Freestate Advisors LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPIB	SPDR SERIES TRUST	132,692 (+75.7%)	$4,486 (+75.3%)	3.6%	$33.64	—	STATE STREET SPD	78464A375
AGG	ISHARES TR	133,047 (+4.6%)	$13,289 (+4.2%)	10.8%	$100.12	—	CORE US AGGBD ET	464287226
LVHI	LEGG MASON ETF INVT	56,458 (+22.8%)	$2,079 (+30.1%)	1.7%	$32.85	—	FRANKLIN INTL LW	52468L505
SHYG	ISHARES TR	260,969 (+4.2%)	$11,188 (+3.2%)	9.1%	$43.18	—	0-5YR HI YL CP	46434V407
SCHD	SCHWAB STRATEGIC TR	96,458 (+9.7%)	$2,646 (+10.2%)	2.2%	$39.47	—	US DIVIDEND EQ	808524797
CGSD	CAPITAL GRP FIXED INCM ETF T	59,829 (+15.2%)	$1,556 (+15.4%)	1.3%	$25.94	—	SHORT DURATION	14020Y409
CGDV	CAPITAL GROUP DIVIDEND VALUE	20,758 (+12.4%)	$906 (+16.7%)	0.7%	$40.45	—	SHS CREATION UNI	14020W106
JAAA	JANUS DETROIT STR TR	13,032 (+24.8%)	$659 (+24.3%)	0.5%	$50.72	—	HENDRSON AAA CL	47103U845
CGCB	CAPITAL GRP FIXED INCM ETF T	20,282 (+31.0%)	$538 (+30.7%)	0.4%	$26.39	—	CORE BOND ETF	14020Y508
IGIB	ISHARES TR	178,594 (+1.6%)	$9,623 (+1.2%)	7.8%	$56.34	—	ISHS 5-10YR INVT	464288638
AAPL	APPLE INC	4,393 (+3.8%)	$1,194 (+10.9%)	1.0%	$224.11	+19.7%	COM	037833100
CGMS	CAPITAL GRP FIXED INCM ETF T	15,731 (+31.0%)	$434 (+30.4%)	0.4%	$27.64	—	US MULTI-SECTOR	14020Y300
T	AT&T INC	16,800 (+1.2%)	$417 (-11.0%)	0.3%	$18.86	+34.1%	COM	00206R102
IQLT	ISHARES TR	8,803 (+1.3%)	$400 (+4.2%)	0.3%	$41.56	—	MSCI INTL QUALTY	46434V456
CCIF	CARLYLE CREDIT INCOME FUND	12,236 (+6.4%)	$57 (-14.3%)	0.0%	$6.58	—	SHS BEN INT	92535C104
—	FS CREDIT OPPORTUNITIES CORP	13,188 (+2.1%)	$83 (-6.9%)	0.1%	$7.04	—	COMMON STOCK	30290Y101
ECC	EAGLE POINT CREDIT COMPANY I	11,932 (+7.1%)	$69 (-6.7%)	0.1%	$7.48	—	COM	269808101
FDHY	FIDELITY COVINGTON TRUST	5,884 (+1.0%)	$290 (+1.1%)	0.2%	$49.30	—	ENHANCED HIGH YI	316092618
—	XAI OCTAGN FLT RAT & ALT INM	13,498 (+5.9%)	$65 (-4.1%)	0.1%	$6.59	—	COM	98400T106

Exited Positions (2)

VTIP VANGUARD MALVERN FDS 0.3%

Value ($000) $329 Shares 6,504 Est. Cost $52.05 Unrealized —

IP INTERNATIONAL PAPER CO 0.2%

Value ($000) $205 Shares 4,413 Est. Cost $44.19 Unrealized -7.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTIP	VANGUARD MALVERN FDS	6,504	$329	0.3%	$52.05	—	—	922020805
IP	INTERNATIONAL PAPER CO	4,413	$205	0.2%	$44.19	-7.6%	—	460146103

Decreased Positions (6)

VOO VANGUARD INDEX FDS 12.3%

Value ($000) $15,137 (-5.8%) Shares 24,138 (-8.0%) Est. Cost $538.04 Unrealized —

BIL SPDR SERIES TRUST 3.5%

Value ($000) $4,344 (-4.6%) Shares 47,541 (-4.2%) Est. Cost $91.80 Unrealized —

SGOV ISHARES TR 0.6%

Value ($000) $733 (-11.1%) Shares 7,304 (-10.8%) Est. Cost $100.49 Unrealized —

SHY ISHARES TR 1.2%

Value ($000) $1,531 (-2.1%) Shares 18,483 (-2.0%) Est. Cost $83.02 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.4%

Value ($000) $516 (-5.2%) Shares 9,604 (-4.4%) Est. Cost $48.06 Unrealized —

JPM JPMORGAN CHASE & CO. 0.4%

Value ($000) $482 (+0.0%) Shares 1,494 (-2.1%) Est. Cost $208.89 Unrealized +48.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	24,138 (-8.0%)	$15,137 (-5.8%)	12.3%	$538.04	—	S&P 500 ETF SHS	922908363
BIL	SPDR SERIES TRUST	47,541 (-4.2%)	$4,344 (-4.6%)	3.5%	$91.80	—	STATE STREET SPD	78468R663
SGOV	ISHARES TR	7,304 (-10.8%)	$733 (-11.1%)	0.6%	$100.49	—	0-3 MNTH TREASRY	46436E718
SHY	ISHARES TR	18,483 (-2.0%)	$1,531 (-2.1%)	1.2%	$83.02	—	1 3 YR TREAS BD	464287457
VWO	VANGUARD INTL EQUITY INDEX F	9,604 (-4.4%)	$516 (-5.2%)	0.4%	$48.06	—	FTSE EMR MKT ETF	922042858
JPM	JPMORGAN CHASE & CO.	1,494 (-2.1%)	$482 (+0.0%)	0.4%	$208.89	+48.2%	COM	46625H100

Unchanged Positions (15)

SPYV SPDR SERIES TRUST 15.8%

Value ($000) $19,401 Shares 341,503 Est. Cost $38.88 Unrealized —

SCHF SCHWAB STRATEGIC TR 11.9%

Value ($000) $14,662 Shares 609,909 Est. Cost $27.09 Unrealized —

AVUV AMERICAN CENTY ETF TR 5.3%

Value ($000) $6,462 Shares 63,369 Est. Cost $90.58 Unrealized —

SPY SPDR S&P 500 ETF TR 3.0%

Value ($000) $3,657 Shares 5,362 Est. Cost $237.67 Unrealized —

TMUS T-MOBILE US INC 0.4%

Value ($000) $537 Shares 2,647 Est. Cost $241.48 Unrealized -12.5%

IBM INTERNATIONAL BUSINESS MACHS 0.5%

Value ($000) $628 Shares 2,121 Est. Cost $188.97 Unrealized +58.1%

VZ VERIZON COMMUNICATIONS INC 0.3%

Value ($000) $375 Shares 9,208 Est. Cost $38.39 Unrealized +5.5%

— COHEN & STEERS TOTAL RETURN 0.2%

Value ($000) $218 Shares 19,742 Est. Cost $11.75 Unrealized —

MMM 3M CO 0.5%

Value ($000) $657 Shares 4,104 Est. Cost $119.14 Unrealized +37.0%

DIA SPDR DOW JONES INDL AVERAGE 0.4%

Value ($000) $488 Shares 1,015 Est. Cost $423.12 Unrealized —

DGRO ISHARES TR 0.9%

Value ($000) $1,163 Shares 16,747 Est. Cost $62.71 Unrealized —

AMZN AMAZON COM INC 0.2%

Value ($000) $268 Shares 1,161 Est. Cost $182.46 Unrealized +25.4%

EDV VANGUARD WORLD FD 0.2%

Value ($000) $244 Shares 3,758 Est. Cost $67.40 Unrealized —

DE DEERE & CO 0.2%

Value ($000) $269 Shares 577 Est. Cost $369.25 Unrealized +26.7%

QGRO AMERICAN CENTY ETF TR 0.9%

Value ($000) $1,099 Shares 9,600 Est. Cost $91.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPYV	SPDR SERIES TRUST	341,503	$19,401	15.8%	$38.88	—	STATE STREET SPD	78464A508
SCHF	SCHWAB STRATEGIC TR	609,909	$14,662	11.9%	$27.09	—	INTL EQTY ETF	808524805
AVUV	AMERICAN CENTY ETF TR	63,369	$6,462	5.3%	$90.58	—	US SML CP VALU	025072877
SPY	SPDR S&P 500 ETF TR	5,362	$3,657	3.0%	$237.67	—	TR UNIT	78462F103
TMUS	T-MOBILE US INC	2,647	$537	0.4%	$241.48	-12.5%	COM	872590104
IBM	INTERNATIONAL BUSINESS MACHS	2,121	$628	0.5%	$188.97	+58.1%	COM	459200101
VZ	VERIZON COMMUNICATIONS INC	9,208	$375	0.3%	$38.39	+5.5%	COM	92343V104
—	COHEN & STEERS TOTAL RETURN	19,742	$218	0.2%	$11.75	—	COM	19247R103
MMM	3M CO	4,104	$657	0.5%	$119.14	+37.0%	COM	88579Y101
DIA	SPDR DOW JONES INDL AVERAGE	1,015	$488	0.4%	$423.12	—	UT SER 1	78467X109
DGRO	ISHARES TR	16,747	$1,163	0.9%	$62.71	—	CORE DIV GRWTH	46434V621
AMZN	AMAZON COM INC	1,161	$268	0.2%	$182.46	+25.4%	COM	023135106
EDV	VANGUARD WORLD FD	3,758	$244	0.2%	$67.40	—	EXTENDED DUR	921910709
DE	DEERE & CO	577	$269	0.2%	$369.25	+26.7%	COM	244199105
QGRO	AMERICAN CENTY ETF TR	9,600	$1,099	0.9%	$91.28	—	US QUALITY GROW	025072307