# EDGAR Filing Document

**Accession Number:** 0001491978
**File Stem:** 0002071691-25-002080
**Filing Date:** 2025-9
**Character Count:** 117283
**Document Hash:** 72fd59abf625a02f0bb0407cf6909171
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002080.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-002080

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FLEXSHARES TRUST
- **CENTRAL INDEX KEY:** 0001491978

**ORGANIZATION NAME:**
- **EIN:** 272560399
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22555
- **FILM NUMBER:** 251342666

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 353-9383

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FlexShares Trust
- **DATE OF NAME CHANGE:** 20110414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NT ETF Trust
- **DATE OF NAME CHANGE:** 20100513

## Series and Classes Contracts Data

### FlexShares Ultra-Short Income Fund (Series ID: S000035596)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000109007 | FlexShares Ultra-Short Income Fund | RAVI            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** FlexShares Trust

- **b. Investment Company Act file number:** 811-22555

- **c. CIK number of Registrant:** 0001491978

- **d. LEI of Registrant:** 5493007FU2RQX77I4604

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

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 855-353-9383

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

- **a. Name of Series:** FlexShares Ultra-Short Income Fund

- **b. EDGAR series identifier (if any):** S000035596

- **c. LEI of Series:** 549300731Y7GX2UDFY78

**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:** $1340973205.85

**Total Liabilities:** $399483.27

**Net Assets:** $1340573722.58

**Cash Not Reported:** $109610.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 5729.00000000 | **1-Year:** 117168.00000000 | **5-Year:** 36828.00000000 | **10-Year:** 200.00000000 | **30-Year:** 6344.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000109007 | 0.40%                | 0.51%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12139.20                | $288665.90                                 |
| Month 2  | $-14669.32               | $1502892.10                                |
| Month 3  | $-12324.64               | $99036.19                                  |

**Designated Index Information**

- **Index Name:** BBG T-Bill 1-3M

- **Index Identifier:** LTBILL1-3M

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAM6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   7402000 | PA      | $7187514.76   | 0.54%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                             | Keurig Dr Pepper, Inc.                                                       | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |  10010000 | PA      | $10033693.67  | 0.75%             | 2026-11-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCH3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2940000 | PA      | $2960445.52   | 0.22%             | 2027-01-23      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $8014250.00   | 0.60%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   4010000 | PA      | $4037530.05   | 0.30%             | 2026-07-17      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2              | CUSIP: 80287NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11681809 | PA      | $11682075.82  | 0.87%             | 2028-06-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   3570000 | PA      | $3579821.86   | 0.27%             | 2027-09-25      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                 | LPL Holdings, Inc.                                                           | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2513902.70   | 0.19%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bank of New Zealand                                | Bank of New Zealand                                                          | CUSIP: 06407EAD7<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |   4000000 | PA      | $4013382.16   | 0.30%             | 2027-01-27      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| Walmart, Inc.                                      | Walmart, Inc.                                                                | CUSIP: 931142FM0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9538689.51   | 0.71%             | 2027-04-28      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 0641593V6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4003960.40   | 0.30%             | 2026-03-02      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10982053.94  | 0.82%             | 2027-10-22      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                   | Deutsche Bank AG                                                             | CUSIP: 25160PAP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   7000000 | PA      | $7025725.00   | 0.52%             | 2029-01-10      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                    | Bravo Residential Funding Trust, Series 2025-NQM1, Class A1                  | CUSIP: 10569MAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7170110 | PA      | $7182759.22   | 0.54%             | 2064-12-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                             | Keurig Dr Pepper, Inc.                                                       | CUSIP: 49271VAS9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2514637.20   | 0.19%             | 2027-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                           | UnitedHealth Group, Inc.                                                     | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   9387000 | PA      | $9408426.58   | 0.70%             | 2026-07-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   8000000 | PA      | $8008960.00   | 0.60%             | 2029-01-27      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.               | Mitsubishi UFJ Financial Group, Inc.                                         | CUSIP: 606822AD6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   3200000 | PA      | $3187122.21   | 0.24%             | 2026-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| FRESB 2022-SB94 Mortgage Trust                     | FRESB Mortgage Trust, Series 2022-SB94, Class A5F                            | CUSIP: 30324QAC2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4431999 | PA      | $4264618.83   | 0.32%             | 2026-11-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40428HS29<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4533642.14   | 0.34%             | 2028-06-03      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7607701.69   | 0.57%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPMorgan Chase & Co.                                                         | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   9100000 | PA      | $9114312.66   | 0.68%             | 2029-01-24      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Mead Johnson Nutrition Co.                         | Mead Johnson Nutrition Co.                                                   | CUSIP: 582839AH9<br>LEI: E4BJRFT3MF4GJDY1SC50 | Long             | DBT              | CORP              | US        |   3698000 | PA      | $3692580.77   | 0.28%             | 2025-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                             | JPMorgan Chase Bank NA                                                       | CUSIP: 48125LRV6<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014921.70   | 0.15%             | 2026-12-08      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                             | Home Depot, Inc. (The)                                                       | CUSIP: 437076CZ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   5018000 | PA      | $5053276.44   | 0.38%             | 2026-06-25      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7991875.04   | 0.60%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5009828.35   | 0.37%             | 2027-06-24      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| McCormick & Co., Inc.                              | McCormick & Co., Inc.                                                        | CUSIP: 579780AR8<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    620000 | PA      | $607232.19    | 0.05%             | 2026-02-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  10000000 | PA      | $10014453.90  | 0.75%             | 2028-01-13      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 17327CAX1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  10286000 | PA      | $10304154.79  | 0.77%             | 2029-03-04      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.                       | Advanced Micro Devices, Inc.                                                 | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $6099886.60   | 0.46%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                           | Bristol-Myers Squibb Co.                                                     | CUSIP: 110122EM6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   3182000 | PA      | $3186136.60   | 0.24%             | 2026-02-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                             | Dell International LLC                                                       | CUSIP: 24703TAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2771967.85   | 0.21%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                       | Drive Auto Receivables Trust, Series 2024-2, Class A2                        | CUSIP: 26207AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    930136 | PA      | $930680.31    | 0.07%             | 2027-12-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607LSL8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   4150000 | PA      | $4196516.60   | 0.31%             | 2026-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                         | Aviation Capital Group LLC                                                   | CUSIP: 05367AAH6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2995123.98   | 0.22%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| eBay, Inc.                                         | eBay, Inc.                                                                   | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3418347.42   | 0.25%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2023-3, Class A3                  | CUSIP: 43815QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4031467 | PA      | $4055329.80   | 0.30%             | 2028-02-18      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                      | State Street Bank & Trust Co.                                                | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   2610000 | PA      | $2611707.07   | 0.19%             | 2026-11-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WFC0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5006570.95   | 0.37%             | 2027-03-12      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                        | Sysco Corp.                                                                  | CUSIP: 871829BF3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   5370000 | PA      | $5255315.54   | 0.39%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                 | Berry Global, Inc.                                                           | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7189435.81   | 0.54%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.          | Consolidated Edison Co. of New York, Inc.                                    | CUSIP: 209111GL1<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $5208289.42   | 0.39%             | 2027-11-18      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                        | Marsh & McLennan Cos., Inc.                                                  | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $5899345.42   | 0.44%             | 2027-11-08      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                     | Blackstone Private Credit Fund                                               | CUSIP: 09261HBR7<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1285145.77   | 0.10%             | 2027-09-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661DM6<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   5800000 | PA      | $5713479.83   | 0.43%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Accenture Capital, Inc.                            | Accenture Capital, Inc.                                                      | CUSIP: 00440KAA1<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4470759.63   | 0.33%             | 2027-10-04      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   2820000 | PA      | $2855915.52   | 0.21%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2              | CUSIP: 802920AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.01         | 0.00%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital plc                        | GlaxoSmithKline Capital plc                                                  | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |   8300000 | PA      | $8330009.56   | 0.62%             | 2027-03-12      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   8300000 | PA      | $8305812.32   | 0.62%             | 2027-03-19      | Floating      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| International Business Machines Corp.              | International Business Machines Corp.                                        | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6442569.51   | 0.48%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                       | Zimmer Biomet Holdings, Inc.                                                 | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   3906000 | PA      | $3920319.79   | 0.29%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Intuit, Inc.                                       | Intuit, Inc.                                                                 | CUSIP: 46124HAE6<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |   4950000 | PA      | $4996111.68   | 0.37%             | 2026-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pepsico Singapore Financing I Pte. Ltd.            | Pepsico Singapore Financing I Pte. Ltd.                                      | CUSIP: 713466AE0<br>LEI: 254900DOMTCMUFROFJ76 | Long             | DBT              | CORP              | SG        |  12200000 | PA      | $12235737.83  | 0.91%             | 2027-02-16      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XES1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2169000 | PA      | $2177098.81   | 0.16%             | 2027-05-08      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                     | Blackstone Private Credit Fund                                               | CUSIP: 09261HBA4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2508001.70   | 0.19%             | 2025-09-29      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                     | CUSIP: 24422EWY1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1304288.88   | 0.10%             | 2026-06-08      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DM8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3513109.29   | 0.26%             | 2026-10-30      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker, Inc.                       | Stanley Black & Decker, Inc.                                                 | CUSIP: 854502AS0<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |   2020000 | PA      | $2019856.24   | 0.15%             | 2026-03-06      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214GD9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    930000 | PA      | $936147.30    | 0.07%             | 2030-07-01      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                     | Hewlett Packard Enterprise Co.                                               | CUSIP: 42824CAW9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   8600000 | PA      | $8599954.94   | 0.64%             | 2025-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4456000 | PA      | $4478699.49   | 0.33%             | 2028-04-13      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Schlumberger Holdings Corp.                        | Schlumberger Holdings Corp.                                                  | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    641000 | PA      | $647640.34    | 0.05%             | 2027-05-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                  | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2001447.38   | 0.15%             | 2027-01-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22534PAJ2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   6670000 | PA      | $6688288.54   | 0.50%             | 2027-03-11      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Chase Issuance Trust                               | Chase Issuance Trust, Series 2023-A1, Class A                                | CUSIP: 161571HT4<br>LEI: 5493008SHVCX2Y068L12 | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1917352.51   | 0.14%             | 2028-09-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   5582000 | PA      | $5599740.27   | 0.42%             | 2027-04-01      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2022-2, Class B               | CUSIP: 80286MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94368 | PA      | $94306.22     | 0.01%             | 2027-09-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC                  | LYB International Finance III LLC                                            | CUSIP: 50249AAF0<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |   2497000 | PA      | $2481380.49   | 0.19%             | 2025-10-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                             | Home Depot, Inc. (The)                                                       | CUSIP: 437076CY6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   8040000 | PA      | $8045907.23   | 0.60%             | 2025-12-24      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies, Inc.                   | GE HealthCare Technologies, Inc.                                             | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   7200000 | PA      | $7212730.32   | 0.54%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                   | Skandinaviska Enskilda Banken AB                                             | CUSIP: 830505BA0<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   3000000 | PA      | $3019974.75   | 0.23%             | 2027-03-05      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2023-D, Class A2A                  | CUSIP: 98164DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95015 | PA      | $95054.03     | 0.01%             | 2027-02-16      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                       | BX Commercial Mortgage Trust, Series 2019-IMC, Class A                       | CUSIP: 05608BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2354897 | PA      | $2337235.49   | 0.17%             | 2034-04-15      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-C, Class A2A                     | CUSIP: 448976AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    696234 | PA      | $696146.81    | 0.05%             | 2027-09-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust       | American Credit Acceptance Receivables Trust, Series 2025-3, Class B         | CUSIP: 02528EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6435000 | PA      | $6432952.09   | 0.48%             | 2029-09-12      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AGCO Corp.                                         | AGCO Corp.                                                                   | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1259747.88   | 0.09%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 53944YAT0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2299632.37   | 0.17%             | 2026-08-11      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280EK1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1800000 | PA      | $1800373.95   | 0.13%             | 2028-11-19      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RCB6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1900000 | PA      | $1906755.87   | 0.14%             | 2029-04-13      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Kellanova                                          | Kellanova                                                                    | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |  12092000 | PA      | $12002833.95  | 0.90%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89114TZH8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2002849.94   | 0.15%             | 2026-09-10      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Conagra Brands, Inc.                               | Conagra Brands, Inc.                                                         | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5992921.56   | 0.45%             | 2025-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                           | Bunge Ltd. Finance Corp.                                                     | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4393174.37   | 0.33%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008142.57   | 0.22%             | 2027-04-23      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007096.99   | 0.08%             | 2026-06-24      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TMZ5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $13997067.84  | 1.04%             | 2027-01-08      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3503385.62   | 0.26%             | 2027-06-09      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38145GAN0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   9598000 | PA      | $9604274.02   | 0.72%             | 2026-08-10      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214FX6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   8000000 | PA      | $8011452.80   | 0.60%             | 2026-10-20      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                       | Nutrien Ltd.                                                                 | CUSIP: 67077MAY4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   1020000 | PA      | $1022304.78   | 0.08%             | 2025-11-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCC5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    720000 | PA      | $721295.81    | 0.05%             | 2026-01-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                       | Nutrien Ltd.                                                                 | CUSIP: 67077MBE7<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   3300000 | PA      | $3296131.58   | 0.25%             | 2027-03-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Receivables Trust               | Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3                | CUSIP: 58769FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2549467 | PA      | $2578111.55   | 0.19%             | 2028-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                          | CUSIP: 63906YAK4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  10250000 | PA      | $10311951.00  | 0.77%             | 2027-05-17      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| CSX Corp.                                          | CSX Corp.                                                                    | CUSIP: 126408HD8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2242607.72   | 0.17%             | 2025-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-4, Class A2A | CUSIP: 38014AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    482440 | PA      | $482379.76    | 0.04%             | 2027-10-18      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                       | Mondelez International, Inc.                                                 | CUSIP: 609207AM7<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990614.34   | 0.15%             | 2028-05-07      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                      | Comcast Corp.                                                                | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   3394000 | PA      | $3388208.68   | 0.25%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   7700000 | PA      | $7590919.18   | 0.57%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp.                                  | NTT Finance Corp.                                                            | CUSIP: 62954WAR6<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   8000000 | PA      | $8075656.00   | 0.60%             | 2028-07-16      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477CP6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   7040000 | PA      | $7054626.09   | 0.53%             | 2027-10-22      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| JB Hunt Transport Services, Inc.                   | JB Hunt Transport Services, Inc.                                             | CUSIP: 445658CF2<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4977533.40   | 0.37%             | 2026-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BlackRock Funding, Inc.                            | BlackRock Funding, Inc.                                                      | CUSIP: 09290DAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12180000 | PA      | $12274662.47  | 0.92%             | 2027-07-26      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                         | J.P. Morgan Mortgage Trust, Series 2025-NQM1, Class A1                       | CUSIP: 46593QAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3754292 | PA      | $3756680.03   | 0.28%             | 2065-06-25      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2024-1, Class A2                  | CUSIP: 437918AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    283721 | PA      | $283877.80    | 0.02%             | 2026-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  11170000 | PA      | $10950994.95  | 0.82%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  10000000 | PA      | $9994580.70   | 0.75%             | 2025-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                          | OBX Trust, Series 2024-NQM11, Class A1                                       | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |   3905205 | PA      | $3915568.82   | 0.29%             | 2064-06-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5007461.80   | 0.37%             | 2026-08-03      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                             | Tesla Auto Lease Trust, Series 2023-B, Class A3                              | CUSIP: 88167QAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    532572 | PA      | $533808.87    | 0.04%             | 2026-09-21      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust, Series 2024-C, Class A2A                             | CUSIP: 477911AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2222222 | PA      | $2219361.27   | 0.17%             | 2027-08-16      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                         | Sherwin-Williams Co. (The)                                                   | CUSIP: 824348BR6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1499849.63   | 0.11%             | 2025-08-08      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                            | CarMax Auto Owner Trust, Series 2023-1, Class D                              | CUSIP: 14318DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2652415.74   | 0.20%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    947000 | PA      | $931589.90    | 0.07%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                       | Oracle Corp.                                                                 | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   9400000 | PA      | $9458957.18   | 0.71%             | 2028-08-03      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                       | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KBP0<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7076995.80   | 0.53%             | 2029-03-20      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Lennar Corp.                                       | Lennar Corp.                                                                 | CUSIP: 526057CT9<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6302427.01   | 0.47%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPMorgan Chase & Co.                                                         | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2508847.68   | 0.19%             | 2027-09-22      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                      | Cencora, Inc.                                                                | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2099452.74   | 0.16%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                     | CUSIP: 24422EXL8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10011592.60  | 0.75%             | 2026-03-06      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies, Inc.                         | Agilent Technologies, Inc.                                                   | CUSIP: 00846UAQ4<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |   4520000 | PA      | $4500159.96   | 0.34%             | 2027-09-09      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                  | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7490790.98   | 0.56%             | 2027-05-13      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4250000 | PA      | $4234062.50   | 0.32%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2023-B, Class A3                      | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4032574 | PA      | $4057262.00   | 0.30%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271RAV2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   3200000 | PA      | $3218404.29   | 0.24%             | 2028-03-14      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Juniper Networks, Inc.                             | Juniper Networks, Inc.                                                       | CUSIP: 48203RAN4<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | DBT              | CORP              | US        |   7200000 | PA      | $7105807.44   | 0.53%             | 2025-12-10      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co.                           | Arthur J Gallagher & Co.                                                     | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |  10230000 | PA      | $10265073.04  | 0.77%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477CE1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10044222.40  | 0.75%             | 2026-08-03      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                           | UnitedHealth Group, Inc.                                                     | CUSIP: 91324PFN7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001764.30   | 0.22%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                  | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7769584.25   | 0.58%             | 2028-07-21      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Americredit Automobile Receivables Trust           | Americredit Automobile Receivables Trust, Series 2022-1, Class D             | CUSIP: 03066TAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7570000 | PA      | $7446914.83   | 0.56%             | 2028-02-18      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| eBay, Inc.                                         | eBay, Inc.                                                                   | CUSIP: 278642BC6<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5014071.85   | 0.37%             | 2025-11-22      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust            | Capital One Multi-Asset Execution Trust, Series 2024-A1, Class A             | CUSIP: 14041NGE5<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   9000000 | PA      | $8942038.20   | 0.67%             | 2029-09-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                           | Lloyds Banking Group plc                                                     | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   9000000 | PA      | $9048290.58   | 0.67%             | 2028-11-26      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                          | RTX Corp.                                                                    | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1999175.84   | 0.15%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985667.50    | 0.07%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   9000000 | PA      | $9074526.39   | 0.68%             | 2028-03-12      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust                          | Kubota Credit Owner Trust, Series 2025-1A, Class A2                          | CUSIP: 50117FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1321183.25   | 0.10%             | 2027-12-15      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KCR9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4009301.40   | 0.30%             | 2026-01-29      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |  13000000 | PA      | $13034970.00  | 0.97%             | 2028-06-12      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corp.                                    | Air Lease Corp.                                                              | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3625000 | PA      | $3524159.35   | 0.26%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc.                                                        | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3295753.46   | 0.25%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                        | Intel Corp.                                                                  | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |  10200000 | PA      | $10205646.41  | 0.76%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance USA Ltd.                      | BHP Billiton Finance USA Ltd.                                                | CUSIP: 055451AY4<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $5008397.95   | 0.37%             | 2026-02-27      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4948438.30   | 0.37%             | 2025-11-15      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                     | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2007925.68   | 0.15%             | 2027-06-11      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MDL1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1500000 | PA      | $1514700.00   | 0.11%             | 2029-07-09      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016EZP5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2750000 | PA      | $2752868.17   | 0.21%             | 2026-01-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                       | Public Storage Operating Co.                                                 | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   4180000 | PA      | $4187845.61   | 0.31%             | 2027-04-16      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| The Campbell's Co.                                 | Campbell's Co. (The)                                                         | CUSIP: 134429BL2<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    960000 | PA      | $963834.64    | 0.07%             | 2026-03-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBD9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3023713.92   | 0.23%             | 2026-12-04      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                             | Dell International LLC                                                       | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5043278.25   | 0.38%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   8740000 | PA      | $8777494.60   | 0.65%             | 2028-05-26      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4103882.82   | 0.31%             | 2028-01-13      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAT1<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2496343.55   | 0.19%             | 2027-10-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.              | International Business Machines Corp.                                        | CUSIP: 459200JG7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3082480.63   | 0.23%             | 2026-02-19      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Ralph Lauren Corp.                                 | Ralph Lauren Corp.                                                           | CUSIP: 751212AC5<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | DBT              | CORP              | US        |   9675000 | PA      | $9659591.21   | 0.72%             | 2025-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                        | Swedbank AB                                                                  | CUSIP: 870195AD6<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   2800000 | PA      | $2842563.75   | 0.21%             | 2029-11-20      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214ES8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $500830.00    | 0.04%             | 2026-06-03      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                       | Royal Caribbean Cruises Ltd.                                                 | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   3000000 | PA      | $3157500.00   | 0.24%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1514464.11   | 0.11%             | 2027-01-08      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Stryker Corp.                                      | Stryker Corp.                                                                | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6319424.79   | 0.47%             | 2027-02-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                | Take-Two Interactive Software, Inc.                                          | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10020971.40  | 0.75%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55608PBT0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1290000 | PA      | $1312208.09   | 0.10%             | 2027-07-02      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAV9<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4111125.23   | 0.31%             | 2026-07-31      | Floating      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368FAD1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3300000 | PA      | $3309075.00   | 0.25%             | 2026-09-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Microchip Technology, Inc.                         | Microchip Technology, Inc.                                                   | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   3846000 | PA      | $3843335.49   | 0.29%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   2100000 | PA      | $2112310.96   | 0.16%             | 2027-01-09      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Fortinet, Inc.                                     | Fortinet, Inc.                                                               | CUSIP: 34959EAA7<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4888961.20   | 0.36%             | 2026-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co.                              | Kraft Heinz Foods Co.                                                        | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   8400000 | PA      | $8289827.45   | 0.62%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4909265.60   | 0.37%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                          | HCA, Inc.                                                                    | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1660000 | PA      | $1678168.53   | 0.13%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    700000 | PA      | $702763.74    | 0.05%             | 2026-10-30      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TLA1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5002900.00   | 0.37%             | 2025-09-11      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Trust                   | Harley-Davidson Motorcycle Trust, Series 2024-A, Class A2                    | CUSIP: 412922AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    181525 | PA      | $181708.01    | 0.01%             | 2027-02-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2024-2, Class A2              | CUSIP: 80286YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         0 | PA      | $0.03         | 0.00%             | 2027-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5007250.00   | 0.37%             | 2029-01-24      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                     | Hewlett Packard Enterprise Co.                                               | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1468459.73   | 0.11%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                                    | DR Horton, Inc.                                                              | CUSIP: 23331ABN8<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14935252.65  | 1.11%             | 2025-10-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                        | Sysco Corp.                                                                  | CUSIP: 871829AZ0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2495701.65   | 0.19%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2024-2, Class A2                  | CUSIP: 437930AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    612984 | PA      | $613817.41    | 0.05%             | 2026-11-18      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   6700000 | PA      | $6755479.75   | 0.50%             | 2028-02-04      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                             | Tesla Auto Lease Trust, Series 2024-B, Class A2B                             | CUSIP: 881934AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2188086 | PA      | $2189046.42   | 0.16%             | 2027-01-20      | Floating      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   6260000 | PA      | $6284481.61   | 0.47%             | 2027-07-02      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                            | DuPont de Nemours, Inc.                                                      | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |  11750000 | PA      | $11736789.59  | 0.88%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                        | Swedbank AB                                                                  | CUSIP: 87020PAV9<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |  10500000 | PA      | $10589941.11  | 0.79%             | 2026-06-15      | Fixed         | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Sysco Corp.                                        | Sysco Corp.                                                                  | CUSIP: 871829BC0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2965748.67   | 0.22%             | 2026-07-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                          | OBX Trust, Series 2024-NQM16, Class A1                                       | CUSIP: 67120GAA6<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-MBS          | CORP              | US        |   2151822 | PA      | $2147650.78   | 0.16%             | 2064-10-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Elevance Health, Inc.                              | Elevance Health, Inc.                                                        | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1490925.65   | 0.11%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A3  | CUSIP: 36265WAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71776 | PA      | $71637.99     | 0.01%             | 2027-04-16      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 0641598M1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1780000 | PA      | $1782563.31   | 0.13%             | 2026-09-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2024-4, Class A2                  | CUSIP: 43816DAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3692228 | PA      | $3692695.97   | 0.28%             | 2027-03-15      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4015420.56   | 0.30%             | 2027-07-28      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                         | VMware LLC                                                                   | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   7200000 | PA      | $6975464.76   | 0.52%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GMU0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  24000000 | PA      | $24181341.60  | 1.80%             | 2029-05-09      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                       | Marriott International, Inc.                                                 | CUSIP: 571903AP8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5589308.42   | 0.42%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                         | J.P. Morgan Mortgage Trust, Series 2024-2, Class A6A                         | CUSIP: 46657TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    455439 | PA      | $454083.54    | 0.03%             | 2054-08-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                              | PayPal Holdings, Inc.                                                        | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   8200000 | PA      | $8235424.00   | 0.61%             | 2028-03-06      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3               | CUSIP: 36269FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1018000 | PA      | $1020315.64   | 0.08%             | 2027-03-22      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38143U8H7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4976830.40   | 0.37%             | 2026-02-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust, Series 2023-4, Class A1A                               | CUSIP: 92348KBS1<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   3410000 | PA      | $3432654.68   | 0.26%             | 2029-06-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP                           | Mizuho Markets Cayman LP                                                     | CUSIP: 60700JDB8<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |   2900000 | PA      | $2902176.68   | 0.22%             | 2026-01-09      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp.               | Mitsubishi UFJ Trust & Banking Corp.                                         | CUSIP: 60683D5N5<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |  10000000 | PA      | $10002637.00  | 0.75%             | 2026-03-17      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                            | Simon Property Group LP                                                      | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |  11426000 | PA      | $11414709.28  | 0.85%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust, Series 2024-4, Class B                                 | CUSIP: 92348KCW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3018946.50   | 0.23%             | 2029-06-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                    | Starbucks Corp.                                                              | CUSIP: 855244BN8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3181526.63   | 0.24%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                                   | Mastercard, Inc.                                                             | CUSIP: 57636QBE3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |  11900000 | PA      | $11921457.01  | 0.89%             | 2028-03-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                    | Nordea Bank Abp                                                              | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   7700000 | PA      | $7724912.73   | 0.58%             | 2028-03-17      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WES6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2102289.00   | 0.16%             | 2025-10-03      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                         | CUSIP: 14913UAK6<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7007752.08   | 0.52%             | 2026-02-27      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                      | Pioneer Natural Resources Co.                                                | CUSIP: 723787AV9<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6022368.30   | 0.45%             | 2026-03-29      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust                  | Chase Home Lending Mortgage Trust, Series 2024-2, Class A4A                  | CUSIP: 161929BH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1688109 | PA      | $1697187.58   | 0.13%             | 2055-02-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   5210000 | PA      | $5207602.25   | 0.39%             | 2028-09-11      | Variable      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2023-4, Class A2                  | CUSIP: 438123AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3486 | PA      | $3486.27      | 0.00%             | 2026-06-22      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                | Exeter Automobile Receivables Trust, Series 2024-5A, Class A2                | CUSIP: 30165BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1009421 | PA      | $1009438.24   | 0.08%             | 2027-04-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3                 | CUSIP: 89231FAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4562127 | PA      | $4583166.49   | 0.34%             | 2028-04-17      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                        | Phillips 66                                                                  | CUSIP: 718546AZ7<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3927606.80   | 0.29%             | 2026-02-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                              | Westpac Banking Corp.                                                        | CUSIP: 961214FS7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   3710000 | PA      | $3713471.82   | 0.28%             | 2026-04-16      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co.                                                               | CUSIP: 233331AY3<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3042201.06   | 0.23%             | 2026-10-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 808513BZ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6557615.68   | 0.49%             | 2027-03-03      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Pfizer Investment Enterprises Pte. Ltd.            | Pfizer Investment Enterprises Pte. Ltd.                                      | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |  11400000 | PA      | $11405957.30  | 0.85%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                | Fifth Third Bank NA                                                          | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4901319.96   | 0.37%             | 2028-01-28      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                     | Synopsys, Inc.                                                               | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7812223.46   | 0.58%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Ross Stores, Inc.                                  | Ross Stores, Inc.                                                            | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7401761.22   | 0.55%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCL4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |  10000000 | PA      | $10089011.50  | 0.75%             | 2028-02-16      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 808513BQ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000456.64   | 0.07%             | 2026-05-13      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCP5<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2900000 | PA      | $2916521.04   | 0.22%             | 2030-01-22      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co.                                                            | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8011904.00   | 0.60%             | 2028-01-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                        | Truist Bank                                                                  | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $12020496.00  | 0.90%             | 2028-07-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   3200000 | PA      | $3214394.37   | 0.24%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2023-1, Class A3                        | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    742790 | PA      | $743932.95    | 0.06%             | 2028-09-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 632525CG4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   3000000 | PA      | $3001550.37   | 0.22%             | 2028-03-06      | Floating      | 4.89%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016EZR1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2003608.72   | 0.15%             | 2026-04-27      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Halliburton Co.                                    | Halliburton Co.                                                              | CUSIP: 406216BG5<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |   1957000 | PA      | $1950540.30   | 0.15%             | 2025-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Citadel Finance LLC                                | Citadel Finance LLC                                                          | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5929705.92   | 0.44%             | 2026-03-09      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XFD3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   8800000 | PA      | $8694251.02   | 0.65%             | 2030-01-07      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Hubbell, Inc.                                      | Hubbell, Inc.                                                                | CUSIP: 443510AG7<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |   4679000 | PA      | $4642442.51   | 0.35%             | 2026-03-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   6654000 | PA      | $6653229.20   | 0.50%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2023-C, Class A2A                     | CUSIP: 44918CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160477 | PA      | $160577.06    | 0.01%             | 2027-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4018888.60   | 0.30%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1480000 | PA      | $1488444.24   | 0.11%             | 2027-01-14      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2024-B, Class A2A                       | CUSIP: 34531QAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850189 | PA      | $852165.04    | 0.06%             | 2027-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                          | Williams Cos., Inc. (The)                                                    | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14064319.36  | 1.05%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority     | New Jersey Transportation Trust Fund Authority Program Bonds, Series 2024 BB | CUSIP: 64613CEZ7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2882625.36   | 0.22%             | 2026-06-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACZ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002231.74   | 0.07%             | 2027-03-19      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| BA Credit Card Trust                               | BA Credit Card Trust, Series 2022-A2, Class A2                               | CUSIP: 05522RDF2<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5007042.00   | 0.37%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                     | Carvana Auto Receivables Trust, Series 2025-P2, Class A2                     | CUSIP: 14688YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4900000 | PA      | $4900352.31   | 0.37%             | 2028-08-10      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Bills                                                          | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   7215000 | PA      | $7209867.39   | 0.54%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280ET2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   5600000 | PA      | $5610251.92   | 0.42%             | 2029-03-03      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions, Inc.               | Broadridge Financial Solutions, Inc.                                         | CUSIP: 11133TAC7<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990146.38    | 0.07%             | 2026-06-27      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                    | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   9400000 | PA      | $9470178.43   | 0.71%             | 2028-03-14      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| FNMA                                               | FNMA                                                                         | CUSIP: 313589JW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | STIV             | USGA              | US        |  21000000 | PA      | $20997526.62  | 1.57%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank (The)                     | Huntington National Bank (The)                                               | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4120915.17   | 0.31%             | 2028-04-12      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                       | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3283194.43   | 0.24%             | 2027-05-31      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                           | John Deere Capital Corp.                                                     | CUSIP: 24422EYB9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10008966.80  | 0.75%             | 2027-01-05      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3031283.04   | 0.23%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10010443.30  | 0.75%             | 2026-10-01      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   7200000 | PA      | $7214844.96   | 0.54%             | 2026-11-02      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| McKesson Corp.                                     | McKesson Corp.                                                               | CUSIP: 581557BQ7<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   7439000 | PA      | $7343890.15   | 0.55%             | 2025-12-03      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                   | BP Capital Markets America, Inc.                                             | CUSIP: 10373QBE9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9937406.60   | 0.74%             | 2026-02-11      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WFV8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300363.04    | 0.02%             | 2026-05-21      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust            | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A             | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   4882000 | PA      | $4886201.45   | 0.36%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280BB4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $2986887.69   | 0.22%             | 2026-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 55279HAT7<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4006155.56   | 0.30%             | 2025-11-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** FlexShares Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO