# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001145549-25-048873
**Filing Date:** 2025-7
**Character Count:** 151736
**Document Hash:** 77f2b04d1bb09b91e3460ab007aec536
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048873.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048873

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251156703

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Performance Trust Multisector Bond Fund (Series ID: S000070558)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000224122 | Performance Trust Multisector Bond Fund - Institutional Class | PTCRX           |

## Nport-Ex

---

| |
|:---|
| **Performance Trust Multisector Bond Fund** |
| **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS - 41.3%** | **Par** | **Value** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |  |
|  Moog, Inc., 4.25%, 12/15/2027 <sup>(a)</sup> | $1320000 | 1280699 |
| TransDigm, Inc. | TransDigm, Inc. |  |
| &nbsp;&nbsp; 6.63%, 03/01/2032 <sup>(a)</sup> | 1000000 | 1022911 |
| &nbsp;&nbsp; 6.38%, 05/31/2033 <sup>(a)</sup> | 500000 | 494697 |
|  |  | 2798307 |
| **Automobile Components - 1.7%** | **Automobile Components - 1.7%** |  |
|  Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034 | 1500000 | 1415913 |
|  Dana, Inc., 5.63%, 06/15/2028 | 1250000 | 1245064 |
|  Garrett Motion Holdings, Inc., 7.75%, 05/31/2032 <sup>(a)</sup> | 1000000 | 1021384 |
|  Phinia, Inc., 6.63%, 10/15/2032 <sup>(a)</sup> | 1250000 | 1243774 |
|  |  | 4926135 |
| **Automobiles - 0.4%** | **Automobiles - 0.4%** |  |
|  Thor Industries, Inc., 4.00%, 10/15/2029 <sup>(a)</sup> | 1250000 | 1157091 |
| **Banks - 12.3%** | **Banks - 12.3%** |  |
|  Bank OZK, 2.75% to 10/01/2026 then 3 mo. Term SOFR + 2.09%, 10/01/2031 | 1500000 | 1366515 |
|  Banner Corp., 5.00% to 06/30/2025 then 3 mo. Term SOFR + 4.89%, 06/30/2030 | 1000000 | 996557 |
|  Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | 1250000 | 1248865 |
|  BPCE SA, 6.51% to 01/18/2034 then SOFR + 2.79%, 01/18/2035 <sup>(a)</sup> | 1500000 | 1535507 |
|  CNB Financial Corp., 3.25% to 06/15/2026 then 3 mo. Term SOFR + 2.58%, 06/15/2031 <sup>(a)</sup> | 1000000 | 904517 |
|  Commonwealth Bank of Australia, 5.93% to 03/14/2045 then 1 yr. CMT Rate + 1.32%, 03/14/2046 <sup>(a)</sup> | 1000000 | 959625 |
|  Deutsche Bank AG, 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | 1000000 | 1049363 |
|  Fifth Third Bancorp, 8.25%, 03/01/2038 | 1000000 | 1166107 |
| First Busey Corp. | First Busey Corp. |  |
| &nbsp;&nbsp; 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.11%, 06/01/2030 | 1150000 | 1150000 |
| &nbsp;&nbsp; 5.00% to 06/15/2027 then 3 mo. Term SOFR + 2.52%, 06/15/2032 | 1000000 | 930000 |
|  First Citizens BancShares, Inc./NC, 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 1000000 | 966902 |
|  First Financial Bancorp., 9.41% (3 mo. Term SOFR + 5.09%), 05/15/2030 | 1275000 | 1274702 |
|  Firstbank, 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 1000000 | 978697 |
|  FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 | 1000000 | 988729 |
|  Home BancShares, Inc., 3.13% to 01/30/2027 then 3 mo. Term SOFR + 1.82%, 01/30/2032 | 1500000 | 1333868 |
|  Huntington National Bank, 9.61% (3 mo. Term SOFR + 5.35%), 05/06/2030 | 500000 | 500937 |
|  Independent Bank Corp., 7.25% to 04/01/2030 then 3 mo. Term SOFR + 3.53%, 04/01/2035 | 1500000 | 1503299 |
|  National Australia Bank Ltd., 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037 <sup>(a)</sup> | 1000000 | 870031 |
|  NBT Bancorp, Inc., 5.00% to 07/01/2025 then 3 mo. Term SOFR + 4.85%, 07/01/2030 | 1000000 | 999962 |
|  Nicolet Bankshares, Inc., 3.13% to 07/15/2026 then 3 mo. Term SOFR + 2.38%, 07/15/2031 | 1000000 | 926269 |
|  Park National Corp., 4.50% to 09/01/2025 then 3 mo. Term SOFR + 4.39%, 09/01/2030 | 2000000 | 1972462 |
|  Regions Bank, 6.45%, 06/26/2037 | 1250000 | 1269106 |
| Renasant Corp. | Renasant Corp. |  |
| &nbsp;&nbsp; 3.00% to 12/01/2026 then 3 mo. Term SOFR + 1.91%, 12/01/2031 | 1000000 | 886796 |
| &nbsp;&nbsp; 4.50% to 09/15/2030 then 3 mo. Term SOFR + 4.03%, 09/15/2035 | 1500000 | 1338750 |
|  Synovus Bank, 4.00% to 10/29/2025 then 5 yr. CMT Rate + 3.63%, 10/29/2030 | 1000000 | 985181 |
|  Synovus Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 | 1000000 | 1014224 |
|  Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 | 1000000 | 964171 |
|  Towne Bank, 3.13% to 02/15/2027 then 3 mo. Term SOFR + 1.68%, 02/15/2032 | 1250000 | 1112500 |
|  Webster Financial Corp., 3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%, 11/01/2030 | 1250000 | 1226009 |
|  Western Alliance Bank, 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.12%, 06/01/2030 | 1500000 | 1500000 |
|  Wintrust Financial Corp., 4.85%, 06/06/2029 | 1250000 | 1196229 |
|  WSFS Financial Corp., 2.75% to 12/15/2025 then 3 mo. Term SOFR + 2.49%, 12/15/2030 | 1000000 | 936708 |
|  |  | 36052588 |
| **Building Products - 1.0%** | **Building Products - 1.0%** |  |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. |  |
| &nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(a)</sup> | 2000000 | 1938373 |
| &nbsp;&nbsp; 6.75%, 05/15/2035 <sup>(a)</sup> | 250000 | 251724 |
|  Masterbrand, Inc., 7.00%, 07/15/2032 <sup>(a)</sup> | 750000 | 746767 |
|  |  | 2936864 |
| **Capital Markets - 0.7%** | **Capital Markets - 0.7%** |  |
| Ares Capital Corp. | Ares Capital Corp. |  |
| &nbsp;&nbsp; 3.20%, 11/15/2031 | 1000000 | 860391 |
| &nbsp;&nbsp; 5.80%, 03/08/2032 | 1250000 | 1231377 |
|  |  | 2091768 |
| **Chemicals - 0.4%** | **Chemicals - 0.4%** |  |
|  Avient Corp., 6.25%, 11/01/2031 <sup>(a)</sup> | 1250000 | 1252510 |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |  |
|  Cimpress PLC, 7.38%, 09/15/2032 <sup>(a)</sup> | 1000000 | 933290 |
| **Construction Materials - 0.2%** | **Construction Materials - 0.2%** |  |
|  Quikrete Holdings, Inc., 6.75%, 03/01/2033 <sup>(a)</sup> | 500000 | 507812 |
| **Consumer Finance - 3.1%** | **Consumer Finance - 3.1%** |  |
|  Ally Financial, Inc., 6.70%, 02/14/2033 | 2000000 | 2032004 |
|  Credit Acceptance Corp., 6.63%, 03/15/2030 <sup>(a)</sup> | 1250000 | 1247462 |
| Ford Motor Credit Co., LLC | Ford Motor Credit Co., LLC |  |
| &nbsp;&nbsp; 7.35%, 03/06/2030 | 1000000 | 1041456 |
| &nbsp;&nbsp; 7.12%, 11/07/2033 | 1250000 | 1268347 |
|  General Motors Financial Co., Inc., 5.63%, 04/04/2032 | 1250000 | 1241223 |
| OneMain Finance Corp. | OneMain Finance Corp. |  |
| &nbsp;&nbsp; 5.38%, 11/15/2029 | 1750000 | 1696975 |
| &nbsp;&nbsp; 7.13%, 09/15/2032 | 750000 | 754108 |
|  |  | 9281575 |
| **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** |  |
|  Sealed Air Corp., 5.00%, 04/15/2029 <sup>(a)</sup> | 1000000 | 982561 |
| **Diversified Consumer Services - 1.7%** | **Diversified Consumer Services - 1.7%** |  |
|  Case Western Reserve University, 5.41%, 06/01/2122 | 1100000 | 984440 |
|  Massachusetts Institute of Technology, 4.68%, 07/01/2114 | 1000000 | 803735 |
|  Service Corp. International, 4.00%, 05/15/2031 | 1000000 | 919339 |
|  University of Southern California, 3.23%, 10/01/2120 | 2200000 | 1218289 |
|  Washington University, 4.35%, 04/15/2122 | 1500000 | 1115448 |
|  |  | 5041251 |
| **Diversified REITs - 0.2%** | **Diversified REITs - 0.2%** |  |
|  Global Net Lease, Inc., 3.75%, 12/15/2027 <sup>(a)</sup> | 750000 | 712488 |
| **Electrical Equipment - 1.2%** | **Electrical Equipment - 1.2%** |  |
|  Regal Rexnord Corp., 6.40%, 04/15/2033 | 1000000 | 1035073 |
|  Sensata Technologies BV, 4.00%, 04/15/2029 <sup>(a)</sup> | 1400000 | 1315335 |
|  Sensata Technologies, Inc., 4.38%, 02/15/2030 <sup>(a)</sup> | 1250000 | 1176771 |
|  |  | 3527179 |
| **Financial Services - 0.1%** | **Financial Services - 0.1%** |  |
|  Compeer Financial FLCA, 3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036 <sup>(a)</sup> | 250000 | 193529 |
| **Food Products - 0.7%** | **Food Products - 0.7%** |  |
|  Mars, Inc., 5.80%, 05/01/2065 <sup>(a)</sup> | 1000000 | 968481 |
|  Post Holdings, Inc., 6.25%, 10/15/2034 <sup>(a)</sup> | 1000000 | 990194 |
|  |  | 1958675 |
| **Healthcare Equipment & Supplies - 0.1%** | **Healthcare Equipment & Supplies - 0.1%** |  |
|  Teleflex, Inc., 4.25%, 06/01/2028 <sup>(a)</sup> | 250000 | 241530 |
| **Healthcare Providers & Services - 1.3%** | **Healthcare Providers & Services - 1.3%** |  |
|  Centene Corp., 3.38%, 02/15/2030 | 1750000 | 1595594 |
|  Molina Healthcare, Inc., 4.38%, 06/15/2028 <sup>(a)</sup> | 2000000 | 1941090 |
|  Select Medical Corp., 6.25%, 12/01/2032 <sup>(a)</sup> | 250000 | 247559 |
|  |  | 3784243 |
| **Hotel & Resort REITs - 0.3%** | **Hotel & Resort REITs - 0.3%** |  |
|  Host Hotels & Resorts LP, 5.70%, 07/01/2034 | 1000000 | 983017 |
| **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** |  |
|  Bloomin' Brands, Inc., 5.13%, 04/15/2029 <sup>(a)</sup> | 1000000 | 888488 |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 | 1250000 | 1228362 |
|  Hilton Grand Vacations Borrower LLC, Inc., 4.88%, 07/01/2031 <sup>(a)</sup> | 1000000 | 897345 |
| Station Casinos, LLC | Station Casinos, LLC |  |
| &nbsp;&nbsp; 4.50%, 02/15/2028 <sup>(a)</sup> | 1000000 | 969955 |
| &nbsp;&nbsp; 6.63%, 03/15/2032 <sup>(a)</sup> | 500000 | 501017 |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 <sup>(a)</sup> | 1500000 | 1452673 |
|  |  | 5937840 |
| **Household Durables - 3.1%** | **Household Durables - 3.1%** |  |
| Ashton Woods USA, LLC | Ashton Woods USA, LLC |  |
| &nbsp;&nbsp; 6.63%, 01/15/2028 <sup>(a)</sup> | 1000000 | 1004764 |
| &nbsp;&nbsp; 4.63%, 08/01/2029 <sup>(a)</sup> | 500000 | 471684 |
|  Century Communities, Inc., 3.88%, 08/15/2029 <sup>(a)</sup> | 1500000 | 1360907 |
|  Installed Building Products, Inc., 5.75%, 02/01/2028 <sup>(a)</sup> | 1250000 | 1246007 |
| M/I Homes, Inc. | M/I Homes, Inc. |  |
| &nbsp;&nbsp; 4.95%, 02/01/2028 | 500000 | 493548 |
| &nbsp;&nbsp; 3.95%, 02/15/2030 | 1500000 | 1381424 |
|  Meritage Homes Corp., 5.65%, 03/15/2035 | 1500000 | 1464908 |
| Newell Brands, Inc. | Newell Brands, Inc. |  |
| &nbsp;&nbsp; 6.38%, 05/15/2030 | 750000 | 705646 |
| &nbsp;&nbsp; 6.63%, 05/15/2032 | 1000000 | 924885 |
|  |  | 9053773 |
| **IT Services - 0.3%** | **IT Services - 0.3%** |  |
|  ASGN, Inc., 4.63%, 05/15/2028 <sup>(a)</sup> | 1000000 | 965317 |
| **Life Sciences Tools & Services - 0.8%** | **Life Sciences Tools & Services - 0.8%** |  |
|  Avantor Funding, Inc., 4.63%, 07/15/2028 <sup>(a)</sup> | 250000 | 243730 |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |  |
| &nbsp;&nbsp; 3.75%, 03/15/2029 <sup>(a)</sup> | 1750000 | 1625697 |
| &nbsp;&nbsp; 4.00%, 03/15/2031 <sup>(a)</sup> | 500000 | 448709 |
|  |  | 2318136 |
| **Machinery - 0.5%** | **Machinery - 0.5%** |  |
| Allison Transmission, Inc. | Allison Transmission, Inc. |  |
| &nbsp;&nbsp; 4.75%, 10/01/2027 <sup>(a)</sup> | 250000 | 246107 |
| &nbsp;&nbsp; 5.88%, 06/01/2029 <sup>(a)</sup> | 250000 | 251138 |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup> | 1000000 | 854557 |
|  |  | 1351802 |
| **Media - 1.0%** | **Media - 1.0%** |  |
|  CCO Holdings Capital Corp., 4.75%, 02/01/2032 <sup>(a)</sup> | 1000000 | 926181 |
|  Charter Communications Operating, LLC, 3.50%, 03/01/2042 | 1000000 | 690985 |
| Sirius XM Radio LLC | Sirius XM Radio LLC |  |
| &nbsp;&nbsp; 4.00%, 07/15/2028 <sup>(a)</sup> | 700000 | 664685 |
| &nbsp;&nbsp; 3.88%, 09/01/2031 <sup>(a)</sup> | 750000 | 656083 |
|  |  | 2937934 |
| **Professional Services - 2.2%** | **Professional Services - 2.2%** |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032 <sup>(a)</sup> | 1500000 | 1531629 |
| Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |  |
| &nbsp;&nbsp; 5.95%, 08/04/2033 | 1000000 | 1006976 |
| &nbsp;&nbsp; 5.95%, 04/15/2035 | 1250000 | 1242370 |
|  CACI International, Inc., 6.38%, 06/15/2033 <sup>(a)</sup> | 250000 | 255098 |
|  Science Applications International Corp., 4.88%, 04/01/2028 <sup>(a)</sup> | 2500000 | 2438508 |
|  |  | 6474581 |
| **Real Estate Management & Development - 0.4%** | **Real Estate Management & Development - 0.4%** |  |
|  Cushman & Wakefield US Borrower, LLC, 8.88%, 09/01/2031 <sup>(a)</sup> | 1000000 | 1069699 |
| **Software - 0.3%** | **Software - 0.3%** |  |
|  Open Text Corp., 3.88%, 02/15/2028 <sup>(a)</sup> | 1000000 | 958793 |
| **Specialty Retail - 2.8%** | **Specialty Retail - 2.8%** |  |
| Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |  |
| &nbsp;&nbsp; 4.75%, 03/01/2030 | 500000 | 475396 |
| &nbsp;&nbsp; 5.00%, 02/15/2032 <sup>(a)</sup> | 1750000 | 1635340 |
|  AutoNation, Inc., 5.89%, 03/15/2035 | 1750000 | 1737940 |
|  Ken Garff Automotive, LLC, 4.88%, 09/15/2028 <sup>(a)</sup> | 2250000 | 2193373 |
| Lithia Motors, Inc. | Lithia Motors, Inc. |  |
| &nbsp;&nbsp; 3.88%, 06/01/2029 <sup>(a)</sup> | 1250000 | 1178137 |
| &nbsp;&nbsp; 4.38%, 01/15/2031 <sup>(a)</sup> | 1000000 | 938387 |
|  |  | 8158573 |
| **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** |  |
|  Dell International, LLC, 8.10%, 07/15/2036 | 1000000 | 1181125 |
| **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** |  |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029 <sup>(a)</sup> | 1250000 | 1092417 |
| **Trading Companies & Distributors - 0.2%** | **Trading Companies & Distributors - 0.2%** |  |
|  Herc Holdings Escrow, Inc., 7.00%, 06/15/2030 <sup>(a)</sup> | 500000 | 515041 |
| **TOTAL CORPORATE BONDS** (Cost $119,707,651) | **TOTAL CORPORATE BONDS** (Cost $119,707,651) | 121377444 |
| **COLLATERALIZED LOAN OBLIGATIONS - 17.0%** | **Par** | **Value** |
|  Alinea CLO, Series 2018-1A, Class DR, 6.52% (3 mo. Term SOFR + 2.25%), 07/20/2031 <sup>(a)</sup> | 1200000 | 1196516 |
| Apidos CLO | Apidos CLO |  |
| &nbsp;&nbsp; Series 2013-12A, Class ER, 9.92% (3 mo. Term SOFR + 5.66%), 04/15/2031 <sup>(a)</sup> | 1000000 | 994981 |
| &nbsp;&nbsp; Series 2015-23A, Class DRR, 6.86% (3 mo. Term SOFR + 2.60%), 04/15/2033 <sup>(a)</sup> | 2000000 | 1999852 |
| &nbsp;&nbsp; Series 2019-31A, Class ER, 11.12% (3 mo. Term SOFR + 6.86%), 04/15/2031 <sup>(a)</sup> | 1000000 | 1007834 |
| &nbsp;&nbsp; Series 2023-46A, Class D, 9.28% (3 mo. Term SOFR + 5.00%), 10/24/2036 <sup>(a)</sup> | 1000000 | 1005985 |
| &nbsp;&nbsp; Series 2024-1A, Class E, 10.03% (3 mo. Term SOFR + 5.75%), 04/25/2035 <sup>(a)</sup> | 1000000 | 999978 |
| ARES CLO | ARES CLO |  |
| &nbsp;&nbsp; Series 2015-4A, Class A3RR, 5.66% (3 mo. Term SOFR + 1.40%), 10/15/2030 <sup>(a)</sup> | 1000000 | 999200 |
| &nbsp;&nbsp; Series 2015-4A, Class CRR, 7.01% (3 mo. Term SOFR + 2.75%), 10/15/2030 <sup>(a)</sup> | 1500000 | 1505535 |
| &nbsp;&nbsp; Series 2018-47A, Class D, 7.22% (3 mo. Term SOFR + 2.96%), 04/15/2030 <sup>(a)</sup> | 1000000 | 1002832 |
| &nbsp;&nbsp; Series 2018-48A, Class D, 7.23% (3 mo. Term SOFR + 2.96%), 07/20/2030 <sup>(a)</sup> | 1000000 | 1001726 |
| &nbsp;&nbsp; Series 2019-52A, Class DRR, 6.77% (3 mo. Term SOFR + 2.50%), 04/22/2031 <sup>(a)</sup> | 1250000 | 1245521 |
|  Bardot CLO, Series 2019-2A, Class DRR, 6.77% (3 mo. Term SOFR + 2.50%), 10/22/2032 <sup>(a)</sup> | 1250000 | 1242198 |
| Blackstone, Inc. | Blackstone, Inc. |  |
| &nbsp;&nbsp; Series 2018-1A, Class D, 7.02% (3 mo. Term SOFR + 2.76%), 04/15/2031 <sup>(a)</sup> | 1425000 | 1429580 |
| &nbsp;&nbsp; Series 2018-1A, Class E, 9.94% (3 mo. Term SOFR + 5.66%), 04/17/2030 <sup>(a)</sup> | 1000000 | 992721 |
|  Carlyle Global Market Strategies, Series 2023-3A, Class D, 9.76% (3 mo. Term SOFR + 5.50%), 10/15/2036 <sup>(a)</sup> | 1300000 | 1311788 |
|  Chenango Park CLO, Series 2018-1A, Class CR, 7.01% (3 mo. Term SOFR + 2.75%), 04/15/2030 <sup>(a)</sup> | 1250000 | 1257184 |
|  CIFC Funding Ltd., Series 2023-3A, Class B, 6.57% (3 mo. Term SOFR + 2.30%), 01/20/2037 <sup>(a)</sup> | 1000000 | 1003014 |
| Elmwood CLO Ltd. | Elmwood CLO Ltd. |  |
| &nbsp;&nbsp; Series 2019-1A, Class ERR, 10.67% (3 mo. Term SOFR + 6.40%), 04/20/2037 <sup>(a)</sup> | 1500000 | 1495365 |
| &nbsp;&nbsp; Series 2022-6A, Class ER, 11.28% (3 mo. Term SOFR + 7.00%), 10/17/2036 <sup>(a)</sup> | 1000000 | 1004191 |
| &nbsp;&nbsp; Series 2024-5A, Class ER, 10.67% (3 mo. Term SOFR + 6.40%), 04/20/2037 <sup>(a)</sup> | 2000000 | 2011374 |
|  Fort Greene Park CLO, Series 2025-2A, Class DR, 6.62% (3 mo. Term SOFR + 2.35%), 04/22/2034 <sup>(a)</sup> | 1250000 | 1243836 |
|  Galaxy CLO Ltd., Series 2023-31A, Class D, 9.51% (3 mo. Term SOFR + 5.25%), 04/15/2036 <sup>(a)</sup> | 1000000 | 1000000 |
|  GoldenTree Loan Management US CLO, Series 2017-1A, Class DR3, 6.67% (3 mo. Term SOFR + 2.40%), 04/20/2034 <sup>(a)</sup> | 1300000 | 1290180 |
| Goldentree Loan Opportunities Ltd. | Goldentree Loan Opportunities Ltd. |  |
| &nbsp;&nbsp; Series 2022-15A, Class DR, 8.67% (3 mo. Term SOFR + 4.40%), 10/20/2036 <sup>(a)</sup> | 1500000 | 1510898 |
| &nbsp;&nbsp; Series 2023-17A, Class D, 9.27% (3 mo. Term SOFR + 5.00%), 07/20/2036 <sup>(a)</sup> | 1000000 | 1001730 |
|  Highbridge Loan Management Ltd., Series 2023-18A, Class B, 7.22% (3 mo. Term SOFR + 2.95%), 07/20/2036 <sup>(a)</sup> | 1000000 | 1001854 |
|  LCM LP, Series 22A, Class CR, 7.33% (3 mo. Term SOFR + 3.06%), 10/20/2028 <sup>(a)</sup> | 1000000 | 1000852 |
| Magnetite CLO Ltd. | Magnetite CLO Ltd. |  |
| &nbsp;&nbsp; Series 2017-19A, Class ERR, 9.38% (3 mo. Term SOFR + 5.10%), 04/17/2034 <sup>(a)</sup> | 1250000 | 1237917 |
| &nbsp;&nbsp; Series 2019-24A, Class DR, 7.31% (3 mo. Term SOFR + 3.05%), 04/15/2035 <sup>(a)</sup> | 1000000 | 1004132 |
| &nbsp;&nbsp; Series 2023-37A, Class E, 11.27% (3 mo. Term SOFR + 7.00%), 10/20/2036 <sup>(a)</sup> | 1000000 | 1002688 |
| &nbsp;&nbsp; Series 2023-39A, Class D1R, 6.98% (3 mo. Term SOFR + 2.70%), 01/25/2037 <sup>(a)</sup> | 1000000 | 998256 |
| Neuberger Berman CLO Ltd. | Neuberger Berman CLO Ltd. |  |
| &nbsp;&nbsp; Series 2020-39A, Class ER, 11.47% (3 mo. Term SOFR + 7.20%), 04/20/2038 <sup>(a)</sup> | 2000000 | 2002790 |
| &nbsp;&nbsp; Series 2021-43A, Class DR, 6.93% (3 mo. Term SOFR + 2.65%), 07/17/2036 <sup>(a)</sup> | 2000000 | 1994860 |
|  NYACK Park CLO Ltd., Series 2021-1A, Class D, 7.33% (3 mo. Term SOFR + 3.06%), 10/20/2034 <sup>(a)</sup> | 1000000 | 1002003 |
|  Octagon Credit Investors LLC, Series 2022-1A, Class DR, 9.42% (3 mo. Term SOFR + 5.09%), 11/16/2036 <sup>(a)</sup> | 1250000 | 1259739 |
| Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |  |
| &nbsp;&nbsp; Series 2013-1A, Class CR2, 6.24% (3 mo. Term SOFR + 1.96%), 01/25/2031 <sup>(a)</sup> | 1000000 | 1000224 |
| &nbsp;&nbsp; Series 2014-1A, Class CR4, 6.56% (3 mo. Term SOFR + 2.25%), 02/14/2031 <sup>(a)</sup> | 1500000 | 1495089 |
|  Palmer Square CLO Ltd., Series 2023-3A, Class C, 7.17% (3 mo. Term SOFR + 2.90%), 01/20/2037 <sup>(a)</sup> | 1000000 | 1005198 |
|  Thompson Park CLO Ltd., Series 2021-1A, Class DR, 6.96% (3 mo. Term SOFR + 2.70%), 04/15/2034 <sup>(a)</sup> | 2000000 | 1994976 |
|  Wind River CLO Ltd., Series 2019-3A, Class BR2, 5.81% (3 mo. Term SOFR + 1.55%), 04/15/2031 <sup>(a)</sup> | 1135000 | 1136369 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $50,124,907) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $50,124,907) | 49890966 |
| **NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 16.7%** | **Par** | **Value** |
| BANK | BANK |  |
| &nbsp;&nbsp; Series 2018-BN10, Class C, 4.16%, 02/15/2061 <sup>(b)</sup> | 1000000 | 924288 |
| &nbsp;&nbsp; Series 2018-BN10, Class D, 2.60%, 02/15/2061 <sup>(a)</sup> | 1000000 | 857222 |
| &nbsp;&nbsp; Series 2019-BN23, Class C, 3.50%, 12/15/2052 <sup>(b)</sup> | 1000000 | 866762 |
| &nbsp;&nbsp; Series 2020-BN25, Class B, 3.04%, 01/15/2063 <sup>(b)</sup> | 1500000 | 1325895 |
| &nbsp;&nbsp; Series 2020-BN29, Class D, 2.50%, 11/15/2053 <sup>(a)</sup> | 850000 | 631158 |
| &nbsp;&nbsp; Series 2021-BN35, Class C, 2.90%, 06/15/2064 <sup>(b)</sup> | 1500000 | 1245979 |
| &nbsp;&nbsp; Series 2022-BN40, Class D, 2.50%, 03/15/2064 <sup>(a)</sup> | 1000000 | 732782 |
| &nbsp;&nbsp; Series 2025-BN49, Class XA, 0.63%, 03/15/2058 <sup>(b)(c)</sup> | 30482036 | 1474005 |
| BANK5 | BANK5 |  |
| &nbsp;&nbsp; Series 2024-5YR8, Class C, 6.77%, 08/15/2057 <sup>(b)</sup> | 1000000 | 1019473 |
| &nbsp;&nbsp; Series 2025-5YR13, Class XA, 1.06%, 01/15/2058 <sup>(a)(b)(c)</sup> | 40643864 | 1751434 |
| BBCMS Trust | BBCMS Trust |  |
| &nbsp;&nbsp; Series 2022-C17, Class XA, 1.15%, 09/15/2055 <sup>(b)(c)</sup> | 14910703 | 1015602 |
| &nbsp;&nbsp; Series 2024-5C27, Class XA, 0.82%, 07/15/2057 <sup>(a)(b)(c)</sup> | 35338241 | 1023081 |
| &nbsp;&nbsp; Series 2024-5C31, Class XA, 1.06%, 12/15/2057 <sup>(b)(c)</sup> | 27997450 | 1182262 |
| &nbsp;&nbsp; Series 2024-C30, Class XA, 0.86%, 11/15/2057 <sup>(b)(c)</sup> | 22782083 | 1444685 |
| &nbsp;&nbsp; Series 2025-C32, Class XA, 1.13%, 02/15/2062 <sup>(b)(c)</sup> | 17392003 | 1484886 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust |  |
| &nbsp;&nbsp; Series 2021-B26, Class B, 2.58%, 06/15/2054 <sup>(b)</sup> | 1250000 | 1011946 |
| &nbsp;&nbsp; Series 2021-B26, Class C, 2.87%, 06/15/2054 <sup>(b)</sup> | 1250000 | 939382 |
| &nbsp;&nbsp; Series 2021-B27, Class XD, 1.49%, 07/15/2054 <sup>(a)(b)(c)</sup> | 15000000 | 1175703 |
| &nbsp;&nbsp; Series 2021-B29, Class C, 2.75%, 09/15/2054 <sup>(b)</sup> | 1500000 | 1203863 |
| &nbsp;&nbsp; Series 2024-V6, Class XA, 1.34%, 03/15/2057 <sup>(b)(c)</sup> | 24941042 | 1099606 |
| BMO Mortgage Trust | BMO Mortgage Trust |  |
| &nbsp;&nbsp; Series 2023-C7, Class XA, 0.81%, 12/15/2056 <sup>(a)(b)(c)</sup> | 24983765 | 1224045 |
| &nbsp;&nbsp; Series 2025-C11, Class XA, 1.10%, 02/15/2058 <sup>(b)(c)</sup> | 17980692 | 1488832 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |  |
| &nbsp;&nbsp; Series 2016-C1, Class C, 4.95%, 05/10/2049 <sup>(b)</sup> | 1000000 | 974671 |
| &nbsp;&nbsp; Series 2016-C2, Class B, 3.18%, 08/10/2049 | 1000000 | 970166 |
|  CSAIL Commercial Mortgage Trust, Series 2019-C18, Class D, 2.50%, 12/15/2052 <sup>(a)</sup> | 1125000 | 920425 |
| GS Mortgage Securities Corp. II | GS Mortgage Securities Corp. II |  |
| &nbsp;&nbsp; Series 2012-BWTR, Class A, 2.95%, 11/05/2034 <sup>(a)</sup> | 961724 | 830214 |
| &nbsp;&nbsp; Series 2012-BWTR, Class B, 3.26%, 11/05/2034 <sup>(a)</sup> | 478000 | 280708 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |  |
| &nbsp;&nbsp; Series 2017-C34, Class B, 4.11%, 11/15/2052 <sup>(b)</sup> | 1400000 | 1285890 |
| &nbsp;&nbsp; Series 2017-C34, Class D, 2.70%, 11/15/2052 <sup>(a)</sup> | 1000000 | 684533 |
| &nbsp;&nbsp; Series 2025-5C1, Class XA, 1.16%, 03/15/2058 <sup>(b)(c)</sup> | 25999435 | 1231240 |
| Morgan Stanley Capital I, Inc. | Morgan Stanley Capital I, Inc. |  |
| &nbsp;&nbsp; Series 2017-H1, Class C, 4.28%, 06/15/2050 <sup>(b)</sup> | 1500000 | 1401543 |
| &nbsp;&nbsp; Series 2017-HR2, Class C, 4.32%, 12/15/2050 <sup>(b)</sup> | 1400000 | 1334505 |
| &nbsp;&nbsp; Series 2019-H7, Class C, 4.13%, 07/15/2052 | 1000000 | 900450 |
| &nbsp;&nbsp; Series 2019-H7, Class D, 3.00%, 07/15/2052 <sup>(a)</sup> | 1000000 | 820764 |
| &nbsp;&nbsp; Series 2021-L5, Class C, 3.16%, 05/15/2054 | 1385000 | 1178719 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |  |
| &nbsp;&nbsp; Series 2015-C28, Class D, 4.22%, 05/15/2048 <sup>(b)</sup> | 1000000 | 884100 |
| &nbsp;&nbsp; Series 2016-C37, Class D, 3.16%, 12/15/2049 <sup>(a)(b)</sup> | 1250000 | 1127575 |
| &nbsp;&nbsp; Series 2018-C43, Class C, 4.51%, 03/15/2051 <sup>(b)</sup> | 1250000 | 1152481 |
| &nbsp;&nbsp; Series 2018-C45, Class C, 4.73%, 06/15/2051 | 1320000 | 1257357 |
| &nbsp;&nbsp; Series 2019-C49, Class C, 4.87%, 03/15/2052 <sup>(b)</sup> | 1000000 | 956344 |
| &nbsp;&nbsp; Series 2019-C49, Class D, 3.00%, 03/15/2052 <sup>(a)</sup> | 1500000 | 1282025 |
| &nbsp;&nbsp; Series 2019-C52, Class C, 3.56%, 08/15/2052 | 1800000 | 1503657 |
| &nbsp;&nbsp; Series 2020-C57, Class C, 4.02%, 08/15/2053 <sup>(b)</sup> | 1500000 | 1351035 |
| &nbsp;&nbsp; Series 2025-C64, Class XD, 2.13%, 02/15/2058 <sup>(a)(b)(c)</sup> | 10909000 | 1736797 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $48,165,301) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $48,165,301) | 49188090 |
| **U.S. TREASURY SECURITIES - 7.9%** | **Par** | **Value** |
| United States Treasury Notes/Bonds | United States Treasury Notes/Bonds |  |
| &nbsp;&nbsp; 3.88%, 05/15/2043 | 2000000 | 1748437 |
| &nbsp;&nbsp; 4.38%, 08/15/2043 | 1000000 | 933105 |
| &nbsp;&nbsp; 4.75%, 11/15/2043 | 2300000 | 2249912 |
| &nbsp;&nbsp; 4.50%, 02/15/2044 | 1250000 | 1182300 |
| &nbsp;&nbsp; 4.63%, 05/15/2044 | 1000000 | 960449 |
| &nbsp;&nbsp; 4.63%, 11/15/2044 | 2250000 | 2156133 |
| &nbsp;&nbsp; 4.75%, 02/15/2045 | 5250000 | 5113008 |
| &nbsp;&nbsp; 4.63%, 02/15/2055 | 2000000 | 1903125 |
| United States Treasury Strip Principal | United States Treasury Strip Principal |  |
| &nbsp;&nbsp; 0.00%, 08/15/2042 <sup>(d)</sup> | 2000000 | 851801 |
| &nbsp;&nbsp; 0.00%, 11/15/2042 <sup>(d)</sup> | 2500000 | 1048996 |
| &nbsp;&nbsp; 0.00%, 02/15/2044 <sup>(d)</sup> | 2350000 | 919501 |
| &nbsp;&nbsp; 0.00%, 05/15/2044 <sup>(d)</sup> | 2000000 | 771116 |
| &nbsp;&nbsp; 0.00%, 08/15/2044 <sup>(d)</sup> | 1900000 | 721652 |
| &nbsp;&nbsp; 0.00%, 11/15/2044 <sup>(d)</sup> | 4000000 | 1498137 |
| &nbsp;&nbsp; 0.00%, 02/15/2045 <sup>(d)</sup> | 3000000 | 1109492 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $24,271,493) | **TOTAL U.S. TREASURY SECURITIES** (Cost $24,271,493) | 23167164 |
| **MUNICIPAL BONDS - 7.3%** | **Par** | **Value** |
| **California - 1.2%** | **California - 1.2%** |  |
|  California Infrastructure & Economic Development Bank, 9.50%, 01/01/2065 <sup>(a)(e)</sup> | 1500000 | 1453907 |
|  Los Angeles Department of Water & Power, 6.57%, 07/01/2045 | 1000000 | 1035316 |
|  University of California, 4.77%, 05/15/2115 | 1250000 | 992725 |
|  |  | 3481948 |
| **Connecticut - 0.2%** | **Connecticut - 0.2%** |  |
|  Connecticut State Health & Educational Facilities Authority, 12.00%, 09/01/2030 <sup>(a)</sup> | 430000 | 440133 |
| **Florida - 0.5%** | **Florida - 0.5%** |  |
|  City of Gainesville, FL Utilities System Revenue, 6.02%, 10/01/2040 | 1500000 | 1581664 |
| **Illinois - 0.2%** | **Illinois - 0.2%** |  |
|  Metropolitan Pier & Exposition Authority, 0.00%, 06/15/2038 <sup>(d)</sup> | 1250000 | 661886 |
| **Indiana - 0.4%** | **Indiana - 0.4%** |  |
|  Indiana Finance Authority, 6.60%, 02/01/2039 | 1000000 | 1088057 |
| **Massachusetts - 0.3%** | **Massachusetts - 0.3%** |  |
|  Commonwealth of Massachusetts, 5.46%, 12/01/2039 | 1000000 | 1001540 |
| **Michigan - 0.3%** | **Michigan - 0.3%** |  |
|  University of Michigan, 4.45%, 04/01/2122 | 1311000 | 1006161 |
| **Minnesota - 0.4%** | **Minnesota - 0.4%** |  |
|  Western Minnesota Municipal Power Agency, 6.77%, 01/01/2046 | 1000000 | 1078179 |
| **Nevada - 0.4%** | **Nevada - 0.4%** |  |
|  County of Clark Department of Aviation, 6.82%, 07/01/2045 | 1000000 | 1100617 |
| **New York - 0.4%** | **New York - 0.4%** |  |
|  City of New York, NY, 5.97%, 03/01/2036 | 1250000 | 1291182 |
| **Ohio - 0.4%** | **Ohio - 0.4%** |  |
|  Ohio State University, 4.80%, 06/01/2111 | 1555000 | 1260670 |
| **Oklahoma - 0.5%** | **Oklahoma - 0.5%** |  |
|  Oklahoma Development Finance Authority, 5.45%, 08/15/2028 | 1500000 | 1455018 |
| **Pennsylvania - 0.3%** | **Pennsylvania - 0.3%** |  |
|  Pennsylvania Turnpike Commission, 3.00%, 12/01/2042 | 1250000 | 985447 |
| **Tennessee - 0.2%** | **Tennessee - 0.2%** |  |
|  New Memphis Arena Public Building Authority, 0.00%, 04/01/2043 <sup>(d)</sup> | 1625000 | 593075 |
| **Texas - 0.9%** | **Texas - 0.9%** |  |
|  Port of Beaumont Industrial Development Authority, 4.10%, 01/01/2028 <sup>(a)</sup> | 1500000 | 1369093 |
|  State of Texas, 5.52%, 04/01/2039 | 1250000 | 1259402 |
|  |  | 2628495 |
| **Virginia - 0.6%** | **Virginia - 0.6%** |  |
| University of Virginia | University of Virginia |  |
| &nbsp;&nbsp; 4.18%, 09/01/2117 | 1430000 | 1048640 |
| &nbsp;&nbsp; 3.23%, 09/01/2119 | 1000000 | 565267 |
|  |  | 1613907 |
| **Wisconsin - 0.1%** | **Wisconsin - 0.1%** |  |
|  Public Finance Authority, 7.50%, 06/01/2029 <sup>(a)</sup> | 250000 | 241885 |
| **TOTAL MUNICIPAL BONDS** (Cost $22,137,093) | **TOTAL MUNICIPAL BONDS** (Cost $22,137,093) | 21509864 |
| **NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES - 3.1%** | **Par** | **Value** |
|  Banc of America Alternative Loan Trust, Series 2006-2, Class 4CB1, 6.50%, 03/25/2036 | 852768 | 724348 |
| Citimortgage Alternative Loan Trust | Citimortgage Alternative Loan Trust |  |
| &nbsp;&nbsp; Series 2006-A5, Class 1A13, 4.89% (1 mo. Term SOFR + 0.56%), 10/25/2036 | 1085313 | 826693 |
| &nbsp;&nbsp; Series 2007-A1, Class 1A5, 6.00%, 01/25/2037 | 1549616 | 1382094 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |  |
| &nbsp;&nbsp; Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036 | 1224333 | 1251384 |
| &nbsp;&nbsp; Series 2007-13, Class A1, 6.00%, 06/25/2047 | 2515313 | 1263720 |
|  Credit Suisse Management, LLC, Series 2005-11, Class 3A3, 5.50%, 12/25/2035 | 334220 | 129195 |
|  Vericrest Opportunity Loan Transferee, Series 2021-NPL4, Class A2, 8.95%, 03/27/2051 <sup>(a)(f)(g)</sup> | 377557 | 377767 |
| WaMu Mortgage Pass Through Certificates | WaMu Mortgage Pass Through Certificates |  |
| &nbsp;&nbsp; Series 2005-AR14, Class 1A2, 5.16%, 12/25/2035 <sup>(b)</sup> | 1123395 | 1057434 |
| &nbsp;&nbsp; Series 2006-AR12, Class 1A1, 4.76%, 10/25/2036 <sup>(b)</sup> | 1313066 | 1203975 |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6, Class A1, 7.02%, 10/25/2037 <sup>(b)</sup> | 960219 | 943946 |
| **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $9,194,875) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE BACKED SECURITIES** (Cost $9,194,875) | 9160556 |
| **ASSET-BACKED SECURITIES - 2.5%** | **Par** | **Value** |
|  American Credit Acceptance Receivables Trust, Series 2022-1, Class E, 3.64%, 03/13/2028 <sup>(a)</sup> | 1000000 | 995765 |
|  CPS Auto Trust, Series 2021-D, Class E, 4.06%, 12/15/2028 <sup>(a)</sup> | 1000000 | 986574 |
|  Exeter Automobile Receivables Trust, Series 2021-2A, Class E, 2.90%, 07/17/2028 <sup>(a)</sup> | 1500000 | 1468643 |
| GLS Auto Receivables Trust | GLS Auto Receivables Trust |  |
| &nbsp;&nbsp; Series 2021-2A, Class E, 2.87%, 05/15/2028 <sup>(a)</sup> | 1000000 | 983945 |
| &nbsp;&nbsp; Series 2021-3A, Class E, 3.20%, 10/16/2028 <sup>(a)</sup> | 1000000 | 977256 |
| &nbsp;&nbsp; Series 2021-4A, Class E, 4.43%, 10/16/2028 <sup>(a)</sup> | 1000000 | 977490 |
|  Westlake Automobile Receivables Trust, Series 2021-3A, Class E, 3.42%, 04/15/2027 <sup>(a)</sup> | 1000000 | 991675 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $7,326,778) | **TOTAL ASSET-BACKED SECURITIES** (Cost $7,326,778) | 7381348 |
| **AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES - 2.4%** | **Par** | **Value** |
| Freddie Mac Multifamily Structured Pass Through Certificates | Freddie Mac Multifamily Structured Pass Through Certificates |  |
| &nbsp;&nbsp; Series K113, Class X1, 1.37%, 06/25/2030 <sup>(b)(c)</sup> | 25932793 | 1445056 |
| &nbsp;&nbsp; Series K149, Class X1, 0.26%, 08/25/2032 <sup>(b)(c)</sup> | 66668585 | 1249536 |
| &nbsp;&nbsp; Series K164, Class X1, 0.28%, 05/25/2034 <sup>(b)(c)</sup> | 57990753 | 1424444 |
| &nbsp;&nbsp; Series K165, Class X1, 0.60%, 09/25/2034 <sup>(b)(c)</sup> | 30598332 | 1435169 |
| &nbsp;&nbsp; Series K169, Class X1, 0.25%, 12/25/2034 <sup>(b)(c)</sup> | 63064472 | 1450136 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $7,038,658) | **TOTAL AGENCY COMMERCIAL MORTGAGE BACKED SECURITIES** (Cost $7,038,658) | 7004341 |
| **PREFERRED STOCKS - 0.3%** | **Shares** | **Value**  |
| **Banks - 0.3%** | **Banks - 0.3%** |  |
|  First Busey Corp., Series B, 8.25%, Perpetual | 40000 | 998000 |
| **TOTAL PREFERRED STOCKS** (Cost $1,000,000) | **TOTAL PREFERRED STOCKS** (Cost $1,000,000) | 998000 |
| **SHORT-TERM INVESTMENTS - 0.9%** |  | **Value**  |
| **Money Market Funds - 0.9%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(h)</sup> | 2581636 | 2581636 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,581,636) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,581,636) | 2581636 |
| **TOTAL INVESTMENTS - 99.4% (**Cost $291,548,392**)** | **TOTAL INVESTMENTS - 99.4% (**Cost $291,548,392**)** | 292259409 |
| Other Assets in Excess of Liabilities - 0.6% | Other Assets in Excess of Liabilities - 0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 1844305 |
| **TOTAL NET ASSETS - 100.0%** |  | 294103714 |
| two | two | –% |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| PO - Principal Only |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| STRIP - Separate Trading of Registered Interest and Principal |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of May 31, 2025, the value of these securities total $131,852,743 or 44.8% of the Fund's net assets.

(b) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of May 31, 2025.

(c) Interest only security.

(d) Zero coupon bonds make no periodic interest payments.

(e) Security subject to the Alternative Minimum Tax ("AMT"). As of May 31, 2025, the total value of securities subject to the AMT was $1,453,907 or 0.5% of net assets.

(f) Step coupon bond. The rate disclosed is as of May 31, 2025.

(g) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate
 disclosed is as of May 31, 2025.

(h) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

---

| |
|:---|
| **Performance Trust Multisector Bond Fund** |
| **Notes to Schedule of Investments** |
| **May 31, 2025 (Unaudited)** |

---

*Investment Valuation*

Each equity security owned by a Fund that is listed on a securities exchange, except securities listed on the NASDAQ Stock Market, LLC ("NASDAQ"), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, a Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded. Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and asked prices on such day or the security shall be valued at the latest sales price on the "composite market" for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a "Pricing Service").

Debt securities, such as U.S. government securities, corporate securities, municipal securities, collateralized loan obligations and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.

Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset value ("NAV") of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security's fair value will be determined. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. In the event market quotations are not readily available, such security will be valued at its fair value, discussed below.

If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.

FASB Accounting Standards Codification, Fair Value Measurements and Disclosures Topic 820 ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2025:

---

| |
|:---|
| **Performance Trust Multisector Bond Fund** |
| **Notes to Schedule of Investments (Continued)** |
| **May 31, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $121377443 | $– | $121377443 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 49890966 | – | 49890966 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage Backed Securities | – | 49188090 | – | 49188090 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 23167165 | – | 23167165 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 21509864 | – | 21509864 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage Backed Securities | – | 9160556 | – | 9160556 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 7381348 | – | 7381348 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage Backed Securities | – | 7004341 | – | 7004341 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 998000 | – | – | 998000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2581636 | – | – | 2581636 |
| Total Investments | $3579636 | $288679773 | $– | $292259409 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Trust for Professional Managers

- **b. Investment Company Act file number:** 811-10401

- **c. CIK number of Registrant:** 0001141819

- **d. LEI of Registrant:** 549300O1N816L3GGRD45

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 513-520-5925

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

- **a. Name of Series:** Performance Trust Multisector Bond Fund

- **b. EDGAR series identifier (if any):** S000070558

- **c. LEI of Series:** 5493001Q668CLFUNJ327

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $295553001.13

**Total Liabilities:** $1726991.93

**Net Assets:** $293826009.20

**Delayed Delivery Securities:** $1500000.00

**Cash Not Reported:** $537920.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 11843.820000000000 | **1-Year:** 7488.970000000000 | **5-Year:** 19356.940000000000 | **10-Year:** 25113.120000000000 | **30-Year:** 19890.680000000000

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

- **3-Month:** 15127.180000000000 | **1-Year:** 12327.690000000000 | **5-Year:** 6616.140000000000 | **10-Year:** 213.750000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224122 | -0.39%               | 0.16%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12913.54                | $-2254402.90                               |
| Month 2  | $16652.66                | $-714792.16                                |
| Month 3  | $60712.78                | $-389417.81                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LCM Ltd Partnership            | LCM XXII Ltd                                                                    | CUSIP: 50189GAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000852.00   | 0.34%             | 2028-10-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                               | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $938387.10    | 0.32%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR  | Los Angeles Department of Water & Power                                         | CUSIP: 544495VY7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035316.00   | 0.35%             | 2045-07-01      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                  | M/I Homes Inc                                                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493547.55    | 0.17%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                  | M/I Homes Inc                                                                   | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1381423.95   | 0.47%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC            | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969955.40    | 0.33%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Thompson Park CLO, LTD         | Thompson Park CLO Ltd                                                           | CUSIP: 884887AU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1994976.00   | 0.68%             | 2034-04-15      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| TOWNEBANK/PORTSMOUTH VA        | Towne Bank/Portsmouth VA                                                        | CUSIP: 89214PDD8<br>LEI: 54930039UO39UJGI7078 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1112500.00   | 0.38%             | 2032-02-15      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803EL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $1109492.01   | 0.38%             | 2045-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2250000 | PA      | $2156132.81   | 0.73%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5250000 | PA      | $5113007.81   | 1.74%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2019-C49                                  | CUSIP: 95001WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1282024.80   | 0.44%             | 2052-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XXIII                                                                | CUSIP: 03765YBN3<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999852.00   | 0.68%             | 2033-04-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP              | Ares Capital Corp                                                               | CUSIP: 04010LBC6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $860390.47    | 0.29%             | 2031-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| WSFS FINANCIAL CORP            | WSFS Financial Corp                                                             | CUSIP: 929328AF9<br>LEI: 549300SU7VQHD6QRG886 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $936707.75    | 0.32%             | 2030-12-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd             | THL Credit Wind River 2019-3 Clo Ltd                                            | CUSIP: 97314JAL9<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |   1135000 | PA      | $1136368.81   | 0.39%             | 2031-04-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                   | Ares XXXVII CLO Ltd                                                             | CUSIP: 04015NAQ7<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999200.00    | 0.34%             | 2030-10-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP        | Asbury Automotive Group Inc                                                     | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $475395.70    | 0.16%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC            | Avantor Funding Inc                                                             | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243729.78    | 0.08%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC       | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc       | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $897344.81    | 0.31%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP       | Host Hotels & Resorts LP                                                        | CUSIP: 44107TBB1<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983017.40    | 0.33%             | 2034-07-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US  | Goldentree Loan Management US Clo 15 Ltd                                        | CUSIP: 38139BAW9<br>LEI: 549300JGUKVX0EDNOJ93 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1510897.50   | 0.51%             | 2036-10-20      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US  | Goldentree Loan Management US Clo 17 Ltd                                        | CUSIP: 38139FAJ9<br>LEI: 549300TS068SCJRDSP12 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1001730.00   | 0.34%             | 2036-07-20      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK       | Huntington National Bank/The                                                    | CUSIP: 87227RQE7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500937.26    | 0.17%             | 2030-05-06      | Variable      | 9.61%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                      | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2038143 | NS      | $2038143.23   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                                                | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $966902.34    | 0.33%             | 2040-03-12      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                                              | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2032004.00   | 0.69%             | 2033-02-14      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| FIRST FINANCIAL BANCORP        | First Financial Bancorp                                                         | CUSIP: 320209AB5<br>LEI: 549300D3F5B3EZMY7P77 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1274701.64   | 0.43%             | 2030-05-15      | Variable      | 9.41%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                 | Galaxy 31 Clo Ltd                                                               | CUSIP: 36320HAJ8<br>LEI: 549300XTB6S9P2VMDV60 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.34%             | 2036-04-15      | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2021-D                                               | CUSIP: 12658VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $986574.40    | 0.34%             | 2028-12-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES            | Century Communities Inc                                                         | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1360906.65   | 0.46%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XLVI Ltd                                                             | CUSIP: 03770RAJ1<br>LEI: 254900XSALC4GJ58ZP29 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1005985.00   | 0.34%             | 2036-10-24      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2025-BNK49                                                                 | CUSIP: 05494FBY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30482036 | PA      | $1474004.57   | 0.50%             | 2058-03-15      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC        | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1242370.25   | 0.42%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus | CSAIL 2019-C18 Commercial Mortgage Trust                                        | CUSIP: 12597DAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1125000 | PA      | $920425.50    | 0.31%             | 2052-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority                     | CUSIP: 20775DZM7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    430000 | PA      | $440133.29    | 0.15%             | 2030-09-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                          | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1247462.50   | 0.42%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 19 Ltd             | Elmwood CLO 19 Ltd                                                              | CUSIP: 29004YAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004191.00   | 0.34%             | 2036-10-17      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                                | CUSIP: 709225AY2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $985447.25    | 0.34%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX INDL DEV AUTH | Port of Beaumont Industrial Development Authority                               | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1369093.20   | 0.47%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                        | CUSIP: 74442PXM2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241885.33    | 0.08%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                        | BPCE SA                                                                         | CUSIP: 05571AAU9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1535507.09   | 0.52%             | 2035-01-18      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2023-C7 Mortgage Trust                                                      | CUSIP: 05593FAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24983765 | PA      | $1224044.57   | 0.42%             | 2056-12-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2022-C17                                                   | CUSIP: 054976AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14910703 | PA      | $1015602.26   | 0.35%             | 2055-09-15      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2018-BNK10                                                                 | CUSIP: 065404AA3<br>LEI: 549300GL0Y86051URC66 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $857222.30    | 0.29%             | 2061-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| COMPEER FIN FLCA / PCA         | Compeer Financial FLCA/Compeer Financial PCA                                    | CUSIP: 20454PAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $193529.45    | 0.07%             | 2036-06-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mor | Credit Suisse First Boston Mortgage Securities Corp                             | CUSIP: 2254W0NJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    334220 | PA      | $129195.38    | 0.04%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP        | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1181124.70   | 0.40%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd             | Elmwood CLO 29 Ltd                                                              | CUSIP: 29004HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2011374.00   | 0.68%             | 2037-04-20      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HHJ28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  30598332 | PA      | $1435168.88   | 0.49%             | 2034-09-25      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| FIRST BUSEY CORPORATION        | First Busey Corp                                                                | CUSIP: 319383600<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EP               | CORP              | US        |     40000 | NS      | $998000.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME BANCSHARES INC            | Home BancShares Inc/AR                                                          | CUSIP: 436893AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1333867.68   | 0.45%             | 2032-01-30      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| SYNOVUS BANK GA                | Synovus Bank/Columbus GA                                                        | CUSIP: 87164DSE1<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985181.37    | 0.34%             | 2030-10-29      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES       | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964171.28    | 0.33%             | 2031-05-06      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2249912.12   | 0.77%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $960449.22    | 0.33%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNIV SOUTHERN CALIFORNIA       | University of Southern California                                               | CUSIP: 914886AD8<br>LEI: 0GMCSQ6M60R4T46U5511 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1218288.50   | 0.41%             | 2120-10-01      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer | WaMu Mortgage Pass-Through Certificates Series 2005-AR14 Trust                  | CUSIP: 92922F4B1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1123395 | PA      | $1057434.11   | 0.36%             | 2035-12-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2007-AR6 Trust                           | CUSIP: 949794AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    960219 | PA      | $943945.82    | 0.32%             | 2037-10-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                                        | CUSIP: 958697HP2<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078179.20   | 0.37%             | 2046-01-01      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                 | Bardot CLO Ltd                                                                  | CUSIP: 06744NBU0<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1242197.50   | 0.42%             | 2032-10-22      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1453907.55   | 0.49%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi | Carlyle US CLO 2023-3 Ltd                                                       | CUSIP: 14318FAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1311788.40   | 0.45%             | 2036-10-15      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP       | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $690984.71    | 0.24%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC         | Choice Hotels International Inc                                                 | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1228361.91   | 0.42%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST         | Commonwealth Bank of Australia                                                  | CUSIP: 202712BX2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $959624.86    | 0.33%             | 2046-03-14      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| DANA INC                       | Dana Inc                                                                        | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1245063.50   | 0.42%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H93E7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  66668585 | PA      | $1249535.96   | 0.43%             | 2032-08-25      | Variable      | 0.26%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL        | Garrett Motion Holdings Inc / Garrett LX I Sarl                                 | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021383.53   | 0.35%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC              | Lithia Motors Inc                                                               | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1178137.24   | 0.40%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd              | Magnetite XXXVII Ltd                                                            | CUSIP: 55952CAA3<br>LEI: 529900QDM2RO966NLE49 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002688.00   | 0.34%             | 2036-10-20      | Floating      | 11.27%                | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH         | Massachusetts Institute of Technology                                           | CUSIP: 575718AB7<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $803734.65    | 0.27%             | 2114-07-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EN0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $661885.63    | 0.23%             | 2038-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MOOG INC                       | Moog Inc                                                                        | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1280699.24   | 0.44%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nyack Park CLO, Ltd.           | NYACK Park CLO Ltd                                                              | CUSIP: 67080PAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002003.00   | 0.34%             | 2034-10-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Octagon 66 Ltd                 | Octagon 66 Ltd                                                                  | CUSIP: 67577WAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1259738.75   | 0.43%             | 2036-11-16      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                     | Phinia Inc                                                                      | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1243774.13   | 0.42%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC              | Post Holdings Inc                                                               | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990194.40    | 0.34%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP           | Wabash National Corp                                                            | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $854556.80    | 0.29%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2015-C28                                  | CUSIP: 94989JBH8<br>LEI: 549300S7ENI2U7O0XH56 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $884100.00    | 0.30%             | 2048-05-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2018-C43                                  | CUSIP: 95001LAZ5<br>LEI: 549300RVQJTKIK3XGD11 | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1152481.50   | 0.39%             | 2051-03-15      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2025-C11 Mortgage Trust                                                     | CUSIP: 05613XAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17980692 | PA      | $1488831.87   | 0.51%             | 2058-02-15      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| CASE WESTERN RESERVE UNI       | Case Western Reserve University                                                 | CUSIP: 14745XAA6<br>LEI: 2YXI7YIWYFWZG3QHF204 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $984440.03    | 0.34%             | 2122-06-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2021-BNK35                                                                 | CUSIP: 06540CBX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1245978.75   | 0.42%             | 2064-06-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| BLOOMIN' BRANDS INC/OSI        | Bloomin' Brands Inc / OSI Restaurant Partners LLC                               | CUSIP: 094234AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $888488.00    | 0.30%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HK2E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  63064472 | PA      | $1450135.99   | 0.49%             | 2034-12-25      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| FIRSTBANK                      | FirstBank/Nashville TN                                                          | CUSIP: 33766NAJ3<br>LEI: 549300OBO7DOF2KOP535 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978696.83    | 0.33%             | 2030-09-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2007-13                                                  | CUSIP: 02150MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2515313 | PA      | $1263720.19   | 0.43%             | 2047-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C27                                                  | CUSIP: 05555FAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  35338241 | PA      | $1023080.96   | 0.35%             | 2057-07-15      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $933105.47    | 0.32%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNIV OF VIRGINIA VA UNIV REVEN | University of Virginia                                                          | CUSIP: 915217XA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $565267.00    | 0.19%             | 2119-09-01      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2019-H7                                          | CUSIP: 61771MAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $820763.90    | 0.28%             | 2052-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust      | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1                     | CUSIP: 61778GAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25999435 | PA      | $1231239.64   | 0.42%             | 2058-03-15      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| NBT BANCORP INC                | NBT Bancorp Inc                                                                 | CUSIP: 628778AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999962.00    | 0.34%             | 2030-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XX | Octagon Investment Partners XXI Ltd                                             | CUSIP: 67590QCE5<br>LEI: 549300XIS9D4AHDX5A35 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1495089.00   | 0.51%             | 2031-02-14      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                            | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1696975.00   | 0.58%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust      | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34                     | CUSIP: 61767EAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $684533.30    | 0.23%             | 2052-11-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                        | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1938373.20   | 0.66%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $926181.30    | 0.32%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Tra | VOLT XCV LLC                                                                    | CUSIP: 92873BAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    377557 | PA      | $377767.24    | 0.13%             | 2051-03-27      | Variable      | 8.95%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2021-B26 Mortgage Trust                                               | CUSIP: 08163EBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $939382.00    | 0.32%             | 2054-06-15      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FV5Q1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  25932793 | PA      | $1445055.60   | 0.49%             | 2030-06-25      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Cook Park CLO, Ltd             | Cook Park CLO Ltd                                                               | CUSIP: 21623RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $992721.00    | 0.34%             | 2030-04-17      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| FIRST BUSEY CORPORATION        | First Busey Corp                                                                | CUSIP: 319383AD7<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1150000.00   | 0.39%             | 2030-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW MEMPHIS ARENA PUBLIC BLDG  | New Memphis Arena Public Building Authority                                     | CUSIP: 64704CAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $593074.79    | 0.20%             | 2043-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                            | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    750000 | PA      | $754107.54    | 0.26%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                   | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    500000 | PA      | $494697.13    | 0.17%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES    | University of California                                                        | CUSIP: 91412GC86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $992724.75    | 0.34%             | 2115-05-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| REGIONS BANK                   | Regions Bank/Birmingham AL                                                      | CUSIP: 75913MAA7<br>LEI: EQTWLK1G7ODGC2MGLV11 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1269105.53   | 0.43%             | 2037-06-26      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| RENASANT CORP                  | Renasant Corp                                                                   | CUSIP: 75970EAE7<br>LEI: 549300OVE6OZHW2UUH81 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $886795.54    | 0.30%             | 2031-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV        | Sensata Technologies BV                                                         | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |   1400000 | PA      | $1315335.56   | 0.45%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH INC               | Sensata Technologies Inc                                                        | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1176770.75   | 0.40%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd        | HPS Loan Management 2023-18 Ltd                                                 | CUSIP: 442911AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001854.00   | 0.34%             | 2036-07-20      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP            | Meritage Homes Corp                                                             | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1464907.71   | 0.50%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                       | CUSIP: 455057SV2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088056.70   | 0.37%             | 2039-02-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| INSTALLED BUILDING PRODU       | Installed Building Products Inc                                                 | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1246007.13   | 0.42%             | 2028-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd              | Magnetite XXIV Ltd                                                              | CUSIP: 55954WAS8<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004132.00   | 0.34%             | 2035-04-15      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd              | Magnetite XXXIX Ltd                                                             | CUSIP: 559924AQ8<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998256.00    | 0.34%             | 2037-01-25      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC       | Allison Transmission Inc                                                        | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246107.35    | 0.08%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $995765.40    | 0.34%             | 2028-03-13      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC          | Molina Healthcare Inc                                                           | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1941090.20   | 0.66%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966HYM6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1291182.38   | 0.44%             | 2036-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                   | ARES LII CLO Ltd                                                                | CUSIP: 04009ABE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1245521.25   | 0.42%             | 2031-04-22      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP              | Ares Capital Corp                                                               | CUSIP: 04010LBH5<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1231377.31   | 0.42%             | 2032-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCP0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1455018.15   | 0.50%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803EF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2350000 | PA      | $919500.79    | 0.31%             | 2044-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                   | Ares XXXVII CLO Ltd                                                             | CUSIP: 04015NAU8<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505535.00   | 0.51%             | 2030-10-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041456.34   | 0.35%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2021-4                                        | CUSIP: 36263DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $977489.90    | 0.33%             | 2028-10-16      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL        | Global Net Lease Inc / Global Net Lease Operating Partnership LP                | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $712488.38    | 0.24%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC            | Station Casinos LLC                                                             | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501017.00    | 0.17%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                                  | CUSIP: 882722KF7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259401.63   | 0.43%             | 2039-04-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022911.00   | 0.35%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803DY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $851800.92    | 0.29%             | 2042-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C37                                  | CUSIP: 95000PAX2<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1127574.63   | 0.38%             | 2049-12-15      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS       | Wyndham Hotels & Resorts Inc                                                    | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1452672.90   | 0.49%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd          | Palmer Square CLO 2023-3 Ltd                                                    | CUSIP: 696926AG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005198.00   | 0.34%             | 2037-01-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| PARK NATIONAL CORP             | Park National Corp                                                              | CUSIP: 700658AA5<br>LEI: 984500Q3E941TDF87712 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1972462.34   | 0.67%             | 2030-09-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP             | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035072.90   | 0.35%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                | Sealed Air Corp                                                                 | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982560.90    | 0.33%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803DZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $1048995.80   | 0.36%             | 2042-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803EJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $721651.77    | 0.25%             | 2044-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                   | Ares XLVIII CLO Ltd                                                             | CUSIP: 04017FAJ8<br>LEI: 5493005WFBSWHJ1WGQ35 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001726.00   | 0.34%             | 2030-07-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan  | CitiMortgage Alternative Loan Trust Series 2007-A1                              | CUSIP: 12566QAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1549616 | PA      | $1382093.58   | 0.47%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803EH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $771116.58    | 0.26%             | 2044-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1182299.80   | 0.40%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1903125.00   | 0.65%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WASHINGTON UNIVERSITY          | Washington University/The                                                       | CUSIP: 940663AD9<br>LEI: 2V765680J33YAZOYW441 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1115448.36   | 0.38%             | 2122-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2019-C52                                  | CUSIP: 95002MBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1503656.82   | 0.51%             | 2052-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                    | United States Treasury Strip Principal                                          | CUSIP: 912803EK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $1498136.96   | 0.51%             | 2044-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MICHIGAN MI            | University of Michigan                                                          | CUSIP: 914455UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1311000 | PA      | $1006160.51   | 0.34%             | 2122-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CNB FINANCIAL CORP/PA          | CNB Financial Corp/PA                                                           | CUSIP: 126128AB3<br>LEI: 254900RUYUOKD91VNX69 | Long             | SN               | CORP              | US        |   1000000 | PA      | $904517.11    | 0.31%             | 2031-06-15      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE     | County of Clark Department of Aviation                                          | CUSIP: 18085PMT8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100616.40   | 0.37%             | 2045-07-01      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                | Masterbrand Inc                                                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    750000 | PA      | $746767.05    | 0.25%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust      | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34                     | CUSIP: 61767EAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1285889.92   | 0.44%             | 2052-11-15      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK        | National Australia Bank Ltd                                                     | CUSIP: 632525BB6<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $870031.01    | 0.30%             | 2037-01-12      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd       | Neuberger Berman Loan Advisers CLO 39 Ltd                                       | CUSIP: 64134FAL5<br>LEI: 549300VZYYV7KE4XNU69 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002790.00   | 0.68%             | 2038-04-20      | Floating      | 11.47%                | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XII                                                                  | CUSIP: 03764FAD8<br>LEI: 549300M5NMLBQJXUO195 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $994981.00    | 0.34%             | 2031-04-15      | Floating      | 9.92%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                   | ARES XLVII CLO Ltd                                                              | CUSIP: 04016VAJ4<br>LEI: 5493001J0ZSE1Y09WE50 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002832.00   | 0.34%             | 2030-04-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE       | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $471683.87    | 0.16%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-C30                                                   | CUSIP: 05493YAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22782083 | PA      | $1444684.76   | 0.49%             | 2057-11-15      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Bank5                          | BANK5 Trust 2025-5YR13                                                          | CUSIP: 06650CAM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  40643864 | PA      | $1751433.51   | 0.60%             | 2058-01-15      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | Newell Brands Inc                                                               | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $924885.20    | 0.31%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NICOLET BANKSHARES INC         | Nicolet Bankshares Inc                                                          | CUSIP: 65406EAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $926268.91    | 0.32%             | 2031-07-15      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI       | Charles River Laboratories International Inc                                    | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1625696.98   | 0.55%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO           | Fort Greene Park CLO LLC                                                        | CUSIP: 18914KAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1243836.25   | 0.42%             | 2034-04-22      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US         | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1069699.00   | 0.36%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.             | Elmwood CLO I Ltd                                                               | CUSIP: 29001QAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1495365.00   | 0.51%             | 2037-04-20      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| FNB CORP                       | FNB Corp/PA                                                                     | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988728.61    | 0.34%             | 2030-12-11      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                 | Open Text Corp                                                                  | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $958792.61    | 0.33%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC          | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507812.00    | 0.17%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp Trust 2012-BWTR                                     | CUSIP: 36192RAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    478000 | PA      | $280708.27    | 0.10%             | 2034-11-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2021-2                                        | CUSIP: 36261XAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $983945.10    | 0.33%             | 2028-05-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2021-3                                        | CUSIP: 36263LAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $977255.70    | 0.33%             | 2028-10-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE FL UTILITIES SYS R | City of Gainesville FL Utilities System Revenue                                 | CUSIP: 362848RA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581663.90   | 0.54%             | 2040-10-01      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS ESCROW INC       | Herc Holdings Escrow Inc                                                        | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $515041.26    | 0.18%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT BANK CORP          | Independent Bank Corp                                                           | CUSIP: 453836AJ7<br>LEI: 549300C5K3W8THR3GE10 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1503299.39   | 0.51%             | 2035-04-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd              | Magnetite XIX Ltd                                                               | CUSIP: 55954JAL2<br>LEI: 5493000OP4ZUZOOM1U45 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1237917.50   | 0.42%             | 2034-04-17      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                       | Mars Inc                                                                        | CUSIP: 571676BD6<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968480.67    | 0.33%             | 2065-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                   | CUSIP: 57582PUE8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001539.40   | 0.34%             | 2039-12-01      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL              | Service Corp International/US                                                   | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $919339.10    | 0.31%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC            | Sirius XM Radio LLC                                                             | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    700000 | PA      | $664685.28    | 0.23%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC            | Sirius XM Radio LLC                                                             | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    750000 | PA      | $656083.13    | 0.22%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WEBSTER FINANCIAL CORP         | Webster Financial Corp                                                          | CUSIP: 85917AAC4<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1226009.18   | 0.42%             | 2030-11-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                   | Teleflex Inc                                                                    | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241529.73    | 0.08%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                | Thor Industries Inc                                                             | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1157090.75   | 0.39%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                                                    | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1250000 | PA      | $1248865.00   | 0.43%             | 2025-12-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2021-B26 Mortgage Trust                                               | CUSIP: 08163EBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1011946.00   | 0.34%             | 2054-06-15      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2021-B27 Mortgage Trust                                               | CUSIP: 08163HAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $1175703.00   | 0.40%             | 2054-07-15      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T | Alternative Loan Trust 2005-80CB                                                | CUSIP: 12668BGG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1224333 | PA      | $1251383.55   | 0.43%             | 2036-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chenango Park CLO, Ltd.        | Chenango Park CLO Ltd                                                           | CUSIP: 16409TAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1257183.75   | 0.43%             | 2030-04-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                   | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $933289.90    | 0.32%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage  | Citigroup Commercial Mortgage Trust 2016-C1                                     | CUSIP: 17290YAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $974670.60    | 0.33%             | 2049-05-10      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan  | CitiMortgage Alternative Loan Trust Series 2006-A5                              | CUSIP: 18974BAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1085313 | PA      | $826693.50    | 0.28%             | 2036-10-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2021-1                                      | CUSIP: 30165XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1468642.65   | 0.50%             | 2028-07-17      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1268347.29   | 0.43%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO         | General Motors Financial Co Inc                                                 | CUSIP: 37045XFG6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1241222.73   | 0.42%             | 2032-04-04      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Greenwood Park CLO, Ltd        | Greenwood Park CLO Ltd                                                          | CUSIP: 39729RAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1425000 | PA      | $1429579.95   | 0.49%             | 2031-04-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2021-L5                                          | CUSIP: 61691YBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1385000 | PA      | $1178719.21   | 0.40%             | 2054-05-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd       | Neuberger Berman Loan Advisers Clo 43 Ltd                                       | CUSIP: 64134AAQ5<br>LEI: 549300N83MM16HCONB28 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1994860.00   | 0.68%             | 2036-07-17      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                   | Ohio State University/The                                                       | CUSIP: 677632PA3<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1260670.38   | 0.43%             | 2111-06-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RENASANT CORP                  | Renasant Corp                                                                   | CUSIP: 75970EAD9<br>LEI: 549300OVE6OZHW2UUH81 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1338750.00   | 0.46%             | 2035-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT       | Science Applications International Corp                                         | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2438508.25   | 0.83%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORATED              | ASGN Inc                                                                        | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $965316.50    | 0.33%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Alinea CLO LTD                 | Alinea CLO 2018-1 Ltd                                                           | CUSIP: 016269AL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1196516.40   | 0.41%             | 2031-07-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XXXI                                                                 | CUSIP: 03767XAC8<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007834.00   | 0.34%             | 2031-04-15      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 Trust                  | CUSIP: 93363NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1313066 | PA      | $1203975.26   | 0.41%             | 2036-10-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2019-C49                                  | CUSIP: 95001WBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $956344.50    | 0.33%             | 2052-03-15      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2020-C57                                  | CUSIP: 95002XBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1351035.00   | 0.46%             | 2053-08-15      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANK          | Western Alliance Bank                                                           | CUSIP: 95763PEF4<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.51%             | 2030-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD       | Aptiv Swiss Holdings Ltd                                                        | CUSIP: 03837AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1500000 | PA      | $1415913.48   | 0.48%             | 2034-09-13      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                    | Avient Corp                                                                     | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1252510.00   | 0.43%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2021-3                                    | CUSIP: 96043JAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $991674.70    | 0.34%             | 2027-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE           | Wolverine World Wide Inc                                                        | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1092417.25   | 0.37%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP            | Select Medical Corp                                                             | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247559.15    | 0.08%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP         | Synovus Financial Corp                                                          | CUSIP: 87161CAM7<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014223.48   | 0.35%             | 2029-02-07      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo | Banc of America Alternative Loan Trust 2006-2                                   | CUSIP: 05948K3B3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    852768 | PA      | $724347.64    | 0.25%             | 2036-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2019-BNK23                                                                 | CUSIP: 06541RBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $866762.00    | 0.29%             | 2052-12-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank5                          | BANK5 2024-5YR8                                                                 | CUSIP: 065923BR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1019472.60   | 0.35%             | 2057-08-15      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2025-C32                                                   | CUSIP: 07337AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17392003 | PA      | $1484885.74   | 0.51%             | 2062-02-15      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2024-V6 Mortgage Trust                                                | CUSIP: 081927AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24941042 | PA      | $1099605.66   | 0.37%             | 2057-03-15      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC        | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAC7<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006976.00   | 0.34%             | 2033-08-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC       | Builders FirstSource Inc                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251724.07    | 0.09%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd               | Cifc Funding 2023-III Ltd                                                       | CUSIP: 12598YAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003014.00   | 0.34%             | 2037-01-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC         | CACI International Inc                                                          | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255097.92    | 0.09%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                   | Centene Corp                                                                    | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1595594.00   | 0.54%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI       | Charles River Laboratories International Inc                                    | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    500000 | PA      | $448708.95    | 0.15%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC       | Allison Transmission Inc                                                        | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251137.75    | 0.09%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC           | Amentum Holdings Inc                                                            | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1531629.00   | 0.52%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos Loan Fund 2024-1 Ltd                                                     | CUSIP: 037985AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999978.00    | 0.34%             | 2035-04-25      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP        | Asbury Automotive Group Inc                                                     | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1635339.65   | 0.56%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE       | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004764.00   | 0.34%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANK OZK                       | Bank OZK                                                                        | CUSIP: 06417NA94<br>LEI: 549300VYK2WBD7SST478 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1366515.00   | 0.47%             | 2031-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2020-BNK25                                                                 | CUSIP: 06539WBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1325895.30   | 0.45%             | 2063-01-15      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| BANNER CORP                    | Banner Corp                                                                     | CUSIP: 06652VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996557.00    | 0.34%             | 2030-06-30      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                 | AutoNation Inc                                                                  | CUSIP: 05329WAT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1737940.33   | 0.59%             | 2035-03-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2021-B29 Mortgage Trust                                               | CUSIP: 08163JAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1203862.95   | 0.41%             | 2054-09-15      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2018-BNK10                                                                 | CUSIP: 065404BE4<br>LEI: 549300GL0Y86051URC66 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $924288.20    | 0.31%             | 2061-02-15      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2022-BNK40                                                                 | CUSIP: 06541LAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $732782.10    | 0.25%             | 2064-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank                           | BANK 2020-BNK29                                                                 | CUSIP: 06541TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $631158.15    | 0.21%             | 2053-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C31                                                  | CUSIP: 07336YAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27997450 | PA      | $1182262.32   | 0.40%             | 2057-12-15      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp Trust 2012-BWTR                                     | CUSIP: 36192RAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    961724 | PA      | $830214.23    | 0.28%             | 2034-11-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US  | Goldentree Loan Management US CLO 1 Ltd                                         | CUSIP: 38136FCA9<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1290179.80   | 0.44%             | 2034-04-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTOMOTIVE LLC       | Ken Garff Automotive LLC                                                        | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2193372.45   | 0.75%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2017-H1                                          | CUSIP: 61691JBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1401542.85   | 0.48%             | 2050-06-15      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I 2017-HR2                                               | CUSIP: 61691NAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1334504.92   | 0.45%             | 2050-12-15      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2019-H7                                          | CUSIP: 61771MBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $900450.50    | 0.31%             | 2052-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC              | Newell Brands Inc                                                               | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    750000 | PA      | $705646.50    | 0.24%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XV | Octagon Investment Partners XVII Ltd                                            | CUSIP: 67590GBN8<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000224.00   | 0.34%             | 2031-01-25      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1748437.50   | 0.60%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNIV OF VIRGINIA VA UNIV REVEN | University of Virginia                                                          | CUSIP: 915217WX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1048640.31   | 0.36%             | 2117-09-01      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2018-C45                                  | CUSIP: 95001NBD9<br>LEI: 5493006021R83VCLAO08 | Long             | ABS-MBS          | CORP              | US        |   1320000 | PA      | $1257357.02   | 0.43%             | 2051-06-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2025-C64                                  | CUSIP: 95004BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10909000 | PA      | $1736796.80   | 0.59%             | 2058-02-15      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| WINTRUST FINANCIAL CORP        | Wintrust Financial Corp                                                         | CUSIP: 97650WAG3<br>LEI: Q774KI4AW80FHFW33O61 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1196229.11   | 0.41%             | 2029-06-06      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage  | Citigroup Commercial Mortgage Trust 2016-C2                                     | CUSIP: 17291CBU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $970166.50    | 0.33%             | 2049-08-10      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY               | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CT4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $1049362.97   | 0.36%             | 2034-02-10      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HDUX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  57990753 | PA      | $1424444.27   | 0.48%             | 2034-05-25      | Variable      | 0.28%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                                             | CUSIP: 316773CH1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1166107.41   | 0.40%             | 2038-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FIRST BUSEY CORPORATION        | First Busey Corp                                                                | CUSIP: 319383AE5<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $930000.00    | 0.32%             | 2032-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Trust for Professional Managers

**Signature:** /s/ Kelly Strauss

**Name of Signer:** Kelly Strauss

**Title:** Treasurer