3 | 435000 | 424078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021 1 A1<sup>D</sup> | 345000 | 300035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service New Hampshire Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1 | 53733 | 53312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2II<sup>D</sup> | 277200 | 233306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A A<sup>D</sup> | 285000 | 264471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.360%, Due 8/15/2024, 2020 B A3 | 69741 | 69073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.230%, Due 6/15/2026, 2022 A A3 | 260000 | 246784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, 0.500%, Due 5/20/2027, 2021 1 A | 580000 | 547611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021 1 A3 | 295000 | 280578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy's Funding LLC, 2.370%, Due 6/15/2051, 2021 1A A2I<sup>D</sup> | 275800 | 233425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Obligations (Cost $7,213,962)** |  | **6835695** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS - 0.02% (Cost $112,092) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, 2.633%, Due 9/25/2059, 2019 3 A1<sup>D G</sup> | 114755 | **112365** |
|  COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.12% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 5.159%, Due 9/15/2036, 2021 VOLT A, (1 mo. USD LIBOR + 0.700%)<sup>D E</sup> | 385000 | 375242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cold Storage Trust, 5.359%, Due 11/15/2037, 2020 ICE5 A, (1 mo. USD LIBOR + 0.900%)<sup>D E</sup> | 265407 | 261417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Obligations (Cost $650,407)** |  | **636659** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., 3.500%, Due 9/1/2028 | 66323 | 64687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2032 | 88102 | 85366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2035 | 177708 | 166206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2036 | 581646 | 529751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 10/1/2040 | 282275 | 248035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2041 | 514675 | 450968 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued) | U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued) | U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2041 | $509491 | $460630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 291579 | 263615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2042 | 417587 | 395437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2042 | 828651 | 806965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 4/1/2047 | 325161 | 301206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2048 | 183284 | 175252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 4/1/2048 | 146103 | 143295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 233330 | 215351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2049 | 367791 | 338048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/1/2050 | 315621 | 278610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 454304 | 403284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 2/1/2052 | 818242 | 691285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2052 | 643284 | 566677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 3956618 | 3816230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 156067 | 156524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2028<sup>G</sup> | 24431 | 24167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2034 | 64612 | 64867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2034 | 168043 | 161295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2035<sup>G</sup> | 410256 | 373715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 12/1/2035<sup>G</sup> | 189333 | 172448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2036<sup>G</sup> | 294650 | 268376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2036 | 328150 | 308220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2037 | 100694 | 98630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2038 | 12761 | 13346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/1/2040 | 65140 | 66865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2040 | 49100 | 50402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 5/1/2041 | 563408 | 495067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 332327 | 300454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 3/1/2042<sup>G</sup> | 29139 | 29911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2043 | 64000 | 61628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2044<sup>G</sup> | 45462 | 44998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2045 | 321560 | 316516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/1/2045 | 34034 | 32602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2046 | 80072 | 76508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2046 | 227951 | 211654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2046 | 95322 | 93826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2046 | 177366 | 164273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2046 | 247926 | 229530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/1/2046 | 321997 | 308740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2046<sup>G</sup> | 155029 | 143753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2047 | 35511 | 33939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2047 | 19739 | 19846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/1/2047 | 67565 | 68000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2047 | 84945 | 81244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/1/2048 | 129510 | 126837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048<sup>G</sup> | 74304 | 74782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048 | 47919 | 48212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 3/1/2049 | 145917 | 146677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2049 | 134439 | 134471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2049 | 284866 | 277959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2050 | 274894 | 242823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050<sup>G</sup> | 308944 | 273169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050 | 427452 | 376962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2050 | 250220 | 229175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2050 | 280322 | 247260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2050<sup>G</sup> | 114174 | 100634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2050<sup>G</sup> | 475358 | 436054 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued) | U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued) | U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2050<sup>G</sup> | $729411 | $667386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2051<sup>G</sup> | 894099 | 788331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2051<sup>G</sup> | 1460762 | 1238286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 4/1/2051<sup>G</sup> | 593328 | 507626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2051<sup>G</sup> | 361893 | 332987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2051 | 152834 | 139188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2051<sup>G</sup> | 442618 | 414920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2051<sup>G</sup> | 805408 | 763943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2051<sup>G</sup> | 513385 | 466334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 1562478 | 1373250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 5/1/2052<sup>G</sup> | 405660 | 395294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 4638269 | 4475127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 9/1/2052<sup>G</sup> | 312932 | 302022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 11/1/2052 | 4289766 | 4300572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/1/2052 | 400804 | 401814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 1/1/2053 | 3725202 | 3782260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/15/2039 | 49238 | 50814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/15/2041 | 110319 | 106871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/20/2047 | 37081 | 35527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/20/2047 | 43873 | 42031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/20/2047 | 83464 | 82134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/20/2048 | 77806 | 76538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/20/2050 | 124626 | 127071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/20/2050 | 80058 | 80188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 2/20/2050 | 42338 | 43242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2050 | 542563 | 486869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/20/2051 | 533044 | 476176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2051 | 775928 | 712197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/20/2051 | 684317 | 610985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/20/2051 | 431405 | 400807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/20/2051 | 316944 | 282683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/20/2051 | 846306 | 779381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/20/2052 | 323067 | 305308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/20/2052 | 629526 | 610956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2052 | 296208 | 271867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/20/2052 | 3636100 | 3694580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Agency Mortgage-Backed Obligations (Cost $50,162,692)** |  | **47212822** |
|  U.S. TREASURY OBLIGATIONS - 12.37% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, Due 5/15/2041 | 1605000 | 1274909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 8/15/2041 | 800000 | 580438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, Due 8/15/2050 | 4210000 | 2529783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 8/15/2051 | 5620000 | 3951343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, Due 11/15/2051 | 4870000 | 3314073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, Due 2/15/2052 | 12785000 | 9527822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 5/15/2052 | 12205000 | 10435275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/15/2052 | 6470000 | 5680458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Floating Rate Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.574%, Due 4/30/2024, (3 mo. Treasury money market yield - 0.075%)<sup>E</sup> | 5390000 | 5383038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.686%, Due 7/31/2024, (3 mo. Treasury money market yield + 0.037%)<sup>E</sup> | 3360000 | 3358823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, Due 7/31/2023 | 2030000 | 1994792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, Due 8/31/2024 | 4055000 | 3857160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, Due 2/28/2025 | 2315000 | 2175557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, Due 1/31/2027 | 2235000 | 2049565 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  U.S. TREASURY OBLIGATIONS - 12.37% (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, Due 2/15/2030 | $2125000 | $1861118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 11/15/2032 | 5610000 | 5885241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $70,246,383)** |  | **63859395** |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS - 2.53% (Cost $13,081,182) |  |  |
|  **Investment Companies - 2.53%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.19%<sup>H I</sup> | 13081182 | **13081182** |
|  SECURITIES LENDING COLLATERAL - 0.11% (Cost $561,399) |  |  |
|  **Investment Companies - 0.11%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.19%<sup>H I</sup> | 561399 | **561399** |
|  **TOTAL INVESTMENTS - 99.67% (Cost $462,570,803)** |  | **514640948** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.33%** |  | **1705402** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**516346350** |

---

Percentages are stated as a percent of net assets.

------

<sup>A</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at January 31, 2023.

<sup>B</sup> Non-income producing security.

<sup>C</sup> Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $91,264,902 or 17.68% of net assets. 

<sup>D</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $11,849,953 or 2.29% of net assets. The Fund has no right to demand registration of these securities. 

<sup>E</sup> Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on January 31, 2023. 

<sup>F</sup> Perpetual maturity. The date shown, if any, is the next call date.

<sup>G</sup> Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

<sup>H</sup> The Fund is affiliated by having the same investment advisor.

<sup>I</sup> 7-day yield.

ADR - American Depositary Receipt.

BDC - Business Development Company.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

GDR - Global Depositary Receipt.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

PRIME - A rate, charged by banks, based on the U.S. Federal Funds rate.

SOFR - Secured Overnight Financing Rate.

***Long Futures Contracts Open on January 31, 2023:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME e-Mini Standard & Poor's 500 Index Futures | 23 | March 2023 | $4515950 | $4703500 | $187550 |

---

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Schedule of Investments** 

January 31, 2023 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ICE U.S. mini MSCI EAFE Index Futures | 20.0 | March 2023 | 2025772 | 2119000 | 93228 |
|  ICE U.S. MSCI Emerging Markets EM Index Futures | 17.0 | March 2023 | 855819 | 887910 | 32091 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397541 | $&nbsp;&nbsp;&nbsp;&nbsp;7710410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312869 |

---

**<u>Index Abbreviations:</u>**

MSCI Morgan Stanley Capital International. <br> MSCI EAFE Morgan Stanley Capital International - Europe, Australasia, and Far East.

**<u>Exchange Abbreviations:</u>**

CME Chicago Mercantile Exchange. <br> ICE Intercontinental Exchange.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of January 31, 2023, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Diversified Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $249168280 | $91264902 | $— | $340433182 |
|  Corporate Obligations |  | 38068605 |  | 38068605 |
|  Foreign Corporate Obligations |  | 3624339 |  | 3624339 |
|  Foreign Sovereign Obligations |  | 215305 |  | 215305 |
|  Asset-Backed Obligations |  | 6835695 |  | 6835695 |
|  Collateralized Mortgage Obligations |  | 112365 |  | 112365 |
|  Commercial Mortgage-Backed Obligations |  | 636659 |  | 636659 |
|  U.S. Agency Mortgage-Backed Obligations |  | 47212822 |  | 47212822 |
|  U.S. Treasury Obligations |  | 63859395 |  | 63859395 |
|  Short-Term Investments | 13081182 |  |  | 13081182 |
|  Securities Lending Collateral | 561399 |  |  | 561399 |
|  Total Investments in Securities - Assets | $262810861 | $251830087 | $— | $514640948 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $312869 | $— | $— | $312869 |
|  Total Financial Derivative Instruments - Assets | $312869 | $— | $— | $312869 |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

January 31, 2023 (Unaudited)

------

**Organization** 

American Beacon Institutional Funds Trust (the "Trust") is organized as a Delaware statutory trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. As of January 31, 2023, the Trust consists of one active series presented in this filing: American Beacon Diversified Fund (the "Fund"). The Fund is not registered under the Securities Act of 1933 and is not available for sale to the public.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). RIM is, in turn, a wholly-owned subsidiary of Resolute Acquisition, Inc., which is a wholly-owned subsidiary of Resolute Topco, Inc., a wholly-owned subsidiary of Resolute Investment Holdings, LLC ("RIH"). RIH is owned primarily by Kelso Investment Associates VIII, L.P., KEP VI, LLC and Estancia Capital Partners L.P., investment funds affiliated with Kelso & Company, L.P. ("Kelso") or Estancia Capital Management, LLC ("Estancia"), which are private equity firms.

*Recently Adopted Accounting Pronouncements* 

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-bank Offered Rate ("LIBOR") or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Fund's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminated the asset segregation framework used by funds to comply with Section 18 of the Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds were not required to fully comply with the new rule until August 19, 2022. Management has evaluated the implications of these changes, and has determined that there is no impact to the financial statements.

On December 3, 2020, the SEC adopted new rule 2a-5 (Valuation Rule) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to the fund's investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management has evaluated the Valuation Rule, and has determined that there is no impact to the financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

January 31, 2023 (Unaudited)

------

security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management expects the ASU will not have a material impact on the Fund's financial statements.

**Security Valuation and Fair Value Measurements** 

The price of the Fund's shares is based on its net asset value ("NAV") per share. The Fund's NAV is computed by adding total assets, subtracting all the Fund's liabilities, and dividing the result by the total number of shares outstanding.

The NAV of each class of the Fund's shares is determined based on a pro rata allocation of the Fund's investment income, expenses and total capital gains and losses. The Fund's NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange ("NYSE" or "Exchange"), which is typically 4:00 p.m. Eastern Time ("ET"). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund's NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund's portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds ("ETFs"), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter ("OTC") options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. ET.

Rule 2a-5 under the Investment Company Act (the "Valuation Rule") establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the Investment Company Act, the threshold for determining whether the Fund must fair value a security.

The Valuation Rule permits the Fund's board to designate the Fund's primary investment adviser as "valuation designee" to perform the Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company's board receives the information it needs to oversee the investment adviser's fair value determinations. The Board has designated the Manager as valuation designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule.

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager's procedures approved by the Board, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager,

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

January 31, 2023 (Unaudited)

------

such as when (i) trading for a security is restricted or stopped; (ii) a security's trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security's true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by the Fund occurs after the close of a related exchange but before the determination of the Fund's NAV, fair value pricing may be used on the affected security or securities. Securities of small-capitalization companies are also more likely to require a fair value determination using these procedures because they are more thinly traded and less liquid than the securities of larger-capitalization companies. The Fund may fair value securities as a result of significant events occurring after the close of the foreign markets in which the Fund invests as described below. In addition, the Fund may invest in illiquid securities requiring these procedures.

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund's pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the Fund's portfolio securities, the Manager can adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. These securities are fair valued using a pricing service, using methods approved by the Manager, that considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depositary Receipts ("ADRs") and futures contracts. The Manager's Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day's opening prices in the same markets and adjusted prices.

Attempts to determine the fair value of securities introduce an element of subjectivity to the pricing of securities. As a result, the price of a security determined through fair valuation techniques may differ from the price quoted or published by other sources and may not accurately reflect the market value of the security when trading resumes. If a reliable market quotation becomes available for a security formerly valued through fair valuation techniques, the Manager compares the new market quotation to the fair value price to evaluate the effectiveness of the Fund's fair valuation procedures. If any significant discrepancies are found, the Manager may adjust Manager's fair valuation procedures for the Fund.

*Valuation Inputs* 

Various inputs may be used to determine the fair value of the Fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | |
|:---|:---|
| Level 1 - | Quoted prices in active markets for identical securities. |
| Level 2 - | Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. |
| Level 3 - | Prices determined using other significant unobservable inputs. Unobservable inputs reflect the Fund's own |

---

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

January 31, 2023 (Unaudited)

------

assumptions about the factors market participants would use in pricing an investment.

*Level 1 and Level 2 trading assets and trading liabilities, at fair value* 

Common stocks, ETFs, preferred securities, and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

With respect to the Fund's investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the supervision of the Board ("Valuation Procedures"). Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of the Fund's shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, and non-U.S. bonds are normally valued by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities ("ABS") are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

January 31, 2023 (Unaudited)

------

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

OTC financial derivative instruments, such as forward foreign currency contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the fair value of the financial derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends, and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

**Securities Lending** 

The Fund may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the "Agent") in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Fund's Schedule of Investments.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Fund, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Fund continues to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Fund would be subject to on the dividend.

Securities lending transactions pose certain risks to the Fund, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

------

**American Beacon Diversified Fund<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

January 31, 2023 (Unaudited)

------

As of January 31, 2023, the value of outstanding securities on loan and the value of collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Fair Value of<br>Securities on Loan** | **Cash Collateral<br>Received** | **Non-Cash Collateral<br>Received** | **Total Collateral<br>Received** |
|  Diversified | $4577292 | $561399 | $4172897 | $4734296 |

---

Cash collateral is listed on the Fund's Schedule of Investments.

Non-cash collateral received by the Fund may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Fund's Schedule of Investments.

**Federal Income and Excise Taxes** 

It is the policy of the Fund to qualify as a regulated investment company ("RIC"), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, the Fund is treated as a single entity for the purpose of determining such qualification.

The Fund does not have any unrecorded tax liabilities. Each of the tax years in the four year period ended October 31, 2022 remain subject to examination by the Internal Revenue Service.

*Cost of Investments for Federal Income Tax Purposes* 

As of January 31, 2023, the Fund's cost of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  Diversified | $462570803 | $77822975 | $(25752830) | $52070145 |

---

Under the Regulated Investment Company Modernization Act of 2010 ("RIC MOD"), net capital losses recognized by the Fund in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of October 31, 2022, the Fund did not have any capital loss carryforwards.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** American Beacon Institutional Funds Trust

- **b. Investment Company Act file number:** 811-23239

- **c. CIK number of Registrant:** 0001700933

- **d. LEI of Registrant:** 549300WDJ1HUF6WMNQ53

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

  - **Street Address 1:** 220 EAST LAS COLINAS BOULEVARD

  - **City:** IRVING

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75039

  - **Telephone number:** 817-391-6100

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

- **a. Name of Series:** American Beacon Diversified Fund

- **b. EDGAR series identifier (if any):** S000057856

- **c. LEI of Series:** 549300I6NELIHOOMHG57

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $518321087.29

**Total Liabilities:** $1967199.39

**Net Assets:** $516353887.90

**Delayed Delivery Securities:** $48598.41

**Cash Not Reported:** $180741.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -112.02000000 | **1-Year:** -2503.74000000 | **5-Year:** -7803.36000000 | **10-Year:** -14196.40000000 | **30-Year:** -9165.28000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186839 | 6.89%                | -2.85%               | 6.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-693418.23              | $31408326.21                               |
| Month 2  | $-306131.37              | $-14386208.56                              |
| Month 3  | $753614.93               | $29717982.30                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Honeywell International Inc                               | Honeywell International, Inc.                                                 | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      8700 | NS      | $1813776.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    846306 | PA      | $779381.03    | 0.15%             | 2051-12-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| EPAM Systems Inc                                          | EPAM Systems, Inc.                                                            | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      4940 | NS      | $1643291.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Equitable Holdings Inc                                    | Equitable Holdings, Inc.                                                      | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     11500 | NS      | $368805.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                       | LVMH Moet Hennessy Louis Vuitton SE                                           | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      2347 | NS      | $2048227.33   | 0.40%             |  |  |  | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WG44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    775928 | PA      | $712196.78    | 0.14%             | 2051-06-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Shell PLC                                                 | Shell PLC                                                                     | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     20800 | NS      | $1223248.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust 2020-2 | GM Financial Consumer Automobile Receivables Trust                            | CUSIP: 36258VAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22580 | PA      | $22329.42     | 0.00%             | 2024-12-16      | Fixed         | 1.49%                 | No            | 2                  | On Loan: No      |
| ROYAL BANK OF CANADA                                      | Royal Bank of Canada                                                          | CUSIP: 78015K7C2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $335781.81    | 0.07%             | 2024-11-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| GM Financial Revolving Receivables Trust                  | GM Financial Revolving Receivables Trust                                      | CUSIP: 36263HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $217344.65    | 0.04%             | 2034-06-12      | Fixed         | 1.17%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133AXUH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    454304 | PA      | $403284.07    | 0.08%             | 2051-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| VERIZON COMMUNICATIONS                                    | Verizon Communications, Inc.                                                  | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82833.40     | 0.02%             | 2033-08-10      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Warner Bros Discovery Inc                                 | Warner Bros Discovery, Inc.                                                   | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     88200 | NS      | $1307124.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Dollar General Corp                                       | Dollar General Corp.                                                          | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      7872 | NS      | $1838899.20   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| CNH Equipment Trust                                       | CNH Equipment Trust                                                           | CUSIP: 12597PAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63471 | PA      | $62652.45     | 0.01%             | 2025-06-16      | Fixed         | 1.16%                 | No            | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                                   | American Electric Power Co., Inc.                                             | CUSIP: 025537AK7<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    320000 | PA      | $309141.29    | 0.06%             | 2024-03-15      | Fixed         | 2.03%                 | No            | 2                  | On Loan: No      |
| Accenture PLC                                             | Accenture PLC                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      5604 | NS      | $1563796.20   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Florida Power & Light Co                                  | Florida Power & Light Co.                                                     | CUSIP: 341081FQ5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    120000 | PA      | $105117.75    | 0.02%             | 2048-03-01      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| ENTERGY ARKANSAS LLC                                      | Entergy Arkansas LLC                                                          | CUSIP: 29366MAC2<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    115000 | PA      | $86512.14     | 0.02%             | 2052-06-15      | Fixed         | 3.35%                 | No            | 2                  | On Loan: No      |
| Cogeco Communications Inc                                 | Cogeco Communications, Inc.                                                   | CUSIP: 19239C106<br>LEI: 549300XHH6LJM6IAXV57 | Long             | EC               | CORP              | CA        |     12103 | NS      | $625366.39    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DPBD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    818242 | PA      | $691284.86    | 0.13%             | 2052-02-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| General Motors Co                                         | General Motors Co.                                                            | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     50400 | NS      | $1981728.00   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4638269 | PA      | $4475126.77   | 0.87%             | 2052-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                  | Vistra Operations Co. LLC                                                     | CUSIP: 92840VAL6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    385000 | PA      | $377595.14    | 0.07%             | 2025-05-13      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| MARTIN MARIETTA MATERIAL                                  | Martin Marietta Materials, Inc.                                               | CUSIP: 573284AY2<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117559.32    | 0.02%             | 2023-07-15      | Fixed         | 0.65%                 | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    290000 | PA      | $255868.68    | 0.05%             | 2027-09-10      | Fixed         | 1.54%                 | No            | 2                  | On Loan: No      |
| Appalachian Power Co                                      | Appalachian Power Co.                                                         | CUSIP: 037735CX3<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |     70000 | PA      | $61625.33     | 0.01%             | 2049-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $580437.50    | 0.11%             | 2041-08-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Atlassian Corp                                            | Atlassian Corp.                                                               | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     11273 | NS      | $1821942.26   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QCCF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    284866 | PA      | $277958.80    | 0.05%             | 2049-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179XH25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3636100 | PA      | $3694579.85   | 0.72%             | 2052-10-20      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179W7K8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    296208 | PA      | $271867.29    | 0.05%             | 2052-06-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                  | Ford Credit Auto Owner Trust                                                  | CUSIP: 345285AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $267434.97    | 0.05%             | 2034-05-15      | Fixed         | 1.53%                 | No            | 2                  | On Loan: No      |
| PROGRESSIVE CORP                                          | Progressive Corp.                                                             | CUSIP: 743315AY9<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |    180000 | PA      | $167561.27    | 0.03%             | 2027-03-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179TNS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83464 | PA      | $82134.03     | 0.02%             | 2047-12-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140KGR62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274894 | PA      | $242822.88    | 0.05%             | 2050-06-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| American Beacon U.S. Government Money Market              | American Beacon U.S. Government Money Market                                  | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |  13081182 | NS      | $13081181.86  | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WZC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    629526 | PA      | $610956.51    | 0.12%             | 2052-03-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Hess Corp                                                 | Hess Corp.                                                                    | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     19454 | NS      | $2921212.64   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| CITIGROUP INC                                             | Citigroup, Inc.                                                               | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    695000 | PA      | $665190.35    | 0.13%             | 2031-03-31      | Fixed         | 4.41%                 | No            | 2                  | On Loan: No      |
| UnitedHealth Group Inc                                    | UnitedHealth Group, Inc.                                                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      4277 | NS      | $2135035.63   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| BP PLC                                                    | BP PLC                                                                        | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    291716 | NS      | $1764953.56   | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| COMCAST CORP                                              | Comcast Corp.                                                                 | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    166000 | PA      | $115051.52    | 0.02%             | 2051-11-01      | Fixed         | 2.89%                 | No            | 2                  | On Loan: No      |
| Goodyear Tire & Rubber Co/The                             | Goodyear Tire & Rubber Co.                                                    | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     16200 | NS      | $182250.00    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| ASML Holding NV                                           | ASML Holding NV                                                               | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1627 | NS      | $1077502.63   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Philip Morris International Inc                           | Philip Morris International, Inc.                                             | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     19536 | NS      | $2036432.64   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp.                                                         | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    180000 | PA      | $153695.62    | 0.03%             | 2031-04-29      | Fixed         | 2.59%                 | No            | 2                  | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                  | National Rural Utilities Cooperative Finance Corp.                            | CUSIP: 63743HFF4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    220000 | PA      | $224213.50    | 0.04%             | 2025-10-30      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418RQQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65140 | PA      | $66864.73     | 0.01%             | 2040-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| ENTERGY CORP                                              | Entergy Corp.                                                                 | CUSIP: 29364GAL7<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    115000 | PA      | $99879.71     | 0.02%             | 2030-06-15      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| AbbVie Inc                                                | AbbVie, Inc.                                                                  | CUSIP: 00287YAW9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119026.59    | 0.02%             | 2046-05-14      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co                                          | Wells Fargo & Co.                                                             | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    109317 | NS      | $5123687.79   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| COMCAST CORP                                              | Comcast Corp.                                                                 | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    195000 | PA      | $182571.84    | 0.04%             | 2030-04-01      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| Northern Trust Corp                                       | Northern Trust Corp.                                                          | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     13281 | NS      | $1287858.57   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| News Corp                                                 | News Corp.                                                                    | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |     40600 | NS      | $822556.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418BCG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64612 | PA      | $64866.82     | 0.01%             | 2034-04-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Marathon Oil Corp                                         | Marathon Oil Corp.                                                            | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     37300 | NS      | $1024631.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| CHEVRON USA INC                                           | Chevron USA, Inc.                                                             | CUSIP: 166756AH9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    130000 | PA      | $87292.13     | 0.02%             | 2050-08-12      | Fixed         | 2.34%                 | No            | 2                  | On Loan: No      |
| BRP Inc                                                   | BRP, Inc.                                                                     | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |      6572 | NS      | $548411.68    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Northrop Grumman Corp                                     | Northrop Grumman Corp.                                                        | CUSIP: 666807BJ0<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    190000 | PA      | $161672.49    | 0.03%             | 2045-04-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Continental AG                                            | Continental AG                                                                | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     10231 | NS      | $716729.95    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| Schlumberger Ltd                                          | Schlumberger Ltd.                                                             | CUSIP: 000000000<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      6700 | NS      | $381766.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| WASTE CONNECTIONS INC                                     | Waste Connections, Inc.                                                       | CUSIP: 94106BAC5<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $123941.27    | 0.02%             | 2032-01-15      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| BX Trust                                                  | BX Commercial Mortgage Trust                                                  | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $375241.60    | 0.07%             | 2036-09-15      | Floating      | 5.16%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4870000 | PA      | $3314073.03   | 0.64%             | 2051-11-15      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| FIDELITY NATL FINANCIAL                                   | Fidelity National Financial, Inc.                                             | CUSIP: 31620RAL9<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    145000 | PA      | $90621.48     | 0.02%             | 2051-09-17      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133L8CZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    581646 | PA      | $529751.26    | 0.10%             | 2036-03-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Unilever PLC                                              | Unilever PLC                                                                  | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     22771 | NS      | $1163344.13   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Air Products and Chemicals Inc                            | Air Products & Chemicals, Inc.                                                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      7933 | NS      | $2542605.83   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Disco Corp                                                | Disco Corp.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4400 | NS      | $1321172.12   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| Olympus Corp                                              | Olympus Corp.                                                                 | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     56800 | NS      | $1067112.11   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| National Fuel Gas Co                                      | National Fuel Gas Co.                                                         | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    225000 | PA      | $211713.73    | 0.04%             | 2027-09-15      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179TJX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     43873 | PA      | $42031.07     | 0.01%             | 2047-10-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| PHILLIPS 66 CO                                            | Phillips 66 Co.                                                               | CUSIP: 718547AG7<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    155000 | PA      | $146470.83    | 0.03%             | 2028-03-01      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                  | Alexandria Real Estate Equities, Inc.                                         | CUSIP: 015271AV1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    145000 | PA      | $111743.25    | 0.02%             | 2033-02-01      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| Ferguson PLC                                              | Ferguson PLC                                                                  | CUSIP: 000000000<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | JE        |     15873 | NS      | $2231363.25   | 0.43%             |  |  |  | No            | 2                  | On Loan: No      |
| WILLIAMS COMPANIES INC                                    | Williams Cos., Inc.                                                           | CUSIP: 96950FAN4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165440.18    | 0.03%             | 2044-03-04      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X9X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    894099 | PA      | $788331.17    | 0.15%             | 2051-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Cognizant Technology Solutions Corp                       | Cognizant Technology Solutions Corp.                                          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     17382 | NS      | $1160248.50   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138X0YX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64000 | PA      | $61628.16     | 0.01%             | 2043-07-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Residential Mortgage Loan Trust                           | Residential Mortgage Loan Trust                                               | CUSIP: 76119NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114755 | PA      | $112364.78    | 0.02%             | 2059-09-25      | Variable      | 2.63%                 | No            | 2                  | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                    | ConocoPhillips Co.                                                            | CUSIP: 20826FAT3<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    360000 | PA      | $349823.81    | 0.07%             | 2024-03-08      | Fixed         | 2.12%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X8NT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    410256 | PA      | $373715.13    | 0.07%             | 2035-11-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Aramark                                                   | Aramark                                                                       | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     29454 | NS      | $1311586.62   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA ENERGY                                             | Sempra Energy                                                                 | CUSIP: 816851BN8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    335000 | PA      | $324165.05    | 0.06%             | 2025-04-01      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| Micron Technology Inc                                     | Micron Technology, Inc.                                                       | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     11700 | NS      | $705510.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY PROGRESS NC                                   | Duke Energy Progress NC Storm Funding LLC                                     | CUSIP: 26444BAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $588236.55    | 0.11%             | 2037-07-01      | Fixed         | 2.39%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Notes                                                           | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5610000 | PA      | $5885240.63   | 1.14%             | 2032-11-15      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| Olin Corp                                                 | Olin Corp.                                                                    | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     16600 | NS      | $1072194.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QK5R5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    152834 | PA      | $139187.67    | 0.03%             | 2051-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| PIONEER NATURAL RESOURCE                                  | Pioneer Natural Resources Co.                                                 | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74291.17     | 0.01%             | 2031-01-15      | Fixed         | 2.15%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc                                             | Citigroup, Inc.                                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     68800 | NS      | $3592736.00   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| CROWN CASTLE INC                                          | Crown Castle, Inc.                                                            | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    155000 | PA      | $147580.77    | 0.03%             | 2028-02-15      | Fixed         | 3.80%                 | No            | 2                  | On Loan: No      |
| Novo Nordisk A/S                                          | Novo Nordisk AS                                                               | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     21309 | NS      | $2947888.64   | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                  | Intercontinental Exchange, Inc.                                               | CUSIP: 45866FAX2<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171633.35    | 0.03%             | 2052-06-15      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| Omnicom Group Inc                                         | Omnicom Group, Inc.                                                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      4600 | NS      | $395554.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Notes                                                           | CUSIP: 912828YE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4055000 | PA      | $3857160.36   | 0.75%             | 2024-08-31      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| PNC Financial Services Group Inc/The                      | PNC Financial Services Group, Inc.                                            | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      9400 | NS      | $1555042.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418DYN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    328150 | PA      | $308219.61    | 0.06%             | 2036-04-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| MOODY'S CORPORATION                                       | Moody's Corp.                                                                 | CUSIP: 615369AU9<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    180000 | PA      | $105933.07    | 0.02%             | 2060-08-18      | Fixed         | 2.55%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X8LJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    729411 | PA      | $667386.03    | 0.13%             | 2050-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| General Dynamics Corp                                     | General Dynamics Corp.                                                        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      6200 | NS      | $1444972.00   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| DBS Group Holdings Ltd                                    | DBS Group Holdings Ltd.                                                       | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     40740 | NS      | $1115270.46   | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Xcel Energy Inc                                           | Xcel Energy, Inc.                                                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     25700 | NS      | $1767389.00   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| CROWN CASTLE INC                                          | Crown Castle, Inc.                                                            | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |    135000 | PA      | $98616.45     | 0.02%             | 2041-04-01      | Fixed         | 2.90%                 | No            | 2                  | On Loan: No      |
| Lithia Motors Inc                                         | Lithia Motors, Inc.                                                           | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      3302 | NS      | $869086.40    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XG3N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    405660 | PA      | $395294.24    | 0.08%             | 2052-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| NORTHERN STATES PWR-MINN                                  | Northern States Power Co.                                                     | CUSIP: 665772CS6<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    185000 | PA      | $125697.74    | 0.02%             | 2051-06-01      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| BMW Vehicle Owner Trust                                   | BMW Vehicle Owner Trust                                                       | CUSIP: 05602RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $165931.17    | 0.03%             | 2026-08-25      | Fixed         | 3.21%                 | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                  | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $130715.19    | 0.03%             | 2031-04-01      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31335BC38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    325161 | PA      | $301206.50    | 0.06%             | 2047-04-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Comcast Corp                                              | Comcast Corp.                                                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     73627 | NS      | $2897222.45   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Notes                                                           | CUSIP: 912828S92<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2030000 | PA      | $1994792.19   | 0.39%             | 2023-07-31      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYV55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    291579 | PA      | $263614.61    | 0.05%             | 2041-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Atmos Energy Corp                                         | Atmos Energy Corp.                                                            | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     15850 | NS      | $1863009.00   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| ONEOK Inc                                                 | ONEOK, Inc.                                                                   | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170420.32    | 0.03%             | 2028-07-15      | Fixed         | 4.55%                 | No            | 2                  | On Loan: No      |
| Akzo Nobel NV                                             | Akzo Nobel NV                                                                 | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     12665 | NS      | $942035.78    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Ally Auto Receivables Trust                               | Ally Auto Receivables Trust                                                   | CUSIP: 02008JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $313515.65    | 0.06%             | 2026-11-15      | Fixed         | 3.31%                 | No            | 2                  | On Loan: No      |
| PPL Corp                                                  | PPL Corp.                                                                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     51300 | NS      | $1518480.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WVW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    323067 | PA      | $305307.81    | 0.06%             | 2052-01-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| ABB Ltd                                                   | ABB Ltd.                                                                      | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     34336 | NS      | $1195646.96   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                  | Kaiser Foundation Hospitals                                                   | CUSIP: 48305QAG8<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    130000 | PA      | $95341.01     | 0.02%             | 2051-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ASM International NV                                      | ASM International NV                                                          | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      4641 | NS      | $1571509.36   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Hitachi Ltd                                               | Hitachi Ltd.                                                                  | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     15300 | NS      | $803381.06    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA              | Cie Generale des Etablissements Michelin SCA                                  | CUSIP: 59410T106<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     94080 | NS      | $1484582.40   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Alcon Inc                                                 | Alcon, Inc.                                                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     21100 | NS      | $1586931.00   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| VMWARE INC                                                | VMware, Inc.                                                                  | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    180000 | PA      | $142373.62    | 0.03%             | 2031-08-15      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| Axalta Coating Systems Ltd                                | Axalta Coating Systems Ltd.                                                   | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     63087 | NS      | $1898918.70   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GZV9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1348790.24   | 0.26%             | 2024-11-01      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| Unilever PLC                                              | Unilever PLC                                                                  | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     24300 | NS      | $1241730.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: —       |
| Medtronic PLC                                             | Medtronic PLC                                                                 | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     37259 | NS      | $3118205.71   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CALIF GAS CO                                     | Southern California Gas Co.                                                   | CUSIP: 842434CU4<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    135000 | PA      | $118019.90    | 0.02%             | 2030-02-01      | Fixed         | 2.55%                 | No            | 2                  | On Loan: No      |
| Corteva Inc                                               | Corteva, Inc.                                                                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     43300 | NS      | $2790685.00   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138EKFT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24431 | PA      | $24166.62     | 0.00%             | 2028-01-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Coterra Energy Inc                                        | Coterra Energy, Inc.                                                          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     67100 | NS      | $1679513.00   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                    | Mitsubishi UFJ Financial Group, Inc.                                          | CUSIP: 606822BN3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    180000 | PA      | $170180.85    | 0.03%             | 2025-02-25      | Fixed         | 2.19%                 | No            | 2                  | On Loan: No      |
| Thales SA                                                 | Thales SA                                                                     | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      7606 | NS      | $1004898.30   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| PayPal Holdings Inc                                       | PayPal Holdings, Inc.                                                         | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      7000 | NS      | $570430.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Centene Corp                                              | Centene Corp.                                                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     11600 | NS      | $884384.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                              | Alphabet, Inc.                                                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     16900 | NS      | $1670396.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                  | Toyota Motor Credit Corp.                                                     | CUSIP: 89236TJX4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    335000 | PA      | $326929.60    | 0.06%             | 2024-03-22      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179VFS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80058 | PA      | $80188.09     | 0.02%             | 2050-02-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd                    | Wuxi Lead Intelligent Equipment Co. Ltd.                                      | CUSIP: 000000000<br>LEI: 836800J7WO9E2EF72B65 | Long             | EC               | CORP              | CN        |     97599 | NS      | $670070.08    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Phillips 66                                               | Phillips 66                                                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     34661 | NS      | $3475458.47   | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| CNH Industrial NV                                         | CNH Industrial NV                                                             | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |     42100 | NS      | $746012.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Microchip Technology Inc                                  | Microchip Technology, Inc.                                                    | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     27100 | NS      | $2103502.00   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| ENBRIDGE INC                                              | Enbridge, Inc.                                                                | CUSIP: 29250NBL8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $180709.08    | 0.03%             | 2025-02-14      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| UNITEDHEALTH GROUP INC                                    | UnitedHealth Group, Inc.                                                      | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    190000 | PA      | $216191.58    | 0.04%             | 2053-02-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31307UZN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     88102 | PA      | $85365.68     | 0.02%             | 2032-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ASML Holding NV                                           | ASML Holding NV                                                               | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2742 | NS      | $1812023.28   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Zimmer Biomet Holdings Inc                                | Zimmer Biomet Holdings, Inc.                                                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      3800 | NS      | $483892.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133D4VC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    417587 | PA      | $395436.63    | 0.08%             | 2042-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| ResMed Inc                                                | ResMed, Inc.                                                                  | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      5195 | NS      | $1186382.15   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Elevance Health Inc                                       | Elevance Health, Inc.                                                         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      7052 | NS      | $3525929.48   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Lennar Corp                                               | Lennar Corp.                                                                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     21800 | NS      | $2232320.00   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                  | Anheuser-Busch InBev Worldwide, Inc.                                          | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     80000 | PA      | $85355.32     | 0.02%             | 2049-01-23      | Fixed         | 5.55%                 | No            | 2                  | On Loan: No      |
| Baker Hughes Co                                           | Baker Hughes Co.                                                              | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10800 | NS      | $342792.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418DY71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    563408 | PA      | $495067.02    | 0.10%             | 2041-05-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    684317 | PA      | $610985.12    | 0.12%             | 2051-07-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Toyota Auto Receivables Owner Trust                       | Toyota Auto Receivables Owner Trust                                           | CUSIP: 89239KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $246783.50    | 0.05%             | 2026-06-15      | Fixed         | 1.23%                 | No            | 2                  | On Loan: No      |
| 3i Group PLC                                              | 3i Group PLC                                                                  | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     50881 | NS      | $992171.63    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| GSK PLC                                                   | GSK PLC                                                                       | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      9600 | NS      | $338496.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Fiserv Inc                                                | Fiserv, Inc.                                                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      3700 | NS      | $394716.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Procter & Gamble Co/The                                   | Procter & Gamble Co.                                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     11400 | NS      | $1623132.00   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| WENDYS FUNDING LLC                                        | Wendy's Funding LLC                                                           | CUSIP: 95058XAK4<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    275800 | PA      | $233425.26    | 0.05%             | 2051-06-15      | Fixed         | 2.37%                 | No            | 2                  | On Loan: No      |
| DIAMONDBACK ENERGY INC                                    | Diamondback Energy, Inc.                                                      | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    780000 | PA      | $828206.93    | 0.16%             | 2033-03-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| SABINE PASS LIQUEFACTION                                  | Sabine Pass Liquefaction LLC                                                  | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    455000 | PA      | $438873.44    | 0.08%             | 2028-03-15      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140J5H44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155029 | PA      | $143752.77    | 0.03%             | 2046-12-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| State Street Corp                                         | State Street Corp.                                                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     16800 | NS      | $1534344.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp.                                                         | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    145000 | PA      | $112658.90    | 0.02%             | 2036-09-21      | Fixed         | 2.48%                 | No            | 2                  | On Loan: No      |
| China Longyuan Power Group Corp Ltd                       | China Longyuan Power Group Corp. Ltd.                                         | CUSIP: 000000000<br>LEI: 5299008UYLF3O6V9T464 | Long             | EC               | CORP              | CN        |    476000 | NS      | $654387.62    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| RELX PLC                                                  | RELX PLC                                                                      | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     55599 | NS      | $1652488.31   | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140GXFV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84945 | PA      | $81244.21     | 0.02%             | 2047-09-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| GE HEALTHCARE TECH INC                                    | GE HealthCare Technologies, Inc.                                              | CUSIP: 36267VAG8<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    230000 | PA      | $243596.73    | 0.05%             | 2030-03-15      | Fixed         | 5.86%                 | No            | 2                  | On Loan: No      |
| APTIV PLC / APTIV CORP                                    | Aptiv PLC/Aptiv Corp.                                                         | CUSIP: 00217GAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    250000 | PA      | $215270.52    | 0.04%             | 2032-03-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Cummins Inc                                               | Cummins, Inc.                                                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      3900 | NS      | $973206.00    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE Futures U.S., Inc.                                    | Future                                                                        | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        16 | NC      | $31958.54     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Workday Inc                                               | Workday, Inc.                                                                 | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     12200 | NS      | $2213446.00   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| NOV Inc                                                   | NOV, Inc.                                                                     | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     46300 | NS      | $1131572.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| CITIGROUP INC                                             | Citigroup, Inc.                                                               | CUSIP: 172967ND9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    105000 | PA      | $97874.53     | 0.02%             | 2025-11-03      | Fixed         | 1.28%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYUA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    282275 | PA      | $248035.06    | 0.05%             | 2040-10-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| ENN Energy Holdings Ltd                                   | ENN Energy Holdings Ltd.                                                      | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |     38600 | NS      | $580866.17    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| META PLATFORMS INC                                        | Meta Platforms, Inc.                                                          | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1524000 | PA      | $1323430.76   | 0.26%             | 2052-08-15      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| Microsoft Corp                                            | Microsoft Corp.                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     22200 | NS      | $5501382.00   | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Magna International Inc                                   | Magna International, Inc.                                                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     21800 | NS      | $1415692.00   | 0.27%             |  |  |  | No            | 1                  | On Loan: —       |
| Suncor Energy Inc                                         | Suncor Energy, Inc.                                                           | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     33932 | NS      | $1177693.25   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| PROLOGIS LP                                               | Prologis LP                                                                   | CUSIP: 74340XBR1<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |    135000 | PA      | $106357.64    | 0.02%             | 2030-10-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| WILLIAMS COMPANIES INC                                    | Williams Cos., Inc.                                                           | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    325000 | PA      | $274391.83    | 0.05%             | 2031-03-15      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| Paramount Global                                          | Paramount Global                                                              | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |     27500 | NS      | $636900.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARLES SCHWAB CORP                                       | Charles Schwab Corp.                                                          | CUSIP: 808513BA2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    180000 | PA      | $167166.67    | 0.03%             | 2029-05-22      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| ICE Futures U.S., Inc.                                    | Future                                                                        | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        18 | NC      | $92402.12     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vertiv Holdings Co                                        | Vertiv Holdings Co.                                                           | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    116559 | NS      | $1657468.98   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMORGAN CHASE & CO                                       | JPMorgan Chase & Co.                                                          | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    840000 | PA      | $834007.39    | 0.16%             | 2033-07-25      | Fixed         | 4.91%                 | No            | 2                  | On Loan: No      |
| General Motors Co                                         | General Motors Co.                                                            | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    460000 | PA      | $400377.10    | 0.08%             | 2045-04-01      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| Evolution AB                                              | Evolution AB                                                                  | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     18059 | NS      | $2027097.06   | 0.39%             |  |  |  | Yes           | 2                  | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                   | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97230.85     | 0.02%             | 2046-02-01      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| COMCAST CORP                                              | Comcast Corp.                                                                 | CUSIP: 20030NDM0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    185000 | PA      | $154536.27    | 0.03%             | 2031-01-15      | Fixed         | 1.95%                 | No            | 2                  | On Loan: No      |
| DELL INT LLC / EMC CORP                                   | Dell International LLC/EMC Corp.                                              | CUSIP: 24703DBG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $128672.56    | 0.02%             | 2051-12-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                                        | Energy Transfer LP                                                            | CUSIP: 29273RAJ8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $164370.71    | 0.03%             | 2038-07-01      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| Dominion Energy Inc                                       | Dominion Energy, Inc.                                                         | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    180000 | PA      | $163679.76    | 0.03%             | 2030-04-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31335BM60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183284 | PA      | $175252.41    | 0.03%             | 2048-01-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                  | Amcor Flexibles North America, Inc.                                           | CUSIP: 02344AAA6<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    110000 | PA      | $92821.21     | 0.02%             | 2031-05-25      | Fixed         | 2.69%                 | No            | 2                  | On Loan: No      |
| Adyen NV                                                  | Adyen NV                                                                      | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      1122 | NS      | $1694466.34   | 0.33%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Pinnacle West Capital Corp                                | Pinnacle West Capital Corp.                                                   | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     19928 | NS      | $1485632.40   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Constellation Brands Inc                                  | Constellation Brands, Inc.                                                    | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      6000 | NS      | $1389120.00   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| AECOM                                                     | AECOM                                                                         | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     22870 | NS      | $1995864.90   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Willis Towers Watson PLC                                  | Willis Towers Watson PLC                                                      | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      5403 | NS      | $1373388.57   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Adobe Inc                                                 | Adobe, Inc.                                                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5300 | NS      | $1962802.00   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Hess Corp                                                 | Hess Corp.                                                                    | CUSIP: 023551AF1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     60000 | PA      | $68070.61     | 0.01%             | 2029-10-01      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                  | Canadian Pacific Railway Co.                                                  | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    255000 | PA      | $186743.61    | 0.04%             | 2051-12-02      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYUU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    514675 | PA      | $450968.06    | 0.09%             | 2041-01-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp.                                                         | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    465000 | PA      | $377315.02    | 0.07%             | 2032-07-21      | Fixed         | 2.30%                 | No            | 2                  | On Loan: No      |
| NORTHERN TRUST CORP                                       | Northern Trust Corp.                                                          | CUSIP: 665859AX2<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    180000 | PA      | $197442.35    | 0.04%             | 2032-11-02      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Fluor Corp                                                | Fluor Corp.                                                                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      8100 | NS      | $297675.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| CNH Equipment Trust                                       | CNH Equipment Trust                                                           | CUSIP: 12598AAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214178 | PA      | $205919.75    | 0.04%             | 2025-12-15      | Fixed         | 0.40%                 | No            | 2                  | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                  | AmeriCredit Automobile Receivables Trust                                      | CUSIP: 03063FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113616 | PA      | $111606.36    | 0.02%             | 2025-08-18      | Fixed         | 0.37%                 | No            | 2                  | On Loan: No      |
| Cigna Corp                                                | Cigna Corp.                                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1800 | NS      | $570006.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                           | Telefonaktiebolaget LM Ericsson                                               | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    128800 | NS      | $743176.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| M&T Bank Corp                                             | M&T Bank Corp.                                                                | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     10533 | NS      | $1643148.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Floating Rate Notes                                             | CUSIP: 91282CEL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5390000 | PA      | $5383038.33   | 1.04%             | 2024-04-30      | Floating      | 4.57%                 | No            | 2                  | On Loan: No      |
| Duke Energy Progress LLC                                  | Duke Energy Progress LLC                                                      | CUSIP: 26442RAD3<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    255000 | PA      | $225764.59    | 0.04%             | 2044-12-01      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| ESR Group Ltd                                             | ESR Group Ltd.                                                                | CUSIP: 000000000<br>LEI: 549300C81AR42BZUFZ09 | Long             | EC               | CORP              | KY        |    459400 | NS      | $924106.46    | 0.18%             |  |  |  | Yes           | 2                  | On Loan: No      |
| DEUTSCHE BANK NY                                          | Deutsche Bank AG                                                              | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $176516.93    | 0.03%             | 2027-11-16      | Fixed         | 2.31%                 | No            | 2                  | On Loan: No      |
| CONSUMERS ENERGY CO                                       | Consumers Energy Co.                                                          | CUSIP: 210518DJ2<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    155000 | PA      | $93303.21     | 0.02%             | 2060-05-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DWD34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3956618 | PA      | $3816229.62   | 0.74%             | 2052-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                           | CVS Health Corp.                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     24669 | NS      | $2176299.18   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Crown Castle Inc                                          | Crown Castle, Inc.                                                            | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |     10600 | NS      | $1569966.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| DuPont de Nemours Inc                                     | DuPont de Nemours, Inc.                                                       | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     20044 | NS      | $1482253.80   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN HONDA FINANCE                                    | American Honda Finance Corp.                                                  | CUSIP: 02665WDW8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    145000 | PA      | $128830.27    | 0.02%             | 2028-03-24      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| MTU Aero Engines AG                                       | MTU Aero Engines AG                                                           | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      2929 | NS      | $729344.10    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| SEMPRA GLOBAL                                             | Sempra Global                                                                 | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    205000 | PA      | $170270.56    | 0.03%             | 2032-01-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QNE73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    694800 | PA      | $614040.56    | 0.12%             | 2052-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Compass Group PLC                                         | Compass Group PLC                                                             | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     32667 | NS      | $778843.04    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Coca-Cola Co/The                                          | Coca-Cola Co.                                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     28400 | NS      | $1741488.00   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| KB Financial Group Inc                                    | KB Financial Group, Inc.                                                      | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     10607 | NS      | $483292.92    | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Notes                                                           | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2125000 | PA      | $1861118.16   | 0.36%             | 2030-02-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| OKLAHOMA G&E CO                                           | Oklahoma Gas & Electric Co.                                                   | CUSIP: 678858BW0<br>LEI: 549300VJ8YXGPO8EV472 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212013.96    | 0.04%             | 2023-05-26      | Fixed         | 0.55%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31307EE67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66323 | PA      | $64687.40     | 0.01%             | 2028-09-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    316944 | PA      | $282683.48    | 0.05%             | 2051-11-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Arca Continental SAB de CV                                | Arca Continental SAB de CV                                                    | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |    150400 | NS      | $1326647.73   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X7QF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    308944 | PA      | $273169.45    | 0.05%             | 2050-08-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Stanley Black & Decker Inc                                | Stanley Black & Decker, Inc.                                                  | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     10465 | NS      | $934629.15    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 3617VQFP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    431405 | PA      | $400806.64    | 0.08%             | 2051-08-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| PACCAR Inc                                                | PACCAR, Inc.                                                                  | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      6500 | NS      | $710515.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Inc                                               | Corning, Inc.                                                                 | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     20800 | NS      | $719888.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Liquide SA                                            | Air Liquide SA                                                                | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     12388 | NS      | $1974199.17   | 0.38%             |  |  |  | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140F0JJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177366 | PA      | $164272.70    | 0.03%             | 2046-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Nestle SA                                                 | Nestle SA                                                                     | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     15389 | NS      | $1871298.93   | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| Lam Research Corp                                         | Lam Research Corp.                                                            | CUSIP: 512807AS7<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78252.85     | 0.02%             | 2026-03-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| Keyence Corp                                              | Keyence Corp.                                                                 | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      4300 | NS      | $1988117.91   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| Bank Mandiri Persero Tbk PT                               | Bank Mandiri Persero Tbk PT                                                   | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   1451000 | NS      | $965011.10    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                  | Jackson National Life Global Funding                                          | CUSIP: 46849CJL6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1566786.00   | 0.30%             | 2024-06-28      | Floating      | 5.47%                 | No            | 2                  | On Loan: No      |
| BAT CAPITAL CORP                                          | BAT Capital Corp.                                                             | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    290000 | PA      | $248897.42    | 0.05%             | 2028-03-25      | Fixed         | 2.26%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1605000 | PA      | $1274909.18   | 0.25%             | 2041-05-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140M2PG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    867678 | PA      | $759208.68    | 0.15%             | 2052-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Vodafone Group PLC                                        | Vodafone Group PLC                                                            | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     58800 | NS      | $680904.00    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                                            | Public Storage                                                                | CUSIP: 74460DAJ8<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              |  | US        |    335000 | PA      | $280523.21    | 0.05%             | 2031-11-09      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Sandvik AB                                                | Sandvik AB                                                                    | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |     36920 | NS      | $763665.08    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Floating Rate Notes                                             | CUSIP: 91282CFD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3360000 | PA      | $3358823.23   | 0.65%             | 2024-07-31      | Floating      | 4.69%                 | No            | 2                  | On Loan: No      |
| Martin Marietta Materials Inc                             | Martin Marietta Materials, Inc.                                               | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      5100 | NS      | $1834164.00   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Perrigo Co PLC                                            | Perrigo Co. PLC                                                               | CUSIP: 000000000<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     41105 | NS      | $1538149.10   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Engie SA                                                  | Engie SA                                                                      | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     60754 | NS      | $864296.32    | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| REPUBLIC OF PANAMA                                        | Panama Government International Bonds                                         | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     95000 | PA      | $83335.95     | 0.02%             | 2030-01-23      | Fixed         | 3.16%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138YR4S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    199843 | PA      | $196708.19    | 0.04%             | 2045-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Entergy Louisiana LLC                                     | Entergy Louisiana LLC                                                         | CUSIP: 29364WBA5<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    137000 | PA      | $129001.58    | 0.02%             | 2033-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| AMERICAN TOWER CORP                                       | American Tower Corp.                                                          | CUSIP: 03027XBS8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    250000 | PA      | $201991.89    | 0.04%             | 2031-09-15      | Fixed         | 2.30%                 | No            | 2                  | On Loan: No      |
| STARBUCKS CORP                                            | Starbucks Corp.                                                               | CUSIP: 855244AZ2<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    470000 | PA      | $409606.11    | 0.08%             | 2030-11-15      | Fixed         | 2.55%                 | No            | 2                  | On Loan: No      |
| Honda Auto Receivables Owner Trust                        | Honda Auto Receivables Owner Trust                                            | CUSIP: 43815BAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $309706.87    | 0.06%             | 2026-05-15      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XBR69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    442618 | PA      | $414920.26    | 0.08%             | 2051-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| DSV A/S                                                   | DSV AS                                                                        | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      5803 | NS      | $957319.37    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DNFA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    643284 | PA      | $566677.26    | 0.11%             | 2052-05-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                        | Grupo Financiero Banorte SAB de CV                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    115200 | NS      | $954366.59    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| First Citizens BancShares Inc/NC                          | First Citizens BancShares, Inc.                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       612 | NS      | $475940.16    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlas Copco AB                                            | Atlas Copco AB                                                                | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     84802 | NS      | $1001822.40   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Lennar Corp                                               | Lennar Corp.                                                                  | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       666 | NS      | $57515.76     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY                                            | Morgan Stanley                                                                | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    265000 | PA      | $209116.39    | 0.04%             | 2032-02-13      | Fixed         | 1.79%                 | No            | 2                  | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                        | Mitsubishi UFJ Financial Group, Inc.                                          | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    150600 | NS      | $1109922.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| United Mexican States                                     | Mexico Government International Bonds                                         | CUSIP: 91086QBF4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    160000 | PA      | $131969.60    | 0.03%             | 2046-01-23      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| WELLS FARGO & COMPANY                                     | Wells Fargo & Co.                                                             | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    420000 | PA      | $362060.90    | 0.07%             | 2031-02-11      | Fixed         | 2.57%                 | No            | 2                  | On Loan: No      |
| AstraZeneca PLC                                           | AstraZeneca PLC                                                               | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     14210 | NS      | $1856573.03   | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| DTE ENERGY CO                                             | DTE Energy Co.                                                                | CUSIP: 233331BG1<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    275000 | PA      | $251703.31    | 0.05%             | 2025-06-01      | Fixed         | 1.05%                 | No            | 2                  | On Loan: No      |
| Thomson Reuters Corp                                      | Thomson Reuters Corp.                                                         | CUSIP: 884903709<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |     10680 | NS      | $1266856.82   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4289766 | PA      | $4300572.21   | 0.83%             | 2052-11-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CARLISLE COS INC                                          | Carlisle Cos., Inc.                                                           | CUSIP: 142339AL4<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |    145000 | PA      | $115432.01    | 0.02%             | 2032-03-01      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| Sika AG                                                   | Sika AG                                                                       | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |      7168 | NS      | $2033521.28   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| Xylem Inc/NY                                              | Xylem, Inc.                                                                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     16300 | NS      | $1695363.00   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Ecolab Inc                                                | Ecolab, Inc.                                                                  | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      8600 | NS      | $1331538.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| WELLS FARGO & COMPANY                                     | Wells Fargo & Co.                                                             | CUSIP: 94974BFP0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151142.01    | 0.03%             | 2043-11-02      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| Pernod Ricard SA                                          | Pernod Ricard SA                                                              | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |      7472 | NS      | $1544440.59   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| ICON PLC                                                  | ICON PLC                                                                      | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     11538 | NS      | $2661931.98   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                                              | Broadcom, Inc.                                                                | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2946 | NS      | $1723439.46   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Amgen Inc                                                 | Amgen, Inc.                                                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      7300 | NS      | $1842520.00   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Sanofi                                                    | Sanofi                                                                        | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      7400 | NS      | $363636.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| GENERAL MOTORS CO                                         | General Motors Co.                                                            | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    870000 | PA      | $857411.98    | 0.17%             | 2032-10-15      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| ENTEGRIS ESCROW CORP                                      | Entegris Escrow Corp.                                                         | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $177860.33    | 0.03%             | 2029-04-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYVT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    509491 | PA      | $460629.62    | 0.09%             | 2041-09-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Autohome Inc                                              | Autohome, Inc.                                                                | CUSIP: 05278C107<br>LEI: 529900NYB6ZGZN3MVT56 | Long             | EC               | CORP              | KY        |     21075 | NS      | $734674.50    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| AUTONATION INC                                            | AutoNation, Inc.                                                              | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $88899.56     | 0.02%             | 2032-03-01      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| KENTUCKY UTILITIES CO                                     | Kentucky Utilities Co.                                                        | CUSIP: 491674BM8<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |    185000 | PA      | $138052.71    | 0.03%             | 2050-06-01      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| Alcon Inc                                                 | Alcon, Inc.                                                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     26643 | NS      | $2001839.78   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| CarMax Auto Owner Trust                                   | CarMax Auto Owner Trust                                                       | CUSIP: 14318DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $254924.04    | 0.05%             | 2027-10-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| US Bancorp                                                | U.S. Bancorp                                                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     41914 | NS      | $2087317.20   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140KKYT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    427452 | PA      | $376961.88    | 0.07%             | 2050-08-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                     | New Economy Assets Phase 1 Sponsor LLC                                        | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $300035.01    | 0.06%             | 2061-10-20      | Fixed         | 1.91%                 | No            | 2                  | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                  | National Rural Utilities Cooperative Finance Corp.                            | CUSIP: 63743HEY4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    180000 | PA      | $168564.85    | 0.03%             | 2024-10-18      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WFGF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34034 | PA      | $32601.78     | 0.01%             | 2045-08-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QASQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145917 | PA      | $146676.95    | 0.03%             | 2049-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| T-MOBILE USA INC                                          | T-Mobile USA, Inc.                                                            | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    584000 | PA      | $605483.97    | 0.12%             | 2053-01-15      | Fixed         | 5.65%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36241LX84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    110319 | PA      | $106871.14    | 0.02%             | 2041-09-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Exelon Corp                                               | Exelon Corp.                                                                  | CUSIP: 30161NAX9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    180000 | PA      | $172930.50    | 0.03%             | 2030-04-15      | Fixed         | 4.05%                 | No            | 2                  | On Loan: No      |
| Corebridge Financial Inc                                  | Corebridge Financial, Inc.                                                    | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     16500 | NS      | $359040.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| International Paper Co                                    | International Paper Co.                                                       | CUSIP: 460146CH4<br>LEI: 824LMFJDH41EY779Q875 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106774.53    | 0.02%             | 2041-11-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    275000 | PA      | $242030.85    | 0.05%             | 2028-10-29      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Galp Energia SGPS SA                                      | Galp Energia SGPS SA                                                          | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     44176 | NS      | $604319.49    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co                                       | JPMorgan Chase & Co.                                                          | CUSIP: 46647PAJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    230000 | PA      | $201937.19    | 0.04%             | 2038-07-24      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| TORONTO-DOMINION BANK                                     | Toronto-Dominion Bank                                                         | CUSIP: 89114QCB2<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $515835.30    | 0.10%             | 2024-03-11      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| John Deere Owner Trust                                    | John Deere Owner Trust                                                        | CUSIP: 47800AAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $293282.97    | 0.06%             | 2027-02-16      | Fixed         | 3.74%                 | No            | 2                  | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                  | AmeriCredit Automobile Receivables Trust                                      | CUSIP: 03065WAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $262026.59    | 0.05%             | 2028-04-18      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| BERRY GLOBAL INC                                          | Berry Global, Inc.                                                            | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    210000 | PA      | $183438.10    | 0.04%             | 2027-01-15      | Fixed         | 1.65%                 | No            | 2                  | On Loan: No      |
| TECK RESOURCES LIMITED                                    | Teck Resources Ltd.                                                           | CUSIP: 878742AS4<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    210000 | PA      | $212906.22    | 0.04%             | 2040-08-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Canadian Pacific Railway Ltd                              | Canadian Pacific Railway Ltd.                                                 | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     41428 | NS      | $3268669.20   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X8G68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475358 | PA      | $436054.16    | 0.08%             | 2050-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                  | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $86264.13     | 0.02%             | 2042-03-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138EKBW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29139 | PA      | $29910.57     | 0.01%             | 2042-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5620000 | PA      | $3951342.98   | 0.77%             | 2051-08-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| FEDEX CORP                                                | FedEx Corp.                                                                   | CUSIP: 31428XCE4<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    125000 | PA      | $95300.53     | 0.02%             | 2041-05-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179VKK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    542562 | PA      | $486869.03    | 0.09%             | 2050-04-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Bandai Namco Holdings Inc                                 | Bandai Namco Holdings, Inc.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11000 | NS      | $735415.86    | 0.14%             |  |  |  | No            | 2                  | On Loan: —       |
| Osstem Implant Co Ltd                                     | Osstem Implant Co. Ltd.                                                       | CUSIP: 000000000<br>LEI: 9884004U916KOXY14B53 | Long             | EC               | CORP              | KR        |      9211 | NS      | $1404098.63   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| FedEx Corp                                                | FedEx Corp.                                                                   | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      9490 | NS      | $1839731.40   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Li Ning Co Ltd                                            | Li Ning Co. Ltd.                                                              | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    242500 | NS      | $2392989.09   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| Murphy Oil Corp                                           | Murphy Oil Corp.                                                              | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     15000 | NS      | $654150.00    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140JXKV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    168043 | PA      | $161295.21    | 0.03%             | 2034-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WFCF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121717 | PA      | $119808.15    | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| CHENIERE CORP CHRISTI HD                                  | Cheniere Corpus Christi Holdings LLC                                          | CUSIP: 16412XAL9<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    158000 | PA      | $129092.80    | 0.03%             | 2039-12-31      | Fixed         | 2.74%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31335BXV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    233330 | PA      | $215350.86    | 0.04%             | 2048-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XAWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    593328 | PA      | $507625.70    | 0.10%             | 2051-04-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| DEUTSCHE BANK NY                                          | Deutsche Bank AG                                                              | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    210000 | PA      | $187198.96    | 0.04%             | 2028-01-07      | Fixed         | 2.55%                 | No            | 2                  | On Loan: No      |
| Parker-Hannifin Corp                                      | Parker-Hannifin Corp.                                                         | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      6600 | NS      | $2151600.00   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Lonza Group AG                                            | Lonza Group AG                                                                | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      1755 | NS      | $998341.46    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| GE HealthCare Technologies Inc                            | GE HealthCare Technologies, Inc.                                              | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     16383 | NS      | $1138946.16   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Service New Hampshire Funding Llc.                 | Public Service New Hampshire Funding LLC. 3                                   | CUSIP: 69363PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53733 | PA      | $53312.17     | 0.01%             | 2026-02-01      | Fixed         | 3.09%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                                            | Morgan Stanley                                                                | CUSIP: 6174468R3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    295000 | PA      | $273307.76    | 0.05%             | 2025-10-21      | Fixed         | 0.86%                 | No            | 2                  | On Loan: No      |
| AMER AIRLINE 19-1AA PTT                                   | American Airlines Pass-Through Trust                                          | CUSIP: 02377LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    108054 | PA      | $93820.99     | 0.02%             | 2032-02-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 3620A9P96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     49238 | PA      | $50813.95     | 0.01%             | 2039-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| AT&T INC                                                  | AT&T, Inc.                                                                    | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    180000 | PA      | $146609.90    | 0.03%             | 2032-02-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Cincinnati Financial Corp                                 | Cincinnati Financial Corp.                                                    | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |     14300 | NS      | $1618045.00   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Group Inc/The                               | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      4160 | NS      | $1521769.60   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| COCA-COLA FEMSA SAB CV                                    | Coca-Cola Femsa SAB de CV                                                     | CUSIP: 191241AJ7<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $117909.54    | 0.02%             | 2032-09-01      | Fixed         | 1.85%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WLC27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19739 | PA      | $19845.80     | 0.00%             | 2047-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Sysco Corp                                                | Sysco Corp.                                                                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     18200 | NS      | $1409772.00   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| CSL Ltd                                                   | CSL Ltd.                                                                      | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |      9381 | NS      | $1976739.89   | 0.38%             |  |  |  | No            | 2                  | On Loan: —       |
| QUANTA SERVICES INC                                       | Quanta Services, Inc.                                                         | CUSIP: 74762EAJ1<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    190000 | PA      | $134832.73    | 0.03%             | 2041-10-01      | Fixed         | 3.05%                 | No            | 2                  | On Loan: No      |
| Gildan Activewear Inc                                     | Gildan Activewear, Inc.                                                       | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     15855 | NS      | $497140.73    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc                       | Sumitomo Mitsui Financial Group, Inc.                                         | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     29800 | NS      | $1296724.82   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Fidelity National Information Services Inc                | Fidelity National Information Services, Inc.                                  | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     33991 | NS      | $2550684.64   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| SABINE PASS LIQUEFACTION                                  | Sabine Pass Liquefaction LLC                                                  | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    130000 | PA      | $125897.40    | 0.02%             | 2030-05-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| International Paper Co                                    | International Paper Co.                                                       | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      6100 | NS      | $255102.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                                                 | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     40555 | NS      | $790331.66    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| TACO BELL FUNDING, LLC                                    | Taco Bell Funding LLC                                                         | CUSIP: 87342RAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277200 | PA      | $233306.21    | 0.05%             | 2051-08-25      | Fixed         | 2.29%                 | No            | 2                  | On Loan: No      |
| General Electric Co                                       | General Electric Co.                                                          | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     31550 | NS      | $2539144.00   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp                                                  | APA Corp.                                                                     | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     40800 | NS      | $1808664.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Carlsberg AS                                              | Carlsberg AS                                                                  | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |      7862 | NS      | $1112345.65   | 0.22%             |  |  |  | No            | 2                  | On Loan: No      |
| Deere & Co                                                | Deere & Co.                                                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      4074 | NS      | $1722650.16   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XAH47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    804139 | PA      | $683548.86    | 0.13%             | 2051-03-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DWED1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    156067 | PA      | $156524.25    | 0.03%             | 2052-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179VDS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    124626 | PA      | $127070.98    | 0.02%             | 2050-01-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| F5 Inc                                                    | F5, Inc.                                                                      | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     12300 | NS      | $1816218.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Hoya Corp                                                 | Hoya Corp.                                                                    | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      6900 | NS      | $759799.84    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Reliance Industries Ltd                                   | Reliance Industries Ltd.                                                      | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     11223 | NS      | $643746.05    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Lululemon Athletica Inc                                   | Lululemon Athletica, Inc.                                                     | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      3745 | NS      | $1149265.60   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Waste Connections Inc                                     | Waste Connections, Inc.                                                       | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      8360 | NS      | $1111044.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WK2E4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100694 | PA      | $98629.72     | 0.02%             | 2037-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XDZ74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    513385 | PA      | $466334.38    | 0.09%             | 2051-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Oracle Corp                                               | Oracle Corp.                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     32464 | NS      | $2871765.44   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Cullen/Frost Bankers Inc                                  | Cullen/Frost Bankers, Inc.                                                    | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     11000 | NS      | $1433080.00   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Lasertec Corp                                             | Lasertec Corp.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8100 | NS      | $1610964.30   | 0.31%             |  |  |  | No            | 2                  | On Loan: —       |
| Experian PLC                                              | Experian PLC                                                                  | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     62933 | NS      | $2297592.42   | 0.44%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO                                       | JPMorgan Chase & Co.                                                          | CUSIP: 46647PBF2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    485000 | PA      | $461496.37    | 0.09%             | 2025-10-15      | Fixed         | 2.30%                 | No            | 2                  | On Loan: No      |
| Raytheon Technologies Corp                                | Raytheon Technologies Corp.                                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      7600 | NS      | $758860.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| CME GROUP INC                                             | CME Group, Inc.                                                               | CUSIP: 12572QAK1<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    365000 | PA      | $319006.65    | 0.06%             | 2032-03-15      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                                                | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    295000 | PA      | $278614.07    | 0.05%             | 2028-07-22      | Fixed         | 3.59%                 | No            | 2                  | On Loan: No      |
| Digital Realty Trust LP                                   | Digital Realty Trust LP                                                       | CUSIP: 25389JAR7<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |    190000 | PA      | $180445.06    | 0.03%             | 2027-08-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179VFT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42338 | PA      | $43242.37     | 0.01%             | 2050-02-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                   | Bristol-Myers Squibb Co.                                                      | CUSIP: 110122CP1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     76000 | PA      | $72269.35     | 0.01%             | 2029-07-26      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| Boeing Co/The                                             | Boeing Co.                                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      4300 | NS      | $915900.00    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| VERIZON COMMUNICATIONS                                    | Verizon Communications, Inc.                                                  | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    345000 | PA      | $276422.12    | 0.05%             | 2041-03-22      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| Autodesk Inc                                              | Autodesk, Inc.                                                                | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      8000 | NS      | $1721280.00   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Aon PLC                                                   | Aon PLC                                                                       | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     10367 | NS      | $3303755.56   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| WASTE CONNECTIONS INC                                     | Waste Connections, Inc.                                                       | CUSIP: 94106BAF8<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $179228.38    | 0.03%             | 2033-01-15      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Telkom Indonesia Persero Tbk PT                           | Telkom Indonesia Persero Tbk PT                                               | CUSIP: 715684106<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |     28448 | NS      | $740216.96    | 0.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Blackstone Inc                                            | Blackstone, Inc.                                                              | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     15800 | NS      | $1516168.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Ford Credit Auto Lease Trust                              | Ford Credit Auto Lease Trust                                                  | CUSIP: 34528LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $412649.71    | 0.08%             | 2025-05-15      | Fixed         | 3.23%                 | No            | 2                  | On Loan: No      |
| LOWE'S COS INC                                            | Lowe's Cos., Inc.                                                             | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1109000 | PA      | $1137893.20   | 0.22%             | 2053-04-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Ferrari NV                                                | Ferrari NV                                                                    | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     10314 | NS      | $2569363.37   | 0.50%             |  |  |  | No            | 2                  | On Loan: No      |
| CAMDEN PROPERTY TRUST                                     | Camden Property Trust                                                         | CUSIP: 133131AX0<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              |  | US        |    140000 | PA      | $128929.49    | 0.02%             | 2029-07-01      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| Allstate Corp/The                                         | Allstate Corp.                                                                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      7852 | NS      | $1008746.44   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133L7SJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    177708 | PA      | $166205.86    | 0.03%             | 2035-06-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12785000 | PA      | $9527821.55   | 1.85%             | 2052-02-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12205000 | PA      | $10435275.00  | 2.02%             | 2052-05-15      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| MONDELEZ INTERNATIONAL                                    | Mondelez International, Inc.                                                  | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    145000 | PA      | $115767.60    | 0.02%             | 2031-02-04      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| TE Connectivity Ltd                                       | TE Connectivity Ltd.                                                          | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | CH        |      5500 | NS      | $699325.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Amgen Inc                                                 | Amgen, Inc.                                                                   | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    140000 | PA      | $124437.51    | 0.02%             | 2045-05-01      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                       | Volkswagen Auto Loan Enhanced Trust                                           | CUSIP: 92868KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295000 | PA      | $280578.13    | 0.05%             | 2026-06-22      | Fixed         | 1.02%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6470000 | PA      | $5680457.81   | 1.10%             | 2052-08-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XAJB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    656623 | PA      | $554737.01    | 0.11%             | 2051-03-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| EQUINIX INC                                               | Equinix, Inc.                                                                 | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    781000 | PA      | $651036.72    | 0.13%             | 2031-05-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Bayer AG                                                  | Bayer AG                                                                      | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     12942 | NS      | $802755.77    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| CARGILL INC                                               | Cargill, Inc.                                                                 | CUSIP: 141781BL7<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118017.06    | 0.02%             | 2023-07-23      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                                            | Morgan Stanley                                                                | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    180000 | PA      | $145363.75    | 0.03%             | 2032-07-21      | Fixed         | 2.24%                 | No            | 2                  | On Loan: No      |
| Advance Auto Parts Inc                                    | Advance Auto Parts, Inc.                                                      | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      7035 | NS      | $1071289.80   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| DELL INT LLC / EMC CORP                                   | Dell International LLC/EMC Corp.                                              | CUSIP: 24703TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $413009.25    | 0.08%             | 2029-10-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co                                       | JPMorgan Chase & Co.                                                          | CUSIP: 46625HRY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    265000 | PA      | $254350.13    | 0.05%             | 2028-02-01      | Fixed         | 3.78%                 | No            | 2                  | On Loan: No      |
| Sanofi                                                    | Sanofi                                                                        | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      9632 | NS      | $946504.80    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| VICI Properties Inc                                       | VICI Properties, Inc.                                                         | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     75266 | NS      | $2572591.88   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Capgemini SE                                              | Capgemini SE                                                                  | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      2851 | NS      | $540658.79    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Devon Energy Corporation                                  | Devon Energy Corp.                                                            | CUSIP: 25179SAD2<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    160000 | PA      | $187076.47    | 0.04%             | 2031-09-30      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| AbbVie Inc                                                | AbbVie, Inc.                                                                  | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    255000 | PA      | $248355.83    | 0.05%             | 2048-11-14      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XJXW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    312932 | PA      | $302021.54    | 0.06%             | 2052-09-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Notes                                                           | CUSIP: 912828ZC7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2315000 | PA      | $2175557.41   | 0.42%             | 2025-02-28      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| Capital One Multi-Asset Execution Trust                   | Capital One Multi-Asset Execution Trust                                       | CUSIP: 14041NFW6<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $305705.24    | 0.06%             | 2026-07-15      | Fixed         | 0.55%                 | No            | 2                  | On Loan: No      |
| BOEING CO                                                 | Boeing Co.                                                                    | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    210000 | PA      | $197769.24    | 0.04%             | 2026-02-01      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                            | Mercedes-Benz Auto Lease Trust                                                | CUSIP: 58769KAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    435000 | PA      | $424077.80    | 0.08%             | 2024-11-15      | Fixed         | 0.40%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XHAH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    805408 | PA      | $763943.33    | 0.15%             | 2051-07-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| STATE STREET CORP                                         | State Street Corp.                                                            | CUSIP: 857477BP7<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $107952.76    | 0.02%             | 2031-03-03      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| Toyota Auto Receivables Owner Trust                       | Toyota Auto Receivables Owner Trust                                           | CUSIP: 89239RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69741 | PA      | $69073.44     | 0.01%             | 2024-08-15      | Fixed         | 1.36%                 | No            | 2                  | On Loan: No      |
| JB Hunt Transport Services Inc                            | JB Hunt Transport Services, Inc.                                              | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      8084 | NS      | $1528280.20   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Citizens Financial Group Inc                              | Citizens Financial Group, Inc.                                                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     26300 | NS      | $1139316.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Barclays PLC                                              | Barclays PLC                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    248931 | NS      | $570890.30    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X9EK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    294650 | PA      | $268375.70    | 0.05%             | 2036-01-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WJGH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    247926 | PA      | $229530.38    | 0.04%             | 2046-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WG6G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32573 | PA      | $31122.68     | 0.01%             | 2046-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| MARRIOTT INTERNATIONAL                                    | Marriott International, Inc.                                                  | CUSIP: 571903BJ1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    185000 | PA      | $186401.80    | 0.04%             | 2027-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| QUANTA SERVICES INC                                       | Quanta Services, Inc.                                                         | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    275000 | PA      | $235579.77    | 0.05%             | 2030-10-01      | Fixed         | 2.90%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140H1V23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129510 | PA      | $126836.76    | 0.02%             | 2048-03-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| TRUIST FINANCIAL CORP                                     | Truist Financial Corp.                                                        | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    160000 | PA      | $144531.46    | 0.03%             | 2027-03-02      | Fixed         | 1.27%                 | No            | 2                  | On Loan: No      |
| CNA Financial Corp                                        | CNA Financial Corp.                                                           | CUSIP: 126117AT7<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    225000 | PA      | $223978.58    | 0.04%             | 2026-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179TQQ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     77806 | PA      | $76538.25     | 0.01%             | 2048-01-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QEWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    280322 | PA      | $247259.61    | 0.05%             | 2050-09-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Union Pacific Corp                                        | Union Pacific Corp.                                                           | CUSIP: 907818ER5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    135000 | PA      | $113446.74    | 0.02%             | 2067-09-15      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| International Flavors & Fragrances Inc                    | International Flavors & Fragrances, Inc.                                      | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      9050 | NS      | $1017763.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31415MM28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12761 | PA      | $13345.83     | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| GLENCORE FUNDING LLC                                      | Glencore Funding LLC                                                          | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    135000 | PA      | $112366.96    | 0.02%             | 2031-09-23      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| STATE STREET CORP                                         | State Street Corp.                                                            | CUSIP: 857477BE2<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    260000 | PA      | $249575.64    | 0.05%             | 2025-11-01      | Fixed         | 2.35%                 | No            | 2                  | On Loan: No      |
| Bank of New York Mellon Corp/The                          | Bank of New York Mellon Corp.                                                 | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     30600 | NS      | $1547442.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Pioneer Natural Resources Co                              | Pioneer Natural Resources Co.                                                 | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      8805 | NS      | $2028231.75   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| LAM RESEARCH CORP                                         | Lam Research Corp.                                                            | CUSIP: 512807AV0<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    180000 | PA      | $150995.29    | 0.03%             | 2030-06-15      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                           | CVS Health Corp.                                                              | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    107000 | PA      | $104911.26    | 0.02%             | 2028-03-25      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418UVX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49100 | PA      | $50402.41     | 0.01%             | 2040-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Merck KGaA                                                | Merck KGaA                                                                    | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |      7892 | NS      | $1640870.38   | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| QUALCOMM Inc                                              | QUALCOMM, Inc.                                                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     22292 | NS      | $2969517.32   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Alibaba Group Holding Ltd                                 | Alibaba Group Holding Ltd.                                                    | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    110100 | NS      | $1521391.91   | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLUB CAPITAL BDC                                         | Golub Capital BDC, Inc.                                                       | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |    745000 | PA      | $652502.57    | 0.13%             | 2026-08-24      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                  | Anheuser-Busch InBev Worldwide, Inc.                                          | CUSIP: 035240AM2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103937.01    | 0.02%             | 2038-04-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31339U3M0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    367791 | PA      | $338047.85    | 0.07%             | 2049-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| SK Hynix Inc                                              | SK Hynix, Inc.                                                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     10906 | NS      | $793745.80    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| Asics Corp                                                | Asics Corp.                                                                   | CUSIP: 000000000<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     37400 | NS      | $891577.45    | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                  | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $118857.67    | 0.02%             | 2051-04-01      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| Ameriprise Financial Inc                                  | Ameriprise Financial, Inc.                                                    | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      6500 | NS      | $2275780.00   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Yamaha Corp                                               | Yamaha Corp.                                                                  | CUSIP: 000000000<br>LEI: 529900S5TENP3IJS7S02 | Long             | EC               | CORP              | JP        |     18600 | NS      | $723533.47    | 0.14%             |  |  |  | No            | 2                  | On Loan: —       |
| HCA Healthcare Inc                                        | HCA Healthcare, Inc.                                                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      3300 | NS      | $841731.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| EIDP INC                                                  | EIDP, Inc.                                                                    | CUSIP: 263534CN7<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |    180000 | PA      | $167896.40    | 0.03%             | 2025-07-15      | Fixed         | 1.70%                 | No            | 2                  | On Loan: No      |
| Amazon.com Inc                                            | Amazon.com, Inc.                                                              | CUSIP: 023135BF2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    335000 | PA      | $310222.43    | 0.06%             | 2037-08-22      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179TEZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37081 | PA      | $35526.60     | 0.01%             | 2047-08-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                                       | Charles Schwab Corp.                                                          | CUSIP: 808513BN4<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143350.45    | 0.03%             | 2024-03-18      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Hartford Financial Services Group Inc/The                 | Hartford Financial Services Group, Inc.                                       | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     14100 | NS      | $1094301.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN EXPRESS CO                                       | American Express Co.                                                          | CUSIP: 025816CQ0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    225000 | PA      | $214002.49    | 0.04%             | 2025-03-04      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| APPLE INC                                                 | Apple, Inc.                                                                   | CUSIP: 037833EQ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    175000 | PA      | $156059.23    | 0.03%             | 2052-08-08      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| Electronic Arts Inc                                       | Electronic Arts, Inc.                                                         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     10209 | NS      | $1313694.12   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| John Deere Owner Trust                                    | John Deere Owner Trust                                                        | CUSIP: 47787JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $239549.03    | 0.05%             | 2026-09-16      | Fixed         | 2.32%                 | No            | 2                  | On Loan: No      |
| Humana Inc                                                | Humana, Inc.                                                                  | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       900 | NS      | $460530.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X8YA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189333 | PA      | $172447.61    | 0.03%             | 2035-12-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Chicago Mercantile Exchange                               | Future                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        23 | NC      | $187550.45    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| GM Financial Automobile Leasing Trust                     | GM Financial Automobile Leasing Trust                                         | CUSIP: 380130AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $271942.91    | 0.05%             | 2025-09-22      | Fixed         | 4.01%                 | No            | 2                  | On Loan: No      |
| RPM International Inc                                     | RPM International, Inc.                                                       | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     16800 | NS      | $1510488.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp.                                                         | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    220000 | PA      | $181668.73    | 0.04%             | 2032-10-20      | Fixed         | 2.57%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association                  | Government National Mortgage Association                                      | CUSIP: 36179WG36<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    533044 | PA      | $476176.14    | 0.09%             | 2051-06-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140Q9H97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47919 | PA      | $48212.09     | 0.01%             | 2048-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Ovintiv Inc                                               | Ovintiv, Inc.                                                                 | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18400 | NS      | $905832.00    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Hess Corp                                                 | Hess Corp.                                                                    | CUSIP: 023551AJ3<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    100000 | PA      | $111735.69    | 0.02%             | 2031-08-15      | Fixed         | 7.30%                 | No            | 2                  | On Loan: No      |
| HEALTH CARE SERVICE CORP                                  | Health Care Service Corp. A Mutual Legal Reserve Co.                          | CUSIP: 42218SAH1<br>LEI: 549300TMJ1FKCKECR148 | Long             | DBT              | CORP              | US        |    105000 | PA      | $78307.81     | 0.02%             | 2050-06-01      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Danaher Corp                                              | Danaher Corp.                                                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      8156 | NS      | $2156283.28   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Reynolds American Inc                                     | Reynolds American, Inc.                                                       | CUSIP: 761713BA3<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    135000 | PA      | $128760.55    | 0.02%             | 2035-08-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                  | Burlington Northern Santa Fe LLC                                              | CUSIP: 12189LBJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $175201.65    | 0.03%             | 2053-01-15      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| TOTALENERGIES CAPITAL                                     | TotalEnergies Capital International SA                                        | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |    185000 | PA      | $140291.36    | 0.03%             | 2050-05-29      | Fixed         | 3.13%                 | No            | 2                  | On Loan: No      |
| Commerce Bancshares Inc/MO                                | Commerce Bancshares, Inc.                                                     | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15697 | NS      | $1044792.32   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Bonds                                                           | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4210000 | PA      | $2529782.43   | 0.49%             | 2050-08-15      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                 | Taiwan Semiconductor Manufacturing Co. Ltd.                                   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    114000 | NS      | $2011209.86   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| MatsukiyoCocokara & Co                                    | MatsukiyoCocokara & Co.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12500 | NS      | $623201.32    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| TELUS CORP                                                | TELUS Corp.                                                                   | CUSIP: 87971MBW2<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $141493.15    | 0.03%             | 2032-05-13      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| ANSYS Inc                                                 | ANSYS, Inc.                                                                   | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |      6800 | NS      | $1811248.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| PNC FINANCIAL SERVICES                                    | PNC Financial Services Group, Inc.                                            | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    215000 | PA      | $183287.50    | 0.04%             | 2026-09-15      | Fixed         | 3.40%                 | No            | 2                  | On Loan: No      |
| DIAMONDBACK ENERGY INC                                    | Diamondback Energy, Inc.                                                      | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    330000 | PA      | $287391.63    | 0.06%             | 2031-03-24      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Sony Group Corp                                           | Sony Group Corp.                                                              | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     20700 | NS      | $1851822.00   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QB2E7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    134439 | PA      | $134471.02    | 0.03%             | 2049-10-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418CNT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67565 | PA      | $68000.44     | 0.01%             | 2047-08-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WJ5H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35511 | PA      | $33939.20     | 0.01%             | 2047-03-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| WHIRLPOOL CORP                                            | Whirlpool Corp.                                                               | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    145000 | PA      | $124626.51    | 0.02%             | 2050-05-15      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418D6M9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332327 | PA      | $300454.14    | 0.06%             | 2041-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| VIATRIS INC                                               | Viatris, Inc.                                                                 | CUSIP: 92556VAE6<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    120000 | PA      | $87298.82     | 0.02%             | 2040-06-22      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    400804 | PA      | $401814.08    | 0.08%             | 2052-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140QEL34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250220 | PA      | $229175.46    | 0.04%             | 2050-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BOEING CO                                                 | Boeing Co.                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263427.48    | 0.05%             | 2050-05-01      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| ICICI Bank Ltd                                            | ICICI Bank Ltd.                                                               | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    121216 | NS      | $2524929.28   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMORGAN CHASE & CO                                       | JPMorgan Chase & Co.                                                          | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    270000 | PA      | $230563.84    | 0.04%             | 2033-01-25      | Fixed         | 2.96%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133A7KT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    315621 | PA      | $278609.96    | 0.05%             | 2050-07-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| DIAMONDBACK ENERGY INC                                    | Diamondback Energy, Inc.                                                      | CUSIP: 25278XAT6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    220000 | PA      | $175684.59    | 0.03%             | 2052-03-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 31418EMT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3725202 | PA      | $3782259.59   | 0.73%             | 2053-01-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Toyota Auto Loan Extended Note Trust 2020-1               | Toyota Auto Loan Extended Note Trust                                          | CUSIP: 89237JAA4<br>LEI: 549300XP7ILZSI1BWP36 | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $264470.85    | 0.05%             | 2033-05-25      | Fixed         | 1.35%                 | No            | 2                  | On Loan: No      |
| UnitedHealth Group Inc                                    | UnitedHealth Group, Inc.                                                      | CUSIP: 91324PDP4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388920.02    | 0.08%             | 2028-12-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Prudential PLC                                            | Prudential PLC                                                                | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     61264 | NS      | $1015221.48   | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| T-Mobile US Inc                                           | T-Mobile U.S., Inc.                                                           | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      6789 | NS      | $1013665.59   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Mettler-Toledo International Inc                          | Mettler-Toledo International, Inc.                                            | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       961 | NS      | $1473136.12   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Nordea Bank Abp                                           | Nordea Bank Abp                                                               | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     76744 | NS      | $894962.08    | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Cold Storage Trust                                        | Cold Storage Trust                                                            | CUSIP: 193051AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265407 | PA      | $261417.33    | 0.05%             | 2037-11-15      | Floating      | 5.36%                 | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    430000 | PA      | $384617.88    | 0.07%             | 2027-03-09      | Fixed         | 1.43%                 | No            | 2                  | On Loan: No      |
| AIA Group Ltd                                             | AIA Group Ltd.                                                                | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    133205 | NS      | $1504717.99   | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| Tencent Holdings Ltd                                      | Tencent Holdings Ltd.                                                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     20100 | NS      | $979683.28    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| GM Financial Automobile Leasing Trust                     | GM Financial Automobile Leasing Trust                                         | CUSIP: 36265MAC9<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $281278.69    | 0.05%             | 2025-03-20      | Fixed         | 1.90%                 | No            | 2                  | On Loan: No      |
| Oracle Corp                                               | Oracle Corp.                                                                  | CUSIP: 68389XAV7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    243000 | PA      | $223995.34    | 0.04%             | 2034-07-08      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| Las Vegas Sands Corp                                      | Las Vegas Sands Corp.                                                         | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     49016 | NS      | $2891944.00   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140XBFT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    361893 | PA      | $332987.17    | 0.06%             | 2051-05-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Adient PLC                                                | Adient PLC                                                                    | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |      6800 | NS      | $306136.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Booking Holdings Inc                                      | Booking Holdings, Inc.                                                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       260 | NS      | $632866.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | Goldman Sachs Group, Inc.                                                     | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    180000 | PA      | $150163.86    | 0.03%             | 2032-04-22      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Ryanair Holdings PLC                                      | Ryanair Holdings PLC                                                          | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      7460 | NS      | $675353.80    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Aptiv PLC                                                 | Aptiv PLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     19325 | NS      | $2185464.25   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Coca-Cola Europacific Partners PLC                        | Coca-Cola Europacific Partners PLC                                            | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     26190 | NS      | $1472401.80   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X8EL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    114174 | PA      | $100634.45    | 0.02%             | 2050-10-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Merck & Co Inc                                            | Merck & Co., Inc.                                                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     36066 | NS      | $3873849.06   | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                    | U.S. Treasury Notes                                                           | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2235000 | PA      | $2049564.84   | 0.40%             | 2027-01-31      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| American Beacon U.S. Government Money Market              | American Beacon U.S. Government Money Market                                  | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |    561399 | NS      | $561398.75    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| COMMUNITY HEALTH NETWORK                                  | Community Health Network, Inc.                                                | CUSIP: 20369EAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $125985.00    | 0.02%             | 2050-05-01      | Fixed         | 3.10%                 | No            | 2                  | On Loan: No      |
| GRAY OAK PIPELINE LLC                                     | Gray Oak Pipeline LLC                                                         | CUSIP: 38937LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $185640.52    | 0.04%             | 2023-09-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| STERIS PLC                                                | STERIS PLC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      6322 | NS      | $1305556.22   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYW70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    828651 | PA      | $806965.06    | 0.16%             | 2042-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3138WHBL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47499 | PA      | $45384.74     | 0.01%             | 2046-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Equity LifeStyle Properties Inc                           | Equity LifeStyle Properties, Inc.                                             | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     14700 | NS      | $1055166.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Verizon Master Trust                                      | Verizon Master Trust                                                          | CUSIP: 92348KAA1<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    580000 | PA      | $547611.29    | 0.11%             | 2027-05-20      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Oshkosh Corp                                              | Oshkosh Corp.                                                                 | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     11700 | NS      | $1179126.00   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Cenovus Energy Inc                                        | Cenovus Energy, Inc.                                                          | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     22100 | NS      | $441558.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: —       |
| BLUE OWL FINANCE LLC                                      | Blue Owl Finance LLC                                                          | CUSIP: 09581JAA4<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |    630000 | PA      | $489058.52    | 0.09%             | 2031-06-10      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140X4NY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74304 | PA      | $74781.75     | 0.01%             | 2048-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| T-MOBILE USA INC                                          | T-Mobile USA, Inc.                                                            | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    745000 | PA      | $695783.21    | 0.13%             | 2030-04-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Halliburton Co                                            | Halliburton Co.                                                               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     56424 | NS      | $2325797.28   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Schneider Electric SE                                     | Schneider Electric SE                                                         | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     13060 | NS      | $2115631.21   | 0.41%             |  |  |  | No            | 2                  | On Loan: No      |
| Equinor ASA                                               | Equinor ASA                                                                   | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     17233 | NS      | $523522.05    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Infineon Technologies AG                                  | Infineon Technologies AG                                                      | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     32737 | NS      | $1171004.53   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| BERKSHIRE HATHAWAY FIN                                    | Berkshire Hathaway Finance Corp.                                              | CUSIP: 084664DB4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    135000 | PA      | $115623.07    | 0.02%             | 2052-03-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Anglo American PLC                                        | Anglo American PLC                                                            | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     22966 | NS      | $989939.39    | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| Meituan                                                   | Meituan                                                                       | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |      2010 | NS      | $44780.18     | 0.01%             |  |  |  | Yes           | 2                  | On Loan: No      |
| TRACTOR SUPPLY CO                                         | Tractor Supply Co.                                                            | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |    185000 | PA      | $146981.41    | 0.03%             | 2030-11-01      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                  | AmeriCredit Automobile Receivables Trust                                      | CUSIP: 03066RAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190310 | PA      | $185221.23    | 0.04%             | 2026-12-18      | Fixed         | 0.34%                 | No            | 2                  | On Loan: No      |
| CITIGROUP INC                                             | Citigroup, Inc.                                                               | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    660000 | PA      | $595506.91    | 0.12%             | 2033-03-17      | Fixed         | 3.79%                 | No            | 2                  | On Loan: No      |
| Linde PLC                                                 | Linde PLC                                                                     | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |      3680 | NS      | $1208595.97   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| BARCLAYS PLC                                              | Barclays PLC                                                                  | CUSIP: 06738EBV6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    295000 | PA      | $240193.29    | 0.05%             | 2032-11-24      | Fixed         | 2.89%                 | No            | 2                  | On Loan: No      |
| Duke Energy Corp                                          | Duke Energy Corp.                                                             | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    220000 | PA      | $205422.94    | 0.04%             | 2026-09-01      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| American Express Co                                       | American Express Co.                                                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      6498 | NS      | $1136695.14   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| DELL INT LLC / EMC CORP                                   | Dell International LLC/EMC Corp.                                              | CUSIP: 24703DBE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $451990.29    | 0.09%             | 2041-12-15      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Teleperformance                                           | Teleperformance                                                               | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      3676 | NS      | $1022568.38   | 0.20%             |  |  |  | No            | 2                  | On Loan: No      |
| OHIO POWER COMPANY                                        | Ohio Power Co.                                                                | CUSIP: 677415CS8<br>LEI: 06ZODLC132CY1O2Y7D77 | Long             | DBT              | CORP              | US        |    160000 | PA      | $139332.86    | 0.03%             | 2030-04-01      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140F5QW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227951 | PA      | $211653.68    | 0.04%             | 2046-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Capital One Financial Corp                                | Capital One Financial Corp.                                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     19700 | NS      | $2344300.00   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| American International Group Inc                          | American International Group, Inc.                                            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     58373 | NS      | $3690341.06   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                                      | Bank of America Corp.                                                         | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $150595.22    | 0.03%             | 2041-06-19      | Fixed         | 2.68%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140FQT23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95322 | PA      | $93826.42     | 0.02%             | 2046-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140J75W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45462 | PA      | $44998.35     | 0.01%             | 2044-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                               | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132XXYZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    146103 | PA      | $143295.19    | 0.03%             | 2048-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                                | Federal National Mortgage Association                                         | CUSIP: 3140FQS73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    321997 | PA      | $308740.18    | 0.06%             | 2046-11-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** American Beacon Institutional Funds Trust

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer