# EDGAR Filing Document

**Accession Number:** 0001022804
**File Stem:** 0001752724-23-033168
**Filing Date:** 2023-2
**Character Count:** 102393
**Document Hash:** eacec0a3ad0580592febaf29b074b9f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033168.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033168

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN FUND ALLOCATOR SERIES
- **CENTRAL INDEX KEY:** 0001022804
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07851
- **FILM NUMBER:** 23651835

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-4018

**MAIL ADDRESS:**
- **STREET 1:** FRANKLIN FUND ALLOCATOR SERIES
- **STREET 2:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN TEMPLETON FUND ALLOCATOR SERIES
- **DATE OF NAME CHANGE:** 19960912

## Series and Classes Contracts Data

### FRANKLIN GLOBAL ALLOCATION FUND (Series ID: S000007241)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000019849 | CLASS A       | FFALX           |
| C000019851 | CLASS C       | FFACX           |
| C000019852 | CLASS R       | FFARX           |
| C000019853 | ADVISOR CLASS | FFAAX           |
| C000194376 | Class R6      | FFAQX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Franklin Fund Allocator Series

- **b. Investment Company Act file number:** 811-07851

- **c. CIK number of Registrant:** 0001022804

- **d. LEI of Registrant:** 5493009BPYLDNZHEMO31

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

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

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

- **a. Name of Series:** Franklin Global Allocation Fund

- **b. EDGAR series identifier (if any):** S000007241

- **c. LEI of Series:** 549300R05BQMM0PJVZ25

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $2645685924.52

**Total Liabilities:** $39808365.75

**Net Assets:** $2605877558.77

**Cash Not Reported:** $55996705.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1860.58000000 | **1-Year:** -34786.68000000 | **5-Year:** -132980.50000000 | **10-Year:** -198360.75000000 | **30-Year:** -56434.32000000

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

- **3-Month:** 0.00000000 | **1-Year:** -2877.29000000 | **5-Year:** -13513.62000000 | **10-Year:** -6848.50000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019849 | 3.67%                | 5.95%                | -2.42%               |
| Class ID C000019853 | 3.72%                | 5.97%                | -2.49%               |
| Class ID C000019852 | 3.66%                | 5.93%                | -2.47%               |
| Class ID C000194376 | 3.71%                | 5.99%                | -2.46%               |
| Class ID C000019851 | 3.63%                | 5.86%                | -2.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10545636.90            | $101877604.92                              |
| Month 2  | $-3216523.56             | $177300595.49                              |
| Month 3  | $2115473.56              | $-60196035.84                              |

**Designated Index Information**

- **Index Name:** 60% MSCI ACWI-NR+30%Barclays Global Agg+10%BoFA 3M TBill Index

- **Index Identifier:** HB10557

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.         | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.         | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3115000 | PA      | $2963629.57   | 0.11%             | 2025-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Spain                                          | Spain Bonos Y Obligaciones del Estado                     | CUSIP: N/A<br>LEI: 9598007A56S18711AH60       | Long             | DBT              | NUSS              | ES        |    1610000 | PA      | $1485441.48   | 0.06%             | 2046-10-31      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                       | Suzano Austria GmbH                                       | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    4805000 | PA      | $4041877.11   | 0.16%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | CUSIP: 46590XAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1314345.18   | 0.05%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                              | Oracle Corp.                                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     129000 | NS      | $10544460.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GNMA                                                      | GNMA II, Single-family, 30 Year                           | CUSIP: 36179WLQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19856625 | PA      | $17796911.31  | 0.68%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    3400000 | PA      | $2587085.50   | 0.10%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                            | Alphabet, Inc., Class A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     300000 | NS      | $26469000.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.               | Taiwan Semiconductor Manufacturing Co. Ltd.               | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     250000 | NS      | $18622500.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                             | Walmart, Inc.                                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      54200 | NS      | $7685018.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd.                           | Canadian Natural Resources Ltd.                           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     260000 | NS      | $14438257.02  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd.                                | Woodside Energy Group Ltd.                                | CUSIP: N/A<br>LEI: 2549005ZC5RXAOO7FH41       | Long             | EC               | CORP              | AU        |     120166 | NS      | $2891011.10   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG             | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |      21000 | NS      | $6792568.74   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                              | NVIDIA Corp.                                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      32500 | NS      | $4749550.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                          | Amazon.com, Inc.                                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     260000 | NS      | $21840000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                               | Aker BP ASA                                               | CUSIP: 55037AAB4<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    7900000 | PA      | $6498557.22   | 0.25%             | 2031-07-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                | Prudential Financial, Inc.                                | CUSIP: 744320AV4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    4060000 | PA      | $3931437.99   | 0.15%             | 2045-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RWE AG                                                    | RWE AG                                                    | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     125000 | NS      | $5525707.93   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                          | Sony Group Corp.                                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     206600 | NS      | $15741989.21  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                  | Bristol-Myers Squibb Co.                                  | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     216000 | NS      | $15541200.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| 1375209 BC Ltd.                                           | 1375209 BC Ltd.                                           | CUSIP: 68251PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     523000 | PA      | $511886.25    | 0.02%             | 2028-01-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Danaher Corp.                                             | Danaher Corp.                                             | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      46000 | NS      | $12209320.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Finance Ltd.                                     | Woodside Finance Ltd.                                     | CUSIP: 980236AQ6<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    4000000 | PA      | $3757963.00   | 0.14%             | 2029-03-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                            | Commonwealth Bank of Australia                            | CUSIP: N/A<br>LEI: MSFSBD3QN1GSN7Q6C537       | Long             | EC               | CORP              | AU        |     175000 | NS      | $12153704.46  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                            | DISH DBS Corp.                                            | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1350736.00   | 0.05%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Intuit, Inc.                                              | Intuit, Inc.                                              | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      27000 | NS      | $10508940.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd.                           | Canadian Natural Resources Ltd.                           | CUSIP: 136385AX9<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    5500000 | PA      | $5188201.48   | 0.20%             | 2027-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                  | Bausch Health Cos., Inc.                                  | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     930000 | PA      | $729905.50    | 0.03%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                | Constellation Brands, Inc., Class A                       | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      32300 | NS      | $7485525.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13000000 | PA      | $10393906.25  | 0.40%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                                            | BHP Group Ltd.                                            | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |     665000 | NS      | $20665215.12  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Italy                                         | Italy Buoni Poliennali del Tesoro                         | CUSIP: N/A<br>LEI: 815600DE60799F5A9309       | Long             | DBT              | NUSS              | IT        |    2786000 | PA      | $1659515.99   | 0.06%             | 2051-09-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Fortescue Metals Group Ltd.                               | Fortescue Metals Group Ltd.                               | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |     615000 | NS      | $8595318.63   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple, Inc.                                               | Apple, Inc.                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     250000 | NS      | $32482500.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co., Series Q                            | CUSIP: 48124BAC9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    4045000 | PA      | $3953987.50   | 0.15%             | 2023-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NextEra Energy, Inc.                                      | NextEra Energy, Inc.                                      | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     132000 | NS      | $11035200.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp.                                     | Westpac Banking Corp.                                     | CUSIP: 961214EM1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    1503000 | PA      | $1379054.14   | 0.05%             | 2030-02-04      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                             | Dornoch Debt Merger Sub, Inc.                             | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3250000 | PA      | $2284119.92   | 0.09%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                       | FMG Resources August 2006 Pty. Ltd.                       | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    5000000 | PA      | $4664862.60   | 0.18%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                          | ArcelorMittal SA                                          | CUSIP: 03938LBC7<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    6000000 | PA      | $5387388.36   | 0.21%             | 2029-07-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JD.com, Inc.                                              | JD.com, Inc., Class A                                     | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | KY        |     106853 | NS      | $2983015.10   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                   | Sasol Financing USA LLC                                   | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1418395.47   | 0.05%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CommScope Technologies LLC                                | CommScope Technologies LLC                                | CUSIP: 20337YAA5<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    2200000 | PA      | $2006532.00   | 0.08%             | 2025-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                    | AP Moller - Maersk A/S, Class B                           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |       3500 | NS      | $7834666.16   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                    | Mercedes-Benz Group AG                                    | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     115000 | NS      | $7520067.86   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Canada                                                    | Canada Government Bond                                    | CUSIP: 135087J39<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    5500000 | PA      | $3824937.22   | 0.15%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                         | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      77000 | NS      | $13602050.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                                          | Mastercard, Inc., Class A                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      28000 | NS      | $9736440.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/Community Health Systems, Inc.                        | CHS/Community Health Systems, Inc.                        | CUSIP: 12543DBC3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    1162000 | PA      | $1060325.00   | 0.04%             | 2026-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                              | Nutrien Ltd.                                              | CUSIP: 67077MAW8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    7800000 | PA      | $6700362.71   | 0.26%             | 2030-05-13      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Australia                                 | Australia Government Bond                                 | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |   12170000 | PA      | $6816082.97   | 0.26%             | 2031-06-21      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                              | Pfizer, Inc.                                              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     305000 | NS      | $15628200.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    4750000 | PA      | $4159755.55   | 0.16%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                        | Vertiv Group Corp.                                        | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1361888.00   | 0.05%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   25000000 | PA      | $21215820.25  | 0.81%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                          | CUSIP: 251526CD9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    5000000 | PA      | $4019265.50   | 0.15%             | 2031-09-18      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                              | Ecopetrol SA                                              | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    1650000 | PA      | $1263710.00   | 0.05%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                          | Deutsche Post AG                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |     125000 | NS      | $4678115.50   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays plc                                              | Barclays plc                                              | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    8000000 | PA      | $7750530.24   | 0.30%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                              | Barclays plc                                              | CUSIP: 06738EBH7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    7000000 | PA      | $6791792.00   | 0.26%             | 2025-05-07      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                               | United Parcel Service, Inc., Class B                      | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      64600 | NS      | $11230064.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice France Holding SA                                  | Altice France Holding SA                                  | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    1243000 | PA      | $736405.06    | 0.03%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                         | Italy Buoni Poliennali del Tesoro                         | CUSIP: N/A<br>LEI: 815600DE60799F5A9309       | Long             | DBT              | NUSS              | IT        |    1860000 | PA      | $1989946.47   | 0.08%             | 2044-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems, Inc.                        | CHS/Community Health Systems, Inc.                        | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     950000 | PA      | $490041.34    | 0.02%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                                    | Home Depot, Inc. (The)                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      39000 | NS      | $12318540.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Technologies LLC                                | CommScope Technologies LLC                                | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |     954000 | PA      | $649465.63    | 0.02%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illumina, Inc.                                            | Illumina, Inc.                                            | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      29000 | NS      | $5863800.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| European Investment Bank                                  | European Investment Bank                                  | CUSIP: 298785HD1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | US        |   14750000 | PA      | $13780611.27  | 0.53%             | 2026-04-13      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Newmont Corp.                                             | Newmont Corp.                                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     220000 | NS      | $10384000.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                    | Mauser Packaging Solutions Holding Co.                    | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     954000 | PA      | $884144.98    | 0.03%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                                       | Tokyo Electron Ltd.                                       | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |      39500 | NS      | $11602256.50  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Trane Technologies plc                                    | Trane Technologies plc                                    | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      50300 | NS      | $8454927.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdom of the Netherlands                                | Netherlands Government Bond                               | CUSIP: N/A<br>LEI: 254900G14ALGVKORFN62       | Long             | DBT              | NUSS              | NL        |    1410000 | PA      | $1044013.72   | 0.04%             | 2040-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                          | Altice France SA                                          | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    1675000 | PA      | $1258809.72   | 0.05%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                      | Mitsubishi UFJ Financial Group, Inc.                      | CUSIP: 606822AR5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    1690000 | PA      | $1559453.25   | 0.06%             | 2027-07-25      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                         | Italy Buoni Poliennali del Tesoro                         | CUSIP: N/A<br>LEI: 815600DE60799F5A9309       | Long             | DBT              | NUSS              | IT        |    1884000 | PA      | $1618398.82   | 0.06%             | 2046-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| People's Republic of China                                | China Government Bond                                     | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |  119310000 | PA      | $17255998.52  | 0.66%             | 2024-06-25      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                     | Mexico Government Bond                                    | CUSIP: 91086QBG2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   13950000 | PA      | $13640788.35  | 0.52%             | 2026-01-21      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                              | Hitachi Ltd.                                              | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |     139000 | NS      | $6991565.52   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Adobe, Inc.                                               | Adobe, Inc.                                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      25000 | NS      | $8413250.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co.                             | Canadian National Railway Co.                             | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      95000 | NS      | $11284933.53  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care US Finance III, Inc.               | Fresenius Medical Care US Finance III, Inc.               | CUSIP: 35805BAB4<br>LEI: 5299006ZHLMXOOUVTU44 | Long             | DBT              | CORP              | US        |    9000000 | PA      | $6619924.17   | 0.25%             | 2031-02-16      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Deere & Co.                                               | Deere & Co.                                               | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      36000 | NS      | $15435360.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                              | Iberdrola SA                                              | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    1083766 | NS      | $12650754.00  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Weatherford International Ltd.                            | Weatherford International Ltd.                            | CUSIP: 947075AT4<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    2800000 | PA      | $2748872.00   | 0.11%             | 2028-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                | US Bancorp                                                | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    1670000 | PA      | $1369400.00   | 0.05%             | 2027-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CCX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   32000000 | PA      | $29828750.08  | 1.14%             | 2024-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                        | Southern Co. (The)                                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     100000 | NS      | $7141000.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Finland                                       | Finland Government Bond                                   | CUSIP: N/A<br>LEI: 743700M6Y2OQRVSBRD14       | Long             | DBT              | NUSS              | FI        |    1567000 | PA      | $1239293.87   | 0.05%             | 2047-04-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                           | Citigroup, Inc.                                           | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     207100 | NS      | $9367133.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                            | Broadcom, Inc.                                            | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $6164174.66   | 0.24%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                              | Vistra Corp.                                              | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    1640000 | PA      | $1494660.26   | 0.06%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARD Finance SA                                            | ARD Finance SA                                            | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    1500000 | PA      | $1045668.69   | 0.04%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                      | Glencore Funding LLC                                      | CUSIP: 378272AY4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $5697846.49   | 0.22%             | 2030-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                             | Calpine Corp.                                             | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     306000 | PA      | $273620.06    | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.                  | International Flavors & Fragrances, Inc.                  | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $3978334.95   | 0.15%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                       | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    1600000 | PA      | $1362156.00   | 0.05%             | 2026-05-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| S&P Global, Inc.                                          | S&P Global, Inc.                                          | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      33700 | NS      | $11287478.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde plc                                                 | Linde plc                                                 | CUSIP: N/A<br>LEI: 8945002PAZHZLBGKGF02       | Long             | EC               | CORP              | IE        |      44000 | NS      | $14351920.00  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   32000000 | PA      | $31034741.76  | 1.19%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| People's Republic of China                                | China Government Bond                                     | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |   47110000 | PA      | $6793108.21   | 0.26%             | 2024-09-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                     | Tencent Holdings Ltd.                                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     443925 | NS      | $18822822.67  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                  | Bausch Health Cos., Inc.                                  | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     184000 | PA      | $110150.96    | 0.00%             | 2030-10-15      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                            | Broadcom, Inc.                                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      24600 | NS      | $13754598.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $104833.80    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                     | Bank of America Corp., Series U                           | CUSIP: 060505ED2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    3994000 | PA      | $3872688.36   | 0.15%             | 2023-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Japan                                                     | Japan Government Bond                                     | CUSIP: N/A<br>LEI: 353800WZS8AXZXFUC241       | Long             | DBT              | NUSS              | JP        | 8050000000 | PA      | $59269361.61  | 2.27%             | 2031-06-20      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                      | Meta Platforms, Inc., Class A                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      82000 | NS      | $9867880.