# EDGAR Filing Document

**Accession Number:** 0001700933
**File Stem:** 0001410368-25-012248
**Filing Date:** 2025-9
**Character Count:** 293955
**Document Hash:** 8b2d8a24e951ed3da401d0743d541977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012248.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-012248

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Beacon Institutional Funds Trust
- **CENTRAL INDEX KEY:** 0001700933

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23239
- **FILM NUMBER:** 251349919

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**United States** 

**Securities and Exchange Commission** 

**Washington, DC 20549** 

**FORM N-Q** 

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANY** 

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

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

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

**Irving, Texas 75039** 

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

**Gregory J. Stumm, PRESIDENT** 

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

**Irving, Texas 75039** 

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

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

**Date of fiscal year end: October 31, 2025** 

**Date of reporting period: July 31, 2025** 

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

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

------

ITEM 1. SCHEDULE OF INVESTMENTS.

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS - 43.80%** |  |  |
|  **Communication Services - 2.78%** |  |  |
|  **Diversified Telecommunication Services - 0.31%** |  |  |
|  Verizon Communications, Inc. | 41600 | $**1778816** |
|  **Entertainment - 0.72%** |  |  |
|  Electronic Arts, Inc. | 7291 | 1111805 |
|  Spotify Technology SA<sup>A</sup>  | 3510 | 2199155 |
|  Warner Bros Discovery, Inc.<sup>A</sup>  | 55400 | 729618 |
|  |  | **4040578** |
|  **Interactive Media & Services - 0.90%** |  |  |
|  Alphabet, Inc., Class A | 15030 | 2884257 |
|  Alphabet, Inc., Class C | 11274 | 2174304 |
|  |  | **5058561** |
|  **Media - 0.85%** |  |  |
|  Comcast Corp., Class A | 92189 | 3063440 |
|  Omnicom Group, Inc. | 17200 | 1239260 |
|  Paramount Global, Class B | 37800 | 475146 |
|  |  | **4777846** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **15655801** |
|  **Consumer Discretionary - 2.75%** |  |  |
|  **Automobile Components - 0.09%** |  |  |
|  BorgWarner, Inc. | 14000 | **515200** |
|  **Automobiles - 0.35%** |  |  |
|  General Motors Co. | 36900 | **1968246** |
|  **Hotels, Restaurants & Leisure - 1.30%** |  |  |
|  Carnival Corp.<sup>A</sup>  | 144400 | 4298788 |
|  Las Vegas Sands Corp. | 29508 | 1546219 |
|  Wynn Resorts Ltd. | 13779 | 1502324 |
|  |  | **7347331** |
|  **Household Durables - 0.65%** |  |  |
|  Lennar Corp., Class A | 32066 | 3597164 |
|  Lennar Corp., Class B | 666 | 71382 |
|  |  | **3668546** |
|  **Specialty Retail - 0.36%** |  |  |
|  Lithia Motors, Inc. | 1400 | 403200 |
|  Lowe's Cos., Inc. | 7200 | 1609704 |
|  |  | **2012904** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **15512227** |
|  **Consumer Staples - 2.44%** |  |  |
|  **Beverages - 1.10%** |  |  |
|  Coca-Cola Co. | 26500 | 1799085 |
|  Constellation Brands, Inc., Class A | 10800 | 1804032 |
|  Keurig Dr. Pepper, Inc. | 79690 | 2601879 |
|  |  | **6204996** |
|  **Food Products - 0.31%** |  |  |
|  Conagra Brands, Inc. | 18500 | 337810 |
|  Kraft Heinz Co. | 51400 | 1411444 |
|  |  | **1749254** |
|  **Household Products - 0.27%** |  |  |
|  Procter & Gamble Co. | 9900 | **1489653** |
|  **Tobacco - 0.76%** |  |  |
|  Philip Morris International, Inc. | 26162 | **4291876** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **13735779** |
|  **Energy - 3.46%** |  |  |
|  **Energy Equipment & Services - 0.89%** |  |  |
|  Baker Hughes Co. | 26700 | 1202835 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS - 43.80% (continued)** |  |  |
|  **Energy - 3.46% (continued)** |  |  |
|  **Energy Equipment & Services - 0.89% (continued)** |  |  |
|  Halliburton Co. | 65448 | $1466035 |
|  NOV, Inc. | 99500 | 1251710 |
|  Schlumberger NV | 32400 | 1095120 |
|  |  | **5015700** |
|  **Oil, Gas & Consumable Fuels - 2.57%** |  |  |
|  APA Corp.<sup>B</sup>  | 109800 | 2118042 |
|  Chevron Corp. | 7119 | 1079525 |
|  ConocoPhillips | 6653 | 634297 |
|  Coterra Energy, Inc. | 62900 | 1534131 |
|  Exxon Mobil Corp. | 23519 | 2625661 |
|  Murphy Oil Corp. | 8600 | 213366 |
|  Ovintiv, Inc. | 26700 | 1099506 |
|  Permian Resources Corp. | 73581 | 1041907 |
|  Phillips 66 | 14941 | 1846409 |
|  Shell PLC, ADR | 20500 | 1480305 |
|  Shell PLC | 22598 | 809072 |
|  |  | **14482221** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **19497921** |
|  **Financials - 9.07%** |  |  |
|  **Banks - 4.03%** |  |  |
|  Bank of America Corp. | 87141 | 4119155 |
|  Citigroup, Inc. | 31900 | 2989030 |
|  Citizens Financial Group, Inc. | 25100 | 1197772 |
|  Commerce Bancshares, Inc. | 11228 | 687154 |
|  Cullen/Frost Bankers, Inc. | 10600 | 1350546 |
|  First Citizens BancShares, Inc., Class A | 447 | 891658 |
|  PNC Financial Services Group, Inc. | 9100 | 1731457 |
|  Truist Financial Corp. | 14640 | 639914 |
|  U.S. Bancorp | 77450 | 3482152 |
|  Wells Fargo & Co. | 51531 | 4154944 |
|  Western Alliance Bancorp | 19301 | 1496986 |
|  |  | **22740768** |
|  **Capital Markets - 1.10%** |  |  |
|  Ameriprise Financial, Inc. | 4841 | 2508558 |
|  Blackstone, Inc. | 11700 | 2023632 |
|  State Street Corp. | 14800 | 1653900 |
|  |  | **6186090** |
|  **Consumer Finance - 1.16%** |  |  |
|  American Express Co. | 5445 | 1629743 |
|  Capital One Financial Corp. | 18719 | 4024585 |
|  SLM Corp. | 27280 | 867504 |
|  |  | **6521832** |
|  **Financial Services - 0.87%** |  |  |
|  Corebridge Financial, Inc. | 24200 | 860552 |
|  Fidelity National Information Services, Inc. | 42863 | 3403751 |
|  Fiserv, Inc.<sup>A</sup>  | 4600 | 639124 |
|  |  | **4903427** |
|  **Insurance - 1.91%** |  |  |
|  American International Group, Inc. | 69346 | 5383330 |
|  Aon PLC, Class A | 3843 | 1366993 |
|  Arch Capital Group Ltd. | 14220 | 1223773 |
|  Everest Group Ltd. | 2312 | 776370 |
|  Hartford Insurance Group, Inc. | 6400 | 796096 |
|  Willis Towers Watson PLC | 3914 | 1236080 |
|  |  | **10782642** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **51134759** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS - 43.80% (continued)** |  |  |
|  **Health Care - 4.98%** |  |  |
|  **Biotechnology - 0.35%** |  |  |
|  Amgen, Inc. | 6700 | $**1977170** |
|  **Health Care Equipment & Supplies - 1.60%** |  |  |
|  Alcon AG<sup>B</sup>  | 18700 | 1637185 |
|  GE HealthCare Technologies, Inc. | 23083 | 1646280 |
|  Medtronic PLC | 50576 | 4563978 |
|  Solventum Corp.<sup>A</sup>  | 5300 | 378208 |
|  STERIS PLC | 1280 | 289907 |
|  Zimmer Biomet Holdings, Inc. | 5150 | 471998 |
|  |  | **8987556** |
|  **Health Care Providers & Services - 1.50%** |  |  |
|  Centene Corp.<sup>A</sup>  | 11700 | 305019 |
|  Cigna Group | 1440 | 385027 |
|  CVS Health Corp. | 10600 | 658260 |
|  Elevance Health, Inc. | 9435 | 2670860 |
|  HCA Healthcare, Inc. | 2410 | 853116 |
|  Humana, Inc. | 4300 | 1074441 |
|  Labcorp Holdings, Inc. | 1800 | 468144 |
|  UnitedHealth Group, Inc. | 8226 | 2052880 |
|  |  | **8467747** |
|  **Life Sciences Tools & Services - 0.57%** |  |  |
|  Avantor, Inc.<sup>A</sup>  | 91670 | 1232045 |
|  Danaher Corp. | 7600 | 1498416 |
|  ICON PLC<sup>A</sup>  | 2949 | 498941 |
|  |  | **3229402** |
|  **Pharmaceuticals - 0.96%** |  |  |
|  GSK PLC, ADR<sup>B</sup>  | 10500 | 390075 |
|  Merck & Co., Inc. | 36635 | 2861926 |
|  Roche Holding AG | 1404 | 444406 |
|  Sanofi SA, ADR | 37856 | 1727748 |
|  |  | **5424155** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **28086030** |
|  **Industrials - 5.28%** |  |  |
|  **Aerospace & Defense - 0.70%** |  |  |
|  Boeing Co.<sup>A</sup>  | 4040 | 896234 |
|  General Dynamics Corp. | 8400 | 2617524 |
|  RTX Corp. | 2800 | 441196 |
|  |  | **3954954** |
|  **Air Freight & Logistics - 0.28%** |  |  |
|  FedEx Corp. | 7110 | **1589014** |
|  **Building Products - 0.42%** |  |  |
|  Johnson Controls International PLC | 22651 | **2378355** |
|  **Commercial Services & Supplies - 0.15%** |  |  |
|  Waste Connections, Inc. | 4460 | **832548** |
|  **Construction & Engineering - 0.23%** |  |  |
|  AECOM | 7025 | 791998 |
|  Fluor Corp.<sup>A</sup>  | 8800 | 499576 |
|  |  | **1291574** |
|  **Electrical Equipment - 0.38%** |  |  |
|  Vertiv Holdings Co., Class A | 14716 | **2142650** |
|  **Ground Transportation - 0.66%** |  |  |
|  JB Hunt Transport Services, Inc. | 6868 | 989335 |
|  Norfolk Southern Corp. | 2800 | 778400 |
|  Uber Technologies, Inc.<sup>A</sup>  | 22434 | 1968584 |
|  |  | **3736319** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS - 43.80% (continued)** |  |  |
|  **Industrials - 5.28% (continued)** | **Industrials - 5.28% (continued)** |  |
|  **Machinery - 2.18%** | **Machinery - 2.18%** |  |
|  CNH Industrial NV | 67200 | $870912 |
|  Cummins, Inc. | 4600 | 1691052 |
|  Deere & Co. | 900 | 471933 |
|  Fortive Corp. | 32801 | 1572152 |
|  Oshkosh Corp. | 11500 | 1455095 |
|  PACCAR, Inc. | 11350 | 1120926 |
|  Parker-Hannifin Corp. | 5800 | 4245020 |
|  Stanley Black & Decker, Inc. | 6700 | 453255 |
|  Timken Co. | 5400 | 410886 |
|  |  | **12291231** |
|  **Professional Services - 0.28%** | **Professional Services - 0.28%** |  |
|  Experian PLC | 29271 | **1547816** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **29764461** |
|  **Information Technology - 5.82%** | **Information Technology - 5.82%** |  |
|  **Communications Equipment - 0.75%** | **Communications Equipment - 0.75%** |  |
|  F5, Inc.<sup>A</sup>  | 13600 | **4262512** |
|  **Electronic Equipment, Instruments & Components - 0.37%** | **Electronic Equipment, Instruments & Components - 0.37%** |  |
|  Ralliant Corp.<sup>A</sup>  | 3673 | 167930 |
|  Teledyne Technologies, Inc.<sup>A</sup>  | 3500 | 1928570 |
|  |  | **2096500** |
|  **IT Services - 0.21%** | **IT Services - 0.21%** |  |
|  Cognizant Technology Solutions Corp., Class A | 16295 | **1169329** |
|  **Semiconductors & Semiconductor Equipment - 1.60%** | **Semiconductors & Semiconductor Equipment - 1.60%** |  |
|  Entegris, Inc. | 24152 | 1894966 |
|  Microchip Technology, Inc. | 47758 | 3227963 |
|  QUALCOMM, Inc. | 26459 | 3883123 |
|  |  | **9006052** |
|  **Software - 2.89%** | **Software - 2.89%** |  |
|  Adobe, Inc.<sup>A</sup>  | 4700 | 1681143 |
|  Atlassian Corp., Class A<sup>A</sup>  | 3760 | 721093 |
|  Microsoft Corp. | 8050 | 4294675 |
|  Monday.com Ltd.<sup>A</sup>  | 4100 | 1075389 |
|  Oracle Corp. | 8246 | 2092587 |
|  Synopsys, Inc.<sup>A</sup>  | 4100 | 2597227 |
|  Workday, Inc., Class A<sup>A</sup>  | 16700 | 3830646 |
|  |  | **16292760** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **32827153** |
|  **Materials - 3.44%** | **Materials - 3.44%** |  |
|  **Chemicals - 2.67%** | **Chemicals - 2.67%** |  |
|  Air Products & Chemicals, Inc. | 13739 | 3955183 |
|  Axalta Coating Systems Ltd.<sup>A</sup>  | 52863 | 1497080 |
|  Corteva, Inc. | 41900 | 3022247 |
|  Ecolab, Inc. | 8100 | 2120256 |
|  Linde PLC | 2180 | 1003367 |
|  Olin Corp. | 26000 | 492440 |
|  PPG Industries, Inc. | 11000 | 1160500 |
|  RPM International, Inc. | 15500 | 1819855 |
|  |  | **15070928** |
|  **Construction Materials - 0.67%** | **Construction Materials - 0.67%** |  |
|  CRH PLC | 14424 | 1376771 |
|  Martin Marietta Materials, Inc. | 4200 | 2414496 |
|  |  | **3791267** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **COMMON STOCKS - 43.80% (continued)** |  |  |
|  **Materials - 3.44% (continued)** |  |  |
|  **Containers & Packaging - 0.10%** |  |  |
|  Amcor PLC | 56575 | $536279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **19398474** |
|  **Real Estate - 0.90%** |  |  |
|  **Industrial REITs - 0.15%** |  |  |
|  Prologis, Inc. | 7646 | **816440** |
|  **Residential REITs - 0.20%** |  |  |
|  Equity LifeStyle Properties, Inc. | 19200 | **1150464** |
|  **Specialized REITs - 0.55%** |  |  |
|  Public Storage | 4611 | 1253915 |
|  VICI Properties, Inc. | 57096 | 1861330 |
|  |  | **3115245** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **5082149** |
|  **Utilities - 2.88%** |  |  |
|  **Electric Utilities - 1.80%** |  |  |
|  Entergy Corp. | 36362 | 3288216 |
|  Pinnacle West Capital Corp. | 20302 | 1839767 |
|  PPL Corp. | 30000 | 1070700 |
|  Xcel Energy, Inc. | 53953 | 3962308 |
|  |  | **10160991** |
|  **Gas Utilities - 0.41%** |  |  |
|  Atmos Energy Corp. | 14700 | **2292024** |
|  **Multi-Utilities - 0.35%** |  |  |
|  Dominion Energy, Inc. | 34100 | **1993145** |
|  **Water Utilities - 0.32%** |  |  |
|  American Water Works Co., Inc. | 13000 | **1823120** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **16269280** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $185,696,494)** |  | **246964034** |
|  | **Principal Amount** |  |
|  **CORPORATE OBLIGATIONS - 4.25%** |  |  |
|  **Communications - 0.58%** |  |  |
|  **Media - 0.58%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 3/15/2028 | $130000 | 128514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, Due 6/1/2029 | 330000 | 343843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484%, Due 10/23/2045 | 140000 | 136563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 4/1/2048 | 465000 | 411750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 4/1/2061 | 395000 | 243141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, Due 6/30/2062 | 395000 | 246167 |
|  Cox Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, Due 12/15/2053<sup>C</sup>  | 510000 | 453346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, Due 9/1/2054<sup>C</sup>  | 1420000 | 1297010 |
|  |  | **3260334** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **3260334** |
|  **Consumer, Cyclical - 0.01%** |  |  |
|  **Airlines - 0.01%** |  |  |
|  American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019-1, AA | 91089 | **83571** |
|  **Consumer, Non-Cyclical - 0.05%** |  |  |
|  **Auto Manufacturers - 0.03%** |  |  |
|  Ford Motor Credit Co. LLC, 5.303%, Due 9/6/2029 | 200000 | **196325** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **CORPORATE OBLIGATIONS - 4.25% (continued)** |  |  |
|  **Consumer, Non-Cyclical - 0.05% (continued)** |  |  |
|  **Commercial Services - 0.02%** |  |  |
|  Moody's Corp., 2.550%, Due 8/18/2060 | $180000 | $90724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **287049** |
|  **Energy - 0.26%** |  |  |
|  **Oil & Gas - 0.19%** |  |  |
|  BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)<sup>D E</sup>  | 575000 | 595425 |
|  Devon Energy Corp., 7.875%, Due 9/30/2031 | 50000 | 57255 |
|  Occidental Petroleum Corp.,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, Due 8/1/2029 | 180000 | 180554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 9/1/2030 | 260000 | 274531 |
|  |  | **1107765** |
|  **Pipelines - 0.07%** |  |  |
|  Kinder Morgan Energy Partners LP, 5.400%, Due 9/1/2044 | 85000 | 78806 |
|  ONEOK Partners LP, 6.850%, Due 10/15/2037 | 125000 | 136905 |
|  Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032<sup>C</sup>  | 205000 | 174152 |
|  |  | **389863** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **1497628** |
|  **Financial - 1.41%** |  |  |
|  **Banks - 0.86%** |  |  |
|  Bank of America Corp., 2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)<sup>D</sup>  | 1425000 | 1212760 |
|  Citizens Financial Group, Inc., 5.841%, Due 1/23/2030, (1 day USD SOFR + 2.010%)<sup>D</sup>  | 240000 | 247766 |
|  JPMorgan Chase & Co., 6.500%, Due 4/1/2030, OO, (5 yr. CMT + 2.152%)<sup>D E</sup>  | 535000 | 548612 |
|  Morgan Stanley, 2.484%, Due 9/16/2036, (1 day USD SOFR + 1.360%)<sup>D</sup>  | 1410000 | 1200271 |
|  Truist Financial Corp., 4.950%, Due 9/1/2025, P, (5 yr. CMT + 4.605%)<sup>D E</sup>  | 795000 | 793492 |
|  U.S. Bancorp, 5.300%, Due 4/15/2027, J, (3 mo. USD Term SOFR + 3.176%)<sup>D E</sup>  | 380000 | 378460 |
|  Wells Fargo & Co., 3.900%, Due 3/15/2026, BB, (5 yr. CMT + 3.453%)<sup>D E</sup>  | 450000 | 445825 |
|  |  | **4827186** |
|  **Diversified Financial Services - 0.20%** |  |  |
|  American Express Co., 3.550%, Due 9/15/2026, D, (5 yr. CMT + 2.854%)<sup>D E</sup>  | 140000 | 136824 |
|  Charles Schwab Corp., 4.000%, Due 6/1/2026, I, (5 yr. CMT + 3.168%)<sup>D E</sup>  | 1010000 | 995530 |
|  |  | **1132354** |
|  **Insurance - 0.11%** |  |  |
|  Fidelity National Financial, Inc., 3.200%, Due 9/17/2051 | 145000 | 89042 |
|  Markel Group, Inc., 5.000%, Due 5/20/2049 | 380000 | 329836 |
|  MetLife, Inc., 3.850%, Due 9/15/2025, G, (5 yr. CMT + 3.576%)<sup>D E</sup>  | 185000 | 184357 |
|  |  | **603235** |
|  **Investment Companies - 0.24%** |  |  |
|  ARES Capital Corp.,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 1/15/2027 | 100000 | 102930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 6/15/2028 | 270000 | 255095 |
|  Blue Owl Capital Corp., 2.875%, Due 6/11/2028 | 310000 | 289207 |
|  Golub Capital BDC, Inc., 2.500%, Due 8/24/2026 | 745000 | 725525 |
|  |  | **1372757** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **7935532** |
|  **Industrial - 0.07%** |  |  |
|  **Aerospace/Defense - 0.07%** |  |  |
|  Boeing Co.,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, Due 3/1/2029 | 285000 | 271457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, Due 5/1/2030 | 126000 | 127997 |
|  |  | **399454** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **399454** |
|  **Technology - 0.22%** |  |  |
|  **Computers - 0.01%** |  |  |
|  Dell International LLC/EMC Corp., 3.450%, Due 12/15/2051 | 71000 | **48593** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **CORPORATE OBLIGATIONS - 4.25% (continued)** |  |  |
|  **Technology - 0.22% (continued)** |  |  |
|  **Semiconductors - 0.21%** |  |  |
|  Foundry JV Holdco LLC, 6.300%, Due 1/25/2039<sup>C</sup>  | $1155000 | $1189008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **1237601** |
|  **Utilities - 1.65%** |  |  |
|  **Electric - 1.65%** |  |  |
|  Appalachian Power Co., 4.500%, Due 3/1/2049, Y | 795000 | 643659 |
|  Arizona Public Service Co., 2.650%, Due 9/15/2050 | 105000 | 62010 |
|  Dominion Energy, Inc.,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)<sup>D</sup>  | 235000 | 245964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)<sup>D</sup>  | 740000 | 758088 |
|  Duke Energy Carolinas LLC,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 3/15/2035 | 235000 | 239701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2038 | 145000 | 153721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, Due 4/15/2038 | 405000 | 428705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200%, Due 8/15/2049 | 175000 | 118106 |
|  Duke Energy Corp., 5.800%, Due 6/15/2054 | 400000 | 390975 |
|  Duke Energy Progress LLC,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 12/1/2044 | 255000 | 208098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 8/15/2045 | 125000 | 102895 |
|  Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2 | 715000 | 594779 |
|  Entergy Arkansas LLC, 3.350%, Due 6/15/2052 | 115000 | 76893 |
|  Entergy Corp.,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, Due 6/15/2030 | 115000 | 105837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)<sup>D</sup>  | 200000 | 207056 |
|  Entergy Louisiana LLC,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/15/2033 | 137000 | 128894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 3/15/2034 | 440000 | 448913 |
|  Entergy Mississippi LLC, 5.800%, Due 4/15/2055 | 145000 | 144950 |
|  Florida Power & Light Co., 3.950%, Due 3/1/2048 | 120000 | 95015 |
|  Kentucky Utilities Co., 3.300%, Due 6/1/2050 | 185000 | 125114 |
|  PacifiCorp,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 2/15/2050 | 485000 | 367412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 12/1/2053 | 585000 | 522551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/15/2054 | 595000 | 544169 |
|  Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 4/1/2034 | 515000 | 526202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 3/15/2035 | 5000 | 5067 |
|  Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)<sup>D</sup>  | 565000 | 546605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)<sup>D</sup>  | 425000 | 428930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)<sup>D</sup>  | 195000 | 188254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)<sup>D</sup>  | 345000 | 338840 |
|  System Energy Resources, Inc., 5.300%, Due 12/15/2034 | 545000 | 536431 |
|  |  | **9283834** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **9283834** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $24,579,855)** |  | **23985003** |
|  **FOREIGN CORPORATE OBLIGATIONS - 1.61%** |  |  |
|  **Consumer, Non-Cyclical - 0.58%** |  |  |
|  **Agriculture - 0.27%** |  |  |
|  BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.462%, Due 9/6/2029 | 130000 | 124618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 2/20/2034 | 130000 | 136927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.540%, Due 8/15/2047 | 960000 | 778477 |
|  Reynolds American, Inc., 5.700%, Due 8/15/2035 | 455000 | 463949 |
|  |  | **1503971** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **FOREIGN CORPORATE OBLIGATIONS - 1.61% (continued)** |  |  |
|  **Consumer, Non-Cyclical - 0.58% (continued)** |  |  |
|  **Pharmaceuticals - 0.31%** |  |  |
|  Bayer U.S. Finance II LLC, 4.250%, Due 12/15/2025<sup>C</sup>  | $290000 | $289260 |
|  Bayer U.S. Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 11/21/2026<sup>C</sup>  | 400000 | 406186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 11/21/2053<sup>C</sup>  | 995000 | 1058557 |
|  |  | **1754003** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **3257974** |
|  **Energy - 0.30%** |  |  |
|  **Pipelines - 0.30%** |  |  |
|  Enbridge, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.200%, Due 6/27/2054, (5 yr. CMT + 2.970%)<sup>D</sup>  | 465000 | 478990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 3/15/2055, (5 yr. CMT + 3.122%)<sup>D</sup>  | 1160000 | 1207750 |
|  |  | **1686740** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **1686740** |
|  **Financial - 0.64%** |  |  |
|  **Banks - 0.49%** |  |  |
|  Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.674%, Due 3/12/2028, (1 day USD SOFR + 1.490%)<sup>D</sup>  | 320000 | 325250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.690%, Due 3/12/2030, (1 day USD SOFR + 1.740%)<sup>D</sup>  | 200000 | 206415 |
|  HBOS PLC, 6.000%, Due 11/1/2033<sup>C</sup>  | 365000 | 370583 |
|  Toronto-Dominion Bank, 4.568%, Due 12/17/2026 | 1870000 | 1872848 |
|  |  | **2775096** |
|  **Insurance - 0.15%** |  |  |
|  Fairfax Financial Holdings Ltd., 6.350%, Due 3/22/2054 | 830000 | **837061** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **3612157** |
|  **Utilities - 0.09%** |  |  |
|  **Electric - 0.09%** |  |  |
|  Electricite de France SA, 6.000%, Due 4/22/2064<sup>C</sup>  | 570000 | **544564** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $8,947,107)** |  | **9101435** |
|  **FOREIGN SOVEREIGN OBLIGATIONS - 0.37%** |  |  |
|  Israel Government International Bonds, 5.375%, Due 3/12/2029 | 205000 | 208979 |
|  Mexico Government International Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, Due 7/2/2032 | 265000 | 266590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.280%, Due 8/14/2041 | 990000 | 758587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.771%, Due 5/24/2061 | 1440000 | 841680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations (Cost $2,168,194)** |  | **2075836** |
|  **ASSET-BACKED OBLIGATIONS - 0.90%** |  |  |
|  Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022-1 A3 | 21769 | 21744 |
|  AmeriCredit Automobile Receivables Trust, 4.380%, Due 4/18/2028, 2022-2 A3 | 13724 | 13722 |
|  BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022-A A3 | 9230 | 9216 |
|  CarMax Auto Owner Trust, 5.500%, Due 1/16/2029, 2024-2 A3 | 395000 | 399453 |
|  CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A | 63135 | 63260 |
|  Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2<sup>C</sup>  | 325000 | 328184 |
|  Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A<sup>C</sup>  | 300000 | 289000 |
|  GM Financial Automobile Leasing Trust, 4.660%, Due 2/21/2028, 2025-1 A3 | 130000 | 130525 |
|  GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3 | 380000 | 382492 |
|  GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A<sup>C</sup>  | 245000 | 236098 |
|  Honda Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.880%, Due 5/15/2026, 2022-1 A3 | 8175 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.570%, Due 9/21/2029, 2025-1 A3 | 390000 | 392439 |
|  John Deere Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.320%, Due 9/15/2026, 2022-A A3 | 19823 | 19782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.740%, Due 2/16/2027, 2022-B A3 | 80346 | 80095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.420%, Due 5/17/2027, 2024-B A2A | 390379 | 391405 |
|  Mercedes-Benz Auto Lease Trust, 5.440%, Due 2/16/2027, 2024-A A2A | 138464 | 138748 |
|  New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1<sup>C</sup>  | 345000 | 282954 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **ASSET-BACKED OBLIGATIONS - 0.90% (continued)** |  |  |
|  Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3<sup>C</sup>  | $700000 | $700092 |
|  Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3<sup>C</sup>  | 280000 | 280257 |
|  Stellantis Financial Underwritten Enhanced Lease Trust, 4.630%, Due 7/20/2027, 2025-AA A2<sup>C</sup>  | 265000 | 265024 |
|  Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>C</sup>  | 275100 | 249465 |
|  Toyota Auto Loan Extended Note Trust, 4.930%, Due 6/25/2036, 2023-1A A<sup>C</sup>  | 100000 | 101632 |
|  World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3 | 280000 | 280450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Obligations (Cost $5,149,078)** |  | **5064202** |
|  **COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.21%** |  |  |
|  BX Commercial Mortgage Trust, 5.156%, Due 9/15/2036, 2021-VOLT A, (1 mo. USD Term SOFR + 0.814%)<sup>C D</sup>  | 372999 | 372299 |
|  NRTH Mortgage Trust, 5.983%, Due 3/15/2039, 2024-PARK A, (1 mo. USD Term SOFR + 1.641%)<sup>C D</sup>  | 785000 | 785000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Obligations (Cost $1,156,217)** |  | **1157299** |
|  **U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 13.48%** |  |  |
|  Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2028 | 20643 | 20331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2032 | 52397 | 50660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2035 | 123457 | 115021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2036 | 421123 | 383318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2041 | 403715 | 356735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 222139 | 196104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2042 | 343199 | 320693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2042 | 634586 | 607771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 4/1/2047 | 274628 | 238420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2048 | 145000 | 132264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 4/1/2048 | 116553 | 108679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 197689 | 174304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/1/2050 | 255656 | 212430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 364228 | 303850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 2/1/2052 | 669051 | 528818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2052 | 801443 | 629355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2052 | 528251 | 438559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 123754 | 121086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/1/2053 | 658324 | 677612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/1/2053 | 703992 | 669257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2053 | 771221 | 753354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2053 | 705206 | 715127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 9/1/2053 | 774858 | 779287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/1/2053 | 190374 | 194412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 1156158 | 1154605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 4/1/2054 | 1113031 | 1109069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/1/2054 | 478989 | 491299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2054 | 847195 | 863076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 9/1/2054 | 784535 | 768465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2054 | 851906 | 852034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/1/2055 | 1299819 | 1299290 |
|  |  | **15265285** |
|  Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2028 | 8763 | 8658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2034 | 46112 | 45918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2034 | 104325 | 99937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2035 | 275558 | 251998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 12/1/2035 | 133442 | 121883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2036 | 215896 | 197184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2036 | 230598 | 214549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2037 | 72935 | 70006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2038 | 8800 | 8976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/1/2040 | 50069 | 50366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2040 | 31445 | 31631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 262691 | 231904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 3/1/2042 | 22867 | 23002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2043 | 49443 | 45802 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 13.48% (continued)** |  |  |
|  Federal National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2045 | $92824 | $87433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/1/2045 | 25367 | 23372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2046 | 63247 | 57953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2046 | 181627 | 160426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2046 | 78174 | 73747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2046 | 143182 | 126229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2046 | 191813 | 170311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/1/2046 | 254325 | 234647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2046 | 121581 | 107355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2047 | 29399 | 26917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2047 | 13305 | 12895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/1/2047 | 51886 | 50340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2047 | 74789 | 68382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048 | 89472 | 86724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 3/1/2049 | 109817 | 105959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2049 | 89967 | 86489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2049 | 220321 | 206047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2050 | 230144 | 191163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050 | 613983 | 507436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2050 | 211158 | 182993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2050 | 226104 | 187569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2050 | 94051 | 77841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2050 | 379560 | 330892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2050 | 616373 | 532377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2051 | 724086 | 601743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2051 | 666494 | 530582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 4/1/2051 | 840658 | 665049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2051 | 304149 | 265326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2051 | 120415 | 104121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2051 | 353691 | 317824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 7/1/2051 | 1189347 | 937808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2051 | 610862 | 552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2051 | 498496 | 413825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2051 | 321449 | 266930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 355341 | 293197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2051 | 417117 | 358166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2051 | 590162 | 507544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2052 | 1225591 | 971569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 1308491 | 1087799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2052 | 364911 | 327366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 5/1/2052 | 327276 | 304355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 658284 | 611738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 720740 | 711678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2052 | 468241 | 446944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/1/2052 | 330246 | 323452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/1/2053 | 262048 | 257334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 6/1/2053 | 686173 | 659722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2053 | 311089 | 307008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2053 | 732215 | 729552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/1/2053 | 685168 | 687370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2053 | 711526 | 708498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/1/2054 | 781244 | 800196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 771848 | 772949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 6/1/2054 | 92150 | 96122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/1/2054 | 879898 | 876766 |
|  |  | **21591977** |
|  Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/15/2039 | 36444 | 36701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/15/2041 | 81159 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/20/2047 | 28876 | 26411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/20/2047 | 33872 | 30973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/20/2047 | 64192 | 59886 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  **U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 13.48% (continued)** |  |  |
|  Government National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/20/2048 | $59782 | $55734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/20/2050 | 89978 | 89258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/20/2050 | 61248 | 59009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 2/20/2050 | 30884 | 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2050 | 427100 | 360203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/20/2051 | 424160 | 357153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2051 | 607614 | 532285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/20/2051 | 544253 | 458172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/20/2051 | 342384 | 303534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/20/2051 | 254878 | 214563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/20/2051 | 660611 | 578302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/20/2052 | 252164 | 227885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/20/2052 | 483091 | 448441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/20/2053 | 679152 | 666798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/20/2053 | 227997 | 201838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2053 | 618390 | 541324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/20/2053 | 653509 | 655343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 10/20/2053 | 1951613 | 1988942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 11/20/2053 | 3287565 | 3349691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/20/2053 | 2063018 | 2102004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/20/2054 | 1468279 | 1493959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 5/20/2054 | 2762774 | 2809539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 6/20/2054 | 1529134 | 1554588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 7/20/2054 | 3215632 | 3266676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/20/2054 | 2792370 | 2835363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/20/2054 | 3173467 | 3220811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 10/20/2054 | 2760425 | 2801011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 11/20/2054 | 1951083 | 1979769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/20/2054 | 769904 | 751984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/20/2054 | 1774649 | 1800741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/20/2055 | 2937095 | 2980279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/20/2055 | 189041 | 188740 |
|  |  | **39133550** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Agency Mortgage-Backed Obligations (Cost $78,729,050)** |  | **75990812** |
|  **U.S. TREASURY OBLIGATIONS - 12.53%** |  |  |
|  U.S. Treasury Bonds,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 5/15/2054 | 1600000 | 1532250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 5/15/2055 | 37660000 | 36865610 |
|  |  | **38397860** |
|  U.S. Treasury Floating Rate Notes, 4.441%, Due 4/30/2027, (3 mo. Treasury money market yield + 0.160%)<sup>D</sup>  | 1600000 | **1600712** |
|  U.S. Treasury Inflation-Indexed Bonds, 2.375%, Due 2/15/2055<sup>F</sup>  | 4991532 | **4740338** |
|  U.S. Treasury Notes,  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, Due 8/31/2025 | 10910000 | 10873158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 4/30/2026 | 1255000 | 1260510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 4/30/2029 | 1695000 | 1736183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 4/30/2031 | 2205000 | 2270719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 5/15/2034 | 1990000 | 2002360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 2/15/2035 | 7590000 | 7753659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $70,333,882)** |  | **25896589** |
|  |  | **70635499** |
|  | **Shares** |  |
|  **FOREIGN COMMON STOCKS - 20.10%** |  |  |
|  **Communication Services - 1.80%** |  |  |
|  **Diversified Telecommunication Services - 0.28%** |  |  |
|  Orange SA | 68180 | 1038334 |
|  Singapore Telecommunications Ltd. | 182000 | 543869 |
|  |  | **1582203** |
|  **Entertainment - 0.84%** |  |  |
|  Nintendo Co. Ltd. | 15000 | 1262268 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **FOREIGN COMMON STOCKS - 20.10% (continued)** |  |  |
|  **Communication Services - 1.80% (continued)** |  |  |
|  **Entertainment - 0.84% (continued)** |  |  |
|  Sea Ltd., ADR<sup>A</sup>  | 17600 | $2757040 |
|  Universal Music Group NV | 23733 | 687394 |
|  |  | **4706702** |
|  **Interactive Media & Services - 0.42%** |  |  |
|  Tencent Holdings Ltd. | 34000 | **2382166** |
|  **Media - 0.16%** |  |  |
|  WPP PLC, ADR<sup>B</sup>  | 33500 | **907180** |
|  **Wireless Telecommunication Services - 0.10%** |  |  |
|  Bharti Airtel Ltd. | 25992 | **567322** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **10145573** |
|  **Consumer Discretionary - 3.64%** |  |  |
|  **Automobile Components - 0.91%** |  |  |
|  Aptiv PLC<sup>A</sup>  | 42961 | 2948843 |
|  Continental AG | 6511 | 558762 |
|  Magna International, Inc. | 40200 | 1648200 |
|  |  | **5155805** |
|  **Automobiles - 0.26%** |  |  |
|  Ferrari NV | 2260 | 993732 |
|  Suzuki Motor Corp. | 45500 | 502823 |
|  |  | **1496555** |
|  **Broadline Retail - 0.50%** |  |  |
|  Coupang, Inc.<sup>A</sup>  | 51650 | 1520060 |
|  MercadoLibre, Inc.<sup>A</sup>  | 550 | 1305639 |
|  |  | **2825699** |
|  **Hotels, Restaurants & Leisure - 0.85%** |  |  |
|  Amadeus IT Group SA | 12357 | 993049 |
|  Compass Group PLC | 29800 | 1048820 |
|  Galaxy Entertainment Group Ltd. | 114000 | 557656 |
|  Lottomatica Group SpA | 23436 | 632255 |
|  Meituan, Class B<sup>A C</sup>  | 71600 | 1109116 |
|  Trip.com Group Ltd. | 6850 | 429325 |
|  |  | **4770221** |
|  **Household Durables - 0.42%** |  |  |
|  Sony Group Corp., ADR<sup>B</sup>  | 96900 | **2356608** |
|  **Leisure Products - 0.07%** |  |  |
|  Bandai Namco Holdings, Inc. | 12400 | **403575** |
|  **Specialty Retail - 0.23%** |  |  |
|  JD Sports Fashion PLC | 225455 | 254455 |
|  Nitori Holdings Co. Ltd.<sup>B</sup>  | 4300 | 369121 |
|  Zalando SE<sup>A C</sup>  | 22149 | 650110 |
|  |  | **1273686** |
|  **Textiles, Apparel & Luxury Goods - 0.40%** |  |  |
|  Cie Financiere Richemont SA, Class A | 2475 | 406482 |
|  Gildan Activewear, Inc. | 14353 | 725005 |
|  Li Ning Co. Ltd. | 356000 | 755536 |
|  Puma SE | 16317 | 347188 |
|  |  | **2234211** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **20516360** |
|  **Consumer Staples - 0.84%** |  |  |
|  **Beverages - 0.35%** |  |  |
|  Anheuser-Busch InBev SA, ADR<sup>B</sup>  | 5800 | 334486 |
|  Arca Continental SAB de CV | 49000 | 510857 |
|  Fomento Economico Mexicano SAB de CV<sup>G</sup> | 66300 | 599389 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **FOREIGN COMMON STOCKS - 20.10% (continued)** |  |  |
|  **Consumer Staples - 0.84% (continued)** |  |  |
|  **Beverages - 0.35% (continued)** |  |  |
|  Pernod Ricard SA | 5018 | $517450 |
|  |  | **1962182** |
|  **Consumer Staples Distribution & Retail - 0.12%** |  |  |
|  MatsukiyoCocokara & Co. | 33500 | **689327** |
|  **Food Products - 0.12%** |  |  |
|  Toyo Suisan Kaisha Ltd. | 11000 | **705007** |
|  **Personal Products - 0.25%** |  |  |
|  Unilever PLC, ADR | 10100 | 590143 |
|  Unilever PLC | 13757 | 800853 |
|  |  | **1390996** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **4747512** |
|  **Energy - 0.52%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.52%** |  |  |
|  Canadian Natural Resources Ltd. | 25050 | 792937 |
|  Suncor Energy, Inc. | 13458 | 530802 |
|  TotalEnergies SE, ADR | 26800 | 1595940 |
|  |  | **2919679** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **2919679** |
|  **Financials - 3.72%** |  |  |
|  **Banks - 2.49%** |  |  |
|  Banco Santander SA | 85883 | 738601 |
|  Bank Hapoalim BM | 30680 | 577948 |
|  Bank Mandiri Persero Tbk. PT | 1922700 | 526975 |
|  Bank of Nova Scotia | 24090 | 1339645 |
|  Bankinter SA | 44702 | 637674 |
|  Grupo Financiero Banorte SAB de CV, Class O | 76600 | 682193 |
|  ICICI Bank Ltd., ADR | 56188 | 1893536 |
|  KB Financial Group, Inc. | 6436 | 514676 |
|  KBC Group NV | 6431 | 673432 |
|  Mitsubishi UFJ Financial Group, Inc., ADR | 120650 | 1677035 |
|  Mizuho Financial Group, Inc. | 21200 | 630095 |
|  NU Holdings Ltd., Class A<sup>A</sup>  | 76520 | 935074 |
|  Piraeus Financial Holdings SA | 142465 | 1100673 |
|  Resona Holdings, Inc. | 68800 | 633708 |
|  Saudi National Bank | 59437 | 594196 |
|  Societe Generale SA | 13457 | 859384 |
|  |  | **14014845** |
|  **Capital Markets - 0.80%** |  |  |
|  3i Group PLC | 44115 | 2418392 |
|  Deutsche Boerse AG | 3280 | 951130 |
|  UBS Group AG | 30780 | 1153516 |
|  |  | **4523038** |
|  **Financial Services - 0.25%** |  |  |
|  Adyen NV<sup>A C</sup>  | 810 | **1396356** |
|  **Insurance - 0.18%** |  |  |
|  AIA Group Ltd. | 108400 | **1013574** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **20947813** |
|  **Health Care - 0.98%** |  |  |
|  **Health Care Equipment & Supplies - 0.18%** |  |  |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 9900 | 318214 |
|  Siemens Healthineers AG<sup>C</sup>  | 12413 | 670038 |
|  |  | **988252** |
|  **Health Care Providers & Services - 0.11%** |  |  |
|  Rede D'Or Sao Luiz SA<sup>C</sup>  | 109500 | **635542** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **FOREIGN COMMON STOCKS - 20.10% (continued)** |  |  |
|  **Health Care - 0.98% (continued)** |  |  |
|  **Pharmaceuticals - 0.69%** |  |  |
|  AstraZeneca PLC | 7370 | $1102186 |
|  Merck KGaA | 7710 | 970491 |
|  Novo Nordisk AS, Class B | 23978 | 1152938 |
|  Otsuka Holdings Co. Ltd. | 14000 | 677998 |
|  |  | **3903613** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **5527407** |
|  **Industrials - 4.41%** |  |  |
|  **Aerospace & Defense - 1.66%** |  |  |
|  BAE Systems PLC | 102000 | 2430102 |
|  Rheinmetall AG | 470 | 930859 |
|  Rolls-Royce Holdings PLC | 205660 | 2911604 |
|  Safran SA | 5900 | 1949226 |
|  Thales SA | 4199 | 1129929 |
|  |  | **9351720** |
|  **Building Products - 0.08%** |  |  |
|  Cie de Saint-Gobain SA | 4065 | **465289** |
|  **Electrical Equipment - 1.01%** |  |  |
|  ABB Ltd. | 9589 | 631829 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 12995 | 478074 |
|  Legrand SA | 7232 | 1072497 |
|  Siemens Energy AG<sup>A</sup>  | 30190 | 3514187 |
|  |  | **5696587** |
|  **Ground Transportation - 0.24%** |  |  |
|  Canadian Pacific Kansas City Ltd. | 18110 | **1331991** |
|  **Industrial Conglomerates - 0.08%** |  |  |
|  Siemens AG | 1655 | **424765** |
|  **Machinery - 0.74%** |  |  |
|  IMI PLC | 20825 | 611106 |
|  Mitsubishi Heavy Industries Ltd. | 86200 | 2074973 |
|  Sandvik AB | 35294 | 862408 |
|  Techtronic Industries Co. Ltd. | 54000 | 648688 |
|  |  | **4197175** |
|  **Professional Services - 0.41%** |  |  |
|  Bureau Veritas SA | 32661 | 1007855 |
|  RELX PLC | 25119 | 1305705 |
|  |  | **2313560** |
|  **Trading Companies & Distributors - 0.19%** |  |  |
|  Brenntag SE | 10616 | 660750 |
|  RS Group PLC | 58922 | 434988 |
|  |  | **1095738** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **24876825** |
|  **Information Technology - 3.44%** |  |  |
|  **Communications Equipment - 0.37%** |  |  |
|  Telefonaktiebolaget LM Ericsson, ADR<sup>B</sup>  | 286240 | **2066653** |
|  **Electronic Equipment, Instruments & Components - 0.53%** |  |  |
|  Hexagon AB, Class B<sup>B</sup>  | 106690 | 1176513 |
|  Shimadzu Corp. | 30700 | 684032 |
|  TE Connectivity PLC | 5600 | 1152200 |
|  |  | **3012745** |
|  **IT Services - 0.28%** |  |  |
|  Capgemini SE | 3096 | 462490 |
|  NEC Corp. | 25600 | 746780 |
|  Wix.com Ltd.<sup>A</sup>  | 2930 | 398568 |
|  |  | **1607838** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  **FOREIGN COMMON STOCKS - 20.10% (continued)** |  |  |
|  **Information Technology - 3.44% (continued)** |  |  |
|  **Semiconductors & Semiconductor Equipment - 1.52%** |  |  |
|  ASM International NV | 1640 | $800095 |
|  ASML Holding NV | 2553 | 1778172 |
|  SK Hynix, Inc. | 3155 | 622218 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 12470 | 3013001 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 60000 | 2331854 |
|  |  | **8545340** |
|  **Software - 0.50%** |  |  |
|  SAP SE | 7410 | 2120837 |
|  TOTVS SA | 91000 | 708719 |
|  |  | **2829556** |
|  **Technology Hardware, Storage & Peripherals - 0.24%** |  |  |
|  Samsung Electronics Co. Ltd. | 26314 | **1354788** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **19416920** |
|  **Materials - 0.44%** |  |  |
|  **Chemicals - 0.36%** |  |  |
|  Croda International PLC | 23625 | 814953 |
|  Nippon Sanso Holdings Corp. | 21300 | 759060 |
|  Shin-Etsu Chemical Co. Ltd. | 16200 | 472142 |
|  |  | **2046155** |
|  **Metals & Mining - 0.08%** |  |  |
|  Rio Tinto PLC | 7578 | **450705** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **2496860** |
|  **Utilities - 0.31%** |  |  |
|  **Electric Utilities - 0.11%** |  |  |
|  Fortum OYJ | 33057 | **606989** |
|  **Multi-Utilities - 0.20%** |  |  |
|  Engie SA | 50531 | **1131406** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **1738395** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $85,490,365)** |  | **113333344** |
|  **FOREIGN PREFERRED STOCKS - 0.11% (Cost $445,178)** |  |  |
|  **Financials - 0.11%** |  |  |
|  **Banks - 0.11%** |  |  |
|  Itau Unibanco Holding SA, 7.138%<sup>H I</sup>  | 100670 | **632115** |
|  **SHORT-TERM INVESTMENTS - 2.17% (Cost $12,220,800)** |  |  |
|  **Investment Companies - 2.17%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>J K</sup>  | 12220800 | **12220800** |
|  **SECURITIES LENDING COLLATERAL - 0.32% (Cost $1,825,298)** |  |  |
|  **Investment Companies - 0.32%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.23%<sup>J K</sup>  | 1825298 | **1825298** |
|  **TOTAL INVESTMENTS - 99.85% (Cost $476,741,518)** |  | **562985677** |
|  **OTHER ASSETS, NET OF LIABILITIES - 0.15%** |  | **865607** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**563851284** |

---

Percentages are stated as a percent of net assets.

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

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at July 31, 2025.

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

<sup>C</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $14,133,833 or 2.51% of net assets. The Fund has no right to demand registration of these securities. 

<sup>D</sup> Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on July 31, 2025. 

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

<sup>F</sup> Inflation-Indexed Note.

<sup>G</sup> Unit - Usually consists of one common stock and/or rights and warrants.

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

<sup>I</sup> A type of Preferred Stock that has no maturity date.

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

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

ADR - American Depositary Receipt.

BDC - Business Development Company.

CMT - Constant Maturity Treasury.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

***Long Futures Contracts Open on July 31, 2025:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CME E-Mini S&P 500 Index Futures | 14 | September 2025 | $4389183 | $4461975 | $72792 |
|  ICE U.S. Mini MSCI EAFE Index Futures | 15 | September 2025 | 1991348 | 1960050 | (31298) |
|  ICE U.S. MSCI Emerging Markets Index Futures | 13 | September 2025 | 806856 | 804895 | (1961) |
|  |  |  | $7187387 | $7226920 | $39533 |

---

***Glossary:***

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

MSCI EAFE Morgan Stanley Capital International - Europe, Australasia, and Far East. <br> S&P 500 Standard & Poor's 500 Index - U.S. Equity Large-Cap Index.

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

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

The Fund's investments are summarized by level based on the inputs used to determine their values. As of July 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Diversified Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $246964034 | $— | $— | $246964034 |
|  Corporate Obligations |  | 23985003 |  | 23985003 |
|  Foreign Corporate Obligations |  | 9101435 |  | 9101435 |
|  Foreign Sovereign Obligations |  | 2075836 |  | 2075836 |
|  Asset-Backed Obligations |  | 5064202 |  | 5064202 |
|  Commercial Mortgage-Backed Obligations |  | 1157299 |  | 1157299 |
|  U.S. Agency Mortgage-Backed Obligations |  | 75990812 |  | 75990812 |
|  U.S. Treasury Obligations |  | 70635499 |  | 70635499 |
|  Foreign Common Stocks | 113333344 |  |  | 113333344 |
|  Foreign Preferred Stocks | 632115 |  |  | 632115 |
|  Short-Term Investments | 12220800 |  |  | 12220800 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

July 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Diversified Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Securities Lending Collateral | $1825298 | $— | $— | $1825298 |
|  Total Investments in Securities - Assets | $374975591 | $188010086 | $— | $562985677 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $72792 | $— | $— | $72792 |
|  Total Financial Derivative Instruments - Assets | $72792 | $— | $— | $72792 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(33259) | $— | $— | $(33259) |
|  Total Financial Derivative Instruments - Liabilities | $(33259) | $— | $— | $(33259) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2025, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

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

**Supplementary Notes to Schedule of Investments** 

July 31, 2025 (Unaudited)

**Security Valuation and Fair Value Measurements** 

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

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

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

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

Rule 2a-5 under the Investment Company Act (the "Valuation Rule") establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are "readily available," which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager as Valuation Designee to perform the Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Manager's fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee to perform fair value functions in accordance with the requirements of the Valuation Rule.

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

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

------

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

**Supplementary Notes to Schedule of Investments** 

July 31, 2025 (Unaudited)

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

*Valuation Inputs* 

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

---

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

---

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** IRVING

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75039

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $566243224.04

**Total Liabilities:** $2393042.86

**Net Assets:** $563850181.18

**Cash Not Reported:** $364354.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -117.67000000 | **1-Year:** -2060.61000000 | **5-Year:** -5211.15000000 | **10-Year:** -11759.85000000 | **30-Year:** -8811.74000000

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

- **3-Month:** -14.63000000 | **1-Year:** -47.01000000 | **5-Year:** -145.09000000 | **10-Year:** -0.47000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186839 | 3.21%                | 3.19%                | -0.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2086599.44              | $12832485.97                               |
| Month 2  | $4060067.90              | $11964524.69                               |
| Month 3  | $2885436.74              | $-6314169.64                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MORGAN STANLEY                                         | Morgan Stanley                                                                | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1200271.27   | 0.21%             | 2036-09-16      | Fixed         | 2.48%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    660611 | PA      | $578302.01    | 0.10%             | 2051-12-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| HBOS PLC                                               | HBOS PLC                                                                      | CUSIP: 4041A2AF1<br>LEI: 213800RS21X7UUH5QU25 | Long             | DBT              | CORP              | GB        |    365000 | PA      | $370583.20    | 0.07%             | 2033-11-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Universal Music Group NV                               | Universal Music Group NV                                                      | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     23733 | NS      | $687394.13    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WG44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    607614 | PA      | $532284.91    | 0.09%             | 2051-06-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Shell PLC                                              | Shell PLC                                                                     | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     20500 | NS      | $1480305.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| GM Financial Revolving Receivables Trust               | GM Financial Revolving Receivables Trust                                      | CUSIP: 36263HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $236097.80    | 0.04%             | 2034-06-12      | Fixed         | 1.17%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133AXUH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    364228 | PA      | $303850.49    | 0.05%             | 2051-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3618N5C72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1774649 | PA      | $1800741.17   | 0.32%             | 2054-12-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Warner Bros Discovery Inc                              | Warner Bros Discovery, Inc.                                                   | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     55400 | NS      | $729618.00    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CAROLINAS                                  | Duke Energy Carolinas LLC                                                     | CUSIP: 26442CBQ6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    235000 | PA      | $239701.03    | 0.04%             | 2035-03-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                 | Contemporary Amperex Technology Co. Ltd.                                      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     12995 | NS      | $478073.78    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Florida Power & Light Co                               | Florida Power & Light Co.                                                     | CUSIP: 341081FQ5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    120000 | PA      | $95015.27     | 0.02%             | 2048-03-01      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3618N5A58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1951083 | PA      | $1979769.14   | 0.35%             | 2054-11-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| ENTERGY ARKANSAS LLC                                   | Entergy Arkansas LLC                                                          | CUSIP: 29366MAC2<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    115000 | PA      | $76893.07     | 0.01%             | 2052-06-15      | Fixed         | 3.35%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DPBD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    669051 | PA      | $528818.41    | 0.09%             | 2052-02-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| General Motors Co                                      | General Motors Co.                                                            | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     36900 | NS      | $1968246.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN EXPRESS CO                                    | American Express Co.                                                          | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136824.25    | 0.02%             | 2026-09-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XCXR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    321449 | PA      | $266929.51    | 0.05%             | 2051-10-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Teledyne Technologies Inc                              | Teledyne Technologies, Inc.                                                   | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      3500 | NS      | $1928570.00   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| KBC Group NV                                           | KBC Group NV                                                                  | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      6431 | NS      | $673431.58    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| BLUE OWL CAPITAL CORP                                  | Blue Owl Capital Corp.                                                        | CUSIP: 69121KAG9<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    310000 | PA      | $289206.99    | 0.05%             | 2028-06-11      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust                        | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $265023.53    | 0.05%             | 2027-07-20      | Fixed         | 4.63%                 | No            | 2                  | On Loan: No      |
| Appalachian Power Co                                   | Appalachian Power Co.                                                         | CUSIP: 037735CX3<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |    795000 | PA      | $643658.61    | 0.11%             | 2049-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| BAT Capital Corp                                       | BAT Capital Corp.                                                             | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    960000 | PA      | $778477.40    | 0.14%             | 2047-08-15      | Fixed         | 4.54%                 | No            | 2                  | On Loan: No      |
| Toyota Auto Loan Extended Note Trust                   | Toyota Auto Loan Extended Note Trust                                          | CUSIP: 89231WAA1<br>LEI: 5493000KI9FC40RVHF71 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101632.04    | 0.02%             | 2036-06-25      | Fixed         | 4.93%                 | No            | 2                  | On Loan: No      |
| American Water Works Co Inc                            | American Water Works Co., Inc.                                                | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     13000 | NS      | $1823120.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlassian Corp                                         | Atlassian Corp.                                                               | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      3760 | NS      | $721092.80    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QCCF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220321 | PA      | $206047.05    | 0.04%             | 2049-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Dominion Energy Inc                                    | Dominion Energy, Inc.                                                         | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     34100 | NS      | $1993145.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36180AAG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3173467 | PA      | $3220811.10   | 0.57%             | 2054-09-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit               | Ford Credit Auto Owner Trust                                                  | CUSIP: 345285AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $289000.38    | 0.05%             | 2034-05-15      | Fixed         | 1.53%                 | No            | 2                  | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                               | Public Service Enterprise Group, Inc.                                         | CUSIP: 744573AZ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |    515000 | PA      | $526201.96    | 0.09%             | 2034-04-01      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36180ACB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2760425 | PA      | $2801011.27   | 0.50%             | 2054-10-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179TNS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     64192 | PA      | $59885.46     | 0.01%             | 2047-12-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140KGR62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230144 | PA      | $191162.54    | 0.03%             | 2050-06-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Rolls-Royce Holdings PLC                               | Rolls-Royce Holdings PLC                                                      | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    205660 | NS      | $2917556.88   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WZC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    483091 | PA      | $448441.20    | 0.08%             | 2052-03-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BAE Systems PLC                                        | BAE Systems PLC                                                               | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    102000 | NS      | $2435069.83   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| UnitedHealth Group Inc                                 | UnitedHealth Group, Inc.                                                      | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      8226 | NS      | $2052880.56   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| ASML Holding NV                                        | ASML Holding NV                                                               | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       923 | NS      | $645794.85    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Philip Morris International Inc                        | Philip Morris International, Inc.                                             | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     26162 | NS      | $4291876.10   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175CG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    395000 | PA      | $246167.08    | 0.04%             | 2062-06-30      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QT2N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    771848 | PA      | $772949.16    | 0.14%             | 2054-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418RQQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50069 | PA      | $50365.82     | 0.01%             | 2040-05-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XQF93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    685168 | PA      | $687369.91    | 0.12%             | 2053-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                               | Occidental Petroleum Corp.                                                    | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    260000 | PA      | $274530.62    | 0.05%             | 2030-09-01      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| ENTERGY CORP                                           | Entergy Corp.                                                                 | CUSIP: 29364GAL7<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    115000 | PA      | $105837.24    | 0.02%             | 2030-06-15      | Fixed         | 2.80%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co                                       | Wells Fargo & Co.                                                             | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     51531 | NS      | $4154944.53   | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| BAYER US FINANCE LLC                                   | Bayer U.S. Finance LLC                                                        | CUSIP: 07274EAM5<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1058556.75   | 0.19%             | 2053-11-21      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| RS GROUP PLC                                           | RS Group PLC                                                                  | CUSIP: 000000000<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |     58922 | NS      | $434987.68    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418BCG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46112 | PA      | $45917.58     | 0.01%             | 2034-04-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| BAYER US FINANCE LLC                                   | Bayer U.S. Finance LLC                                                        | CUSIP: 07274EAH6<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406186.08    | 0.07%             | 2026-11-21      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Singapore Telecommunications Ltd                       | Singapore Telecommunications Ltd.                                             | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    182000 | NS      | $543869.38    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31427NDW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1299819 | PA      | $1299289.62   | 0.23%             | 2055-05-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Continental AG                                         | Continental AG                                                                | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |      6511 | NS      | $558762.30    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Schlumberger NV                                        | Schlumberger NV                                                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     32400 | NS      | $1095120.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| BX Trust                                               | BX Commercial Mortgage Trust                                                  | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    372999 | PA      | $372299.46    | 0.07%             | 2036-09-15      | Floating      | 5.16%                 | No            | 2                  | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp.                                                             | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136927.09    | 0.02%             | 2034-02-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| FIDELITY NATL FINANCIAL                                | Fidelity National Financial, Inc.                                             | CUSIP: 31620RAL9<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    145000 | PA      | $89042.38     | 0.02%             | 2051-09-17      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Piraeus Financial Holdings SA                          | Piraeus Financial Holdings SA                                                 | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |    142465 | NS      | $1100673.25   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XMZF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    551585 | PA      | $435979.72    | 0.08%             | 2052-01-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DQ3U8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    705206 | PA      | $715127.03    | 0.13%             | 2053-08-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133L8CZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    421123 | PA      | $383318.24    | 0.07%             | 2036-03-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Unilever PLC                                           | Unilever PLC                                                                  | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     13757 | NS      | $800853.35    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Products and Chemicals Inc                         | Air Products & Chemicals, Inc.                                                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     13739 | NS      | $3955183.32   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132E0CE0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    774858 | PA      | $779287.05    | 0.14%             | 2053-09-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Permian Resources Corp                                 | Permian Resources Corp.                                                       | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     73581 | NS      | $1041906.96   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| SAP SE                                                 | SAP SE                                                                        | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      7410 | NS      | $2127063.34   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Amadeus IT Group SA                                    | Amadeus IT Group SA                                                           | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |     12357 | NS      | $993048.89    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                           | CUSIP: 91282CAJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11195000 | PA      | $11157195.38  | 1.98%             | 2025-08-31      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Floating Rate Notes                                             | CUSIP: 91282CMX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1600711.78   | 0.28%             | 2027-04-30      | Floating      | 4.44%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Inflation-Indexed Bonds                                         | CUSIP: 912810UH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4991532 | PA      | $4740337.59   | 0.84%             | 2055-02-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179TJX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33872 | PA      | $30972.73     | 0.01%             | 2047-10-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| SYSTEM ENERGY RESOURCES                                | System Energy Resources, Inc.                                                 | CUSIP: 871911AV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    545000 | PA      | $536431.43    | 0.10%             | 2034-12-15      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| Everest Group Ltd                                      | Everest Group Ltd.                                                            | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      2312 | NS      | $776369.60    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| MARKEL GROUP INC                                       | Markel Group, Inc.                                                            | CUSIP: 570535AT1<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |    380000 | PA      | $329835.83    | 0.06%             | 2049-05-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Uber Technologies Inc                                  | Uber Technologies, Inc.                                                       | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     22434 | NS      | $1968583.50   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X9X75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    724086 | PA      | $601743.38    | 0.11%             | 2051-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Cognizant Technology Solutions Corp                    | Cognizant Technology Solutions Corp.                                          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     16295 | NS      | $1169329.20   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $343842.74    | 0.06%             | 2029-06-01      | Fixed         | 6.10%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138X0YX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49443 | PA      | $45802.43     | 0.01%             | 2043-07-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Bank Hapoalim BM                                       | Bank Hapoalim BM                                                              | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |     30680 | NS      | $577947.84    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Arch Capital Group Ltd                                 | Arch Capital Group Ltd.                                                       | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     14220 | NS      | $1223773.20   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsubishi Heavy Industries Ltd                        | Mitsubishi Heavy Industries Ltd.                                              | CUSIP: 000000000<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     86200 | NS      | $2079178.71   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Shell PLC                                              | Shell PLC                                                                     | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     22598 | NS      | $809072.05    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X8NT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    275558 | PA      | $251998.06    | 0.04%             | 2035-11-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XGW21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    347636 | PA      | $272163.24    | 0.05%             | 2051-04-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| TORONTO-DOMINION BANK                                  | Toronto-Dominion Bank                                                         | CUSIP: 89115A3A8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1870000 | PA      | $1872848.03   | 0.33%             | 2026-12-17      | Fixed         | 4.57%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY PROGRESS NC                                | Duke Energy Progress NC Storm Funding LLC                                     | CUSIP: 26444BAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    715000 | PA      | $594779.14    | 0.11%             | 2037-07-01      | Fixed         | 2.39%                 | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    395000 | PA      | $243140.59    | 0.04%             | 2061-04-01      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Olin Corp                                              | Olin Corp.                                                                    | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     26000 | NS      | $492440.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QK5R5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120415 | PA      | $104121.11    | 0.02%             | 2051-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Deutsche Boerse AG                                     | Deutsche Boerse AG                                                            | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      3280 | NS      | $953922.72    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Citigroup Inc                                          | Citigroup, Inc.                                                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     31900 | NS      | $2989030.00   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Omnicom Group Inc                                      | Omnicom Group, Inc.                                                           | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     17200 | NS      | $1239260.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Sea Ltd                                                | Sea Ltd.                                                                      | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     17600 | NS      | $2757040.00   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| BOEING CO                                              | Boeing Co.                                                                    | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    285000 | PA      | $271456.73    | 0.05%             | 2029-03-01      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Samsung Electronics Co Ltd                             | Samsung Electronics Co. Ltd.                                                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     26314 | NS      | $1354787.71   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| PNC Financial Services Group Inc/The                   | PNC Financial Services Group, Inc.                                            | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      9100 | NS      | $1731457.00   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418DYN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230598 | PA      | $214548.64    | 0.04%             | 2036-04-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| GM Financial Automobile Leasing Trust                  | GM Financial Automobile Leasing Trust                                         | CUSIP: 36271VAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $130525.30    | 0.02%             | 2028-02-21      | Fixed         | 4.66%                 | No            | 2                  | On Loan: No      |
| MOODY'S CORPORATION                                    | Moody's Corp.                                                                 | CUSIP: 615369AU9<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    180000 | PA      | $90723.72     | 0.02%             | 2060-08-18      | Fixed         | 2.55%                 | No            | 2                  | On Loan: No      |
| Spotify Technology SA                                  | Spotify Technology SA                                                         | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      3510 | NS      | $2199155.40   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X8LJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    616373 | PA      | $532376.76    | 0.09%             | 2050-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| General Dynamics Corp                                  | General Dynamics Corp.                                                        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      8400 | NS      | $2617524.00   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                                        | Xcel Energy, Inc.                                                             | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     53953 | NS      | $3962308.32   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Lithia Motors Inc                                      | Lithia Motors, Inc.                                                           | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      1400 | NS      | $403200.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179XX50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    679152 | PA      | $666798.32    | 0.12%             | 2053-04-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XG3N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    327276 | PA      | $304355.06    | 0.05%             | 2052-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| BMW Vehicle Owner Trust                                | BMW Vehicle Owner Trust                                                       | CUSIP: 05602RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9230 | PA      | $9215.62      | 0.00%             | 2026-08-25      | Fixed         | 3.21%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31335BC38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    274628 | PA      | $238419.74    | 0.04%             | 2047-04-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Comcast Corp                                           | Comcast Corp.                                                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     92189 | NS      | $3063440.47   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| PPG Industries Inc                                     | PPG Industries, Inc.                                                          | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     11000 | NS      | $1160500.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYV55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    222139 | PA      | $196104.13    | 0.03%             | 2041-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Atmos Energy Corp                                      | Atmos Energy Corp.                                                            | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     14700 | NS      | $2292024.00   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| METLIFE INC                                            | MetLife, Inc.                                                                 | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    185000 | PA      | $184356.44    | 0.03%             | 2025-09-15      | Fixed         | 3.85%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XQBG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92150 | PA      | $96122.26     | 0.02%             | 2054-06-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Orange SA                                              | Orange SA                                                                     | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     68180 | NS      | $1038334.15   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Ally Auto Receivables Trust                            | Ally Auto Receivables Trust                                                   | CUSIP: 02008JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21769 | PA      | $21744.06     | 0.00%             | 2026-11-15      | Fixed         | 3.31%                 | No            | 2                  | On Loan: No      |
| PPL Corp                                               | PPL Corp.                                                                     | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     30000 | NS      | $1070700.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WVW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    252164 | PA      | $227885.34    | 0.04%             | 2052-01-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| ABB Ltd                                                | ABB Ltd.                                                                      | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      9589 | NS      | $631829.22    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                           | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     13457 | NS      | $859384.51    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| ASM International NV                                   | ASM International NV                                                          | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      1640 | NS      | $802443.84    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Alcon AG                                               | Alcon AG                                                                      | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     18700 | NS      | $1637185.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: —       |
| Axalta Coating Systems Ltd                             | Axalta Coating Systems Ltd.                                                   | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     52863 | NS      | $1497080.16   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Mercantile Exchange                            | Future                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        14 | NC      | $72791.40     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Unilever PLC                                           | Unilever PLC                                                                  | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     10100 | NS      | $590143.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Medtronic PLC                                          | Medtronic PLC                                                                 | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     50576 | NS      | $4563978.24   | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XNRH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    781244 | PA      | $800196.08    | 0.14%             | 2054-01-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Truist Financial Corp                                  | Truist Financial Corp.                                                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     14640 | NS      | $639914.40    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| DELL INT LLC / EMC CORP                                | Dell International LLC/EMC Corp.                                              | CUSIP: 24703DBH3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     71000 | PA      | $48593.37     | 0.01%             | 2051-12-15      | Fixed         | 3.45%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179Y2M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3215632 | PA      | $3266676.17   | 0.58%             | 2054-07-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Corteva Inc                                            | Corteva, Inc.                                                                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     41900 | NS      | $3022247.00   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138EKFT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8763 | PA      | $8657.60      | 0.00%             | 2028-01-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Coterra Energy Inc                                     | Coterra Energy, Inc.                                                          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     62900 | NS      | $1534131.00   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Thales SA                                              | Thales SA                                                                     | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      4199 | NS      | $1129929.21   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Centene Corp                                           | Centene Corp.                                                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     11700 | NS      | $305019.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| World Omni Automobile Lease Securitization Trust       | World Omni Automobile Lease Securitization Trust                              | CUSIP: 98164PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $280450.46    | 0.05%             | 2028-04-17      | Fixed         | 4.42%                 | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    465000 | PA      | $411750.27    | 0.07%             | 2048-04-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| Alphabet Inc                                           | Alphabet, Inc.                                                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     15030 | NS      | $2884257.00   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179VFS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     61248 | PA      | $59009.11     | 0.01%             | 2050-02-20      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Mexico Government International Bonds                  | Mexico Government International Bonds                                         | CUSIP: 91087BAQ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    990000 | PA      | $758587.50    | 0.13%             | 2041-08-14      | Fixed         | 4.28%                 | No            | 2                  | On Loan: No      |
| COX COMMUNICATIONS INC                                 | Cox Communications, Inc.                                                      | CUSIP: 224044CT2<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    510000 | PA      | $453345.85    | 0.08%             | 2053-12-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| Phillips 66                                            | Phillips 66                                                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     14941 | NS      | $1846408.78   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| CNH Industrial NV                                      | CNH Industrial NV                                                             | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |     67200 | NS      | $870912.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Microchip Technology Inc                               | Microchip Technology, Inc.                                                    | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     47758 | NS      | $3227963.22   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc                                           | Prologis, Inc.                                                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |      7646 | NS      | $816439.88    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortum Oyj                                             | Fortum OYJ                                                                    | CUSIP: 000000000<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     33057 | NS      | $606989.31    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YYX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1529134 | PA      | $1554588.42   | 0.28%             | 2054-06-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Roche Holding AG                                       | Roche Holding AG                                                              | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      1404 | NS      | $444405.54    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31307UZN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     52397 | PA      | $50660.09     | 0.01%             | 2032-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ASML Holding NV                                        | ASML Holding NV                                                               | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1630 | NS      | $1132377.30   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Siemens Healthineers AG                                | Siemens Healthineers AG                                                       | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     12413 | NS      | $670038.04    | 0.12%             |  |  |  | Yes           | 1                  | On Loan: No      |
| TRUIST FINANCIAL CORP                                  | Truist Financial Corp.                                                        | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    795000 | PA      | $793491.89    | 0.14%             | 2025-09-01      | Fixed         | 4.95%                 | No            | 2                  | On Loan: No      |
| Zimmer Biomet Holdings Inc                             | Zimmer Biomet Holdings, Inc.                                                  | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      5150 | NS      | $471997.50    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132E0VU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    703992 | PA      | $669256.56    | 0.12%             | 2053-05-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Otsuka Holdings Co Ltd                                 | Otsuka Holdings Co. Ltd.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14000 | NS      | $677997.35    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133D4VC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    343199 | PA      | $320692.68    | 0.06%             | 2042-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Elevance Health Inc                                    | Elevance Health, Inc.                                                         | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      9435 | NS      | $2670859.80   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Lennar Corp                                            | Lennar Corp.                                                                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     32066 | NS      | $3597163.88   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Baker Hughes Co                                        | Baker Hughes Co.                                                              | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26700 | NS      | $1202835.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    544253 | PA      | $458171.60    | 0.08%             | 2051-07-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| 3i Group PLC                                           | 3i Group PLC                                                                  | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     44115 | NS      | $2422006.67   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Brenntag SE                                            | Brenntag SE                                                                   | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     10616 | NS      | $660750.66    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| GSK PLC                                                | GSK PLC                                                                       | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     10500 | NS      | $390075.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Fiserv Inc                                             | Fiserv, Inc.                                                                  | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      4600 | NS      | $639124.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Procter & Gamble Co/The                                | Procter & Gamble Co.                                                          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      9900 | NS      | $1489653.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Novo Nordisk A/S                                       | Novo Nordisk AS                                                               | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     23978 | NS      | $1155222.56   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140J5H44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121581 | PA      | $107355.43    | 0.02%             | 2046-12-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Itau Unibanco Holding SA                               | Itau Unibanco Holding SA                                                      | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    100670 | NS      | $632114.58    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                        | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    425000 | PA      | $428929.55    | 0.08%             | 2054-10-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Anheuser-Busch InBev SA/NV                             | Anheuser-Busch InBev SA                                                       | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      5800 | NS      | $334486.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| State Street Corp                                      | State Street Corp.                                                            | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     14800 | NS      | $1653900.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XLTA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    686173 | PA      | $659722.09    | 0.12%             | 2053-06-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                                   | Bank of America Corp.                                                         | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1212759.92   | 0.22%             | 2036-09-21      | Fixed         | 2.48%                 | No            | 2                  | On Loan: No      |
| Lowe's Cos Inc                                         | Lowe's Cos., Inc.                                                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      7200 | NS      | $1609704.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Compass Datacenters Issuer III, LLC                    | Compass Datacenters Issuer III LLC                                            | CUSIP: 20469BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $328183.70    | 0.06%             | 2050-02-25      | Fixed         | 5.66%                 | No            | 2                  | On Loan: No      |
| RELX PLC                                               | RELX PLC                                                                      | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     25119 | NS      | $1305705.13   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| US Bancorp                                             | U.S. Bancorp                                                                  | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    380000 | PA      | $378460.20    | 0.07%             | 2027-04-15      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140GXFV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74789 | PA      | $68382.44     | 0.01%             | 2047-09-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Western Alliance Bancorp                               | Western Alliance Bancorp                                                      | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     19301 | NS      | $1496985.56   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Cummins Inc                                            | Cummins, Inc.                                                                 | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      4600 | NS      | $1691052.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Workday Inc                                            | Workday, Inc.                                                                 | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     16700 | NS      | $3830646.00   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132E0G97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    658324 | PA      | $677612.04    | 0.12%             | 2053-03-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| NOV Inc                                                | NOV, Inc.                                                                     | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     99500 | NS      | $1251710.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| WELLS FARGO & COMPANY                                  | Wells Fargo & Co.                                                             | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    450000 | PA      | $445825.44    | 0.08%             | 2026-03-15      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Norfolk Southern Corp                                  | Norfolk Southern Corp.                                                        | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      2800 | NS      | $778400.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Amcor PLC                                              | Amcor PLC                                                                     | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |     56575 | NS      | $536279.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Microsoft Corp                                         | Microsoft Corp.                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      8050 | NS      | $4294675.00   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Magna International Inc                                | Magna International, Inc.                                                     | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     40200 | NS      | $1648200.00   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Suncor Energy Inc                                      | Suncor Energy, Inc.                                                           | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     13458 | NS      | $530802.32    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Paramount Global                                       | Paramount Global                                                              | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |     37800 | NS      | $475146.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Vertiv Holdings Co                                     | Vertiv Holdings Co.                                                           | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     14716 | NS      | $2142649.60   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| SOCIETE GENERALE                                       | Societe Generale SA                                                           | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $207193.17    | 0.04%             | 2033-06-15      | Fixed         | 6.22%                 | No            | 2                  | On Loan: No      |
| Aptiv PLC                                              | Aptiv PLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     42961 | NS      | $2948843.04   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Rheinmetall AG                                         | Rheinmetall AG                                                                | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       470 | NS      | $933592.08    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31335BM60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    145000 | PA      | $132263.71    | 0.02%             | 2048-01-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Bank of Nova Scotia/The                                | Bank of Nova Scotia                                                           | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     24090 | NS      | $1339644.90   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Coupang Inc                                            | Coupang, Inc.                                                                 | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     51650 | NS      | $1520059.50   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Adyen NV                                               | Adyen NV                                                                      | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       810 | NS      | $1400455.07   | 0.25%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Pinnacle West Capital Corp                             | Pinnacle West Capital Corp.                                                   | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     20302 | NS      | $1839767.24   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Constellation Brands Inc                               | Constellation Brands, Inc.                                                    | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     10800 | NS      | $1804032.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| AECOM                                                  | AECOM                                                                         | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |      7025 | NS      | $791998.50    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Willis Towers Watson PLC                               | Willis Towers Watson PLC                                                      | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |      3914 | NS      | $1236080.34   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Monday.com Ltd                                         | Monday.com Ltd.                                                               | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      4100 | NS      | $1075389.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp                                           | Chevron Corp.                                                                 | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7119 | NS      | $1079525.16   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson Controls International plc                     | Johnson Controls International PLC                                            | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     22651 | NS      | $2378355.00   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Shimadzu Corp                                          | Shimadzu Corp.                                                                | CUSIP: 000000000<br>LEI: 353800Y64Z08WEH8PH97 | Long             | EC               | CORP              | JP        |     30700 | NS      | $684031.83    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Adobe Inc                                              | Adobe, Inc.                                                                   | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      4700 | NS      | $1681143.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| KINDER MORGAN ENER PART                                | Kinder Morgan Energy Partners LP                                              | CUSIP: 494550BW5<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     85000 | PA      | $78805.48     | 0.01%             | 2044-09-01      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| Entergy Corp                                           | Entergy Corp.                                                                 | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     36362 | NS      | $3288215.66   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                           | Alphabet, Inc.                                                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     11274 | NS      | $2174303.64   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Fluor Corp                                             | Fluor Corp.                                                                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      8800 | NS      | $499576.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Cigna Group/The                                        | Cigna Group                                                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1440 | NS      | $385027.20    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QN2U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364911 | PA      | $327366.42    | 0.06%             | 2052-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Cie Financiere Richemont SA                            | Cie Financiere Richemont SA                                                   | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      2475 | NS      | $406481.99    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                        | Telefonaktiebolaget LM Ericsson                                               | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    286240 | NS      | $2066652.80   | 0.37%             |  |  |  | No            | 1                  | On Loan: —       |
| Duke Energy Progress LLC                               | Duke Energy Progress LLC                                                      | CUSIP: 26442RAD3<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    255000 | PA      | $208097.79    | 0.04%             | 2044-12-01      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XJ4T7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    674006 | PA      | $535588.54    | 0.09%             | 2052-01-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                        | CVS Health Corp.                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     10600 | NS      | $658260.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XRCX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    590162 | PA      | $507544.26    | 0.09%             | 2051-12-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                  | CUSIP: 06738ECR4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206414.69    | 0.04%             | 2030-03-12      | Fixed         | 5.69%                 | No            | 2                  | On Loan: No      |
| Bureau Veritas SA                                      | Bureau Veritas SA                                                             | CUSIP: 000000000<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |     32661 | NS      | $1007854.24   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA INFRASTRUCTURE PA                               | Sempra Infrastructure Partners LP                                             | CUSIP: 81685VAA1<br>LEI: 549300L0B3MD11PUAA07 | Long             | DBT              | CORP              | US        |    205000 | PA      | $174152.28    | 0.03%             | 2032-01-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Linde PLC                                              | Linde PLC                                                                     | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      2180 | NS      | $1003366.80   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QNE73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    567043 | PA      | $472291.53    | 0.08%             | 2052-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Compass Group PLC                                      | Compass Group PLC                                                             | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     29800 | NS      | $1050964.85   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Coca-Cola Co/The                                       | Coca-Cola Co.                                                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     26500 | NS      | $1799085.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| CarMax Auto Owner Trust                                | CarMax Auto Owner Trust                                                       | CUSIP: 14319EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395000 | PA      | $399452.56    | 0.07%             | 2029-01-16      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| KB Financial Group Inc                                 | KB Financial Group, Inc.                                                      | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      6436 | NS      | $514675.80    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| ELECTRICITE DE FRANCE SA                               | Electricite de France SA                                                      | CUSIP: 268317BB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    570000 | PA      | $544564.20    | 0.10%             | 2064-04-22      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Public Storage                                         | Public Storage                                                                | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |      4611 | NS      | $1253915.34   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31307EE67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20643 | PA      | $20330.91     | 0.00%             | 2028-09-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    254878 | PA      | $214562.85    | 0.04%             | 2051-11-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Arca Continental SAB de CV                             | Arca Continental SAB de CV                                                    | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     49000 | NS      | $510857.14    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Techtronic Industries Co Ltd                           | Techtronic Industries Co. Ltd.                                                | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     54000 | NS      | $648687.90    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X7QF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    239385 | PA      | $198921.61    | 0.04%             | 2050-08-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Stanley Black & Decker Inc                             | Stanley Black & Decker, Inc.                                                  | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      6700 | NS      | $453255.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3617VQFP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    342384 | PA      | $303533.82    | 0.05%             | 2051-08-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| PACCAR Inc                                             | PACCAR, Inc.                                                                  | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     11350 | NS      | $1120926.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Exxon Mobil Corp                                       | Exxon Mobil Corp.                                                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     23519 | NS      | $2625661.16   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE Futures U.S., Inc.                                 | Future                                                                        | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        13 | NC      | $-1961.23     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                        | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    565000 | PA      | $546605.30    | 0.10%             | 2054-10-01      | Fixed         | 6.40%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140F0JJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143182 | PA      | $126228.63    | 0.02%             | 2046-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ENTERGY LOUISIANA LLC                                  | Entergy Louisiana LLC                                                         | CUSIP: 29364WBM9<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    440000 | PA      | $448912.82    | 0.08%             | 2034-03-15      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| Galaxy Entertainment Group Ltd                         | Galaxy Entertainment Group Ltd.                                               | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    114000 | NS      | $557656.05    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| John Deere Owner Trust                                 | John Deere Owner Trust                                                        | CUSIP: 47786WAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390379 | PA      | $391405.68    | 0.07%             | 2027-05-17      | Fixed         | 5.42%                 | No            | 2                  | On Loan: No      |
| Bank Mandiri Persero Tbk PT                            | Bank Mandiri Persero Tbk. PT                                                  | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   1922700 | NS      | $526975.21    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE Futures U.S., Inc.                                 | Future                                                                        | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        13 | NC      | $-30053.24    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                           | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1110000 | PA      | $1062998.44   | 0.19%             | 2054-05-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Ralliant Corp                                          | Ralliant Corp.                                                                | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3673 | NS      | $167929.56    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Porsche Innovative Lease Owner Trust                   | Porsche Innovative Lease Owner Trust                                          | CUSIP: 73328AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $280256.90    | 0.05%             | 2027-11-22      | Fixed         | 4.67%                 | No            | 2                  | On Loan: No      |
| American Beacon U.S. Government Money Market           | American Beacon U.S. Government Money Market                                  | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |  12220800 | NS      | $12220800.23  | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |
| PACIFICORP                                             | PacifiCorp                                                                    | CUSIP: 695114DA3<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    595000 | PA      | $544169.33    | 0.10%             | 2054-05-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140M2PG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    741448 | PA      | $615506.63    | 0.11%             | 2052-02-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| ARES CAPITAL CORP                                      | ARES Capital Corp.                                                            | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    270000 | PA      | $255094.53    | 0.05%             | 2028-06-15      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Sandvik AB                                             | Sandvik AB                                                                    | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |     35294 | NS      | $862407.72    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Martin Marietta Materials Inc                          | Martin Marietta Materials, Inc.                                               | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      4200 | NS      | $2414496.00   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                        | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    345000 | PA      | $338840.13    | 0.06%             | 2055-04-01      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QPJY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    720740 | PA      | $711678.50    | 0.13%             | 2052-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3618N5EW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2937095 | PA      | $2980278.55   | 0.53%             | 2055-01-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Rede D'Or Sao Luiz SA                                  | Rede D'Or Sao Luiz SA                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    109500 | NS      | $635542.14    | 0.11%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Engie SA                                               | Engie SA                                                                      | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     50531 | NS      | $1131405.95   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QLRE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    498496 | PA      | $413824.74    | 0.07%             | 2051-08-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Entergy Louisiana LLC                                  | Entergy Louisiana LLC                                                         | CUSIP: 29364WBA5<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    137000 | PA      | $128894.02    | 0.02%             | 2033-03-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132E07G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    190374 | PA      | $194412.44    | 0.03%             | 2053-12-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Resona Holdings Inc                                    | Resona Holdings, Inc.                                                         | CUSIP: 000000000<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |     68800 | NS      | $633708.22    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC SERVICE ENTERPRIS                               | Public Service Enterprise Group, Inc.                                         | CUSIP: 744573BB1<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5067.03      | 0.00%             | 2035-03-15      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| Honda Auto Receivables Owner Trust                     | Honda Auto Receivables Owner Trust                                            | CUSIP: 43815BAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8175 | PA      | $8165.38      | 0.00%             | 2026-05-15      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XBR69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    353691 | PA      | $317824.26    | 0.06%             | 2051-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XRQJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    879898 | PA      | $876765.90    | 0.16%             | 2054-11-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DNFA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    528251 | PA      | $438558.91    | 0.08%             | 2052-05-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                     | Grupo Financiero Banorte SAB de CV                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     76600 | NS      | $682192.74    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XLD62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    355341 | PA      | $293197.27    | 0.05%             | 2051-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| First Citizens BancShares Inc/NC                       | First Citizens BancShares, Inc.                                               | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       447 | NS      | $891657.72    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Lennar Corp                                            | Lennar Corp.                                                                  | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       666 | NS      | $71381.88     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3618N5MQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    189041 | PA      | $188739.80    | 0.03%             | 2055-05-20      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                     | Mitsubishi UFJ Financial Group, Inc.                                          | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    120650 | NS      | $1677035.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| AstraZeneca PLC                                        | AstraZeneca PLC                                                               | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      7370 | NS      | $1104439.84   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Bharti Airtel Ltd                                      | Bharti Airtel Ltd.                                                            | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     25992 | NS      | $567322.07    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                  | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $325250.45    | 0.06%             | 2028-03-12      | Fixed         | 5.67%                 | No            | 2                  | On Loan: No      |
| Ecolab Inc                                             | Ecolab, Inc.                                                                  | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      8100 | NS      | $2120256.00   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Pernod Ricard SA                                       | Pernod Ricard SA                                                              | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |      5018 | NS      | $517450.06    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                              | Shin-Etsu Chemical Co. Ltd.                                                   | CUSIP: 000000000<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     16200 | NS      | $472141.91    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179X5C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    618390 | PA      | $541324.45    | 0.10%             | 2053-06-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ICON PLC                                               | ICON PLC                                                                      | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      2949 | NS      | $498941.31    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3142GRMP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1113031 | PA      | $1109069.30   | 0.20%             | 2054-04-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Amgen Inc                                              | Amgen, Inc.                                                                   | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      6700 | NS      | $1977170.00   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Sanofi SA                                              | Sanofi SA                                                                     | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     37856 | NS      | $1727747.84   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank of America Corp                                   | Bank of America Corp.                                                         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     87141 | NS      | $4119155.07   | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Nitori Holdings Co Ltd                                 | Nitori Holdings Co. Ltd.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4300 | NS      | $369121.35    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| JD Sports Fashion PLC                                  | JD Sports Fashion PLC                                                         | CUSIP: 000000000<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |    225455 | NS      | $254454.67    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYVT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    403715 | PA      | $356734.77    | 0.06%             | 2041-09-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| KENTUCKY UTILITIES CO                                  | Kentucky Utilities Co.                                                        | CUSIP: 491674BM8<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |    185000 | PA      | $125114.34    | 0.02%             | 2050-06-01      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| US Bancorp                                             | U.S. Bancorp                                                                  | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     77450 | NS      | $3482152.00   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140KKYT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    374599 | PA      | $308513.97    | 0.05%             | 2050-08-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                  | New Economy Assets - Phase 1 Sponsor LLC                                      | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $282953.92    | 0.05%             | 2061-10-20      | Fixed         | 1.91%                 | No            | 2                  | On Loan: No      |
| Entegris Inc                                           | Entegris, Inc.                                                                | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     24152 | NS      | $1894965.92   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WFGF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25367 | PA      | $23371.94     | 0.00%             | 2045-08-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY CORP                                       | Duke Energy Corp.                                                             | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390974.82    | 0.07%             | 2054-06-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QASQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109817 | PA      | $105958.84    | 0.02%             | 2049-03-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179X2F2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    227997 | PA      | $201838.35    | 0.04%             | 2053-05-20      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36241LX84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     81159 | PA      | $74999.63     | 0.01%             | 2041-09-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $136563.00    | 0.02%             | 2045-10-23      | Fixed         | 6.48%                 | No            | 2                  | On Loan: No      |
| Canadian Pacific Kansas City Ltd                       | Canadian Pacific Kansas City Ltd.                                             | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     18110 | NS      | $1331990.50   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Corebridge Financial Inc                               | Corebridge Financial, Inc.                                                    | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     24200 | NS      | $860552.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Labcorp Holdings Inc                                   | Labcorp Holdings, Inc.                                                        | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1800 | NS      | $468144.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mexico Government International Bonds                  | Mexico Government International Bonds                                         | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1440000 | PA      | $841680.00    | 0.15%             | 2061-05-24      | Fixed         | 3.77%                 | No            | 2                  | On Loan: No      |
| Rio Tinto PLC                                          | Rio Tinto PLC                                                                 | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      7578 | NS      | $450705.07    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| John Deere Owner Trust                                 | John Deere Owner Trust                                                        | CUSIP: 47800AAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80346 | PA      | $80094.74     | 0.01%             | 2027-02-16      | Fixed         | 3.74%                 | No            | 2                  | On Loan: No      |
| Conagra Brands Inc                                     | Conagra Brands, Inc.                                                          | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     18500 | NS      | $337810.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| AmeriCredit Automobile Receivables Trust               | AmeriCredit Automobile Receivables Trust                                      | CUSIP: 03065WAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13724 | PA      | $13721.87     | 0.00%             | 2028-04-18      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| IMI PLC                                                | IMI PLC                                                                       | CUSIP: 000000000<br>LEI: 2138002W9Q21PF751R30 | Long             | EC               | CORP              | GB        |     20825 | NS      | $611106.27    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| PacifiCorp                                             | PacifiCorp                                                                    | CUSIP: 695114CV8<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    485000 | PA      | $367411.85    | 0.07%             | 2050-02-15      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| UNITED MEXICAN STATES                                  | Mexico Government International Bonds                                         | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    265000 | PA      | $266590.00    | 0.05%             | 2032-07-02      | Fixed         | 5.85%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X8G68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    379560 | PA      | $330891.55    | 0.06%             | 2050-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| BorgWarner Inc                                         | BorgWarner, Inc.                                                              | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     14000 | NS      | $515200.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| DOMINION ENERGY INC                                    | Dominion Energy, Inc.                                                         | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    740000 | PA      | $758087.82    | 0.13%             | 2055-05-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DTWF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    847195 | PA      | $863076.35    | 0.15%             | 2054-08-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138EKBW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22867 | PA      | $23002.32     | 0.00%             | 2042-03-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XLD39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    311089 | PA      | $307007.61    | 0.05%             | 2053-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179VKK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    427100 | PA      | $360202.48    | 0.06%             | 2050-04-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| PACIFICORP                                             | PacifiCorp                                                                    | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    585000 | PA      | $522550.59    | 0.09%             | 2053-12-01      | Fixed         | 5.35%                 | No            | 2                  | On Loan: No      |
| Bandai Namco Holdings Inc                              | Bandai Namco Holdings, Inc.                                                   | CUSIP: 000000000<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |     12400 | NS      | $403575.60    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Legrand SA                                             | Legrand SA                                                                    | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |      7232 | NS      | $1072497.44   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                   | Fomento Economico Mexicano SAB de CV                                          | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     66300 | NS      | $599388.55    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| FedEx Corp                                             | FedEx Corp.                                                                   | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      7110 | NS      | $1589013.90   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Li Ning Co Ltd                                         | Li Ning Co. Ltd.                                                              | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    356000 | NS      | $755536.31    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Murphy Oil Corp                                        | Murphy Oil Corp.                                                              | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      8600 | NS      | $213366.00    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140JXKV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104324 | PA      | $99937.05     | 0.02%             | 2034-10-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Trip.com Group Ltd                                     | Trip.com Group Ltd.                                                           | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |      6850 | NS      | $429324.84    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| BP CAPITAL MARKETS PLC                                 | BP Capital Markets PLC                                                        | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    575000 | PA      | $595425.40    | 0.11%             | 2033-12-01      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WFCF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92824 | PA      | $87432.71     | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 31335BXV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    197689 | PA      | $174303.84    | 0.03%             | 2048-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| SEMPRA                                                 | Sempra                                                                        | CUSIP: 816851BV0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    195000 | PA      | $188254.42    | 0.03%             | 2055-04-01      | Fixed         | 6.55%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XAWD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    493022 | PA      | $392886.19    | 0.07%             | 2051-04-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge, Inc.                                                                | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    465000 | PA      | $478989.99    | 0.08%             | 2054-06-27      | Fixed         | 7.20%                 | No            | 2                  | On Loan: No      |
| Parker-Hannifin Corp                                   | Parker-Hannifin Corp.                                                         | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      5800 | NS      | $4245020.00   | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                           | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7590000 | PA      | $7753659.38   | 1.38%             | 2035-02-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                               | Ford Motor Credit Co. LLC                                                     | CUSIP: 345397G23<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196324.98    | 0.03%             | 2029-09-06      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| GE HealthCare Technologies Inc                         | GE HealthCare Technologies, Inc.                                              | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     21883 | NS      | $1560695.56   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| SLM Corp                                               | SLM Corp.                                                                     | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27280 | NS      | $867504.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| STATE OF ISRAEL                                        | Israel Government International Bonds                                         | CUSIP: 46514BRN9<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    205000 | PA      | $208978.61    | 0.04%             | 2029-03-12      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| AMER AIRLINE 19-1AA PTT                                | American Airlines Pass-Through Trust                                          | CUSIP: 02377LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91089 | PA      | $83570.96     | 0.01%             | 2032-02-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140A3H22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    711526 | PA      | $708498.36    | 0.13%             | 2053-10-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3620A9P96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     36444 | PA      | $36701.59     | 0.01%             | 2039-10-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC/Charter Communications Operating Capital | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $128514.58    | 0.02%             | 2028-03-15      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YML5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2063018 | PA      | $2102004.39   | 0.37%             | 2053-12-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Wynn Resorts Ltd                                       | Wynn Resorts Ltd.                                                             | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     13779 | NS      | $1502324.37   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Duke Energy Progress LLC                               | Duke Energy Progress LLC                                                      | CUSIP: 26442UAB0<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    125000 | PA      | $102894.99    | 0.02%             | 2045-08-15      | Fixed         | 4.20%                 | No            | 2                  | On Loan: No      |
| Bankinter SA                                           | Bankinter SA                                                                  | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |     44702 | NS      | $637673.73    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WLC27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13305 | PA      | $12894.56     | 0.00%             | 2047-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| ARES CAPITAL CORP                                      | ARES Capital Corp.                                                            | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102930.46    | 0.02%             | 2027-01-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    769904 | PA      | $751984.11    | 0.13%             | 2054-12-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Canadian Natural Resources Ltd                         | Canadian Natural Resources Ltd.                                               | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     25050 | NS      | $794685.91    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Gildan Activewear Inc                                  | Gildan Activewear, Inc.                                                       | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     14353 | NS      | $725004.67    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CAROLINAS                                  | Duke Energy Carolinas LLC                                                     | CUSIP: 26442CAZ7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    175000 | PA      | $118105.76    | 0.02%             | 2049-08-15      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Fidelity National Information Services Inc             | Fidelity National Information Services, Inc.                                  | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     42863 | NS      | $3403750.83   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| TACO BELL FUNDING, LLC                                 | Taco Bell Funding LLC                                                         | CUSIP: 87342RAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275100 | PA      | $249465.08    | 0.04%             | 2051-08-25      | Fixed         | 2.29%                 | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                                    | Charles Schwab Corp.                                                          | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $995530.13    | 0.18%             | 2026-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| APA Corp                                               | APA Corp.                                                                     | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    109800 | NS      | $2118042.00   | 0.38%             |  |  |  | No            | 1                  | On Loan: —       |
| Suzuki Motor Corp                                      | Suzuki Motor Corp.                                                            | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     45500 | NS      | $502823.28    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Deere & Co                                             | Deere & Co.                                                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       900 | NS      | $471933.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XAH47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    666494 | PA      | $530582.39    | 0.09%             | 2051-03-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DWED1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123754 | PA      | $121085.69    | 0.02%             | 2052-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418ES50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    732215 | PA      | $729552.44    | 0.13%             | 2053-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179VDS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89978 | PA      | $89257.52     | 0.02%             | 2050-01-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| F5 Inc                                                 | F5, Inc.                                                                      | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     14200 | NS      | $4450564.00   | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CAROLINAS                                  | Duke Energy Carolinas LLC                                                     | CUSIP: 26442CAE4<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    405000 | PA      | $428704.78    | 0.08%             | 2038-04-15      | Fixed         | 6.05%                 | No            | 2                  | On Loan: No      |
| ENTERGY CORP                                           | Entergy Corp.                                                                 | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207055.62    | 0.04%             | 2054-12-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                               | Occidental Petroleum Corp.                                                    | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180554.40    | 0.03%             | 2029-08-01      | Fixed         | 5.20%                 | No            | 2                  | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                  | Foundry JV Holdco LLC                                                         | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1189008.03   | 0.21%             | 2039-01-25      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| Waste Connections Inc                                  | Waste Connections, Inc.                                                       | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      4460 | NS      | $832548.20    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                  | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     30780 | NS      | $1153799.89   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WK2E4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72935 | PA      | $70006.14     | 0.01%             | 2037-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Verizon Communications Inc                             | Verizon Communications, Inc.                                                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     41600 | NS      | $1778816.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XDZ74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    417117 | PA      | $358165.98    | 0.06%             | 2051-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Oracle Corp                                            | Oracle Corp.                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      8246 | NS      | $2092587.42   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Cullen/Frost Bankers Inc                               | Cullen/Frost Bankers, Inc.                                                    | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     10600 | NS      | $1350546.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Experian PLC                                           | Experian PLC                                                                  | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |     29271 | NS      | $1549780.34   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| RTX Corp                                               | RTX Corp.                                                                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      2800 | NS      | $441196.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| BAT CAPITAL CORP                                       | BAT Capital Corp.                                                             | CUSIP: 05526DBH7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    130000 | PA      | $124617.53    | 0.02%             | 2029-09-06      | Fixed         | 3.46%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179VFT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30884 | PA      | $30640.38     | 0.01%             | 2050-02-20      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Boeing Co/The                                          | Boeing Co.                                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      4040 | NS      | $896233.60    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Aon PLC                                                | Aon PLC                                                                       | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      3843 | NS      | $1366993.53   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackstone Inc                                         | Blackstone, Inc.                                                              | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     11700 | NS      | $2023632.00   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferrari NV                                             | Ferrari NV                                                                    | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |      2260 | NS      | $996648.76    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YHT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1951613 | PA      | $1988941.72   | 0.35%             | 2053-10-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133L7SJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123457 | PA      | $115021.09    | 0.02%             | 2035-06-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Solventum Corp                                         | Solventum Corp.                                                               | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |      5300 | NS      | $378208.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust     | GM Financial Consumer Automobile Receivables Trust                            | CUSIP: 362955AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $382492.31    | 0.07%             | 2029-12-17      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179Y5M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2792370 | PA      | $2835362.62   | 0.50%             | 2054-08-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| VICI Properties Inc                                    | VICI Properties, Inc.                                                         | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     57096 | NS      | $1861329.60   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140MQB65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    658284 | PA      | $611737.65    | 0.11%             | 2052-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Capgemini SE                                           | Capgemini SE                                                                  | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      3096 | NS      | $462489.80    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Devon Energy Corporation                               | Devon Energy Corp.                                                            | CUSIP: 25179SAD2<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     50000 | PA      | $57254.51     | 0.01%             | 2031-09-30      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                           | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1990000 | PA      | $2002359.77   | 0.36%             | 2034-05-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YAS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    653509 | PA      | $655342.94    | 0.12%             | 2053-07-20      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| TE Connectivity PLC                                    | TE Connectivity PLC                                                           | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      5600 | NS      | $1152200.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| COX COMMUNICATIONS INC                                 | Cox Communications, Inc.                                                      | CUSIP: 224044CV7<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1297010.21   | 0.23%             | 2054-09-01      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XHAH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    610862 | PA      | $552132.61    | 0.10%             | 2051-07-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| JB Hunt Transport Services Inc                         | JB Hunt Transport Services, Inc.                                              | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      6868 | NS      | $989335.40    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Citizens Financial Group Inc                           | Citizens Financial Group, Inc.                                                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     25100 | NS      | $1197772.00   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X9EK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215896 | PA      | $197184.14    | 0.03%             | 2036-01-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WJGH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191812 | PA      | $170310.55    | 0.03%             | 2046-11-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WG6G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26019 | PA      | $23844.64     | 0.00%             | 2046-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179TQQ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     59782 | PA      | $55734.23     | 0.01%             | 2048-01-20      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QEWM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    226104 | PA      | $187568.95    | 0.03%             | 2050-09-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31415MM28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8800 | PA      | $8975.70      | 0.00%             | 2038-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DUHZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    851906 | PA      | $852034.50    | 0.15%             | 2054-10-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Carnival Corp                                          | Carnival Corp.                                                                | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |    144400 | NS      | $4298788.00   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Santander SA                                     | Banco Santander SA                                                            | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     85883 | NS      | $738600.60    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Hexagon AB                                             | Hexagon AB                                                                    | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    106690 | NS      | $1176513.57   | 0.21%             |  |  |  | No            | 1                  | On Loan: —       |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418UVX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31445 | PA      | $31631.44     | 0.01%             | 2040-06-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP                               | Citizens Financial Group, Inc.                                                | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    240000 | PA      | $247765.72    | 0.04%             | 2030-01-23      | Fixed         | 5.84%                 | No            | 2                  | On Loan: No      |
| Merck KGaA                                             | Merck KGaA                                                                    | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |      7710 | NS      | $970490.86    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc                                           | QUALCOMM, Inc.                                                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     26459 | NS      | $3883122.84   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DSYU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    478989 | PA      | $491299.31    | 0.09%             | 2054-04-01      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| BOEING CO                                              | Boeing Co.                                                                    | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162535.89    | 0.03%             | 2030-05-01      | Fixed         | 5.15%                 | No            | 2                  | On Loan: No      |
| GOLUB CAPITAL BDC                                      | Golub Capital BDC, Inc.                                                       | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |    745000 | PA      | $725525.22    | 0.13%             | 2026-08-24      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Siemens AG                                             | Siemens AG                                                                    | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      1655 | NS      | $424765.28    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| TotalEnergies SE                                       | TotalEnergies SE                                                              | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     26800 | NS      | $1595940.00   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| SK Hynix Inc                                           | SK Hynix, Inc.                                                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      3155 | NS      | $622218.42    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                         | NU Holdings Ltd.                                                              | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     76520 | NS      | $935074.40    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Toyo Suisan Kaisha Ltd                                 | Toyo Suisan Kaisha Ltd.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11000 | NS      | $705006.63    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Porsche Financial Auto Securitization Trust            | Porsche Financial Auto Securitization Trust                                   | CUSIP: 73328EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $700091.56    | 0.12%             | 2030-01-22      | Fixed         | 4.44%                 | No            | 2                  | On Loan: No      |
| Ameriprise Financial Inc                               | Ameriprise Financial, Inc.                                                    | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      4841 | NS      | $2508557.79   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| HCA Healthcare Inc                                     | HCA Healthcare, Inc.                                                          | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      2410 | NS      | $853115.90    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179TEZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28876 | PA      | $26410.57     | 0.00%             | 2047-08-20      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Avantor Inc                                            | Avantor, Inc.                                                                 | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91670 | NS      | $1232044.80   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XJQM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    468241 | PA      | $446944.26    | 0.08%             | 2052-10-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Hartford Insurance Group Inc/The                       | Hartford Insurance Group, Inc.                                                | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      6400 | NS      | $796096.00    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Electronic Arts Inc                                    | Electronic Arts, Inc.                                                         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      7291 | NS      | $1111804.59   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| John Deere Owner Trust                                 | John Deere Owner Trust                                                        | CUSIP: 47787JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19823 | PA      | $19782.37     | 0.00%             | 2026-09-15      | Fixed         | 2.32%                 | No            | 2                  | On Loan: No      |
| Humana Inc                                             | Humana, Inc.                                                                  | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      4300 | NS      | $1074441.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DSUR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    771221 | PA      | $753353.93    | 0.13%             | 2053-08-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X8YA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133442 | PA      | $121882.72    | 0.02%             | 2035-12-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO                                    | JPMorgan Chase & Co.                                                          | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    535000 | PA      | $548611.47    | 0.10%             | 2030-04-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| RPM International Inc                                  | RPM International, Inc.                                                       | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     15500 | NS      | $1819855.00   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179WG36<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    424160 | PA      | $357153.37    | 0.06%             | 2051-06-20      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Mizuho Financial Group Inc                             | Mizuho Financial Group, Inc.                                                  | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     21200 | NS      | $630095.49    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortive Corp                                           | Fortive Corp.                                                                 | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     32801 | NS      | $1572151.93   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YW67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2762774 | PA      | $2809539.45   | 0.50%             | 2054-05-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Cie de Saint-Gobain SA                                 | Cie de Saint-Gobain SA                                                        | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |      4065 | NS      | $465289.28    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Synopsys Inc                                           | Synopsys, Inc.                                                                | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      4100 | NS      | $2597227.00   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140Q9H97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37270 | PA      | $36013.29     | 0.01%             | 2048-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Bonds                                                           | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  37660000 | PA      | $36865609.38  | 6.54%             | 2055-05-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Ovintiv Inc                                            | Ovintiv, Inc.                                                                 | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     26700 | NS      | $1099506.00   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Nintendo Co Ltd                                        | Nintendo Co. Ltd.                                                             | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     15000 | NS      | $1264826.07   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XKES5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1189347 | PA      | $937808.49    | 0.17%             | 2051-07-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DSNS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1156158 | PA      | $1154604.59   | 0.20%             | 2054-02-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Danaher Corp                                           | Danaher Corp.                                                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      7600 | NS      | $1498416.00   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Reynolds American Inc                                  | Reynolds American, Inc.                                                       | CUSIP: 761713BA3<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    455000 | PA      | $463948.91    | 0.08%             | 2035-08-15      | Fixed         | 5.70%                 | No            | 2                  | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                               | Alexandria Real Estate Equities, Inc.                                         | CUSIP: 015271AZ2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    145000 | PA      | $98142.09     | 0.02%             | 2052-03-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| Commerce Bancshares Inc/MO                             | Commerce Bancshares, Inc.                                                     | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11228 | NS      | $687153.60    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | Taiwan Semiconductor Manufacturing Co. Ltd.                                   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     60000 | NS      | $2331853.59   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| MatsukiyoCocokara & Co                                 | MatsukiyoCocokara & Co.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     33500 | NS      | $689326.92    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Saudi National Bank/The                                | Saudi National Bank                                                           | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |     59437 | NS      | $594195.70    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Sony Group Corp                                        | Sony Group Corp.                                                              | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     96900 | NS      | $2356608.00   | 0.42%             |  |  |  | No            | 1                  | On Loan: —       |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QB2E7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89967 | PA      | $86489.45     | 0.02%             | 2049-10-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418CNT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51886 | PA      | $50339.78     | 0.01%             | 2047-08-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WJ5H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29399 | PA      | $26917.38     | 0.00%             | 2047-03-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd              | Taiwan Semiconductor Manufacturing Co. Ltd.                                   | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     12470 | NS      | $3013001.40   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| TOTVS SA                                               | TOTVS SA                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     91000 | NS      | $708719.45    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418D6M9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262691 | PA      | $231903.97    | 0.04%             | 2041-11-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    330246 | PA      | $323451.67    | 0.06%             | 2052-12-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| MercadoLibre Inc                                       | MercadoLibre, Inc.                                                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       550 | NS      | $1305639.50   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140QEL34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    211158 | PA      | $182993.16    | 0.03%             | 2050-08-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ICICI Bank Ltd                                         | ICICI Bank Ltd.                                                               | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     56188 | NS      | $1893535.60   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XKQ52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262048 | PA      | $257333.86    | 0.05%             | 2053-04-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133A7KT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    255656 | PA      | $212429.54    | 0.04%             | 2050-07-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| DOMINION ENERGY INC                                    | Dominion Energy, Inc.                                                         | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    235000 | PA      | $245964.33    | 0.04%             | 2055-02-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Bayer US Finance II LLC                                | Bayer U.S. Finance II LLC                                                     | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    290000 | PA      | $289259.64    | 0.05%             | 2025-12-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DT5V8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    784535 | PA      | $768464.56    | 0.14%             | 2054-09-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| AIA Group Ltd                                          | AIA Group Ltd.                                                                | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    108400 | NS      | $1013574.52   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| NEC Corp                                               | NEC Corp.                                                                     | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |     25600 | NS      | $746779.84    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Kraft Heinz Co/The                                     | Kraft Heinz Co.                                                               | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     51400 | NS      | $1411444.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Tencent Holdings Ltd                                   | Tencent Holdings Ltd.                                                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     34000 | NS      | $2382165.60   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd        | Shenzhen Mindray Bio-Medical Electronics Co. Ltd.                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      9900 | NS      | $318213.79    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Puma SE                                                | Puma SE                                                                       | CUSIP: 000000000<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |     16317 | NS      | $347187.65    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                | Entergy Mississippi LLC                                                       | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144950.26    | 0.03%             | 2055-04-15      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| Las Vegas Sands Corp                                   | Las Vegas Sands Corp.                                                         | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     29508 | NS      | $1546219.20   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140XBFT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    304149 | PA      | $265326.01    | 0.05%             | 2051-05-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| ONEOK Partners LP                                      | ONEOK Partners LP                                                             | CUSIP: 68268NAD5<br>LEI: T4DHW82NMF6BXJT50795 | Long             | DBT              | CORP              | US        |    125000 | PA      | $136904.81    | 0.02%             | 2037-10-15      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    801443 | PA      | $629355.04    | 0.11%             | 2052-03-01      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X8EL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     94051 | PA      | $77840.92     | 0.01%             | 2050-10-01      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Keurig Dr Pepper Inc                                   | Keurig Dr. Pepper, Inc.                                                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     79690 | NS      | $2601878.50   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Merck & Co Inc                                         | Merck & Co., Inc.                                                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     36635 | NS      | $2861926.20   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Safran SA                                              | Safran SA                                                                     | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      5900 | NS      | $1954948.23   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CAROLINAS                                  | Duke Energy Carolinas LLC                                                     | CUSIP: 26442CAB0<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    145000 | PA      | $153720.56    | 0.03%             | 2038-01-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| American Beacon U.S. Government Money Market           | American Beacon U.S. Government Money Market                                  | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |   1825298 | NS      | $1825297.50   | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| STERIS PLC                                             | STERIS PLC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1280 | NS      | $289907.20    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3133KYW70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    634586 | PA      | $607770.96    | 0.11%             | 2042-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3138WHBL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37228 | PA      | $34108.39     | 0.01%             | 2046-05-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Equity LifeStyle Properties Inc                        | Equity LifeStyle Properties, Inc.                                             | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     19200 | NS      | $1150464.00   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| CRH PLC                                                | CRH PLC                                                                       | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     14424 | NS      | $1376770.80   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Oshkosh Corp                                           | Oshkosh Corp.                                                                 | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     11500 | NS      | $1455095.00   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Croda International PLC                                | Croda International PLC                                                       | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     23625 | NS      | $814953.19    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| ENBRIDGE INC                                           | Enbridge, Inc.                                                                | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1160000 | PA      | $1207750.24   | 0.21%             | 2055-03-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| NRTH PARK Mortgage Trust                               | NRTH Mortgage Trust                                                           | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    785000 | PA      | $785000.00    | 0.14%             | 2039-03-15      | Floating      | 5.98%                 | No            | 2                  | On Loan: No      |
| Siemens Energy AG                                      | Siemens Energy AG                                                             | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     30190 | NS      | $3524503.67   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Wix.com Ltd                                            | Wix.com Ltd.                                                                  | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      3058 | NS      | $415979.74    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140X4NY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52202 | PA      | $50711.45     | 0.01%             | 2048-07-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Halliburton Co                                         | Halliburton Co.                                                               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     65448 | NS      | $1466035.20   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                         | Mercedes-Benz Auto Lease Trust                                                | CUSIP: 58770JAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138464 | PA      | $138748.02    | 0.02%             | 2027-02-16      | Fixed         | 5.44%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                           | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1255000 | PA      | $1260510.23   | 0.22%             | 2026-04-30      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                           | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2205000 | PA      | $2270719.34   | 0.40%             | 2031-04-30      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Zalando SE                                             | Zalando SE                                                                    | CUSIP: 000000000<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |     22149 | NS      | $650109.70    | 0.12%             |  |  |  | Yes           | 1                  | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                 | Fairfax Financial Holdings Ltd.                                               | CUSIP: 303901BR2<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    830000 | PA      | $837060.92    | 0.15%             | 2054-03-22      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| Meituan                                                | Meituan                                                                       | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     71600 | NS      | $1109115.92   | 0.20%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Honda Auto Receivables Owner Trust                     | Honda Auto Receivables Owner Trust                                            | CUSIP: 43814VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $392438.98    | 0.07%             | 2029-09-21      | Fixed         | 4.57%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YKT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3287565 | PA      | $3349690.97   | 0.59%             | 2053-11-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| American Express Co                                    | American Express Co.                                                          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      5445 | NS      | $1629742.95   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Lottomatica Group Spa                                  | Lottomatica Group SpA                                                         | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |     23436 | NS      | $632255.36    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| CNH Equipment Trust                                    | CNH Equipment Trust                                                           | CUSIP: 18978JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63135 | PA      | $63259.78     | 0.01%             | 2027-10-15      | Fixed         | 5.42%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140F5QW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181627 | PA      | $160425.99    | 0.03%             | 2046-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Capital One Financial Corp                             | Capital One Financial Corp.                                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     18719 | NS      | $4024585.00   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| American International Group Inc                       | American International Group, Inc.                                            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     69346 | NS      | $5383329.98   | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| WPP PLC                                                | WPP PLC                                                                       | CUSIP: 92937A102<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |     33500 | NS      | $907180.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: —       |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140FQT23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78174 | PA      | $73746.89     | 0.01%             | 2046-07-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Timken Co/The                                          | Timken Co.                                                                    | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      5400 | NS      | $410886.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Government National Mortgage Association               | Government National Mortgage Association                                      | CUSIP: 36179YU77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1468279 | PA      | $1493958.58   | 0.26%             | 2054-04-20      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                 | Arizona Public Service Co.                                                    | CUSIP: 040555DC5<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    105000 | PA      | $62010.18     | 0.01%             | 2050-09-15      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| United States Treasury                                 | U.S. Treasury Notes                                                           | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1695000 | PA      | $1736183.21   | 0.31%             | 2029-04-30      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Freddie Mac                                            | Federal Home Loan Mortgage Corp.                                              | CUSIP: 3132XXYZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    116553 | PA      | $108679.04    | 0.02%             | 2048-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ConocoPhillips                                         | ConocoPhillips                                                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      6653 | NS      | $634297.02    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Sanso Holdings Corp                             | Nippon Sanso Holdings Corp.                                                   | CUSIP: 000000000<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |     21300 | NS      | $759059.68    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Fannie Mae                                             | Federal National Mortgage Association                                         | CUSIP: 3140FQS73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    254325 | PA      | $234647.24    | 0.04%             | 2046-11-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

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

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer