# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-26-000839
**Filing Date:** 2026-2
**Character Count:** 1100672
**Document Hash:** 12deb9694ceeb833cbf218412f43da90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000839.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000839

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 26686020

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (0.00%)** | **Common Stocks (0.00%)** | **Common Stocks (0.00%)** |
| **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** |
| AppLovin Corp., Class A(a) | 11309 | $7620231 |
| Omnicom Group Inc. | 133915 | 10813636 |
| Trade Desk Inc., The, Class A(a) | 100 | 3796 |
|  |  | 18437663 |
| **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** |
| Axon Enterprise Inc.(a) | 1500 | 851895 |
| General Dynamics Corp. | 32000 | 10773120 |
| General Electric Co. | 6400 | 1971392 |
| Lockheed Martin Corp. | 30700 | 14848669 |
|  |  | 28445076 |
| **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** |
| Tapestry Inc. | 196300 | 25081251 |
| VF Corp. | 100 | 1808 |
|  |  | 25083059 |
| **Asset Management (0.00%)** | **Asset Management (0.00%)** | **Asset Management (0.00%)** |
| Ameriprise Financial Inc. | 21900 | 10738446 |
| Blackstone Inc. | 100 | 15414 |
| Charles Schwab Corp., The | 100 | 9991 |
| Franklin Resources Inc. | 323400 | 7726026 |
| Invesco Ltd. | 944800 | 24819896 |
| Janus Henderson Group PLC | 419700 | 19965129 |
| KKR & Co. Inc. | 100 | 12748 |
| Robinhood Markets Inc., Class A(a) | 55203 | 6243459 |
|  |  | 69531109 |
| **Automotive (0.00%)** | **Automotive (0.00%)** | **Automotive (0.00%)** |
| Tesla Inc.(a) | 222400 | 100017728 |
| **Banking (0.00%)** | **Banking (0.00%)** | **Banking (0.00%)** |
| Bank of America Corp. | 122800 | 6754000 |
| Citigroup Inc. | 163500 | 19078815 |
| Citizens Financial Group Inc. | 100 | 5841 |
| Comerica Inc. | 41600 | 3616288 |
| Cullen/Frost Bankers Inc. | 100900 | 12776967 |
| Fifth Third Bancorp | 12000 | 561720 |
| Huntington Bancshares Inc. | 100 | 1735 |
| JPMorgan Chase & Co. | 170900 | 55067398 |
| KeyCorp | 103600 | 2138304 |
| M&T Bank Corp. | 62000 | 12491760 |
| Regions Financial Corp. | 100 | 2710 |
| Truist Financial Corp. | 100 | 4921 |
| US Bancorp | 100 | 5336 |
| Wells Fargo & Co. | 1359500 | 126705400 |
| Zions Bancorp NA | 100 | 5854 |
|  |  | 239217049 |
| **Beverages (0.00%)** | **Beverages (0.00%)** | **Beverages (0.00%)** |
| Coca-Cola Co., The | 745000 | 52082950 |
| PepsiCo Inc. | 283300 | 40659216 |
|  |  | 92742166 |
| **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** |
| AbbVie Inc. | 612600 | 139972974 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| Amgen Inc. | 100885 | $33020669 |
| Bristol-Myers Squibb Co. | 136800 | 7378992 |
| Eli Lilly & Co. | 233400 | 250830312 |
| Gilead Sciences Inc. | 172300 | 21148102 |
| Johnson & Johnson | 2125520 | 439876364 |
| Merck & Co. Inc. | 128150 | 13489069 |
| Pfizer Inc. | 2593932 | 64588907 |
| Zoetis Inc. | 741796 | 93332773 |
|  |  | 1063638162 |
| **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** |
| Comcast Corp., Class A | 11100 | 331779 |
| **Chemicals (0.00%)** | **Chemicals (0.00%)** | **Chemicals (0.00%)** |
| Air Products and Chemicals Inc. | 724900 | 179064798 |
| Ecolab Inc. | 4200 | 1102584 |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 524541 | 35348818 |
| Linde PLC | 5100 | 2174589 |
|  |  | 217690789 |
| **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** |
| Automatic Data Processing Inc. | 109900 | 28269577 |
| Cintas Corp. | 79300 | 14913951 |
| H&R Block Inc. | 553300 | 24112814 |
| Paychex Inc. | 2100 | 235578 |
|  |  | 67531920 |
| **Computers (0.00%)** | **Computers (0.00%)** | **Computers (0.00%)** |
| Super Micro Computer Inc.(a) | 20000 | 585400 |
| **Construction Materials (0.00%)** | **Construction Materials (0.00%)** | **Construction Materials (0.00%)** |
| Vulcan Materials Co. | 844800 | 240953856 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| Grand Canyon Education Inc.(a) | 7100 | 1180801 |
| **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** |
| AptarGroup Inc. | 391597 | 47759170 |
| Packaging Corp of America | 51500 | 10620845 |
|  |  | 58380015 |
| **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** |
| 3M Co. | 91900 | 14713190 |
| Emerson Electric Co. | 126400 | 16775808 |
| Illinois Tool Works Inc. | 652300 | 160661490 |
|  |  | 192150488 |
| **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** |
| Amazon.com Inc.(a) | 811900 | 187402758 |
| eBay Inc. | 26300 | 2290730 |
| Etsy Inc.(a) | 100 | 5544 |
|  |  | 189699032 |
| **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** |
| AES Corp., The | 1319600 | 18923064 |
| Brookfield Renewable Corp. | 239600 | 9186264 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Clearway Energy Inc., Class C | 283700 | $9435862 |
| Consolidated Edison Inc. | 126200 | 12534184 |
| Constellation Energy Corp. | 3400 | 1201118 |
| Duke Energy Corp. | 82800 | 9704988 |
| Edison International | 251900 | 15119038 |
| Evergy Inc. | 136000 | 9858640 |
| NRG Energy Inc. | 2300 | 366252 |
| OGE Energy Corp. | 287800 | 12289060 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group Inc.<br>| 24100 | 1935230 |
| Southern Co., The | 156800 | 13672960 |
| Vistra Corp. | 32900 | 5307757 |
|  |  | 119534417 |
| **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** |
| AMETEK Inc. | 7400 | 1519294 |
| GE Vernova Inc. | 46600 | 30456362 |
| Generac Holdings Inc.(a) | 100 | 13637 |
| Rockwell Automation Inc. | 10300 | 4007421 |
| Vertiv Holdings Co., Class A | 109100 | 17675291 |
|  |  | 53672005 |
| **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** |
| Electronic Arts Inc. | 18800 | 3841404 |
| Netflix Inc.(a) | 682000 | 63944320 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp., <br> Class B<br>| 100 | 1340 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 2500 | 640075 |
| Walt Disney Co., The | 1885840 | 214552017 |
| Warner Bros Discovery Inc.(a) | 100 | 2882 |
|  |  | 282982038 |
| **Food (0.00%)** | **Food (0.00%)** | **Food (0.00%)** |
| Ingredion Inc. | 100900 | 11125234 |
| McCormick & Co. Inc. | 856600 | 58343026 |
|  |  | 69468260 |
| **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** |
| National Fuel Gas Co. | 101800 | 8150108 |
| UGI Corp. | 549500 | 20567785 |
|  |  | 28717893 |
| **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** |
| Cardinal Health Inc. | 54400 | 11179200 |
| Cencora Inc. | 21700 | 7329175 |
| Chemed Corp. | 14100 | 6032826 |
| Encompass Health Corp. | 12100 | 1284294 |
| McKesson Corp. | 20000 | 16405800 |
| Medpace Holdings Inc.(a) | 5500 | 3089075 |
| UnitedHealth Group Inc. | 11500 | 3796265 |
|  |  | 49116635 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** |
| HNI Corp. | 1235100 | $51923604 |
| Scotts Miracle-Gro Co., The | 111500 | 6506025 |
|  |  | 58429629 |
| **Household Products (0.00%)** | **Household Products (0.00%)** | **Household Products (0.00%)** |
| Clorox Co., The | 70800 | 7138764 |
| Colgate-Palmolive Co. | 367600 | 29047752 |
| Kenvue Inc. | 1427196 | 24619131 |
| Procter & Gamble Co., The | 674755 | 96699139 |
|  |  | 157504786 |
| **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** |
| Cboe Global Markets Inc. | 38700 | 9713700 |
| CME Group Inc. | 3900 | 1065012 |
| Coinbase Global Inc., Class A(a) | 22120 | 5002217 |
| Goldman Sachs Group Inc., The | 4100 | 3603900 |
| Intercontinental Exchange Inc. | 49900 | 8081804 |
| Jefferies Financial Group Inc. | 86700 | 5372799 |
| Morgan Stanley | 7200 | 1278216 |
| Northern Trust Corp. | 20600 | 2813754 |
|  |  | 36931402 |
| **Insurance (0.00%)** | **Insurance (0.00%)** | **Insurance (0.00%)** |
| Allstate Corp., The | 24500 | 5099675 |
| American Financial Group Inc. | 65100 | 8897868 |
| Assurant Inc. | 65200 | 15703420 |
| Berkshire Hathaway Inc., Class B(a) | 10100 | 5076765 |
| Equitable Holdings Inc. | 245800 | 11712370 |
| Hartford Insurance Group Inc., The | 54400 | 7496320 |
| Lincoln National Corp. | 187200 | 8336016 |
| Loews Corp. | 69100 | 7276921 |
| Old Republic International Corp. | 175700 | 8018948 |
| Willis Towers Watson PLC | 47200 | 15509920 |
|  |  | 93128223 |
| **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** |
| Airbnb Inc., Class A(a) | 100 | 13572 |
| Alphabet Inc., Class A | 1473100 | 461080300 |
| Alphabet Inc., Class C | 119876 | 37617089 |
| Booking Holdings Inc. | 400 | 2142132 |
| Expedia Group Inc. | 3300 | 934923 |
| GoDaddy Inc., Class A(a) | 21100 | 2618088 |
| Match Group Inc. | 104800 | 3383992 |
| Meta Platforms Inc., Class A | 210970 | 139259187 |
| Uber Technologies Inc.(a) | 18600 | 1519806 |
| VeriSign Inc. | 48700 | 11831665 |
|  |  | 660400754 |
| **IT Services (0.00%)** | **IT Services (0.00%)** | **IT Services (0.00%)** |
| Accenture PLC, Class A | 20800 | 5580640 |
| Amdocs Ltd. | 129800 | 10450198 |
| DXC Technology Co.(a) | 100 | 1465 |
| Gartner Inc.(a) | 28300 | 7139524 |
|  |  | 23171827 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** |
| Caesars Entertainment Inc.(a) | 100 | $2339 |
| Carnival Corp.(a) | 111600 | 3408264 |
| Chipotle Mexican Grill Inc.(a) | 100 | 3700 |
| Domino's Pizza Inc. | 28800 | 12004416 |
| Las Vegas Sands Corp. | 100 | 6509 |
| McDonald's Corp. | 9500 | 2903485 |
| MGM Resorts International(a) | 100 | 3649 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2232 |
| Royal Caribbean Cruises Ltd. | 40800 | 11379936 |
| TKO Group Holdings Inc. | 39900 | 8339100 |
| Vail Resorts Inc. | 77600 | 10305280 |
| Wendy's Co., The | 541800 | 4513194 |
| Wingstop Inc. | 4400 | 1049356 |
| Wyndham Hotels & Resorts Inc. | 35300 | 2667268 |
| Wynn Resorts Ltd. | 100 | 12033 |
| Yum! Brands Inc. | 87900 | 13297512 |
|  |  | 69898273 |
| **Machinery (0.00%)** | **Machinery (0.00%)** | **Machinery (0.00%)** |
| Caterpillar Inc. | 731487 | 419046958 |
| MSA Safety Inc. | 12900 | 2065806 |
| Snap-on Inc. | 2700 | 930420 |
| Veralto Corp. | 7300 | 728394 |
|  |  | 422771578 |
| **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** |
| Abbott Laboratories | 393800 | 49339202 |
| Agilent Technologies Inc. | 548071 | 74576021 |
| Dexcom Inc.(a) | 100 | 6637 |
| Insulet Corp.(a) | 100 | 28424 |
| ResMed Inc. | 23700 | 5708619 |
| Solventum Corp.(a) | 23075 | 1828463 |
| STERIS PLC | 3000 | 760560 |
| Thermo Fisher Scientific Inc. | 1600 | 927120 |
|  |  | 133175046 |
| **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** |
| Rio Tinto PLC Sponsored ADR | 479900 | 38406397 |
| Royal Gold Inc. | 85000 | 18894650 |
| Southern Copper Corp. | 2117 | 303726 |
|  |  | 57604773 |
| **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** |
| Antero Midstream Corp. | 190000 | 3380100 |
| APA Corp. | 226200 | 5532852 |
| Cheniere Energy Inc. | 47000 | 9136330 |
| Chevron Corp. | 936900 | 142792929 |
| ConocoPhillips | 26673 | 2496860 |
| Devon Energy Corp. | 100 | 3663 |
| Diamondback Energy Inc. | 24200 | 3637986 |
| EOG Resources Inc. | 113800 | 11950138 |
| EQT Corp. | 100 | 5360 |
| Exxon Mobil Corp. | 177000 | 21300180 |
| Occidental Petroleum Corp. | 42100 | 1731152 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| Targa Resources Corp. | 31500 | $5811750 |
| Texas Pacific Land Corp. | 5400 | 1550988 |
|  |  | 209330288 |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Baker Hughes Co. | 100 | 4554 |
| **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** |
| Nexstar Media Group Inc. | 58500 | 11878425 |
| **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** |
| Alexandria Real Estate Equities Inc. | 100 | 4894 |
| AvalonBay Communities Inc. | 42900 | 7778199 |
| Brixmor Property Group Inc. | 56500 | 1481430 |
| Camden Property Trust | 121400 | 13363712 |
| Essex Property Trust Inc. | 43400 | 11356912 |
| Highwoods Properties Inc. | 309200 | 7983544 |
| Host Hotels & Resorts Inc. | 459500 | 8146935 |
| Iron Mountain Inc. | 129400 | 10733730 |
| Kilroy Realty Corp. | 423900 | 15841143 |
| Lamar Advertising Co., Class A | 159000 | 20126220 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 76000 | 10557160 |
| Prologis Inc. | 2700 | 344682 |
| Public Storage | 42700 | 11080650 |
| Simon Property Group Inc. | 125900 | 23305349 |
|  |  | 142104560 |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | 16079 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3205 |
| **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** |
| Costco Wholesale Corp. | 30100 | 25956434 |
| Walmart Inc. | 2443000 | 272174630 |
|  |  | 298131064 |
| **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** |
| AutoZone Inc.(a) | 4600 | 15600900 |
| Bath & Body Works Inc. | 137800 | 2767024 |
| Best Buy Co. Inc. | 100600 | 6733158 |
| Carvana Co.(a) | 13710 | 5785894 |
| Dick's Sporting Goods Inc. | 7400 | 1464978 |
| Lowe's Cos. Inc. | 53300 | 12853828 |
| O'Reilly Automotive Inc.(a) | 107300 | 9786833 |
| TJX Cos. Inc., The | 56800 | 8725048 |
| Williams-Sonoma Inc. | 126300 | 22555917 |
|  |  | 86273580 |
| **Semiconductors (0.00%)** | **Semiconductors (0.00%)** | **Semiconductors (0.00%)** |
| Advanced Micro Devices Inc.(a) | 57600 | 12335616 |
| Analog Devices Inc. | 13200 | 3579840 |
| Applied Materials Inc. | 6300 | 1619037 |
| ASML Holding NV NY Reg. Shares | 205333 | 219677563 |
| Broadcom Inc. | 578000 | 200045800 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| Intel Corp.(a) | 100 | $3690 |
| KLA Corp. | 52900 | 64277732 |
| Lam Research Corp. | 146000 | 24992280 |
| Micron Technology Inc. | 2763 | 788588 |
| NVIDIA Corp. | 3616500 | 674477250 |
| QUALCOMM Inc. | 23100 | 3951255 |
| Skyworks Solutions Inc. | 76800 | 4869888 |
| Texas Instruments Inc. | 31726 | 5504144 |
|  |  | 1216122683 |
| **Software (0.00%)** | **Software (0.00%)** | **Software (0.00%)** |
| Adobe Inc.(a) | 6816 | 2385532 |
| Appfolio Inc., Class A(a) | 4500 | 1046925 |
| Bentley Systems Inc., Class B | 27500 | 1049537 |
| Dayforce Inc.(a) | 100 | 6916 |
| Dropbox Inc., Class A(a) | 172600 | 4798280 |
| Fortinet Inc.(a) | 100 | 7941 |
| Gen Digital Inc. | 14000 | 380660 |
| Intuit Inc. | 61100 | 40473862 |
| Microsoft Corp. | 859869 | 415849846 |
| Oracle Corp. | 1300 | 253383 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., <br> Class A(a)<br>| 157640 | 28020510 |
| Palo Alto Networks Inc.(a) | 2400 | 442080 |
| Paycom Software Inc. | 8500 | 1354560 |
| Pegasystems Inc. | 60300 | 3601116 |
| PTC Inc.(a) | 100 | 17421 |
| Roper Technologies Inc. | 9200 | 4095196 |
| Salesforce Inc. | 41600 | 11020256 |
| ServiceNow Inc.(a) | 2500 | 382975 |
| Tyler Technologies Inc.(a) | 22400 | 10168480 |
|  |  | 525355476 |
| **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** |
| AGNC Investment Corp. | 847900 | 9089488 |
| Ally Financial Inc. | 6500 | 294385 |
| Broadridge Financial Solutions Inc. | 45200 | 10087284 |
| Credit Acceptance Corp.(a) | 25600 | 11352576 |
| Fair Isaac Corp.(a) | 300 | 507186 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 125700 | 8354022 |
| Global Payments Inc. | 100 | 7740 |
| Jack Henry & Associates Inc. | 11700 | 2135016 |
| Mastercard Inc., Class A | 1864 | 1064120 |
| MGIC Investment Corp. | 400700 | 11708454 |
| MSCI Inc. | 8100 | 4647213 |
| OneMain Holdings Inc. | 350000 | 23642500 |
| PayPal Holdings Inc. | 100 | 5838 |
| Rithm Capital Corp. | 630100 | 6868090 |
| Starwood Property Trust Inc. | 989400 | 17819094 |
| UWM Holdings Corp. | 131119 | 574301 |
| Verisk Analytics Inc. | 49700 | 11117393 |
| Visa Inc., Class A | 51812 | 18170987 |
| Western Union Co., The | 2209600 | 20571376 |
|  |  | 158017063 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Steel (0.00%)** | **Steel (0.00%)** | **Steel (0.00%)** |
| Nucor Corp. | 331800 | $54119898 |
| **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** |
| Apple Inc. | 3344968 | 909363000 |
| Cisco Systems Inc. | 153700 | 11839511 |
| Corning Inc. | 530400 | 46441824 |
| Dell Technologies Inc., Class C | 100 | 12588 |
| F5 Inc.(a) | 3500 | 893410 |
| HP Inc. | 8800 | 196064 |
| Motorola Solutions Inc. | 28800 | 11039616 |
| Teledyne Technologies Inc.(a) | 26100 | 13330053 |
|  |  | 993116066 |
| **Telecommunications (0.00%)** | **Telecommunications (0.00%)** | **Telecommunications (0.00%)** |
| AT&T Inc. | 93800 | 2329992 |
| Iridium Communications Inc. | 87700 | 1524226 |
| Millicom International Cellular SA | 318700 | 17668728 |
| T-Mobile US Inc. | 43400 | 8811936 |
| Verizon Communications Inc. | 670700 | 27317611 |
|  |  | 57652493 |
| **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** |
| Altria Group Inc. | 455300 | 26252598 |
| Philip Morris International Inc. | 155500 | 24942200 |
|  |  | 51194798 |
| **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** |
| American Airlines Group Inc.(a) | 100 | 1533 |
| Delta Air Lines Inc. | 100 | 6940 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 12700 | 1892427 |
| Landstar System Inc. | 72300 | 10389510 |
| Ryder System Inc. | 31000 | 5933090 |
| Union Pacific Corp. | 47200 | 10918304 |
| United Airlines Holdings Inc.(a) | 100 | 11182 |
| United Parcel Service Inc., Class B | 45300 | 4493307 |
|  |  | 33646293 |
| **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** |
| Archer-Daniels-Midland Co. | 2487154 | 142986483 |
| **Total Common Stocks** <br>(cost $2,318,214,545)<br>|  | 8902076639 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| U.S. Treasury Bill<br> 3.566%, 05/07/2026<br>| $3362000 | 3320757 |
| **Total U.S. Treasury Obligations** <br>(cost $3,318,842)<br>|  | 3320757 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 3.63%(b)<br>| 83649044 | $83649044 |
| Usd Margin Held @ Broker | 476673 | 476673 |
| **Total Short-term Investments** <br>(cost $84,125,717)<br>|  | 84125717 |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $2,405,659,104)<br>|  | 8989523113 |
| **OTHER LIABILITIES, NET OF** <br> **ASSETS** <br>**(0.00%)**<br>|  | (8989523113) |
| **NET ASSETS (0.00%)** |  | $0 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown is the 7-day yield as of December 31, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

At December 31, 2025, the Fund had open futures contracts as follows:

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (0.00%)** | **Common Stocks (0.00%)** | **Common Stocks (0.00%)** |
| **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** |
| AppLovin Corp., Class A(a) | 100 | $67382 |
| **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** |
| Axon Enterprise Inc.(a) | 100 | 56793 |
| General Dynamics Corp. | 7000 | 2356620 |
| General Electric Co. | 2000 | 616060 |
| Lockheed Martin Corp. | 6100 | 2950387 |
|  |  | 5979860 |
| **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** |
| Tapestry Inc. | 67400 | 8611698 |
| **Asset Management (0.00%)** | **Asset Management (0.00%)** | **Asset Management (0.00%)** |
| Ameriprise Financial Inc. | 4800 | 2353632 |
| Charles Schwab Corp., The | 100 | 9991 |
| Franklin Resources Inc. | 59000 | 1409510 |
| Invesco Ltd. | 128100 | 3365187 |
| Janus Henderson Group PLC | 24900 | 1184493 |
| KKR & Co. Inc. | 100 | 12748 |
| Robinhood Markets Inc., Class A(a) | 1 | 113 |
|  |  | 8335674 |
| **Automotive (0.00%)** | **Automotive (0.00%)** | **Automotive (0.00%)** |
| Tesla Inc.(a) | 31500 | 14166180 |
| **Banking (0.00%)** | **Banking (0.00%)** | **Banking (0.00%)** |
| Bank of America Corp. | 19700 | 1083500 |
| Citigroup Inc. | 6400 | 746816 |
| Comerica Inc. | 19800 | 1721214 |
| Cullen/Frost Bankers Inc. | 16900 | 2140047 |
| JPMorgan Chase & Co. | 28000 | 9022160 |
| M&T Bank Corp. | 19000 | 3828120 |
| Wells Fargo & Co. | 379300 | 35350760 |
|  |  | 53892617 |
| **Beverages (0.00%)** | **Beverages (0.00%)** | **Beverages (0.00%)** |
| Coca-Cola Co., The | 147257 | 10294737 |
| PepsiCo Inc. | 46400 | 6659328 |
|  |  | 16954065 |
| **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** |
| AbbVie Inc. | 74500 | 17022505 |
| Amgen Inc. | 44950 | 14712584 |
| Bristol-Myers Squibb Co. | 7100 | 382974 |
| Eli Lilly & Co. | 75000 | 80601000 |
| Gilead Sciences Inc. | 36400 | 4467736 |
| Johnson & Johnson | 391909 | 81105568 |
| Merck & Co. Inc. | 40100 | 4220926 |
| Moderna Inc.(a) | 100 | 2949 |
| Pfizer Inc. | 638140 | 15889686 |
| Zoetis Inc. | 240395 | 30246499 |
|  |  | 248652427 |
| **Chemicals (0.00%)** | **Chemicals (0.00%)** | **Chemicals (0.00%)** |
| Air Products and Chemicals Inc. | 195500 | 48292410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Chemicals (Cont.)** | **Chemicals (Cont.)** | **Chemicals (Cont.)** |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 119888 | $8079252 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, <br> Class A<br>| 20200 | 874660 |
|  |  | 57246322 |
| **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** |
| Automatic Data Processing Inc. | 38600 | 9929078 |
| Cintas Corp. | 16400 | 3084348 |
| H&R Block Inc. | 27600 | 1202808 |
|  |  | 14216234 |
| **Computers (0.00%)** | **Computers (0.00%)** | **Computers (0.00%)** |
| Sandisk Corp.(a) | 33 | 7834 |
| Super Micro Computer Inc.(a) | 4500 | 131715 |
|  |  | 139549 |
| **Construction Materials (0.00%)** | **Construction Materials (0.00%)** | **Construction Materials (0.00%)** |
| Vulcan Materials Co. | 106400 | 30347408 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| Grand Canyon Education Inc.(a) | 2900 | 482299 |
| **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** |
| AptarGroup Inc. | 97500 | 11891100 |
| Packaging Corp of America | 10000 | 2062300 |
|  |  | 13953400 |
| **Diversified Financial Services (0.00%)** | **Diversified Financial Services (0.00%)** | **Diversified Financial Services (0.00%)** |
| Blackrock Inc. | 500 | 535170 |
| **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** |
| 3M Co. | 53000 | 8485300 |
| Emerson Electric Co. | 62400 | 8281728 |
| Illinois Tool Works Inc. | 130400 | 32117520 |
|  |  | 48884548 |
| **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** |
| Amazon.com Inc.(a) | 106200 | 24513084 |
| eBay Inc. | 100 | 8710 |
|  |  | 24521794 |
| **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** |
| AES Corp., The | 196700 | 2820678 |
| Clearway Energy Inc., Class C | 54500 | 1812670 |
| Consolidated Edison Inc. | 24900 | 2473068 |
| Constellation Energy Corp. | 800 | 282616 |
| Duke Energy Corp. | 20100 | 2355921 |
| Edison International | 61400 | 3685228 |
| Evergy Inc. | 31500 | 2283435 |
| NRG Energy Inc. | 3200 | 509568 |
| OGE Energy Corp. | 59200 | 2527840 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group Inc.<br>| 3600 | 289080 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Southern Co., The | 33500 | $2921200 |
| Vistra Corp. | 100 | 16133 |
|  |  | 21977437 |
| **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** |
| GE Vernova Inc. | 5500 | 3594635 |
| Generac Holdings Inc.(a) | 100 | 13637 |
| Vertiv Holdings Co., Class A | 8300 | 1344683 |
|  |  | 4952955 |
| **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** |
| Electronic Arts Inc. | 200 | 40866 |
| Netflix Inc.(a) | 17000 | 1593920 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp., <br> Class B<br>| 100 | 1340 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 100 | 25603 |
| Walt Disney Co., The | 496695 | 56508990 |
| Warner Bros Discovery Inc.(a) | 100 | 2882 |
|  |  | 58173601 |
| **Food (0.00%)** | **Food (0.00%)** | **Food (0.00%)** |
| Ingredion Inc. | 19900 | 2194174 |
| Nestle SA Sponsored ADR | 100 | 9878 |
|  |  | 2204052 |
| **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** |
| National Fuel Gas Co. | 26400 | 2113584 |
| UGI Corp. | 123500 | 4622605 |
|  |  | 6736189 |
| **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** |
| Cencora Inc. | 5100 | 1722525 |
| Chemed Corp. | 2700 | 1155222 |
| Encompass Health Corp. | 4500 | 477630 |
| McKesson Corp. | 4500 | 3691305 |
| Medpace Holdings Inc.(a) | 900 | 505485 |
| UnitedHealth Group Inc. | 3100 | 1023341 |
|  |  | 8575508 |
| **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** |
| HNI Corp. | 160000 | 6726400 |
| Scotts Miracle-Gro Co., The | 27900 | 1627965 |
|  |  | 8354365 |
| **Household Products (0.00%)** | **Household Products (0.00%)** | **Household Products (0.00%)** |
| Kenvue Inc. | 205557 | 3545858 |
| Procter & Gamble Co., The | 359200 | 51476952 |
|  |  | 55022810 |
| **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** |
| Cboe Global Markets Inc. | 9600 | 2409600 |
| CME Group Inc. | 500 | 136540 |
| Coinbase Global Inc., Class A(a) | 100 | 22614 |
| Goldman Sachs Group Inc., The | 800 | 703200 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| Intercontinental Exchange Inc. | 10000 | $1619600 |
| Morgan Stanley | 1700 | 301801 |
| Northern Trust Corp. | 3400 | 464406 |
|  |  | 5657761 |
| **Insurance (0.00%)** | **Insurance (0.00%)** | **Insurance (0.00%)** |
| Allstate Corp., The | 4000 | 832600 |
| American Financial Group Inc. | 14100 | 1927188 |
| Assurant Inc. | 14400 | 3468240 |
| Berkshire Hathaway Inc., Class B(a) | 2600 | 1306890 |
| Hanover Insurance Group Inc., The | 100 | 18277 |
| Hartford Insurance Group Inc., The | 11600 | 1598480 |
| Lincoln National Corp. | 15600 | 694668 |
| Loews Corp. | 13900 | 1463809 |
| Old Republic International Corp. | 28500 | 1300740 |
| Willis Towers Watson PLC | 8800 | 2891680 |
|  |  | 15502572 |
| **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** |
| Airbnb Inc., Class A(a) | 100 | 13572 |
| Alphabet Inc., Class A | 393940 | 123303220 |
| Alphabet Inc., Class C | 71180 | 22336284 |
| Booking Holdings Inc. | 100 | 535533 |
| DoorDash Inc., Class A(a) | 100 | 22648 |
| Expedia Group Inc. | 100 | 28331 |
| GoDaddy Inc., Class A(a) | 4600 | 570768 |
| Match Group Inc. | 100 | 3229 |
| Meta Platforms Inc., Class A | 57730 | 38106996 |
| Uber Technologies Inc.(a) | 4100 | 335011 |
| VeriSign Inc. | 10500 | 2550975 |
|  |  | 187806567 |
| **IT Services (0.00%)** | **IT Services (0.00%)** | **IT Services (0.00%)** |
| Accenture PLC, Class A | 2270 | 609041 |
| Amdocs Ltd. | 25200 | 2028852 |
| DXC Technology Co.(a) | 100 | 1465 |
| Gartner Inc.(a) | 6200 | 1564136 |
|  |  | 4203494 |
| **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** |
| Caesars Entertainment Inc.(a) | 100 | 2339 |
| Carnival Corp.(a) | 100 | 3054 |
| Chipotle Mexican Grill Inc.(a) | 100 | 3700 |
| Domino's Pizza Inc. | 6200 | 2584284 |
| McDonald's Corp. | 1500 | 458445 |
| MGM Resorts International(a) | 100 | 3649 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2232 |
| Royal Caribbean Cruises Ltd. | 100 | 27892 |
| Vail Resorts Inc. | 14400 | 1912320 |
| Wendy's Co., The | 73900 | 615587 |
| Wynn Resorts Ltd. | 100 | 12033 |
| Yum! Brands Inc. | 20100 | 3040728 |
|  |  | 8666263 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Machinery (0.00%)** | **Machinery (0.00%)** | **Machinery (0.00%)** |
| Caterpillar Inc. | 190150 | $108931231 |
| Deere & Co. | 20002 | 9312331 |
| Donaldson Co. Inc. | 36517 | 3237597 |
| MSA Safety Inc. | 2000 | 320280 |
| Snap-on Inc. | 900 | 310140 |
| Veralto Corp. | 1700 | 169626 |
|  |  | 122281205 |
| **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** |
| Abbott Laboratories | 53975 | 6762528 |
| Agilent Technologies Inc. | 143587 | 19537883 |
| Dexcom Inc.(a) | 100 | 6637 |
| Insulet Corp.(a) | 100 | 28424 |
| ResMed Inc. | 4900 | 1180263 |
| Solventum Corp.(a) | 13250 | 1049930 |
| Thermo Fisher Scientific Inc. | 300 | 173835 |
|  |  | 28739500 |
| **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** |
| Rio Tinto PLC Sponsored ADR | 110100 | 8811303 |
| Royal Gold Inc. | 17800 | 3956762 |
|  |  | 12768065 |
| **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** |
| Antero Midstream Corp. | 100 | 1779 |
| APA Corp. | 100 | 2446 |
| Cheniere Energy Inc. | 9700 | 1885583 |
| Chevron Corp. | 213400 | 32524294 |
| Civitas Resources Inc. | 4900 | 132741 |
| EOG Resources Inc. | 22700 | 2383727 |
| Exxon Mobil Corp. | 54400 | 6546496 |
| Occidental Petroleum Corp. | 100 | 4112 |
|  |  | 43481178 |
| **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** |
| News Corp., Class A | 100 | 2612 |
| Nexstar Media Group Inc. | 600 | 121830 |
|  |  | 124442 |
| **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** |
| AvalonBay Communities Inc. | 9500 | 1722445 |
| Camden Property Trust | 25600 | 2818048 |
| EPR Properties | 50400 | 2514960 |
| Essex Property Trust Inc. | 5000 | 1308400 |
| Highwoods Properties Inc. | 76300 | 1970066 |
| Host Hotels & Resorts Inc. | 68100 | 1207413 |
| Kilroy Realty Corp. | 42500 | 1588225 |
| Lamar Advertising Co., Class A | 20800 | 2632864 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 17000 | 2361470 |
| Prologis Inc. | 500 | 63830 |
| Public Storage | 8200 | 2127900 |
| Simon Property Group Inc. | 30200 | 5590322 |
|  |  | 25905943 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | $16079 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| First Solar Inc.(a) | 100 | 26123 |
| **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** |
| Costco Wholesale Corp. | 7000 | 6036380 |
| Walgreens Boots Alliance Inc.(a),(b) | 100 | 0 |
| Walmart Inc. | 281400 | 31350774 |
|  |  | 37387154 |
| **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** |
| AutoZone Inc.(a) | 900 | 3052350 |
| Bath & Body Works Inc. | 30400 | 610432 |
| Best Buy Co. Inc. | 6300 | 421659 |
| Carvana Co.(a) | 3475 | 1466519 |
| Lowe's Cos. Inc. | 11500 | 2773340 |
| O'Reilly Automotive Inc.(a) | 19200 | 1751232 |
| TJX Cos. Inc., The | 12200 | 1874042 |
| Williams-Sonoma Inc. | 14400 | 2571696 |
|  |  | 14521270 |
| **Semiconductors (0.00%)** | **Semiconductors (0.00%)** | **Semiconductors (0.00%)** |
| Advanced Micro Devices Inc.(a) | 100 | 21416 |
| Analog Devices Inc. | 2300 | 623760 |
| Applied Materials Inc. | 100 | 25699 |
| ASML Holding NV NY Reg. Shares | 12921 | 13823661 |
| Broadcom Inc. | 94400 | 32671840 |
| Intel Corp.(a) | 100 | 3690 |
| KLA Corp. | 5600 | 6804448 |
| Lam Research Corp. | 8200 | 1403676 |
| Microchip Technology Inc. | 100 | 6372 |
| Micron Technology Inc. | 4857 | 1386236 |
| Monolithic Power Systems Inc. | 100 | 90636 |
| NVIDIA Corp. | 797000 | 148640500 |
| NXP Semiconductors NV | 100 | 21706 |
| ON Semiconductor Corp.(a) | 100 | 5415 |
| Qorvo Inc.(a) | 100 | 8451 |
| QUALCOMM Inc. | 2100 | 359205 |
| Skyworks Solutions Inc. | 100 | 6341 |
|  |  | 205903052 |
| **Software (0.00%)** | **Software (0.00%)** | **Software (0.00%)** |
| Adobe Inc.(a) | 1400 | 489986 |
| Autodesk Inc.(a) | 100 | 29601 |
| Dayforce Inc.(a) | 100 | 6916 |
| Dropbox Inc., Class A(a) | 37100 | 1031380 |
| Fortinet Inc.(a) | 100 | 7941 |
| Gen Digital Inc. | 100 | 2719 |
| Intuit Inc. | 11600 | 7684072 |
| Microsoft Corp. | 168121 | 81306678 |
| Oracle Corp. | 300 | 58473 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., <br> Class A(a)<br>| 21500 | 3821625 |
| Palo Alto Networks Inc.(a) | 200 | 36840 |
| Paycom Software Inc. | 100 | 15936 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| Roper Technologies Inc. | 2000 | $890260 |
| Salesforce Inc. | 4000 | 1059640 |
| ServiceNow Inc.(a) | 500 | 76595 |
| Tyler Technologies Inc.(a) | 5100 | 2315145 |
|  |  | 98833807 |
| **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** |
| AGNC Investment Corp. | 334800 | 3589056 |
| Annaly Capital Management Inc. | 75600 | 1690416 |
| Broadridge Financial Solutions Inc. | 10100 | 2254017 |
| Credit Acceptance Corp.(a) | 5400 | 2394684 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 5800 | 385468 |
| GATX Corp. | 4200 | 712320 |
| Jack Henry & Associates Inc. | 2400 | 437952 |
| Mastercard Inc., Class A | 439 | 250617 |
| MGIC Investment Corp. | 86600 | 2530452 |
| MSCI Inc. | 1700 | 975341 |
| OneMain Holdings Inc. | 77800 | 5255390 |
| PayPal Holdings Inc. | 100 | 5838 |
| Rithm Capital Corp. | 325900 | 3552310 |
| Starwood Property Trust Inc. | 217300 | 3913573 |
| Verisk Analytics Inc. | 10800 | 2415852 |
| Visa Inc., Class A | 12830 | 4499609 |
| Western Union Co., The | 484000 | 4506040 |
|  |  | 39368935 |
| **Steel (0.00%)** | **Steel (0.00%)** | **Steel (0.00%)** |
| Nucor Corp. | 242000 | 39472620 |
| **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** |
| Apple Inc. | 775904 | 210937261 |
| Cisco Systems Inc. | 8700 | 670161 |
| Corning Inc. | 214892 | 18815944 |
| Dell Technologies Inc., Class C | 100 | 12588 |
| F5 Inc.(a) | 1900 | 484994 |
| Motorola Solutions Inc. | 6300 | 2414916 |
| Teledyne Technologies Inc.(a) | 5700 | 2911161 |
| Western Digital Corp. | 100 | 17227 |
|  |  | 236264252 |
| **Telecommunications (0.00%)** | **Telecommunications (0.00%)** | **Telecommunications (0.00%)** |
| AT&T Inc. | 21200 | 526608 |
| EchoStar Corp., Class A(a) | 35 | 3805 |
| Iridium Communications Inc. | 16300 | 283294 |
| Millicom International Cellular SA | 33300 | 1846152 |
| T-Mobile US Inc. | 9400 | 1908576 |
| Verizon Communications Inc. | 150200 | 6117646 |
|  |  | 10686081 |
| **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** |
| Altria Group Inc. | 57000 | 3286620 |
| Philip Morris International Inc. | 22400 | 3592960 |
|  |  | 6879580 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** |
| American Airlines Group Inc.(a) | 100 | $1533 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 4800 | 715248 |
| Landstar System Inc. | 14200 | 2040540 |
| Union Pacific Corp. | 17866 | 4132763 |
| United Parcel Service Inc., Class B | 9600 | 952224 |
|  |  | 7842308 |
| **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** |
| Archer-Daniels-Midland Co. | 550461 | 31646003 |
| **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** |
| Copart Inc.(a) | 100 | 3915 |
| **Total Common Stocks** <br>(cost $432,912,114)<br>|  | 1896971713 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **Corporate Bonds (0.00%)** | **Corporate Bonds (0.00%)** | **Corporate Bonds (0.00%)** |
| **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** |
| AppLovin Corp.<br> 5.500%, 12/01/2034<br>| $150000 | 154384 |
|  |  | 154384 |
| **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** |
| L3Harris Technologies Inc.<br> 5.400%, 01/15/2027<br>| 150000 | 152191 |
| 5.400%, 07/31/2033 | 100000 | 104314 |
| Boeing Co., The<br> 5.040%, 05/01/2027<br>| 150000 | 151551 |
| 6.259%, 05/01/2027 | 100000 | 102612 |
| 3.250%, 02/01/2028 | 250000 | 245783 |
| 5.150%, 05/01/2030 | 250000 | 257130 |
| 3.625%, 02/01/2031 | 150000 | 144224 |
| 6.528%, 05/01/2034 | 200000 | 221741 |
| Lockheed Martin Corp.<br> 5.100%, 11/15/2027<br>| 250000 | 256048 |
| 4.450%, 05/15/2028 | 250000 | 253073 |
| 5.250%, 01/15/2033 | 250000 | 263100 |
| 4.800%, 08/15/2034 | 100000 | 101216 |
| HEICO Corp.<br> 5.250%, 08/01/2028<br>| 150000 | 154259 |
| General Electric Co.<br> 4.300%, 07/29/2030<br>| 100000 | 100898 |
| RTX Corp.<br> 6.000%, 03/15/2031<br>| 200000 | 215598 |
| 5.150%, 02/27/2033 | 250000 | 258582 |
| Northrop Grumman Corp.<br> 4.900%, 06/01/2034<br>| 100000 | 101566 |
|  |  | 3083886 |
| **Asset Management (0.00%)** | **Asset Management (0.00%)** | **Asset Management (0.00%)** |
| Blackstone Private Credit Fund<br> 3.250%, 03/15/2027<br>| 500000 | 491471 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Asset Management (Cont.)** | **Asset Management (Cont.)** | **Asset Management (Cont.)** |
| 4.000%, 01/15/2029 | $250000 | $243010 |
| 6.000%, 11/22/2034 | 100000 | 101157 |
| Blue Owl Credit Income Corp.<br> 7.750%, 09/16/2027<br>| 250000 | 260009 |
| 7.950%, 06/13/2028 | 100000 | 105784 |
| 5.800%, 03/15/2030 | 100000 | 99951 |
| Blackstone Secured Lending Fund<br> 5.875%, 11/15/2027<br>| 150000 | 153156 |
| &nbsp;&nbsp;&nbsp; UBS AG(Variable, U.S. SOFR + <br> 0.72%)<br> 4.864%, 01/10/2028(c)<br>| 250000 | 252121 |
| 5.650%, 09/11/2028 | 200000 | 208837 |
| Brookfield Finance Inc.<br> 3.900%, 01/25/2028<br>| 100000 | 99692 |
| 5.675%, 01/15/2035 | 100000 | 103621 |
| Charles Schwab Corp., The<br> 2.000%, 03/20/2028<br>| 100000 | 96209 |
| 5.643%, 05/19/2029 | 100000 | 103792 |
| 6.196%, 11/17/2029(c) | 100000 | 105804 |
| 4.625%, 03/22/2030 | 50000 | 51118 |
| 4.343%, 11/14/2031 | 100000 | 99948 |
| 5.853%, 05/19/2034(c) | 150000 | 160912 |
| 6.136%, 08/24/2034(c) | 100000 | 109208 |
| 4.914%, 11/14/2036 | 100000 | 99600 |
| Ares Capital Corp.<br> 5.875%, 03/01/2029<br>| 150000 | 153969 |
| 5.950%, 07/15/2029 | 150000 | 154060 |
| Blue Owl Capital Corp.<br> 5.950%, 03/15/2029<br>| 100000 | 100939 |
| 6.200%, 07/15/2030 | 50000 | 50662 |
| Ares Strategic Income Fund<br> 6.350%, 08/15/2029<br>| 100000 | 102953 |
| 5.600%, 02/15/2030 | 100000 | 100512 |
| FS K.K.R Capital Corp.<br> 6.875%, 08/15/2029<br>| 100000 | 100830 |
| Sixth Street Lending Partners<br> 5.750%, 01/15/2030<br>| 100000 | 101399 |
| BlackRock Inc.<br> 2.400%, 04/30/2030<br>| 250000 | 234174 |
| 4.750%, 05/25/2033 | 150000 | 153723 |
| HPS Corporate Lending Fund<br> 5.450%, 11/15/2030(d)<br>| 200000 | 199100 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital Inc.<br> 6.150%, 01/15/2031<br>| 50000 | 51441 |
| 6.375%, 07/01/2034 | 50000 | 51023 |
| Apollo Debt Solutions BDC<br> 6.700%, 07/29/2031<br>| 50000 | 52803 |
| Ameriprise Financial Inc.<br> 4.500%, 05/13/2032<br>| 250000 | 252506 |
| 5.150%, 05/15/2033 | 100000 | 104062 |
| Brookfield Capital Finance LLC<br> 6.087%, 06/14/2033<br>| 100000 | 107074 |
|  |  | 5016630 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Automotive (0.00%)** | **Automotive (0.00%)** | **Automotive (0.00%)** |
| Ford Motor Credit Co. LLC<br> 5.800%, 03/05/2027<br>| $200000 | $202513 |
| 5.850%, 05/17/2027 | 200000 | 203064 |
| 6.800%, 05/12/2028 | 200000 | 208741 |
| 6.798%, 11/07/2028 | 200000 | 209895 |
| 5.875%, 11/07/2029 | 200000 | 205433 |
| 7.350%, 03/06/2030 | 200000 | 214829 |
| 7.200%, 06/10/2030 | 200000 | 214469 |
| 6.050%, 03/05/2031 | 200000 | 205776 |
| 7.122%, 11/07/2033 | 200000 | 215163 |
| American Honda Finance Corp.<br> 4.900%, 03/12/2027<br>| 50000 | 50530 |
| 4.550%, 07/09/2027 | 50000 | 50478 |
| 4.900%, 07/09/2027 | 50000 | 50681 |
| 5.125%, 07/07/2028 | 250000 | 256608 |
| 5.650%, 11/15/2028 | 100000 | 104337 |
| 4.800%, 03/05/2030 | 100000 | 102240 |
| 5.850%, 10/04/2030 | 100000 | 106359 |
| 5.150%, 07/09/2032 | 50000 | 51461 |
| 4.900%, 01/10/2034 | 100000 | 100630 |
| General Motors Financial Co. Inc.<br> 5.000%, 04/09/2027<br>| 250000 | 252708 |
| 5.400%, 05/08/2027 | 100000 | 101648 |
| 6.000%, 01/09/2028 | 250000 | 258358 |
| 5.800%, 06/23/2028 | 250000 | 259134 |
| 5.850%, 04/06/2030 | 250000 | 262832 |
| 5.450%, 07/15/2030 | 50000 | 51967 |
| 5.600%, 06/18/2031 | 100000 | 104333 |
| 6.400%, 01/09/2033 | 250000 | 270287 |
| 5.450%, 09/06/2034 | 100000 | 101630 |
| 5.900%, 01/07/2035 | 50000 | 52104 |
| 6.150%, 07/15/2035 | 50000 | 52782 |
| Toyota Motor Corp.<br> 4.186%, 06/30/2027<br>| 100000 | 100611 |
| 5.118%, 07/13/2028 | 250000 | 257644 |
| 4.450%, 06/30/2030 | 50000 | 50646 |
| 5.123%, 07/13/2033 | 250000 | 260135 |
| 5.053%, 06/30/2035 | 200000 | 206242 |
| Toyota Motor Credit Corp.<br> 4.550%, 09/20/2027<br>| 250000 | 253146 |
| 4.350%, 10/08/2027 | 100000 | 100982 |
| 4.550%, 05/17/2030 | 100000 | 101830 |
| 4.800%, 01/05/2034 | 100000 | 102125 |
| General Motors Co.<br> 5.625%, 04/15/2030<br>| 50000 | 52140 |
| 5.600%, 10/15/2032 | 100000 | 104734 |
| Aptiv Swiss Holdings Ltd.<br> 3.250%, 03/01/2032<br>| 100000 | 93574 |
| Magna International Inc.<br> 5.500%, 03/21/2033<br>| 200000 | 209810 |
| Honda Motor Co. Ltd.<br> 5.337%, 07/08/2035<br>| 50000 | 51184 |
|  |  | 6465793 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (0.00%)** | **Banking (0.00%)** | **Banking (0.00%)** |
| HSBC U.S.A. Inc.<br> 5.294%, 03/04/2027<br>| $200000 | $203162 |
| Bank of Montreal<br> 2.650%, 03/08/2027<br>| 150000 | 147851 |
| 4.700%, 09/14/2027 | 150000 | 152029 |
| 5.203%, 02/01/2028 | 150000 | 153842 |
| 3.088%, 01/10/2037(c) | 150000 | 135046 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce<br> 3.450%, 04/07/2027<br>| 150000 | 149258 |
| 5.001%, 04/28/2028 | 150000 | 153425 |
| 5.245%, 01/13/2031(c) | 125000 | 128997 |
| 6.092%, 10/03/2033 | 150000 | 163334 |
| U.S. Bancorp<br> 3.150%, 04/27/2027<br>| 150000 | 148857 |
| 3.900%, 04/26/2028 | 250000 | 250398 |
| 4.548%, 07/22/2028(c) | 150000 | 151264 |
| 4.653%, 02/01/2029(c) | 150000 | 151934 |
| 5.775%, 06/12/2029(c) | 250000 | 259930 |
| 5.384%, 01/23/2030(c) | 100000 | 103635 |
| 4.839%, 02/01/2034(c) | 150000 | 151429 |
| 5.836%, 06/12/2034(c) | 250000 | 267189 |
| 5.678%, 01/23/2035(c) | 250000 | 264475 |
| Toronto-Dominion Bank, The<br> 4.108%, 06/08/2027<br>| 150000 | 150443 |
| 4.693%, 09/15/2027 | 250000 | 253293 |
| 5.156%, 01/10/2028 | 150000 | 153437 |
| 5.523%, 07/17/2028 | 150000 | 155466 |
| 4.808%, 06/03/2030 | 125000 | 127694 |
| 5.298%, 01/30/2032 | 200000 | 209094 |
| National Australia Bank Ltd.<br> 3.905%, 06/09/2027<br>| 250000 | 250591 |
| 4.944%, 01/12/2028 | 250000 | 255562 |
| 4.900%, 06/13/2028 | 250000 | 256184 |
| Royal Bank of Canada<br> 4.240%, 08/03/2027<br>| 150000 | 151062 |
| 6.000%, 11/01/2027 | 250000 | 259583 |
| 4.900%, 01/12/2028 | 150000 | 153033 |
| 5.200%, 08/01/2028 | 150000 | 154694 |
| 4.696%, 08/06/2031(c) | 200000 | 202744 |
| 5.000%, 02/01/2033 | 150000 | 154722 |
| 5.000%, 05/02/2033 | 125000 | 128598 |
| Banco Santander SA<br> 5.294%, 08/18/2027<br>| 200000 | 203695 |
| 5.552%, 03/14/2028(c) | 200000 | 203372 |
| 4.175%, 03/24/2028(c) | 200000 | 200089 |
| 5.588%, 08/08/2028 | 200000 | 207337 |
| 5.565%, 01/17/2030 | 200000 | 208439 |
| 6.921%, 08/08/2033 | 200000 | 221872 |
| Westpac Banking Corp.<br> 4.043%, 08/26/2027<br>| 250000 | 251337 |
| 5.457%, 11/18/2027 | 250000 | 257727 |
| 5.535%, 11/17/2028 | 100000 | 104623 |
| 5.050%, 04/16/2029 | 100000 | 103451 |
| 6.820%, 11/17/2033 | 100000 | 112039 |
| 5.618%, 11/20/2035(c) | 100000 | 103469 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 3.020%, 11/18/2036(c) | $100000 | $90401 |
| Deutsche Bank AG<br> 5.371%, 09/09/2027<br>| 250000 | 255985 |
| 2.552%, 01/07/2028 | 250000 | 245883 |
| 6.720%, 01/18/2029(c) | 250000 | 261800 |
| 6.819%, 11/20/2029(c) | 150000 | 159976 |
| 3.742%, 01/07/2033(c) | 250000 | 232607 |
| PNC Bank N.A.<br> 3.100%, 10/25/2027<br>| 250000 | 246925 |
| KeyBank N.A.<br> 5.850%, 11/15/2027<br>| 250000 | 257578 |
| &nbsp;&nbsp;&nbsp; Santander Holdings U.S.A. <br> Inc.(Variable, U.S. SOFR + <br> 1.25%)<br> 2.490%, 01/06/2028(c)<br>| 250000 | 245747 |
| 5.741%, 03/20/2031(c) | 100000 | 103559 |
| 6.342%, 05/31/2035(c) | 75000 | 80572 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings <br> PLC(Variable, U.S. SOFR + <br> 1.22%)<br> 2.469%, 01/11/2028(c)<br>| 250000 | 245693 |
| 6.534%, 01/10/2029(c) | 250000 | 261289 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group Inc.<br> 5.520%, 01/13/2028<br>| 250000 | 257634 |
| 5.800%, 07/13/2028 | 250000 | 260437 |
| 3.040%, 07/16/2029 | 200000 | 192087 |
| 5.710%, 01/13/2030 | 250000 | 263603 |
| 5.766%, 01/13/2033 | 250000 | 266642 |
| 5.632%, 01/15/2035 | 200000 | 212278 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 0.83%)<br> 2.341%, 01/19/2028(c)<br>| 250000 | 245659 |
| 5.017%, 07/20/2028(c) | 250000 | 253716 |
| 5.422%, 02/22/2029(c) | 200000 | 205772 |
| 5.258%, 04/17/2030(c) | 200000 | 206265 |
| 2.309%, 07/20/2032(c) | 200000 | 178568 |
| 5.441%, 02/22/2034(c) | 200000 | 209592 |
| 5.406%, 04/19/2034(c) | 200000 | 209300 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.(Variable, <br> U.S. SOFR + 1.19%)<br> 5.040%, 01/23/2028(c)<br>| 100000 | 101044 |
| 5.571%, 04/22/2028(c) | 100000 | 102000 |
| 4.323%, 04/26/2028(c) | 150000 | 150634 |
| 4.851%, 07/25/2028(c) | 250000 | 253244 |
| 2.069%, 06/01/2029(c) | 250000 | 238791 |
| 4.203%, 07/23/2029(c) | 150000 | 150466 |
| 5.299%, 07/24/2029(c) | 250000 | 257728 |
| 6.087%, 10/23/2029(c) | 100000 | 105347 |
| 4.452%, 12/05/2029(c) | 150000 | 151577 |
| 5.012%, 01/23/2030(c) | 150000 | 153793 |
| 5.581%, 04/22/2030(c) | 250000 | 260970 |
| 3.702%, 05/06/2030(c) | 250000 | 246391 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.565%, 06/14/2030(c) | $250000 | $253089 |
| 4.995%, 07/22/2030(c) | 250000 | 256846 |
| 1.953%, 02/04/2032(c) | 250000 | 223218 |
| 2.580%, 04/22/2032(c) | 250000 | 228712 |
| 2.545%, 11/08/2032(c) | 250000 | 225867 |
| 2.963%, 01/25/2033(c) | 250000 | 229762 |
| 4.586%, 04/26/2033(c) | 500000 | 502983 |
| 4.912%, 07/25/2033(c) | 500000 | 510392 |
| 5.717%, 09/14/2033(c) | 250000 | 264628 |
| 5.350%, 06/01/2034(c) | 250000 | 260170 |
| 6.254%, 10/23/2034(c) | 250000 | 275003 |
| 5.336%, 01/23/2035(c) | 250000 | 259503 |
| 5.766%, 04/22/2035(c) | 100000 | 106733 |
| 4.946%, 10/22/2035(c) | 100000 | 101206 |
| 5.572%, 04/22/2036(c) | 50000 | 52596 |
| 4.810%, 10/22/2036 | 250000 | 248732 |
| Manufacturers & Traders Trust Co.<br> 4.700%, 01/27/2028<br>| 250000 | 253345 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.(Variable, <br> U.S. SOFR + 1.05%)<br> 2.551%, 02/04/2028(c)<br>| 250000 | 245948 |
| 4.376%, 04/27/2028(c) | 250000 | 251024 |
| 4.948%, 07/22/2028(c) | 150000 | 152143 |
| 6.204%, 11/10/2028(c) | 250000 | 259827 |
| 3.419%, 12/20/2028(c) | 250000 | 247156 |
| 3.970%, 03/05/2029(c) | 250000 | 249666 |
| 5.202%, 04/25/2029(c) | 250000 | 256285 |
| 2.087%, 06/14/2029(c) | 250000 | 238552 |
| 4.271%, 07/23/2029(c) | 150000 | 150741 |
| 5.819%, 09/15/2029(c) | 100000 | 104338 |
| 3.974%, 02/07/2030(c) | 250000 | 248754 |
| 3.194%, 07/23/2030(c) | 250000 | 241636 |
| 2.572%, 10/20/2032(c) | 250000 | 225672 |
| 2.972%, 02/04/2033(c) | 500000 | 457915 |
| 4.571%, 04/27/2033(c) | 500000 | 499641 |
| 5.015%, 07/22/2033(c) | 500000 | 510854 |
| 5.288%, 04/25/2034(c) | 250000 | 257814 |
| 5.872%, 09/15/2034(c) | 175000 | 187045 |
| 5.468%, 01/23/2035(c) | 250000 | 260982 |
| 2.482%, 09/21/2036(c) | 250000 | 219728 |
| 3.846%, 03/08/2037(c) | 250000 | 235749 |
| &nbsp;&nbsp;&nbsp; Citigroup Inc.(Variable, U.S. SOFR + <br> 1.28%)<br> 3.070%, 02/24/2028(c)<br>| 250000 | 247178 |
| 4.643%, 05/07/2028(c) | 250000 | 252036 |
| 4.658%, 05/24/2028(c) | 150000 | 151279 |
| 5.174%, 02/13/2030(c) | 250000 | 256762 |
| 3.980%, 03/20/2030(c) | 150000 | 148725 |
| 4.952%, 05/07/2031(c) | 150000 | 153327 |
| 2.561%, 05/01/2032(c) | 250000 | 227049 |
| 3.057%, 01/25/2033(c) | 500000 | 458862 |
| 3.785%, 03/17/2033(c) | 500000 | 477460 |
| 4.910%, 05/24/2033(c) | 500000 | 506858 |
| 6.270%, 11/17/2033(c) | 250000 | 272573 |
| 6.174%, 05/25/2034(c) | 250000 | 265899 |
| 5.827%, 02/13/2035(c) | 250000 | 260247 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.449%, 06/11/2035(c) | $250000 | $259305 |
| 5.333%, 03/27/2036(c) | 100000 | 102498 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.10%)<br> 5.583%, 03/01/2028(c)<br>| 200000 | 203531 |
| 5.808%, 09/13/2029(c) | 200000 | 208388 |
| 5.076%, 01/27/2030(c) | 200000 | 204536 |
| 5.778%, 03/01/2035(c) | 200000 | 211879 |
| &nbsp;&nbsp;&nbsp; Barclays PLC(Variable, U.S. SOFR + <br> 1.49%)<br> 5.674%, 03/12/2028(c)<br>| 200000 | 203586 |
| 6.490%, 09/13/2029(c) | 200000 | 211435 |
| 5.746%, 08/09/2033(c) | 250000 | 262879 |
| 7.437%, 11/02/2033(c) | 250000 | 286266 |
| 6.224%, 05/09/2034(c) | 250000 | 269406 |
| 7.119%, 06/27/2034(c) | 250000 | 280377 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group <br> PLC(Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.80%)<br> 3.750%, 03/18/2028(c)<br>| 250000 | 249113 |
| 5.087%, 11/26/2028(c) | 200000 | 203834 |
| 5.679%, 01/05/2035(c) | 200000 | 210871 |
| 6.068%, 06/13/2036(c) | 200000 | 210747 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.(Variable, <br> U.S. SOFR + 1.51%)<br> 3.526%, 03/24/2028(c)<br>| 250000 | 248400 |
| 5.707%, 04/22/2028(c) | 150000 | 153128 |
| 3.584%, 05/22/2028(c) | 364000 | 361648 |
| 2.393%, 06/02/2028(c) | 150000 | 146581 |
| 4.150%, 01/24/2029 | 186000 | 186534 |
| 5.574%, 07/25/2029(c) | 200000 | 207228 |
| 6.303%, 10/23/2029(c) | 100000 | 105695 |
| 5.198%, 01/23/2030(c) | 150000 | 154590 |
| 5.244%, 01/24/2031(c) | 100000 | 103617 |
| 5.150%, 04/23/2031(c) | 100000 | 103311 |
| 3.350%, 03/02/2033(c) | 500000 | 467299 |
| 4.897%, 07/25/2033(c) | 500000 | 508553 |
| 5.389%, 04/24/2034(c) | 150000 | 156268 |
| 5.557%, 07/25/2034(c) | 150000 | 157508 |
| 5.499%, 01/23/2035(c) | 250000 | 261299 |
| 5.605%, 04/23/2036(c) | 150000 | 157515 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V.(Variable, U.S. SOFR <br> + 1.83%)<br> 4.017%, 03/28/2028(c)<br>| 200000 | 200061 |
| 5.335%, 03/19/2030(c) | 200000 | 206444 |
| 5.550%, 03/19/2035(c) | 200000 | 208399 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC(Variable, <br> U.S. SOFR + 2.11%)<br> 4.755%, 06/09/2028(c)<br>| 250000 | 252221 |
| 5.210%, 08/11/2028(c) | 250000 | 254259 |
| 7.390%, 11/03/2028(c) | 250000 | 264328 |
| 6.161%, 03/09/2029(c) | 250000 | 260363 |
| 5.286%, 11/19/2030(c) | 200000 | 206520 |
| 5.240%, 05/13/2031(c) | 200000 | 206229 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.402%, 08/11/2033(c) | $250000 | $259344 |
| 8.113%, 11/03/2033(c) | 250000 | 293391 |
| 6.254%, 03/09/2034(c) | 250000 | 272356 |
| 6.547%, 06/20/2034(c) | 200000 | 216596 |
| 7.399%, 11/13/2034(c) | 200000 | 228624 |
| 5.450%, 03/03/2036(c) | 200000 | 206729 |
| Bank of Nova Scotia, The<br> 5.250%, 06/12/2028<br>| 150000 | 154529 |
| 4.850%, 02/01/2030 | 250000 | 256004 |
| 4.588%, 05/04/2037 | 150000 | 146243 |
| &nbsp;&nbsp;&nbsp; Huntington <br> Bancshares Inc.(Variable, <br> U.S. SOFR + 1.97%)<br> 4.443%, 08/04/2028(c)<br>| 100000 | 100560 |
| 5.272%, 01/15/2031(c) | 200000 | 205959 |
| 5.709%, 02/02/2035(c) | 100000 | 104645 |
| Citibank N.A.<br> 5.803%, 09/29/2028<br>| 250000 | 262295 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.(Variable, <br> U.S. SOFR + 1.44%)<br> 4.873%, 01/26/2029(c)<br>| 100000 | 101614 |
| 7.161%, 10/30/2029(c) | 150000 | 161866 |
| 5.435%, 01/24/2030(c) | 100000 | 103599 |
| 5.071%, 05/20/2031(c) | 100000 | 102821 |
| 5.153%, 08/05/2032(c) | 100000 | 103348 |
| 5.867%, 06/08/2034(c) | 150000 | 159861 |
| 5.711%, 01/24/2035(c) | 100000 | 105406 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial <br> Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.50%)<br> 5.667%, 05/27/2029(c)<br>| 200000 | 207344 |
| 5.382%, 07/10/2030(c) | 200000 | 206956 |
| 5.739%, 05/27/2031(c) | 200000 | 210761 |
| 5.748%, 07/06/2034(c) | 200000 | 212268 |
| 5.323%, 07/08/2036(c) | 200000 | 205933 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., <br> The(Variable, U.S. SOFR + <br> 1.84%)<br> 5.582%, 06/12/2029(c)<br>| 250000 | 259384 |
| 5.492%, 05/14/2030(c) | 100000 | 104190 |
| 5.222%, 01/29/2031(c) | 100000 | 103548 |
| 4.812%, 10/21/2032(c) | 100000 | 101872 |
| 6.037%, 10/28/2033(c) | 150000 | 162227 |
| 5.939%, 08/18/2034(c) | 150000 | 161289 |
| 5.401%, 07/23/2035(c) | 100000 | 103610 |
| 5.575%, 01/29/2036(c) | 100000 | 104524 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp(Variable, <br> U.S. SOFR + 2.34%)<br> 6.339%, 07/27/2029(c)<br>| 150000 | 158009 |
| 4.772%, 07/28/2030(c) | 150000 | 151896 |
| &nbsp;&nbsp;&nbsp; Citizens Financial <br> Group Inc.(Variable, U.S. SOFR + <br> 2.01%)<br> 5.841%, 01/23/2030(c)<br>| 100000 | 104362 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.253%, 03/05/2031(c) | $100000 | $102824 |
| 6.645%, 04/25/2035(c) | 100000 | 110138 |
|  |  | 45017342 |
| **Beverages (0.00%)** | **Beverages (0.00%)** | **Beverages (0.00%)** |
| Constellation Brands Inc.<br> 4.350%, 05/09/2027<br>| 250000 | 250987 |
| 4.750%, 05/09/2032 | 250000 | 251435 |
| 4.900%, 05/01/2033 | 100000 | 100602 |
| Coca-Cola Co., The<br> 1.450%, 06/01/2027<br>| 100000 | 97052 |
| 1.000%, 03/15/2028 | 100000 | 94461 |
| 3.450%, 03/25/2030 | 100000 | 98134 |
| 2.000%, 03/05/2031 | 200000 | 181409 |
| 5.000%, 05/13/2034 | 100000 | 104328 |
| Diageo Capital PLC<br> 5.300%, 10/24/2027<br>| 250000 | 256166 |
| 5.500%, 01/24/2033 | 200000 | 211026 |
| PepsiCo Inc.<br> 3.600%, 02/18/2028<br>| 250000 | 249518 |
| 4.450%, 05/15/2028 | 250000 | 254010 |
| 4.100%, 01/15/2029 | 50000 | 50298 |
| 4.300%, 07/23/2030 | 100000 | 101104 |
| 3.900%, 07/18/2032 | 100000 | 98434 |
| 4.450%, 02/15/2033 | 100000 | 101873 |
| 5.000%, 02/07/2035 | 100000 | 103103 |
| 5.000%, 07/23/2035 | 50000 | 51179 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide Inc.<br> 3.500%, 06/01/2030<br>| 350000 | 342027 |
| Keurig Dr. Pepper Inc.<br> 4.050%, 04/15/2032<br>| 250000 | 240694 |
| 5.150%, 05/15/2035 | 50000 | 50204 |
| Brown-Forman Corp.<br> 4.750%, 04/15/2033<br>| 100000 | 101545 |
|  |  | 3389589 |
| **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** |
| Astrazeneca Finance LLC<br> 4.800%, 02/26/2027<br>| 100000 | 101125 |
| 4.875%, 03/03/2028 | 250000 | 255507 |
| 4.900%, 03/03/2030 | 250000 | 258371 |
| 4.875%, 03/03/2033 | 150000 | 154930 |
| 5.000%, 02/26/2034 | 100000 | 103643 |
| Johnson & Johnson<br> 4.500%, 03/01/2027<br>| 100000 | 101033 |
| 0.950%, 09/01/2027 | 100000 | 95764 |
| 4.800%, 06/01/2029 | 100000 | 103293 |
| 4.850%, 03/01/2032 | 200000 | 207763 |
| AbbVie Inc.<br> 4.800%, 03/15/2027<br>| 100000 | 101056 |
| 4.650%, 03/15/2028 | 100000 | 101689 |
| 4.250%, 11/14/2028 | 100000 | 101136 |
| 3.200%, 11/21/2029 | 250000 | 242611 |
| 4.875%, 03/15/2030 | 150000 | 154678 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| 4.950%, 03/15/2031 | $100000 | $103503 |
| 5.050%, 03/15/2034 | 100000 | 102939 |
| 5.200%, 03/15/2035 | 100000 | 103686 |
| Eli Lilly & Co.<br> 4.150%, 08/14/2027<br>| 100000 | 100749 |
| 3.375%, 03/15/2029 | 207000 | 204042 |
| 4.700%, 02/27/2033 | 150000 | 153436 |
| 4.700%, 02/09/2034 | 100000 | 101549 |
| 5.100%, 02/12/2035 | 100000 | 103550 |
| Amgen Inc.<br> 5.150%, 03/02/2028<br>| 250000 | 255935 |
| 3.000%, 02/22/2029 | 250000 | 242375 |
| 4.050%, 08/18/2029 | 250000 | 249940 |
| 5.250%, 03/02/2030 | 250000 | 259559 |
| 3.350%, 02/22/2032 | 150000 | 141455 |
| 4.200%, 03/01/2033 | 150000 | 146847 |
| 5.250%, 03/02/2033 | 250000 | 259141 |
| GlaxoSmithKline Capital Inc.<br> 3.875%, 05/15/2028<br>| 250000 | 250258 |
| Merck & Co. Inc.<br> 4.050%, 05/17/2028<br>| 250000 | 251887 |
| 3.400%, 03/07/2029 | 150000 | 147709 |
| 4.300%, 05/17/2030 | 50000 | 50545 |
| 4.500%, 05/17/2033 | 150000 | 151646 |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. <br> Ltd.<br> 4.450%, 05/19/2028<br>| 250000 | 253394 |
| 4.650%, 05/19/2030 | 250000 | 255154 |
| 4.750%, 05/19/2033 | 250000 | 253127 |
| Sanofi SA<br> 3.625%, 06/19/2028<br>| 150000 | 149748 |
| Pfizer Inc.<br> 3.450%, 03/15/2029<br>| 150000 | 148328 |
| Gilead Sciences Inc.<br> 1.650%, 10/01/2030<br>| 300000 | 268829 |
| Bristol-Myers Squibb Co.<br> 5.100%, 02/22/2031<br>| 300000 | 312611 |
| 2.950%, 03/15/2032 | 250000 | 231865 |
| 5.200%, 02/22/2034 | 100000 | 104193 |
| Zoetis Inc.<br> 5.600%, 11/16/2032<br>| 250000 | 265990 |
| Novartis Capital Corp.<br> 4.200%, 09/18/2034<br>| 100000 | 97923 |
| 4.600%, 11/05/2035 | 150000 | 148957 |
| Takeda U.S. Financing Inc.<br> 5.200%, 07/07/2035<br>| 200000 | 204088 |
|  |  | 8157557 |
| **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** |
| Comcast Corp.<br> 3.300%, 04/01/2027<br>| 200000 | 198677 |
| 5.350%, 11/15/2027 | 250000 | 255811 |
| 4.550%, 01/15/2029 | 250000 | 253784 |
| 5.500%, 11/15/2032 | 250000 | 264373 |
| 4.650%, 02/15/2033 | 250000 | 251439 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Cable & Satellite (Cont.)** | **Cable & Satellite (Cont.)** | **Cable & Satellite (Cont.)** |
| 4.800%, 05/15/2033 | $250000 | $252583 |
| 5.300%, 05/15/2035 | 100000 | 102431 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br> LLC/Charter Communications <br> Operating Capital<br> 2.250%, 01/15/2029<br>| 250000 | 234219 |
| 4.400%, 04/01/2033 | 250000 | 235901 |
|  |  | 2049218 |
| **Chemicals (0.00%)** | **Chemicals (0.00%)** | **Chemicals (0.00%)** |
| Albemarle Corp.<br> 4.650%, 06/01/2027<br>| 150000 | 150963 |
| 5.050%, 06/01/2032 | 150000 | 151257 |
| Ecolab Inc.<br> 5.250%, 01/15/2028<br>| 150000 | 154050 |
| Sherwin-Williams Co., The<br> 4.550%, 03/01/2028<br>| 50000 | 50609 |
| 2.950%, 08/15/2029 | 70000 | 67110 |
| 4.800%, 09/01/2031 | 50000 | 51239 |
| Nutrien Ltd.<br> 4.900%, 03/27/2028<br>| 150000 | 152741 |
| Air Products and Chemicals Inc.<br> 4.600%, 02/08/2029<br>| 100000 | 101808 |
| 4.800%, 03/03/2033 | 100000 | 102133 |
| 4.850%, 02/08/2034 | 100000 | 101838 |
| PPG Industries Inc.<br> 4.375%, 03/15/2031<br>| 50000 | 49981 |
| Cabot Corp.<br> 5.000%, 06/30/2032<br>| 150000 | 152692 |
| Eastman Chemical Co.<br> 5.750%, 03/08/2033<br>| 100000 | 104979 |
| Avery Dennison Corp.<br> 5.750%, 03/15/2033<br>| 100000 | 106257 |
| Dow Chemical Co., The<br> 6.300%, 03/15/2033<br>| 150000 | 158202 |
| 5.150%, 02/15/2034 | 100000 | 99428 |
| 5.350%, 03/15/2035 | 50000 | 49646 |
| LYB International Finance III LLC<br> 5.500%, 03/01/2034<br>| 100000 | 99032 |
| 6.150%, 05/15/2035 | 50000 | 51323 |
| Westlake Corp.<br> 5.550%, 11/15/2035<br>| 100000 | 100214 |
| CF Industries Inc.<br> 5.300%, 11/26/2035<br>| 100000 | 99835 |
|  |  | 2155337 |
| **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** |
| Waste Management Inc.<br> 4.875%, 02/15/2029<br>| 150000 | 153950 |
| 4.625%, 02/15/2030 | 100000 | 101961 |
| 4.800%, 03/15/2032 | 100000 | 102377 |
| 4.150%, 04/15/2032 | 100000 | 99245 |
| 4.625%, 02/15/2033 | 100000 | 101532 |
| RELX Capital Inc.<br> 4.000%, 03/18/2029<br>| 150000 | 149614 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Commercial Support Services (Cont.)** | **Commercial Support Services (Cont.)** | **Commercial Support Services (Cont.)** |
| 3.000%, 05/22/2030 | $150000 | $142843 |
| Republic Services Inc.<br> 4.875%, 04/01/2029<br>| 150000 | 153798 |
| 4.750%, 07/15/2030 | 50000 | 51181 |
| 2.375%, 03/15/2033 | 100000 | 87403 |
| Waste Connections Inc.<br> 2.600%, 02/01/2030<br>| 200000 | 188766 |
| 5.000%, 03/01/2034 | 100000 | 102330 |
| Paychex Inc.<br> 5.100%, 04/15/2030<br>| 60000 | 61823 |
| 5.350%, 04/15/2032 | 60000 | 62209 |
| 5.600%, 04/15/2035 | 60000 | 62920 |
|  |  | 1621952 |
| **Construction Materials (0.00%)** | **Construction Materials (0.00%)** | **Construction Materials (0.00%)** |
| Owens Corning<br> 5.500%, 06/15/2027<br>| 100000 | 102061 |
| 3.500%, 02/15/2030 | 100000 | 96944 |
| CRH SMW Finance DAC<br> 5.125%, 01/09/2030<br>| 200000 | 206310 |
| Amrize Finance U.S. LLC<br> 4.950%, 04/07/2030<br>| 100000 | 102328 |
| 5.400%, 04/07/2035 | 130000 | 134399 |
|  |  | 642042 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| Trustees of Dartmouth College<br> 4.273%, 06/01/2030<br>| 50000 | 50485 |
| &nbsp;&nbsp;&nbsp; Trustees of Princeton University, <br> The<br> 4.647%, 07/01/2030<br>| 50000 | 51205 |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University, <br> The<br> 4.146%, 08/01/2030<br>| 50000 | 50316 |
| 4.679%, 03/01/2035 | 50000 | 50486 |
| &nbsp;&nbsp;&nbsp; President and Fellows of Harvard <br> College<br> 4.609%, 02/15/2035<br>| 50000 | 50378 |
|  |  | 252870 |
| **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** |
| Berry Global Inc.<br> 5.500%, 04/15/2028<br>| 100000 | 103074 |
| WRKCo Inc.<br> 4.900%, 03/15/2029<br>| 100000 | 101892 |
| Amcor Finance U.S.A. Inc.<br> 5.625%, 05/26/2033<br>| 100000 | 104543 |
| Amcor Flexibles North America Inc.<br> 5.500%, 03/17/2035<br>| 40000 | 41409 |
|  |  | 350918 |
| **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** |
| Parker-Hannifin Corp.<br> 4.250%, 09/15/2027<br>| 150000 | 150911 |
| 4.500%, 09/15/2029 | 150000 | 152210 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Diversified Industrials (Cont.)** | **Diversified Industrials (Cont.)** | **Diversified Industrials (Cont.)** |
| 3M Co.<br> 2.875%, 10/15/2027<br>| $100000 | $98321 |
| 2.375%, 08/26/2029 | 100000 | 94285 |
| 4.800%, 03/15/2030 | 50000 | 51148 |
| Honeywell International Inc.<br> 4.950%, 02/15/2028<br>| 150000 | 153194 |
| 4.250%, 01/15/2029 | 150000 | 151131 |
| 5.000%, 02/15/2033 | 125000 | 128995 |
| 4.500%, 01/15/2034 | 100000 | 99321 |
| 5.000%, 03/01/2035 | 100000 | 102112 |
|  |  | 1181628 |
| **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** |
| Amazon.com Inc.<br> 3.300%, 04/13/2027<br>| 150000 | 149379 |
| 4.550%, 12/01/2027 | 250000 | 254166 |
| 3.450%, 04/13/2029 | 250000 | 247067 |
| 4.650%, 12/01/2029 | 150000 | 154087 |
| 4.100%, 11/20/2030 | 200000 | 200399 |
| 2.100%, 05/12/2031 | 150000 | 135665 |
| 3.600%, 04/13/2032 | 250000 | 242744 |
| 4.700%, 12/01/2032 | 250000 | 257395 |
| 4.650%, 11/20/2035 | 250000 | 249402 |
| eBay Inc.<br> 5.950%, 11/22/2027<br>| 250000 | 258760 |
| 6.300%, 11/22/2032 | 250000 | 273496 |
|  |  | 2422560 |
| **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br> 4.800%, 02/05/2027<br>| 50000 | 50485 |
| 5.100%, 05/06/2027 | 50000 | 50754 |
| 4.800%, 03/15/2028 | 150000 | 152793 |
| 5.150%, 06/15/2029 | 50000 | 51747 |
| 4.950%, 02/07/2030 | 50000 | 51501 |
| 5.000%, 02/07/2031 | 100000 | 103377 |
| 2.750%, 04/15/2032 | 50000 | 45159 |
| 5.800%, 01/15/2033 | 50000 | 53677 |
| Eversource Energy<br> 2.900%, 03/01/2027<br>| 150000 | 147937 |
| 4.600%, 07/01/2027 | 150000 | 151035 |
| 5.450%, 03/01/2028 | 150000 | 153803 |
| 5.850%, 04/15/2031 | 100000 | 105594 |
| 5.125%, 05/15/2033 | 150000 | 151758 |
| 5.950%, 07/15/2034 | 100000 | 105932 |
| Exelon Corp.<br> 2.750%, 03/15/2027<br>| 150000 | 147747 |
| 5.150%, 03/15/2028 | 150000 | 153288 |
| 5.300%, 03/15/2033 | 150000 | 156109 |
| Virginia Electric and Power Co.<br> 3.750%, 05/15/2027<br>| 150000 | 149727 |
| 5.000%, 04/01/2033 | 150000 | 153843 |
| 5.300%, 08/15/2033 | 150000 | 155792 |
| 5.000%, 01/15/2034 | 100000 | 101439 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.150%, 03/15/2035 | $50000 | $50966 |
| 4.900%, 09/15/2035 | 100000 | 99734 |
| Southern California Edison Co.<br> 4.700%, 06/01/2027<br>| 150000 | 151181 |
| 5.850%, 11/01/2027 | 150000 | 154152 |
| 5.300%, 03/01/2028 | 150000 | 153196 |
| 5.950%, 11/01/2032 | 150000 | 158893 |
| Pacific Gas and Electric Co.<br> 5.450%, 06/15/2027<br>| 150000 | 152503 |
| 4.550%, 07/01/2030 | 150000 | 149475 |
| 4.400%, 03/01/2032 | 150000 | 146563 |
| 5.900%, 06/15/2032 | 150000 | 157276 |
| 6.400%, 06/15/2033 | 150000 | 162084 |
| 6.950%, 03/15/2034 | 100000 | 111474 |
| 5.800%, 05/15/2034 | 100000 | 104022 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital <br> Holdings Inc.<br> 4.625%, 07/15/2027<br>| 150000 | 151630 |
| 4.900%, 02/28/2028 | 150000 | 152842 |
| 4.900%, 03/15/2029 | 100000 | 102558 |
| 5.000%, 02/28/2030 | 150000 | 154726 |
| 5.000%, 07/15/2032 | 150000 | 153851 |
| 5.050%, 02/28/2033 | 150000 | 153819 |
| 6.700%, 09/01/2054(c) | 50000 | 51781 |
| Southern Co., The<br> 5.113%, 08/01/2027<br>| 150000 | 152426 |
| 4.850%, 06/15/2028 | 150000 | 152750 |
| 5.500%, 03/15/2029 | 50000 | 51936 |
| 5.700%, 10/15/2032 | 150000 | 159117 |
| 5.200%, 06/15/2033 | 150000 | 154333 |
| Alabama Power Co.<br> 3.750%, 09/01/2027<br>| 150000 | 150121 |
| WEC Energy Group Inc.<br> 5.150%, 10/01/2027<br>| 150000 | 152976 |
| 4.750%, 01/15/2028 | 150000 | 152265 |
| American Electric Power Co. Inc.<br> 5.750%, 11/01/2027<br>| 150000 | 154580 |
| 5.950%, 11/01/2032 | 150000 | 161203 |
| 7.050%, 12/15/2054(c) | 50000 | 52219 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group Inc.<br> 5.850%, 11/15/2027<br>| 150000 | 154656 |
| 5.400%, 03/15/2035 | 40000 | 41191 |
| Duke Energy Corp.<br> 5.000%, 12/08/2027<br>| 150000 | 152932 |
| 4.300%, 03/15/2028 | 150000 | 150841 |
| 4.850%, 01/05/2029 | 100000 | 102078 |
| 5.450%, 06/15/2034 | 50000 | 52164 |
| 4.950%, 09/15/2035 | 100000 | 99354 |
| 6.450%, 09/01/2054(c) | 100000 | 104958 |
| Consumers Energy Co.<br> 4.650%, 03/01/2028<br>| 150000 | 152428 |
| 4.625%, 05/15/2033 | 150000 | 150743 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation <br> LLC<br> 5.600%, 03/01/2028<br>| $150000 | $154793 |
| Black Hills Corp.<br> 5.950%, 03/15/2028<br>| 150000 | 155576 |
| Florida Power & Light Co.<br> 5.050%, 04/01/2028<br>| 150000 | 153843 |
| 4.400%, 05/15/2028 | 150000 | 151920 |
| 5.150%, 06/15/2029 | 50000 | 51970 |
| 4.625%, 05/15/2030 | 150000 | 153108 |
| 5.100%, 04/01/2033 | 150000 | 155576 |
| 4.800%, 05/15/2033 | 150000 | 153133 |
| 5.300%, 06/15/2034 | 50000 | 52489 |
| Berkshire Hathaway Energy Co.<br> 3.250%, 04/15/2028<br>| 80000 | 78869 |
| 3.700%, 07/15/2030 | 50000 | 49198 |
| System Energy Resources Inc.<br> 6.000%, 04/15/2028<br>| 100000 | 103784 |
| Georgia Power Co.<br> 4.650%, 05/16/2028<br>| 150000 | 152390 |
| 4.700%, 05/15/2032 | 150000 | 152251 |
| 4.950%, 05/17/2033 | 150000 | 153139 |
| 5.250%, 03/15/2034 | 100000 | 103390 |
| DTE Energy Co.<br> 4.875%, 06/01/2028<br>| 150000 | 152645 |
| 5.100%, 03/01/2029 | 50000 | 51277 |
| 5.200%, 04/01/2030 | 100000 | 103244 |
| 5.850%, 06/01/2034 | 50000 | 53411 |
| AES Corp., The<br> 5.450%, 06/01/2028<br>| 150000 | 153446 |
| National Grid PLC<br> 5.602%, 06/12/2028<br>| 150000 | 154919 |
| 5.809%, 06/12/2033 | 150000 | 159771 |
| San Diego Gas & Electric Co.<br> 4.950%, 08/15/2028<br>| 150000 | 153781 |
| Duke Energy Carolinas LLC<br> 3.950%, 11/15/2028<br>| 90000 | 90256 |
| 4.850%, 03/15/2030 | 100000 | 103026 |
| 4.950%, 01/15/2033 | 150000 | 154619 |
| 4.850%, 01/15/2034 | 100000 | 101387 |
| 5.250%, 03/15/2035 | 50000 | 51766 |
| Duke Energy Progress LLC<br> 3.450%, 03/15/2029<br>| 100000 | 98491 |
| 5.050%, 03/15/2035 | 50000 | 50932 |
| Sempra<br> 3.700%, 04/01/2029<br>| 100000 | 98490 |
| 5.500%, 08/01/2033 | 200000 | 209277 |
| 6.400%, 10/01/2054(c) | 50000 | 50856 |
| 6.875%, 10/01/2054(c) | 50000 | 51436 |
| 6.625%, 04/01/2055(c) | 50000 | 50447 |
| Edison International<br> 5.450%, 06/15/2029<br>| 50000 | 50906 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Company of <br> New York Inc.<br> 3.350%, 04/01/2030<br>| 50000 | 48469 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.500%, 03/15/2034 | $50000 | $52580 |
| 5.125%, 03/15/2035 | 50000 | 51230 |
| Tennessee Valley Authority<br> 7.125%, 05/01/2030<br>| 250000 | 283557 |
| 4.875%, 05/15/2035 | 160000 | 165882 |
| Dayton Power & Light Co., The<br> 4.550%, 08/15/2030(d)<br>| 50000 | 49779 |
| PacifiCorp<br> 5.300%, 02/15/2031<br>| 100000 | 102982 |
| 5.450%, 02/15/2034 | 100000 | 101668 |
| Puget Energy Inc.<br> 4.224%, 03/15/2032<br>| 150000 | 143998 |
| 5.725%, 03/15/2035 | 50000 | 51416 |
| AEP Texas Inc.<br> 4.700%, 05/15/2032<br>| 150000 | 150735 |
| Xcel Energy Inc.<br> 4.600%, 06/01/2032<br>| 150000 | 149404 |
| 5.450%, 08/15/2033 | 150000 | 155016 |
| Dominion Energy Inc.<br> 5.375%, 11/15/2032<br>| 150000 | 155961 |
| 6.875%, 02/01/2055(c) | 50000 | 52016 |
| Entergy Louisiana LLC<br> 4.000%, 03/15/2033<br>| 100000 | 96588 |
| 5.350%, 03/15/2034 | 100000 | 104141 |
| 5.150%, 09/15/2034 | 100000 | 102458 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC<br> 6.950%, 03/15/2033<br>| 100000 | 113714 |
| DTE Electric Co.<br> 5.200%, 04/01/2033<br>| 50000 | 52049 |
| 5.250%, 05/15/2035 | 50000 | 51499 |
| Southwestern Electric Power Co.<br> 5.300%, 04/01/2033<br>| 100000 | 102896 |
| PPL Electric Utilities Corp.<br> 5.000%, 05/15/2033<br>| 150000 | 153869 |
| 4.850%, 02/15/2034 | 100000 | 101261 |
| Ameren Illinois Co.<br> 4.950%, 06/01/2033<br>| 150000 | 153447 |
| Public Service Electric and Gas Co.<br> 5.200%, 08/01/2033<br>| 150000 | 155849 |
| Arizona Public Service Co.<br> 5.550%, 08/01/2033<br>| 150000 | 156887 |
| 5.700%, 08/15/2034 | 100000 | 105321 |
| Oncor Electric Delivery Co. LLC<br> 5.650%, 11/15/2033<br>| 100000 | 106370 |
| Oncor Electric Delivery Co. LLC<br> 5.350%, 04/01/2035(d)<br>| 50000 | 51678 |
| Duke Energy Florida LLC<br> 5.875%, 11/15/2033<br>| 100000 | 108101 |
| &nbsp;&nbsp;&nbsp; Dominion Energy South <br> Carolina Inc.<br> 5.300%, 01/15/2035<br>| 100000 | 103671 |
| Union Electric Co.<br> 5.250%, 04/15/2035<br>| 50000 | 51572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Northern States Power Co.<br> 5.050%, 05/15/2035<br>| $50000 | $51038 |
| Duke Energy Ohio Inc.<br> 5.300%, 06/15/2035<br>| 50000 | 51630 |
| AEP Transmission Co. LLC<br> 5.375%, 06/15/2035<br>| 50000 | 51690 |
| Interstate Power and Light Co.<br> 5.600%, 06/29/2035<br>| 50000 | 52123 |
| Public Service Co. of Colorado<br> 5.150%, 09/15/2035<br>| 100000 | 101545 |
| Entergy Corp.<br> 7.125%, 12/01/2054(c)<br>| 50000 | 52498 |
|  |  | 15787894 |
| **Electric, Gas Marketing & Trading (0.00%)** | **Electric, Gas Marketing & Trading (0.00%)** | **Electric, Gas Marketing & Trading (0.00%)** |
| Southern Power Co.<br> 4.900%, 10/01/2035<br>| 50000 | 49555 |
|  |  | 49555 |
| **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** |
| Otis Worldwide Corp.<br> 5.250%, 08/16/2028<br>| 150000 | 154628 |
| Lennox International Inc.<br> 5.500%, 09/15/2028<br>| 100000 | 103232 |
| Amphenol Corp.<br> 3.900%, 11/15/2028<br>| 100000 | 99928 |
| 5.050%, 04/05/2029 | 50000 | 51489 |
| 4.125%, 11/15/2030 | 100000 | 99575 |
| 4.400%, 02/15/2033 | 100000 | 99203 |
| 5.000%, 01/15/2035 | 50000 | 51028 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br> PLC/Tyco Fire & Security <br> Finance SCA<br> 5.500%, 04/19/2029<br>| 50000 | 52040 |
| Vontier Corp.<br> 2.950%, 04/01/2031<br>| 150000 | 137832 |
| Allegion U.S. Holding Co. Inc.<br> 5.411%, 07/01/2032<br>| 150000 | 156430 |
| Trane Technologies Financing Ltd.<br> 5.250%, 03/03/2033<br>| 100000 | 104346 |
|  |  | 1109731 |
| **Engineering & Construction (0.00%)** | **Engineering & Construction (0.00%)** | **Engineering & Construction (0.00%)** |
| Quanta Services Inc.<br> 4.750%, 08/09/2027<br>| 50000 | 50615 |
| 5.100%, 08/09/2035 | 50000 | 50209 |
| Jacobs Engineering Group Inc.<br> 6.350%, 08/18/2028<br>| 100000 | 105236 |
| MasTec Inc.<br> 5.900%, 06/15/2029<br>| 50000 | 52126 |
|  |  | 258186 |
| **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** |
| Netflix Inc.<br> 4.875%, 04/15/2028<br>| 100000 | 102165 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Entertainment Content (Cont.)** | **Entertainment Content (Cont.)** | **Entertainment Content (Cont.)** |
| Walt Disney Co., The<br> 3.800%, 03/22/2030<br>| $150000 | $148822 |
| 6.200%, 12/15/2034 | 150000 | 168688 |
|  |  | 419675 |
| **Food (0.00%)** | **Food (0.00%)** | **Food (0.00%)** |
| Mondelez International Inc.<br> 2.625%, 03/17/2027<br>| 250000 | 246203 |
| &nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. <br> S.a.r.l.<br> 3.000%, 02/02/2029<br>| 250000 | 240783 |
| 3.625%, 01/15/2032 | 250000 | 233943 |
| 5.750%, 04/01/2033 | 73000 | 76284 |
| General Mills Inc.<br> 4.875%, 01/30/2030<br>| 100000 | 102347 |
| 4.950%, 03/29/2033 | 100000 | 101605 |
| 5.250%, 01/30/2035 | 100000 | 102247 |
| Kraft Heinz Foods Co.<br> 3.750%, 04/01/2030<br>| 250000 | 244896 |
| Pilgrim's Pride Corp.<br> 4.250%, 04/15/2031<br>| 250000 | 244067 |
| 3.500%, 03/01/2032 | 250000 | 231366 |
| 6.250%, 07/01/2033 | 100000 | 106884 |
| Kellanova<br> 5.250%, 03/01/2033<br>| 100000 | 103815 |
| McCormick & Co. Inc.<br> 4.950%, 04/15/2033<br>| 100000 | 101765 |
| Hershey Co., The<br> 4.500%, 05/04/2033<br>| 100000 | 100484 |
|  |  | 2236689 |
| **Forestry, Paper & Wood Products (0.00%)** | **Forestry, Paper & Wood Products (0.00%)** | **Forestry, Paper & Wood Products (0.00%)** |
| Suzano Austria GmbH<br> 6.000%, 01/15/2029<br>| 200000 | 205979 |
|  |  | 205979 |
| **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** |
| Southern California Gas Co.<br> 2.950%, 04/15/2027<br>| 100000 | 98920 |
| 5.200%, 06/01/2033 | 100000 | 103373 |
| 5.450%, 06/15/2035 | 50000 | 52132 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources <br> Corp.<br> 5.250%, 03/01/2028<br>| 100000 | 102513 |
| 5.400%, 03/01/2033 | 9000 | 9332 |
| NiSource Inc.<br> 5.250%, 03/30/2028<br>| 100000 | 102557 |
| 5.200%, 07/01/2029 | 50000 | 51590 |
| 3.600%, 05/01/2030 | 50000 | 48621 |
| 5.350%, 07/15/2035 | 50000 | 51207 |
| 6.950%, 11/30/2054(c) | 50000 | 52040 |
| Essential Utilities Inc.<br> 2.704%, 04/15/2030<br>| 50000 | 46984 |
| 5.250%, 08/15/2035 | 50000 | 51075 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Gas & Water Utilities (Cont.)** | **Gas & Water Utilities (Cont.)** | **Gas & Water Utilities (Cont.)** |
| Southwest Gas Corp.<br> 4.050%, 03/15/2032<br>| $100000 | $96599 |
| American Water Capital Corp.<br> 4.450%, 06/01/2032<br>| 100000 | 100180 |
| 5.250%, 03/01/2035 | 50000 | 51630 |
| Atmos Energy Corp.<br> 5.900%, 11/15/2033<br>| 50000 | 54159 |
| Southern Co. Gas Capital Corp.<br> 4.950%, 09/15/2034<br>| 100000 | 100429 |
|  |  | 1173341 |
| **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** |
| HCA Inc.<br> 3.125%, 03/15/2027<br>| 150000 | 148459 |
| 5.000%, 03/01/2028 | 100000 | 101892 |
| 5.200%, 06/01/2028 | 150000 | 153729 |
| 3.375%, 03/15/2029 | 150000 | 146259 |
| 5.250%, 03/01/2030 | 100000 | 103313 |
| 5.450%, 04/01/2031 | 100000 | 104455 |
| 3.625%, 03/15/2032 | 100000 | 94606 |
| 5.500%, 06/01/2033 | 100000 | 104217 |
| 5.600%, 04/01/2034 | 100000 | 104441 |
| 5.750%, 03/01/2035 | 100000 | 105161 |
| 4.900%, 11/15/2035 | 50000 | 49409 |
| UnitedHealth Group Inc.<br> 3.700%, 05/15/2027<br>| 250000 | 249576 |
| 5.250%, 02/15/2028 | 250000 | 256942 |
| 4.000%, 05/15/2029 | 250000 | 249884 |
| 5.300%, 02/15/2030 | 250000 | 260670 |
| 4.650%, 01/15/2031 | 100000 | 101716 |
| 4.200%, 05/15/2032 | 250000 | 247194 |
| 5.350%, 02/15/2033 | 100000 | 104350 |
| 4.500%, 04/15/2033 | 100000 | 99592 |
| 5.150%, 07/15/2034 | 100000 | 102609 |
| CommonSpirit Health<br> 6.073%, 11/01/2027<br>| 150000 | 155073 |
| Cencora Inc.<br> 4.625%, 12/15/2027<br>| 100000 | 101280 |
| 5.150%, 02/15/2035 | 100000 | 102422 |
| Humana Inc.<br> 5.750%, 03/01/2028<br>| 250000 | 257816 |
| 3.700%, 03/23/2029 | 250000 | 245591 |
| 5.375%, 04/15/2031 | 100000 | 103468 |
| IQVIA Inc.<br> 5.700%, 05/15/2028<br>| 200000 | 206360 |
| 6.250%, 02/01/2029 | 100000 | 105465 |
| Centene Corp.<br> 2.450%, 07/15/2028<br>| 250000 | 234116 |
| 2.500%, 03/01/2031 | 400000 | 345333 |
| McKesson Corp.<br> 4.900%, 07/15/2028<br>| 150000 | 153672 |
| 4.950%, 05/30/2032 | 50000 | 51455 |
| 5.100%, 07/15/2033 | 100000 | 103492 |
| CVS Health Corp.<br> 5.000%, 01/30/2029<br>| 150000 | 153273 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** |
| 5.125%, 02/21/2030 | $250000 | $257030 |
| 3.750%, 04/01/2030 | 100000 | 97713 |
| 5.250%, 01/30/2031 | 250000 | 258475 |
| 5.000%, 09/15/2032 | 50000 | 51121 |
| 5.250%, 02/21/2033 | 100000 | 103143 |
| 5.300%, 06/01/2033 | 100000 | 103285 |
| 5.700%, 06/01/2034 | 100000 | 105005 |
| 5.450%, 09/15/2035 | 100000 | 102522 |
| Cigna Group, The<br> 5.000%, 05/15/2029<br>| 300000 | 308296 |
| 5.125%, 05/15/2031 | 100000 | 103462 |
| 5.250%, 02/15/2034 | 100000 | 102998 |
| Cardinal Health Inc.<br> 4.500%, 09/15/2030<br>| 100000 | 101024 |
| 5.350%, 11/15/2034 | 100000 | 103273 |
| Universal Health Services Inc.<br> 2.650%, 10/15/2030<br>| 250000 | 228166 |
| Adventist Health System<br> 5.430%, 03/01/2032<br>| 150000 | 153483 |
| Sutter Health<br> 5.213%, 08/15/2032<br>| 50000 | 51851 |
| 5.164%, 08/15/2033 | 100000 | 103003 |
| Elevance Health Inc.<br> 5.500%, 10/15/2032<br>| 250000 | 263516 |
| 4.750%, 02/15/2033 | 250000 | 251122 |
| 5.375%, 06/15/2034 | 100000 | 103503 |
| Quest Diagnostics Inc.<br> 6.400%, 11/30/2033<br>| 100000 | 110876 |
| Ascension Health<br> 4.923%, 11/15/2035<br>| 50000 | 50179 |
|  |  | 8320336 |
| **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** |
| Solventum Corp.<br> 5.450%, 03/13/2031<br>| 100000 | 104366 |
|  |  | 104366 |
| **Home Construction (0.00%)** | **Home Construction (0.00%)** | **Home Construction (0.00%)** |
| D.R. Horton Inc.<br> 1.400%, 10/15/2027<br>| 100000 | 95716 |
| 5.500%, 10/15/2035 | 100000 | 104372 |
| Lennar Corp.<br> 5.200%, 07/30/2030<br>| 50000 | 51439 |
| Sekisui House U.S. Inc.<br> 2.500%, 01/15/2031<br>| 100000 | 88975 |
| Fortune Brands Innovations Inc.<br> 4.000%, 03/25/2032<br>| 150000 | 143924 |
| 5.875%, 06/01/2033 | 100000 | 105809 |
| Meritage Homes Corp.<br> 5.650%, 03/15/2035<br>| 75000 | 76774 |
|  |  | 667009 |
| **Household Products (0.00%)** | **Household Products (0.00%)** | **Household Products (0.00%)** |
| Procter & Gamble Co., The<br> 1.900%, 02/01/2027<br>| 100000 | 98197 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Household Products (Cont.)** | **Household Products (Cont.)** | **Household Products (Cont.)** |
| 3.950%, 01/26/2028 | $100000 | $100923 |
| 4.150%, 10/24/2029 | 50000 | 50728 |
| 2.300%, 02/01/2032 | 100000 | 91442 |
| 4.050%, 01/26/2033 | 100000 | 100148 |
| 4.350%, 11/03/2035 | 100000 | 99006 |
| Haleon U.S. Capital LLC<br> 3.375%, 03/24/2027<br>| 250000 | 248213 |
| 3.625%, 03/24/2032 | 250000 | 238226 |
| Colgate-Palmolive Co.<br> 3.100%, 08/15/2027<br>| 100000 | 99160 |
| 4.600%, 03/01/2028 | 100000 | 101568 |
| Kenvue Inc.<br> 5.050%, 03/22/2028<br>| 100000 | 102188 |
| 5.000%, 03/22/2030 | 100000 | 103048 |
| 4.900%, 03/22/2033 | 100000 | 102189 |
| Unilever Capital Corp.<br> 1.375%, 09/14/2030<br>| 300000 | 266692 |
| Clorox Co., The<br> 4.600%, 05/01/2032<br>| 100000 | 101022 |
| Church & Dwight Co. Inc.<br> 5.600%, 11/15/2032<br>| 100000 | 106453 |
| Estee Lauder Cos. Inc., The<br> 4.650%, 05/15/2033<br>| 100000 | 100758 |
|  |  | 2109961 |
| **Industrial Intermediate Products (0.00%)** | **Industrial Intermediate Products (0.00%)** | **Industrial Intermediate Products (0.00%)** |
| Timken Co., The<br> 4.125%, 04/01/2032<br>| 150000 | 144289 |
|  |  | 144289 |
| **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** |
| Intercontinental Exchange Inc.<br> 4.000%, 09/15/2027<br>| 250000 | 250765 |
| 4.350%, 06/15/2029 | 250000 | 252773 |
| 4.600%, 03/15/2033 | 250000 | 253292 |
| Nomura Holdings Inc.<br> 5.842%, 01/18/2028<br>| 500000 | 516109 |
| 6.181%, 01/18/2033 | 250000 | 270741 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley(Variable, U.S. SOFR <br> + 1.00%)<br> 2.475%, 01/21/2028(c)<br>| 250000 | 245939 |
| 5.652%, 04/13/2028(c) | 100000 | 101982 |
| 4.210%, 04/20/2028(c) | 250000 | 250595 |
| 3.772%, 01/24/2029(c) | 150000 | 149197 |
| 5.123%, 02/01/2029(c) | 250000 | 255256 |
| 5.164%, 04/20/2029(c) | 250000 | 255710 |
| 5.449%, 07/20/2029(c) | 250000 | 258131 |
| 6.407%, 11/01/2029(c) | 150000 | 159044 |
| 5.173%, 01/16/2030(c) | 150000 | 154082 |
| 4.431%, 01/23/2030(c) | 250000 | 251541 |
| 5.656%, 04/18/2030(c) | 250000 | 260634 |
| 5.042%, 07/19/2030(c) | 250000 | 256551 |
| 2.699%, 01/22/2031(c) | 250000 | 234685 |
| 4.356%, 10/22/2031 | 150000 | 149652 |
| 2.239%, 07/21/2032(c) | 250000 | 222364 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| 2.943%, 01/21/2033(c) | $250000 | $228415 |
| 4.889%, 07/20/2033(c) | 500000 | 508035 |
| 6.342%, 10/18/2033(c) | 500000 | 548631 |
| 5.250%, 04/21/2034(c) | 150000 | 154709 |
| 5.424%, 07/21/2034(c) | 150000 | 156294 |
| 6.627%, 11/01/2034(c) | 100000 | 112035 |
| 2.484%, 09/16/2036(c) | 250000 | 220101 |
| 4.892%, 10/22/2036 | 250000 | 248342 |
| 5.297%, 04/20/2037(c) | 250000 | 254617 |
| 5.948%, 01/19/2038(c) | 250000 | 263438 |
| 5.942%, 02/07/2039(c) | 250000 | 263173 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., <br> The<br> 3.400%, 01/29/2028<br>| 250000 | 248291 |
| 3.992%, 06/13/2028(c) | 150000 | 150074 |
| 5.834%, 10/25/2033(c) | 150000 | 161952 |
| 4.706%, 02/01/2034(c) | 150000 | 150777 |
| 6.474%, 10/25/2034(c) | 250000 | 279954 |
| &nbsp;&nbsp;&nbsp; State Street Corp.(Variable, <br> U.S. SOFR + 0.73%)<br> 2.203%, 02/07/2028(c)<br>| 150000 | 147288 |
| 4.536%, 02/28/2028 | 100000 | 101556 |
| 4.729%, 02/28/2030 | 100000 | 102405 |
| 4.834%, 04/24/2030 | 100000 | 103044 |
| 4.675%, 10/22/2032(c) | 100000 | 101953 |
| 5.159%, 05/18/2034(c) | 150000 | 155360 |
| 5.146%, 02/28/2036(c) | 60000 | 61538 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., <br> The(Variable, U.S. SOFR + <br> 1.11%)<br> 2.640%, 02/24/2028(c)<br>| 250000 | 246123 |
| 3.615%, 03/15/2028(c) | 250000 | 248642 |
| 4.937%, 04/23/2028(c) | 150000 | 151737 |
| 4.482%, 08/23/2028(c) | 250000 | 251788 |
| 4.223%, 05/01/2029(c) | 150000 | 150349 |
| 6.484%, 10/24/2029(c) | 150000 | 159130 |
| 5.727%, 04/25/2030(c) | 250000 | 261345 |
| 5.049%, 07/23/2030(c) | 250000 | 256339 |
| 4.369%, 10/21/2031 | 250000 | 249687 |
| 2.615%, 04/22/2032(c) | 250000 | 228165 |
| 2.383%, 07/21/2032(c) | 250000 | 224145 |
| 3.102%, 02/24/2033(c) | 500000 | 461312 |
| 6.561%, 10/24/2034(c) | 100000 | 111587 |
| 5.851%, 04/25/2035(c) | 100000 | 106481 |
| 5.330%, 07/23/2035(c) | 100000 | 102925 |
| 5.016%, 10/23/2035(c) | 100000 | 100708 |
| 5.536%, 01/28/2036(c) | 150000 | 156059 |
| 4.939%, 10/21/2036 | 250000 | 248728 |
| Jefferies Financial Group Inc.<br> 5.875%, 07/21/2028<br>| 100000 | 103939 |
| 6.200%, 04/14/2034 | 100000 | 105741 |
| BGC Group Inc.<br> 6.150%, 04/02/2030<br>| 50000 | 51803 |
| LPL Holdings Inc.<br> 5.150%, 06/15/2030<br>| 50000 | 51028 |
| 5.650%, 03/15/2035 | 100000 | 102681 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| CME Group Inc.<br> 2.650%, 03/15/2032<br>| $100000 | $91534 |
| Nasdaq Inc.<br> 5.550%, 02/15/2034<br>| 88000 | 92556 |
| Goldman Sachs Capital I<br> 6.345%, 02/15/2034<br>| 100000 | 106288 |
|  |  | 13891845 |
| **Insurance (0.00%)** | **Insurance (0.00%)** | **Insurance (0.00%)** |
| Berkshire Hathaway Finance Corp.<br> 2.300%, 03/15/2027<br>| 50000 | 49217 |
| 2.875%, 03/15/2032 | 100000 | 93334 |
| Progressive Corp., The<br> 2.500%, 03/15/2027<br>| 50000 | 49226 |
| 4.950%, 06/15/2033 | 100000 | 102682 |
| Aon Corp./Aon Global Holdings PLC<br> 2.850%, 05/28/2027<br>| 150000 | 147755 |
| 5.350%, 02/28/2033 | 250000 | 260668 |
| Willis North America Inc.<br> 4.650%, 06/15/2027<br>| 250000 | 251990 |
| F&G Annuities & Life Inc.<br> 7.400%, 01/13/2028<br>| 250000 | 261691 |
| 6.500%, 06/04/2029 | 100000 | 104230 |
| Corebridge Financial Inc.<br> 3.850%, 04/05/2029<br>| 250000 | 246093 |
| 3.900%, 04/05/2032 | 250000 | 237840 |
| 6.875%, 12/15/2052(c) | 250000 | 256042 |
| Chubb INA Holdings LLC<br> 4.650%, 08/15/2029<br>| 150000 | 153439 |
| 5.000%, 03/15/2034 | 100000 | 102488 |
| Marsh & McLennan Cos. Inc.<br> 4.650%, 03/15/2030<br>| 100000 | 102045 |
| 2.250%, 11/15/2030 | 250000 | 228473 |
| MetLife Inc.<br> 4.550%, 03/23/2030<br>| 250000 | 255383 |
| Aflac Inc.<br> 3.600%, 04/01/2030<br>| 250000 | 245904 |
| Brown & Brown Inc.<br> 4.900%, 06/23/2030<br>| 60000 | 60902 |
| Lincoln National Corp.<br> 3.400%, 01/15/2031<br>| 150000 | 142685 |
| Arthur J. Gallagher & Co.<br> 5.000%, 02/15/2032<br>| 100000 | 102354 |
| 5.150%, 02/15/2035 | 100000 | 101272 |
| American International Group Inc.<br> 5.125%, 03/27/2033<br>| 250000 | 257567 |
| Allstate Corp., The<br> 5.250%, 03/30/2033<br>| 250000 | 260602 |
| Fairfax Financial Holdings Ltd.<br> 6.000%, 12/07/2033<br>| 100000 | 106146 |
| Aon North America Inc.<br> 5.450%, 03/01/2034<br>| 100000 | 104123 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Insurance (Cont.)** | **Insurance (Cont.)** | **Insurance (Cont.)** |
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 5Y + 3.16%)<br> 5.125%, 03/01/2052(c)<br>| $250000 | $247715 |
| 6.000%, 09/01/2052(c) | 250000 | 257582 |
| Athene Holding Ltd.<br> 6.625%, 10/15/2054(c)<br>| 250000 | 249526 |
|  |  | 5038974 |
| **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** |
| Meta Platforms Inc.<br> 3.500%, 08/15/2027<br>| 500000 | 499056 |
| 4.600%, 05/15/2028 | 500000 | 509374 |
| 4.800%, 05/15/2030 | 100000 | 103051 |
| 3.850%, 08/15/2032 | 200000 | 194257 |
| 4.950%, 05/15/2033 | 250000 | 257775 |
| 4.750%, 08/15/2034 | 100000 | 101058 |
| 4.875%, 11/15/2035 | 100000 | 100034 |
| Uber Technologies Inc.<br> 4.300%, 01/15/2030<br>| 100000 | 100625 |
| Expedia Group Inc.<br> 3.250%, 02/15/2030<br>| 100000 | 95983 |
| 5.400%, 02/15/2035 | 100000 | 102769 |
| Alphabet Inc.<br> 4.100%, 11/15/2030<br>| 175000 | 175734 |
| 4.375%, 11/15/2032 | 100000 | 100489 |
| 4.500%, 05/15/2035 | 50000 | 49830 |
| 4.700%, 11/15/2035 | 300000 | 300664 |
|  |  | 2690699 |
| **Investment Companies (0.00%)** | **Investment Companies (0.00%)** | **Investment Companies (0.00%)** |
| Apollo Debt Solutions BDC<br> 6.550%, 03/15/2032<br>| 100000 | 103615 |
|  |  | 103615 |
| **IT Services (0.00%)** | **IT Services (0.00%)** | **IT Services (0.00%)** |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br> 2.200%, 02/09/2027<br>| 150000 | 147272 |
| 4.150%, 07/27/2027 | 150000 | 150817 |
| 4.500%, 02/06/2028 | 100000 | 100982 |
| 1.950%, 05/15/2030 | 200000 | 182445 |
| 4.750%, 02/06/2033 | 250000 | 254206 |
| 5.200%, 02/10/2035 | 100000 | 102682 |
| Kyndryl Holdings Inc.<br> 2.700%, 10/15/2028<br>| 250000 | 239633 |
| 3.150%, 10/15/2031 | 150000 | 137118 |
| Booz Allen Hamilton Inc.<br> 5.950%, 08/04/2033<br>| 100000 | 104367 |
| IBM International Capital Pte. Ltd.<br> 4.900%, 02/05/2034<br>| 100000 | 101086 |
| Accenture Capital Inc.<br> 4.500%, 10/04/2034<br>| 100000 | 98794 |
|  |  | 1619402 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** |
| Hyatt Hotels Corp.<br> 5.750%, 01/30/2027<br>| $80000 | $81239 |
| 5.050%, 03/30/2028 | 50000 | 50920 |
| 5.750%, 03/30/2032 | 100000 | 104950 |
| Starbucks Corp.<br> 4.850%, 02/08/2027<br>| 100000 | 100897 |
| 2.250%, 03/12/2030 | 100000 | 92284 |
| 4.800%, 02/15/2033 | 100000 | 101382 |
| 5.000%, 02/15/2034 | 100000 | 102175 |
| Las Vegas Sands Corp.<br> 5.900%, 06/01/2027<br>| 100000 | 102008 |
| 6.000%, 08/15/2029 | 100000 | 104444 |
| 6.000%, 06/14/2030 | 50000 | 52450 |
| McDonald's Corp.<br> 4.800%, 08/14/2028<br>| 250000 | 255376 |
| 3.600%, 07/01/2030 | 150000 | 147319 |
| 4.950%, 08/14/2033 | 100000 | 103298 |
| Marriott International Inc.<br> 4.900%, 04/15/2029<br>| 250000 | 255792 |
| 5.100%, 04/15/2032 | 100000 | 103122 |
| 5.300%, 05/15/2034 | 100000 | 103303 |
| 5.350%, 03/15/2035 | 50000 | 51479 |
|  |  | 1912438 |
| **Leisure Products (0.00%)** | **Leisure Products (0.00%)** | **Leisure Products (0.00%)** |
| Hasbro Inc.<br> 3.900%, 11/19/2029<br>| 50000 | 49192 |
|  |  | 49192 |
| **Machinery (0.00%)** | **Machinery (0.00%)** | **Machinery (0.00%)** |
| Caterpillar Financial Services Corp.<br> 4.500%, 01/08/2027<br>| 100000 | 100733 |
| 5.000%, 05/14/2027 | 50000 | 50836 |
| 3.600%, 08/12/2027 | 100000 | 99860 |
| 4.375%, 08/16/2029 | 100000 | 101435 |
| 4.800%, 01/08/2030 | 100000 | 103433 |
| John Deere Capital Corp.<br> 4.500%, 01/08/2027<br>| 100000 | 100766 |
| 4.150%, 09/15/2027 | 100000 | 100787 |
| 4.900%, 03/03/2028 | 100000 | 102358 |
| 4.950%, 07/14/2028 | 100000 | 102727 |
| 4.850%, 10/11/2029 | 150000 | 154840 |
| 4.700%, 06/10/2030 | 150000 | 153788 |
| 4.350%, 09/15/2032 | 100000 | 100396 |
| 5.100%, 04/11/2034 | 100000 | 103583 |
| 5.050%, 06/12/2034 | 100000 | 103331 |
| Stanley Black & Decker Inc.<br> 6.000%, 03/06/2028<br>| 150000 | 155490 |
| CNH Industrial Capital LLC<br> 4.750%, 03/21/2028<br>| 100000 | 101169 |
| 4.550%, 04/10/2028 | 100000 | 100713 |
| Regal Rexnord Corp.<br> 6.050%, 04/15/2028<br>| 150000 | 155214 |
| 6.300%, 02/15/2030 | 150000 | 159097 |
| 6.400%, 04/15/2033 | 250000 | 269269 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Machinery (Cont.)** | **Machinery (Cont.)** | **Machinery (Cont.)** |
| Eaton Corp.<br> 4.350%, 05/18/2028<br>| $150000 | $151702 |
| 4.150%, 03/15/2033 | 100000 | 98550 |
| Ingersoll Rand Inc.<br> 5.400%, 08/14/2028<br>| 150000 | 155102 |
| 5.176%, 06/15/2029 | 50000 | 51721 |
| 5.700%, 08/14/2033 | 100000 | 106113 |
| 5.450%, 06/15/2034 | 100000 | 104193 |
| Veralto Corp.<br> 5.350%, 09/18/2028<br>| 100000 | 103153 |
| Deere Funding Canada Corp.<br> 4.150%, 10/09/2030<br>| 130000 | 130096 |
| Pentair Finance S.a.r.l.<br> 5.900%, 07/15/2032<br>| 100000 | 106248 |
| AGCO Corp.<br> 5.800%, 03/21/2034<br>| 100000 | 104768 |
| Deere & Co.<br> 5.450%, 01/16/2035<br>| 100000 | 105690 |
| Caterpillar Inc.<br> 5.200%, 05/15/2035<br>| 100000 | 103829 |
|  |  | 3740990 |
| **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** |
| Baxter International Inc.<br> 1.915%, 02/01/2027<br>| 66000 | 64409 |
| 4.900%, 12/15/2030 | 50000 | 50418 |
| 2.539%, 02/01/2032 | 100000 | 87273 |
| Bio-Rad Laboratories Inc.<br> 3.300%, 03/15/2027<br>| 150000 | 148660 |
| GE HealthCare Technologies Inc.<br> 5.650%, 11/15/2027<br>| 150000 | 154447 |
| 5.857%, 03/15/2030 | 250000 | 264562 |
| 5.905%, 11/22/2032 | 250000 | 269633 |
| Thermo Fisher Scientific Inc.<br> 4.800%, 11/21/2027<br>| 150000 | 152663 |
| 4.977%, 08/10/2030 | 250000 | 259521 |
| 5.086%, 08/10/2033 | 100000 | 103965 |
| 4.794%, 10/07/2035 | 100000 | 100500 |
| Illumina Inc.<br> 5.750%, 12/13/2027<br>| 150000 | 154511 |
| Stryker Corp.<br> 4.700%, 02/10/2028<br>| 100000 | 101458 |
| 4.850%, 02/10/2030 | 100000 | 102743 |
| 5.200%, 02/10/2035 | 100000 | 102904 |
| Becton Dickinson & Co.<br> 4.693%, 02/13/2028<br>| 150000 | 152024 |
| Medtronic Global Holdings SCA<br> 4.250%, 03/30/2028<br>| 150000 | 151192 |
| 4.500%, 03/30/2033 | 100000 | 100348 |
| Zimmer Biomet Holdings Inc.<br> 5.500%, 02/19/2035<br>| 50000 | 51949 |
|  |  | 2573180 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** |
| Rio Tinto Finance U.S.A. PLC<br> 4.375%, 03/12/2027<br>| $100000 | $100679 |
| 4.500%, 03/14/2028 | 100000 | 101184 |
| 4.875%, 03/14/2030 | 100000 | 102850 |
| 5.000%, 03/09/2033 | 100000 | 102849 |
| 5.250%, 03/14/2035 | 100000 | 103231 |
| BHP Billiton Finance U.S.A. Ltd.<br> 4.750%, 02/28/2028<br>| 150000 | 152379 |
| 5.100%, 09/08/2028 | 100000 | 103081 |
| 4.900%, 02/28/2033 | 100000 | 102179 |
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance <br> Pty Ltd.<br> 3.250%, 05/13/2030<br>| 79000 | 76580 |
| 5.350%, 03/15/2034 | 50000 | 52341 |
| Vale Overseas Ltd.<br> 3.750%, 07/08/2030<br>| 100000 | 96277 |
| 6.125%, 06/12/2033 | 100000 | 107045 |
| Freeport-McMoRan Inc.<br> 4.625%, 08/01/2030<br>| 100000 | 100801 |
| Yamana Gold Inc.<br> 2.630%, 08/15/2031<br>| 150000 | 135014 |
| Newmont Corp.<br> 5.875%, 04/01/2035<br>| 50000 | 54172 |
|  |  | 1490662 |
| **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** |
| Enterprise Products Operating LLC<br> 4.600%, 01/11/2027<br>| 100000 | 100727 |
| 3.125%, 07/31/2029 | 150000 | 145553 |
| 4.600%, 01/15/2031 | 100000 | 101309 |
| 5.350%, 01/31/2033 | 100000 | 104613 |
| 4.950%, 02/15/2035 | 100000 | 101375 |
| Sabine Pass Liquefaction LLC<br> 5.000%, 03/15/2027<br>| 100000 | 100679 |
| 4.200%, 03/15/2028 | 100000 | 100120 |
| 4.500%, 05/15/2030 | 100000 | 100501 |
| Exxon Mobil Corp.<br> 3.294%, 03/19/2027<br>| 250000 | 248947 |
| 2.610%, 10/15/2030 | 250000 | 234625 |
| Coterra Energy Inc.<br> 3.900%, 05/15/2027<br>| 250000 | 249083 |
| 4.375%, 03/15/2029 | 250000 | 250780 |
| Targa Resources Corp.<br> 5.200%, 07/01/2027<br>| 250000 | 254082 |
| 6.150%, 03/01/2029 | 100000 | 105326 |
| 4.900%, 09/15/2030 | 100000 | 101994 |
| 6.125%, 03/15/2033 | 100000 | 107159 |
| Chevron U.S.A. Inc.<br> 1.018%, 08/12/2027<br>| 250000 | 239656 |
| 3.850%, 01/15/2028 | 250000 | 250442 |
| 3.250%, 10/15/2029 | 250000 | 244219 |
| 4.300%, 10/15/2030 | 100000 | 101055 |
| Phillips 66 Co.<br> 4.950%, 12/01/2027<br>| 125000 | 127024 |
| 3.750%, 03/01/2028 | 100000 | 99340 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 3.150%, 12/15/2029 | $150000 | $144102 |
| 5.300%, 06/30/2033 | 150000 | 154972 |
| 5.875%, 03/15/2056 | 100000 | 98930 |
| Energy Transfer L.P.<br> 5.550%, 02/15/2028<br>| 250000 | 256724 |
| 5.750%, 02/15/2033 | 100000 | 105088 |
| 6.550%, 12/01/2033 | 100000 | 109785 |
| 5.550%, 05/15/2034 | 100000 | 102936 |
| 5.600%, 09/01/2034 | 100000 | 103101 |
| 5.700%, 04/01/2035 | 100000 | 103698 |
| MPLX L.P.<br> 4.000%, 03/15/2028<br>| 100000 | 99817 |
| 2.650%, 08/15/2030 | 100000 | 92703 |
| 4.800%, 02/15/2031 | 100000 | 101167 |
| 5.000%, 03/01/2033 | 100000 | 100621 |
| 5.500%, 06/01/2034 | 100000 | 102202 |
| 5.400%, 09/15/2035 | 100000 | 100910 |
| EQT Corp.<br> 5.700%, 04/01/2028<br>| 250000 | 258051 |
| 4.750%, 01/15/2031 | 50000 | 50375 |
| TransCanada PipeLines Ltd.<br> 4.250%, 05/15/2028<br>| 150000 | 150349 |
| Ovintiv Inc.<br> 5.650%, 05/15/2028<br>| 250000 | 257431 |
| 6.250%, 07/15/2033 | 250000 | 265586 |
| Williams Cos. Inc., The<br> 5.300%, 08/15/2028<br>| 250000 | 257448 |
| 2.600%, 03/15/2031 | 250000 | 228493 |
| 5.650%, 03/15/2033 | 100000 | 105348 |
| Occidental Petroleum Corp.<br> 6.375%, 09/01/2028<br>| 100000 | 104748 |
| 8.875%, 07/15/2030 | 100000 | 115622 |
| 5.550%, 10/01/2034 | 100000 | 102029 |
| Cheniere Energy Inc.<br> 4.625%, 10/15/2028<br>| 250000 | 249667 |
| ONEOK Inc.<br> 5.650%, 11/01/2028<br>| 250000 | 259729 |
| 5.800%, 11/01/2030 | 250000 | 263754 |
| 6.100%, 11/15/2032 | 150000 | 160755 |
| 5.050%, 11/01/2034 | 100000 | 99326 |
| 5.400%, 10/15/2035 | 100000 | 101254 |
| Enbridge Inc.<br> 6.000%, 11/15/2028<br>| 100000 | 105118 |
| 5.300%, 04/05/2029 | 100000 | 103154 |
| 4.500%, 02/15/2031 | 100000 | 100017 |
| 5.700%, 03/08/2033 | 150000 | 158240 |
| 5.550%, 06/20/2035 | 50000 | 51825 |
| 5.200%, 11/20/2035 | 100000 | 100945 |
| BP Capital Markets America Inc.<br> 4.970%, 10/17/2029<br>| 100000 | 102969 |
| 2.721%, 01/12/2032 | 250000 | 228034 |
| 4.812%, 02/13/2033 | 250000 | 253585 |
| 4.893%, 09/11/2033 | 100000 | 101880 |
| 4.989%, 04/10/2034 | 100000 | 102163 |
| 5.227%, 11/17/2034 | 100000 | 103387 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & <br> Storage Inc.<br> 3.000%, 11/15/2029<br>| $150000 | $143429 |
| &nbsp;&nbsp;&nbsp; Cheniere Corp.us Christi Holdings <br> LLC<br> 3.700%, 11/15/2029<br>| 250000 | 244359 |
| Canadian Natural Resources Ltd.<br> 5.000%, 12/15/2029<br>| 100000 | 102601 |
| 5.400%, 12/15/2034 | 100000 | 101901 |
| Diamondback Energy Inc.<br> 5.150%, 01/30/2030<br>| 100000 | 102942 |
| 6.250%, 03/15/2033 | 250000 | 269840 |
| 5.400%, 04/18/2034 | 100000 | 102562 |
| Chevron Corp.<br> 2.236%, 05/11/2030<br>| 250000 | 232068 |
| Kinder Morgan Inc.<br> 5.150%, 06/01/2030<br>| 100000 | 103496 |
| 5.200%, 06/01/2033 | 100000 | 103047 |
| 5.400%, 02/01/2034 | 100000 | 103426 |
| EOG Resources Inc.<br> 4.400%, 01/15/2031<br>| 100000 | 100496 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline <br> L.P./PAA Finance Corp.<br> 4.700%, 01/15/2031<br>| 100000 | 100655 |
| Cenovus Energy Inc.<br> 4.650%, 03/20/2031<br>| 100000 | 99753 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources Partners <br> Finance Corp.<br> 4.000%, 01/15/2032<br>| 250000 | 238878 |
| Western Midstream Operating L.P.<br> 6.150%, 04/01/2033<br>| 250000 | 265064 |
| Cheniere Energy Partners L.P.<br> 5.950%, 06/30/2033<br>| 100000 | 106195 |
| Cheniere Energy Partners L.P.<br> 5.550%, 10/30/2035(d)<br>| 150000 | 153753 |
| TotalEnergies Capital SA<br> 4.724%, 09/10/2034<br>| 100000 | 101049 |
| ConocoPhillips Co.<br> 5.000%, 01/15/2035<br>| 150000 | 152352 |
| Shell Finance U.S. Inc.<br> 4.125%, 05/11/2035<br>| 50000 | 48099 |
| Woodside Finance Ltd.<br> 6.000%, 05/19/2035<br>| 100000 | 104332 |
| Plains All American Pipeline L.P.<br> 5.950%, 06/15/2035<br>| 100000 | 104389 |
| Viper Energy Partners LLC<br> 5.700%, 08/01/2035<br>| 100000 | 102053 |
|  |  | 13073386 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Schlumberger Investment SA<br> 2.650%, 06/26/2030<br>| $100000 | $93910 |
| Helmerich & Payne Inc.<br> 2.900%, 09/29/2031<br>| 100000 | 89369 |
|  |  | 183279 |
| **Packaging & Containers (0.00%)** | **Packaging & Containers (0.00%)** | **Packaging & Containers (0.00%)** |
| Sonoco Products Co.<br> 4.600%, 09/01/2029<br>| 100000 | 100860 |
|  |  | 100860 |
| **Pharmaceuticals (0.00%)** | **Pharmaceuticals (0.00%)** | **Pharmaceuticals (0.00%)** |
| Eli Lilly & Co.<br> 4.250%, 03/15/2031<br>| 50000 | 50423 |
| Cardinal Health Inc.<br> 5.150%, 09/15/2035<br>| 50000 | 50924 |
|  |  | 101347 |
| **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** |
| Crown Castle Inc.<br> 4.000%, 03/01/2027<br>| 100000 | 99780 |
| 2.900%, 03/15/2027 | 100000 | 98571 |
| 3.650%, 09/01/2027 | 100000 | 99243 |
| 5.000%, 01/11/2028 | 100000 | 101588 |
| 2.250%, 01/15/2031 | 100000 | 89401 |
| 2.100%, 04/01/2031 | 100000 | 88336 |
| 2.500%, 07/15/2031 | 100000 | 89480 |
| 5.100%, 05/01/2033 | 250000 | 252546 |
| 5.800%, 03/01/2034 | 100000 | 105005 |
| Boston Properties L.P.<br> 6.750%, 12/01/2027<br>| 250000 | 261547 |
| Prologis L.P.<br> 3.375%, 12/15/2027<br>| 250000 | 247927 |
| 4.000%, 09/15/2028 | 250000 | 250562 |
| 2.875%, 11/15/2029 | 250000 | 239209 |
| 1.750%, 07/01/2030 | 250000 | 225107 |
| 4.750%, 06/15/2033 | 250000 | 252541 |
| 5.000%, 03/15/2034 | 100000 | 102009 |
| 5.250%, 05/15/2035 | 100000 | 103468 |
| Digital Realty Trust L.P.<br> 5.550%, 01/15/2028<br>| 250000 | 256861 |
| VICI Properties L.P.<br> 4.750%, 02/15/2028<br>| 250000 | 252515 |
| 5.125%, 05/15/2032 | 250000 | 252095 |
| 5.625%, 04/01/2035 | 100000 | 102344 |
| ERP Operating L.P.<br> 3.500%, 03/01/2028<br>| 50000 | 49533 |
| 3.000%, 07/01/2029 | 50000 | 48251 |
| 4.950%, 06/15/2032 | 50000 | 51196 |
| 4.650%, 09/15/2034 | 50000 | 49563 |
| American Tower Corp.<br> 5.500%, 03/15/2028<br>| 500000 | 514551 |
| 5.250%, 07/15/2028 | 500000 | 514232 |
| 5.650%, 03/15/2033 | 500000 | 527623 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| Extra Space Storage L.P.<br> 5.700%, 04/01/2028<br>| $250000 | $258361 |
| 3.900%, 04/01/2029 | 250000 | 247158 |
| 4.000%, 06/15/2029 | 50000 | 49545 |
| 5.500%, 07/01/2030 | 250000 | 260411 |
| 2.200%, 10/15/2030 | 100000 | 90586 |
| 2.400%, 10/15/2031 | 100000 | 88983 |
| 4.950%, 01/15/2033 | 100000 | 101188 |
| Rexford Industrial Realty L.P.<br> 5.000%, 06/15/2028<br>| 250000 | 254420 |
| Realty Income Corp.<br> 4.700%, 12/15/2028<br>| 250000 | 254967 |
| 4.850%, 03/15/2030 | 250000 | 256922 |
| 5.625%, 10/13/2032 | 250000 | 265358 |
| 1.800%, 03/15/2033 | 100000 | 83151 |
| Ventas Realty L.P.<br> 4.400%, 01/15/2029<br>| 100000 | 100471 |
| 5.000%, 01/15/2035 | 100000 | 100280 |
| Public Storage Operating Co.<br> 5.125%, 01/15/2029<br>| 50000 | 51692 |
| 4.375%, 07/01/2030 | 50000 | 50452 |
| Alexandria Real Estate Equities Inc.<br> 2.750%, 12/15/2029<br>| 50000 | 46967 |
| 4.900%, 12/15/2030 | 50000 | 50707 |
| 2.000%, 05/18/2032 | 50000 | 42343 |
| 1.875%, 02/01/2033 | 50000 | 40989 |
| 4.750%, 04/15/2035 | 50000 | 48211 |
| Welltower OP LLC<br> 4.500%, 07/01/2030<br>| 50000 | 50596 |
| 3.850%, 06/15/2032 | 250000 | 241653 |
| 5.125%, 07/01/2035 | 100000 | 102231 |
| Omega Healthcare Investors Inc.<br> 5.200%, 07/01/2030<br>| 50000 | 50926 |
| Simon Property Group L.P.<br> 2.650%, 07/15/2030<br>| 50000 | 46866 |
| 5.500%, 03/08/2033 | 250000 | 263683 |
| 4.750%, 09/26/2034 | 100000 | 99690 |
| 5.125%, 10/01/2035 | 100000 | 101684 |
| WP Carey Inc.<br> 4.650%, 07/15/2030<br>| 50000 | 50394 |
| Lineage OP L.P.<br> 5.250%, 07/15/2030(d)<br>| 50000 | 50480 |
| AvalonBay Communities Inc.<br> 2.450%, 01/15/2031<br>| 250000 | 228837 |
| CubeSmart L.P.<br> 2.000%, 02/15/2031<br>| 150000 | 132813 |
| Kimco Realty OP LLC<br> 3.200%, 04/01/2032<br>| 250000 | 232505 |
| American Homes 4 Rent L.P.<br> 3.625%, 04/15/2032<br>| 250000 | 236511 |
| Equinix Inc.<br> 3.900%, 04/15/2032<br>| 150000 | 144368 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating <br> Partnership L.P.<br> 4.150%, 04/15/2032<br>| 250000 | 243437 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| Healthpeak OP LLC<br> 5.250%, 12/15/2032<br>| $250000 | $256618 |
| Weyerhaeuser Co.<br> 3.375%, 03/09/2033<br>| 100000 | 91655 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. <br> LLC<br> 5.500%, 06/15/2034<br>| 50000 | 51865 |
| Brixmor Operating Partnership L.P.<br> 5.750%, 02/15/2035<br>| 100000 | 105235 |
|  |  | 10850293 |
| **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** |
| Target Corp.<br> 1.950%, 01/15/2027<br>| 250000 | 245525 |
| 6.350%, 11/01/2032 | 100000 | 111059 |
| 4.400%, 01/15/2033 | 250000 | 250344 |
| Walmart Inc.<br> 3.950%, 09/09/2027<br>| 150000 | 150865 |
| 3.900%, 04/15/2028 | 250000 | 251353 |
| 4.000%, 04/15/2030 | 250000 | 252348 |
| 4.150%, 09/09/2032 | 250000 | 251917 |
| 4.100%, 04/15/2033 | 250000 | 250001 |
| Dollar General Corp.<br> 5.200%, 07/05/2028<br>| 250000 | 256311 |
| Kroger Co., The<br> 1.700%, 01/15/2031<br>| 250000 | 220492 |
|  |  | 2240215 |
| **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** |
| Lowe's Cos. Inc.<br> 3.350%, 04/01/2027<br>| 150000 | 148937 |
| 1.300%, 04/15/2028 | 150000 | 141484 |
| 3.750%, 04/01/2032 | 150000 | 143941 |
| 5.150%, 07/01/2033 | 250000 | 258651 |
| Home Depot Inc., The<br> 2.875%, 04/15/2027<br>| 150000 | 148417 |
| 4.900%, 04/15/2029 | 100000 | 102963 |
| 2.950%, 06/15/2029 | 100000 | 96855 |
| 4.750%, 06/25/2029 | 100000 | 102596 |
| 2.700%, 04/15/2030 | 50000 | 47331 |
| 4.500%, 09/15/2032 | 250000 | 253360 |
| 4.950%, 06/25/2034 | 100000 | 102485 |
| 4.650%, 09/15/2035 | 100000 | 99336 |
| AutoZone Inc.<br> 4.500%, 02/01/2028<br>| 150000 | 151406 |
| 6.250%, 11/01/2028 | 100000 | 105700 |
| Genuine Parts Co.<br> 6.500%, 11/01/2028<br>| 50000 | 52897 |
| AutoNation Inc.<br> 3.850%, 03/01/2032<br>| 150000 | 141183 |
| O'Reilly Automotive Inc.<br> 4.700%, 06/15/2032<br>| 150000 | 151538 |
|  |  | 2249080 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Semiconductors (0.00%)** | **Semiconductors (0.00%)** | **Semiconductors (0.00%)** |
| TSMC Arizona Corp.<br> 3.875%, 04/22/2027<br>| $200000 | $200001 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A. Inc.<br> 3.150%, 05/01/2027<br>| 150000 | 148268 |
| 3.400%, 05/01/2030 | 150000 | 144781 |
| 2.500%, 05/11/2031 | 100000 | 90598 |
| 5.250%, 08/19/2035 | 50000 | 50830 |
| QUALCOMM Inc.<br> 3.250%, 05/20/2027<br>| 150000 | 149190 |
| 5.400%, 05/20/2033 | 250000 | 265111 |
| 5.000%, 05/20/2035 | 50000 | 50895 |
| Broadcom Inc.<br> 5.050%, 07/12/2027<br>| 200000 | 203603 |
| 4.150%, 02/15/2028 | 100000 | 100366 |
| 4.800%, 04/15/2028 | 100000 | 101815 |
| 5.050%, 07/12/2029 | 100000 | 103031 |
| 4.350%, 02/15/2030 | 100000 | 100737 |
| 4.600%, 07/15/2030 | 150000 | 152520 |
| 4.200%, 10/15/2030 | 130000 | 130046 |
| 2.450%, 02/15/2031 | 150000 | 137314 |
| 5.150%, 11/15/2031 | 100000 | 103901 |
| 4.550%, 02/15/2032 | 100000 | 100412 |
| 2.600%, 02/15/2033 | 100000 | 88187 |
| 3.419%, 04/15/2033 | 100000 | 92803 |
| 3.469%, 04/15/2034 | 100000 | 91386 |
| 4.800%, 10/15/2034 | 100000 | 100384 |
| 5.200%, 07/15/2035 | 100000 | 102722 |
| 4.000%, 04/15/2029(d) | 150000 | 149470 |
| 4.150%, 04/15/2032(d) | 150000 | 146897 |
| Intel Corp.<br> 3.750%, 08/05/2027<br>| 150000 | 149158 |
| 4.875%, 02/10/2028 | 100000 | 101407 |
| 1.600%, 08/12/2028 | 250000 | 234671 |
| 4.000%, 08/05/2029 | 150000 | 148556 |
| 5.125%, 02/10/2030 | 150000 | 153866 |
| 5.200%, 02/10/2033 | 250000 | 255214 |
| Texas Instruments Inc.<br> 2.900%, 11/03/2027<br>| 150000 | 148468 |
| 4.900%, 03/14/2033 | 250000 | 258357 |
| 5.100%, 05/23/2035 | 50000 | 51537 |
| NVIDIA Corp.<br> 1.550%, 06/15/2028<br>| 50000 | 47547 |
| 2.850%, 04/01/2030 | 50000 | 47803 |
| 2.000%, 06/15/2031 | 50000 | 45053 |
| Analog Devices Inc.<br> 4.250%, 06/15/2028<br>| 100000 | 100852 |
| 4.500%, 06/15/2030 | 50000 | 50720 |
| 5.050%, 04/01/2034 | 100000 | 103514 |
| Marvell Technology Inc.<br> 5.750%, 02/15/2029<br>| 50000 | 52169 |
| 5.950%, 09/15/2033 | 50000 | 53564 |
| Micron Technology Inc.<br> 5.875%, 02/09/2033<br>| 250000 | 266168 |
|  |  | 5373892 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Software (0.00%)** | **Software (0.00%)** | **Software (0.00%)** |
| Microsoft Corp.<br> 3.300%, 02/06/2027<br>| $250000 | $249054 |
| Workday Inc.<br> 3.500%, 04/01/2027<br>| 150000 | 149112 |
| 3.800%, 04/01/2032 | 150000 | 143747 |
| Synopsys Inc.<br> 4.550%, 04/01/2027<br>| 40000 | 40286 |
| 4.650%, 04/01/2028 | 45000 | 45615 |
| 4.850%, 04/01/2030 | 90000 | 91988 |
| 5.000%, 04/01/2032 | 65000 | 66455 |
| 5.150%, 04/01/2035 | 100000 | 101834 |
| Adobe Inc.<br> 4.850%, 04/04/2027<br>| 100000 | 101362 |
| 4.950%, 01/17/2030 | 100000 | 103600 |
| 5.300%, 01/17/2035 | 100000 | 105515 |
| Oracle Corp.<br> 3.250%, 11/15/2027<br>| 150000 | 146762 |
| 4.500%, 05/06/2028 | 250000 | 250039 |
| 6.150%, 11/09/2029 | 150000 | 156717 |
| 4.650%, 05/06/2030 | 150000 | 148823 |
| 4.450%, 09/26/2030 | 150000 | 146852 |
| 2.875%, 03/25/2031 | 100000 | 89793 |
| 4.800%, 09/26/2032 | 200000 | 194044 |
| 6.250%, 11/09/2032 | 250000 | 261300 |
| 4.900%, 02/06/2033 | 250000 | 241376 |
| 5.200%, 09/26/2035 | 400000 | 384135 |
| VMware LLC<br> 1.800%, 08/15/2028<br>| 50000 | 47297 |
| 4.700%, 05/15/2030 | 50000 | 50844 |
| 2.200%, 08/15/2031 | 50000 | 44485 |
| Roper Technologies Inc.<br> 4.500%, 10/15/2029<br>| 100000 | 101045 |
| 4.750%, 02/15/2032 | 100000 | 101236 |
| 4.900%, 10/15/2034 | 100000 | 99962 |
| 5.100%, 09/15/2035 | 100000 | 100937 |
|  |  | 3764215 |
| **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** |
| Global Payments Inc.<br> 2.150%, 01/15/2027<br>| 150000 | 146858 |
| 5.400%, 08/15/2032 | 150000 | 152811 |
| S&P Global Inc.<br> 2.450%, 03/01/2027<br>| 150000 | 147628 |
| 4.250%, 05/01/2029 | 150000 | 150892 |
| 2.500%, 12/01/2029 | 150000 | 141487 |
| 1.250%, 08/15/2030 | 250000 | 219957 |
| FactSet Research Systems Inc.<br> 2.900%, 03/01/2027<br>| 150000 | 147747 |
| American Express Co.<br> 2.550%, 03/04/2027<br>| 150000 | 147854 |
| 5.850%, 11/05/2027 | 150000 | 155174 |
| 5.098%, 02/16/2028(c) | 150000 | 151774 |
| 5.282%, 07/27/2029(c) | 150000 | 154538 |
| 5.532%, 04/25/2030(c) | 150000 | 156562 |
| 5.085%, 01/30/2031(c) | 100000 | 103149 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| 5.016%, 04/25/2031(c) | $100000 | $103139 |
| 5.043%, 05/01/2034(c) | 150000 | 154097 |
| 5.284%, 07/26/2035(c) | 100000 | 103220 |
| 5.442%, 01/30/2036(c) | 60000 | 62433 |
| 5.667%, 04/25/2036(c) | 60000 | 63514 |
| 4.804%, 10/24/2036 | 50000 | 49468 |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust<br> 6.450%, 04/15/2027<br>| 150000 | 154108 |
| 3.000%, 10/29/2028 | 150000 | 145474 |
| 4.375%, 11/15/2030 | 150000 | 149667 |
| 3.300%, 01/30/2032 | 500000 | 462320 |
| PayPal Holdings Inc.<br> 3.900%, 06/01/2027<br>| 100000 | 100204 |
| 4.400%, 06/01/2032 | 150000 | 150025 |
| 5.150%, 06/01/2034 | 50000 | 51364 |
| Ally Financial Inc.<br> 4.750%, 06/09/2027<br>| 100000 | 100877 |
| 6.848%, 01/03/2030(c) | 150000 | 159225 |
| ORIX Corp.<br> 5.000%, 09/13/2027<br>| 50000 | 50873 |
| 4.000%, 04/13/2032 | 50000 | 48643 |
| 5.400%, 02/25/2035 | 50000 | 51681 |
| Synchrony Financial<br> 3.950%, 12/01/2027<br>| 150000 | 149305 |
| Air Lease Corp.<br> 5.300%, 02/01/2028<br>| 250000 | 254654 |
| 3.125%, 12/01/2030 | 200000 | 185510 |
| Fiserv Inc.<br> 5.450%, 03/02/2028<br>| 250000 | 256071 |
| 4.550%, 02/15/2031 | 100000 | 99047 |
| 5.600%, 03/02/2033 | 250000 | 258387 |
| 5.250%, 08/11/2035 | 100000 | 99960 |
| Mastercard Inc.<br> 4.875%, 03/09/2028<br>| 250000 | 255757 |
| 4.850%, 03/09/2033 | 250000 | 257414 |
| 4.875%, 05/09/2034 | 50000 | 51343 |
| &nbsp;&nbsp;&nbsp; Capital One Financial <br> Corp.(Variable, U.S. SOFR + <br> 2.06%)<br> 4.927%, 05/10/2028(c)<br>| 150000 | 151787 |
| 5.468%, 02/01/2029(c) | 150000 | 154060 |
| 6.312%, 06/08/2029(c) | 100000 | 104978 |
| 5.247%, 07/26/2030(c) | 150000 | 154831 |
| 7.624%, 10/30/2031(c) | 100000 | 113105 |
| 6.377%, 06/08/2034(c) | 150000 | 162386 |
| 5.884%, 07/26/2035(c) | 100000 | 105418 |
| Equifax Inc.<br> 5.100%, 06/01/2028<br>| 250000 | 255506 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings <br> LLLP/Ladder Capital Finance <br> Corp.<br> 5.500%, 08/01/2030<br>| 50000 | 51170 |
| Visa Inc.<br> 1.100%, 02/15/2031<br>| 250000 | 218160 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br> 5.100%, 07/15/2032<br>| $150000 | $153452 |
| GATX Corp.<br> 5.450%, 09/15/2033<br>| 100000 | 103641 |
| 6.900%, 05/01/2034 | 125000 | 140258 |
| Verisk Analytics Inc.<br> 5.250%, 03/15/2035<br>| 100000 | 101946 |
| MSCI Inc.<br> 5.250%, 09/01/2035<br>| 100000 | 100922 |
|  |  | 8075831 |
| **Steel (0.00%)** | **Steel (0.00%)** | **Steel (0.00%)** |
| Nucor Corp.<br> 4.300%, 05/23/2027<br>| 150000 | 150955 |
| 3.125%, 04/01/2032 | 150000 | 139648 |
| ArcelorMittal SA<br> 6.550%, 11/29/2027<br>| 150000 | 156195 |
| 6.800%, 11/29/2032 | 150000 | 168193 |
| Steel Dynamics Inc.<br> 3.250%, 01/15/2031<br>| 50000 | 47583 |
| 5.250%, 05/15/2035 | 50000 | 51222 |
|  |  | 713796 |
| **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** |
| Cisco Systems Inc.<br> 4.800%, 02/26/2027<br>| 100000 | 101130 |
| 4.550%, 02/24/2028 | 100000 | 101652 |
| 4.850%, 02/26/2029 | 100000 | 102708 |
| 4.950%, 02/26/2031 | 100000 | 103823 |
| 5.050%, 02/26/2034 | 100000 | 103103 |
| 5.100%, 02/24/2035 | 100000 | 102974 |
| Jabil Inc.<br> 4.250%, 05/15/2027<br>| 150000 | 150228 |
| 5.450%, 02/01/2029 | 250000 | 258229 |
| Hewlett Packard Enterprise Co.<br> 4.400%, 09/25/2027<br>| 100000 | 100505 |
| 4.550%, 10/15/2029 | 100000 | 100855 |
| 4.400%, 10/15/2030 | 100000 | 99790 |
| 5.000%, 10/15/2034 | 100000 | 99338 |
| Dell International LLC/EMC Corp.<br> 5.250%, 02/01/2028<br>| 100000 | 102271 |
| 5.300%, 10/01/2029 | 150000 | 154929 |
| 6.200%, 07/15/2030 | 150000 | 160327 |
| 4.500%, 02/15/2031 | 100000 | 99951 |
| 5.750%, 02/01/2033 | 250000 | 263815 |
| 5.400%, 04/15/2034 | 50000 | 51436 |
| Apple Inc.<br> 1.200%, 02/08/2028<br>| 100000 | 95135 |
| 4.000%, 05/10/2028 | 250000 | 251962 |
| 4.000%, 05/12/2028 | 100000 | 100863 |
| 1.400%, 08/05/2028 | 250000 | 236276 |
| 3.250%, 08/08/2029 | 150000 | 147423 |
| 4.150%, 05/10/2030 | 150000 | 151831 |
| 1.650%, 02/08/2031 | 150000 | 133948 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** |
| 4.300%, 05/10/2033 | $250000 | $253674 |
| 4.750%, 05/12/2035 | 50000 | 51334 |
| Teledyne Technologies Inc.<br> 2.750%, 04/01/2031<br>| 250000 | 231576 |
| HP Inc.<br> 2.650%, 06/17/2031<br>| 150000 | 135470 |
| 4.200%, 04/15/2032 | 150000 | 145768 |
| Motorola Solutions Inc.<br> 5.600%, 06/01/2032<br>| 150000 | 157998 |
| 5.400%, 04/15/2034 | 100000 | 103464 |
|  |  | 4453786 |
| **Telecommunications (0.00%)** | **Telecommunications (0.00%)** | **Telecommunications (0.00%)** |
| AT&T Inc.<br> 1.650%, 02/01/2028<br>| 200000 | 190687 |
| 4.100%, 02/15/2028 | 100000 | 100069 |
| 4.350%, 03/01/2029 | 500000 | 502843 |
| 4.300%, 02/15/2030 | 135000 | 135280 |
| 2.750%, 06/01/2031 | 150000 | 137889 |
| 2.250%, 02/01/2032 | 100000 | 87825 |
| 4.900%, 11/01/2035 | 250000 | 247439 |
| T-Mobile U.S.A. Inc.<br> 4.950%, 03/15/2028<br>| 100000 | 101912 |
| 4.800%, 07/15/2028 | 100000 | 101839 |
| 2.400%, 03/15/2029 | 300000 | 284311 |
| 3.875%, 04/15/2030 | 300000 | 295328 |
| 2.550%, 02/15/2031 | 100000 | 91433 |
| 3.500%, 04/15/2031 | 100000 | 95716 |
| 2.700%, 03/15/2032 | 500000 | 450105 |
| 5.050%, 07/15/2033 | 250000 | 255552 |
| 4.950%, 11/15/2035 | 200000 | 199323 |
| Verizon Communications Inc.<br> 2.100%, 03/22/2028<br>| 100000 | 96036 |
| 3.875%, 02/08/2029 | 500000 | 498366 |
| 1.750%, 01/20/2031 | 100000 | 88079 |
| 2.550%, 03/21/2031 | 150000 | 137183 |
| 2.355%, 03/15/2032 | 150000 | 132386 |
| 5.050%, 05/09/2033 | 250000 | 256862 |
| 4.780%, 02/15/2035 | 165000 | 162751 |
| British Telecommunications PLC<br> 5.125%, 12/04/2028<br>| 200000 | 205307 |
| Rogers Communications Inc.<br> 5.000%, 02/15/2029<br>| 100000 | 101951 |
| 3.800%, 03/15/2032 | 75000 | 70777 |
| 5.300%, 02/15/2034 | 100000 | 100954 |
| America Movil S.A.B. de C.V.<br> 5.000%, 01/20/2033<br>| 200000 | 203280 |
|  |  | 5331483 |
| **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** |
| Philip Morris International Inc.<br> 4.750%, 02/12/2027<br>| 100000 | 100983 |
| 5.125%, 11/17/2027 | 150000 | 153281 |
| 4.875%, 02/15/2028 | 150000 | 152916 |
| 5.250%, 09/07/2028 | 100000 | 103275 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Tobacco & Cannabis (Cont.)** | **Tobacco & Cannabis (Cont.)** | **Tobacco & Cannabis (Cont.)** |
| 5.625%, 11/17/2029 | $150000 | $157801 |
| 5.125%, 02/15/2030 | 150000 | 155186 |
| 5.125%, 02/13/2031 | 100000 | 103715 |
| 5.750%, 11/17/2032 | 150000 | 160528 |
| 5.375%, 02/15/2033 | 150000 | 157114 |
| 4.875%, 04/30/2035 | 100000 | 100523 |
| 4.625%, 10/29/2035 | 100000 | 98046 |
| BAT International Finance PLC<br> 4.448%, 03/16/2028<br>| 150000 | 151205 |
| 5.931%, 02/02/2029 | 150000 | 157501 |
| Altria Group Inc.<br> 6.200%, 11/01/2028<br>| 100000 | 105653 |
| BAT Capital Corp.<br> 6.343%, 08/02/2030<br>| 150000 | 162347 |
| 5.834%, 02/20/2031 | 100000 | 106218 |
| 5.350%, 08/15/2032 | 100000 | 104055 |
| 6.421%, 08/02/2033 | 150000 | 165764 |
|  |  | 2396111 |
| **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** |
| Ryder System Inc.<br> 2.850%, 03/01/2027<br>| 150000 | 148071 |
| 4.300%, 06/15/2027 | 150000 | 150587 |
| 5.250%, 06/01/2028 | 150000 | 154023 |
| &nbsp;&nbsp;&nbsp; United Airlines 2020-1 Class A <br> Pass Through Trust<br> 5.875%, 10/15/2027<br>| 34006 | 34870 |
| Union Pacific Corp.<br> 3.700%, 03/01/2029<br>| 250000 | 248160 |
| 2.800%, 02/14/2032 | 100000 | 91950 |
| 4.500%, 01/20/2033 | 100000 | 101115 |
| 5.100%, 02/20/2035 | 50000 | 51701 |
| United Parcel Service Inc.<br> 2.500%, 09/01/2029<br>| 150000 | 142477 |
| 4.650%, 10/15/2030 | 50000 | 51227 |
| 4.875%, 03/03/2033 | 100000 | 103184 |
| 5.250%, 05/14/2035 | 50000 | 51928 |
| Canadian Pacific Railway Co.<br> 2.875%, 11/15/2029<br>| 150000 | 143457 |
| 2.450%, 12/02/2031 | 100000 | 90037 |
| 5.200%, 03/30/2035 | 50000 | 51579 |
| Delta Air Lines Inc.<br> 5.250%, 07/10/2030<br>| 50000 | 51425 |
| Norfolk Southern Corp.<br> 5.050%, 08/01/2030<br>| 150000 | 155667 |
| 3.000%, 03/15/2032 | 100000 | 92316 |
| 5.100%, 05/01/2035 | 50000 | 51184 |
| GXO Logistics Inc.<br> 2.650%, 07/15/2031<br>| 150000 | 135060 |
| &nbsp;&nbsp;&nbsp; United Airlines 2019-1 Class AA <br> Pass Through Trust<br> 4.150%, 08/25/2031<br>| 63445 | 62346 |
| &nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class AA <br> Pass Through Trust<br> 3.150%, 02/15/2032<br>| 70157 | 66370 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| Canadian National Railway Co.<br> 3.850%, 08/05/2032<br>| $100000 | $97228 |
| CSX Corp.<br> 4.100%, 11/15/2032<br>| 100000 | 98269 |
| &nbsp;&nbsp;&nbsp; American Airlines 2021-1 Class A <br> Pass Through Trust<br> 2.875%, 07/11/2034<br>| 83913 | 76748 |
| FedEx Corp.<br> 3.900%, 02/01/2035<br>| 50000 | 46117 |
|  |  | 2547096 |
| **Transportation Equipment (0.00%)** | **Transportation Equipment (0.00%)** | **Transportation Equipment (0.00%)** |
| PACCAR Financial Corp.<br> 4.450%, 08/06/2027<br>| 100000 | 101168 |
| 4.000%, 09/26/2029 | 100000 | 100232 |
| 5.000%, 03/22/2034 | 50000 | 51803 |
| Cummins Inc.<br> 4.900%, 02/20/2029<br>| 100000 | 102702 |
| 4.700%, 02/15/2031 | 100000 | 102184 |
|  |  | 458089 |
| **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** |
| Sysco Corp.<br> 5.750%, 01/17/2029<br>| 100000 | 104566 |
| 5.100%, 09/23/2030 | 100000 | 103328 |
| 5.400%, 03/23/2035 | 50000 | 51862 |
| Bunge Ltd. Finance Corp.<br> 4.550%, 08/04/2030<br>| 100000 | 101012 |
| Archer-Daniels-Midland Co.<br> 4.500%, 08/15/2033<br>| 100000 | 100221 |
|  |  | 460989 |
| **Total Corporate Bonds** <br>(cost $203,190,959)<br>|  | 210033462 |
| **Foreign Government Bonds (0.00%)** | **Foreign Government Bonds (0.00%)** | **Foreign Government Bonds (0.00%)** |
| **Austria (0.00%)** | **Austria (0.00%)** | **Austria (0.00%)** |
| Oesterreichische Kontrollbank AG<br> 4.750%, 05/21/2027<br>| 100000 | 101531 |
| 3.625%, 09/09/2027 | 250000 | 250228 |
|  |  | 351759 |
| **Canada (0.00%)** | **Canada (0.00%)** | **Canada (0.00%)** |
| Province of Quebec Canada<br> 2.750%, 04/12/2027<br>| 100000 | 98797 |
| 3.625%, 04/13/2028 | 175000 | 174818 |
| 4.500%, 04/03/2029 | 150000 | 153545 |
| 1.350%, 05/28/2030 | 250000 | 224803 |
| 4.500%, 09/08/2033 | 100000 | 101398 |
| 4.250%, 09/05/2034 | 200000 | 197863 |
| 4.625%, 08/28/2035 | 100000 | 100999 |
| Province of Ontario Canada<br> 3.100%, 05/19/2027<br>| 250000 | 248054 |
| 1.050%, 05/21/2027 | 100000 | 96463 |
| 4.200%, 01/18/2029 | 100000 | 101438 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Canada (Cont.)** | **Canada (Cont.)** | **Canada (Cont.)** |
| 1.125%, 10/07/2030 | $100000 | $88088 |
| 1.600%, 02/25/2031 | 100000 | 89211 |
| 1.800%, 10/14/2031 | 50000 | 44291 |
| 2.125%, 01/21/2032 | 50000 | 44715 |
| 5.050%, 04/24/2034 | 100000 | 104787 |
| 4.850%, 06/11/2035 | 100000 | 103067 |
| Province of Saskatchewan Canada<br> 3.250%, 06/08/2027<br>| 100000 | 99323 |
| Export Development Canada<br> 3.875%, 02/14/2028<br>| 150000 | 150902 |
| 4.125%, 02/13/2029 | 200000 | 202948 |
| Province of Alberta Canada<br> 3.300%, 03/15/2028<br>| 250000 | 247932 |
| 4.500%, 06/26/2029 | 100000 | 102471 |
| 1.300%, 07/22/2030 | 250000 | 223521 |
| 4.500%, 01/24/2034 | 100000 | 101256 |
| &nbsp;&nbsp;&nbsp; Canada Government International <br> Bond<br> 3.750%, 04/26/2028<br>| 175000 | 175813 |
| 4.000%, 03/18/2030 | 200000 | 202261 |
| Province of Manitoba Canada<br> 1.500%, 10/25/2028<br>| 100000 | 94155 |
| 4.300%, 07/27/2033 | 50000 | 49863 |
| &nbsp;&nbsp;&nbsp; Province of British Columbia <br> Canada<br> 4.800%, 11/15/2028<br>| 100000 | 102999 |
| 4.900%, 04/24/2029 | 150000 | 155447 |
| 4.200%, 07/06/2033 | 100000 | 99449 |
| 4.800%, 06/11/2035 | 100000 | 102224 |
|  |  | 4082901 |
| **Chile (0.00%)** | **Chile (0.00%)** | **Chile (0.00%)** |
| &nbsp;&nbsp;&nbsp; Chile Government International <br> Bond<br> 2.750%, 01/31/2027<br>| 250000 | 246052 |
| 3.240%, 02/06/2028 | 250000 | 245350 |
|  |  | 491402 |
| **Germany (0.00%)** | **Germany (0.00%)** | **Germany (0.00%)** |
| Kreditanstalt fuer Wiederaufbau<br> 4.375%, 03/01/2027<br>| 200000 | 201807 |
| 3.000%, 05/20/2027 | 250000 | 248168 |
| 3.750%, 02/15/2028 | 200000 | 200846 |
| 2.875%, 04/03/2028 | 500000 | 492819 |
| 3.875%, 06/15/2028 | 100000 | 100790 |
| 4.000%, 03/15/2029 | 350000 | 354539 |
| 1.750%, 09/14/2029 | 250000 | 234128 |
| 4.625%, 03/18/2030 | 180000 | 186547 |
| 3.750%, 07/15/2030 | 650000 | 651701 |
| 0.750%, 09/30/2030 | 175000 | 152797 |
| 4.750%, 10/29/2030 | 200000 | 208830 |
| 4.125%, 07/15/2033 | 200000 | 201446 |
| 4.375%, 02/28/2034 | 200000 | 204046 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Germany (Cont.)** | **Germany (Cont.)** | **Germany (Cont.)** |
| Landwirtschaftliche Rentenbank<br> 3.875%, 09/28/2027<br>| $250000 | $251292 |
| 0.875%, 09/03/2030 | 250000 | 219433 |
|  |  | 3909189 |
| **Indonesia (0.00%)** | **Indonesia (0.00%)** | **Indonesia (0.00%)** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond<br> 4.550%, 01/11/2028<br>| 250000 | 252374 |
| 4.100%, 04/24/2028 | 250000 | 250653 |
| 4.750%, 02/11/2029 | 250000 | 253858 |
| 4.850%, 01/11/2033 | 250000 | 252104 |
|  |  | 1008989 |
| **Israel (0.00%)** | **Israel (0.00%)** | **Israel (0.00%)** |
| &nbsp;&nbsp;&nbsp; Israel Government International <br> Bond<br> 2.750%, 07/03/2030<br>| 250000 | 232529 |
| 5.500%, 03/12/2034 | 200000 | 207101 |
| 5.625%, 02/19/2035 | 200000 | 208858 |
|  |  | 648488 |
| **Italy (0.00%)** | **Italy (0.00%)** | **Italy (0.00%)** |
| &nbsp;&nbsp;&nbsp; Republic of Italy Government <br> International Bond<br> 2.875%, 10/17/2029<br>| 250000 | 240342 |
|  |  | 240342 |
| **Japan (0.00%)** | **Japan (0.00%)** | **Japan (0.00%)** |
| &nbsp;&nbsp;&nbsp; Japan Bank for International <br> Cooperation<br> 4.625%, 07/22/2027<br>| 200000 | 202738 |
| 4.625%, 07/19/2028 | 250000 | 255537 |
| 3.250%, 07/20/2028 | 250000 | 246992 |
| 1.875%, 04/15/2031 | 200000 | 180144 |
|  |  | 885411 |
| **Mexico (0.00%)** | **Mexico (0.00%)** | **Mexico (0.00%)** |
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond<br> 4.150%, 03/28/2027<br>| 250000 | 249625 |
| 5.400%, 02/09/2028 | 250000 | 255375 |
| 4.500%, 04/22/2029 | 250000 | 251000 |
| 2.659%, 05/24/2031 | 1000000 | 890000 |
| 4.750%, 04/27/2032 | 200000 | 194800 |
| 4.875%, 05/19/2033 | 200000 | 192000 |
| 5.625%, 09/22/2035 | 200000 | 197200 |
|  |  | 2230000 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Panama (0.00%)** | **Panama (0.00%)** | **Panama (0.00%)** |
| &nbsp;&nbsp;&nbsp; Panama Government International <br> Bond<br> 7.500%, 03/01/2031<br>| $200000 | $221720 |
| 3.298%, 01/19/2033 | 250000 | 219150 |
|  |  | 440870 |
| **Peru (0.00%)** | **Peru (0.00%)** | **Peru (0.00%)** |
| &nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond<br> 3.000%, 01/15/2034<br>| 300000 | 260955 |
|  |  | 260955 |
| **Philippines (0.00%)** | **Philippines (0.00%)** | **Philippines (0.00%)** |
| &nbsp;&nbsp;&nbsp; Philippine Government International <br> Bond<br> 5.170%, 10/13/2027<br>| 250000 | 254902 |
| 3.750%, 01/14/2029 | 250000 | 247005 |
| 5.609%, 04/13/2033 | 250000 | 265222 |
|  |  | 767129 |
| **Poland (0.00%)** | **Poland (0.00%)** | **Poland (0.00%)** |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond<br> 5.750%, 11/16/2032<br>| 250000 | 268073 |
| 4.875%, 10/04/2033 | 200000 | 203304 |
| 5.375%, 02/12/2035 | 200000 | 207614 |
|  |  | 678991 |
| **South Korea (0.00%)** | **South Korea (0.00%)** | **South Korea (0.00%)** |
| Export-Import Bank of Korea<br> 4.250%, 09/15/2027<br>| 250000 | 251976 |
| 5.000%, 01/11/2028 | 250000 | 256114 |
| 5.125%, 01/11/2033 | 250000 | 262165 |
|  |  | 770255 |
| **Supranational (0.00%)** | **Supranational (0.00%)** | **Supranational (0.00%)** |
| Asian Development Bank<br> 4.125%, 01/12/2027<br>| 100000 | 100479 |
| 1.500%, 01/20/2027 | 250000 | 244510 |
| 3.125%, 08/20/2027 | 200000 | 198630 |
| 1.250%, 06/09/2028 | 250000 | 236558 |
| 4.500%, 08/25/2028 | 250000 | 255864 |
| 3.125%, 09/26/2028 | 250000 | 247025 |
| 4.375%, 03/06/2029 | 100000 | 102273 |
| 1.875%, 03/15/2029 | 250000 | 236970 |
| 1.750%, 09/19/2029 | 250000 | 233677 |
| 1.875%, 01/24/2030 | 250000 | 232875 |
| 4.125%, 05/30/2030 | 200000 | 203202 |
| 3.750%, 08/28/2030 | 100000 | 100073 |
| 3.125%, 04/27/2032 | 250000 | 238655 |
| 4.125%, 01/12/2034 | 100000 | 100243 |
| 4.375%, 03/22/2035 | 100000 | 101569 |
| Inter-American Development Bank<br> 1.500%, 01/13/2027<br>| 250000 | 244609 |
| 2.375%, 07/07/2027 | 250000 | 245656 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 0.625%, 09/16/2027 | $250000 | $237975 |
| 4.000%, 01/12/2028 | 250000 | 252108 |
| 1.125%, 07/20/2028 | 250000 | 235187 |
| 4.125%, 02/15/2029 | 150000 | 152284 |
| 2.250%, 06/18/2029 | 250000 | 238835 |
| 3.500%, 09/14/2029 | 250000 | 248729 |
| 3.750%, 06/14/2030 | 100000 | 100057 |
| 1.125%, 01/13/2031 | 500000 | 439307 |
| 3.500%, 04/12/2033 | 100000 | 96594 |
| 4.500%, 09/13/2033 | 100000 | 102915 |
| 4.375%, 07/17/2034 | 150000 | 152582 |
| 4.375%, 07/16/2035 | 100000 | 101328 |
| European Investment Bank<br> 1.375%, 03/15/2027<br>| 200000 | 194834 |
| 4.375%, 03/19/2027 | 150000 | 151372 |
| 0.625%, 10/21/2027 | 250000 | 237392 |
| 3.875%, 03/15/2028 | 225000 | 226522 |
| 3.875%, 06/15/2028 | 180000 | 181402 |
| 4.500%, 10/16/2028 | 500000 | 512268 |
| 4.000%, 02/15/2029 | 225000 | 227660 |
| 1.750%, 03/15/2029 | 100000 | 94442 |
| 4.750%, 06/15/2029 | 225000 | 233198 |
| 1.625%, 10/09/2029 | 250000 | 232370 |
| 3.750%, 11/15/2029 | 300000 | 301040 |
| 4.500%, 03/14/2030 | 300000 | 309220 |
| 3.625%, 07/15/2030 | 250000 | 248903 |
| 3.875%, 10/15/2030 | 200000 | 201042 |
| 1.250%, 02/14/2031 | 250000 | 220767 |
| 4.375%, 10/10/2031 | 250000 | 256887 |
| 4.250%, 08/16/2032 | 500000 | 508257 |
| 3.750%, 02/14/2033 | 200000 | 197001 |
| 4.125%, 02/13/2034 | 150000 | 150450 |
| 4.625%, 02/12/2035 | 150000 | 155302 |
| &nbsp;&nbsp;&nbsp; International Bank for <br> Reconstruction & Development<br> 3.125%, 06/15/2027<br>| 250000 | 248464 |
| 0.750%, 11/24/2027 | 250000 | 237330 |
| 1.375%, 04/20/2028 | 200000 | 190421 |
| 3.500%, 07/12/2028 | 250000 | 249549 |
| 1.125%, 09/13/2028 | 200000 | 187512 |
| 3.875%, 10/16/2029 | 200000 | 201558 |
| 1.750%, 10/23/2029 | 250000 | 233239 |
| 3.875%, 02/14/2030 | 250000 | 251649 |
| 4.125%, 03/20/2030 | 250000 | 253950 |
| 0.875%, 05/14/2030 | 250000 | 221442 |
| 4.000%, 07/25/2030 | 250000 | 252628 |
| 3.500%, 10/28/2030 | 365000 | 361013 |
| 4.000%, 01/10/2031 | 250000 | 252356 |
| 1.250%, 02/10/2031 | 250000 | 220662 |
| 4.500%, 04/10/2031 | 150000 | 154921 |
| 1.625%, 11/03/2031 | 250000 | 220835 |
| 4.625%, 01/15/2032 | 250000 | 259487 |
| 4.750%, 11/14/2033 | 100000 | 104577 |
| 5.750%, 05/02/2034 | 100000 | 100476 |
| 3.875%, 08/28/2034 | 250000 | 245475 |
| 4.375%, 08/27/2035 | 200000 | 202772 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| Nordic Investment Bank<br> 3.375%, 09/08/2027<br>| $250000 | $249119 |
| African Development Bank<br> 4.375%, 11/03/2027<br>| 250000 | 253583 |
| 4.000%, 03/18/2030 | 100000 | 101033 |
| 4.500%, 06/12/2035 | 100000 | 102189 |
| &nbsp;&nbsp;&nbsp; Council of Europe Development <br> Bank<br> 3.625%, 01/26/2028<br>| 250000 | 250092 |
| &nbsp;&nbsp;&nbsp; European Bank for Reconstruction <br> & Development<br> 4.125%, 01/25/2029<br>| 150000 | 152187 |
| 4.250%, 03/13/2034 | 100000 | 100847 |
| International Finance Corp.<br> 3.875%, 07/02/2030<br>| 100000 | 100576 |
| 0.750%, 08/27/2030 | 250000 | 218173 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment <br> Bank, The<br> 4.250%, 03/13/2034<br>| 100000 | 101016 |
|  |  | 16800229 |
| **Uruguay (0.00%)** | **Uruguay (0.00%)** | **Uruguay (0.00%)** |
| &nbsp;&nbsp;&nbsp; Uruguay Government International <br> Bond<br> 4.375%, 01/23/2031<br>| 200000 | 202540 |
|  |  | 202540 |
| **Total Foreign Government Bonds** <br>(cost $32,929,645)<br>|  | 33769450 |
| **Agency Securities (0.00%)** | **Agency Securities (0.00%)** | **Agency Securities (0.00%)** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |  |
| 1.300%, 03/30/2027 | 300000 | 291821 |
| 3.750%, 07/03/2028 | 1131000 | 1137591 |
| Federal Home Loan Banks | Federal Home Loan Banks |  |
| 0.900%, 02/26/2027 | 250000 | 242626 |
| 4.000%, 06/30/2028 | 1000000 | 1012903 |
| 4.125%, 01/15/2027 | 2125000 | 2138657 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| 6.750%, 03/15/2031 | 250000 | 285139 |
| 6.250%, 07/15/2032 | 250000 | 283009 |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| 7.125%, 01/15/2030 | 250000 | 282366 |
| 6.625%, 11/15/2030 | 250000 | 282102 |
| 7.250%, 05/15/2030 | 250000 | 285901 |
| 0.750%, 10/08/2027 | 500000 | 476726 |
| **Total Agency Securities** <br>(cost $6,601,278)<br>|  | 6718841 |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| U.S. Treasury Bill<br> 3.566%, 05/07/2026<br>| 1100000 | 1086506 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.000%, 01/15/2027 | $2000000 | $2009637 |
| 1.500%, 01/31/2027 | 2000000 | 1957344 |
| 4.125%, 01/31/2027 | 1000000 | 1006250 |
| 4.125%, 02/15/2027 | 1000000 | 1006602 |
| 1.125%, 02/28/2027 | 10000000 | 9730859 |
| 4.125%, 02/28/2027 | 5000000 | 5033789 |
| 0.625%, 03/31/2027 | 10000000 | 9654687 |
| 3.875%, 03/31/2027 | 7000000 | 7030625 |
| 4.500%, 04/15/2027 | 1000000 | 1012344 |
| 0.500%, 04/30/2027 | 10000000 | 9615625 |
| 3.750%, 04/30/2027 | 5000000 | 5015820 |
| 2.750%, 04/30/2027 | 2000000 | 1980703 |
| 4.500%, 05/15/2027 | 3000000 | 3039961 |
| 3.875%, 05/31/2027 | 5000000 | 5025977 |
| 2.625%, 05/31/2027 | 5000000 | 4940430 |
| 4.625%, 06/15/2027 | 1000000 | 1016055 |
| 3.750%, 06/30/2027 | 5000000 | 5019727 |
| 4.375%, 07/15/2027 | 3000000 | 3040078 |
| 3.875%, 07/31/2027 | 5000000 | 5029492 |
| 3.625%, 08/31/2027 | 6000000 | 6013828 |
| 0.375%, 09/30/2027 | 10000000 | 9479687 |
| 4.125%, 09/30/2027 | 2000000 | 2021641 |
| 2.250%, 11/15/2027 | 2000000 | 1955859 |
| 0.625%, 11/30/2027 | 5000000 | 4738867 |
| 0.625%, 12/31/2027 | 5000000 | 4727344 |
| 3.500%, 01/31/2028 | 5000000 | 5001758 |
| 0.750%, 01/31/2028 | 5000000 | 4728320 |
| 2.750%, 02/15/2028 | 5000000 | 4925391 |
| 1.250%, 03/31/2028 | 5000000 | 4759766 |
| 3.500%, 04/30/2028 | 5000000 | 5000195 |
| 2.875%, 05/15/2028 | 3500000 | 3450918 |
| 1.250%, 06/30/2028 | 5000000 | 4733398 |
| 2.875%, 08/15/2028 | 5000000 | 4921094 |
| 3.625%, 08/15/2028 | 1000000 | 1002813 |
| 4.375%, 08/31/2028 | 4000000 | 4085625 |
| 1.250%, 09/30/2028 | 3000000 | 2822930 |
| 4.625%, 09/30/2028 | 2000000 | 2057188 |
| 4.875%, 10/31/2028 | 2000000 | 2071563 |
| 3.125%, 11/15/2028 | 5000000 | 4945898 |
| 4.375%, 11/30/2028 | 3000000 | 3069141 |
| 1.375%, 12/31/2028 | 4000000 | 3756875 |
| 4.000%, 01/31/2029 | 4000000 | 4052500 |
| 2.625%, 02/15/2029 | 4000000 | 3890938 |
| 4.250%, 02/28/2029 | 5000000 | 5103320 |
| 4.125%, 03/31/2029 | 3400000 | 3457906 |
| 2.875%, 04/30/2029 | 10000000 | 9783594 |
| 4.625%, 04/30/2029 | 3000000 | 3098320 |
| 2.375%, 05/15/2029 | 5000000 | 4809766 |
| 2.750%, 05/31/2029 | 5000000 | 4868359 |
| 4.500%, 05/31/2029 | 4000000 | 4117031 |
| 4.250%, 06/30/2029 | 2000000 | 2043281 |
| 2.625%, 07/31/2029 | 8000000 | 7741250 |
| 1.625%, 08/15/2029 | 5000000 | 4670117 |
| 3.625%, 08/31/2029 | 5000000 | 5002148 |
| 3.500%, 09/30/2029 | 5000000 | 4979688 |
| 4.125%, 10/31/2029 | 2000000 | 2035469 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 1.750%, 11/15/2029 | $6000000 | $5606953 |
| 4.125%, 11/30/2029 | 5000000 | 5089648 |
| 4.375%, 12/31/2029 | 7000000 | 7191953 |
| 3.875%, 12/31/2029 | 2000000 | 2018359 |
| 4.250%, 01/31/2030 | 3850000 | 3938279 |
| 1.500%, 02/15/2030 | 15000000 | 13787695 |
| 4.000%, 02/28/2030 | 4000000 | 4053906 |
| 4.000%, 03/31/2030 | 5500000 | 5574121 |
| 3.875%, 04/30/2030 | 4500000 | 4538672 |
| 4.000%, 05/31/2030 | 3750000 | 3800830 |
| 3.875%, 06/30/2030 | 4500000 | 4537617 |
| 3.875%, 07/31/2030 | 3000000 | 3024727 |
| 3.625%, 08/31/2030 | 3500000 | 3490566 |
| 4.875%, 10/31/2030 | 3000000 | 3154219 |
| 0.875%, 11/15/2030 | 20000000 | 17500781 |
| 4.000%, 01/31/2031 | 2000000 | 2025078 |
| 4.250%, 02/28/2031 | 2000000 | 2048125 |
| 4.625%, 04/30/2031 | 1000000 | 1041992 |
| 1.625%, 05/15/2031 | 12000000 | 10762969 |
| 1.250%, 08/15/2031 | 8000000 | 6978438 |
| 1.375%, 11/15/2031 | 7000000 | 6105586 |
| 1.875%, 02/15/2032 | 11500000 | 10270488 |
| 4.000%, 04/30/2032 | 750000 | 755889 |
| 4.125%, 05/31/2032 | 750000 | 760898 |
| 4.000%, 07/31/2032 | 1000000 | 1006680 |
| 2.750%, 08/15/2032 | 2000000 | 1867109 |
| 3.875%, 08/31/2032 | 1000000 | 998867 |
| 3.875%, 09/30/2032 | 1000000 | 998398 |
| 4.125%, 11/15/2032 | 4000000 | 4051875 |
| 3.500%, 02/15/2033 | 2000000 | 1946797 |
| 3.375%, 05/15/2033 | 2000000 | 1925938 |
| 3.875%, 08/15/2033 | 7000000 | 6953789 |
| 4.500%, 11/15/2033 | 5000000 | 5171680 |
| 4.000%, 02/15/2034 | 5000000 | 4993555 |
| 4.375%, 05/15/2034 | 5500000 | 5631055 |
| 3.875%, 08/15/2034 | 6500000 | 6412402 |
| 4.250%, 11/15/2034 | 7500000 | 7594043 |
| 4.625%, 02/15/2035 | 7750000 | 8060908 |
| 4.250%, 05/15/2035 | 6000000 | 6062812 |
| 4.250%, 08/15/2035 | 5100000 | 5147813 |
| **Total U.S. Treasury Obligations** <br>(cost $431,171,607)<br>|  | 440057807 |
| **Long-term Municipal Bonds (0.00%)** | **Long-term Municipal Bonds (0.00%)** | **Long-term Municipal Bonds (0.00%)** |
| **California (0.00%)** | **California (0.00%)** | **California (0.00%)** |
| &nbsp;&nbsp;&nbsp; State of California Taxable Various <br> Purpose, General Obligation <br> Bonds<br> 6.000%, 03/01/2033<br>| 250000 | 276497 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** |
| **California (Cont.)** | **California (Cont.)** | **California (Cont.)** |
| &nbsp;&nbsp;&nbsp; Regents of the University of <br> California Medical Center Pooled <br> Taxable Revenue Bonds<br> 4.132%, 05/15/2032<br>| $250000 | $247956 |
| &nbsp;&nbsp;&nbsp; State of California Taxable, General <br> Obligation Bonds<br> 4.875%, 09/01/2030<br>| 500000 | 522102 |
|  |  | 1046555 |
| **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities & <br> Community Development <br> Authority Taxable Revenue <br> Bonds<br> 4.145%, 02/01/2033<br>| 250000 | 250194 |
|  |  | 250194 |
| **Total Long-term Municipal** <br> **Bonds** <br>(cost $1,243,020)<br>|  | 1296749 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** |
| U.S. Treasury Notes | 500000 | 499648 |
| U.S. Treasury Notes | 7500000 | 7475391 |
| U.S. Treasury Notes | 1000000 | 990469 |
| U.S. Treasury Notes | 5000000 | 5001758 |
| U.S. Treasury Notes | 4000000 | 3951250 |
| U.S. Treasury Notes | 2000000 | 1996406 |
| U.S. Treasury Notes | 1250000 | 1237500 |
| U.S. Treasury Notes | 3750000 | 3715723 |
|  |  | 24868145 |
| **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** |
| U.S. Treasury Notes | 750000 | 747891 |
| U.S. Treasury Notes | 5500000 | 5479375 |
| U.S. Treasury Notes | 4000000 | 3992812 |
|  |  | 10220078 |
| **Total U.S. Treasury Obligations** <br>(cost $35,130,999)<br>|  | 35088223 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 3.63%(e)<br>| 28156374 | $28156374 |
| **Total Short-term Investments** <br>(cost $28,156,374)<br>|  | 28156374 |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $1,171,335,996)<br>|  | 2652092619 |
| **OTHER LIABILITIES, NET OF** <br> **ASSETS** <br>**(0.00%)**<br>|  | (2652092619) |
| **NET ASSETS (0.00%)** |  | $0 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security valued pursuant to Level 3 unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate security. The rate presented is the rate in effect at December 31, 2025, and the related index and spread are shown parenthetically for each security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $˂144A MV - undefined˃ or ˂144A PNA - undefined˃% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate shown is the 7-day yield as of December 31, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

LLC

Limited Liability Company

At December 31, 2025, the Fund had open futures contracts as follows:

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.000%, 01/15/2027 | $1000000 | $1004819 |
| 1.500%, 01/31/2027 | 2226000 | 2178524 |
| 4.125%, 01/31/2027 | 2000000 | 2012500 |
| 4.125%, 02/15/2027 | 2000000 | 2013203 |
| 2.250%, 02/15/2027 | 1600000 | 1577937 |
| 1.875%, 02/28/2027 | 2722000 | 2671813 |
| 4.125%, 02/28/2027 | 1090000 | 1097366 |
| 4.250%, 03/15/2027 | 2500000 | 2521289 |
| 2.500%, 03/31/2027 | 3011000 | 2973833 |
| 3.875%, 03/31/2027 | 2940000 | 2952862 |
| 0.625%, 03/31/2027 | 490000 | 473080 |
| 4.500%, 04/15/2027 | 2600000 | 2632094 |
| 3.750%, 04/30/2027 | 3450000 | 3460916 |
| 2.750%, 04/30/2027 | 1951000 | 1932176 |
| 0.500%, 04/30/2027 | 1000000 | 961562 |
| 2.375%, 05/15/2027 | 2000000 | 1969922 |
| 4.500%, 05/15/2027 | 1250000 | 1266650 |
| 2.625%, 05/31/2027 | 2892000 | 2857545 |
| 3.875%, 05/31/2027 | 2350000 | 2362209 |
| 4.625%, 06/15/2027 | 750000 | 762041 |
| 3.750%, 06/30/2027 | 2500000 | 2509863 |
| 3.250%, 06/30/2027 | 1675000 | 1669373 |
| 4.375%, 07/15/2027 | 2400000 | 2432062 |
| 2.750%, 07/31/2027 | 3500000 | 3460762 |
| 3.875%, 07/31/2027 | 2900000 | 2917105 |
| 0.375%, 07/31/2027 | 450000 | 428695 |
| 3.750%, 08/15/2027 | 3000000 | 3012656 |
| 3.625%, 08/31/2027 | 3200000 | 3207375 |
| 3.125%, 08/31/2027 | 2950000 | 2933291 |
| 0.500%, 08/31/2027 | 500000 | 476133 |
| 3.375%, 09/15/2027 | 3000000 | 2994727 |
| 3.500%, 09/30/2027 | 3450000 | 3451078 |
| 4.125%, 09/30/2027 | 2312000 | 2337017 |
| 0.375%, 09/30/2027 | 500000 | 473984 |
| 3.875%, 10/15/2027 | 3235000 | 3256988 |
| 4.125%, 10/31/2027 | 2150000 | 2174104 |
| 4.125%, 11/15/2027 | 1000000 | 1011523 |
| 3.875%, 11/30/2027 | 3000000 | 3021680 |
| 4.000%, 12/15/2027 | 2800000 | 2827562 |
| 3.875%, 12/31/2027 | 3150000 | 3173994 |
| 0.625%, 12/31/2027 | 900000 | 850922 |
| 4.250%, 01/15/2028 | 2500000 | 2537207 |
| 3.500%, 01/31/2028 | 2170000 | 2170763 |
| 4.250%, 02/15/2028 | 3400000 | 3452461 |
| 2.750%, 02/15/2028 | 400000 | 394031 |
| 4.000%, 02/29/2028 | 3400000 | 3436125 |
| 3.875%, 03/15/2028 | 4500000 | 4537090 |
| 3.625%, 03/31/2028 | 3750000 | 3760693 |
| 3.750%, 04/15/2028 | 2950000 | 2965902 |
| 3.500%, 04/30/2028 | 3400000 | 3400133 |
| 2.875%, 05/15/2028 | 4000000 | 3943906 |
| 3.750%, 05/15/2028 | 1750000 | 1759912 |
| 3.625%, 05/31/2028 | 2900000 | 2908270 |
| 1.250%, 05/31/2028 | 800000 | 758687 |
| 3.875%, 06/15/2028 | 2000000 | 2017656 |
| 4.000%, 06/30/2028 | 3250000 | 3288848 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 1.250%, 06/30/2028 | $500000 | $473340 |
| 3.875%, 07/15/2028 | 1700000 | 1714809 |
| 4.125%, 07/31/2028 | 3300000 | 3350145 |
| 1.000%, 07/31/2028 | 350000 | 328494 |
| 3.625%, 08/15/2028 | 2850000 | 2858016 |
| 2.875%, 08/15/2028 | 2625000 | 2583574 |
| 4.375%, 08/31/2028 | 2500000 | 2553516 |
| 1.125%, 08/31/2028 | 500000 | 469844 |
| 3.375%, 09/15/2028 | 3200000 | 3187875 |
| 4.625%, 09/30/2028 | 2000000 | 2057187 |
| 1.250%, 09/30/2028 | 700000 | 658684 |
| 4.875%, 10/31/2028 | 3150000 | 3262711 |
| 1.375%, 10/31/2028 | 2350000 | 2214691 |
| 3.125%, 11/15/2028 | 1200000 | 1187016 |
| 4.375%, 11/30/2028 | 3100000 | 3171445 |
| 1.500%, 11/30/2028 | 2125000 | 2006382 |
| 3.750%, 12/31/2028 | 3000000 | 3018164 |
| 1.375%, 12/31/2028 | 600000 | 563531 |
| 4.000%, 01/31/2029 | 2750000 | 2786094 |
| 1.750%, 01/31/2029 | 2000000 | 1895781 |
| 2.625%, 02/15/2029 | 1100000 | 1070008 |
| 4.250%, 02/28/2029 | 3850000 | 3929557 |
| 1.875%, 02/28/2029 | 600000 | 570094 |
| 4.125%, 03/31/2029 | 2500000 | 2542578 |
| 2.375%, 03/31/2029 | 2000000 | 1927734 |
| 4.625%, 04/30/2029 | 3000000 | 3098320 |
| 2.875%, 04/30/2029 | 1000000 | 978359 |
| 2.375%, 05/15/2029 | 600000 | 577172 |
| 4.500%, 05/31/2029 | 4420000 | 4549320 |
| 4.250%, 06/30/2029 | 3450000 | 3524660 |
| 3.250%, 06/30/2029 | 1000000 | 989102 |
| 4.000%, 07/31/2029 | 3150000 | 3192451 |
| 2.625%, 07/31/2029 | 1000000 | 967656 |
| 1.625%, 08/15/2029 | 1960000 | 1830686 |
| 3.625%, 08/31/2029 | 4150000 | 4151783 |
| 3.500%, 09/30/2029 | 4525000 | 4506617 |
| 4.125%, 10/31/2029 | 4500000 | 4579805 |
| 4.000%, 10/31/2029 | 250000 | 253428 |
| 1.750%, 11/15/2029 | 250000 | 233623 |
| 4.125%, 11/30/2029 | 4750000 | 4835166 |
| 4.375%, 12/31/2029 | 4000000 | 4109688 |
| 3.875%, 12/31/2029 | 1440000 | 1453219 |
| 4.250%, 01/31/2030 | 3750000 | 3835986 |
| 4.000%, 02/28/2030 | 5725000 | 5802153 |
| 4.000%, 03/31/2030 | 4775000 | 4839351 |
| 3.875%, 04/30/2030 | 4650000 | 4689961 |
| 0.625%, 05/15/2030 | 5290000 | 4646108 |
| 4.000%, 05/31/2030 | 4085000 | 4140371 |
| 3.750%, 05/31/2030 | 250000 | 250820 |
| 3.875%, 06/30/2030 | 3700000 | 3730930 |
| 3.750%, 06/30/2030 | 250000 | 250801 |
| 3.875%, 07/31/2030 | 3525000 | 3554054 |
| 4.000%, 07/31/2030 | 350000 | 354744 |
| 0.625%, 08/15/2030 | 3000000 | 2612812 |
| 3.625%, 08/31/2030 | 3900000 | 3889488 |
| 4.125%, 08/31/2030 | 300000 | 305543 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.625%, 09/30/2030 | $1880000 | $1955347 |
| 0.875%, 11/15/2030 | 4360000 | 3815170 |
| **Total U.S. Treasury Obligations** <br>(cost $269,968,042)<br>|  | 272520883 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** |
| U.S. Treasury Notes | 1290000 | $1237392 |
| U.S. Treasury Notes | 1050000 | 1046883 |
| U.S. Treasury Notes | 1970000 | 1968615 |
| U.S. Treasury Notes | 3100000 | 3089828 |
| U.S. Treasury Notes | 4270000 | 4271501 |
| U.S. Treasury Notes | 200000 | 199844 |
| U.S. Treasury Notes | 2500000 | 2495508 |
| U.S. Treasury Notes | 3060000 | 3032030 |
|  |  | 17341601 |
| **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** |
| U.S. Treasury Notes | 1570000 | 1568773 |
| U.S. Treasury Notes | 3810000 | 3795713 |
| U.S. Treasury Notes | 2000000 | 1996406 |
|  |  | 7360892 |
| **Total U.S. Treasury Obligations** <br>(cost $24,707,992)<br>|  | 24702493 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63%(a)<br>| 789474 | 789474 |
| **Total Short-term Investments** <br>(cost $789,474)<br>|  | 789474 |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $295,465,508)<br>|  | 298012850 |
| **OTHER LIABILITIES, NET OF ASSETS** <br>**(0.00%)**<br>|  | (298012850) |
| **NET ASSETS (0.00%)** |  | $0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 7-day yield as of December 31, 2025.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** |
| **Alabama (0.00%)** | **Alabama (0.00%)** | **Alabama (0.00%)** | **Alabama (0.00%)** | **Alabama (0.00%)** |
| City of Athens, Alabama, Electric Revenue Warrants | 3.500% | 06/01/2026 | $220000 | $220080 |
| City of Athens, Alabama, Electric Revenue Warrants | 3.750% | 06/01/2027 | 645000 | 645235 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.000% | 05/01/2028 | 980000 | 974691 |
| City of Athens, Alabama, Electric Revenue Warrants | 4.000% | 06/01/2028 | 665000 | 665349 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.125% | 05/01/2029 | 1010000 | 1005270 |
| Black Belt Energy Gas District Revenue Bonds, Series C-1(a) | 5.250% | 06/01/2029 | 1000000 | 1055803 |
| Black Belt Energy Gas District Revenue Bonds, Series B(b) | 5.250% | 12/01/2030 | 2000000 | 2154216 |
| Black Belt Energy Gas District Revenue Bonds, Series D(c) | 5.000% | 11/01/2034 | 1740000 | 1860269 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2035 | 215000 | 221254 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2036 | 310000 | 317670 |
| Mobile County Board of School Commissioners Special Tax Warrants, Series B | 5.000% | 03/01/2037 | 1000000 | 1097061 |
| Jefferson County Sewer Revenue Refunding Warrants | 5.000% | 10/01/2038 | 1000000 | 1093654 |
| City of Huntsville, Alabama, Electric System Revenue Warrants | 5.000% | 12/01/2042 | 1000000 | 1071285 |
|  |  |  |  | 12381837 |
| **Alaska (0.00%)** | **Alaska (0.00%)** | **Alaska (0.00%)** | **Alaska (0.00%)** | **Alaska (0.00%)** |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.250% | 09/01/2028 | 1095000 | 1097616 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.250% | 09/01/2028 | 1050000 | 1051821 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2029 | 1390000 | 1393893 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2029 | 1090000 | 1092340 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2030 | 1440000 | 1442398 |
| Alaska Municipal Bank Authority Master Resolution Revenue Bonds, Series A | 5.500% | 10/01/2042 | 1560000 | 1592057 |
|  |  |  |  | 7670125 |
| **Arizona (0.00%)** | **Arizona (0.00%)** | **Arizona (0.00%)** | **Arizona (0.00%)** | **Arizona (0.00%)** |
| County of Pima, Arizona, General Obligation Bonds, Series A | 4.000% | 07/01/2026 | 2000000 | 2001824 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2026 | 555000 | 555835 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2027 | 400000 | 400597 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District Electric System Revenue <br> Refunding Bonds, Series A<br>| 4.000% | 01/01/2038 | 1000000 | 1001891 |
|  |  |  |  | 3960147 |
| **Arkansas (0.00%)** | **Arkansas (0.00%)** | **Arkansas (0.00%)** | **Arkansas (0.00%)** | **Arkansas (0.00%)** |
| State of Arkansas, General Obligation Refunding Bonds | 4.000% | 06/01/2027 | 3000000 | 3003093 |
| **California (0.00%)** | **California (0.00%)** | **California (0.00%)** | **California (0.00%)** | **California (0.00%)** |
| Southern California Public Power Authority Revenue Refunding Bonds, Series A | 5.000% | 07/01/2028 | 755000 | 799519 |
| California Statewide Communities Development Authority Revenue Bonds, Series 2009C(d) | 5.000% | 11/01/2029 | 2500000 | 2722143 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2030 | 540000 | 543725 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority Clean Energy Project Revenue Bonds, <br> Green Bond, Series B-1(e)<br>| 4.000% | 08/01/2031 | 855000 | 867069 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2031 | 400000 | 402569 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2032 | 500000 | 502741 |
| State of California, General Obligation Refunding Bonds | 5.000% | 08/01/2032 | 1000000 | 1157720 |
| Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B | 5.000% | 07/01/2035 | 1340000 | 1415952 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2035 | 1150000 | 1129958 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2035 | 300000 | 298070 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2035 | 1000000 | 989470 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2036 | 1000000 | 975073 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2037 | 755000 | 710741 |
| University of California Revenue Bonds, Series CA | 5.000% | 05/15/2039 | 3000000 | 3456806 |
|  |  |  |  | 15971556 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Colorado (0.00%)** | **Colorado (0.00%)** | **Colorado (0.00%)** | **Colorado (0.00%)** | **Colorado (0.00%)** |
| &nbsp;&nbsp;&nbsp; Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation <br> Refunding Bonds, Series B<br>| 2.500% | 12/15/2027 | $1500000 | $1479934 |
| Eagle River Water & Sanitation District, General Obligation Bonds | 4.000% | 12/01/2030 | 465000 | 470157 |
| Regional Transportation District Sales Tax Revenue Refunding Bonds, Series B | 5.000% | 11/01/2034 | 1465000 | 1519764 |
| Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B | 5.000% | 12/15/2034 | 2000000 | 2037787 |
| &nbsp;&nbsp;&nbsp; Town of Estes Park, Colorado, Power & Communications Enterprise Revenue Refunding <br> Bonds, Series A<br>| 4.000% | 11/01/2035 | 980000 | 993552 |
| Westminster Public Schools General Obligation Bonds, Series A | 5.000% | 12/01/2037 | 2000000 | 2289675 |
| Rangeview Library District, Certificate of Participation, Series A | 5.000% | 12/15/2037 | 650000 | 719013 |
| Adams & Arapahoe Counties Joint School District 28J Aurora, General Obligation Bonds | 5.500% | 12/01/2040 | 1300000 | 1535265 |
| Fremont County School District No. RE-1 Canon City, Colorado, General Obligation Bonds | 5.000% | 12/01/2041 | 790000 | 860299 |
|  |  |  |  | 11905446 |
| **Connecticut (0.00%)** | **Connecticut (0.00%)** | **Connecticut (0.00%)** | **Connecticut (0.00%)** | **Connecticut (0.00%)** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, <br> Series A(f)<br>| 2.000% | 07/01/2026 | 3500000 | 3488349 |
| State of Connecticut, General Obligation Bonds, Series C | 5.000% | 08/15/2032 | 1625000 | 1859772 |
| State of Connecticut Special Tax Obligation Revenue Bonds, Series A | 4.000% | 09/01/2035 | 1300000 | 1303395 |
|  |  |  |  | 6651516 |
| **Florida (0.00%)** | **Florida (0.00%)** | **Florida (0.00%)** | **Florida (0.00%)** | **Florida (0.00%)** |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.000% | 08/01/2032 | 520000 | 518849 |
| Collier County Water-Sewer District Revenue Bonds | 3.000% | 07/01/2033 | 3080000 | 3053081 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.250% | 08/01/2033 | 535000 | 536831 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2034 | 750000 | 777776 |
| Florida Department of Management Services, Certificate of Participation, Series A | 3.000% | 11/01/2035 | 1000000 | 942583 |
| Orlando Utilities Commission Utility System Revenue Bonds, Series 2018A | 5.000% | 10/01/2037 | 540000 | 557211 |
| County of Miami-Dade, Florida, Water & Sewer System Revenue Refunding Bonds, Series B | 4.000% | 10/01/2038 | 2000000 | 2017939 |
| County of Sarasota Utility System Revenue Bonds | 5.250% | 10/01/2039 | 1000000 | 1111199 |
| Saint Johns County School Board, Certificate of Participation, Series A | 5.000% | 07/01/2041 | 1425000 | 1545513 |
| City of South Miami Health Facilities Authority Revenue Refunding Bonds | 5.000% | 08/15/2042 | 1500000 | 1522686 |
|  |  |  |  | 12583668 |
| **Georgia (0.00%)** | **Georgia (0.00%)** | **Georgia (0.00%)** | **Georgia (0.00%)** | **Georgia (0.00%)** |
| Bartow County Development Authority Revenue Refunding Bonds | 1.800% | 09/01/2029 | 1000000 | 927009 |
| Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C(g) | 5.000% | 12/01/2031 | 5000000 | 5355588 |
| Harris County School District, General Obligation Bonds | 3.000% | 03/01/2035 | 250000 | 245575 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding <br> Bonds, Series B<br>| 5.000% | 07/01/2036 | 900000 | 1072625 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding <br> Bonds, Series B<br>| 5.000% | 07/01/2038 | 1250000 | 1496693 |
|  |  |  |  | 9097490 |
| **Hawaii (0.00%)** | **Hawaii (0.00%)** | **Hawaii (0.00%)** | **Hawaii (0.00%)** | **Hawaii (0.00%)** |
| State of Hawaii Department of Budget & Finance Special Purpose Revenue Refunding Bonds | 5.000% | 07/01/2036 | 1000000 | 1152637 |
| **Idaho (0.00%)** | **Idaho (0.00%)** | **Idaho (0.00%)** | **Idaho (0.00%)** | **Idaho (0.00%)** |
| Nez Perce County Independent School District No 1., General Obligation Bonds | 4.000% | 09/15/2031 | 1880000 | 1908551 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2033 | 545000 | 538758 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2033 | 180000 | 184148 |
| Idaho Health Facilities Authority Revenue Refunding Bonds | 4.000% | 03/01/2034 | 400000 | 413945 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2034 | 240000 | 250869 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2034 | 255000 | 259859 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2035 | 250000 | 260812 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2035 | 300000 | 290588 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2035 | 175000 | 177987 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2036 | $200000 | $202780 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2037 | 310000 | 291093 |
|  |  |  |  | 4779390 |
| **Illinois (0.00%)** | **Illinois (0.00%)** | **Illinois (0.00%)** | **Illinois (0.00%)** | **Illinois (0.00%)** |
| State of Illinois Sales Tax Revenue Bonds, Series A | 5.000% | 06/15/2032 | 3010000 | 3377465 |
| Village of Schaumburg, Illinois, General Obligation Refunding Bonds | 4.000% | 12/01/2034 | 2500000 | 2650111 |
| Sangamon County School District No. 186 Springfield, General Obligation Bonds | 3.000% | 02/01/2035 | 1000000 | 979281 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series G (AMT) | 5.000% | 01/01/2037 | 2000000 | 2025246 |
| State of Illinois, General Obligation Bonds, Series B | 5.000% | 05/01/2037 | 5680000 | 6255336 |
| Chicago O'Hare International Airport General Senior Lien Revenue Bonds, Series B | 5.000% | 01/01/2038 | 520000 | 542270 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series C | 5.000% | 01/01/2038 | 1050000 | 1051191 |
| Illinois Finance Authority Revenue Refunding Bonds | 4.000% | 08/01/2038 | 1000000 | 971378 |
| Cook County Community Consolidated School District No. 65 Evanston Revenue Bonds | 5.000% | 12/01/2039 | 1000000 | 1073554 |
| Village of Mundelein, Illinois, General Obligation Bonds | 4.000% | 12/15/2039 | 1355000 | 1363909 |
| Illinois State Toll Highway Authority Revenue Bonds, Series B | 5.000% | 01/01/2040 | 3000000 | 3002804 |
| Illinois State Toll Highway Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2041 | 1590000 | 1678496 |
| Sales Tax Securitization Corporation Senior Lien Revenue Refunding Bonds, Series A | 5.000% | 01/01/2041 | 1200000 | 1282445 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series D | 5.250% | 01/01/2042 | 1000000 | 1014928 |
| City of Aurora, Illinois, General Obligation Bonds, Series C | 5.000% | 12/30/2042 | 1000000 | 1067896 |
|  |  |  |  | 28336310 |
| **Indiana (0.00%)** | **Indiana (0.00%)** | **Indiana (0.00%)** | **Indiana (0.00%)** | **Indiana (0.00%)** |
| East Noble School Building Corporation Revenue Bonds | 2.000% | 01/15/2027 | 1205000 | 1187848 |
| &nbsp;&nbsp;&nbsp; City of Lebanon, Indiana, Sewage Works Revenue Bonds (Prerefunded to 07-01-2027 @ <br> 100)(h)<br>| 4.000% | 07/01/2027 | 895000 | 913550 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 3.750% | 07/01/2029 | 220000 | 220000 |
| Valparaiso Multi-Schools Building Corporation Revenue Bonds | 5.000% | 07/15/2029 | 1000000 | 1000819 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 4.000% | 07/01/2030 | 750000 | 750000 |
| Carmel Redevelopment Authority Revenue Bonds, Series B | 5.000% | 01/15/2033 | 2485000 | 2804538 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2033 | 650000 | 638670 |
| Borden-Henryville Multi-School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 1270000 | 1400533 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 335000 | 349400 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2034 | 675000 | 658525 |
| Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series E | 5.000% | 02/01/2035 | 900000 | 999105 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2035 | 700000 | 675821 |
| East Allen Multi School Building Corporation Revenue Bonds | 5.000% | 07/15/2036 | 1000000 | 1120068 |
|  |  |  |  | 12718877 |
| **Iowa (0.00%)** | **Iowa (0.00%)** | **Iowa (0.00%)** | **Iowa (0.00%)** | **Iowa (0.00%)** |
| Waukee Community School District, General Obligation Refunding Bonds, Series B | 2.000% | 06/01/2027 | 2100000 | 2059790 |
| City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D | 3.000% | 06/01/2029 | 950000 | 950271 |
| City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A | 3.000% | 06/01/2029 | 1050000 | 1051162 |
| City of West Des Moines, Iowa, General Obligation Bonds, Series D | 3.000% | 06/01/2031 | 1770000 | 1770243 |
| Cedar Rapids Community School District, General Obligation Bonds | 5.000% | 06/01/2035 | 1000000 | 1108661 |
| City of Cedar Rapids, Iowa, General Obligation Bonds, Series A | 5.000% | 06/01/2040 | 1055000 | 1135098 |
|  |  |  |  | 8075225 |
| **Kansas (0.00%)** | **Kansas (0.00%)** | **Kansas (0.00%)** | **Kansas (0.00%)** | **Kansas (0.00%)** |
| &nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission, General Obligation <br> Refunding Bonds, Series A<br>| 3.000% | 10/01/2027 | 1000000 | 1000174 |
| Wyandotte County/Kansas City Unified Government, General Obligation Bonds, Series A | 5.000% | 08/01/2028 | 1410000 | 1493317 |
| State of Kansas Department of Transportation Revenue Bonds, Series A | 5.000% | 09/01/2033 | 4000000 | 4147439 |
|  |  |  |  | 6640930 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Kentucky (0.00%)** | **Kentucky (0.00%)** | **Kentucky (0.00%)** | **Kentucky (0.00%)** | **Kentucky (0.00%)** |
| Northern Kentucky Water District Revenue Bonds, Series A | 4.000% | 02/01/2028 | $1110000 | $1110669 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.250% | 09/15/2029 | 1735000 | 1741299 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.000% | 10/01/2029 | 1060000 | 1059652 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.375% | 09/15/2030 | 1800000 | 1810391 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.125% | 10/01/2030 | 1095000 | 1095103 |
| Northern Kentucky Water District Revenue Refunding Bonds | 3.000% | 02/01/2031 | 2160000 | 2152455 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 02/01/2032 | 1770000 | 1606963 |
| Kentucky Public Energy Authority Revenue Refunding Bonds, Series B(i) | 5.000% | 08/01/2032 | 3330000 | 3582216 |
| Kentucky State Property & Buildings Commission Revenue Refunding Bonds, Series B | 5.000% | 04/01/2033 | 730000 | 835753 |
| City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds | 3.000% | 06/01/2033 | 3115000 | 3068174 |
| Kentucky Municipal Energy Agency Power System Revenue Bonds | 5.000% | 01/01/2039 | 785000 | 862807 |
| Kentucky State Property & Buildings Commission Revenue Bonds, Series A | 5.000% | 05/01/2039 | 1130000 | 1232202 |
| Woodford County School District Finance Corporation Revenue Bonds, Series A | 5.000% | 08/01/2039 | 1000000 | 1078273 |
| Franklin County School District, General Obligation Bonds | 5.000% | 06/01/2042 | 1000000 | 1067967 |
|  |  |  |  | 22303924 |
| **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** |
| State of Louisiana General Obligation Bonds, Series E | 5.000% | 09/01/2032 | 2000000 | 2288967 |
| St. John the Baptist Parish School District No. 1, General Obligation Bonds | 5.250% | 03/01/2037 | 1500000 | 1637383 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority <br> Revenue Bonds<br>| 5.000% | 08/15/2037 | 1000000 | 1021635 |
| City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A | 5.000% | 12/01/2039 | 830000 | 888048 |
|  |  |  |  | 5836033 |
| **Maryland (0.00%)** | **Maryland (0.00%)** | **Maryland (0.00%)** | **Maryland (0.00%)** | **Maryland (0.00%)** |
| City of Baltimore, Maryland, Revenue Bonds, Series A | 5.000% | 07/01/2035 | 1000000 | 1116634 |
| County of Baltimore, General Obligation Bonds | 4.000% | 03/01/2038 | 1750000 | 1784001 |
|  |  |  |  | 2900635 |
| **Massachusetts (0.00%)** | **Massachusetts (0.00%)** | **Massachusetts (0.00%)** | **Massachusetts (0.00%)** | **Massachusetts (0.00%)** |
| Massachusetts Development Finance Agency Variable Revenue Bonds, Series A-1 | 5.000% | 05/13/2032 | 3000000 | 3403808 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency Revenue Refunding Bonds, Partners Healthcare <br> System<br>| 5.000% | 07/01/2035 | 1400000 | 1413347 |
| Massachusetts Development Finance Agency Variable Revenue Bonds(j) | 5.000% | 11/01/2035 | 2000000 | 2360819 |
| Massachusetts School Building Authority Sales Tax Sustainable Revenue Refunding Bonds | 5.000% | 02/15/2036 | 500000 | 595974 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series A | 5.000% | 01/01/2037 | 1810000 | 1913085 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series J | 5.000% | 12/01/2038 | 1000000 | 1015621 |
| Commonwealth of Massachusetts, General Obligation Refunding Bonds, Series B | 5.000% | 05/01/2039 | 1480000 | 1649795 |
|  |  |  |  | 12352449 |
| **Michigan (0.00%)** | **Michigan (0.00%)** | **Michigan (0.00%)** | **Michigan (0.00%)** | **Michigan (0.00%)** |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2027 | 500000 | 500592 |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2028 | 300000 | 300369 |
| Utica Community Schools, Michigan, General Obligation Bonds | 5.000% | 05/01/2031 | 1100000 | 1232342 |
| Rockford Public Schools, General Obligation Bonds, Series I | 4.000% | 05/01/2035 | 1755000 | 1803258 |
| Van Buren Public Schools, Michigan, General Obligation Refunding Bonds | 4.000% | 11/01/2035 | 1000000 | 1025193 |
| Grosse Pointe Public School System, General Obligation Refunding Bonds | 5.000% | 05/01/2036 | 1635000 | 1734701 |
| Lowell Area Schools, General Obligation Bonds | 4.000% | 05/01/2036 | 865000 | 885961 |
| West Bloomfield School District, General Obligation Bonds | 3.000% | 05/01/2036 | 3825000 | 3653436 |
| Dundee Community Schools, General Obligation Bonds | 5.000% | 05/01/2037 | 1000000 | 1106035 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority Single Family Mortgage Sustainable Revenue <br> Bonds, Series C<br>| 4.650% | 06/01/2041 | 1000000 | 1025869 |
|  |  |  |  | 13267756 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Minnesota (0.00%)** | **Minnesota (0.00%)** | **Minnesota (0.00%)** | **Minnesota (0.00%)** | **Minnesota (0.00%)** |
| City of Eagan, Minnesota, General Obligation Bonds, Series A | 3.250% | 02/01/2032 | $1245000 | $1245613 |
| Metropolitan Council, General Obligation Bonds, Series C | 3.750% | 03/01/2032 | 5500000 | 5503335 |
| Big Lake Independent School District No. 727, General Obligation Bonds, Series A | 3.000% | 02/01/2033 | 570000 | 566821 |
| White Bear Lake Independent School District No. 624, General Obligation Bonds, Series A | 5.000% | 02/01/2033 | 4750000 | 5379974 |
| &nbsp;&nbsp;&nbsp; North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation <br> Bonds, Series B<br>| 3.000% | 02/01/2034 | 3300000 | 3274119 |
| City of Minneapolis, Minnesota, General Obligation Bonds | 3.000% | 12/01/2035 | 2000000 | 1966196 |
| Pequot Lakes Independent School District No. 186, General Obligation Bonds, Series A | 5.000% | 02/01/2036 | 960000 | 1090917 |
|  |  |  |  | 19026975 |
| **Mississippi (0.00%)** | **Mississippi (0.00%)** | **Mississippi (0.00%)** | **Mississippi (0.00%)** | **Mississippi (0.00%)** |
| State of Mississippi, General Obligation Bonds, Series F | 3.000% | 11/01/2026 | 3000000 | 3011303 |
| **Missouri (0.00%)** | **Missouri (0.00%)** | **Missouri (0.00%)** | **Missouri (0.00%)** | **Missouri (0.00%)** |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2033 | 1000000 | 1002211 |
| Grain Valley No. R-5 School District, General Obligation Bonds, Series A | 5.000% | 03/01/2035 | 1000000 | 1045693 |
| City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B | 3.000% | 10/01/2035 | 2520000 | 2410760 |
| Platte County School District Park Hill, General Obligation Bonds | 3.350% | 03/01/2036 | 1000000 | 984378 |
| Nixa Public Schools, General Obligation Bonds | 5.000% | 03/01/2039 | 1170000 | 1303366 |
| Willard No. R-2, General Obligation Refunding Bonds | 5.000% | 03/01/2039 | 860000 | 944172 |
| Troy Reorganized School District No. 3 Lincoln County, General Obligation Bonds | 5.000% | 03/01/2040 | 1000000 | 1078940 |
|  |  |  |  | 8769520 |
| **Montana (0.00%)** | **Montana (0.00%)** | **Montana (0.00%)** | **Montana (0.00%)** | **Montana (0.00%)** |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2032 | 945000 | 970768 |
| Missoula High School District No. 1, General Obligation Bonds | 4.000% | 07/01/2032 | 1010000 | 1010136 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2033 | 1005000 | 1031394 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2034 | 505000 | 517756 |
| Cascade County High School District A Great Falls, General Obligation Bonds | 5.000% | 07/01/2034 | 725000 | 760892 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2034 | 1000000 | 1042646 |
| Hellgate School District No. 4, General Obligation Bonds | 5.250% | 06/15/2035 | 880000 | 903180 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2035 | 845000 | 862951 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2035 | 750000 | 777677 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | 5.000% | 07/01/2035 | 1925000 | 2015351 |
| Montana State Board of Regents Revenue Refunding Bonds | 3.000% | 11/15/2035 | 3660000 | 3508496 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2036 | 585000 | 596559 |
|  |  |  |  | 13997806 |
| **Nebraska (0.00%)** | **Nebraska (0.00%)** | **Nebraska (0.00%)** | **Nebraska (0.00%)** | **Nebraska (0.00%)** |
| City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds | 3.000% | 06/15/2034 | 1105000 | 1089428 |
| City of Kearney, Nebraska, General Obligation Bonds | 4.000% | 05/15/2035 | 500000 | 505393 |
| County of Sarpy, Nebraska, General Obligation Bonds | 3.500% | 06/01/2037 | 1000000 | 1000707 |
| City of La Vista, Nebraska, General Obligation Bonds | 3.000% | 09/15/2041 | 1000000 | 883895 |
|  |  |  |  | 3479423 |
| **Nevada (0.00%)** | **Nevada (0.00%)** | **Nevada (0.00%)** | **Nevada (0.00%)** | **Nevada (0.00%)** |
| Nevada System of Higher Education Revenue Refunding Bonds | 4.000% | 07/01/2030 | 3045000 | 3062872 |
| Clark County School District, General Obligation Refunding Bonds, Series C | 4.000% | 06/15/2037 | 1000000 | 1006311 |
|  |  |  |  | 4069183 |
| **New Hampshire (0.00%)** | **New Hampshire (0.00%)** | **New Hampshire (0.00%)** | **New Hampshire (0.00%)** | **New Hampshire (0.00%)** |
| New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series A | 5.000% | 06/01/2035 | 1000000 | 1185619 |
| **New Jersey (0.00%)** | **New Jersey (0.00%)** | **New Jersey (0.00%)** | **New Jersey (0.00%)** | **New Jersey (0.00%)** |
| Hopewell Valley Regional School District, General Obligation Bonds | 3.500% | 01/15/2027 | 3330000 | 3330923 |
| New Jersey Educational Facilities Authority Revenue Refunding Bonds, Series A | 5.000% | 05/15/2028 | 2500000 | 2637573 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **New Jersey (Cont.)** | **New Jersey (Cont.)** | **New Jersey (Cont.)** | **New Jersey (Cont.)** | **New Jersey (Cont.)** |
| New Jersey State Turnpike Authority Revenue Bonds, Series B | 5.000% | 01/01/2031 | $850000 | $945085 |
| New Jersey Educational Facilities Authority Variable Revenue Bonds, Series A(k) | 5.000% | 07/01/2031 | 2000000 | 2224522 |
| Hopewell Valley Regional School District, General Obligation Bonds | 4.000% | 01/15/2032 | 1000000 | 1000463 |
|  |  |  |  | 10138566 |
| **New Mexico (0.00%)** | **New Mexico (0.00%)** | **New Mexico (0.00%)** | **New Mexico (0.00%)** | **New Mexico (0.00%)** |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2026 | 225000 | 225206 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2027 | 700000 | 700671 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | 3.000% | 08/01/2027 | 1515000 | 1515172 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2028 | 725000 | 725563 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | 3.500% | 08/01/2028 | 900000 | 900527 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2029 | 750000 | 750617 |
| Santa Fe Public School District, General Obligation Bonds | 3.625% | 08/01/2029 | 2000000 | 2011110 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2034 | 1800000 | 1896840 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2035 | 2600000 | 2733778 |
|  |  |  |  | 11459484 |
| **New York (0.00%)** | **New York (0.00%)** | **New York (0.00%)** | **New York (0.00%)** | **New York (0.00%)** |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency Affordable Housing Variable Sustainability Revenue <br> Bonds, Series J (SonyMA Insured)(l)<br>| 1.100% | 05/01/2027 | 525000 | 506756 |
| New York State Dormitory Authority Revenue Bonds | 5.000% | 10/01/2028 | 965000 | 1032269 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Financing Authority Future Tax Subordinate Revenue Refunding <br> Bonds<br>| 5.000% | 11/01/2031 | 2020000 | 2281391 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue Refunding Bonds, <br> Series S-2<br>| 5.000% | 07/15/2033 | 1000000 | 1166037 |
| New York Energy Finance Development Corporation Variable Revenue Bonds(m) | 5.000% | 12/01/2033 | 1000000 | 1059283 |
| State of New York Mortgage Agency Revenue Refunding Bonds, Series 220 | 2.400% | 10/01/2034 | 1000000 | 904544 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding <br> Bonds, Series BB, Subseries BB-2<br>| 5.000% | 06/15/2036 | 2725000 | 3236503 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, <br> Series B-1<br>| 5.250% | 11/01/2036 | 1500000 | 1698158 |
| Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 250 | 5.000% | 10/15/2037 | 1350000 | 1575080 |
| New York State Dormitory Authority Revenue Bonds | 5.000% | 07/01/2038 | 1225000 | 1384551 |
|  |  |  |  | 14844572 |
| **North Carolina (0.00%)** | **North Carolina (0.00%)** | **North Carolina (0.00%)** | **North Carolina (0.00%)** | **North Carolina (0.00%)** |
| Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds | 4.000% | 07/01/2027 | 1210000 | 1210650 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2028 | 700000 | 701335 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2029 | 265000 | 265510 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | 5.000% | 02/01/2035 | 1000000 | 1081302 |
|  |  |  |  | 3258797 |
| **North Dakota (0.00%)** | **North Dakota (0.00%)** | **North Dakota (0.00%)** | **North Dakota (0.00%)** | **North Dakota (0.00%)** |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.125% | 05/01/2028 | 845000 | 845009 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.250% | 05/01/2029 | 835000 | 835196 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2031 | 1015000 | 1015019 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2032 | 1060000 | 1060022 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2034 | 1550000 | 1533224 |
|  |  |  |  | 5288470 |
| **Ohio (0.00%)** | **Ohio (0.00%)** | **Ohio (0.00%)** | **Ohio (0.00%)** | **Ohio (0.00%)** |
| Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds | 5.000% | 12/01/2027 | 175000 | 175288 |
| Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds | 4.000% | 12/01/2030 | 365000 | 365274 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2031 | 350000 | 351712 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2032 | 220000 | 224707 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2032 | $315000 | $315180 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2032 | 1750000 | 1757512 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2032 | 375000 | 376625 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2033 | 370000 | 377034 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2033 | 235000 | 235165 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2033 | 400000 | 401464 |
| City of Toledo, Ohio, General Obligation Bonds | 5.250% | 12/01/2034 | 1000000 | 1129464 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2034 | 1000000 | 1003263 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2034 | 875000 | 877999 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2035 | 1870000 | 1871006 |
|  |  |  |  | 9461693 |
| **Oklahoma (0.00%)** | **Oklahoma (0.00%)** | **Oklahoma (0.00%)** | **Oklahoma (0.00%)** | **Oklahoma (0.00%)** |
| City of Tulsa, Oklahoma, General Obligation Bonds | 3.000% | 04/01/2028 | 3000000 | 3000259 |
| Edmond Public Works Authority Revenue Bonds | 5.000% | 07/01/2032 | 1500000 | 1548738 |
| Oklahoma County Finance Authority Revenue Bonds | 5.000% | 09/01/2036 | 2500000 | 2760225 |
| Oklahoma Turnpike Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2042 | 1000000 | 1093024 |
|  |  |  |  | 8402246 |
| **Oregon (0.00%)** | **Oregon (0.00%)** | **Oregon (0.00%)** | **Oregon (0.00%)** | **Oregon (0.00%)** |
| &nbsp;&nbsp;&nbsp; Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation <br> Bonds<br>| 3.000% | 06/15/2035 | 2865000 | 2720293 |
| Chemeketa Community College District, General Obligation Bonds, Series B | 5.000% | 06/15/2038 | 1000000 | 1153532 |
| State of Oregon Housing & Community Services Department Mortgage Revenue Bonds | 4.750% | 07/01/2040 | 1000000 | 1036749 |
|  |  |  |  | 4910574 |
| **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** |
| Pennsylvania Housing Finance Agency Revenue Bonds, Series 137 | 2.200% | 04/01/2033 | 2785000 | 2487813 |
| Allegheny County Hospital Development Authority Revenue Refunding Bonds | 5.000% | 07/15/2033 | 1220000 | 1291624 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 400000 | 395007 |
| County of Dauphin, Pennsylvania, General Obligation Refunding Notes, Series B | 5.000% | 11/15/2043 | 3620000 | 3817761 |
|  |  |  |  | 7992205 |
| **Rhode Island (0.00%)** | **Rhode Island (0.00%)** | **Rhode Island (0.00%)** | **Rhode Island (0.00%)** | **Rhode Island (0.00%)** |
| Rhode Island Health & Educational Building Corporation Revenue Bonds, Series C | 5.000% | 05/15/2032 | 1065000 | 1206041 |
| Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A | 2.200% | 10/01/2033 | 780000 | 689519 |
| Rhode Island Health & Educational Building Corporation Revenue Bonds, Series D | 5.250% | 05/15/2042 | 2445000 | 2686026 |
|  |  |  |  | 4581586 |
| **South Carolina (0.00%)** | **South Carolina (0.00%)** | **South Carolina (0.00%)** | **South Carolina (0.00%)** | **South Carolina (0.00%)** |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 3.500% | 12/01/2027 | 380000 | 380026 |
| Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds | 4.000% | 12/01/2028 | 520000 | 520232 |
| Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds | 4.000% | 12/01/2030 | 535000 | 535215 |
|  |  |  |  | 1435473 |
| **Tennessee (0.00%)** | **Tennessee (0.00%)** | **Tennessee (0.00%)** | **Tennessee (0.00%)** | **Tennessee (0.00%)** |
| Tennergy Corporation Gas Revenue Bonds, Series A(n) | 4.000% | 09/01/2028 | 1000000 | 1016987 |
| City of Knoxville, Tennessee, Electric Revenue Bonds, Series QQ | 5.000% | 07/01/2042 | 1615000 | 1711963 |
| Tennessee State School Bond Authority Revenue Bonds | 5.000% | 11/01/2042 | 2525000 | 2640718 |
|  |  |  |  | 5369668 |
| **Texas (0.00%)** | **Texas (0.00%)** | **Texas (0.00%)** | **Texas (0.00%)** | **Texas (0.00%)** |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Bonds(o) | 5.000% | 05/15/2026 | 1000000 | 1004899 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to <br> 02-15-2027 @ 100)(h)<br>| 4.000% | 02/15/2027 | 280000 | 284130 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** |
| Clifton Higher Education Finance Corporation Revenue Refunding Bonds | 5.000% | 08/15/2028 | $1600000 | $1690901 |
| Denton Independent School District, Variable General Obligation Bonds, Series B1(p) | 4.000% | 08/15/2028 | 3000000 | 3099342 |
| Texas Water Development Board Revenue Bonds | 5.000% | 04/15/2029 | 1075000 | 1161876 |
| Bell County Water Control & Improvement District No. 1 Revenue Bonds | 5.000% | 07/10/2031 | 535000 | 595654 |
| Upper Brushy Creek Water Control and Improvement District, General Obligation Bonds | 3.000% | 08/15/2031 | 1000000 | 1004663 |
| Aldine Independent School District, General Obligation Refunding Bonds | 4.000% | 02/15/2033 | 1000000 | 1010644 |
| Arlington Independent School District, Texas, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 920000 | 1056235 |
| Humble Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 690000 | 791213 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds, Unrefunded <br> Balance<br>| 4.000% | 02/15/2033 | 485000 | 489682 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 5.000% | 03/01/2033 | 200000 | 208796 |
| Texas Water Development Board Revenue Bonds, Series A | 5.000% | 04/15/2033 | 3405000 | 3926017 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2034 | 280000 | 284231 |
| Lovejoy Independent School District, General Obligation Bonds | 5.000% | 02/15/2035 | 1250000 | 1462233 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2035 | 200000 | 202434 |
| State of Texas, General Obligation Refunding Bonds, Series B | 5.000% | 08/01/2035 | 1000000 | 1165355 |
| Texas State Technical College Revenue Bonds | 5.250% | 08/01/2035 | 1000000 | 1133434 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2036 | 1745000 | 1815856 |
| Richardson Independent School District, General Obligation Bonds, Series A | 5.000% | 02/15/2036 | 1000000 | 1108871 |
| Texas A&M University Revenue Bonds | 5.250% | 05/15/2036 | 1000000 | 1129304 |
| Trinity River Authority Central Regional Wastewater System Revenue Bonds | 3.500% | 08/01/2036 | 1000000 | 1012468 |
| Leander Independent School District, General Obligation Refunding Bonds, Series A | 5.000% | 08/15/2036 | 1000000 | 1166436 |
| Texas Water Development Board Revenue Bonds | 4.450% | 10/15/2036 | 1000000 | 1067104 |
| Texas Water Development Board Revenue Bonds | 4.000% | 10/15/2036 | 1000000 | 1013356 |
| City of Cedar Park, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1086518 |
| County of Kaufman, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1700000 | 1895520 |
| Waller Consolidated Independent School District, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1107996 |
| City of Beaumont, Texas, Certificates of Obligation, General Obligation Bonds | 5.000% | 03/01/2038 | 810000 | 890674 |
| North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series A | 4.125% | 01/01/2039 | 1375000 | 1405067 |
| City of San Antonio, Texas, Electric & Gas Systems Revenue Bonds, Series A | 5.000% | 02/01/2039 | 1010000 | 1131316 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2039 | 1000000 | 1062891 |
| County of Smith, Texas, General Obligation Bonds | 5.000% | 08/15/2039 | 1000000 | 1089376 |
| Harlandale Independent School District, General Obligation Bonds, Series A | 5.250% | 08/15/2039 | 1000000 | 1115072 |
| Northside Independent School District, General Obligation Refunding Bonds | 5.000% | 08/15/2039 | 1105000 | 1135184 |
| &nbsp;&nbsp;&nbsp; City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, <br> Series D<br>| 5.000% | 11/15/2039 | 1725000 | 1726094 |
| Permanent University Fund - University of Texas System Revenue Refunding Bonds, Series A | 5.000% | 07/01/2040 | 1750000 | 1930640 |
| Austin Community College District, General Obligation Bonds, Unrefunded Balance | 4.000% | 08/01/2040 | 230000 | 229991 |
| City of San Antonio, Texas, General Obligation Bonds | 5.000% | 02/01/2041 | 2275000 | 2476282 |
|  |  |  |  | 47167755 |
| **Utah (0.00%)** | **Utah (0.00%)** | **Utah (0.00%)** | **Utah (0.00%)** | **Utah (0.00%)** |
| Central Utah Water Conservancy District Revenue Refunding Bonds, Series B | 4.000% | 10/01/2033 | 2500000 | 2539478 |
| Wasatch County School District Local Building Authority Revenue Bonds | 5.000% | 06/01/2034 | 750000 | 839562 |
| Duchesne County School District Revenue Bonds | 5.000% | 06/01/2036 | 1150000 | 1211769 |
| City of Salt Lake, Utah, Revenue Bonds, Series A (AMT) | 5.000% | 07/01/2042 | 1000000 | 1008585 |
|  |  |  |  | 5599394 |
| **Vermont (0.00%)** | **Vermont (0.00%)** | **Vermont (0.00%)** | **Vermont (0.00%)** | **Vermont (0.00%)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2032 | 175000 | 186618 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2033 | 190000 | 202046 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2034 | 255000 | 270564 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2034 | 410000 | 435024 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Vermont (Cont.)** | **Vermont (Cont.)** | **Vermont (Cont.)** | **Vermont (Cont.)** | **Vermont (Cont.)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2035 | $265000 | $280139 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2035 | 435000 | 459850 |
|  |  |  |  | 1834241 |
| **Virginia (0.00%)** | **Virginia (0.00%)** | **Virginia (0.00%)** | **Virginia (0.00%)** | **Virginia (0.00%)** |
| County of Stafford, Virginia, General Obligation Bonds | 4.000% | 07/01/2030 | 1205000 | 1205782 |
| City of Danville, Virginia, General Obligation Bonds | 4.000% | 09/01/2039 | 1625000 | 1678200 |
|  |  |  |  | 2883982 |
| **Washington (0.00%)** | **Washington (0.00%)** | **Washington (0.00%)** | **Washington (0.00%)** | **Washington (0.00%)** |
| City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A | 3.250% | 12/01/2028 | 350000 | 350568 |
| King County School District No. 405 Bellevue, General Obligation Bonds | 3.000% | 12/01/2033 | 3095000 | 3057664 |
| King County School District No. 414 Lake Washington, General Obligation Bonds | 4.000% | 12/01/2033 | 5000000 | 5073180 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 840000 | 853579 |
| Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds | 4.375% | 12/01/2034 | 1040000 | 1078941 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | 4.000% | 12/01/2035 | 500000 | 514557 |
| City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds | 4.000% | 05/01/2036 | 1000000 | 1000117 |
| State of Washington, General Obligation Bonds, Series 2024-A | 5.000% | 08/01/2038 | 1000000 | 1121521 |
| Island County Consolidated School District No. 206 South Whidbey, General Obligation Bonds | 5.000% | 12/01/2042 | 1000000 | 1088653 |
|  |  |  |  | 14138780 |
| **West Virginia (0.00%)** | **West Virginia (0.00%)** | **West Virginia (0.00%)** | **West Virginia (0.00%)** | **West Virginia (0.00%)** |
| Braxton County Board of Education, General Obligation Refunding Bonds | 4.000% | 05/01/2026 | 250000 | 251000 |
| Braxton County Board of Education, General Obligation Refunding Bonds | 2.250% | 05/01/2026 | 125000 | 124657 |
|  |  |  |  | 375657 |
| **Wisconsin (0.00%)** | **Wisconsin (0.00%)** | **Wisconsin (0.00%)** | **Wisconsin (0.00%)** | **Wisconsin (0.00%)** |
| Wisconsin-Dells School District, General Obligation Bonds | 3.125% | 03/01/2030 | 1595000 | 1598465 |
| City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A | 2.000% | 03/01/2031 | 895000 | 825146 |
| Burlington Area School District, Wisconsin, General Obligation Bonds | 3.125% | 04/01/2031 | 1000000 | 1001720 |
| Poynette School District, General Obligation Bonds | 3.000% | 04/01/2031 | 850000 | 850275 |
| Burlington Area School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 1120000 | 1123341 |
| Hamilton School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 2000000 | 2002050 |
| Poynette School District, General Obligation Bonds | 3.125% | 04/01/2032 | 1520000 | 1522042 |
| Western Technical College District, General Obligation Refunding Bonds, Series F | 3.000% | 04/01/2032 | 2240000 | 2240023 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2032 | 675000 | 685868 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2034 | 1390000 | 1407757 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2035 | 1405000 | 1375604 |
| New Richmond School District, General Obligation Bonds | 4.000% | 04/01/2035 | 4170000 | 4350071 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2036 | 1535000 | 1473975 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 07/01/2038 | 1000000 | 1008093 |
| Two Rivers Public School District, General Obligation Refunding Bonds | 4.000% | 03/01/2039 | 1000000 | 1016807 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 4.000% | 04/01/2039 | 1000000 | 997846 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 11/15/2039 | 3025000 | 3034561 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 04/01/2040 | 2810000 | 3071107 |
|  |  |  |  | 29584751 |
| **Total Long-term Municipal Bond** <br>(cost $443,260,317)<br>|  |  |  | 443856767 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 3.63%(q) | 9333799 | $9333798 |
| **Total Short-term Investments** <br>(cost $9,333,799)<br>|  | 9333798 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Dallas Fort Worth International Airport, Variable General Obligation Bonds, <br> Series A-2 (AMT)<br>|  |  |  |  |
| **No Security Type:** Black Belt Energy Gas District Revenue Bonds, Series E |  |  |  |  |
| **No Security Type:** County of Broward, Florida, Port Facilities Revenue Bonds (AMT) |  |  |  |  |
| **No Security Type:** County of Broward, Florida, Port Facilities Revenue Bonds (AMT) |  |  |  |  |
| **No Security Type:** Brownsburg 1999 School Building Corporation Revenue Bonds |  |  |  |  |
| **No Security Type:** California Community Choice Financing Authority Sustainable Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds, <br> Series A<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Chicago Midway International Airport Senior Lien Revenue Refunding Bonds, <br> Series A (AMT)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Chicago Midway International Airport Senior Lien Revenue Refunding Bonds, <br> Series A (AMT)<br>|  |  |  |  |
| **No Security Type:** Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series A (AMT) |  |  |  |  |
| **No Security Type:** State of Connecticut Special Tax Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Corpus Christi, Texas, Utility System Senior Lien Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Dallas, Texas, General Obligation Bonds |  |  |  |  |
| **No Security Type:** Duluth Independent School District No. 709, General Obligation Bonds, Series A |  |  |  |  |
| **No Security Type:** East Allen County Schools, General Obligation Bonds |  |  |  |  |
| **No Security Type:** Energy Southeast A Cooperative District Revenue Bonds, Series A |  |  |  |  |
| **No Security Type:** Euclid City School District, General Obligation Refunding Bonds |  |  |  |  |
| **No Security Type:** Fort Worth Independent School District Revenue Refunding Bonds, Series A |  |  |  |  |
| **No Security Type:** County of Harris, Texas, Toll Road Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** State of Illinois Sales Tax Revenue Bonds, Series B |  |  |  |  |
| **No Security Type:** IPS Multi-School Building Corporation Sustainable Revenue Bonds |  |  |  |  |
| **No Security Type:** Johnson County Redevelopment Authority Revenue Bonds |  |  |  |  |
| **No Security Type:** City of Joliet, Illinois, Waterworks & Sewerage Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Mason County School District No. 402 Pioneer, General Obligation Refunding <br> Bonds<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Massachusetts Development Finance Agency Revgenue Refunding Bonds, <br> Series N (AMT)<br>|  |  |  |  |
| **No Security Type:** Commonwealth of Massachusetts Transportation Fund Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** Minnesota Housing Finance Agency Revenue Bonds, Series B |  |  |  |  |
| **No Security Type:** New Orleans Aviation Board Revenue Refunding Bonds, Series B (AMT) |  |  |  |  |
| **No Security Type:** City of New York, General Obligation Bonds, Series D |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** New York City Transitional Finance Authority Future Tax Secured Subordinate <br> Revenue Refunding Bonds, Fiscal 2026<br>|  |  |  |  |
| **No Security Type:** State of Ohio Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** Peru Multi-School Building Corporation Revenue Bonds |  |  |  |  |
| **No Security Type:** Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series B |  |  |  |  |
| **No Security Type:** Kentucky Public Energy Authority Revenue Refunding Bonds, Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Rhode Island Health and Educational Building Corporation Revenue Bonds, <br> Series D<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Rhode Island Health and Educational Building Corporation Revenue Bonds, <br> Series H<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Trinity River Authority Central Regional Wastewater System Revenue Refunding <br> Bonds<br>|  |  |  |  |
| **No Security Type:** Wayne County Airport Authority Revenue Refunding Bonds (AMT) |  |  |  |  |
| **No Security Type:** Wayne County Airport Authority Revenue Refunding Bonds (AMT) |  |  |  |  |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **No Security Type:** County of Will, Illinois, General Obligation Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Wilmington, Delaware, General Obligation Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Winder, Georgia, Water & Sewerage Revenue Bonds |  |  |  |  |
| **No Security Type:** Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds |  |  |  |  |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $500,333,813)<br>|  |  |  | 501094938 |
| **LIABILITIES, NET OF OTHER ASSETS (0.00%)** |  |  |  | (501094938) |
| **NET ASSETS (0.00%)** |  |  |  | $0 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(m) Rate shown is fixed until mandatory tender date of December 1, 2033.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown is fixed until mandatory tender date of September 1, 2028.

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

&nbsp;&nbsp;&nbsp;&nbsp;(p) Rate shown is fixed until mandatory tender date of August 15, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Rate shown is the 7-day yield as of December 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $2657747416.78

**Total Liabilities:** $775675.90

**Net Assets:** $2656971740.88

**Cash Not Reported:** $50.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 7.391230696171 | **1-Year:** 16871.985758453391 | **5-Year:** 53891.299295510427 | **10-Year:** 29987.992627463785 | **30-Year:** 0.000000000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225896 | 2.56%                | 1.55%                | -0.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $54850.98                | $61264367.00                               |
| Month 2  | $4400642.78              | $31796828.64                               |
| Month 3  | $15638714.19             | $-27559914.37                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GE Healthcare Technologies Inc.                                                      | GEHC 5.65 11/15/27                                             | CUSIP: 36267VAF0<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154447.23    | 0.01%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 6.921 08/08/33                                          | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $221871.69    | 0.01%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.375 03/15/29                                             | CUSIP: 404119CJ6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146259.24    | 0.01%             | 2029-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.872 09/15/34                                            | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    175000 | PA      | $187044.64    | 0.01%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 4.9 10/15/34                                               | CUSIP: 776696AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99961.72     | 0.00%             | 2034-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 05/31/27                                               | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5025976.55   | 0.19%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                                     | OHI 5.2 07/01/30                                               | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50925.91     | 0.00%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI 5.35 07/15/35                                               | CUSIP: 65473PAX3<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51207.44     | 0.00%             | 2035-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.8 09/26/32                                              | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194044.35    | 0.01%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                                | AMRZ 4.95 04/07/30                                             | CUSIP: 43475RAR7<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102328.08    | 0.00%             | 2030-04-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.5 04/30/27                                                 | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9615625.00   | 0.36%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.7 06/10/30 MTN                                            | CUSIP: 24422EWZ8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153787.96    | 0.01%             | 2030-06-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Dollar General Corporation                                                           | DG 5.2 07/05/28                                                | CUSIP: 256677AN5<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256311.29    | 0.01%             | 2028-07-05      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                       | MCK 5.1 07/15/33                                               | CUSIP: 581557BU8<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103491.94    | 0.00%             | 2033-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.125 03/15/27                                             | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148458.61    | 0.01%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 3.625 03/15/32                                             | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94606.37     | 0.00%             | 2032-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 7.75 09/16/27 *                                         | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260009.16    | 0.01%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.5 03/15/29                                                | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51935.61     | 0.00%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG, London Branch                                                                | UBS 5.65 09/11/28                                              | CUSIP: 902674ZW3<br>LEI: N/A                  | Long             | DBT              | CORP              | CH        |    200000 | PA      | $208836.57    | 0.01%             | 2028-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc.                                                            | LII 5.5 09/15/28                                               | CUSIP: 526107AG2<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103232.05    | 0.00%             | 2028-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V6.068 06/13/36                                         | CUSIP: 539439BE8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210746.89    | 0.01%             | 2036-06-13      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc.                                                                 | DAL 5.25 07/10/30                                              | CUSIP: 247361A32<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51424.51     | 0.00%             | 2030-07-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 5.55 10/30/35 144A                                         | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153753.20    | 0.01%             | 2035-10-30      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.2 09/26/35                                              | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $384134.62    | 0.01%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                                       | KR 1.7 01/15/31                                                | CUSIP: 501044DQ1<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220491.78    | 0.01%             | 2031-01-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Public Service Electric & Gas Co.                                                    | PEG 5.2 08/01/33                                               | CUSIP: 74456QCN4<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155848.85    | 0.01%             | 2033-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.5 08/25/28 GMTN                                         | CUSIP: 045167FZ1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $255864.48    | 0.01%             | 2028-08-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.5 10/16/28                                               | CUSIP: 298785JY3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $512267.62    | 0.02%             | 2028-10-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | MRVL 5.95 09/15/33                                             | CUSIP: 573874AQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $53564.18     | 0.00%             | 2033-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 4.65 10/15/30                                              | CUSIP: 911312CH7<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51226.84     | 0.00%             | 2030-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 5.25 05/14/35                                              | CUSIP: 911312CJ3<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51928.25     | 0.00%             | 2035-05-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.25 08/16/32                                              | CUSIP: 298785KL9<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $508257.25    | 0.02%             | 2032-08-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                          | IFC 3.875 07/02/30 GMTN                                        | CUSIP: 45950VUS3<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100575.93    | 0.00%             | 2030-07-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 10/31/30                                               | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7475390.63   | 0.28%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 2.3 02/01/32                                                | CUSIP: 742718FW4<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91442.00     | 0.00%             | 2032-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.3 05/17/30                                               | CUSIP: 58933YBJ3<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50545.40     | 0.00%             | 2030-05-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd New York Branch                                          | NAB 4.9 06/13/28                                               | CUSIP: 63253QAE4<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $256184.20    | 0.01%             | 2028-06-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                                                    | NGGLN 5.602 06/12/28                                           | CUSIP: 636274AD4<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $154918.94    | 0.01%             | 2028-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NWG V5.808 09/13/29                                            | CUSIP: 639057AK4<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208388.06    | 0.01%             | 2029-09-13      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 5.086 08/10/33                                             | CUSIP: 883556CX8<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103965.25    | 0.00%             | 2033-08-10      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5.3 08/15/33                                                 | CUSIP: 927804GM0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155791.81    | 0.01%             | 2033-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.8 11/01/30                                               | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263754.43    | 0.01%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.5 09/08/33                                                 | CUSIP: 748148SE4<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $101397.75    | 0.00%             | 2033-09-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.819 09/15/29                                            | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104338.39    | 0.00%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.45 09/06/34                                               | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101630.38    | 0.00%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 09/30/29                                                 | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4979687.50   | 0.19%             | 2029-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                                                      | CAT 5.2 05/15/35                                               | CUSIP: 149123CL3<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103828.63    | 0.00%             | 2035-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                                                                  | HNDA 5.337 07/08/35                                            | CUSIP: 438127AF9<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $51183.84     | 0.00%             | 2035-07-08      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc                                            | HASI 6.15 01/15/31                                             | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51441.35     | 0.00%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BGC Group Inc                                                                        | BGC 6.15 04/02/30                                              | CUSIP: 05555LAD3<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51803.45     | 0.00%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.939 10/21/36                                             | CUSIP: 38141GD43<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248727.76    | 0.01%             | 2036-10-21      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.369 10/21/31 .                                           | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249686.59    | 0.01%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 4.35 11/03/35                                               | CUSIP: 742718GQ6<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99005.51     | 0.00%             | 2035-11-03      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.775 06/12/29                                            | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259930.32    | 0.01%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.836 06/12/34                                            | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $267189.38    | 0.01%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 5.3 08/15/28                                               | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257448.38    | 0.01%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 3.625 01/15/32                                          | CUSIP: 46590XAU0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $233943.09    | 0.01%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.7 08/14/33                                                | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106112.78    | 0.00%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 4.95 08/14/33                                              | CUSIP: 58013MFV1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103298.25    | 0.00%             | 2033-08-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 4.8 08/14/28                                               | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255375.80    | 0.01%             | 2028-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V6.49 09/13/29                                            | CUSIP: 06738ECK9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211434.58    | 0.01%             | 2029-09-13      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 4.875 05/15/35                                             | CUSIP: 880591FD9<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    160000 | PA      | $165881.73    | 0.01%             | 2035-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                                                    | BRO 4.9 06/23/30                                               | CUSIP: 115236AK7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60901.79     | 0.00%             | 2030-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 5.053 06/30/35                                          | CUSIP: 892331AV1<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206241.86    | 0.01%             | 2035-06-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.794 10/07/35                                             | CUSIP: 883556DE9<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100499.78    | 0.00%             | 2035-10-07      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.45 09/26/30                                             | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146852.50    | 0.01%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.2 06/10/30                                                 | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $214469.35    | 0.01%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Brookfield Capital Finance LLC                                                       | BNCN 6.087 06/14/33                                            | CUSIP: 11259NAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $107074.21    | 0.00%             | 2033-06-14      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                     | SRE 4.95 08/15/28                                              | CUSIP: 797440CE2<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153780.80    | 0.01%             | 2028-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                                              | BAH 5.95 08/04/33                                              | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104367.22    | 0.00%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.                                                                 | OTIS 5.25 08/16/28                                             | CUSIP: 68902VAP2<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154628.20    | 0.01%             | 2028-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                      | BHP 5.1 09/08/28                                               | CUSIP: 055451BC1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $103081.14    | 0.00%             | 2028-09-08      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.75 11/15/29                                              | CUSIP: 298785KF2<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    300000 | PA      | $301039.55    | 0.01%             | 2029-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.25 09/05/34                                                | CUSIP: 748148SF1<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    200000 | PA      | $197862.56    | 0.01%             | 2034-09-05      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 4.9 09/15/30                                              | CUSIP: 87612GAP6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101994.07    | 0.00%             | 2030-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                  | ADI 4.25 06/15/28                                              | CUSIP: 032654BD6<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100851.52    | 0.00%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                  | ADI 4.5 06/15/30                                               | CUSIP: 032654BE4<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50719.86     | 0.00%             | 2030-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                   | LADR 5.5 08/01/30                                              | CUSIP: 505742AS5<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51170.00     | 0.00%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FDX 3.9 02/01/35 *                                             | CUSIP: 31428XDK9<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46116.99     | 0.00%             | 2035-02-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fortune Brands Innovations Inc                                                       | FBINUS 5.875 06/01/33                                          | CUSIP: 34964CAH9<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105809.11    | 0.00%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.867 06/08/34 MTN                                        | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159861.09    | 0.01%             | 2034-06-08      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V6.312 06/08/29                                            | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104978.30    | 0.00%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 5.588 08/08/28                                          | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $207336.90    | 0.01%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.5 09/13/33 GMTN                                         | CUSIP: 4581X0EL8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $102915.04    | 0.00%             | 2033-09-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 4.186 06/30/27                                          | CUSIP: 892331AS8<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $100611.48    | 0.00%             | 2027-06-30      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Deere Funding Canada Corp.                                                           | DE 4.15 10/09/30                                               | CUSIP: 2442GAAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    130000 | PA      | $130096.04    | 0.00%             | 2030-10-09      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.2 10/15/30                                              | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130046.27    | 0.00%             | 2030-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.95 11/15/35                                             | CUSIP: 87264ADX0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199323.33    | 0.01%             | 2035-11-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                                | AMRZ 5.4 04/07/35                                              | CUSIP: 43475RAT3<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134398.81    | 0.01%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                        | CA CAS 6 03/01/2033                                            | CUSIP: 13063D3R7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276497.55    | 0.01%             | 2033-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.582 06/12/29                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259384.33    | 0.01%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.977 08/10/30                                             | CUSIP: 883556CW0<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259521.26    | 0.01%             | 2030-08-10      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 5.75 04/01/33                                           | CUSIP: 46590XAY2<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     73000 | PA      | $76283.91     | 0.00%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.4 08/14/28                                                | CUSIP: 45687VAA4<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155102.21    | 0.01%             | 2028-08-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.65 11/01/28                                              | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259729.37    | 0.01%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | MRVL 5.75 02/15/29                                             | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52168.87     | 0.00%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 06/30/29                                                | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2043281.24   | 0.08%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.8 06/11/35                                             | CUSIP: 110709AQ5<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $102223.51    | 0.00%             | 2035-06-11      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Lineage OP LP                                                                        | LINE 5.25 07/15/30 144A                                        | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50479.65     | 0.00%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                                                     | WELL 4.5 07/01/30                                              | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50595.69     | 0.00%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.55 06/20/35                                            | CUSIP: 29250NCK9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51825.01     | 0.00%             | 2035-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.6 01/15/31                                               | CUSIP: 29379VCK7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101308.75    | 0.00%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.65 01/15/31                                              | CUSIP: 91324PFP2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101715.55    | 0.00%             | 2031-01-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 4.45 06/30/30                                           | CUSIP: 892331AU3<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $50645.99     | 0.00%             | 2030-06-30      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                            | APODS 6.55 03/15/32                                            | CUSIP: 03770DAF0<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103614.93    | 0.00%             | 2032-03-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 5.375 04/15/31                                             | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103467.55    | 0.00%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.449 06/11/35                                              | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259305.26    | 0.01%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                               | CB 4.65 08/15/29                                               | CUSIP: 171239AL0<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153439.14    | 0.01%             | 2029-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4 01/10/31                                                | CUSIP: 459058LA9<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $252356.22    | 0.01%             | 2031-01-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 5.95 06/30/33                                              | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106194.81    | 0.00%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.375 03/19/27                                             | CUSIP: 298785KB1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $151371.78    | 0.01%             | 2027-03-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| European Bank For Reconstruction & Development                                       | EBRD 4.25 03/13/34 MTN                                         | CUSIP: 29874QFB5<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100847.15    | 0.00%             | 2034-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Equinix Europe 2 Financing Corp LLC                                                  | EQIX 5.5 06/15/34                                              | CUSIP: 29390XAA2<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51865.00     | 0.00%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 7.95 06/13/28                                           | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105783.65    | 0.00%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                                                        | OC 5.5 06/15/27                                                | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102061.19    | 0.00%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.382 07/10/30                                         | CUSIP: 60687YDF3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206955.49    | 0.01%             | 2030-07-10      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.05 07/12/29                                             | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103031.00    | 0.00%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.042 07/19/30                                             | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256550.99    | 0.01%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.15 07/15/34                                              | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102608.96    | 0.00%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.884 07/26/35                                            | CUSIP: 14040HDH5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105417.88    | 0.00%             | 2035-07-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                               | CB 5 03/15/34                                                  | CUSIP: 171239AK2<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102487.89    | 0.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | PYPL 5.15 06/01/34                                             | CUSIP: 70450YAP8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51364.23     | 0.00%             | 2034-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.3 06/15/34                                               | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52488.93     | 0.00%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 5.4 04/15/34                                              | CUSIP: 24703DBN0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51435.69     | 0.00%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.9 03/12/27                                              | CUSIP: 02665WFD8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50529.92     | 0.00%             | 2027-03-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                               | MSI 5.4 04/15/34                                               | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103464.15    | 0.00%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 5.45 06/15/34                                              | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52163.52     | 0.00%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 5.75 05/02/34 GDIF                                        | CUSIP: 45906M5J6<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100475.56    | 0.00%             | 2034-05-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI 5.2 07/01/29                                                | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51590.23     | 0.00%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.33 07/23/35                                              | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102925.25    | 0.00%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| President & Fellows of Harvard College                                               | HARVRD 4.609 02/15/35 .                                        | CUSIP: 740816AR4<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50378.49     | 0.00%             | 2035-02-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V5.674 03/12/28                                           | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203586.01    | 0.01%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | INTNED V5.335 03/19/30                                         | CUSIP: 456837BL6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $206443.95    | 0.01%             | 2030-03-19      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE V6.875 10/01/54                                            | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51436.35     | 0.00%             | 2054-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.995 07/22/30                                            | CUSIP: 46647PEJ1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256846.40    | 0.01%             | 2030-07-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.401 07/23/35                                            | CUSIP: 693475BZ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103609.63    | 0.00%             | 2035-07-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.284 07/26/35                                            | CUSIP: 025816DW6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103220.06    | 0.00%             | 2035-07-26      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.1 11/20/30                                              | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200399.19    | 0.01%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.087 06/14/29 MTN                                        | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238552.41    | 0.01%             | 2029-06-14      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                                                     | OKB 3.625 09/09/27                                             | CUSIP: 676167CF4<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |    250000 | PA      | $250227.75    | 0.01%             | 2027-09-09      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                    | ISRAEL 5.5 03/12/34 10Y                                        | CUSIP: 46514BRL3<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $207101.39    | 0.01%             | 2034-03-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.375 03/01/27                                             | CUSIP: 500769KE3<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $201807.19    | 0.01%             | 2027-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | INTNED V5.55 03/19/35                                          | CUSIP: 456837BM4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $208399.47    | 0.01%             | 2035-03-19      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                                     | BRX 5.75 02/15/35                                              | CUSIP: 11120BAA5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105234.85    | 0.00%             | 2035-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mastec, Inc.                                                                         | MTZ 5.9 06/15/29                                               | CUSIP: 576323AT6<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52126.21     | 0.00%             | 2029-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 4.5 06/26/29                                              | CUSIP: 013051EV5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $102471.36    | 0.00%             | 2029-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.15 11/15/31                                             | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103900.48    | 0.00%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.9 07/09/27 GMTN                                         | CUSIP: 02665WFK2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50681.49     | 0.00%             | 2027-07-09      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 4.625 07/22/27                                            | CUSIP: 471048DB1<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $202738.20    | 0.01%             | 2027-07-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 5.55 10/01/34                                              | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102028.81    | 0.00%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.3 05/15/34                                               | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103303.25    | 0.00%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.6 04/01/34                                               | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104440.93    | 0.00%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.375 02/28/34                                             | CUSIP: 500769KD5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $204045.77    | 0.01%             | 2034-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                                                     | AMCR 5.5 04/15/28                                              | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103073.93    | 0.00%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                                | ETR 5.35 03/15/34                                              | CUSIP: 29364WBM9<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104141.06    | 0.00%             | 2034-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN V5.552 03/14/28                                         | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203372.04    | 0.01%             | 2028-03-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 5.375 06/15/34                                             | CUSIP: 036752AZ6<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103503.13    | 0.00%             | 2034-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 5.834 02/20/31                                          | CUSIP: 05526DBY0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106217.86    | 0.00%             | 2031-02-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                                  | ETR V7.125 12/01/54                                            | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52497.67     | 0.00%             | 2054-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                          | SANUSA V6.342 05/31/35                                         | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |     75000 | PA      | $80572.29     | 0.00%             | 2035-05-31      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.15 06/15/29                                              | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51969.76     | 0.00%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                  | FSK 6.875 08/15/29                                             | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100829.65    | 0.00%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.6 09/01/34                                                | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103100.65    | 0.00%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.05 06/12/34 MTN1                                          | CUSIP: 24422EXU8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103330.70    | 0.00%             | 2034-06-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.6 06/18/31                                                | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104332.75    | 0.00%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                 | EIX 5.45 06/15/29                                              | CUSIP: 281020BA4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50906.36     | 0.00%             | 2029-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.375 10/10/31                                             | CUSIP: 298785KE5<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $256886.88    | 0.01%             | 2031-10-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.05 07/12/27                                             | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203603.22    | 0.01%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.375 07/17/34                                            | CUSIP: 4581X0EP9<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $152581.60    | 0.01%             | 2034-07-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.049 07/23/30                                             | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256338.66    | 0.01%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.125 02/28/27                                               | CUSIP: 912828ZB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9730859.40   | 0.37%             | 2027-02-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.875 08/15/28                                               | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4921093.75   | 0.19%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3478566 | NS      | $3478565.86   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 08/31/28                                               | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4085625.00   | 0.15%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 12/31/26                                                | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6041953.14   | 0.23%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 10/31/27                                                 | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5001757.80   | 0.19%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 09/30/27                                               | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2021640.62   | 0.08%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 08/15/33                                               | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6953789.08   | 0.26%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 03/31/30                                                   | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5574121.08   | 0.21%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.25 11/15/27                                                | CUSIP: 9128283F5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1955859.38   | 0.07%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 03/31/28                                                | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4759765.60   | 0.18%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 05/31/29                                                | CUSIP: 91282CES6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4868359.40   | 0.18%             | 2029-05-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 02/28/31                                                | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2048125.00   | 0.08%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.625 05/31/27                                               | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4940429.70   | 0.19%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 02/28/29                                                | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5103320.30   | 0.19%             | 2029-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 06/30/27                                                | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5019726.55   | 0.19%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.375 11/15/31                                               | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6105585.92   | 0.23%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.625 02/15/29                                               | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3890937.52   | 0.15%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 12/31/29                                               | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7191953.16   | 0.27%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                  | Rithm Capital Corp. COM NPV                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    325900 | NS      | $3552310.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                                                         | Tapestry Inc COM USD0.01                                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     67400 | NS      | $8611698.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                                                                  | Clearway Energy Inc COM USD0.01 CLASS C                        | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     54500 | NS      | $1812670.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                      | BHP 4.75 02/28/28                                              | CUSIP: 055451AZ1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $152379.50    | 0.01%             | 2028-02-28      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.667 05/27/29                                         | CUSIP: 60687YCP2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $207344.15    | 0.01%             | 2029-05-27      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.254 03/09/34                                           | CUSIP: 404280DV8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $272355.64    | 0.01%             | 2034-03-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 5 03/09/33                                               | CUSIP: 76720AAN6<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $102849.48    | 0.00%             | 2033-03-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| System Energy Resources, Inc.                                                        | ETR 6 04/15/28                                                 | CUSIP: 871911AU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103784.17    | 0.00%             | 2028-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Brown-Forman Corp.                                                                   | BFB 4.75 04/15/33                                              | CUSIP: 115637AU4<br>LEI: 549300873K3LXF7ARU34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101545.44    | 0.00%             | 2033-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.5 04/15/33                                               | CUSIP: 91324PEV0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99591.92     | 0.00%             | 2033-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.8 03/15/32                                                | CUSIP: 94106LCD9<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102376.84    | 0.00%             | 2032-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.9 01/07/35                                                | CUSIP: 37045XFC5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52103.87     | 0.00%             | 2035-01-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Janus Henderson Group PLC                                                            | Janus Henderson Group PLC ORD USD1.50                          | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     24900 | NS      | $1184493.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.97 03/05/29 MTN                                         | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249666.01    | 0.01%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 3.3 03/15/28                                              | CUSIP: 013051EA1<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $247931.84    | 0.01%             | 2028-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.1 04/24/28                                             | CUSIP: 455780CF1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $250653.00    | 0.01%             | 2028-04-24      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  21671385 | NS      | $21671384.79  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                                               | MSI 5.6 06/01/32                                               | CUSIP: 620076BW8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157998.42    | 0.01%             | 2032-06-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp.                                                   | CNP 5.4 03/01/33                                               | CUSIP: 15189YAH9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9332.20      | 0.00%             | 2033-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                              | BKH 5.95 03/15/28                                              | CUSIP: 092113AV1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155576.43    | 0.01%             | 2028-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | APD 4.8 03/03/33                                               | CUSIP: 009158BF2<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102133.19    | 0.00%             | 2033-03-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.05 04/01/28                                              | CUSIP: 341081GK7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153842.91    | 0.01%             | 2028-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 5.7 04/01/28                                               | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258360.92    | 0.01%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| American International Group Inc.                                                    | AIG 5.125 03/27/33                                             | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257567.24    | 0.01%             | 2033-03-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                  | GIS 4.95 03/29/33                                              | CUSIP: 370334CT9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101604.99    | 0.00%             | 2033-03-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 5.25 03/15/35 *                                            | CUSIP: 26442CBQ6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51765.72     | 0.00%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 3.125 07/31/29                                             | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145552.68    | 0.01%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                                  | SUZANO 6 01/15/29                                              | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $205979.01    | 0.01%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 3.3 04/01/27                                             | CUSIP: 20030NDK4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198676.77    | 0.01%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 2.85 04/01/30                                             | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47803.47     | 0.00%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                  | ABIBB 3.5 06/01/30                                             | CUSIP: 035240AV2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342027.32    | 0.01%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.05 05/21/27                                              | CUSIP: 683234AQ1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $96463.47     | 0.00%             | 2027-05-21      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                                                          | AVB 2.45 01/15/31 MTN                                          | CUSIP: 05348EBH1<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228837.03    | 0.01%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                 | STLD 3.25 01/15/31                                             | CUSIP: 858119BM1<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47583.54     | 0.00%             | 2031-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Limited                                                                | VALEBZ 3.75 07/08/30                                           | CUSIP: 91911TAQ6<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $96276.57     | 0.00%             | 2030-07-08      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | FCX 4.625 08/01/30                                             | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100801.27    | 0.00%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 1.65 02/01/28                                                | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190687.28    | 0.01%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.375 03/15/27 GMTN                                        | CUSIP: 298785JQ0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $194834.11    | 0.01%             | 2027-03-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V3.75 03/18/28                                          | CUSIP: 53944YAS2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $249113.11    | 0.01%             | 2028-03-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.75 03/15/29                                              | CUSIP: 298785JR8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $94441.51     | 0.00%             | 2029-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.785 03/17/33                                              | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477460.01    | 0.02%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN V4.175 03/24/28                                         | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $200088.71    | 0.01%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HPQ 4.2 04/15/32                                               | CUSIP: 40434LAL9<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145767.90    | 0.01%             | 2032-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.297 04/20/37                                             | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254617.02    | 0.01%             | 2037-04-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.113 08/01/27                                              | CUSIP: 842587DD6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152426.39    | 0.01%             | 2027-08-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                           | AMP 4.5 05/13/32                                               | CUSIP: 03076CAL0<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252506.15    | 0.01%             | 2032-05-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 3.75 05/15/27 B                                              | CUSIP: 927804GH1<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149726.81    | 0.01%             | 2027-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                                                                | PH 4.5 09/15/29                                                | CUSIP: 701094AS3<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152210.08    | 0.01%             | 2029-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 4.6 07/01/27                                                | CUSIP: 30040WAR9<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151035.14    | 0.01%             | 2027-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                           | FIS 5.1 07/15/32                                               | CUSIP: 31620MBY1<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153451.78    | 0.01%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V4.897 07/25/33 MTN                                        | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508553.03    | 0.02%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                          | ETN 4.15 03/15/33                                              | CUSIP: 278062AH7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98550.14     | 0.00%             | 2033-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                     | DTE 5.2 04/01/33                                               | CUSIP: 23338VAS5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52048.97     | 0.00%             | 2033-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 5.65 03/15/33                                              | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105348.31    | 0.00%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 4.85 03/09/33                                               | CUSIP: 57636QAX2<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257414.16    | 0.01%             | 2033-03-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 5.15 07/01/33                                              | CUSIP: 548661EQ6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258651.00    | 0.01%             | 2033-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| The Allstate Corporation                                                             | ALL 5.25 03/30/33                                              | CUSIP: 020002BK6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260601.91    | 0.01%             | 2033-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.2 07/06/33                                             | CUSIP: 11070TAM0<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $99449.31     | 0.00%             | 2033-07-06      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                                                       | DGX 6.4 11/30/33                                               | CUSIP: 74834LBD1<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110875.58    | 0.00%             | 2033-11-30      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V7.399 11/13/34                                           | CUSIP: 404280EC9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $228623.70    | 0.01%             | 2034-11-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 6.82 11/17/33                                             | CUSIP: 961214FP3<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $112038.79    | 0.00%             | 2033-11-17      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC 5.3 02/15/31                                            | CUSIP: 695114DC9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102982.07    | 0.00%             | 2031-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                            | ADBE 4.85 04/04/27                                             | CUSIP: 00724PAE9<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101362.00    | 0.00%             | 2027-04-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.4 09/25/27                                               | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100504.54    | 0.00%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 4.9 09/15/35 C                                               | CUSIP: 927804GV0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99734.22     | 0.00%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Southern Power Company                                                               | SO 4.9 10/01/35 B                                              | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49555.17     | 0.00%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 4.4 02/15/33                                               | CUSIP: 032095AZ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99203.17     | 0.00%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 3.3 02/06/27                                              | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249054.09    | 0.01%             | 2027-02-06      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.98 03/20/30                                               | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148725.00    | 0.01%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                              | AAL 3.15 02/15/32 AA                                           | CUSIP: 02377LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70157 | PA      | $66370.08     | 0.00%             | 2032-02-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                   | Vertiv Holdings Co COM CL A                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      8300 | NS      | $1344683.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 2.25 03/12/30                                             | CUSIP: 855244AW9<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92283.91     | 0.00%             | 2030-03-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                    | ISRAEL 2.75 07/03/30 10Y                                       | CUSIP: 46513JB34<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    250000 | PA      | $232528.89    | 0.01%             | 2030-07-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp.                                                               | LNC 3.4 01/15/31                                               | CUSIP: 534187BK4<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142684.78    | 0.01%             | 2031-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 1.95 05/15/30                                              | CUSIP: 459200KJ9<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182444.53    | 0.01%             | 2030-05-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.25 02/01/32                                                | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87825.10     | 0.00%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V3.742 01/07/33                                             | CUSIP: 25160PAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $232606.98    | 0.01%             | 2033-01-07      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 1.5 01/13/27                                              | CUSIP: 4581X0EB0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $244608.64    | 0.01%             | 2027-01-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.15 04/15/32 144A                                        | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146897.27    | 0.01%             | 2032-04-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.3 04/13/27                                              | CUSIP: 023135CF1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149378.58    | 0.01%             | 2027-04-13      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.571 04/27/33                                            | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499641.05    | 0.02%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3 05/20/27                                                 | CUSIP: 500769JT2<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $248168.39    | 0.01%             | 2027-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                   | TAISEM 3.875 04/22/27                                          | CUSIP: 872898AF8<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200000.83    | 0.01%             | 2027-04-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                                                                       | ALB 4.65 06/01/27                                              | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150962.90    | 0.01%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| The Clorox Company                                                                   | CLX 4.6 05/01/32                                               | CUSIP: 189054AZ2<br>LEI: 54930044KVSC06Z79I06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101022.44    | 0.00%             | 2032-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.15 04/15/32                                               | CUSIP: 94106LBS7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99245.49     | 0.00%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4 05/15/29                                                 | CUSIP: 91324PEH1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249883.97    | 0.01%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V3.992 06/13/28 MTN                                         | CUSIP: 06406RBG1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150074.45    | 0.01%             | 2028-06-13      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.9 06/15/32                                               | CUSIP: 694308KG1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157275.82    | 0.01%             | 2032-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Eastern Gas Transmission and Storage Inc                                             | BRKHEC 3 11/15/29                                              | CUSIP: 276480AH3<br>LEI: H2VQBNB3NSKRM5QWBI71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143429.10    | 0.01%             | 2029-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.15 09/09/32                                              | CUSIP: 931142EY5<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251917.44    | 0.01%             | 2032-09-09      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 4.875 10/04/33 10Y                                      | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $203303.89    | 0.01%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.8 05/15/33                                             | CUSIP: 20030NEE7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252583.46    | 0.01%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | AZO 6.25 11/01/28                                              | CUSIP: 053332BG6<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105700.33    | 0.00%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V6.474 10/25/34 MTN                                         | CUSIP: 06406RBU0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    250000 | PA      | $279953.55    | 0.01%             | 2034-10-25      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 6.2 11/01/28                                                | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105652.95    | 0.00%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.5 04/10/31                                              | CUSIP: 459058LF8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $154920.72    | 0.01%             | 2031-04-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 5.25 03/14/35                                            | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $103230.68    | 0.00%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.469 04/15/34                                            | CUSIP: 11135FCT6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91386.25     | 0.00%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.356 10/22/31 I                                           | CUSIP: 61748UAM4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149651.62    | 0.01%             | 2031-10-22      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 3.9 11/15/28                                               | CUSIP: 032095AX9<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99927.90     | 0.00%             | 2028-11-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     33038 | NS      | $18926479.06  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      7600 | NS      | $2448872.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     59653 | NS      | $4170341.23   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                                                                | Comerica Incorporated COM USD5                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     19500 | NS      | $1695135.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     67793 | NS      | $7712809.61   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                                                                     | Donaldson Co Inc COM USD5                                      | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     27070 | NS      | $2400026.20   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                                                                 | Emerson Electric Co. COM USD0.50                               | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     62400 | NS      | $8281728.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                                           | Highwoods Properties, Inc. COM USD0.01                         | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     76300 | NS      | $1970066.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                                                               | Lincoln National Corp. COM NPV                                 | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     15600 | NS      | $694668.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65238 | NS      | $9942923.58   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                                                          | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    293936 | NS      | $7319006.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     61247 | NS      | $8777307.57   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                                        | Rio Tinto PLC ADR EACH REP 1 ORD                               | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    110100 | NS      | $8811303.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 6.625 11/15/30                                            | CUSIP: 31359MGK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $282101.63    | 0.01%             | 2030-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| The Scotts Miracle-Gro Company                                                       | The Scotts Miracle-Gro Company CLASS'A'COM NPV                 | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     27900 | NS      | $1627965.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Corpus Christi Holdings, LLC                                                | CHCOCH 3.7 11/15/29                                            | CUSIP: 16412XAJ4<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244358.81    | 0.01%             | 2029-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                             | Simon Property Group Inc COM USD0.0001                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     30200 | NS      | $5590322.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                                                 | Edison International COM NPV                                   | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     61400 | NS      | $3685228.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Pass Through Trust 2020-1A                                           | UAL 5.875 10/15/27 20-1                                        | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34006 | PA      | $34870.37     | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.484 09/16/36                                             | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220100.86    | 0.01%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| UGI Corp                                                                             | UGI Corp COM NPV                                               | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    123500 | NS      | $4622605.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     36600 | NS      | $2110356.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.102 02/24/33                                             | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $461312.40    | 0.02%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.475 01/21/28                                             | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245939.23    | 0.01%             | 2028-01-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      8800 | NS      | $2035616.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                                             | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     42864 | NS      | $12225670.08  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 2.2 02/09/27                                               | CUSIP: 459200KM2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147272.04    | 0.01%             | 2027-02-09      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 2.8 02/14/32                                               | CUSIP: 907818FX1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91950.04     | 0.00%             | 2032-02-14      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                                   | Vail Resorts, Inc. COM STK USD0.01                             | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     14400 | NS      | $1912320.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     19213 | NS      | $2417379.66   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                                                        | FDS 2.9 03/01/27                                               | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147747.44    | 0.01%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY 4.75 06/09/27                                             | CUSIP: 02005NBQ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100876.59    | 0.00%             | 2027-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                             | DUK 3.45 03/15/29                                              | CUSIP: 26442UAH7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98491.09     | 0.00%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.702 05/06/30                                            | CUSIP: 46647PBD7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246391.48    | 0.01%             | 2030-05-06      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 4.24 08/03/27 GMTN                                          | CUSIP: 78016FZS6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $151062.00    | 0.01%             | 2027-08-03      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 6 11/01/27 MTN                                              | CUSIP: 78016FZU1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $259582.77    | 0.01%             | 2027-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 2.95 08/15/29                                              | CUSIP: 824348BJ4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67110.08     | 0.00%             | 2029-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 2.75 12/15/29                                              | CUSIP: 015271AT6<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46967.26     | 0.00%             | 2029-12-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.35 02/15/33                                              | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104349.72    | 0.00%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Council of Europe Development Bank                                                   | COE 3.625 01/26/28                                             | CUSIP: 222213BB5<br>LEI: 549300UYNXMI821WYG82 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $250092.13    | 0.01%             | 2028-01-26      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.75 06/01/31                                                | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137888.57    | 0.01%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     30300 | NS      | $608424.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern California Gas Co.                                                          | SRE 2.95 04/15/27                                              | CUSIP: 842434CW0<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98920.09     | 0.00%             | 2027-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 2.875 03/15/32                                             | CUSIP: 084664DA6<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93334.05     | 0.00%             | 2032-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                           | CNHI 4.55 04/10/28                                             | CUSIP: 12592BAQ7<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100712.76    | 0.00%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 6.25 07/01/33                                              | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106884.34    | 0.00%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Welltower Inc.                                                                       | WELL 3.85 06/15/32                                             | CUSIP: 95040QAR5<br>LEI: 254900F33BIAR82QTA19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241652.53    | 0.01%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                                                          | WDAY 3.8 04/01/32                                              | CUSIP: 98138HAJ0<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143746.58    | 0.01%             | 2032-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.8 05/12/28                                                 | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208741.31    | 0.01%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4.1 04/15/33                                               | CUSIP: 931142FD0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250001.44    | 0.01%             | 2033-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                            | AMH 3.625 04/15/32                                             | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236510.97    | 0.01%             | 2032-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 4.75 02/15/28                                             | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252515.48    | 0.01%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| National Grid PLC                                                                    | NGGLN 5.809 06/12/33                                           | CUSIP: 636274AE2<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $159771.22    | 0.01%             | 2033-06-12      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V7.119 06/27/34                                           | CUSIP: 06738ECH6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $280377.34    | 0.01%             | 2034-06-27      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                                            | WTW 4.65 06/15/27                                              | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251989.95    | 0.01%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | ICE 4.6 03/15/33                                               | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253292.33    | 0.01%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                                                           | NDAQ 5.55 02/15/34                                             | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     88000 | PA      | $92556.19     | 0.00%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 2.2 10/15/30                                               | CUSIP: 30225VAP2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90585.87     | 0.00%             | 2030-10-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                                                        | AEP 4.7 05/15/32                                               | CUSIP: 00108WAP5<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150734.99    | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | PYPL 4.4 06/01/32                                              | CUSIP: 70450YAL7<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150024.52    | 0.01%             | 2032-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                       | PSA 5.125 01/15/29                                             | CUSIP: 74460WAF4<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51692.23     | 0.00%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.125 07/15/33                                             | CUSIP: 500769JY1<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $201445.80    | 0.01%             | 2033-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.7 03/15/32                                              | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $450104.59    | 0.02%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.017 07/20/28                                           | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $253715.56    | 0.01%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 5.4 07/31/33                                               | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104313.55    | 0.00%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| 3M Company                                                                           | MMM 4.8 03/15/30                                               | CUSIP: 88579YBQ3<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51147.97     | 0.00%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.55 09/20/27 MTN                                       | CUSIP: 89236TKJ3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253146.37    | 0.01%             | 2027-09-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.5 09/15/32                                                | CUSIP: 437076CS9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253359.93    | 0.01%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                               | VRSK 5.25 03/15/35                                             | CUSIP: 92345YAL0<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101945.52    | 0.00%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | OCINCC 5.8 03/15/30                                            | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99951.55     | 0.00%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.75 01/30/27                                                | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81239.44     | 0.00%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Company                                                       | PNW 5.55 08/01/33                                              | CUSIP: 040555DG6<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156887.49    | 0.01%             | 2033-08-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                                                         | PSA 4.375 07/01/30                                             | CUSIP: 74464AAC5<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50451.86     | 0.00%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Westlake Corporation                                                                 | WLK 5.55 11/15/35                                              | CUSIP: 960413BB7<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100214.15    | 0.00%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.748 07/06/34                                         | CUSIP: 60687YDB2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $212268.36    | 0.01%             | 2034-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 4 06/30/28                                                | CUSIP: 3130AWN63<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1012902.62   | 0.04%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.299 07/24/29                                            | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257728.26    | 0.01%             | 2029-07-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 5.05 03/22/28                                             | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102187.70    | 0.00%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V4.914 11/14/36                                           | CUSIP: 808513CL7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99600.29     | 0.00%             | 2036-11-14      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                                                   | CVECN 4.65 03/20/31                                            | CUSIP: 15135UBA6<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99753.24     | 0.00%             | 2031-03-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 5 03/22/30                                                | CUSIP: 49177JAH5<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103048.02    | 0.00%             | 2030-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co                                                                     | GPC 6.5 11/01/28                                               | CUSIP: 372460AE5<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52897.40     | 0.00%             | 2028-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | XOM 3.294 03/19/27                                             | CUSIP: 30231GBJ0<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248947.46    | 0.01%             | 2027-03-19      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                             | V 1.1 02/15/31                                                 | CUSIP: 92826CAN2<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $218159.73    | 0.01%             | 2031-02-15      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 6 03/15/31                                                 | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    200000 | PA      | $215598.29    | 0.01%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY V6.848 01/03/30                                           | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159225.50    | 0.01%             | 2030-01-03      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corporation                                                   | PPL 4.85 02/15/34                                              | CUSIP: 69351UBC6<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101260.93    | 0.00%             | 2034-02-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 5.8 03/05/27                                                 | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202512.85    | 0.01%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.625 02/01/31                                              | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144224.16    | 0.01%             | 2031-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                    | BRKHEC 3.7 07/15/30                                            | CUSIP: 084659AV3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49198.08     | 0.00%             | 2030-07-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.3 04/05/29                                             | CUSIP: 29250NCB9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103154.14    | 0.00%             | 2029-04-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.892 10/22/36 I                                           | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248341.80    | 0.01%             | 2036-10-22      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 1.875 04/15/31                                            | CUSIP: 471048CM8<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $180144.06    | 0.01%             | 2031-04-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                           | VMW 1.8 08/15/28                                               | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47296.77     | 0.00%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                              | CNP 6.95 03/15/33 K2                                           | CUSIP: 15189XAD0<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113714.23    | 0.00%             | 2033-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Capital I                                                              | GS 6.345 02/15/34                                              | CUSIP: 38143VAA7<br>LEI: 5299005MCIJK7R2NP351 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106287.89    | 0.00%             | 2034-02-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 1.6 08/12/28                                              | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234670.70    | 0.01%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 3.3 01/30/32                                               | CUSIP: 00774MAX3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $462319.80    | 0.02%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3100 | NS      | $493644.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                                                         | LyondellBasell Industries NV COM EUR0.04 CLASS 'A'             | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     20200 | NS      | $874660.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Holdings USA Inc.                                                          | SANUSA V2.49 01/06/28                                          | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245746.78    | 0.01%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V2.552 01/07/28                                             | CUSIP: 25160PAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $245883.35    | 0.01%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.64 02/24/28                                              | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246122.83    | 0.01%             | 2028-02-24      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Yamana Gold Inc                                                                      | YRICN 2.63 08/15/31                                            | CUSIP: 98462YAF7<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $135013.92    | 0.01%             | 2031-08-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                           | Fidelity National Information Services Inc COM USD0.01         | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      5800 | NS      | $385468.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 2.5 09/01/29                                               | CUSIP: 911312BU9<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142477.13    | 0.01%             | 2029-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                  | CHILE 2.75 01/31/27                                            | CUSIP: 168863DX3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    250000 | PA      | $246052.50    | 0.01%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.07 02/24/28 VAR                                           | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247178.35    | 0.01%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                           | HAS 3.9 11/19/29                                               | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49191.69     | 0.00%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                    | EXPE 3.25 02/15/30                                             | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95983.08     | 0.00%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.45 06/15/27                                              | CUSIP: 694308KF3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152502.75    | 0.01%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Allegion US Holding Company Inc                                                      | ALLE 5.411 07/01/32                                            | CUSIP: 01748TAC5<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156429.62    | 0.01%             | 2032-07-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | DIS 3.8 03/22/30                                               | CUSIP: 254687FQ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148821.87    | 0.01%             | 2030-03-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI 3.6 05/01/30                                                | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48620.95     | 0.00%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 3.6 02/18/28                                               | CUSIP: 713448FL7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249517.65    | 0.01%             | 2028-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.247 07/26/30                                            | CUSIP: 14040HCV5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154831.10    | 0.01%             | 2030-07-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 5.15 05/01/30                                               | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257130.46    | 0.01%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | MMC 2.25 11/15/30                                              | CUSIP: 571748BN1<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228473.36    | 0.01%             | 2030-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Relx Capital Inc.                                                                    | RELLN 3 05/22/30                                               | CUSIP: 74949LAD4<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142843.07    | 0.01%             | 2030-05-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.25 01/15/31                                              | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89400.82     | 0.00%             | 2031-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.125 08/20/27 GMTN                                       | CUSIP: 045167FP3<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $198629.61    | 0.01%             | 2027-08-20      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 5.1 11/15/27                                               | CUSIP: 539830BV0<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256048.11    | 0.01%             | 2027-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 4.55 07/01/30                                              | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149475.14    | 0.01%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HPQ 2.65 06/17/31                                              | CUSIP: 40434LAJ4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135469.92    | 0.01%             | 2031-06-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4 01/12/28                                                | CUSIP: 4581X0EH7<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $252108.28    | 0.01%             | 2028-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.95 05/15/33                                             | CUSIP: 30303M8N5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257775.44    | 0.01%             | 2033-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V2.203 02/07/28                                            | CUSIP: 857477BS1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147288.52    | 0.01%             | 2028-02-07      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                     | BATSLN 4.448 03/16/28                                          | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $151204.56    | 0.01%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM 5.001 04/28/28                                              | CUSIP: 13607LNG4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $153424.77    | 0.01%             | 2028-04-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.043 05/01/34                                            | CUSIP: 025816DF3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154096.98    | 0.01%             | 2034-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                            | INVH 4.15 04/15/32                                             | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243437.23    | 0.01%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| The Timken Company                                                                   | TKR 4.125 04/01/32                                             | CUSIP: 887389AL8<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144289.24    | 0.01%             | 2032-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sutter Health                                                                        | SUTHEA 5.164 08/15/33                                          | CUSIP: 86944BAK9<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103003.43    | 0.00%             | 2033-08-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                       | MCK 4.9 07/15/28                                               | CUSIP: 581557BT1<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153672.44    | 0.01%             | 2028-07-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.355 03/15/32                                              | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132386.48    | 0.00%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS V4.588 05/04/37                                            | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $146242.91    | 0.01%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 4 06/15/29                                                 | CUSIP: 30225VAN7<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49544.81     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5.2 08/01/28 GMTN                                           | CUSIP: 78016HZS2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $154693.61    | 0.01%             | 2028-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.45 04/13/29                                             | CUSIP: 023135CG9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247066.83    | 0.01%             | 2029-04-13      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 5.125 05/15/32                                            | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252094.93    | 0.01%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.8 01/05/34 MTN                                        | CUSIP: 89236TLM5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102124.58    | 0.00%             | 2034-01-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 4.5 03/14/28                                             | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $101183.62    | 0.00%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                      | XEL 4.6 06/01/32                                               | CUSIP: 98388MAD9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149403.78    | 0.01%             | 2032-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | PYPL 3.9 06/01/27                                              | CUSIP: 70450YAK9<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100203.59    | 0.00%             | 2027-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 4.95 01/15/33                                              | CUSIP: 30225VAV9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101187.67    | 0.00%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.4 10/15/35                                               | CUSIP: 682680DC4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101253.71    | 0.00%             | 2035-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Cabot Corporation                                                                    | CBT 5 06/30/32                                                 | CUSIP: 127055AM3<br>LEI: K05C0SER542GQ6VLRO68 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152692.11    | 0.01%             | 2032-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                           | BAX 1.915 02/01/27                                             | CUSIP: 071813CL1<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     66000 | PA      | $64408.68     | 0.00%             | 2027-02-01      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.375 11/15/32                                           | CUSIP: 02079KAX5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100488.67    | 0.00%             | 2032-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 7.125 01/15/30                                            | CUSIP: 31359MFJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $282365.96    | 0.01%             | 2030-01-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 4.3 03/15/28                                               | CUSIP: 26441CBS3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150841.44    | 0.01%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 3.25 03/15/27                                            | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491471.20    | 0.02%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                           | TVA 7.125 05/01/30                                             | CUSIP: 880591DM1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    250000 | PA      | $283556.61    | 0.01%             | 2030-05-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHLMC 6.75 03/15/31                                            | CUSIP: 3134A4AA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $285139.36    | 0.01%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | KD 2.7 10/15/28                                                | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239632.66    | 0.01%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 6.15 04/01/33                                              | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265064.00    | 0.01%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHLMC 6.25 07/15/32                                            | CUSIP: 3134A4KX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $283009.29    | 0.01%             | 2032-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 7.25 05/15/30                                             | CUSIP: 31359MFP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $285901.19    | 0.01%             | 2030-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 4.95 12/01/27                                              | CUSIP: 718547AT9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127024.10    | 0.00%             | 2027-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 5.3 06/30/33                                               | CUSIP: 718547AR3<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154971.64    | 0.01%             | 2033-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                         | TGT 6.35 11/01/32                                              | CUSIP: 87612EAK2<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $111058.88    | 0.00%             | 2032-11-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 1.75 09/14/29                                              | CUSIP: 500769JD7<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $234128.11    | 0.01%             | 2029-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V6.819 11/20/29                                             | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    150000 | PA      | $159976.44    | 0.01%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 5.8 03/01/34                                               | CUSIP: 22822VBE0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105005.43    | 0.00%             | 2034-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 2 03/05/31                                                  | CUSIP: 191216DK3<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181408.83    | 0.01%             | 2031-03-05      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                            | TDY 2.75 04/01/31                                              | CUSIP: 879360AE5<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231575.76    | 0.01%             | 2031-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.125 01/12/34 GMTN                                       | CUSIP: 045167GB3<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100243.00    | 0.00%             | 2034-01-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 4.85 01/05/29                                              | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102078.01    | 0.00%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES PASS THROUGH TRUS                                                  | AAL 2.875 07/11/34 A                                           | CUSIP: 02379KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83913 | PA      | $76747.46     | 0.00%             | 2034-07-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP V3.02 11/18/36                                            | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $90400.57     | 0.00%             | 2036-11-18      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5 01/15/34                                                   | CUSIP: 927804GP3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101439.49    | 0.00%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 4.85 01/15/34                                              | CUSIP: 26442CBM5<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101387.41    | 0.00%             | 2034-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.545 11/08/32                                            | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225867.09    | 0.01%             | 2032-11-08      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Kimco Realty Corporation                                                             | KIM 3.2 04/01/32                                               | CUSIP: 49446RAZ2<br>LEI: 254900ARY41P4V1JL861 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232505.39    | 0.01%             | 2032-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.9 01/10/34 GMTN                                         | CUSIP: 02665WEZ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100630.12    | 0.00%             | 2034-01-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 5.35 08/15/32                                           | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104054.53    | 0.00%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 3 02/22/29                                                | CUSIP: 031162DD9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242375.29    | 0.01%             | 2029-02-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.875 03/15/29 GMTN                                       | CUSIP: 045167FL2<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $236969.98    | 0.01%             | 2029-03-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX V5.875 03/15/56 A                                          | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98930.08     | 0.00%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1e-06 10/28/30                                            | CUSIP: U4586CVN1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    365000 | PA      | $361012.64    | 0.01%             | 2030-10-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 3.15 05/01/27                                             | CUSIP: 62954HAX6<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $148268.33    | 0.01%             | 2027-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.548 07/22/28 MTN                                        | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151264.12    | 0.01%             | 2028-07-22      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| The Western Union Company                                                            | The Western Union Company COM STK USD0.01                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    436300 | NS      | $4061953.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | Exxon Mobil Corp. COM NPV                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     16300 | NS      | $1961542.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V5.834 10/25/33 MTN                                         | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $161951.54    | 0.01%             | 2033-10-25      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                                                   | DGELN 5.5 01/24/33                                             | CUSIP: 25243YBH1<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211026.11    | 0.01%             | 2033-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Aflac Incorporated                                                                   | AFL 3.6 04/01/30                                               | CUSIP: 001055BJ0<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245904.34    | 0.01%             | 2030-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW 4.625 03/22/30                                            | CUSIP: 808513BC8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51118.24     | 0.00%             | 2030-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.5 07/12/28                                              | CUSIP: 459058KT9<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $249549.28    | 0.01%             | 2028-07-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 4.7 12/15/28                                                 | CUSIP: 756109BS2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254967.26    | 0.01%             | 2028-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.7 04/15/30                                                | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47331.30     | 0.00%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                                        | CVX 2.236 05/11/30                                             | CUSIP: 166764BY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $232067.77    | 0.01%             | 2030-05-11      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 3.625 04/13/28                                               | CUSIP: 748148SD6<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    175000 | PA      | $174817.67    | 0.01%             | 2028-04-13      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 4.85 06/15/28                                               | CUSIP: 842587DQ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152750.08    | 0.01%             | 2028-06-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 2.65 07/15/30                                              | CUSIP: 828807DK0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46865.54     | 0.00%             | 2030-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 8.875 07/15/30                                             | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $115622.30    | 0.00%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 5.123 07/13/33                                          | CUSIP: 892331AR0<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $260134.66    | 0.01%             | 2033-07-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.125 07/07/28 GMTN                                       | CUSIP: 02665WEM9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256608.20    | 0.01%             | 2028-07-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                              | RSG 2.375 03/15/33                                             | CUSIP: 760759BA7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87402.61     | 0.00%             | 2033-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.5 01/20/27 GMTN                                         | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $244509.83    | 0.01%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                  | FITB V6.339 07/27/29                                           | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158009.43    | 0.01%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 4.625 07/19/28                                            | CUSIP: 471048CX4<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    250000 | PA      | $255536.76    | 0.01%             | 2028-07-19      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.424 07/21/34 MTN                                         | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156293.68    | 0.01%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 6 11/15/28                                               | CUSIP: 29250NBX2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $105117.94    | 0.00%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.551 02/04/28 MTN                                        | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245947.97    | 0.01%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.972 02/04/33 MTN                                        | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $457915.34    | 0.02%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                         | PEG 5.4 03/15/35                                               | CUSIP: 744573BB1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41191.23     | 0.00%             | 2035-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.572 04/22/36                                            | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52595.67     | 0.00%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 2.3 03/15/27                                               | CUSIP: 084664CZ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49217.14     | 0.00%             | 2027-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.615 03/15/28                                             | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248641.88    | 0.01%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.875 11/15/35                                            | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100034.06    | 0.00%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Japan Bank for International Cooperation                                             | JBIC 3.25 07/20/28                                             | CUSIP: 471048BT4<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    250000 | PA      | $246992.24    | 0.01%             | 2028-07-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 1.35 05/28/30                                                | CUSIP: 748148SB0<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $224803.11    | 0.01%             | 2030-05-28      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.25 02/14/31                                              | CUSIP: 298785JL1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $220767.33    | 0.01%             | 2031-02-14      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Southwest Gas Corp                                                                   | SWX 4.05 03/15/32                                              | CUSIP: 845011AE5<br>LEI: OQQR1IQTGBKH0UR88X59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96598.76     | 0.00%             | 2032-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ORIX Corp.                                                                           | ORIX 4 04/13/32                                                | CUSIP: 686330AP6<br>LEI: 35380016EMHNBOVYE123 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $48643.07     | 0.00%             | 2032-04-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.4 08/05/28                                              | CUSIP: 037833EH9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    250000 | PA      | $236276.08    | 0.01%             | 2028-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                   | PERU 3 01/15/34                                                | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    300000 | PA      | $260955.00    | 0.01%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.376 04/27/28                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251023.49    | 0.01%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.586 04/26/33                                            | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502983.12    | 0.02%             | 2033-04-26      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                 | PANAMA 3.298 01/19/33                                          | CUSIP: 698299BR4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    250000 | PA      | $219150.00    | 0.01%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Aptiv PLC / Aptiv Corp                                                               | APTV 3.25 03/01/32                                             | CUSIP: 00217GAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    100000 | PA      | $93574.10     | 0.00%             | 2032-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | ICE 4.35 06/15/29                                              | CUSIP: 45866FAV6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252772.55    | 0.01%             | 2029-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Helmerich & Payne Inc                                                                | HP 2.9 09/29/31                                                | CUSIP: 423452AG6<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89369.40     | 0.00%             | 2031-09-29      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                                                                | PH 4.25 09/15/27                                               | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150910.87    | 0.01%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                                                             | ORLY 4.7 06/15/32                                              | CUSIP: 67103HAL1<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151538.39    | 0.01%             | 2032-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.125 06/15/27                                            | CUSIP: 459058KJ1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $248463.87    | 0.01%             | 2027-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.889 07/20/33                                             | CUSIP: 61747YEU5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508035.44    | 0.02%             | 2033-07-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Manitoba (Province of)                                                               | MP 1.5 10/25/28 HB                                             | CUSIP: 563469UY9<br>LEI: 5493003QILFOB3JRKE30 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $94155.08     | 0.00%             | 2028-10-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.015 07/22/33 MTN                                        | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510854.01    | 0.02%             | 2033-07-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 4 01/15/29                                               | CUSIP: 09261HAR8<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243010.04    | 0.01%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                           | PRU V6 09/01/52                                                | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257581.50    | 0.01%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                               | GM 5.6 10/15/32                                                | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104733.88    | 0.00%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 6.25 03/15/33                                             | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $269839.46    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.717 09/14/33                                            | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264628.48    | 0.01%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                          | EIBKOR 4.25 09/15/27                                           | CUSIP: 302154DR7<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $251975.42    | 0.01%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 4 09/15/28                                                 | CUSIP: 74340XBX8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250562.25    | 0.01%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.342 10/18/33                                             | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $548631.21    | 0.02%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust, L.P.                                                           | DLR 5.55 01/15/28                                              | CUSIP: 25389JAV8<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256860.83    | 0.01%             | 2028-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 5.625 10/13/32                                               | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265358.01    | 0.01%             | 2032-10-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Avery Dennison Corporation                                                           | AVY 5.75 03/15/33                                              | CUSIP: 053611AN9<br>LEI: 549300PW7VPFCYKLIV37 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106257.47    | 0.00%             | 2033-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5 04/01/33                                                   | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153842.96    | 0.01%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V6.037 10/28/33                                            | CUSIP: 693475BJ3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162227.06    | 0.01%             | 2033-10-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co.                                                                | CL 4.6 03/01/28                                                | CUSIP: 194162AR4<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101568.12    | 0.00%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.625 07/15/30                                             | CUSIP: 298785JW7<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $248903.27    | 0.01%             | 2030-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.6 05/15/28                                              | CUSIP: 30303M8L9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509373.82    | 0.02%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co.                                                           | ADM 4.5 08/15/33                                               | CUSIP: 039482AE4<br>LEI: 549300LO13MQ9HYSTR83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100220.88    | 0.00%             | 2033-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 5.535 11/17/28                                            | CUSIP: 961214FN8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $104622.72    | 0.00%             | 2028-11-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5 05/02/33 GMTN                                             | CUSIP: 78016HZQ6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $128597.49    | 0.00%             | 2033-05-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                                          | OVV 5.65 05/15/28                                              | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257430.61    | 0.01%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 5.5 03/15/34                                                | CUSIP: 209111GF4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52580.09     | 0.00%             | 2034-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.9 04/15/29                                                | CUSIP: 437076CW0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102962.59    | 0.00%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 6.4 06/15/33                                               | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162083.52    | 0.01%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Limited                                                                | VALEBZ 6.125 06/12/33                                          | CUSIP: 91911TAR4<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $107045.00    | 0.00%             | 2033-06-12      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 5.05 04/05/29                                              | CUSIP: 032095AP6<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51488.74     | 0.00%             | 2029-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.258 04/17/30                                           | CUSIP: 606822DE1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206265.37    | 0.01%             | 2030-04-17      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.55 10/15/29                                              | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100854.54    | 0.00%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.4 10/15/30                                               | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99790.10     | 0.00%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GEHC 5.857 03/15/30                                            | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264562.00    | 0.01%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.547 06/20/34                                           | CUSIP: 404280DX4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $216596.04    | 0.01%             | 2034-06-20      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 5.625 09/22/35                                             | CUSIP: 91087BBL3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $197200.00    | 0.01%             | 2035-09-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 4.75 01/15/31                                              | CUSIP: 26884LBD0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50375.16     | 0.00%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Heico Corp                                                                           | HEI 5.25 08/01/28                                              | CUSIP: 422806AA7<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154259.21    | 0.01%             | 2028-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Manitoba (Province of)                                                               | MP 4.3 07/27/33                                                | CUSIP: 563469VC6<br>LEI: 5493003QILFOB3JRKE30 | Long             | DBT              | MUN               | CA        |     50000 | PA      | $49863.37     | 0.00%             | 2033-07-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.9 11/01/35                                                 | CUSIP: 00206RNC2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247438.76    | 0.01%             | 2035-11-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 4.5 02/15/31                                              | CUSIP: 24703DBS9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99950.94     | 0.00%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                     | BATSLN 5.931 02/02/29                                          | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $157500.95    | 0.01%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 6.421 08/02/33                                          | CUSIP: 054989AB4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $165764.42    | 0.01%             | 2033-08-02      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 2.45 02/15/31                                             | CUSIP: 11135FCQ2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137314.16    | 0.01%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.875 02/08/29                                              | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498365.95    | 0.02%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.484 10/24/29                                             | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159130.29    | 0.01%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.75 01/17/29                                              | CUSIP: 871829BS5<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104566.29    | 0.00%             | 2029-01-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | PFE 3.45 03/15/29                                              | CUSIP: 717081ET6<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148327.81    | 0.01%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| ERP Operating Limited Partnership                                                    | EQR 3 07/01/29                                                 | CUSIP: 26884ABL6<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48251.49     | 0.00%             | 2029-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 6.95 03/15/34                                              | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $111474.05    | 0.00%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| African Development Bank                                                             | AFDB 4 03/18/30                                                | CUSIP: 00828EFF1<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $101033.00    | 0.00%             | 2030-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| 3M Company                                                                           | MMM 2.375 08/26/29                                             | CUSIP: 88579YBJ9<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94284.76     | 0.00%             | 2029-08-26      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc.                                                               | WCNCN 2.6 02/01/30                                             | CUSIP: 94106BAA9<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $188766.42    | 0.01%             | 2030-02-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 4.375 03/12/27                                           | CUSIP: 76720AAQ9<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $100678.66    | 0.00%             | 2027-03-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.605 04/23/36                                            | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157515.23    | 0.01%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 3.45 03/25/30                                               | CUSIP: 191216CT5<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98134.12     | 0.00%             | 2030-03-25      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3.75 04/01/30                                              | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97712.63     | 0.00%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| African Development Bank                                                             | AFDB 4.5 06/12/35                                              | CUSIP: 00828EFJ3<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $102189.07    | 0.00%             | 2035-06-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Takeda US Financing Inc.                                                             | TACHEM 5.2 07/07/35                                            | CUSIP: 87406BAA0<br>LEI: 254900ZGPIBGBZ2N3A33 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204087.72    | 0.01%             | 2035-07-07      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V2.393 06/02/28 MTN                                        | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146580.58    | 0.01%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                            | TRGP 4 01/15/32                                                | CUSIP: 87612BBU5<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238878.04    | 0.01%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.1 11/15/30                                             | CUSIP: 02079KAW7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175734.40    | 0.01%             | 2030-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.875 01/24/30 GMTN                                       | CUSIP: 045167ER0<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $232875.27    | 0.01%             | 2030-01-24      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.526 03/24/28 MTN                                        | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248399.65    | 0.01%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                       | INTNED V4.017 03/28/28                                         | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200061.46    | 0.01%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 0.875 05/14/30                                            | CUSIP: 459058JC8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $221442.12    | 0.01%             | 2030-05-14      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.25 02/01/28                                               | CUSIP: 097023DB8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245782.71    | 0.01%             | 2028-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE 3.7 04/01/29                                               | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98489.88     | 0.00%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.125 04/27/32                                            | CUSIP: 045167FN8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $238655.10    | 0.01%             | 2032-04-27      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 2.45 07/15/28                                              | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234115.63    | 0.01%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.383 07/21/32                                             | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224144.99    | 0.01%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.21 04/20/28                                              | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250595.34    | 0.01%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.658 05/24/28                                              | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151278.89    | 0.01%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.482 09/21/36                                            | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219727.99    | 0.01%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 2.25 01/15/29                                             | CUSIP: 161175CD4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234218.53    | 0.01%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.565 06/14/30                                            | CUSIP: 46647PDF0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253089.14    | 0.01%             | 2030-06-14      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 4.625 07/15/27                                             | CUSIP: 65339KCH1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151630.47    | 0.01%             | 2027-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 3 10/29/28                                                 | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $145474.35    | 0.01%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| International Finance Corp.                                                          | IFC 0.75 08/27/30                                              | CUSIP: 45950KCU2<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $218172.62    | 0.01%             | 2030-08-27      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 5.2 07/01/27                                              | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254081.93    | 0.01%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 5.294 08/18/27                                          | CUSIP: 05964HAS4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203694.49    | 0.01%             | 2027-08-18      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V2.341 01/19/28                                           | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $245658.53    | 0.01%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.057 01/25/33                                              | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $458862.11    | 0.02%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                         | TGT 1.95 01/15/27                                              | CUSIP: 87612EBM7<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245524.96    | 0.01%             | 2027-01-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.943 01/21/33                                             | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228415.06    | 0.01%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO 4.7 09/14/27 H                                             | CUSIP: 06368LAQ9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152029.37    | 0.01%             | 2027-09-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                 | KD 3.15 10/15/31                                               | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137118.40    | 0.01%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 3.1 05/19/27                                               | CUSIP: 683234DB1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $248054.11    | 0.01%             | 2027-05-19      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V4.755 06/09/28                                           | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $252220.58    | 0.01%             | 2028-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 5.7 04/01/28                                               | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258051.42    | 0.01%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC 5.15 10/01/27                                              | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152976.37    | 0.01%             | 2027-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5 04/09/27                                                  | CUSIP: 37045XDW3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252708.05    | 0.01%             | 2027-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 4.15 07/27/27                                              | CUSIP: 459200KT7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150816.64    | 0.01%             | 2027-07-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 1.75 07/01/30                                              | CUSIP: 74340XBZ3<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225106.86    | 0.01%             | 2030-07-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                  | CATMED 6.073 11/01/27                                          | CUSIP: 20268JAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155072.80    | 0.01%             | 2027-11-01      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                                               | TXN 4.9 03/14/33                                               | CUSIP: 882508CB8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258356.82    | 0.01%             | 2033-03-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FISV 5.6 03/02/33                                              | CUSIP: 337738BE7<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258386.74    | 0.01%             | 2033-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Diageo Capital PLC                                                                   | DGELN 5.3 10/24/27                                             | CUSIP: 25243YBG3<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $256166.40    | 0.01%             | 2027-10-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 5.25 01/15/33                                              | CUSIP: 539830BW8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263100.51    | 0.01%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Company                                                  | AEP 5.3 04/01/33                                               | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102895.78    | 0.00%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.389 04/24/34                                            | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156268.01    | 0.01%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.95 03/15/28                                             | CUSIP: 87264ACZ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101911.51    | 0.00%             | 2028-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 3.5 04/12/33 GMTN                                         | CUSIP: 4581X0EJ3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $96594.45     | 0.00%             | 2033-04-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 5.875 07/21/28                                             | CUSIP: 47233WBM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103938.95    | 0.00%             | 2028-07-21      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.557 07/25/34 MTN                                        | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157508.24    | 0.01%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 4.9 03/22/33                                              | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102188.47    | 0.00%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.122 11/07/33                                               | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $215162.77    | 0.01%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Canada (Government of)                                                               | CANADA 3.75 04/26/28                                           | CUSIP: 135087Q56<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    175000 | PA      | $175812.96    | 0.01%             | 2028-04-26      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 4 04/15/30                                                 | CUSIP: 931142FC2<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252348.14    | 0.01%             | 2030-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.8 05/15/30                                              | CUSIP: 30303M8M7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103051.16    | 0.00%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.55 05/17/30 MTN                                       | CUSIP: 89236TKU8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101829.58    | 0.00%             | 2030-05-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG V6.875 12/15/52                                           | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256042.33    | 0.01%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GEHC 5.905 11/22/32                                            | CUSIP: 36267VAK9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $269633.30    | 0.01%             | 2032-11-22      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V6.196 11/17/29                                           | CUSIP: 808513CJ2<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105804.00    | 0.00%             | 2029-11-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.75 11/14/33                                             | CUSIP: 459058KY8<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $104577.18    | 0.00%             | 2033-11-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE 5.5 08/01/33                                               | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209277.25    | 0.01%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.8 07/13/28                                            | CUSIP: 86562MDB3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $260436.91    | 0.01%             | 2028-07-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.989 04/10/34                                            | CUSIP: 10373QBW9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102162.53    | 0.00%             | 2034-04-10      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                          | BRKHEC 5.45 02/15/34                                           | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101667.72    | 0.00%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 5.4 01/15/27                                               | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152190.55    | 0.01%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V5.679 01/05/35                                         | CUSIP: 53944YAX1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210871.22    | 0.01%             | 2035-01-05      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Canada (Government of)                                                               | CANADA 4 03/18/30                                              | CUSIP: 43358BAB9<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    200000 | PA      | $202260.93    | 0.01%             | 2030-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.937 04/23/28                                             | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151736.73    | 0.01%             | 2028-04-23      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 5 10/15/34                                                 | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99338.33     | 0.00%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                 | STLD 5.25 05/15/35                                             | CUSIP: 858119BS8<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51222.13     | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 4.375 11/15/30                                             | CUSIP: 00774MBR5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $149666.94    | 0.01%             | 2030-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.419 04/15/33                                            | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92803.28     | 0.00%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.625 10/29/35                                              | CUSIP: 718172EA3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98045.70     | 0.00%             | 2035-10-29      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                                                 | PPG 4.375 03/15/31                                             | CUSIP: 693506BY2<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49981.36     | 0.00%             | 2031-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.65 11/20/35                                             | CUSIP: 023135CV6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249402.17    | 0.01%             | 2035-11-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.431 01/23/30 GMTN                                        | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251541.24    | 0.01%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                           | VMW 2.2 08/15/31                                               | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44485.50     | 0.00%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                      | SANUK V2.469 01/11/28                                          | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $245692.85    | 0.01%             | 2028-01-11      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 4.15 08/25/31 AA                                           | CUSIP: 90931CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63446 | PA      | $62346.29     | 0.00%             | 2031-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.974 02/07/30 MTN                                        | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248754.02    | 0.01%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.963 01/25/33                                            | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229761.91    | 0.01%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 2.75 04/15/32                                             | CUSIP: 637432NY7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45159.32     | 0.00%             | 2032-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.35 03/01/29                                                | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502842.49    | 0.02%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| WRKCO Inc                                                                            | SW 4.9 03/15/29                                                | CUSIP: 92940PAD6<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101892.07    | 0.00%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 2.95 03/15/32                                              | CUSIP: 110122DU9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231865.31    | 0.01%             | 2032-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 4.043 08/26/27                                            | CUSIP: 961214FC2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $251337.48    | 0.01%             | 2027-08-26      | Fixed         | 4.04%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 3.7 03/01/29                                               | CUSIP: 907818FB9<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248159.90    | 0.01%             | 2029-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Corporation                                                         | Antero Midstream Corporation COM USD1.00                       | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $1779.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair Finance S.a r.l.                                                             | PNR 5.9 07/15/32                                               | CUSIP: 709629AS8<br>LEI: 549300H2U8U8TZPV3T89 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $106248.42    | 0.00%             | 2032-07-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                  | FITB V4.772 07/28/30                                           | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151896.23    | 0.01%             | 2030-07-28      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.95 06/15/29                                               | CUSIP: 437076BY7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96854.73     | 0.00%             | 2029-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.194 07/23/30 MTN                                        | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241636.34    | 0.01%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                                                      | CSX 4.1 11/15/32                                               | CUSIP: 126408HU0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98269.44     | 0.00%             | 2032-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated                                                    | MKC 4.95 04/15/33                                              | CUSIP: 579780AT4<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101765.26    | 0.00%             | 2033-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.25 02/10/31                                             | CUSIP: 459058JR5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $220662.32    | 0.01%             | 2031-02-10      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.8 10/14/31                                               | CUSIP: 68323AFJ8<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |     50000 | PA      | $44291.44     | 0.00%             | 2031-10-14      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                            | JBL 5.45 02/01/29                                              | CUSIP: 46656PAA2<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258228.85    | 0.01%             | 2029-02-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.288 04/25/34                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257813.91    | 0.01%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.164 04/20/29 MTN                                         | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255709.55    | 0.01%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.893 09/11/33                                            | CUSIP: 10373QBV1<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101880.09    | 0.00%             | 2033-09-11      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.4 04/01/33                                              | CUSIP: 161175CJ1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235900.92    | 0.01%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 3.7 03/23/29                                               | CUSIP: 444859BT8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245590.78    | 0.01%             | 2029-03-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG 3.9 04/05/32                                              | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237840.37    | 0.01%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4 07/25/30                                                | CUSIP: 459058KU6<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $252628.44    | 0.01%             | 2030-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V4.927 05/10/28                                            | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151787.34    | 0.01%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | ICE 4 09/15/27                                                 | CUSIP: 45866FAU8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250765.18    | 0.01%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 5.523 07/17/28 MTN                                          | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $155466.16    | 0.01%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.087 10/23/29                                            | CUSIP: 46647PDX1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105346.59    | 0.00%             | 2029-10-23      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                           | BAX 2.539 02/01/32                                             | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87273.09     | 0.00%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| GXO Logistics Inc.                                                                   | GXO 2.65 07/15/31                                              | CUSIP: 36262GAD3<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135060.30    | 0.01%             | 2031-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.875 05/19/33                                             | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $192000.00    | 0.01%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 4.05 08/18/29                                             | CUSIP: 031162DH0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249940.33    | 0.01%             | 2029-08-18      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.5 01/08/27                                                | CUSIP: 24422EXF1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100765.89    | 0.00%             | 2027-01-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.5 01/08/27                                               | CUSIP: 14913UAE0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100733.13    | 0.00%             | 2027-01-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 4.2 03/01/33                                              | CUSIP: 031162DJ6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146847.00    | 0.01%             | 2033-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 4.5 01/20/33                                               | CUSIP: 907818GB8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101114.44    | 0.00%             | 2033-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                            | APODS 6.7 07/29/31                                             | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52802.68     | 0.00%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 5.1 09/15/35                                               | CUSIP: 776696AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100937.11    | 0.00%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB 5.371 09/09/27                                              | CUSIP: 25160PAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $255984.65    | 0.01%             | 2027-09-09      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 4.693 09/15/27 MTN                                          | CUSIP: 89115A2H4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $253293.24    | 0.01%             | 2027-09-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 4.125 11/15/30                                             | CUSIP: 032095AY7<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99574.78     | 0.00%             | 2030-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 2.6 03/15/31                                               | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228492.89    | 0.01%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PPL Electric Utilities Corporation                                                   | PPL 5 05/15/33                                                 | CUSIP: 69351UBA0<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153869.45    | 0.01%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 4.95 05/17/33                                               | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153139.16    | 0.01%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.572 10/20/32                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225672.05    | 0.01%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 2.721 01/12/32                                            | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228033.85    | 0.01%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V6.561 10/24/34                                             | CUSIP: 38141GA53<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $111586.87    | 0.00%             | 2034-10-24      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.627 11/01/34                                             | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112034.63    | 0.00%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 3 03/15/32                                                 | CUSIP: 655844CM8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92315.51     | 0.00%             | 2032-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 4.4 03/01/32                                               | CUSIP: 694308KC0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146563.12    | 0.01%             | 2032-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 4.108 06/08/27                                              | CUSIP: 89115A2C5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $150442.57    | 0.01%             | 2027-06-08      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Saskatchewan (Province Of)                                                           | SCDA 3.25 06/08/27                                             | CUSIP: 803854KQ0<br>LEI: 549300FKDIB7OJMBSP83 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $99322.73     | 0.00%             | 2027-06-08      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V7.161 10/30/29 MTN                                        | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    150000 | PA      | $161865.73    | 0.01%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.798 11/07/28                                               | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209894.81    | 0.01%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.912 07/25/33                                            | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510392.34    | 0.02%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                            | PHILIP 5.17 10/13/27                                           | CUSIP: 718286CV7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    250000 | PA      | $254901.84    | 0.01%             | 2027-10-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                              | DUK 5.875 11/15/33                                             | CUSIP: 26444HAQ4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108101.05    | 0.00%             | 2033-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 6.05 03/05/31                                                | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205775.95    | 0.01%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5.8 01/15/33                                              | CUSIP: 637432PA7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53676.91     | 0.00%             | 2033-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 6.3 03/15/33                                               | CUSIP: 260543DG5<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158201.71    | 0.01%             | 2033-03-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 5.1 04/11/34 MTN                                            | CUSIP: 24422EXP9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103582.68    | 0.00%             | 2034-04-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 4.875 03/14/30                                           | CUSIP: 76720AAS5<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $102850.04    | 0.00%             | 2030-03-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.3 02/15/30                                               | CUSIP: 91324PEQ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260669.69    | 0.01%             | 2030-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 4.45 05/15/28                                              | CUSIP: 713448FR4<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254009.74    | 0.01%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.323 07/08/36                                         | CUSIP: 60687YDM8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205932.62    | 0.01%             | 2036-07-08      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V4.804 10/24/36                                            | CUSIP: 025816EM7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49467.59     | 0.00%             | 2036-10-24      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.25 04/21/34 MTN                                          | CUSIP: 61747YFE0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154708.86    | 0.01%             | 2034-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 3.9 04/15/28                                               | CUSIP: 931142FB4<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251352.73    | 0.01%             | 2028-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.5 04/22/29                                               | CUSIP: 91087BAF7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $251000.00    | 0.01%             | 2029-04-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 3.375 03/15/29                                             | CUSIP: 532457BV9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    207000 | PA      | $204041.80    | 0.01%             | 2029-03-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.45 05/19/28                                              | CUSIP: 716973AC6<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $253393.43    | 0.01%             | 2028-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 2.4 10/15/31                                               | CUSIP: 30225VAQ0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88983.31     | 0.00%             | 2031-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.574 07/25/29 MTN                                        | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207227.50    | 0.01%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.95 07/14/28 MTN                                           | CUSIP: 24422EXB0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102727.18    | 0.00%             | 2028-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 3.4 03/07/29                                               | CUSIP: 58933YAX3<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147709.05    | 0.01%             | 2029-03-07      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Relx Capital Inc.                                                                    | RELLN 4 03/18/29                                               | CUSIP: 74949LAC6<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149613.71    | 0.01%             | 2029-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.282 07/27/29                                            | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154537.92    | 0.01%             | 2029-07-27      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.875 02/15/29                                              | CUSIP: 94106LBV0<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153950.30    | 0.01%             | 2029-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 3.04 07/16/29                                           | CUSIP: 86562MBP4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $192086.54    | 0.01%             | 2029-07-16      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Newmont Corporation                                                                  | NEM 5.875 04/01/35 *                                           | CUSIP: 651639AW6<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54171.84     | 0.00%             | 2035-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 6.343 08/02/30                                          | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162346.58    | 0.01%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 6.15 03/01/29                                             | CUSIP: 87612GAE1<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105326.21    | 0.00%             | 2029-03-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Italy (Republic Of)                                                                  | ITALY 2.875 10/17/29 10Y                                       | CUSIP: 465410BY3<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    250000 | PA      | $240341.71    | 0.01%             | 2029-10-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                           | VMW 4.7 05/15/30                                               | CUSIP: 928563AF2<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50843.68     | 0.00%             | 2030-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Trustees of Princeton University                                                     | PRNCTN 4.647 07/01/30                                          | CUSIP: 89837LAJ4<br>LEI: 549300PJZYINN64GDJ90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51204.57     | 0.00%             | 2030-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                                                   | CNQCN 5 12/15/29                                               | CUSIP: 136385BD2<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102600.83    | 0.00%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                         | MET 4.55 03/23/30                                              | CUSIP: 59156RBZ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255383.09    | 0.01%             | 2030-03-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 4.9 12/15/30                                               | CUSIP: 015271AU3<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50707.36     | 0.00%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V4.343 11/14/31                                           | CUSIP: 808513CK9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99948.44     | 0.00%             | 2031-11-14      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 2.25 06/18/29                                             | CUSIP: 4581X0DG0<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $238835.48    | 0.01%             | 2029-06-18      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 3.6 07/01/30 MTN                                           | CUSIP: 58013MFQ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147318.48    | 0.01%             | 2030-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 3.35 04/01/30 20A                                           | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48468.72     | 0.00%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 1.3 07/22/30                                              | CUSIP: 013051EM5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    250000 | PA      | $223521.49    | 0.01%             | 2030-07-22      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                                                       | RENTEN 0.875 09/03/30                                          | CUSIP: 515110BY9<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $219432.80    | 0.01%             | 2030-09-03      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 5.04 05/01/27                                               | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151551.11    | 0.01%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Schlumberger Investment SA                                                           | SLB 2.65 06/26/30                                              | CUSIP: 806854AJ4<br>LEI: 529900EZ29I5KXPV2J32 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $93909.96     | 0.00%             | 2030-06-26      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 0.75 09/30/30                                              | CUSIP: 500769JG0<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    175000 | PA      | $152797.44    | 0.01%             | 2030-09-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Unilever Capital Corporation                                                         | UNANA 1.375 09/14/30                                           | CUSIP: 904764BK2<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    300000 | PA      | $266692.39    | 0.01%             | 2030-09-14      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.625 11/03/31                                            | CUSIP: 459058KA0<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $220834.53    | 0.01%             | 2031-11-03      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 2.15 01/15/27                                              | CUSIP: 37940XAG7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146857.84    | 0.01%             | 2027-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.239 07/21/32 GMTN                                        | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222363.70    | 0.01%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Vontier Corporation                                                                  | VNT 2.95 04/01/31                                              | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137832.47    | 0.01%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 2.45 12/02/31                                               | CUSIP: 13645RBF0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $90036.88     | 0.00%             | 2031-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 1.9 02/01/27                                                | CUSIP: 742718FV6<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98196.68     | 0.00%             | 2027-02-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd New York Branch                                          | NAB 3.905 06/09/27                                             | CUSIP: 63254ABE7<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $250591.09    | 0.01%             | 2027-06-09      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.948 07/22/28 MTN                                        | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152142.89    | 0.01%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Puget Energy Inc                                                                     | PSD 4.224 03/15/32                                             | CUSIP: 745310AN2<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143997.61    | 0.01%             | 2032-03-15      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.875 04/15/27                                              | CUSIP: 437076CN0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148416.48    | 0.01%             | 2027-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Nordic Investment Bank                                                               | NIB 3.375 09/08/27                                             | CUSIP: 65562QBV6<br>LEI: 213800HYL1S7VAXG6Z48 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $249118.65    | 0.01%             | 2027-09-08      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.9 03/03/28 MTN                                            | CUSIP: 24422EWV7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102358.25    | 0.00%             | 2028-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                 | KDP 4.05 04/15/32                                              | CUSIP: 49271VAQ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240694.33    | 0.01%             | 2032-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.6 04/13/32                                              | CUSIP: 023135CH7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242743.99    | 0.01%             | 2032-04-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.85 04/06/30                                               | CUSIP: 37045XEG7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262831.53    | 0.01%             | 2030-04-06      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.406 04/19/34                                           | CUSIP: 606822DC5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $209300.39    | 0.01%             | 2034-04-19      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                                                            | JBL 4.25 05/15/27                                              | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150227.54    | 0.01%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.323 04/26/28                                            | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150633.85    | 0.01%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 2.875 11/15/29                                              | CUSIP: 13648TAC1<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $143456.82    | 0.01%             | 2029-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.202 04/25/29                                            | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256285.11    | 0.01%             | 2029-04-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp                                                                       | ALB 5.05 06/01/32                                              | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151256.76    | 0.01%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                   | R 4.3 06/15/27 MTN                                             | CUSIP: 78355HKU2<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150586.97    | 0.01%             | 2027-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 5.1 05/01/33                                               | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252546.20    | 0.01%             | 2033-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 4.9 05/01/33                                               | CUSIP: 21036PBP2<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100602.48    | 0.00%             | 2033-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5 07/15/32                                                 | CUSIP: 65339KCJ7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153850.90    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.4 03/15/29                                              | CUSIP: 87264ACS2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284310.92    | 0.01%             | 2029-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.449 07/20/29                                             | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258131.21    | 0.01%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 3.8 03/15/32                                             | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $70776.68     | 0.00%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 3.9 07/18/32                                               | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98433.58     | 0.00%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.851 07/25/28                                            | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253244.47    | 0.01%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V6.254 10/23/34                                            | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $275003.30    | 0.01%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V6.303 10/23/29                                            | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105695.25    | 0.00%             | 2029-10-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                                                    | SO 3.75 09/01/27                                               | CUSIP: 010392FY9<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150120.87    | 0.01%             | 2027-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.482 08/23/28                                             | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251788.21    | 0.01%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | WMT 3.95 09/09/27                                              | CUSIP: 931142EX7<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150864.63    | 0.01%             | 2027-09-09      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Landwirtschaftliche Rentenbank                                                       | RENTEN 3.875 09/28/27                                          | CUSIP: 515110CC6<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | NUSS              | DE        |    250000 | PA      | $251291.74    | 0.01%             | 2027-09-28      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.7 10/15/32                                                | CUSIP: 842587DL8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159116.96    | 0.01%             | 2032-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty L P                                                        | REXR 5 06/15/28                                                | CUSIP: 76169XAC8<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254419.75    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.55 01/15/29                                            | CUSIP: 20030NED9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253784.51    | 0.01%             | 2029-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.5 06/01/33                                               | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104217.24    | 0.00%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.75 10/29/30                                              | CUSIP: 500769KB9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $208829.72    | 0.01%             | 2030-10-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V6.407 11/01/29                                             | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159044.18    | 0.01%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V7.624 10/30/31 .                                          | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $113104.66    | 0.00%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GATX Corporation                                                                     | GMT 6.9 05/01/34                                               | CUSIP: 361448BN2<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    125000 | PA      | $140258.14    | 0.01%             | 2034-05-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.65 11/15/28                                             | CUSIP: 02665WEV9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104336.86    | 0.00%             | 2028-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.8 11/15/28                                             | CUSIP: 110709AJ1<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $102999.26    | 0.00%             | 2028-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                                                              | Berkshire Hathaway Inc. COM USD0.0033 CLASS'B'                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2600 | NS      | $1306890.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                                                            | Lamar Advertising Company COM USD0.001 CL A                    | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     20800 | NS      | $2632864.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.6 01/11/27                                               | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100727.11    | 0.00%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                  | ADI 5.05 04/01/34                                              | CUSIP: 032654BB0<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103513.73    | 0.00%             | 2034-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                       | Blackrock Inc. COM                                             | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       500 | NS      | $535170.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                                                                      | MSA Safety Inc. COM NPV                                        | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      2000 | NS      | $320280.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                                                                     | WELL 5.125 07/01/35                                            | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102231.26    | 0.00%             | 2035-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 2.6 02/15/33                                              | CUSIP: 11135FCR0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88186.52     | 0.00%             | 2033-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.81 10/22/36                                             | CUSIP: 46647PFE1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248731.55    | 0.01%             | 2036-10-22      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 4.9 11/15/35                                               | CUSIP: 404119DF3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49409.28     | 0.00%             | 2035-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| APA Corp.                                                                            | APA Corp. COM                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       100 | NS      | $2446.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumers Energy Company                                                             | CMS 4.65 03/01/28                                              | CUSIP: 210518DS2<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152428.41    | 0.01%             | 2028-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 5.35 01/31/33                                              | CUSIP: 29379VCD3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104612.64    | 0.00%             | 2033-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | Air Products & Chemicals, Inc. COM USD1                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    195500 | NS      | $48292410.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    408300 | NS      | $76147950.00  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                                                       | Amdocs Limited ORD GBP0.01                                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     25200 | NS      | $2028852.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                                                         | Autodesk Inc COM USD0.01                                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       100 | NS      | $29601.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                                                      | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     15600 | NS      | $4012788.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                                                                       | Autozone, Inc. COM USD0.01                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       900 | NS      | $3052350.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                                                                        | Block(H&R)Inc COM NPV                                          | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     27600 | NS      | $1202808.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                                                            | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    114420 | NS      | $15569129.40  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    155112 | NS      | $88859011.44  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     64800 | NS      | $4530168.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                                                                | Comerica Incorporated COM USD5                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       300 | NS      | $26079.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                                                                 | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     56345 | NS      | $4933568.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                                      | Deere & Company COM USD1                                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      4230 | NS      | $1969361.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    428902 | NS      | $48796180.54  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                                                            | eBay Inc. COM USD0.001                                         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       100 | NS      | $8710.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                                                               | ON Semiconductor Corp. COM USD0.01                             | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |       100 | NS      | $5415.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.                                                   | Take-Two Interactive Software Inc. COM USD0.01                 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       100 | NS      | $25603.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                                                             | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |    107600 | NS      | $26501880.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation COM USD0.001                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       100 | NS      | $3690.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                                              | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     89888 | NS      | $6057552.32   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    249801 | NS      | $51696316.95  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                                                            | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       100 | NS      | $121508.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     65141 | NS      | $70005729.88  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                                          | Cencora Inc COM USD0.01                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       100 | NS      | $33775.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowes Companies, Inc. COM USD0.50                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     11500 | NS      | $2773340.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37500 | NS      | $5715375.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110662 | NS      | $16865995.42  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                                                                | MGIC Investment Corp. COM USD1.00                              | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     86600 | NS      | $2530452.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                                                               | Micron Technology Inc. COM USD0.10                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      4857 | NS      | $1386236.37   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.                                              | Mid-America Apartment Communities, Inc. COM USD0.01            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     17000 | NS      | $2361470.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                                                            | Nestle SA SPON ADR REPR 1 COM CHF0.10                          | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |       100 | NS      | $9878.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Progress LLC                                                             | DUK 5.05 03/15/35                                              | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50932.21     | 0.00%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Leland Stanford Junior University                                                    | STNFRD 4.146 08/01/30 2025                                     | CUSIP: 09659DAC0<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50316.46     | 0.00%             | 2030-08-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corporation                                                           | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      3400 | NS      | $464406.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    112034 | NS      | $10441568.80  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                                    | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    204016 | NS      | $33277049.76  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                                                               | OGE Energy Corporation COM USD0.01                             | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     59200 | NS      | $2527840.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation                                               | Old Republic International Corporation COM USD1                | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     28500 | NS      | $1300740.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       100 | NS      | $19491.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                                                          | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    229814 | NS      | $5722368.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    254100 | NS      | $36415071.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     43853 | NS      | $6284573.43   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       100 | NS      | $17105.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                        | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1000 | NS      | $93760.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                                                                | Royal Caribbean Group COM USD0.01                              | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |       100 | NS      | $27892.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                                                             | Skyworks Solutions, Inc. COM USD0.25                           | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       100 | NS      | $6341.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                                                       | The Charles Schwab Corporation COM USD0.01                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       100 | NS      | $9991.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | Thermo Fisher Scientific Inc COM USD1                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       300 | NS      | $173835.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                                                             | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     63536 | NS      | $18121737.92  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | Walmart Inc COM USD0.10                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    281400 | NS      | $31350774.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                                                                | Western Digital Corp. COM USD0.01                              | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |       100 | NS      | $17227.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.625 08/15/29                                               | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4670117.20   | 0.18%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 3.2 11/21/29                                              | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242610.79    | 0.01%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | Carnival Corporation UNITS (COMPR 1 COM & 1 TR                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |       100 | NS      | $3054.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                                                        | Intercontinental Exchange Inc COM USD0.01                      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     10000 | NS      | $1619600.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 1.75 01/20/31                                               | CUSIP: 92343VFR0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88078.72     | 0.00%             | 2031-01-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V2.561 05/01/32                                              | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227048.83    | 0.01%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Medpace Holdings Inc.                                                                | Medpace Holdings Inc. COM USD0.01                              | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       900 | NS      | $505485.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     23100 | NS      | $7994910.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIV CALIF REGTS MED CTR                                                             | CA UNVHGR 4.13 05/15/2032                                      | CUSIP: 913366KV1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247955.70    | 0.01%             | 2032-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 10/31/29                                               | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2035468.76   | 0.08%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                                                           | Evergy Inc COM NPV                                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     31500 | NS      | $2283435.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                                | Uber Technologies Inc COM USD0.00001                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4100 | NS      | $335011.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4.625 03/18/30                                             | CUSIP: 500769KH6<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    180000 | PA      | $186546.58    | 0.01%             | 2030-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 07/31/27                                               | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5029492.20   | 0.19%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.875 05/15/28                                               | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3450917.96   | 0.13%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.65 02/08/31                                             | CUSIP: 037833ED8<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133948.53    | 0.01%             | 2031-02-08      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.2 02/08/28                                              | CUSIP: 037833EC0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95134.75     | 0.00%             | 2028-02-08      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.5 04/15/31                                              | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95716.37     | 0.00%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 6.125 03/15/33                                            | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107159.23    | 0.00%             | 2033-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 5.4 02/09/28                                               | CUSIP: 91087BAU4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $255375.00    | 0.01%             | 2028-02-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.875 03/25/31                                            | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89793.33     | 0.00%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 5.3 10/01/29                                              | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154929.23    | 0.01%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 08/15/31                                                | CUSIP: 91282CCS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $6978437.52   | 0.26%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 3.35 02/22/32                                             | CUSIP: 031162DE7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141455.24    | 0.01%             | 2032-02-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 5.156 01/10/28                                              | CUSIP: 89115A2M3<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $153436.71    | 0.01%             | 2028-01-10      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc.                                                               | WCNCN 5 03/01/34                                               | CUSIP: 94106BAG6<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $102329.78    | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.875 04/30/29                                               | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9783593.80   | 0.37%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 09/30/28                                               | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2057187.50   | 0.08%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.875 10/31/28                                               | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2071562.50   | 0.08%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 02/15/34                                                   | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4993554.70   | 0.19%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.1 03/01/29                                               | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51277.30     | 0.00%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Dominos Pizza Inc.                                                                   | Dominos Pizza Inc. COM USD0.01                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      6200 | NS      | $2584284.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.727 04/25/30                                             | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261345.01    | 0.01%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 6 08/15/29                                                 | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104444.47    | 0.00%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 11/30/29                                               | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5089648.45   | 0.19%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.55 04/01/27                                             | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40285.52     | 0.00%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Willis Towers Watson Public Limited Company                                          | Willis Towers Watson Public Limited Company COM USD0.000304635 | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      8800 | NS      | $2891680.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                                                          | Dropbox Inc COM USD0.00001 CL A                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |     37100 | NS      | $1031380.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                                                           | Constellation Energy Corp. COM                                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       800 | NS      | $282616.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.                                                      | UHS 2.65 10/15/30                                              | CUSIP: 913903AW0<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228165.68    | 0.01%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 04/30/32                                                   | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $755888.67    | 0.03%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 05/15/35                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6062812.50   | 0.23%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 07/31/30                                               | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3024726.57   | 0.11%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/31/30                                               | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3490566.42   | 0.13%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 0.9 02/26/27                                              | CUSIP: 3130AL5A8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $242625.84    | 0.01%             | 2027-02-26      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.5 07/15/31                                               | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89480.13     | 0.00%             | 2031-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 4.95 01/15/33                                              | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154618.66    | 0.01%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.35 03/06/30                                                | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $214829.46    | 0.01%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 6.2 07/15/30                                              | CUSIP: 24703TAH9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160326.58    | 0.01%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Bio-Rad Laboratories, Inc.                                                           | BIO 3.3 03/15/27                                               | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148660.37    | 0.01%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                   | R 2.85 03/01/27 MTN                                            | CUSIP: 78355HKT5<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148070.82    | 0.01%             | 2027-03-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 04/30/27                                                | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1980703.12   | 0.07%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 5.15 02/15/34                                              | CUSIP: 260543DJ9<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99428.10     | 0.00%             | 2034-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                                 | Booking Holdings Inc COM USD0.008                              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       100 | NS      | $535533.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Export Development Canada                                                            | EDC 3.875 02/14/28                                             | CUSIP: 30216BJW3<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |    150000 | PA      | $150902.07    | 0.01%             | 2028-02-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5.15 06/15/29                                             | CUSIP: 63743HFS6<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51746.71     | 0.00%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 4.85 03/01/32                                              | CUSIP: 478160DK7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207763.22    | 0.01%             | 2032-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5 04/01/32                                                | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66455.45     | 0.00%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.1 03/22/28                                                | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96036.26     | 0.00%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Aon Corp/ Aon Global Holdings PLC                                                    | AON 2.85 05/28/27                                              | CUSIP: 03740LAD4<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147754.95    | 0.01%             | 2027-05-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.71 01/13/30                                           | CUSIP: 86562MCW8<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $263603.16    | 0.01%             | 2030-01-13      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.1 02/22/31                                               | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312610.53    | 0.01%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 02/13/31                                              | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103714.62    | 0.00%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                        | Veralto Corp. COM SHS                                          | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |      1700 | NS      | $169626.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                                                         | CMI 4.9 02/20/29                                               | CUSIP: 231021AV8<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102702.27    | 0.00%             | 2029-02-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.098 02/16/28                                            | CUSIP: 025816DP1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151773.69    | 0.01%             | 2028-02-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      9555 | NS      | $6307159.95   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     67700 | NS      | $21190100.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                                                         | Encompass Health Corporation COM USD0.01                       | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      4500 | NS      | $477630.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 6.4 01/09/33                                                | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $270286.63    | 0.01%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                      | SANUK V6.534 01/10/29                                          | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $261289.33    | 0.01%             | 2029-01-10      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 6 01/09/28                                                  | CUSIP: 37045XEB8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258358.04    | 0.01%             | 2028-01-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.2 02/22/34                                               | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104192.92    | 0.00%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     33477 | NS      | $7649159.73   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                                                  | Coinbase Global Inc COM CL A                                   | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       100 | NS      | $22614.