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                             | Medtronic plc                                             | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     153900 | NS      | $11961108.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols Escrow Issuer SA                                  | Grifols Escrow Issuer SA                                  | CUSIP: 39843UAA0<br>LEI: 959800HLB3PGTGSLVV62 | Long             | DBT              | CORP              | ES        |    1600000 | PA      | $1383440.00   | 0.05%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                          | Jaguar Land Rover Automotive plc                          | CUSIP: 47010BAM6<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    1600000 | PA      | $1135209.76   | 0.04%             | 2029-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TTM Technologies, Inc.                                    | TTM Technologies, Inc.                                    | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    1640000 | PA      | $1408743.60   | 0.05%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland      | United Kingdom Gilt                                       | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |    5110000 | PA      | $3773080.52   | 0.14%             | 2047-07-22      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SK Hynix, Inc.                                            | SK Hynix, Inc.                                            | CUSIP: 78392BAB3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    8000000 | PA      | $6936533.12   | 0.27%             | 2026-01-19      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                              | ITOCHU Corp.                                              | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |     310000 | NS      | $9722220.22   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp.                                             | Comcast Corp., Class A                                    | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     217700 | NS      | $7612969.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                       | Hong Kong Exchanges & Clearing Ltd.                       | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |      82000 | NS      | $3523606.13   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co. Ltd.                                         | Nintendo Co. Ltd.                                         | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |     201000 | NS      | $8448465.86   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                     | Sumitomo Mitsui Financial Group, Inc.                     | CUSIP: 86562MBZ2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    5500000 | PA      | $4243682.36   | 0.16%             | 2030-09-23      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| GNMA                                                      | GNMA II, Single-family, 30 Year                           | CUSIP: 36179WJS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30663807 | PA      | $27471670.56  | 1.05%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                | US Bancorp                                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     419000 | NS      | $18272590.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinduoduo, Inc.                                           | Pinduoduo, Inc.                                           | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     190805 | NS      | $15560147.75  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                    | Mauser Packaging Solutions Holding Co.                    | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     313000 | PA      | $304989.44    | 0.01%             | 2024-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                         | HSBC Holdings plc                                         | CUSIP: 404280AU3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    6128000 | PA      | $5900817.39   | 0.23%             | 2025-08-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                       | Cisco Systems, Inc.                                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     112500 | NS      | $5359500.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| French Republic                                           | France Government Bond                                    | CUSIP: N/A<br>LEI: 969500KCGF3SUYJHPV70       | Long             | DBT              | NUSS              | FR        |    4120000 | PA      | $4314980.44   | 0.17%             | 2030-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                     | Nomura Holdings, Inc.                                     | CUSIP: 65535HAQ2<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    6225000 | PA      | $5205179.91   | 0.20%             | 2030-01-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Canada                                                    | Canada Housing Trust No. 1                                | CUSIP: 13509PGS6<br>LEI: 549300M44WH89JG50067 | Long             | DBT              | NUSS              | CA        |   18100000 | PA      | $12626287.30  | 0.48%             | 2028-12-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                             | PepsiCo, Inc.                                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      75500 | NS      | $13639830.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Capital, Inc.                                     | Ashtead Capital, Inc.                                     | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    6000000 | PA      | $5756369.94   | 0.22%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-595992.38   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp.                      | Cognizant Technology Solutions Corp., Class A             | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     145900 | NS      | $8344021.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     275300 | NS      | $36917730.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                      | Royal Bank of Canada                                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     118000 | NS      | $11094091.58  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan                                                     | Japan Government Bond                                     | CUSIP: N/A<br>LEI: 353800WZS8AXZXFUC241       | Long             | DBT              | NUSS              | JP        | 1435000000 | PA      | $8905528.57   | 0.34%             | 2046-09-20      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley                                            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     244600 | NS      | $20795892.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| French Republic                                           | France Government Bond                                    | CUSIP: N/A<br>LEI: 969500KCGF3SUYJHPV70       | Long             | DBT              | NUSS              | FR        |    4350000 | PA      | $3718356.73   | 0.14%             | 2030-11-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                          | Novo Nordisk A/S, Class B                                 | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |      95000 | NS      | $12901735.53  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdom of the Netherlands                                | Netherlands Government Bond                               | CUSIP: N/A<br>LEI: 254900G14ALGVKORFN62       | Long             | DBT              | NUSS              | NL        |     865000 | PA      | $1052494.96   | 0.04%             | 2042-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                    | iShares Core MSCI Emerging Markets ETF                    | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |    1600000 | NS      | $74720000.00  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                                         | Lowe's Cos., Inc.                                         | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      63900 | NS      | $12731436.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                                      | Analog Devices, Inc.                                      | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     100000 | NS      | $16403000.00  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials, Inc.                                   | Applied Materials, Inc.                                   | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      93000 | NS      | $9056340.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                                | Allianz SE                                                | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      25000 | NS      | $5338695.83   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                            | Takeda Pharmaceutical Co. Ltd.                            | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    6500000 | PA      | $6458143.06   | 0.25%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                        | Vodafone Group plc                                        | CUSIP: 92857WAQ3<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    6500000 | PA      | $6611134.92   | 0.25%             | 2037-02-27      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Republic of Finland                                       | Finland Government Bond                                   | CUSIP: N/A<br>LEI: 743700M6Y2OQRVSBRD14       | Long             | DBT              | NUSS              | FI        |    1892000 | PA      | $1696110.36   | 0.07%             | 2031-04-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| KDDI Corp.                                                | KDDI Corp.                                                | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |     418300 | NS      | $12681392.20  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                                             | Chevron Corp.                                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     192000 | NS      | $34462080.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Canada                                                    | Canada Government Bond                                    | CUSIP: 135087M84<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |   13750000 | PA      | $9284601.18   | 0.36%             | 2027-03-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                              | Target Corp.                                              | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      63000 | NS      | $9389520.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                              | Stanley Black & Decker, Inc.                              | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      68300 | NS      | $5130696.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Energy Finance SA                            | Consolidated Energy Finance SA                            | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    3200000 | PA      | $2996393.54   | 0.11%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.                      | Anheuser-Busch InBev Worldwide, Inc.                      | CUSIP: 035240AL4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $3814505.32   | 0.15%             | 2028-04-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kingdom of Belgium                                        | Belgium Government Bond                                   | CUSIP: N/A<br>LEI: 549300SZ25JZFHRHWD76       | Long             | DBT              | NUSS              | BE        |    3150000 | PA      | $3605362.15   | 0.14%             | 2032-03-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CEG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   32000000 | PA      | $31052499.84  | 1.19%             | 2024-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                        | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    1161389 | NS      | $6995031.02   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Life Financial, Inc.                                  | Sun Life Financial, Inc.                                  | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |     253000 | NS      | $11743759.23  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer US Finance II LLC                                   | Bayer US Finance II LLC                                   | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    7000000 | PA      | $6790208.88   | 0.26%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BASF SE                                                   | BASF SE                                                   | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |     177000 | NS      | $8714831.61   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                | Australia & New Zealand Banking Group Ltd.                | CUSIP: 052528AM8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    6687000 | PA      | $4920396.51   | 0.19%             | 2035-11-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                        | Toyota Motor Corp.                                        | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    1137000 | NS      | $15506257.42  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                                       | Coca-Cola Co. (The)                                       | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     101400 | NS      | $6450054.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1740179.75  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                       | Macquarie Bank Ltd.                                       | CUSIP: N/A<br>LEI: 4ZHCHI4KYZG2WVRT8631       | Long             | DBT              | CORP              | AU        |    1250000 | PA      | $1349538.86   | 0.05%             | 2025-12-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Kingdom of Spain                                          | Spain Bonos Y Obligaciones del Estado                     | CUSIP: N/A<br>LEI: 9598007A56S18711AH60       | Long             | DBT              | NUSS              | ES        |    2563000 | PA      | $2655099.23   | 0.10%             | 2026-04-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| TJX Cos., Inc. (The)                                      | TJX Cos., Inc. (The)                                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     142924 | NS      | $11376750.40  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                                          | ServiceNow, Inc.                                          | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      15000 | NS      | $5824050.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                                | Procter & Gamble Co. (The)                                | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     138000 | NS      | $20915280.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Iliad Holding SASU                                        | Iliad Holding SASU                                        | CUSIP: 449691AA2<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    3000000 | PA      | $2787551.52   | 0.11%             | 2026-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                             | MetLife, Inc.                                             | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     184011 | NS      | $13316876.07  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                                | Siemens AG                                                | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      95697 | NS      | $13191341.46  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                              | Verizon Communications, Inc.                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     311500 | NS      | $12273100.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                     | Tencent Holdings Ltd.                                     | CUSIP: 88032WAU0<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |    6290000 | PA      | $5128469.98   | 0.20%             | 2030-06-03      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| People's Republic of China                                | China Government Bond                                     | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |  121580000 | PA      | $17467874.41  | 0.67%             | 2027-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                           | AstraZeneca plc                                           | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     172000 | NS      | $23273970.48  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimberly-Clark de Mexico SAB de CV                        | Kimberly-Clark de Mexico SAB de CV                        | CUSIP: 494386AD7<br>LEI: 549300JGHL56QT00KT54 | Long             | DBT              | CORP              | MX        |    6180000 | PA      | $4951323.30   | 0.19%             | 2031-07-01      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-282897.44   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                           | Microsoft Corp.                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     146400 | NS      | $35109648.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Software, Inc.                                     | Rocket Software, Inc.                                     | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    1640000 | PA      | $1294986.97   | 0.05%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                     | Bank of America Corp.                                     | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     530600 | NS      | $17573472.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                                            | Prologis, Inc.                                            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     110000 | NS      | $12400300.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                             | Rio Tinto plc                                             | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     322000 | NS      | $22662723.42  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE, Inc.                                                | NIKE, Inc., Class B                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      95000 | NS      | $11115950.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-18088256.40 | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| TE Connectivity Ltd.                                      | TE Connectivity Ltd.                                      | CUSIP: N/A<br>LEI: 894500ZRIX9K13RHXR17       | Long             | EC               | CORP              | CH        |      93000 | NS      | $10676400.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                                                  | Volvo AB, Class B                                         | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     490000 | NS      | $8850611.53   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd.                                            | AIA Group Ltd.                                            | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |     897000 | NS      | $9906049.17   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International, Inc.                             | Honeywell International, Inc.                             | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      70000 | NS      | $15001000.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                          | TotalEnergies SE                                          | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     301019 | NS      | $18895043.66  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| French Republic                                           | France Government Bond                                    | CUSIP: N/A<br>LEI: 969500KCGF3SUYJHPV70       | Long             | DBT              | NUSS              | FR        |    4410000 | PA      | $4251018.43   | 0.16%             | 2031-05-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                                 | Nestle SA                                                 | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     137641 | NS      | $15897974.34  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                               | Raytheon Technologies Corp.                               | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     180000 | NS      | $18165600.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                                     | Elevance Health, Inc.                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      23400 | NS      | $12003498.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                              | Mondelez International, Inc., Class A                     | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     148500 | NS      | $9897525.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                              | AbbVie, Inc.                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     139000 | NS      | $22463790.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Republic of Germany                               | Bundesrepublik Deutschland                                | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |   10500000 | PA      | $9357656.44   | 0.36%             | 2030-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                         | Wells Fargo & Co., Series S                               | CUSIP: 949746RG8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    1504000 | PA      | $1350757.44   | 0.05%             | 2024-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                               | Toronto-Dominion Bank (The)                               | CUSIP: 89117FWS4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    4900000 | PA      | $3428878.14   | 0.13%             | 2030-04-22      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                       | Union Pacific Corp.                                       | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      70000 | NS      | $14494900.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree, Inc.                                         | Dollar Tree, Inc.                                         | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      60000 | NS      | $8486400.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                          | Deutsche Bank AG                                          | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    3000000 | PA      | $2649635.82   | 0.10%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Japan                                                     | Japan Treasury Bonds                                      | CUSIP: N/A<br>LEI: 353800WZS8AXZXFUC241       | Long             | DBT              | NUSS              | JP        | 1160000000 | PA      | $8651847.61   | 0.33%             | 2032-06-20      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                | Alibaba Group Holding Ltd.                                | CUSIP: 01609WAT9<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    6300000 | PA      | $5805902.84   | 0.22%             | 2027-12-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| APX Group, Inc.                                           | APX Group, Inc.                                           | CUSIP: 00213MAW4<br>LEI: 549300OMQVKPRU98OE64 | Long             | DBT              | CORP              | US        |    3200000 | PA      | $2654357.82   | 0.10%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                              | DaVita, Inc.                                              | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1290466.70   | 0.05%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Braskem Idesa SAPI                                        | Braskem Idesa SAPI                                        | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    7600000 | PA      | $5439422.14   | 0.21%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co.                                        | Tractor Supply Co.                                        | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      37667 | NS      | $8473944.99   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                       | Societe Generale SA                                       | CUSIP: 83368RAV4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    6354000 | PA      | $5978510.12   | 0.23%             | 2025-01-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CNH Industrial NV                                         | CNH Industrial NV                                         | CUSIP: 12594KAB8<br>LEI: 549300WGC2HZ5J67V817 | Long             | DBT              | CORP              | NL        |    5000000 | PA      | $4691755.00   | 0.18%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                              | Fujitsu Ltd.                                              | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |      92000 | NS      | $12261019.31  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                         | Duke Energy Corp.                                         | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      65000 | NS      | $6694350.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1574797.21  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                  | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      40000 | NS      | $21207200.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| People's Republic of China                                | China Government Bond                                     | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |  159360000 | PA      | $22610513.60  | 0.87%             | 2032-09-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                            | Synopsys, Inc.                                            | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      36100 | NS      | $11526369.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Trivium Packaging Finance BV                              | Trivium Packaging Finance BV                              | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |     521000 | PA      | $511637.01    | 0.02%             | 2026-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Kingdom of Spain                                          | Spain Bonos Y Obligaciones del Estado                     | CUSIP: N/A<br>LEI: 9598007A56S18711AH60       | Long             | DBT              | NUSS              | ES        |    3760000 | PA      | $4653004.40   | 0.18%             | 2029-01-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive, Inc.                                 | O'Reilly Automotive, Inc.                                 | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      14000 | NS      | $11816420.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                                | Visa, Inc., Class A                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      54000 | NS      | $11219040.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CBC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13000000 | PA      | $11619765.56  | 0.45%             | 2025-12-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                          | McDonald's Corp.                                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      53000 | NS      | $13967090.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3139360.25  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio    | Institutional Fiduciary Trust - Money Market Portfolio    | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |   33674012 | NS      | $33674011.68  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-11087533.65 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                            | Braskem Netherlands Finance BV                            | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    1258000 | PA      | $1072713.71   | 0.04%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| People's Republic of China                                | China Government Bond                                     | CUSIP: N/A<br>LEI: 300300CHN201808MOF68       | Long             | DBT              | NUSS              | CN        |   47210000 | PA      | $6771658.52   | 0.26%             | 2027-10-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                         | BAT Capital Corp.                                         | CUSIP: 05526DBS3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    4350000 | PA      | $3403983.27   | 0.13%             | 2031-03-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                                           | AstraZeneca plc                                           | CUSIP: 046353AT5<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |    4000000 | PA      | $3847262.44   | 0.15%             | 2029-01-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                     | Dominion Energy, Inc.                                     | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     150000 | NS      | $9198000.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                                     | Electronic Arts, Inc.                                     | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      87000 | NS      | $10629660.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                                        | Lam Research Corp.                                        | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       9400 | NS      | $3950820.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                      | American Tower Corp.                                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      61500 | NS      | $13029390.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit SpA                                             | UniCredit SpA                                             | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    8500000 | PA      | $6407581.78   | 0.25%             | 2032-06-03      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd.                                   | Agnico Eagle Mines Ltd.                                   | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     210000 | NS      | $10912555.39  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Templeton Global Bond Fund                                | Templeton Global Bond Fund, Class R6                      | CUSIP: 880208772<br>LEI: WTB4XG9NN0R7MO45VB97 | Long             |  | RF                | US        |   14401612 | NS      | $113052655.67 | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                  | U.S. Treasury Bills                                       | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   67750000 | PA      | $67342748.65  | 2.58%             | 2023-02-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland      | United Kingdom Gilt                                       | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |    8700000 | PA      | $7916784.87   | 0.30%             | 2037-09-07      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Siemens Financieringsmaatschappij NV                      | Siemens Financieringsmaatschappij NV                      | CUSIP: 82620KAL7<br>LEI: TAFO772JB70PDRN5VS48 | Long             | DBT              | CORP              | NL        |    5800000 | PA      | $5284946.25   | 0.20%             | 2026-10-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                   | Texas Instruments, Inc.                                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     158100 | NS      | $26121282.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    4500000 | PA      | $4114406.25   | 0.16%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Salesforce, Inc.                                          | Salesforce, Inc.                                          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      47000 | NS      | $6231730.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   63000000 | PA      | $64100417.55  | 2.46%             | 2031-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                                 | Mitsubishi Electric Corp.                                 | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |     560000 | NS      | $5547104.57   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Workday, Inc.                                             | Workday, Inc., Class A                                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      51000 | NS      | $8533830.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local Currency Bond ETF            | VanEck J.P. Morgan EM Local Currency Bond ETF             | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             |  | RF                | US        |     985000 | NS      | $23866550.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co. Ltd.                              | Samsung Electronics Co. Ltd.                              | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     200000 | NS      | $8815563.20   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen International Finance NV                       | Volkswagen International Finance NV                       | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |    3200000 | PA      | $3178248.70   | 0.12%             | 2025-06-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                              | Pacific Gas and Electric Co.                              | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1368874.16   | 0.05%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp.                                     | Las Vegas Sands Corp.                                     | CUSIP: 517834AG2<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1513262.32   | 0.06%             | 2024-08-08      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 91282CED9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   32000000 | PA      | $30242499.84  | 1.16%             | 2025-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Franklin Fund Allocator Series

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer