Dow Inc.

06/16/2026 | Press release | Distributed by Public on 06/16/2026 05:09

Annual Report of Employee Stock Purchase/Savings Plan (Form 11-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
þ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-38646
A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Dow Inc.
2211 H.H. Dow Way
Midland, MI 48674
REQUIRED INFORMATION
Financial statements at December 31, 2025 and 2024 and year ended December 31, 2025, supplemental schedule at December 31, 2025 and Report of Independent Registered Public Accounting Firm.
The Dow Chemical
Company Employees'
Savings Plan
Financial Statements at December 31, 2025 and 2024,
and for year ended December 31, 2025 and Supplemental
Schedule at December 31, 2025
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
TABLE OF CONTENTS
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits at December 31, 2025 and 2024
2
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2025
3
Notes to Financial Statements at December 31, 2025 and 2024, and for the year ended December 31, 2025
4
SUPPLEMENTAL SCHEDULE
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2025
9
APPENDICES
11
EXHIBIT INDEX
33
SIGNATURES
34
Report of Independent Registered Public Accounting Firm
To the Plan Participants and 401(k) Investment Committee of
The Dow Chemical Company Employees' Savings Plan
Midland, Michigan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of The Dow Chemical Company Employees' Savings Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively, the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying ERISA-required Supplemental Schedule H, line 4i- Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ BDO USA, P.C.
Grand Rapids, Michigan
June 16, 2026
We have served as the Plan's auditor since 2019.
1
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 2025 and 2024
In millions 2025 2024
Assets
Investments - at fair value (Note 3) $ 10,324 $ 9,458
Fully benefit-responsive investment contracts - at contract value 1,095 1,255
Receivables - interest, dividends and other 16 32
Receivables - participant notes 106 106
Total Assets 11,541 10,851
Liabilities
Other payables 11 21
Net Assets Available For Benefits $ 11,530 $ 10,830
See Notes to Financial Statements.
2
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2025


In millions 		2025
Additions
Investment income
Net realized/unrealized gain on investments $ 1,217
Interest and dividends 77
Total investment income 1,294
Employer contributions 220
Employee contributions 277
Rollover contributions (Note 1) 115
Interest on participant notes receivable 8
Total additions 1,914
Deductions
Distributions and withdrawals 1,213
Administrative expenses 1
Total deductions 1,214
Net increase 700
Beginning of year 10,830
End of year $ 11,530
See Notes to Financial Statements.
3
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1.DESCRIPTION OF THE PLAN
The following description of The Dow Chemical Company Employees' Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan document or the Summary Plan Description provided to all participants for a more complete description of the Plan's provisions.
General - The Plan is a defined contribution plan consisting of a profit sharing plan with a cash or deferred feature, which is intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code as of 1986, as amended ("Code"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. The Plan covers any person who is or becomes an eligible employee of The Dow Chemical Company (the "Company" or "TDCC") or of certain of TDCC's subsidiaries, including former employees with balances in the Plan. On April 1, 2019, Dow Inc. became the direct parent company of TDCC. Dow Inc. is an independent, publicly traded company and Dow Inc. common stock is listed on the New York Stock Exchange under the symbol "DOW."
Employee Contributions - Plan participants generally may elect to contribute from 0.5% to 40.0% of their compensation, depending on the participant's eligible pay, limited to a 0.5% minimum contribution. The maximum yearly gross compensation pre-tax or Roth 401(k) contribution made through payroll deductions was $23,500 in 2025. Participants who attained age 50 before the end of the plan year were eligible to make additional catch-up contributions in the amount of $7,500 in 2025. Participants age 60-63 were eligible to make additional catch-up contributions in the amount of $3,750 with a total catch-up contribution limit of $11,250 in 2025. Plan participants may elect to increase, decrease, suspend or resume compensation deferrals at any time. New elections are effective as soon as practicable after the request is processed. Newly hired eligible employees not electing to enroll within a reasonable period of time are automatically enrolled to contribute 6% of their eligible pay to the Plan unless the employee elects to opt out. The automatic contributions will increase by 1% each year effective April 1, until the contribution rate reaches 15%, unless the employee designates otherwise. The contributions default to the applicable BlackRock® LifePath® Fund based on the employee's date of birth, unless otherwise designated by the employee.
Company Contributions - In general, the Company's matching contribution provides a 100% match on the first 4% of eligible pay deferrals and a 50% match on the next 2% of eligible pay deferrals. Eligible U.S. employees receive an automatic non-elective contribution to the Plan of 4% of their eligible compensation. The Company offers a student debt retirement savings match, which provides Company matching contributions on a participant's eligible student debt payments in the same manner as the match on pay deferrals.
In the first quarter of 2026, the Company contributed $8.5 million to Plan participants, as required under the Plan's true-up provisions for the year ended December 31, 2025.
Rollover Contributions - In the fourth quarter of 2025, the Company terminated certain U.S. tax-qualified pension plans. As part of the termination process participants were offered a lump sum distribution, an immediate monthly annuity or rollover contribution into the Plan. As such the rollover contribution to the Plan was treated as a qualified replacement plan. As a result of the pension plan terminations, participants made rollover contributions to the Plan totaling $115.4 million.
Dividends - Participants invested in the Dow Inc. stock fund may elect to receive dividends as a distribution rather than reinvesting dividends within the participant account.
Account Valuation - Participant account balances reflect the total contributions made to the Plan by employees and the Company, plus investment results, less expenses and withdrawals.
Vesting - Participants are immediately vested in all amounts credited to their Plan account, including employee contributions, Company contributions and investment earnings.
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Benefits Distribution - Benefits are generally distributable upon termination of employment as a lump-sum payment or partial withdrawal or may be deferred until minimum distributions are required by law. The Plan makes a lump-sum payment to terminated participants who have a balance that does not exceed $1,000. Active employees may request in-service distributions upon the attainment of age 59-1/2. Active employees under the age of 59-1/2 may request a distribution in the event of a financial hardship as defined by the Plan.
Participant Notes Receivable - Active participants, retirees and terminated participants may borrow from their employee contributions, plus earnings on those contributions, with a minimum note receivable of $1,000. Participant notes receivable are limited to the smaller of 50% of the total account balance or $50,000, less the highest outstanding participant note receivable balance in the preceding 12 months.
Note receivable repayments for active employees are made through payroll deductions on an after-tax basis, with a minimum term of six months and a maximum of 60 months for any purpose other than the purchase of a primary residence and a minimum term of six months and a maximum of 120 months for participant note receivable for the purpose of purchasing a primary residence. Repayments, both interest and principal, are credited to the participant's account and are allocated among the fund options according to the participant's current investment election. A fixed interest rate is applied to the note receivable. This rate is generally equal to the prime rate on the last day of each calendar quarter before the loan is processed. The range of interest rates on notes receivable outstanding, excluding deemed loans, at December 31, 2025 and 2024 was 3.25% to 8.50%.
Investments - Participants direct the investment of their contributions into various investment options offered by the Plan.
Related Party and Party-In-Interest Transactions - Administrative expenses of the trustee are charged to the Plan. The assets of the Plan are held by Fidelity Management Trust Company ("Fidelity"), who acts as independent trustee, custodian and recordkeeper for the investments in the Plan, except the assets held by Synthetic Guaranteed Investment Contracts ("Synthetic GICs"), which are custodied at Bank of New York Mellon ("BNY Mellon"). Fidelity manages certain Plan investments. All transactions with Fidelity and BNY Mellon qualify as party-in-interest transactions. Invesco Trust Company acts as a subadvisor on the Plan's Interest Income fund, manages assets in that fund and contracts on the Plan's behalf with the Synthetic GICs' insurers.
Plan investments include shares of common stock of TDCC's parent company, Dow Inc., and the Plan holds notes receivable from Plan participants.
Amendment or Termination - The Plan does not have an expiration date. The Company may at any time terminate, amend or modify the Plan, subject to certain rights of the Plan participants. Upon termination of the Plan, each participant is entitled to receive the entire balance in his or her account in accordance with the terms of the Plan.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
Contributions - Employee contributions and related employer contributions are recognized in the period during which the Company makes payroll deductions from the employee's compensation.
Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of Dow Inc., mutual funds and certain money market funds are stated at fair value based upon the quoted market value of such securities at year end. The investments in common/collective trusts are valued at net asset value ("NAV") per share (or its equivalent) of the fund, based on the fair values of the underlying net assets. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be
5
probable that the fund will sell the investment for an amount different than the reported NAV. There are no redemption restrictions or unfunded commitments on these investments. Temporary investments are investments in short term money market funds in the respective investment funds. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in the fair value of investments includes the Plan's gains and losses on investments bought and sold, as well as held, during the year.
Investments of the Interest Income Fund ("Fund") included in the Plan consist of Synthetic GICs, bonds, a money market fund and a common collective trust fund. All of the Plan's Synthetic GICs are fully benefit-responsive and are recorded at contract value. Contract value is the amount participants would normally receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents deposits made to the contract plus earnings at guaranteed crediting rates less withdrawals and applicable fees. Synthetic GICs operate similarly to an insurance company separate account investment contract, except that the assets are placed in a separate custodial account (owned by the Plan) rather than such assets being held in a separate account of the insurance company. A Synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio, owned by the Plan, of high-quality, intermediate term fixed income securities or common/collective trusts holding similar investments. The Plan purchases a wrapper contract from financial services institutions.
In addition to holding certain assets, Synthetic GICs include features designed to provide participant liquidity at book value as well as periodic interest crediting rates. The liquidity feature is also known as "benefit responsiveness."
The Synthetic GICs provide for prospective crediting interest rate adjustments based on the interest earnings and fair value of the underlying assets. The crediting interest rates are reset monthly and the contracts guarantee that the crediting interest rates cannot be less than zero.
Certain events may limit the ability of the Plan to transact at contract value with the insurance company and the financial institution issuer. Such events include the following: (i) amendments to the plan documents (including complete or partial plan termination or merger with another plan); (ii) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions; (iii) bankruptcy of the plan sponsor or other plan sponsor events (e.g., divestitures or spin offs of a subsidiary) which cause a significant withdrawal from the Plan; or (iv) the failure of the Plan to qualify for exemption from federal income taxes or any required exemption of prohibited transactions under ERISA. The plan administrator does not believe that the occurrence of any such event that may limit the Plan's ability to transact at contract value is probable.
Synthetic GICs generally impose conditions on both the Plan and the issuer. If an event of default occurs and is not resolved, the non-defaulting party may terminate the contract. The following may cause the Plan to be in default: a breach of material obligation under the contract; a material misrepresentation; or a material amendment to the plan agreement. The issuer may be in default if it breaches a material obligation under the investment contract; makes a material misrepresentation; or is acquired or reorganized and the successor issuer does not satisfy the investment or credit guidelines applicable to issuers. If, in the event of default of an issuer, the Plan were unable to obtain a replacement investment contract, losses may occur if the market value of the Plan's assets, which were covered by the contract, is below the contract value. The Plan may seek to add additional issuers over time to diversify the Plan's exposure to such risk, but there is no assurance the Plan may be able to do so. The combination of the default of an issuer and an inability to obtain a replacement agreement could render the Plan unable to achieve its objective of maintaining a stable contract value. The terms of an investment contract generally provide for settlement of payments only upon termination of the contract or total liquidation of the covered investments. Generally, payments will be made pro rata, based on the percentage of investments covered by each issuer. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default.
If the contract terminates due to issuer default (other than a default occurring because of a decline in its rating), the issuer will generally be required to pay to the Plan the excess, if any, of contract value over market value on the date of termination. If a contract terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to the Plan the cost of acquiring a replacement contract (i.e., replacement cost) within the meaning of the contract. If the contract terminates when the market value equals zero, the issuer will pay the excess of contract value over market value to the Plan to the extent necessary for the Plan to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.
6
Changes in fixed income market conditions and interest rates may affect the yield to maturity and the market value of the underlying investments. Such changes could have a material impact on the Synthetic GIC's future interest crediting rates. In addition, participant withdrawals from and transfers out of the Interest Income Fund made according to Plan provisions are paid at contract value but funded through the market value liquidation of the underlying investments. This process of funding participant withdrawals and transfers from market value liquidations of underlying investments may also have an effect on future interest crediting rates.
Other Receivables and Other Payables - Other receivables and other payables include the true-up employer contributions and investment securities sold and purchased during the reporting period that were not settled at the reporting date. Settlement can take up to three business days after the trade date, which is the standard in the industry.
Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.
Benefits Payable - Amounts payable to persons who have withdrawn from participation are not recorded as a liability of the Plan. Benefits payable to participants who had withdrawn from participation in the Plan at December 31, 2025 and 2024 were insignificant.
Federal Income Tax Status - The Internal Revenue Service has determined and informed the Company by a letter dated September 2, 2014, that the Plan is qualified and the trust established under the Plan is tax exempt under the appropriate sections of the Code. Although the Plan has been amended since receiving the determination letter, the plan administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.
In accordance with guidance on accounting for uncertainty in income taxes, management evaluated the Plan's tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The Plan is subject to routine audits by taxing authorities; however, there are currently no audits for any tax periods in progress.
Risks and Uncertainties - The Plan invests in various investment instruments, including shares of the common stock of Dow Inc. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
3. FAIR VALUE
Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.
For investments classified as Level 1 measurements, which are measured using quoted prices in active markets, the total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange in which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs.
For investments classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that security. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks.
For investments classified as Level 3 measurements, the total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment.
The investment's fair value level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
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The following table presents information about certain assets of the Plan measured at fair value on a recurring basis:
Assets Measured at Fair Value on a Recurring Basis December 31, 2025 December 31, 2024
In millions Total Level 1 Total Level 1
Dow Inc. common stock $ 357 $ 357 $ 500 $ 500
Mutual funds
601 601 553 553
Temporary investments - Money market funds
24 24 41 41
Total categorized assets at fair value $ 982 $ 982 $ 1,094 $ 1,094
Fair value measured at net asset value per share:1
Common/collective trusts
9,342 8,364
Total assets at fair value $ 10,324 $ 9,458
1.Investments in common/collective trusts are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.
The Plan's policy is to recognize transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer. There were no significant transfers between levels of the fair value hierarchy during 2025.
4. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 at December 31, 2025 and 2024:
Reconciliation of Net Assets Available for Benefits per the Financial Statements to Form 5500 at December 31
In millions 2025 2024
Net assets available for benefits per the financial statements $ 11,530 $ 10,830
Adjustment from contract value to fair value for fully benefit-responsive Synthetic GICs (42) (82)
Net assets available for benefits per Form 5500 $ 11,488 $ 10,748
The following is a reconciliation of net increase in net assets available for benefits per the financial statements to Form 5500 for the year ended December 31, 2025:
Reconciliation of Net Increase in Net Assets Available for Benefits per the Financial Statements to Form 5500
In millions 2025
Net increase in net assets available for benefits per the financial statements $ 700
Change in adjustment from contract value to fair value for fully benefit-responsive Synthetic GICs 41
Other adjustment (1)
Net income per Form 5500 $ 740
5. SUBSEQUENT EVENTS
The Plan evaluated subsequent events from December 31, 2025 through June 16, 2026, the date these financials statements were available to be issued.
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SUPPLEMENTAL SCHEDULE
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - B
AT DECEMBER 31, 2025
(c)
Description of Investment (e)
(b) Including Maturity Date, (d) Current
Identity of Issuer, Borrower, Rate of Interest, Collateral, Cost or Contract Value
(a) Lessor or Similar Party Par or Maturity Value Value (In millions)
* Dow Stock Dow Stock ** $ 357
Neuberger Genesis R6 Mutual Fund ** 179
TRP High Yield Inst Mutual Fund ** 125
BlackRock LP Paycheck 2021 Income Common/Collective Trust ** 66
BlackRock LP Paycheck 2024 Income Common/Collective Trust ** 128
BlackRock LP Paycheck 2027 Income Common/Collective Trust ** 156
BlackRock LP Paycheck 2030 Income Common/Collective Trust ** 222
BlackRock LP Paycheck 2033 Income Common/Collective Trust ** 254
BlackRock LP Paycheck 2035 Income Common/Collective Trust ** 164
BlackRock LP Paycheck 2036 Income Common/Collective Trust ** 83
BlackRock LP Paycheck 2040 Income Common/Collective Trust ** 516
BlackRock LP Paycheck 2045 Income Common/Collective Trust ** 460
BlackRock LP Paycheck 2050 Income Common/Collective Trust ** 414
BlackRock LP Paycheck 2055 Income Common/Collective Trust ** 402
BlackRock LP Paycheck 2060 Income Common/Collective Trust ** 155
BlackRock LP Paycheck 2065 Income Common/Collective Trust ** 51
BlackRock LP Paycheck 2070 Income Common/Collective Trust ** 8
BlackRock LP Paycheck 40-60 Common/Collective Trust ** 133
BlackRock LP Paycheck 50-50 Common/Collective Trust ** 5
SS EMRG MKTS IDX II Common/Collective Trust ** 123
SS GACEQ EXUS IDX II Common/Collective Trust ** 210
INV GOVT Liquidty TR Common/Collective Trust ** 179
Putnam Large Cap Value Fund Common/Collective Trust ** 70
BBH Core Plus FX Inc Common/Collective Trust ** 150
FH MDT Mid Cap Growth Fund Common/Collective Trust ** 320
Franklin US Tips Common/Collective Trust ** 55
MKS Convertible Common/Collective Trust ** 33
MFS US REIT Fund Common/Collective Trust ** 46
BR Equity Index Common/Collective Trust ** 2,253
BR Extended EQ MKT Common/Collective Trust ** 407
BR US Debt Index NL Common/Collective Trust ** 163
Active Global ACW EQ Common/Collective Trust ** 223
Diverse Commodity Common/Collective Trust ** 24
Diverse Fixed Income Mutual Fund ** 18
Vang Dev Mkt IDX IP Mutual Fund ** 239
Vang LT Treasury ADM Mutual Fund ** 40
Small Cap Index Fund Common/Collective Trust ** 295
* Fidelity Contrafund Pool CL 3 Common/Collective Trust ** 1,574
* Interest Bearing Cash Temporary Investments ** 6
* Fidelity Short Term Investment Fund Temporary Investments ** 18
* Participant Notes Receivable Interest recorded at prime rate (3.25% - 8.5%) ** 106
Subtotal $ 10,430
* Represents a party-in-interest to the Plan
** Cost information not required
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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - B
AT DECEMBER 31, 2025
(c)
Description of Investment (e)
(b) Including Maturity Date, (d) Current
Identity of Issuer, Borrower, Rate of Interest, Collateral, Cost or Contract Value
(a) Lessor or Similar Party Par or Maturity Value Value (In millions)
Guaranteed Investment Contracts
Pacific Life:
* G-27523.01.0001 (IGT) IGT Invesco ST Bond;
IGT PIMCO Core Fixed Income Fund; Synthetic GIC 		** 180
Voya Retirement & Annuity:
* #60031-A (IGT) IGT Invesco ST Bond;
IGT PIMCO Core Fixed Income Fund; Synthetic GIC 		** 192
Nationwide Life Insurance:
* INV_DOW_IP_0524 (see underlying assets at Appendix A) NISA Dow; IGT Invesco ST Bond; Synthetic GIC ** 182
Prudential Insurance:
* GA-62233 (IGT) IGT Invesco ST Bond; IGT Jennison Intermediate Fund; Synthetic GIC ** 190
RGA:
* RGA00036 (see underlying assets at Appendix B) Wellington Dow; IGT Jennison Intermediate Fund; IGT Invesco ST Bond; Synthetic GIC ** 165
Met Tower Life:
* 38025 (see underlying assets at Appendix B) Wellington Dow; MacKay Shields Dow; IGT Invesco ST Bond; Synthetic GIC ** 186
Total guaranteed investment contracts 1,095
Total $ 11,525
* Represents a party-in-interest to the Plan
** Cost information not required
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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
APPENDIX A - UNDERLYING ASSETS FOR NATIONWIDE LIFE INSURANCE - (INV_DOW_IP_0524)
AT DECEMBER 31, 2025
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
AGCO CORP 5.450% 03/21/2027 DD 03/21/24 110,000 $ 111,662 $ 111,478
ALGONQUIN POWER & UTILITIES CO STEP 06/15/2026 DD 03/15/2024 490,000 485,904 492,318
ALPHABET INC 4.100% 11/15/2030 DD 11/06/25 155,000 155,019 155,651
ALPHABET INC 4.700% 11/15/2035 DD 11/06/25 690,000 689,062 691,525
AMAZON.COM INC 4.100% 11/20/2030 DD 11/20/25 180,000 180,428 180,360
AMAZON.COM INC 4.350% 03/20/2033 DD 11/20/25 165,000 164,753 164,748
AMEREN CORP 5.700% 12/01/2026 DD 11/20/23 165,000 164,787 167,262
AMERICAN EXPRESS CO VAR RT 01/30/2036 DD 01/30/25 125,000 125,000 130,070
AMERICAN EXPRESS CO VAR RT 10/24/2036 DD 10/24/25 290,000 289,860 286,912
APPLIED MATERIALS INC 4.000% 01/15/2031 DD 09/18/25 376,000 374,818 374,500
BANK OF AMERICA CORP VAR RT 03/11/2027 DD 03/11/21 895,000 796,166 890,829
BANK OF AMERICA CORP VAR RT 10/20/2032 DD 10/20/21 7,000 6,006 6,319
BANK OF MONTREAL VAR RT 12/15/2027 DD 12/15/25 85,000 85,000 85,165
* BANK OF NEW YORK MELLON CORP/T VAR RT 06/06/2036 DD 06/10/25 130,000 132,692 134,934
BANK5 2023-5YR3 5YR3 A2 6.255% 09/15/2056 DD 09/01/23 529,435 553,818 549,559
BANK5 2024-5YR5 5YR5 A3 5.702% 02/15/2029 DD 02/01/24 638,077 657,210 661,712
BOEING CO/THE 2.196% 02/04/2026 DD 02/04/21 240,000 236,083 239,544
BP CAPITAL MARKETS AMERICA INC 4.868% 11/25/2029 DD 11/25/24 205,000 205,000 210,443
BROADCOM INC 144A 3.137% 11/15/2035 DD 09/30/21 365,000 294,456 315,083
BROWN & BROWN INC 4.900% 06/23/2030 DD 06/23/25 205,000 204,649 208,081
BUNGE LTD FINANCE CORP 2.750% 05/14/2031 DD 05/14/21 35,000 30,692 32,165
BUNGE LTD FINANCE CORP 4.900% 04/21/2027 DD 04/21/25 250,000 250,713 252,823
CANADIAN IMPERIAL BANK OF COMM VAR RT 03/30/2029 DD 03/31/25 120,000 120,000 122,018
CAPITAL ONE FINANCIAL CORP VAR RT 02/01/2029 DD 02/01/23 110,000 110,000 112,978
CARGILL INC 144A 2.125% 11/10/2031 DD 11/10/21 65,000 54,862 57,631
CBRE SERVICES INC 5.500% 06/15/2035 DD 05/12/25 170,000 168,290 175,945
CENTERPOINT ENERGY RESTORATION 4.255% 12/15/2035 DD 09/17/25 25,000 24,999 25,052
CHARLES SCHWAB CORP/THE VAR RT 11/14/2031 DD 11/14/25 240,000 240,000 239,875
CITIBANK NA 4.576% 05/29/2027 DD 05/29/25 125,000 125,000 126,290
CITIZENS FINANCIAL GROUP INC VAR RT 03/05/2031 DD 03/05/25 255,000 255,029 262,201
CNH INDUSTRIAL CAPITAL LLC 4.500% 10/08/2027 DD 10/09/24 235,000 236,200 236,450
COMMONSPIRIT HEALTH 2.782% 10/01/2030 DD 10/28/20 215,000 200,617 200,257
CONAGRA BRANDS INC 4.850% 11/01/2028 DD 10/22/18 460,000 463,678 465,575
COREBRIDGE GLOBAL FUNDING 144A 4.450% 10/02/2030 DD 10/02/25 360,000 359,618 358,841
CREDIT AGRICOLE SA 144A VAR RT 09/11/2028 DD 09/11/24 145,000 145,000 146,125
CREDIT AGRICOLE SA 144A VAR RT 01/09/2029 DD 01/09/25 260,000 260,000 265,556
CREDIT AGRICOLE SA 144A VAR RT 09/25/2033 DD 09/25/25 216,000 215,670 216,028
DOC DR LLC 4.300% 03/15/2027 DD 03/07/17 170,000 170,148 170,258
DTE ELECTRIC CO 2.625% 03/01/2031 DD 04/06/20 345,000 311,552 319,022
DTE ENERGY CO 4.950% 07/01/2027 DD 08/02/24 215,000 214,744 217,862
DUKE ENERGY CAROLINAS NC STORM 1.679% 07/01/2033 DD 11/24/21 147,634 127,089 135,271
11
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
DUKE ENERGY FLORIDA PROJECT FI 2.538% 09/01/2031 DD 06/22/16 425,150 426,701 411,736
DUPONT DE NEMOURS INC 144A 4.725% 11/15/2028 DD 05/15/25 130,000 129,455 131,691
EBAY INC 4.250% 03/06/2029 DD 11/06/25 190,000 189,956 190,667
EMD FINANCE LLC 144A 4.375% 10/15/2030 DD 08/15/25 395,000 397,331 396,331
ENERGY TRANSFER LP 144A 6.000% 02/01/2029 DD 01/21/21 280,000 285,180 283,055
EQUITABLE AMERICA GLOBAL 144A 4.650% 06/09/2028 DD 06/09/25 100,000 99,967 101,051
EQUITABLE FINANCIAL LIFE 144A 5.450% 03/03/2028 DD 03/03/23 95,000 97,784 97,486
ESSENTIAL UTILITIES INC 2.400% 05/01/2031 DD 04/19/21 119,000 104,052 107,812
ESSENTIAL UTILITIES INC 4.800% 08/15/2027 DD 08/15/24 140,000 139,950 141,691
ESSENTIAL UTILITIES INC 5.250% 08/15/2035 DD 08/07/25 270,000 270,418 275,805
EVERGY METRO INC 5.125% 08/15/2035 DD 08/15/25 130,000 130,581 131,677
FHLMC MULTICLASS MTG K102 A1 2.184% 05/25/2029 DD 12/01/19 872,039 812,768 848,372
FHLMC MULTICLASS MTG K122 A1 0.863% 05/25/2030 DD 12/01/20 889,521 779,477 832,351
FHLMC MULTICLASS MTG K517 A2 VAR RT 01/25/2029 DD 03/01/24 1,800,000 1,840,781 1,870,344
FIRSTENERGY PENNSYLVANIA 144A 5.200% 04/01/2028 DD 03/30/23 80,000 79,889 81,700
FNMA POOL #0BS3020 1.960% 09/01/2033 DD 09/01/21 705,000 592,172 594,104
FNMA POOL #0BZ1438 4.970% 07/01/2031 DD 07/01/24 585,000 585,091 592,482
FORD CREDIT AUTO OWNE 2 A 144A VAR RT 02/15/2038 DD 08/12/25 510,000 509,797 514,646
GA GLOBAL FUNDING TRUST 144A 2.900% 01/06/2032 DD 01/06/22 85,000 72,599 75,596
GEORGIA POWER CO 2.650% 09/15/2029 DD 09/10/19 145,000 137,643 138,015
GEORGIA POWER CO 4.000% 10/01/2028 DD 09/29/25 25,000 24,987 25,145
GLOBE LIFE INC 2.150% 08/15/2030 DD 08/21/20 260,000 223,245 235,300
GLOBE LIFE INC 5.850% 09/15/2034 DD 08/23/24 70,000 71,023 73,616
GOLDMAN SACHS BANK USA/NEW YOR VAR RT 05/21/2027 DD 05/21/24 110,000 110,000 110,573
GOLDMAN SACHS GROUP INC/THE VAR RT 03/09/2027 DD 03/08/21 395,000 377,484 392,989
GOLDMAN SACHS GROUP INC/THE VAR RT 10/21/2027 DD 10/21/21 160,000 151,453 157,304
GUARDIAN LIFE GLOBAL FUND 144A 4.402% 12/11/2030 DD 12/11/25 95,000 95,000 95,419
HEWLETT PACKARD ENTERPRISE CO 4.050% 09/15/2027 DD 09/15/25 25,000 24,987 25,008
HONDA AUTO RECEIVABLES 20 4 A3 3.980% 06/17/2030 DD 11/12/25 225,000 224,956 226,026
HONDA MOTOR CO LTD 4.688% 07/08/2030 DD 07/02/25 365,000 367,781 369,782
INTEL CORP 2.450% 11/15/2029 DD 11/21/19 50,000 46,556 46,701
INTEL CORP 3.750% 03/25/2027 DD 03/25/20 255,000 252,486 254,003
INTEL CORP 4.875% 02/10/2028 DD 02/10/23 230,000 233,544 233,236
ITC HOLDINGS CORP 144A 5.650% 05/09/2034 DD 05/09/24 220,000 231,961 229,667
JOHN SEVIER COMBINED CYCLE GEN 4.626% 01/15/2042 DD 01/17/12 122,982 119,975 119,811
JPMORGAN CHASE & CO VAR RT 10/15/2030 DD 09/12/19 165,000 150,332 156,618
JPMORGAN CHASE & CO VAR RT 06/01/2029 DD 06/01/21 270,000 245,322 257,893
JPMORGAN CHASE & CO VAR RT 06/01/2028 DD 05/27/20 130,000 121,915 126,793
JPMORGAN CHASE & CO VAR RT 02/04/2032 DD 02/04/21 320,000 274,266 285,718
JPMORGAN CHASE & CO VAR RT 04/22/2027 DD 04/22/21 410,000 368,854 406,954
JPMORGAN CHASE & CO VAR RT 04/26/2028 DD 04/26/22 65,000 64,183 65,275
JPMORGAN CHASE & CO VAR RT 10/22/2027 DD 10/23/23 235,000 239,190 238,711
KANSAS GAS SERVICE SECURITIZAT 5.486% 08/01/2034 DD 11/18/22 441,265 441,174 458,077
KINDER MORGAN ENERGY PARTNERS 7.750% 03/15/2032 DD 03/14/02 325,000 365,693 378,732
LINCOLN FINANCIAL GLOBAL 144A 4.625% 08/18/2030 DD 08/18/25 235,000 236,650 236,610
LINCOLN NATIONAL CORP 5.350% 11/15/2035 DD 11/10/25 115,000 114,910 116,274
12
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
LONG BEACH MORTGAGE LOAN 3 M1 VAR RT 07/25/2033 DD 06/05/03 7,363 7,363 7,357
LOUISIANA LOCAL GOVERNM ELL A1 3.615% 02/01/2029 DD 05/19/22 280,664 278,208 279,915
LPL HOLDINGS INC 6.000% 05/20/2034 DD 05/20/24 20,000 20,944 21,072
MARSH & MCLENNAN COS INC 2.375% 12/15/2031 DD 12/08/21 45,000 39,534 40,412
META PLATFORMS INC 4.200% 11/15/2030 DD 11/03/25 330,000 329,860 331,132
META PLATFORMS INC 4.875% 11/15/2035 DD 11/03/25 1,145,000 1,143,988 1,145,389
MID-AMERICA APARTMENTS LP 4.650% 01/15/2033 DD 11/10/25 195,000 193,740 195,014
MITSUBISHI UFJ FINANCIAL GROUP VAR RT 09/12/2031 DD 09/12/25 125,000 125,328 125,793
MIZUHO FINANCIAL GROUP INC VAR RT 07/10/2031 DD 07/10/20 125,000 111,855 113,859
MIZUHO FINANCIAL GROUP INC VAR RT 09/08/2031 DD 09/08/20 35,000 30,465 31,449
MORGAN STANLEY VAR RT 02/13/2032 DD 11/13/20 55,000 44,705 48,359
MORGAN STANLEY VAR RT 09/16/2036 DD 09/16/21 350,000 289,993 308,140
MORGAN STANLEY VAR RT 10/20/2032 DD 10/19/21 120,000 102,455 107,747
MORGAN STANLEY VAR RT 04/19/2035 DD 04/19/24 105,000 110,981 111,767
MORGAN STANLEY BANK NA VAR RT 05/26/2028 DD 05/30/24 1,200,000 1,202,871 1,224,060
MORGAN STANLEY PRIVATE BANK NA VAR RT 07/18/2031 DD 07/21/25 140,000 141,616 142,034
NATIONAL BANK OF CANADA VAR RT 07/02/2027 DD 07/03/24 275,000 274,821 277,096
NATIONAL SECURITIES CLEAR 144A 4.900% 06/26/2029 DD 06/26/24 195,000 194,649 200,538
NATWEST MARKETS PLC 144A 4.412% 11/06/2030 DD 11/06/25 240,000 240,000 240,403
NEXTERA ENERGY CAPITAL HOLDING 4.685% 09/01/2027 DD 08/01/25 105,000 105,332 106,268
NORFOLK SOUTHERN CORP 7.250% 02/15/2031 DD 02/06/01 255,000 288,030 288,007
NSTAR ELECTRIC CO 5.200% 03/01/2035 DD 02/26/25 315,000 322,721 322,144
OKLAHOMA DEVELOPMENT FI ONG A1 3.877% 05/01/2037 DD 08/25/22 534,283 534,283 525,350
ONCOR ELECTRIC DELIVERY CO LLC 4.650% 11/01/2029 DD 11/13/24 280,000 279,465 284,754
ORACLE CORP 4.450% 09/26/2030 DD 09/26/25 747,000 732,248 731,328
ORACLE CORP 4.800% 09/26/2032 DD 09/26/25 65,000 62,199 63,064
PACIFIC GAS AND ELECTRIC CO 3.300% 08/01/2040 DD 06/19/20 28,000 20,243 21,253
PARAMOUNT GLOBAL 4.950% 01/15/2031 DD 04/01/20 545,000 541,612 524,481
PG&E ENERGY RECOVERY FUNDING L 1.460% 07/15/2033 DD 11/12/21 120,858 107,622 112,757
PG&E RECOVERY FUNDING LLC 5.045% 07/15/2034 DD 11/30/22 176,572 173,953 179,134
PG&E WILDFIRE RECOVERY FUNDING 4.022% 06/01/2033 DD 07/20/22 319,909 325,108 319,484
PG&E WILDFIRE RECOVERY FUNDING 3.594% 06/01/2032 DD 05/10/22 1,100,976 1,080,313 1,090,384
PG&E WILDFIRE RECOVERY FUNDING 4.722% 06/01/2039 DD 07/20/22 645,000 640,104 639,330
PHARMACIA LLC VAR RT 12/01/2028 DD 12/01/99 215,000 230,699 230,766
POLAR TANKERS INC 144A 5.951% 05/10/2037 DD 05/10/07 188,645 197,860 201,763
PRICOA GLOBAL FUNDING I 144A 5.350% 05/28/2035 DD 05/28/25 80,000 79,933 82,634
PRINCIPAL LIFE GLOBAL FUN 144A 4.800% 01/09/2028 DD 01/09/25 345,000 344,734 349,658
PRIVATE EXPORT FUNDING CO 144A 4.500% 02/07/2027 DD 02/07/25 380,000 379,711 381,820
PRIVATE EXPORT FUNDING CORP 3.900% 10/15/2027 DD 05/03/23 275,000 274,560 275,487
PRIVATE EXPORT FUNDING CORP 3.650% 03/15/2030 DD 09/17/24 265,000 264,608 261,714
PUBLIC SERVICE CO OF NEW HAMPS 4.400% 07/01/2028 DD 06/24/25 185,000 184,822 186,789
PUBLIC SERVICE CO OF OKLAHOMA 5.450% 01/15/2036 DD 06/25/25 245,000 244,794 251,767
RAYMOND JAMES FINANCIAL INC 4.900% 09/11/2035 DD 09/11/25 385,000 384,387 383,506
RESOLUTION FDG CORP PRIN STRIP 0.000% 01/15/2030 DD 01/30/91 115,000 92,449 98,561
RGA GLOBAL FUNDING 144A 5.000% 08/25/2032 DD 08/25/25 135,000 136,150 136,188
ROYAL BANK OF CANADA VAR RT 08/02/2030 DD 07/23/24 340,000 338,456 348,490
13
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
ROYAL BANK OF CANADA VAR RT 02/04/2031 DD 01/24/25 260,000 263,952 267,943
ROYAL BANK OF CANADA VAR RT 08/06/2029 DD 08/06/25 265,000 265,000 267,650
SHELL FINANCE US INC 2.375% 11/07/2029 DD 05/07/24 115,000 108,245 108,498
SHELL FINANCE US INC 4.125% 11/06/2030 DD 11/06/25 155,000 154,405 155,121
SIEMENS FUNDING BV 144A 4.600% 05/28/2030 DD 05/28/25 290,000 289,719 296,076
SK HYNIX INC 144A 4.250% 09/11/2028 DD 09/11/25 575,000 575,240 577,013
SOUTHERN CALIFORNIA EDISON CO 4.900% 06/01/2026 DD 05/22/23 135,000 134,852 135,184
SOUTHWEST AIRLINES CO 4.375% 11/15/2028 DD 11/03/25 460,000 460,276 461,090
SPIRE INC 5.300% 03/01/2026 DD 02/12/24 290,000 289,971 290,409
SPRINT CAPITAL CORP 6.875% 11/15/2028 DD 11/16/98 260,000 279,833 279,094
STANFORD HEALTH CARE 3.310% 08/15/2030 DD 04/01/20 110,000 101,382 106,411
STATE STREET CORP VAR RT 04/24/2028 DD 04/24/25 150,000 150,000 151,253
SWEPCO STORM RECOVERY FUNDING 4.880% 09/01/2041 DD 12/18/24 140,201 140,131 141,737
SYENSQO FINANCE AMERICA L 144A 5.850% 06/04/2034 DD 06/04/24 155,000 163,970 161,983
SYNCHRONY BANK 5.625% 08/23/2027 DD 08/23/22 55,000 53,455 56,100
SYNCHRONY FINANCIAL 2.875% 10/28/2031 DD 10/28/21 105,000 88,023 94,298
SYSTEM ENERGY RESOURCES INC 5.300% 12/15/2034 DD 12/06/24 60,000 58,790 60,757
TARGA RESOURCES CORP 4.350% 01/15/2029 DD 11/12/25 280,000 279,826 280,762
TENNESSEE VALLEY AUTH BD 4.875% 05/15/2035 DD 05/16/25 215,000 213,624 222,903
TEXAS TRANSPRTN COMMISSION ST 5.178% 04/01/2030 DD 08/05/10 265,000 267,515 271,143
T-MOBILE USA INC 6.700% 12/15/2033 DD 06/15/25 230,000 258,301 258,364
TORONTO-DOMINION BANK/THE 4.861% 01/31/2028 DD 01/31/25 120,000 120,000 122,000
TORONTO-DOMINION BANK/THE 4.574% 06/02/2028 DD 06/03/25 110,000 110,000 111,399
TORONTO-DOMINION BANK/THE 4.109% 10/13/2028 DD 10/14/25 420,000 420,000 421,239
TORONTO-DOMINION BANK/THE 4.928% 10/15/2035 DD 10/14/25 230,000 230,000 230,598
U S TREASURY NOTE 2.875% 05/15/2032 DD 05/15/22 85,000 80,129 80,259
U S TREASURY NOTE 4.125% 11/15/2032 DD 11/15/22 855,000 869,579 866,089
U S TREASURY NOTE 0.375% 07/31/2027 DD 07/31/20 985,000 932,476 938,370
U S TREASURY NOTE 0.500% 08/31/2027 DD 08/31/20 1,325,000 1,257,153 1,261,758
U S TREASURY NOTE 0.500% 10/31/2027 DD 10/31/20 3,460,000 3,249,914 3,278,904
U S TREASURY NOTE 1.625% 05/15/2031 DD 05/15/21 715,000 642,327 641,291
U S TREASURY NOTE 1.000% 07/31/2028 DD 07/31/21 1,425,000 1,335,103 1,337,448
U S TREASURY NOTE 1.125% 08/31/2028 DD 08/31/21 2,165,000 2,027,203 2,034,429
U S TREASURY NOTE 1.375% 10/31/2028 DD 10/31/21 805,000 748,956 758,648
U S TREASURY NOTE 1.375% 11/15/2031 DD 11/15/21 445,000 388,263 388,142
U S TREASURY NOTE 1.500% 11/30/2028 DD 11/30/21 2,370,000 2,203,312 2,237,707
U S TREASURY NOTE 1.750% 01/31/2029 DD 01/31/22 2,230,000 2,107,027 2,113,795
U S TREASURY NOTE 2.750% 08/15/2032 DD 08/15/22 1,305,000 1,216,403 1,218,296
U S TREASURY NOTE 3.375% 05/15/2033 DD 05/15/23 1,235,000 1,191,418 1,189,268
U S TREASURY NOTE 4.000% 02/15/2034 DD 02/15/24 1,035,000 1,033,221 1,033,665
U S TREASURY NOTE 4.375% 05/15/2034 DD 05/15/24 1,025,000 1,047,142 1,049,426
U S TREASURY NOTE 4.625% 05/31/2031 DD 05/31/24 1,270,000 1,323,593 1,323,327
U S TREASURY NOTE 3.875% 08/15/2034 DD 08/15/24 1,375,000 1,359,026 1,356,465
U S TREASURY NOTE 3.625% 08/31/2029 DD 08/31/24 900,000 900,073 900,387
U S TREASURY NOTE 3.625% 09/30/2031 DD 09/30/24 1,365,000 1,354,126 1,353,002
U S TREASURY NOTE 3.500% 09/30/2029 DD 09/30/24 835,000 832,130 831,610
14
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
U S TREASURY NOTE 4.250% 11/15/2034 DD 11/15/24 490,000 497,465 496,145
U S TREASURY NOTE 4.125% 11/30/2031 DD 11/30/24 850,000 862,338 863,881
U S TREASURY NOTE 4.125% 11/30/2029 DD 11/30/24 1,215,000 1,237,407 1,236,785
U S TREASURY NOTE 4.375% 12/31/2029 DD 12/31/24 385,000 396,039 395,557
U S TREASURY NOTE 4.250% 01/31/2030 DD 01/31/25 360,000 369,059 368,255
U S TREASURY NOTE 4.375% 01/31/2032 DD 01/31/25 675,000 695,382 694,670
U S TREASURY NOTE 4.125% 03/31/2032 DD 03/31/25 1,265,000 1,285,677 1,284,076
U S TREASURY NOTE 4.000% 03/31/2030 DD 03/31/25 2,855,000 2,900,270 2,893,485
U S TREASURY NOTE 3.875% 03/31/2027 DD 03/31/25 705,000 707,352 708,088
U S TREASURY NOTE 3.750% 04/15/2028 DD 04/15/25 410,000 411,954 412,210
U S TREASURY NOTE 3.875% 04/30/2030 DD 04/30/25 910,000 919,136 917,817
U S TREASURY NOTE 4.000% 04/30/2032 DD 04/30/25 340,000 342,597 342,669
U S TREASURY NOTE 4.250% 05/15/2035 DD 05/15/25 3,430,000 3,479,799 3,465,912
U S TREASURY NOTE 3.875% 05/31/2027 DD 05/31/25 1,970,000 1,976,849 1,980,244
U S TREASURY NOTE 4.125% 05/31/2032 DD 05/31/25 1,705,000 1,733,888 1,729,774
U S TREASURY NOTE 3.875% 07/15/2028 DD 07/15/25 490,000 494,517 494,268
U S TREASURY NOTE 3.625% 08/31/2027 DD 08/31/25 1,960,000 1,963,053 1,964,528
U S TREASURY NOTE 3.875% 08/31/2032 DD 08/31/25 1,000,000 1,000,275 998,870
U S TREASURY NOTE 3.625% 08/31/2030 DD 08/31/25 4,145,000 4,125,868 4,133,850
U S TREASURY NOTE 3.375% 09/15/2028 DD 09/15/25 3,135,000 3,121,101 3,123,118
U S TREASURY NOTE 3.625% 10/31/2030 DD 10/31/25 3,755,000 3,741,552 3,742,684
U S TREASURY NOTE 3.500% 10/31/2027 DD 10/31/25 1,875,000 1,874,198 1,875,656
U S TREASURY NOTE 3.750% 10/31/2032 DD 10/31/25 980,000 970,430 970,661
U S TREASURY NOTE 4.000% 11/15/2035 DD 11/15/25 1,010,000 999,708 997,688
U S TREASURY NOTE 3.500% 12/15/2028 DD 12/15/25 1,130,000 1,128,014 1,129,119
U S TREASURY NOTE 3.875% 12/31/2032 DD 12/31/25 420,000 419,590 418,820
U S TREASURY NOTE 3.625% 12/31/2030 DD 12/31/25 840,000 835,790 836,850
U S TREASURY NOTE 3.375% 12/31/2027 DD 12/31/25 1,555,000 1,551,982 1,552,201
U. S. GOVERNMENT SECURITIES 4.375% 01/31/2032 DD 01/31/25 675,000 103 (707,820)
U. S. GOVERNMENT SECURITIES 4.125% 03/31/2032 DD 03/31/25 665,000 102 (682,682)
U. S. GOVERNMENT SECURITIES 4.125% 02/29/2032 DD 02/28/25 (1,350,000) 203 1,391,224
UBER TECHNOLOGIES INC 4.150% 01/15/2031 DD 09/11/25 395,000 394,585 393,539
UBS GROUP AG 144A VAR RT 05/14/2032 DD 05/14/21 105,000 95,363 97,518
UBS GROUP AG 144A VAR RT 02/02/2027 DD 02/02/21 220,000 195,692 219,333
UBS GROUP AG 144A VAR RT 08/10/2027 DD 08/10/21 535,000 503,899 526,494
USAA CAPITAL CORP 144A 4.375% 06/01/2028 DD 06/02/25 35,000 34,934 35,440
VERALTO CORP 5.500% 09/18/2026 DD 03/18/24 310,000 309,950 312,641
VERIZON COMMUNICATIONS INC 5.000% 01/15/2036 DD 11/24/25 365,000 361,868 362,847
VERIZON MASTER TRUST 7 A1A 3.960% 08/20/2031 DD 09/16/25 400,000 399,922 401,036
VMWARE LLC 1.400% 08/15/2026 DD 08/02/21 35,000 31,660 34,484
VOLKSWAGEN AUTO LEASE TRU B A3 4.010% 01/22/2029 DD 09/16/25 395,000 394,938 396,580
WELLS FARGO & CO VAR RT 06/02/2028 DD 06/02/20 320,000 304,288 312,704
WESTERN MIDSTREAM OPERATI 144A 7.250% 04/01/2030 DD 03/25/25 564,000 599,899 601,427
INTEREST BEARING CASH TEMPORARY INVESTMENTS 1,925,611 1,925,611
TOTAL UNDERLYING ASSETS $ 113,274,956 $ 114,051,548
15
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
NATIONWIDE LIFE INSURANCE (INV_DOW_IP_0524) - 100% of MARKET VALUE $ 114,051,548
* IGT INVESCO SHORT-TERM BOND FUND 61,853,413
FAIR VALUE NATIONWIDE LIFE INSURANCE (INV_DOW_IP_0524) 175,904,961
* NATIONWIDE LIFE INSURANCE - ADJUSTMENT FROM MARKET TO CONTRACT VALUE 6,572,538
NATIONWIDE LIFE INSURANCE (INV_DOW_IP_0524) - CONTRACT VALUE $ 182,477,499
* Represents a party-in-interest to the Plan
16
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
APPENDIX B - UNDERLYING ASSETS FOR MET TOWER LIFE - 38025 and RGA - RGA00036
AT DECEMBER 31, 2025
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
ALGONQUIN POWER & UTILITIES CO STEP 06/15/2026 DD 03/15/2024 315,000 $ 312,367 $ 316,482
ALLY AUTO RECEIVABLES TRU 1 A4 5.270% 11/15/2028 DD 07/19/23 180,000 179,423 183,159
ALLY FINANCIAL INC VAR RT 07/31/2033 DD 07/31/25 200,000 200,000 201,748
ALTRIA GROUP INC 2.450% 02/04/2032 DD 02/04/21 20,000 17,198 17,708
AMERICAN EXPRESS CO VAR RT 07/20/2033 DD 07/25/25 160,000 159,989 163,019
AMERICAN EXPRESS CREDIT AC 5 A 4.510% 07/15/2032 DD 07/22/25 130,000 133,011 132,891
AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031 DD 07/08/21 175,000 149,739 156,629
AMERICAN HONDA FINANCE CORP 5.150% 07/09/2032 DD 07/10/25 195,000 194,637 200,700
ATHENE GLOBAL FUNDING 144A 4.721% 10/08/2029 DD 10/08/24 280,000 280,000 280,252
ATHENE GLOBAL FUNDING 144A 5.583% 01/09/2029 DD 01/09/24 105,000 108,709 107,921
AVIS BUDGET RENTAL C 1A A 144A 5.360% 06/20/2030 DD 01/12/24 450,000 462,814 464,193
AVIS BUDGET RENTAL C 6A A 144A 5.810% 12/20/2029 DD 06/01/23 255,000 266,863 265,233
AVOLON HOLDINGS FUNDING L 144A 5.750% 11/15/2029 DD 05/15/24 310,000 307,498 321,820
BA CREDIT CARD TRUST A1 A 4.930% 05/15/2029 DD 06/13/24 270,000 269,985 274,244
BANK 2019-BNK20 BN20 A3 3.011% 09/15/2062 DD 09/01/19 220,000 202,056 208,252
BANK 2021-BNK35 BN35 AS 2.457% 06/15/2064 DD 08/01/21 525,000 444,281 455,968
BANK OF AMERICA CORP VAR RT 06/14/2029 DD 06/14/21 290,000 266,910 276,721
BARCLAYS PLC VAR RT 02/25/2031 DD 02/25/25 130,000 130,000 134,473
BENCHMARK 2019-B10 MORT B10 A4 3.717% 03/15/2062 DD 04/01/19 460,000 441,546 450,823
BENCHMARK 2021-B26 MORT B26 A5 2.613% 06/15/2054 DD 05/01/21 410,000 353,273 369,623
BLACK HILLS CORP 4.550% 01/31/2031 DD 10/02/25 250,000 249,838 250,303
BPCE SA 144A VAR RT 10/19/2029 DD 10/19/23 125,000 133,424 132,640
BRIDGECREST LENDING AUTO S 1 C 5.650% 04/16/2029 DD 01/24/24 295,000 294,979 297,938
BRIDGECREST LENDING AUTO S 2 B 4.810% 08/15/2029 DD 05/23/25 220,000 219,967 221,903
BRIGHTHOUSE FINANCIAL GLO 144A 5.550% 04/09/2027 DD 04/11/24 265,000 264,795 268,737
BROADCOM INC 4.900% 07/15/2032 DD 07/11/25 125,000 124,663 127,804
BROOKLYN UNION GAS CO/THE 144A 4.632% 08/05/2027 DD 08/05/22 210,000 210,000 211,283
BROOKLYN UNION GAS CO/THE 144A 4.866% 08/05/2032 DD 08/05/22 140,000 136,514 138,807
BX COMMERCIAL MORT BRBK A 144A VAR RT 10/15/2041 DD 10/17/24 325,000 323,375 326,609
BX TRUST 2025-ARIA ARIA A 144A VAR RT 12/13/2042 DD 12/01/25 265,000 265,000 267,658
CAPITAL ONE FINANCIAL CORP VAR RT 10/29/2027 DD 11/01/23 175,000 175,000 179,184
CAPITAL ONE NA 2.700% 02/06/2030 DD 02/06/20 80,000 71,522 75,457
CARMAX AUTO OWNER TRUST 2 3 A3 5.280% 05/15/2028 DD 07/26/23 125,251 123,759 126,112
CARMAX AUTO OWNER TRUST 20 3 C 5.280% 03/15/2030 DD 07/30/24 445,000 444,931 453,041
CARMAX SELECT RECEIVABLES B B 4.350% 07/15/2030 DD 09/24/25 200,000 199,966 200,380
CENTERPOINT ENERGY HOUSTON ELE 4.950% 08/15/2035 DD 08/07/25 250,000 249,060 252,370
CITIBANK NA 4.914% 05/29/2030 DD 05/29/25 210,000 210,000 216,172
CITIGROUP COMMERCIAL M GC36 A5 3.616% 02/10/2049 DD 02/01/16 184,310 202,352 183,434
CITIGROUP INC VAR RT 09/19/2030 DD 09/19/24 275,000 275,000 277,390
CITIZENS FINANCIAL GROUP INC VAR RT 01/23/2030 DD 01/23/24 345,000 345,000 360,049
CNH EQUIPMENT TRUST 2024- A A4 4.800% 07/15/2031 DD 01/24/24 200,000 199,931 203,538
17
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
CNH EQUIPMENT TRUST 2024- B A4 5.230% 11/17/2031 DD 05/20/24 265,000 264,947 273,332
COLUMBIA PIPELINES HOLDIN 144A 5.097% 10/01/2031 DD 09/09/24 235,000 234,991 239,286
COLUMBIA PIPELINES OPERAT 144A 5.927% 08/15/2030 DD 08/08/23 170,000 180,438 180,304
COMM 2020-CX MORTGAG CX A 144A 2.173% 11/10/2046 DD 11/01/20 290,000 244,008 249,620
COOPERATIEVE RABOBANK UA 144A VAR RT 04/06/2028 DD 04/06/22 250,000 236,588 248,755
COTERRA ENERGY INC 4.375% 03/15/2029 DD 09/15/22 175,000 170,587 175,546
CREDIT AGRICOLE SA 144A VAR RT 09/11/2028 DD 09/11/24 250,000 250,000 251,940
DELL INTERNATIONAL LLC / EMC C 4.750% 10/06/2032 DD 10/06/25 145,000 144,590 145,015
DEUTSCHE BANK AG/NEW YORK NY VAR RT 05/28/2032 DD 05/28/21 200,000 175,758 183,826
DEUTSCHE BANK AG/NEW YORK NY VAR RT 01/14/2032 DD 01/14/21 230,000 204,509 217,589
DEUTSCHE BANK AG/NEW YORK NY VAR RT 12/10/2031 DD 12/10/25 145,000 145,000 144,742
DEXT ABS 2025-1 LLC 1 A3 144A 4.770% 08/15/2035 DD 03/18/25 170,000 169,991 171,877
DOLP TRUST 2021-NYC NYC A 144A 2.956% 05/10/2041 DD 04/01/21 232,000 198,614 208,600
DRIVE AUTO RECEIVABLES TRU 1 B 5.310% 01/16/2029 DD 02/21/24 225,122 225,082 226,061
DURST COMMERCIAL MO 151 A 144A VAR RT 08/10/2042 DD 08/01/25 160,000 160,000 163,344
EAGLE FUNDING LUXCO SARL 144A 5.500% 08/17/2030 DD 08/14/25 270,000 269,320 274,957
EVERGY KANSAS CENTRAL INC 5.250% 03/15/2035 DD 03/13/25 285,000 283,926 291,102
EVERGY MISSOURI WEST INC 144A 5.650% 06/01/2034 DD 05/29/24 170,000 179,338 176,224
EXETER AUTOMOBILE RECEIVA 2A D 1.400% 04/15/2027 DD 06/02/21 25,811 24,004 25,679
EXETER AUTOMOBILE RECEIVA 3A B 4.860% 02/15/2030 DD 05/28/25 120,000 120,609 121,513
FEDERAL HOME LN MTG CORP 1.250% 09/29/2031 DD 09/29/20 630,000 518,238 543,356
FHLMC POOL #84-2042 VAR RT 10/01/2055 DD 10/01/25 269,284 277,364 278,011
FHLMC POOL #SA-0100 5.000% 05/01/2035 DD 04/01/25 329,301 331,308 334,300
FHLMC POOL #SD-7436 5.500% 01/01/2055 DD 01/01/25 384,532 380,326 392,726
FHLMC POOL #SD-8199 2.000% 03/01/2052 DD 02/01/22 136,388 106,873 110,780
FHLMC MULTICLASS MTG 5501 NV 5.500% 12/25/2035 DD 01/01/25 360,603 363,533 369,805
FHLMC MULTICLASS MTG 5507 LV 5.500% 12/25/2035 DD 01/01/25 210,752 213,510 216,071
FHLMC MULTICLASS MTG 5537 V 5.000% 04/25/2036 DD 04/01/25 181,146 180,275 184,066
FIFTH THIRD BANCORP VAR RT 09/06/2030 DD 09/06/24 325,000 325,000 330,405
FIRST HORIZON BANK 5.750% 05/01/2030 DD 04/27/20 175,000 177,599 180,919
FIRST HORIZON CORP VAR RT 03/07/2031 DD 03/07/25 160,000 160,000 165,450
FNMA POOL #0FS9203 6.000% 09/01/2054 DD 09/01/24 352,633 356,765 362,514
FNMA POOL #0MA4331 1.500% 04/01/2031 DD 04/01/21 774,637 787,649 735,766
FNMA POOL #0MA4448 1.500% 09/01/2031 DD 09/01/21 331,396 338,179 315,343
FNMA POOL #0MA4476 1.500% 10/01/2031 DD 10/01/21 227,221 231,837 214,751
FNMA POOL #0MA5711 5.000% 04/01/2040 DD 04/01/25 288,037 288,172 291,897
FNMA GTD REMIC P/T 20-63 B 1.250% 09/25/2050 DD 08/01/20 34,063 34,319 27,081
FNMA GTD REMIC P/T 24-42 BV 6.000% 02/25/2036 DD 06/01/24 231,048 235,940 238,476
FNMA GTD REMIC P/T 25-2 BV 6.000% 12/25/2035 DD 01/01/25 187,546 192,440 194,556
FNMA GTD REMIC P/T 25-5 GV 6.000% 12/25/2035 DD 01/01/25 229,758 235,717 238,597
FORD CREDIT FLOORPLAN MAST 4 A 4.060% 11/15/2030 DD 12/21/18 290,000 285,457 291,256
FOUNDRY JV HOLDCO LLC 144A 5.900% 01/25/2033 DD 02/07/25 180,000 191,421 188,618
GENERAL MOTORS FINANCIAL CO IN 2.700% 06/10/2031 DD 06/10/21 310,000 269,117 280,947
GLOBAL PAYMENTS INC 4.500% 11/15/2028 DD 11/14/25 250,000 249,855 250,568
GM FINANCIAL CONSUMER AUT 3 A3 5.450% 06/16/2028 DD 07/19/23 95,590 95,059 96,277
GM FINANCIAL CONSUMER AUT 4 A3 5.780% 08/16/2028 DD 10/11/23 134,103 134,076 135,455
18
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
GM FINANCIAL CONSUMER AUTO 4 B 4.670% 05/16/2030 DD 10/16/24 290,000 289,997 293,126
GNMA GTD REMIC P/T 21-96 GP 1.000% 06/20/2051 DD 06/01/21 186,750 141,930 145,391
GNMA GTD REMIC P/T 23-1 HD 3.500% 01/20/2052 DD 01/01/23 183,047 169,157 167,230
GNMA GTD REMIC P/T 23-147 DV 6.000% 08/20/2034 DD 10/01/23 169,532 172,510 171,691
GNMA GTD REMIC P/T 25-107 AD 4.750% 04/16/2047 DD 06/01/25 375,575 372,230 377,175
GNMA GTD REMIC P/T 25-25 P 7.000% 11/20/2054 DD 02/01/25 124,758 126,340 129,322
GNMA GTD REMIC P/T 25-92 A 5.000% 07/16/2040 DD 05/01/25 292,190 291,368 294,349
GNMA II POOL #0MA7706 3.000% 11/20/2051 DD 11/01/21 110,751 98,153 99,851
GOLDMAN SACHS GROUP INC/THE VAR RT 10/21/2029 DD 10/21/25 270,000 270,000 270,019
GS MORTGAGE SECURITIES GS3 A4 2.850% 10/10/2049 DD 09/01/16 400,000 427,531 395,968
HONDA AUTO RECEIVABLES 20 4 A4 5.660% 02/21/2030 DD 11/08/23 250,000 249,941 255,060
HUDSON YARDS 2025- SPRL A 144A VAR RT 01/13/2040 DD 01/01/25 220,000 220,000 228,243
HYUNDAI AUTO RECEIVABLES T B C 5.290% 10/15/2031 DD 07/24/24 500,000 511,973 511,925
HYUNDAI CAPITAL AMERICA 144A 1.650% 09/17/2026 DD 09/17/21 310,000 309,867 304,938
HYUNDAI CAPITAL AMERICA 144A 6.200% 09/21/2030 DD 09/21/23 210,000 227,010 224,076
HYUNDAI CAPITAL AMERICA 144A 4.750% 09/26/2031 DD 09/26/24 260,000 259,709 261,001
HYUNDAI CAPITAL AMERICA 144A 4.500% 09/18/2030 DD 09/18/25 150,000 149,496 150,146
ING GROEP NV VAR RT 09/11/2027 DD 09/11/23 385,000 385,000 390,163
ING GROEP NV VAR RT 03/25/2031 DD 03/25/25 255,000 255,000 261,480
INVITATION HOMES OPERATING PAR 2.000% 08/15/2031 DD 08/06/21 180,000 150,579 157,514
ISRAEL GOVERNMENT INTERNATIONA 5.375% 02/19/2030 DD 02/19/25 215,000 213,164 222,306
JETBLUE 2019-1 CLASS AA PASS T 2.750% 11/15/2033 DD 11/12/19 219,467 192,721 197,081
JPMDB COMMERCIAL MORTG COR6 A4 3.057% 11/13/2052 DD 11/01/19 300,000 265,441 274,098
JPMORGAN CHASE & CO VAR RT 11/19/2031 DD 11/19/20 210,000 179,598 186,778
KENTUCKY POWER CO 144A 7.000% 11/15/2033 DD 11/10/23 245,000 271,607 268,013
KEYBANK NATIONAL ASSOCIATION 3.900% 04/13/2029 DD 03/13/19 190,000 179,320 186,565
LAD AUTO RECEIVABLES 3A B 144A 4.740% 01/15/2030 DD 10/29/24 265,000 264,985 267,862
LLOYDS BANKING GROUP PLC VAR RT 08/07/2027 DD 08/07/23 495,000 497,374 500,480
LLOYDS BANKING GROUP PLC VAR RT 06/05/2030 DD 06/05/24 130,000 136,023 136,115
LLOYDS BANKING GROUP PLC VAR RT 11/26/2028 DD 11/26/24 260,000 260,000 264,984
MACQUARIE GROUP LTD 144A VAR RT 01/12/2027 DD 01/12/21 255,000 236,133 254,793
MANHATTAN WEST 2020 1MW A 144A 2.130% 09/10/2039 DD 08/01/20 470,000 429,187 452,253
MARS INC 144A 5.000% 03/01/2032 DD 03/12/25 205,000 204,586 211,603
MERCEDES-BENZ AUTO RECEIV 1 A4 4.790% 07/15/2031 DD 01/24/24 200,000 199,934 203,666
META PLATFORMS INC 4.600% 11/15/2032 DD 11/03/25 185,000 184,985 186,737
MEXICO GOVERNMENT INTERNATIONA 5.375% 03/22/2033 DD 09/22/25 115,000 114,579 113,965
MITSUBISHI UFJ FINANCIAL GROUP VAR RT 07/20/2027 DD 07/20/21 1,035,000 952,190 1,020,562
MORGAN STANLEY VAR RT 05/04/2027 DD 04/22/21 750,000 693,555 743,498
MORGAN STANLEY VAR RT 10/20/2032 DD 10/19/21 205,000 177,758 184,067
MORGAN STANLEY VAR RT 10/22/2036 DD 10/22/25 95,000 95,000 94,370
MORGAN STANLEY CAP BPR2 A 144A 7.291% 05/05/2029 DD 05/01/24 313,033 325,812 329,746
MORGAN STANLEY CAPI 420 A 144A VAR RT 10/12/2050 DD 03/01/15 254,626 245,078 255,311
MORGAN STANLEY CAPITAL I L1 A3 4.139% 10/15/2051 DD 10/01/18 322,337 313,624 322,415
MPLX LP 4.800% 02/15/2031 DD 08/11/25 150,000 149,820 151,751
MSCI INC 144A 3.875% 02/15/2031 DD 05/26/20 285,000 270,240 273,965
NATIONAL FUEL GAS CO 2.950% 03/01/2031 DD 02/24/21 355,000 312,826 324,044
19
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
NATIONAL FUEL GAS CO 5.500% 03/15/2030 DD 02/19/25 270,000 269,935 278,670
NATWEST GROUP PLC VAR RT 03/02/2027 DD 03/02/23 405,000 405,000 406,089
NEW YORK STATE ELECTRIC & 144A 5.850% 08/15/2033 DD 08/08/23 170,000 180,348 180,809
NRG ENERGY INC 144A 4.734% 10/15/2030 DD 10/08/25 270,000 269,928 270,383
NRG ENERGY INC 144A 5.407% 10/15/2035 DD 10/08/25 90,000 89,999 89,932
ONE BRYANT PARK TRU OBP A 144A 2.516% 09/15/2054 DD 08/21/19 250,000 222,148 232,193
ORACLE CORP 4.800% 09/26/2032 DD 09/26/25 280,000 279,902 271,662
PLAINS ALL AMERICAN PIPELINE L 4.700% 01/15/2031 DD 09/08/25 110,000 109,852 110,721
PROGRESS RESIDENTI SFR3 A 144A 3.390% 07/17/2042 DD 07/02/25 225,000 208,422 214,612
PSEG POWER LLC 144A 5.200% 05/15/2030 DD 05/21/25 160,000 159,933 163,811
PUBLIC SERVICE CO OF COLORADO 5.150% 09/15/2035 DD 08/07/25 235,000 234,542 238,631
PUBLIC SERVICE ELECTRIC AND GA 0.950% 03/15/2026 DD 03/04/21 590,000 588,702 586,478
PUGET ENERGY INC 2.379% 06/15/2028 DD 06/14/21 290,000 267,096 277,646
RELIANCE STANDARD LIFE GL 144A 1.512% 09/28/2026 DD 09/28/21 265,000 265,000 259,883
ROYAL BANK OF CANADA VAR RT 08/02/2030 DD 07/23/24 390,000 390,000 399,738
SANTANDER DRIVE AUTO RECEI 2 B 5.240% 05/15/2028 DD 05/17/23 50,909 50,909 51,001
SANTANDER HOLDINGS USA INC VAR RT 03/09/2029 DD 03/09/23 255,000 267,125 265,784
SCMS 2025-BNC1 MO BNC1 A2 144A 4.502% 12/15/2057 DD 12/01/25 190,000 190,000 190,203
SILGAN HOLDINGS INC 144A 1.400% 04/01/2026 DD 02/10/21 330,000 329,819 327,205
SOCIETE GENERALE SA 144A VAR RT 01/21/2033 DD 01/19/22 255,000 223,673 232,881
SOUTHERN CALIFORNIA EDISON CO 5.850% 11/01/2027 DD 11/08/22 375,000 374,783 385,380
SOUTHERN CALIFORNIA EDISON CO 5.250% 03/15/2030 DD 03/17/25 250,000 250,246 256,658
SUMITOMO MITSUI FINANCIAL GROU 1.402% 09/17/2026 DD 09/17/21 410,000 410,000 402,817
SWCH COMMERCIAL MO DATA A 144A VAR RT 02/15/2042 DD 02/18/25 185,000 184,538 183,278
SYNCHRONY CARD ISSUANCE T A1 A 4.780% 02/15/2031 DD 02/18/25 210,000 209,976 213,629
SYNCHRONY FINANCIAL VAR RT 03/06/2031 DD 03/06/25 230,000 230,000 235,989
TENNESSEE VALLEY AUTH BD 5.880% 04/01/2036 DD 07/23/97 350,000 382,976 391,745
TOYOTA AUTO RECEIVABLES 2 A A4 4.770% 04/16/2029 DD 01/30/24 145,000 144,989 147,326
TRICON RESIDENTIAL SFR4 A 144A 4.300% 11/17/2041 DD 11/12/24 168,669 164,742 167,721
TRUIST FINANCIAL CORP VAR RT 01/24/2030 DD 01/24/24 280,000 280,000 290,077
U S TREASURY NOTE 3.500% 10/15/2028 DD 10/15/25 5,025,000 5,021,231 5,021,483
U S TREASURY NOTE 3.625% 10/31/2030 DD 10/31/25 8,870,000 8,832,182 8,840,906
U S TREASURY NOTE 3.500% 10/31/2027 DD 10/31/25 80,000 80,000 80,028
U S TREASURY NOTE 3.750% 10/31/2032 DD 10/31/25 9,755,000 9,662,180 9,662,035
U S TREASURY NOTE 4.000% 11/15/2035 DD 11/15/25 4,560,000 3,494,419 3,463,751
UNITED AIRLINES 2020-1 CLASS A 5.875% 04/15/2029 DD 10/28/20 168,329 187,055 172,608
VERIZON MASTER TRUST 7 A 144A 4.350% 08/20/2032 DD 09/18/24 445,000 444,876 448,947
VERIZON MASTER TRUST 7 A1A 3.960% 08/20/2031 DD 09/16/25 145,000 144,972 145,376
VOLVO FINANCIAL EQU 1A A4 144A 4.530% 10/15/2031 DD 03/12/25 165,000 164,979 167,389
WELLS FARGO & CO VAR RT 07/25/2028 DD 07/25/22 340,000 340,000 343,862
WELLS FARGO & CO VAR RT 03/02/2033 DD 03/02/22 245,000 223,001 228,977
WESTERN MIDSTREAM OPERATING LP 6.350% 01/15/2029 DD 09/29/23 335,000 355,626 352,768
WESTPAC BANKING CORP VAR RT 11/18/2036 DD 11/18/21 310,000 269,300 280,243
WHARF COMMERCIAL MOR DC A 144A VAR RT 07/15/2040 DD 06/01/25 190,000 190,000 195,402
WORLD FINANCIAL NETWORK CR A A 5.470% 02/15/2031 DD 05/15/24 250,000 249,960 254,948
WORLD OMNI AUTO RECEIVABL A A4 4.860% 11/15/2030 DD 01/29/25 225,000 224,965 229,667
20
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
280 PARK AVENUE 20 280P A 144A VAR RT 09/15/2034 DD 09/28/17 100,000 99,313 99,664
AKER BP ASA 144A 5.125% 10/01/2034 DD 10/01/24 150,000 142,154 147,011
ALA TRUST 2025-OAN OANA A 144A VAR RT 06/15/2040 DD 06/13/25 50,000 49,875 50,188
ALABAMA POWER CO 5.100% 04/02/2035 DD 03/31/25 15,000 14,978 15,380
ALABAMA POWER CO 4.300% 03/15/2031 DD 09/05/25 155,000 154,662 155,482
ALPHABET INC 4.000% 05/15/2030 DD 05/01/25 115,000 114,192 115,336
ALPHABET INC 3.875% 11/15/2028 DD 11/06/25 165,000 164,858 165,891
ALPHABET INC 4.375% 11/15/2032 DD 11/06/25 30,000 29,966 30,147
AMERICAN ELECTRIC POWER CO INC 5.750% 11/01/2027 DD 11/02/22 190,000 189,497 195,801
AMERICAN EXPRESS CO 5.850% 11/05/2027 DD 11/07/22 190,000 189,863 196,553
AMERICAN EXPRESS CO VAR RT 01/30/2031 DD 01/30/25 85,000 85,000 87,677
AMERICAN EXPRESS CO VAR RT 04/25/2029 DD 04/25/25 165,000 167,174 167,582
AMERICAN TOWER CORP 5.250% 07/15/2028 DD 05/25/23 125,000 124,640 128,558
AMGEN INC 5.150% 03/02/2028 DD 03/02/23 105,000 104,817 107,493
AMSR 2021-SFR4 TRU SFR4 A 144A 2.117% 12/17/2038 DD 11/23/21 254,146 233,378 249,132
AMSR 2024-SFR2 TRU SFR2 A 144A 4.150% 11/17/2041 DD 11/14/24 100,000 95,684 98,752
AMUR EQUIPMENT FINA 1A A2 144A 5.380% 01/21/2031 DD 01/31/24 49,362 49,357 49,919
AMUR EQUIPMENT FINA 1A A2 144A 4.700% 09/22/2031 DD 05/23/25 136,003 136,001 137,404
ARES STRATEGIC INCOME FUN 144A 5.800% 09/09/2030 DD 06/09/25 40,000 39,562 40,414
ARES STRATEGIC INCOME FUN 144A 5.150% 01/15/2031 DD 09/15/25 130,000 128,354 127,699
AT&T INC 2.550% 12/01/2033 DD 06/01/21 33,000 32,534 28,215
ATHENE GLOBAL FUNDING 144A 2.717% 01/07/2029 DD 01/07/22 120,000 120,000 113,575
ATHENE GLOBAL FUNDING 144A 5.684% 02/23/2026 DD 02/23/24 140,000 140,000 140,283
ATHENE GLOBAL FUNDING 144A 4.721% 10/08/2029 DD 10/08/24 65,000 65,000 65,059
AUXILIOR TERM FUNDI 1A A3 144A 5.490% 07/15/2031 DD 07/03/24 100,000 99,990 101,813
AVIS BUDGET RENTAL C 1A A 144A 5.360% 06/20/2030 DD 01/12/24 100,000 99,983 103,154
AVIS BUDGET RENTAL C 2A A 144A 1.660% 02/20/2028 DD 11/17/21 110,000 104,500 107,509
AVIS BUDGET RENTAL C 3A A 144A 5.230% 12/20/2030 DD 03/12/24 100,000 99,954 103,161
AVIS BUDGET RENTAL C 3A A 144A 5.440% 02/22/2028 DD 04/06/23 155,000 156,768 156,858
BACARDI-MARTINI BV 144A 5.550% 02/01/2030 DD 01/29/25 115,000 117,142 118,705
BAE SYSTEMS PLC 144A 5.125% 03/26/2029 DD 03/26/24 200,000 203,386 205,694
BANK 2017-BNK8 BNK8 A4 3.488% 11/15/2050 DD 11/01/17 210,000 197,531 205,523
BANK 2019-BNK18 BN18 A4 3.584% 05/15/2062 DD 05/01/19 55,000 51,610 52,965
BANK OF AMERICA CORP VAR RT 07/22/2027 DD 04/22/21 190,000 189,250 187,587
BANK OF AMERICA CORP VAR RT 03/11/2027 DD 03/11/21 30,000 28,776 29,860
BANK OF AMERICA CORP VAR RT 07/23/2031 DD 07/23/20 125,000 117,216 112,406
BANK OF AMERICA CORP VAR RT 10/24/2031 DD 10/21/20 20,000 16,199 17,903
BANK OF AMERICA CORP VAR RT 03/11/2032 DD 03/11/21 175,000 178,008 160,916
BANK OF AMERICA CORP VAR RT 07/21/2032 DD 07/21/21 35,000 28,957 31,325
BANK OF AMERICA CORP VAR RT 09/21/2036 DD 09/21/21 55,000 45,207 48,340
BANK OF AMERICA CORP VAR RT 10/25/2035 DD 10/25/24 65,000 65,000 66,697
* BANK OF NEW YORK MELLON CORP/T VAR RT 10/25/2029 DD 10/25/23 55,000 55,000 58,413
* BANK OF NEW YORK MELLON CORP/T VAR RT 07/22/2032 DD 07/22/24 65,000 65,000 67,453
BAT CAPITAL CORP 3.557% 08/15/2027 DD 08/15/18 135,000 133,801 133,982
BAT CAPITAL CORP 5.350% 08/15/2032 DD 03/13/25 65,000 64,948 67,636
BAXTER INTERNATIONAL INC 4.900% 12/15/2030 DD 12/04/25 85,000 84,852 85,711
21
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
BBCMS MORTGAGE TRUST 20 C30 A2 6.128% 11/15/2057 DD 11/01/24 160,000 165,738 167,157
BENCHMARK 2019-B11 MORT B11 A2 3.410% 05/15/2052 DD 06/01/19 2,737 2,819 2,729
BENCHMARK 2019-B9 MORTGA B9 A5 4.016% 03/15/2052 DD 02/01/19 135,000 128,640 132,945
BLACKSTONE SECURED LENDING FUN 5.125% 01/31/2031 DD 10/14/25 140,000 138,636 138,391
BOCA COMMERCIAL MO BOCA A 144A VAR RT 12/15/2042 DD 12/19/25 140,000 140,000 140,175
BOEING CO/THE 3.200% 03/01/2029 DD 02/15/19 60,000 55,449 58,207
BOEING CO/THE 6.388% 05/01/2031 DD 11/01/24 10,000 10,626 10,860
BOEING CO/THE 5.150% 05/01/2030 DD 05/04/20 200,000 205,528 205,704
BPCE SA 144A 5.125% 01/18/2028 DD 01/18/23 250,000 249,520 254,843
BPR TRUST 2023-BRK BRK2 A 144A VAR RT 10/05/2038 DD 10/01/23 200,000 199,990 208,798
BPR TRUST 2024-PMD PMDW A 144A VAR RT 11/05/2041 DD 11/01/24 100,000 99,999 102,385
BRIDGECREST LENDING AUTO 4 A3 4.240% 10/15/2029 DD 10/22/25 145,000 144,984 145,451
BROADCOM INC 5.050% 07/12/2029 DD 07/12/24 20,000 19,974 20,606
BROADCOM INC 4.150% 02/15/2028 DD 10/02/24 90,000 89,870 90,329
BROADCOM INC 4.600% 07/15/2030 DD 07/11/25 65,000 64,864 66,092
BROADCOM INC 4.200% 10/15/2030 DD 09/29/25 125,000 124,997 125,045
BROOKFIELD FINANCE INC 3.900% 01/25/2028 DD 01/17/18 200,000 214,268 199,384
BROOKLYN UNION GAS CO/THE 144A 4.632% 08/05/2027 DD 08/05/22 110,000 110,000 110,672
BWAY TRUST 2025-15 1535 A 144A VAR RT 05/05/2042 DD 04/01/25 110,000 110,000 113,863
BX TRUST 2025-ARIA ARIA A 144A VAR RT 12/13/2042 DD 12/01/25 35,000 35,000 35,351
CAPITAL ONE FINANCIAL CORP VAR RT 07/26/2030 DD 07/27/22 95,000 95,000 98,060
CAPITAL ONE FINANCIAL CORP VAR RT 10/30/2031 DD 11/01/23 40,000 42,984 45,242
CAPITAL ONE FINANCIAL CORP VAR RT 01/30/2036 DD 01/30/25 20,000 20,000 20,929
CAPITAL ONE FINANCIAL CORP VAR RT 09/11/2031 DD 09/11/25 70,000 70,000 69,948
CARDINAL HEALTH INC 5.000% 11/15/2029 DD 11/22/24 85,000 85,270 87,364
CARDINAL HEALTH INC 4.500% 09/15/2030 DD 08/27/25 200,000 201,439 202,048
CBRE SERVICES INC 4.900% 01/15/2033 DD 11/13/25 20,000 19,963 20,123
CD 2016-CD1 MORTGAGE T CD1 ASB 2.622% 08/10/2049 DD 08/01/16 40,251 42,685 40,179
CD 2016-CD2 MORTGAGE TR CD2 A4 VAR RT 11/10/2049 DD 12/01/16 120,000 115,469 117,288
CD 2017-CD3 MORTGAGE TR CD3 A4 3.631% 02/10/2050 DD 02/01/17 185,000 176,603 180,573
CDW LLC / CDW FINANCE CORP 2.670% 12/01/2026 DD 12/01/21 205,000 205,000 202,292
CENT 2025-CITY CITY A 144A VAR RT 07/10/2040 DD 07/01/25 125,000 125,000 126,624
CENTERPOINT ENERGY HOUSTON ELE 5.200% 10/01/2028 DD 09/18/23 45,000 46,067 46,476
CENTERPOINT ENERGY INC 5.400% 06/01/2029 DD 05/10/24 121,000 120,746 125,402
CENTERPOINT ENERGY RESOURCES C 1.750% 10/01/2030 DD 10/01/20 24,000 21,306 21,401
CIGNA GROUP/THE 4.875% 09/15/2032 DD 09/04/25 80,000 81,001 81,167
CITIGROUP INC VAR RT 02/13/2030 DD 02/13/24 55,000 55,000 56,488
CITIGROUP INC VAR RT 09/11/2031 DD 09/11/25 260,000 261,224 261,126
CITIGROUP INC VAR RT 05/07/2031 DD 05/07/25 115,000 114,759 117,551
CITIZENS AUTO RECEIV 1 A4 144A 5.030% 10/15/2030 DD 01/23/24 65,000 64,998 65,969
CITIZENS FINANCIAL GROUP INC VAR RT 04/25/2035 DD 04/25/24 10,000 10,330 11,014
CITIZENS FINANCIAL GROUP INC VAR RT 03/05/2031 DD 03/05/25 60,000 59,377 61,694
CLECO CORPORATE HOLDINGS LLC 3.375% 09/15/2029 DD 03/15/20 25,000 24,985 23,529
CNO GLOBAL FUNDING 144A 4.700% 12/11/2030 DD 12/11/25 145,000 144,809 145,307
COLUMBIA PIPELINES HOLDIN 144A 6.055% 08/15/2026 DD 08/08/23 15,000 15,000 15,139
COLUMBIA PIPELINES HOLDIN 144A 5.097% 10/01/2031 DD 09/09/24 46,000 45,467 46,839
22
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
COLUMBIA PIPELINES HOLDIN 144A 4.999% 11/17/2032 DD 11/17/25 130,000 129,772 130,196
COMM 2024-277P MOR 277P A 144A 6.338% 08/10/2044 DD 08/01/24 60,000 60,599 63,240
COMM 2024-CBM MORT CBM A2 144A VAR RT 12/10/2041 DD 12/01/24 40,000 40,598 40,742
CONAGRA BRANDS INC 5.000% 08/01/2030 DD 07/22/25 35,000 34,886 35,439
CONSOLIDATED EDISON CO OF NEW 4.000% 12/01/2028 DD 11/30/18 165,000 165,830 165,551
COTERRA ENERGY INC 5.600% 03/15/2034 DD 03/13/24 48,000 48,092 49,555
COX COMMUNICATIONS INC 144A 5.450% 09/01/2034 DD 08/20/24 25,000 24,980 24,641
COX COMMUNICATIONS INC 144A 5.700% 06/15/2033 DD 06/20/23 205,000 207,135 207,052
CREDIT ACCEPTANCE AU 2A A 144A 5.950% 06/15/2034 DD 06/20/24 155,000 154,998 157,745
CREDIT ACCEPTANCE AU 3A A 144A 4.680% 09/15/2034 DD 09/26/24 120,000 119,984 120,679
CREDIT AGRICOLE SA 144A VAR RT 09/25/2033 DD 09/25/25 250,000 250,000 250,033
CROWN CASTLE INC 4.800% 09/01/2028 DD 04/26/23 80,000 79,818 81,190
CROWN CASTLE INC 4.900% 09/01/2029 DD 08/12/24 25,000 25,510 25,406
CROWN CASTLE INC 2.250% 01/15/2031 DD 06/15/20 160,000 141,696 143,042
CROWN CASTLE INC 2.100% 04/01/2031 DD 02/16/21 45,000 39,747 39,751
CSAIL 2016-C6 COMMERCIAL C6 A5 3.090% 01/15/2049 DD 05/01/16 132,794 129,262 132,328
CVS HEALTH CORP 1.750% 08/21/2030 DD 08/21/20 95,000 79,125 84,460
CVS HEALTH CORP 2.125% 09/15/2031 DD 08/18/21 70,000 56,879 61,554
CVS HEALTH CORP 5.000% 09/15/2032 DD 08/15/25 45,000 44,862 46,009
DIAMONDBACK ENERGY INC 5.400% 04/18/2034 DD 04/18/24 15,000 15,432 15,384
DIAMONDBACK ENERGY INC 3.125% 03/24/2031 DD 03/24/21 90,000 83,539 84,182
DLLAA 2023-1 LLC 1A A3 144A 5.640% 02/22/2028 DD 08/02/23 55,550 55,546 56,139
DLLAD 2024-1 LLC 1A A3 144A 5.300% 07/20/2029 DD 05/15/24 65,000 64,987 66,360
DOMINION ENERGY INC 5.000% 06/15/2030 DD 03/11/25 100,000 99,956 102,827
DUKE ENERGY CAROLINAS LLC 2.550% 04/15/2031 DD 04/01/21 55,000 54,937 50,674
DUKE ENERGY CORP 2.550% 06/15/2031 DD 06/10/21 90,000 86,831 82,049
DUKE ENERGY CORP 5.450% 06/15/2034 DD 06/07/24 20,000 19,974 20,865
DUKE ENERGY CORP 5.000% 12/08/2027 DD 12/08/22 110,000 112,258 112,151
DUKE ENERGY OHIO INC 5.250% 04/01/2033 DD 03/22/23 10,000 9,994 10,374
DUKE ENERGY PROGRESS LLC 5.050% 03/15/2035 DD 03/06/25 40,000 39,953 40,746
EDISON INTERNATIONAL 5.250% 03/15/2032 DD 11/05/24 10,000 9,731 10,002
EDISON INTERNATIONAL 6.250% 03/15/2030 DD 03/14/25 65,000 66,936 67,999
ELEMENT FLEET MANAGEMENT 144A 4.641% 11/24/2030 DD 11/24/25 100,000 100,145 100,368
ELI LILLY & CO 4.500% 02/09/2029 DD 02/09/24 155,000 154,898 158,002
ELI LILLY & CO 4.000% 10/15/2028 DD 08/20/25 40,000 40,168 40,282
ELI LILLY & CO 4.550% 10/15/2032 DD 08/20/25 130,000 129,948 131,970
EMERA US FINANCE LP 2.639% 06/15/2031 DD 06/04/21 70,000 60,388 63,309
ENERGY TRANSFER LP 3.750% 05/15/2030 DD 01/22/20 10,000 9,432 9,742
ENTERPRISE FLEET FIN 2 A2 144A 5.560% 04/22/2030 DD 05/31/23 46,044 46,036 46,300
ENTERPRISE FLEET FIN 2 A4 144A 5.690% 12/20/2030 DD 04/30/24 75,000 74,990 77,496
ENTERPRISE FLEET FIN 2 A4 144A 4.580% 12/22/2031 DD 05/06/25 65,000 64,995 66,065
ENTERPRISE FLEET FIN 3 A4 144A 5.060% 03/20/2031 DD 07/24/24 50,000 49,999 51,176
ENTERPRISE PRODUCTS OPERATING 4.600% 01/15/2031 DD 06/20/25 225,000 225,799 227,945
EOG RESOURCES INC 5.000% 07/15/2032 DD 07/01/25 35,000 34,927 35,903
EOG RESOURCES INC 5.350% 01/15/2036 DD 07/01/25 45,000 44,963 46,344
EOG RESOURCES INC 4.400% 01/15/2031 DD 11/24/25 15,000 14,991 15,074
23
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
EQT CORP 4.500% 01/15/2029 DD 07/15/25 60,000 58,015 60,169
EQT CORP 4.750% 01/15/2031 DD 07/15/25 60,000 55,942 60,450
EQUITABLE AMERICA GLOBAL 144A 4.700% 09/15/2032 DD 09/15/25 90,000 90,083 89,672
EQUITABLE FINANCIAL LIFE 144A 5.000% 03/27/2030 DD 03/27/25 45,000 44,908 46,036
EVERSOURCE ENERGY 4.600% 07/01/2027 DD 06/27/22 100,000 99,880 100,690
EVERSOURCE ENERGY 5.450% 03/01/2028 DD 03/06/23 80,000 80,016 82,029
EVERSOURCE ENERGY 5.125% 05/15/2033 DD 05/11/23 30,000 29,440 30,352
EVERSOURCE ENERGY 5.500% 01/01/2034 DD 01/19/24 11,000 10,988 11,325
EVERSOURCE ENERGY 4.450% 12/15/2030 DD 10/17/25 220,000 219,858 219,017
EXELON CORP 5.150% 03/15/2029 DD 02/27/24 95,000 94,792 97,746
EXETER AUTOMOBILE RECEIV 4A A3 4.390% 09/17/2029 DD 08/27/25 55,000 54,996 55,240
FHLMC POOL #A4-1215 5.000% 11/01/2035 DD 12/01/05 26,803 25,742 27,556
FHLMC POOL #A4-1297 5.000% 12/01/2035 DD 12/01/05 16,813 16,147 17,298
FHLMC POOL #A4-1833 5.000% 01/01/2036 DD 01/01/06 1,403 1,348 1,403
FHLMC POOL #A4-7715 5.000% 11/01/2035 DD 11/01/05 219 210 222
FHLMC POOL #A7-0631 5.000% 12/01/2037 DD 12/01/07 9,107 8,734 9,319
FHLMC POOL #A7-7292 5.000% 04/01/2038 DD 05/01/08 31,610 31,215 32,579
FHLMC POOL #A9-6129 4.000% 01/01/2041 DD 12/01/10 490,839 506,983 481,592
FHLMC POOL #G0-1940 5.000% 10/01/2035 DD 10/01/05 8,047 7,559 8,282
FHLMC POOL #G0-4214 5.500% 05/01/2038 DD 04/01/08 27,622 27,812 28,829
FHLMC POOL #G0-8741 3.000% 01/01/2047 DD 12/01/16 822,705 845,329 745,585
FHLMC POOL #QE-6387 4.500% 07/01/2052 DD 07/01/22 318,230 298,340 312,702
FHLMC POOL #RA-7674 4.500% 07/01/2052 DD 07/01/22 694,986 650,355 681,996
FHLMC POOL #RA-7778 4.500% 08/01/2052 DD 08/01/22 697,210 652,109 684,109
FHLMC POOL #SD-2903 2.000% 03/01/2051 DD 05/01/23 1,060,070 849,215 867,328
FHLMC POOL #SD-8036 3.000% 01/01/2050 DD 12/01/19 1,271,081 1,288,236 1,141,164
FHLMC POOL #SD-8160 2.000% 07/01/2051 DD 07/01/21 731,296 745,722 595,590
FHLMC POOL #SD-8362 5.500% 09/01/2053 DD 08/01/23 1,323,825 1,285,455 1,346,741
FHLMC POOL #SD-8446 5.500% 07/01/2054 DD 06/01/24 709,702 716,355 720,220
FHLMC POOL #SD-8495 6.000% 11/01/2054 DD 11/01/24 730,379 737,597 750,151
FHLMC MULTICLASS MTG 3883 PB 3.000% 05/15/2041 DD 06/01/11 24,394 24,296 23,546
FHLMC MULTICLASS MTG 4961 JB 2.500% 12/15/2042 DD 02/01/20 75,761 78,495 70,124
FHLMC MULTICLASS MTG 5055 DG 1.500% 12/25/2050 DD 11/01/20 194,964 162,003 160,374
FHLMC MULTICLASS MTG 5170 DP 2.000% 07/25/2050 DD 11/01/21 190,534 176,133 169,653
FIRSTENERGY PENNSYLVANIA 144A 3.600% 06/01/2029 DD 06/03/19 35,000 32,109 34,271
FIRSTKEY HOMES 202 SFR1 A 144A 1.538% 08/17/2038 DD 07/15/21 241,487 220,928 237,445
FIRSTKEY HOMES 202 SFR3 A 144A 2.135% 12/17/2038 DD 12/09/21 93,724 86,113 91,891
FLAGSHIP CREDIT AUTO 2 A3 144A 5.220% 12/15/2027 DD 05/04/23 35,656 35,655 35,662
FNMA POOL #0256315 5.500% 07/01/2036 DD 06/01/06 14,478 14,194 15,146
FNMA POOL #0725206 5.500% 02/01/2034 DD 02/01/04 21,309 24,277 21,893
FNMA POOL #0725222 5.500% 02/01/2034 DD 02/01/04 37,295 42,472 38,296
FNMA POOL #0725314 5.000% 04/01/2034 DD 03/01/04 9,480 9,005 9,624
FNMA POOL #0727187 5.500% 08/01/2033 DD 08/01/03 2,551 2,568 2,608
FNMA POOL #0733655 5.500% 09/01/2033 DD 08/01/03 8,236 8,290 8,448
FNMA POOL #0734847 5.500% 08/01/2033 DD 08/01/03 10,077 10,143 10,256
FNMA POOL #0735383 5.000% 04/01/2035 DD 03/01/05 91,411 102,360 93,869
24
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
FNMA POOL #0820263 5.000% 07/01/2035 DD 07/01/05 3,442 3,385 3,534
FNMA POOL #0825951 5.000% 07/01/2035 DD 06/01/05 6,157 6,056 6,231
FNMA POOL #0826955 5.000% 06/01/2035 DD 06/01/05 433 426 442
FNMA POOL #0828523 5.000% 07/01/2035 DD 07/01/05 7,440 7,318 7,641
FNMA POOL #0828547 5.000% 08/01/2035 DD 08/01/05 716 680 736
FNMA POOL #0828678 5.000% 07/01/2035 DD 07/01/05 3,501 3,444 3,501
FNMA POOL #0828712 5.000% 07/01/2035 DD 07/01/05 4,073 4,006 4,155
FNMA POOL #0830996 5.000% 08/01/2035 DD 07/01/05 7,057 6,941 7,237
FNMA POOL #0832013 5.000% 09/01/2035 DD 08/01/05 9,523 9,367 9,774
FNMA POOL #0832878 5.000% 09/01/2035 DD 08/01/05 15,292 14,788 15,729
FNMA POOL #0838778 5.000% 10/01/2035 DD 10/01/05 3,712 3,526 3,788
FNMA POOL #0840377 5.000% 11/01/2035 DD 11/01/05 559 531 574
FNMA POOL #0843360 5.000% 11/01/2035 DD 11/01/05 4,887 4,643 5,023
FNMA POOL #0844018 5.000% 11/01/2035 DD 10/01/05 14,080 13,374 14,459
FNMA POOL #0867065 5.000% 02/01/2036 DD 02/01/06 3,277 3,111 3,371
FNMA POOL #0882022 5.500% 05/01/2036 DD 05/01/06 294 288 306
FNMA POOL #0888023 5.500% 06/01/2036 DD 11/01/06 69,487 69,324 71,359
FNMA POOL #0888120 5.000% 10/01/2035 DD 12/01/06 25,247 24,413 25,953
FNMA POOL #0888635 5.500% 09/01/2036 DD 08/01/07 19,072 21,723 19,595
FNMA POOL #0893289 5.500% 08/01/2036 DD 08/01/06 3,052 2,995 3,107
FNMA POOL #0893363 5.000% 06/01/2036 DD 08/01/06 755 717 776
FNMA POOL #0900979 5.500% 09/01/2036 DD 09/01/06 4,633 4,547 4,820
FNMA POOL #0961876 5.000% 03/01/2038 DD 02/01/08 21,939 21,423 22,203
FNMA POOL #0AT2016 3.000% 04/01/2043 DD 04/01/13 244,086 246,374 226,029
FNMA POOL #0BK2229 2.500% 04/01/2050 DD 03/01/20 1,697,207 1,525,238 1,441,421
FNMA POOL #0BN5279 4.000% 02/01/2049 DD 02/01/19 290,997 296,817 281,228
FNMA POOL #0BR1035 2.000% 05/01/2051 DD 05/01/21 1,043,083 831,696 850,498
FNMA POOL #0CB1666 2.500% 09/01/2051 DD 08/01/21 1,722,797 1,689,687 1,487,928
FNMA POOL #0FA0287 6.000% 12/01/2054 DD 01/01/25 730,087 736,932 750,398
FNMA POOL #0FA3041 5.500% 10/01/2055 DD 09/01/25 1,014,999 1,035,537 1,033,472
FNMA POOL #0FP0078 2.500% 12/01/2051 DD 10/01/23 901,133 754,981 774,082
FNMA POOL #0FS6925 2.500% 12/01/2051 DD 01/01/24 931,665 773,136 791,999
FNMA POOL #0MA4398 2.000% 08/01/2051 DD 07/01/21 1,097,468 1,119,118 893,811
FNMA POOL #0MA4582 2.000% 04/01/2037 DD 03/01/22 445,460 385,462 412,607
FNMA GTD REMIC P/T 12-18 GA 2.000% 12/25/2041 DD 02/01/12 26,255 24,815 24,872
FNMA GTD REMIC P/T 12-21 PQ 2.000% 09/25/2041 DD 02/01/12 13,483 12,764 12,876
FNMA GTD REMIC P/T 12-52 PA 3.500% 05/25/2042 DD 04/01/12 22,949 23,245 22,304
FNMA GTD REMIC P/T 15-48 QB 3.000% 02/25/2043 DD 06/01/15 18,316 18,472 18,054
FNMA GTD REMIC P/T 16-11 GA 2.500% 03/25/2046 DD 02/01/16 38,779 37,592 36,562
FNMA GTD REMIC P/T 17-34 JK 3.000% 05/25/2047 DD 04/01/17 10,882 10,538 10,713
FNMA GTD REMIC P/T 18-23 LA 3.500% 04/25/2048 DD 03/01/18 61,344 61,943 59,153
FNMA GTD REMIC P/T 22-90 AY 4.500% 12/25/2041 DD 12/01/22 400,000 404,500 400,636
FOUNDRY JV HOLDCO LLC 144A 6.150% 01/25/2032 DD 05/07/24 200,000 214,794 212,262
FOUNDRY JV HOLDCO LLC 144A 5.500% 01/25/2031 DD 02/07/25 200,000 202,726 206,688
GA GLOBAL FUNDING TRUST 144A 4.500% 09/18/2030 DD 09/18/25 150,000 149,973 148,326
GE HEALTHCARE TECHNOLOGIES INC 5.650% 11/15/2027 DD 05/15/23 125,000 124,499 128,706
25
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
GE HEALTHCARE TECHNOLOGIES INC 4.800% 01/15/2031 DD 06/09/25 35,000 34,967 35,674
GENERAL MOTORS FINANCIAL CO IN 2.350% 02/26/2027 DD 01/11/22 285,000 284,721 279,297
GEORGIA POWER CO 4.650% 05/16/2028 DD 05/04/23 120,000 119,849 121,913
GEORGIA POWER CO 4.550% 03/15/2030 DD 12/05/24 45,000 44,894 45,753
GEORGIA POWER CO 4.850% 03/15/2031 DD 03/03/25 30,000 29,950 30,804
GEORGIA POWER CO 4.000% 10/01/2028 DD 09/29/25 50,000 49,975 50,291
GILEAD SCIENCES INC 1.200% 10/01/2027 DD 09/30/20 90,000 89,922 86,227
GLENCORE FUNDING LLC 144A 5.400% 05/08/2028 DD 05/08/23 50,000 49,981 51,303
GLENCORE FUNDING LLC 144A 6.375% 10/06/2030 DD 10/06/23 55,000 59,029 59,244
GLENCORE FUNDING LLC 144A 5.338% 04/04/2027 DD 04/04/24 20,000 20,000 20,312
GLENCORE FUNDING LLC 144A 5.371% 04/04/2029 DD 04/04/24 20,000 19,989 20,651
GLENCORE FUNDING LLC 144A 5.634% 04/04/2034 DD 04/04/24 35,000 34,499 36,617
GLENCORE FUNDING LLC 144A 5.186% 04/01/2030 DD 04/01/25 5,000 5,000 5,142
GLS AUTO SELECT REC 1A A2 144A 4.710% 04/15/2030 DD 01/16/25 68,853 68,843 69,364
GM FINANCIAL AUTOMOBILE L 1 A4 4.700% 02/20/2029 DD 02/12/25 90,000 89,987 91,058
GNMA POOL #0465541 6.000% 07/15/2028 DD 07/01/98 99 103 102
GNMA POOL #0486703 6.000% 11/15/2028 DD 11/01/98 70 73 71
GNMA POOL #0491289 6.000% 11/15/2028 DD 11/01/98 1,556 1,626 1,562
GNMA POOL #0596613 6.000% 10/15/2032 DD 10/01/02 128 132 129
GNMA POOL #0601319 6.000% 02/15/2033 DD 02/01/03 1,332 1,392 1,344
GNMA POOL #0739896 4.000% 01/15/2041 DD 01/01/11 16,770 18,111 16,245
GNMA POOL #0767263 4.000% 08/15/2041 DD 08/01/11 141,543 152,861 137,001
GNMA POOL #0770410 4.000% 06/15/2041 DD 06/01/11 8,434 9,117 8,127
GNMA POOL #0778693 4.000% 12/15/2041 DD 12/01/11 23,564 25,471 22,783
GNMA POOL #0781856 6.000% 08/15/2034 DD 01/01/05 38,897 40,243 40,421
GNMA POOL #0782071 7.000% 05/15/2033 DD 03/01/06 5,679 5,926 5,869
GNMA GTD REMIC P/T 13-37 LG 2.000% 01/20/2042 DD 03/01/13 15,123 14,112 14,891
GNMA II POOL #0MA4652 3.500% 08/20/2047 DD 08/01/17 369,033 384,313 344,470
GNMA II POOL #0MA4961 3.000% 01/20/2048 DD 01/01/18 62,675 60,523 57,042
GNMA II POOL #0MA5018 3.000% 02/20/2048 DD 02/01/18 612,332 591,307 557,871
GNMA II POOL #0MA7051 2.000% 12/20/2050 DD 12/01/20 1,089,675 869,356 904,212
GNMA II POOL #0MA7313 3.000% 04/20/2051 DD 04/01/21 579,101 507,708 522,233
GNMA II POOL #0MA7368 3.000% 05/20/2051 DD 05/01/21 125,411 109,950 113,069
GNMA II POOL #0MA7472 2.500% 07/20/2051 DD 07/01/21 505,380 426,888 437,138
GNMA II POOL #0MA7589 2.500% 09/20/2051 DD 09/01/21 798,883 673,433 691,010
GNMA II POOL #0MA7989 3.500% 04/20/2052 DD 04/01/22 1,266,242 1,114,689 1,164,310
GOLDMAN SACHS GROUP INC/THE VAR RT 04/22/2032 DD 04/22/21 5,000 5,000 4,563
GOLDMAN SACHS GROUP INC/THE VAR RT 07/23/2030 DD 07/23/24 45,000 45,000 46,141
GOLDMAN SACHS GROUP INC/THE VAR RT 10/23/2030 DD 10/23/24 80,000 80,000 81,143
GOLDMAN SACHS GROUP INC/THE VAR RT 01/27/2032 DD 01/27/21 45,000 45,000 40,011
GOLDMAN SACHS GROUP INC/THE VAR RT 10/21/2027 DD 10/21/21 300,000 299,469 294,945
GOLDMAN SACHS GROUP INC/THE VAR RT 08/23/2028 DD 08/23/22 50,000 49,925 50,358
GOLDMAN SACHS GROUP INC/THE VAR RT 04/23/2031 DD 04/23/25 40,000 40,000 41,342
GREATAMERICA LEASING 1 A4 144A 5.080% 12/16/2030 DD 01/31/24 65,000 64,994 66,242
GS MORTGAGE SECURITIES GS7 A4 3.430% 08/10/2050 DD 08/01/17 70,000 66,771 69,122
GUARDIAN LIFE GLOBAL FUND 144A 4.673% 09/05/2032 DD 09/05/25 150,000 150,000 151,283
26
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
HALEON US CAPITAL LLC 3.375% 03/24/2027 DD 09/24/22 270,000 269,409 268,070
HEICO CORP 5.350% 08/01/2033 DD 07/27/23 70,000 72,533 72,617
HERTZ VEHICLE FINANC 2A A 144A 5.130% 09/25/2031 DD 03/12/25 100,000 99,991 101,656
HESS CORP 7.125% 03/15/2033 DD 03/05/02 75,000 86,072 86,943
HOWMET AEROSPACE INC 4.550% 11/15/2032 DD 11/12/25 180,000 179,924 181,042
HSBC HOLDINGS PLC VAR RT 05/17/2028 DD 05/17/24 255,000 255,000 259,794
HSBC HOLDINGS PLC VAR RT 03/03/2031 DD 03/03/25 200,000 200,000 205,144
HTL COMMERCIAL MORT T53 A 144A VAR RT 05/10/2039 DD 04/01/24 100,000 100,000 101,235
HUMANA INC 5.750% 03/01/2028 DD 11/22/22 125,000 124,689 128,909
HUMANA INC 5.375% 04/15/2031 DD 03/13/24 95,000 95,560 98,295
HUMANA INC 5.550% 05/01/2035 DD 03/05/25 55,000 54,937 56,279
HYUNDAI AUTO LEASE S A A4 144A 5.070% 02/15/2028 DD 01/24/24 100,000 99,995 100,458
HYUNDAI AUTO LEASE S A A4 144A 4.900% 01/16/2029 DD 01/22/25 100,000 99,996 101,358
HYUNDAI CAPITAL AMERICA 144A 5.500% 03/30/2026 DD 03/30/23 125,000 124,548 125,404
IMPERIAL BRANDS FINANCE P 144A 5.500% 02/01/2030 DD 07/01/24 200,000 208,442 207,346
INTEL CORP 4.875% 02/10/2028 DD 02/10/23 105,000 105,426 106,477
INTEL CORP 4.150% 08/05/2032 DD 08/05/22 110,000 104,904 106,220
INTEL CORP 5.200% 02/10/2033 DD 02/10/23 55,000 56,290 56,147
INTERCONTINENTAL EXCHANGE INC 2.100% 06/15/2030 DD 05/26/20 205,000 165,394 188,369
INTERNATIONAL BUSINESS MACHINE 4.800% 02/10/2030 DD 02/10/25 100,000 99,780 102,390
ITC HOLDINGS CORP 144A 4.950% 09/22/2027 DD 09/22/22 80,000 80,053 81,078
JBS NV/JBS USA FOODS GROUP HOL 5.750% 04/01/2033 DD 04/01/23 60,000 60,442 62,699
JBS NV/JBS USA FOODS GROUP HOL 6.750% 03/15/2034 DD 09/15/24 195,000 214,566 215,436
JERSEY CENTRAL POWER & LIGHT C 5.100% 01/15/2035 DD 12/05/24 15,000 14,947 15,200
JOHN DEERE CAPITAL CORP 4.250% 06/05/2028 DD 06/05/25 50,000 49,956 50,602
JP MORGAN CHASE COMMERC JP3 A5 2.870% 08/15/2049 DD 09/01/16 45,000 43,339 44,572
JPMORGAN CHASE & CO VAR RT 09/22/2027 DD 09/22/21 220,000 217,619 215,998
JPMORGAN CHASE & CO VAR RT 01/23/2030 DD 01/23/24 140,000 140,000 143,541
JPMORGAN CHASE & CO VAR RT 01/23/2029 DD 01/23/18 215,000 215,000 213,007
JPMORGAN CHASE & CO VAR RT 05/06/2030 DD 05/06/19 45,000 45,000 44,351
JPMORGAN CHASE & CO VAR RT 07/24/2029 DD 07/24/23 135,000 135,000 139,173
JPMORGAN CHASE & CO VAR RT 04/22/2030 DD 04/22/24 65,000 65,000 67,852
JPMORGAN CHASE & CO VAR RT 07/22/2030 DD 07/22/24 110,000 110,000 113,013
JPMORGAN CHASE & CO VAR RT 10/22/2028 DD 10/22/24 200,000 200,937 201,958
JPMORGAN CHASE & CO VAR RT 10/22/2035 DD 10/22/24 20,000 20,000 20,241
JPMORGAN CHASE & CO VAR RT 01/24/2031 DD 01/24/25 80,000 80,000 82,755
JPMORGAN CHASE & CO VAR RT 07/23/2036 DD 07/23/25 50,000 50,000 51,826
JPMORGAN CHASE & CO VAR RT 10/22/2031 DD 10/22/25 115,000 115,000 114,788
KENVUE INC 4.850% 05/22/2032 DD 05/22/25 110,000 111,033 112,609
KEURIG DR PEPPER INC 4.597% 05/25/2028 DD 05/25/19 100,000 100,565 100,835
KEURIG DR PEPPER INC 3.200% 05/01/2030 DD 04/13/20 11,000 10,421 10,459
KEURIG DR PEPPER INC 2.250% 03/15/2031 DD 03/15/21 15,000 13,261 13,393
KEURIG DR PEPPER INC 3.950% 04/15/2029 DD 04/22/22 45,000 44,254 44,515
KEURIG DR PEPPER INC 4.050% 04/15/2032 DD 04/22/22 40,000 38,511 38,511
KEURIG DR PEPPER INC 5.200% 03/15/2031 DD 03/07/24 48,000 49,221 49,383
KEURIG DR PEPPER INC 5.300% 03/15/2034 DD 03/07/24 35,000 35,410 35,769
27
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
KEURIG DR PEPPER INC 4.600% 05/15/2030 DD 05/05/25 95,000 94,382 95,571
L3HARRIS TECHNOLOGIES INC 4.400% 06/15/2028 DD 12/15/19 54,000 61,276 54,417
LABORATORY CORP OF AMERICA HOL 4.350% 04/01/2030 DD 09/23/24 100,000 99,931 100,232
LINCOLN FINANCIAL GLOBAL 144A 4.625% 05/28/2028 DD 05/28/25 40,000 39,988 40,391
LOCKHEED MARTIN CORP 4.700% 12/15/2031 DD 12/11/24 55,000 54,967 56,425
LOWE'S COS INC 4.800% 04/01/2026 DD 03/30/23 95,000 94,984 95,123
LYB INTERNATIONAL FINANCE III 5.125% 01/15/2031 DD 11/13/25 70,000 70,092 70,320
M&T EQUIPMENT 2025- 1A A3 144A 4.780% 09/17/2029 DD 05/21/25 45,000 44,991 45,559
MAD COMMERCIAL MOR 11MD A 144A VAR RT 10/15/2042 DD 09/01/25 150,000 150,000 150,705
MARS INC 144A 4.600% 03/01/2028 DD 03/12/25 85,000 85,314 86,187
MARS INC 144A 4.800% 03/01/2030 DD 03/12/25 50,000 49,946 51,130
MARS INC 144A 5.000% 03/01/2032 DD 03/12/25 350,000 355,028 361,274
META PLATFORMS INC 4.600% 11/15/2032 DD 11/03/25 85,000 84,993 85,798
MICRON TECHNOLOGY INC 5.650% 11/01/2032 DD 04/29/25 60,000 60,339 63,167
MORGAN STANLEY VAR RT 07/20/2029 DD 07/21/23 40,000 40,000 41,301
MORGAN STANLEY VAR RT 05/04/2027 DD 04/22/21 145,000 145,000 143,743
MORGAN STANLEY VAR RT 04/28/2032 DD 01/25/21 115,000 115,000 101,091
MORGAN STANLEY VAR RT 01/15/2031 DD 01/21/25 30,000 30,000 30,971
MORGAN STANLEY CAPITA UB11 ASB 2.606% 08/15/2049 DD 08/01/16 20,074 21,245 20,041
MORGAN STANLEY CAPITAL I H4 A4 4.310% 12/15/2051 DD 12/01/18 80,000 78,166 79,523
MPLX LP 5.500% 06/01/2034 DD 05/20/24 20,000 20,129 20,440
MPLX LP 4.800% 02/15/2031 DD 08/11/25 250,000 250,937 252,918
MPLX LP 5.000% 01/15/2033 DD 08/11/25 75,000 74,202 75,383
NASDAQ INC 5.350% 06/28/2028 DD 06/28/23 25,000 24,950 25,806
NATIONAL GRID PLC 5.602% 06/12/2028 DD 06/12/23 100,000 100,000 103,279
NATIONAL RURAL UTILITIES COOPE 3.700% 03/15/2029 DD 01/31/19 20,000 19,955 19,763
NATWEST GROUP PLC VAR RT 09/30/2028 DD 06/30/22 200,000 200,000 205,120
NAVIENT PRIVATE EDUC FA A 144A 1.110% 02/18/2070 DD 09/28/21 87,792 75,230 78,309
NAVIENT PRIVATE EDUCA A A 144A 5.510% 10/15/2071 DD 04/27/23 112,088 111,926 115,287
NISOURCE INC 5.250% 03/30/2028 DD 03/24/23 155,000 155,777 158,963
NISOURCE INC 3.490% 05/15/2027 DD 05/22/17 65,000 65,881 64,587
NISSAN AUTO LEASE TRUST 2 A A4 4.800% 02/15/2029 DD 01/22/25 115,000 114,993 116,523
NMEF FUNDING 2025-B B A2 144A 4.640% 01/18/2033 DD 08/13/25 101,000 100,993 101,390
NORTHROP GRUMMAN CORP 4.650% 07/15/2030 DD 05/29/25 35,000 34,991 35,651
NUTRIEN LTD 4.900% 03/27/2028 DD 03/27/23 100,000 99,757 101,827
NXP BV / NXP FUNDING LLC / NXP 3.400% 05/01/2030 DD 05/01/22 75,000 69,188 72,390
NY COMMERCIAL MORT 299P A 144A VAR RT 02/10/2047 DD 02/01/25 30,000 30,600 31,590
NYC COMMERCIAL MORT 3BP A 144A VAR RT 02/15/2042 DD 02/27/25 100,000 99,750 99,189
OHIO EDISON CO 144A 4.950% 12/15/2029 DD 05/23/25 30,000 29,996 30,701
ONEMAIN DIRECT AUTO 1A A 144A 290,000 289,921 300,605
ONEOK INC 6.100% 11/15/2032 DD 11/18/22 60,000 60,273 64,302
ONEOK INC 4.250% 09/24/2027 DD 09/24/24 85,000 84,969 85,296
ONEOK INC 6.050% 09/01/2033 DD 08/24/23 35,000 35,708 37,282
ONEOK INC 4.750% 10/15/2031 DD 09/24/24 50,000 50,018 50,315
ONEOK INC 5.050% 11/01/2034 DD 09/24/24 60,000 58,691 59,596
ONEOK INC 4.950% 10/15/2032 DD 08/12/25 65,000 64,801 65,389
28
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
ORACLE CORP 2.950% 04/01/2030 DD 04/01/20 65,000 60,032 60,074
ORACLE CORP 2.875% 03/25/2031 DD 03/24/21 75,000 66,994 67,345
ORACLE CORP 4.900% 02/06/2033 DD 02/06/23 105,000 100,911 101,378
ORACLE CORP 4.700% 09/27/2034 DD 09/27/24 60,000 55,289 55,792
ORACLE CORP 4.450% 09/26/2030 DD 09/26/25 170,000 169,895 166,433
ORACLE CORP 4.800% 09/26/2032 DD 09/26/25 20,000 19,288 19,404
PACIFIC GAS AND ELECTRIC CO 6.100% 01/15/2029 DD 06/05/23 70,000 73,469 73,262
PACIFIC GAS AND ELECTRIC CO 2.500% 02/01/2031 DD 06/19/20 15,000 13,480 13,516
PACIFIC GAS AND ELECTRIC CO 6.150% 01/15/2033 DD 01/06/23 155,000 157,945 164,703
PACIFIC GAS AND ELECTRIC CO 6.950% 03/15/2034 DD 11/08/23 95,000 102,741 105,900
PACIFIC GAS AND ELECTRIC CO 5.800% 05/15/2034 DD 02/28/24 310,000 318,566 322,468
PACIFIC GAS AND ELECTRIC CO 5.000% 06/04/2028 DD 06/04/25 130,000 132,139 132,308
PACIFIC GAS AND ELECTRIC CO 5.050% 10/15/2032 DD 10/02/25 60,000 59,886 60,424
PACIFICORP 5.450% 02/15/2034 DD 01/05/24 75,000 76,343 76,251
PEAC SOLUTIONS RECE 1A A3 144A 5.040% 07/20/2032 DD 02/11/25 105,000 104,986 107,032
PENSKE TRUCK LEASING CO L 144A 5.550% 05/01/2028 DD 03/29/23 125,000 124,428 128,616
PFIZER INVESTMENT ENTERPRISES 4.450% 05/19/2028 DD 05/19/23 125,000 124,850 126,696
PHILIP MORRIS INTERNATIONAL IN 5.125% 02/15/2030 DD 02/15/23 215,000 214,678 222,433
PHILIP MORRIS INTERNATIONAL IN 5.375% 02/15/2033 DD 02/15/23 60,000 59,467 62,846
PHILIP MORRIS INTERNATIONAL IN 5.125% 02/13/2031 DD 02/13/24 55,000 54,206 57,043
PHILIP MORRIS INTERNATIONAL IN 4.375% 11/01/2027 DD 11/01/24 45,000 45,421 45,439
PHILIP MORRIS INTERNATIONAL IN 4.750% 11/01/2031 DD 11/01/24 20,000 19,769 20,438
PHILLIPS 66 CO 4.950% 12/01/2027 DD 03/29/23 85,000 84,803 86,376
PINNACLE WEST CAPITAL CORP 4.900% 05/15/2028 DD 05/15/25 99,000 99,484 100,817
PINNACLE WEST CAPITAL CORP 5.150% 05/15/2030 DD 05/15/25 55,000 55,043 56,727
PLAINS ALL AMERICAN PIPELINE L 4.700% 01/15/2031 DD 09/08/25 60,000 59,921 60,393
PROGRESS RESIDENTI SFR1 A 144A 3.400% 02/17/2042 DD 01/29/25 114,541 104,625 109,974
PROGRESS RESIDENTI SFR2 A 144A 3.305% 04/17/2042 DD 04/09/25 189,378 176,233 180,665
PROGRESS RESIDENTI SFR7 A 144A 4.750% 10/27/2039 DD 09/29/22 97,629 96,559 97,837
PROGRESS RESIDENTI SFR7 A 144A 1.692% 08/17/2040 DD 08/05/21 177,829 160,316 167,234
PROLOGIS TARGETED US LOGI 144A 4.250% 01/15/2031 DD 10/30/25 60,000 59,815 59,612
PUBLIC SERVICE CO OF OKLAHOMA 5.200% 01/15/2035 DD 12/05/24 100,000 100,369 101,305
PUBLIC SERVICE ENTERPRISE GROU 5.850% 11/15/2027 DD 11/08/22 115,000 114,879 118,570
PUBLIC SERVICE ENTERPRISE GROU 4.900% 03/15/2030 DD 03/10/25 45,000 45,006 46,052
PUGET ENERGY INC 4.100% 06/15/2030 DD 05/19/20 80,000 78,342 78,413
PUGET ENERGY INC 5.725% 03/15/2035 DD 03/13/25 100,000 99,813 102,831
QUALCOMM INC 4.500% 05/20/2030 DD 05/21/25 35,000 34,986 35,602
QUEST DIAGNOSTICS INC 4.625% 12/15/2029 DD 08/19/24 85,000 84,910 86,507
REALTY INCOME CORP 3.950% 02/01/2029 DD 10/06/25 175,000 173,971 174,526
RIO TINTO FINANCE USA PLC 4.875% 03/14/2030 DD 03/14/25 75,000 74,987 77,138
RIO TINTO FINANCE USA PLC 5.000% 03/14/2032 DD 03/14/25 40,000 39,742 41,352
ROYAL BANK OF CANADA VAR RT 02/04/2031 DD 01/24/25 180,000 182,894 185,499
ROYALTY PHARMA PLC 5.200% 09/25/2035 DD 09/16/25 95,000 93,090 95,675
RTX CORP 5.150% 02/27/2033 DD 02/27/23 55,000 54,838 56,888
RTX CORP 4.125% 11/16/2028 DD 08/16/18 15,000 14,678 15,055
SAMMONS FINANCIAL GROUP G 144A 4.950% 06/12/2030 DD 06/12/25 65,000 64,915 65,967
29
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
SAN DIEGO GAS & ELECTRIC CO 5.400% 04/15/2035 DD 03/28/25 50,000 49,860 51,840
SANTANDER DRIVE AUTO RECE 1 A3 5.250% 04/17/2028 DD 01/18/24 3,965 3,964 3,967
SANTANDER DRIVE AUTO RECE 3 A3 4.380% 01/15/2030 DD 07/30/25 110,000 109,985 110,535
SANTANDER DRIVE AUTO RECE 4 A3 5.730% 04/17/2028 DD 08/23/23 19,701 19,697 19,724
SANTANDER DRIVE AUTO RECE 5 A3 6.020% 09/15/2028 DD 10/18/23 47,783 47,776 47,917
SBNA AUTO LEASE TRUS A A4 144A 5.240% 01/22/2029 DD 01/30/24 40,000 39,997 40,163
SCF EQUIPMENT LEASI 1A A3 144A 5.520% 01/20/2032 DD 06/21/24 230,000 232,528 234,430
SCF EQUIPMENT LEASI 1A A3 144A 5.110% 11/21/2033 DD 01/29/25 100,000 99,993 102,107
SEMPRA 3.400% 02/01/2028 DD 01/12/18 20,000 20,728 19,701
SEMPRA 5.400% 08/01/2026 DD 06/23/23 70,000 69,739 70,451
SFS AUTO RECEIVABLE 1A A4 144A 4.940% 01/21/2031 DD 01/17/24 35,000 34,990 35,545
SHELL FINANCE US INC 4.125% 11/06/2030 DD 11/06/25 105,000 104,597 105,082
SMITH & NEPHEW PLC 2.032% 10/14/2030 DD 10/14/20 85,000 72,682 76,510
SMITH & NEPHEW PLC 5.150% 03/20/2027 DD 03/20/24 35,000 34,963 35,403
SOUTHERN CALIFORNIA EDISON CO 6.000% 01/15/2034 DD 01/14/04 20,000 21,188 21,029
SOUTHERN CALIFORNIA EDISON CO 2.250% 06/01/2030 DD 03/09/20 100,000 90,555 90,797
SOUTHERN CALIFORNIA EDISON CO 5.950% 11/01/2032 DD 11/08/22 70,000 72,279 74,150
SOUTHERN CALIFORNIA EDISON CO 5.200% 06/01/2034 DD 01/11/24 128,000 127,830 128,763
SOUTHERN CALIFORNIA EDISON CO 5.450% 03/01/2035 DD 01/09/25 55,000 53,982 55,863
SOUTHERN CALIFORNIA EDISON CO 5.250% 03/15/2030 DD 03/17/25 5,000 4,997 5,133
SOUTHERN CALIFORNIA GAS CO 5.450% 06/15/2035 DD 05/16/25 60,000 59,725 62,558
SOUTHERN CO/THE 3.250% 07/01/2026 DD 05/24/16 140,000 131,340 139,521
SOUTHERN POWER CO 4.250% 10/01/2030 DD 09/19/25 185,000 184,754 184,682
SUMITOMO MITSUI FINANCIAL GROU VAR RT 07/08/2033 DD 07/08/25 200,000 200,000 204,016
SYNCHRONY FINANCIAL 2.875% 10/28/2031 DD 10/28/21 55,000 49,095 49,394
SYNCHRONY FINANCIAL VAR RT 03/06/2031 DD 03/06/25 125,000 128,016 128,255
SYNCHRONY FINANCIAL VAR RT 07/29/2029 DD 07/29/25 90,000 90,740 91,162
TAPESTRY INC 5.100% 03/11/2030 DD 12/11/24 125,000 124,348 128,433
TARGA RESOURCES CORP 5.200% 07/01/2027 DD 07/07/22 135,000 134,908 137,205
TARGA RESOURCES CORP 6.500% 03/30/2034 DD 11/09/23 50,000 51,922 54,657
TARGA RESOURCES CORP 5.550% 08/15/2035 DD 02/27/25 65,000 64,708 66,652
TARGA RESOURCES CORP 4.900% 09/15/2030 DD 06/18/25 30,000 29,961 30,598
TARGA RESOURCES CORP 5.650% 02/15/2036 DD 06/18/25 20,000 20,666 20,587
TARGA RESOURCES CORP 4.350% 01/15/2029 DD 11/12/25 105,000 104,935 105,286
TARGA RESOURCES PARTNERS LP / 4.000% 01/15/2032 DD 02/02/21 85,000 77,258 81,218
T-MOBILE USA INC 2.400% 03/15/2029 DD 12/06/21 15,000 14,990 14,216
T-MOBILE USA INC 3.750% 04/15/2027 DD 04/15/21 110,000 109,953 109,668
T-MOBILE USA INC 4.950% 03/15/2028 DD 02/09/23 190,000 189,603 193,633
T-MOBILE USA INC 5.125% 05/15/2032 DD 03/27/25 30,000 29,965 30,913
TRANS-ALLEGHENY INTERSTAT 144A 5.000% 01/15/2031 DD 04/16/25 20,000 19,980 20,569
TRICON RESIDENTIAL SFR1 A 144A 5.100% 07/17/2040 DD 07/11/23 99,586 97,368 99,916
TRICON RESIDENTIAL SFR1 A 144A VAR RT 03/17/2042 DD 03/06/25 99,323 99,323 99,401
TRICON RESIDENTIAL SFR2 A 144A 4.750% 06/17/2040 DD 06/05/24 99,684 96,307 100,032
TRICON RESIDENTIAL SFR4 A 144A 4.300% 11/17/2041 DD 11/12/24 109,139 104,764 108,525
U S TREASURY BOND 4.625% 11/15/2055 DD 11/15/25 760,000 739,813 735,422
U S TREASURY NOTE 3.500% 10/15/2028 DD 10/15/25 3,213,200 3,210,291 3,210,951
30
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
U S TREASURY NOTE 3.625% 12/31/2030 DD 12/31/25 1,320,000 - (81)
UBER TECHNOLOGIES INC 4.150% 01/15/2031 DD 09/11/25 150,000 148,806 149,445
UBS COMMERCIAL MORTGAG C12 ASB 4.195% 08/15/2051 DD 08/01/18 98,741 110,134 98,766
UNITEDHEALTH GROUP INC 4.950% 01/15/2032 DD 07/25/24 30,000 29,932 30,800
UNITEDHEALTH GROUP INC 5.300% 02/15/2030 DD 10/28/22 20,000 20,435 20,854
UNITEDHEALTH GROUP INC 4.400% 06/15/2028 DD 06/20/25 105,000 104,952 106,218
US BANCORP VAR RT 01/27/2028 DD 01/27/22 285,000 285,000 279,956
US TREAS-CPI INFLAT 1.375% 02/15/2044 DD 02/15/14 642,611 541,597 538,951
US TREAS-CPI INFLAT 0.750% 02/15/2045 DD 02/15/15 228,131 168,533 166,629
US TREAS-CPI INFLAT 0.750% 02/15/2042 DD 02/15/12 670,000 518,340 522,446
USB AUTO OWNER TRUS 1A A3 144A 4.490% 06/17/2030 DD 06/20/25 95,000 94,983 95,786
VAR ENERGI ASA 144A 6.500% 05/22/2035 DD 05/22/25 200,000 213,560 211,394
VENTAS REALTY LP 5.100% 07/15/2032 DD 06/03/25 30,000 29,817 30,875
VERALTO CORP 5.500% 09/18/2026 DD 03/18/24 65,000 65,709 65,554
VERDANT RECEIVABLES 1A A3 144A 4.960% 05/12/2033 DD 05/28/25 135,000 134,990 137,550
VIRGINIA ELECTRIC AND POWER CO 175,000 174,522 178,007
VOLVO FINANCIAL EQU 1A A4 144A 4.290% 07/15/2031 DD 09/18/24 45,000 44,990 45,328
WASTE MANAGEMENT INC 3.875% 01/15/2029 DD 01/15/25 55,000 53,329 54,961
WELLS FARGO & CO VAR RT 07/25/2028 DD 07/25/22 180,000 180,000 182,045
WELLS FARGO & CO VAR RT 01/23/2030 DD 01/23/24 145,000 145,996 149,437
WELLS FARGO & CO 3.000% 04/22/2026 DD 04/22/16 65,000 64,708 64,822
WELLS FARGO & CO VAR RT 10/30/2030 DD 10/31/19 65,000 56,007 61,864
WELLS FARGO & CO VAR RT 03/24/2028 DD 03/24/22 150,000 150,000 149,040
WELLS FARGO & CO VAR RT 01/24/2031 DD 01/24/25 40,000 40,000 41,447
WESTINGHOUSE AIR BRAKE TECHNOL VAR RT 09/15/2028 DD 09/14/18 110,000 111,194 111,371
WESTINGHOUSE AIR BRAKE TECHNOL 4.900% 05/29/2030 DD 05/29/25 35,000 35,688 35,796
WESTPAC BANKING CORP 5.457% 11/18/2027 DD 11/18/22 190,000 190,000 195,873
WHISTLER PIPELINE LLC 144A 5.700% 09/30/2031 DD 08/05/24 22,000 22,222 22,852
WILLIS NORTH AMERICA INC 4.500% 09/15/2028 DD 09/10/18 60,000 66,189 60,440
WILLIS NORTH AMERICA INC 4.650% 06/15/2027 DD 05/19/22 250,000 249,888 251,990
WISCONSIN ELECTRIC POWER CO 4.150% 10/15/2030 DD 09/25/25 125,000 124,895 124,946
WORLD OMNI AUTO RECEIVABL A A4 4.660% 05/15/2029 DD 02/15/23 100,000 99,985 100,588
WORLD OMNI AUTO RECEIVABL B A4 4.680% 05/15/2029 DD 04/19/23 320,000 319,999 322,678
XCEL ENERGY INC 1.750% 03/15/2027 DD 11/03/21 375,000 374,164 364,935
XCEL ENERGY INC 4.750% 03/21/2028 DD 03/21/25 115,000 114,692 116,524
INTEREST BEARING CASH TEMPORARY INVESTMENTS 8,925,930 8,925,930
TOTAL UNDERLYING ASSETS $ 146,543,551 $ 146,923,072
MET TOWER LIFE 38025 - 72.3% of MARKET VALUE $ 106,241,670
* IGT INVESCO SHORT-TERM BOND FUND 72,050,294
FAIR VALUE MET TOWER LIFE 38025 178,291,964
* MET TOWER LIFE 38025 - ADJ MARKET TO CONTRACT VALUE 7,237,708
MET TOWER LIFE 38025 - CONTRACT VALUE $ 185,529,672
31
(c)
(b) Face Value (e)
Identity of Issue, Borrower, or Number (d) Current
(a) Lessor or Similar Party of Shares Cost Value
RGA - RGA00036 - 27.7% of MARKET VALUE $ 40,681,402
* IGT INVESCO SHORT-TERM BOND FUND 76,514,025
* IGT JENNISON INTERMEDIATE FUND 41,792,478
FAIR VALUE RGA - RGA00036 158,987,905
* RGA - RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE 6,343,966
RGA - RGA00036 - CONTRACT VALUE $ 165,331,871
* Represents a party-in-interest to the Plan
32
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
23.1 *
Consent of BDO USA, P.C.
* Filed herewith
33
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
DATE: June 16, 2026
BY: /s/ KELLY REYES
Kelly Reyes
Associate Pension and Savings Director
34
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