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.45 03/13/31                                             | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104365.74    | 0.00%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    251775 | NS      | $46956037.50  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.875 02/14/30                                            | CUSIP: 459058KQ5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $251649.01    | 0.01%             | 2030-02-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5 02/28/30                                                 | CUSIP: 65339KCN8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154726.29    | 0.01%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                                                | PCAR 4.45 08/06/27                                             | CUSIP: 69371RT30<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101167.50    | 0.00%             | 2027-08-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.65 05/06/30                                             | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148823.08    | 0.01%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 5.05 07/15/33                                             | CUSIP: 87264ACY9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255552.39    | 0.01%             | 2033-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 5.875 02/09/33                                              | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    250000 | PA      | $266168.39    | 0.01%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5.05 02/28/33                                              | CUSIP: 65339KCP3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153818.73    | 0.01%             | 2033-02-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 4.8 02/15/33                                              | CUSIP: 855244BF5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101382.30    | 0.00%             | 2033-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 5.125 02/10/30                                            | CUSIP: 458140CF5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153865.57    | 0.01%             | 2030-02-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 4.75 04/15/35                                              | CUSIP: 015271BA6<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48210.78     | 0.00%             | 2035-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 5.2 02/10/33                                              | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255214.45    | 0.01%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.75 02/14/33                                              | CUSIP: 298785JV9<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $197001.07    | 0.01%             | 2033-02-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.9 02/06/33                                              | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241375.86    | 0.01%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5 03/01/33                                                | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100621.15    | 0.00%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 4.875 02/10/28                                            | CUSIP: 458140CE8<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101407.28    | 0.00%             | 2028-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | BDX 4.693 02/13/28                                             | CUSIP: 075887CQ0<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152023.79    | 0.01%             | 2028-02-13      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 4.9 02/28/28                                               | CUSIP: 65339KCM0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152842.17    | 0.01%             | 2028-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.625 02/15/30                                              | CUSIP: 94106LBT5<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101960.65    | 0.00%             | 2030-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                               | WM 4.625 02/15/33                                              | CUSIP: 94106LBU2<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101531.68    | 0.00%             | 2033-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Company                                                                 | WY 3.375 03/09/33                                              | CUSIP: 962166CA0<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91655.36     | 0.00%             | 2033-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.625 07/31/29                                               | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7741250.00   | 0.29%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| 3M Company                                                                           | MMM 2.875 10/15/27                                             | CUSIP: 88579YAY7<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98320.96     | 0.00%             | 2027-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 5.875 11/07/29                                               | CUSIP: 345397G49<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205432.74    | 0.01%             | 2029-11-07      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM V5.245 01/13/31                                             | CUSIP: 13607PVQ4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $128997.19    | 0.00%             | 2031-01-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK 3.4 01/29/28 +MTN                                           | CUSIP: 06406RAF4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248290.63    | 0.01%             | 2028-01-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                  | CHILE 3.24 02/06/28                                            | CUSIP: 168863CF3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    250000 | PA      | $245350.00    | 0.01%             | 2028-02-06      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS V5.087 11/26/28                                         | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203833.94    | 0.01%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP V5.618 11/20/35 GMTN                                      | CUSIP: 961214FW8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $103469.05    | 0.00%             | 2035-11-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.259 05/01/27                                              | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102612.17    | 0.00%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.65 02/15/33                                            | CUSIP: 20030NEC1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251438.92    | 0.01%             | 2033-02-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                                                            | FG 7.4 01/13/28                                                | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $261690.94    | 0.01%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.8 04/15/28                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101814.69    | 0.00%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 2.875 04/03/28                                             | CUSIP: 500769HS6<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    500000 | PA      | $492819.38    | 0.02%             | 2028-04-03      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ERP Operating Limited Partnership                                                    | EQR 3.5 03/01/28                                               | CUSIP: 26884ABJ1<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49532.77     | 0.00%             | 2028-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 4 03/15/28                                                | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99816.66     | 0.00%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                  | GIS 4.875 01/30/30                                             | CUSIP: 370334DA9<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102347.23    | 0.00%             | 2030-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Applovin Corp.                                                                       | APP 5.5 12/01/34                                               | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154384.16    | 0.01%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                          | COR 5.15 02/15/35                                              | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102421.71    | 0.00%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 3.9 01/25/28                                              | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99692.06     | 0.00%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                                                  | GIS 5.25 01/30/35                                              | CUSIP: 370334DB7<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102246.38    | 0.00%             | 2035-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                   | COP 5 01/15/35                                                 | CUSIP: 20826FBL9<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152351.70    | 0.01%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                     | AJG 5.15 02/15/35                                              | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101272.17    | 0.00%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 4.85 03/15/30                                              | CUSIP: 26442CBP8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103025.91    | 0.00%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.8 01/08/30                                               | CUSIP: 14913UAX8<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103433.42    | 0.00%             | 2030-01-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania                                | PNC 3.1 10/25/27 BKNT                                          | CUSIP: 69353RFG8<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246924.51    | 0.01%             | 2027-10-25      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V3.772 01/24/29 GMTN                                        | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149196.83    | 0.01%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc                                                   | D 5.3 01/15/35 2025                                            | CUSIP: 25731VAC8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103671.37    | 0.00%             | 2035-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 3.25 11/15/27                                             | CUSIP: 68389XBN4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146761.89    | 0.01%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.286 11/19/30                                           | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206519.61    | 0.01%             | 2030-11-19      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                     | AJG 5 02/15/32                                                 | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102353.43    | 0.00%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deere & Company                                                                      | DE 5.45 01/16/35                                               | CUSIP: 244199BL8<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105689.91    | 0.00%             | 2035-01-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                  | SYF 3.95 12/01/27                                              | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149305.30    | 0.01%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE V6.625 04/01/55                                            | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50446.75     | 0.00%             | 2055-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 5.565 01/17/30                                          | CUSIP: 05964HBJ3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $208438.77    | 0.01%             | 2030-01-17      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.632 01/15/35                                          | CUSIP: 86562MDU1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $212278.19    | 0.01%             | 2035-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 3.65 09/01/27                                              | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99242.99     | 0.00%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 5.125 03/15/35                                              | CUSIP: 209111GM9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51230.46     | 0.00%             | 2035-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                                | CAH 5.35 11/15/34                                              | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103272.89    | 0.00%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                          | COR 4.625 12/15/27                                             | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101280.12    | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.528 05/01/34                                              | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $221740.69    | 0.01%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| CRH Smw Finance DAC                                                                  | CRHID 5.125 01/09/30                                           | CUSIP: 12704PAB4<br>LEI: 54930044475SH442C864 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $206310.09    | 0.01%             | 2030-01-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Accenture Capital Inc.                                                               | ACN 4.5 10/04/34                                               | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98794.52     | 0.00%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 11/30/30                                                 | CUSIP: 91282CPN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3715722.68   | 0.14%             | 2030-11-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                                              | SON 4.6 09/01/29                                               | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100860.29    | 0.00%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA 4.35 10/08/27 MTN                                       | CUSIP: 89236TMS1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100981.74    | 0.00%             | 2027-10-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.55 02/15/32 .                                           | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100412.20    | 0.00%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.2 09/18/34                                            | CUSIP: 66989HAV0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97923.24     | 0.00%             | 2034-09-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.35 02/15/30                                             | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100736.85    | 0.00%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Limited                                                   | FFHCN 6 12/07/33                                               | CUSIP: 303901BN1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $106146.23    | 0.00%             | 2033-12-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Shell Finance US Inc.                                                                | RDSALN 4.125 05/11/35 *                                        | CUSIP: 822905AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48099.44     | 0.00%             | 2035-05-11      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.15 02/15/28                                             | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100366.03    | 0.00%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.75 12/31/26                                                | CUSIP: 912828YX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $982851.56    | 0.04%             | 2026-12-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 12/31/26                                                | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2444667.98   | 0.09%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.8 10/15/34                                              | CUSIP: 11135FCD1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100384.47    | 0.00%             | 2034-10-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.875 10/16/29                                            | CUSIP: 459058LN1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $201558.38    | 0.01%             | 2029-10-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.375 11/30/27                                               | CUSIP: 91282CPL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1996406.24   | 0.08%             | 2027-11-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 4.75 09/26/34                                              | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99690.34     | 0.00%             | 2034-09-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                                                | PCAR 4 09/26/29                                                | CUSIP: 69371RT48<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100232.36    | 0.00%             | 2029-09-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                   | ATH V6.625 10/15/54                                            | CUSIP: 04686JAJ0<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249526.03    | 0.01%             | 2054-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.016 10/23/35                                             | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100708.10    | 0.00%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 5.4 02/01/34                                               | CUSIP: 494553AE0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103426.17    | 0.00%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 4.9 03/15/29                                               | CUSIP: 65339KCT5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102558.49    | 0.00%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 5.125 05/15/31                                              | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103462.11    | 0.00%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                                                            | EDC 4.125 02/13/29                                             | CUSIP: 30216BKC5<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |    200000 | PA      | $202947.74    | 0.01%             | 2029-02-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.827 02/13/35                                              | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260247.22    | 0.01%             | 2035-02-13      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.7 02/09/34                                               | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101548.87    | 0.00%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FHLB 4.125 01/15/27                                            | CUSIP: 3130AYPN0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2125000 | PA      | $2138657.27   | 0.08%             | 2027-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 4.85 02/08/27                                             | CUSIP: 855244BG3<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100897.44    | 0.00%             | 2027-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 09/30/28                                                | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2822929.68   | 0.11%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH                               | LA LASGOV 4.14 02/01/2033                                      | CUSIP: 54627RAM2<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250194.58    | 0.01%             | 2033-02-01      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.65 11/15/33                                           | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106370.22    | 0.00%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.8 08/15/34                                               | CUSIP: 539830CD9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101216.35    | 0.00%             | 2034-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                         | NOC 4.9 06/01/34                                               | CUSIP: 666807CL4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101566.20    | 0.00%             | 2034-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/31/29                                               | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5002148.45   | 0.19%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 03/31/27                                               | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $7030625.00   | 0.26%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 11/15/35                                                   | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1975625.00   | 0.07%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.75 11/15/29                                                | CUSIP: 912828YS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5606953.14   | 0.21%             | 2029-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 08/15/32                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1867109.38   | 0.07%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Automatic Data Processing, Inc.                                                      | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     23000 | NS      | $5916290.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc.                                                                     | Best Buy Co Inc. COM USD0.10                                   | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      6300 | NS      | $421659.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.709 02/02/35                                           | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104645.11    | 0.00%             | 2035-02-02      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| IBM International Capital Pte. Ltd.                                                  | IBM 4.9 02/05/34                                               | CUSIP: 449276AE4<br>LEI: 2549007KTXQQBYZO7485 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $101085.71    | 0.00%             | 2034-02-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 5.25 02/15/34                                               | CUSIP: 125523CV0<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102997.50    | 0.00%             | 2034-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5.3 02/15/34                                             | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100953.68    | 0.00%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                        | CA CAS 4.88 09/01/2030                                         | CUSIP: 13063EHU3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522101.65    | 0.02%             | 2030-09-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/15/27                                                   | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2009637.06   | 0.08%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | APD 4.6 02/08/29                                               | CUSIP: 009158BH8<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101808.00    | 0.00%             | 2029-02-08      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 09/30/32                                               | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $998398.44    | 0.04%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 5 05/15/29                                                  | CUSIP: 125523CT5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308296.39    | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.4 05/08/27                                                | CUSIP: 37045XEQ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101648.41    | 0.00%             | 2027-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.375 05/15/33                                               | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1925937.50   | 0.07%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4 02/15/29                                                 | CUSIP: 298785JZ0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    225000 | PA      | $227659.64    | 0.01%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/31/29                                                   | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4052500.00   | 0.15%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 4.8 02/05/27 GMTN                                         | CUSIP: 63743HFM9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50484.98     | 0.00%             | 2027-02-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.942 02/07/39                                             | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263173.35    | 0.01%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                      | SBUX 5 02/15/34                                                | CUSIP: 855244BJ7<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102174.56    | 0.00%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.75 02/12/27                                               | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100983.10    | 0.00%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 12/31/29                                               | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2018359.38   | 0.08%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 05/31/29                                                 | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4117031.24   | 0.15%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 02/28/27                                               | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5033789.05   | 0.19%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics, Inc.                                                               | Verisk Analytics, Inc. COM USD0.001                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     10800 | NS      | $2415852.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                                                              | Cboe Global Markets Inc COM USD0.01                            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      9600 | NS      | $2409600.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                                                            | Qorvo Inc COM USD0.0001                                        | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       100 | NS      | $8451.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                                                  | Axon Enterprise Inc COM USD0.00001                             | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       100 | NS      | $56793.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                                                      | Match Group Inc COM                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |       100 | NS      | $3229.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                                                           | Caesars Entertainment Inc. COM                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       100 | NS      | $2339.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                                                         | DoorDash Inc CL A                                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       100 | NS      | $22648.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.                                                      | Annaly Capital Management, Inc. COM NEW                        | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     75600 | NS      | $1690416.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                                                         | BACR V7.437 11/02/33                                           | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $286266.44    | 0.01%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 5 02/15/33                                                 | CUSIP: 438516CK0<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128994.56    | 0.00%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V7.39 11/03/28                                            | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $264327.58    | 0.01%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| eBay Inc.                                                                            | EBAY 5.95 11/22/27                                             | CUSIP: 278642BA0<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258760.26    | 0.01%             | 2027-11-22      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Healthpeak Properties Inc                                                            | DOC 5.25 12/15/32                                              | CUSIP: 42250PAE3<br>LEI: 254900M6MTMZM0I22L81 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256618.05    | 0.01%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 5.3 02/01/28                                                | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254654.03    | 0.01%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4 05/10/28                                                | CUSIP: 037833ET3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251962.34    | 0.01%             | 2028-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                                                   | R 5.25 06/01/28 MTN                                            | CUSIP: 78355HKW8<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154023.35    | 0.01%             | 2028-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 4.625 05/15/30                                             | CUSIP: 341081GP6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153107.93    | 0.01%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    980023 | NS      | $980023.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2026400 | NS      | $2026400.07   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                                                                    | HSY 4.5 05/04/33                                               | CUSIP: 427866BJ6<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100483.79    | 0.00%             | 2033-05-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.8 07/15/28                                              | CUSIP: 87264ADA0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101839.47    | 0.00%             | 2028-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     41100 | NS      | $9486702.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     11625 | NS      | $1456496.25   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                                            | Adobe Inc COM USD0.0001                                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1400 | NS      | $489986.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                                             | The Allstate Corporation COM USD0.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      4000 | NS      | $832600.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5658 | NS      | $1851919.98   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                                                                  | Analog Devices Inc. COM USD0.16 2/3                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2200 | NS      | $596640.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                                                      | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      5300 | NS      | $646388.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     91615 | NS      | $24906453.90  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                                                         | Henry Jack & Associates Inc. COM USD0.01                       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      2400 | NS      | $437952.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | Goldman Sachs Group, Inc. COM USD0.01                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       800 | NS      | $703200.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                                          | Verizon Communications Inc. COM USD0.10                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    110700 | NS      | $4508811.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | Bristol-Myers Squibb Company COM USD0.10                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      7100 | NS      | $382974.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                                                       | American Financial Group, Inc. COM NPV                         | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     14100 | NS      | $1927188.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                                                       | Verisign, Inc. COM USD0.001                                    | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     10500 | NS      | $2550975.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                                                              | Tyler Technologies Inc. COM USD0.01                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      5100 | NS      | $2315145.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                                                                   | Cintas Corporation COM NPV                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16400 | NS      | $3084348.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc. COM USD0.001                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      8700 | NS      | $670161.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                                                                 | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    158547 | NS      | $13882375.32  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                                                              | Franklin Resources Inc. COM USD0.10                            | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     59000 | NS      | $1409510.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                                           | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      3900 | NS      | $2583438.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     90715 | NS      | $18773469.25  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                                                            | Host Hotels & Resorts Inc COM STK USD0.01                      | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     68100 | NS      | $1207413.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       200 | NS      | $38982.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                                                          | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    114390 | NS      | $2848311.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc.                                                                 | Williams-Sonoma Inc. COM USD0.01                               | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     14400 | NS      | $2571696.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                                                  | Paycom Software Inc COM USD0.01                                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       100 | NS      | $15936.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     52325 | NS      | $16419585.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                                                           | Carvana Co COM USD0.001 CL A                                   | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      3475 | NS      | $1466519.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     33600 | NS      | $11628960.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                                                        | KKR & Co Inc. COM USD0.01                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |       100 | NS      | $12748.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| African Development Bank                                                             | AFDB 4.375 11/03/27 GMTN                                       | CUSIP: 00828EEP0<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $253582.62    | 0.01%             | 2027-11-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 5.5 10/15/32                                               | CUSIP: 036752AW3<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263515.83    | 0.01%             | 2032-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 5.4 05/20/33                                              | CUSIP: 747525BS1<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265111.24    | 0.01%             | 2033-05-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                          | EIBKOR 5 01/11/28                                              | CUSIP: 302154DV8<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $256114.22    | 0.01%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 5.25 02/01/28                                             | CUSIP: 24703DBJ9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102271.00    | 0.00%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC 4.75 01/15/28                                              | CUSIP: 92939UAL0<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152265.26    | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 3.75 03/01/28                                              | CUSIP: 718547AH5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99339.90     | 0.00%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                                                   | Millicom International Cellular SA COM USD1.50                 | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |      7500 | NS      | $415800.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc.                                                        | Monolithic Power Systems Inc. COM STK USD0.001                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       100 | NS      | $90636.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                                                           | Ameriprise Financial, Inc. COM USD0.01                         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4800 | NS      | $2353632.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                                                             | AT&T Inc COM USD1                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     21200 | NS      | $526608.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                                                           | DexCom Inc COM USD0.001                                        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       100 | NS      | $6637.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                                                           | Chipotle Mexican Grill Inc COM USD0.01                         | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Long             | EC               | CORP              | US        |       100 | NS      | $3700.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                                                                | Dell Technologies Inc COM USD0.01 CL C                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       100 | NS      | $12588.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                                            | Palantir Technologies Inc CL A                                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     21500 | NS      | $3821625.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                                           | Airbnb Inc COM CL A                                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       100 | NS      | $13572.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 2.75 03/15/27                                              | CUSIP: 30161NBB6<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147746.87    | 0.01%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.7 12/01/32                                              | CUSIP: 023135CR5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257394.59    | 0.01%             | 2032-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.65 12/01/29                                             | CUSIP: 023135CQ7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154086.96    | 0.01%             | 2029-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | BACR V6.224 05/09/34                                           | CUSIP: 06738ECG8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $269406.33    | 0.01%             | 2034-05-09      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.3 05/10/33                                              | CUSIP: 037833EV8<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253673.78    | 0.01%             | 2033-05-10      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.55 01/11/28                                            | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $252373.81    | 0.01%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 3.85 08/15/32                                             | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194257.26    | 0.01%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| The Estee Lauder Companies Inc.                                                      | EL 4.65 05/15/33                                               | CUSIP: 29736RAT7<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100758.34    | 0.00%             | 2033-05-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| First Solar Inc                                                                      | First Solar Inc COM STK USD0.001                               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       100 | NS      | $26123.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 3.5 08/15/27                                              | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499056.51    | 0.02%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.8 11/21/27                                               | CUSIP: 883556CT7<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152662.70    | 0.01%             | 2027-11-21      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Tesla Inc                                                                            | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     22900 | NS      | $10298588.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       100 | NS      | $11669.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 4.8 03/15/28                                              | CUSIP: 63743HFG2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152793.34    | 0.01%             | 2028-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO 5.203 02/01/28                                             | CUSIP: 06368LGV2<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $153841.71    | 0.01%             | 2028-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Paypal Holdings Inc.                                                                 | Paypal Holdings Inc. COM USD0.0001                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       100 | NS      | $5838.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                                                          | Vistra Corp COM USD0.01                                        | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       100 | NS      | $16133.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.766 01/13/33                                          | CUSIP: 86562MCS7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $266641.98    | 0.01%             | 2033-01-13      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                   | CTRA 4.375 03/15/29                                            | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250780.39    | 0.01%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                                                         | GE Aerospace COM NEW                                           | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      2000 | NS      | $616060.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 3.25 08/08/29                                             | CUSIP: 037833EN6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147423.36    | 0.01%             | 2029-08-08      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V8.113 11/03/33                                           | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $293390.80    | 0.01%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                                                          | ECL 5.25 01/15/28                                              | CUSIP: 278865BP4<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154050.49    | 0.01%             | 2028-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                                                 | NOMURA 6.181 01/18/33                                          | CUSIP: 65535HBK4<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $270741.51    | 0.01%             | 2033-01-18      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V5.468 02/01/29                                            | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154060.09    | 0.01%             | 2029-02-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.948 01/19/38                                             | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263438.22    | 0.01%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 4.9 01/12/28 GMTN                                           | CUSIP: 78016FZW7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $153032.77    | 0.01%             | 2028-01-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.653 02/01/29                                            | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151933.84    | 0.01%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Aptargroup Inc.                                                                      | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     58148 | NS      | $7091730.08   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Power Company                                                                | SO 4.65 05/16/28                                               | CUSIP: 373334KS9<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152390.47    | 0.01%             | 2028-05-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Phillips 66 Co.                                                                      | PSX 3.15 12/15/29                                              | CUSIP: 718547AK8<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144102.37    | 0.01%             | 2029-12-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    484493 | NS      | $131714266.98 | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                                                               | Applied Materials Inc. COM USD0.01                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       100 | NS      | $25699.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                                                          | AvalonBay Communities, Inc. COM USD0.01                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      9500 | NS      | $1722445.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                                                | Camden Property Trust SBI USD0.01                              | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     25600 | NS      | $2818048.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.05 05/09/33                                               | CUSIP: 92343VGT5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256861.99    | 0.01%             | 2033-05-09      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Equifax Inc.                                                                         | EFX 5.1 06/01/28                                               | CUSIP: 294429AW5<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255505.90    | 0.01%             | 2028-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                                                            | Teledyne Technologies Inc COM USD0.01                          | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      5700 | NS      | $2911161.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                                                      | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2000 | NS      | $1145740.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.8 06/23/28                                                | CUSIP: 37045XEH5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259134.00    | 0.01%             | 2028-06-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Insulet Corporation                                                                  | Insulet Corporation COM STK USD0.001                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       100 | NS      | $28424.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                                                    | Expedia Group Inc COM USD0.001                                 | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |       100 | NS      | $28331.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                                                               | DXC Technology Company COM USD0.01                             | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |       100 | NS      | $1465.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     20400 | NS      | $6573288.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     22804 | NS      | $1594227.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                                                         | Dayforce Inc COM USD0.01                                       | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       100 | NS      | $6916.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties LP                                                                 | BXP 6.75 12/01/27                                              | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261546.51    | 0.01%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Copart Inc                                                                           | Copart Inc COM USD0.0001                                       | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |       100 | NS      | $3915.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                                                            | Consolidated Edison, Inc. COM USD0.10                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     24900 | NS      | $2473068.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5 02/01/33 GMTN                                             | CUSIP: 78016FZX5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $154721.90    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3.75 02/15/28                                              | CUSIP: 500769JW5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    200000 | PA      | $200846.24    | 0.01%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.2 06/01/28                                               | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153728.96    | 0.01%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.5 05/17/33                                               | CUSIP: 58933YBK0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151645.70    | 0.01%             | 2033-05-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| F5 Inc                                                                               | F5 Inc COM STK NPV                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      1900 | NS      | $484994.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corporation of Michigan                                            | Credit Acceptance Corporation of Michigan COM USD0.01          | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5400 | NS      | $2394684.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.125 05/15/33                                              | CUSIP: 30040WAU2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151758.16    | 0.01%             | 2033-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 4.5 01/15/34                                               | CUSIP: 438516CM6<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99321.41     | 0.00%             | 2034-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | COF V6.377 06/08/34                                            | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162385.83    | 0.01%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Invesco Ltd                                                                          | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |       100 | NS      | $2627.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp.                                                                       | EchoStar Corp. COM USD0.001 CLASS A                            | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |        35 | NS      | $3804.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                                               | Palo Alto Networks Inc COM USD0.0001                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       200 | NS      | $36840.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd                                                   | Norwegian Cruise Line Holdings Ltd COM USD0.001                | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       100 | NS      | $2232.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                                                          | Godaddy Inc COM USD0.001 CLASS A                               | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      4600 | NS      | $570768.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    177580 | NS      | $55582540.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    148660 | NS      | $46530580.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                                                          | Moderna Inc COM USD0.0001                                      | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       100 | NS      | $2949.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                                                                      | Gen Digital Inc COM                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |       100 | NS      | $2719.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Power Company                                                                | SO 5.25 03/15/34                                               | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103389.59    | 0.00%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.45 04/01/31                                              | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104455.27    | 0.00%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.8 02/26/27                                              | CUSIP: 17275RBQ4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101130.53    | 0.00%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 5.05 02/26/34                                             | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103102.71    | 0.00%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC                                                    | LYB 5.5 03/01/34                                               | CUSIP: 50249AAM5<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99031.54     | 0.00%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 5 03/01/35                                                 | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102112.32    | 0.00%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 5.7 05/15/28                                               | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206360.00    | 0.01%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 5 02/26/34                                                 | CUSIP: 04636NAN3<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103643.00    | 0.00%             | 2034-02-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.8 02/26/27                                               | CUSIP: 04636NAK9<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101125.36    | 0.00%             | 2027-02-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.95 03/15/31                                             | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103502.72    | 0.00%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 6.25 02/01/29                                              | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105464.87    | 0.00%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.95 02/26/31                                             | CUSIP: 17275RBS0<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103822.60    | 0.00%             | 2031-02-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 5.05 03/15/34                                             | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102938.62    | 0.00%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NWG V5.778 03/01/35                                            | CUSIP: 639057AN8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211878.90    | 0.01%             | 2035-03-01      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.85 02/26/29                                             | CUSIP: 17275RBR2<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102708.27    | 0.00%             | 2029-02-26      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                 | PANAMA 7.5 03/01/31                                            | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $221720.00    | 0.01%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.8 03/15/27                                              | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101056.34    | 0.00%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.8 05/15/34                                               | CUSIP: 694308KR7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104022.32    | 0.00%             | 2034-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NWG V5.583 03/01/28                                            | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203530.80    | 0.01%             | 2028-03-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.198 01/23/30                                            | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154590.45    | 0.01%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.336 01/23/35                                            | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259503.40    | 0.01%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Alberta (Province Of)                                                                | ALTA 4.5 01/24/34                                              | CUSIP: 013051ET0<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $101256.35    | 0.00%             | 2034-01-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                         | CFG V5.841 01/23/30                                            | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104362.34    | 0.00%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.678 01/23/35                                            | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264475.23    | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp.                                                               | OBDC 5.95 03/15/29                                             | CUSIP: 69121KAH7<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100939.43    | 0.00%             | 2029-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.711 01/24/35 MTN                                        | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105405.50    | 0.00%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 05/15/34                                               | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102935.83    | 0.00%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | ARCC 5.875 03/01/29                                            | CUSIP: 04010LBF9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153969.20    | 0.01%             | 2029-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.012 01/23/30                                            | CUSIP: 46647PEB8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153793.27    | 0.01%             | 2030-01-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.173 01/16/30                                             | CUSIP: 61747YFK6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154081.78    | 0.01%             | 2030-01-16      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.04 01/23/28                                             | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101043.91    | 0.00%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 4 03/15/29                                                 | CUSIP: 500769KC7<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    350000 | PA      | $354538.55    | 0.01%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 5 03/15/34                                                 | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102008.84    | 0.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| European Bank For Reconstruction & Development                                       | EBRD 4.125 01/25/29                                            | CUSIP: 29874QFA7<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $152186.72    | 0.01%             | 2029-01-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.499 01/23/35                                            | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261298.60    | 0.01%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 4.2 01/18/29                                               | CUSIP: 683234DQ8<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $101437.74    | 0.00%             | 2029-01-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.468 01/23/35                                            | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260981.63    | 0.01%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | United Parcel Service, Inc. CLASS'B'COM USD0.01                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      9600 | NS      | $952224.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                                                            | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     29167 | NS      | $3968753.69   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                                                   | CNQCN 5.4 12/15/34                                             | CUSIP: 136385BE0<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101901.30    | 0.00%             | 2034-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.7 11/15/35                                             | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300663.67    | 0.01%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International PLC / Tyco Fire & Security Finance S.C.A.             | JCI 5.5 04/19/29                                               | CUSIP: 477921AA8<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |     50000 | PA      | $52039.52     | 0.00%             | 2029-04-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.652 04/13/28 MTN                                         | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101981.82    | 0.00%             | 2028-04-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                                                           | Cullen/Frost Bankers, Inc. COM USD0.01                         | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     16900 | NS      | $2140047.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                                                                     | Donaldson Co Inc COM USD5                                      | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      9447 | NS      | $837571.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 5.298 01/30/32                                              | CUSIP: 89115A3G5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $209093.54    | 0.01%             | 2032-01-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.75 03/01/35                                              | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105160.54    | 0.00%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.271 07/23/29 MTN                                        | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150740.67    | 0.01%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                                       | BRITEL 5.125 12/04/28                                          | CUSIP: 111021AL5<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205307.00    | 0.01%             | 2028-12-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.7 02/27/33                                               | CUSIP: 532457CF3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153436.43    | 0.01%             | 2033-02-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 4.45 02/15/33                                              | CUSIP: 713448FS2<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101872.64    | 0.00%             | 2033-02-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.25 03/02/30                                             | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259558.98    | 0.01%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 5.15 03/15/28                                              | CUSIP: 30161NBJ9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153287.86    | 0.01%             | 2028-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.375 02/12/35 10Y                                      | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    200000 | PA      | $207613.62    | 0.01%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/15/28                                               | CUSIP: 91282CNU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1002812.50   | 0.04%             | 2028-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/31/27                                               | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $6013828.14   | 0.23%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings Inc                                                           | ZBH 5.5 02/19/35                                               | CUSIP: 98956PBC5<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51949.02     | 0.00%             | 2035-02-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.4 03/23/35                                               | CUSIP: 871829BV8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51862.40     | 0.00%             | 2035-03-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 4.729 02/28/30                                             | CUSIP: 857477CW1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102405.14    | 0.00%             | 2030-02-28      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.25 11/14/28                                             | CUSIP: 00287YBF5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101136.03    | 0.00%             | 2028-11-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.452 12/05/29                                            | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151577.23    | 0.01%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 3.4 05/01/30                                              | CUSIP: 62954HAY4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $144780.48    | 0.01%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 5.1 02/12/35                                               | CUSIP: 532457CX4<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103550.10    | 0.00%             | 2035-02-12      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.85 04/01/30                                             | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91987.74     | 0.00%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 1.625 10/09/29                                             | CUSIP: 298785JA5<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $232370.13    | 0.01%             | 2029-10-09      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.875 11/15/30                                               | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $17500781.20  | 0.66%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp                                                          | AWK 5.25 03/01/35                                              | CUSIP: 03040WBF1<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51629.59     | 0.00%             | 2035-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                    | LPLA 5.65 03/15/35                                             | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102681.22    | 0.00%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 4.536 02/28/28                                             | CUSIP: 857477CU5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101556.39    | 0.00%             | 2028-02-28      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                                                        | EQIX 3.9 04/15/32                                              | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144368.39    | 0.01%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 4.35 05/09/27                                              | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250987.49    | 0.01%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp                                                          | AWK 4.45 06/01/32                                              | CUSIP: 03040WBA2<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100180.25    | 0.00%             | 2032-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.7 05/15/27                                               | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249576.12    | 0.01%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 4.5 02/06/28                                               | CUSIP: 459200KX8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100982.27    | 0.00%             | 2028-02-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.875 02/15/28                                              | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152916.53    | 0.01%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.739 05/27/31                                         | CUSIP: 60687YCR8<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $210760.97    | 0.01%             | 2031-05-27      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 4.85 03/15/30                                                | CUSIP: 756109BR4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256922.23    | 0.01%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GATX Corporation                                                                     | GMT 5.45 09/15/33                                              | CUSIP: 361448BL6<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103641.24    | 0.00%             | 2033-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 5.3 03/15/33                                               | CUSIP: 30161NBK6<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156108.52    | 0.01%             | 2033-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Trane Technologies Financing Ltd.                                                    | TT 5.25 03/03/33                                               | CUSIP: 892938AA9<br>LEI: 549300A5OEF3CJI2CO89 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $104346.26    | 0.00%             | 2033-03-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 11/30/27                                               | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4738867.20   | 0.18%             | 2027-11-30      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 3.125 12/01/30                                              | CUSIP: 00914AAK8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185510.10    | 0.01%             | 2030-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.625 01/15/32 GMTN                                       | CUSIP: 459058LQ4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $259487.09    | 0.01%             | 2032-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                            | ADBE 5.3 01/17/35                                              | CUSIP: 00724PAK5<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105514.98    | 0.00%             | 2035-01-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5.15 04/01/35                                             | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101834.08    | 0.00%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 4.55 02/24/28                                             | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101652.44    | 0.00%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.419 12/20/28                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247155.71    | 0.01%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Sanofi SA                                                                            | SANFP 3.625 06/19/28                                           | CUSIP: 801060AD6<br>LEI: 549300E9PC51EN656011 | Long             | DBT              | CORP              | FR        |    150000 | PA      | $149747.98    | 0.01%             | 2028-06-19      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 3.85 01/15/28                                              | CUSIP: 166756AR7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250441.85    | 0.01%             | 2028-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 1.125 01/13/31 GMTN                                       | CUSIP: 4581X0DS4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $439307.23    | 0.02%             | 2031-01-13      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.3 02/15/30                                                 | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    135000 | PA      | $135280.49    | 0.01%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4 04/15/29 144A                                           | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149470.24    | 0.01%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.2 05/15/32                                               | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247194.17    | 0.01%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.75 02/15/33                                              | CUSIP: 28622HAB7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251121.73    | 0.01%             | 2033-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 3.5 03/01/32                                               | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231366.35    | 0.01%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.375 02/15/33                                              | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157114.53    | 0.01%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.441 02/22/34                                           | CUSIP: 606822CX0<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $209591.83    | 0.01%             | 2034-02-22      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 4.95 02/07/30                                             | CUSIP: 63743HFX5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51501.46     | 0.00%             | 2030-02-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.65 04/01/28                                             | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45615.14     | 0.00%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                         | CFG V5.253 03/05/31                                            | CUSIP: 174610BJ3<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102824.24    | 0.00%             | 2031-03-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                                               | TXN 2.9 11/03/27                                               | CUSIP: 882508BC7<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148468.15    | 0.01%             | 2027-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB 3.9 04/26/28 MTN                                           | CUSIP: 91159HHS2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250398.37    | 0.01%             | 2028-04-26      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                    | BRKHEC 3.25 04/15/28                                           | CUSIP: 084659AM3<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78868.82     | 0.00%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Workday Inc                                                                          | WDAY 3.5 04/01/27                                              | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149111.58    | 0.01%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.125 02/21/30                                             | CUSIP: 126650DT4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257030.36    | 0.01%             | 2030-02-21      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Consumers Energy Company                                                             | CMS 4.625 05/15/33                                             | CUSIP: 210518DU7<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150742.77    | 0.01%             | 2033-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | SYK 5.2 02/10/35                                               | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102903.97    | 0.00%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                    | SYY 5.1 09/23/30                                               | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103327.51    | 0.00%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.65 03/15/28                                             | CUSIP: 00287YDY2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101689.28    | 0.00%             | 2028-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                  | MTH 5.65 03/15/35                                              | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76774.34     | 0.00%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.1 04/15/32                                               | CUSIP: 571903BT9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103121.58    | 0.00%             | 2032-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Ventas Realty Limited Partnership                                                    | VTR 4.4 01/15/29                                               | CUSIP: 92277GAN7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100470.98    | 0.00%             | 2029-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                    | NWG V5.076 01/27/30                                            | CUSIP: 78009PEH0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204536.27    | 0.01%             | 2030-01-27      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.1 02/15/28                                                 | CUSIP: 00206RGL0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100069.14    | 0.00%             | 2028-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.5 05/06/28                                              | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250038.75    | 0.01%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.25 02/21/33                                              | CUSIP: 126650DU1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103142.83    | 0.00%             | 2033-02-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.5 03/14/30                                               | CUSIP: 298785KG0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    300000 | PA      | $309219.81    | 0.01%             | 2030-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                                                                            | ADBE 4.95 01/17/30                                             | CUSIP: 00724PAJ8<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103600.44    | 0.00%             | 2030-01-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.442 01/30/36                                            | CUSIP: 025816DZ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62433.38     | 0.00%             | 2036-01-30      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | SYK 4.7 02/10/28                                               | CUSIP: 863667BK6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101458.41    | 0.00%             | 2028-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | SYK 4.85 02/10/30                                              | CUSIP: 863667BL4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102742.98    | 0.00%             | 2030-02-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                    | ISRAEL 5.625 02/19/35 10Y                                      | CUSIP: 46514Y8B6<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $208857.42    | 0.01%             | 2035-02-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5 03/01/28                                                 | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101892.14    | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.25 03/01/30                                              | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103312.60    | 0.00%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.875 03/15/30                                            | CUSIP: 00287YDZ9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154678.28    | 0.01%             | 2030-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | CSCO 5.1 02/24/35                                              | CUSIP: 17275RBZ4<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102973.91    | 0.00%             | 2035-02-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TransCanada Pipelines Limited                                                        | TRPCN 4.25 05/15/28                                            | CUSIP: 89352HAW9<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $150349.21    | 0.01%             | 2028-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.203 07/23/29                                            | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150465.75    | 0.01%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 3.95 11/15/28                                              | CUSIP: 26442CAX2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90255.81     | 0.00%             | 2028-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | NFLX 4.875 04/15/28                                            | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102164.90    | 0.00%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM 3.45 04/07/27                                               | CUSIP: 13607HR61<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149257.92    | 0.01%             | 2027-04-07      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 4.7 05/15/32                                                | CUSIP: 373334KQ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152251.11    | 0.01%             | 2032-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 4.75 05/09/32                                              | CUSIP: 21036PBL1<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251435.09    | 0.01%             | 2032-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.91 05/24/33                                               | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506857.63    | 0.02%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 4.75 02/06/33                                              | CUSIP: 459200KY6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254205.63    | 0.01%             | 2033-02-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 5.6 03/01/28                                               | CUSIP: 210385AB6<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154792.88    | 0.01%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.15 03/02/28                                             | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255934.46    | 0.01%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V5.422 02/22/29                                           | CUSIP: 606822CS1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205771.67    | 0.01%             | 2029-02-22      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 5 02/07/35                                                 | CUSIP: 713448GC6<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103102.96    | 0.00%             | 2035-02-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | IBM 5.2 02/10/35 ..                                            | CUSIP: 459200LJ8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102681.93    | 0.00%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                        | SPLLLC 4.5 05/15/30                                            | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100500.48    | 0.00%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.6 02/25/31                                               | CUSIP: 68323AFH2<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $89210.96     | 0.00%             | 2031-02-25      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 5.2 03/15/35                                              | CUSIP: 00287YEA3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103686.35    | 0.00%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ORIX Corp.                                                                           | ORIX 5.4 02/25/35                                              | CUSIP: 686329AB9<br>LEI: 35380016EMHNBOVYE123 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $51681.21     | 0.00%             | 2035-02-25      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DHI 5.5 10/15/35                                               | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104372.31    | 0.00%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.223 05/01/29                                             | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150349.22    | 0.01%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital Inc.                                                         | GSK 3.875 05/15/28                                             | CUSIP: 377372AN7<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250258.19    | 0.01%             | 2028-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.25 03/02/33                                             | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259140.76    | 0.01%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.625 02/12/35                                             | CUSIP: 298785KH8<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $155302.15    | 0.01%             | 2035-02-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 5.1 02/20/35                                               | CUSIP: 907818GG7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51701.25     | 0.00%             | 2035-02-20      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW 2 03/20/28                                                | CUSIP: 808513BP9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96208.56     | 0.00%             | 2028-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.58 04/22/32                                             | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228712.44    | 0.01%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.2 04/01/30                                               | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103244.28    | 0.00%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.7 04/01/35                                                | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103698.18    | 0.00%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5.15 03/15/35                                                | CUSIP: 927804GT5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50966.04     | 0.00%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V5.146 02/28/36                                            | CUSIP: 857477CX9<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61538.52     | 0.00%             | 2036-02-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.45 03/03/36                                            | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206729.06    | 0.01%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.615 04/22/32                                             | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228164.55    | 0.01%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.069 06/01/29                                            | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238790.77    | 0.01%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.35 03/02/33 MTN                                         | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $467299.39    | 0.02%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 11/15/32                                               | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4051875.00   | 0.15%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 01/31/28                                                 | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5001757.80   | 0.19%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 04/30/28                                                 | CUSIP: 91282CHA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5000195.30   | 0.19%             | 2028-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 02/15/27                                               | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1006601.56   | 0.04%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 01/31/27                                               | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1006250.00   | 0.04%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                    | EXPE 5.4 02/15/35                                              | CUSIP: 30212PBL8<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102768.95    | 0.00%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Stanford University                                                                  | STNFRD 4.679 03/01/35                                          | CUSIP: 85440KAE4<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50485.57     | 0.00%             | 2035-03-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 07/31/32                                                   | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1006679.69   | 0.04%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 3.75 04/01/30                                              | CUSIP: 50077LAV8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244895.61    | 0.01%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.1 04/01/31                                               | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88336.23     | 0.00%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 2 05/18/32                                                 | CUSIP: 015271AW9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42342.62     | 0.00%             | 2032-05-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.55 03/21/31                                               | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137183.38    | 0.01%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.812 02/13/33                                            | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253585.42    | 0.01%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 11/30/28                                               | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3069140.64   | 0.12%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 03/31/29                                               | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3457906.25   | 0.13%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.656 04/18/30                                             | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260634.21    | 0.01%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.222 01/29/31                                            | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103548.49    | 0.00%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                                        | SIXSLP 5.75 01/15/30                                           | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101399.39    | 0.00%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.085 01/30/31                                            | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103148.80    | 0.00%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 05/31/32                                               | CUSIP: 91282CNF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $760898.44    | 0.03%             | 2032-05-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 08/15/35                                                | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5100000 | PA      | $5147812.50   | 0.19%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.125 09/26/28 gMTN                                       | CUSIP: 045167EJ8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $247024.64    | 0.01%             | 2028-09-26      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.75 10/23/29 GDIF                                        | CUSIP: 459058HJ5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $233239.12    | 0.01%             | 2029-10-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 1 03/15/28                                                  | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94460.92     | 0.00%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                            | O 1.8 03/15/33                                                 | CUSIP: 756109BA1<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83150.73     | 0.00%             | 2033-03-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| M.D.C. Holdings Inc.                                                                 | MDC 2.5 01/15/31                                               | CUSIP: 552676AU2<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88974.61     | 0.00%             | 2031-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V1.953 02/04/32                                            | CUSIP: 46647PBX3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $223218.29    | 0.01%             | 2032-02-04      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 2.5 03/01/31                                               | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    400000 | PA      | $345332.62    | 0.01%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 2.1 05/12/31                                              | CUSIP: 023135BZ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135665.57    | 0.01%             | 2031-05-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                            | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295327.54    | 0.01%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.55 02/15/31                                             | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91432.96     | 0.00%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 02/28/30                                                   | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4053906.24   | 0.15%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 02/15/30                                              | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155185.83    | 0.01%             | 2030-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.875 10/31/30                                               | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3154218.75   | 0.12%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/31/31                                                   | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2025078.12   | 0.08%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 07/15/27                                               | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3040078.14   | 0.11%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | PAA 5.95 06/15/35                                              | CUSIP: 72650RBQ4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104389.30    | 0.00%             | 2035-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.575 01/29/36                                            | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104524.30    | 0.00%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.536 01/28/36                                             | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156058.85    | 0.01%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 4.5 03/01/27                                               | CUSIP: 478160DG6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101033.30    | 0.00%             | 2027-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.8 03/05/30                                              | CUSIP: 02665WFY2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102239.67    | 0.00%             | 2030-03-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 08/31/32                                               | CUSIP: 91282CNW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $998867.19    | 0.04%             | 2032-08-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DHI 1.4 10/15/27                                               | CUSIP: 23331ABP3<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95716.08     | 0.00%             | 2027-10-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 0.75 11/24/27                                             | CUSIP: 459058JN4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $237329.88    | 0.01%             | 2027-11-24      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 3.25 10/15/29                                              | CUSIP: 166756AS5<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244218.84    | 0.01%             | 2029-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 1.55 06/15/28                                             | CUSIP: 67066GAM6<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47546.58     | 0.00%             | 2028-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 2 06/15/31                                                | CUSIP: 67066GAN4<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45052.64     | 0.00%             | 2031-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 2.9 03/01/27                                                | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147936.92    | 0.01%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 4.875 05/09/34                                              | CUSIP: 57636QAZ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51342.50     | 0.00%             | 2034-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 5 05/13/34                                                  | CUSIP: 191216DR8<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104328.03    | 0.00%             | 2034-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 06/15/27                                               | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1016054.69   | 0.04%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.244 01/24/31                                            | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103617.01    | 0.00%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 05/31/30                                                   | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3800830.09   | 0.14%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp. COM USD0.01                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     19700 | NS      | $1083500.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                                                                 | Electronic Arts Inc. COM USD0.01                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       200 | NS      | $40866.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. COM USD0.0001                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      5000 | NS      | $1308400.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                                                                   | EOG Resources Inc. COM USD0.01                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     22700 | NS      | $2383727.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc.                                          | Expeditors International Of Washington Inc. COM USD0.01        | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      4800 | NS      | $715248.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                                                          | ResMed Inc. COM USD0.004                                       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      4900 | NS      | $1180263.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corporation                                                                     | GATX Corporation COM USD0.625                                  | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      4200 | NS      | $712320.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                                                         | General Dynamics Corporation COM USD1.00                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      7000 | NS      | $2356620.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences Inc. COM USD0.001                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     36400 | NS      | $4467736.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                                                         | Gartner Inc. COM USD0.0005                                     | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      6200 | NS      | $1564136.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                                           | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      7700 | NS      | $5100634.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     51393 | NS      | $10635781.35  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.                                                    | The Hartford Insurance Group Inc. COM USD0.01                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     11600 | NS      | $1598480.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                                                            | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      4200 | NS      | $5103336.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                                                                 | Landstar System Inc. COM USD0.01                               | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     14200 | NS      | $2040540.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1574 | NS      | $1691546.32   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation COM USD1.00                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      6100 | NS      | $2950387.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corporation                                                                    | Loews Corporation COM USD0.01                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     13900 | NS      | $1463809.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                                                          | Cencora Inc COM USD0.01                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5000 | NS      | $1688750.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                                                            | MGM Resorts International COM USD0.01                          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |       100 | NS      | $3649.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                                                                     | McDonald's Corp. COM USD0.01                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1500 | NS      | $458445.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     37569 | NS      | $18169119.78  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     64950 | NS      | $31411119.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated                                                    | Microchip Technology Incorporated COM USD0.001                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |       100 | NS      | $6372.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                                                            | National Fuel Gas Company COM USD1                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     26400 | NS      | $2113584.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      9100 | NS      | $848120.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | Occidental Petroleum Corp. COM USD0.20                         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       100 | NS      | $4112.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                                          | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     42100 | NS      | $6042192.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                                                         | Costco Wholesale Corporation COM USD0.01                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      7000 | NS      | $6036380.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      2000 | NS      | $342100.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                        | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     16000 | NS      | $1500160.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                                                                 | Wynn Resorts Limited COM USD0.01                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       100 | NS      | $12033.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                                                     | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       100 | NS      | $10526.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                                     | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       100 | NS      | $11721.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    210082 | NS      | $26432517.24  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 6.1 11/15/32                                               | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160754.70    | 0.01%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 02/15/28                                               | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256723.88    | 0.01%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                                                 | NOMURA 5.842 01/18/28                                          | CUSIP: 65535HBH1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $516108.88    | 0.02%             | 2028-01-18      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 3.95 01/26/28                                               | CUSIP: 742718FZ7<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100923.32    | 0.00%             | 2028-01-26      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                                                       | AZO 4.5 02/01/28                                               | CUSIP: 053332BC5<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151405.43    | 0.01%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                                                    | MTB 4.7 01/27/28                                               | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253344.71    | 0.01%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V4.706 02/01/34                                             | CUSIP: 06406RBP1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150777.03    | 0.01%             | 2034-02-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 1.125 10/07/30                                             | CUSIP: 683234AR9<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $88087.81     | 0.00%             | 2030-10-07      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Illumina Inc                                                                         | ILMN 5.75 12/13/27                                             | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154510.77    | 0.01%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.55 12/01/27                                             | CUSIP: 023135CP9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254165.99    | 0.01%             | 2027-12-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                                   | MTNA 6.8 11/29/32                                              | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $168193.06    | 0.01%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 5 12/08/27                                                 | CUSIP: 26441CBW4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152931.80    | 0.01%             | 2027-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V4.873 01/26/29 MTN                                        | CUSIP: 89788MAL6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101613.59    | 0.00%             | 2029-01-26      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.625 11/17/29                                              | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157801.48    | 0.01%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.85 01/11/33                                            | CUSIP: 455780DR4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $252103.76    | 0.01%             | 2033-01-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd New York Branch                                          | NAB 4.944 01/12/28                                             | CUSIP: 63253QAB0<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $255562.34    | 0.01%             | 2028-01-12      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS 4.85 02/01/30                                              | CUSIP: 06417XAP6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $256003.91    | 0.01%             | 2030-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 5.2 06/01/33                                               | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103047.02    | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.75 11/17/32                                               | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160528.17    | 0.01%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D 5.375 11/15/32                                               | CUSIP: 25746UDR7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155961.43    | 0.01%             | 2032-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | SUMIBK 5.52 01/13/28                                           | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $257634.34    | 0.01%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 4.05 01/26/33                                               | CUSIP: 742718GA1<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100148.15    | 0.00%             | 2033-01-26      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                                   | MTNA 6.55 11/29/27                                             | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $156194.67    | 0.01%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.75 02/15/33                                               | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105088.41    | 0.00%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Export-Import Bank of Korea                                                          | EIBKOR 5.125 01/11/33                                          | CUSIP: 302154DW6<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $262165.33    | 0.01%             | 2033-01-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                                                         | TGT 4.4 01/15/33                                               | CUSIP: 87612EBQ8<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250343.66    | 0.01%             | 2033-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V4.839 02/01/34                                            | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151428.71    | 0.01%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Adventist Health Systems (West)                                                      | ADVENT 5.43 03/01/32                                           | CUSIP: 007944AH4<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153483.20    | 0.01%             | 2032-03-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                   | CTRA 3.9 05/15/27                                              | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249082.75    | 0.01%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4 05/12/28                                                | CUSIP: 037833EY2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100862.80    | 0.00%             | 2028-05-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                                           | ARESSI 6.35 08/15/29                                           | CUSIP: 04020EAB3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102952.64    | 0.00%             | 2029-08-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 4.808 06/03/30 MTN                                          | CUSIP: 89115KAB6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $127694.07    | 0.00%             | 2030-06-03      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.123 02/01/29                                             | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255255.70    | 0.01%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 5 01/11/28                                                 | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101587.82    | 0.00%             | 2028-01-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | DELL 5.75 02/01/33                                             | CUSIP: 24703DBL4<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263814.89    | 0.01%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB V6.72 01/18/29                                              | CUSIP: 251526CS6<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    250000 | PA      | $261799.61    | 0.01%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.05 05/17/28                                              | CUSIP: 58933YBH7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251887.14    | 0.01%             | 2028-05-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Deere & Company                                                                      | Deere & Company COM USD1                                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     15054 | NS      | $7008690.78   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                                                             | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     22800 | NS      | $5615640.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Ohio Inc.                                                                | DUK 5.3 06/15/35                                               | CUSIP: 26442EAM2<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51629.53     | 0.00%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 3.75 06/14/30                                             | CUSIP: 4581X0EV6<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100057.15    | 0.00%             | 2030-06-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.45 07/15/30                                               | CUSIP: 37045XFJ0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51966.95     | 0.00%             | 2030-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 4.85 06/11/35                                              | CUSIP: 683234C97<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $103066.57    | 0.00%             | 2035-06-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                                           | ARESSI 5.6 02/15/30                                            | CUSIP: 04020EAD9<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100511.93    | 0.00%             | 2030-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Generac Holdings Inc.                                                                | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       100 | NS      | $13637.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                                | NXP Semiconductors NV EUR0.20                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       100 | NS      | $21706.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 3.25 05/20/27                                             | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149189.62    | 0.01%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                        | SPLLLC 4.2 03/15/28                                            | CUSIP: 785592AU0<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100119.90    | 0.00%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 2.375 07/07/27                                            | CUSIP: 4581X0CY2<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $245656.13    | 0.01%             | 2027-07-07      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 0.625 09/16/27                                            | CUSIP: 4581X0DQ8<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $237975.37    | 0.01%             | 2027-09-16      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| CubeSmart LP                                                                         | CUBE 2 02/15/31                                                | CUSIP: 22966RAG1<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |    150000 | PA      | $132813.22    | 0.00%             | 2031-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.75 03/30/32                                                | CUSIP: 448579AV4<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104949.76    | 0.00%             | 2032-03-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONTRA WALGREENS                                                                     | CONTRA WALGREENS                                               | CUSIP: 931CVR013<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      8285 | NS      | $8903723.80   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                                                           | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     53000 | NS      | $8485300.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 0.95 09/01/27                                              | CUSIP: 478160CP7<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95763.76     | 0.00%             | 2027-09-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | GILD 1.65 10/01/30                                             | CUSIP: 375558BY8<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268829.42    | 0.01%             | 2030-10-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO V3.088 01/10/37                                            | CUSIP: 06368DH72<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $135045.69    | 0.01%             | 2037-01-10      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| Super Micro Computer Inc.                                                            | Super Micro Computer Inc. COM NEW                              | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      4500 | NS      | $131715.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corporation                                                             | H 5.05 03/30/28                                                | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50919.74     | 0.00%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 5.625 04/01/35                                            | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102344.20    | 0.00%             | 2035-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     18855 | NS      | $5916699.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc.                                                                | OneMain Holdings Inc. USD0.01                                  | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     77800 | NS      | $5255390.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     37700 | NS      | $13047970.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                                    | NUE 4.3 05/23/27                                               | CUSIP: 670346AY1<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150955.34    | 0.01%             | 2027-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V6.161 03/09/29                                           | CUSIP: 404280DU0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $260362.91    | 0.01%             | 2029-03-09      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.5 03/15/28                                               | CUSIP: 03027XBY5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514551.31    | 0.02%             | 2028-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.6 04/15/35                                              | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62919.51     | 0.00%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     33600 | NS      | $7755552.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                                                            | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |       100 | NS      | $1434.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                                                          | Advanced Micro Devices Inc. COM USD0.01                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       100 | NS      | $21416.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5930 | NS      | $1940948.30   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                                                                  | Analog Devices Inc. COM USD0.16 2/3                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       100 | NS      | $27120.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    136925 | NS      | $25536512.50  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                                                           | Archer-Daniels-Midland Co. COM NPV                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    421344 | NS      | $24223066.56  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                                                     | Packaging Corporation of America COM USD0.01                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     10000 | NS      | $2062300.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                                      | Deere & Company COM USD1                                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       718 | NS      | $334279.26    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley COM USD0.01                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1700 | NS      | $301801.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 1.018 08/12/27                                             | CUSIP: 166756AL0<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239656.41    | 0.01%             | 2027-08-12      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |       100 | NS      | $2008.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corporation                                                                  | Sandisk Corporation COM                                        | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        33 | NS      | $7833.54      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 02/15/35                                               | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7750000 | PA      | $8060908.22   | 0.30%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dow Chemical Co. (The)                                                               | DOW 5.35 03/15/35                                              | CUSIP: 260543DL4<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49645.50     | 0.00%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 2.45 03/01/27                                             | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147627.86    | 0.01%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 4.875 03/09/28                                              | CUSIP: 57636QAW4<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255757.46    | 0.01%             | 2028-03-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.375 03/22/35                                            | CUSIP: 045167GK3<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $101569.49    | 0.00%             | 2035-03-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.1 04/15/30                                              | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61823.32     | 0.00%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.15 03/28/27                                              | CUSIP: 91087BAC4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    250000 | PA      | $249625.00    | 0.01%             | 2027-03-28      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                        | SPLLLC 5 03/15/27                                              | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100678.68    | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 1.25 08/15/30                                             | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219956.91    | 0.01%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Warner Bros. Discovery Inc.                                                          | Warner Bros. Discovery Inc. COM SER A                          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |       100 | NS      | $2882.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                                                              | RSG 4.75 07/15/30                                              | CUSIP: 760759BL3<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51181.41     | 0.00%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | PAA 4.7 01/15/31                                               | CUSIP: 72650RBR2<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100654.80    | 0.00%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 1.3 04/15/28                                               | CUSIP: 548661DX2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141483.70    | 0.01%             | 2028-04-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA 0.75 10/08/27                                             | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $476726.19    | 0.02%             | 2027-10-08      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.35 04/01/35 144A                                      | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51677.93     | 0.00%             | 2035-04-01      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA Inc.                                                          | SANUSA V5.741 03/20/31                                         | CUSIP: 80282KBQ8<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103559.37    | 0.00%             | 2031-03-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.333 03/27/36 .                                            | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102498.27    | 0.00%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.15 04/23/31                                             | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103310.51    | 0.00%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 4 03/01/27                                                 | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99780.02     | 0.00%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 2.75 04/12/27                                                | CUSIP: 748149AN1<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $98796.74     | 0.00%             | 2027-04-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 1.875 02/01/33                                             | CUSIP: 015271AV1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40988.65     | 0.00%             | 2033-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 2.65 08/15/30                                             | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92703.19     | 0.00%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 6.375 09/01/28                                             | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104748.40    | 0.00%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.375 04/20/28 GDIF                                       | CUSIP: 459058JW4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $190421.06    | 0.01%             | 2028-04-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Robinhood Markets Inc                                                                | Robinhood Markets Inc COM CL A                                 | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |         1 | NS      | $113.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 04/30/31                                               | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1041992.19   | 0.04%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 04/30/29                                               | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3098320.32   | 0.12%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lam Research Corporation                                                             | Lam Research Corporation COM NEW                               | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       100 | NS      | $17118.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 11/15/34                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7500000 | PA      | $7594042.95   | 0.29%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.875 06/15/28                                             | CUSIP: 298785KJ4<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    180000 | PA      | $181401.75    | 0.01%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 5.5 03/08/33                                               | CUSIP: 828807DU8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263683.25    | 0.01%             | 2033-03-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                              | RSG 4.875 04/01/29                                             | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153798.19    | 0.01%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 5.2 03/30/35                                                | CUSIP: 13645RBK9<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51579.29     | 0.00%             | 2035-03-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Paramount Skydance Corp.                                                             | Paramount Skydance Corp. COM CL B                              | CUSIP: 69932A204<br>LEI: 529900B6VAJG54Y9QF02 | Long             | EC               | CORP              | US        |       100 | NS      | $1340.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 4.95 09/15/35                                              | CUSIP: 26441CCJ2<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99354.02     | 0.00%             | 2035-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB 3.15 04/27/27 X                                            | CUSIP: 91159HHR4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148857.48    | 0.01%             | 2027-04-27      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.584 05/22/28 MTN                                        | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    364000 | PA      | $361648.20    | 0.01%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Applovin Corp.                                                                       | Applovin Corp. COM CL A                                        | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       100 | NS      | $67382.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic Global Holdings SCA                                                        | MDT 4.5 03/30/33                                               | CUSIP: 58507LBC2<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $100347.76    | 0.00%             | 2033-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | PG 4.15 10/24/29                                               | CUSIP: 742718GK9<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50728.03     | 0.00%             | 2029-10-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                                                         | MDLZ 2.625 03/17/27                                            | CUSIP: 609207BA2<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246203.33    | 0.01%             | 2027-03-17      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       300 | NS      | $196071.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.125 03/20/30                                            | CUSIP: 459058LR2<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $253950.01    | 0.01%             | 2030-03-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                                           | CNHI 4.75 03/21/28                                             | CUSIP: 12592BAU8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101168.84    | 0.00%             | 2028-03-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                    | LPLA 5.15 06/15/30                                             | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51028.45     | 0.00%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.35 04/15/32                                             | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62209.34     | 0.00%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.65 09/15/35                                               | CUSIP: 437076DK5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99336.24     | 0.00%             | 2035-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HPS Corporate Lending Fund                                                           | HLEND 5.45 11/15/30 144A                                       | CUSIP: 40440VAS4<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199100.06    | 0.01%             | 2030-11-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | Kenvue Inc. COM                                                | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    205557 | NS      | $3545858.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Electric Company                                                               | AEE 5.25 04/15/35                                              | CUSIP: 906548DA7<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51571.84     | 0.00%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | B 0 05/07/26                                                   | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1086505.90   | 0.04%             | 2026-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Group Inc                                                              | Nexstar Media Group Inc COM USD0.01 CL'A'                      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       600 | NS      | $121830.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA                                                   | Millicom International Cellular SA COM USD1.50                 | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |     25800 | NS      | $1430352.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                                                             | HNI Corp COM USD1                                              | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    160000 | NS      | $6726400.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       100 | NS      | $15924.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                                                      | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       100 | NS      | $26491.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                                                         | Fortinet Inc COM USD0.001                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       100 | NS      | $7941.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                                                                       | Servicenow Inc COM USD0.001                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       500 | NS      | $76595.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Louisiana LLC                                                                | ETR 4 03/15/33                                                 | CUSIP: 29364WBA5<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96587.67     | 0.00%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 4.7 06/01/27 D                                             | CUSIP: 842400HQ9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151181.01    | 0.01%             | 2027-06-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.946 10/22/35                                            | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101205.86    | 0.00%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V4.675 10/22/32                                            | CUSIP: 857477CR2<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101952.84    | 0.00%             | 2032-10-22      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 5 01/15/35                                                 | CUSIP: 032095AR2<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51028.42     | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                | URUGUA 4.375 01/23/31                                          | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    200000 | PA      | $202540.00    | 0.01%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 4.15 01/24/29 MTN                                          | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    186000 | PA      | $186533.58    | 0.01%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                              | INDON 4.75 02/11/29                                            | CUSIP: 455780CH7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $253858.48    | 0.01%             | 2029-02-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V4.812 10/21/32                                            | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101872.00    | 0.00%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                            | PHILIP 3.75 01/14/29                                           | CUSIP: 718286CG0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    250000 | PA      | $247005.23    | 0.01%             | 2029-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.875 03/03/28                                             | CUSIP: 04636NAF0<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255506.55    | 0.01%             | 2028-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.7 03/08/33                                             | CUSIP: 29250NBR5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $158240.08    | 0.01%             | 2033-03-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       700 | NS      | $81683.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                                                                | Civitas Resources Inc COM NEW                                  | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      4900 | NS      | $132741.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                                                             | EMN 5.75 03/08/33                                              | CUSIP: 277432AX8<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104978.59    | 0.00%             | 2033-03-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kellanova                                                                            | K 5.25 03/01/33                                                | CUSIP: 487836BZ0<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103815.27    | 0.00%             | 2033-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 4.25 04/15/31                                              | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244066.94    | 0.01%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                           | AMP 5.15 05/15/33                                              | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104062.28    | 0.00%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.45 03/01/28                                               | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153803.21    | 0.01%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 4.9 04/15/29                                               | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255792.32    | 0.01%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | MMC 4.65 03/15/30                                              | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102045.05    | 0.00%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Iridium Communications, Inc.                                                         | Iridium Communications, Inc. COM USD0.001                      | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     16300 | NS      | $283294.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                                                                 | Agnc Investment Corp COM USD0.01                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    334800 | NS      | $3589056.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                                                            | RTX 5.15 02/27/33                                              | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258581.67    | 0.01%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FISV 5.45 03/02/28                                             | CUSIP: 337738BD9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256071.15    | 0.01%             | 2028-03-02      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.65 03/15/33                                              | CUSIP: 03027XBZ2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527623.29    | 0.02%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.9 03/03/30                                               | CUSIP: 04636NAG8<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258370.66    | 0.01%             | 2030-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 4.875 03/03/33                                             | CUSIP: 04636NAH6<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154930.08    | 0.01%             | 2033-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Medtronic Global Holdings SCA                                                        | MDT 4.25 03/30/28                                              | CUSIP: 58507LBB4<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $151191.41    | 0.01%             | 2028-03-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS AG Stamford Branch                                                               | UBS V4.864 01/10/28                                            | CUSIP: 90261AAD4<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $252120.74    | 0.01%             | 2028-01-10      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Invesco Ltd                                                                          | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |    128000 | NS      | $3362560.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     16800 | NS      | $2694720.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     16975 | NS      | $11205027.75  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                                                       | EPR Properties SBI USD0.01                                     | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     50400 | NS      | $2514960.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                    | ASML Holding N.V. NY REGISTRY SHS                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     12317 | NS      | $13177465.62  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 2.5 05/11/31                                              | CUSIP: 62954HBA5<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $90597.72     | 0.00%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                      | BHP 4.9 02/28/33                                               | CUSIP: 055451BA5<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $102178.99    | 0.00%             | 2033-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Magna International Inc                                                              | MGCN 5.5 03/21/33                                              | CUSIP: 559222AY0<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $209809.81    | 0.01%             | 2033-03-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                                                         | SWK 6 03/06/28                                                 | CUSIP: 854502AT8<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155489.87    | 0.01%             | 2028-03-06      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 4.25 05/01/29                                             | CUSIP: 78409VBG8<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150891.71    | 0.01%             | 2029-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                                                          | NTRCN 4.9 03/27/28                                             | CUSIP: 67077MBA5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $152741.10    | 0.01%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V5.272 01/15/31                                           | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205958.54    | 0.01%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                        | Starwood Property Trust, Inc. COM USD0.01                      | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    217300 | NS      | $3913573.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Wendys Company                                                                   | The Wendys Company COM USD0.10                                 | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     73900 | NS      | $615587.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                                                          | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     41023 | NS      | $9373345.27   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.875 03/15/28                                             | CUSIP: 298785JU1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    225000 | PA      | $226521.99    | 0.01%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Aon Corp/ Aon Global Holdings PLC                                                    | AON 5.35 02/28/33                                              | CUSIP: 03740LAG7<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260667.51    | 0.01%             | 2033-02-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                          | UPS 4.875 03/03/33                                             | CUSIP: 911312BZ8<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103183.61    | 0.00%             | 2033-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp.                                                   | CNP 5.25 03/01/28                                              | CUSIP: 15189YAG1<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102513.06    | 0.00%             | 2028-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.3 03/01/28                                               | CUSIP: 842400HU0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153195.65    | 0.01%             | 2028-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.1 04/01/33                                               | CUSIP: 341081GL5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155575.87    | 0.01%             | 2033-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI 5.25 03/30/28                                               | CUSIP: 65473PAN5<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102557.24    | 0.00%             | 2028-03-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 4.75 06/15/33                                              | CUSIP: 74340XCE9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252540.59    | 0.01%             | 2033-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.375 05/15/29                                               | CUSIP: 9128286T2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4809765.60   | 0.18%             | 2029-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 03/31/27                                               | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9654687.50   | 0.36%             | 2027-03-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Asian Infrastructure Investment Bank                                                 | AIIB 4.25 03/13/34                                             | CUSIP: 04522KAM8<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $101015.96    | 0.00%             | 2034-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.95 07/15/34                                               | CUSIP: 30040WAZ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105931.92    | 0.00%             | 2034-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.375 09/30/27                                               | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9479687.50   | 0.36%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.75 01/31/28                                                | CUSIP: 91282CBJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4728320.30   | 0.18%             | 2028-01-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.375 03/06/29 GMTN                                       | CUSIP: 045167GD9<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $102272.97    | 0.00%             | 2029-03-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 04/30/27                                                | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5015820.30   | 0.19%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.125 11/15/28                                               | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4945898.45   | 0.19%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 11/15/33                                                 | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5171679.70   | 0.19%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 08/15/34                                               | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6412402.36   | 0.24%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.5 04/03/29                                                 | CUSIP: 748148M91<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    150000 | PA      | $153545.34    | 0.01%             | 2029-04-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.375 05/15/34                                               | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5500000 | PA      | $5631054.66   | 0.21%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.625 05/15/31                                               | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $10762968.72  | 0.41%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.75 06/15/29                                              | CUSIP: 298785KC9<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    225000 | PA      | $233197.77    | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.176 06/15/29                                              | CUSIP: 45687VAD8<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51720.77     | 0.00%             | 2029-06-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 02/15/33                                                 | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1946796.88   | 0.07%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.125 01/12/27 GMTN                                       | CUSIP: 045167GA5<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100478.85    | 0.00%             | 2027-01-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Aon North America Inc.                                                               | AON 5.45 03/01/34                                              | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104123.03    | 0.00%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                                                       | HSBC 5.294 03/04/27                                            | CUSIP: 40428HA44<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203161.93    | 0.01%             | 2027-03-04      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Agco Corporation                                                                     | AGCO 5.8 03/21/34                                              | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104767.79    | 0.00%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.75 06/25/29                                               | CUSIP: 437076DC3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102596.40    | 0.00%             | 2029-06-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 04/15/27                                                 | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1012343.75   | 0.04%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE V6.7 09/01/54                                              | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51781.20     | 0.00%             | 2054-09-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Paccar Financial Corp                                                                | PCAR 5 03/22/34 mtn                                            | CUSIP: 69371RS98<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51802.94     | 0.00%             | 2034-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V7.05 12/15/54 *                                           | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52218.75     | 0.00%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                              | BNCN 5.675 01/15/35                                            | CUSIP: 11271LAM4<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103620.60    | 0.00%             | 2035-01-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 4.95 06/25/34                                               | CUSIP: 437076DE9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102485.28    | 0.00%             | 2034-06-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.3 02/15/30 *                                             | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159097.47    | 0.01%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 4.97 10/17/29                                             | CUSIP: 10373QBZ2<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102969.44    | 0.00%             | 2029-10-17      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE V6.4 10/01/54                                              | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50856.48     | 0.00%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | BCRED 6 11/22/34                                               | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101156.61    | 0.00%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 4.125 05/30/30 GMTN                                       | CUSIP: 045167GL1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $203201.72    | 0.01%             | 2030-05-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 4.5 02/15/31                                             | CUSIP: 29250NCN3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100017.15    | 0.00%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 0.625 10/21/27                                             | CUSIP: 298785JJ6<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $237391.52    | 0.01%             | 2027-10-21      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Jacobs Engineering Group Inc.                                                        | J 6.35 08/18/28                                                | CUSIP: 469814AB3<br>LEI: 549300CZ8QS1GE53O776 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105236.46    | 0.00%             | 2028-08-18      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.75 09/19/29 GMTN                                        | CUSIP: 045167EP4<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $233677.33    | 0.01%             | 2029-09-19      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | XOM 2.61 10/15/30                                              | CUSIP: 30231GBN1<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234624.87    | 0.01%             | 2030-10-15      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                  | LNG 4.625 10/15/28                                             | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249667.19    | 0.01%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                                                  | MUFG V2.309 07/20/32                                           | CUSIP: 606822BX1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $178568.08    | 0.01%             | 2032-07-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 4.95 02/15/28                                              | CUSIP: 438516CJ3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153194.23    | 0.01%             | 2028-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP 5.85 11/05/27                                              | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155174.04    | 0.01%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP 5.95 11/01/32                                              | CUSIP: 025537AW1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $161202.55    | 0.01%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.75 11/16/32 10Y                                       | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    250000 | PA      | $268073.46    | 0.01%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 6 06/14/30                                                 | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52449.74     | 0.00%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.15 07/09/32                                             | CUSIP: 02665WGF2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51461.25     | 0.00%             | 2032-07-09      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V6.136 08/24/34                                           | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109207.82    | 0.00%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                       | C 5.803 09/29/28                                               | CUSIP: 17325FBB3<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262295.13    | 0.01%             | 2028-09-29      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.707 04/22/28 MTN                                        | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153128.36    | 0.01%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 5.15 01/30/30                                             | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102941.99    | 0.00%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 6.45 04/15/27                                              | CUSIP: 00774MBG9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $154107.74    | 0.01%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.532 04/25/30                                            | CUSIP: 025816DU0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156562.06    | 0.01%             | 2030-04-25      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.7 06/01/34                                               | CUSIP: 126650ED8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105005.48    | 0.00%             | 2034-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 5.05 04/16/29                                             | CUSIP: 961214FT5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $103450.82    | 0.00%             | 2029-04-16      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                                                | PWR 5.1 08/09/35                                               | CUSIP: 74762EAP7<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50208.86     | 0.00%             | 2035-08-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 3.75 08/28/30 GMTN                                        | CUSIP: 045167GM9<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $100073.42    | 0.00%             | 2030-08-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oesterreichische Kontrollbank AG                                                     | OKB 4.75 05/21/27                                              | CUSIP: 676167CM9<br>LEI: 5299000OVRLMF858L016 | Long             | DBT              | NUSS              | AT        |    100000 | PA      | $101531.28    | 0.00%             | 2027-05-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Newmont Corp / Newcrest Finance Pty Ltd.                                             | NEM 5.35 03/15/34                                              | CUSIP: 65163LAR0<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52341.05     | 0.00%             | 2034-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Newmont Corp / Newcrest Finance Pty Ltd.                                             | NEM 3.25 05/13/30                                              | CUSIP: 65163LAB5<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |     79000 | PA      | $76580.15     | 0.00%             | 2030-05-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                                                        | OC 3.5 02/15/30                                                | CUSIP: 690742AM3<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96944.15     | 0.00%             | 2030-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                                | ETR 5.15 09/15/34                                              | CUSIP: 29364WBP2<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102457.87    | 0.00%             | 2034-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ERP Operating Limited Partnership                                                    | EQR 4.65 09/15/34                                              | CUSIP: 26884ABP7<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49563.13     | 0.00%             | 2034-09-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 04/30/30                                               | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4538671.88   | 0.17%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Cummins Inc.                                                                         | CMI 4.7 02/15/31                                               | CUSIP: 231021AZ9<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102183.72    | 0.00%             | 2031-02-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Lennar Corp.                                                                         | LEN 5.2 07/30/30                                               | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51438.85     | 0.00%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp.                                                               | OBDC 6.2 07/15/30                                              | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50661.68     | 0.00%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 06/30/30                                               | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4537617.21   | 0.17%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 10/15/28                                                 | CUSIP: 91282CPC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499648.44    | 0.02%             | 2028-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                        | ENBCN 5.2 11/20/35                                             | CUSIP: 29250NCP8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100944.61    | 0.00%             | 2035-11-20      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                              | JBSSBZ 3 02/02/29                                              | CUSIP: 46590XAN6<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $240782.40    | 0.01%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.766 04/22/35                                            | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106733.16    | 0.00%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 5 05/14/27                                                 | CUSIP: 14913UAL4<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50836.01     | 0.00%             | 2027-05-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | ARCC 5.95 07/15/29                                             | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154060.04    | 0.01%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D V6.875 02/01/55 A                                            | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52016.48     | 0.00%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO 2.65 03/08/27 MTN                                          | CUSIP: 06368FAJ8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $147851.29    | 0.01%             | 2027-03-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Fortune Brands Innovations Inc                                                       | FBINUS 4 03/25/32                                              | CUSIP: 34964CAF3<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143924.05    | 0.01%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                        | NI V6.95 11/30/54                                              | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52040.10     | 0.00%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 5.227 11/17/34                                            | CUSIP: 10373QCA6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103386.70    | 0.00%             | 2034-11-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                                                | PWR 4.75 08/09/27                                              | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50614.85     | 0.00%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 4.8 09/01/31                                               | CUSIP: 824348BT2<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51238.92     | 0.00%             | 2031-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 3.875 08/28/34                                            | CUSIP: 459058LL5<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $245474.58    | 0.01%             | 2034-08-28      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 5.25 05/15/35                                              | CUSIP: 74340XCR0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103467.71    | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                       | MCK 4.95 05/30/32                                              | CUSIP: 581557BX2<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51455.35     | 0.00%             | 2032-05-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                                               | TXN 5.1 05/23/35                                               | CUSIP: 882508CM4<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51537.00     | 0.00%             | 2035-05-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Ascension Health Alliance                                                            | ASCHEA 4.923 11/15/35 2025                                     | CUSIP: 04351LAE0<br>LEI: 549300IMOY6ECI21DH68 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50179.04     | 0.00%             | 2035-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 2.75 02/15/28                                                | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4925390.60   | 0.19%             | 2028-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.15 09/15/27 MTN                                           | CUSIP: 24422EWK1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100786.71    | 0.00%             | 2027-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Northern States Power Company                                                        | XEL 5.05 05/15/35                                              | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51037.75     | 0.00%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.643 05/07/28                                              | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252036.46    | 0.01%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 4.55 07/09/27                                             | CUSIP: 02665WGD7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50478.39     | 0.00%             | 2027-07-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 4.1 01/15/29                                               | CUSIP: 713448GL6<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50297.54     | 0.00%             | 2029-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Public Service Company of Colorado                                                   | XEL 5.15 09/15/35                                              | CUSIP: 744448DC2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101544.52    | 0.00%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MSCI Inc.                                                                            | MSCI 5.25 09/01/35                                             | CUSIP: 55354GAR1<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100921.99    | 0.00%             | 2035-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dayton Power & Light Co. (The)                                                       | AES 4.55 08/15/30 144A                                         | CUSIP: 240019BW8<br>LEI: 1ELKY8G44MKGCQWG6864 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49778.55     | 0.00%             | 2030-08-15      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 3.875 10/15/30                                             | CUSIP: 298785KM7<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $201042.35    | 0.01%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | SPGI 2.5 12/01/29                                              | CUSIP: 78409VAP9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141486.80    | 0.01%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Essential Utilities Inc                                                              | WTRG 2.704 04/15/30                                            | CUSIP: 29670GAD4<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46983.46     | 0.00%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                    | CCI 2.9 03/15/27                                               | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98571.26     | 0.00%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.875 02/15/32                                               | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11500000 | PA      | $10270488.31  | 0.39%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                                   | TOYOTA 5.118 07/13/28                                          | CUSIP: 892331AQ2<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $257643.62    | 0.01%             | 2028-07-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 5.05 08/01/30                                              | CUSIP: 655844CR7<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155666.69    | 0.01%             | 2030-08-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5.85 10/04/30 GMTN                                        | CUSIP: 02665WER8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106359.49    | 0.00%             | 2030-10-04      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Atmos Energy Corp.                                                                   | ATO 5.9 11/15/33                                               | CUSIP: 049560AZ8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54159.41     | 0.00%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                                    | ES 5.85 04/15/31                                               | CUSIP: 30040WBA5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105594.49    | 0.00%             | 2031-04-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.581 04/22/30                                            | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260970.06    | 0.01%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.851 04/25/35                                             | CUSIP: 38141GA95<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106481.26    | 0.00%             | 2035-04-25      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5.1 05/06/27 MTN                                          | CUSIP: 63743HFR8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50753.69     | 0.00%             | 2027-05-06      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.492 05/14/30                                            | CUSIP: 693475BX2<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104190.16    | 0.00%             | 2030-05-14      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 5.85 05/17/27                                                | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203063.99    | 0.01%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                     | DTE 5.25 05/15/35                                              | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51498.74     | 0.00%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.071 05/20/31 MTN                                        | CUSIP: 89788MAU6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102821.41    | 0.00%             | 2031-05-20      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                                                   | EOG 4.4 01/15/31                                               | CUSIP: 26875PBB6<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100495.47    | 0.00%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                           | BAX 4.9 12/15/30                                               | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50418.15     | 0.00%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.25 09/07/28                                               | CUSIP: 718172DC0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103275.09    | 0.00%             | 2028-09-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 3.35 04/01/27                                              | CUSIP: 548661EG8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148936.91    | 0.01%             | 2027-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 2.875 11/15/29                                             | CUSIP: 74340XBY6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239208.62    | 0.01%             | 2029-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP 5.75 11/01/27                                              | CUSIP: 025537AV3<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154579.66    | 0.01%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.85 11/01/27                                              | CUSIP: 842400HS5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154152.05    | 0.01%             | 2027-11-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.15 11/09/29                                             | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156716.94    | 0.01%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.27 11/17/33                                               | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $272573.20    | 0.01%             | 2033-11-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                                | WSTP 5.457 11/18/27                                            | CUSIP: 961214FK4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $257727.06    | 0.01%             | 2027-11-18      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 11/17/27                                              | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153280.64    | 0.01%             | 2027-11-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT 4.834 04/24/30                                             | CUSIP: 857477DB6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103043.72    | 0.00%             | 2030-04-24      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                 | KDP 5.15 05/15/35                                              | CUSIP: 49271VBB5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50204.31     | 0.00%             | 2035-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3.75 07/15/30                                              | CUSIP: 500769KK9<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    650000 | PA      | $651700.94    | 0.02%             | 2030-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC                                                    | LYB 6.15 05/15/35                                              | CUSIP: 50249AAP8<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51322.81     | 0.00%             | 2035-05-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.952 05/07/31                                              | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153326.61    | 0.01%             | 2031-05-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                            | VNOM 5.7 08/01/35                                              | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102053.00    | 0.00%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Puget Energy Inc                                                                     | PSD 5.725 03/15/35                                             | CUSIP: 745310AQ5<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51415.54     | 0.00%             | 2035-03-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5 09/15/32                                                 | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51121.20     | 0.00%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 4.8 02/15/31                                              | CUSIP: 55336VCA6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101166.67    | 0.00%             | 2031-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Quebec (Province Of)                                                                 | Q 4.625 08/28/35                                               | CUSIP: 748148SG9<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $100999.43    | 0.00%             | 2035-08-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                           | PRU V5.125 03/01/52                                            | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247714.54    | 0.01%             | 2052-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Autonation Inc. (Florida)                                                            | AN 3.85 03/01/32                                               | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $141182.89    | 0.01%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                       | PLD 3.375 12/15/27                                             | CUSIP: 74340XBV2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247926.72    | 0.01%             | 2027-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.35 11/15/27                                            | CUSIP: 20030NEA5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255810.71    | 0.01%             | 2027-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V6.204 11/10/28                                            | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259827.46    | 0.01%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.667 04/25/36                                            | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63514.31     | 0.00%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.78 02/15/35                                               | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    165000 | PA      | $162751.05    | 0.01%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.5 05/15/35                                             | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49829.84     | 0.00%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.3 05/15/35                                             | CUSIP: 20030NEP2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102431.35    | 0.00%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                               | GM 5.625 04/15/30                                              | CUSIP: 37045VBA7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52140.26     | 0.00%             | 2030-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                   | CM 6.092 10/03/33                                              | CUSIP: 13607LWW9<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $163334.35    | 0.01%             | 2033-10-03      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 5.05 04/24/34                                              | CUSIP: 683234AV0<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    100000 | PA      | $104786.57    | 0.00%             | 2034-04-24      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                                                         | GE 4.3 07/29/30                                                | CUSIP: 369604BZ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100897.66    | 0.00%             | 2030-07-29      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd Finance Corp.                                                              | BG 4.55 08/04/30                                               | CUSIP: 120568BQ2<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101011.61    | 0.00%             | 2030-08-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                         | CFG V6.645 04/25/35                                            | CUSIP: 174610BG9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110137.66    | 0.00%             | 2035-04-25      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 5.85 06/01/34                                              | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53410.50     | 0.00%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 5.25 08/19/35                                             | CUSIP: 62954HBH0<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $50830.38     | 0.00%             | 2035-08-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Essential Utilities Inc                                                              | WTRG 5.25 08/15/35                                             | CUSIP: 29670GAK8<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51074.98     | 0.00%             | 2035-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.95 02/15/35                                              | CUSIP: 29379VCG6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101375.07    | 0.00%             | 2035-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | SHW 4.55 03/01/28 *                                            | CUSIP: 824348BS4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50609.13     | 0.00%             | 2028-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.45 09/15/35                                              | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102522.21    | 0.00%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                                | CAH 4.5 09/15/30                                               | CUSIP: 14149YBU1<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101024.10    | 0.00%             | 2030-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                     | DUK V6.45 09/01/54                                             | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104957.82    | 0.00%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc                                            | HASI 6.375 07/01/34                                            | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51022.75     | 0.00%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | DIS 6.2 12/15/34                                               | CUSIP: 254687DZ6<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    150000 | PA      | $168688.71    | 0.01%             | 2034-12-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.699 01/22/31 GMTN                                        | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234684.70    | 0.01%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 5 05/20/35                                                | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50894.77     | 0.00%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.6 11/05/35                                            | CUSIP: 66989HBA5<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148956.45    | 0.01%             | 2035-11-05      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.75 04/27/32                                              | CUSIP: 91087BAK6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $194800.00    | 0.01%             | 2032-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                   | KO 1.45 06/01/27                                               | CUSIP: 191216CU2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97051.75     | 0.00%             | 2027-06-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.939 08/18/34                                            | CUSIP: 693475BS3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $161288.77    | 0.01%             | 2034-08-18      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.571 04/22/28                                            | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101999.86    | 0.00%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 2.659 05/24/31                                             | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $890000.00    | 0.03%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                                                | ONT 2.125 01/21/32 MTN                                         | CUSIP: 683234AU2<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |     50000 | PA      | $44714.53     | 0.00%             | 2032-01-21      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CME Group Inc.                                                                       | CME 2.65 03/15/32                                              | CUSIP: 12572QAK1<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91534.32     | 0.00%             | 2032-03-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP 2.55 03/04/27                                              | CUSIP: 025816CS6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147854.10    | 0.01%             | 2027-03-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 5.9 06/01/27                                               | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102007.68    | 0.00%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.05 04/15/28                                              | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155214.26    | 0.01%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.846 03/08/37                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235749.21    | 0.01%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.85 10/11/29 MTN                                           | CUSIP: 24422EWN5<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154840.13    | 0.01%             | 2029-10-11      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.5 06/01/34                                              | CUSIP: 55336VBX7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102202.44    | 0.00%             | 2034-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc.                                                            | FG 6.5 06/04/29                                                | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104230.28    | 0.00%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC.                                                               | HLNLN 3.375 03/24/27                                           | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248212.50    | 0.01%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.95 11/01/32                                              | CUSIP: 842400HT3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158892.85    | 0.01%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.75 05/12/35                                             | CUSIP: 037833FB1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51333.66     | 0.00%             | 2035-05-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ERP Operating Limited Partnership                                                    | EQR 4.95 06/15/32                                              | CUSIP: 26884ABQ5<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51195.69     | 0.00%             | 2032-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.75 08/15/34                                             | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101057.53    | 0.00%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital S.A.                                                           | TTEFP 4.724 09/10/34                                           | CUSIP: 89157XAD3<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $101048.84    | 0.00%             | 2034-09-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.2 07/15/35                                              | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102722.16    | 0.00%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 4.3 07/23/30                                               | CUSIP: 713448GH5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101103.80    | 0.00%             | 2030-07-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                                                        | VLTO 5.35 09/18/28                                             | CUSIP: 92338CAD5<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103153.09    | 0.00%             | 2028-09-18      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Interstate Power & Light Company                                                     | LNT 5.6 06/29/35                                               | CUSIP: 461070AX2<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52123.29     | 0.00%             | 2035-06-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Sutter Health                                                                        | SUTHEA 5.213 08/15/32 2025                                     | CUSIP: 86944BAP8<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51851.39     | 0.00%             | 2032-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 6.55 12/01/33                                               | CUSIP: 29273VAU4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109784.80    | 0.00%             | 2033-12-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FISV 4.55 02/15/31                                             | CUSIP: 337738BP2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99047.01     | 0.00%             | 2031-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                                | CAH 5.15 09/15/35                                              | CUSIP: 14149YBV9<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50924.15     | 0.00%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 5.4 04/18/34                                              | CUSIP: 25278XAZ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102562.06    | 0.00%             | 2034-04-18      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| British Columbia (Province Of)                                                       | BRCOL 4.9 04/24/29                                             | CUSIP: 110709AL6<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | MUN               | CA        |    150000 | PA      | $155447.19    | 0.01%             | 2029-04-24      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 1.125 09/13/28                                            | CUSIP: 459058JZ7<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $187511.84    | 0.01%             | 2028-09-13      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.35 09/15/32 MTN                                           | CUSIP: 24422EWL9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100395.76    | 0.00%             | 2032-09-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Church & Dwight Co Inc.                                                              | CHD 5.6 11/15/32                                               | CUSIP: 17136MAC6<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106453.45    | 0.00%             | 2032-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc.                                                                          | ZTS 5.6 11/16/32                                               | CUSIP: 98978VAV5<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265989.50    | 0.01%             | 2032-11-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                   | IR 5.45 06/15/34                                               | CUSIP: 45687VAF3<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104192.50    | 0.00%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.5 05/15/27                                                 | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3039960.93   | 0.11%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arizona Public Service Company                                                       | PNW 5.7 08/15/34                                               | CUSIP: 040555DH4<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105320.78    | 0.00%             | 2034-08-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | JNJ 4.8 06/01/29                                               | CUSIP: 478160CU6<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103292.59    | 0.00%             | 2029-06-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| KeyBank National Association                                                         | KEY 5.85 11/15/27 BKNT                                         | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257578.10    | 0.01%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.016 04/25/31                                            | CUSIP: 025816EF2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103139.45    | 0.00%             | 2031-04-25      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.15 08/14/27                                              | CUSIP: 532457CP1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100748.98    | 0.00%             | 2027-08-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                | UBER 4.3 01/15/30                                              | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100624.55    | 0.00%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                            | FFCB 3.75 07/03/28                                             | CUSIP: 3133ETNU7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1131000 | PA      | $1137590.56   | 0.04%             | 2028-07-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| W. P. Carey Inc                                                                      | WPC 4.65 07/15/30                                              | CUSIP: 92936UAN9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50393.68     | 0.00%             | 2030-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.05 11/01/34                                              | CUSIP: 682680CE1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99325.92     | 0.00%             | 2034-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ventas Realty Limited Partnership                                                    | VTR 5 01/15/35                                                 | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100280.12    | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PEP 5 07/23/35                                                 | CUSIP: 713448GK8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51178.96     | 0.00%             | 2035-07-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FISV 5.25 08/11/35                                             | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99960.05     | 0.00%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 1.125 07/20/28                                            | CUSIP: 4581X0DX3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $235187.26    | 0.01%             | 2028-07-20      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Nucor Corporation                                                                    | NUE 3.125 04/01/32                                             | CUSIP: 670346AV7<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139647.59    | 0.01%             | 2032-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.24 05/13/31                                            | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206228.53    | 0.01%             | 2031-05-13      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Company, LLC                                                        | AEP 5.375 06/15/35                                             | CUSIP: 00115AAS8<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51690.29     | 0.00%             | 2035-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| America Movil S.A.B. de C.V.                                                         | AMXLMM 5 01/20/33                                              | CUSIP: 02364WBM6<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $203280.00    | 0.01%             | 2033-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                                                  | CF 5.3 11/26/35                                                | CUSIP: 12527GAL7<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99834.99     | 0.00%             | 2035-11-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                            | FFCB 1.3 03/30/27                                              | CUSIP: 3133EMUQ3<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    300000 | PA      | $291820.96    | 0.01%             | 2027-03-30      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                               | ASIA 1.25 06/09/28 GMTN                                        | CUSIP: 045167FF5<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $236558.33    | 0.01%             | 2028-06-09      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 5.5 07/01/30                                               | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260411.13    | 0.01%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                      | XEL 5.45 08/15/33                                              | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155015.94    | 0.01%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                                          | PGR 2.5 03/15/27                                               | CUSIP: 743315AY9<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49225.54     | 0.00%             | 2027-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                               | EXR 3.9 04/01/29                                               | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247157.91    | 0.01%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 6.2 04/14/34                                               | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105741.00    | 0.00%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.4 04/15/33                                               | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    250000 | PA      | $269268.91    | 0.01%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 3.75 04/01/32                                              | CUSIP: 548661EH6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143940.51    | 0.01%             | 2032-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 3.5 09/14/29                                              | CUSIP: 4581X0EF1<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $248728.81    | 0.01%             | 2029-09-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                                                      | BXSL 5.875 11/15/27                                            | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153155.81    | 0.01%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.153 08/05/32 MTN                                        | CUSIP: 89788MAT9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103348.11    | 0.00%             | 2032-08-05      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 4.375 08/16/29                                             | CUSIP: 14913UAQ3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101434.75    | 0.00%             | 2029-08-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 5.35 03/15/35                                              | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51478.84     | 0.00%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 5.75 03/01/28                                              | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257816.50    | 0.01%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 5.15 06/01/30                                              | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103495.66    | 0.00%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 4.75 02/15/32                                              | CUSIP: 776696AH9<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101235.87    | 0.00%             | 2032-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | ROP 4.5 10/15/29                                               | CUSIP: 776696AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101045.42    | 0.00%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southern Company Gas Capital Corp.                                                   | SO 4.95 09/15/34                                               | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100428.70    | 0.00%             | 2034-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co.                                                          | SRE 5.45 06/15/35                                              | CUSIP: 842434DC3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52131.99     | 0.00%             | 2035-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Woodside Finance Ltd.                                                                | WDSAU 6 05/19/35                                               | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $104332.15    | 0.00%             | 2035-05-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 6.15 07/15/35                                               | CUSIP: 37045XFK7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52782.29     | 0.00%             | 2035-07-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.375 07/16/35 GMTN                                       | CUSIP: 4581X0EW4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $101328.44    | 0.00%             | 2035-07-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Trustees of Dartmouth College                                                        | DARMTH 4.273 06/01/30                                          | CUSIP: 89837RAE2<br>LEI: JVPL1XBV6YI9538FWQ05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50484.60     | 0.00%             | 2030-06-01      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                              | SPG 5.125 10/01/35                                             | CUSIP: 828807EA1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101684.18    | 0.00%             | 2035-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Chevron USA Inc                                                                      | CVX 4.3 10/15/30                                               | CUSIP: 166756BJ4<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101055.01    | 0.00%             | 2030-10-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development                                  | IBRD 4.375 08/27/35                                            | CUSIP: 459056RA7<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $202772.42    | 0.01%             | 2035-08-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                       | BLK 2.4 04/30/30                                               | CUSIP: 09247XAQ4<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234174.28    | 0.01%             | 2030-04-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| ORIX Corp.                                                                           | ORIX 5 09/13/27                                                | CUSIP: 686330AQ4<br>LEI: 35380016EMHNBOVYE123 | Long             | DBT              | CORP              | JP        |     50000 | PA      | $50873.19     | 0.00%             | 2027-09-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philippines (Republic Of)                                                            | PHILIP 5.609 04/13/33                                          | CUSIP: 718286CT2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    250000 | PA      | $265222.12    | 0.01%             | 2033-04-13      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC.                                                               | HLNLN 3.625 03/24/32                                           | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238226.17    | 0.01%             | 2032-03-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.5 11/15/32                                             | CUSIP: 20030NEB3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264373.27    | 0.01%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                         | PEG 5.85 11/15/27                                              | CUSIP: 744573AV8<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154656.45    | 0.01%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.25 11/09/32                                             | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261300.52    | 0.01%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| eBay Inc.                                                                            | EBAY 6.3 11/22/32                                              | CUSIP: 278642BB8<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $273495.88    | 0.01%             | 2032-11-22      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.875 04/30/35                                              | CUSIP: 718172DU0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100523.00    | 0.00%             | 2035-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                         | NSC 5.1 05/01/35                                               | CUSIP: 655844CV8<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51184.00     | 0.00%             | 2035-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.6 07/15/30                                              | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152520.29    | 0.01%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY V4.696 08/06/31                                             | CUSIP: 78017DAM0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $202744.10    | 0.01%             | 2031-08-06      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.4 09/15/35                                              | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100909.76    | 0.00%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc                                                    | AMCR 5.5 03/17/35                                              | CUSIP: 02344AAH1<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41409.37     | 0.00%             | 2035-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.25 03/15/31                                              | CUSIP: 532457DC9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50422.56     | 0.00%             | 2031-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                          | ETN 4.35 05/18/28                                              | CUSIP: 278062AK0<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151702.32    | 0.01%             | 2028-05-18      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| The Progressive Corporation                                                          | PGR 4.95 06/15/33                                              | CUSIP: 743315BB8<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102681.89    | 0.00%             | 2033-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS 5.25 06/12/28                                              | CUSIP: 06418GAD9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $154529.42    | 0.01%             | 2028-06-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.402 08/11/33                                           | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $259343.53    | 0.01%             | 2033-08-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co.                                                          | SRE 5.2 06/01/33                                               | CUSIP: 842434CZ3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103372.90    | 0.00%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 5.2 06/15/33                                                | CUSIP: 842587DR5<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154333.41    | 0.01%             | 2033-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5 01/30/29                                                 | CUSIP: 126650DW7<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153272.53    | 0.01%             | 2029-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     31500 | NS      | $7270830.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     42350 | NS      | $5306031.50   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                                                            | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    196600 | NS      | $2819244.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     33362 | NS      | $10919716.22  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                                                      | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     34052 | NS      | $4152981.92   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                                                                       | Mckesson Corp. COM USD0.01                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4500 | NS      | $3691305.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    199796 | NS      | $54316540.56  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                                                           | Archer-Daniels-Midland Co. COM NPV                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |    129117 | NS      | $7422936.33   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                                          | Verizon Communications Inc. COM USD0.10                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     39500 | NS      | $1608835.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                                                                 | M&T Bank Corporation COM USD0.50                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     19000 | NS      | $3828120.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.                                              | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     30000 | NS      | $2021700.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                                                            | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      1300 | NS      | $1579604.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                                                            | Kilroy Realty Corporation COM STK USD0.01                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     42500 | NS      | $1588225.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     65602 | NS      | $31726439.24  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    258166 | NS      | $24061071.20  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                                                    | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     37984 | NS      | $6195570.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                                          | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      4300 | NS      | $617136.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated                                         | Public Service Enterprise Group Incorporated COM NPV           | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      3600 | NS      | $289080.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc.                                                                     | Yum! Brands Inc. COM NPV                                       | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     20100 | NS      | $3040728.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                                               | Roper Technologies Inc COM USD0.01                             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      2000 | NS      | $890260.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                                                     | Royal Gold, Inc. COM USD0.01                                   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     17800 | NS      | $3956762.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                                                                 | Snap-On Incorporated COM USD1                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       900 | NS      | $310140.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                                                         | Southern Co. COM USD5                                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     33500 | NS      | $2921200.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                                       | Public Storage COM USD0.10                                     | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      8200 | NS      | $2127900.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     20400 | NS      | $1176264.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                                                            | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      9066 | NS      | $2097147.12   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UnitedHealth Group Inc. COM USD0.01                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3100 | NS      | $1023341.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                                                               | The TJX Companies Inc. COM USD1                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     12200 | NS      | $1874042.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                                                        | Accenture PLC CLS'A'USD0.0000225                               | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2270 | NS      | $609041.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                                                     | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     40000 | NS      | $4210400.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                                     | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     20000 | NS      | $2344200.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                                                          | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     11100 | NS      | $1396602.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                                                         | BACR V5.746 08/09/33                                           | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $262879.24    | 0.01%             | 2033-08-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.174 05/25/34                                              | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265899.37    | 0.01%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt Fuer Wiederaufbau                                                      | KFW 3.875 06/15/28                                             | CUSIP: D4S46MLM5<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | NUSS              | DE        |    100000 | PA      | $100790.11    | 0.00%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.35 06/01/34                                             | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260170.03    | 0.01%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.3 06/01/33                                               | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103285.44    | 0.00%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG 3.85 04/05/29                                             | CUSIP: 21871XAF6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246093.05    | 0.01%             | 2029-04-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                  | Cheniere Energy Inc COM USD0.003                               | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      9700 | NS      | $1885583.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                                                        | Assurant Inc. COM USD0.01                                      | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     14400 | NS      | $3468240.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                                                                   | Chemed Corporation CAP USD1                                    | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      2700 | NS      | $1155222.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                                                      | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3900 | NS      | $1033149.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.                                                    | The Hanover Insurance Group, Inc. COM USD0.01                  | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       100 | NS      | $18277.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                                                           | Grand Canyon Education Inc COM USD0.01                         | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      2900 | NS      | $482299.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                                                             | O'Reilly Automotive Inc. USD0.01                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     19200 | NS      | $1751232.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                                                        | Prologis Inc. COM USD0.01                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |       500 | NS      | $63830.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                                                      | T-Mobile US Inc COM USD0.00001                                 | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      9400 | NS      | $1908576.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                                                   | HBAN V4.443 08/04/28                                           | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100559.55    | 0.00%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Ameren Illinois Company                                                              | AEE 4.95 06/01/33                                              | CUSIP: 02361DBA7<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153447.12    | 0.01%             | 2033-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.25 01/30/31                                              | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258475.48    | 0.01%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MasterCard Incorporated COM USD0.0001 CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       439 | NS      | $250616.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                                                            | The Western Union Company COM STK USD0.01                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     47700 | NS      | $444087.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | Exxon Mobil Corp. COM NPV                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     38100 | NS      | $4584954.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                                            | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      8600 | NS      | $3867592.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      5600 | NS      | $653464.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                                                          | American Airlines Group Inc COM USD0.01                        | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |       100 | NS      | $1533.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                                                                | CL 3.1 08/15/27                                                | CUSIP: 194162AN3<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99159.96     | 0.00%             | 2027-08-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.21 08/11/28                                            | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $254258.57    | 0.01%             | 2028-08-11      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.75 05/19/33                                              | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $253127.38    | 0.01%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Amcor Finance (USA) Inc.                                                             | AMCR 5.625 05/26/33                                            | CUSIP: 02343UAJ4<br>LEI: 549300ZMT7FVT8R77U18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104542.70    | 0.00%             | 2033-05-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | HON 4.25 01/15/29                                              | CUSIP: 438516CL8<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151131.06    | 0.01%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions Inc.                                                  | Broadridge Financial Solutions Inc. COM USD0.01                | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     10100 | NS      | $2254017.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                                                                       | CME Group Inc. COM USD0.01                                     | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       500 | NS      | $136540.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                                                               | Motorola Solutions Inc COM USD0.01                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      6300 | NS      | $2414916.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 5.4 08/15/32                                               | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152811.38    | 0.01%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                       | DTE 4.875 06/01/28                                             | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152645.10    | 0.01%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V5.643 05/19/29                                           | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103791.68    | 0.00%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                                            | AES 5.45 06/01/28                                              | CUSIP: 00130HCH6<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153446.31    | 0.01%             | 2028-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.45 05/15/28                                              | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253072.89    | 0.01%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | Solventum Corp. COM SHS                                        | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     13250 | NS      | $1049930.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                                                             | Lam Research Corporation COM NEW                               | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      8100 | NS      | $1386558.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                                                            | MSCI Inc. COM USD0.01                                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      1700 | NS      | $975341.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5600 | NS      | $898240.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                                             | Visa Inc COM STK USD0.0001                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12830 | NS      | $4499609.30   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                                                               | Ingredion Incorporated COM USD0.01                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     19900 | NS      | $2194174.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     31200 | NS      | $20594808.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                                                    | ASML Holding N.V. NY REGISTRY SHS                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       604 | NS      | $646195.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Company                                                    | CNRCN 3.85 08/05/32                                            | CUSIP: 136375DC3<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $97228.44     | 0.00%             | 2032-08-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 4 08/05/29                                                | CUSIP: 458140BZ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148555.78    | 0.01%             | 2029-08-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Inc.                                                                       | BLK 4.75 05/25/33                                              | CUSIP: 09247XAT8<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153723.06    | 0.01%             | 2033-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 4.8 05/15/33                                               | CUSIP: 341081GQ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153132.51    | 0.01%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.25 07/15/28                                              | CUSIP: 03027XCC2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514231.94    | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      5200 | NS      | $3398564.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                                                      | CBRE Group Inc. COM USD0.01 CLASS A                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       100 | NS      | $16079.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                                                                     | News Corporation COM USD0.01 CL'A'                             | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |       100 | NS      | $2612.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT 3.6 08/12/27 MTN                                           | CUSIP: 14913R3A3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99860.27     | 0.00%             | 2027-08-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 3.75 08/05/27                                             | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149158.00    | 0.01%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.25 02/15/28                                              | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256941.99    | 0.01%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                                          | OVV 6.25 07/15/33                                              | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    250000 | PA      | $265586.29    | 0.01%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 4.15 05/10/30                                             | CUSIP: 037833EU0<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151831.38    | 0.01%             | 2030-05-10      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.65 05/19/30                                              | CUSIP: 716973AD4<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $255154.21    | 0.01%             | 2030-05-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V5.853 05/19/34                                           | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160911.81    | 0.01%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | STT V5.159 05/18/34                                            | CUSIP: 857477CC5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155359.57    | 0.01%             | 2034-05-18      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 4.4 05/15/28                                               | CUSIP: 341081GN1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151919.55    | 0.01%             | 2028-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 01/31/30                                                | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3850000 | PA      | $3938279.31   | 0.15%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5 02/15/29                                               | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101951.05    | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 11/30/32                                                | CUSIP: 91282CPM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1237500.00   | 0.05%             | 2032-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.5 01/31/27                                                 | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1957343.76   | 0.07%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.435 01/24/30 MTN                                        | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103598.71    | 0.00%             | 2030-01-24      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                             | EIB 4.125 02/13/34                                             | CUSIP: 298785KA3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $150449.73    | 0.01%             | 2034-02-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 06/30/28                                                | CUSIP: 91282CCH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4733398.45   | 0.18%             | 2028-06-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Air Products & Chemicals, Inc.                                                       | APD 4.85 02/08/34                                              | CUSIP: 009158BK1<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101838.05    | 0.00%             | 2034-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 10/31/32                                                | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $990468.75    | 0.04%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.375 12/31/28                                               | CUSIP: 91282CDP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3756875.00   | 0.14%             | 2028-12-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.384 01/23/30                                            | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103634.57    | 0.00%             | 2030-01-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 4.125 02/15/29                                            | CUSIP: 4581X0EN4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $152283.59    | 0.01%             | 2029-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 0.625 12/31/27                                               | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4727343.75   | 0.18%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                                   | NRUC 5 02/07/31 GMTN                                           | CUSIP: 63743HFP2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103376.50    | 0.00%             | 2031-02-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V5.174 02/13/30                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256762.44    | 0.01%             | 2030-02-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.5 02/15/30                                                 | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $13787695.35  | 0.52%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| International Monetary Market                                                        | FUT. EMINI S&P MAR26                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        48 | NC      | $16542000.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer