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Form 11-K DOW INC. For: Dec 31

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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

DOWdiamond-red-RGB_8-19.jpg

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


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.
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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 2025 and 2024
In millions20252024
Assets
Investments - at fair value (Note 3)$10,324 $9,458 
Fully benefit-responsive investment contracts - at contract value1,095 1,255 
Receivables - interest, dividends and other16 32 
Receivables - participant notes106 106 
Total Assets11,541 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 dividends77 
Total investment income 1,294 
Employer contributions220 
Employee contributions277 
Rollover contributions (Note 1)115 
Interest on participant notes receivable8 
Total additions1,914 
Deductions
Distributions and withdrawals1,213 
Administrative expenses1 
Total deductions1,214 
Net increase700 
Beginning of year10,830 
End of year$11,530 
See Notes to Financial Statements.
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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.

7

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 BasisDecember 31, 2025December 31, 2024
In millionsTotalLevel 1TotalLevel 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 millions20252024
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 millions2025
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 GICs41 
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.
8

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 ContractValue
(a)Lessor or Similar PartyPar or Maturity ValueValue(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 FundCommon/Collective Trust**295 
*Fidelity Contrafund Pool CL 3 Common/Collective Trust **1,574 
*Interest Bearing CashTemporary Investments**6 
*Fidelity Short Term Investment FundTemporary Investments**18 
*Participant Notes ReceivableInterest recorded at prime rate (3.25% - 8.5%) **106 
Subtotal$10,430 
*    Represents a party-in-interest to the Plan
**    Cost information not required
9

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 ContractValue
(a)Lessor or Similar PartyPar or Maturity ValueValue(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 contracts1,095 
Total$11,525 
*    Represents a party-in-interest to the Plan
**    Cost information not required


10

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 Partyof Shares Cost Value
AGCO CORP5.450% 03/21/2027 DD 03/21/24110,000 $111,662 $111,478 
ALGONQUIN POWER & UTILITIES COSTEP 06/15/2026 DD 03/15/2024490,000 485,904 492,318 
ALPHABET INC4.100% 11/15/2030 DD 11/06/25155,000 155,019 155,651 
ALPHABET INC4.700% 11/15/2035 DD 11/06/25690,000 689,062 691,525 
AMAZON.COM INC4.100% 11/20/2030 DD 11/20/25180,000 180,428 180,360 
AMAZON.COM INC4.350% 03/20/2033 DD 11/20/25165,000 164,753 164,748 
AMEREN CORP5.700% 12/01/2026 DD 11/20/23165,000 164,787 167,262 
AMERICAN EXPRESS COVAR RT 01/30/2036 DD 01/30/25125,000 125,000 130,070 
AMERICAN EXPRESS COVAR RT 10/24/2036 DD 10/24/25290,000 289,860 286,912 
APPLIED MATERIALS INC4.000% 01/15/2031 DD 09/18/25376,000 374,818 374,500 
BANK OF AMERICA CORPVAR RT 03/11/2027 DD 03/11/21895,000 796,166 890,829 
BANK OF AMERICA CORPVAR RT 10/20/2032 DD 10/20/217,000 6,006 6,319 
BANK OF MONTREALVAR RT 12/15/2027 DD 12/15/2585,000 85,000 85,165 
*BANK OF NEW YORK MELLON CORP/TVAR RT 06/06/2036 DD 06/10/25130,000 132,692 134,934 
BANK5 2023-5YR3 5YR3 A26.255% 09/15/2056 DD 09/01/23529,435 553,818 549,559 
BANK5 2024-5YR5 5YR5 A35.702% 02/15/2029 DD 02/01/24638,077 657,210 661,712 
BOEING CO/THE2.196% 02/04/2026 DD 02/04/21240,000 236,083 239,544 
BP CAPITAL MARKETS AMERICA INC4.868% 11/25/2029 DD 11/25/24205,000 205,000 210,443 
BROADCOM INC 144A3.137% 11/15/2035 DD 09/30/21365,000 294,456 315,083 
BROWN & BROWN INC4.900% 06/23/2030 DD 06/23/25205,000 204,649 208,081 
BUNGE LTD FINANCE CORP2.750% 05/14/2031 DD 05/14/2135,000 30,692 32,165 
BUNGE LTD FINANCE CORP4.900% 04/21/2027 DD 04/21/25250,000 250,713 252,823 
CANADIAN IMPERIAL BANK OF COMMVAR RT 03/30/2029 DD 03/31/25120,000 120,000 122,018 
CAPITAL ONE FINANCIAL CORPVAR RT 02/01/2029 DD 02/01/23110,000 110,000 112,978 
CARGILL INC 144A2.125% 11/10/2031 DD 11/10/2165,000 54,862 57,631 
CBRE SERVICES INC5.500% 06/15/2035 DD 05/12/25170,000 168,290 175,945 
CENTERPOINT ENERGY RESTORATION4.255% 12/15/2035 DD 09/17/2525,000 24,999 25,052 
CHARLES SCHWAB CORP/THEVAR RT 11/14/2031 DD 11/14/25240,000 240,000 239,875 
CITIBANK NA4.576% 05/29/2027 DD 05/29/25125,000 125,000 126,290 
CITIZENS FINANCIAL GROUP INCVAR RT 03/05/2031 DD 03/05/25255,000 255,029 262,201 
CNH INDUSTRIAL CAPITAL LLC4.500% 10/08/2027 DD 10/09/24235,000 236,200 236,450 
COMMONSPIRIT HEALTH2.782% 10/01/2030 DD 10/28/20215,000 200,617 200,257 
CONAGRA BRANDS INC4.850% 11/01/2028 DD 10/22/18460,000 463,678 465,575 
COREBRIDGE GLOBAL FUNDING 144A4.450% 10/02/2030 DD 10/02/25360,000 359,618 358,841 
CREDIT AGRICOLE SA 144AVAR RT 09/11/2028 DD 09/11/24145,000 145,000 146,125 
CREDIT AGRICOLE SA 144AVAR RT 01/09/2029 DD 01/09/25260,000 260,000 265,556 
CREDIT AGRICOLE SA 144AVAR RT 09/25/2033 DD 09/25/25216,000 215,670 216,028 
DOC DR LLC4.300% 03/15/2027 DD 03/07/17170,000 170,148 170,258 
DTE ELECTRIC CO2.625% 03/01/2031 DD 04/06/20345,000 311,552 319,022 
DTE ENERGY CO4.950% 07/01/2027 DD 08/02/24215,000 214,744 217,862 
DUKE ENERGY CAROLINAS NC STORM1.679% 07/01/2033 DD 11/24/21147,634 127,089 135,271 
11

(c)
(b)Face Value (e)
Identity of Issue, Borrower,or Number (d) Current
(a)Lessor or Similar Partyof Shares Cost Value
DUKE ENERGY FLORIDA PROJECT FI2.538% 09/01/2031 DD 06/22/16425,150 426,701 411,736 
DUPONT DE NEMOURS INC 144A4.725% 11/15/2028 DD 05/15/25130,000 129,455 131,691 
EBAY INC4.250% 03/06/2029 DD 11/06/25190,000 189,956 190,667 
EMD FINANCE LLC 144A4.375% 10/15/2030 DD 08/15/25395,000 397,331 396,331 
ENERGY TRANSFER LP 144A6.000% 02/01/2029 DD 01/21/21280,000 285,180 283,055 
EQUITABLE AMERICA GLOBAL 144A4.650% 06/09/2028 DD 06/09/25100,000 99,967 101,051 
EQUITABLE FINANCIAL LIFE 144A5.450% 03/03/2028 DD 03/03/2395,000 97,784 97,486 
ESSENTIAL UTILITIES INC2.400% 05/01/2031 DD 04/19/21119,000 104,052 107,812 
ESSENTIAL UTILITIES INC4.800% 08/15/2027 DD 08/15/24140,000 139,950 141,691 
ESSENTIAL UTILITIES INC5.250% 08/15/2035 DD 08/07/25270,000 270,418 275,805 
EVERGY METRO INC5.125% 08/15/2035 DD 08/15/25130,000 130,581 131,677 
FHLMC MULTICLASS MTG K102 A12.184% 05/25/2029 DD 12/01/19872,039 812,768 848,372 
FHLMC MULTICLASS MTG K122 A10.863% 05/25/2030 DD 12/01/20889,521 779,477 832,351 
FHLMC MULTICLASS MTG K517 A2VAR RT 01/25/2029 DD 03/01/241,800,000 1,840,781 1,870,344 
FIRSTENERGY PENNSYLVANIA 144A5.200% 04/01/2028 DD 03/30/2380,000 79,889 81,700 
FNMA POOL #0BS30201.960% 09/01/2033 DD 09/01/21705,000 592,172 594,104 
FNMA POOL #0BZ14384.970% 07/01/2031 DD 07/01/24585,000 585,091 592,482 
FORD CREDIT AUTO OWNE 2 A 144AVAR RT 02/15/2038 DD 08/12/25510,000 509,797 514,646 
GA GLOBAL FUNDING TRUST 144A2.900% 01/06/2032 DD 01/06/2285,000 72,599 75,596 
GEORGIA POWER CO2.650% 09/15/2029 DD 09/10/19145,000 137,643 138,015 
GEORGIA POWER CO4.000% 10/01/2028 DD 09/29/2525,000 24,987 25,145 
GLOBE LIFE INC2.150% 08/15/2030 DD 08/21/20260,000 223,245 235,300 
GLOBE LIFE INC5.850% 09/15/2034 DD 08/23/2470,000 71,023 73,616 
GOLDMAN SACHS BANK USA/NEW YORVAR RT 05/21/2027 DD 05/21/24110,000 110,000 110,573 
GOLDMAN SACHS GROUP INC/THEVAR RT 03/09/2027 DD 03/08/21395,000 377,484 392,989 
GOLDMAN SACHS GROUP INC/THEVAR RT 10/21/2027 DD 10/21/21160,000 151,453 157,304 
GUARDIAN LIFE GLOBAL FUND 144A4.402% 12/11/2030 DD 12/11/2595,000 95,000 95,419 
HEWLETT PACKARD ENTERPRISE CO4.050% 09/15/2027 DD 09/15/2525,000 24,987 25,008 
HONDA AUTO RECEIVABLES 20 4 A33.980% 06/17/2030 DD 11/12/25225,000 224,956 226,026 
HONDA MOTOR CO LTD4.688% 07/08/2030 DD 07/02/25365,000 367,781 369,782 
INTEL CORP2.450% 11/15/2029 DD 11/21/1950,000 46,556 46,701 
INTEL CORP3.750% 03/25/2027 DD 03/25/20255,000 252,486 254,003 
INTEL CORP4.875% 02/10/2028 DD 02/10/23230,000 233,544 233,236 
ITC HOLDINGS CORP 144A5.650% 05/09/2034 DD 05/09/24220,000 231,961 229,667 
JOHN SEVIER COMBINED CYCLE GEN4.626% 01/15/2042 DD 01/17/12122,982 119,975 119,811 
JPMORGAN CHASE & COVAR RT 10/15/2030 DD 09/12/19165,000 150,332 156,618 
JPMORGAN CHASE & COVAR RT 06/01/2029 DD 06/01/21270,000 245,322 257,893 
JPMORGAN CHASE & COVAR RT 06/01/2028 DD 05/27/20130,000 121,915 126,793 
JPMORGAN CHASE & COVAR RT 02/04/2032 DD 02/04/21320,000 274,266 285,718 
JPMORGAN CHASE & COVAR RT 04/22/2027 DD 04/22/21410,000 368,854 406,954 
JPMORGAN CHASE & COVAR RT 04/26/2028 DD 04/26/2265,000 64,183 65,275 
JPMORGAN CHASE & COVAR RT 10/22/2027 DD 10/23/23235,000 239,190 238,711 
KANSAS GAS SERVICE SECURITIZAT5.486% 08/01/2034 DD 11/18/22441,265 441,174 458,077 
KINDER MORGAN ENERGY PARTNERS7.750% 03/15/2032 DD 03/14/02325,000 365,693 378,732 
LINCOLN FINANCIAL GLOBAL 144A4.625% 08/18/2030 DD 08/18/25235,000 236,650 236,610 
LINCOLN NATIONAL CORP5.350% 11/15/2035 DD 11/10/25115,000 114,910 116,274 
12

(c)
(b)Face Value (e)
Identity of Issue, Borrower,or Number (d) Current
(a)Lessor or Similar Partyof Shares Cost Value
LONG BEACH MORTGAGE LOAN 3 M1VAR RT 07/25/2033 DD 06/05/037,363 7,363 7,357 
LOUISIANA LOCAL GOVERNM ELL A13.615% 02/01/2029 DD 05/19/22280,664 278,208 279,915 
LPL HOLDINGS INC6.000% 05/20/2034 DD 05/20/2420,000 20,944 21,072 
MARSH & MCLENNAN COS INC2.375% 12/15/2031 DD 12/08/2145,000 39,534 40,412 
META PLATFORMS INC4.200% 11/15/2030 DD 11/03/25330,000 329,860 331,132 
META PLATFORMS INC4.875% 11/15/2035 DD 11/03/251,145,000 1,143,988 1,145,389 
MID-AMERICA APARTMENTS LP4.650% 01/15/2033 DD 11/10/25195,000 193,740 195,014 
MITSUBISHI UFJ FINANCIAL GROUPVAR RT 09/12/2031 DD 09/12/25125,000 125,328 125,793 
MIZUHO FINANCIAL GROUP INCVAR RT 07/10/2031 DD 07/10/20125,000 111,855 113,859 
MIZUHO FINANCIAL GROUP INCVAR RT 09/08/2031 DD 09/08/2035,000 30,465 31,449 
MORGAN STANLEYVAR RT 02/13/2032 DD 11/13/2055,000 44,705 48,359 
MORGAN STANLEYVAR RT 09/16/2036 DD 09/16/21350,000 289,993 308,140 
MORGAN STANLEYVAR RT 10/20/2032 DD 10/19/21120,000 102,455 107,747 
MORGAN STANLEYVAR RT 04/19/2035 DD 04/19/24105,000 110,981 111,767 
MORGAN STANLEY BANK NAVAR RT 05/26/2028 DD 05/30/241,200,000 1,202,871 1,224,060 
MORGAN STANLEY PRIVATE BANK NAVAR RT 07/18/2031 DD 07/21/25140,000 141,616 142,034 
NATIONAL BANK OF CANADAVAR RT 07/02/2027 DD 07/03/24275,000 274,821 277,096 
NATIONAL SECURITIES CLEAR 144A4.900% 06/26/2029 DD 06/26/24195,000 194,649 200,538 
NATWEST MARKETS PLC 144A4.412% 11/06/2030 DD 11/06/25240,000 240,000 240,403 
NEXTERA ENERGY CAPITAL HOLDING4.685% 09/01/2027 DD 08/01/25105,000 105,332 106,268 
NORFOLK SOUTHERN CORP7.250% 02/15/2031 DD 02/06/01255,000 288,030 288,007 
NSTAR ELECTRIC CO5.200% 03/01/2035 DD 02/26/25315,000 322,721 322,144 
OKLAHOMA DEVELOPMENT FI ONG A13.877% 05/01/2037 DD 08/25/22534,283 534,283 525,350 
ONCOR ELECTRIC DELIVERY CO LLC4.650% 11/01/2029 DD 11/13/24280,000 279,465 284,754 
ORACLE CORP4.450% 09/26/2030 DD 09/26/25747,000 732,248 731,328 
ORACLE CORP4.800% 09/26/2032 DD 09/26/2565,000 62,199 63,064 
PACIFIC GAS AND ELECTRIC CO3.300% 08/01/2040 DD 06/19/2028,000 20,243 21,253 
PARAMOUNT GLOBAL4.950% 01/15/2031 DD 04/01/20545,000 541,612 524,481 
PG&E ENERGY RECOVERY FUNDING L1.460% 07/15/2033 DD 11/12/21120,858 107,622 112,757 
PG&E RECOVERY FUNDING LLC5.045% 07/15/2034 DD 11/30/22176,572 173,953 179,134 
PG&E WILDFIRE RECOVERY FUNDING4.022% 06/01/2033 DD 07/20/22319,909 325,108 319,484 
PG&E WILDFIRE RECOVERY FUNDING3.594% 06/01/2032 DD 05/10/221,100,976 1,080,313 1,090,384 
PG&E WILDFIRE RECOVERY FUNDING4.722% 06/01/2039 DD 07/20/22645,000 640,104 639,330 
PHARMACIA LLCVAR RT 12/01/2028 DD 12/01/99215,000 230,699 230,766 
POLAR TANKERS INC 144A5.951% 05/10/2037 DD 05/10/07188,645 197,860 201,763 
PRICOA GLOBAL FUNDING I 144A5.350% 05/28/2035 DD 05/28/2580,000 79,933 82,634 
PRINCIPAL LIFE GLOBAL FUN 144A4.800% 01/09/2028 DD 01/09/25345,000 344,734 349,658 
PRIVATE EXPORT FUNDING CO 144A4.500% 02/07/2027 DD 02/07/25380,000 379,711 381,820 
PRIVATE EXPORT FUNDING CORP3.900% 10/15/2027 DD 05/03/23275,000 274,560 275,487 
PRIVATE EXPORT FUNDING CORP3.650% 03/15/2030 DD 09/17/24265,000 264,608 261,714 
PUBLIC SERVICE CO OF NEW HAMPS4.400% 07/01/2028 DD 06/24/25185,000 184,822 186,789 
PUBLIC SERVICE CO OF OKLAHOMA5.450% 01/15/2036 DD 06/25/25245,000 244,794 251,767 
RAYMOND JAMES FINANCIAL INC4.900% 09/11/2035 DD 09/11/25385,000 384,387 383,506 
RESOLUTION FDG CORP PRIN STRIP0.000% 01/15/2030 DD 01/30/91115,000 92,449 98,561 
RGA GLOBAL FUNDING 144A5.000% 08/25/2032 DD 08/25/25135,000 136,150 136,188 
ROYAL BANK OF CANADAVAR RT 08/02/2030 DD 07/23/24340,000 338,456 348,490 
13

(c)
(b)Face Value (e)
Identity of Issue, Borrower,or Number (d) Current
(a)Lessor or Similar Partyof Shares Cost Value
ROYAL BANK OF CANADAVAR RT 02/04/2031 DD 01/24/25260,000 263,952 267,943 
ROYAL BANK OF CANADAVAR RT 08/06/2029 DD 08/06/25265,000 265,000 267,650 
SHELL FINANCE US INC2.375% 11/07/2029 DD 05/07/24115,000 108,245 108,498 
SHELL FINANCE US INC4.125% 11/06/2030 DD 11/06/25155,000 154,405 155,121 
SIEMENS FUNDING BV 144A4.600% 05/28/2030 DD 05/28/25290,000 289,719 296,076 
SK HYNIX INC 144A4.250% 09/11/2028 DD 09/11/25575,000 575,240 577,013 
SOUTHERN CALIFORNIA EDISON CO4.900% 06/01/2026 DD 05/22/23135,000 134,852 135,184 
SOUTHWEST AIRLINES CO4.375% 11/15/2028 DD 11/03/25460,000 460,276 461,090 
SPIRE INC5.300% 03/01/2026 DD 02/12/24290,000 289,971 290,409 
SPRINT CAPITAL CORP6.875% 11/15/2028 DD 11/16/98260,000 279,833 279,094 
STANFORD HEALTH CARE3.310% 08/15/2030 DD 04/01/20110,000 101,382 106,411 
STATE STREET CORPVAR RT 04/24/2028 DD 04/24/25150,000 150,000 151,253 
SWEPCO STORM RECOVERY FUNDING4.880% 09/01/2041 DD 12/18/24140,201 140,131 141,737 
SYENSQO FINANCE AMERICA L 144A5.850% 06/04/2034 DD 06/04/24155,000 163,970 161,983 
SYNCHRONY BANK5.625% 08/23/2027 DD 08/23/2255,000 53,455 56,100 
SYNCHRONY FINANCIAL2.875% 10/28/2031 DD 10/28/21105,000 88,023 94,298 
SYSTEM ENERGY RESOURCES INC5.300% 12/15/2034 DD 12/06/2460,000 58,790 60,757 
TARGA RESOURCES CORP4.350% 01/15/2029 DD 11/12/25280,000 279,826 280,762 
TENNESSEE VALLEY AUTH BD4.875% 05/15/2035 DD 05/16/25215,000 213,624 222,903 
TEXAS TRANSPRTN COMMISSION ST5.178% 04/01/2030 DD 08/05/10265,000 267,515 271,143 
T-MOBILE USA INC6.700% 12/15/2033 DD 06/15/25230,000 258,301 258,364 
TORONTO-DOMINION BANK/THE4.861% 01/31/2028 DD 01/31/25120,000 120,000 122,000 
TORONTO-DOMINION BANK/THE4.574% 06/02/2028 DD 06/03/25110,000 110,000 111,399 
TORONTO-DOMINION BANK/THE4.109% 10/13/2028 DD 10/14/25420,000 420,000 421,239 
TORONTO-DOMINION BANK/THE4.928% 10/15/2035 DD 10/14/25230,000 230,000 230,598 
U S TREASURY NOTE2.875% 05/15/2032 DD 05/15/2285,000 80,129 80,259 
U S TREASURY NOTE4.125% 11/15/2032 DD 11/15/22855,000 869,579 866,089 
U S TREASURY NOTE0.375% 07/31/2027 DD 07/31/20985,000 932,476 938,370 
U S TREASURY NOTE0.500% 08/31/2027 DD 08/31/201,325,000 1,257,153 1,261,758 
U S TREASURY NOTE0.500% 10/31/2027 DD 10/31/203,460,000 3,249,914 3,278,904 
U S TREASURY NOTE1.625% 05/15/2031 DD 05/15/21715,000 642,327 641,291 
U S TREASURY NOTE1.000% 07/31/2028 DD 07/31/211,425,000 1,335,103 1,337,448 
U S TREASURY NOTE1.125% 08/31/2028 DD 08/31/212,165,000 2,027,203 2,034,429 
U S TREASURY NOTE1.375% 10/31/2028 DD 10/31/21805,000 748,956 758,648 
U S TREASURY NOTE1.375% 11/15/2031 DD 11/15/21445,000 388,263 388,142 
U S TREASURY NOTE1.500% 11/30/2028 DD 11/30/212,370,000 2,203,312 2,237,707 
U S TREASURY NOTE1.750% 01/31/2029 DD 01/31/222,230,000 2,107,027 2,113,795 
U S TREASURY NOTE2.750% 08/15/2032 DD 08/15/221,305,000 1,216,403 1,218,296 
U S TREASURY NOTE3.375% 05/15/2033 DD 05/15/231,235,000 1,191,418 1,189,268 
U S TREASURY NOTE4.000% 02/15/2034 DD 02/15/241,035,000 1,033,221 1,033,665 
U S TREASURY NOTE4.375% 05/15/2034 DD 05/15/241,025,000 1,047,142 1,049,426 
U S TREASURY NOTE4.625% 05/31/2031 DD 05/31/241,270,000 1,323,593 1,323,327 
U S TREASURY NOTE3.875% 08/15/2034 DD 08/15/241,375,000 1,359,026 1,356,465 
U S TREASURY NOTE3.625% 08/31/2029 DD 08/31/24900,000 900,073 900,387 
U S TREASURY NOTE3.625% 09/30/2031 DD 09/30/241,365,000 1,354,126 1,353,002 
U S TREASURY NOTE3.500% 09/30/2029 DD 09/30/24835,000 832,130 831,610 
14

(c)
(b)Face Value (e)
Identity of Issue, Borrower,or Number (d) Current
(a)Lessor or Similar Partyof Shares Cost Value
U S TREASURY NOTE4.250% 11/15/2034 DD 11/15/24490,000 497,465 496,145 
U S TREASURY NOTE4.125% 11/30/2031 DD 11/30/24850,000 862,338 863,881 
U S TREASURY NOTE4.125% 11/30/2029 DD 11/30/241,215,000 1,237,407 1,236,785 
U S TREASURY NOTE4.375% 12/31/2029 DD 12/31/24385,000 396,039 395,557 
U S TREASURY NOTE4.250% 01/31/2030 DD 01/31/25360,000 369,059 368,255 
U S TREASURY NOTE4.375% 01/31/2032 DD 01/31/25675,000 695,382 694,670 
U S TREASURY NOTE4.125% 03/31/2032 DD 03/31/251,265,000 1,285,677 1,284,076 
U S TREASURY NOTE4.000% 03/31/2030 DD 03/31/252,855,000 2,900,270 2,893,485 
U S TREASURY NOTE3.875% 03/31/2027 DD 03/31/25705,000 707,352 708,088 
U S TREASURY NOTE3.750% 04/15/2028 DD 04/15/25410,000 411,954 412,210 
U S TREASURY NOTE3.875% 04/30/2030 DD 04/30/25910,000 919,136 917,817 
U S TREASURY NOTE4.000% 04/30/2032 DD 04/30/25340,000 342,597 342,669 
U S TREASURY NOTE4.250% 05/15/2035 DD 05/15/253,430,000 3,479,799 3,465,912 
U S TREASURY NOTE3.875% 05/31/2027 DD 05/31/251,970,000 1,976,849 1,980,244 
U S TREASURY NOTE4.125% 05/31/2032 DD 05/31/251,705,000 1,733,888 1,729,774 
U S TREASURY NOTE3.875% 07/15/2028 DD 07/15/25490,000 494,517 494,268 
U S TREASURY NOTE3.625% 08/31/2027 DD 08/31/251,960,000 1,963,053 1,964,528 
U S TREASURY NOTE3.875% 08/31/2032 DD 08/31/251,000,000 1,000,275 998,870 
U S TREASURY NOTE3.625% 08/31/2030 DD 08/31/254,145,000 4,125,868 4,133,850 
U S TREASURY NOTE3.375% 09/15/2028 DD 09/15/253,135,000 3,121,101 3,123,118 
U S TREASURY NOTE3.625% 10/31/2030 DD 10/31/253,755,000 3,741,552 3,742,684 
U S TREASURY NOTE3.500% 10/31/2027 DD 10/31/251,875,000 1,874,198 1,875,656 
U S TREASURY NOTE3.750% 10/31/2032 DD 10/31/25980,000 970,430 970,661 
U S TREASURY NOTE4.000% 11/15/2035 DD 11/15/251,010,000 999,708 997,688 
U S TREASURY NOTE3.500% 12/15/2028 DD 12/15/251,130,000 1,128,014 1,129,119 
U S TREASURY NOTE3.875% 12/31/2032 DD 12/31/25420,000 419,590 418,820 
U S TREASURY NOTE3.625% 12/31/2030 DD 12/31/25840,000 835,790 836,850 
U S TREASURY NOTE3.375% 12/31/2027 DD 12/31/251,555,000 1,551,982 1,552,201 
U. S. GOVERNMENT SECURITIES4.375% 01/31/2032 DD 01/31/25675,000 103 (707,820)
U. S. GOVERNMENT SECURITIES4.125% 03/31/2032 DD 03/31/25665,000 102 (682,682)
U. S. GOVERNMENT SECURITIES4.125% 02/29/2032 DD 02/28/25(1,350,000)203 1,391,224 
UBER TECHNOLOGIES INC4.150% 01/15/2031 DD 09/11/25395,000 394,585 393,539 
UBS GROUP AG 144AVAR RT 05/14/2032 DD 05/14/21105,000 95,363 97,518 
UBS GROUP AG 144AVAR RT 02/02/2027 DD 02/02/21220,000 195,692 219,333 
UBS GROUP AG 144AVAR RT 08/10/2027 DD 08/10/21535,000 503,899 526,494 
USAA CAPITAL CORP 144A4.375% 06/01/2028 DD 06/02/2535,000 34,934 35,440 
VERALTO CORP5.500% 09/18/2026 DD 03/18/24310,000 309,950 312,641 
VERIZON COMMUNICATIONS INC5.000% 01/15/2036 DD 11/24/25365,000 361,868 362,847 
VERIZON MASTER TRUST 7 A1A3.960% 08/20/2031 DD 09/16/25400,000 399,922 401,036 
VMWARE LLC1.400% 08/15/2026 DD 08/02/2135,000 31,660 34,484 
VOLKSWAGEN AUTO LEASE TRU B A34.010% 01/22/2029 DD 09/16/25395,000 394,938 396,580 
WELLS FARGO & COVAR RT 06/02/2028 DD 06/02/20320,000 304,288 312,704 
WESTERN MIDSTREAM OPERATI 144A7.250% 04/01/2030 DD 03/25/25564,000 599,899 601,427 
INTEREST BEARING CASHTEMPORARY INVESTMENTS1,925,611 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 Partyof Shares Cost Value
NATIONWIDE LIFE INSURANCE (INV_DOW_IP_0524) - 100% of MARKET VALUE$114,051,548 
*IGT INVESCO SHORT-TERM BOND FUND61,853,413 
FAIR VALUE NATIONWIDE LIFE INSURANCE (INV_DOW_IP_0524)175,904,961 
*NATIONWIDE LIFE INSURANCE - ADJUSTMENT FROM MARKET TO CONTRACT VALUE6,572,538 
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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 Partyof Shares CostValue
 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 CASHTEMPORARY INVESTMENTS8,925,930 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 FUND72,050,294 
FAIR VALUE MET TOWER LIFE 38025178,291,964 
*MET TOWER LIFE 38025 - ADJ MARKET TO CONTRACT VALUE7,237,708 
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 Partyof Shares CostValue
RGA - RGA00036 - 27.7% of MARKET VALUE$40,681,402 
*IGT INVESCO SHORT-TERM BOND FUND76,514,025 
*IGT JENNISON INTERMEDIATE FUND41,792,478 
FAIR VALUE RGA - RGA00036158,987,905 
*RGA - RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE6,343,966 
RGA - RGA00036 - CONTRACT VALUE$165,331,871 
*Represents a party-in-interest to the Plan
32

EXHIBIT INDEX


EXHIBIT NO.DESCRIPTION
* 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

ATTACHMENTS / EXHIBITS

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