# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0001752724-25-153717
**Filing Date:** 2025-6
**Character Count:** 231080
**Document Hash:** 47116738788e6634e27a4c62528a685b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-153717.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001752724-25-153717

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942

**ORGANIZATION NAME:**
- **EIN:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07513
- **FILM NUMBER:** 251068683

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Short Duration Bond Fund (Series ID: S000024274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000071705 | Class A      |  |
| C000071707 | Class C      |  |
| C000071709 | Class R      |  |
| C000071710 | Class Y      |  |
| C000118004 | Class R6     |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Putnam Funds Trust

- **b. Investment Company Act file number:** 811-07513

- **c. CIK number of Registrant:** 0001005942

- **d. LEI of Registrant:** 549300S9JYWEMKQCLW53

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

- **a. Name of Series:** Putnam Short Duration Bond Fund

- **b. EDGAR series identifier (if any):** S000024274

- **c. LEI of Series:** 549300PWIJM2PIWDR477

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $1376451555.78

**Total Liabilities:** $10863026.18

**Net Assets:** $1365588529.60

**Delayed Delivery Securities:** $5551599.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 21297.03000000 | **1-Year:** 62172.36000000 | **5-Year:** 60253.81000000 | **10-Year:** 7123.71000000 | **30-Year:** 3757.74000000

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

- **3-Month:** 12.29000000 | **1-Year:** 1215.22000000 | **5-Year:** 1168.19000000 | **10-Year:** 0.71000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000071705 | 0.63%                | 0.41%                | 0.73%                |
| Class ID C000071710 | 0.75%                | 0.33%                | 0.75%                |
| Class ID C000071709 | 0.71%                | 0.29%                | 0.71%                |
| Class ID C000071707 | 0.67%                | 0.25%                | 0.67%                |
| Class ID C000118004 | 0.65%                | 0.43%                | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-181608.39              | $4325238.75                                |
| Month 2  | $12078.17                | $489794.59                                 |
| Month 3  | $-7108746.99             | $1779900.88                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mars, Inc.                                                                      | Mars, Inc.                                                                            | CUSIP: 571676AU9<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    453000 | PA      | $456753.67    | 0.03%             | 2031-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                        | Angel Oak Mortgage Trust, Series 2021-5, Class A2                                     | CUSIP: 03465HAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3029721 | PA      | $2620919.67   | 0.19%             | 2066-07-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                                                    | Ford Credit Auto Owner Trust, Series 2024-B, Class A3                                 | CUSIP: 34531QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1741000 | PA      | $1765616.70   | 0.13%             | 2029-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                                  | FHLMC STACR Debt Notes, Series 2015-DNA3, Class M3                                    | CUSIP: 3137G0GW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3176909 | PA      | $3227515.47   | 0.24%             | 2028-04-25      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Toll Brothers Finance Corp.                                                     | Toll Brothers Finance Corp.                                                           | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    287000 | PA      | $284452.45    | 0.02%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                            | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3120268.81   | 0.23%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd.                                                                | Oaktree CLO Ltd., Series 2019-4A, Class ARR                                           | CUSIP: 67402CBE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1253133.03   | 0.09%             | 2037-07-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                              | General Motors Financial Co., Inc.                                                    | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  11250000 | PA      | $10839285.56  | 0.79%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO IX Ltd.                                                           | Jamestown CLO IX Ltd., Series 2016-9A, Class A2RR                                     | CUSIP: 47048JAZ6<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |   1650000 | PA      | $1637799.83   | 0.12%             | 2034-07-25      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | OIS                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  32329000 | PA      | $346039.69    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK                                                                            | BANK, Series 2017-BNK9, Class XA                                                      | CUSIP: 06540RAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  51451674 | PA      | $862031.63    | 0.06%             | 2054-11-15      | Variable      | 0.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    192000 | PA      | $4020.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                  | Morgan Stanley                                                                        | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1672000 | PA      | $1695095.79   | 0.12%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                                                    | Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1                                | CUSIP: 05682GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1650000 | PA      | $1647148.01   | 0.12%             | 2035-04-22      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                                             | Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A2A                         | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    808732 | PA      | $811336.38    | 0.06%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Protective Life Corp.                                                           | Protective Life Corp.                                                                 | CUSIP: 74367WSM4<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | STIV             | CORP              | US        |   3650000 | PA      | $3640232.97   | 0.27%             | 2025-05-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1                       | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570335 | PA      | $568118.77    | 0.04%             | 2045-02-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| National Grid North America, Inc.                                               | National Grid North America, Inc.                                                     | CUSIP: 63627ASP4<br>LEI: 5Q3U0WRKWZZGRMPYFT08 | Long             | STIV             | CORP              | US        |   3230000 | PA      | $3220423.37   | 0.24%             | 2025-05-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rogers Communications, Inc.                                                     | Rogers Communications, Inc.                                                           | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   4205000 | PA      | $4242100.17   | 0.31%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1                       | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88283 | PA      | $88650.58     | 0.01%             | 2043-07-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                        | Electricite de France SA                                                              | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | NUSS              | FR        |   3500000 | PA      | $3612600.67   | 0.26%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                        | Celanese US Holdings LLC                                                              | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    265000 | PA      | $267602.30    | 0.02%             | 2029-07-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                                              | Berry Global, Inc.                                                                    | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    870000 | PA      | $889867.50    | 0.07%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                | Deutsche Bank AG                                                                      | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5145000 | PA      | $4955187.83   | 0.36%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    363000 | PA      | $-7710.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                       | FMC Corp.                                                                             | CUSIP: 34410WS11<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | STIV             | CORP              | US        |   4395000 | PA      | $4394383.82   | 0.32%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                        | Celanese US Holdings LLC                                                              | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    871000 | PA      | $878842.32    | 0.06%             | 2027-07-15      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| CSMC Trust                                                                      | CSMC Trust, Series 2016-NXSR, Class XA                                                | CUSIP: 12594PAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  60130454 | PA      | $363338.27    | 0.03%             | 2049-12-15      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                 | Danske Bank A/S                                                                       | CUSIP: 23636ABB6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   2111000 | PA      | $2029516.62   | 0.15%             | 2027-09-10      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization Trust                                              | Station Place Securitization Trust, Series 2024-5, Class A                            | CUSIP: 85778YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4497785.55   | 0.33%             | 2025-08-04      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1                       | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16819 | PA      | $16775.28     | 0.00%             | 2044-02-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1                       | CUSIP: 207932AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82354 | PA      | $84311.88     | 0.01%             | 2042-12-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Alexander Funding Trust II                                                      | Alexander Funding Trust II                                                            | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1327833.30   | 0.10%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M1                       | CUSIP: 20755DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    341135 | PA      | $348224.34    | 0.03%             | 2042-07-25      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                             | Regal Rexnord Corp.                                                                   | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2524473.33   | 0.18%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                                              | First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5                        | CUSIP: 32028GAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121540 | PA      | $121434.81    | 0.01%             | 2036-11-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                                              | Crown Castle, Inc.                                                                    | CUSIP: 22823PS61<br>LEI: 54930012H97VSM0I2R19 | Long             | STIV             | CORP              | US        |   3855000 | PA      | $3851889.79   | 0.28%             | 2025-05-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP                                                 | Plains All American Pipeline LP                                                       | CUSIP: 72650WS51<br>LEI: 5521FA2ITF25TVH63740 | Long             | STIV             | CORP              | US        |   6620000 | PA      | $6615792.33   | 0.48%             | 2025-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1                       | CUSIP: 20755RAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117868 | PA      | $117736.53    | 0.01%             | 2044-09-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                                                   | Equinix, Inc.                                                                         | CUSIP: 29444UBK1<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5916304.50   | 0.43%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                                                            | Ally Financial, Inc.                                                                  | CUSIP: 02005NBQ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2703451.99   | 0.20%             | 2027-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                    | GS Mortgage Securities Trust, Series 2014-GC24, Class XA                              | CUSIP: 36253GAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7805548 | PA      | $100.69       | 0.00%             | 2047-09-10      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services, Inc.                                    | Fidelity National Information Services, Inc.                                          | CUSIP: 31621YS18<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | STIV             | CORP              | US        |   4215000 | PA      | $4214465.12   | 0.31%             | 2025-05-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                                             | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3                          | CUSIP: 891941AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1554089 | PA      | $1556907.46   | 0.11%             | 2028-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXXII Ltd.                                                         | Symphony CLO XXXII Ltd., Series 2022-32A, Class A1                                    | CUSIP: 87168NAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499377.42    | 0.04%             | 2035-04-23      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                         | Hyundai Capital America                                                               | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2705997.06   | 0.20%             | 2029-01-16      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BankUnited Trust                                                                | BankUnited Trust, Series 2005-1, Class 1A1                                            | CUSIP: 06652DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58791 | PA      | $54144.69     | 0.00%             | 2045-09-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Icon Investments Six DAC                                                        | Icon Investments Six DAC                                                              | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    543000 | PA      | $556291.15    | 0.04%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                            | LHOME Mortgage Trust, Series 2025-RTL2, Class A1                                      | CUSIP: 50206RAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    671000 | PA      | $676762.55    | 0.05%             | 2040-04-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Roc Mortgage Trust                                                              | Roc Mortgage Trust, Series 2021-RTL1, Class A1                                        | CUSIP: 77118TAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183788 | PA      | $183614.52    | 0.01%             | 2026-08-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     43000 | PA      | $1388.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Resecuritization Trust                                           | Morgan Stanley Resecuritization Trust, Series 2015-R4, Class CB1                      | CUSIP: 61690WAY2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    402507 | PA      | $400704.26    | 0.03%             | 2047-08-26      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                  | Morgan Stanley                                                                        | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2445000 | PA      | $2484187.63   | 0.18%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Sherwin Williams Co. (The)                                                      | Commercial Paper Zero Cpn 16/Jun/2025 Usd                                             | CUSIP: 82434TTG5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   3480000 | PA      | $3459818.44   | 0.25%             | 2025-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                                  | Enbridge, Inc.                                                                        | CUSIP: 29250NBH7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1900000 | PA      | $1824715.46   | 0.13%             | 2026-10-04      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization Trust                                              | Station Place Securitization Trust, Series 2024-2, Class A                            | CUSIP: 85770KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4475000 | PA      | $4478760.34   | 0.33%             | 2025-06-22      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                                             | CF Industries, Inc.                                                                   | CUSIP: 12527GAH6<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |   5369000 | PA      | $5362118.87   | 0.39%             | 2026-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| First-Citizens Bank & Trust Co.                                                 | First-Citizens Bank & Trust Co.                                                       | CUSIP: 125581GX0<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |   6917000 | PA      | $7140976.26   | 0.52%             | 2028-03-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd.                                                                   | Voya CLO Ltd., Series 2019-3A, Class AR                                               | CUSIP: 92918FAF1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1369266 | PA      | $1369608.05   | 0.10%             | 2032-10-17      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                       | South Bow USA Infrastructure Holdings LLC                                             | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    920000 | PA      | $912881.92    | 0.07%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                   | UBS Commercial Mortgage Trust, Series 2017-C7, Class XA                               | CUSIP: 90276WAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16019227 | PA      | $350016.91    | 0.03%             | 2050-12-15      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                            | Glencore Funding LLC                                                                  | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1429000 | PA      | $1459782.27   | 0.11%             | 2028-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    315000 | PA      | $-6130.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                      | Mars, Inc.                                                                            | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1637911.14   | 0.12%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                                    | CaixaBank SA                                                                          | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1295000 | PA      | $1336054.58   | 0.10%             | 2030-03-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                                       | South Bow USA Infrastructure Holdings LLC                                             | CUSIP: 83007CAA0<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1508046.24   | 0.11%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                                              | CNO Global Funding                                                                    | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   3340000 | PA      | $3214600.77   | 0.24%             | 2026-10-07      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                         | BPCE SA                                                                               | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1415000 | PA      | $1426589.13   | 0.10%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                  | Carnival Corp.                                                                        | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    184000 | PA      | $182835.89    | 0.01%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                                                       | UDR, Inc.                                                                             | CUSIP: 90352PS83<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | STIV             | CORP              | US        |   3910000 | PA      | $3906012.97   | 0.29%             | 2025-05-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Hayfin US XIV Ltd.                                                              | Hayfin US XIV Ltd., Series 2021-14A, Class A1                                         | CUSIP: 42088AAA2<br>LEI: 5493000YWK38UXBNS724 | Long             | ABS-CBDO         | CORP              | KY        |    334000 | PA      | $334505.23    | 0.02%             | 2034-07-20      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                             | Fifth Third Bancorp                                                                   | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    880000 | PA      | $923048.24    | 0.07%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2023-HQA3, Class M1                                   | CUSIP: 35564K3G2<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |    138997 | PA      | $139698.17    | 0.01%             | 2043-11-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust, Inc.                                             | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A2A                        | CUSIP: 17307GQZ4<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |     43476 | PA      | $42576.57     | 0.00%             | 2035-05-25      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Wachovia Bank Commercial Mortgage Trust                                         | Wachovia Bank Commercial Mortgage Trust, Series 2006-C29                              | CUSIP: 92978PAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12774 | PA      | $30.07        | 0.00%             | 2048-11-15      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp.                                                              | Hyatt Hotels Corp.                                                                    | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   3362000 | PA      | $3420810.89   | 0.25%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                 | WFRBS Commercial Mortgage Trust, Series 2014-C23, Class XA                            | CUSIP: 92939HBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6570990 | PA      | $45.34        | 0.00%             | 2057-10-15      | Variable      | 0.21%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                 | WFRBS Commercial Mortgage Trust, Series 2011-C4, Class D                              | CUSIP: 92936CAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    875215 | PA      | $828677.26    | 0.06%             | 2044-06-15      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                              | Banco Bilbao Vizcaya Argentaria SA                                                    | CUSIP: 05946KAQ4<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   3800000 | PA      | $3901927.21   | 0.29%             | 2029-03-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class XA                      | CUSIP: 95001XBF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15130447 | PA      | $636613.56    | 0.05%             | 2052-05-15      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| BDS Ltd.                                                                        | BDS Ltd., Series 2021-FL9, Class A                                                    | CUSIP: 05493NAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    541424 | PA      | $538147.66    | 0.04%             | 2038-11-16      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2016-C01, Class 1M2                        | CUSIP: 30711XBM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |      1182 | PA      | $1219.37      | 0.00%             | 2028-08-25      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                                              | Crown Castle, Inc.                                                                    | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   3585000 | PA      | $3594959.06   | 0.26%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace, Inc.                                                          | Howmet Aerospace, Inc.                                                                | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   2599000 | PA      | $2471915.92   | 0.18%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | OIS                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 503744000 | PA      | $4065133.70   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC, Multi-family Structured Pass-Through Certificates, Series K737, Class X1       | CUSIP: 3137FQXL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  58524176 | PA      | $450823.43    | 0.03%             | 2026-10-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2021-HQA4, Class M1                                   | CUSIP: 35564KNK1<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    156727 | PA      | $155621.71    | 0.01%             | 2041-12-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2021-DNA7, Class M2                                   | CUSIP: 35564KMH9<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |   1590000 | PA      | $1595963.77   | 0.12%             | 2041-11-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                           | Targa Resources Corp.                                                                 | CUSIP: 87613ES14<br>LEI: 5493003QENHHS261UR94 | Long             | STIV             | CORP              | US        |  10490000 | PA      | $10488583.85  | 0.77%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    152000 | PA      | $-4198.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2                       | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10513 | PA      | $10528.05     | 0.00%             | 2041-10-25      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                              | Banco Santander SA                                                                    | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  19600000 | PA      | $18825647.51  | 1.38%             | 2027-09-14      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                          | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class B       | CUSIP: 46635TAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    877634 | PA      | $842987.00    | 0.06%             | 2046-02-15      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA, Series 2024-98, Class FA                                                        | CUSIP: 3136BUCU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8437426 | PA      | $8445482.50   | 0.62%             | 2053-12-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                                    | Pacific Gas and Electric Co.                                                          | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   8686000 | PA      | $8225563.74   | 0.60%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                  | Carnival Corp.                                                                        | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   3127000 | PA      | $2984549.52   | 0.22%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 17 Ltd.                                                               | AIMCO CLO 17 Ltd., Series 2022-17A, Class A1R                                         | CUSIP: 00889JAK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1503549.84   | 0.11%             | 2037-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| JDE Peet's NV                                                                   | JDE Peet's NV                                                                         | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    680000 | PA      | $639791.25    | 0.05%             | 2027-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                              | Energy Transfer LP                                                                    | CUSIP: 29273VBD1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    430000 | PA      | $434464.79    | 0.03%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class A1                                   | CUSIP: 35564NAW3<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |    220547 | PA      | $220798.49    | 0.02%             | 2044-02-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                             | Georgia-Pacific LLC                                                                   | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |   8790000 | PA      | $8484385.50   | 0.62%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                            | American Tower Corp.                                                                  | CUSIP: 03027XAX8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   4403000 | PA      | $4278485.85   | 0.31%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AIB Group plc                                                                   | AIB Group plc                                                                         | CUSIP: 00135TAC8<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   1458000 | PA      | $1475449.37   | 0.11%             | 2026-10-14      | Fixed         | 7.58%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2015-LC20, Class XB                     | CUSIP: 94989EAJ6<br>LEI: 549300W6NRTMFPYUPG47 | Long             | ABS-MBS          | CORP              | US        |   3033938 | PA      | $61.89        | 0.00%             | 2050-04-15      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                                  | Broadcom, Inc.                                                                        | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    885000 | PA      | $902586.12    | 0.07%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp.                                                              | Hyatt Hotels Corp.                                                                    | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $2065340.08   | 0.15%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M1                       | CUSIP: 20753DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1788224 | PA      | $1812639.56   | 0.13%             | 2042-09-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                                 | CHL Mortgage Pass-Through Trust, Series 2005-3, Class 1A1                             | CUSIP: 12669GTP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61333 | PA      | $56334.53     | 0.00%             | 2035-04-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                                              | CNO Global Funding                                                                    | CUSIP: 18977W2C3<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    403000 | PA      | $374702.57    | 0.03%             | 2029-01-06      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                             | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2900000 | PA      | $2806315.62   | 0.21%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                                  | Hyundai Auto Receivables Trust, Series 2024-C, Class A3                               | CUSIP: 448976AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1132000 | PA      | $1138077.26   | 0.08%             | 2029-05-15      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-DNA4, Class M1A                                  | CUSIP: 35564KWS4<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |   1058793 | PA      | $1075303.43   | 0.08%             | 2042-05-25      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2015-CR26, Class XA                                       | CUSIP: 12593QBF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30074889 | PA      | $703.75       | 0.00%             | 2048-10-10      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                              | Vertiv Group Corp.                                                                    | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   2049000 | PA      | $1981281.78   | 0.15%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                       | OBX Trust, Series 2024-NQM2, Class A1                                                 | CUSIP: 67118HAA8<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-MBS          | CORP              | US        |    744977 | PA      | $747942.30    | 0.05%             | 2063-12-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                                 | Residential Mortgage Loan Trust, Series 2021-1R, Class A1                             | CUSIP: 76090NAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93283 | PA      | $89230.83     | 0.01%             | 2065-01-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                 | BRAVO Residential Funding Trust, Series 2023-NQM8, Class A1                           | CUSIP: 10567MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    333748 | PA      | $336556.05    | 0.02%             | 2063-10-25      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10, Class B          | CUSIP: 61762MBZ3<br>LEI: 549300P1YQ48837ZOI22 | Long             | ABS-MBS          | CORP              | US        |   1248901 | PA      | $1161898.51   | 0.09%             | 2046-07-15      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2014-CR17, Class C                                        | CUSIP: 12631DBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $955193.20    | 0.07%             | 2047-05-10      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class XA                      | CUSIP: 95001RAY5<br>LEI: 549300REQJRID6TODX95 | Long             | ABS-MBS          | CORP              | US        |  19198586 | PA      | $516096.38    | 0.04%             | 2052-01-15      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                                                 | CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D                              | CUSIP: 12527DAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52068 | PA      | $50289.89     | 0.00%             | 2047-12-15      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2021-DNA5, Class M2                                   | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |    100751 | PA      | $101084.41    | 0.01%             | 2034-01-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2016-C07, Class 2M2                        | CUSIP: 30711XEC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    628484 | PA      | $649260.99    | 0.05%             | 2029-05-25      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO XXXII Ltd.                                                      | Sound Point CLO XXXII Ltd., Series 2021-4A, Class A                                   | CUSIP: 83616AAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1250332.45   | 0.09%             | 2034-10-25      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co.                                                            | Vulcan Materials Co.                                                                  | CUSIP: 92919TSM6<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | STIV             | CORP              | US        |   3985000 | PA      | $3974228.55   | 0.29%             | 2025-05-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Franklin Ultra Short Bond ETF                                                   | Franklin Ultra Short Bond ETF                                                         | CUSIP: 35473P496<br>LEI: 549300C2WYDHE3Y9X469 | Long             |  | RF                | US        |    836780 | NS      | $20906948.30  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                                             | Fifth Third Bancorp                                                                   | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1995855.90   | 0.15%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class XA                      | CUSIP: 95001ABE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22673586 | PA      | $521510.62    | 0.04%             | 2050-11-15      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class XA                     | CUSIP: 95000GBB9<br>LEI: 549300DNBJ7A0SEFVK31 | Long             | ABS-MBS          | CORP              | US        |  21019499 | PA      | $331097.05    | 0.02%             | 2049-08-15      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Allegro CLO XII Ltd.                                                            | Allegro CLO XII Ltd., Series 2020-1A, Class A1R                                       | CUSIP: 01750TAN6<br>LEI: 254900E0ZQX4DLP7HF87 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $410091.53    | 0.03%             | 2037-07-21      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Wise CLO Ltd.                                                                   | Wise CLO Ltd., Series 2024-2A, Class A                                                | CUSIP: 97718GAA1<br>LEI: 254900UJ1RZE30CBZ497 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1246878.12   | 0.09%             | 2037-07-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                                          | GSAA Home Equity Trust, Series 2006-8, Class 2A2                                      | CUSIP: 362348AS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460712 | PA      | $96496.59     | 0.01%             | 2036-05-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                        | Angel Oak Mortgage Trust, Series 2024-9, Class A1                                     | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |   1118242 | PA      | $1112918.30   | 0.08%             | 2069-09-25      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                               | CD Mortgage Trust, Series 2016-CD1, Class XA                                          | CUSIP: 12514MBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7490765 | PA      | $58084.89     | 0.00%             | 2049-08-10      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Illumina, Inc.                                                                  | Illumina, Inc.                                                                        | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |   1067000 | PA      | $1067495.54   | 0.08%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                                                     | PNC Bank NA                                                                           | CUSIP: 69349LAR9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6203487.97   | 0.45%             | 2028-07-26      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                            | JPMorgan Chase & Co.                                                                  | CUSIP: 46647PAF3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6141784.19   | 0.45%             | 2028-05-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                  | Hewlett Packard Enterprise Co.                                                        | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5648504.32   | 0.41%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                                    | Barclays plc                                                                          | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1550000 | PA      | $1571279.84   | 0.12%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                             | Intesa Sanpaolo SpA                                                                   | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   3750000 | PA      | $3748595.03   | 0.27%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                  | Morgan Stanley Capital I Trust, Series 2018-H4, Class XA                              | CUSIP: 61691RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  57527082 | PA      | $1414349.34   | 0.10%             | 2051-12-15      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                                             | Volkswagen Auto Loan Enhanced Trust, Series 2025-1, Class A2A                         | CUSIP: 92868MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4053000 | PA      | $4061534.81   | 0.30%             | 2028-01-20      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                            | Cross Mortgage Trust, Series 2025-H3, Class A1                                        | CUSIP: 22757EAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    699000 | PA      | $704214.33    | 0.05%             | 2070-05-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                                                   | Walmart, Inc.                                                                         | CUSIP: 931142FN8<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1300650.54   | 0.10%             | 2030-04-28      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-DNA6, Class M1B                                  | CUSIP: 35564KH44<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |     46000 | PA      | $48198.04     | 0.00%             | 2042-09-25      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                  | Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM1, Class A1            | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2281832 | PA      | $2300318.94   | 0.17%             | 2068-12-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP / VICI Note Co., Inc.                                        | VICI Properties LP / VICI Note Co., Inc.                                              | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2935000 | PA      | $2890699.70   | 0.21%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                              | Honda Auto Receivables Owner Trust, Series 2024-1, Class A3                           | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5565045.75   | 0.41%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                     | Marsh & McLennan Cos., Inc.                                                           | CUSIP: 57174VS10<br>LEI: 549300XMP3KDCKJXIU47 | Long             | STIV             | CORP              | US        |   3700000 | PA      | $3699531.58   | 0.27%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                                  | Carnival Corp.                                                                        | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    252000 | PA      | $240520.14    | 0.02%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                        | Angel Oak Mortgage Trust, Series 2020-5, Class A3                                     | CUSIP: 03464WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    359968 | PA      | $347433.15    | 0.03%             | 2065-05-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2024-R06, Class 1A1                       | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    551079 | PA      | $550297.16    | 0.04%             | 2044-09-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2014-CR16, Class B                                        | CUSIP: 12591VAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1745552 | PA      | $1688476.88   | 0.12%             | 2047-04-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC, Series 3539, Class PM                                                          | CUSIP: 31398EHW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3312 | PA      | $3246.63      | 0.00%             | 2037-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FS Rialto                                                                       | FS Rialto, Series 2021-FL3, Class A                                                   | CUSIP: 30323CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1951819 | PA      | $1944818.75   | 0.14%             | 2036-11-16      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Brunswick Corp.                                                                 | Brunswick Corp.                                                                       | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   2248000 | PA      | $1834107.37   | 0.13%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2                       | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2450003.28   | 0.18%             | 2042-01-25      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M1                       | CUSIP: 20753BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62833 | PA      | $63223.19     | 0.00%             | 2043-09-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                          | UBS AG                                                                                | CUSIP: 22550L2G5<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    887000 | PA      | $854182.69    | 0.06%             | 2026-08-07      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital Corp. | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $509351.03    | 0.04%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                              | LPL Holdings, Inc.                                                                    | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1991535.94   | 0.15%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                 | CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class XA                           | CUSIP: 12595XAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 166765311 | PA      | $2462456.59   | 0.18%             | 2051-08-15      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                           | NextEra Energy Capital Holdings, Inc.                                                 | CUSIP: 65339KDJ6<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2540000 | PA      | $2581536.85   | 0.19%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2015-C04, Class 1M2                        | CUSIP: 30711XBF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   3047510 | PA      | $3101382.80   | 0.23%             | 2028-04-25      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| Haleon US Capital LLC                                                           | Haleon US Capital LLC                                                                 | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |   4040000 | PA      | $3979277.02   | 0.29%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Nassau 2020-I Ltd.                                                              | Nassau Ltd., Series 2020-1A, Class A1R                                                | CUSIP: 631715AW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1651403 | PA      | $1654653.03   | 0.12%             | 2035-01-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Rockland Park CLO Ltd.                                                          | Rockland Park CLO Ltd., Series 2021-1A, Class B                                       | CUSIP: 773663AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1202277.11   | 0.09%             | 2034-04-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1                       | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164013 | PA      | $167281.50    | 0.01%             | 2043-01-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp.                                                            | Sprint Capital Corp.                                                                  | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   1484000 | PA      | $1587677.67   | 0.12%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XXXIV                                                                | Apidos CLO XXXIV, Series 2020-34A, Class A1R                                          | CUSIP: 03768WAL9<br>LEI: 5493001VH1Y9SEPJKZ47 | Long             | ABS-CBDO         | CORP              | KY        |   2820000 | PA      | $2826500.52   | 0.21%             | 2035-01-20      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                      | J.P. Morgan Mortgage Trust, Series 2023-HE2, Class A1                                 | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    755675 | PA      | $761309.75    | 0.06%             | 2054-03-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                      | J.P. Morgan Mortgage Trust, Series 2024-VIS2, Class A1                                | CUSIP: 46658DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1164292 | PA      | $1173652.68   | 0.09%             | 2064-11-25      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA                                                                                  | CUSIP: 3140HUDV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1576566 | PA      | $1490511.52   | 0.11%             | 2029-09-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                    | Oracle Corp.                                                                          | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3314210.59   | 0.24%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                      | Verus Securitization Trust, Series 2024-1, Class A1                                   | CUSIP: 92540EAA1<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |    891532 | PA      | $893126.31    | 0.07%             | 2069-01-25      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-DNA5, Class M1A                                  | CUSIP: 35564KYN3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |   1325200 | PA      | $1352098.32   | 0.10%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                                             | Graphic Packaging International LLC                                                   | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   7461000 | PA      | $7208295.41   | 0.53%             | 2026-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M1                       | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    407101 | PA      | $417031.04    | 0.03%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO 9 Ltd.                                        | GoldenTree Loan Management US CLO 9 Ltd., Series 2021-9A, Class AR                    | CUSIP: 38138JAN3<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1254054.75   | 0.09%             | 2037-04-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                 | BRAVO Residential Funding Trust, Series 2024-NQM2, Class A1                           | CUSIP: 10569KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2087790 | PA      | $2105607.26   | 0.15%             | 2064-02-25      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2                       | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $236413.37    | 0.02%             | 2042-03-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2018-C02, Class 2M2                        | CUSIP: 30711XC36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     49595 | PA      | $50385.45     | 0.00%             | 2030-08-25      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                       | HCA, Inc.                                                                             | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $4878356.83   | 0.36%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp.                                                           | Las Vegas Sands Corp.                                                                 | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1763000 | PA      | $1724954.99   | 0.13%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                          | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class E       | CUSIP: 46634SAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    532000 | PA      | $515953.50    | 0.04%             | 2045-05-15      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                  | Morgan Stanley                                                                        | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9923024.50   | 0.73%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                        | Angel Oak Mortgage Trust, Series 2023-3, Class A1                                     | CUSIP: 034931AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    726101 | PA      | $719515.64    | 0.05%             | 2067-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1                       | CUSIP: 20754NAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126761 | PA      | $129184.11    | 0.01%             | 2042-05-25      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Radnor Re Ltd.                                                                  | Radnor Re Ltd., Series 2024-1, Class M1A                                              | CUSIP: 75049AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825179 | PA      | $825915.90    | 0.06%             | 2034-09-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                               | Eversource Energy                                                                     | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024821.86   | 0.08%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Wise CLO Ltd.                                                                   | Wise CLO Ltd., Series 2023-2A, Class A                                                | CUSIP: 97719TAA2<br>LEI: 2549000Z4RGK1HNAPB35 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1506332.94   | 0.11%             | 2037-01-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard, Inc.                                                  | Alimentation Couche-Tard, Inc.                                                        | CUSIP: 01626USC0<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   4360000 | PA      | $4353212.79   | 0.32%             | 2025-05-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bellemeade Re Ltd.                                                              | Bellemeade Re Ltd., Series 2021-3A, Class M1B                                         | CUSIP: 078777AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    154342 | PA      | $154405.72    | 0.01%             | 2031-09-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1                       | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    917810 | PA      | $916282.39    | 0.07%             | 2041-12-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |      1000 | PA      | $233.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coterra Energy Operating Co.                                                    | Coterra Energy Operating Co.                                                          | CUSIP: 171798AD3<br>LEI: 11KYOFXPU1C4CQL1CL44 | Long             | DBT              | CORP              | US        |   3874000 | PA      | $3673487.53   | 0.27%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                              | T-Mobile USA, Inc.                                                                    | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7806880.32   | 0.57%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                            | Boston Properties LP                                                                  | CUSIP: 10113BS66<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | STIV             | CORP              | US        |   2438000 | PA      | $2436125.91   | 0.18%             | 2025-05-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                | Boeing Co. (The)                                                                      | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  10330000 | PA      | $10156217.69  | 0.74%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FREMF 2015-K48 Mortgage Trust                                                   | FREMF Mortgage Trust, Series 2015-K48, Class X2A                                      | CUSIP: 30293HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        | 152564300 | PA      | $3097.06      | 0.00%             | 2048-08-25      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1                       | CUSIP: 20753GAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145762 | PA      | $145671.36    | 0.01%             | 2044-05-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Park Place Securities, Inc.                                                     | Park Place Securities, Inc., Series 2004-WCW2, Class M3                               | CUSIP: 70069FAZ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59995 | PA      | $59107.51     | 0.00%             | 2034-10-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                       | RTX Corp.                                                                             | CUSIP: 78109FST0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | STIV             | CORP              | US        |   3330000 | PA      | $3318322.02   | 0.24%             | 2025-05-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                              | Ares Capital Corp.                                                                    | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    765000 | PA      | $786436.78    | 0.06%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class XA                      | CUSIP: 95000PAH7<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |   4880575 | PA      | $42113.50     | 0.00%             | 2049-12-15      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                                      | Mars, Inc.                                                                            | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1842887.97   | 0.13%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class XA         | CUSIP: 61691GAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  90025334 | PA      | $725811.25    | 0.05%             | 2049-12-15      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class C           | CUSIP: 61762DBB6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |   3168000 | PA      | $2879978.75   | 0.21%             | 2046-05-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP / VICI Note Co., Inc.                                        | VICI Properties LP / VICI Note Co., Inc.                                              | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1404563.32   | 0.10%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                                              | Discover Card Execution Note Trust, Series 2022-A3, Class A3                          | CUSIP: 254683CW3<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |   6412000 | PA      | $6397643.53   | 0.47%             | 2027-07-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| GE HealthCare Technologies, Inc.                                                | GE HealthCare Technologies, Inc.                                                      | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    610000 | PA      | $614598.94    | 0.05%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC, Multi-family Structured Pass-Through Certificates, Series KC06, Class X1       | CUSIP: 3137FQ3Q4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  30226303 | PA      | $179637.94    | 0.01%             | 2026-06-25      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Toll Brothers Finance Corp.                                                     | Toll Brothers Finance Corp.                                                           | CUSIP: 88947EAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2140000 | PA      | $2051272.75   | 0.15%             | 2029-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                          | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class D      | CUSIP: 46639EAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    173000 | PA      | $164796.34    | 0.01%             | 2047-12-15      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 25 Ltd.                                      | Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class AR2                | CUSIP: 64131JAU0<br>LEI: 549300YJLHTYDSFV8K03 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001738.88   | 0.15%             | 2038-07-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2012-LC4, Class C                                         | CUSIP: 126192AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77840 | PA      | $71795.67     | 0.01%             | 2044-12-10      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class E           | CUSIP: 61761AAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2252442 | PA      | $2209758.14   | 0.16%             | 2045-08-15      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Boardwalk Pipelines LP                                                          | Boardwalk Pipelines LP                                                                | CUSIP: 096630AE8<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |   3805000 | PA      | $3855773.54   | 0.28%             | 2026-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                      | Verus Securitization Trust, Series 2019-INV3, Class A3                                | CUSIP: 92537MAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    357493 | PA      | $353542.58    | 0.03%             | 2059-11-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                | Paramount Global                                                                      | CUSIP: 124857AZ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    700000 | PA      | $676035.05    | 0.05%             | 2029-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AS Mileage Plan IP Ltd.                                                         | AS Mileage Plan IP Ltd.                                                               | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2065000 | PA      | $2004159.67   | 0.15%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments LP                                                       | Mid-America Apartments LP                                                             | CUSIP: 59524NS52<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | STIV             | CORP              | US        |   2715000 | PA      | $2713273.26   | 0.20%             | 2025-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                                                 | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XA                             | CUSIP: 12531YAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25518589 | PA      | $185956.51    | 0.01%             | 2058-05-10      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                            | Cross Mortgage Trust, Series 2024-H4, Class A1                                        | CUSIP: 22758HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6720847 | PA      | $6788296.60   | 0.50%             | 2069-07-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust                                               | Bunker Hill Loan Depositary Trust, Series 2020-1, Class A2                            | CUSIP: 12062RAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3766000 | PA      | $3627546.40   | 0.27%             | 2055-02-25      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                                  | Hyundai Auto Receivables Trust, Series 2023-B, Class A3                               | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6574898 | PA      | $6620785.92   | 0.48%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2016-C03, Class 2M2                        | CUSIP: 30711XCT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     57715 | PA      | $59450.22     | 0.00%             | 2028-10-25      | Floating      | 10.37%                | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                       | Ford Motor Credit Co. LLC                                                             | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   8280000 | PA      | $8235572.83   | 0.60%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                                                   | Bank of New York Mellon (The)                                                         | CUSIP: 06405LAH4<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1638160.30   | 0.12%             | 2029-04-20      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Cathedral Lake VIII Ltd.                                                        | Cathedral Lake VIII Ltd., Series 2021-8A, Class A1                                    | CUSIP: 14919GAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3790000 | PA      | $3800116.83   | 0.28%             | 2035-01-20      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                            | Glencore Funding LLC                                                                  | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2426054.55   | 0.18%             | 2026-04-27      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                              | Credit Agricole SA                                                                    | CUSIP: 22535WAK3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1880000 | PA      | $1917881.57   | 0.14%             | 2030-01-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust                                    | American Express Credit Account Master Trust, Series 2022-3, Class A                  | CUSIP: 02582JJV3<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   3289000 | PA      | $3281229.08   | 0.24%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    315000 | PA      | $105725.50    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class D           | CUSIP: 61762DAG6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |   1481000 | PA      | $1332842.69   | 0.10%             | 2046-05-15      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust                                  | Structured Asset Mortgage Investments II Trust, Series 2007-AR7, Class 1A1            | CUSIP: 86364KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    365747 | PA      | $285352.26    | 0.02%             | 2047-05-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1                       | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    745590 | PA      | $748851.85    | 0.05%             | 2045-03-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| MSCI, Inc.                                                                      | MSCI, Inc.                                                                            | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3064770.24   | 0.22%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                | Paramount Global                                                                      | CUSIP: 124857AX1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2353365.54   | 0.17%             | 2028-06-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.                                        | International Flavors & Fragrances, Inc.                                              | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4517750.71   | 0.33%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                                    | ING Groep NV                                                                          | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   4000000 | PA      | $4081803.84   | 0.30%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO 8 Ltd.                                                          | Birch Grove CLO 8 Ltd., Series 2024-8A, Class A1                                      | CUSIP: 09077TAA3<br>LEI: 254900WH1INTG23INE62 | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1504412.75   | 0.11%             | 2037-04-20      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                                 | Citigroup, Inc.                                                                       | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  10945000 | PA      | $10913968.19  | 0.80%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2021-DNA6, Class M2                                   | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    637667 | PA      | $637052.80    | 0.05%             | 2041-10-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                           | Athene Global Funding                                                                 | CUSIP: 04685A3D1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  12044000 | PA      | $11582145.00  | 0.85%             | 2026-10-02      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                                     | Legacy Mortgage Asset Trust, Series 2021-GS4, Class A1                                | CUSIP: 52475WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2413955 | PA      | $2412091.90   | 0.18%             | 2060-11-25      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                     | Marsh & McLennan Cos., Inc.                                                           | CUSIP: 57174VSM4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | STIV             | CORP              | US        |   4660000 | PA      | $4647404.02   | 0.34%             | 2025-05-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                 | CSAIL Commercial Mortgage Trust, Series 2015-C1, Class XA                             | CUSIP: 126281BB9<br>LEI: 549300UFJ8EKD81Y8R30 | Long             | ABS-MBS          | CORP              | US        |   2866479 | PA      | $3.15         | 0.00%             | 2050-04-15      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust                                                      | Bank of America Auto Trust, Series 2023-2A, Class A2                                  | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    638500 | PA      | $639221.48    | 0.05%             | 2026-08-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                                    | Barclays plc                                                                          | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2352413.92   | 0.17%             | 2027-09-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Conagra Brands, Inc.                                                            | Conagra Brands, Inc.                                                                  | CUSIP: 20600GS15<br>LEI: 54930035UDEIH090K650 | Long             | STIV             | CORP              | US        |   6040000 | PA      | $6039217.82   | 0.44%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma plc                                                              | Royalty Pharma plc                                                                    | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3032672.34   | 0.22%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                             | New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A2                       | CUSIP: 64828EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490210 | PA      | $465026.43    | 0.03%             | 2059-09-25      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2023-DNA1, Class M1A                                  | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |    316264 | PA      | $321647.86    | 0.02%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| PRMI Securitization Trust                                                       | PRMI Securitization Trust, Series 2024-CMG1, Class A1                                 | CUSIP: 74275VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2373470 | PA      | $2371887.03   | 0.17%             | 2054-07-25      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                 | CSAIL Commercial Mortgage Trust, Series 2016-C6, Class AS                             | CUSIP: 12636MAJ7<br>LEI: 549300C2HE5FJAWYZL57 | Long             | ABS-MBS          | CORP              | US        |   1876000 | PA      | $1813453.41   | 0.13%             | 2049-01-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Co.                                                            | Vulcan Materials Co.                                                                  | CUSIP: 92919TSL8<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | STIV             | CORP              | US        |   4680000 | PA      | $4667956.96   | 0.34%             | 2025-05-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                                     | Amgen, Inc.                                                                           | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   4720000 | PA      | $4825447.35   | 0.35%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities, Inc.                                                     | AvalonBay Communities, Inc.                                                           | CUSIP: 05348AS73<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | STIV             | CORP              | US        |   4615000 | PA      | $4610885.73   | 0.34%             | 2025-05-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class XA         | CUSIP: 61690VBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  32744680 | PA      | $759.68       | 0.00%             | 2048-10-15      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                  | Morgan Stanley Capital I Trust, Series 2016-UB12, Class XA                            | CUSIP: 61691EBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24234558 | PA      | $167635.29    | 0.01%             | 2049-12-15      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                 | Goldman Sachs Group, Inc. (The)                                                       | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $14451969.30  | 1.06%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                               | Philip Morris International, Inc.                                                     | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   3897000 | PA      | $3999291.22   | 0.29%             | 2030-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                                                   | Owens Corning                                                                         | CUSIP: 69073USE1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | STIV             | CORP              | US        |   3720000 | PA      | $3713336.36   | 0.27%             | 2025-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                | NRG Energy, Inc.                                                                      | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1963342.70   | 0.14%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KKR CLO 43 Ltd.                                                                 | KKR CLO 43 Ltd., Series 2022-43A, Class A1R                                           | CUSIP: 48255UAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2100000 | PA      | $2104947.25   | 0.15%             | 2036-01-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP / PTL Finance Corp.                                 | Penske Truck Leasing Co. LP / PTL Finance Corp.                                       | CUSIP: 709599BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1357185.32   | 0.10%             | 2025-11-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                                    | Pacific Gas and Electric Co.                                                          | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    785000 | PA      | $811676.33    | 0.06%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                            | GNMA, Series 2024-78, Class QF                                                        | CUSIP: 38384NV69<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9679592 | PA      | $9704256.35   | 0.71%             | 2054-05-20      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                              | A&D Mortgage Trust, Series 2023-NQM5, Class A1                                        | CUSIP: 00249XAA6<br>LEI: 984500L072D83D1AA637 | Long             | ABS-MBS          | CORP              | US        |   2524398 | PA      | $2566229.10   | 0.19%             | 2068-11-25      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| SMBC Aviation Capital Finance DAC                                               | SMBC Aviation Capital Finance DAC                                                     | CUSIP: 78448TAL6<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |   3195000 | PA      | $3237603.18   | 0.24%             | 2029-04-03      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M1                       | CUSIP: 20753XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    918498 | PA      | $926805.29    | 0.07%             | 2042-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                 | Intercontinental Exchange, Inc.                                                       | CUSIP: 45856WS18<br>LEI: 5493000F4ZO33MV32P92 | Long             | STIV             | CORP              | US        |   6725000 | PA      | $6724129.11   | 0.49%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                                                  | Synopsys, Inc.                                                                        | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1128043.01   | 0.08%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CIFC Funding 2020-I Ltd.                                                        | CIFC Funding Ltd., Series 2020-1A, Class A1R                                          | CUSIP: 12555QAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3320000 | PA      | $3325750.68   | 0.24%             | 2036-07-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2024-DNA2, Class M2                                   | CUSIP: 35564NDA8<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |     15000 | PA      | $15003.73     | 0.00%             | 2044-05-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                    | GS Mortgage Securities Trust, Series 2010-C1, Class B                                 | CUSIP: 36249KAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10548 | PA      | $10533.23     | 0.00%             | 2043-08-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life, Inc.                                                      | F&G Annuities & Life, Inc.                                                            | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2273983.54   | 0.17%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                                        | U.S. Treasury Bills                                                                   | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    200000 | PA      | $196509.68    | 0.01%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd.                                                              | Elevation CLO Ltd., Series 2018-10A, Class AR                                         | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |   1624318 | PA      | $1620811.99   | 0.12%             | 2031-10-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2024-DNA2, Class A1                                   | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    212971 | PA      | $212963.77    | 0.02%             | 2044-05-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                                              | Macquarie Airfinance Holdings Ltd.                                                    | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    932000 | PA      | $915532.21    | 0.07%             | 2030-03-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                               | Philip Morris International, Inc.                                                     | CUSIP: 718172DT3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $2953073.44   | 0.22%             | 2030-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                                              | Berry Global, Inc.                                                                    | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |  10380000 | PA      | $9852611.51   | 0.72%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                                               | American Electric Power Co., Inc., Series N                                           | CUSIP: 025537AR2<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3929737.16   | 0.29%             | 2025-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Protective Life Corp.                                                           | Protective Life Corp.                                                                 | CUSIP: 74367WSU6<br>LEI: 549300ZWIT8J8Y2EXL07 | Long             | STIV             | CORP              | US        |   3995000 | PA      | $3980727.86   | 0.29%             | 2025-05-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                           | Bank of America Corp.                                                                 | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   8601000 | PA      | $8954620.57   | 0.66%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                | Deutsche Bank AG                                                                      | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2000000 | PA      | $2125564.70   | 0.16%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                    | Commercial Paper Zero Cpn 22/May/2025 Usd                                             | CUSIP: 57163TSN0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   3750000 | PA      | $3739169.25   | 0.27%             | 2025-05-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1                       | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38049 | PA      | $38021.28     | 0.00%             | 2044-07-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                            | GNMA, Series 2009-32, Class AB                                                        | CUSIP: 38374UBP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3650 | PA      | $3597.60      | 0.00%             | 2039-05-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                                                    | Santander Holdings USA, Inc.                                                          | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3840585.48   | 0.28%             | 2028-01-06      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                           | Arroyo Mortgage Trust, Series 2019-1, Class A3                                        | CUSIP: 042859AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    399777 | PA      | $392207.55    | 0.03%             | 2049-01-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | OIS                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   9775000 | PA      | $59829.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class XA                      | CUSIP: 95001JAY3<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |  69852016 | PA      | $1238008.24   | 0.09%             | 2051-05-15      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                 | WFRBS Commercial Mortgage Trust, Series 2012-C10, Class C                             | CUSIP: 92890NAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    267000 | PA      | $216777.30    | 0.02%             | 2045-12-15      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| National Grid North America, Inc.                                               | National Grid North America, Inc.                                                     | CUSIP: 63627ASG4<br>LEI: 5Q3U0WRKWZZGRMPYFT08 | Long             | STIV             | CORP              | US        |   4590000 | PA      | $4580582.70   | 0.34%             | 2025-05-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                           | Targa Resources Corp.                                                                 | CUSIP: 87613ES55<br>LEI: 5493003QENHHS261UR94 | Long             | STIV             | CORP              | US        |   2980000 | PA      | $2977978.67   | 0.22%             | 2025-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                                     | Cheniere Energy Partners LP                                                           | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   5380000 | PA      | $5258277.50   | 0.39%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-HQA2, Class M1A                                  | CUSIP: 35564KB24<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | CORP              | US        |   1934985 | PA      | $1975421.03   | 0.14%             | 2042-07-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                              | General Motors Financial Co., Inc.                                                    | CUSIP: 37045XCX2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   4070000 | PA      | $4057531.43   | 0.30%             | 2025-06-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Tapestry, Inc.                                                                  | Tapestry, Inc.                                                                        | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1642564.25   | 0.12%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1M2                        | CUSIP: 30711XY24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    523935 | PA      | $528345.93    | 0.04%             | 2031-01-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                             | New Residential Mortgage Loan Trust, Series 2018-4A, Class A1M                        | CUSIP: 64828FCS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125852 | PA      | $122889.23    | 0.01%             | 2048-01-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities                                                   | Connecticut Avenue Securities Trust, Series 2025-R01, Class 1M1                       | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    809028 | PA      | $806894.76    | 0.06%             | 2045-01-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                           | Arroyo Mortgage Trust, Series 2019-3, Class A3                                        | CUSIP: 04285AAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112779 | PA      | $107627.73    | 0.01%             | 2048-10-25      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC, Series 3724, Class CM                                                          | CUSIP: 3137A1Z30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9586 | PA      | $10066.94     | 0.00%             | 2037-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                                                     | ONEOK, Inc.                                                                           | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3093946.50   | 0.23%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                            | Cross Mortgage Trust, Series 2024-H3, Class A1                                        | CUSIP: 22758DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    844154 | PA      | $853165.11    | 0.06%             | 2069-06-25      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CSAIL                                                                           | CSAIL Commercial Mortgage Trust, Series 2015-C2, Class B                              | CUSIP: 12634NAY4<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |   1363000 | PA      | $1328671.07   | 0.10%             | 2057-06-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                           | Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class D                      | CUSIP: 94988QAU5<br>LEI: 549300V2DF3KW9L1CV04 | Long             | ABS-MBS          | CORP              | US        |    763000 | PA      | $435291.50    | 0.03%             | 2046-07-15      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2016-C01, Class 2M2                        | CUSIP: 30711XBU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     21858 | PA      | $22517.82     | 0.00%             | 2028-08-25      | Floating      | 11.42%                | No            |                  2 | On Loan: No      |
| N/A                                                                             | OIS                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  31599000 | PA      | $-448190.49   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT Trust                                                                      | GCAT Trust, Series 2020-NQM2, Class A3                                                | CUSIP: 36166RAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    774337 | PA      | $752728.53    | 0.06%             | 2065-04-25      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities                                                   | Connecticut Avenue Securities Trust, Series 2025-R01, Class 1A1                       | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760212 | PA      | $756552.57    | 0.06%             | 2045-01-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Berry Global, Inc.                                                              | Berry Global, Inc.                                                                    | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2995.83      | 0.00%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                         | Republic Services, Inc.                                                               | CUSIP: 760759BJ8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    900000 | PA      | $921570.32    | 0.07%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AutoNation, Inc.                                                                | AutoNation, Inc.                                                                      | CUSIP: 05330LS12<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  12310000 | PA      | $12308291.37  | 0.90%             | 2025-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                            | Glencore Funding LLC                                                                  | CUSIP: 378272BN7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2611429.90   | 0.19%             | 2028-10-06      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class XB          | CUSIP: 61690KAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1173343 | PA      | $116.63       | 0.00%             | 2046-02-15      | Variable      | 0.12%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                              | LPL Holdings, Inc.                                                                    | CUSIP: 50212YAL8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    358000 | PA      | $361587.70    | 0.03%             | 2030-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                               | Philip Morris International, Inc.                                                     | CUSIP: 718172DN6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    815000 | PA      | $822392.76    | 0.06%             | 2029-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                                                            | Ally Financial, Inc.                                                                  | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |  10200000 | PA      | $10214756.24  | 0.75%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREMF 2015-K51 Mortgage Trust                                                   | FREMF Mortgage Trust, Series 2015-K51, Class B                                        | CUSIP: 30293XAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3237000 | PA      | $3213931.84   | 0.24%             | 2048-10-25      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2                       | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    468000 | PA      | $470441.28    | 0.03%             | 2041-12-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Gotham Funding Corp.                                                            | Gotham Funding Corp.                                                                  | CUSIP: 38346LSV9<br>LEI: 549300Z2ZR7VTUMRPR17 | Long             | STIV             | CORP              | US        |   6500000 | PA      | $6477096.60   | 0.47%             | 2025-05-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Galton Funding Mortgage Trust                                                   | Galton Funding Mortgage Trust, Series 2020-H1, Class A3                               | CUSIP: 36418HAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1512332 | PA      | $1447542.95   | 0.11%             | 2060-01-25      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                               | NatWest Group plc                                                                     | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1765000 | PA      | $1781886.83   | 0.13%             | 2027-03-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                              | VICI Properties LP                                                                    | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   2339000 | PA      | $2341631.38   | 0.17%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                             | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  10000000 | PA      | $10217295.90  | 0.75%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                            | GNMA, Series 2021-17                                                                  | CUSIP: 38380RNX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGSE             | US        |  17374976 | PA      | $1391388.07   | 0.10%             | 2061-01-16      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                            | Boston Properties LP                                                                  | CUSIP: 10113BS58<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | STIV             | CORP              | US        |   3330000 | PA      | $3327868.13   | 0.24%             | 2025-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                             | GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3                       | CUSIP: 36259WAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    264414 | PA      | $250884.73    | 0.02%             | 2060-09-27      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                                          | UBS AG                                                                                | CUSIP: 22550L2M2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |   3164000 | PA      | $3424909.58   | 0.25%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DBUBS Mortgage Trust                                                            | DBUBS Mortgage Trust, Series 2011-LC3A, Class D                                       | CUSIP: 23305YAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2941494 | PA      | $2841012.43   | 0.21%             | 2044-08-10      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2                       | CUSIP: 20753XAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241000 | PA      | $249256.32    | 0.02%             | 2042-03-25      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                      | J.P. Morgan Mortgage Trust, Series 2024-CES1, Class A1A                               | CUSIP: 46658CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    816191 | PA      | $819486.30    | 0.06%             | 2054-06-25      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                                              | LPL Holdings, Inc.                                                                    | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    399000 | PA      | $424263.66    | 0.03%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                                                      | Corebridge Financial, Inc.                                                            | CUSIP: 21871XAD1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   4715000 | PA      | $4646932.33   | 0.34%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                   | Centene Corp.                                                                         | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    230000 | PA      | $209684.97    | 0.02%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                        | Diamondback Energy, Inc.                                                              | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   2195000 | PA      | $2228280.26   | 0.16%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                                              | CNO Global Funding                                                                    | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501131.64    | 0.04%             | 2029-09-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd.                                                                | Oaktree CLO Ltd., Series 2021-1A, Class A1R                                           | CUSIP: 67402JAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1270000 | PA      | $1263620.32   | 0.09%             | 2038-01-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC, Multi-family Structured Pass-Through Certificates, Series K739, Class XAM      | CUSIP: 3137F64T1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  36816638 | PA      | $1140270.19   | 0.08%             | 2027-09-25      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                                                 | Air Lease Corp.                                                                       | CUSIP: 00912XBF0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2099671.29   | 0.15%             | 2028-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                             | Constellation Energy Generation LLC                                                   | CUSIP: 210385AB6<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3100263.27   | 0.23%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                                                    | Ford Credit Auto Owner Trust, Series 2024-A, Class A3                                 | CUSIP: 34535EAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3573000 | PA      | $3617393.81   | 0.26%             | 2028-12-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                                                  | Aircastle Ltd.                                                                        | CUSIP: 00928QAX9<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   2805000 | PA      | $2910116.39   | 0.21%             | 2028-07-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                              | Putnam Short Term Investment Fund, Class P                                            | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        | 189169033 | NS      | $189169033.00 | 13.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                               | Venture Global Calcasieu Pass LLC                                                     | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $3279142.88   | 0.24%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                  | Blackstone Private Credit Fund                                                        | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1482000 | PA      | $1428152.12   | 0.10%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MFA Trust                                                                       | MFA Trust, Series 2020-NQM1, Class A3                                                 | CUSIP: 552754AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    444805 | PA      | $420340.07    | 0.03%             | 2049-08-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2013-CR13, Class C                                        | CUSIP: 12630BBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    569130 | PA      | $534483.83    | 0.04%             | 2046-11-10      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                                               | Barclays Bank plc                                                                     | CUSIP: 06741FSU2<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | STIV             | CORP              | GB        |   3740000 | PA      | $3727189.75   | 0.27%             | 2025-05-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC, Multi-family Structured Pass-Through Certificates, Series K738, Class XAM      | CUSIP: 3137FTFW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  17882000 | PA      | $417004.66    | 0.03%             | 2027-03-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2023-HQA2, Class M1A                                  | CUSIP: 35564K2F5<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |     93026 | PA      | $93541.15     | 0.01%             | 2043-06-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO 5 Ltd.                                                          | Signal Peak CLO 5 Ltd., Series 2018-5A, Class A1R                                     | CUSIP: 82666VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501498.71   | 0.11%             | 2037-04-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                      | JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class C                  | CUSIP: 46639NAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1646294 | PA      | $1582833.71   | 0.12%             | 2045-07-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-HQA1, Class M1A                                  | CUSIP: 35564KTA7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |     29211 | PA      | $29352.62     | 0.00%             | 2042-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA                                                                                  | CUSIP: 3140NUCB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1308000 | PA      | $1356563.91   | 0.10%             | 2028-12-01      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| AEGON Funding Co. LLC                                                           | AEGON Funding Co. LLC                                                                 | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |   2580000 | PA      | $2616506.28   | 0.19%             | 2027-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                                                          | WEC Energy Group, Inc.                                                                | CUSIP: 92930VSD6<br>LEI: 549300IGLYTZUK3PVP70 | Long             | STIV             | CORP              | US        |   2460000 | PA      | $2455908.53   | 0.18%             | 2025-05-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2019-HRP1, Class M2                       | CUSIP: 20754PAC4<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | CORP              | US        |     64973 | PA      | $65096.43     | 0.00%             | 2039-11-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| AES Corp. (The)                                                                 | AES Corp. (The)                                                                       | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5851776.06   | 0.43%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                           | Alexandria Real Estate Equities, Inc.                                                 | CUSIP: 01527LS97<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | STIV             | CORP              | US        |   4650000 | PA      | $4644714.35   | 0.34%             | 2025-05-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ovintiv, Inc.                                                                   | Ovintiv, Inc.                                                                         | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    766000 | PA      | $780415.78    | 0.06%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Citizens Auto Receivables Trust                                                 | Citizens Auto Receivables Trust, Series 2024-1, Class A3                              | CUSIP: 17331QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7955000 | PA      | $8002387.94   | 0.59%             | 2028-04-17      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA                                                                                  | CUSIP: N/A<br>LEI: B1V7KEBTPIMZEU4LTD58       | Long             | ABS-MBS          | CORP              | US        |   3431000 | PA      | $3425639.06   | 0.25%             | 2025-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                                                 | Air Lease Corp.                                                                       | CUSIP: 00913WSU0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | STIV             | CORP              | US        |   3355000 | PA      | $3342345.95   | 0.24%             | 2025-05-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.                                                              | Elmwood CLO I Ltd., Series 2019-1A, Class A1RR                                        | CUSIP: 290015AW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1252865.29   | 0.09%             | 2037-04-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                             | New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A3                       | CUSIP: 64828EAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1248412 | PA      | $1185645.84   | 0.09%             | 2059-09-25      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                                                              | A&D Mortgage Trust, Series 2023-NQM4, Class A1                                        | CUSIP: 00002MAA7<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |   4969280 | PA      | $5062431.80   | 0.37%             | 2068-09-25      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                       | Vistra Operations Co. LLC                                                             | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4271887.50   | 0.31%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BANK                                                                            | BANK, Series 2017-BNK8, Class XA                                                      | CUSIP: 06650AAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25210776 | PA      | $373679.16    | 0.03%             | 2050-11-15      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                     | Marsh & McLennan Cos., Inc.                                                           | CUSIP: 57174VSC6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | STIV             | CORP              | US        |   6900000 | PA      | $6889414.71   | 0.50%             | 2025-05-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL                  | JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL                        | CUSIP: 46590XAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1660000 | PA      | $1561645.50   | 0.11%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                               | FirstEnergy Corp., Series B                                                           | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3460547.16   | 0.25%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                        | Celanese US Holdings LLC                                                              | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |  10693000 | PA      | $10209322.78  | 0.75%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust                              | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3           | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1609219 | PA      | $1610460.05   | 0.12%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd.                                                          | Black Diamond CLO Ltd., Series 2021-1A, Class A1A                                     | CUSIP: 09204WAA2<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    854000 | PA      | $853999.58    | 0.06%             | 2034-11-22      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                                         | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1A                                  | CUSIP: 35564KUW7<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    271359 | PA      | $274696.59    | 0.02%             | 2042-04-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                      | VMware LLC                                                                            | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   8989000 | PA      | $8630931.81   | 0.63%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M1                       | CUSIP: 20754BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    816163 | PA      | $815770.06    | 0.06%             | 2042-01-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                               | CD Mortgage Trust, Series 2017-CD6, Class XA                                          | CUSIP: 125039AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15450860 | PA      | $249571.56    | 0.02%             | 2050-11-13      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP / VICI Note Co., Inc.                                        | VICI Properties LP / VICI Note Co., Inc.                                              | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    876000 | PA      | $860620.94    | 0.06%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                 | BRAVO Residential Funding Trust, Series 2020-NQM1, Class A3                           | CUSIP: 105699AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132445 | PA      | $129788.44    | 0.01%             | 2060-05-25      | Variable      | 2.41%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                | Boeing Co. (The)                                                                      | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    448000 | PA      | $411380.17    | 0.03%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                              | Ares Capital Corp.                                                                    | CUSIP: 04010LBD4<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   4581000 | PA      | $4373623.35   | 0.32%             | 2027-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BDS Ltd.                                                                        | BDS Ltd., Series 2021-FL10, Class A                                                   | CUSIP: 07335YAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2095861 | PA      | $2093229.20   | 0.15%             | 2036-12-16      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                         | Hyundai Capital America                                                               | CUSIP: 44891ADG9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    170000 | PA      | $166585.71    | 0.01%             | 2029-09-26      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                           | Foundry JV Holdco LLC                                                                 | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1195807.17   | 0.09%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                                                 | Air Lease Corp.                                                                       | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3426000 | PA      | $3446323.51   | 0.25%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Atlassian Corp.                                                                 | Atlassian Corp.                                                                       | CUSIP: 049468AA9<br>LEI: 549300V7ZY5P02D2MY38 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1169959.78   | 0.09%             | 2029-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mondelez International Holdings Netherlands BV                                  | Mondelez International Holdings Netherlands BV                                        | CUSIP: 60920LAR5<br>LEI: 549300CW356R8I7N8D33 | Long             | DBT              | CORP              | NL        |  10000000 | PA      | $9574393.20   | 0.70%             | 2026-09-24      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                  | Morgan Stanley                                                                        | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   6435000 | PA      | $6402451.83   | 0.47%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Paychex, Inc.                                                                   | Paychex, Inc.                                                                         | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2040767.29   | 0.15%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2017-C06, Class 2M2C                       | CUSIP: 30711XSV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    155211 | PA      | $158392.72    | 0.01%             | 2030-02-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1                       | CUSIP: 20754AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8093 | PA      | $8072.03      | 0.00%             | 2041-12-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Gartner, Inc.                                                                   | Gartner, Inc.                                                                         | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   8368000 | PA      | $8255351.66   | 0.60%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                                 | Goldman Sachs Group, Inc. (The)                                                       | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3893840.60   | 0.29%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                                             | Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A3                          | CUSIP: 92867WAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $593153.08    | 0.04%             | 2028-06-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Enbridge US, Inc.                                                               | Enbridge US, Inc.                                                                     | CUSIP: 29251USL3<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |   3255000 | PA      | $3246627.16   | 0.24%             | 2025-05-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1                       | CUSIP: 20754TAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1815357 | PA      | $1817717.76   | 0.13%             | 2045-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                         | Hyundai Capital America                                                               | CUSIP: 44891ACU9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   8255000 | PA      | $8336187.84   | 0.61%             | 2029-01-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                   | Netflix, Inc.                                                                         | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   5659000 | PA      | $5895634.59   | 0.43%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA Connecticut Avenue Securities, Series 2017-C06, Class 1M2B                       | CUSIP: 30711XQU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    138330 | PA      | $138686.68    | 0.01%             | 2030-02-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                              | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class XA         | CUSIP: 61767EAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 223149112 | PA      | $3033622.92   | 0.22%             | 2052-11-15      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                | Deutsche Bank AG                                                                      | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   5270000 | PA      | $5186878.50   | 0.38%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                                | ABN AMRO Bank NV                                                                      | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   4100000 | PA      | $4191839.06   | 0.31%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    186000 | PA      | $4775.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                                              | Honda Auto Receivables Owner Trust, Series 2023-4, Class A2                           | CUSIP: 438123AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1266705 | PA      | $1268963.02   | 0.09%             | 2026-06-22      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                              | Southern Co. (The)                                                                    | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   4950000 | PA      | $4885751.62   | 0.36%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                    | UBS Group AG                                                                          | CUSIP: 902613BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   5750000 | PA      | $5890422.36   | 0.43%             | 2030-02-08      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                                                   | Equinix, Inc.                                                                         | CUSIP: 29444UBD7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    718000 | PA      | $701316.70    | 0.05%             | 2026-11-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                      | Aviation Capital Group LLC                                                            | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1878672.54   | 0.14%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                                     | Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1                                | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1528055 | PA      | $1526753.97   | 0.11%             | 2061-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                                                                 | DR Horton, Inc.                                                                       | CUSIP: 23331ABQ1<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5094982.62   | 0.37%             | 2026-10-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA, Series 2024-89, Class FA                                                        | CUSIP: 3136BTGT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9629172 | PA      | $9656314.62   | 0.71%             | 2054-12-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                                                      | Warnermedia Holdings, Inc.                                                            | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   8828000 | PA      | $8593603.89   | 0.63%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CDSCMBX                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     93000 | PA      | $2250.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                         | Hyundai Capital America                                                               | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1288000 | PA      | $1298539.18   | 0.10%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                  | Morgan Stanley Capital I Trust, Series 2018-L1, Class XA                              | CUSIP: 61691QAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  75435806 | PA      | $1022577.61   | 0.07%             | 2051-10-15      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Imperial Fund Mortgage Trust                                                    | Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A3                              | CUSIP: 452764AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1425577 | PA      | $1256245.40   | 0.09%             | 2056-06-25      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.                                                 | Canadian Natural Resources Ltd.                                                       | CUSIP: 136385BB6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |   2389000 | PA      | $2382700.52   | 0.17%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-HQA3, Class M1A                                  | CUSIP: 35564KE39<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |    266014 | PA      | $269968.22    | 0.02%             | 2042-08-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class M1A                                  | CUSIP: 35564KRE1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |     34865 | PA      | $34852.31     | 0.00%             | 2042-02-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                                                          | WEC Energy Group, Inc.                                                                | CUSIP: 92930VS79<br>LEI: 549300IGLYTZUK3PVP70 | Long             | STIV             | CORP              | US        |   3520000 | PA      | $3516861.92   | 0.26%             | 2025-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2                       | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    524000 | PA      | $525399.03    | 0.04%             | 2041-12-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2015-LC21, Class XA                                       | CUSIP: 12593FBE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30746323 | PA      | $402.78       | 0.00%             | 2048-07-10      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                                    | ING Groep NV                                                                          | CUSIP: 456837BQ5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1900000 | PA      | $1913671.39   | 0.14%             | 2029-03-25      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                            | Boston Properties LP                                                                  | CUSIP: 10113BS74<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | STIV             | CORP              | US        |   3100000 | PA      | $3097218.06   | 0.23%             | 2025-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                 | Intercontinental Exchange, Inc.                                                       | CUSIP: 45856WS67<br>LEI: 5493000F4ZO33MV32P92 | Long             | STIV             | CORP              | US        |   5200000 | PA      | $5195952.74   | 0.38%             | 2025-05-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                           | Alexandria Real Estate Equities, Inc.                                                 | CUSIP: 01527LSG1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | STIV             | CORP              | US        |   3980000 | PA      | $3971949.65   | 0.29%             | 2025-05-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MF1 Ltd.                                                                        | MF1 Ltd., Series 2021-FL6, Class A                                                    | CUSIP: 55283TAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    807414 | PA      | $806966.56    | 0.06%             | 2036-07-16      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR Trust, Series 2019-HQA2, Class M2                                         | CUSIP: 35564MAH8<br>LEI: 549300NKHCH87PYOHD44 | Long             | ABS-MBS          | CORP              | US        |      3913 | PA      | $3920.98      | 0.00%             | 2049-04-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co.                                                        | Arthur J Gallagher & Co.                                                              | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    660000 | PA      | $668573.06    | 0.05%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                                           | Ashtead Capital, Inc.                                                                 | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   9275000 | PA      | $8930194.36   | 0.65%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                                 | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA                            | CUSIP: 92890KBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2810487 | PA      | $568.00       | 0.00%             | 2057-09-15      | Variable      | 0.39%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                                           | Banque Federative du Credit Mutuel SA                                                 | CUSIP: 06675FAY3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   5000000 | PA      | $4809044.80   | 0.35%             | 2026-10-04      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-DNA6, Class M1A                                  | CUSIP: 35564KH36<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |     43652 | PA      | $43960.56     | 0.00%             | 2042-09-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA, Series 2010-81, Class AP                                                        | CUSIP: 31398TH53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7986 | PA      | $7636.73      | 0.00%             | 2040-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Golden Credit Card Trust                                                        | Golden Credit Card Trust, Series 2022-4A, Class A                                     | CUSIP: 380881FP2<br>LEI: 549300BEDPMEONLTJX58 | Long             | ABS-O            | CORP              | CA        |   4175000 | PA      | $4169825.09   | 0.31%             | 2027-09-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                                                     | Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1                                | CUSIP: 52474JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3217888 | PA      | $3219931.41   | 0.24%             | 2066-10-25      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                                                  | Hyundai Auto Receivables Trust, Series 2023-C, Class A2A                              | CUSIP: 44918CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1590420 | PA      | $1593524.94   | 0.12%             | 2027-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| 7-Eleven, Inc.                                                                  | 7-Eleven, Inc.                                                                        | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   4302000 | PA      | $3934121.74   | 0.29%             | 2028-02-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| CRH America Finance, Inc.                                                       | CRH America Finance, Inc.                                                             | CUSIP: 12636CSL5<br>LEI: 549300WEVUODRJ4CWK56 | Long             | STIV             | CORP              | US        |   4085000 | PA      | $4074492.15   | 0.30%             | 2025-05-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                                     | Block, Inc.                                                                           | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |  10575000 | PA      | $10330564.16  | 0.76%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO III Ltd.                                                            | Elmwood CLO III Ltd., Series 2019-3A, Class A1RR                                      | CUSIP: 29002HAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1750437.50   | 0.13%             | 2037-07-18      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                            | FNMA, Series 2011-60, Class PA                                                        | CUSIP: 31397U3J6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3641 | PA      | $3423.35      | 0.00%             | 2039-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                           | Dominion Energy, Inc.                                                                 | CUSIP: 2574P0S96<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | STIV             | CORP              | US        |   3245000 | PA      | $3241290.97   | 0.24%             | 2025-05-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                      | Constellation Brands, Inc.                                                            | CUSIP: 21037CS23<br>LEI: 5493005GKEG8QCVY7037 | Long             | STIV             | CORP              | US        |   4750000 | PA      | $4748739.35   | 0.35%             | 2025-05-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                | Boeing Co. (The)                                                                      | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    858000 | PA      | $884103.71    | 0.06%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                      | Occidental Petroleum Corp.                                                            | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3245000 | PA      | $3200194.34   | 0.23%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                        | Electricite de France SA                                                              | CUSIP: 268317AY0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | NUSS              | FR        |    430000 | PA      | $447372.25    | 0.03%             | 2029-04-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance DAC                                                             | Prodigy Finance DAC, Series 2021-1A, Class A                                          | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    222870 | PA      | $222876.51    | 0.02%             | 2051-07-25      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                                              | Southern Co. (The)                                                                    | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $2034951.79   | 0.15%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust                                         | Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A                      | CUSIP: 14041NGA3<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   6387000 | PA      | $6384130.96   | 0.47%             | 2027-05-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                              | Energy Transfer LP                                                                    | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5101978.85   | 0.37%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP / VICI Note Co., Inc.                                        | VICI Properties LP / VICI Note Co., Inc.                                              | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1308530.77   | 0.10%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                                                | CVS Health Corp.                                                                      | CUSIP: 126650EB2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7952594.77   | 0.58%             | 2029-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XXX Ltd.                                                   | Madison Park Funding XXX Ltd., Series 2018-30A, Class A1R                             | CUSIP: 55821TAL1<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |   1840000 | PA      | $1841320.54   | 0.13%             | 2037-07-16      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                    | UBS Group AG                                                                          | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  10500000 | PA      | $10231563.83  | 0.75%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                    | UBS Group AG                                                                          | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   5586000 | PA      | $5591853.40   | 0.41%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Willis North America, Inc.                                                      | Willis North America, Inc.                                                            | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |   2635000 | PA      | $2646097.80   | 0.19%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Agree LP                                                                        | Agree LP                                                                              | CUSIP: 00852WS25<br>LEI: 549300DXY3G299V1BO77 | Long             | STIV             | CORP              | US        |   3535000 | PA      | $3534061.81   | 0.26%             | 2025-05-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1                       | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82253 | PA      | $82162.41     | 0.01%             | 2044-03-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                  | Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class AF               | CUSIP: 61776QAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    622244 | PA      | $616242.94    | 0.05%             | 2054-07-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                                | Boeing Co. (The)                                                                      | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1304000 | PA      | $1372067.70   | 0.10%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Icon Investments Six DAC                                                        | Icon Investments Six DAC                                                              | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   1267000 | PA      | $1292667.76   | 0.09%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization Trust                                              | Station Place Securitization Trust, Series 2024-10, Class A                           | CUSIP: 85779PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3300000 | PA      | $3311560.89   | 0.24%             | 2025-10-27      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                             | COMM Mortgage Trust, Series 2015-CR25, Class B                                        | CUSIP: 12593PAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3315000 | PA      | $3295219.06   | 0.24%             | 2048-08-10      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust                                        | Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2A                    | CUSIP: 14043NAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1684059 | PA      | $1685375.38   | 0.12%             | 2027-10-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2023-HQA3, Class A1                                   | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |    191297 | PA      | $193043.27    | 0.01%             | 2043-11-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                                       | OBX Trust, Series 2018-EXP1, Class 1A3                                                | CUSIP: 67097VAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111329 | PA      | $105833.64    | 0.01%             | 2048-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Onity Loan Investment Trust                                                     | Onity Loan Investment Trust, Series 2024-HB2, Class A                                 | CUSIP: 68278DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    814973 | PA      | $813719.78    | 0.06%             | 2037-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Carmax Auto Owner Trust                                                         | Carmax Auto Owner Trust, Series 2025-2, Class A2A                                     | CUSIP: 14320AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1455000 | PA      | $1456780.19   | 0.11%             | 2028-07-17      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXIII Ltd.                                                         | Symphony CLO XXIII Ltd., Series 2020-23A, Class AR2                                   | CUSIP: 87167NDL6<br>LEI: 54930001DQI1CFLYVB48 | Long             | ABS-CBDO         | CORP              | KY        |   2818556 | PA      | $2793009.88   | 0.20%             | 2034-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                                                 | Jefferies Financial Group, Inc.                                                       | CUSIP: 47233WJG5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   2730000 | PA      | $2737094.75   | 0.20%             | 2026-03-16      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BAE Systems plc                                                                 | BAE Systems plc                                                                       | CUSIP: 05523RAJ6<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   3760000 | PA      | $3840295.93   | 0.28%             | 2029-03-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                             | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M1                       | CUSIP: 20753YCH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1520286 | PA      | $1532116.48   | 0.11%             | 2042-03-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                      | JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class B                  | CUSIP: 46643ABK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1513000 | PA      | $1463205.20   | 0.11%             | 2047-09-15      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                                        | Marvell Technology, Inc.                                                              | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1811594.75   | 0.13%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B                                  | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $51369.82     | 0.00%             | 2042-04-25      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                                        | U.S. Treasury Bond                                                                    | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    113000 | PA      | $104818.57    | 0.01%             | 2027-11-30      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                              | Energy Transfer LP                                                                    | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    960000 | PA      | $973365.16    | 0.07%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                           | FHLMC STACR REMIC Trust, Series 2025-DNA1, Class A1                                   | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |   2686850 | PA      | $2675272.90   | 0.20%             | 2045-01-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                                                      | J.P. Morgan Mortgage Trust, Series 2024-10, Class A11                                 | CUSIP: 46658LAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100254 | PA      | $1089871.97   | 0.08%             | 2055-03-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                    | Oracle Corp.                                                                          | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2937466.65   | 0.22%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                        | Angel Oak Mortgage Trust, Series 2025-HB1, Class A1                                   | CUSIP: 034936AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1002000 | PA      | $1013317.59   | 0.07%             | 2055-02-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| VMC Finance LLC                                                                 | VMC Finance LLC, Series 2021-FL4, Class AS                                            | CUSIP: 91835RAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     38623 | PA      | $38611.92     | 0.00%             | 2036-06-16      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                              | Ares Capital Corp.                                                                    | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   4299000 | PA      | $4147056.66   | 0.30%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Eversource Energy                                                               | Eversource Energy, Series Q                                                           | CUSIP: 30040WAJ7<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987809.01    | 0.07%             | 2025-08-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Putnam Funds Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer